Larry McDonald

And so Zuck-

You're absolutely right.

The Fed was hiking rates and we essentially went into a soft recession, but it was really, the company was just massively over-invested in the metaverse.

Imagine having division after division

and working group after working group after working group focused on the metaverse.

That was his dream model.

That's why he changed the company to Meta, which is insane, because now you should change it to... So the bottom line is this guy's just an amazing guy because he's blown up his business a few times and people still have incredible faith in him.

Yeah, it's a real hard asset company.

So when we went into this 1968 to 81 regime, which we talk about in the book, it was the multipolar world.

So global conflicts, Middle East.

We're coming out of a war in Vietnam where Uncle Sam and the Great Society, very similar today, like massive fiscal spending on the war.

and the Great Society, big social spending.

And so in that period from 68 to 81, by the end of it all,

technology stocks became less than 6% of the S&P, and materials, industrials, and energy were 49% of the S&P 500 composition.

Now, in the book, we make this point, how to list own markets fee, but we're not going back to 49, but are we going back to...

You know, are we going back to, right now we're about 14 for those groups, industrials, materials, and energy.

Probably 12 to 14 in the last couple of years.

If you look today, I was looking this morning at Google.

versus Chevron.

So Chevron's making new highs, still a small market cap.