E7: NVIDIA AI BUBBLE - We Can't Stay Quiet Any Longer
Ticker Symbol: YOU2024-03-03
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💫 Short Summary
An expert dismisses claims of an AI and tech bubble by comparing current market data to the dot-com bubble of 2000, highlighting differences in valuations and returns. The NASDAQ 100 performance and PE ratios in 2000 versus today support the argument that the current market is not in a bubble. The speaker shares personal trading experiences and strategies, emphasizing the importance of adapting strategies to avoid losses. Comparisons between past speculative froth in the stock market and current trends in tech and AI companies are made, with emphasis on Nvidia's exceptional financial performance. The video stresses the importance of understanding market dynamics and technological advancements for sound investment decisions.
✨ Highlights
📊 Transcript
✦
Expert with 26 years of experience debunks AI and tech bubble claims.
01:33Subscriber base includes hedge fund managers and financial journalists.
Points out variances in valuations and returns compared to the dot-com era.
Emphasizes that the current market is not in a bubble.
Analysis derived from personal experience and thorough research offers a distinctive viewpoint on the current market.
✦
Analysis of NASDAQ 100 performance from 1995-2000 to 2018-2024.
06:53NASDAQ 100 saw a 12x increase in 5 years from 1995-2000, whereas it only saw a 3x increase from 2018-2024.
Despite being 8% above the 2021 peak, the current market situation is not considered a bubble.
Earnings for companies have been growing, which supports current valuations.
Valuations in 2000 were higher than today's, showcasing a difference in market movements and indicating that the current market situation doesn't resemble a bubble.
✦
A Look at the NASDAQ PE Ratio Over Time
08:45The NASDAQ PE in March 2000 was 175, compared to 42 today.
If at the same level, NASDAQ today would need to be at 64,000, currently at 16,000.
Tech stocks like Qualcomm, Broad Vision, and ARM Holdings saw massive gains in 1999.
Nvidia is up 245% in the past year, not meeting the criteria of a bubble like in 2000.
MicroStrategy saw a 45x increase in a 12-month period.
✦
Speaker reflects on stock market trading experience.
16:18Initially made money but ended up losing it all.
Focused on technical trading and developed a process involving moving averages.
Key strategy is selling a stock if it closes below the 200-day moving average.
Emphasizes adapting strategy to avoid losses.
✦
Analysis of stock performance over the past 12 months.
18:22Comparison of current stocks to those during the dot-com bubble era, with a focus on AI stocks.
Notable increases in some stocks, but smaller magnitude compared to historical trends.
Market valuation metrics indicate the market may not be in a bubble.
Limited number of AI stocks showing significant growth.
✦
Comparison of internet IPOs in 1999 to non-internet related IPOs.
22:47Significant returns of internet IPOs with companies adding '.com' to their names.
University of Florida study shows surge in IPO activity in 1999 with over 70% first-day return.
Emphasis on parallels between IPO frenzy of 1999 and current trends.
Higher multiples and investor interest in tech and AI companies highlighted.
✦
Increase in IPO activity in late 1990s.
26:09Companies like VA Linux and The Globe.com saw huge first-day returns despite lack of profitability.
Comparison of late 1990s IPO market to present day, noting lack of similar first-day doubling in recent years.
Changing IPO environment discussed, with mention of companies like ARM as key players in current AI revolution.
✦
Comparison between Nvidia and other leading companies in the AI Revolution.
32:26Stocks in 2000 were highly speculative, while caution is seen today due to the high market caps of some companies with no sales or earnings.
Discussion on the IPO frenzy and potential future trends in the market.
Analysis of Nvidia versus Cisco and their significance in the current stock market landscape.
✦
Nvidia's exceptional financial performance is showcased, with a net income of $29.7 billion in the last 12 months, surpassing Cisco.
36:35Despite comparisons in market capitalization, Nvidia's PE ratio remains lower, suggesting that the company is undervalued.
Earnings growth has exceeded the increase in stock price, alleviating concerns of a possible bubble.
The company's gross margins of 72% and rapid growth in sales and earnings provide strong support for its valuation.
Nvidia's market capitalization reaching $1.9 trillion is unprecedented for a company of its size, setting a record for the speed of sales and earnings growth.
✦
Revenue growth of top 10 NASDAQ 100 stocks in 2000 compared to today shows a 12 times increase in total revenues.
41:07Despite the revenue growth, NASDAQ 100 price has only increased by 370%, suggesting potential undervaluation.
NVIDIA's earnings growth surpassing stock price increase demonstrates strong financial performance.
Understanding stock market dynamics and keeping informed about technological advancements is crucial for investors.
✦
Impact of technology companies on customer financial stability.
43:58Cisco, Intel, and Oracle targeted smaller companies, leading to financial instability when customers went out of business.
Modern companies like Meta and Tesla, major customers for Nvidia, are financially stable.
Countries are investing in AI networks, with Apple focusing on generative AI.
Nvidia charging a premium for GPUs due to strong demand and high return potential.
✦
Companies like Apple, Nvidia, Microsoft, and Meta are purchasing GPUs instead of building them due to Nvidia's technological lead.
46:08Competing with Nvidia is challenging, and the speaker highlights the risks of companies like Apple venturing into unfamiliar territories like GPU manufacturing.
Concerns about a market bubble are raised, and the importance of providing objective information to the audience is emphasized.
Doubts are expressed about current stocks resembling the tech bubble of 2000.
✦
Importance of thorough research in making informed investment decisions.
49:19Speaker's personal experiences from the 1999-2000 market crash are shared to demonstrate how stocks can rise or fall significantly without being considered a bubble.
Differences in valuations and stock performance between the stock market in 2000 and the present day are highlighted.
Risks associated with companies going public too quickly, leading to potential failures and losses for investors, are discussed.
✦
Nvidia's market cap could reach $5.8 trillion if it traded at Cisco's peak PE ratio, with stock price estimated at $2300 per share.
53:22Meta, Google, Microsoft, Tesla, and Amazon are purchasing from Nvidia, showcasing high quality and potential profitability.
Current tech environment differs from dotcom era as companies like Meta and Salesforce are starting to pay dividends, reflecting strong financial positions.
Research insights emphasize the importance of sound investment decisions and highlight potential opportunities in the market.
00:00so no matter where we turn everybody
00:02seems to think that we are in aom style
00:05Tech bubble I think that this is a
00:07bubble and I don't use that term lightly
00:09we're now you know deeply into into
00:12bubble territory we are living through
00:14just a massive AI bubble So eventually
00:17that suggests that there's going to be a
00:19reckoning so what I decided to do for
00:21this special episode of funding awesome
00:23is bring in my good friend Larry
00:24tentarelli and talk about whether we are
00:27or are not really in an AI bubble the
00:30stock market your time is valuable so
00:32let's dive right into it Larry I think
00:34the first question everyone is going to
00:35have is what the heck qualifies you to
00:38tell us if we're in a bubble right now
00:40sure Hello Alex thank you for having me
00:42on I started in the market in
00:461998 so I'm going on year number 26 now
00:49I was a series 7 licens broker with
00:52maril Lynch
00:541998 to 2003 so I actively traded right
00:59through through the run up and then the
01:02run down in the NASDAQ 100 back then so
01:06I lived through the do bubble on a
01:10professional basis and on a daily basis
01:13I made a lot of money I lost a lot of
01:15money but what I decided to do after the
01:19NASDAQ melted down in
01:222201 I decided to really study what
01:25happened and commit myself to be sure
01:28that that didn't happen to me again
01:30about last May is when I really started
01:33to see the the bubble talk start to show
01:36up on Twitter there was already talk it
01:38was an AI bubble it was a tech bubble
01:41I'd say about 90% of the posts that I
01:45saw were very bearish I've got a
01:47subscription-based website it's a
01:49research website called bluechip
01:51daily.com our subscribers include hedge
01:55fund managers portfolio managers
01:58research analysts Financial uh
02:01journalist and Retail investors some of
02:04our commentary has been featured on CNBC
02:08Barons Bloomberg Reuters and a few other
02:12sources I've been posting for 11 years
02:15since January 2013 and and we've been
02:18fortunate I've developed a follower base
02:20of over 90,000 people and I said to
02:23people I don't think that this is a
02:25bubble whatsoever and I think that this
02:28is going to continue a lot longer than
02:31most people think and now here we are 10
02:34months later and I think the same thing
02:37I don't see a bubble whatsoever based on
02:40my prior experience living through the
02:42dotc bubble we did the research and
02:44compiled the hard data and we're going
02:47to compare all of the numbers from that
02:50bubble in March 2000 versus all of the
02:53numbers today and I think that when your
02:56viewers get done with this video they'll
02:58probably come to the same same
03:00conclusion that there there's nothing
03:01today that looks anything like the
03:04bubble in 2000 so we have somebody who's
03:08not only lived through it but invested
03:10through it on the way up and way down
03:12professionally who's seen all the
03:14emotions tied up with the bubble of 2000
03:17and who's pulled all the cold hard data
03:19and compared it then versus now this
03:22Nvidia Le AI bubble to see if there
03:25really is a pattern here I'm super
03:27excited for it let's dive right into it
03:29here's what I see we're going to talk
03:31about six reasons why we are not in a
03:35tech bubble so first thing NASDAQ 100
03:381995 to 2000 over a fiveyear period it
03:42went up
03:4412x whoa yeah and we're wait till you
03:47see these charts NASDAQ 100 this 5year
03:50period 2018 to 2024 we're up 3x so 3x is
03:55a good return but it's definitely not
03:5812x number two valuations the NASDAQ
04:01Composite PE in March 2000 was
04:06175 the current NASDAQ PE today is 42 so
04:10if we just look at valuations the
04:13valuation today for the NASDAQ is 76%
04:17lower than it was in 2000 we're going to
04:19talk about some parabolic stocks we're
04:22going to look at IPO activity and then
04:24the big comparison that that I've heard
04:27for over a year now is a lot of people
04:29like to compare Nvidia to Cisco and they
04:32say that you know Nvidia today is Cisco
04:35back in 2000 nowhere near close we're
04:38going to go through the math and then
04:39we're going to talk about profitability
04:41so I want to get started with these
04:43charts I said that not only do I think
04:46that this is not a bubble I said but I
04:49think that this is probably going to go
04:50on much longer than most people think
04:54because these Cycles generally don't end
04:56after a few months it's one thing to
04:58have an opinion
05:00but the numbers really tell the story so
05:03this is a NASDAQ 100 chart
05:061995 to 2000 and if we take a look in
05:09the bottom leftand corner we can see
05:111995
05:1437996 the so we'll call it 400 for
05:17simple math over five years we went from
05:21400 to the peak
05:264,816 this was March 10th of 2000
05:30so from 400 to 4,800 that's a
05:3412x
05:36run in five years and three months so
05:41what I wanted to do is let's take a look
05:43at today's NASDAQ 100 let's take the
05:47same fiveyear look back period and see
05:51how do we compare so this is 2018 to
05:552024 what I want to do just to be fair
05:58is I want to take the very lowest number
06:01that I can find so we can compare the
06:04run so from
06:065800 to
06:0817962 that's a 3X run now 3x is nice
06:14over five years but keep in mind
06:1895 to
06:202000 12x run so if huge difference yeah
06:25so if if we were at the same level today
06:29that the bubble Top in 2012 X the NASDAQ
06:33100 would need to trade for 70,000 right
06:38now yeah very different from where it is
06:41today and Alex here's another
06:42interesting thing if if we take a look
06:44at the nasac 100 today so we're just
06:47under
06:4818,000 right now if we look at the peak
06:51in
06:522021 we can see the the peak in 2021 was
06:5816764 so so we are less than
07:028% above the highs in 2021 and I just
07:06think it's difficult to call something a
07:10bubble when it's only 8%
07:137% over the prior high does that make
07:16sense that does and it's also important
07:18to understand like how much time has
07:20passed since that prior high for
07:22earnings to catch up to these valuations
07:25right so it took well over a year to
07:27reach a new high and in that time these
07:29companies have been growing they've been
07:31adding more to their bottom line they've
07:33been adding more customers right right
07:37Apple's making more money Microsoft is
07:40making more money all these companies
07:42are are making more money as as the
07:45prices going up on the NASDAQ 100 and if
07:47we go back to that chart for a second
07:50you can see from
07:51[Music]
07:531999 to 2000 this was maybe 15 months
07:58the NASDAQ 100 just it more than doubled
08:01so if the prior Peak was 2500 you're up
08:05at 4,800 I mean just imagine if if the
08:08NASDAQ 100 today doubled in a 12- month
08:12period that's that's what a bubble feels
08:14like yeah yeah completely different
08:16exactly right exactly right so the the
08:20first Viewpoint 12x versus 3x we're
08:24we're just really not anywhere close as
08:27far as the actual move in the market
08:29market so the second thing I want to
08:32take a look at valuation so we're going
08:34to compare NASDAQ Composite March
08:372000 versus the same thing NASDAQ
08:41Composite today the NASDAQ Composite PE
08:45in March 2000 was
08:48175 the current NASDAQ PE today is 42 so
08:52once again if we're talking apples to
08:55apples we are
08:571/4 of the valuation in the NASDAQ
09:02today versus at the top in 2000 so just
09:06to give you an idea if if we were at the
09:09same level the NASDAQ today would need
09:12to be at 64,000 and right now it's at
09:1516,000 the
09:17NASDAQ 100 would need to be at least
09:21four or five times higher than it is
09:22today exactly right four times higher
09:25four times higher than it is today right
09:27and by valuations the PE
09:29we're still another factor of four off
09:31right right so whether we're going by
09:34Price or by Price divided by earnings so
09:37far we are nowhere near the.com bubble
09:40levels of 2000 right yeah big difference
09:44here now here's the the next thing the
09:46next point that I wanted to look at
09:48because everybody I think by now is
09:50familiar with super micro smci it's gone
09:54on a really strong run it's been a very
09:56strong stock but Alex here's what I can
09:59tell you in in 988 99 we had 20 super
10:05micros and I'll tell you what I mean
10:07this is from The New York Times and what
10:10this shows this talks about
10:121999 Qualcomm Rose
10:162,619 per so it went
10:1926x just in 1999 and and wait till you
10:23see some of these charts that I'm going
10:26to show you 12 other stocks went up at
10:29least
10:311,000% and a further seven issues went
10:34up at least 900% so you had 20 stocks
10:38that went up
10:40900% or more in one year that is massive
10:45it's that's nuts are these stocks like
10:48from all over the place or are these
10:50like All Tech like what kind of stock
10:52okay were all Tech and we'll take a look
10:54but they were all Tech they were all
10:57internet related so this is from CNET
11:01and this shows if we look here top tech
11:03stocks for1
11:051999 Qualcomm
11:0826x broad Vision went,
11:111400% veras sign I think they might
11:14still be around that that was up almost
11:171200% arm Holdings I wonder if that's
11:20the same arm it is yeah arm's been
11:22public like several times it's been
11:25public then went private then got
11:26acquired then public again okay yeah I
11:29think it's the same arm yeah so that was
11:31up
11:311,00% all of these stocks were Tech
11:36related internet related some type of
11:39Doom but keep in mind super micro today
11:43that's the the home run hitter super
11:46micro over the past year would barely
11:50crack this top 10 lineup okay so what
11:54about the other stocks like Nvidia and
11:56every other stock that people are
11:58associating with this so-called AI
12:00bubble so in Nvidia over the past year
12:04nvidia's up about
12:06245 per so it wouldn't even be close to
12:09any of these stocks that's an
12:11interesting fact the comments that I see
12:12a lot are this is an Nvidia Le bubble
12:15and sort of what you're saying is NVIDIA
12:17doesn't even meet the criteria to have
12:19this be called a bubble if we're
12:20comparing it to 2000 right Nvidia really
12:24wouldn't even be a blip on the screen
12:27back then so here here's what I mean by
12:29parabolic stocks this is micro strategy
12:32and this is the same micro strategy
12:34that's still around right now this stock
12:37went
12:3945x in a 12-month period 45x so
12:44400% in a 12-month period correct so if
12:46you put $1,000 into it in the middle of
12:5099 your investment was worth
12:53$45,000 less than a year later that is
12:56insane yeah if you put if you got lucky
12:59and you put 10 grand into it you had
13:02450,000 so we're we're talking about
13:05what super micro going going 10x micro
13:08strategy went 45x
13:11Qualcomm went
13:134200 in 18 months so if we take a look
13:18in 98 October it was trading at a $150
13:22in change
13:24$65. 39 at the peak so this is a 40
13:292 100% run your your 1,000 would turn
13:34into 42,000 in 18 months and and Alex
13:37I've got to tell you I was in these
13:39stocks I used to I used to trade these
13:41stocks and every single day just imagine
13:43if you had a stock today that went up
13:474200 per in an 18month period I can't
13:51imag yeah I'm I'm living in the wrong
13:53time man yeah listen the here's the good
13:56news the good news is that I had some
13:58qualcom on the way up the bad news is I
14:01also had some qualcom on the way down
14:04and I thought it would be a good idea to
14:06buy the dip now keep in mind I just
14:09started in the business I think at the
14:12time I was 29 years old and I didn't
14:15really know anything about anything but
14:18when I got started so I started right
14:20about here everything just went up and
14:23we were conditioned just by the dip just
14:25by the dip because it's going to keep
14:27going up so once things started to go
14:29down we just kept buying the dip and we
14:32bought it all the way down and and it
14:34cost a lot of money which by the way is
14:36still largely the message that most
14:39retail investors get today so I'm glad
14:41you're sharing that because that is
14:43something that I think is really
14:45powerful to hear right and the best way
14:48to get better as an investor is to hear
14:50that and understand that you need to
14:52adjust your own strategy accordingly you
14:55know so I'd love to hear a little bit
14:57maybe for a couple minutes just just
14:59what did you learn since then what are
15:00you doing differently now big big
15:02difference great question so I started
15:04to trade here made a lot of money gave
15:06it all back and and once you blow up
15:09your trading account which is what I did
15:12I had no more money left to trade so
15:15this was back in 2002 so I I took a
15:19break from trading for a couple of
15:21months and then I sat down and and I
15:24wanted to figure out just where it went
15:27wrong because
15:29it wasn't Alex it wasn't just me it
15:32wasn't just the the people that I worked
15:35with it was everyone maril Lynch Janice
15:39had a fund called the Janice 20 fund
15:41they might still have it right now maril
15:44Lynch rolled out a product called the
15:45focus 20 it was a u and it was just
15:49basically 20 tech stocks you know norell
15:51and Cisco and these things lost 8090
15:54cents on the dollar so it wasn't just
15:57new investors it was wasn't just the
15:59retail investor so what I decided to do
16:02I wanted to figure
16:04out what could I do again so that I
16:07would feel safe investing my money again
16:10and not go through the same thing so I I
16:13eventually discovered technical trading
16:16I've got a technical process that I
16:18follow that I've worked on for over the
16:20past 22 years right now that I'm very
16:22proficient with it I use moving averages
16:25quite a bit and the key thing is no
16:27matter how good a stock is if I'm
16:30holding a stock and it closes below the
16:33200 day moving average then I sell the
16:36stock I can always buy it back if it
16:39goes back up I looked at these charts
16:42like Cisco and and JDs unase and Intel
16:45and what I found is if the only thing
16:48that I did was just sell those stocks
16:53when they broke the 200 day moving
16:55average and I didn't buy anything and I
16:57didn't buy them I didn't try to found
16:59the bottom I realized if I did that I
17:02would have probably saved 50% 60% of my
17:06capital and that's that's why I use
17:08right now a 100% technical process sure
17:12no that's that's super interesting yeah
17:14so getting back to you know the dot
17:17bubble versus the AI bubble let's talk
17:19about some of these parabolic stocks
17:21yeah let's take a look at today so we
17:23had a quick one JDS unase Alex this was
17:26just 3818 months I shouldn't even be
17:29bringing this one to the table it only
17:31went up 38 fold but here here's where we
17:34are today so I took this information
17:37from finviz and what I wanted to do to
17:40to be because keep in mind I want to be
17:43100% objective I don't want to cherry
17:45pick I want to just take Apples to
17:47Apples so I went into the screener and I
17:51went for the loow hanging fruit so
17:53there's
17:552,370 stocks in this fin viz database
17:59over 1 billion market cap so I took
18:02stocks that were $1
18:04billion market cap or higher and I took
18:08the top 20 performers so over the past
18:1212 months here's the top 20 performers
18:15so here's super micro up
18:191,7% over the trailing 12 months the
18:22only stock that's ahead of that is a
18:25very small biotechnology stock $1.4
18:29billion market cap but keep in mind this
18:33stock is up
18:342400 over the past year which means when
18:37it started this run it was probably what
18:40a $50
18:41million or a $60 million stock so it was
18:44really a micro cap yeah tiny very small
18:48but here's the thing top 20 stocks
18:50remember in
18:521999 we had 20 household names common
18:56tech stocks 20 20 stocks that were up
19:00900% plus if we go back right now we
19:04only have two stocks that are up 900%
19:08plus and one of them is is a speculative
19:10biotech and the key thing if we go back
19:13on this list you'll see that there's
19:15seven or eight of these stocks are
19:18really biotechs so it's not really the
19:21same Apples to Apples speculative
19:24biotechs versus stocks that were were
19:27very popular back in the day that's a
19:30great Point too so basically what you're
19:32saying is for an AI Le bubble a lot of
19:35the stocks today certainly aren't even
19:37AI stocks correct when I look at these
19:40stocks super micro that's a tech stock
19:43that I think we're all familiar with
19:45Giga Cloud technology that's a very
19:47popular stock I think it's the IBD
19:49number one in their top 50 but then
19:52we've got biotech biotech clean spark in
19:56the in the Bitcoin miners but that's up
19:59400% 500% now keep in mind those are big
20:03moves those are great moves but these
20:05moves are nowhere near 20 stocks up 900%
20:10over the past year I I would say you've
20:12got one you've got super micro so so far
20:16the index is one quarter of the price it
20:19would need to be to be a bubble the
20:21index's valuation so it's pric to
20:23earnings is about one quarter where it
20:25needs to be for it to be a.com Style
20:27bubble and for being an AI Le bubble
20:30there sure aren't a lot of AI stocks
20:33that have made big moves at all and big
20:35is relative because these big moves that
20:37we're looking at today are still much
20:39smaller in order of magnitude smaller in
20:42fact than the moves that many more
20:44stocks that were already bigger made
20:47during the dot bubble do I do I have all
20:49that right so far you you have it
20:51exactly a th% right cool I'm actually
20:55spending a lot of my time just listening
20:56and absorbing like I hope that this is
20:58as useful for the audience as it is for
20:59me because for me yeah go ahead you you
21:02know why and just to take a second the
21:04the key reason I wanted to put this
21:06together I have subscribers on my
21:09website I've got a lot of followers on
21:12Twitter and a lot of people reach out to
21:13me or or they get they get worried
21:15they're like Larry I'm worried that
21:16we're in a bubble so what I wanted to do
21:19because I know in my head that that this
21:22this right now does not feel like what
21:25that felt like what that felt like that
21:27was like being at the Vegas casino maybe
21:30you know the slot machines it was Alex
21:32stocks would go up 100 points a day if
21:35you remember the moves that we had in
21:37super micro uh a couple weeks ago after
21:39earnings when it went from like 370 to a
21:42th000 we were we were having those moves
21:46for a year and a half in 20 30 40
21:50different stocks so when I look at when
21:52I look at Super Micro I'm like hey you
21:54know that that's a that's a great stock
21:56but we just had that every day I mean
21:58that was just par for the course back
22:00then that it's incredible how different
22:02those two environments are and and I'm
22:04glad you're pointing that out right yeah
22:05because in 2000 a large part of my
22:08audience myself included to be honest we
22:10were still in school or at least not in
22:12any sort of financial position to be
22:14watching the stock market to the point
22:16where we're sweating about price action
22:18one way or the other right so hearing it
22:20from somebody who's been in both places
22:22then and now it's great to hear
22:24firsthand yeah it's and and sometimes I
22:27talk to my friend when we talk about the
22:29good old days and now keep in mind those
22:31stocks would also go down 100 points in
22:33a day too so you really you really had
22:35to learn to to manage the volatility but
22:38that's why I really don't get rattled
22:40when I see these moves now we're going
22:42to take a turn to the real speculative
22:47froth so this is something that we
22:48haven't even seen right now and I want
22:50to talk about the IPO frenzy this was in
22:55in
22:561999 and we're we're going to look at
22:58some big numbers in a minute but the
23:00average internet IPO ended the year
23:04266 per above it its offering price
23:09compared to for non- interet related
23:13IPOs a gain of
23:1559% at the end of the year so if you had
23:19an internet IPO on average you were up
23:24266 per non- internet IPO 59% % so about
23:28a 400% greater return if you were
23:32internet related which is really
23:34interesting we see parallels like that
23:35today right so back then I imagine if
23:38you just changed your name from company
23:40X to company x.com right you saw much
23:43bigger multiple right and what we're
23:45seeing and what we're seeing today x.com
23:48AI instead of x.com to do the same thing
23:52right convince investors you're some
23:53sort of AI company they give you a
23:55higher multiple they they had stamps.com
23:59uh pets you know web van.com where
24:02they're going to deliver groceries
24:03basically this is the IPO frenzy so this
24:07is from a University of Florida study so
24:10what this shows in
24:121999 there were
24:14446 total IPOs the average first day
24:18return was was just over 70 per. if you
24:23go back the five years before that it
24:26was right around uh
24:2916% 15% 133% then all of a sudden 98 21
24:3599 70% so your average first day was up
24:4070% it it gets better so this is this is
24:45the slide but we put this into a
24:47spreadsheet format to make it a little
24:50bit easier to read so the slide just
24:52quickly for your viewers this is from
24:54the same University of Florida a study
24:58it can be found online but this shows
25:01the top 10 first a pops so the top 10
25:07IPOs average first day return plus
25:1254% first day Wow first first day so and
25:18here's the math so VA
25:20Linux the offering price was $30 a share
25:24it closed the first day $23 9 so up
25:30697 and we did some research I couldn't
25:34find any IPOs whatsoever over the past
25:38year remotely close to this I don't know
25:40if if you off the top of your head know
25:42of any no not at all and I mean now it's
25:45so obvious why there were over 440 IPOs
25:48in a single year back then more than one
25:50per Market Day right even if you start
25:53including things like the fed's interest
25:54rates we are not even close to that
25:58level of IPO activity today right I I
26:00couldn't find we did all the research
26:01but so the globe the globe.com at the at
26:05the
26:06time this was the IPO so
26:091998 it went up
26:1266% first day and and this was the one
26:16that really got everybody's attention
26:19CNBC was doing coverage all the time
26:22Fortune Magazine everything was a
26:24brokerage commercial but this was the
26:27one from from what I remember that
26:29really started to ring the bell and then
26:31you can see Foundry networks 525
26:3657% aamai technology still at is is a
26:40stock that trades right now that was up
26:424 58% but that's the top 10 average
26:47first day return plus 500% and and Alex
26:51it didn't matter if they had a business
26:54plan I I would venture to say that that
26:57most of these companies at the time they
26:59came public weren't profitable were not
27:01profitable from what I can remember I've
27:04never seen anything like it I honestly
27:06don't think that I will ever see
27:08anything like this again I don't think
27:09we're I don't think we'll even see that
27:11this time so let's let's double click on
27:14that point for a second you're talking
27:16about companies that don't have business
27:18plans companies with low to no earnings
27:20how does that compare to today you know
27:22are we seeing the same sort of thing for
27:24example stocks with crazy PE ratios can
27:27you walk us through the comparison then
27:29versus now absolutely so a couple things
27:32most of these companies didn't have PE
27:34ratios because they didn't have any
27:37earnings so we're we're going to go to a
27:40company in in just a minute and then
27:42we're going to come back to your
27:44earnings question because I do have that
27:45on a slide so what this shows number of
27:48IPOs that doubled on the first day 1997
27:53there were two all year 98 there were 12
27:56all year in 19 1999 117 IPOs doubled on
28:01their first day of trading wow and if
28:04you add the first quarter of 2000 there
28:08was another 48 so if you look on this on
28:11this graphic here also from the
28:13University of Florida in five quarters
28:17there were 165 IPOs that doubled on
28:21their first day and I don't think Alex I
28:25couldn't find one right now one IPO that
28:30doubled on the first day in 2023 now it
28:34it might be out there and maybe we
28:36couldn't find it but I couldn't find one
28:39definitely not 165 no for sure that is a
28:42great point you know IPOs today we're in
28:45a different IPO environment than we were
28:46in 2000 for sure but still you would
28:49expect great companies like for example
28:51arm yeah right Nob brainer at the heart
28:54of the AI Revolution especially on the
28:57INF inside for Edge devices arm is a
28:59major player in AI at the hardware level
29:02Nvidia another one didn't IPO but still
29:05we're talking about these companies that
29:06are leading the AI Revolution not coming
29:09anywhere close to these kinds of price
29:12moves or multiples right we're not even
29:15close and we're going to take a look in
29:17a few minutes what what we did was we
29:20went back and we did the homework and we
29:23dug up the annual reports for the top 10
29:27companies in the NASDAQ 100 March 10th
29:30of 2000 at the top and what we did was
29:33we charted out what did they do for
29:35revenues what did they do for earnings
29:38and how does that compare with today and
29:40we're going to take a look at that in
29:41just a few minutes but I wanted to
29:42answer your prior question so this is a
29:45headline from
29:46CNN July of 2000 and what this shows
29:50there was a fiber optics company called
29:53corvis they raised a billion dollars in
29:56an IPO but it says the company managed
29:59to obtain a
30:0127.6 billion market cap with no sales
30:06with no sales no sales so forget about
30:09earn forget about having earnings they
30:12had no sales they had two customers that
30:16had that said they might buy $400
30:19million of equipment from them might buy
30:22over a two-year period so this was a
30:26company 20 7 billion market cap no sales
30:31so when we talk about speculative stocks
30:34today that doesn't even come close to
30:38the type of speculation people were
30:40doing no in 2000 right like like I have
30:43two maybe customers right now and I
30:46certainly am not valued at$ 27 billion
30:49right here here's what it was what what
30:52Wall Street figured out was everybody
30:54wanted these stocks so when I was a
30:56broker broker at maril Lynch the way it
30:59worked is maril Lynch and this is all
31:01brokerage firms everywhere you would get
31:04allocated so many shares so many IPO
31:07shares you'd let your best customers get
31:11these IPO shares because let's say I'm
31:13your broker you're you're a big client
31:16of mine and I put uh the globe.com you
31:19know we buy some globe.com at thepo and
31:23it's up 600% on the first day you're
31:25going to do business with me probably
31:27forever and it didn't matter to anyone
31:32that these companies didn't have
31:33earnings it didn't matter that they
31:35didn't have sales because everyone was
31:37just making so much money that they just
31:39wanted to get public as fast as you
31:40could which is very different from what
31:43we're even seeing today right
31:45everybody's being super cautious about
31:47going public if we get to a phase where
31:50you start to see a bunch of startups
31:53start to come public and they've got AI
31:56in their name where AI is their business
31:58plan the way that a real bubble works is
32:02you need to get that that IPO frenzy and
32:06we haven't seen it yet I'm sure that we
32:09will at some point but we just haven't
32:11seen anything even close to it sure and
32:15you know we spent a lot of time talking
32:17about IPOs but don't forget that's
32:19that's just one point out of four so far
32:22right right the index the index is
32:24priced to earnings or it's multiple
32:26we've talked about specific stocks going
32:29parabolic then versus now what parabolic
32:32means and what kind of stocks are going
32:34parabolic right and now IPOs right so
32:38I'm hoping we can cover what I get as
32:40the most biggest comparison next which
32:42is NVIDIA versus Cisco right yes yes and
32:45and you know it's one thing to talk
32:47about companies that are gone that
32:49didn't make any money let's talk about
32:51the the heavy weights let's talk about
32:53the backbone of the current stock market
32:56and obviously we've heard the Nvidia
32:58versus Cisco comparisons so we did some
33:00math and here's what we we found out
33:03Nvidia for fiscal year 2024 which just
33:06ended their net income was $ 29.7
33:10billion so over the past 12 months they
33:13put $ 29.7 billion to the bottom line if
33:18we look at Cisco their best
33:21year fiscal year 2000 they put to the
33:25bottom line 2.6
33:27billion so Nvidia last year that we just
33:31came out of made 11 times more net
33:36income than Cisco did in their best year
33:39but here's the best part last quarter
33:43Nvidia made more money in 20 days last
33:47quarter than Cisco made the entire year
33:50fiscal year 2000 at the very top so even
33:53accounting for inflation these companies
33:55are incomparable
33:57not not even not even close and that's a
34:00good point because Cisco at one time was
34:02the was the biggest stock in the market
34:05they had over a$ 500 billion do market
34:08cap at their Peak but Cisco's PE at the
34:12very top was
34:15196 500 plus billion dollar market cap
34:18made two and a half billion if Invidia
34:21today traded at the same PE
34:25196 that Cisco had at their top Nvidia
34:29would be a $5.8 trillion market cap or
34:33it would be about twice as big as what
34:35Microsoft is right now that is insane
34:37and honestly only about three times
34:38bigger than it is today which is really
34:40funny but it would be nearly a $6
34:44trillion company correct right that's as
34:47as high as some valuations have gotten
34:49we we haven't really seen anything like
34:51that in fact companies are just starting
34:53to crack the three trillion dollar Mark
34:55for the first time yes so yeah here's
34:57the key thing is nvidia's PE today is
35:03actually lower than when it started this
35:06run people talk about Nvidia is a bubble
35:08so we took this from finviz and I want
35:12to take a look at the metrics so what
35:14this shows is that for the past 12
35:17months nvidia's stock is up
35:2223.47% trailing 12 months up 230% but
35:27earnings per share is up
35:30764 per. and then this is for the entire
35:35year so the entire year of 23 versus
35:38fiscal year 24 up 586 per. so the key
35:43thing is that the stock price has not
35:47gone up anywhere near as fast as the
35:50earnings growth that's right and what
35:53you would see in a in a real bubble
35:55would be actually the opposite where
35:57let's say maybe the earnings went up 40%
36:01and the stock goes up 200% do you see
36:04what I mean yeah we would expect higher
36:06multiples if this is a bubble right and
36:09we don't know what's going to happen in
36:12five years we don't know what's going to
36:13happen really in in five days but when
36:16when they look at what the growth is for
36:18the company right now what their Market
36:20is they've got gross margins of 72% is
36:24what it shows here just huge huge huge
36:27numbers so for NVIDIA to be up
36:31230% over the past year but sales and
36:35earnings are up 265 per 764 per. the
36:41it's to me it that's not anything that
36:43looks unfairly valued yeah their their
36:47multiple is actually shrinking if
36:49anything right their PE like you were
36:50saying earlier is lower today than it
36:54was at the start of this run right I
36:56I've never I've got to tell you this
36:57Nvidia is the number three market cap
37:00stock in the market 1.9 trillion I've
37:03never seen a company anywhere even close
37:07to the size of Nvidia that has has put
37:10up these numbers as fast as they have I
37:13I think it it's it's got to be a record
37:15for a company that's this big to have
37:19grown their their sales and their
37:21earnings so fast because keep in mind
37:24they did 60 billion in sales but they
37:26put almost half of it to the bottom line
37:30that's that's an unbelievably High
37:31number they're printing cash yeah oh
37:34give myself a single pat on the back
37:36here this is why it's so important to
37:39understand the science behind the stocks
37:40because if you were watching my channel
37:4218 months ago you saw this from the
37:45technology side before it hit their
37:46balance sheet when we were talking about
37:48nvidia's undisrupted moat the way they
37:51are the kings of parallel Computing and
37:53how the AI Revolution is going to be
37:55powered by gpus right and
37:58accelerators now we're just seeing it in
38:01the bottom line it's great to come full
38:04circle and see this for sure yeah really
38:05it's just great job on your that's how
38:08that's how you and I connected because I
38:09was watching your videos and I said wow
38:11this this guy has he's got the best
38:14videos the most detailed videos that
38:16I've seen but in the year
38:182000 it was about the promise of
38:22profitability if we take a look at Cisco
38:25and we dug up their annual report so
38:28this is fiscal year 2000 they did 18
38:32billion in sales but they only put to
38:34the bottom line 2.6 billion so if we
38:39compare apples to apples Nvidia just put
38:4311 times more to the bottom line now
38:45Cisco was not even the top earning stock
38:49so in 200000 what we saw was price over
38:52earnings skyrocketing P went way up what
38:57we're seeing with Nvidia is e is going
38:59way up and price is following it right
39:02so the price to earnings ratio is
39:04staying roughly the same if not getting
39:06smaller because earnings is going up
39:09their margins are high they're making a
39:11lot more actual money and getting it to
39:14the bottom line that's why their
39:16valuation is climbing so fast correct
39:18they're yes they're the earnings for
39:21NVIDIA have gone up much faster than the
39:24stock price has and that's why the stock
39:26is moving so much what we did was we
39:29went back and I've got the the data for
39:32this we'll look at that in a second the
39:34NASDAQ 100 the top 10 stocks at the very
39:38Peak March 10th of 2000 so you're going
39:41to see some interesting names Microsoft
39:43Cisco Systems Intel Oracle Sun Micro
39:47Systems is gone Dell is is still here
39:51Qualcomm Yahoo Applied Materials and JDS
39:55unase versus our top 10 today Microsoft
40:00and this is as of yesterday Microsoft
40:03Apple Nvidia Amazon alphabet meta Tesla
40:09broadcom asml and AMD but here's the key
40:12thing in in
40:142000 if you look at the top 10 stocks
40:17the number one company for Revenue was
40:20actually
40:21Intel 33 billion in Revenue which is a
40:25very good number
40:27if you look at the current number three
40:30right that's Nvidia 60 billion 30 29.7
40:35billion but if you add up the top 10
40:37March 2000 the top 10 in the NASDAQ 100
40:42total
40:45revenues 148 billion but if we add up
40:48the top 10 total revenues today it's 1.8
40:54trillion the revenue news for our
40:58current ndx top 10 is 12 times greater
41:03than what the revenues were in 2000 but
41:07the price of the NASDAQ 100 itself is
41:11only up
41:14370% so sales have gone up 12 fold but
41:19the price of ndx right now is up 3.7
41:23fold so yeah like you said the price has
41:26not gone up as fast as the sales have
41:29which which means basically if we were
41:32in a bubble we would expect the price to
41:34be four times higher right right if we
41:37were in a in a comparable bubble we
41:40would expect the price of the NASDAQ 100
41:42to be a lot higher and here's here's
41:45another key point and there there are so
41:47many the one of the biggest differences
41:50that I see today is in in the year 2000
41:56the these companies like Cisco and
41:59Oracle and Sun Micro Systems all of
42:02these companies that are in this group
42:04they were selling you know all those
42:06IPOs that we talked about that went up
42:08600% and they didn't make any money yeah
42:11well those were the customers of Cisco
42:14and Intel and Oracle they were selling
42:17to you know the globe.com they were
42:20selling to VA Linux that was their
42:23customer base their best customers were
42:26companies that really weren't very well
42:28capitalized they had a lot of venture
42:30capital money but they didn't have a lot
42:33of sales so the problem what happened at
42:36the top here was Cisco Systems they
42:39loaded up on all this Telecom equipment
42:41and then guess what happened their best
42:43customers went out of
42:45business what what we've got right now
42:48when when you look at the quality of
42:49these companies
42:51Microsoft made 82 billion last year
42:56Apple 100 billion meta 39 billion so
42:59some of the biggest customers for
43:03nvidia's gpus Meta Meta is one of their
43:06biggest customers Tesla is one of their
43:08biggest customers look at the financial
43:11stability meta made 39 billion over the
43:14past 12 months guess what meta is not
43:16going out of business so the difference
43:18today is the
43:21customers for these
43:23gpus are are liquid some of the highest
43:27quality companies in the world back in
43:302000 a lot of these companies that were
43:32buying the gear from Cisco and Sun micro
43:34these were were upstart companies that
43:36didn't have any real Capital that's such
43:38a great Point like it's not just the
43:40quality of earnings it's the quality of
43:42customers too I'm going to steal that
43:44and use that in tons of videos because
43:47yeah I mean Jensen was meeting with a
43:49government officials so there there's a
43:52thing right now called Sovereign
43:55AI where entire countries have made the
43:58decision that they have to build out an
44:01AI Network right away if we look at the
44:05news yesterday Apple decided to scrap
44:08their EV business and they're shifting a
44:11lot of those people to to generative AI
44:14but when you're talking about Apple
44:16making a major commitment to it when
44:18you've got entire countries that have
44:21committed to build out these AI systems
44:24Alex they've got unlimited money it
44:26makes sense technologists talk about
44:28generative AI as if it's the next phase
44:30of the internet yes right so can you
44:33imagine being a country and saying nah
44:35we're not participating in the next
44:36phase of the internet or anyone yeah the
44:39this is not a bubble from a technology
44:42point at all it's it's the next chapter
44:45in The Saga of computing and what we're
44:48seeing is governments catching on giant
44:50companies like apple catching on and
44:52there's only one company right now
44:54really providing the heart of that
44:55infrastructure yeah and it's Nvidia and
44:58the difference between then and now is
45:00Cisco was sort of providing it to
45:03anybody that said they would want it
45:04whether they could afford it or not
45:05right Nvidia charges them charges
45:08$40,000 per GPU they have an insane
45:11premium because they don't have any
45:12competition right and people are paying
45:15that if I'm buying a $40,000 GP GPU it's
45:18because I think I can make more than
45:19$40,000 on it right look at the problems
45:22that Google's having right now that
45:24alphabet's having because of their
45:26struggles with Gemini and with Bard and
45:30you know they they've had problems since
45:32day one with Bard giving out bad
45:34information now they've got problems
45:36with Gemini and alphabet right now I
45:39mean the stock price shows it the CEO is
45:42under a lot of pressure and this is just
45:44one company because they haven't gotten
45:47AI right yeah yeah to your point look
45:50what it's costing them and they're not
45:51building that Hardware themselves either
45:53they're buying it from Nvidia and and
45:55here's the thing
45:56because and Apple's a great example I
45:59think I think Tim Cook's announcement
46:01came at the right time yesterday here's
46:03what it is Apple thought that they
46:06wanted to get into the electric vehicle
46:08business right the the EV business is
46:11not their core competency it's it's
46:14electronic devices so when it comes to
46:17gpus you know AMD they've got they've
46:21got a product that's going to do I think
46:23it's expected to do about 5% % of the
46:27sales of what Nvidia does there's talk
46:29that Microsoft wants to make their own
46:31gpus and meta might make their own gpus
46:34but keep in mind yep it it's such a huge
46:37barrier to entry you know Nvidia has
46:41such a technological lead that guess
46:43just like apple figured out that they
46:46probably weren't best served to try to
46:48make electric vehicles you know Meta
46:51Meta is probably not best served to try
46:54to figure out how to make a GP you
46:56that's going to compete with Nvidia
46:57because guess what it's it's just not
46:59going to happen who's going to beat
47:01Nvidia at their own game I don't know
47:03that's right and it's not about
47:04competing with Nvidia today it's about
47:06catching Nvidia overall in the race so
47:09there's no question that Google
47:11Microsoft meta could eventually make a
47:13GPU as good as what Nvidia has today the
47:16question is by the time they're able to
47:18do that how good will nvidia's current
47:21gpus be right right just like we don't
47:24expect that Nvidia is about to turn
47:26around and make the next Facebook or
47:27Instagram tomorrow or or I mean what
47:31would it say if Nvidia wanted to try to
47:32make an iPhone yeah we would be saying
47:34the same thing about Nvidia there's no
47:36way they're going to catch Apple there's
47:38no doubt they could make an iPhone right
47:39but by the time they come out with it
47:41how good will Apple's actual iPhone be
47:43right it's the same thing here I just
47:46don't see anything and when I go on
47:48Twitter someone will come in and say oh
47:50you know this is a bubble and I'll ask
47:52them you know what data what actual data
47:55data are you looking at today where you
47:59could compare today's market to 2000 and
48:02say it's a bubble I want to be
48:05open-minded because as I said I've I've
48:07got a a subscriber base and they rely on
48:11me for objective information and if it's
48:14good it's good if it's bad it's bad but
48:17I need to tell them you know the actual
48:20facts that I see based on my experience
48:23and that's what I'm sharing with you
48:24tonight I have the same thing here and
48:26it really keeps me up at night because
48:28the more comments I get the higher
48:30prices go the more comments I get that
48:32were in a bubble and the more I stare at
48:34my ceiling late at night and I worry are
48:37my convictions wrong when I talk about
48:39companies like Nvidia and Qualcomm and a
48:42lot of the same companies like Microsoft
48:44and Qualcomm that were even around
48:46during the tech and Telecom bubble and
48:48and here's the thing and and I want to
48:50be very clear for you and for your
48:53viewers I'm not saying that these stocks
48:56can't go down I'm not saying that the
48:59NASDAQ can't go down anything can happen
49:02to make stocks go down at any time but
49:05what the only thing that I wanted to
49:07look at is is this a bubble based on the
49:12definition of what we saw in the year
49:142000 and I don't think that there's any
49:17number that even compares to it sure and
49:19you know just like stocks can go up 40
49:2250% a couple hundred percent and it not
49:24be a bubble stocks can go down 10 20 30
49:2840% and not it not be a bubble popping
49:31right exactly so exactly you know a
49:34little bit of nuance goes a long way
49:35here right and I live through it you
49:38know how you talk about staying up at
49:39night I used to stay up at night every
49:41night because uh back then in in 99 2000
49:45listen I remember one day I was on
49:48margin I was in this stock called ulex
49:52which was a big day trader stock back
49:54then and there was like a a false report
49:57that I think they had missed earnings or
49:58accounting fraud the stock was down like
50:0140% pre-market and I was on margin and I
50:05think I lost like three month salary
50:07just that morning and I was like like
50:10physically sick I know the feelings that
50:12you have the one thing that I'll say the
50:16people that I've talked to that are
50:19calling this a bubble weren't trading in
50:22the markets back then because the people
50:25that I do talk to that that were trading
50:28back then they don't they don't call
50:30this a bubble but we did our own
50:32research so when we were comparing the
50:35stocks back in March of 2000 we l I had
50:38the research team literally go you can
50:41see this is from Intel's website we
50:43literally went to every company's
50:45website and pulled up their actual
50:48numbers so when when I discussed these
50:51numbers with you we we didn't just take
50:53this off Google we actually did the leg
50:56work and pulled the numbers ourselves
50:58and that by the way doing that is super
51:01important you know we have a small
51:02research team for tier symbol U we do
51:05the exact same thing we start from the
51:06bottom up we go directly to the source
51:09right and we put together our own ideas
51:11about what is going on with the
51:13technology of these companies how
51:15defensible that technology is and how we
51:17expect that defensible technology to
51:20turn into profits and ultimately affect
51:22their bottom line and return money to
51:24shareholders ERS so when we get it wrong
51:27it's because we got it wrong but when we
51:29get it right it's because we got it
51:31right and so that's important for a lot
51:33of reasons one of which is just having
51:35another independent data point to come
51:37to your own conclusions yeah so why
51:39don't we quickly summarize everything
51:42that we've covered so far because it has
51:44been a lot it it has been so quickly we
51:48looked at the charts in 2000 the NASDAQ
51:52100 went 12x over 5 years years today
51:56it's gone 3x so 1/4 of the move the PE
52:03at the peak was
52:05175 the PE today is 42 once again 1/4 of
52:10the valuation when we talk about
52:13parabolic stocks there were 20 stocks
52:16that went up by 900% or more and we
52:19looked at the micro strategies and the
52:20qualcom up 42x and 45x whereas the
52:26closest we've got right now is super
52:28micro I do think Super Micro is up about
52:3217x off the dead lows and that's that's
52:36the number one stock but it it's nowhere
52:38near the 45x or the 42x and and it's
52:42nowhere near 20 of these stocks up over
52:47900% over yeah would almost have to
52:49Triple again to those levels right
52:52that's that's that's absolutely correct
52:54this we talked about the IPO activity
52:57this was this was just really the
52:59biggest thing these companies came
53:01public so fast they ordered all this
53:03gear Cisco made all this gear then the
53:06companies went out of business and then
53:08Cisco was stuck with all the gear same
53:10thing with sun micro we talked about
53:13Nvidia versus Cisco and the key thing is
53:17that if Nvidia traded at Cisco's Peak PE
53:22then it would Nvidia would be a five 5.8
53:25trillion market cap which would equate
53:28in stock price to about
53:31$2300 a share for NVIDIA yeah that's
53:35insane and we also covered by the way
53:37that it's not just nvidia's earnings
53:39that are climbing like crazy they're
53:41also incredibly high quality corre
53:43because the companies that are buying
53:45from them meta Google Microsoft Tesla
53:49Amazon right these companies not only
53:51are not going out of business tomorrow
53:53they're some of the best compan compies
53:55on the planet and they plan to take
53:57these infrastructure Investments and
53:59eventually turn a profit with them
54:01exactly and then we looked at the
54:03profitability and basically this isn't
54:05like in 99 and 2000 where everything was
54:08going to be dotcom and the companies
54:10didn't have any money shareholders are
54:12looking for cash flow meta just
54:14announced that they're going to start to
54:16pay a dividend I think Salesforce
54:18announced tonight that they're going to
54:20start to pay a dividend and and the key
54:22thing is that these companies right now
54:24those leaders of the NASDAQ 100 today
54:29are
54:30cashr and it's just a totally different
54:32environment than what we saw in 2000
54:35it's yeah this is definitely the kind of
54:37research that I love seeing I love
54:39sharing this is the kind of research
54:42that I think can really change people's
54:44lives I'm so happy you came on and you
54:46shared all this with us Alex thank you
54:48so much I'm I'm glad that you invited me
54:50on I think it's a really important
54:53message that you and I had to discuss
54:55tonight and I'm glad that we were able
54:56to get together yeah likewise uh you
55:00want to tell us where we can find you
55:03sure so my my Twitter ID is also the
55:07same as my website so it's Blue Chip
55:10daily so Twitter is bluechip daily and
55:15my website also is bluechip daily.com
55:18and if you visit our website you'll see
55:22some of our technical analysis going
55:24back about five years now that's awesome
55:27well you definitely got a subscriber in
55:29me and I'm sure we'll be working
55:31together in the future and with that
55:32until next time this is ticker simple
55:34you my name is Alex and I'm joined by
55:36Larry and we're reminding you that the
55:38best investment you can make is in
55:43you
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