SELLING this Stock‼️

Welcome into the reaction channel, ladies and gentlemen. We got a lot to get through in this video here today. Okay, so I haven't reacted to some videos in a bit, so I want to react to a few in this one. We're absolutely in an AI bubble. We're going to start out with a big statement to this one here today. Okay, this gentleman looks like somebody just told him he's got to cut his hair and he's like, "No." Edard Denny, oh boy, Edard Denny looks like his granddaughter just gave her the report card and it says straight A's. Yardini says he hasn't been bullish enough on earnings. looking forward to hearing his opinions, perspectives on things. Uh then we're going to do some stock talk in this video. I want to talk about uh you know, there's some stocks that people are talking about selling, right? Or I'm hearing people selling and I want to kind of share my opinion on selling certain stocks that I personally hold and give some perspective and opinions on some of these stocks that are either doing really bad or really great right now that I'm seeing people selling out there. From there, I want to react to this one. Tony Pascarelli. The market bull run continues. I'm looking forward to hearing the committee's opinion on where this market's headed from here. Then we're going to get into Julian Emanuel, who looks like he got told he's going to his favorite Italian restaurant tonight. A 9,000 S&P year end price target for 2027 is achievable. Oh boy, that's a big statement. And then after that, I want to get through this one. So, I'm about to receive a wire here in just a bit for $1.1 million. and uh I'll talk to you a little bit about what I'm thinking about doing with the money. I appreciate y'all for joining me as always. Got a lot to get through in this one here today. Only thing I need from you guys, just smash that like button, hit that little thumbs up icon, make it glow for me. Make sure you subscribe to the channel. And um other than that, pin comment down there today will be if you're looking to apply, join my private group. You want to level up all your knowledge, all the stuff up here. Uh we have 200 plus confirmed 7figure members in the private group. 500 plus six figure plus members in the private group as well. uh access to my course curriculums, Discord chat, thousandx, all that good stuff. All righty, ladies and gentlemen, you ready? Let's go. >> Partner of lead edge capital and a man I just learned is originally from Michigan. So, I automatically like you more. But Mitchell, welcome. >> Thanks so much for having me. >> I mean, that is the question. Listen, yesterday you had Sundar Pachive, Google saying 1 billion Gemini users. Now, I don't know if that's Google, you know, Gmail get Gemini is embedded in that. How many are paying? Maybe we don't know, maybe we do. At 20 bucks a month per per retail user, can Google, these other companies, OpenAI make up the trillions in spending? It's a small question to start the interview. >> You figure that question out like they're going to need the Bank of Jensen to, you know, help uh help do it. They got >> Yeah. Well, they got part of it two days ago. >> Uh and they're going to I think need a lot more of it over time, too. The amount of spending the answer the answer is AI is going to change the world. It is going to revolutionize things. It will probably be bigger than the internet. But are we like in a bubble right now? Absolutely. Has there is there >> Okay, define bubble then. What what does that mean? Bubble means different things to different people. >> Yeah, it will be a bubble and it will probably pop. Will we probably overbuild at some point for the near term? Like probably. Will people get over excited about things? You hear big companies right now talk about like are they seeing near-term ROI? Right now there's obviously one killer use case for AI coding. Will there probably be others? Yes. Had we sat here in 99 and 2000. >> So >> yeah, >> I was in this in this studio in 1999. >> I think I was the first person to ever broadcast from here at least one of them. >> And I have a picture and maybe I'll tweet it out of me standing in front of that wall right there. And there's all these companies that no longer exist that were $250 and 18. That's when we use fractions >> per share. But those were garbage companies that had no revenue and analysts were creating fake metrics like revenue per eyeball. That was actually a metric that they used. >> Is it different this time, Mitchell, that these companies, most the ones we talk about, these are real companies with real revenues. They're not socks.net. >> Didn't say earnings, but yes. Um, >> a fair point. Most don't have earnings. They're losing billions. But but what's interesting is if had we been on the show, we would have debated whether e toys or you know eBags or pets.com were going to you know put out a business. What's interesting is a lot of the incumbents did great. Most of the new guys busted a few of them became gigantic. But I think the interesting thing is had we sat there we never would have talked about like social media >> like we wouldn't even talked about it like this which is a5 trillion dollar market today. So, I think you're going to see giant businesses come out over the next 5 to 20 years leveraging AI that we're not even talking about right now. And the coding is just the >> 100%. He's on here. 100%. Yep. >> First category. And I am sure people will overspend just like they did in the telecom bubble. And you but what's what's a little scary this time is the amount of leverage being put on this system and like the amount of implicit leverage. Like if a company, you know, says in 2030 they're going to do X in revenue and they're going to b and they're going to like borrow debt, but they're going to like you have an IOU with Nvidia that's going to pay Oracle and all this circular stuff. >> That's what worries us a bit. And it to try to figure it all out is insanely complex, >> of course. And and the payback assumptions um basically the whole equation. And look, you have SpaceX saying we have a one year or less than one year payback on >> and that's why what what are the safest stocks to bet on in a time period like this? The safest stock to bet on are chip companies. It's very simple. AMD, Nvidia, Micron if you just want like cuz those are the only ones guaranteed to make massive amounts of money cuz this all doesn't exist without the chips, right? And so that's the easiest bet. Now from there it gets more complicated. Like Meta is spending fortunes of money and it's it's like are they going to get an ROI on that? I I don't know. I can't I can't as a Meta shareholder for years. I cannot confidently stand here and tell you oh Meta they're going to get such a great ROI on this. I can't say that. I also can't say for sure they're going to get a bad ROI. Um if you had to put me on the spot, I would say there's probably a higher probability they're going to get a bad ROI on all the spend than a good ROI. But I can't confidently tell you either way, right? Amazon's getting some return on investment, but are they getting all of it? Certainly not. Uh maybe longterm they do. Hopefully, but it's like we'll see. Google, like Microsoft, none of these companies you can confidently stand there and say, "Oh, they're getting a great ROI." The only companies you can confidently stand there and say they're getting a great ROI, AMD, Nvidia, Micron, those sorts of companies, right? you can say Broadcom, ASML, throw in a few others, but like those are the ones that are actually like the sure bets on making a ton of money, right? And then eventually the chip cycle boss and then all those companies will go through a lot of pain, but for now they're the only ones that are guaranteed to make disgusting profits. The the AI compute that we built. >> Yeah. >> Capitalism is not supposed to work that way. Okay. to every single company piling on more capacity and and if nothing else it's making tech so much more asset intensive >> correct >> and capital intensive >> the opposite of like what's what all the like hyperscalers >> worth of that either for valuation or winners and losers >> valuations don't matter anymore I guess >> well how much of that comes down to token economics though because that's another part of the debate that's really shifted over the last few months and this idea that >> you know multinational companies >> are are are being a little bit more discretionary about token costs. They expect them to accelerate in the second half of the year, but they're they're monitoring it. They're finding ways to kind of pair back how much their companies are potentially spending on AI. How does that ripple? >> No, it was all about it was all about token maximizing obviously in the every encouraging everybody, but you can use and it's why you're and you're going to start to see a lot more about these open source models. There's companies like fireworks.ai AI and base 10 that a bunch of your that have just like exploded in popularity which help big companies like cursor or companies like Uber any companies that have tons of data Spotify, Airbnb that have huge amounts of data run inference and they can run inference at like onetenth the cost of these big models which is incredible and then you wonder like okay well >> well does that kill the big model then >> it doesn't kill the big models but it's definitely could lead to pricing pressure and like we we think over time token prices are going to come down over time, fall dramatically. >> Will they become commoditized? >> That's the million-dollar question that nobody knows. Uh we tend to think they probably will, but like who the heck knows? Um but the real question is this. You know, the the frontier models continue to get better and better and better and better for most use cases in my firm. You know, we've got a bunch of like type A personalities and people that work here and we all need Fable and Opus. Actually, you probably don't. you can probably, you know, scan your emails with Sonnet. And so this I think what's going to get to a point, I don't know if we're there yet, but you're going to get to a point where a bunch of these models, at least for current use cases, where we haven't like come up with the next social media quote uh use case, you don't need like the the model that was out a year ago is good enough. And in which case, the open- source models aren't that far behind. Mhm. >> No, I I think what's what will happen is running these massive uh parameter open source models can be very complicated for most companies for a lot of companies small and large. And so I think there's going to be companies like B 10 and uh and Fireworks and others that are already exploding that will continue to grow a lot and there'll be new ones created and you see companies like open router that is rumored to be being acquired because companies are trying to figure out how to like what's the best model to the best creation. We are like in a very early end of all this stuff. What do you think that all means then for the potential philanthropic and open AI to go? >> By the way, this is a very this is a very high level good conversation we're having here >> public because we we assume they're unprofitable. >> We speak like they're unprofitable. We don't know what their numbers are. >> We've never seen we've never seen the I can see what's rumored in the press. We're not investors in either of them. Shame on us. I guess we should have been because we could have invested years ago. Um, but I'm as excited about you guys to see those companies file S1s and to actually see where they where they put stuff in gross margins and where they don't. There's millions of different ways to classify things. Uh, look, these thing you see how much money these companies are spending on capex. They need to be public companies. what they don't have and we think Google is probably one of the best best purchasing companies in the planet and in the AI race because they have a cash machine and they also probably have the best training data in the world with Gmail, YouTube, search data, all these things >> that's been great. >> Yeah. I mean at the end of the day the one company that has been prepping for this for the longest time and a nontraditional chip company that is right because you can say Nvidia has been prepping for this forever, right? But the one company that has been prepping this for this for the longest time, Google McDougall without a question. Like they've been prepping for an AI future for for as long as I can remember. Like I feel like I remember Google talking about AI like ever since shortly after I got on the market 0809. Like I feel like throughout the years like it would always they would always talk about they're building something, you know, for artificial intelligence either at that time or for the future something like that, right? And so, uh, yeah, that's a company that, you know, they've been prepping for this moment for a long time and, uh, certainly they're set to be one of the biggest beneficiaries. The only question is how big of a beneficiary, right, Eden? >> So, let's start there. This is something that we were struggling with a little bit with Nikolai Tenken in the last hour where on on one hand, he's bullish AI and seeing a lot of productivity gains. >> On the other hand, he's saying this is as good as it gets when it comes to market returns. Do you feel the same way? >> Uh, no. I I think the market's going higher and I think it's going higher on earnings. Uh as a matter of fact, I felt the need to coin a a new a new uh acronym which is FIMO, fabulous earnings momentum. We all know about FOMO uh which is kind of uh it's nice while while it works. FOMO is fear of missing out. We saw that in the 1999 meltup situation is don't bother me with earnings. I just have to be in this internet concept. Uh and uh this time around u the valuation multiples kind of stuck around 20. That's not uh low but it's not terribly high as long as the economy is growing but it's earnings that have really been phenomenal. And some of that has been marktomarket uh capital gains uh SpaceX for Alphabet and Amazon. But take that out and you basically have 25% increase in earnings in the second quarter and about the same in the third and fourth quarters. So yeah, I've been bullish on earnings but not bullish enough. >> Yeah, the analy said I'm I'm I'm not really the bull on on Wall Street. It's all these analysts who talk to companies and the companies are bullish. >> So the the companies are the big bulls on Wall Street, not Edardenni. I am curious though about what we have seen with performance of the equal weight versus the market cap weight and that has been a shift this year versus previous years where the outperformance has come from the broader market. You were talking before about how the market seem to be outperforming the economy for a number of years. Is that shifting where now we're going to see the economy the rest of the economy outperform the market? Well, there's sort of a view that the stock market is not the economy, but it is because it's PE time Z and E is earnings and earnings are driven by the economy. And so I think the resilience of the economy, the strength of the uh e economy has been demonstrated in the earnings and the earnings are driving the the the stock market higher. So I with regards to your point on um I call them the impressive 493. You know you have the magnificent 7 that did very well for quite some time and now they've actually so far this year significantly outperformed the impressive 493. And I think it's because people have AI fatigue. It's like oh god I I can't really figure this out anymore. You know these stocks go up 20 bucks down 20 bucks. Um whoa whoa whoa. Edard Denny hold your horses one flip and flapjack a moment. Listen, sir. The reason those stocks are struggling is because they're basically spending every dollar of operating cash flow right out. And so, their free cash flow is like dead at these companies. And for some of them, it's already starting to go negative. And for the others, it's about to go negative. And you're already getting the early signs of profitability falling for these companies. And it's going to get worse before it gets better. Meta just gave you the first glimpse. And so, that's why those stocks are struggling. Let's be very crystal clear. is not just because people are like tired of like trying to guess who's winners and who's losers. It's because these companies are running into cash flow problems and it's going to get a lot worse before it gets better and they're starting to run. They're going to start running into profitability problems over the next 12 months. You'll see that as well. And so, um, that's why those stocks, you know, you're seeing momentum in other parts of the market that have been dead for years now at this point in time. So I think people are just kind of taking an index approach to AI not knowing exactly which stock to buy. Uh and meanwhile they say well well who's the sure beneficiaries and I think they're finding uh lots of ideas in financials and healthcare and industrials uh that are very you know we we know we understand their businesses and we also know that there's a good chance that AI could help. >> When you talk about going up $20 going down $20 this is exhausting this sort of single name volatility. Is that part of a problem with respect to the amount of leverage that's being used in specific sectors and specific funds? And I'm wondering even just with the debt profile, the investment that's going on, a lot of this is coming with leverage. Does that worry you? >> Um, not not terribly in the sense that this it's not this is a new not a new development. We've always worried about margin debt. We've we're always worrying about credit and rightly so because the credit markets tend to see problems before the stock market and uh we saw that certainly in 2007208. So it's debt is always an issue um especially if it goes bad and and you have a lot of defaults and then you get a credit crunch and then you get a recession. Uh I don't think that uh the the the problems in the debt markets uh we're seeing the hyper scalers bond yields have the spreads over treasuries have have widened uh a bit uh but they're still able to to raise money and now Nvidia came up with this idea that uh let let's call in all these top financial people from the Hamptons, put them in the Hampton's Jitney, bring them in and talk about $500 billion of financing. So, uh, you know, uh, >> you guys ever heard the saying? It goes something like, "Great times make weak men, weak men make bad times, bad times make strong men, strong men make great times, something like that, right?" Um, listen, 07, 08, 09, right? Very tough times in the financial markets. very tough times in the business community, investment community, you know, out of that a lot of great things come from a bad situation like that, right? And one of the great things that still we're actually benefiting from in a major way is we don't just go crazy with credit nowadays in margin, those sorts of things, right? in the respect of like everybody always like has an eye on it and it's because of the damage that was caused in 070809 right and so there's no time period at least since I've been in the market you know end of '08 there's never been a time period where we just stopped caring completely about credit and about debt and about margin it always ends up being top of a conversation the only time I feel like we ever got to a place where it kind of started to fade was 2021. And 2021 was because we were coming out of Rona and there was just a lot of excitement, hype around that. Plus, the stimulus money was going crazy and they had rates still on the floor and you hadn't got the concrete evidence of crazy inflation yet, even though people like myself were calling it out like, "Hey guys, there's there's a lot of inflation out there. It's just not showing up in the numbers yet." Showing up in the numbers, right? And so, you know, just something to kind of keep in mind there. Uh, sometimes from those bad times, you know, you end up benefiting long term from them, right? No, I want to talk about selling a few stocks and and kind of like when you're in a great stock and bad stock and I've seen some people, you know, in the comments and whatnot talking about, oh, I sold this stock and I bought this stock and things like that, right? Listen, Cheesecake Factory. So, Cheesecake Factory, I've definitely seen some people talking about, you know, and this is really I think since it went over $100, it seemed like a lot of people started to kind of talk about this um selling Cheesecake, right? And once it went over $100 and like putting that money in other stocks and the the issue with that you run into is you're selling a company that has almost like there's never a guarantee in the stock market, right? There's never a guarantee. is no for sure thing, but gosh, there's things where it's like it's pretty darn close. And if you just think about Cheesecake over the next decade, that company is so well set up for like 10 plus years of growth ahead, right? With the Flowerchild opportunity, just that opportunity, we don't even have to talk about North Italia. We don't have to talk about Cheesecake Factory concepts. We don't have to talk about international expansion. We don't even have to talk about all the other concepts coming behind those concepts. Right? If we just talk about Flowerchild, they got 10 plus year growth runway with growing massive amounts of locations all over the United States of America, right? Just for that concept. And so when you think about that, it's like that's a tough stock to sell because there's not very many clean opportunities in the market where you're like, I can see how this company grows exponentially for the next 10 plus years, right? I mean, even Meta, Meta, we're like, they're spending so much money and it's like, are as many people going to be using Instagram as they use it now or WhatsApp or Facebook or could those be disrupted, right? Um, if we think about Apple, it's like, will the iPhone be disrupted over the next 5 years or not, right? Maybe it doesn't and so then they're fine, but it's like I don't know, tech changes, hardware changes eventually over time, right? with the chip companies. Like, yeah, we're in chip boom times right now, but can't I confidently tell you Micron's going to be earning around this sort of net income 5 years from now? I can't confidently tell you that. What about AMD? Do I think AMD in 2027's net income is going to be the same as their net income or more in 2031? I can't confidently tell you that. Could be down a lot, right? Like depending upon how the chip cycle goes. So, there's very few opportunities you can look at in the market and you're like, it's there. So that's a tough thing about selling stock like cake. And that's why you don't see me cashing shares of cake cuz I'm like the Ford P is not crazy on it. It's what low 20s and I look at a company and I'm like do I want to sell a company that's got 10 plus years of growth ahead? It's just I'm good. I'm good as far as that goes. Right? In the restaurant industry, you got to understand, is insanely tough to make it. Ask anybody that's ever run a restaurant of any kind, right? They go in business and they go out of business. And so there's very few that you can really profitably scale. And when you got something like that, that ends up being special. Think about McDonald's. Think about Taco Bell. Think about Chipotle. Think about Starbucks. Like when you got something and you can scale it all over the United States of America and maybe even international, it's something you got that's special. And like cake has that with like multiple concepts. And so, you know, it's the Cheesecake Factory concept, but Flower Child, they're going to be able to expand that all over the United States of America and have it be successful. And North Talia as well, just North Talia is obviously going to be much smaller uh footprint than a Flowerchild long term, right? So, that's special, man. That's very, very special when you got that sort of thing. Right now, another stock some people had talked about selling is Nike, right? Nike, you know, stock just doesn't do a dang thing. it's stuck at around $40, you know, goes down to $40 and it bounces to like 44 and it's just stuck in the mud, right? A stock like Nike, that's I just can't sell that stock because I believe so much in the company, the brand, and the long-term earnings potential of Nike. And so, I don't really care if Nike is stuck in the mud right now. I don't care if their numbers aren't the most exciting in the short term. I'm a huge believer in Nike over the next 5 10 years, right? And I know the space is competitive. Uh guess what? It's nothing new. The space has been competitive for the longest time. And so um you know, competitors come, competitors go in that space. And Nike remains decade after decade. And I think they'll exit this decade, uh a much stronger company than they exited the last decade. And so that's my opinion in regards to that. So that's not one I'm interested in selling either. And uh I mean there's some other opportunities I like out there. Bath & Body Works always solid. solid, very good company. And uh so that one I wouldn't mind potentially buying. Lule Lemon's intriguing, but I just don't know if Lululemon has a long lasting brand. And that's the difference between a Lulu and a Nike. Nike, I can count on the brand being there and more relevant 10 years from now than it is today. Lulu, I can't I just don't, you know, I know what Nike stands for. Lululemon, I just don't know what they stand for. Nike stands for having the best athletes in the world, right? in celebrating those athletes and having those athletes wear their products. I mean, you know, Lululemon, I don't know what it stands for other than good yoga pants, right? And that's just not enough to make a long-term successful brand. So, Lulu, I have it on that list, but man, I just don't know if I can ever actually buy that one. Celsius, we know my is a huge opportunity. Okay, let's react to some more videos, then we'll talk about where I'm thinking about putting $1.1 million. >> I think the foundation of the market is solid. Why do I say that? I think the economy has proven again to be very durable running around trend. Earnings growth has been superb. I think the flow of funds is still very favorable particularly in the month of August. And then we have a trillion dollars of AI capex working its way through the system. Those are just a few Josh of many reasons why as I said bullishness abounds, targets go up, optimism continues to rise. >> Yeah, that's right. And I think part of the optimism is just this a function of um how far through earnings season we now are. We've basically heard from almost all of the most important growth uh earnings growth stories and then we're just getting such a panoramic uh uh virtuous cycle. It's everywhere you look is we beat we're raising we're raising the lower end of the forecast etc etc. So, um, we're through 80% of the S&P 500 by market cap. Like, we we've got almost I know Nvidia is still out there, but if you take the actual and then you blend that with what we're still expecting, so these are still estimates. Even if you pull tech out, you're looking at 28.3% earnings growth. Um, if you add tech back, it's 32%. It's outrageous. the net income margin uh has been revised up during the course of this season to 15 uh.6% from 15. So margin is ahead of expectation. Then you look at sales growth and that's better. Uh 15.2% that's 300 plus basis points above what was expected uh as recently as 2 months ago. 10 out of 11 sectors were getting profit growth. So a lot of the narratives about it's all all AI or it's so narrow, it's concentrated, throw them all in the garbage. They're money losing narratives. The reality is corporate America, the current management of companies in every sector. Look at what they've had thrown at them over the last five or so years. Whether we're talking about record inflation spike or we're talking about the pandemic itself and all the difficulty in hiring people and then the tariff stuff. These are like absolute warriors, the people running these companies and they just continue to find more and more and more earnings growth, more margin, more upside to estimates. And in that environment is 20 times earnings cheap? No. But why would it be less? Why would the multiple on this particular crop of companies be 16 times earnings because it was in 1994? It makes no sense. These companies are it's the Michael Jordan of every sector. So, um I think that's what people are reacting to and um there are great stories everywhere I look. So Joe, you know, again highlighting the the important words from Tony, economy durable, earnings growth superb, flow of funds favorable, trillion dollars of capex. I'll push back against Josh Brown for a moment here. Okay. Let let me let me be the negative Nancy. Okay. All right. I I like to give, you know, the positive case when somebody's super bearish. I like to give you the the bearish case when somebody's super positive. Okay. Let me push back. Josh Brown listen. these tech companies so amazing blah blah blah Meta, Google, Microsoft, Amazon, Josh Brown, and all due respect, what happens over the next year when these companies all go cash flow negative. What happens over the next year when all these companies earnings per share start going down year-over-year, right? And that's that's a extremely high probability over the next year. extremely high probability all these big tech companies cash flows are literally going to be going negative extremely high probability over the next year earnings per share is going to be going down for these companies. So then you say, what are you so excited about with these companies? Right now let's say a year out from now, let's say revenue growth starts to decelerate for these companies. It's already started with Meta, right? Meta's latest quarterly results, the revenue growth rate starts to decelerate. What happens if 6 months from now, a year from now, we start seeing that with Google, with Amazon, with these other companies, and then you have so then you have revenue deceleration at that time, right? negative cash flows with earnings per share going down and then your margins are going down. Like at that point in time, you think people are going to be excited about that? You think they're going to be willing to pay big numbers? No. People love these companies because their earnings per share have been flying over the years. Their cash flows have been booming over the years, right? And you know, it's been on and off in regards to revenue growth acceleration, deceleration, that's kind of moved around. But if there's one thing you can count on, that earnings per share is going to be flying and the cash flows are going to be pouring in. You know, now especially over this next year, I'm not confident in that. No, no, no. >> Fifth point, not on that list, and I agree with the first four points. Resiliency. We've really stress tested this market, this bull market this year, haven't we? Rising. >> We did talk about that, too, by the way. rising, you know, the the deleveraging too. The cleaner the cleaner positioning. All of it in total is, you know, frankly, why, you know, elevated oil prices or yields that are still a bit elevated aren't enough to derail the market because the other stories are just too good. So, I think the question becomes, what becomes your indicator to alert you that potentially there might be trouble ahead? I continue to watch the S&P equal weight. I think that's a very important indicator. I'm also watching the US dollar, but more most importantly the equal weight. And the equal weight is hanging in there, Scott. We're seeing >> Hang there. Didn't we had a didn't we hit a new high on the equal weight on Friday? >> We we did and it's carrying forward today. Even with oil prices moving higher. So, I think that's validating everything that Tony has said and Josh has said and everything that we've been emphasizing over the last several days. You have to maintain your position, which is a bullish one, until you are greeted with some form of an indicator to suggest otherwise. Doesn't look like that is around the corner. I mean, who knows what's around the corner, Bellski? But Scott Rubner of Citadel sums it up, I think, as well as anybody else. And very simply, companies are not simply beating elevated expectations. They're driving the steepest earnings revision path since at least 2000. That's true. There's a six thing going on. It's called the Yeah, but bull. Every people are still doubting this after all of this. There's still an amount of skepticism. Every time the market goes up, you have an amount of people trying to guess on when the next correction is. How about let's let's sit back and really enjoy what's happening. The revision story has been amazing. As someone that's been looking at revisions for a long long time, if you take a look at FY2 versus FY1 numbers and how they continue to go up and just the second quarter earnings, Scott, and how they how they just blew away expectations and numbers continue to go up from here because companies are efficient in their earnings growth and how they're valued, how they're operating the business in terms of return on equity, return on capital, and the debt to equity is down dramatically across most sectors. So, so let me give Billski some uh positive and some negative here. Okay. Uh let's go negative first and then we'll go positive. Bellski, you got to remember what time period we're in right now. We're in the decade of mass volatility. 2020 to 2029 is the decade of mass volatility. You know, 2010 through 2019 was pretty chill for the most part, right? You had a few things here and there, but overall it was a pretty chill de decade, right? Uh this is not that decade. This is the crazy decade. And a lot of times you have, you know, decade of craziness like 2000 to 2009, insane, right? 2010 through 2019, chill. Um, you know, 1990 through 1999, chill. Like obviously great market, but it wasn't like some crazy down markets, but gosh, have we had some crazy down markets in this decade we're in, right? And so that's why everybody kind of thinks in regards to that. Now, on the positive side, listen, you got to focus on investing in the companies that you love for the long term. Don't focus on all this, you know, is the market going to drop next week, next month on any of that stuff. Like that's going to cost you money in the end here. Right now, let me uh touch on this and then if we have time, I'll come back to this uh Julian Emanuel one, but I got a notary coming to my house here soon, so I got to sign some paper luck. Uh but here's the thing. I'll be receiving a wire for $1.1 million in the next few hours. What should I do with the money? I was asking people on X. You ever want to follow me on X? By the way, I post a lot of stuff on there on the daily. I always have that linked in the description area of all my videos if you want to follow me on X. But, you know, here's the thing, okay? I'm going to be receiving that money. First off, I'm going to have some capital gains. I have to pay on that. Um cuz I'm getting that money in regards to a real estate transaction. So, uh the real amount I'm going to get is 900 something,000 we can call it. Okay. So, then the question is what are my plans with the money? Well, okay. So, part of it is I'm going to buy an SF90 this fall. So that's coming up here in the next few months. Uh I'll likely trade in my Roma. So I'll probably get 200,000 somewhere around there for the Roma. Uh the SF90 is probably going to be four, you know, low 400s or maybe mid 400. So uh there goes about a quarter million right there. Right. So we can call it now. I'm down to let's just say 700. All right. Um I might do another real estate transaction. So that's going to take a big portion of that. Um and the rest I'll probably put into savings for now. I already have money lock and loaded. If I want to put more money in the market, like let's say I don't know um also the NASDAQ drops 15%. I already got several hundred,000 more than that actually. But uh let's just call it several hundred,000 just ready like ready to go like NASDAQ down 15% tomorrow. It's ready to go in tomorrow, right? And then obviously I do my uh normal weekly buys as well. So um I just will continue with that. Hey uh looks like the notary is here. Unfortunately, I won't be able to get to this Julian Emanuel video. Uh, but anyways, I appreciate you guys joining me as always. Thank you so much for being here. I appreciate you. And other than that, if you're looking to apply, join the private group. That will be the pinned comment down there and you can join us on in there. Access to all my course curriculums, access to private Discord chat, thousandx.com, see the moves I'm making in my portfolios, and then in the description if you want to follow me on X or any of that other good stuff. Much love and have a great