You can tell when Buffett has gotten disengaged with a company based on the number of times he mentions it in his annual letter. I think this Buffett index is a really important one for Apple, which is it went from a forever holding to barely getting mentioned. Unfortunately, it speaks for a very bad next five to 10 years for this company unless they figure something out.

If you do not start seeing revenue flow to the bottom line of these companies that are spending $26 billion a quarter, the market cap of Nvidia is not what the market cap of Nvidia should be. And all of these other companies are going to get punished for spending this kind of money.

It doesn't all hang together yet. I think the bigger question, though, is if we are on the verge of a real contraction in the economy, even though the stock market for seven companies is hitting all time highs, the stock market for every other company that isn't those seven companies have not.

People aren't employed. There is no money. And the question is whether you have some sort of contraction economically that is measured by a recession or not.