🥂 Festive Chaos in our live-streamed holiday special, complete with cocktails, banter, and a drunk Badger and Monkey!
🍸 Signature drinks take center stage with live cocktail mixing on-air. Festive classics plus questionable new inventions!
🎄 A spirited review of our bold 2024 market predictions, with penalty shots for errors $NVDA $EOSE $META $BTC #WeWork
🚗 $TESLA vs. $BYD: Who’s the EV market leader? Surprising results!
💡 Big Tech in 2024: Predictions about AI advancements, antitrust movements, and disruptive innovations. $CRWD $DDOG
🤔 Patreon Q&A: Fans weigh in with tough questions including “What kind of investor would Nietzsche be?” and “Can Tesla’s RoboTaxi beat Waymo?”
🔔 Key Takeaways:
✅ The value of investing accountability and lessons learned
✅ Why community matters in investing and podcasting alike
❄ Celebrate the Season: A heartfelt toast to Patreon supporters and listeners who make it all possible.
Segments:
[00:00:00] Introduction
[00:06:59] Biggest Tech Disruption of 2025
[00:12:19] Krzysztof’s Chaotic Recording Environment
[00:13:14] Love at First Sight
[00:16:10] Krzysztof Struck CrowdStrike From His Portfolio
[00:17:56] Monkey’s Shenanigans Come Good (Finally)
[00:21:47] Investing is our Purpose in Life
[00:27:18] Reviewing Our 2024 Predictions – with Penalty Drinking Shots!
[00:28:32] Question 1: Global GDP Growth
[00:31:59] Question 2: US Interest Rates
[00:34:58] Question 3: Black Swan Event
[00:37:22] Question 4: Magnificent Seven
[00:42:25] What Type of Investor Would Nietzsche Be?
[00:47:58] Our Top Three Legendary Investors
[00:54:07] Question 5: Tesla vs BYD
[00:57:29] Question 6: Big Tech Announcements
[00:59:50] Question 7: The S&P’s Biggest Winner
[01:04:10] Question 8: Major Company Failure in 2024
[01:06:38] Question 9: EOS Market Cap
[01:09:29] Question 10: Bitcoin Price At Year End
[01:10:52] Question 11: AI Speculation
[01:13:04] …But Will CrowdStrike Get Disrupted by AI?
[01:18:33] Looking Ahead to King of the Jungle 2025
E59 Holiday Extravaganza
[00:00:00]
Luke: Hello and welcome to a very special episode of the Wall Street Wildlife Investing Podcast. It’s Christmas! It’s holiday time. Woo! Look at
you with your christmas, tree. Woo! You’ve got a Christmas tree? You’ve got a badger on your tree, Krzysztof? That’s incredible. Look at him.
Krzysztof: Look at that mean little bugger.
Luke: Yeah, yeah. Look, in fact, I seem to have a photo of your tree unknowingly on my shirt. Who knew?
Krzysztof: So what you see me doing right now is, um, trying to polish off a little more, uh, vodka to get myself ready to, uh, start drinking.
Luke: Are you Polish? You’re Polish by roots, right? You’re not allowed to drink your vodka with ice. Surely that waters it down. You’ve got to have it neat.
All
that,
Krzysztof: water it down a little bit.
Luke: Sto lat, sto lat, nisze uze u nam. And then bang your vodka.[00:01:00]
Krzysztof: That’s wonderful. So for anyone, I guess, wondering, uh, we are flying by the seat of our, our pants, kind of like Santa does with his reindeer. We have no idea what the hell is going to happen on this episode.
Luke: We are, uh, we’re live streaming, and I think we’ve got two of our patreons, and we’ve had a wave from Barry, who is a O. G. Wall
Krzysztof: up, Barry?
Luke: Good man. And Serge. Hey, Serge, great to have you on the pod. Uh, yeah, we’re live, so Merry Christmas to everybody.
Krzysztof: Yes, Merry Christmas, Happy Holidays, Happy Hanukkah, uh, and, uh, whatever, whatever other holidays we’re missing. There’s always lots of, lots of holidays. So I think first order of business, correct me if I’m wrong, Badger, is we need to start getting drunk.
Luke: Uh, yeah, I’ve been working on that for a little while.
Krzysztof: Oh, okay. So I prepared three very special recipes. Uh, I guess I don’t need to start drinking [00:02:00] recipes.
Uh, And I’d like to share the ingredients with y’all if you want to make your own version, uh, should you have the ingredients on hand.
Luke: Nice. Look
Krzysztof: I’m gonna wander off into the kitchen and start pouring stuff. Actually, before, before that, let me show you just how, how prepped I am. Cause Badger always squeezes my shoes about not being prepped enough.
But take a look at this setup right here. This is, this is the uh, all the ingredients that are gonna make their way, including, look at these.
Luke: I can, I can, I can tell you some of the things you’re going to make there. I can see a, uh, I can see a margarita. It might be a Tommy’s margarita. If you’ve got agave syrup, is that?
Krzysztof: Uh, no, there will be no margaritas.
Luke: Oh, okay. All right. All right. Okay. All right. Santa’s pants.
Krzysztof: And to make [00:03:00] Santa’s Pants, we need two ounces of tequila, we need four ounces of hot water, We need one ounce of lemon juice, an ounce of agave honey, half an ounce of Cointreau, and then some cloves and cinnamon sticks to mix it all together.
Luke: Well, we’ll post that in the, uh, the show notes if anyone wants to make themselves one and then like pause the episode now, get cooking,
boiling your water. I don’t know, what if you just sterilize something, you make him like having babies over there or something. I’ve got no idea. But why don’t you get cooking, you’re cooking your cocktail, you stand as pants, while he’s doing that, I’ve made my drink already. I didn’t realise we were making cocktails tonight. I’ll show you what I’m making. So, um, you might remember if you’re a fan of the part. Christophe, uh, lost a bet recently on Nvidia earnings, I think it was. And, uh, I won this beautiful bottle of vermouth, Kochi vermouth, and I’m making a [00:04:00] Christmas take on my favorite drink, which is still in Negroni.
So I’ve got some Campari over there. I’ve got the, the match winning vermouth. But my Christmas twist on the Negroni is I’ve got this British, uh, distiller called Tar Winds, and this is, um. Tarquin’s Cornish Figgy Pudding Gin. So I’ve given it a Christmas twist.
Anyway, I’ve got mine right here.
Krzysztof: Last, uh, last important ingredient here is the Cointreau.
Luke: cheating. I’m gonna have to go and review the ingredients. The Santa’s Pants is basically a tall margarita. With hot water.
Are you a big drinker?
Krzysztof: I am, I go through phases. A lot of the times I prefer being completely clean.
And then sometimes, you know, I go off the rails. But no, I would say I’m moderate. I’m mostly moderate.
Okay, so I’m about, so here’s what we’ve made. Look at that. [00:05:00] Santa’s pants right here, with the final coup de grace, is some clothes. See these bad boys? Let’s see.
Luke: Cloves, yeah, okay, yep, yep.
Krzysztof: clothes,
Luke: I mean, cloves are Christmassy, that’s for sure.
Krzysztof: and voila! Here’s Santa’s pants, cheers.
Luke: Cheers. Cheers, fellas.
Krzysztof: And cheers to our, our patreons. Thank you so much for, uh, I suppose, believing in us. And joining us, and making us feel like we’re, we’ve actually have a little family.
Luke: So the meat and two veg of today’s episode is a review of the predictions that Krzysztof and I made way back at the start of January 2024 in episode eight.
We had about 11 or 12 predictions, and we’re going to charge through them a bit later in today’s episode and score it up as we go. Now I’ve got a bottle of pretty dirty tequila that I dug out of the back of the [00:06:00] booze cupboard, and I hope you’ve got something equally not very nice there because it’s a penalty shot.
And whoever the loser is, look at that, we both went,
Krzysztof: Well, this is going to be a shot called Santa’s Panties.
Luke: sound just panties. Okay. Rumpelwins. All right. You better like, like sneak peek. Both of us didn’t do very well. And if we lost, if we got one wrong, like badly wrong, the loser’s taking a drink. So, Make sure you got plenty of Santa’s panties there, whatever that thing was called.
Krzysztof: if you’re drinking Santa’s Pants, you gotta have a little Santa’s Panties, you know what I’m saying?
Luke: Okay, okay. That’s how you guys roll in Austin. So anyway, before we get to our review of the year in review, we do have some seasonal ish questions from our Patreon. So let me hit you up with a Krzysztof, see what you think. Uh, we’ve got a nice question on the Patreon from one of our old friends from Seven Investing Days Coal.
[00:06:59] Biggest Tech Disruption of 2025
Luke: And he [00:07:00] wondered what we think. The biggest investable technology disruption for the decade ahead is going to be, and he gave us a couple of options, but I’m going to leave it open ended for you.
Krzysztof: Biggest disruption for the decade. Oh, I remember seeing his options and one of them struck me as
more, yeah, piqued my interest. Can you read the list? Can you
Luke: Uh, yeah, well, he, he gave us energy grid, AI, space, Bitcoin, other, uh, like let’s
take other.
Krzysztof: right, right, right, yeah. Well, I’m getting more and more into ASTS right now.
Luke: okay.
Krzysztof: I believe it was Steve that really kind of nudged me. I mean, I had them on my radar, but, you know, information overwhelm and all that. But I started taking some really deep dives into that stuff, and oh my god. Oh my god, is that fascinating.
Uh, and by the way, I know you were recommending that SpaceX episode, which I still haven’t listened to, dammit. [00:08:00] Uh, but it’s on my, it’s on my to do list. So I’m tempted to say, I’m tempted to say that the space stuff is, is gonna be here like a lot sooner than later. Meaning like felt, so, so for people that might not know what the hell I’m yabbering on about, A S T S, Space Mobile.
The game plan is to allow satellites to basically give people cellular coverage like that. And the magic is that you wouldn’t need extra equipment. It would just, it would work with the equipment you already have.
So the fact that something like that is in the works in the coming year or two, it’s almost instantaneous. Thinking about like the change and no longer really needing something like cell towers.
Luke: yeah. Okay. I buy that. I buy that. I agree with that one. I do think we’re going to solve autonomous vehicles. In the decade ahead, and that’s just going to be like such a [00:09:00] change to everything. Like I really, if you think about like, what’s going to disrupt the world the most. Like that’s really, really significant one.
Krzysztof: Okay, I got a, I guess it’s perfectly set up. I was, I was going to hold this in my pocket as, as I would with some aces in my sleeve, but I just found out, uh, what, three days ago that Tesla has already been working with Austin, to gain permission to release their, You know, shiny golden robo taxis on the streets.
As in, like, my, my backyard might be the first place in the world to actually have these things go live. And we’ve talked about this quite a bit, but my f full self driving right now is stupidly good. And I’m still on version 12. 5, so I still didn’t get the, the latest one, which apparently is, you know, even way better and more natural and all that.
But I already believe. [00:10:00] Like, you know, like, um, here’s the, here’s how I measure this. I think you know what I’m talking about. even if the technology works, I still, as a driver, right, all my years, I still could never relax while the automated software is doing its thing. So it’s pointless, right? Because it’s still just, you know,
Luke: uh, I had to twist your arm to give me like a demo because you were like, Oh, I don’t know if this is gonna work and you were really skeptical.
Krzysztof: but now, now I’m using it often enough that I’ve recalibrated on the inside. And I’m trusting it more, and the interventions are way, way, way less. So when I hear that Elon and company, because obviously they’re located based here in Austin, are, you know, already, have been already in the works, I would not be shocked, Badger, if by the end of 25, we have some legit, self driving Tesla robo taxis in Austin.
Luke: Yeah. Yeah. Great. Well, I’m, you know, uh, President Musk, [00:11:00] right? He’s gonna got, he’s got the power to make that happen now.
Krzysztof: it’s right. He’s, he’s president. He’s governor. He’s mayor. He’s all the things, you know, what actually I maybe, you know, when we did our special Tesla, uh, what’s it called? The special demo episode. And neither of us were particularly excited. I saw one of those golden robo taxis in whatever the site I used kind of around the factory here in Austin.
It actually looks golden. It kind of does look like it’s out of a, out of a comic book or cartoon book, you know what I’m saying? And seeing one of those things, I just, I’m just trying to picture like seeing one of those golden cars. Driving by with nobody in it, you know with the doors lifting up. I’m like, holy shit.
That would be That would really be next stage stuff.
Luke: I think so. I think we’re agreeing. That’s like a major disruption to answer Cole’s question. And, uh, yeah, hopefully you can give us like one of [00:12:00] the first hot real demos of someone riding in a robo Tesla.
Krzysztof: Oh, I would so oh man, that would be a hell of an episode I’d even get one of them selfie sticks
Luke: If we get a few more Patreons, we can buy you some more equipment. Wouldn’t that be
Krzysztof: That’s right, that’s right patrons
[00:12:19] Krzysztof’s Chaotic Recording Environment
Luke: Cause you know, I think I said this on a couple of episodes ago, like, at Krzysztof’s desk, like his setup is really nice, but he’s got like the laptop, like on this rickety thing on his desk. And he just, I used to do all the editing.
Patreons for helping us get this far. meet some of the costs, we’ve now outsourced the editing. But he’s like banging away on the fucking desk all the time, and I spend all my time pulling my hair out on Monday, like Tuesday. Editing out the banging and the creaking and the cracking. So he’s like, we’re so low tech.
He’s put like a towel down on the desk and like he bangs the towel. At least that like mutes the sound. Yeah. Even on new editors, like the guy, Luigi messaged me and he’s like, what is this [00:13:00] noise?
Krzysztof: That’s just a monkey doing what a monkey does
Luke: Yeah, great stuff.
Krzysztof: You could take a, you could take a tiger out of the jungle, but you can’t, uh, get rid of his stripes.
[00:13:14] Love at First Sight
Luke: Yeah, something like that. Very good. Very good. Did we say this? Like when I came to visit you in Austin, uh, like you, uh, the first time we laid eyes on each other, because we do have actually a nice, Personal question on the Patreon that just came in from Barry asking, like, where did we both meet? Did we meet at Seven Investing?
When did we realize we wanted to start Wall Street Wildlife and whose idea was it? So just to lead us into that, like when we first met in the flesh, like you’d recommended this really swanky boutique hotel to me and I was Finishing my ski season and so I dropped into Austin and then you came over to the joint and I look outside the, like, the window of my, uh, my hotel room and there’s this, like, guy in a monkey [00:14:00] suit out there.
So you came, like, fully dressed in your jungle regalia and I had my tiger onesie, like, in my suitcase and I had to, like, scramble to try and dig out the tiger onesie just so we could do, like, an animal embrace.
Krzysztof: Uh, right. It, uh, love at first sight, really.
Luke: Very much so,
Krzysztof: in the flesh. Yes.
Luke: but you know, so, um, like I’ve, I’ve enjoyed your writing for a long time. I had no idea. So we did meet officially, we met at 7investing where we’re both lead advisors for like a year and a half. I think you joined in the middle of 2022. and when I was introduced to you on the team call by Simon and he, when he, we’d sort of chatted for, you know, pleasantries for about half an hour.
And then Simon mentioned. Oh yeah, this guy used to write as you called yourself CMF monkey at the Motley Fool boards.
Krzysztof: Yeah, no, the CMF was like content moderator, some, you know, official position at the fool. Then that got changed to XMF former or [00:15:00] whatever. Yeah, that was the ticker. Yeah, monkey.
Luke: I’d been like reading and really enjoying like your monkey content for over 10 years on Motley Fool. Like I’d always tune in and catch those posts because I always found them like a really sort of fascinating take on Like a real business concept, but talking about like bananas and trees and like just kind of making it fun, but actually delivering quite an interesting take on what’s potentially often a complex topic.
So I’d loved your writing for a long time and I was blown away when I suddenly realized this guy I’ve been chatting to for half an hour was that monkey. I had no clue.
Krzysztof: so sweet You know, that’s one of those things right where it is the the bizarre Effect of the internet that we might be reaching hundreds or thousands of people but most of them unlike our Beloved new patrons will never say anything or will never we never know right? It’s kind of like the teachers conundrum You don’t know the ways in which you impact people until [00:16:00] maybe one day you do.
So it’s awfully sweet for, for you to tell me that you were reading my posts for such a long time. It feels good to hear that.
[00:16:10] Krzysztof Struck CrowdStrike From His Portfolio
Krzysztof: You know what the, what the skull and crossbones is? I just, version of that. I’m just thinking of two of the most popular posts I’ve ever written were on Apple computer and CrowdStrike. And both of them, I did not take my own, my own advice,
Luke: Okay. Yeah.
Krzysztof: way too early, despite, you know, quote unquote, knowing better.
Luke: Uh, I, yeah. And, uh, I remember like lambasting you about CrowdStrike, even what, like this year, why have you sold this stock? Why have you sold this stock, Krzysztof? And like, as you, I think you said on a previous episode, like the point where you sold and I was shouting at you about what, like, buy back [00:17:00] in, like that’s when it inflected and started to hockey stick again.
Yeah.
Krzysztof: ever facial expression on our show so far. Maybe the top one is, is both our faces during the book falling episode, but the one where I told you I sold CrowdStrike. I think we froze that. I think we have, you found it as evidence. You’re disappointed. Rental expression of horror and disbelief.
Oh my God. You know, I don’t know if I told you, but, uh, I bought back one share, uh, when it dropped, you know, after the, the, the debacle. So I am officially a CrowdStrike, CrowdStrike owner again in, in. In the symbolic way,
Luke: Yeah,
Krzysztof: I mean,
Luke: in some bollocks kind of way. That’s symbolic. My ass. Buy a proper position. Very good. Well, at least, at least it’s on your radar.
[00:17:56] Monkey’s Shenanigans Come Good (Finally)
Luke: Anyway, like you’ve redeemed yourself in the last, [00:18:00] what, two months? because these like bullshit stocks that you’ve been going on about have suddenly actually come good.
And I think I said to you on WhatsApp, like a couple of weeks ago. Like, thank fuck for that. I was starting to think you were basically like this investing, like Jonah, who have I hooched my wagon to for the podcast. This guy’s going down in flames.
Krzysztof: Oh my God, Barry. Listen, don’t believe a word Badger says, to go back to the origin story though, I think Simon Erickson, the, the head of seven investing is a really humane, really trustworthy, uh, person. I love that about him because, you know, we talk about this all the time in the investing world.
There’s so many piranhas, you know, just people that will eat, eat you and tell you whatever they need to to take advantage of you one way or another. But, but, uh, that’s the opposite of, [00:19:00] of Simon on the humanistic level. And when we were talking, you know, before I joined Seven Investing, he actually told me that there’s the, this investor, Luke, you haven’t met him yet.
but, uh, you’re gonna love Luke. And he’s like, he’s, you know, he’s this motorcyclist and he’s a runner and he’s a poker player and he’s basically like your more handsome, smarter, uh, more debonair. you.
Luke: I’m pretty sure, I’m pretty sure Simon didn’t use any of those adjectives, but I’ll take, I’ll take the compliment. Thank you.
Krzysztof: But yeah, and then what? And then we started, we wanted to make a go at the invest, I mean, not the podcasting gig. So we podcast for a whole year under the seven investing brand.
Luke: Yeah. Yeah. We did no limit for about. Yeah, it was exactly a year, I think. Um, but I think, I think we both wanted to be like more our authentic selves. [00:20:00] And there’s definitely like a level of professionalism at Seven Investing. Like it’s a very serious investing service that tries to make like good quality, long term stock recommendations.
Exactly what we want to do, but Simon wants to do it with a certain polish. And so I always felt like, you know, not, not like fully like back to the corporate days, but I felt like a serious guy. I’m not really a serious guy in the real world, and I can have fun while being an investor. So I guess I, I guess I encouraged us to, Hey, let’s just go and let’s come up with our own podcasts, spin it out separately.
We can still affiliate ourselves with 7investing, do all that stuff, but we can just, we can have at it and we can just be like our, our true personalities and we can drop the occasional F bomb and stuff because it’s just us, right?
Krzysztof: You know, what’s funny about that, that commentary there is when I’m working with you, I always feel like you are a consummate professional who, you know, is always behind a patreons for what it’s worth. Behind the scenes badger [00:21:00] holds a mean whip, and he’s always making monkey jump through all kinds of hoops and doing stuff.
And so, you know, talk about professionalism. I mean, you really are a, a, you know, a, a prof, you know how to do professional things. I’m just a hobo off the street, man. , I’m just . I, I barely get outta my hammock on a, on a good day.
Luke: You said that, and now don’t like, uh, you know, don’t forget I’ve sat in two of your lectures at Texas State University with, Uh, like two groups of adoring, uh, students who’ve shown up to be educated. Like, they don’t come to listen to some hobo who just climbed out of his hammock. You might look like that right now with that stupid fucking beard, but, uh, but there’s, there’s something behind the beard.
There’s a proper brain in there.
[00:21:47] Investing is our Purpose in Life
Krzysztof: So right. Yeah. Then we, uh, then we start, uh, our own brand and, and so it’s been what over just a little bit over a year this is so, this is such a good topic because when you’ve been doing something [00:22:00] like investing for so long, what’s seven, uh, 27 years for me, shit, wait, am I that old? Yeah. I started when I was 17.
Luke: Very good.
Krzysztof: So, fuck, 20, 28 years. My God. Um, you know, I, it’s easy to burn out, or it’s easy to give up, or it’s easy to just lose interest in having something like this.
Honestly, I’m not, I’m not just saying this shit, having something that keeps you in the game, whether it’s friendship or camaraderie, or a podcast where you’re responsible for something, is huge.
Luke: Okay. I, I, yeah, like totally. I agree. Like it’s, I had a podcast before 7investing, which is telescope investing with my buddy Albert. And when I, like, I think I realized I’m a planner and I realized before I retired from HSBC, from like the corporate job, and I worked there for like 25 years, I was there for like a chunk of time. [00:23:00] And I realized you don’t just like I just about had enough money to think I can probably now like manage my way to the point where my actual pension kicks in. I can bridge that if even if things go a little bit badly, and they did go badly, like I was down 40 percent like six months after I quit. but, um, I realized you don’t just need like money, you need a purpose, you need like a reason, if you don’t have a sense of purpose, like fuck, you know, you probably, you know, probably the best outcome is you’re just going to live this like hedonistic lifestyle and just kind of burn out in a totally different way.
and so, uh, yeah, so like podcasting became my purpose and, um, and now like that is absolutely the case, but I’ve realized now having done this for like over three years. It makes me a better investor because even just stupidly, right. Like I may, if I’m making investment decisions for myself and I try and I talk about all this stuff all the time, like I try and go slow and I have a to do list and I bounce stuff off my buddy Albert and sometimes off you [00:24:00] these days, um, before I trade.
But like, if I didn’t, if I didn’t do that stuff, I sometimes I’ll just make like a quick decision or it won’t be a well thought out decision. And I know now, like I want to be transparent on Twitter and I want to be transparent on the pod about anything I do in my own portfolio. And so I have to be able to explain it in a way that makes sense.
So I’ve really got to get precise with my reasons for why I did something or didn’t do something. So just the pod makes me make better decisions. And that’s, like, frankly, that’s money in the bank, right? That’s, that’s percentages on the kagger. Because, yeah, I’d make better decisions, or at least I’m more accountable to myself.
Krzysztof: Yeah, a hundred percent. And also, uh, I see Serge agreeing with the purpose. A hundred percent. Yeah, I think the next level, God, this was one of the best quotes. I think we came across in our first two years, whoever it was that said, you know, like, you could be the one person in your family that changes the trajectory of your family’s [00:25:00] financial freedom or something like that.
And it doesn’t have to necessarily be. About you being the guy that makes all the money, but if you somehow Become serious about investing, but then you share your love or passion with say your brother your sister your nephews nieces Whomever but but you’re serious, and it’s not a one off kind of thing Then the way that will alter your the kind of generational thing is hard to perceive in the moment
Luke: Yeah,
Krzysztof: part purpose, right?
It gives you like, it’s, you know, you get up out of bed, not for yourself. But I mean, you know, this is spiritual. This is, this is, yeah, I’ll go ahead and say this is like a kind of religious, spiritual metaphysics that is beyond money, even though the money is how you keep score.
Luke: yeah, that’s cool. I like it. Yeah, yeah. And I’m [00:26:00] definitely trying to do what you just described with like a number of family members who’ve got kids, like just helping put my money where my mouth is and kind of lead them on that journey a little bit. And, um, yeah, there’s like some, some young kids in my extended family now who actually, they’re in like a pretty decent financial position and they’re, you know, they’re still like seven, eight, nine years old.
Because we’ve started doing this stuff where we’re starting to invest for them, and I’m trying to help the parents figure that stuff out. So yeah, it is making a difference.
Krzysztof: And we already recorded our investing for parents and kids episode. We thought it was pretty good, right? We were, we were, we were happy with ourselves after that. Yeah. So look forward to that.
Luke: Great. All right. So do you want, should I hit you another question or should we do, should we do like the year in review or what do you want to do next?
Krzysztof: Yeah, let’s hit a couple of, uh, well, for, well, okay. So a couple of [00:27:00] decisions have to be made because apparently Monkey’s going to fall off his bar stool way sooner than expected because this very alcohol dense drink is almost gone. So I need to get to round two, but all right, let, let me slow down. Uh, why don’t we do, um,
[00:27:18] Reviewing Our 2024 Predictions – with Penalty Drinking Shots!
Krzysztof: why don’t we start the end of the end of year review, do a couple of those.
Luke: All right. Okay. Yeah. I like it. We’ll do it. piece by piece. So, um, so if you want to hear the original conversation, go back to episode eight. Uh, but I’m, I’m going to sort of
Krzysztof: incredible to see that. I think it was Barry, right? Was it Barry or Steve that, Barry, right? Went and uh, re listened to episode eight?
Luke: Uh, yeah, yeah. So that’s it. Yeah,
Krzysztof: That’s some serious, that’s like Barry, man, brother. Yeah,
Luke: I think, I think we’ve, I think we’ve sort of figured out [00:28:00] what we said from like a year ago. But Barry, if we, like, if we, if we get something wrong, cause I kind of half assed figuring out who the winner of each thing was earlier,
like, if we get it wrong, tell us, tell us in the comments.
Krzysztof: That’s right, by we, you gotta keep Badger honest.
Luke: Yeah. Yeah.
Krzysztof: such, that’s right, that’s right. Amen. By them, meaning Badger.
Luke: Well, so, uh, I’m gonna do a screen share cause I think we’re going to end up sharing a couple of, couple of piggies, but all right.
[00:28:32] Question 1: Global GDP Growth
Luke: So our first question in the year in review was, was like a macro question and it was all about, uh, which country will have the greatest GDP growth throughout the course of 2024. And, uh, I believe I said India will lead, uh, thinking about strong demographics. And you [00:29:00] also said India, and we both actually interviewed a guy who was like the, uh, the, the founder of like Indians investing, um, investment group. So India was definitely in our minds. So let’s go to our backup picks because we both said India and India’s GDP growth was 7%, I think.
Uh, year to date, 2024, or at least that’s the, um, that’s the official figures probably up. That’s actually up to October. They’re the official public figures. Um, so we go to our backup picks. So I’m going to claim, I’m going to claim an interesting win here. You went with Mozambique. Mozambique was 4. 3 percent GDP growth.
So that’s like the bottom end of the table. I picked Macau, I think. And Macau is number two in the number two country, uh, at 10. 6%. So I think that is a substantial win for MADRID.
Krzysztof: that’s pretty good. Where is Macau? I don’t, I’m not even familiar with, uh, with
Luke: It’s, uh, [00:30:00] it’s, it’s like another, you know, like Hong Kong is the special administrative republic or whatever region, administrative region of like China. So Macau is another one of those. It’s essentially it’s China, but it’s got its own special legislation and rules. And it’s like, it’s like Las Vegas of
like East Asia.
Krzysztof: It’s kind of sort of not really a country. It’s like one of those.
Luke: It’s a country, but it appears in the, it appears in GDP tables.
Krzysztof: Barry, is it a country or is it not a country? Your, your word will decide the matter for good.
Luke: No, no, it’s my point. One point for Badger. It definitely appears in the, uh, like the IMF’s published data.
So, take out your shot, Krzysztof,
Krzysztof: the winner,
Luke: shot.
Krzysztof: the winner was, so you get the point, what, uh, Guyana though, uh, that’s an African country, I’m assuming, right? Is that one of those little coast countries in the, uh,
Luke: Uh, no, I think it’s, uh, well, I’m not good at geography. It’s somewhere in mainland Africa, [00:31:00] I think, Guyana.
Krzysztof: me, let me do, uh,
Luke: Well, anyway, we, uh, maybe we got the geography completely wrong. Anyway.
Krzysztof: Guiana is South America.
Luke: Oh, yes, sorry. Yes, of course. Of course. You’re right.
Krzysztof: huh, right. Oh, that’s interesting.
Luke: Yeah. Anyway, they, they like massive GDP growth. But anyway, regardless, like we probably, okay, here you go. Let’s both take a penalty shot, because I think we both convinced each other that, uh, was in, in Africa as opposed to South America. So get your dirty Santas knickers or whatever it is.
Krzysztof: Oh, honey. Oh my goodness. Uh, this is gonna be painful, isn’t it? This is gonna be so painful.
Luke: So while Krzysztof is getting his drink together, he owes us a shot, I’m not going to forget, don’t worry. I will, uh, I will take us into question two.
[00:31:59] Question 2: US Interest Rates
Luke: So question, [00:32:00] prediction two was where will U. S. central bank interest rates be at the end of this year? And at the time of recording, they were five and a quarter to five and a half percent. And Krzysztof’s prediction was for 6 percent interest rates. There we go. I see the shot. Good man. Very good. And Badger’s prediction was four and a half percent. And It looks like you’re going to have to be topping up that shot glass again,
Krzysztof: Oh, no, no,
Luke: I’m afraid it is a, it’s a resounding two nil to Badger, uh, because I nailed it with four and a half percent. Um, uh, because as of two days ago, the Fed cut the, uh, Fed rate, the reserve rate Down to a range of 4. 25 to 4. 5 percent. So I’m on the button. You should take
Krzysztof: okay,
Luke: Anyway, you’re
Krzysztof: okay. Hey, all right. By the way, the shot that I’m taking is really surprisingly good. [00:33:00] I did my research, uh, ladies and gents. I don’t think I went through the ingredients. I kind of did a half cocked one. I’m going to do a more official one at the end of this, but.
What I am pouring into this here glass is half an ounce of Baileys and half an ounce of Peppermint Schnapps,
which is, uh, I bought the fancy kind because there’s
Luke: is it not curdle? Is that not curdle? I guess it didn’t. There is,
Krzysztof: No, it did not. This is called Rumpelminz. And, and, by the way, I, I had the bottom shelf bottle, you know, for 11 in my hand with a really gross picture of a peppermint corn, and I put it down, and I did the decent thing.
But anyway, Half and half, uh, gets you Santa’s panties,
Luke: there is a, uh, there’s a really nasty penalty shot we used to drink when we were playing like drinking games way back when I was much, when I was young, even younger than you are today. And, uh, it was called a brain [00:34:00] hemorrhage, I think. But it’s not dissimilar to what you got there. It’s Baileys. And I think Midori, which is like a, like a mint,
Krzysztof: Oh!
Luke: but they do curdle and it, you know, the Baileys ends up like, it’s like drinking vomit, like that sort of consistency.
It’s really nasty. And it doesn’t taste, it doesn’t taste great. And it’s like, it’s grim. Anyway, but luckily your drink doesn’t taste great. Your Santa’s knickers didn’t curdle. Well done.
Krzysztof: Santa’s knickers.
Luke: Someone, someone keep score. I’m not watching his lips to see how much of that drink goes in. Actually, go slow because we’ve got quite a few questions to get through,
plus a whole bunch of other stuff. I don’t want you falling out of your chair and then Like catching fire on the tree or something behind you. Do we, uh, oh yeah, I nailed that one. Two points to, two points to Badger. It’s 2 0,
Krzysztof: 2 0. Badger. Damn
it.
[00:34:58] Question 3: Black Swan Event
Luke: Okay, let’s go to question [00:35:00] three. We were, we were gonna pick a Black Swan event that we thought would impact financial markets. So geopolitical, anything, but something like out of left field. I believe my prediction was for that tactical nuclear weapons get used in Ukraine or the Middle East. And Monkey’s prediction was Taiwan China conflict or US election upheaval. So we’re both, like, we’re, we were both going pretty dark with our, uh, predictions on that one.
Krzysztof: I’m glad we were wrong.
Luke: yeah, thank fuck. We were, we were wrong. So, uh, yeah, we both lose.
Krzysztof: think we’re closer to any of those outcomes going into 25?
Luke: It’s a
Krzysztof: I mean, you know, uh, I think I said my thing because I finished reading chip war. You know, by the way, if you have not read chip war, I forget the guy’s name. That is one of the better books I’ve read in some years [00:36:00] about just how dependent everything is on the chips and how it’s a.
It’s a, it’s a, this technology is influencing geopolitics like, like nothing else. And maybe I had that on my mind, you know, fresh after having read it. And I thought, oh shit, you know, China’s, you know, making waves in the, um, in the sea with their Navy and Taiwan’s isolated. And like, uh, it was the, it was a top issue that people were talking about nonstop, right?
And somehow
it’s died down maybe as
Luke: I think, I think, I think we’re, I feel like we’ve walked back from the precipice a little bit. Like I’m no, I’m no huge fan of Mr. Trump, but um, I think he has, like he does, Just maybe just by virtue of like his manner, like he probably de escalates this stuff for good or bad reasons.
But I feel like we’re stepping back from the brink a little bit
Krzysztof: Yeah. You know what? I don’t care with stuff like this. I don’t, I actually don’t care how [00:37:00] the job gets done, if it gets done, right? I mean, we’re talking about the end of, uh, human civilization here. So whatever, right? Whatever gets the job done. So fingers crossed. I’m glad we were wrong on both of these.
Next,
Luke: Yeah. Next. Absolutely. Yeah. So, uh, so we’re still two nil. To the budget. Uh, right.
[00:37:22] Question 4: Magnificant Seven
Luke: The next one is a kind of two part question and maybe then we’ll go do something else and we’ll come back and finish off. So the next one, I’m going to chuck the screen share back on because it was about the Magnificent Seven.
Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, Tesla.
And we were going to predict the. Biggest outperformer and the biggest underperformer. , so. I predicted that the biggest outperformer would be Alphabet.
You predicted Tesla for the biggest outperformer. So, uh, pretty good going. Tesla definitely outperformed Alphabet, so that’s a [00:38:00] shot for, that’s a point to Monkey, a shot for Badger. Although they both paled compared to NVIDIA. NVIDIA like 177%. Market cap gains like nearly tripled just this year, and that was from like a super high base.
Uh, and then you can keep that like chanting going because I went for the biggest winner. I went for Nvidia as the biggest underperformer thinking they were doomed because I’ve been trimming like an idiot. Uh, so yeah, I definitely lost that one. I went for Nvidia as my biggest underperformer. You went for Meta and, uh, the biggest underperformer was Microsoft.
Only yielding 17%. Like, to be honest, if you, if your whole portfolio did plus 17 percent in a normal year, you’d be pretty happy with that, to be honest.
Krzysztof: Yeah, so okay, two points here. that’s astonishing, given the levels from which the companies were starting, right? I mean, that’s mind boggling. This is in a way, a kind of [00:39:00] problem with capitalism. I’m not going to go off to too far off the rails in that way. But like, nobody’s catching these fuckers anymore.
Luke: Ooh, I don’t know. I don’t know if that’s true, but
that’s a separate
Krzysztof: let me rant. Let me rant for a little bit. Just just at, uh, if, okay, if AI is the thing, right, and you need And you need hardware juice to keep the lead, which involves capital. There’s only the handful of the companies that have enough to play the game, right? Anybody else is going to get killed. So in that sense, right, like if you’re not already in the top seven, you’re done. I don’t know what, if I have anything smarter to say besides that. Oh yeah, the other point though was like, yeah, it’s so astonishing that it’s like, They’re starting from such high levels already and to get a mere 17 percent from whatever the hell Microsoft was at, that’s, that’s nuts. That’s nuts. And that’s, that’s one of the reasons I sold off Nvidia.
Cause I was like, they were already [00:40:00] so huge. It’s not possible to, to gain a hundred percent right from a multi, but I was wrong.
Luke: Yeah. Yeah. There we go. We both were. Yeah. So what played? I, uh, if you, while you were ranting, I did my penalty shot, but it’s now 2 2. I think the score is now
Krzysztof: Okay, that’s good. That’s good. You, you get, right, you get more cheery and less mean when you drink, so keep going.
Luke: Okay.
Krzysztof: But you know, I, uh, I think going into 25,
now that the levels of the market caps are even higher, I don’t know how, I don’t know how, what a reasonable expectation going, going into 25 for the Magnificent Seven is.
Luke: Yeah, like, my money’s on, uh, well, either, like, dividend stocks doing, like, better, or fixed income, because I’ve, to be honest, I honestly still think the asset’s gonna fall out the market at some point, I’ve just got no idea when, [00:41:00] but if we just look at, sort of, growthy side of things, like, this has got to be small cap, like, time to shine.
Just to play catch up. So I’m definitely trying to focus my money, my investments on like smaller, slightly more volatile, a bit, not quite in the absolute dog pile that you, your portfolio seems to exist in that, you know, smaller companies. Quality, small quality is what I’m looking for.
Krzysztof: Yeah, I’m actually curious to see how you’ll navigate this in real time, because this is tricky. This is really tricky, like selling excellent companies because of valuation reasons, and you never know, and so stay tuned for, you know, live badger updates on, on how he navigates these, uh, tricky waters. But anyway, the lesson here is, right, I guess if the, if, if the product is so revolutionary, And it’s changing the world before our eyes.
Maybe, you know, it’s like the optimists in the world unite. And it could, it could be way better than we even thought. So,[00:42:00]
Luke: Should we, uh, what do? Should we carry on with the quiz? We’ve got, I think it’s about 11 questions. We’ve divided it into four of them. Or do you want to take a byline and make a cocktail? I’ll do something different.
Krzysztof: I still have a tiny little bit of uh, Santa’s pants.
Luke: Okay.
Krzysztof: So, let me, let me finish this. Let’s take a question. Let’s take one of the, one of the questions from,
[00:42:25] What Type of Investor Would Nietzsche Be?
Luke: All right, so I got, uh, I got one that I, this is just for you. There was a philosophy question somewhere. Okay. It’s on the Patreon. Paolo said, what kind of investor would Nietzsche be, if I pronounce that correctly? Uh, if he, yeah, if he could invest in today’s stock market, what might his top five holdings be, and why would he be investing in crypto?
Krzysztof: that is such a damn good question, Paolo. When I read that, I was like, oh man, uh, I did an exercise similar to this, like, before the election, thinking like, who would Nietzsche vote for? So let me give a [00:43:00] very short, condensed, very short background. I think, for anybody listening, Nietzsche, who wrote in, uh, his peak work is like, call it 1870s, 1880s.
So think of Europe in that time period. It’s basically when there were some wars beforehand, but we’re basically before World War I. So things are looking, um, I don’t know. Europe is like in the Age of Enlightenment. We’re past, you know, science is doing its thing. Darwin already did his thing. Nietzsche is the guy, I think, who is the most, he’s the most beautiful philosophical writer of all time.
He, he, he’s, uh, he’s as good as someone like, you know, um, Camus, and,
Luke: Can you like, these, these, these references are going to be lost on me. So can you like relate him to like a [00:44:00] modern day film director or something?
Krzysztof: uh, he’s a beautiful writer. Let’s keep it simple. He’s, uh, he’s kind of like a, he’s, he’s at home as much in psychology and literature as he is as a philosopher. Because some philosophers, you know, they’re painful to read because they’re deliberately abstract and, um, If you’re a contemporary person, today, looking for a good philosopher to kind of shake up your life, to really shake up, like, what you think life is and how to live it as well as it can be lived, Nietzsche’s your guy. I mean, he’s just, he’s
just
Luke: let’s, let’s, let’s cut to the question then. So what would Nietzsche be invested in?
Krzysztof: It’s not that it’s not what he would be invested in. It’s like what kind I think what kind of investor would he be now? The interesting thing about him [00:45:00] is that he had his main problem He had many problems, but let me see how I could explain this He thought his whole project was how to help humanity become better So how does humanity just like we make all kinds of assumptions as to what humans even are or what we do, right?
You So he kind of knocked down a bunch of assumptions, especially around morality, but I won’t, I won’t talk about that. So would Nietzsche be an investor in the first place? It’s kind of interesting because what he ended up doing in his day to day life, he was, he actually was a professor from a very young age.
And then he said, fuck that. He’s like, I can’t be bothered to like, report to all these administrators. And he ended up walking in the Swiss Alps for like, 68 hours a day. Just walking. Seriously. He would wake [00:46:00] up and he would walk and think and walk and think and write and then go home and like, write his thoughts down.
He’s like, really serious about, about, you know, a certain way of living. He hated crowds. He hated this idea of like the bourgeois sort of like, like, uh, how to say this? Like people that fell into like a kind of comfort and group think, like where you stop living, right? Where you stop really living and you just kind of follow what everyone else is doing and like that
Luke: It’s like a, if he’s, if he’s going to be an investor, he’s like a contrarian investor. All
Krzysztof: right. In, in, in that way. And I don’t know if he would care enough to invest in the first place. Like he was fine living kind of on the border of poverty just because walking in the Alps for six to eight hours a day was, was more important to him. [00:47:00] But, but of course he depended on others for pensions and like, you know, and like, so, so I don’t know if he would be an investor, but the second question is better, the second half is maybe more appropriate.
Would he be a crypto investor? Hell yes, he would be a crypto investor. Because that whole part of that project is about being your own sovereign man. Like being in, like not doing what the corporate banks tell you or what your limits are. It’s like, no, if you really want to be, you know, take charge of your finances and like, Uh, be your own bank.
I mean, that’s kind of the promise of crypto, right? And that’s what the technology is. I bet you, I bet you. Here’s the quotable quote. Nietzsche would have been a Bitcoin maxi.
Luke: right.
Krzysztof: He would have been off his rocker for Bitcoin. Quote that quote quote it you heard it here folks. You heard it. You heard it here first
[00:47:58] Our Top Three Legendary Investors
Luke: Uh, as a build [00:48:00] on that, Serge has just asked us, can we name our top three legendary investors that we admire? I don’t know if I’ve, I’ll, I’ll start us off. Well, I’m going to, I’m going to, I’m going to sidestep the legendary. Because one of the best investors I know is my buddy Albert. He’s just got it. He’s, he’s been, he’s played it very smart.
He retired before me. He’s made some very good decisions. He’s now like super risk off, but it makes sense because his attitude is, like I’ve kind of, I’m now in this wealth preservation mode. He hasn’t got seduced by the game and the, the, uh, like the, some of the fun stuff that comes with. Being an investor.
Like he’s a poker player. We played poker quite a lot over the, over the many decades. But yeah, he’s, he’s just made, he’s made smart decisions for him and his family. You got a legendary investor you admire?
Krzysztof: Yeah, you know, I think here’s the the trap for this question We could list off a bunch of [00:49:00] famous investors, right? And it wouldn’t really add anything new to the conversation I think the way you answered it is better badger like Um, do we know people who played this game for the right reasons, however they defined it, and then won and were content with that win? And it, it, here’s, here’s, here’s something that comes to the top of my head.
Like the, the, um, there’s some story, I can’t name, I don’t know who this person was. Like a low level, uh, Secretary worked at some admin company, but what she ended up doing is just saving her paychecks Without saying a peep to anybody right and did this for 25 or 30 years Right just living very frugally Saving and investing maybe it was an index and when she died she left some staggering amount of [00:50:00] money and to whatever charity that was in her will.
I think that has more impact for me than like naming a Buffett or, you know,
Luke: yeah, I agree, I agree with what you’re saying. Um, like I think it is worth calling out one or two names though for maybe, not because they’re like legends or have had like these staggering returns, but I just really like their principles. And it’s two guys like David Gardner, like one of the founders of the Motley Fool.
I just, you know, he’s, he’s, he’s a pretty public figure and he’s very clear and transparent about his approach to investing. And that’s like, I, that’s how I became an investor. Like I read their Motley Fool guide to investing, like in the 1980s or something and that got me on this path. And then there’s a British guy called Terry Smith.
And I think he’s probably, like, I understand he might have. Like, he might’ve like punched out one of his board members or something once. Like he’s a bit of a, like rough and tumble kind of guy. So, you know, maybe he’s not the kind of guy [00:51:00] I’d want to get to know personally, but he runs Fundsmith, like a fund in the UK you can invest in.
And like, whenever anyone comes to me and says, Oh, like Luke, I’m just starting investing. Like, what should I, give me some reading list. I say, go read the Fundsmith. I think they call it the owner’s manual and then like go read a couple of Terry’s, like annual letters and just his principles are just very, very robust and they really aligned with my own around like finding good quality investing, investments, and then just like buying and holding for the long term.
So I do want to shout out those two names because they, I think they’re good ones.
Krzysztof: yeah, and forgive me. That’s great, Badger. Forgive me. I will say the obvious one. But for a good reason, Buffett, because of the essays that he writes, and you know, the shareholder letters. I mean, this is like investing 101. If you haven’t done this yet, get yourself a copy, compilation of Buffett’s letters, and just ask yourself how he’s thinking, how [00:52:00] he’s thinking, how he’s thinking.
Forget all, forget the companies, forget any of that specific stuff. Like, talk about a principle. I mean, the guy was obsessive, actually, for, you know, like, I could never, I would never want to live that kind of life. He, he had no life. His family life suffered because he was so obsessed with, like, you know, being the world’s best investor.
But, man, some of those principles are just, like, wise. There’s so much wisdom in that stuff. So, forgive the clichedness of this, but It’s like one of these things every investor should do. I think there’s a compilation I have. It’s this green book. Buffet’s annual collection of annual shareholder letters or something like that.
Luke: Cool, all right, pretty good. Yeah, yeah, I guess, yeah, definitely honorary mention to Himan Munger, who’s now the dearly departed.
Krzysztof: And I’ve read, I’ve read, uh, at some point there’s this book about Munger and Buffet’s, uh, mental models. I forget what it’s called, but it’s like how the [00:53:00] way you frame certain problems, the Alters the outcome you’re gonna get. And that’s really worth reading. I should find what the title of that book is.
Luke: It’s probably, like, under the desk now. It’s been buried after that collapse of books two weeks ago. Yeah.
Krzysztof: of, uh,
Luke: You go, why don’t you go refresh your cocktail and I’ll carry on and I’ll march us through a couple more of the, uh, the year end predictions while you go make cocktails if you need to.
Krzysztof: okay, so what, uh, so what I’m about to make is, uh, monkeys Hot Chocolate.
Luke: Oh, well, that sounds nice.
Krzysztof: And that is a cup of hot chocolate with two ounces of Bailey’s Irish cream, topped with all kinds of goodies,
Luke: So it’s another, another drink with like hot, like non alcoholic things in it. Hot chocolate, hot water in the first one.
Krzysztof: Well, all of that was mixed with, like, a staggering amount of alcoholic stuff, like tequila and
Luke: Okay.
Krzysztof: [00:54:00] Right now, I’m seeing three of you.
Luke: Get, get cooking, get cooking.
[00:54:07] Question 5: Tesla vs BYD
Luke: Go get cooking, Krzysztof. And while you’re doing that, turn us, turn us around so we can see you cooking. But I will, uh, I’ll pick us up on the year in review. So the next question. Well, there’s a really interesting one and I’m going to, uh, screen share in a minute for this one.
Um, it was Tesla versus BYD. BYD, uh, uh, is the big Chinese auto manufacturer. They do like hybrids and gas cars as well, but they’re also like a massive producer of electric vehicles and they’re definitely a competitor to Tesla. So the bet was who’s doing, who’s outselling who by year end. And. Do you know what?
So at the time of the bet, Tesla was doing 96 billion a year in revenues, BYD was doing 82 billion. Monkey took the [00:55:00] safe path and backed Tesla, uh, saying that they would retain their dominance. Badger, uh, got his claws into BYD and said they would surpass them. Do you know the answer to this one?
Do you know,
Krzysztof: Say that again.
Luke: do you know Tesla versus BYD? Do you know who, uh, who, who will be the biggest or who is the biggest now?
Krzysztof: Oh yeah, it’s Tesla.
Luke: Uh, no, it’s
Krzysztof: What?
Luke: is. This is when we bet here. On the orange line, look at that
So literally, uh, as of the most recent reporting, which is both a couple of months ago, so probably there’ll be a end, um, Tesla Tesla’s up to 97, uh, $0.15 billion.
Revenue BYD is up to 97.22. There’s only literally, uh, a hundred and no $75 million in it. It’s that close. Badger wins. [00:56:00] Pretty sure that’s correct. Maybe it’s changed by year end.
Krzysztof: we fact check this?
Luke: Yeah, yeah, Barry, fact check us. But I’m pretty sure that’s a point to Badger. Making the
Krzysztof: there’s some shenanigans going on here.
Luke: making the scores a magnificent 3 2.
Beautiful. You owe us a shot. We might, I might let you off the shot because I think you’re struggling with your
Krzysztof: It’s a tie, it’s a tie, it’s a tie, anything, it’s a tie outside your, uh, your manipulation.
Luke: I’m keeping official score here. Uh, alright, but you, you carry on cooking. Look at you, you’re literally making breakfast there. That’s not
Krzysztof: Oh, this is, okay, so, Hot Cocoa, Bailey’s, oh yeah, this
Luke: Look, I’m gonna, I’m keeping it real here with just a beer. Uh, one of my favourite breweries, Beavertown Gamma Ray. They got a Well played. Well played, literally. That’s what I get for [00:57:00] dropping my beer before I open it. I have to spew Gamma Ray all over my wooden floor. So it’s going to get me in trouble with Katrina. Uh, oh, fuck it. Fuck it. In fact, knowing, I don’t want to fuck my, I don’t want to fuck my floor, I don’t want to run off to get a towel. Yeah, the badger jumper needs to go in the laundry anyway, because I was wearing it at the Christmas party last night, so it’s now. It’s now a badger floor mop. There we go.
[00:57:29] Question 6: Big Tech Announcements
Luke: Right. Uh, so next question, while you finish your cooking there, your hot chocolate, tech titans. So we were both going to make a prediction about a major news item in the world of big tech. And I predicted some sort of antitrust. Action leading to Alphabet and, or Apple or one of the big ones like that, having to divest their app stores or do something significant.
Monkey [00:58:00] predicted, uh, AGI coming sooner than expected, but not within 2024. like neither of us really. Is it fair? I’m going to give myself a half point here. I think I was probably closer than you. Hey, yeah, I sort of buy it with the AI tools, but we’re nowhere near AGI.
Krzysztof: I get like three quarters of a point for this.
Luke: I don’t think so. I don’t think so.
Uh, but I’m, I’m going to give myself, cause there have been some major antitrust like Google’s now being, obviously Trump might wind that back, but they’re now being challenged around divesting, what, Chrome, I think. So anyway, I’m, I’m the official scorekeeper. The official score is Monkey 2, Badger 3.
5. What?
Krzysztof: our, is our peanut gallery keeping track of all this? Is, [00:59:00] uh, are we keeping Badger Honest while I’m, uh, making the world’s best cocktail? By the way, I’m at the chocolate shaving stage.
Luke: Barry is keeping us honest and he agrees BYD did beat Tesla.
Krzysztof: No, Barry, Barry, come on, brother. Fake news.
Luke: we got a good question from Serge, but maybe it’s one for, uh, next year’s predictions, which is Tesla RoboTaxi versus Waymo. Who wins? yeah, we can maybe, we can make a prediction around that perhaps when we do our predictions for 2025. I’m still mopping stuff up here. I’ve got literally beer everywhere.
At least there’s not whipped cream all over the place, like Krzysztof’s bedroom. Uh, right. Let me take us on to the next question, because it’s clearly still doing some cooking there or something.
[00:59:50] Question 7: The S&P’s Biggest Winner
Luke: Uh, the next question was the S& P biggest winners. Um, and I think the question was like, uh, who, which [01:00:00] pick a company, which is going to make the biggest gains.
Or maybe even be like a new entrant to the S& P, but basically like the biggest, uh, market cap increase. And on the back of a potential crypto revival, which has come to pass, Krzysztof went for Block, formerly known as Square, and Badger, Probably thinking about those, uh, tactical nuclear weapons went for Lockheed Martin.
Krzysztof: Ugh, most of those pics sound awful.
Luke: yeah,
Krzysztof: What
Luke: exactly. Yeah, pretty epic foul for both of us, to be honest. Uh, like the winner of the S& P or the biggest gainer was, it was a defense y company. I think it was Palantir with, look at that beautiful cocktail that’s now been made. It’s got marshmallows. Yeah, okay. I mean, I can’t see any alcohol. I’m just going to trust you.
There’s alcohol in
Krzysztof: Oh, this whole thing, this whole thing is vodka with a little bit of cream on top.
Luke: Okay. All right. I’m worried about your [01:01:00] waistline. You know, like, if you go into like coronary cardiac arrest or something on the podcast, at least that’ll go viral.
Krzysztof: Yeah, right, that’s the whole point, right?
Luke: Yeah. I’ll have like a, I’ll have like a world leading podcast that’s gone viral, but my co
host
Krzysztof: wanna, I just wanna angle down on this. See, it’s, it’s the attention to detail.
Luke: Yeah, that’s beautiful. That’s a, a peanuts theme. What’s that guy called? The little bird. What’s his name? pie or something, is it? Woodstock. Woodstock. Paolo says it’s Woodstock. That’s right.
Krzysztof: thanks, Paolo.
Luke: Thank you. Yeah. Wood, Woodstock, the canary or whatever the hell he is, uh, on a marshmallow. So Krzysztof’s going to eat Woodstock live on the, uh, pod. Anyway, going back to the question, like Palantir was the big winner. Like our two horses were like way down in the race.
So your horse block, uh, returned 16 percent over the course of the year. Pretty bad, but mine was
Krzysztof: that was a bad call for two reasons, [01:02:00] because even with Bitcoin performing the way it did, uh, Block still, still couldn’t do better than 16. Not that 16’s bad, but yeah, bad, bad call, bad call monkey.
Luke: Well, not as bad as mine. Lockheed Martin only yielded 3%. So it didn’t beat the market by a long, long chalk. And I’m, I’m going to take a shot. Like I’ve definitely lost this. I think you can have a half a point for yours. Like, you know, it’s a bad, it’s a, a win is a win. You beat me, but we both. Got owned by the market.
But I’m gutted because I actually said in the episode, I did skim the transcript, uh, I said I’m tempted to go with Axon Enterprise. And dammit, they are fifth, like the fifth biggest return overall in the whole S& P. So that would have been an awesome pick. And I’m not
Krzysztof: what’s amazing actually, actually, to your great credit, you own both Palantir and Axon.
Luke: Yes, sir.
Krzysztof: mean. [01:03:00] So the top and the fifth choices, you own two of those. Like you keep that up.
Luke: Well, three, got Nvidia, Nvidia’s number three.
Krzysztof: yeah, that’s, that’s,
Luke: How far, that’s quite a fun question. How far down the list do we have to go before we get to a Krzysztof holding? Do you own, uh, let me hit you
Krzysztof: those are only S& P 500 companies, right? So I
Luke: Oh, you own Tesla, right? Tesla, 23rd. Okay,
there you go.
Krzysztof: Okay,
Luke: there.
that’s that’s okay. I’ve got, yeah, yeah, I’ve got number one, three, and five. Yeah, okay, very good.
23rd. That’s okay. 23rd place. That’s fine. Well done. Well done. Uh, all right. Anyway, I’ve got to take a shot because, uh, Lockheed Martin.
Krzysztof: Oh, yeah. I’m glad you lost that too because your thesis was because the world’s blown.
Luke: Yeah. Yeah. Okay. So we gave you half a point. I think the scores are two and a half monkey, [01:04:00] three and a half badger. As we go into question eight, should we cont, should I continue with this? Should we wrap this up this bit? Let’s do it. Let’s carry on. Let’s, let’s get this closed,
[01:04:10] Question 8: Major Company Failure in 2024
Luke: right, uh, broken thesis question.
We are gonna make a wild prediction on a major company failure in 2024.
Do you remember what you went for? Gone
Krzysztof: I, I’m afraid I do. I’m afraid I do.
Luke: remind us, correct.
Krzysztof: Um, I said NVIDIA. And
you
know, you know, see, hindsight, damn it. You know, like in hindsight, you’re like, how could you be have been so mad? But In the course of, in the history of NVIDIA, that company has lost something like 50 percent or more multiple times for, on the verge of bankruptcy multiple times. I mean, like, chip stocks, cyclical, right?
And, and it was having all these issues with crypto and [01:05:00] like, so it’s not like in the moment, it was like a preposterous answer,
right? It’s just that, you know, then the world went another way and That was a stupid thing. Hey,
Luke: could have been smart, but, uh, yeah, but anyway, you lost. Uh, I, mine wasn’t much better. Like I, I’m going to take, maybe I’ll give myself half a point for this. So I went with WeWork and I think my position was like, we all knew they were screwed. My position was like, they’re going to fail, but the brand might revive post restructuring.
And that, I think that’s sort of happened. So in May this year, it looks like there’s some news that. They were going to be, they proposed some sort of plan to, to come out of bankruptcy and then like relaunch. I think there’s still a listed company in the pink sheets. So I don’t know what happened about that, but basically like the bankruptcy procedures got canned.
So I’m kind of [01:06:00] right. Like it’s not a great prediction. It wasn’t spot on. I’m giving myself another half a point. So two and a half monkeys, four badgers, a commanding lead. It might be too late for you to come back.
Krzysztof: are our listeners keeping track of the score sheet?
Here’s
Luke: I am, I am, I think I’m correct. Well, Barry will tell us if I’m wrong, but I think it’s two and a half
monkey, four badger.
Yep.
Krzysztof: ethics and the responsibility of keeping the world
Luke: Well, I mean, the only way, the only way you’re going to come out here is if you win all of the remaining questions. There’s only three questions left. Let’s, uh, let’s power through them. Now, the first one, you’re looking pretty good. Let me, uh, let me do a screen share here.
[01:06:38] Question 9: EOS Market Cap
Luke: Uh, it’s EOS, EOS, market cap. So EOS was a 218 million company at the start of this year.
And the prediction was like, where will their market cap be at the end of the year? And, um, I said they would be. Broadly [01:07:00] flat. Uh, no, in fact, I said they would decline. I said they’d decline to a hundred million dollars
Krzysztof: So you expected a 50 percent decline.
Luke: Correct. Correct. Whereas you predicted a 3x, which was ludicrous. How could they possibly 3x?
Well, they didn’t 3x, they nearly 4x. They’re now, they’re now a nearly, nearly a billion dollar company.
Krzysztof: I underperformed. They hit a billion dollars on Friday.
Luke: Oh, right. Awesome.
Krzysztof: Yeah, and for the record, for the record, uh, listeners, at this moment, because of this, uh, recent, uh, spike, EOSE is about 50%, it’s close to 50 percent now of my King of the Jungle portfolio. That’s point one. That’s maybe neither here nor there.
I gotta say this. I gotta say this. I think this is important. There is no company I have ever researched or put more time in than this one. And I was wondering in hindsight, like, why? Why? Like, why? It’s some combination of [01:08:00] all trends, you know, every once in a while, kind of like Nvidia, right?
Multiple trends align and the company that takes advantage of these multiple tailwinds, if they can pull it off, you’re looking at world changing, going from a little baby to a blue chip. And that’s what I saw in EOSE. And so, you know, there’s a difference between starting an investment, like in NVIDIA, where they’re already whatever, 500 million, I’m sorry, billion, and then like being shocked, oh my god, now they’re trillion versus being 200 million.
and thinking they could become 50 billion or whatever. I have never been more confident in EOS as a, as an investment than I am now, even after these gains. So I think that’s important to know. And, uh, it’s a real pickle actually, how I’m going to manage the king of the jungle portfolio, because I expect EOS, not expect, that’s too strong.
In the next two [01:09:00] years, this price might seem like peanuts, but then what do I do if it’s like all of a sudden 85% of my portfolio and I don’t wanna sell a single share ,
right? So it’s an interesting quandary, but, um, I’m, I’m glad I underperformed by saying it’s a mere three x.
Luke: Great. Good. It’s nice to see you pull yourself out of the gutter, but you do win this one. And when I untangle myself from cables, I’ll, I owe you a tequila shot.
[01:09:29] Question 10: Bitcoin Price At Year End
Luke: Uh, question 10. So the scoreline, Barry says, scoreline seems fair. So he agrees, and we’ve given you a point there. You’re now three and a half monkey to four badger.
Question 10 was cryptocurrency. Where will Bitcoin be in dollars by year end? And when we made the bet, it was about 43 and half thousand dollars. I predicted Bitcoin would be flat. Christoph [01:10:00] predicted it would double to $80,000.
I
Krzysztof: underperformed again.
Luke: You did underperform again. Yes,
exactly. Yeah. It was 100, 000 briefly, it’s currently 97, 000 and change,
but
Krzysztof: was 108,000 briefly.
Luke: Okay, right, pretty good. Uh, yeah, so, uh, you’ve taken the lead, monkey four and a half to badger four. Can I pull it back with the very last question? Let me, uh, let me queue up some tequila. the last question was,
uh,
Krzysztof: helmet nearby for, I don’t want you fall, tripping and falling.
Luke: a Brit, I can handle margaritas, don’t worry about that. I said, to be honest, I said deliberately, I knew where the score was going. It’s deliberately quite a small damn glass. I knew it’d be going very badly wrong for me in the final innings or whatever you guys call that in your football game.
[01:10:52] Question 11: AI Speculation
Luke: Uh, so last question was, We’re going to make a speculative prediction about the progress of AI in 2024.[01:11:00]
And like, what would it be possible to do with AI? Um, I said, uh, you would be able to have a personal digital assistant, basically like a PA built into your phone or your device, and they can schedule tasks like schedule calendar events and. Do like PA stuff and, uh, Krzysztof said, uh, predicted that entrepreneurs would run entire businesses solo using AI tools. I’m going to give it to you. I think, I think your prediction is correct. Like we have, we are seeing that I have a buddy doing that right now for real, just a solo act and hopefully he’s building what could be quite a nicely scaled company. And right now I still can’t do jack shit on my phone despite.
All the Gemini intelligence. It’s coming soon. It’s close. It’s not here yet.
Krzysztof: Yeah, no, uh, this is, uh, I thank you for your honesty with this one. That’s, uh, it’s a testament to your [01:12:00] character for investing purposes. I think I brought this up in some previous episode badger, but I think both of us need to get serious. And try to figure out how soon AI will come for those, all those sassy companies.
If you don’t know what I’m talking about, I’m talking about the acronym S A A S. Subscriptions as a Service Companies, of which
Luke: Software, software as a service.
Krzysztof: software, has a, has a And you know, back in 21, that was the majority of my portfolio. You still have a strong cohort of those companies. But as a non AI expert on the inside, I can’t tell you right now with confidence that a company like Datadog, for example, Will or won’t be disrupted?
Luke: Oh, they will. They will. They, they, I, I say confidently will get disrupted.
Krzysztof: will.
Luke: I’ve actually just made a venture capital investment into a company in that similar space. uh, and [01:13:00] I got out of Datadog at the same time. Like I absolutely think they are going to get disrupted.
[01:13:04] …But Will CrowdStrike Get Disrupted by AI?
Krzysztof: Okay, so, I asked a similar question, and this is, this is gonna get us way off in a different line. But I think we should think about this seriously. CrowdStrike is another example. Because, we know, part of their secret sauce is their AI foundations, right? We think in this moment that because it’s cyber security, it’s somehow, what, like, not exempt exactly, but because no one’s gonna mess with cyber security, and like, the pivots a company has to do might be worth, you know, cost them more than, anyway, there’s a bunch of complications because of cyber security, but I’m not confident that companies figure out a way to mimic what CrowdStrike does, even though It breaks part of the thesis, the network [01:14:00] thesis, right?
I mean, it’s,
Luke: The scoreline says I’ve had, I probably, I’ve cheated a bit in terms of the tequilas. I’ve probably had three or four. I’ve had a few tequilas. Absolutely, absolutely not. There’s no way they get disrupted by AI. I can, I think I’d still make a cogent argument as to why not. Like, okay. All right. Let me have a go at this.
So, uh,
Krzysztof: We’ll edit it if you say nothing.
Luke: Like their their secret, okay. Like their secret source, their secret source is like the wisdom of crowds, right. It’s in the name CrowdStrike. And when one of their customers gets attacked, like their cloud thing learns about that and then instantaneously, essentially, like as soon as soon as they have a way to prevent that issue, like close down that portal, whatever that is, or patch that bit of software.
Like they’re rolling out that fix across the entire network to all customers, pretty much in like kind of real time. There’s no, [01:15:00] you know, download today’s hotfix patches and, you know, virus signatures. Um, you can’t do that with AI, right? Unless, unless we’re talking literally like AGI and it’s literally overseeing everything.
But with current AI tools, if I got attacked, there’s no way. Like the AI, any AI talks today will go, okay, you know, Luke has been attacked in this way, and he has these kinds of services running. And then, then we’re going to tell all the other AIs how to repair like Krzysztof’s, like, firewall and protect him from that specific targeted attack.
Krzysztof: want to believe you. And I think my default is to believe you. But this is, this is, this is the same issue I’m having now with a company like Snowflake, although I’ve, I’m turning the corner round on that one to be talked about in the future episode. As a non expert, meaning as an interested investor who could read whatever, you know, there’s only, there’s some amount that I could inform myself [01:16:00] about, but when there’s a paradigm break or shift, I’m not going to know.
You’re not going to know. And so, right, the
Luke: I think some things are like, not, it’s not that self evident, but some things just make sense. Like AI is like processing that runs on data and then draws like inferences through statistical models, essentially. So you need the data. And if you haven’t got the data, like you’ve got all this clever stuff, but it’s got nothing to work on.
So you’ve got to, if you’ve got all your corporate data, it’s got to live somewhere. Like it could live literally in like a bunch of documents and spreadsheets, but that’s not how businesses operate. Like they have systems of You know, it might, maybe it’s like Snowflake, maybe it’s MongoDB, maybe it’s someone else, but someone else is going to provide like the fabric just to store all of your information, even simply, right? Like your list of, your list of customers and like their contact details and what they’ve bought and stuff like that, right?
Your inventory, your stock, your everything, like [01:17:00] the whole business. And so most, many companies use Snowflake for that. Like AI isn’t trying to replace that stuff. It’s trying to. Use that data and then do interesting things with it to like process it in some way to give you some smart output. So I think companies, some, someone, I don’t know if it’s Snowflake or someone else, like someone is super safe because they have like the thing, but partners with the LLMs to deliver the business outcome.
Krzysztof: that makes sense. Uh, I’m translating it in my monkey mind as network effect. Almost like that’s the unbreachable moat. Like, I remain agnostic as to what an individual company can or can’t do on their own. And so I’ll side with you for now, but I’m putting an asterisk next to in five years. I, I don’t know the rate.
I don’t know. put it this way, put it this way. In actionable terms. I would not make any company that depends on, call it, [01:18:00] uh, software as a service more than, say, 10%, no matter what.
Luke: Oh, that’s fair.
Krzysztof: Which is a solid rule anyway,
Luke: look at monkey suddenly doing like portfolio discipline and managing his allocations, not like, Oh, I’m 80 percent in EOS. Well, I’ll be good as well. Fucking why not?
Krzysztof: uh, well, when, uh, when the pitch is so fat and juicy and your bat is so big, oh, you gotta, you gotta, you gotta, right.
[01:18:33] Looking Ahead to King of the Jungle 2025
Luke: we did chat cause we’ve just closed out the year in review and we did chat about, should we do like the new questions for next year? And we’re going to put them in like in a whole episode. I think we’ll do them later. But one of the questions Krzysztof suggested Was, who will have a better 2025 King of the Jungle portfolio performance?
And yeah,
Krzysztof: Okay. So, Uh, we have what, our peanut gallery? I don’t know who’s still with us after, uh, all [01:19:00] these, uh, drinking shenanigans. But let’s, uh, let’s pause here and see what the peanut gallery has to say. before we, we pipe in. I’m curious to hear your answer on this question, because you’re an honest man.
You’re an honest badger. You, you call it Oh, Serge is still on his coffee. Uh,
Luke: yeah. Who’s, who’s going to win like round two? I guess that’s the question. Who’s going to win round two of the King of the Jungle?
Krzysztof: although this is a long fair because I’m up an obscene amount at this moment, though obviously that could change quite quickly if,
Luke: So, uh, while we’re waiting to see what our Patreons think, who’s, And there is, there is one. Do we have your one team, like your monkey tier member here? I’m not sure who the monkey is. There’s one. We do have a special patreon tier. Where you can be like team badger or team monkey. It’s a relatively expensive tier and it’s like, you know, really showing your, uh, your allegiance.
There are no [01:20:00] badgers, sadly, but there is one monkey. I don’t know if one, if there’s one monkey, I don’t know what it is now.
Krzysztof: I bet, I bet you that’s, that’s my mom. Yeah,
Luke: Well, the, uh, our, our patreons on the call with us today, Paolo and Barry, both believe the ball is firmly in your court. It certainly is right now. I’m not going to concede right now, but I would actually, I would like you to see you win it. Because if I just walk away with this year after year, it ain’t going to be much of a podcast.
Krzysztof: Yeah, no, especially since we’re thinking of this as a minimum of a 10 year journey, you know, like some gaps are too large to overcome, but it’s nice that, that things are getting closer.
Luke: Yep. Serge says, uh, 2025 will be the year of the monkey. Radical bets are going to win.
Krzysztof: radical, that’s radical. These are seasoned, well researched, fundamental evaluation. [01:21:00] Oh,
Luke: Paolo says he hopes I win because his portfolio is quite similar to mine. Uh,
Krzysztof: not too late, Paolo, to make
Luke: you know what? I don’t, don’t mind not winning as long as I beat the market. That’s always my objective. Year after year. If Christophe can, like he’s the thing about the king of the jungle, it’s kind of a shit challenge to be honest, because it’s way too short term to be meaningful.
Like a year is nothing where it’s a blink of an eye as an. And I said this to Krzysztof like a year ago when we were starting the thing, like it doesn’t really make sense like doing this year thing. It’s going to be a coin flip. Like I, I, I said, I’m going to manage my King of the Jungle portfolio just like I manage my real portfolio and make it similar.
Um, and I’m going to apply the same principles and I should deliver like approximately a 20 something percent caca because that’s what I’ve always delivered. And I’m like, but you, I know you’re going to do this wild shit. And you’re, it’s just gonna be like, it’s like playing against someone who’s like at the roulette table, you know, [01:22:00] they’re either going to go broke or they’re just going to do really well.
It’s just like luck. Right. So it was coin flipping and you know, your coin flips came in tails for you last year, but now they’re coming in heads.
Krzysztof: Okay, I’m gonna disagree with that. But I think this is a good point to, I’m not disagreeing with say, you’re obviously the more, um, risk,
your risk, uh, management slash tolerance is more sensible, maybe, or less dramatic, but my bets were not coin flips either. So it’s almost like a coin. It’s almost like a false dichotomy, right? Just because I made large bets, I made them because they were so deeply. undervalued slash all the stuff that I talked about at Infinium.
this is maybe an important point and we, we talk about this all the [01:23:00] time. In the end, the end results are not really what matters. It’s the process that matches your particular point in life that you need to be accord with. So for somebody who now is protecting your capital is as important as making it.
Team Badger’s portfolio is the more sensible,
right? But when you sometimes get these softball pitches like I found in your, earlier in your journey, or you have more risk tolerance, then it makes more sense to do that,
Luke: Yep. Very good.
Krzysztof: right? But a coin flip means 50 50, and that’s not what either of us are doing.
Luke: Okay. That’s fair. That’s fair. That’s fair. Anyway, it’s, it’s looking like a heads year for you this year anyway. I’m with the boys.
Krzysztof: We’re a month in, so I’m sure there’ll be, yeah, drastic screw ups.
Luke: Uh, all right. Is it, we’re, uh, we’re an hour and [01:24:00] 45 minutes into our live stream. My cat is snoring just behind me. Uh, you’ve had many cocktails. I think the total tequila count is getting close to 10 between us. Well, you haven’t been
Krzysztof: Yeah.
Luke: yours, so.
Krzysztof: There’s now four of you.
Luke: Uh, is there any other stuff you want to do on our live stream event, Krzysztof, before we wrap up today?
Krzysztof: I want to, I want to once again express my gratitude for what I’m seeing happening on our Patreon. It’s always like the little community that I wanted. It’s what I was going on and on about regarding 7investing, how I want to, um, build trust over time and the sharing of experience and knowledge and all of that.
And it’s starting to happen. It’s starting to happen. You know, like, peek behind the curtain, on the YouTubes now we’re over a thousand subscribers, right? We don’t know how many of those people, uh, will be legit, uh, subscribers. [01:25:00] Insiders, the way we think of them, but the people who do make it over to the patreon side.
I think That’s a whole different kind of thing and I couldn’t be more pleased Paolo, Serge, Barry You guys are the best. Thanks for showing up. So And I think it’s gonna be a great, you know, 25, you know for both the ups and downs.
Luke: And like, thank you to all of our patreons and anyone who’s listening to the podcast ? So you guys couldn’t join the live stream, but like, we’re a bit disorganized and we only came up with the idea like three or four days ago and then just kind of half assed it, to be honest.
Um, and we’ve kind of half assed it as we’ve gone and just like, drank ourselves, well, Krzysztof into oblivion because he’s clearly got a very low drinking tolerance. And me, it’s my wife’s bad books because I’ve now got, like, Dry beer all over the floor. Um, but the, uh, you know, it’s, it’s a fun journey and it’s just nice going on it with all of you.
And if you’re, you know, if you’re like one of the lurkers and you haven’t said hello, like just [01:26:00] tweet us on X and just say, oh, hi, I’m enjoying the show or, or just say, oh, you know, I’m a Russian lady and I’m looking for, because I get so many of those in my fucking DMs, it’s complete garbage.
Krzysztof: Awesome, yeah, so thanks everyone, uh, you guys are the best, and uh, looking forward to a happy holiday season, and uh, really prosperous and kick ass 25.
Luke: Happy New Year, fellas. And, uh, this is Wall Street Wildlife. Wait, how do we normally close our episodes, Krzysztof?
Krzysztof: uh,
Luke: You can’t remember. Are you ready to become a beast of an investor?
Krzysztof: right, your journey starts with Santa’s pants and Santa’s panties.
Luke: Yeah, it starts here. Great place to end. Cheers guys.
Krzysztof: Cheers. [01:27:00]
