Lisa Abramowicz

Very few companies who go viral are like totally prepared for what that means.

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Seeing a market gut check some of the enthusiasm post-Fed meeting yesterday after Oracle came out, throwing some cold water on some of the risk appetite down 0.4% on S&P futures.

The bid into bonds actually gaining as the morning grows older after jobless claims came in just slightly elevated.

10-year yields at 4.13%.

Turning to the economy, Fed Chair Jay Powell saying AI may be at least partially responsible for the cooling labor market, but the future remains uncertain.

Howard Marks, co-founder and co-chairman of Oak Tree Capital Market,

Issuing a warning in his latest memo, I find the resulting outlook for employment terrifying.

I am enormously concerned about what will happen to the people whose jobs AI renders unnecessary or who can't find jobs because of it.

At this moment of transformation, Howard joins us now after writing a memo that I really recommend everybody read.

It really was one of the absolute best that you've ever written.

Thank you for being here with us.

No, please don't.

I want to keep reading your memos.

I want to start with this idea of different types of bubbles.

And you talk about there are productive bubbles and unproductive bubbles.

What's the difference and how does that make it either something you want to invest in or not?

Just because something is excessive doesn't mean that you can't invest in it.

So that's where we are right now.

You said you can invest and you can participate, but you just have to be careful.