Spencer Jakab

speaker

249 appearances 4 recordings 3 series first heard Jan 2026 last heard 30 Jun

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 4 in all, peaking in Jun 2026 with 2.

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But this is high even for a tech heavy market.

It's really unusual.

And we know that some of it is artificial because

you buy, you know, a chip from NVIDIA, you know, it's immediate profit to them.

But the chip they sold you is depreciated over three, five, six years.

Right.

And so that goes through the P&L more slowly.

And, you know, when once this slows down, those margins are kind of going to roll over and be a little lower.

Yeah.

And, you know, and not just that, but just do the math on 15 percent versus, let's say, 11 percent where you were just a few years ago.

So you go, let's say, like, let's not get the world.

You're going from 15 percent net margin to 11 percent net margin.

Well, that's that's a lot lower.

That's, you know, that's that's 25 percent reduction.

That's huge.

Right.

So if you say, let's let's keep the market's P.E.

ratio constant.

Let's say, well, we're comfortable paying 21 times forward earnings for the stock market.

Well.

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