Jason Hall

I would bet on Uber and Lyft to be winners from Auto Taxi before I would bet on anybody making the hardware.

I'll throw that hot take in there.

Matt, that's so true.

And I have a couple of thoughts that are going to tie in a little bit to what you already said there.

And the first one is, I want to caution anyone, as you were saying, who's putting in the work to study the businesses that they own or want to own to not fall into the precision trap.

As you said, you can't sell the top.

At best, we can just hope to be directionally on the right track.

And even six months after selling a stock, we haven't collected enough data to find out if the broken thesis is really true or not and the business is going to struggle.

Right now, we're still in the voting booth.

We haven't moved on to the weighing of the value of the business part that takes years to happen.

So that's an important thing.

to remember.

I think this is just especially true on selling.

Personally, I tend to be really glacial on selling with two exceptions.

No.

1 is if a stock becomes such a large portion of my portfolio that I want to reduce the downside risk.

I don't want to fall in love with my investments because I love them.

I bought them to grow my wealth.

Sometimes

take a little bit off the table because of the downside risk.