Hey everybody, welcome back to the channel. We are back on another episode of the daily recap and today was a pretty exciting day. Google alltime highs.

You got some news after hours that's continuing to take Google even higher at 326 right now. Got a lot to talk about when it comes to Google. The Fed last week was a very ugly week.

One of the reasons was because the Fed signal that they weren't likely to give us a rate cut in December. Seems like he got some opinions from some other more influential Fed members. That's kind of changing that narrative.

And if we do get this rate cut, which the markets are now pricing in, a pretty strong probability of getting that rate cut, maybe the rally that we saw today is actually sustainable.

And then we got some updates on the macro, Nvidia, Amazon, new investments. Lots to talk about. Let's get into it.

Okay, so let's start off the day with the googs. Let's start off the day with the googs. If you are heavily allocated to Google, uh, today is your day. Today is your day.

This was just a phenomenal day for Google. a couple catalysts that happened today. First of all, the stock right now at 326.

I mean, this stock, this stock was at 140 for the majority of the year. It's up 71% year-to date.

Um, and it was basically at 170 to 180 in September. It's almost done a double in the past three months on a at this point basically $4 trillion company, $3.865 trillion market cap.

And the narrative that has shifted on Google from the company that was uh not in tune with the AI movement that was going to get killed by CatchBT that was engaging in woke AI that can never catch a bid that the DOJ was going to break up. All of that is thrown out the window.

Google has taken over Microsoft's market cap for the first time in seven years. And it looks very likely that Google is trying to catch that $4 trillion market cap potentially even being a more higher valued company than Nvidia.

So what happened today and why is it creating this type of momentum? First of all, the Birkshar ad last week that we talked about, I mean that was a very big deal.

Uh although Warren Buffett is retiring, Bergkshire investing $5 billion into Google or investing probably like four billion. They're probably up a billion right now.

Uh 17.8 million shares, very big deal. You got the Birkshire stamp of approval. I don't think they're buying it just to flip it. I think they're buying it for a long-term hold. Number

two, this morning Google signed a multi-million dollar deal with NATO for cloud computing.

Now, I know that's not a multi-billion dollar deal. I know that's not like, you know, $10 billion in cloud computing contracts. But the fact that GCP continues to win these contracts in this case with very important international government agencies like NATO is a very big deal.

So, you have that catalyst in the morning that was already getting markets excited and that got Google a little bit of a pump. Google actually pumped 5% on that news.

32680, you have hours, it was up 6% on the day. The big thing that happened to Google, the big thing that happened after hours and when I saw this news, I couldn't believe it.

But oh boy, does it bring up some questions for Nvidia. Meta, as for the information, is considering Google TPUs for their data centers in a deal that could be worth billions.

And Google has now stepped into the picture when it comes to selling TPUs versus GPUs. Now, TPUs are tensor processing units.

These are Google's custom chips. uh in the AI data center ecosystem. GPUs are graphical processing units and these are sort of the standard chips.

Blackwell's the latest edition of them that Nvidia sells and Nvidia has been selling a lot of them. Q3 earnings was phenomenal and that's why Nvidia is worth as much as Nvidia is worth today.

Couple of implications from this. Number one, Gemini 3, which was shown by Google last week, has been one of the best models we've seen out I mean, even the information reporter that Sam Alman uh sent a memo to some of his colleagues saying that Google will create some economic headwinds for us and it's something that we really need to take seriously.

So, you've got OpenAI already thinking, all right, we know we have more users than Gemini, but do we have the distribution? Do we have the ecosystem? Do we have the monetization capabilities? Do we have the ability to take on Google? Maybe not.

So, you already have some of those concerns right there. Gemini 3 is amazing. Mark Benny off, CEO of Salesforce this morning that tweeted um that he's done using Chad T.

I was quite surprised he even tweeted this because I feel like open eye is one of his customers but I guess Google is a bigger customer so he doesn't care.

Um he said I've been using chat every day for three years and I use Gemini for two hours. I can't go back to chat. Gemini 3 is just that good.

So Gemini 3 which was their new flagship model was trained on these tensor processing units these TPUs. a custom ASIC designed by Google to deal with the workloads that they have to handle on their LMS in this case for Gemini to make it as structured as possible.

Nvidia sells GPUs. Google did not use Nvidia GPUs, aka they did not pay the Nvidia tax to be able to train Gemini 3.

This deal after hours says Meta is considering buying these Google TPUs. Now, forget Meta and the implications of Meta and the capex that the street is tired of hearing about with no consistent track towards an ROI, which is why Google, I think, is actually getting so much love from the street because they're actually showing the ROI.

Um, that's a separate question. Even though Meta stock did do well today, uh, Meta obviously going to continue to spend on capex, but Meta is not picking AMD or Nvidia.

Meta's picking, if this report is correct, Google's TPUs. And that poses a question, an inevitable question.

And we'll talk more about Nvidia throughout the show today, but poses a question for Nvidia. What the heck is going on with Nvidia? Why did Meta not pick Nvidia?

Now, Meta buys a ton of chips from AMD, a ton of chips from Nvidia. It's not like they've stopped buying their chips from Nvidia, but it makes you wonder if Google is able to get Meta to buy some of their TPUs versus Nvidia General GPUs for a very specific reason in terms of how Meta potentially is going to be training **Llama**（Llama: Meta开发的大型语言模型）, which is their model.

Is there a world where Google could go to other people that need TPUs? Now, that's not going to take the entirety of Nvidia's market.

I saw some reports say saying today maybe that can assess about 10% of Nvidia's overall market, which is, you know, good. It's not great. It's not phenomenal. It's not horrible, but it's great for Google.

It's just a little scary for Nvidia because if Nvidia is not capturing that 10%, Nvidia already is the company that the entire world is resting on.

they need to execute. They need to win if they don't keep winning. And if they don't keep executing, what happens to the broader stock market?

Or does it just become sort of a passing of the guard where Nvidia falls off, Google rises to more relevancy, and and falling off is too harsh of a term.

Nvidia maybe is not as valuable as it was before simply because there's more entrance in the market. And if there's more entrance in the market, then Google's going to be taking away a bit of that margin and opportunity that Nvidia has presented itself over the past couple years.

I don't know the answers to these questions. I'm still trying to do a lot more research. This headline after hours quite frankly could be fake. It could not even be real.

Uh it is reported about the information. The information is a magazine in Silicon Valley that let's just say they've not been the friendliest towards Nvidia in terms of their coverage.

Also, let's let's just say hedge funds have a vested interest to make sure the information succeeds. So, you can have a lot of different nuance things going on right here in regards to this headline.

But the core truth is that if these GPUs are going to start being taken away in terms of the relevancy that they have and the TPUs are going to start to get more exciting, it brings up more questions than answers.

I don't think it's the death of Nvidia or anything like that, but it definitely makes people start to wonder. It's inevitable.

People are going to be wondering, is Google taking a certain level of market share from a monopoly that has had pricing power and 70% margins on a hardware business, which is crazy.

And did people expect that to happen? And if that is happening, there are some deep questions. But Google stock today, absolutely incredible. Congrats if you are heavily in Google.

Having said that, let's talk about Nvidia. So, what's going on with Nvidia today? Nvidia was actually green. Nvidia hit 183. It was doing great today.

There was a specific um headline this morning. Uh Howard Lutnik, the commerce secretary, said that Trump would be very open to allowing the Chinese to get access to the H200s, which is one of Nvidia's older generation chips.

Nvidia was up, the market was up, S&P 500 was up 1.5% today. We had an entire sort of market rebound from the nastiness of last week.

We'll talk more about kind of what I think is going to happen in the macro over the coming weeks, but Nvidia is down after hours 2%. And the reason it's down is because of this Google TPU news.

Now again, I have to go deeper into this stuff to understand how is it playing out and the implications that it means for um Nvidia or the implications it means for the broader chip sector.

But my gut feeling tells me that Nvidia will continue to sell a lot of chips if you believe Jensen and you believe his projections in terms of how many chips they're going to be able to sell and the guidance that they gave.

Again, the street wanted 61 billion. They came out with 65 billion for Q4. It's almost remarkable how they came up with this much extra revenue.

This is all excluding China. So if you do get China, that's probably another 20 to 30 billion that's coming in.

It's also excluding the Middle East. You had the Saudis buy 600,000 chips last week. So you have a lot of more revenue that's coming in for Nvidia even with Google's TPUs. The perception though is reality and the perception right now is that these TPUs might be a little bit more competitive with the GPUs.

The more interesting story today is what Nvidia did in regards to Michael Bur. So Michael Bur, first of all, the big news on Michael Bur, he's been teasing this big announcement coming November 25th.

It's a Substack. he launched his substack. So, he has a Substack now. That's that's that that that that was his big announcement.

And and quite frankly, you know, I mean, he did say in the substack that he wants to uh put out more ideas and talk more freely.

He's not professionally managing money anymore, so he doesn't have the strict regulations on him. So, I mean, look, if the guy wants to put out articles and ideas, I mean, like, it's one of the greatest jobs in the world to be a content creator and actually get your thoughts and ideas out there.

And, you know, he does have a valuable perspective. It's just now that perspective is going to be magnified because he has made it an intent for him or a big intent of the newsletter to be bearish on AI.

And in fact, I have not subscribed to the newsletter because it cost $380 a year and I don't know if I want to pay that much money, but um he did say there were some screenshots of the Substack where Michael Bur says, quote, "And once again, there's a Cisco at the center of it all with the picks and shovels for all and the expansive vision to go with it."

He writes after noting that Cisco plunged 78% during the **dotcom crash**（互联网泡沫破裂: 2000年代初期科技股暴跌事件）. Its name is Nvidia.

So obviously Michael Bur is going to be propagating his ideas around the AI bubble and explaining why it's not real, fake, yada yada.

Nvidia, the interesting story today is they responded to Michael Bur. So, Nvidia sent uh and I'll put the tweet in the description for those that want to see the entire thing because this was like uh in some of the SEC files, but um Nvidia literally cited Michael Bur's arguments around depreciation and inventories and accounts receivables and they straight up responded to it.

So, I'm not going to read the whole thing because there's a lot to read. Again, I will put it in the description. You can click on the tweet and get all the exact text.

But I thought the more interesting takeaway was that Nvidia actually felt they had to issue to the sellside analysts the **高盛**（Goldman Sachs: 知名投资银行）, the **奥本海默**（Oppenheimer: 知名投资银行）, the **摩根大通**（J.P. Morgan: 知名投资银行）, the **美国银行**（Bank of America: 知名银行），顺便说一句，所有这些机构都上调了英伟达的目标股价。

And all of them are now in the 250s because of how strong that quarter was. Um Nvidia felt compelled to say, "Hey, this guy who you think is so influential in the world of investing and has all these concerns about why we're all fake, here's why that's not the case."

And so I just personally thought as an Nvidia shareholder, wow, they really felt they needed to respond. Aka, they're assuming that this is having a lot more relevancy than they would like it to have.

And they probably know that the sell side is a bit worried even though, you know, Nvidia had one of the best quarters of all time.

I mean, again, this stock should be at $200 and I think by the end of the year it potentially has a chance to get back to $200, but they can tell that the entire market is worried.

**黄仁勋**（Jensen Huang: 英伟达CEO）在财报发布后甚至对他的员工说了一句话：“我们陷入了两难境地。如果我们做得好，我们就是在助长AI泡沫。如果我们做得不好，我们就是在戳破AI泡沫。”

So, he's kind of just like, "Hey, we just got to keep doing what we got to do, and the market will eventually recognize it."

And the market has recognized that. I mean, the stock trades at a $4 trillion valuation, but it trades at 2020. It trades at 20 times 2027 earnings.

That's cheap. Objectively, a stock growing at the rate that Nvidia is grow a PEG ratio less than one is pretty freaking cheap.

So you got Jensen that I think is asking himself, hey, how do we make sure that there is no chance the sell side the the people that put a rating on our stock even have a sliver of a doubt around these concerns with Michael Bur?

And he issued a statement and that statement has tons of different nuanced claims for why Michael Bur is wrong.

So again, I'll link that tweet in the description. You guys can click on it and read exactly what Nvidia said.

Here is a clip I just want to share from **戴维·弗里德伯格**（David Friedberg: 投资家，All-In Podcast联合主持人）在**All-In Podcast**（The All-In Podcast: 知名科技投资播客）上为英伟达辩护，并解释为什么迈克尔·布里关于折旧的说法没有多大意义。

And I actually think Michael Burry's got this wrong. And so what Michael Bur is saying is that all of these **超大规模云服务商**（hyperscalers: 指提供大规模云计算服务的公司，如Google, Amazon, Microsoft）都延长了他们的**折旧计划**（depreciation schedule: 资产成本在其使用寿命内分摊的会计方法），或者说他们数据中心的有用寿命延长了大约一倍，这使得他们在财报中报告的运营成本减半。

And so it's making their earnings inflate. So he's claiming they're cooking the books. Google first made this change in Q1 of 21 where they said the servers are now going from 3 to four years.

The chart shows the combination of servers and networking equipment. Separately in 2021, Google took networking equipment from 3 to 5 years and then in 2023 they took it from 5 to 6 years.

And so this is a result of this effort where they went in and did an analysis. So what happened? What happened in the data centers is that the data centers transitioned from being primarily **数据存储**（data storage: 存储数字信息的系统） and **数据传输**（data transfer: 数据的移动和复制）系统，你使用硬盘、内存和存储来存储数据，然后将其传输出去，转变为**数据处理**（data processing: 对数据进行操作和转换的过程）中心，因为AI的繁荣。

So as AI became more important in the data center, more of the dollars that are going into data centers were allocated towards chips from data storage which initially was hard drives.

And then suddenly when you put these processors in to process the data to do AI, that's the majority of the spend and the majority of the energy is going towards the processors.

I made some calls and I checked around with some other friends and everyone says the same thing that these seven and 8year-old TPUs and GPUs that are sitting in the data centers are still being used and they're being used at 100% **利用率**（utilization: 资源被实际使用的程度）。

So that actually justifies and validates the depreciation schedule being much longer versus shorter.

So look, I think there's a lot of different nuances in terms of what's going on with Nvidia. This Google TPU news was definitely big after hours and obviously Nvidia stock is going to get hit because of that.

I think the broader question is does the street believe in Jensen or do they not? And are there external variables like this new TPU thing that came up after hours which TPUs have been around for a while but getting Meta to sign a multi-billion dollar deal that is a whole different story.

Does that complicate the vision that Jensen has been showing? Again, Jensen is claiming that capex is going to get to 34 trillion by the end of the decade.

If that's the case, Nvidia is cyclical like any semiconductor stock that's cyclical, but that cycle might last for a long time.

And that's where a lot of people can make a lot of money in that cycle. If the cycle is not as robust because other people come in, **博通**（Broadcom: 知名半导体和基础设施软件公司）当天上涨了10%，因为博通是谷歌TPU的关键供应商。

Well, that begs a lot more questions. So, I need to do a lot more research on this. I will try to present as much research as I can.

I've been already diving deep into the TPUs and trying to understand the competitive advantages they have with the GPUs and why customers might be curious about buying them.

But overall, Michael Bur is now claiming that Nvidia is Cisco. Michael Bur has launched a Substack where he will be propagating that Nvidia is Cisco.

And Nvidia has responded directly to Michael Bur's claims because they felt they were so serious that they needed a response.

That quarter you would think was the response, but the fact that the quarter basically became a nothing burger as the stock came right back down uh to the 180s after gapping up basically to 197 is quite incredible.

I think there's a lot of nuance to the story and hopefully over time we have a lot better details on what's going on.

All right, what cannot be denied whether it's a GPU or a TPU is that all of those different chips will be put into a data center.

We got two updates on data centers this morning. This is super bullish. **Nebius**（Nebius: 一家数据中心基础设施公司）, **Irene**（Irene: 一家数据中心相关公司）, **CoreWeave**（CoreWeave: 一家专业GPU云提供商）, **Cipher**（Cipher: 一家比特币挖矿和数据中心公司）, etc. All those stocks outside of Corore were up almost 10% on the day.

Cororeeve is having a real issue in terms of the perception of their debt. Same thing with **甲骨文**（Oracle: 知名软件和云计算公司）。

I mean, again, if you understand the nuances of that company, then it makes sense to take advantage of this dip.

If you don't think that the debt profile is going to be enough for the company to overcome the perception of what's going on with their **债务股本比**（debt to equity: 衡量公司财务杠杆的指标），目前已经超过3倍，那么其他一些公司的商业模式可能更容易理解。

And that's why I kind of went with Nebius. I also think it's a bit more diversified. So Neb is kind of my pick here, but I cipher, all those names are doing very well.

And every time we get a data center update, all those names start to get back into contention and favor.

And part of this entire thesis around AI and Hypers cycle and NVIDIA and investing in the overall **AI总潜在市场**（AI TAM: AI Total Addressable Market: 人工智能的总潜在市场） is that you're going to need a lot of these **新云服务商**（neoclouds: 指新兴的、专注于特定领域（如AI）的云服务提供商）来潜在地执行这些数据中心上线的能力。

You're going to need a lot of energy companies, utility companies. So there's an entire ecosystem of investing.

All of them have their different nuances like CoreWeave's debt profile and Nebius's potential $10 billion stake in **ClickHouse**（ClickHouse: 一家开源列式数据库管理系统公司），对吧？

So, there's a lot of different layers to it. But today, we got more evidence that it's happening.

亚马逊正在投资高达500亿美元，以扩大美国政府机构的AI和超级计算基础设施。这是今天早上我们收到的关于数据中心的第一条新闻。

Again, Google was investing 40 billion last week in Texas. So, we got another headline last week exclusively for one state, which is a big deal for Google.

Uh the new investment will add nearly 1.3 gigawatts of compute capacity across AWS secret and government cloud regions.

It expands access to AWS's trusted infrastructure and comprehensive AI services to help the government agencies make America's AI leadership even stronger.

And then AWS, Amazon Web Services, will build and deploy the first ever AI and high performance computing purpose-built infrastructure for the US government.

We're not sure if they're only going to use tranium chips in this or Nvidia GPUs, but the point is they're going to be using a ton of different ecosystems and chips to build out the environment to establish more data centers.

That news was bullish this morning. Amazon was up a little bit uh from 221 to 226.

But then you had another another piece of news uh right when we were getting into the market close from Amazon saying uh we are investing even more in Indiana. $15 billion investment in Indiana.

This is going to add 2.4 gawatts to the entire state's electricity supply which is kind of crazy and it'll be creating 1100 new jobs.

So Amazon plans to invest 15 billion in northern Indiana to build new data center campuses and advance AI innovation.

It is very very exciting to see the hyperscalers continue to invest. The entire claim around the AI bubble I think rests on the idea that the data centers are not useful that the demand for AI is not there that the ROI is not there.

So the entire buildout that's taking place will lead companies like Iran, Cipher, Cororeweave, Nebas to all go to zero along with the hyperscalers losing a ton of their value because they're spending all this capital in terms of capital expenditures, capex, but they're not getting anything from it.

That might not be the case. I don't think Amazon is getting ready to spend $65 billion on something that they don't see the use for.

And as a result, it seems like the investment opportunity for all the other sectors in AI makes sense.

All right, last thing we're going to talk about today, the Fed macro. Folks, we might be getting this rate cut.

Um, last week, one of the reasons the market flipped on Thursday, we went up almost a trillion dollars in value, came down a trillion dollars in value. It was kind of a historic Thursday.

I mean, I don't think anyone expected it, but what happened? Well, um, a lot of Fed presidents came out and said, "We're thinking of not having a rate cut."

Hammock was one of them. Uh, Logan was one of them. You had a bunch of these Fed presidents say, "We think the inflation story is a biggerish story than the labor market."

And as a result, the upside risk to inflation matters more than the downside risk to the labor market.

And you have the Fed probabilities on the futures contracts for a rate cut going down all the way to 30%. Which at one point was 100%.

It was basically 99% a month ago, went down to 30%. You had the entire market think, "All right, we're not going to get liquidity."

Quite frankly, one of the reasons why crypto might have taken as big of a hit as it did last week, outside of the whole glitch that Tom Lee talked about in the broader crypto ecosystem, is the lack of rate cuts and the lack of liquidity.

Well, on Friday, part of the reason we got a reversal is because Fed President John Williams, who is the president of the New York Fed, not all Fed presidents are created equal, said, "I think we should get a cut."

He is seen as a proxy to Powell. Powell is the one that everyone obviously cares about. He's the Fed chair.

So, you had Fed President Williams say, "I think we should have a cut." Fed probabilities went from 30% to 70%. Right now, Fed probabilities are at 80.9%.

Why? Because Fed President Daily from the San Francisco Federal Reserve, which is also a very influential Fed president, backed a December rate cut, citing the vulnerable labor market.

So, you had two very important Fed presidents basically say, "What the hell are we doing? We need to do a rate cut."

You had Fed President Waller come out the other day in a video and he was just like, I don't understand why people think inflation is the bigger issue. It's obviously the labor market

>> saying it's above target or tariffs are going to cause a bunch of inflation which they it ain't happening. It should have already happened. We're not seeing it. We're not forecasting any of it.

So, you know, start giving me a lot better reasons for saying you're not going to cut.

>> And so, as a result, you got the market to really solidify the gains that it had today. simply because of the fact that we might be getting the rate cut.

Now, I know a lot of people are wondering why is the rate cut so necessary. I think at the most simplest level, without getting into all the nuances of like why a rate cut is important, the market from a high beta perspective, your BMRs of the world, you know, your growth stocks, like your crypto derivatives, all the names that like really need excitement, momentum, and alpha in order to continue moving higher.

It's contingent on a liquid environment. It's contingent on, you know, like for BMR to make you wet, you need to have a liquidity like a liquid like, you know, for BMR stock to keep going up and make you wet, you need a liquid environment.

And so that liquidity comes from a rate cut. That liquidity comes from the government easing and and then the Fed engaging in quantitative easing.

And right now, we're not a QE yet. We're at essentially a pseudo QE by by stopping QT.

But we need more money in the system and Japan has already started printing which is bringing up concerns of a yen carry trade.

That might be true, that might not be true. There's some nuance to that. Uh you got Canada that's cutting, India that's cutting.

You have a lot of different central banks across the world that are cutting except the United States. We've cut two times, but a lot of people are thinking we should be cutting more.

One of the reasons why Trump wants to replace Pal is because he knows that he will get a Fed president that cuts, which also kind of begs the question, why does the market care so much about Powell and this Federal Reserve?

Because he's going to be a lame duck Fed president in the next couple months once Trump announces the shadow Fed and the market will pull forward what they know the shadow Fed is going to do.

So, if we need liquidity for all these stocks to really get the momentum that they need, you're going to need a guarantee of a rate cut.

And so it doesn't mean that the S&P 500 has to go down to 6,000 if we don't get a rate cut, but it definitely means we're probably not going to 7,000 if we don't get a rate cut.

And it also means that it's going to be very hard to sustain these levels if we don't have that liquid environment.

So from that perspective, I think it's really bullish that you have two Fed presidents that are very eager to cut rates.

You have a couple others like Waller and and Moran and um Bowman that also want to cut rates.

And so you have the majority starting to shift. It'll be Pal's decision at the end of the day if he has the majority of the votes.

And Pal says, "Yes, we're getting this rate cut." And if we're getting this rate cut and the AI bubble fears start to go down a little bit.

Trump, by the way, uh is working on some potential proposals for healthcare and extending ACA subsidies.

That's why Oscar was up 20% of the day. Maybe that avoids the government shutdown going into January.

You have no shutdown in 2026. You have rate cuts that are inevitably coming in May when PAL is gone and rate cuts that are hopefully coming towards the end of the year.

and you have the AI bubble feels fear starting to dissipate if companies continue executing on earnings which they are doing. What's the bare case?

Well, the bare case is the labor market and the consumer. I actually published a post on my Substack today uh about the bifurcated economy.

I'll leave that link in the chat for those that want to read it. Uh and it's more of just a deep dive of all the analysis we've been doing on the channel around the, you know, bifurcated parts of the economy, the low-end consumer versus the middle class consumer.

Like that stuff's real and that could be your bare case. But is that enough of a bare case to take down Nvidia earnings?

Google earnings, Microsoft earnings, Amazon earnings because there's some weakness in the labor market, which there is weakness.

But is it complete deterioration? No.

Which is the case for a rate cut like, hey, let's cut rates before it completely deteriorates so that we can save ourselves from that.

But it's not completely deteriorating right now. So, we don't need to be that aggressive, but we also don't need to be that restrictive.

If you kind of get the best of both worlds here, there's a shot that we do have a very strong end of year.

All right, that's it for me. Thank everybody for listening and watching.

Uh, I'll be here for the next couple days until we have Thanksgiving. Very, very thankful that all of you have supported and continue to watch the channel.

Uh, last week was an emotional week. Obviously, it was tough. A lot of us lost a lot of money.

I mean, it's tough to see portfolios go down as much as they have gone down. But it's also part of the game.

You get those beautiful days where you have so much excitement and you feel so much richer and happier about life because you allocated capital, but you also have to get to those days by going through the days where you feel like [ __ ] And quite frankly, last week was a shitty week.

I think all of us will continue to get through it.

And if we're invested in the most important companies in the world, then likely those companies will continue to execute. Thank you everybody for listening and watching. I'll see you guys in the next