here's Adobe. How many people said this was stupid? Okay, it's either getting more stupid, or maybe myself using AI saying that these things are done. There is no reason to use Adobe when you can get free amazing visuals like the chalkboards I'm showing you that take 2 seconds to do as long as you're using AI.

Here's CRM, Salesforce continuing to puke out.

there's no way to look at this chart of free cash flow and not realize that this is a massive bet. It's all I'm going to say. And that's why I want to be short these. They might end up winning, surviving. I don't think they're winning. Here's the Microsoft chart. This is a gruesome chart. This is not good. They are unchanged, and basically since ChatGPT came out, they just keep going lower and lower.

right now we have the largest drop in 1-year inflation swaps since basically the lows in stock in 2022, the peak in inflation.

I got out of Micron in the $600s. It's above $1,000. There's plenty of areas where I've just been focused too much that this can't continue because this chart looks scary.

I don't even know how Meta is still alive at this point. Uh, uh, with this. If you go back to 2024 and you go look at who led the open source model side, it was a name you never hear anymore. Llama. Meta hired all these people. They paid billions of dollars a year ago. What do they have to show for it?

here is my thematic portfolio, uh, relative to the hyperscalers. So now we're unchanged since the launch of ChatGPT on a relative basis. This is just beginning, guys. Still in the early innings.

We're finishing this year at basically the lowest PEG ratio in the last 22 years on this.

for the S&P 600, the small cap side, look how much it's collapsed and basically got down to the lowest level.

on the flip side now, you've got Bitcoin, which cannot get any single movement whatsoever. This is basically the agent world taking off here. There is no enthusiasm. I do not care about putting more money into something that is below the 200-day, that fails at every— we failed again at this thing.