Jordi Visser

And this is why I said, if people are just out there saying buy software and they're not acknowledging that there's a multiple re-rating, you have to remember that

that right now the market cap of the S&P 500 related to GDP, which was the reason I said that last year they couldn't afford for this to go down, it's at 220%.

Stock market's been going up faster than GDP.

which historically it's called the Buffett indicator for a reason.

He's not buying any stocks.

And I think the reason he's not buying any stocks is because in his mind, everything is expensive.

And the reality is when you do it on a price to sales basis and you think about what's happening to software, arguably the most important

position in everyone's portfolio particularly when you include the hyperscalers even without the hyperscalers x hyperscaler software is by far the most important and it's a u.s dominated thing so when you move down software and you see credit widening and tenure rates going down they're building in the probability that there's another survive regime coming

i believe the probability of the survive regime because of what i mentioned turbulence real things from open clone all this which i talked about i believe things are speeding up now and you're going to see a rise in volatility a move lower in rates and whether we need the fed to act or not i do think the deleveraging signs that have spread to credit private equity things we talked about blue owl all of them

This is starting to smell a little bit like another one of those survive modes, and I think people should start paying more attention.

They can watch my videos.

They can sign up.

But I'm going to spend a lot more time on this because I think coming out of this, I expect the next regime to be one of the more mind-blowing because I do believe AI has reached a level where it's disrupting far more than it's benefiting.

You and I have been doing this show, actually, we're getting close to our one year anniversary.

Congratulations.

Wow.

Longest relationship I've had.

Is Paulina fine with that?

On content.

I wanted to do this with you because the people that know me the best before this were the traditional finance people.