Joseph Moore

You know, what's the old principle?

Don't try to mine for gold.

Try to sell pickaxes.

And I was like, OK, what is the pickaxe here?

And it's compute.

And so I didn't know it would be NVIDIA.

I just thought, well, there's only so many companies that make compute.

So, like, let's go buy all of those and just see what happens.

And that proved to be a relatively, you know, broken clock is right enough times a day that that worked out.

That was more me saying, let's try to figure out where the direction is going to go and not pick the winner.

And the reason I tell people to avoid traffic, the one stock that's going to win, as opposed to like try to pick the thing that in general is going to move in the right direction in the next era.

is because everybody wants to go buy Microsoft in 1984, right?

Like at the IPO.

But I tell them, if I actually took you into the stock market in 1984, and I said, go buy the computer future, there's Atari, Commodore, Lotus, MIPS, Wang.

And all of them are gone now.

But it's not clear to anybody in 1984 that this one with an M is going to be the one that wins.

Right.

And so but if you had bought all of those stocks, including Microsoft, and then over time started to realize who was winning this race and begin to concentrate there, then you're probably going to do a lot better than closing your eyes and throwing the dart.

So, wow, I could go into so many directions here.

I could tell you, don't buy land on the moon.