Pete

Oh, yeah, you can't look at it as this thing that's going to be profitable. It has to be a benevolent endeavor for society. Yeah, it's different from research on like a pharmaceutical company researches a new medication expecting that they're going to have a return in the next 10, 20 years. Right. At least kind of within the profit.

Oh, yeah, you can't look at it as this thing that's going to be profitable. It has to be a benevolent endeavor for society. Yeah, it's different from research on like a pharmaceutical company researches a new medication expecting that they're going to have a return in the next 10, 20 years. Right. At least kind of within the profit.

Right. This is the whole idea of public goods. This is why we have governments, why we collect taxes. God, we're turning into such libs already, dude. Yeah. But there's a handshake, right? There are the things that only the government can do, and then there are the things that the private sector can and should do, and they meet in the middle.

Right. This is the whole idea of public goods. This is why we have governments, why we collect taxes. God, we're turning into such libs already, dude. Yeah. But there's a handshake, right? There are the things that only the government can do, and then there are the things that the private sector can and should do, and they meet in the middle.

Right. This is the whole idea of public goods. This is why we have governments, why we collect taxes. God, we're turning into such libs already, dude. Yeah. But there's a handshake, right? There are the things that only the government can do, and then there are the things that the private sector can and should do, and they meet in the middle.

But if you start shorting—and part of what really worries me right now about this kind of war on academia, and there are some things about academia that need to change, but— The war on academia, the cuts to cancer research, the cuts to science research, this kind of general anti-science atmosphere that I think is emanating from the administration.

But if you start shorting—and part of what really worries me right now about this kind of war on academia, and there are some things about academia that need to change, but— The war on academia, the cuts to cancer research, the cuts to science research, this kind of general anti-science atmosphere that I think is emanating from the administration.

But if you start shorting—and part of what really worries me right now about this kind of war on academia, and there are some things about academia that need to change, but— The war on academia, the cuts to cancer research, the cuts to science research, this kind of general anti-science atmosphere that I think is emanating from the administration.

That costs us in ways that don't show up on a corporate profit and loss statement six months from now or a year from now. But in terms of whether a country, a society, an economy is productive and is growing and is innovating— That starts to really cost you over time.

That costs us in ways that don't show up on a corporate profit and loss statement six months from now or a year from now. But in terms of whether a country, a society, an economy is productive and is growing and is innovating— That starts to really cost you over time.

That costs us in ways that don't show up on a corporate profit and loss statement six months from now or a year from now. But in terms of whether a country, a society, an economy is productive and is growing and is innovating— That starts to really cost you over time.

And if we're shorting that or if corporations and extremely wealthy people don't want to be paying into that through taxes, that is, I think, a classic example of a kind of short-term gain that causes long-term pain. Hmm. Yes. I'm really worried about that.

And if we're shorting that or if corporations and extremely wealthy people don't want to be paying into that through taxes, that is, I think, a classic example of a kind of short-term gain that causes long-term pain. Hmm. Yes. I'm really worried about that.

And if we're shorting that or if corporations and extremely wealthy people don't want to be paying into that through taxes, that is, I think, a classic example of a kind of short-term gain that causes long-term pain. Hmm. Yes. I'm really worried about that.

So part of what's happening is the markets are responding to their belief that the tariffs will probably make the world economy less productive and make a recession more likely. But a tariff is a tax that people pay on stuff they buy every day. And proportionally, if you're, what do you call it, middle rich? Yeah. Versus people in the neighborhood I grew up in in South Bend, Indiana. Sure.

So part of what's happening is the markets are responding to their belief that the tariffs will probably make the world economy less productive and make a recession more likely. But a tariff is a tax that people pay on stuff they buy every day. And proportionally, if you're, what do you call it, middle rich? Yeah. Versus people in the neighborhood I grew up in in South Bend, Indiana. Sure.

So part of what's happening is the markets are responding to their belief that the tariffs will probably make the world economy less productive and make a recession more likely. But a tariff is a tax that people pay on stuff they buy every day. And proportionally, if you're, what do you call it, middle rich? Yeah. Versus people in the neighborhood I grew up in in South Bend, Indiana. Sure.

Proportionally, it's the people in Indiana who are spending a much bigger portion of their income at, let's say, Walmart. And everything at Walmart is about to get more expensive.

Proportionally, it's the people in Indiana who are spending a much bigger portion of their income at, let's say, Walmart. And everything at Walmart is about to get more expensive.

Proportionally, it's the people in Indiana who are spending a much bigger portion of their income at, let's say, Walmart. And everything at Walmart is about to get more expensive.