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Hey Bill, can I ask you a broader markets question? Kind of plays into some of your investments too. Elliott Investment Management had its October letter to investors that was out this morning or it was out this for in October. The Wall Street Journal has a story in this morning's paper looking at it.
They're saying they're comparing this time to the roaring 20s that led to the Great Depression. They're worried about several things that they listed. uh one is debt finance capital spending that's out there circular AI and infrastructure deals and and then they laid out this growing push back and backlash towards AI and and how we're seeing that play out.
Do you share those concerns or do you think that there's a different way? I don't I don't see a roaring 20s in the stock market. Uh you know if anything this year earnings expectations have gone up meaningfully and the multiple is is is actually reasonably low uh relative to the the growth inherent in the market.
So I'm not saying that there sort of bubble-like activity in markets. I think in private markets I would say you're seeing a little bit more uh what uh bubble-l like activity particularly in the kind of FOMO you know private venture space there is some but a lot of it is justified you know I met with uh the the ramp uh team unbelievably impressive company if I were at American Express I would be concerned but they're building basically a financial operating system uh for every company in the world super impressive team growing at this massive rate you know I think they justify the valuations out there.
So, I'm not seeing anything that looks like the 1920s. Uh where I worry again you your point on the short-term stuff I think is bad. One day options, people using a lot of mental leverage, a lot of money being, you know, betting on the outcome of sports. That's where I think there's some definitely some fluff.
Um let me ask you a different question. It relates maybe to the midterms and beyond. It's a political question but it's an AI question which is how much do you worry if you look at an Amazon uh a meta uh some of the others where data centers are going to be the business and that becomes a political football I don't know if you saw uh El say if you think he's going to win in Michigan is saying that he wants a pause on AI it's a it's a conversation you hear constantly and what kind of headwind you think that poses
I think uh you know it's a global race for super intelligence we don't want to get there second, right? That's that's uh existential to the United States. I think there are plenty of states that would be delighted to have the jobs uh the job creation and you know, we got a lot of land mass in the United States.
Uh I think so you're not worried about it. It's not something you think becomes a broader topic of conversation. I think we have I think we have no choice. It's like you know saying we want to slow down the pace of electricity penetration into America, right? It's going to give people uh so I I I think we I I [snorts] think it's a good uh maybe it helps win a few votes going into midterms, but practically speaking, I we can't slow down our our we have to be uh primary in AI.
But was that really your tweet the other I'm looking at to make sure that it was yours cuz I wanted to retweet it and I said, you know what, I don't need it. Which tweet is this about these current state of of the midterms and some of the candidates running on on the Dem side? That that that I don't know if it was me.
So maybe it wasn't you. I don't think it was me. How about some of the candidates? And and I've tried to get everyone on here to to say Democrats, and I'm not saying you're a Democrat, but I've tried to get everyone on here to say, uh, yeah, I I I cannot support Elsa in in in Michigan. To credit Haley Stevens.
Uh, so actually, it's Look at what happened to her after she did that, though. Have you seen the It's a sad state of the the country when uh someone I'm sort of I think good principal Did you tweet about that? Uh, I did. I did actually. That's what I'm talking about. Okay. Yeah. That the state of the of the Democratic Party.
Yeah. No, if you get if you step out of line, you get crushed. I mean, it's a unfortunate and what was a pretty just cause. I think she didn't like I think she asked Elsa to disavow the I can't buy eggs because that $7 is going the government's using that to kill Palestinians. Um the US government is using that to give it to Israel to come up and she said I'm not you need to disavow that and he wouldn't disavow it.
Well, he's also the guy who said you know hurt people hurt people when a guy tried to drive a truck full of explosives into a synagogue and and and about the in the locker room on 60 Minutes he said your your daughters are going to see penises on the on the internet so why not see them in the locker room?
What about the women that are changing in the locker room and there's some It's in It's It's insane. I can't believe it's happening in America. I I say he doesn't. You say he doesn't? I say he doesn't. Despite what the polls saying, Despite what the polls anymore, I don't think you don't. What about prediction markets?
I would think that you would have a little bit of sympathy for prediction markets can be a little bit better than polls, but I I'm maybe I'm sort of being optimistic about the outcome there. Is your view? Okay. So, your bet for the midterms is what? Look, I think the likelihood is the House goes and uh I'm sort of hoping that the Senate uh stays.
And if the House goes and let's say the Senate goes too, what do you think happens from a a business perspective, from a markets perspective? What do you think the implication is over the next two years? I think things that require the Congress are going to be very difficult for the president to get
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