Scott Galloway

It's just a debt buying machine.

Yeah.

It seems to be surviving wars, pandemics.

And a friend of mine, Jason Mudrick, who started Mudrick Capital, he's a distressed credit investor.

said something that is so simple, but it struck me as really insightful.

He's like, as long as there's demographic growth, as long as there's population growth and innovation through technology, markets will over the medium and long-term go up into the right.

And it just struck me, he's right.

The market has decided that these dips are opportunities, that they're not structural, they're cyclical, and then immediately capital weighs in to benefit from the upcycle again.

Now, having said that, in 2022, I didn't see any cause for the markets to throw up, and they did.

I don't know if it was people taking—we should ask Josh Brown what happened—money off the table.

But I still think it's more likely that an announcement from a large corporation who has been a big purchaser of site licenses of AI comes out and says, we're scaling back on our AI efforts because we're not getting the ROI we had initially anticipated.

I think that is going to be more likely to be responsible for a drawdown in stocks in 2026 than Iran or the oil or energy crisis.

We've been saying this forever.

We transitioned from an agricultural society to a manufacturing, to a services.

And a lot of people have said it's always been about energy.

I get it.

You know, Indonesia is a bit screwed here.

India, big oil importer.

But it does feel like oil and...

I can't imagine the investment in renewables isn't gonna have such a huge uptick that fossil fuels are gonna play an even less significant role moving forward.