Frederick Vettese

Why would you, let's say you had $5 million, just to pick a big number.

And let's say someone tells you about this.

Let's make it small.

Let's say you have a million dollars and you put $500,000 at risk.

It's a great investment that's going to be tripling your money.

If you don't need it in order to maintain the lifestyle that you're comfortably maintaining right now, then why in the hell in the world would you do it?

But I do hear people who've done this, risking money that they don't have to risk.

And you talked about things I might regret.

I would have regretted that over the past 20 years.

I think more about the things I might regret within the next two or three or five years.

That is that, as you say, the markets are very high.

I measure them from every angle.

Look at price-to-earnings ratios.

They're really stretched right now.

to a point that they really can't be.

If you believe in history, and there's always been a reversion to the mean.

Whenever PE ratios get too stretched, they always come back.

And it's going to have to snap back.

That elastic right now is very tight.

It's going to have to snap back.