Tom Michaud
speaker
480 appearances
1 recordings
1 series
first heard Jun 2026
last heard 3 Jun
Tom Michaud’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
Once these companies go public, the index funds have to buy the shares.
So that's built-in aftermarket demand.
And it's just a dynamic that wasn't there 25 years ago.
But isn't that a red flag?
Well, so here's what I would say.
I think individual stock selection is very important, and I would be cautious.
I mean, I'm a believer in diversification.
I think that investors should be cautious and not every one of them will work.
I'm not speaking about SpaceX in particular, but over the long run, there is risk in these offerings.
The best investment strategy I've seen in 40 years is buying the trophies when they're on sale.
I love buying best-in-class company stocks because what you're doing when you do that is you're buying their management teams to figure it out for you.
And so I was moving back to the building and I froze in my steps when the second plane hit the second building.
And the other co-CEO lost his son, who worked for us.
There's no chapter in a textbook that tells you what to do when that happens.
And it's really all about what you have inside, what your values are, and humanity at that moment.
Well, I've spent the past 40 years studying the industry, as you mentioned earlier, and I do try to look for some absolute mile markers that I think are signals for further investigation.
And as you know, we had a banking crisis in the United States in 2023, and I often think about
what some of the factors were that may even have been similar with that 2008 period to make sure we learn from them.
So that way we see the mile markers before we get to trouble.
So in that period, it's really unbridled and exceptional growth.
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