The All-In Crystal Ball
00:00:00.000 | You can tell when Buffett has gotten disengaged with a company based on the number of times he
00:00:05.760 | mentions it in his annual letter. I think this Buffett index is a really important one for Apple,
00:00:10.400 | which is it went from a forever holding to barely getting mentioned. Unfortunately,
00:00:14.720 | it speaks for a very bad next five to 10 years for this company unless they figure something out.
00:00:18.960 | If you do not start seeing revenue flow to the bottom line of these companies that are spending
00:00:23.280 | $26 billion a quarter, the market cap of Nvidia is not what the market cap of Nvidia should be.
00:00:28.240 | And all of these other companies are going to get punished for spending this kind of money.
00:00:32.240 | It doesn't all hang together yet. I think the bigger question, though,
00:00:36.000 | is if we are on the verge of a real contraction in the economy, even though the stock market for
00:00:42.160 | seven companies is hitting all time highs, the stock market for every other company that isn't
00:00:47.360 | those seven companies have not. People aren't employed. There is no money. And the question
00:00:51.920 | is whether you have some sort of contraction economically that is measured by a recession or not.