Tom Bilyeu

Take good care of the community today, if you would, good sir.

Behind the camera, we have Eric.

Is G there?

No G.

All right, Eric's flying solo.

Let's see what happens, everybody.

And speaking of what's happening, so writing my most recent deep dive, which will be coming out next week, it really is about what happens to people when they feel economically insecure.

How do they begin to act?

And we don't calm down and tighten our belt.

We go into what the Nobel Prize winning economist, I don't know if he's an economist or a psychologist, anyway, Daniel Kahneman wrote about something he called the lost domain.

And he said, when people go into the lost domain where they no longer believe that they're gonna be able to work their way out of a financial problem,

Think of COVID, think of the Great Depression.

They don't go, okay, listen, gonna have to tighten my belt.

It's gonna take me a few years to work my way back out of this, but there's a known way to build fiscal responsibility and I'm just gonna buckle down and do it.

That is not at all what people do.

Once they click over into that loss domain, they build a new internal model of the world where risk

is completely reevaluated and all people think about is can I get everything back in one move?

So if you've ever seen people at the roulette wheel playing poker and all of a sudden they just start gambling totally nonsensically.

They cover this in the movie Molly's Game where there was one player always super disciplined.

He realized that he got bluffed by a guy that doesn't even know how to play poker and he just goes full tilt, completely unhinged, just betting maniacally on every hand.