Sam Dickie

So you've seen soaring memory company valuations.

Take Korea, for example.

samsung and hynix which are big memory players 55 of that stock market and there's a huge amount of retail frenzy in that market there's huge margin loans going on so you've got speculation you've got massive valuations you've got a narrowness of rally and then you've got you know enormous ipo valuations coming so there's a few signs there not all the signs are there but there's a few things going on that make you raise your eyebrows

Well, it's interesting.

So one that wasn't there but is now emerging is everyone said back in the day, you know, Cisco traded at 100 times PE, for example.

And, you know, Google, Meta, Nvidia, you know, the companies, the big tech companies at the

You know, Apex are trading more like 20, 25 times PE, and they have big cash balances, so it's not there.

But, you know, if you think about that memory bubble, for example, look at Intel.

That's now trading on 100 times PE tick.

You know, SpaceX, OpenAI, and Anthropic will come at infinity times PE because they don't have any earnings.

So I think your black book is slowly getting ticked up and filled off.

Yep.

I think for us, three pillars of investing are really important.

the width of the moat or the sustainable competitive advantage, the length of the growth runway, and the people who run it.

So that is critically important.

I'm not sure it gives you pause.

On the positive side, he is the one guy on earth who can –

to genuinely solve extremely complex problems at scale rapidly.

And the key one they're trying to solve now for SpaceX is the cost per kilo to get mass into space.

So to give you an idea, pre-SpaceX, it costs $50,000 per kilo to get mass into space.