📉 Recession Watch: Navigating Market Turbulence – we tackle recent market volatility. Is it time to worry, or is the market overreacting? We discuss strategies to navigate all the uncertainty!
🚗 Tesla’s Rocky Road Ahead – Tesla’s facing tough questions: margins shrinking, market share concerns, and intense competition. Should investors hold steady or hit the brakes? $TSLA
🎮 Nintendo’s Game-Changing Strategy – Nintendo prepares for its next era with Switch 2. Can the legendary gaming company avoid past boom-and-bust cycles and unlock consistent growth? $NTDOY
🔋 EOS Energy Update: Expansion & Earnings – Krzysztof breaks down EOS Energy’s latest earnings report and growth outlook. Is EOS’s battery tech a compelling bet on the renewable energy market? $EOSE
🔎 Deep Dive into Investor Psychology – How to stay calm, rational, and strategic during turbulent market conditions. Plus, lessons from navigating emotional investing traps
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Sources:
Top Performing S&P 500 Sectors Over the Business Cycle: https://www.visualcapitalist.com/the-top-performing-sp-500-sectors-over-the-business-cycle/
Segments:
00:00 Market Uncertainty and Economic Predictions
03:10 Market Turmoil and Investment Strategies
04:32 Personal Reflections and Life Priorities
11:11 Financial Advisors: Are They Worth It?
17:41 AI’s Impact
36:13 Energy Investments
42:33 Tesla’s Market Position and Challenges
45:57 Elon Musk’s Influence on Tesla
58:31 Nintendo: A Hidden Gem in the Market $NTDOY
01:03:24 FinChat: A Powerful Investment Tool
01:08:32 Community Update: We Have Merch!
E71 RECESSION TESLA NINTENDO – with Ads
[00:00:00] Luke: this ain’t the dip. If things are good and we, somehow we kind of navigate our way out of some of these like immediate short term concerns related to tariffs, then, maybe we end up back where we were a few weeks ago.
But if there’s a dip, like there’s a much bigger dip to come, right? The question is, are we slipping into slowdown? Have we fast tracked slowdown and we’re about to fall straight into recession? Or might this be like a blip and we’re going to go back into expansion mode?
[00:00:28] Krzysztof: What if these AI driven robots do in fact come online, I don’t know, by Elon’s timeframe or maybe a little more realistic timeframe and costs in fact do drop massively, then it’s like one of these self fulfilling prophecy things, if you think you’re in a recession, you’re going to will it.
You start spending less because you think you need to spend less, but if all of a sudden Companies can see they’re saving a bunch of money. They’re becoming even more productive and profitable. Then they’re going to start [00:01:00] investing more and growing more. So it’s a weird moment.
[00:01:02] Krzysztof: maybe summarized. I will say that technology bracket to me is now more confusing than ever.
Nintendo is his has historically been a boom bust cycle company because when the new console thing comes out, you kind of have to rebuild the base. The switch to which is coming out sometime. I believe around April. Will be the first time where that’s not happening.
So everybody that’s on the current platform will get to just simply move, onto the new one. So there’s no starting from zero again, and that’s massive. That’s absolutely massive switch . Two, they’re sort of opening up the ecosystem to allow non exclusive games that only Nintendo makes.
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[00:03:10] Luke: Hello and welcome to the latest wall street wildlife with Christophe and Luke. Markets are in turmoil. My stock portfolio has fallen through the floor. And so Christophe and I this week are mostly thinking about sectors we’re invested in, and maybe there are better sectors to be in and sectors to get out of.
Plus Christophe, you’re going to give us an update on two of your favorite companies.
[00:03:33] Krzysztof: Correct. I want to talk about EOS Energy, which reported earnings this past week. And I want to make another pitch to get investors more interested in looking at Nintendo, the gaming company. Or is it just a gaming company? .
[00:03:49] Luke: Krzysztof. Look forward to hearing about that. Anyway, how’s your week going?
[00:03:52] Krzysztof: Well, Badger, not that great. First of all, I woke up to, uh, you yelling at me for banging on the [00:04:00] table and,
[00:04:02] Luke: Week?
[00:04:03] Krzysztof: uh, you caught me, , having taken away the safety net that is the towel on my desk so that the banging is, is not as loud. and then you told me. To solve the problem, I should maybe drink less coffee.
So I don’t get as excited about all this stuff. Well, you know what? Cheers to you, buddy. But, but I do have a towel in front of me now. So, and if you think that’s not bad enough, on a much more sober note, I got news this weekend that one of my closest friends passed away At my age, he was only a month older than me.
He was a friend of mine from elementary school. We were athletes together. We trained for many, many years together. It’s [00:05:00] incredibly hard losing a lifelong friend, 20, what was it? 30 years, however many years we don’t get many of those in life. Uh, and you know, uh, one of those sad things is last mess, uh, he reached out to me maybe a month ago via, via text saying, Hey, it’s been a little while, you know, you want to talk.
I said, let’s schedule something in the calendar. And then of course life gets busy and we, we’re, we all do our things and I never, we never talked again. Why are we talking about this? You know, in part because I think of investing as not a, well, there’s so many ways to think about investing, but to live a life where you can prioritize the things that are most important, like seeing friends, like going on trips, because you never know.
[00:05:55] Luke: Yep. Absolutely. It’s a mantra I live by. Hey, look, well, so very, very sorry to hear about [00:06:00] your, uh, your close friends. You’re right. We don’t get too many of those OG friends and we’ve got to treasure the ones we do have. I’ve filled my life with a whole bunch of new friends. I’ve got old friends and.
Like, I do have a lot of flexibility in my calendar these days, so I do try to put those up the priority ladder, because, you know, it may not be one of my friends dies, but maybe I’m going to be dead, right? I update my will every time I come on ski season, and this time I left like a envelope For Katrina to say like opening the event of my death because I thought I’ll make it a bit less techie and a bit simpler for her to follow the instructions.
Yeah, so you know, I want to remind everybody who I am before I’m gone. ,
[00:06:39] Krzysztof: I want to say something in response to that because when we went out for our Japanese sushi whiskey outing when you were in Austin, That was the first time I heard of, the extent and sincerity with which you actually think you frame your life in this way, [00:07:00] right? Like, living fully, but also living as though it might be the last day and making sure that the people you care most about are protected.
And, it’s an astonishing to hear. You don’t hear many people legitimately think that way. I’m not just talking about, it feels like it’s different than you have a will, right? It feels you were saying something much more than that. So one, don’t go skiing off a damn cliff. Damn it. We’re just getting started here, buddy. But two, do you want to say a little more about like, what, what it is that you Do that you feel is different from, say, a normal person saying, yeah, I should have a will.
[00:07:44] Luke: maybe in a future conversation because I think that’s probably doesn’t gel well with the fact that you just had a bereavement in your kind of immediate circle. You know, maybe the, maybe the bigger point here is that we should [00:08:00] all, you know, not plan for our deaths like this idiot badger. But, um, by the way, I’m not trying to murder myself, obviously.
I just want to make sure things are tidy. But, uh, you, we should, you know, try and live every day if we can every hour to the full, like the most valuable thing to me, is my time. Like I, did I say this before? Like I distinctly remember lying in bed as a 20 year old and just sort of. staring out the window because it’s pre smartphone days and uh, thinking, oh, I wish, I had time on my side because I was a young guy and I had no money.
I just started working and I had richer friends who are, you know, had like fancier cars and motorbikes and stuff. Like, I wish I could just sort of skip ahead. So when I’m say 40, I think that was like the number I had in my head when I’ve got some resources and I can like use my time well. And now I’m.
You know, when I got to 40 ish, mid forties, I had a very clear recollection of that very precise thought. I thought I’m here, holy F, like I’ve got some money now [00:09:00] and I can do the things I want. I was pre retirement, but, um, and I was like, shit, I would, I’d much rather go back there and have the time back and screw the money.
And that’s even more so now I’m in my fifties. So, don’t let time escape from you listeners.
[00:09:15] Krzysztof: Truth and wisdom. Oh, uh, old as time pun pun, partially intended easier said than done because you can’t exactly, renege on your responsibilities unless humans were caught, were, not. Outside of the world. So I, I, the way I think of it is like, you can’t free float off and money, you know, because you have say enough money or, you were just much more.
Uh, relational than most people think. But that said, to have as an aspiration the way we, what we prioritize is time is always by far the most valuable. [00:10:00] It’s like one of those things, you know, when I think in terms of investing in like how things accrue price and value, it’s always shocking to me that something like water, you know, is free, but the moment water were to run out, it’d become.
You know, more expensive than gold. Uh, so everything’s relative, but time is one of those things that you can’t, see, touch and whatnot, but could you somehow make time gold bars or, you know, like it’d be like, how much would you pay? How much would somebody pay for a year of that time bar? It’s a great, I don’t know.
It’s a, maybe it sounds silly, but it, I think it
[00:10:39] Luke: There’s a good, uh, there’s a good Justin Timberlake movie, which is kind of that premise. Everyone has time and you sell your time and People run out of time. Yeah, I don’t know. I mean, I’m, I’m planning to live forever, notwithstanding falling off a mountain. So
[00:10:51] Krzysztof: Oh, good. Sweet. we talk about then how to use our time [00:11:00] wisely in terms of navigating, uh, this wonky stock market of ours?
[00:11:05] Luke: let’s do that. Shall I tell you about a potential guest we nearly had though and why we didn’t before we go there?
[00:11:11] Krzysztof: Yeah, please.
[00:11:13] Luke: I often get emails almost every day from people who are interested in appearing on the show. And we got one from a financial advisor. and. just on principle, we kindly sort of declined that one. And I thought it’d be useful to talk about why, because I wholly do not believe the business model of being a financial advisor works, probably works for the advisors, it certainly doesn’t work.
Um, have you ever had a financial advisor or talk to one or anything like that?
[00:11:46] Krzysztof: I have not.
[00:11:48] Luke: So I think, I don’t know how it works in the States. I think there are like two broadly, two different models. If you’re an advisor, either you, uh, you’re kind of commission based, which might be the majority of them. Or [00:12:00] you could be in the UK.
We have something called like independent financial advisors where you pay them by the hour for their time and they give you impartial advice. So I guess. My comments here are aimed at the commission based ones more than the others, perhaps, but maybe some of this applies to all of them. Like, anybody Who is, despite what they tell you, if they’re making money from selling you a thing and they get like some percentage of the assets they’re managing or, you know, whatever, it’s like some percentage of the thing they sell you as a one off, they don’t have your best interests at heart.
They have their own best interests at heart because we’re human, right? Show me the incentives, I’ll show you the output, the consequence. This model, this business model doesn’t work like for individuals, if they’re owning commission, they’re going to prioritize the highest commission products, despite what they might tell you.
And then maybe this applies to the independent ones as well. Like they have, I think they have like suitability standards. There’s like [00:13:00] guidelines for professional advisors on the things they’re allowed to recommend. And like those standards are very sensible kind of in a vacuum, but in the real world.
Like we should all probably be taking on more risk than an advisor would be. Kind of authorized or, you know, permissioned to, to give you, if you’re a young guy, you should be all in on stocks pretty much. And you should have a pretty high risk portfolio because you, if you’ve got like more than 10 years in left, you don’t fuck around with like 20 percent bonds.
And then, you know, you rack ratchet up your bonds, just be all in on, stocks and do it in like passive index trackers. Because you’re going to weather a downturn. Actually, this is a nice segue into the conversation. The main conversation for the day, because we are coming into what looks like a downturn for growth stocks.
Like we can weather that as long as we take a long enough time horizon, as long as we don’t like plan to die in the next couple of years, we can like [00:14:00] last our way back out of the cycle back into like growth is on. so we declined that, interview opportunity. But yeah, I wanted to call it out as why, because.
shouldn’t be doing that stuff. It’s not a good business model for anybody.
[00:14:13] Krzysztof: Agreed. All I would say is, maybe I’ll say this. Right, because we have passive. indexes so anybody could do it by themselves and those tend to You know, if you just do that, you’re already winning, but then now, especially now when you have podcasts like ours to listen to and many others that are informative and you put in just a little bit of time because it’s interesting or, you know, it’s a kind of work that actually has great dividends if you do it, it’s not that hard over a long period of time.
So why outsource something that you could very easily handle yourself? As long as you can [00:15:00] admit it takes time to develop, you keep learning, you don’t do anything stupid from the start, and you keep increasing your skill set. It’s just not that complicated.
[00:15:12] Luke: And those words have like a dual meaning because like, it is actually technically very simple to be an investor and do like almost no work and go back to like our episode 50. Or episode 60, where we talk about exactly how you can approach that. But it’s also not that hard to do, like, if you can find a passion and interest for this stuff, and then that’s where a podcast like ours, and like many others, like our friends at Chit Chat Stocks and lots of other podcasts can be helpful.
And maybe you take like a small amount of your money and it becomes the bit, the discretionary bit you kind of play around with and you, you know, learn your lessons over a long period of time. would say though. So probably many of our listeners do have a financial advisor. Let’s try and give them some [00:16:00] advice.
What should you do? I would say like next time you talk to your advisor. Understand their incentive model. Go have a hard look at the fees and have a look at what you’re invested in. I did this for one of my ski season friends last year, and we determined that she was kind of not over diversified.
Like she owned her portfolio looks really complicated because that’s how her advisor has set it up. But when you really kind of looked below the level of she’s got like 5 of that. Um, you know, ultimately she just kind of owns the whole market and it looks complicated because her advisor was earning fees and has to kind of justify her fees.
So she makes it look harder than it really is. And so, uh, my friend is like paired her portfolio back substantially. And so she’s in the process of turning much of it into just like one or two passive index trackers, which is going to deliver the same result. Well, the same market return, but a much, much lower fees because she just owns one or two things that [00:17:00] essentially give her the same risk profile.
[00:17:02] Krzysztof: Two points. One, I think there’s a movie about all this, Wolf of Wall Street. Those are rookie numbers. Uh, and um, second point, Dammit, I forgot the second point. My cup, my cup of coffee is still, still mostly full. Forgive me.
[00:17:25] Luke: We’re taking it
[00:17:26] Krzysztof: sure it’s brilliant.
[00:17:27] Luke: And to be fair, we did, we’re recording earlier than normal. So you’re a extra, not quite as fresh. All right.
[00:17:34] Krzysztof: and I’m wearing my baboon hat too. So you could see I’m self disclosing, my foolishness, yeah.
[00:17:41] Luke: So let’s use that as a segue into our main topic of today, which is like markets are for lots of very complicated reasons. That, you probably want to be more like a politics podcast to navigate rather than an investing podcast. But I think we can look at this through [00:18:00] an investing lens. And so, here is a really nice graphic that I stole from one of my favorite accounts on X I saw a really nice graphic on X last week, from the account called from growth to value at from value. And it’s a pretty picture that shows. The market cycle, essentially, as we go from, say, being in a recession, which I guess, when was the last recession, like, full on one, there was a short one with COVID, but I think, like, the last full on recession was what, the great financial crisis, 2007, 8, 9, that ballpark, related to housing, so you’re in a recession, and, like, things are terrible, and then you come into a recovery, And then, you start, you get into expansion, which is like really great for like growth stocks and things like that.
And then you get into like a slowdown part of the cycle and then you’re back into recession and you might have seen similar pictures like this with different words, but [00:19:00] essentially, , everyone’s like risk on and buoyant and investing in stuff and then everyone’s like panicked and fearful and like you’re in like recession mode.
I, I think this is an interesting graphic because it looks at average returns by some of the major sectors in the stock market. So sectors are things like, like real estate, technology, energy, healthcare, et cetera. And it looks, the graphic pulls out what were the average returns for each sector since 1960.
So pretty big data as we went through each of those cycles. And then I paired that with a poll, so not terribly scientific, because I only got like a couple of thousand people looking at it, maybe a thousand people looking at it, and I got, 140 votes, But it looks like, the 140 folk that replied to me believe we are in slowdown, which is the part of the segment, slow down before you roll into [00:20:00] recession at some point.
And I think I broadly agree with that. I was looking at, we were certainly, if we’re not in slowdown now, we were certainly in expansion. For quite some time, and over the last year or so, our growth stocks have been doing great. I think I returned a return of 58 percent year over year in 2024. So it felt like we were in expansion mode.
The question is, are we slipping into slowdown? Have we fast tracked slowdown and we’re about to fall straight into recession? Or might this be like a blip and we’re going to go back into expansion mode? I don’t think we anyone really knows the answer to that But we can start to think about the stocks and the sectors we are exposed to And what that might mean if we do trip into a recession at some point in the future
[00:20:44] Krzysztof: Yes. Let’s hold off on the sector talk just for one second and let me remind our dear listeners last time your humble pal monkey was in this same exact scenario when I was looking at all these [00:21:00] bad awful data I’m not saying we were now in this moment looking at bad awful data, but the sentiment was As low as I remember Feeling in a long long time.
So this was a year and a half ago? Or was it two years ago now? Can’t remember. Year and a half ago. Somewhere in November. And I sold off most of my, , call it expensive stocks. The market went straight up, like the next day began, began the climb of going straight up and we talked about this with Brad, the long author of slouching toward utopia. Historic view of world economies and he said everybody’s looking at the same data. You weren’t Dumb to have sold, but it’s also unknown what’s around the corner. So I think it’s useful to talk as we will about sectors and how to position yourselves wisely.
I think, yeah, of course we need to talk about that, but also. You just [00:22:00] know complex systems by definition are complex because you cannot easily predict the next variable. It’s not a linear system. So there’s turmoil for obvious political reasons, geopolitical reasons, but how that plays out, we don’t know.
Like, for example, for one abstract example, what if somehow the Russia Ukrainian war does come to a fairly rapid conclusion? And what if all of a sudden there’s a massive inflow of capital because it’s no longer going to that, to those efforts? We don’t know. I’m not going to speculate. But I imagine the markets would possibly react to the positive around something like that, so you don’t know.
[00:22:53] Luke: Yeah like markets hate confusion and ambiguity markets like Like having [00:23:00] a confident view of what’s coming whether that’s a good or a bad thing Just being able to make predictions and feel like you can rely on them is generally a positive thing and it reduces some of the wild volatility.
So, having like a clear end in sight to the situation in Ukraine or even the Middle East those would substantially reduce volatility in the market.
[00:23:20] Krzysztof: So you want to talk about some of the insights we gained from looking at these sector returns? I have a few comments of my own. What do you, would you see that was, uh, interesting to you?
[00:23:32] Luke: Yeah, like I suppose my eye is drawn hard to the technology line in, in each of these periods, like the four periods, uh, return over the business cycle.
[00:23:42] Krzysztof: let’s name the stats. I’ll do it. Under a recession, the technology line shows as dropping negative 20%. During recovery, it’s up 28%, expansion up 21%, and during a slowdown, up 10%. So, it [00:24:00] crashes really, really hard during a recession, more so than most other industries. That’s kind of the
[00:24:06] Luke: Yeah, exactly. And like, like get on the, check us out on the YouTubes and you’ll be able to see like the pretty pictures. But we’ll tweet this one as well. Yeah. So it seems like real estate and technology. generally seem to be like the two biggest outliers as you go from one, um, part of the cycle to the next.
And most of my stocks are technology stocks. As a stock picker, I try and pick, you know, I don’t just look at cycles. I try and pick specific companies that I think are set to weather. Like the coming five to 10 years. And I do take a long view. So I like pretend that I’m, maybe immune to cycles a little bit, but I felt the pain that my portfolio is down relatively substantially over just the last couple of weeks because of the current market turmoil.
Now, does that mean like my tech stocks have taken a hit? Is it like, which is the tag, which is the dog and which is the [00:25:00] tail, right? Crazy things are happening in the world. There’s a lot of confusion with say the tariffs from the Republican administration, tariffs on tariffs off. No one really knows what’s happening.
Tech has fallen apart. we talked about AI quite extensively, just an episode or two ago, you know, there’s a big part influencing technology there because like companies like Nvidia technology is really. Essentially the mag seven, we did a whole long conversation with our friend, Matt Cochran just two episodes ago on the mag seven, like AI fuel has perhaps pushed tech stocks way beyond what might be considered normal, even in a kind of expansion type, uh, part of the cycle.
So, you know, the bigger they are, the harder they fall, essentially. So no, not surprised at all that my tech stocks have suddenly dropped. Yeah. They’re only back to where they were a few months ago. This isn’t like doom and gloom. I had a interesting question from my [00:26:00] brother, on WhatsApp a few days ago.
He’s like, Oh, are you buying the dip? And I’m like, this ain’t the dip. If things are good and we, somehow we kind of navigate our way out of some of these like immediate short term concerns related to tariffs, um, then, you know, maybe we end up back where we were a few weeks ago.
But if there’s a dip, like there’s a much bigger dip to come, right? You could see 50 percent get wiped off of some of your most important. Yeah. egregiously valued stocks or more. Um, so, uh, so yeah, like I’m right now, I’m in a mode of kind of wait and see. I’ve got something I will say, but I want to give you a chance to have a bit of airtime, like in terms of how I’m navigating it, I do have some thoughts on that.
[00:26:45] Krzysztof: Okay, so let me pick up one breadcrumb there. I’m trying to think my way through how AI fits into these sectors, because to state the obvious is not a sector category, but as I hear you [00:27:00] talking, you’re, I think, reasonably lumping it in with technology, but when I think of the nearest analog, the invention of the Internet, the Internet is almost like air you breathe or atmosphere that affects all the sectors.
And so I was looking at a chart from, the financial times. Recently that showed, uh, that showed that venture capital investment in AI is basically skyrocketing, and we haven’t seen a peak like that since 2021. So money is definitely flowing into the AI industry, and if you’re talking about startups, you know, these companies are just getting going. We know the acceleration stuff. We know all, you know, all these projects that are sort of close to inflection points or hockey stick growth. I don’t know [00:28:00] if somehow the call it internet on on steroids era will be different in a recessionary time or slow down time because of the massive impact that all of these industries will go under. And, as one example, as a talking point, I want to say more about Tesla in a different context in a little bit, but like, what if these robots, AI driven robots do in fact come online, I don’t know, by Elon’s timeframe or maybe a little more realistic timeframe and costs in fact do drop massively, then it’s like one of these self fulfilling prophecy things, sort of like, if you think you’re in a recession, you’re going to will it.
Like we were talking about, you start spending less because you think you need to spend less, but if all of a sudden Companies can see they’re saving a bunch of [00:29:00] money. They’re becoming even more productive and profitable. Then they’re going to start investing more and growing more. So it’s a weird, it’s a weird moment.
It’s maybe summarized. I will say that technology bracket to me is now more confusing than ever.
[00:29:19] Luke: Yeah. It is probably hard to be an index investor and well, that’s, that’s the wrong approach, but like, it’s less confusing to be an index investor because you don’t have to wrangle with these questions. But as an individual investor, technology is a massive bucket and that’s like 500 plus different companies and you try and pick the ones, as we just said, that you think are resistant to some of the negative things that might be coming and maybe will benefit from some of the positive things.
I’m in the startup ecosystem like I’ve got a couple of like relatively small venture capital positions or not in that really angel investment positions and a couple of like. crowdfunding. Like I’m not trying to say how [00:30:00] much math or anything like that. I’m seeing a ton of AI startups. And when you really think about what they’re doing, like it ain’t a business model.
Like it’s just some guys have come up with some idea. They’ve essentially chucked like they’ve trained an LLM, like someone else’s LLM, someone else’s model. Um, refined it to give a particular kind of output based on certain kinds of input. And they’re trying to say that’s a company, but it ain’t like that’s not going to be around in six months time.
The majority of those, because the base models are becoming so powerful and so flexible. They’ll just natively do the thing that that thing was purporting to do. But I think there are some truly innovative, interesting ideas there, but you’ve got to look at like. 99 businesses before you find one that’s worth investing in.
[00:30:49] Krzysztof: I’ll agree with that.
[00:30:50] Luke: So anyway, come back to this um, cycles graphic then. So like if we go into, I’m not predicting a recession, but if we go into a [00:31:00] recession, like everything gets smashed. That’s pretty much the only sector that is somewhat resilient, because it evidently since 1960 has returned a positive return of 1 percent during recessionary periods is consumer staples.
Everything else loses money. And like the smallest of those are things like utilities and health care and energy, which lose like 2, 3, 4 percent and the biggest. Are things like technology losing like 20 percent industrials, minus 15 percent real estate, minus 22%. We like to think in bets that, any Duke book, but essentially like expected value.
And there is, there’s a non zero chance. We’re going to roll into a proper recession and it can be self fulfilling and stuff is moving so fast. like it could happen very, very quickly. So is there anything you’re doing in your portfolio to kind of prepare yourself for that?
[00:31:57] Krzysztof: Well, my first. Insight, [00:32:00] which will come as no surprise to you is that because my king of the jungle portfolio is, you know, since we started really good reflection of how I’m thinking about the stock market since the time we started it, right? Because I’m only buying things that I really believe in it’s real money.
My real world money portfolio, it’s different just because there’s a legacy in it, but for the most part, it’s closely correlated to king of the jungle. And my king of the jungle portfolio, as you know, has a massive position in EOS energy. So I was looking at this sectors chart and I thought, I asked myself, is this smart or is this dumb or do I need to change anything?
So I’ll combine, I’ll thread two, two ideas together. One, the thing I was saying about AI, I believe is a massive tailwind that is not going away. And I don’t care about these dips and, scary [00:33:00] moments. I think it’s, we’ve just simply crossed the point of no, like nobody’s walking back AI at this point.
Nobody. They’re accelerating, right? Even the deep seek scale. I mean, we know this, right? So a, an AI runs on energy, meaning it requires massive amounts of energy. So when I looked at this chart and I saw that energy is only down 4 percent in the recession, but it’s up 27 percent in recovery, up 16 percent in expansion, up 9 percent in a slowdown.
Then I think having EOS, which will benefit. From helping data centers store their electricity in batteries is wisely positioned. So I think of it as a. Both defensive and offensive stock. I might as well, since I’m talking about EOS right now, maybe let me flesh that out since they just reported earnings.
Right. Makes sense. Two, [00:34:00] two things I want to highlight. It was one of those conference calls where. I guess all the news was already public. So nothing particularly surprising. They’re still mostly pre revenue, but they maintain their revenue guide. So that’s good. But one massive difference, they started talking about hyper growth up until now.
And this talks about this chart. Actually, this nicely ties in up until this past conference call, the CEO would say, we’re not going to be stupid and build a bunch of stuff. Until the customers have placed orders, because that would be reckless. Now, they’re basically doing a 180, and we have not yet received any public massive orders for these batteries.
Zero, just smaller orders, and all of a sudden they’re saying, [00:35:00] We need to grow our lines as fast as possible, and we’re on a public hunt for factory number two, and we’re even on the lookout for factory number three. So what does that tell you? , it implies, right, that they know the demand is there.
They know it’s basically going to be an issue of scaling, how quickly they could scale, um, those kinds of bottlenecks as opposed to all the stuff the company was worried about before. So that’s huge. One little interesting, um, sort of behind the scenes financial tidbit is that they’ve received, call it clearance, for 740 million in federal net operating loss carry forwards. So what that means is that in future years, whenever they have profit, they have this massive, massive backlog that essentially makes the profits tax free. So all of a sudden, the kind of financial [00:36:00] stability of the company is Way, way better than before this shift, which will to some extent offset some of the dilutive pressures that the company faced during the recapitalization era.
So overall, pulling all these things together, the sector stuff says yay for energy. Like one of the best sectors to invest in, add the layer on top of that and add on top of this switch toward hyper growth. And I remain very confident with EOS as my top holding
[00:36:34] Luke: All right. Very good. And thanks for the quarterly update on that one. Like it is, a sector that’s probably supported by the stated objectives of the current us administration, because if they genuinely pushing to, like, reshore manufacturing into the US, there’s gonna be a massive, like, energy boom and a blue collar jobs boom and, like, a construction boom because you suddenly [00:37:00] got to build, like, you’re gonna have construction to build factories and then these factories are gonna have to, like, manufacture the things that you used to import and all of that is gonna take, like, unprecedented levels of energy and we’re not just talking, like, Data centers and all the other stuff, like, just like the real world stuff.
So yeah, I see that being like multiple potential supporting pillars to being an energy investor. [00:38:00]
[00:38:47] Krzysztof: We talked about this a bunch, electric cars, robo taxis, batteries, more energy, and sorry to backtrack one additional EOS point, because this goes back to the tariff question too. [00:39:00] Is EOS is now calling itself America’s battery. Like you could see the logo is, the American flag.
Why? Because they, I think with incredible foresight, sourced everything to the United States, I think it were 90 percent U.S made. So under the Trump administration, it’s a massive, structural. Pillar at the moment rather than the headwind that many other battery companies like all Chinese battery competitors are now in much Dicier waters.
So all these things play together in fascinating ways
[00:39:34] Luke: I did want to make a comment on Tesla, but I think that’s going to take us into a much different conversation. So is there anything else we want to say about sectors?
[00:39:43] Krzysztof: other main thing that sticks out Is that real estate is sort of like technology. It’s the one that drops the most during bad times and goes up a lot during good. But that’s you. And I don’t really invest in real estate in terms of the stock [00:40:00] market. Exactly. Um,
[00:40:02] Luke: Like, he pretends to be this like broke professor, but he’s got this like massive real estate portfolio.
[00:40:07] Krzysztof: I, I wouldn’t call it massive, but you know, it pays the bills. ,
[00:40:12] Luke: Yeah. I’m not a real estate guy. . I had some investment properties. I got rid of those. I’ve never been interested in like REITs, like real estate investment trusts. Stuff around that sector. I just don’t feel like I really understand it. So I’d rather invest sectors I get.
[00:40:27] Krzysztof: it’s interesting because this morning we’re talking about this Redfin, which was a company. That I was really interested for a good while pre wall street wildlife days, because I thought they really were trying to, um, develop a better brokerage, better way of investing in real estate.
Or buying and selling they were acquired, I believe this morning by rocket mortgages, which I think is a bigger, bigger financial joint. The stock is up 75 percent on the buyout, still [00:41:00] severely below its peak valuation. So side note,
[00:41:04] Luke: Yeah, fair enough. I suppose I’m thinking live here as I look at that sectors chart Yeah You said energy kind of appealed to you like if we are in slowdown mode and then perhaps moving into recession mode at some point Like consumer staples is kind of the place to be. That’s the one that actually Doesn’t lose money in a recession the only one that doesn’t lose money and so You know, makes me reflect on my comments about who is the uh, old Greggs, the UK sausage rolls guys.
You know, they’re, like I said, in kind of like, we’ll sort of kindly call it fast casual, but it’s kind of consumer staples to some extent, like, you know, like McDonald’s is because it’s, in a recession when money’s tight, you probably turn to certain brands, you know, here you’d normally talk more about like the supermarkets and maybe, I don’t know who the U S versions are like dollar tree and people like that, or like, you’re trying to cut your household expenses [00:42:00] to the bone.
But, um, I guess booze, does booze sit in consumer staples? Is that, considered like a household essential, I think, essentially, people
[00:42:09] Krzysztof: discretionary.
[00:42:11] Luke: drink in a recession and they drink
[00:42:13] Krzysztof: Oh, really?
[00:42:14] Luke: it might even be, you know, counter cyclic, right?
[00:42:18] Krzysztof: I’m not a fan of that category because I think my risk profile is too high. And you know, those kinds of stocks tend to be Fairly valued most of the time because, you know, everybody knows the numbers and,
[00:42:33] Luke: Well, maybe that does bring us on to the segue I was going to make them because like a company that nobody really knows the value of is Tesla, um, cause you either believe in like FSD and all the things. And then it’s like woefully undervalued or you think that’s like remains that’s going to remain to be like hot air for the next 10 years and the company is way overvalued and I kind of comes down to your sort of sentiment on the company.
I was thinking about Tesla in my own [00:43:00] portfolio, mostly in the context of these tariffs and like I do fear a little bit that it’s probably going to be. overly impacted compared to some of the other stocks, like the bigger positions that I own. Like if I’m, I know they do some domestic manufacturing, but they still get a lot of their parts from, like Mexico and China, I think.
And so like the tariff’s going to hurt them there. What do you think? You think about that one at all? I mean, there’s lots of other reasons to be concerned about Tesla.
[00:43:35] Krzysztof: Yeah. I want to talk about, yeah, I want to talk about that too. But first, maybe it’s more of a comparative thing because let’s say, let’s leave all the future Tesla stuff. Let’s bracket that for a second. Let’s just look at it as an auto company. My assumption is that the tariff stuff will hurt their competition more than they will hurt Tesla.
Because Tesla, we know, they say this all the time that their [00:44:00] manufacturing plant itself is a product because of their superiority in AI and engineering and so on and so forth. So if the competition gets crushed, Tesla will actually stand to benefit net net in that way. So that’s one way of possibly framing it in the long game, I suppose. So I don’t know, maybe naively. I’m not concerned about that.
[00:44:23] Luke: Although
like I’ve already kind of won that game, right? Like, two of the top three widest selling cars in the world are Teslas, right? The Model Y and the Model 3, I guess. Let’s go, let’s
[00:44:36] Krzysztof: I’m not sure. I would say they’ve won the game because of the crazy political stuff that Elon is pulling. But I would say, you know, its main competitors. Most of them are still quite young, Rivian as the main example, and so severe pricing pressure for one of those competitors would be a massive boon for [00:45:00] Tesla. Remains to be seen, I suppose.
[00:45:03] Luke: full Tesla with this bit of the conversation, because I’m curious how you feel as a two Tesla household. You’re probably safe in Austin, but, um, you know, if you were to drive across the county lines into like some other state, would you suddenly be in fear that your car’s going to get vandalized because of the anti Elon sentiment that’s out there right now?
[00:45:25] Krzysztof: Well, you made a false assumption there. Uh, my jiu jitsu teacher has a, has a Cybertruck, and he’s been, he’s been getting harassed daily. Including like flyers on his windshield. It’s kind of side lesson. You don’t, you never know who you’re fucking
with people. I really wouldn’t. Oh man. But I wanted to talk about this more [00:46:00] fully with you because I’ve really been thinking about Elon a lot as most of the world has, and I recall listening to some time back, maybe months, I think it was months ago now. And for the record, I enjoy a lot of Sam Harris’s conversations and positions, but I do not agree with everything he says or does. I think there’s some, serious missteps he makes in all kinds of ways. So this is not an endorsement of , Sam Harris. However, I do agree with a basic point he made that he claimed to have been a friend of Elon’s.
I don’t know if he’s a good friend or, but they were close to some extent. They would exchange messages. And at some point, Harris said he, he expressed some, he offered some critique or feedback to him, I think in a way like good friends ought to [00:47:00] do, and not there long after. Elon stopped replying to him. Now, just holistically, like we were talking about with the time stuff at the, at the start of the show, there are some things in life that you protect. I would say ought to protect more than anything. If your head is head is on screwed straight. And that is deep relationships with people who. Can talk to you like not yes men, right but people that will give you authentic feedback.
So for you want to have severed one of those kinds of relationships was my first legitimate like Oh, this guy really might be going off the rails because that’s the beginning stages of, you know, like maniacal thinking and the distortion field, whatever. Point two is more and more people, and I’m speaking from personal experience here in Austin, are [00:48:00] actively getting those, I bought this Tesla before Elon went crazy bumper stickers. That really can’t be great for the I mean, I don’t care which way you slice it. You add the politics and whatever’s going on in Europe and I’m not there. And, you know, I can’t trust media anymore. I can’t tell what’s true. What’s not, but it seems like, Europe has lost confidence. in him because of the NATO slash Russia divide.
And, so there’s, all these reasons why I don’t think I can’t remember a time ever. I don’t know if you can, where the CEO of a huge, hugely important worldwide domineering company, Literally became a politician to the extent that he’s in the White House and all of a sudden, I forgot to mention this, there was a major blow up in the White House where the United States Secretary of [00:49:00] whatever Rubio is, forgive me, I don’t know the exact title, whatever, some very high up political guy is having a screening match with a CEO of a public company who was never elected and Trump Is in all of this trying to like, you know, negotiate both of them, but ended up putting limits on Elon finally.
Anyway, this is an unheard of situation, and whatever, whichever way you voted, we know the United States is basically split more or less like 50 50. So you have half it’s just nuts. It’s a nuts situation. Never seen anything like it Can’t be good on that level alone
[00:49:41] Luke: Yeah. it’s sort of easy to have a throwaway line and say, he’s like lost the plot. like the reality is probably that I’m no clinical psychiatrist. He prioritizes like fun and amusement and he’ll take decisions that he finds to be the most entertaining. Uh, [00:50:00] and that’s probably a big part of his driver for doing some of this stuff.
And he probably, I’m sure he. You know, you’ve got to be a bit of megalomaniac to kind of be successful to the extent that he has been successful. He probably sees politics as below him, right? Like he sits above all of this stuff and he’s really like the puppet master driving everything. I’m sure that’s his own kind of vision, uh, like the role he’s now negotiated himself into.
But putting all that aside, you know, Tesla, the company, and maybe in the future, like SpaceX, the company and Neuralink and XAI. Like to what extent are they going to get contagion from the Musk brand? Cause they’ve had all the positive contagion from muscle and the positive connotations because everyone respected him for so many years and to large extent that was drove the success for Tesla because people were just like throwing money at him, trying to get him to, like to become an investor in stuff that he owns.
So his access to capital and his access to like the smartest people in the [00:51:00] world. Was almost, has, was almost unprecedented, but now, now like the script has turned so hard to what extent could his reputation bring these companies down? I don’t know.
[00:51:13] Krzysztof: Well, we’re seeing that also. I’m sorry to say In terms of Starlink, we know I don’t know if you followed this because of you know, the major billionaire conglomerate guy in South America, Mexico said he’s breaking his relationship with Starlink at the cost of billions of dollars. So ASTS will probably end up being the beneficiary there.
But, it’s a mess of, uh, extraordinary proportions. One thing about this rebellion, like most entertaining aspect of Elon, I actually. There’s a big part of my own personality that respects that or respected that Because you know in the early days of Tesla was like, oh my god This is a guy that actually is willing to make something truly [00:52:00] fun and new and thinking outside the box and that’s exciting.
You know the way a company can really excite you For me, it was, it was Apple and for a large portion of the time and, looking forward to the newest updates, right? Kind of like a side hobby. But at some point when you start getting involved with the federal government and laying off people, uh, willy nilly with a chainsaw, like almost laughing at the fact that people will be losing their livelihoods, that’s a detachment of such extraordinary degree that it is, I don’t know what else to call it.
It’s, some sort of mania or some sort of disconnection from reality, like you said. And it’s, it just can’t be good for the company. It’s almost now if Tesla continues to succeed, it will be obviously, despite not because of this phase in its history. But I have a, talking point to ask you about.
There’s all that we just [00:53:00] said. And, curiously, Tesla just delivered its first updated, refreshed Model Y in Austin, I believe yesterday. And it’s a magnificent car. It’s truly, truly magnificent. I would buy one if I didn’t. That would be the car I would get now if I didn’t have one. I wonder to what extent Most people that are saying not on X and not like hardcore weenie investors like we are really truly. It’s not that they don’t necessarily care or know about this stuff, but at the bottom line, if they want a new car and this is the best car and the price is now affordable. They’re just going to say to themselves, whatever, whatever, whatever Elon does. And we see this a bunch, right?
We see this sort of in when people go to elections, like you could have all these talking points around this, that, and the other thing, all these philosophies. What do people vote with in the end, their wallet? [00:54:00] To what extent do you think? None of that really will matter because they’ll just buy the car.
Anyway,
[00:54:09] Luke: I made exactly this point, to my buddy Albert about five hours ago on WhatsApp. He, uh, he buzzed me with a question to say he was thinking about his own Tesla position. Like should he exit it? Totally worried about, like what we’re talking about, like the whole Musk kind of political problems that the company now has.
And, that was kind of my view, like ultimately society kind of gets angry about something and then forgets about that thing pretty quickly. Sentiment, you know, it’s just whatever’s in the public consciousness. And the bottom line is if these are the best vehicles in the world at all these different price points.
That’s really what’s going to drive the consumer. Maybe you’ll get some people like pulling the T badge off the Tesla badge off their car, but they’re still going to want to own a Tesla because it is, you know, at the 40, 000 price point, a Tesla model three, like the [00:55:00] new model three, like it’s a hell of a car compared to like the equivalent price point from the other manufacturers and the model Y is like the best selling car in the world for the same reason at its price point.
So I do feel like people. Like, there’s other reasons why there might be problems, um, recessionary reasons and in the fact that people maybe can’t afford to replace the cars, or maybe the world is moving towards like reduced personal vehicle ownership. But that at the same time that the other side of that particular aspect is beneficial to Tesla.
I think maybe this will. blow over. I kind of hope it does. Probably the board of Tesla either needs to tell Elon to STFU, they probably can’t do that, but they need to get him to at least like turn down his rhetoric a little bit or maybe they just, you know, they just need to wait for this, kind of wait it out.
[00:55:52] Krzysztof: we’ve learned that ship has long sailed. So that’s that I’m trying to quantify, you know, like the extent [00:56:00] of explicit damage, and I don’t know why, but I’m coming up with some number that’s like. Five to seven percent. Or maybe like, if I’m gonna think more poker like in terms of possible ranges of cards, call it four to seven percent of people that are the kinds of people that legitimately will actively now hate on Tesla, refuse to buy one, and just want nothing to do with it.
But that’s still a massive minority of people, even though With the saber rattling and the noisemakers. It feels like it’s kind of what everyone’s thinking and Simultaneously badger. I will tell you this that like from as of two days ago the It’s not just about people leaving flyers on my jiu jitsu teacher’s cyber truck but there have been protests and I think active acts of sabotage on some superchargers and And I’m thinking, you know, shit, I’m driving the Tesla.
It’s [00:57:00] the car I love. And it’s one of my most beloved possessions, the, my most beloved possession, honestly, and to even have to think like worry, like if I leave this in a parking lot, is somebody going to do something to it that hasn’t happened since the early days when people would key the doors. You know, out of the gas coal industry war, so it sucks that we’re back there again.
[00:57:25] Luke: Yeah, agree. Yeah. Yeah.
[00:57:27] Krzysztof: So to tie this with a bow as an investor, what’s the takeaway? I remain. in the position that Tesla is still one of the world’s leading companies. And this will, in hindsight, be a massive opportunity as long as things don’t literally blow up
[00:57:51] Luke: Yeah. Like it’s, if we come back to where we started, you either believe in FSD and all the future stuff, or you don’t like, if you don’t, the [00:58:00] company’s overvalued. Well, it’s now less overvalued. You could all, I haven’t tried to put together a model because there’s just no point in trying to look at a financial model for a company like this.
But it’s cheaper than it was like a week ago and a month ago. So it’s, the valuation is perhaps less egregious. If you don’t believe in the future stuff, and if you do, well, nothing else matters because as soon as they get robo taxi working, like the stock is going to 5x, 10x, right?
[00:58:29] Krzysztof: right in the robots.
[00:58:30] Luke: All right. Do you want to tell us about a less controversial tech company before we wrap up today?
[00:58:35] Krzysztof: sure. I wanted to put Nintendo on our listeners radars, because, um, I think it was a Safari stock talked about a long time ago, but the timing is better than ever, I think. So let me walk through the thesis. The ticker is NTDOY. So it’s a Japanese company, an ancient Japanese company, actually. It’s [00:59:00] incorporated in the 1880 something, I think. but you can buy it, uh, on the U. S. Stock Exchange. Here’s why I’m highlighting it. It’s one of these, uh, I think in terms of our sectors, it will be a consumer discretionary, but I would also argue kind of like to your point about alcohol. Like, is alcohol really a state, discretionary? Like, in today’s world, especially if you think about the younger people, Generation whatever we’re at, Z, or ZQ, or I don’t know if we’re going to loop around to Generation A. So many people’s lives revolve around gaming. And the online world Nintendo is his has historically been a boom bust cycle company because when the new console thing comes out, you kind of have to rebuild the base. The switch to which is coming out sometime. I believe around April. [01:00:00] Will be the first time where that’s not happening.
So everybody that’s on the current platform will get to just simply move, onto the new one. So there’s no starting from zero again, and that’s massive. That’s absolutely massive switch Two they’re sort of opening up the ecosystem to allow non exclusive games that only Nintendo makes. So you’re going to have games from.
The big, like, think the big sports games like Madden and Grand Theft Auto and stuff, which will end up having massive revenue streams. And then there’s the third part of this. One of the highest grossing movies in the whole world was the Super Mario Brothers movie. it has this IP catalog that’s Disney like, including like theme parks and stuff. And they’re really protective of it. It’s kind of a really super conservative company and it’s actually quite cheap. I think it’s about [01:01:00] 12 X earnings at the moment with massive amounts of cash. I think it’s valuation is something, uh, off the top of my head, around 60 billion.
So it’s, it’s a sizable company and it has all these tailwinds, including the main one that actually skipped over. it’s going to be, I’ve mentioned this before, think about Apple’s ecosystem that it locks you in and it has the capacity of once a user’s locked in, it’s like a software. ecosystem that you can’t easily get out of. Nintendo was replicating that basically with all its games. So Nintendo has these massive tailwinds in terms of It’s product and the new generation cycle and all this hardware, software, evolution, but it’s also, relatively cheap in front of the growth we expect. So if we look at the FinChat using our FinChat friends, [01:02:00] I see that the current valuation is 37 for the trailing 12 months, but this is, this is after the console has been out for quite some time.
So we expect a massive. uptick. So if you start looking at the valuation for the next 12 months, FinChat shows it at 27 PE, but I think that’s really underestimating the growth and that’s what the market is missing. Plus the fact that it has 2. 15 trillion in yen. I don’t know how that converts to dollars, but it’s a lot.
So it’s a superbly well capitalized company that’s stable. That’s not that expensive. I think it’s one of my better, safer places for money at this market cycle. I’m really excited for it. Actually. I don’t think the market has caught on to the big paradigm shift yet.
[01:02:55] Luke: Great stuff. And you said it’s like an ancient company. Could you remind us of why? Cause we think of, I think of [01:03:00] Nintendo as being, you know, since the 1980s, I guess.
[01:03:02] Krzysztof: Yeah, I believe it was incorporated to be like a card company. Like they were sending, like selling doohickeys, like, uh, I don’t know if it was Magga, not Magga, Manga cards, some sort of like toy like thing at the start. And yeah, the Nintendo games didn’t come for much, much later, like a century later.
[01:03:23] Luke: Great stuff. and if you’re on the YouTubes, Christoph, is looking at FinChat. io, which is a new partner to Wall Street Wildlife. Like Christoph and I have both been using, and are fans of FinChat as a investment analysis service. I’ve been using it for well over a year now. They’ve got a whole bunch of really fancy AI features built in, which are really cool.
Like you literally like ask questions about the latest earnings report. You can ask questions about, the financials. You can do comparisons across companies and they’ve just introduced a new feature, which I have barely started using yet, but I’m very excited about where you can create a custom [01:04:00] metrics.
So you could, for example, for Nintendo, you could start asking questions about. Specific metrics that FinChat are tracking. And one really nice thing about FinChat is that as well as having all the standard financial metrics, they also capture their own segments and KPIs. Key Performance Indicators. So for example, for Nintendo, they track revenue breakdown by geography, which you’d have to go and dig into like the words in the financial reporting to dig out.
They also dig out like Nintendo switch platform revenue. So you can start to draw now with their new features, custom metrics, and you could say like over time, what proportion is switch as a proportion of Nintendo’s overall revenue. So you can start to get like a really nuanced, interesting insight. into companies using FinChat.
And if you haven’t used FinChat before and you’re interested, go check it out. And we’d be very grateful if you use our affiliate code, go to finchat. io [01:05:00] slash wildlife. And if you use that URL, you’ll get 15 percent off any paid plan. So yeah, go, check it out and see if you can supercharge your research with FinChat.
[01:05:12] Krzysztof: back everything you say. It’s my favorite. Tech platform thing to dig into the numbers. And for a while there, I had like five or six tabs open amongst these kinds of products. And FinChat has very quickly and superbly replaced all of them. No joke, great product.
[01:05:28] Luke: All right. Well, good. Thanks for giving us a Nintendo update. The stock’s up since you, you put it on your radar. I was trying to figure out while we were chatting. I couldn’t work it out. It was a couple of months ago. Right. When you, uh,
[01:05:38] Krzysztof: think it was, yeah, in US dollar terms, I think, I added it. Actually, I’ll check for you. I’ll tell you what my average cost basis in King of the Jungle is. I, oh, it’s higher than I thought. I bought it at 15. 36. For the portfolio, it’s down 6 percent today to 1664. So this is [01:06:00] one of those that I really wish would stay cheaper for longer so I could accumulate. And then it had a nice little run up recently, but the market conditions are swinging back down. So I, because of the inflection that’s. Coming and I know markets are forward looking, so it’s not really going to be a surprise to the big industrial players, but I, think we’re sort of at that sweet spot where the extent of the shift is not yet been forecasted properly by all the analysts.
I don’t know the next 6 months, maybe good time to take a position if you don’t have one.
[01:06:37] Luke: great stuff. I am a bit of a closet gamer. Like I do play games on the computer. I’m like, I’m not really a, used to be a PlayStation guy. Now I’m like a PC games guy. Never really been a Nintendo guy, but as a, like a friend’s place for Christmas and the kids will like switch crazy. So
[01:06:53] Krzysztof: well, see, this is a, this is a great test case because now the Nintendo, there’s something [01:07:00] really sweet and easy about Nintendo systems. The fact that they’re gonna allow all these hardcore games on it now will make you a possible convert. Because if you could play all the things on it, there’s gonna be people like you.
[01:07:14] Luke: I’m holding out for, Because I saw the latest like a few months ago, Jensen, doing the Nvidia, like the roadshow thing, like the big investor day thing. And like I’ve got a nice laptop, like an HP Specter. It’s like a beautiful piece of equipment, but it hasn’t got a GPU and I think I need to, I’m gonna refresh it at some point in the next year.
And Jenssen’s just announced like some sub $1,500 range of gaming laptops that have like a four series, like a, a pretty beefy GPU. inside them. I’m kind of holding out for one of those, but I’ll still be doing my gaming on the computer, not on the little switch thing.
[01:07:51] Krzysztof: We shall see, to be determined.
[01:07:52] Luke: If I can’t port Baldur’s Gate to Nintendo, like why, why would I bother? Why do I want one? [01:08:00] Alrighty, uh, before I reveal myself to be an even deeper geek than, uh, perhaps our listeners realize, we should probably wrap this one up. Uh, good chatting to you and, uh, let’s see where we go in the market cycles. Maybe we’ll stick out a poll post this episode to see what you guys think about where we are in the cycle and which of your companies you might be concerned about your thoughts on Tesla would be appreciated.
You can catch us. at patreon. com slash wall street wildlife that’s where the big conversations are happening but we’re also on the twitters and various other social media networks
[01:08:32] Krzysztof: Yeah, and shout out to our latest Patreons. Thank you for supporting us. It’s a lovely growing community. Join the conversation.
[01:08:41] Luke: oh and we i said it last week uh we actually do legitimately now have merch so you’ve got to be at our jungle cat tier merch is now live Patreon’s a bit weird, the way it does merch. I’ll admit, I didn’t really understand it, and I now think I finally understand it. But if you’re a jungle cat or a [01:09:00] unicorn, we have a unicorn, you will receive some fancy Wall Street Wildlife stickers in your first couple of months.
you’ll get then two mugs, a Team Badger and a Team Monkey mug. So, uh, we’re looking forward to seeing our Patreons, drinking their teas and coffees from there to show their affiliation to Team Badger or Team Monkey. And there’s a t shirt when you’ve been a Patreon for a year at that tier.
So looking forward to getting the merch out and seeing your social media goodness.
[01:09:25] Krzysztof: you ready to be a beast of an investor?
[01:09:28] Luke: Your journey starts here.
