Richard Waters

We've had massive underinvestment over the years.

So what we're looking at here at the moment in this AI cycle

Maybe it's massive overinvestment, but it's massive investment.

Elon is a long-term bet.

If you want to play on the future, on the big new markets, and I mean, this point about it not being beyond the laws of physics, that is literally how Musk operates.

He's looking at what he can build, and he's going out there to build it, and he's proven he can do a lot of this stuff.

Well, we do.

If you want a long-term bet, this is a long-term bet.

Well, I'm very long Southern California these days.

I moved out of San Francisco.

San Francisco in the middle of a tech craze is not where you want to be.

No, indeed.

It is just a lunatic place.

The good news is all the kind of doom loop stories, including ones we ran in the FT, those are all history.

Now it's just money washing out of every doorway.

And I'm watching that from a distance.

I'm down here in San Diego.

Everything is laid back.

The sun is out.

Believe me, you don't want to be in San Francisco for a craze, but California is still a good place to be.