Dogbones 🦴

Good question. And I actually do think that 1. People don’t fully recognize how extraordinarily weird markets are right now. We have never seen anything like this : the largest companies in the world exploding upwards with unprecedented levels of cash and more incoming, while markets are not believing it 2. Everything is now in massive flux. Look at the SaaSpocalypse: Americas premier Software companies slaughtered - but their profits etc doing fine. $TSLA at the brink of revolutionizing global transport, stock tanking. 3. I think it’s not Iran etc that is the overhang - it is massive economic uncertainty. If AI is really as powerful as every smart operator seems to believe- doesn’t that mean that 2027-2029 will be enormously disruptive to the labor market ? (Yes). If that happens , isn’t that the biggest tectonic shift in the economy … ever? (Yes). Aren’t there MASSIVE risks connected to it - like mass unemployment , fiscal implosion, socialist revolutions , not to speak of cyber war etc? (Yes) But aren’t there also , and more likely, enormous upsides to this ? (Yes) But markets don’t price in upside vs downside - they massively overweight negative effects of uncertainty. In short: it is obvious that tons of stocks - Tesla, Semis, many software stocks, soon (when it’s lower in Nov ) SPCX are all massively undervalued , and that markets are not willing to give up their defensive position for now