Scott Galloway

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Oh, that's compelling copy.

That's compelling copy.

Now is the time to fly.

I hope you have plenty of the wherewithal.

I think the best thing about that paper, that paper inspired an enormous drawdown in the market, and it's inspired me to start buying stocks in Apollo, TPG, and Blue Owl because

I mean, just to summarize, and I bet everybody's already heard this, but the basic notion is that, okay, these, white-collar work gets kicked in the nuts, right?

And that unemployment basically doubles.

And then there's, because of all these big spenders who have good jobs get fired, they cut their consumer spending, and consumer companies

are forced to look for places to save money, to maintain their EBITDA margins.

They turn to AI and it just kind of inspires us and so on and so on in this downward loop.

That's not an original concept.

I mean, the idea that we've gone from 90% of us in agriculture to 2%,

You would have thought that people being laid off, spend less money, spend less money on food.

Technically, it's not a new concept.

What's different here is the speed, and they think the severity.

But where I head with this is that effectively what you have, now the companies I'm looking at, I've been doing a lot of selling and buying.

I've been selling down Apple and Amazon for kind of resistant unsubscribe, and I'm reallocating it into SaaS companies.