Tom Gardner

They're not in transition mode.

They're creating everything through AI in their workplace.

That's such a great point, Andy, because I can't remember which founder CEO said, I feel sorry for all CEOs in the public markets that aren't a founder because they have to work slowly through a procedure with their board.

As the founder, spiritual leader, and largest individual stakeholder, I can walk into the board and say,

I have to make this change now and it has to go quickly.

I'm going to make the case, but we're not going through a bunch of bureaucratic checklists here.

We have to move.

Yeah, so I use two market indicators primarily to guide my thinking.

And I really am using market indicators to tilt, not to go all in, you know, or exit entirely the market.

I just don't think that way.

I think the history of people who made extreme calls, of course, they're going to get some right.

But in general, they actually...

At best, they're net neutral, and they probably cause a lot of tax implications for people.

I think what we should be teaching investors worldwide is to be more incremental and to recognize that the equity markets go up over time.

There can be some bad stretches.

We could take some extreme cases like Japan since 1989, so I don't want to generalize too much or oversimplify this, but I think in a market that's

dynamic like the u.s market has good regulatory standards and there isn't a lot of inside baseball dealings between boards and executives all protecting each other so we have a really competitive market in the us and so i think i would look at the market and say of course they're going to be 40 declines at certain points along the way so i i would definitely want to work back from a 40 decline with my investment portfolio and ask you know what will that mean for me in my life

If I have a million dollars in this portfolio and it goes down 40%, I'm down at 600,000.

Like that is a horrible experience to have.

Most people, the idea of losing $400,000 in your lifetime.