Michael Burry & Ray Dalio Say The Market Is In A Huge Bubble

Welcome back everyone. Today on the Joseph Carlson show, the stock market is in a bubble. That is according of course to Ray Dallio. He is one of the biggest names in investing. Ray Dallio manages

hundreds of billions of dollars and he says that we are in a bubble today. And

Ray Dallio is not the only big notable name investor that believes we're in a market bubble. Of course, we have

market bubble. Of course, we have Michael Bur who has said for some time that we're in a bubble, but instead of backing off of these claims as the market has gone up, he's doubling down.

In fact, he's opened up a paid newsletter, a Substack, to detail out all of his in-depth views on this current AI bubble. So, we have two huge personalities, Ray Dalio and Michael Bur, both claiming that we're in a

massive market bubble. What exactly are they claiming? What stocks are they

they claiming? What stocks are they saying are in the bubble? And what does this mean for us investors? Should we be changing our portfolio as a result?

We're going to be going over it and discussing all of it. Now, of course, we always have a lot of other news to get to. Google stock is on the move again up

to. Google stock is on the move again up another 6% $317. Of course, this is my largest holding. Uh we've gone over

largest holding. Uh we've gone over Google so much, but I just want to mention a couple things of why it's going up. One of them being this tweet

going up. One of them being this tweet from Mark Boff, the CEO of Salesforce.

He trashes ChatBT while saying that he spent 2 hours on Gemini 3 and he's not going back. Why did he go out of his way

going back. Why did he go out of his way to trash chatbt? We'll be taking a further look at that. And then of course we have my portfolios. We're going to be taking a look at my largest holdings, my recent buy into Mastercard. I've just

bought Mastercard up to a $180,000 position. It's now my largest position.

position. It's now my largest position.

We'll be going into why I'm buying so much of it today. So, we'll be getting into all of that. And then at the end of this episode, we'll also be going over my favorite things, including my favorite movies today, my favorite television shows and games. So, we'll be

going over that as well. So, we have all of that to get into plus much more. And

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company's bad. You get all the information about the fundamentals of a stock at a glance. So try it out now with zerorisk atqualrum.com. Now to kick things off, we look at the comments of Ray Dallio and Michael Bur about a

market bubble. This has been going on

market bubble. This has been going on for some time. We've had Michael Bur warning us for months now about a bubble. And as the market's gone up, he

bubble. And as the market's gone up, he hasn't backed off of these warnings.

Now, in some cases, Michael Bur has said sell in the past. And then later on, he said, "I was wrong to say sell." But

he's not doing that now. He truly

believes that he found a bubble. And

again, Michael Bur is not the only one that's making this claim. We also have Ray Dallio. He is also on TV now

Ray Dallio. He is also on TV now claiming that we're in a bubble. Now, in

most cases when people go on to CNBC, the clips get maybe 20, 30,000 views, uh, if they're lucky. Many of them just get a,000 or 2,000 views. This one has

over 300,000 views. This one went viral.

Lots of people are interested in what Ray Dalio says because he's such a notable personality in investing. He

controls so much capital and he has such a big analyst team, so much data to take into account when making these judgments. So, here's Ray Dalio in a

judgments. So, here's Ray Dalio in a recent interview just a day ago. Let's

go ahead and take a listen to it.

>> There's uh definitely a bubble in uh the markets. Yeah. Um bubbles. What is a

markets. Yeah. Um bubbles. What is a bubble? Right.

bubble? Right.

>> Okay. What is

>> He starts off first thing. There's

definitely a bubble. But now now we're gonna clarify what a bubble even is.

>> What what is a bubble? A bubble um is that there's a lot of creation of wealth

from various ways such as you decide that you're going to have a uh sell $50 billion worth of stock and value it at

uh trillion dollars or you have multiples like that and then you create the wealth that way. And then the question with all this wealth relative to money is who needs the money. So it's

all it's a matter of who the buyers and sellers are. For example, um if we had a

sellers are. For example, um if we had a wealth tax or if you had a tightening of monetary policy, then there has to be the selling of those assets. So in order

to pay those things. So there's a mechanics of who owns it, is it overowned, and so on. It's not the long-term duration of the earnings. So

you think about it, isn't it interesting that we have um such a short-term reaction. It's great that what the

reaction. It's great that what the results are, but this is a it's valued as a long duration asset. So for 25 years, the next 25 years, it's very

unknown. We don't know what's going to

unknown. We don't know what's going to happen. And bubbles don't go happen

happen. And bubbles don't go happen right because of good estimates of of what in the future. It happens because of the need for cash. Do you sell that asset? you have to sell that asset for

asset? you have to sell that asset for cash for somebody.

>> Ray Dalio starts off by saying, "Yes, we're in a bubble." But then he goes on to define what a bubble actually is. So,

a bubble is an inflated amount of wealth, but then you actually have to define what wealth is. And this is where I think things get a little bit tricky.

A lot of people think wealth is just money. But that's not really what wealth

money. But that's not really what wealth is. Wealth is the actual goods and

is. Wealth is the actual goods and services. It's the actual thing that's

services. It's the actual thing that's going on, the thing that's happening.

It's the value that's being created.

Money is a representation of wealth. If

a stock goes up for no reason, there's nothing behind it, there's no product or service, there's no customers, is that really wealth? Let's say that I I create

really wealth? Let's say that I I create a scam. Let's say that I invent a

a scam. Let's say that I invent a company out of thin air and I say it's doing a lot of things that it's not doing. I say that it has a million

doing. I say that it has a million customers and it really doesn't. I say

that it's making billions of dollars and it's really not. Well, maybe this stock goes up. Maybe there's money entering

goes up. Maybe there's money entering into this stock. Is that really wealth?

That's not wealth. That's just money. So

the way that you would define wealth is by the actual goods and services that pay upon the money, pays upon the numbers in the future. And what Ray Dallio is saying here is that right now we have a lot of money going into the

stock market. People are putting their

stock market. People are putting their money in it. But the wealth in terms of the actual goods and services that are paying for all this money, the the customers, the things behind it supporting it is unknown. We can take a

look at Nvidia and this is now a company that has a $4.45 trillion market cap. Whether or not this is actual wealth is determined on whether or not in the next 26 years

people will still be paying the same amount for Nvidia products. In the next 26 years, the GPUs and the Blackwell chips and all of that will be in as big

of demand or even bigger. The real

wealth is by the products and services, not by the stock price inflating. So Ray

Dalio is looking at all of this and saying, "Well, there's a lot of money going into the stock market. There's a

lot of inflated prices that gives a short-term wealth effect to the people that own these stocks, but that's not really true wealth unless the products and services really pay upon all of this

wealth being created. Whether the

customers are still paying the same amount or more for all these great companies, and that's a big unknown. We

don't really know how Nvidia is going to be doing over the next 25 years. We can

make some good guesses. We can make some educated guesses, but we simply don't have that answer. Ray Dalio continues on to try to explain this point further.

>> You take the 1929 and then you say what made it go up and what made it go down and that dynamic is the way bubbles work, right? And so if you take who has

work, right? And so if you take who has exposures, how much leverage is used and so on. this is about 80% into some a

so on. this is about 80% into some a bubble that um was 100% would have been 1929 and 2000.

>> He continues on to highlight that an issue here is who actually owns the stock? Who's buying these companies?

stock? Who's buying these companies?

What leverage are they using? Are they

day traders and momentum investors that will bail out of the stock at a moment's notice? Or are these actual long-term

notice? Or are these actual long-term value investors?

>> I think the real issue is who owns the stock.

>> Okay. Is it in strong hands? Not not not just one stock. Isn't it amazing? We're

talking about one stock for the stock market bubble and and we're talking about for the economy bubble. So you

have such a small percentage of the economy, such a small percentage of the American population in terms of wealth

and so on concentrated so concentrated and everybody in it and and in a leveraged way in various ways it's it has leverage.

>> He's worried that the stock market or at least these specific companies are being propped up by very few people with a lot of money that have weak hands.

>> Right? In other words, strong hands is uh that they primarily invest their own money. They're um it you don't have

money. They're um it you don't have public, right? The weak hands is

public, right? The weak hands is largely, let's say, a leveraged public.

>> He mentions that in some cases bubbles bursting is not even an economic issue.

It's similar to 2022. That was a big bubble. Stocks came down, but that

bubble. Stocks came down, but that wasn't an economic issue. He also argues that in many cases, it's not even a multiples issue. So many people when

multiples issue. So many people when they're looking at bubbles, they're just looking at companies with high multiples. But he says that isn't the

multiples. But he says that isn't the only indicator of a bubble. Sometimes

it's just because people own the stock that really don't own it with their own money. They're highly levered and the

money. They're highly levered and the stock is trading a lot higher out of artificial boosted ownership. So he now says we're 80% of the way through a bubble.

>> Yes, there's I have a bubble indicator that goes back to 1900 and it just makes a it has a number of indicators. How how

much leveraging? Who has the leveraging?

Is it um what is the amount of money in wealth that relative to the amount of cash that needs to exist and so on.

These indicators there are a number of them um show that um we're on that on that chart. If I was to show you the

that chart. If I was to show you the chart, it's about 80% of where it was um uh in those two times. So basically Ray Dallio and his team at Bridgewwater

created an algorithm that they can feed in all this economic data. They've gone

all the way back to 1900 with all these different variables. They have different

different variables. They have different waitings and it tries to measure where we are in our current bubble and we're at 80%. So we're getting through it.

at 80%. So we're getting through it.

We're very close to the tail end of this bubble where presumably it just pops. It

appears like we're in dicey territory.

>> That doesn't mean that that's the end of the move. it I I want to reiterate a lot

the move. it I I want to reiterate a lot can go up before the the bubble burst. A

bubble is an unsustained set of circumstances. It has unsustained amount

circumstances. It has unsustained amount of buying.

>> It has an unsustained amount of valuation. It has and then there's

valuation. It has and then there's something that pricks the bubble.

>> Is there is there a way to sustain this though?

>> You can't look at you can't look at don't sell just because there's a bubble.

>> Okay.

>> Okay. don't sell just because of bubble.

But if you look at the correlations with the next 10 years returns, when you are in that territory, you get very low returns.

>> So he closes out his argument by saying that a bubble is an unsustainable situation. It can't go on forever. Now,

situation. It can't go on forever. Now,

of course, that's true. There are some circumstances today that are unsustainable and it is true that when valuations go up, future perspective returns go down. Everybody knows this when they're investing in the market.

But where I disagree with Ray Dallio or one thing that I think is somewhat of a tactic is whenever people are calling bubbles, it always seems like whether it's Michael Bur, whether it's Howard

Marx, whether it's Ray Dallio or anyone else, they're always saying that we're almost at the end of the bubble. They'll

never say that we're here, that it's going to happen imminently, that this isn't going to go on for more than a month. They're always saying that we're

month. They're always saying that we're we're getting close to the end, but I can't say how long it will go on. And I

believe that that is a tactic because that's a way that they can never be wrong. How can you be wrong in this

wrong. How can you be wrong in this situation? You can say that we're 80% of

situation? You can say that we're 80% of the way through a bubble and then if the stock market goes up for another year, well, we're only 80% of the way. So,

this is a way of kind of hedging your bet. Ray Dalio can make this claim and

bet. Ray Dalio can make this claim and if the market continues to go up, he can say, "Well, we're only 80% of the way now we're 90%." Or or whatever. or he

can kind of just say that circumstances changed and you know the bubble was only 80% chance it didn't really happen. What

I think is missed here is any signal because even while he's saying that we're 80% of the way through this bubble, notice how he says to not sell.

Ray Dalio is not selling his stocks. He

still owns enormous amounts of stocks.

He's still fully invested. He's saying

that there's this big bubble. He's

saying it's like 1999 or whatever. And

then he's saying, "Well, don't sell your stocks. just stay invested. So there's

stocks. just stay invested. So there's

almost no signal that you can gain from this. What are investors supposed to do?

this. What are investors supposed to do?

He's giving very conflicting signals.

When I look at this type of commentary from Ray Dallio, I keep coming back to the same thoughts that although we may be in a bubble, and I do agree with some of the environment being unsustainable.

I also think that there's no point in concerning about it. I don't think there's anything you can do about it.

Nobody has the ability to accurately time the top of the market and then again time the bottom after the bubbles burst. Ray Dalio completely missed the

burst. Ray Dalio completely missed the co selloff and didn't time the bottom of it. His track record shows that he

it. His track record shows that he wasn't able to do that successfully. He

didn't generate extra alpha during the biggest market selloff in recent history. Even the people with all the

history. Even the people with all the most data, even the people at the giant hedge funds and teams of analysts can't time the top or the bottom. So they end up being put in a situation where even though they have some indicators, they

may have an algorithm and some data, the best that they can do is say that we're 80% of the way in a bubble and continue to hold your stocks. There's no

actionable evidence from what he said.

And this is why I believe investing in many cases is much simpler than people want to make it out to be. Buy

compounding machines. Hold them for long durations of time. Don't try to time the top and bottom of the market. If we do go through a bubble and a big sell-off, those are opportunities to maybe put a

little bit more cash in than you normally would. And if you want to be

normally would. And if you want to be able to survive a bubble and even do well during one, simply invest with your own money. Don't take out any leverage.

own money. Don't take out any leverage.

The reason why I have such a big number here of total buying power is because I could lever up my portfolios. I could

buy hundreds of thousands of dollars on margin, but I don't do that. I invest

with my own money. So, when I look at my positions and the stocks that I own, they're all at reasonable valuations.

They're all fantastic companies. They're

all growing every single year and I don't have to concern myself of whether or not we're 80 or 90% of the way through a bubble. Another notable

investor talking about bubbles is of course Michael Bur. We know that he's been very bearish and ever since the big short fame. It seems like Michael Bur is

short fame. It seems like Michael Bur is always trying to get that one time off event again. He believes the AI bubble

event again. He believes the AI bubble is the next big short, the next big event that he can take advantage of.

Now, shorting with this hedge fund has not been so successful as many of the stocks that he's outlined continue to go up. Companies like a Google and Nvidia

up. Companies like a Google and Nvidia and Microsoft and Amazon are all in the green heading higher and higher. He's

closed his hedge fund and now he's opened up a Substack. The Big Short Investor is capitalizing on his massive audience he's built on X, where 1.6 million followers have long parsed his

cryptic post. His new publication titled

cryptic post. His new publication titled Cassandra Unchained with a 379 annual subscription fee arrived with a familiar warning. He believes markets are once

warning. He believes markets are once again deep in bubble territory. So we

have Michael Bur here closing his hedge fund, shutting that down, saying that he's been out of sync with the general market and now he started a blog. He

started it on Substack and of course he's monetizing this blog to a decent amount. $380 per year. It's around 30

amount. $380 per year. It's around 30 bucks a month is what people are going to pay to hear Michael Bur share his bearish thought. In the announcing of

bearish thought. In the announcing of the launch, Bur referenced the parallels between the late 1990s tech mania and today's rush into AI and how the bubble has been ignored by policy makers.

February 21, 2000, San Francisco Chronicles says I'm short Amazon.

Greenspan 2005 bubble in home prices does not appear likely. Fed drone pal 25. AI companies actually are

25. AI companies actually are profitable. It's a different thing.

profitable. It's a different thing.

Right here, Michael Bur is saying that in the year 2005, the Fed chair at the time downplayed that homes were in a bubble, that the the housing market was

in any trouble. Of course, the Fed chair was wrong. Houses were in a lot of

was wrong. Houses were in a lot of trouble. There was a big bubble. And now

trouble. There was a big bubble. And now

he's saying that basically Jerome Pal is saying the same thing because Jerome Pal has said that these big tech companies are profitable. They're not like the dot

are profitable. They're not like the dot bubble that a lot of those companies didn't actually make money. these big

ones like Nvidia, Amazon, and Google make a fortune. Now, we've gone over Michael Bur's in-depth thoughts before.

What he said on Twitter, his biggest argument is that these big tech companies are artificially boosting their earnings per share by depreciating their capex over a longer timeline, therefore making it look like they're

spending less than they actually are on all of these expenses. And that's the core thesis of the AI bubble, which of course I don't agree with. I actually

think that Michael Bur is not uh in a technologically savvy enough state to actually know how these components depreciate. So although there may be

depreciate. So although there may be some truth and some credence to his arguments, I think they're largely overstated. This comes across like what

overstated. This comes across like what he was doing before using his hedge fund to short the AI bubble wasn't working.

He wasn't making money actually shorting this bubble. He was losing a lot of

this bubble. He was losing a lot of money because these stocks were going up. So now he's turned to monetizing the

up. So now he's turned to monetizing the bubble by talking about it. And I think this is evidence that in most cases, in most cases, people make far more money

talking about bubbles than they do shorting them. Which also reminds me

shorting them. Which also reminds me about that incredible quote by Peter Lynch, which is far more money has been lost worrying about the next market crash than in the crash themselves. And

I see the same thing here. People can

focus on bubbles and you can become very defensive. you can stay out of the

defensive. you can stay out of the market, but in almost all cases, you will lose more money concerning yourself with bubbles than in the bubbles themselves. Now, let's go ahead and move

themselves. Now, let's go ahead and move on to some news. Now, of course, the big thing that we have to highlight in the news, which I feel like it's uh Groundhog Day, we're just talking about the same thing every single day because

Google stock continues to surge every single day. Today, it's up 5.88%.

single day. Today, it's up 5.88%.

So, almost 3% up to $317.

A massive day for Google. When we look at the stock chart, this is not like the all-time chart for Google. This is the year-to- date. This is what it looks

year-to- date. This is what it looks like year-to- date. Now, Google was a little choppy in April, but after that in the 160s, it's just rocketed up. It's

over 90% from the lows, 66% year to date. It's one of the best performing

date. It's one of the best performing stocks in the entire market. So, if

you've been holding Google, once again, congratulations. But why is the stock

congratulations. But why is the stock continuing to surge up so much today?

Well, there's some things that we can look at, specific catalysts on the day.

One of them is that Mark Beni off, the CEO of Salesforce, praised Gemini, and he praised it big time while completely bashing Google's biggest competitor,

which is OpenAI. He says, quote, "Holy shizz, I've used Chatbt every day for 3 years. Just spent 2 hours on Gemini 3.

years. Just spent 2 hours on Gemini 3.

I'm not going back. The leap is insane.

Reasoning, speed, images, video, dot dot dot. Everything is sharper and faster.

dot. Everything is sharper and faster.

It feels like the world just changed again. So he says that he's used chatbt

again. So he says that he's used chatbt every day. Now he's he's switching to

every day. Now he's he's switching to Gemini 3 because it's leapfrogged chat GBT. And in this post he also links to a

GBT. And in this post he also links to a Wall Street Journal article. And this

article details how Google's leaprogging chat GBT's technology. So we have this post from Mark Beni off. Google stock is up 5 to 6% on the day. And there's a couple interesting things about this

post. One of them is that it does feel a

post. One of them is that it does feel a little bit like it was written by ChachiBT. Like I know he's he's bashing

ChachiBT. Like I know he's he's bashing catchy BT and he's praising Google, but this feels a little catchy BT, doesn't it? The M dash there, just the the

it? The M dash there, just the the sentence structure. I can recognize

sentence structure. I can recognize pretty well when people are are writing things with chatbt. This feels a bit like it. Maybe it's not. Maybe it's just

like it. Maybe it's not. Maybe it's just because he's been using it so much, but it feels a bit like it. Another thing

that I was interested in is why is Mark Benoff going against OpenAI so much? But

what has upset him about OpenAI for him to tweet this? And upon a little research, I believe I found the answer.

Just a bit ago, September 29th, OpenAI released this blog post with the title, Converting Inbound Leads into Customers at OpenAI. Now, it has a video here

at OpenAI. Now, it has a video here going over how you can use OpenAI to be a sales manager, to be a customer

relationship manager, which is precisely the business that Salesforce is in. Now

you look one month later, Mark Benny off saying that ChachiBeT is done. It's been

leaprogged and Gemini is the go-to model. So I don't know if these are

model. So I don't know if these are related, but I believe that by OpenAI entering into Mark Beni off's territory, he's punching back at them a little bit on Twitter. Regardless, the sentiment of

on Twitter. Regardless, the sentiment of Mark Beni off is correct. And the ironic thing about this is that Google stock today is up almost the entire market cap of Salesforce. It's up over $200 billion

of Salesforce. It's up over $200 billion in market cap, which if we look at Salesforce today, Salesforce is a stock that never gets any love and it's at a $216 billion market cap. Now, of course, we don't really know if that tweet was a

reason that Google stock is in the green today. It probably is a contributing

today. It probably is a contributing factor, but I also believe that there's other factors of why Google stock continues to go up. And this is what I highlighted before saying that I think it's a mistake for the super investors

to sell this stock. The simple reasons that Google stock is going up is because it still has a multitude of compelling catalyst playing out. And the stock

trades at a 29 Ford PE ratio. Now, the

trailing PE you can look at, but I think the Ford PE is more important. In 2026,

it's trading at a 28 to 29 Ford PE ratio. I see no reason that Apple should

ratio. I see no reason that Apple should trade at a higher valuation than Google.

Google's growing faster than Apple, and I believe that Google should trade in the low30s. In fact, that would be

the low30s. In fact, that would be reasonable for the company. So, I still see meaningful upside with multiple expansion. Plus, you have earnings

expansion. Plus, you have earnings growth as well. Google stock could move up another 30 or 40%. Now, for me personally, I have stopped buying Google. For me, it's just a hold. I'm

Google. For me, it's just a hold. I'm

going to let it ride. I think it will do well, but for me, I'm adding to other positions, and the big position I've been building up recently is Mastercard.

I've bought a lot of the stock. I bought

even more than I said in the previous video. In the previous episode, I said I

video. In the previous episode, I said I would buy 10 to 20,000. I've bought

upwards of $40,000 worth of Mastercard.

I did so in part by funding it with a sale of Booking Holdings. Now, Booking

Holdings has been a fantastic company. I

sold it for $15,000 gain, but I've been deciding to trim some smaller positions or smaller holdings and pile more money into my top convictions. The one at the very top right now is Mastercard. And

this is my largest position as of today, a $181,000 position with $31,000 in the green.

There's a lot of stocks out there that I could buy. So, why did I pick

could buy. So, why did I pick Mastercard? I did for a couple reasons.

Mastercard? I did for a couple reasons.

One of them is that I've always appreciated Mastercard as a super high-quality company. I've owned about

high-quality company. I've owned about $100,000 of this stock over the past year, and I think it's only getting stronger. Mastercard is growing its

stronger. Mastercard is growing its revenue quickly. In fact, it grew its

revenue quickly. In fact, it grew its revenue 15.6% over the trailing 12 months. So, super fast revenue growth.

months. So, super fast revenue growth.

The profitability is insane. It's one of the most profitable companies in the world. The free cash flow is growing at

world. The free cash flow is growing at 30%, free cash flow per share at 33%.

The earnings per share are growing at 18%. Mastercard could pay off its net

18%. Mastercard could pay off its net debt in 4 months if it wanted. It's

buying back 2% of its shares outstanding. It has a growing dividend

outstanding. It has a growing dividend over time that's growing at 15%. So,

it's a massive dividend growth company.

And furthermore, the stock is at a multi-year low valuation. If we look at Mastercard over the past 5 years, it's at the very bottom of where it historically trades, getting close to where it was in 2022. If we look at the

free cash flow yield, Mastercard is at the highest free cash flow yield that it's been at since 2022. Mastercard

doubled since that stock price last time. So, this is a very strong setup

time. So, this is a very strong setup for a very strong company. You have

multi-year low valuations on one of the best companies with growing fundamentals and a growing mode. Even on the price to sales, Mastercard is at the multi-year low category. And when we look into the

low category. And when we look into the business, what's actually happening with the business, the total amount of Mastercards, its network is growing over time, just like a Meta, just like a

Visa. It's now up to 3.32 billion cards

Visa. It's now up to 3.32 billion cards outstanding. And Mastercard has a very

outstanding. And Mastercard has a very high quality mix of the cards. They have

a lot of credit cards, which are very lucrative. They don't have as many debit

lucrative. They don't have as many debit as Visa, but those are lower margin. We

also have the revenue by segment. And

this is what I consider the most intriguing part of Mastercard is not their payment network. The payment

network is a business that I believe has already reached a lot of scale. I think

the story has likely played out for the payment networks. But where I believe

payment networks. But where I believe we're going to see substantial growth is in the value added services which encompasses extraordinary businesses and opportunities underneath the surface.

Mastercard verifies purchases. It

ensures them. It has fraud detection, identity verification, it has cyber security. They also have an entire

security. They also have an entire system that builds out the rewards and point systems so that companies don't have to do that. They also are a huge consulting business that talks strategy and expansion plans because they have

data that's unparalleled. So underneath

the surface, this value added service business is growing very fast. It

continues to grow between 20 to 25% per year, making Mastercard an actual growth story even at its large profitable scale. So, when I look at a stock that

scale. So, when I look at a stock that has this good of a story, 3% returns year-to- date, that's at one of the lowest valuations, the stock price is flat, while the fundamentals are expanding, for me, this is a time to get

into the stock. Now, as for Booking Holdings, I know that some people have questions of why I sold this stock. I

just want to start off by saying that this is a great investment. Booking

Holdings is a company that I made $15,000 on. If you bought the stock at

$15,000 on. If you bought the stock at the time I did and sell it when I did, you would have made market beating returns on a stock in a little over a year. So, I'm excited to have another

year. So, I'm excited to have another successful investment, one that went well. And I also want to highlight that

well. And I also want to highlight that this is not a sell out of desperation or one where I'm really concerned about Booking Holding. Booking Holdings is one

Booking Holding. Booking Holdings is one of the best companies in the world. It's

super profitable. It has a monopolistic structure in Europe. It's going to be incredibly difficult to ever disrupt this company. it'll continue to be

this company. it'll continue to be extremely profitable for a long period of time. Booking Holdings is also a

of time. Booking Holdings is also a company that has a lot of expansion plans. They're going to mobile app.

plans. They're going to mobile app.

They're building out their digital ecosystem. They're coming up with new

ecosystem. They're coming up with new ways to market their product. So, I am not bearish on booking holding. I don't

believe this stock is going to crater right after I sell the company. I look

at it in very similar fashion to the same way that I look at Meta, to the same way that I look at Spotify or Door Dash or Uber. many companies that I'm also bullish on that I don't own. This

is yet another stock that I'm very bullish on that I don't own. And the

reason why is because I simply want to focus my holdings on the companies that aren't only really good, but the ones that I think are nearly indestructible.

As good as booking holdings is, which again, it's fantastic. I don't think you can argue that it's as indestructible as a Visa Mastercard. It's really good, but

it's just not that good. It's not that indestructible. Mastercard is nearly

indestructible. Mastercard is nearly indestructible. Like, I'll never say

indestructible. Like, I'll never say never, but Mastercard is bulletproof, and that's the reason that I made the trade. I want to upgrade my portfolio

trade. I want to upgrade my portfolio over time and make more significant bets in the companies that I believe have the strongest growth path with the biggest mounts. But don't be mistaken, I'm still

mounts. But don't be mistaken, I'm still bullish on booking holdings, and I think the stock will do great in the future.

Now, moving on from the busy news, we're getting into the holidays and we're going to kick things off with Thanksgiving Day. And we have

Thanksgiving Day. And we have Thanksgiving break, which most of you, if you're lucky, you can take off a couple days and spend some time with family. For me personally, it's one of

family. For me personally, it's one of the times I look forward to the most. We

have a lot of family convene. All of

them bring the thing that they're the best at cooking. So, some of them are like great at cooking a key lime pie.

One of one of my family members smokes the turkey. It's amazing. Another, you

the turkey. It's amazing. Another, you

know, my mom's great. The honey baked ham. It's it's amazing. I look forward

ham. It's it's amazing. I look forward to it. The meal itself is just amazing.

to it. The meal itself is just amazing.

So, it's one of my favorite times, having that food, spending time with family, watching some football, and relaxing. It's a time where you can kick

relaxing. It's a time where you can kick your feet up and just relax for a couple of days. And it's become one of my

of days. And it's become one of my favorite holidays, if not my favorite as an adult. As a kid, I used to just love

an adult. As a kid, I used to just love the ones where you got presents, but now I love the ones where you just eat food and spend time with family. So, that's

coming up this week. And in the spirit of Thanksgiving, I'll share a few things that I really enjoy, things that I'm thankful for. One of them is a TV show,

thankful for. One of them is a TV show, and I'll go over just a couple TV shows.

My favorite TV show ever is, it's a tough call, but it's between Breaking Bad and Better Call Saul. I think

they're the two best TV shows ever made.

I do think they beat out Game of Thrones. I think they beat out every

Thrones. I think they beat out every other TV show made. I just think they're the best. The writing, the storytelling,

the best. The writing, the storytelling, the pacing is amazing. But my favorite one overall has to be Better Call Saul.

I think it just takes the mark a little bit because of the character arc, because of the relationship, because of the development and the writing behind the characters. Saul Goodman is a lawyer

the characters. Saul Goodman is a lawyer that looks up to his bigger brother who's a very good lawyer, very well-known, runs his own practice, has his name on the the door, that type of

thing. And the story shows how him

thing. And the story shows how him looking up to his brother and trying to become more like him evolves into him becoming a bad lawyer over time. He

becomes a dirty lawyer. and it's one of the most compelling stories over time.

It's full of action and betrayal and interesting plot points and interesting characters. It starts off slow, so it's

characters. It starts off slow, so it's a slow burn. Many people can't make it past the first couple of episodes, but if you do, the payoff is incredible.

Another thing I'll mention about it is it does have a lot of courtroom scenes, which I just love. I love TV shows that have courtroom scenes, especially really good ones. I love watching lawyers argue

good ones. I love watching lawyers argue in front of a jury. At one point in time, I wanted to become a lawyer. I

thought I'd be good at arguing in someone's behalf, arguing for them, giving them the best chance that they have. But once I found that lawyers

have. But once I found that lawyers spend most of their day doing paperwork, that that idea fizzled out. So, here I am doing YouTube. But regardless, Better Call Saul amazing. Breaking Bad, of course, amazing, but more well-known.

But there's another show that Vince Gilligan, the director of these two shows, has directed called Plurabus. And

this one is a sci-fi show, so it's completely different, but it's about this virus that attacks the world. And

almost everybody in the world gets this virus that makes them all linked together. So they all have shared

together. So they all have shared experiences and they they're all very happy. They're all very happy people,

happy. They're all very happy people, but there's only like 10 or 11 people left on planet Earth that don't have the virus. They're not happy. And the goal

virus. They're not happy. And the goal of everyone else is to make them happy and to eventually make sure they get the virus as well. While the few people that don't have this virus are trying to figure out how to how to revert it, how

to get it back to normal, how to get it out of everybody else. So, it's this really weird, bizarre show, but it has all the same Vince Gilligan filming style, the very rich storytelling,

character arc, the twists and turns that he's known for. So far, I'm really enjoying it. It's on Apple TV. I wish it

enjoying it. It's on Apple TV. I wish it was on Netflix, but it's a good one on Apple TV. In terms of movies, the movies

Apple TV. In terms of movies, the movies that I've enjoyed the most recently, ones that you should check out, Thanksgiving break, Liam Niss's Naked Gun. If you haven't seen this one, it is

Gun. If you haven't seen this one, it is ridiculous. It's over the top. It's a

ridiculous. It's over the top. It's a

It's a whole different type of slapstick comedy humor, but it's pretty good. Liam

Niss is convincing in the way that he acts. Even in Slapstick, he's like 100%

acts. Even in Slapstick, he's like 100% serious and a lot of the jokes landed. I

was surprised how good this one turned out. It was pretty good. I thought it

out. It was pretty good. I thought it held up with the originals. Another one

that I watched recently, Predator: Badlands. This is a newer movie that

Badlands. This is a newer movie that came out, which I really enjoyed, probably more than I I thought I would.

The plot isn't that complex. There's no

big character arcs, so don't go expecting this to be some kind of three-dimensional, very in-depth plot, but the action sequences are awesome.

That one was really cool, worth seeing if you haven't. Other movies that I'm looking forward to, Dune 3 and The Odyssey, those are two movies coming out from my favorite director next year.

I'll be seeing both of them in IMAX. And

if you haven't seen Dune 1 and 2, I think you're missing out. Now, outside

of movies and TV shows, in terms of games, my favorite games to play right now, I'd have to say my favorite video game is Battlefield Red SEC. This is a game where it's a little bit like a more

mature uh Fortnite. You drop in on parachutes, you have weapons, and you go and fight each other. It's very fun.

I've been playing it with some buddies.

Every once in a while, I have to just disconnect from the stock market, disconnect from working and creating products and working on Qualum and content. have to drop in, play with some

content. have to drop in, play with some buddies, and have some mindless fun.

That game fulfills that. The other one that I've been playing is Dualingo Chess. That has been highly addicting.

Chess. That has been highly addicting.

I've been playing chess for a couple months now, learning it brand new, and it's super fun. I'm at a low ELO. I'm

just climbing up to like a thousand ELO on Dualingo, which seems really hard.

Like, some of the players are are pretty good and and pretty quick, but I'm getting better. I am learning over time.

getting better. I am learning over time.

That's been something new as well. So,

those are some of my favorite things.

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