Matt Cerminaro

So it's really cool being on the other side of this as a fan, in college especially.

Yeah, very grateful.

Oh yeah?

Yeah, I think so.

You did not look happy with me when I'm in our call the first time.

You were kind of confused exactly who I was.

And within a few minutes, the entire thing changed.

But I was buttoned up, suit and tie.

And anyways, it ended up being amazing.

But for a split second, I thought I messed up.

What am I doing?

All right.

In the same way that people in the 50s were an expert on the Great Depression, is it fair to say that people in the 2020s could be an expert on the 2008 financial crisis and that has contributed to their lack of participation in the bull market?

I mean, I think...

There's a concept that Tom taught me at Fundstrat and it's called Maslow's hammer.

And it's that people hold hammers and they look for nails.

And in other words, if you're equipped with like a 2008 hammer and you know exactly what went wrong in that time period, you start to see everything through that lens in the same way that people might be seeing the rip in semis as this is tech bubble 2.0.

And so sometimes I think actually a lack of experience

in certain moments of time that are extremes can actually contribute to your ability to adapt to new environments.

i what i appreciate about this too is google's up 188 over the past year wow and berkshire has a private placement in this equity offering and they're doing it not down 40 but up almost triple over the past year and we we talk about it but it's like the hardest thing to do is buy something