Jordi Visser

That has led to a capital account surplus, meaning the money leaves the U.S., it goes to these other countries, the other countries come in and they buy our securities.

So we have a capital...

The S&P underperformed the rest of the world last year.

The dollar underperformed last year.

And I think this is one of the things people are going to have to get used to is my belief is that we are in the early stages, as I've talked about, that the main theme is that I will make things more more productive.

you're gonna see profit margins continue to hang on the upside.

But I think the rest of the world, because the cost of coding is going to zero, the ability for anyone to do it has become ubiquitous.

That means companies around the world that are more bloated, that have run their businesses in Europe where they're not allowed to fire people,

One of the greatest things for profit margins is if you have a bloated business, it's much easier to make your profit margins go up with AI when you're starting from 10% than if you're starting from 75%.

And I think that's what we're starting to see because the companies that are at 75%, they're either coding companies, they're being disrupted by AI because software is now ubiquitous, or they're the hyperscalers

and they're having to spend for more power.

So I do think we're at a situation where everything is turning on its head, and 10% to me is not out of the question as a potential number, but I think it's because GDP as a calculation does not take into account intangibles.

And I think when they go back and they re-look at this, they're like, things were going a lot faster than we thought.

yeah and I think we're starting to see it and you know I'm I'm writing about this a lot the the Outlook paper I did for this year was all on the physical upgrade of the economy but

I always try to give people things they can listen to.

It's very hard to say, hey, listen to Moonshots.

There's a three-hour podcast with Elon Musk.

It's excellent, though.

It's fantastic.

And if you listen to it, forget about his conversations on Mars and his conversations on all the things you don't want to listen to.