joined today once again by Jared Dillian

of the Daily Dirt Dap and the new book,

The Awesome Portfolio. Jared, good to

see you.

>> Good to be here, man. Thanks for having

me.

>> Yeah, you too. Jared, looking at the

front page of Bloomberg, global bond

sell-off sends yields to highest level

since 2008.

What do you make of the bare market in

bonds that we've had? The fact that

these long-term government bond yields

can't really seem to catch a bid. Your

thoughts? Uh how much time do we have?

>> As much time as you got.

>> This is uh this is a very long story. Um

so I am of the belief that there is a

mind virus going through people in the

market. Um

people believe that deficits are out of

control. People believe that inflation

is out of control. we are really back to

where we were in the late '7s when

people were calling bonds certificates

of confiscation.

Um the reality is is that inflation is

not that high. It's come down quite a

bit in the last couple of months. It

continues to come down. Um yes, it's

been above the target for 5 years. Yes,

Wars did say it's a firm target. I don't

understand the obsession currently when

the rest of the economic data is

actually terrible. Right? So, we've had

two week payroll reports. The estimate

for the next one is 55,000 jobs and we

have a 66% chance of a rate hike. It's

madness. All the other data has been the

like I said, inflation is coming down.

Uh before I walked in here, we got we

well we had Chicago PMI um the day of

the Jackson Hole, which was 10 points

lower than expected. Um Jolts was

terrible today. Um

ISM was slightly below expectations, but

the point is is that not only is

inflation not a concern, it looks like

we are entering a slowdown in growth.

Right? Getting back to the deficits

point, everybody is worried about supply

of bonds. Um,

you know, in absolute terms, the deficit

is $2 trillion, which is a scary number,

but it's only 6% of GDP. And back in

2010, it was 12% of GDP.

And people showed up at the auctions.

Uh, the auctions had bid to covers of

three or higher. So it's very easy to

measure the supply of bonds, but nobody

ever talks about the demand for bonds,

right? So if we had a big riskoff event

triggered by some unknown catalyst, but

if stocks were down 20%. Trust me,

interest rates would be much lower,

right? People would show up and buy

bonds. So I am I am not worried about

the bond market at all. I'm insanely

bullish. I think 5 whatever on, you

know, 52, 53 on 30 years is an

incredible deal. I think 47 on 10 is an

incredible deal. Uh I personally have

moved a huge portion of my money into

bonds in the last month. Um and this is

this is a very long-term trade for me.

I'll hold this for three to five years,

but I I am a I am a big believer in

this.

>> And you think so you're bullish on

bonds. Do you think that the narrative

of that bond yields are going to go to

the the moon is he's gotten totally out

of hand?

>> Oh my god. Yeah. I mean, so somebody

just sent me I guess Ray Dalio wrote a

piece in Time magazine about Bonds. Like

you said, it's on the Bloomberg front

page every single day. Like every single

day, people are obsessed with it. Um,

and you know, I'm a sentiment guy, so

when I see stuff like that, like, you

know, I'm just

>> naturally

going the other way.

>> Yes. And the point you make about supply

is interesting because there's a video

I've seen of Paul Vulk or you know, rest

in peace, legendary Fed chair, probably

1978, 1979, somewhere around there, you

know, maybe early early 80s, but you the

the long-term yields were at like 12%.

And he was asked, "Why are yields so

high?" and he said, "Well, the

government is having to compete out in

the market and there's just not enough,

you know, there's just so much bonds

that are being issued, the private

sector, the government, and obviously

what we have now is

>> 10 to 50 times higher in terms of of

issuance. So, I think that demand is

going to catch up. It It definitely is.

It is interesting. You said 2010. I

think that, you know, you're totally

right that everyone wanted bonds in

2010. I think, you know, the

unemployment rate then was a lot higher.

We came out of a financial crisis when

everyone lost money from taking too much

credit risk and bonds rallied. Then

there was all this regulation passed to

make credit risk uh unattractive to take

and it incentivized taking duration

risk, interest rate risk, bond risk.

>> Yeah.

>> Now, you know, we we come out everyone

in fixed income lost so much money from

buying buying duration. So, I think it

it is a slightly different scenario, but

I'm inclined to agree with you.

>> Yeah. One point I do want to bring up is

that a lot of this AI issuance is

weighing on the bond market. So, you

know, when Google comes to market with a

$40 billion bond issue, that puts a lot

of pressure on the market. So, you were

talking about Vulkar basically talking

about the crowding out effect. Yes.

>> You know, the government borrows first

and the private sector borrows second.

But, you know, if they're if if you're

getting a trillion in bond issuance out

of the private sector, that obviously

puts a lot of pressure on yields, too.

>> Yeah. And also just a sentiment thing,

there's a very popular um AI podcast and

they were they were talking about how

basically AI is just going to rule the

world. There's going to be so much um

you know is demand for capital that

yields are going to go to double digits

or maybe even triple digits. So I think

as a sentiment indicator that's pretty

Yeah. And these people are very smart

about AI but you know obviously less

well verssed in finance. So so I think

that that's um that's a pretty strong

sentiment indicator.

>> Yeah. Yeah. I mean, look, like it's uh

it's been pretty lonely. I mean, I'm

sure you saw the Torsson slot comments

from over the weekend and you know, just

break it down real basic. You know, he

was talking about AI and he said he

said, "Look, there's two possibilities

here. AI succeeds and it's massively

deflationary and yields come down or AI

fails and the market crashes and yields

come down." He's like there's really

he's like I don't see a scenario where

yields don't come down here. I have a

lot of respect for Torson Sllock. Like

he's one of the more thoughtful

economists out there.

>> He absolutely is. And he you know for a

long time he stuck his neck out saying

that rates would be higher than normal

which he obviously was was correct

about. Yeah. I I love Torson. I will say

that I think that argument is probably

true on a 10-year time horizon. But

Jerry like so many people in tech they

always say that tech is so deflationary.

It's like I don't know. Have you paid

your Netflix bill? It's not that

deflationary. uh like it's it's and also

just I think that the demand for capex

is de demand for capital from from capex

is going to be so much more of an

inflationary force than the deflationary

force of uh increasing productivity.

>> I also think productivity is kind of

fake.

>> You think it's fake?

>> I think that productivity is a real

concept, but I think that it's just such

a hard thing to measure. Like one thing

I'll say is that um like productivity

skyrocketed in March and April 2020

because so many people got laid off. So

it's just if if you know capital and

labor are in the denominator and that

goes down it causes productivity to you

know be be kind of artificially things.

So I'm I'm yeah I'm a I'm a fader of

productivity like in in the practical

world I would say.

>> Okay cool.

>> Yeah. What do you think about stocks

Jared? You know, it's funny. Uh uh I

have I have an I have an assistant. He's

also my execution trader. And uh I had

him pull up the top 50 stocks uh charts

uh in the S&P this morning. And it's a

really interesting exercise. Like I I

used to do this when I was at Lehman and

I haven't done it in years, but when I

was at Lehman, I would literally get a

glass of scotch and sit down and go

through all 500 charts in the S&P. And

if you do that, you it starts to paint a

pretty clear picture as to like what is

topping, what is bottoming, right? So,

um it looks to me like

semis, healthc care and financials are

topping right now. Um

you know, you know, on the macro dirt

podcast that I do with Tony Greer, I

talked about financials topping a couple

weeks ago. I talked about how JP Morgan

was a pretty good short. Uh Goldman

Sachs, Morgan Stanley, Wells Fargo all

look like they're topping. Um

Healthcare,

uh Johnson and Johnson, and also

uh Nvidia, AM AMD, couple of other

semiames like I'm I'm seeing some charts

that are bottoming interestingly enough.

Um Intel looks like it's bottoming. Um,

Oracle looks like it's bottoming, but uh

I'm seeing a lot more charts that are

rolling over than charts that are

basing.

>> Okay. Yeah, healthc care had been a

lagard but is has been recently catching

a bid. Semis have been on fire for for

for three years. Tell tell me your view

on semiconductors powering the AI trade

and in particular sentiment on

semiconductors. Do you think everyone is

still balls long semiconductors and so

convinced that you know Nvidia could

never go down 30%. Yeah, I mean I think

you have to distinguish between people

like you and me, like smart people and

people who work at hedge funds versus,

you know, your average retail people.

Like I teach college students, right?

And uh I have a student who he showed me

his portfolio. It's 50% Nvidia and 50%

Broadcom and that was his entire

portfolio. And my suspicion is that's

the case with a lot of retail investors

in the US. Like they're, you know, they

were the darling stocks for a long time.

Everybody piled into them. Um, yeah, I I

I hesitate to use the word dumb money

because they've been right, you know,

for sure. Um, but they're probably not

going to sell at the highs. Okay. Um, so

you know, I don't look, I don't really

think of things in terms of

fundamentals. Like, you know, the last

Nvidia earnings, the leather jacket guy

said they were growing at 70% and the

stock ripped. Um, I mean, for sure,

like, Nvidia is growing at 70%. Um, what

I've been waiting for for the last six

months is for that second derivative of

growth to change. Um, and you see the

growth rate start to come down to 60 or

50%. And that's when the stock that's

that's when the stocks are going to top.

So

>> yeah, uh, Nvidia I think earnings are

accelerating. I think they, you know,

earnings revenues were growing like 200%

a few years ago and they slowed down to

like 50 or 60. So I think he's guiding

for Yeah. Yeah. Revenues were growing

like 55%. And so they did slow down and

now um I yeah he guided the CFO guided

for 70% growth over the next 12 months.

Jared I I actually have some data from a

company called Vanda Research. you know,

I'm lucky enough to to be on their

distribution, which is like top of the

line positioning data on retail. And

they actually say that retail

positioning in semiconductors is among

the lowest it's been over the past two

years and that actually the selling in

overall single stocks for retail

community in late Janu in sorry late

July. So basically the you know the

hedge fund uh unwind was the biggest

since 2020. So I I think Jared who is

extremely long semiconductors is hedge

funds and semicondu and and um

institutions. I think institutions are

like very very long semiconductors. But

interestingly I just want to offer that

as like a potential data point about how

retail was maybe a little calmed down a

little bit.

>> I like it. I like it. I can go with

that. I mean if you think if you think

about you know look I would never want

to work at a pod shop. um because you

know I I sustain draw downs larger than

5%. Like it's very diff it's it's very

difficult to manage money in that

environment right um but it you know my

guess is all the multistrategy hedge

funds like all those pods were long

semis and related stuff for a long time.

I mean like you have to be right like I

mean that's that's just the way that

business works. So, um, you know, then

you had the shakeout a couple of months

ago. I guess it was last month, but, um,

>> I think that the the the bottom was like

July 27th.

>> Yeah.

>> Yeah. Do you think that that was the

bottom in semiconductors? We had a

strong bounce coming out of that.

Faltered a little bit.

Well, I think anytime you have a

leverage player that goes TU,

um that that is that usually marks a

bottom, right? Um and so Citadel got the

cleanup print on that and now they're

pretty much out of that trade at this

point. Um but you know

>> just for audience so yeah so um situ

situational awareness a hedge fund was

very long semiconductors and they

liquidated uh most or all of their

publicly traded securities sold them in

block trades to Citadel that was

announced July 27th or 28th and then in

the middle of August like later later

August Citadel announced that they had

sold the bulk of those positions. So

yeah I agree with you. hedge funds

deleveragings are actually bullish

because they they the owners go from

weaker hands to less weak hands.

>> Well, the thing is is that um if you go

back to the financial crisis, there were

a number of blowups. Um but you know

when Bear Sterns blew up, it was March

17th of 2008 and there were a lot of

people who said that's it. That was the

bottom and the S&P rallied 17% over the

next three months.

>> Wow. you know, um, so, you know,

everybody thought the coast was clear

and then of course the main event

happened which was Leman. So, you know,

I I kind of struggle. I mean, look,

situational awareness was a gigantic

fund. It was humongous.

But I I struggle like it's the it's the

same thing like the most leverage player

gets taken out first, but there's still

so much leverage in the system, you

know. Um, so like my guess is there's

another situational awareness coming in

the months down the line. You know,

there's too much leverage in the system.

>> Very interesting. Jared, could you share

more of your thoughts on sentiment with

regards to semiconductors or a AI

broadly?

>> Well, you know, we had four magazine

covers on AI in the last week. uh one

from Barrens which said something like

it will never end or something like

>> but I so I read it uh in in your in your

newsletter the daily journ I think it

was something like the AI bubble will

never end so they're doing that classic

journalist thing that I've done

sometimes of like playing both sides

being like the AI bubble you're calling

it a bubble but you're still bullish you

know it's like make a call you know um

so yeah but yeah no the four magazine

titles are it's a little brutal on the

sentiment side

>> yeah yeah for sure So, look, I mean,

there's nothing in the S&P chart that

leads me to believe we're going to crash

tomorrow, next week, next month. Uh, the

chart is pretty neutral. Um, like I, you

know, I'm not seeing any like like huge

red flags in the technicals. Um, the

market's actually pretty quiet all

things considering. I mean, we, you

know, it's not Labor Day yet. Like, I'm

sure things will perk up after Labor

Day, but um, yeah, that's basically

where I stand. So,

>> yeah. Also, the S&P's hold held in so

much better than I would have thought

with the massive sell off in in

semiconductors. Like I I would have

thought, oh my god, if semiconductors go

down 30%, like the S&P will be down 18%.

And it's that was not true at all. And

so I guess you know what what do you

make of what has been rallying

to fill the gap?

>> Well, I mean, you're looking at banks,

you're looking at healthcare, you're

also looking at energy, um, and

industrials, although industrials have

been coming down in the last couple of

weeks.

Um, but yeah, like like I said, you

know, when I went through that chart

package, like this is this is all the

stuff that looks like it's topping to

me, you know. Um, especially the broker

dealers. Like Goldman Sachs and Morgan

Stanley have very scary charts.

>> Tell me about copper.

>> Out of all the metals, I am least

bullish on copper. Um, like I' I'd much

rather own gold, silver, platinum,

platium than copper. Uh, I think

sentiment on copper is pretty hot

because the AI trade. Um, so the the

chart I mean where the charts in the

upper right hand corner. Um, that

doesn't necessarily mean you sell it,

but um, it it doesn't really look like

it's topping, but the last couple days

have been kind of ugly. So, I'm not

sure.

>> What about gold?

>> So, I think people are um freaking out

about gold after Jackson Hole. So

basically we rallied 15% in a month with

gold which is a huge move and it was

well needed. Um

after after Wars's speech gold broke

back down through the 200 day at 4500.

So now like all the amateur technicians

are like oh it's back through the 200

day so it's going to you know it's it's

going to go back down to 4,000. It might

uh we might retest 4,000. I kind of

doubt it. Um, I think once you cross

through the 200 day a number of times,

it kind of loses its significance, you

know. Um, so I'm cautiously bullish

here. Um, you know, there really isn't

support until 3,900 or 4,000, but that

doesn't mean it's going to get there,

you know. Um, and ultimately, if you

look longterm,

um, I mean, basically, we have payrolls

this Friday, right? And the the jobs

data keeps getting worse and worse and

worse. It's 55,000 expected. If we get a

super ugly jobs print like negative

50,000, negative 100,000, something like

that, this whole trade is going to

reverse and WH is going to be the best

gold salesman of all time

>> because he's going to be doubbish.

>> Yeah. Yeah.

>> Yeah. So Jared, obviously, as as you

know, the non-farm payrolls is quite

correlated with immigration. So we could

have huge levels of immigration

immigration legal and otherwise like

that causes non-farm payrolls to be

good. So like under a Biden

administration when we had like 300,000

non-farm payrolls a a month in in some

months that wasn't necessarily like

amazing because um amazingly a sign of a

strong economy. And likewise during

Trump when migration is neutral or even

negative the maybe the break even rate

is like 40,000 or 50,000. So like really

the unemployment rate has been going

down. So yes, payrolls have done exactly

what you said. They look abysmal, but

the unemployment rate is has actually

gone down.

>> Well, that's because of the

participation rate, right?

>> Yeah.

>> Yeah.

>> Yes. And I think that's because

in in part like uh you know, nativeorn

Americans have a slightly lower

participation rate than immigrants, I

would imagine.

Um, so yeah, I mean the unemploy the

unemployment rate is like, you know, has

4.1% and not only on an absolute level

is it good, but it has momentum. Like it

was at 4.5%. So unemployment has been

going down. So I'm curious, you know,

just how weak is the labor market?

>> Yeah, the the unemployment rate is a

little bit of a head scratcher. Like if

you remember when it got up to 4.5,

everybody was saying that it triggered

the SOA rule, right? like and Claudia SM

came out and said actually technically

it triggered the SAM rule but it

probably did not and sure enough the

unemployment rate has come down to 4.1.

So

>> tell us about baldness drugs.

>> I don't know anything about it.

Literally I just saw a tweet and I put

it in the newsletter. Um I I I will say

I do have a history of finding um

>> you do

Eli Liy. Yeah. So, so years ago, this

was like in 2015 or 16, I think it was

2016,

uh, I did a lot of research on, uh,

imunotherapy.

Um, which is basically a cancer cure.

You know, it's a drug that attacks

cancer cells, which your immune system

does not. Uh, and bought, uh, something

called Kite Pharmaceuticals, which was a

imunotherapy biotech. Uh, and it and and

basically it was a it was a

three-bagger. got taken out I think by

Bristol Meyers. Uh and then uh a few

years ago I was early on the GLP1's

trade. Um

>> I made you made a bunch of money for

subscribers. So shout out. Yeah.

>> Yeah. So you know this like I kind of

have a philosophy about this like

invest then investigate, right? the

first time you hear about something, you

should buy the stock and then you do

your research because inevitably what

happens is people say, "Oh, it's a

baldness drug." All right, I'm going to

research that. I'll get to that later.

And then they never do. And then the

stock's up 200% and they miss the whole

trade. So, I gave it to my subscribers.

I'm like, "Look, you know, I'm just

putting it out there. Research this and

uh you know, maybe it turns into

something."

>> Yeah. that that is good. You know, I um

actually have been looking into some of

these stocks myself. So, I think pro

probably uh there's one Absky Corp that

is uh it says it's AI powered drug

discovery. So, I get a little skeptical

there. I think the the other one is uh

the ticker is m like you have a long

flowing mane such as you do Jared and

really what it is is just extremely

highowered roane minoxidil which which I

I'll be honest like I'm I'm on uh

minoxidil and normally the reason that

they don't crank up the dosage a ton on

minoxidil is because it can cause like

heart palpitations and heart issues. So

they're saying we're able to crank up

the dosage and give people a ridiculous

amount of minoxidil in a way that isn't

going to give them uh you know heart

issues. not heart issues, but you know,

heart palpitations. And it's like, it's

not like it's some drug. Do we know if

it works or do we not know? We know we

know it works. It's extremely powerful

at like growing hair. It's just being

able to do that extra extra power.

There's another company begins with a C

um and and it's a European company that

also has uh an angle there. But I um

yeah, I've been looking at myself. So,

when I saw you were writing about it, uh

just wanted to to say that. Jared, do

you do you think that AI is a is a

bubble? I do. I do. I'm not I'm not

bashful to say that. I do. It's um

Let me let me just back up for a second.

Um you know, we were talking about the

debt issuance from Google and the

hyperscalers and stuff like that. Like

uh you know, in my lifetime, this is the

first time I've seen um tech being

financed with debt.

>> Like usually you finance tech with

equity, right? because the asset has a

very short lifespan. It's going to be

obsolete in a couple years. You don't

want to take out 10 or 30 years worth of

debt to finance an asset that's going to

be around for two or three years. Um so,

uh you know, the the.com bubble was all

equity. Like nobody was issuing debt and

this time we have a lot of debt. Um and

the debt the leverage is what's get

people into trouble. Also, this is debt

at high interest rates, you know. So, I

don't know what the spread of Google

paper is over treasuries. It's probably

like 60 or 80 basis points or something

like that, you know, but they're

essentially paying a 6% coupon on this

debt. It's it's it's it's a lot. You

know,

>> it's certainly higher than the 2% or 2

and a half% that they pay in in 2021.

Jared, I do think though, you hear this

argument that with bond yields rising,

are the hyperscalers going to stop

issuing debt? It's like no way. like

they they don't care at all about

obviously the the finance people on

working at these companies are aware of

this issue but like is are the CEOs

going to say oh my god the the the the

30-year Treasury you'll just hit 6% stop

capex stop cap like it's not going to

happen

it's not going to happen Jared tell us

about your new book

>> yeah so I have it right here it's the

awesome portfolio and uh I'll tell you a

secret about this book in a second but

first First of all, um the way we save

and invest for retirement is very very

dumb. And when I say we, I mean your

average person, right? Um basically

ideas catch on when they are simple.

Okay? And people have been taught a very

simple thing over the last 20 or 30

years. Very simple. You say, "Put all

your money in the S&P 500 in the index

fund, dollar cost average it, ride out

the volatility, and never sell." That's

very easy for people to understand. And

that has worked for a really long time.

Maybe it continues to work. I don't

care. That's not the point, right? The

point is that when you invest in an

index, you get the returns of the index,

which are very good, but you also get

the volatility of the index. So, me

personally, maybe I'm just more

conservative. I don't want to put my

life savings into something that moves

around 1% a day or back during the

tariff tantrum last year is moving

around 9% a day. I don't want my life

savings in that. I don't want to take a

20 30 40 50% draw down, right? Because

draw downs affect your psychology. So if

you take a giant draw down on your life

savings, number one, you're going to be

miserable and you're going to be

miserable until you get back up to the

high water mark. And number two, there

is a decent chance that you're just

going to tap out and sell and stop the

pain. And that's the worst thing you can

possibly do because then you stop

compounding, right? But we've seen this

a bunch of times before. This is the

antidote to that. So instead of just

being in stocks, you're diversified

across asset classes. Stocks, bonds,

gold, cash, and real estate in equal

proportions. The interesting thing is is

that you're only giving up about 1 to

two percentage points in performance,

but your volatility is cut in half. And

the worst draw down that has ever

happened with this portfolio is down

12%. whereas about 40% for the S&P 500

in a calendar year. Right? So this is

the answer. This is the answer. And it's

the answer not just be, you know, look,

if you buy the S&P 500, you will have

more money when you retire than if you

have the awesome portfolio. That's if

you can hang on. If you can hang on. But

this is if you want to be happy. If you

don't want to be checking your account

balance every day, seeing what the

market is doing and panicking when the

market is down three or four percent.

>> People should buy the book. We'll

include a link to the publisher and on

Amazon. Jared, two sentiment questions

for you. One, you made a brilliant call

saying that private credit is screwed

and alternative investments generally,

private equity and private credit. You

were not a believer in that. I think we

did that interview maybe two years ago.

Yeah. And I'm almost positive that

pretty much every single alternative

asset stock uh has is lower now than it

was then.

We had a wash out in private credit and

some fundraising issues and literally

every single day it was these Bloomberg

articles about private credit doom,

private credit doom. Has your sentiment

view changed given how much the

negativity is has been in the headlines

uh at the beginning of the year?

>> No. Um, I mean, yes, like I Yes and no.

Um, I was very bearish when we talked a

couple years ago. Uh, I'm still bearish.

Um, I think all of this is connected.

AI, private credit, uh, you know,

something else like I think it's all

connected. Um, and I think if AI

unwinds, private credit will also or

vice versa. Um, so what I think what I

told you at the time, what I was telling

everybody at the time is this was going

to take a long time to play out. In the

public markets, when something unwinds,

there is liquidity. You can sell, right?

And the market will repric very quickly.

In the private markets, that doesn't

happen. So, what you've seen in private

equity and private credit is stuff just

being held, you know, like like

portfolio companies not being sold for a

really long time and it's just going to

take a long time to find that liquidity.

Um, so, you know, a bare market in the

privates is just going to take a much

longer time to play out, but we have not

found the bottom yet. We haven't

>> in private credit and private equity.

>> Yeah.

>> Another sentiment question for you,

Jared. I'm sure you've heard the

following statement. There's a bubble in

the stock market, but the bubble is not

in valuation. The bubble is in earnings.

When you hear that, is that not just an

admission that the bears are wrong, that

the earnings are so good that oh,

there's a bubble not in valuation, but

there's a bubble in this other thing.

>> I haven't heard that before, but that's

a really interesting quote. Um yeah, I

mean I put a I put a chart in my

newsletter uh today, yesterday,

um about it was the S&P relative to

wages and how it had completely

decoupled from wages over time. Um

but really if you put a if you overlay a

chart on that of corporate profits as a

percentage of GDP, it looks pretty

similar, right? So corporate profits

have gone up a lot and there are a lot

of analoges to the.com bubble 25 years

ago 26 years ago but the one thing

that's different is there are profits

you know I mean except for maybe in open

AI and anthropic but you know there are

profits so yes but that revenue growth

in anthropic and open AI has been

tremendous so I just a bare argument was

like where's the revenue in the in the

in the labs OpenAI Enthropic and I just

want to say as someone who's calling

kind of calling balls and strikes the

revenue growth has been quite quite good

like among the best ever for history of

companies.

>> You know more than me on that.

>> Well Jared thanks so much for joining

us. People can find you on X at daily

dirtnap and we'll link to your book the

awesome portfolio.

>> Awesome. Thanks Jack.