James Thomson

Oh, and by the way, he's also running Tesla.

I mean, I don't know if there's two or three of the bloke, but it's going to be a pretty hard job to control two multi-trillion dollar companies.

So that's an issue.

There's issues around whether...

Space generally is quite as attractive a business as Musk thinks it is, but let's just watch the hype machine over the next month or so.

It's going to go into overdrive.

And what's interesting, Anthony, is that there's not just one of these big IPOs, SpaceX, but there's also OpenAI and probably Anthropic heading for markets.

Now, nobody loves an IPO more than you, but three mega IPOs in the space of what's likely to be a few months, is that the sign of a boom or a bubble?

And that's going to be a big issue because these companies are going to go straight into share market indices.

And that means fund managers, they're going to have to sell other companies that they might love to buy these things and keep up with the market.

So it's going to be an issue.

I think you're right, Anthony.

Investing in bubbles is usually fantastic for investors as long as you know when to get off the train.

And that is the tough bit, I think, here.

This could keep running for a long time or it could keep running for a short time.

Nobody knows.

That's the fun of investing, I guess.

Oh, you know, when Bill Winters retires, the first thing it'll say is Bill Winters, who once described his staff as quote, low value human capital.

This is a quote that will follow Bill Winters around for the rest of his life.

When we start cutting jobs in Australia for AI, and we will, I don't think any CEO will be dumb enough to use the low value human capital descriptor for their staff.