How To Grow Your Money In AI Revolution

[0:00] We are in the first inning of the most
[0:02] disruptive supersonic tsunami we have
[0:04] ever seen. And so if you want to
[0:06] compound money, you need to be involved
[0:08] in the What's going on guys? Today we
[0:10] got a great conversation with Jordy
[0:12] Visser. In this conversation, we're
[0:13] going to talk about why everyone is so
[0:14] enthusiastic in the stock market, what's
[0:17] going on in the AI space, how biotech
[0:20] and AI is drastically underappreciated,
[0:23] and where Jordy thinks people can put
[0:24] their money today and actually get a
[0:26] return going forward. This conversation
[0:28] covers a lot of nuanced ideas and things
[0:30] that Jordy hasn't talked about publicly
[0:31] before. So, I hope you enjoy my latest
[0:33] conversation with Jordi Visser.
[0:35] All right, Jordy, let's start with the
[0:37] market seems to be very strong. Even
[0:38] when we get bad news, the market doesn't
[0:40] really sell off. And so, it feels like
[0:42] there's this persistent enthusiasm now
[0:44] that has returned to stocks. And I
[0:46] recently saw that there's even like this
[0:48] retail investor uh feeding frenzy. They
[0:51] are buying more stocks than they've ever
[0:52] bought before, even more than during the
[0:54] meme stock craze. And so what's your
[0:56] take as to why is there so much almost
[0:58] euphoria that's now entering the stock
[1:00] market?
[1:02] >> I feel like every time that I go to
[1:04] Maine and I come back here, we just dive
[1:06] right in.
[1:07] >> I'm in I'm in a library which I mean I
[1:10] literally just wrote a Substack saying I
[1:12] don't read books anymore. Feel a little
[1:14] out of comfort not seeing eagles and
[1:17] porcupines and everything I saw last
[1:19] week in rain.
[1:20] >> Uh but okay, we'll we'll we'll go off
[1:22] the fact it's my first time in here. Uh,
[1:26] I think this was a week that kind of
[1:28] showed just
[1:31] we literally had over Memorial Day
[1:34] weekend hope that there'd be a deal that
[1:37] tankers would be going through the
[1:38] straightforward moves. The market trades
[1:41] up on Monday while we're closed
[1:44] >> and then you get couple bombs being
[1:46] dropped.
[1:47] >> Mhm.
[1:48] >> Some skirmishes.
[1:51] The market stays up. Then we get more
[1:53] news which seems like it's even worse.
[1:58] The market falls a little bit and by the
[2:00] end of the day we get another talk about
[2:02] okay the truce is still ongoing. We
[2:04] still have no tankers going across. The
[2:06] reason I'm I mean when markets handle
[2:10] good news well and then for bad news
[2:12] they barely budge.
[2:15] It just says that you I mean that's the
[2:16] definition of a bull market. And I don't
[2:18] see this as speculation other than the
[2:20] pockets that are obvious which are
[2:23] really in in the memory names of which
[2:24] there's three names and the size of them
[2:26] is so big. Uh but other than that
[2:29] there's no way to look at the fact that
[2:30] the market's made I think 21 new
[2:32] all-time highs so far this year. Uh and
[2:35] we're barely 5 months or as of today
[2:37] we're 5 months in. So we're on pace for
[2:39] having 50 all-time new highs. And I
[2:42] didn't think we'd be doing this, but
[2:44] this is clearly a representation of what
[2:45] artificial intelligence is doing to the
[2:47] market. And now we've got oil falling
[2:50] faster. And even though there's going to
[2:52] be shortages, there's going to be a
[2:53] reality it sets. And we still don't have
[2:55] any tankers going through the straight
[2:57] of Hormuz. And we have bottlenecks all
[2:58] over the place. Um, unless this is going
[3:02] to turn into something much bigger and
[3:04] we're not going to have any going
[3:05] through for months and months and
[3:07] months, which doesn't seem likely at
[3:09] this point, uh, I think the best the
[3:11] market or the worst we're going to see
[3:13] out of the market in the near term is
[3:14] some kind of consolidation or minor
[3:16] pullback uh, without oil and inflation
[3:19] going significantly higher.
[3:20] >> Now, I recently saw that the Buffett
[3:22] indicator that everyone always, you
[3:24] know, talks about, um, it's at like
[3:25] 235%. It's the highest ever in history.
[3:28] And so a bunch of people are yelling and
[3:29] screaming saying the stock market is,
[3:30] you know, so overvalued. It's the most
[3:32] overvalued it has ever been. At the same
[3:34] time, you can go and you can look at the
[3:36] data of, okay, the stock market's up 9
[3:38] 10% to start the year and earnings are
[3:40] up, you know, 14 15%. And so actually
[3:42] stocks are getting cheaper even though
[3:44] they're at these kind of extreme
[3:45] valuations. And so when you actually
[3:47] look at the health of the market, the
[3:50] other component I think people will say
[3:51] is, oh, there's only a couple of stocks.
[3:53] It's only a couple of AI stocks that are
[3:54] driving this whole thing. But the S&P
[3:56] equal weighted that's at an all-time
[3:58] high as well. And so do you still feel
[4:00] like this is a thing that is being
[4:02] driven by actual earnings and and kind
[4:04] of the underlying fundamentals or do you
[4:07] worry that now we're entering into some
[4:08] kind of euphoric phase where yeah we've
[4:10] gotten 21 all-time highs but you know
[4:12] there could be some sort of pain around
[4:14] the corner.
[4:16] >> The reality is profit margins are
[4:17] growing and earnings are growing. Um
[4:19] until that changes
[4:21] >> which you know the breadth of profit
[4:23] margins is not good. um it is isolated
[4:26] to mainly tech companies, but that's
[4:29] been the case now for 17 years. So,
[4:31] there's two ways to look at this. Um
[4:33] first of all, the Buffett indicator to
[4:35] me is more of a bullish thing than a
[4:36] bearish thing. Every time I hear people
[4:39] say this, and I reflect on it all the
[4:41] time, we talked about it during uh
[4:44] Liberation Day last year. The reason it
[4:46] was a positive is because every time
[4:48] someone on the macro side calls me up
[4:50] all bearish when we start bombing Iran,
[4:54] when Iran starts shutting down the
[4:55] straight, when liberation day happens
[4:57] and we're worried about tariffs
[5:00] and we all come back to the same reason,
[5:02] which is exactly where we are now verse
[5:03] last year. It is a form of taco. I mean,
[5:06] I hate to say it, but um there's no way
[5:10] that Trump can continue
[5:12] and we've seen no real bombing. Every
[5:15] time the US bombs, what do they say?
[5:18] Truth is still on. This is just, you
[5:20] know, minor skirmishes. This is and the
[5:23] reality is we're a financialized
[5:25] economy. And if we want to help, which
[5:28] we do through transfer payments, it's a
[5:31] major voting block. We can't allow
[5:33] people to lose their jobs. We can't
[5:34] allow gas to go up to $10 a gallon if we
[5:38] have control over it. And I think Trump
[5:41] has figured a way to say, "Okay, if I
[5:43] keep bombing, then it's going to take
[5:44] longer." And I've run out of time. We've
[5:46] used all the buffers. There's no
[5:48] question about it. Inventories are being
[5:49] drained. Strategic petroleum reserve is
[5:51] being drained. So, I think people just
[5:54] have to realize that the Buffett
[5:55] indicator is a representation of what
[5:56] you said, earnings and profit margins,
[5:58] which are growing exponentially. Small
[6:00] businesses are having trouble competing
[6:01] with large businesses. Um, most of the
[6:04] companies in the S&P 500 that are
[6:08] working are technology companies. Now
[6:10] you've got derivative technology
[6:12] companies which are related to the
[6:13] infrastructure. Soon you're going to
[6:15] have health care companies and pharma
[6:17] companies and things like that that are
[6:18] benefiting from longevity with AI. All
[6:20] of these things are just going to
[6:21] continue. And what you're doing is
[6:23] you're going to continue to have this
[6:24] situation where the Buffett indicator
[6:26] when it starts to fall because stocks
[6:28] have fallen 20%. Then either the central
[6:31] bank and or the government has to come
[6:32] in because they can't allow it to fall
[6:34] down.
[6:34] >> Mhm. Now the MSCI uh world index XUS is
[6:39] also at an all-time high which suggests
[6:41] that this is not just a domestically
[6:43] driven you know bull market. This is
[6:44] kind of a global almost generational
[6:47] bull market that we're living through.
[6:48] uh what do you think is driving these
[6:51] other countries or other markets outside
[6:52] the US?
[6:53] >> It's the same thing in the US. Um we
[6:56] import a lot of things for artificial
[6:58] intelligence. uh the data center
[7:00] buildout, the optical side, obviously
[7:03] memory, uh with inside my uh artificial
[7:07] intelligence thematic portfolio. I think
[7:10] there's
[7:11] 15 to 20 names that are international uh
[7:15] semiconductor companies like ASML and
[7:17] SoyC
[7:19] uh chemical companies like AIMO Namoto
[7:22] out of Japan. All the Japanese ones, all
[7:24] of the Korean ones, the memory names,
[7:26] they're the major winners.
[7:29] But also countries like Germany build a
[7:31] lot of things like Seammen's energy and
[7:32] stuff. So when you have a manufacturing
[7:35] need, which is what we have when PMIs
[7:37] are up, it usually brings in other
[7:39] countries. The big thing for me is most
[7:41] of the other countries of the world
[7:43] suffer from what's happening with
[7:45] energy.
[7:46] >> Uh they don't have the same situation as
[7:48] the US. They don't have unlimited
[7:51] natural gas. They don't have uh the
[7:53] situation of being the largest exporter
[7:56] of of energy. So with that situation,
[7:59] when I see global markets still doing
[8:01] well, when Korea and Japan are doing
[8:03] exceptionally well and these are
[8:04] countries that depend on importing
[8:06] chemicals and oil, that is usually a
[8:10] very strong sign that this is not just
[8:11] an isolated thing in the US, but you
[8:13] have to think about the AI trade being a
[8:15] much bigger thing. And I'll just add one
[8:16] more thing for people who who don't
[8:18] realize this. Johnson Redbook is a
[8:21] weekly um release that shows consumer
[8:25] spending. So, it's kind of like retail
[8:26] sales, but it comes out every week. The
[8:28] Johnson Redbook most recent reading is
[8:30] up about 9% year-over-year. It's
[8:33] accelerated during gas prices going
[8:35] higher. So, you can't get past the fact
[8:37] that the PMIs are still trending higher
[8:40] and strong.
[8:42] Transportation and flatbed rates are
[8:44] high X oil, which means the shipping
[8:46] part of the economy is strong, which is
[8:48] confirmation on the first. Earnings
[8:50] revisions don't stop. they've continued
[8:52] to move higher and global markets are
[8:54] seeing strength. So when you put all
[8:56] that together to be worried about
[8:58] something that is already old news,
[9:00] meaning I hate to say it, but oil
[9:02] doomers, it's old news. It doesn't mean
[9:04] we won't have inflation stay above 4%.
[9:06] It doesn't mean that we won't see
[9:07] problems in the second half of the year.
[9:08] But I think people that have been too
[9:09] fixated on when the floor is going to
[9:11] drop out or missing the point that the
[9:13] AI generational situation is still in
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[10:30] Now we know that more than 50% of
[10:32] Americans look out 12 months and they
[10:34] believe the stock market will be higher
[10:35] which I think is a pretty bullish
[10:36] signal. At the same time uh it went
[10:39] through the internet uh this week that
[10:41] the savings rate has dropped 3%. And
[10:44] people were freaking out about that. Do
[10:46] you see any sort of correlation of you
[10:48] know people are becoming much more uh
[10:50] kind of risktakers at the same time that
[10:52] the savings rate is depleting? One of
[10:55] the big mistakes that people make is the
[10:56] savings rate should decline when people
[10:58] are feeling optimistic about their jobs,
[11:00] the stock market, whatever the case is.
[11:02] So, you know,
[11:03] >> Oh, you mean they're deploying their
[11:04] capital?
[11:04] >> Yeah. Or or they're spending money out
[11:07] of the stock. Whatever the case is, they
[11:09] have huge savings that are being built
[11:11] up in in the stock market. Um, I know
[11:14] that
[11:15] people talk about the fact that most
[11:17] people don't have money in the stock
[11:19] market. The reality is pension funds
[11:22] represent a good portion of people in
[11:24] the country. They have money in the
[11:26] stock market. So when the stock market's
[11:29] going higher, the economy and and
[11:30] people's ability to spend money is still
[11:33] there. So I this this whole thing fits
[11:36] in the more you read X and this is one
[11:38] of the reasons why I think you know you
[11:39] gave a stat from the University of
[11:41] Michigan which differs from what's
[11:43] happening at the headline consumer
[11:45] confidence level and everyone tries to
[11:48] write it off as just politics is just
[11:50] this. I I don't think it is. I do think
[11:52] it's two factors. One is there's no
[11:55] doubt that when you spend a lot of money
[11:59] and your wages are not growing at a fast
[12:01] pace, your house is not going up in
[12:03] value and you're kind of trapped in it,
[12:05] which is the reality for most people in
[12:07] the country. You're worried about AI,
[12:09] you're worried about all these factors,
[12:11] you do have a political bias because of
[12:13] the polarization, but then you also have
[12:15] the doomers in X and you have all the
[12:17] news which is geared towards scaring
[12:19] people. I think at the end of the day
[12:21] it's more of a fear factor that is also
[12:23] representation of the amount of
[12:25] information that we're getting as an
[12:27] overload and all of these negative
[12:28] things which just continue to be brought
[12:30] out. And one of the factors that I think
[12:32] is becoming more of an issue.
[12:35] I think countries of the world
[12:37] particularly China does not want the US
[12:38] to have an op an optimism on AI. They
[12:41] want data centers to be stopped. It is a
[12:44] race towards getting
[12:47] global power of AI and actually being
[12:49] able to deploy it across the globe. And
[12:50] I think slowing it down here and making
[12:52] it more of a political thing which seems
[12:54] to be working at least reflected in
[12:56] consumer confidence is just the nature
[12:57] of where we are.
[12:58] >> I saw a video um I think it's Andover,
[13:00] New Jersey. Um there was a kind of a
[13:03] town hall and they decided that they
[13:05] were not going to have a data center
[13:06] built there and uh immediately the
[13:08] entire room stood up and was like
[13:10] standing ovation, you know, clapping. um
[13:13] and I don't know all the details and so
[13:14] maybe there was legitimate concerns or
[13:16] whatever, but it did strike me as um
[13:18] kind of these two worlds. In the same
[13:20] week that I see that video, I also see
[13:23] Anthropic come out and say they raised
[13:24] $65 billion at almost a trillion dollar
[13:27] valuation. Their revenue is now $47
[13:29] billion annualized. And so you say to
[13:32] yourself, well, like that growth needs
[13:34] to be supported by power, hardware,
[13:37] compute, right? All this stuff if they
[13:39] want to continue to grow. like we're
[13:41] going to get the data centers. They may
[13:42] not be in Andover, New Jersey, but like
[13:44] they're going to go somewhere.
[13:47] >> Yeah, we're living in this real time
[13:49] situation where um the distributional
[13:52] wealth problem is real. Um in the same
[13:54] way like if you take the Andover
[13:56] situation for a data center and you say,
[13:58] okay, that's one side and that's
[14:00] residents of but then you go to a
[14:02] college having Eric Schmidt speak at it
[14:05] where he gets booed. I mean, Eric
[14:08] Schmidt created a tool forever or was
[14:10] part of a company that
[14:12] >> probably helped a lot of those graduates
[14:13] get to the finish line.
[14:14] >> Yeah. And and and again, because of what
[14:16] Google's been able to do, they bought
[14:17] DeepMind. They're going to help people
[14:18] live forever. All of these different
[14:20] things. But imagine Steve Jobs being
[14:23] booed for the iPhone. But we're at that
[14:25] stage now where the distribution of
[14:27] wealth problem has caused such a huge
[14:29] problem that whether it's residents in a
[14:31] country caring about or in a in a county
[14:33] or a city caring about their kids
[14:36] or it's students, you know, 20-ish years
[14:39] old that are booing one of the fathers
[14:43] of the greatest thing that they've ever
[14:46] been able to have. That just shows kind
[14:48] of this shumpeterian thing of heading
[14:50] towards socialism, heading towards this
[14:51] distribution of wealth problem. And I
[14:53] don't see it getting better based on
[14:55] artificial intelligence. So I think if
[14:57] people are looking for when is this
[14:59] going to get better, when is consumer
[15:00] confidence going to go higher? Well,
[15:02] unless we have some kind of hiring boom
[15:05] or unless we go into another pandemic,
[15:09] the government floods everyone with
[15:10] money so that they can yolo again, I
[15:12] don't see this happening. Um, so I think
[15:16] this is this permanent trend. So when
[15:18] you see these charts and you're like,
[15:19] okay, this has to snap back. This has
[15:21] never happened. It's not a bearish
[15:23] chart. It's just a representation of the
[15:25] distribution of wealth problem that's
[15:26] happening around the globe. And it will
[15:28] remain something that the governments
[15:29] number one have to print. Number two,
[15:31] that Buffett indicator, it fits right in
[15:32] with it. They can't let the Buffet
[15:34] indicator go down. You have two choices.
[15:36] I have to keep this thing afloat and
[15:38] make sure I'm supporting this
[15:39] financialization of the economy or I
[15:43] have to allow a great depression to
[15:44] reset everything. And that's not an
[15:46] option. So, you're left with the first
[15:48] one, which is just just make sure that
[15:50] as this administration said a year ago,
[15:51] and people didn't listen to it, okay,
[15:53] we've made the decision. Um, we started
[15:54] the tariff thing, now we're going to run
[15:56] it hot. We're we're audibleing. We're
[15:58] going to run this hot. They've been
[15:59] running it hot. They're going to
[16:00] continue to run it hot.
[16:01] >> Yeah. What do you think are the
[16:03] downsides for the wealthy people when
[16:05] they run it hot? Are there any? Like, we
[16:07] know what the downsides are for the
[16:08] bottom of the K shape, right? But are
[16:09] there downsides to the folks who have
[16:12] high income, have assets, etc. when they
[16:14] run it hot? Um, again, when you say
[16:17] downsides, it's really hard to say um
[16:19] how a wealthy person suffers if asset
[16:22] prices are going higher. They continue
[16:23] to go. I could say that it'll be a
[16:26] different story 3 years from now or four
[16:27] years from now. I could go through some
[16:29] of my futuristic things on abundance and
[16:31] how abundance is not good for people
[16:33] that own scarce assets because wealth
[16:36] turns into scarcity. You own you take
[16:38] your money and you put it into assets
[16:40] that are scarce and that means you're
[16:43] trying to find a way to go. If I believe
[16:45] in abundance and I believe that all art
[16:48] will have a rep, you know, a completely
[16:50] replicated thing where you don't know
[16:51] what's real or not, I could say that
[16:53] that does it. I could say that the
[16:55] blockchain starts to become the bigger
[16:57] asset and that the wealthy people will
[16:59] never accept the blockchain and will
[17:01] never kind of go into. I could come up
[17:02] with all these different ways,
[17:05] but I've joked about this before.
[17:07] I think um the ego that's associated and
[17:10] and what people have as they've made
[17:12] money and having worked on Wall Street
[17:14] for a long time, I think the greatest
[17:18] risk to people that um
[17:21] have made a lot of money
[17:24] is that it gets hard to make money in
[17:26] the future.
[17:28] >> Uh it's hard to have a job. People do
[17:30] look upon how their kids are doing. You
[17:32] see it at baseball games yelling at
[17:34] their kids or doing this and that
[17:35] because they're not living up to what
[17:37] they said. I just think the economy is
[17:39] going to go through a very different
[17:40] stance where the way we view money and
[17:42] the distribution of wealth. I do think
[17:43] there's going to be a normalization
[17:45] because of education because of
[17:47] commoditizing the ability of
[17:48] intelligence. Um you know on a side note
[17:51] and this is something that I think is
[17:53] important. I've had the luxury with
[17:56] being connected to you to go to a lot of
[17:58] your events and at those events and at
[18:00] the dinners afterwards I meet a lot of
[18:01] people and these people are grateful for
[18:04] having people like you and me talk to
[18:06] them
[18:07] >> at a level that kind of makes them feel
[18:09] like they have a chance or at least give
[18:11] them the chance to have a little bit of
[18:13] that feeling maybe not of being in the
[18:15] top 1% but of making some money trading
[18:18] of being involved in things maybe
[18:20] getting invested in things maybe
[18:22] learning how to use AI. So this week I
[18:24] made the decision because the question
[18:26] I've been asked the most as a crowd
[18:27] sourcing person is how do I start with
[18:31] AI? So for the first year it was how do
[18:33] I use it? What do I do? Can you give me
[18:34] a tutorial? So I did a a tutorial did a
[18:37] video series and I I realized in going
[18:40] through it that most people kind of did
[18:41] that but they didn't do anything else.
[18:43] And I realized that showing people how
[18:44] to like use it especially with chat and
[18:47] things like that was not enough. So, I
[18:48] did a video that I'm it's it's released
[18:50] on YouTube and it is titled how do I
[18:53] start with AI and it is meant to show
[18:56] people how easy it is and they can do
[18:58] the the journey that I did and it will
[19:00] take them literally uh a weekend to get
[19:03] to the point in my opinion where they
[19:05] know enough about the computer they know
[19:06] enough about the difference between chat
[19:08] co-work and code. So action using them
[19:11] to do things building things but then
[19:14] finally at the end setting up open cloth
[19:17] setting up Hermes agents and I think
[19:19] once you do that the greatest power you
[19:21] can get as someone who maybe doesn't
[19:22] feel like they're participating in the
[19:24] economy if you do that with AI I think
[19:27] you're underestimating the impact it
[19:28] will have on your life and your your
[19:30] kids' life.
[19:31] >> Another area where there's a lot of
[19:32] impact happening that people may not
[19:34] realize is uh in the biotech space. It
[19:37] seems like uh there's people at a very
[19:39] high level who are like, "Hey, AI plus
[19:41] biotech should be, you know, valuable
[19:43] and really have a positive impact to
[19:45] people's lives." Um, but we haven't
[19:46] really seen tons of examples yet other
[19:48] than, you know, the one guy cured
[19:50] cancer, I think, in his dog in Australia
[19:52] or something, right? So, like there was
[19:53] these cool moments of genius, but
[19:56] where's it showing up in big companies?
[19:58] I think you're getting excited about Eli
[19:59] Liy and some of the stuff they're doing.
[20:01] Can you explain?
[20:03] Yeah, I've written a lot of pieces about
[20:05] Eli Liy and um GLP1s over the course of
[20:10] the last few years, but in particular, I
[20:12] wrote a paper on Eli Liy in October, I
[20:15] think it was October of last year, and
[20:17] it was how they are an AI trade. They're
[20:19] part of my 100 name thematic portfolio.
[20:22] They're the only healthcare name that is
[20:23] in there. Uh they just released
[20:25] earnings. Their revenues are up 55%
[20:27] year-over-year
[20:28] >> and 55%
[20:29] >> and they're a trillion dollar company.
[20:30] 55%. I want people to hear that number
[20:32] 55%. Now these are the types of numbers
[20:35] that you're talking about with Nvidia.
[20:37] These are the types of numbers. So this
[20:39] is related to um GLP1s which again
[20:44] they've had a huge impact on the world.
[20:46] I remember when friends of mine that
[20:48] were doctors uh including a family
[20:50] member said this is a lifecher. I've
[20:52] seen people's lives change. Now this was
[20:54] years ago. This is when it first came
[20:56] out. And their description was no. I've
[20:58] had people that mentally have like
[21:00] become a different person. Like their
[21:02] addictions are gone. All of the things
[21:03] that people have now heard about, I had
[21:06] heard about it at the very early stages.
[21:09] People are still fading the impact that
[21:10] it has on, you know, chip companies and
[21:14] fast food companies. Like it is it has
[21:16] had a real thing. The reason I bring
[21:17] that up for this,
[21:20] I'm getting more excited about longevity
[21:23] and this connection because Eli Lily has
[21:25] had so many announcements over the last
[21:28] 6 months related to AI. They are in
[21:30] partnership with Encilico. They are in
[21:33] partnership with Isomorphic Labs of Deep
[21:35] Mine. They are in partnership with
[21:37] Nvidia.
[21:39] They are buying up companies left and
[21:41] right. I'll be talking about this in the
[21:43] video. So, I'm getting more excited
[21:45] again. Eli Liy, if this was a tech
[21:47] company back after the iPhone came out,
[21:51] all of these tech companies were buying
[21:53] Instagram. They were buy all of all of
[21:55] these became major things. What I see on
[21:57] the biotech side are ideas. Um there was
[22:00] a wave of biotech companies that came
[22:02] out uh I think before co maybe after co
[22:05] even because of Maderna and this and
[22:07] this whole situation but there's been
[22:09] waves of oh let me get involved and that
[22:12] was the only IPOs that were happening
[22:14] for a period of time now to IPO a
[22:17] company a biotech company you have an
[22:18] idea it may not it's not proven yet but
[22:21] you have an idea and in a lot of cases
[22:24] what ended up happening was this great
[22:25] idea this scientifically based idea
[22:27] maybe it made it to the the 20 yard
[22:30] line, but it couldn't get inside the red
[22:32] zone and it just couldn't get over the
[22:34] finish line. Well, that's IP that has
[22:37] failed. Okay,
[22:40] AI bolted onto that. This is much better
[22:42] than the enterprise software arguments I
[22:44] hear because pharma is such a hard thing
[22:47] for a generalist to get involved in and
[22:50] biotech is more of the beta side. I'm
[22:53] I'm getting more interested in Eli Liy.
[22:55] I talked about Corning back in uh in the
[22:58] October November period at the same
[23:00] time. The similarities with Eli Liy as a
[23:02] company that was formed in 1876. So yes,
[23:05] it's it's it's on its 150 while the US
[23:08] is on its 250 uh uh birthday. Uh I think
[23:12] people should be spending a lot more
[23:13] time on hey, I want to make money on
[23:15] longevity. I want to make money on all
[23:17] of the problems we're going to have with
[23:19] entitlements, which we're going to run
[23:21] into a major problem. The government is
[23:23] trying to get cost down or prices down.
[23:27] Eli Liy is focused on getting price
[23:28] down. And you have to remember Jeban's
[23:31] paradox. Right now, I think their stock
[23:33] would be up significantly more if they
[23:38] could actually sell this to more people
[23:40] even though the price would come down.
[23:42] So, they're working on reducing the cost
[23:43] of all this stuff. They're using the
[23:45] capital they're doing to buy to make AI
[23:47] labs, to do these partnerships, to
[23:50] acquire companies. It's a very very
[23:52] interesting story that is kind of the in
[23:55] my opinion the human software side of
[23:58] what the next decade is going to look
[23:59] like for curing diseases.
[24:01] >> Now when we look at the technology
[24:03] itself obviously context data all this
[24:07] stuff really is uh is valuable. Um one
[24:09] of the most interesting products that
[24:11] I've seen come out is similar to what
[24:12] we've built with Sylvia on the finance
[24:14] side. Chad GBT came out with they called
[24:16] it GPT health and it was you can put
[24:18] your own personal uh data into this. Now
[24:20] the data is frankly you know what's your
[24:23] heart rate, what's your sleep, you know
[24:25] kind of what I'll call consumer
[24:26] analytics. Um I have seen people do
[24:29] certain uh experiments online where they
[24:31] basically are taking their DNA sequence
[24:34] from like a 23 and me or something and
[24:36] then they're uploading it into an LLM
[24:38] and they're starting to get a little bit
[24:40] more information and you can see that
[24:41] okay well if you're Eli Liy you probably
[24:43] have access to way bigger data sets and
[24:45] you can start to do some of this stuff.
[24:47] How much of this is uh what I'll
[24:49] consider like consumer, you know, type
[24:51] things that they were going to create.
[24:52] They're going to create software.
[24:53] They're going to create that versus this
[24:55] is when I think of pharma, they're going
[24:57] to do drug discovery and be able to
[24:59] create, for example, this like
[25:01] cholesterol shot that uh that everyone's
[25:03] talking about.
[25:04] >> Okay. So,
[25:07] to answer this, I'm going to actually
[25:08] give you real stories,
[25:11] two separate instances of this in the
[25:13] last three months.
[25:15] And I'm going to start it off by saying
[25:16] if you haven't did you listen to the Olm
[25:18] podcast this past weekend?
[25:19] >> I did not.
[25:20] >> So Gavin Baker was on it and Gavin Baker
[25:23] talked about a situation with a hedge
[25:26] fund manager. He didn't give the name
[25:30] who uh has a child that has I think a
[25:34] rare disease.
[25:36] Committed his time and money to
[25:38] investigating and trying to find a
[25:42] solution to the problem.
[25:44] Now, I worked for someone who also had a
[25:47] grandchild with rare disease and it's an
[25:49] orphan disease and it's a very um
[25:52] painful thing because
[25:53] >> it's not a big enough market for people
[25:56] to spend enough money. So, they have to
[25:57] go raise money on their own. They have
[25:58] to go through it. So, I saw this from
[25:59] the perspective of way before AI.
[26:02] >> Apparently, from this, and I'm probably
[26:03] butchering this, but you guys can go
[26:05] listen to it on your own. It'll fit into
[26:06] the bigger picture of what you asked,
[26:08] which is this hedge fund manager went
[26:10] off and did his own research. And this
[26:13] is the whole point of what AI allows
[26:15] people to do. You don't need to be an
[26:16] expert in pharmaceuticals. You just need
[26:19] to go investigate this disease and go
[26:21] through every potential thing that had
[26:23] ever been tried. Any angle that may work
[26:26] and eventually connected the dots and in
[26:29] the case of this, I don't know if it's
[26:31] completely solved, but let's just say
[26:33] has made huge advancements in in the
[26:35] child's health.
[26:37] I have personally had conversations and
[26:40] if one of the the the people is
[26:41] listening to this um I'm not going to
[26:43] give your name but came up to me after
[26:45] events I spoke at over the course of
[26:47] this year uh and one of them in
[26:49] particular said we had a child or we
[26:52] have a child that had was having all of
[26:54] a sudden behavioral changes out of
[26:56] nowhere was doing all this investigative
[26:58] work all of the doctors and could not
[27:00] come up with anything. They committed
[27:02] their time. They were using open claw
[27:04] everything to do as much research as
[27:07] possible and eventually identified it as
[27:08] a mold problem inside their house. I've
[27:10] had I've had this exact situation come
[27:12] up twice with people saying it was a
[27:14] mold problem, which is unbelievable to
[27:16] me. The second one was unsolicited after
[27:18] I had told this story, but said, "Oh my
[27:20] god, I just had a friend that had a very
[27:22] similar story and ended up being a mold
[27:23] problem because mold in your house from
[27:25] like a flood, you're not going to see
[27:26] where it goes." So those are
[27:28] investigative work where people actually
[27:30] solve the problem because of the love of
[27:32] their child or relative. So you're going
[27:34] to see a lot more of this and this fits
[27:35] in for GPT health. You're going to have
[27:38] the same situation. I already have done
[27:40] this now. I was already doing this
[27:42] before they put this out there. What I
[27:44] was doing is as I've talked about, I'm
[27:46] focused on longevity. I want to stay the
[27:47] same age for as long as I can because
[27:50] the techn is coming. You mentioned the
[27:52] shot that Eli Liy is involved with with
[27:55] this place they purchased a year ago,
[27:57] Verve. You have to go read. I mean,
[27:59] cholesterol is a really big thing in
[28:00] this country for a lot of different
[28:01] people and now they're knowing what they
[28:04] should go do. So, if you think about the
[28:06] angle I said, we're doing research.
[28:08] We're trying to figure out how to do
[28:08] this orphan disease. And then you go
[28:10] back to Eli Liy, they're doing the same
[28:12] thing, triangulating on things that they
[28:14] already know about the GLP1s, which have
[28:16] far more consequences in terms of the
[28:19] impacts that it can have for chronic
[28:20] disease. And that's really what we're
[28:22] talking about. So if you want to control
[28:23] your health, input your data. I have my
[28:25] blood work in there. I have all my aura
[28:27] ring data. I have my my um data from my
[28:29] watch. And I want to make sure my blood
[28:31] work aligns with this. So if something
[28:33] changes and it shows up in my blood work
[28:35] and it shows up in this, I have at least
[28:37] some form of real-time information. And
[28:39] if I want to diagnose something, I can
[28:41] just go back and it has all my
[28:42] information. It literally becomes a
[28:44] doctor of asking questions. And so I
[28:46] think people have to um start to accept
[28:48] the fact that between people using it to
[28:52] be investigative, those situations help
[28:55] the pharmaceutical companies that may
[28:56] have the drugs out there because this
[28:58] person is doing work for them
[29:00] >> using AI. For Eli Lillium, for companies
[29:02] that are trying to solve uh problems,
[29:04] they're able to do the same thing with
[29:06] supercomputers now, which is just
[29:07] starting. You're just getting it. And
[29:09] when you connect alpha fold and protein
[29:11] folding to it, you're getting powerful.
[29:13] So, why wouldn't you be doing the same
[29:14] thing personally to try to make sure
[29:15] you're staying on top of things and
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[31:25] Go check them out. today. A framework
[31:28] that I've started to use is um we know
[31:31] that if you want a child to learn,
[31:33] what's the best way for them to learn?
[31:34] One-on-one tutor. Now, super expensive,
[31:36] very difficult, right? Um uh what are
[31:39] how do you find the teacher? All these
[31:41] uh kind of issues. The promise of AI in
[31:44] education is you can create a
[31:46] personalized one-on-one learning
[31:47] experience for the child and do it at
[31:49] scale. So, very, I think, admirable, you
[31:52] know, strategy that people are going
[31:54] after. Um, but that very elusive
[31:56] one-on-one tutoring would be amazing. If
[31:59] you think of health, well, what would be
[32:01] the best way to ensure you're the
[32:02] healthiest possible? Personalized
[32:05] one-on-one experience that your data is
[32:07] used with somebody who is smart, who can
[32:09] oversee your stuff, whatever. Well, what
[32:11] about finance? And so, one of the things
[32:13] that's interesting with Sylvia is that
[32:14] one-on-one personalized insight. We now
[32:17] have the hard data. The more you use it,
[32:19] the faster your net worth grows. So, you
[32:21] start to see this. You say, "Wait a
[32:22] second. If in education, the more you
[32:23] use these this technology, the more you
[32:25] learn. If in health it comes out that
[32:28] the more you use this, the healthier you
[32:29] are. And in finance, the more you use
[32:31] it, the faster your net worth grows.
[32:33] The like anti-AII crowd, they're going
[32:36] to be in shambles. I mean, how do you
[32:37] how do you go to somebody and say, "Hey,
[32:38] by the way, there's this magic
[32:39] technology that makes you smarter,
[32:41] healthier, and wealthier, right?" And
[32:43] so, I think that there is still this
[32:45] like dominant narrative of like, is AI
[32:47] bad? Is it going to take people's jobs?
[32:48] Where are the data centers going?
[32:50] Whatever. But I do think over the next
[32:52] 12 months, you're going to start to see
[32:53] all of these use cases show up where
[32:55] people are saying, "Wait a second, this
[32:56] is actually making my life better,
[32:58] right?" And I think that you saw that
[32:59] with the Eli Liy announcement of, "Hey,
[33:01] if there's a shot that people can take
[33:03] and it is going to positively change
[33:06] their cholesterol,
[33:07] >> Mhm.
[33:07] >> you're going to have a very hard time
[33:08] convincing people that this technology
[33:10] is bad, right?
[33:11] >> Let me connect the thread through
[33:12] everything we just talked about for the
[33:14] last seven minutes. So you mentioned
[33:16] financial with Sylvia, you mentioned
[33:18] health, you mentioned education. Those
[33:21] are kind of the foundation of life. Like
[33:24] that's it. Like okay, every single part
[33:27] of what AI does is personalize it. So
[33:31] >> the systems thinker in me, if someone
[33:33] goes, "Oh, one-on-one tutoring is the
[33:35] best way."
[33:37] Yes and no. It is for sure because
[33:40] you're getting the attention any
[33:42] questions you have. you're feeling
[33:43] comfortable asking all of the
[33:44] inhibitions and all the things that
[33:46] separate kids that I don't want to ask
[33:48] the stupid question. I don't want to do
[33:49] this. The real thing is the teaching
[33:52] becomes customized to you. It's
[33:53] personalized. If you're a visual
[33:55] learner, you learn through that. If
[33:56] you're a music learner, you learn
[33:57] through that. Whatever the case is, you
[33:59] find ways with your child through trial
[34:01] and error and be like, "Okay, they don't
[34:02] respond well to that. Oh, that's
[34:04] personalization." For your finances,
[34:07] same thing. So before I the finances and
[34:09] the health, I want people to think about
[34:10] their favorite mystery show or movie or
[34:13] whatever you're watching a show and you
[34:15] know you're on your game. You're like I
[34:17] want to figure out who the killer is. I
[34:18] want to figure out who committed the
[34:19] crime. We have to watch every scene cuz
[34:21] there could be clues in any single
[34:23] scene. The the way that you become find
[34:27] cancer in your body faster than what a
[34:29] doctor will. They have to ask you
[34:31] questions. You have the data. It's
[34:33] personalized. So, if you always impact,
[34:36] hey, I woke up today and I felt bad. My
[34:38] hip was hurting me. My right leg was
[34:40] hurting me. Um, I did some stretches and
[34:42] those stretches seemed to work. I did
[34:44] some foam rolling, that worked. I took
[34:45] some Advil, it didn't do anything. And
[34:47] you keep track of that every single day
[34:49] for your entire lifetime. And then all
[34:51] of a sudden,
[34:53] 6 months later, you're like, you know
[34:55] what? My left hip is really bothering
[34:57] me. Have I ever mentioned that my left
[34:59] hip was bothering me? Well, they have
[35:01] all of the information that you had. It
[35:04] is impossible to remember those clues.
[35:06] And once you get to that, it is the only
[35:08] person, not the doctor, because you
[35:10] don't remember that your toe was hurting
[35:12] you on your right side. And so by
[35:14] keeping all this information in there,
[35:15] you're giving it the data to solve the
[35:17] mystery at the end. Without it, I've
[35:21] seen this happen too many times. A very
[35:22] close friend of mine ended up having
[35:24] cancer
[35:25] >> in her hip.
[35:27] >> Not something you ever hear.
[35:29] >> Mhm.
[35:29] >> They caught it at stage three or four.
[35:32] It was very late. Now she lived,
[35:34] survived, very close friend of mine,
[35:36] love her to death.
[35:37] >> She went to the doctor and had so many
[35:40] tests done,
[35:41] >> but not looking for cancer. And so
[35:43] eventually, of course, she went to um
[35:46] Sloan Ketering, very different than
[35:48] going out to a Long Island hospital and
[35:50] you go to the right place and it was
[35:51] found. So I just think people should
[35:53] think about their finances, their health
[35:54] that way. The education thing for your
[35:56] kids, you know, that customization,
[35:58] think of AI, think of them learning that
[36:00] way. There's no doubt about the fact
[36:02] that that's the way you're going to
[36:03] learn the most. But for those other
[36:04] things, if you want to improve and what
[36:06] you talk about with Sylvia, everyone can
[36:08] save money on their taxes. Everybody can
[36:10] save money if they have all the data in
[36:13] there and someone is saying to you, hey,
[36:14] you know, if you would have done this,
[36:15] you would have done X. It's one of the
[36:17] reasons why I believe that what will be
[36:19] happening to all people with investing
[36:21] is the agentic world is going to make
[36:22] them move money into there and become
[36:25] less panicky because computers are not
[36:27] going to be making the same doomer
[36:29] stories that everyone else is. Yeah. You
[36:30] know what's interesting is um we're
[36:32] talking about these as silos, but one of
[36:34] the things that I've been very
[36:35] interested in is um people talk about,
[36:38] you know, like the Jarvis, right? Like,
[36:39] hey, how do I get something to control
[36:40] my home or, you know, my my personal
[36:42] assistant, whatever. I do think that
[36:44] there's going to become very interesting
[36:46] things by pulling this stuff together.
[36:48] So, like one of the jokes I tell with my
[36:49] friends all the time is uh you have to
[36:51] take care of your health cuz you've got
[36:53] to be around to compound,
[36:56] >> right? If you think of Buffett and just
[36:57] how much money he made later in his
[36:58] later years. So like the money and the
[37:01] health and the education like it's all
[37:03] tied together. You call like the
[37:04] foundations um I have not yet seen a
[37:07] product that is you know kind of the
[37:08] like command center for your life with
[37:10] AI across all these products. It's very
[37:12] difficult to build just one let alone
[37:14] you know integrate them all. But man,
[37:16] would it be interesting to know, hey,
[37:18] you're allocating capital to this thing
[37:20] as you're allocating capital. Here's
[37:22] three YouTube videos you should be
[37:24] watching, right, that kind of feed into
[37:26] it. And so it's um it makes me excited
[37:29] because there's still so many things
[37:30] that it's, you know, obvious people
[37:31] would use, but they haven't been built
[37:33] yet. And so we're nowhere near the like
[37:35] limiting factor of innovation or ideas
[37:37] of what can be done here with this
[37:39] technology.
[37:40] >> So you said something really important.
[37:41] Um I don't think I've ever talked to you
[37:43] about this. Um, like you've never asked
[37:46] me. You said your father was a
[37:48] construction worker. Your mother and
[37:50] father did not graduate college. Your
[37:53] father didn't graduate high school. How
[37:54] did you end up in finance? What what was
[37:56] interesting to get into it? So, um,
[37:58] there was a book, I believe, by a person
[38:00] named Venita Vancastel. I don't know why
[38:03] I remember that. I could be wrong, but
[38:04] it was a book.
[38:05] >> You read a book?
[38:06] >> 1980s. And I didn't read the book. I
[38:10] didn't read the book. I open and flipped
[38:11] through pages. It was an economics book
[38:14] >> that's called reading journey.
[38:15] >> Okay. I've done a few of them. I am
[38:17] intimidated by this room though. Um so
[38:19] here's the thing. Inside the book there
[38:21] was one single page that changed my
[38:23] life. So my father despite not having a
[38:27] uh even a high school education. Very
[38:29] smart man. Taught me handicapping all
[38:31] kinds of math stuff. Brilliant math
[38:32] mind.
[38:34] >> In this book it said if you double a
[38:36] penny every day by the end of the month
[38:37] you'll have over a million dollars.
[38:39] >> Okay. That's all I needed to know. The
[38:41] power of compounding was in my head. So
[38:43] you said compounding. I'm going to say
[38:46] this to every financial advisor. Call
[38:48] your financial adviser. Okay? This is
[38:50] the first time I've ever said call your
[38:51] financial adviser. Ask them a question
[38:54] of, "Hey, what's our allocation to
[38:55] private credit? What's our allocation to
[38:57] private equity? What's our allocation to
[38:58] VC? What's our allocation to bonds?
[39:02] What's our allocation to the S&P 500?"
[39:04] The reason I bring that up is I believe
[39:06] that the ability to compound your money
[39:10] is becoming more challenging because of
[39:13] exponential innovation. Right now, we
[39:14] are in a very unique period of time
[39:16] where you're seeing things that are
[39:17] going up dramatically. I I'm going to
[39:19] highlight this weekend how many of the
[39:23] names in my thematic portfolio 100 names
[39:27] over the last 12 months 46 uh 43 of them
[39:31] it might be 46 whatever more than 40
[39:34] have more than doubled in one year the
[39:37] stock market is up 25% in the last year
[39:39] private equity private credit VC
[39:42] the returns are not there the greatest
[39:45] returns you're getting you can't get
[39:47] into anthropic you can't get into open
[39:49] AI. So all of these small, you know,
[39:51] private companies, maybe you'll get a
[39:53] little bit in VC, but not as much as you
[39:56] would want it. Now, some people are
[39:57] making money in SpaceX. Did you get
[39:58] invited in SpaceX at a very early age?
[40:01] All of these different things to me are
[40:03] making it more challenging because I
[40:05] think what the wealth managers are going
[40:06] to say is we've been through this cycle
[40:08] before. Eventually, credit will come
[40:10] back, eventually bonds will come back.
[40:11] The reality is
[40:14] we are in the first inning of the most
[40:16] disruptive supersonic tsunami we have
[40:18] ever seen. And so if you want to
[40:20] compound money,
[40:22] you need to be involved in the AI trade.
[40:26] It is not weighted in the S&P 500. As I
[40:28] said, it is a very small waiting, which
[40:30] is why you're seeing these massive
[40:32] divergences between the names that I'm
[40:35] saying. A hundred names is not a small
[40:37] index. There's a hundred names across
[40:39] industrials, across chemicals, across
[40:41] energy, across semiconductors. That's up
[40:45] 60% this year while the S&P is up 10.
[40:48] You need to make sure that your wealth
[40:50] manager is fine. There's no ETFs that
[40:51] exist on this. I think the same thing is
[40:53] going to happen when crypto goes through
[40:55] its period of exponential growth. And
[40:58] once that happens, if you don't have any
[41:00] waiting in that, you need to start
[41:02] thinking about your portfolio from a
[41:04] compounding basis and say, "Hey, are we
[41:06] set up for the exponential world or are
[41:08] we set up for a resumption of the cycles
[41:10] of the past 30 years?" If the answer is
[41:12] that you are benchmarked and you're
[41:14] positioned in things that are producing
[41:16] zero to no returns like bonds have for
[41:19] six years basically, I think you need to
[41:22] start changing your portfolio if you
[41:23] want to compound and keep up with
[41:24] inflation.
[41:25] >> I agree with you 100%. I think it's a
[41:27] great place for us to end. Um, anyone
[41:31] who is watching this right now, I need
[41:33] you to go to YouTube, search Jordy
[41:35] Visser. The video he's releasing this
[41:37] weekend is excellent. He was telling me
[41:38] about it before. This probably going to
[41:40] be his best one. You got to go to
[41:41] YouTube, Jordy Visser. I need you to go
[41:43] and hit subscribe. Obviously, that's the
[41:44] digital thank you. But then once you get
[41:47] done watching the video, and you know
[41:48] it's free. He just does all this work
[41:50] for you for free. You're going to be
[41:52] like, "This guy's smart. He's
[41:53] good-looking. He's fashionable, right?
[41:54] He reads books sometimes back in the
[41:56] 80s." from behind the curtain.
[41:59] >> And so then what I need you to do is go
[42:00] to Google and search Jordy Visser22V
[42:03] and you're going to see all the work
[42:05] that he's doing there as well. So thank
[42:06] this man for coming here every single
[42:08] week and doing this for you guys. Uh I
[42:10] always learn. I hope you guys learn as
[42:11] well and we'll do it again next week.
[42:13] >> I'll have a book open next week.