Frank

And you mentioned a good point there about obsolescence.

So if you're comparing, say, the infrastructure that was built out from the dot-com bubble, an awful lot of it was like fiber optics, broadband and stuff.

That's really useful even 20, 25 years on.

Whereas if you're talking about just

stacking a bunch of high end chips on top of each other and those being not sufficient in five years time.

Maybe that's the difference there in comparing the two.

So for a value investor that has invested for the last 10 years, how does it feel?

Because that's

You could pretty much pick at any point at that time that this was an overvalued market and you have been more or less correct.

Uh, and yet still the S and P has returned like 14%, uh, annualized returns over the last 10 years over the last, I think, uh, maybe 17, 18 years since the great financial crisis.

How does that compute in your head?

Because I think the risk for some value investors is the risk of sitting out.

Yeah.

And it's funny you're talking about the mathematics behind a loss hurting more than a gain.

But actually, psychologically, it's proven to as well.

They did a study.

I think it's the pain of a loss is like in your brain.

It's two times as worse than if you made the similar amount of money in a game.

So it's interesting how that avoidance is such a key tenet to your philosophy.

But I've thought about this a lot, and this is a topic that Ben Carlson brings up quite a bit, too, in terms of the modern market conditions and the accessibility of the stock market now.