Tom Gardner

I think if he tapped a little bit more of a moderate view continually, he could teach a lot of people about thoughtful investments in the equity markets, but it's a little too much all in, all out for me, although I have a lot of admiration for him.

But I would say that here are the things I would look for

in and around collapses.

So the first would be evaluation.

I mentioned that.

But I don't think it's going to be valuation off of unprofitable, Jerry-built, flimsy companies.

We'll see when they come public.

We have to watch that, public markets.

And remember, number two, that when SpaceX comes public at a, I don't know, $1.8 trillion valuation, I mean, that's going to draw a lot of cash away from other stocks.

So we'll start to see, you know, a little bit more dilution

with the total number of companies and where that capital is going.

So that will hurt valuations.

But that would be the first thing.

The second thing I would look for is actually the other side of it.

The companies that are going to collapse because they didn't make the upgrades.

And we're seeing that with some SaaS software companies now and some questions about it.

Obviously, the extreme version of it is Chegg.

which just collapsed in like three GPT upgrades.

That stock had gone from $105 a share to one.

And so, you know, certain categories, you better not get left behind.