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You sold some Nvidia? Well, we sold. We sold a lot of our Nvidia. But, you know, listen to stock we thought was, you know, too high at the time and would come down. Unfortunately, we didn't buy it when it came back down. Right. But, um, you know, so it's, you know, it's okay. It's It's really those stocks like Nvidia is a question, do you have enough power, okay, to to for the growth?
Do you have the next generation uh models that can take their chip? So, it looks great in '24. It looks great in '25. I have no idea in '26 and '27. I am no idea. Okay? I mean, if if I want to I don't believe I don't believe my analysts. I don't believe any analysts. I don't trust myself. You know what I'm saying?
I just don't know how you know. There's too too much. And you know, you have these multiples out there and how it can go and the the variation of where that earning can be on the out years is too much. So, it's not my preferred vehicle versus other things that I have more confidence in how I can um how how we can do um in my shop, you know, analysis on the earnings.
But, you thought it was important to mention that you'll be playing the energy uh component of trying to supply all this new technology. to understand it better. But, trying to understand it better. Yeah, here's here's the thing. Would it be Would it be I'll tell I'll tell you Would you avoid green?
Would you embrace green? Would you avoid Would you avoid fossil fuels? Would you embrace fossil fuels, natural gas? So, I'm I never think I'm that smart. So, I just like to use common sense. you out to be really smart. Okay, you can try, but I'm not going to accept it. But, I do have a, you know, heck a lot of common sense.
And this is what I know. I know I talked to some governors, you know, around the country, both sides of the aisle. I'm friendly with everybody, as you know. Yeah. Um, so, um, they're not going to let their nuclear power come offline. It's not going to happen. It's a joke. Some of these projections, some of these things are crazy.
It has to be, if you're going to meet these power needs of what they need for AI, you're going to have to use natural gas. You're going to have to use natural gas. It's just And that comes from drilling. Yeah, I mean, we have a lot of it and, you know, so you have to use you know, you you're going to have to use it.
You cannot take thing If you take a part I mean, if you take a current nuclear plant and you think you're going to get these things, it will never get by these individual, you know, PUCs. It won't It can't. It's going to hurt the consumer too much. You can't hurt the consumer that much. It's nuts. So, I hear these guys talk about, "Well, if we, you know, if we did this, if I was Okay, if I was 7'2", I would have been in the NBA one day." I'm not 7'2".
I Okay, if you want to say something that can't possibly happen, wouldn't be in the NBA. I would still want I don't have the skills. It's true story, but But, you could be 8'8". So, that's an interesting when I say so I'm trying to understand what really makes sense, what doesn't make sense, Right. and I you know, we're trying to figure that out right now.
So, it's But, it's fascinating to me. It's fascinating when you look at these tech stocks. It's fascinating when you know, video you look at some of these things can you do for different reasons. There's different things as you go out years, different things that have to happen to make the growth projections happen.
I'm not saying it won't happen. I'm just not smart enough to know if they will. I know the probabilities that they will or not, but I'm I I can't. No, I mean, it's what it is. Okay, so I recognize those things and people are making assumptions are going to happen 100%. Well, you know, the United States is a great country and we innovate like heck and, you know, things do happen this way and usually you have flies in the We have a group of flies and we have a fly.
There's one particular one and if I get him, I'm telling you I I'm not even going to kill him I'm not going to kill him right away. I'm not going to kill him right away. Dare I ask you how the election plays into all this? You know, so with the election, I am a big proponent of split government. And right now, as you're more than aware of, it looks like the Senate is Republican and the House is Democratic, and I'm loving life.
And I don't care. I'm talking purely from this show. Okay? I don't care. would you do if it was a a sweep? But just for If it's a sweep on either side? Democrat sweep. So, let me I'll just I'll just And I don't want to talk about it that much politics, but I'll just say in general, you have a pop populist on one side and a progressive populist on the other.
And if I listen to what happy day I hear, I hear more giveaways and more of that. So, do I want all Democrats? No. Do I want all Republicans? No. I don't want more if again from a pure economics, there's other considerations, which is I it's not the show to talk about, but from a from this market perspective, an economic perspective, what's good for the economy, I want a split government, and I don't want all Democrats, and I don't want all Republicans.
And you think at the moment If I'm thinking about commodities, think at the moment it's not impacting the markets either way, because you think that the expectation is that it's going to be split. Well, not only the expectation, I mean, the expectation's there, people bet on it. The betting markets are that way that it's split.
And as long as it's split, it and and and this may be a problem because the market thinks it's going to be split right now. So, if it gets surprised, that could be a problem for the markets. But as long as it's a split, the market's going to be fine. They will not care because they're not going to let them do the things they talk about.
So, David, are you afraid to play AI directly? You you you're doing the the sort of downstream ways of doing it? I mean, do you are you Is it too just hard too hard to figure out? There's a Nvidia, but but No, listen, you have What besides Nvidia and energy could Well, we have, you know, we have, you know, the regular stocks like a Meta has been a big beneficiary of AI.
Right. Lama. All these I mean, in the just in how they do models, how they monetize their their business. And another company like Amazon. for you, or is there something else? It's a question how much is in the stocks and what how much the next gen what the next generation is how much more cuz they've gotten pretty good returns, I think that more than people appreciate and what these numbers and this so they could have near-term all these stocks could have near-term surprises.
So the question is what is it as it goes further out? When you say surprises, surprises on the upside or downside? Well, surprises on the upside if they can change the models and some of the base earnings are good enough to give support for those Right. those stocks. You know, versus you know, we talked about and I don't I I I kind of like the Nvidia the price.
Okay, so don't get me wrong. I I I could just love it. Okay. Um so but you have to believe more in that first Are you not a believer that long-term for AI to actually work and to be a meaningful contributor to the economy that in No, that Nvidia's margins ultimately have to come down. Meaning as long as they have what?
It's like 70% margin for 80% margins on some of these chips. It's amazing and God bless him for it. But at some point to make this whole thing economical, I imagine Well, not till they're those margins are going to have to come down. Not till they're It depends how much they make, right? But Look, this is another concern potentially.
Yeah, do you do you have any Lilly? Novo? You have any health care? You got any biotech? asking me if I take Just trying to get as much as I can. No, I'm just saying. You watch Lilly? Lilly has been a growth stock No, I don't I don't I don't have a So no health care to announce. Can I go back to China again?
Just Which I which I think is which I think is the biggest thing that people really have to go and understand it cuz it's has implications all over the in bonds, currencies, and stocks. We didn't talk about the currencies and and bond side.
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