Emily Flippen

The truth is that even if we do experience a drop of say 30% over the course of the next month, that doesn't actually change anything for me or long-term investors.

I don't have any money in the market that I'll need for the next three to five years.

I don't personally recommend that anybody has any money in the market that they need for the next three to five years.

So if the market drops in the short term, I just continue to do what I always do, which is I get a nice steady paycheck.

I'm very fortunate in that regard.

I continue to buy as I get money.

And that means that I will buy as the market drops, which is great.

But I will also buy as the market has increased, as I have over the course of the past few years.

So I buy on the way down the same way I buy on the way up.

Yeah, maybe you guys can tell me if I'm being too blase about this.

But my first interpretation is that this has a lot more to do with Oracle in particular than it does with the bond market.

And this could have broader effects on the tolerance for lenders and AI ambitions.

But look, Oracle is laying a ton of debt to fund this AI ambition.

It maybe doesn't have the best track record when it comes with capital allocation in the past.

So I think lenders are just catching on to the level of risk associated with the deals and with Oracle in particular.

I mean, we're talking about tens of billions in new bonds and project finance loans with Oracle.

So I mean, the good thing about being on the equity side of Oracle is that you have theoretically all of the upside of those investments actually pay out.

And yes, of course, all the downside if they don't.

But bond investors really only get that principal and interest back.

So in my opinion, it makes sense that they're demanding just a