Neeraj Khemlani

It's a regression towards the mean.

So the actual definition, I'm so glad you mentioned this, Josh.

The law of large numbers states that as the number of independent, identically distributed trials increase, their average result approaches the expected value.

That's not what we're talking about.

If you spin heads or tails, you're not going to get 99 tails in a row.

Yeah.

That chart, the high and low quality stock, the fact that low quality stocks have lower performance and higher annualized volatility, Thaler won.

That should not be a thing.

When did you buy Amazon?

Okay.

Amazon was so crazy because it was B2C, founder letter, and then it went B2B, and that was like where the explosive growth came from.

Do you think we'll get another retail 100 bagger?

It seems unlikely given the current makeup of the market that these names don't come public.

And if they do, like a retail name, how would that even happen?

These are such iconic names.

I know they had to come from somewhere, but…

Here's something else.

They didn't all just come out in 1985.

Why'd you stop there at 2000?

You know, I notice a lot of these companies start with the letter B. Is it that easy?