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no i would not peter because the s p 500 is near its all-time high i i usually don't like to buy things near an all-time high the s p has gone up for 10 years uh with you know a major correction the other day but but basically the s p has been going up for 10 years and that has never happened in american history so i don't see any reason i know other things that are depressed i hope and i'm buying them instead i'm looking there instead and and why i ask it and and you know i i tell it with uh with some irony but don't you know that the this time is different the the fat can uh print unlimited amount of money and buy everything so of course it's starting to know that that is happening i do know it has never happened before in history uh but you you said uh interesting things yes but they're not the only ones if you go to tokyo every day the head of the bank of japan goes in and starts printing money as fast as he can i but and he buys stocks and he buys etfs and bonds well i've been buying japanese etfs because japan is down 50 from its all-time high and america's at an all-time high the bank of japan has more money than i do but i'd rather buy japan than america because japan is more depressed uh yes and and i see that this way of thinking that brings that that gives us overconfidence and i see that really people are buying uh hurts and nikola and so some companies like that who already fight bankruptcy and they they jump in a week 400 600 so it it part of the market seems to me in a bubble and i just wrote the thing about it uh the other day so well there is no question that certain parts of the u.s market were in a bubble and uh are again and there's certainly no question that the american bond market is in a bubble so yes but bubbles have happened before so when you say this is a different bubble yeah it's it's yeah this time is not different we can agree in that but how do you approach a potential bubble not like this not this one but a bubble so i would like to a little bit learn about how you think because i try to keep this family friendly but why do we people suck on this and why most of the people don't see this and you do at least most of the time well one of the reasons i see them is because i read history and i've been around you know this has all happened before peter hundreds of bubbles in history all over the world every country every asset class everybody's had recurring bubbles but if you look at them they all look the same everybody says this time it's different they all say oh don't you understand those people don't put their trousers on one leg at a time they're different from everybody else blah blah blah no i've seen it before many times i recognize them i do know that historically the people who bet against bubbles usually get wiped out or lose money uh and then and then the people who bet with bubbles get wiped out and lose money you know the people who believe it the skeptics know it's it's crazy they lose money because they know that they're too smart and then the other people who believe it's true and believe it's going to last forever then they get wiped out so bubbles can be a wonderful if you get it right disastrous if you get it wrong you
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