Robert Armstrong

Which is another example I would add of people don't think in terms of economics.

There are moments where there are things outside of economics that are outside of money that trump money.

And it happens in a lot of situations.

This would be one of them.

I'm the head of the Rotary Club and I'm the CEO of the regional bank here.

Yes, technically speaking, this would be a better deal, but I don't want to give up these things that I enjoy in my life.

Yes, exactly.

And it's the same thing that we see in, say, venture capital, where, I mean, the whole industry seems to be getting overrun by the management fee.

And that is, you're not making money on the 20, you're making money on the two.

And that basically incentivizes companies and firms to just buy up as much stuff as humanly possible.

You just need to invest lots.

We'll be right back.

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We're back with Profiteer Markets.

So Rob, you are one of our first guests of the year.

So we want to get your take on what is in store for 2026.

So we are going to go through some of the predictions that you shared in your unhedged newsletter.

And I'm just going to ask you questions and hear more about what you think is going to happen.

And also an important way to catalyze the conversation and frame what we should be thinking about and watching for as the year continues.

I'll just say...