What’s the Right Investment Strategy for 2026? | Prof G Markets

Today's number 12. That's how many points the average credit score decreases after a state legalizes online sports gambling. Ed. True story. My

sports gambling. Ed. True story. My

credit score is like my sex life. I

didn't used to have one and now it's just bad.

What do you think, Ed? Pretty good.

>> It's okay. It's okay.

>> Actually, you know what? Uh my credit score, it's it's a lot like um my sex life and or my dating life in New York.

And that is every time I pull out my credit card, uh, she and it go down on me.

That's so wrong on so many levels.

What do you think of that number? 12

points. Your your credit score goes down by 12 points on average if your state legalizes sports betting. I thought that was a fascinating number.

>> Yeah. Um,

>> all right. There we go.

>> Have you ever had a credit card rejected on a date? I have. That's a good move.

By the way, I didn't get laid that night. Just I know that's a shocker, but

night. Just I know that's a shocker, but I was especially I was especially like usually I wouldn't have sex, but after having my credit card declined, she immediately went and had sex with someone else.

I just thought of that.

>> Actually, I think I have had that. I had

it with with drinks at a club with a bunch of guys. I was like, I got it. I

got it. I put it put the card down.

Credit card is declined. My friend has to come in and step in for me. It's

brutal.

>> That used to happen to me so much that I still can't use credit cards without getting nervous. Every time I swipe my

getting nervous. Every time I swipe my card, I expect it to come back not approved or rejected or something. I

still I like to carry cash. Makes me

feel like a mobster. I like cash.

>> Well, we got a lot to get into here. Um,

so may I move us along?

>> I want to know a little bit more about the real Ed going into the holidays.

What's going on, Ed? How are you?

>> I'm doing well. I'm doing well. I've got

uh Christmas parties this weekend.

Um, >> yeah, you're such a complex, interesting person. I'm glad I asked.

person. I'm glad I asked.

[ __ ] this. Claire, what's going on with you?

>> Not much, Scott. I was really hoping we could get away with moving on.

>> Well, you guys aren't even being nice to me anymore. This is This is Let me just

me anymore. This is This is Let me just give everyone a 411 what happened. Ed

has not had his review in bonus conversation yet. So, he's laughing and

conversation yet. So, he's laughing and being nice to me. Claire's like, "Fuck you, old man. Let's get on." She had a review yesterday, so she's done. The

money has already been wired. She's out.

She's probably already accepted a job running like Salesforce Podcast America or something.

>> I've collected the bag. It's time to go.

Move it on.

All right, you guys win. Let's move

Let's move into the episode.

>> Okay, let's do it. Over the last few months, we've had an incredible lineup of guests from professors and journalists to investment strategists and analysts and economists, all with their own take on what 2026 might look

like. And we're going to just play a

like. And we're going to just play a quick collage of some of our favorite moments. If I came to you and I offered

moments. If I came to you and I offered you a robot that could do your job for you, does that make you better off? Yeah,

it's not hard, right? Well, that robot more or less exists and it's called AI.

Now, let's take the same scenario. I

invent a robot, but I sell the robot to your boss.

You're out of a job, brother. Penniles,

nothing to do by the side of the road.

The point here is these two scenarios have the same technology, a robot that can do your job.

One of them is a land of plenty and beauty where we're called to our higher callings. And the other is one of misery

callings. And the other is one of misery for many of us. What we have here is not a robot problem or an AI problem, but an ownership problem. So I'm more convinced

ownership problem. So I'm more convinced that there'll be a destruction of value in the markets, but probably more akin to something like 1999

than 1929. What I think I don't know

than 1929. What I think I don't know about today is I think it's harder to fully understand where all the leverage is today than we used to know. You know,

after 2008, so much of the the the loan market in this country moved to private credit. We don't really know all the

credit. We don't really know all the disclosures about that. Some of that's connected into the insurance industry now. So there's a lot of sort of

now. So there's a lot of sort of questions that I have and I also think this AI boom which is sort of the euphoria I mean it's how much of that whole boom is being powered by leverage.

So not to say that you look at you know Meta and Google and all the big tech companies are obviously throwing a lot of their own cash at this problem but also they're taking on uh some debt but they're also now partnering with all sorts of private credit funds and doing

all sorts of other things. There's all

sorts of other component parts of this ecosystem that are being powered by leverage.

>> To the extent that there's going to be a correction, there's no place to hide in stocks. I I can't see a way because if

stocks. I I can't see a way because if the mag 10 go down by 40%. It's not like the investors are going to hold their value while this happens. The panic that that's going to create is going to

ripple through stocks. You're an

investor primarily invest in stocks and bonds. My advice is even though

bonds. My advice is even though historically you might never have invested in non-financial asset categories, this might be a time where you think about, you know, kind of at

least moving a portion of your portfolio. know bigger chunk than ever

portfolio. know bigger chunk than ever into cash or something close to cash or maybe even collectibles things that I I've never owned collectibles but you

know for the first time in my investing history I'm saying maybe I should hold something that is not going to be effective inflation goes to 10% there's

a market in economic crisis that is cat potentially catastrophic >> it would be kind of shocking if you didn't have some kind of profit- taking correction

in 2026 at some point on the order of 10 to 15%. It would be I'd be I'd be really

to 15%. It would be I'd be I'd be really surprised not to see that.

>> I actually think Michael and I are pretty aligned in the sense that I think there is going to be a draw down next year. He says he wouldn't be surprised

year. He says he wouldn't be surprised but to me it doesn't mean that's the end of of the actual bull market and in fact I think stocks fully recover.

>> Those were some of the highlights that we've heard. Uh and it is clear that

we've heard. Uh and it is clear that there is no single consensus. There's

similar themes happening. Uh AI is obviously very important. That was the most important thing in 2025. But then

questions of is there a bubble? Uh is

there not a bubble? How large is the bubble? What is the impact going to be

bubble? What is the impact going to be on the markets? A lot of different takes from very reputable, respectable people um with very interesting answers. But

the question that we have yet to answer is what do we do with all of this? what

should we actually be doing with our portfolios heading into 2026. So that's

what we're going to get into today.

Scott, let's just start with your reflections on the collage and then perhaps your answer to that question.

>> The thing that kind of summarizes what someone said and I can't remember if it was a guess. I've never seen a bull market that more people hate and that is people just aren't feeling very good about this market. They look

at it and think, "Okay, we're just sort of," it's almost like when you're waiting for someone to break up with you, you just kind of wish they'd get over it. Like you're too wed to the

over it. Like you're too wed to the relationship and you're just sort of waiting for the next shoe to drop. Kind

of describes basically my entire love life 18 to 38. You're just waiting for the end. and

the end. and this market we're just waiting for like I almost feel as if people would be somewhat relieved if it just went down

20% and some air got let out in a weird way. And the other thing that strikes me

way. And the other thing that strikes me about this whole thing is the term that the market continues to climb a wall of worry. We don't I don't like this

worry. We don't I don't like this market. Things are overvalued. Oh, the

market. Things are overvalued. Oh, the

S&P is up again. It's just everything can there's a little bit of a dip and then it just keeps going up. Um, so I it

just it strikes me how anxious people are, how they are cautiously pessimistic is another another great term. Um, in terms of

Well, I'll get your reactions and I'll tell you how I'm responding and it might not be the right thing, but how I am actually shifting capital around.

>> Yeah, my reaction is very similar. This

the wall of worry, I think, is the is the best way to put it. I think Tom Lee really nails it when he says, "Yes, we are experiencing returns right now. The

stock market is going up." But if you talk to anyone about it, people don't feel good. People are mostly speaking

feel good. People are mostly speaking with bearish sentiment. And we're seeing that in the news, too. And we looked at some of the news sentiment recently, and we are seeing a lot of bearish sentiment

in the news. So, I think the wall of worry is is a great point. I don't think there are aspects to this market that that people aren't aware of that could

surprise us. I mean, this AI bubble

surprise us. I mean, this AI bubble thing, we all know what's going on here.

We all know the circular deals. We all

pretty much know what's happening with the leverage, though, to Andre Sawkins point, there's a lot of private credit in there that perhaps might be distorting things. But overall, most of

distorting things. But overall, most of us kind of know what the risks are, which I think should ultimately lessen

our concerns heading into 2026. And I

will just present to you my sort of macro thoughts on the bare case for 2026 and then the bull case and then we can get into what you're doing about it and

how we should how we should be thinking about it. So the bare case, what would

about it. So the bare case, what would it what would it look like and why would a a significant draw down in 2026 actually happened? For me, I've got

actually happened? For me, I've got three major themes. So the first one is that AI is a bubble. So we've talked about this a lot on the show. We've

we've seen the AI capex which came out to $350 billion this year. That's up

from 200 billion in 2024. We're seeing

huge amounts of borrowing. Amazon,

Google Microsoft Meta Oracle which of course had its bad earnings last week. They have raised together more

week. They have raised together more than hundred billion in debt this year.

It's more than three times the average of the previous nine years. Plus, we've

been seeing the circular deals where Nvidia invests in OpenAI and then OpenAI takes the money and buys compute from Nvidia, which of course is very concerning. So, we've talked about that.

concerning. So, we've talked about that.

I think people understand that and I think there is still a chance that there could be some sort of triggering event.

I think that it would happen most likely with open AI that would cause some some draw downs in the market that might be painful. So that's the first thing. The

painful. So that's the first thing. The

second thing is valuations just look expensive. So you've got the S&P trading

expensive. So you've got the S&P trading at 31 times earnings right now which isn't dot levels but it's like just before the dot levels. It's like 1999

levels and that is expensive and to Asat's point it's a little uncomfortable to invest into a market when valuations appear to be that expensive on a price

to earnings basis. That's number two.

And then the third reason is that maybe we're just due for a correction. And

that is we've had a really good three years. We had 24% return in 2023,

years. We had 24% return in 2023, 23% return in 2024. We are on track for

a 17% return in 2025. So that's three big years in a row, which would make you think, okay, this is not very usual that

you get this level of of return so consistently across multiple years. So

maybe we are just due. Those are the barecase components there and that's three of them. Now I'm going to just tell you my anti-bear case and the

reason I'm not saying bullcase I'm not that bullish but I think these are three good reasons why actually we won't see a bare market and a significant draw down

over the year. The first is interest rates and that is rates are coming down.

Rates are now at their lowest level in three years. We we're gonna have one

three years. We we're gonna have one more cut in 2026. That is according to the Fed, but this is also Powell's Fed.

The reality is Trump's going to get a new Fed chair in there in May and that new Fed chair might just be a sickopant and will just continue to cut rates. And

if you have a lower interest rate environment, that should lift earnings across the board. And so the idea of investing or sorry, not investing or shorting or selling when we're entering a low interest rate environment to me

doesn't make a lot of sense. The second

is deficit spending. We've got the big beautiful bill which is going to add roughly $480 billion in fiscal support.

We're going to pump money into the economy. It's going to accelerate GDP

economy. It's going to accelerate GDP growth. And yes, it's extremely

growth. And yes, it's extremely irresponsible over the long term because the amount of money we're going to borrow, but if we're just looking at 2026, that's free money coming in there that's going to definitely prop up the

market. And then the third reason is AI

market. And then the third reason is AI might be a bubble but as of now it's not a particularly dangerous bubble and that is there are a few AI companies that are

behaving dangerously I would say open AAI coreweave Oracle maybe Palanteer but the big tech companies that really really matter Microsoft Google Meta Amazon they're not they actually have a

ton of cash on the balance sheet they already have these incredible businesses that work with or without AI and the reality is they're just making a large bet and they have the money to make that bet and maybe it doesn't work out or

maybe it does work out but the reality is whether or not AI works Microsoft's going to be fine Google's going to be fine Meta is going to be fine Amazon is

going to be fine so that is the reason why I would not land in bearish territory I'm I it's I'm not fully bullish but I'm I think we're going to

have sort of stagnant uh sort of subdued returns next year I don't think it'll look like 23, 24, 25, but I don't think

that we're going to see an overall negative market by the end of 2026 is my view.

>> Yeah, I thought that was really thoughtful. I think most of it comes

thoughtful. I think most of it comes down to one of two things. Uh, an

exogenous event that we can't yet even anticipate. No one was anticipating

anticipate. No one was anticipating except for some really thoughtful CI analysts 9/11.

um uh Bill Gates and a few other people saw COVID, but none of us I don't think were expecting that. The weird thing is about these natural disasters is in some ways they're less damaging to the market

because the markets have traditionally ripped back so aggressively after um an exogenous event whether it's COVID or 9/11 that now people see these things they want to see the moment there's a

dip at all everyone's like buy. So the

recovery time is getting shorter and shorter. the narrative.

shorter. the narrative.

I I just think we're just the cyclicality, just probability, valuations, everything you talk about mean for me that the likelihood of some

sort of draw down is just greater than it isn't. Um, and I think it kind of

it isn't. Um, and I think it kind of mostly all centers around AI. I think

the market is being driven by the unrealistic expectations built into the valuations of companies now representing 40% of the market.

And so it feels like one false move, you know, even just good results, not great results, much less a study comes out showing that um you know, 80% of

startups are using openweight Chinese models and some big companies with big contracts are cancelling them with anthropic and open AI and moving to these Chinese open weight. I I just

think there's a variety of things that could say, okay, this business is going to grow 60%, not 200% a year. meaning

their stock should be down 70%. So, and

if they go down and if you look at every company in the Magnificent 10, they've had draw downs of 60 to 90% at some point and it just feels like we're due.

And the problem is that the markets are much more fragile now. If these

companies lose half their value, the markets the S&P loses um 20%. Whereas

when these companies lost more than half their value in 2000, the whole the market lost or it had a 5% impact. The

these companies are just now if Nvidia sneezes the entire global economy is going to get walking pneumonia because our we become kind of anti- I don't want to say no I was going to say fragile.

Anti-fragile is robust. We're

anti-roust. We're fragile. And I'm

genuinely believe that there's no way we can have I mean to a certain extent Ed again the markets these indices are such damaging metrics

because they give the illusion of prosperity and that everything is healthy and I would argue that if we wake up in a year and open AI and Nvidia and the Magnificent 10 are much higher

than they are now that that willote a certain amount of chaos in labor markets and uh real societal pain because the only way I think these companies move

higher is if they show that companies are are massively increasing their earnings by buying these site licenses by finding efficiencies which is Latin for layoffs.

You know, we're we're at a fork in the road right now. And that is built into these expectations of these stock prices is the notion they're going to increase revenues amongst their client base by five trillion or find efficiencies of

five trillion or some combination of the two. I don't see an incremental revenues

two. I don't see an incremental revenues from these. I don't see Pepsi making

from these. I don't see Pepsi making more money from these things. I see them making greater earnings because they can outsource or get rid of 70 or 80% of their compliance customer service and

legal costs and brand management and great. So PepsiCo stock will go up.

great. So PepsiCo stock will go up.

>> Fantastic.

>> They will lose, you know, they could potentially lay off 10% of their workforce every year for the next four to six years, which create will create

huge tumult in society, in the labor markets. So I mean, answer the question.

markets. So I mean, answer the question.

I think this is an interesting question.

If you had to go to sleep for a year, would you rather wake up and find out these stocks had doubled or they'd been down 40 or 50%. And I'm not sure I'd pick the former.

>> Yeah, I think I agree. Yeah.

>> If Nvidia is at $8 trillion and it's bigger than the German and the Japanese stock market combined, have we found some new way of making a ton of money off of AI that I don't see?

I think the two ways you make money are probably um autonomous and robotics, but even those involve a massive destruction in

labor. So

labor. So if we woke up and said the stocks have doubled, that would mean that literally

the middle class got massively kicked in the nuts over and over over the course of the next 12 months. So again, we we obsess over the markets and I get it and we get this notion that and like who

knows what Trump's going to try and do if the S&P keeps going up. So I I I agree with your assessment, but your assessment kind of distills down to the following. Like the rest of us, you

following. Like the rest of us, you don't know.

>> I don't know. But my my my prediction, if I if I'm making a prediction here on what will the market do is that returns will be meh. It'll be just a meh year

across the board. So I I don't know, but I I'm saying I think that that's what it's going to be because I think you have these two gigantic forces facing up

against each other, which is that in a lot of ways we are due for a correction and a lot of the AI expectations are simply expectations and we are going to

see like okay show us the revenue, show us the business, show the real impact on the bottom line, show us how this has completely transformed your business as you were pricing it earlier.

And I don't think we're really going to see that or if we do see it, I think it's going to kind of disappoint us and we're going to realize actually it was going to take a lot a lot longer than we thought. But you also have at the same

thought. But you also have at the same time this other large force which is you've got Trump in here who really wants the market to go up and he has a lot of power to make that happen. Either

whether that's through the Fed chair and through influencing these interest rates and I do think that we're going to come down more than just one more cut. I

think we're going to have more because I do think he's going to influence what happens here with these Fed decisions as well as the big beautiful bill and the unbelievable deficit spending. So those

two powers are are are confronting each other and it's going to come to a head this year. And so that leaves me

this year. And so that leaves me thinking they're both formidable forces I guess is my point. And I think that that would lead us into a place where,

you know, maybe you do see a draw down, but then you kind of come back up and ultimately you end the year sort of low low singledigit growth.

We'll be right back after the break. And

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We're back with property markets.

>> I find I can't trust my emotions and that is I have a bias a huge bias against Trump, President Trump. I think

it's a stain on the American experience.

So I naturally look for a connection or rationale for why the market is going to collapse under his watch. When he was elected in 2016, I thought this guy is a village idiot and I should I and I

literally sold all my stocks. I'm like,

there's just no way this guy should be in charge of the or have any influence on the US economy.

>> I still can't believe you did that.

>> Oh, trust me. I've done much stupider things. Have you ever been out with me

things. Have you ever been out with me drinking? That that's like that's

drinking? That that's like that's literally that's a bronze medal of the gold medal of stupid decisions I've made throughout my life, Ed. Anyways, so I

sold everything, incur a huge tax liability because my stocks had run up and then bought back in 6 months later at a higher price when I realized I was acting like some dumb, you know, dumb

jerk. So, I probably destroyed, granted,

jerk. So, I probably destroyed, granted, I've never had, you know, I was diversified by that point. I had most of my money in L2 or most of my net worth in L2 and real estate at that point or

or a lot of it, but I probably lost 10% of my net worth in uh 40 or 25% of my stock market value by acting out of

emotion. Also, what I find is that when

emotion. Also, what I find is that when people hate a market like this, it usually goes up. And that is again this notion of climbing a wall of worry. And

that it's when you're expect it's it's really interesting the the stuff you're expecting to take the market down or the disasters you're expecting usually don't happen because people start preparing

for them. It's the [ __ ] you're not

for them. It's the [ __ ] you're not expecting that gets you right because naturally when you start worrying about something you start preparing for it or hedging against it. It's the things

you're just not thinking about that sneak up and grab you. If I had to pick one person just to listen to said, "Okay, you can only pick one." And to run my portfolio, it hands down would be

Professor Deoderan. I find he has just

Professor Deoderan. I find he has just an ability to take his heart outside of his body when he's making decisions and just make purely unemotional decisions.

And I've always just found him just almost like a little bit sociopathic is a negative term, but he just seems totally unfased by whether MET is good or bad for the world. He just looks at

the numbers and I remember him telling me, "Oh, no. It's a great buy right now.

Yeah. Yeah. Maybe kids are cutting themselves, but it's an amazing buy right now. He's And so I would trust

right now. He's And so I would trust Asth quite frankly freaked me the [ __ ] out when he basically started saying I have never >> It was crazy.

>> I've known ASW for 23 years. I've never

heard him say, "I can't think of what to buy right now." When he says baseball cards and collectibles, >> baseball cards.

>> Yeah. But you're going deep in the barrel. Um, by the way, I'll come back

barrel. Um, by the way, I'll come back to how that's impacted my own personal investing. But I thought, "Oh my god."

investing. But I thought, "Oh my god."

After I got off the after I listened to him, I don't make any financial decisions now, no matter what's happened, without talking to a bunch of people, and giving my my time myself time to regulate. After that, I thought

I immediately need to like sell half my stocks, maybe more, and develop a bit of a cash hoorde. And then I started remembering I have never been able to

time the markets. I have never I've been investing in stocks since I was 13. I've

made more money in stocks than I've made buying and selling businesses. And I've

made a lot of money buying and selling businesses, but I've made the majority the 60 70% of my net worth has come from granted I needed the capital to invest

that I got from selling businesses. But

of as a percentage of my if you look at my total net worth and all the money I've spent, twothirds of it has come from capital made uh in the markets from capital I got from selling businesses.

And I have never once been able to say, "Oh, I'm selling now." And then a year later the market's down and I go back in and and buy stuff on the cheap. I've

never been able to figure that out.

>> And it seems so simple when you hear it.

It's like, "Oh, >> yeah. In theory, it makes just a ton of

>> yeah. In theory, it makes just a ton of sense."

sense." And you don't know because when [ __ ] starts going down, you think it's going to continue to go down and then it rips back up or it goes down, you think it's a great buying opportunity and then it goes down another 20%. It sounds easy in

theory. I remember uh by the way, I just

theory. I remember uh by the way, I just got invited back to Davos, so I don't know if I told you that, Ed. 20 [ __ ] 25 years later, they invite me back.

Anyways, but I remember being in line going through security and I saw this guy with curly hair and I'm like, I recognize this guy. And he introduced himself to me and he's like, "Michael Dell." I'm like, "Oh, hey, Michael. I'm

Dell." I'm like, "Oh, hey, Michael. I'm

Scott Callaway. We're both

entrepreneurs, similar similar weight class. Um,

class. Um, look what happened to his career. Look

what happened to mine. Anyway, and we started talking and I think Bush was president. This is how long ago this

president. This is how long ago this was. I think it was Clinton was just

was. I think it was Clinton was just leaving office. I was there in 99. And

leaving office. I was there in 99. And

he was really excited about George Bush.

I'm like, "No, I'm I think the market's overvalued. I'm going to" And he goes

overvalued. I'm going to" And he goes like, he's like, "Oh, you're trying to time the markets." He's like, "My experience is that's really hard." And I remember thinking, "Oh, he's Michael.

There's a reason he's Michael Dell. Like

he's right. It's really hard. I have

never been able to time the market. So

in general, and this lends to, okay, I don't like to give a financial advice even though I do. Is that true? Um, but

I think it's more important to say, what are you doing with your actual [ __ ] money? What are you doing? That is what

money? What are you doing? That is what you really believe, right? Y

>> and what I'm doing is I've decided all right of all people that ended up saying something really interesting about the markets. Tony Robbins said something

markets. Tony Robbins said something that always stuck with me. He did an analysis of investing. He was his book like the 20 best ideas. And if you look at bull markets, generally speaking,

there are 12 days of enormous upside.

And if you miss any of those days, you underperform the market. And the only way you don't miss those days is to always be in the market. And so one of

my tenants that I still hold on to is I am always in the market. Now I take leverage up and down. I have felt sort of insecure about the markets for the last four years. So I have paid down and

this is a story of privilege. I've paid

down all my mortgages. I don't have any I have a small amount of debt on my real estate but almost none because that gives me firepower. And also what I've done is I've been diversifying like crazy for the last two or three years.

Mostly because I'm traumatized by having lost all of my wealth, not once but twice. And so I've been diversifying.

twice. And so I've been diversifying.

What I am also doing is the following. I

am making some moves. I have a home in London and I'm thinking of most like we're thinking, okay, we're moving back to the US. Should I either should we either

US. Should I either should we either sell it or rent it out? And I wish I had never sold a house. I wish I'd still held all of them, but I'm thinking, okay, I would like to have some cash.

I'm really long real estate. I have 40, maybe 50% of my net worth in real estate, maybe more like 60%. Because I

get to I like it. I like the fact psychologically I don't I don't have to check my stocks every day. If it goes down, I don't know about it. There's a

consumption effect. I buy really nice homes. I enjoy visiting them. I'm hoping

homes. I enjoy visiting them. I'm hoping

my boys will come visit me. I just enjoy it. I like to fix up homes. I'm good at

it. I like to fix up homes. I'm good at it. So, but I am so long real estate now

it. So, but I am so long real estate now that I think okay you you talk a big game about diversification maybe take some capital off the table and also interestingly enough when everyone's

saying that real estate prices are going to crash in the city that means that means you should probably go long everyone's been predicting a crash in L London because of non-dom I have found at least people I'm talking to luxury

sales are kind of quietly quite robust right now and I don't the data says something different but the people I talk to here are getting their number for their homes because a lot of people seem to be moving here, which shocks me.

But anyways, same in New York. Luxury

sales are way up right now. Despite mom

Donnie was supposedly going to scare every billionaire millionaire out of New York, luxury sales have had their most robust month in a long time since he was elected. But I'm thinking about getting

elected. But I'm thinking about getting out and um I'm doing a couple things.

One, and this is a total story of privilege. I get access to certain

privilege. I get access to certain investments where if I go on the board, I get additional equity as an adviser.

So, I'm trying to, if you will, do more of those and take money out of the market and invest in small companies where I get uh uh equity plus. So, I

invest alongside a VC and it's like paying negative carried interest. I

agree that's not helpful to people because they don't have access to those deals. What I've also done, I went and

deals. What I've also done, I went and bought for the first time a very expensive piece of art because of what Deoteran said.

>> And I've never done that before. I don't

know anything about art. But after

speaking to Deoteran, um I thought maybe I should put some money just for fun into a piece of art in case, you know, unfortunately I can't shove it up my ass and head to my bunker in New Zealand. But if [ __ ] gets real

and the zombie apocalypse happens, it's going to be me in a kitchen knife in front of this piece of art. uh trying to f fend off the zombies. But more than anything, what I'm doing is

um I'm about to make substantial investments in Section, which is the company that upskills the enterprise for AI. It's part of the adoption layer, as

AI. It's part of the adoption layer, as we call it, that I started in 2018 or 2019.

I'm about to make a multi-million dollar investment there because uh the valuation will be pretty good and I the the company is booming. You know, after going sideways for a good six, seven

years, all of a sudden it's exploding, which I'm really happy about and didn't expect. I'm also about to make what

expect. I'm also about to make what should be a substantial investment in this company, Prof. And that is this was a company that I thought will be fun, good influence, make some good money,

work with people I really like, kind of getting the team back together again to do another company, but I mostly thought this would be a lifestyle business. And

now, and because of the good work of you and some other people, and I'm not just blowing smoke, it all of a sudden is and the market's coming to us, podcasting is booming. I'm like, "Oh, you know, my

booming. I'm like, "Oh, you know, my greed glands are going again." I'm like, "Wow, we might actually get an exit here or real enterprise value." And you brought this up on the editorial call. I

I'm investing where I've made the most money outside of markets. And that is I'm investing I hate to say myself because that sounds egotistical, but I

have influence, control, and good valuations in the companies I control.

Um uh so I'm investing there and I'm slowly but surely winding down some of my public markets exposure. I'm going to sell my Apple stock. I've sold 60% of it. I'm going to sell the rest. It's

it. I'm going to sell the rest. It's

trading at a P of I think 33 or 35 and it's growing single digits. Amazing

company. By the way, thank you Tim Cook.

I bought it in 2010 and it's paid for a lot. Um I'm going to hold on to Amazon

lot. Um I'm going to hold on to Amazon because that's my big tech stock pick of 2026. Uh but I am I'm not selling a

2026. Uh but I am I'm not selling a bunch and going into cash. What I'm

doing is I'm diversifying. I'm trying to create a basket of wealth such that if the whole market goes to [ __ ] I'm down

30% not 120% where I have been before.

Uh and that's how and I don't know if it's the right strategy. I wish I had >> little assath on your shoulder.

>> Yeah, it's so funny. I have access to the I have access literally like you to the brightest people in finance in the world and I still wake up like I don't know what the [ __ ] to do. Um I work with Goldman Sachs Asset Management. And I

have the brightest tax people in the world. We have access. And literally I

world. We have access. And literally I walk around most time going buy, sell.

No, I should buy. I should sell. I I So my point is if if you're out there and you're not sure what to do, welcome to the club. Buy lowcost index funds and

the club. Buy lowcost index funds and make sure you're diversified. What are

you doing, Ed?

>> I that was great. I I loved hearing everything you're doing. So, um, by the way, one thing that kind of occurred to me, your point about selling and that it's ne you've never successfully just

sold at the top and then waited and then got back in. This is one of the great things about value investing is if you are investing over the long term, if you're following the Buffett strategy, the Benjamin Graham strategy, you never

really have to sell. You don't even have to consider that because you're continually buying for the purpose of holding for the long term for 10, 20, 30, 40 years. if you're selling, it's a

very very rare event. So that's just one of the benefits of value investing. You

don't have to even ask yourself that question. Okay, as for what I'm thinking

question. Okay, as for what I'm thinking about for 2026. So the way I think about it, this is the year of derisking and it sounds like it's the same for you, but I

think that it's pretty much the case for everyone. And that is by virtue of this

everyone. And that is by virtue of this incredible runup that we have seen over the past three years particularly in tech almost exclusively in tech almost

everyone's portfolio is completely imbalanced right now and that is if you were a good investor if you invested in the S&P every year if you were dollar

cost averaging in as we recommend you are now overexposed to big tech and that is because as we've said before the top

10 stocks in The S&P now make up 40% of the entire index. Since 2023, those 10 stocks have delivered 65%

of the total returns in the in the S&P in the market. You look at Microsoft, Apple, Amazon, Google, and Nvidia, which together have contributed to half of the returns. And this is a combination of

returns. And this is a combination of things because the stocks went way up in price, but also they have extremely high waiting in the S&P. the S&P gives more

weight to those bigger companies, which has actually been a great thing for all of us in the past few years because it's those companies that have outperformed.

So, what to do now given everything we've just said? I think it's time we take our win. We've had a really good run and it's time to derisk and

diversify because I can tell you with almost 90% certainty, I would say you're not diversified enough right now just by virtue of what's happened in the S&P. So

how to do that? The things I'm thinking about first very easy pick which I would definitely which I'm doing definitely recommend buy the equal weight S&P 500 and it's very simple instead of the

regular S&P which naturally overconentrates into big tech. That's

what has happened. Equal weight will just invest you evenly across all of the companies in the S&P.

>> So it's not indexed.

>> Correct. So the the 490 stocks that we keep on saying are being left out, well this way you give them a little bit more light in the sun. So that's the first

thing. Second thing, let's start

thing. Second thing, let's start diversifying into non- tech sectors. So

uh a couple of sectors that I'm looking at that have underperformed relative to the market, consumer staples, also healthcare. And I think you could take a

healthcare. And I think you could take a look at many other sectors and figure out which works for you. But those are a couple of sectors which just have not really tracked with the market thus far and I think are due uh for a bit more

momentum. And then the other thing and

momentum. And then the other thing and we've talked about this before as well but non US equities we've talked about it a lot but you should be looking at China and India and if you want to keep things simple just emerging markets

funds and we called this at the beginning of the year after liberation day and we nailed it. It was

a great year for emerging markets, but I I don't see any reason why that won't continue, especially if we are in a lower interest rate environment, which historically is pretty good for emerging

market stocks. So, those are the main

market stocks. So, those are the main things that I'm thinking about. I think

it's also worth looking at small caps.

Um maybe the Russell 1000 versus the 2000. I like that idea, too. And then

2000. I like that idea, too. And then

what are they trading at? They're

trading at crazy. The Russell 2000 is at a record high right now and it's up 16% year to date.

>> Yes, but I I would just bear in mind that we we had a huge downturn coming out of CO. So if you actually look at the past four years, we're only up 5%.

On the Russell 2000 because there was this gigantic trough.

>> It's at a PE of 38 up from its 10-year average of 16. I mean I I just hear demon in my ear. the these are companies that are smaller and have in many cases they don't actually have earnings

because they're a lot smaller which is why we're seeing that disparity. But I

also think that that's that's a fair that's what you're saying is all true. I

don't have like 100% conviction in small caps. But I think that if if you don't

caps. But I think that if if you don't have that exposure already, you should certainly be considering it purely for the sake of diversification.

>> Mhm. Final thing I would say and you inspired this is just investing in yourself. I mean Asworth told us there's

yourself. I mean Asworth told us there's no place to hide and then we had this whole episode where we were asking the question what are you supposed to do with your money if there's nowhere to put it if there is no place to hide and

he talked about collectibles. I

personally just can't get on board with that. Um it just goes against everything

that. Um it just goes against everything that I believe in. I think a better strategy is what you're doing and that is if you don't know what to invest in, you might as well invest in yourself.

And I think there are so many different ways to do that. As you say, you're investing in your company that you have control over that you own that you can steer the trajectory of. But I think

also if you're just a regular person, maybe it means investing in some coursework or some certification or some education. Like maybe you were thinking

education. Like maybe you were thinking about taking a finance course, an online course, but you're like, I don't know if I should be shelling that out right now.

Well, if you have cash, you're not you're not sure where it goes. That's a

great this is a great time to consider that. I also think you could even think

that. I also think you could even think about your health in this way. Like

maybe you were thinking about a gym membership and but you were like, I don't know, like I'm kind of worried about savings. Well, if we're in a

about savings. Well, if we're in a subdued market, then actually now would be probably a good time to consider getting the gym membership. You can

always cancel, but that's an example of an invest investment in yourself, which it makes more sense when you look around and you see that there is a market in

which the returns are probably not going to be stellar. So, I really like that point. I'm not sure exactly what I'm

point. I'm not sure exactly what I'm going to do to invest in myself, but I'm going to really think about it and consider ways that I could take some money and figure out how to upgrade myself.

>> I love that you've convinced me. I'm

finally That's it. I'm going to get the scrotum lift.

We just had our first spit take from Edson.

Yeah. Invest in yourself. Join a

membership. Go to business school. Nope.

Staple the twins back a little bit and bring them up. Bring them

bring them up. Bring them high and proud.

I need a vacation.

I need a vacation.

We'll be right back. And for even more markets content, sign up for our newsletter at profmarkets.com/subscribe.

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We're back with Profy Markets. A couple

of weeks ago, it looked like Netflix had effectively won the bidding war for Warner Brothers Discovery. But last

week, Paramount blew the process open with a $18 billion hostile bid, asking one of the shareholders directly to choose its offer instead. And now it

looks like investors think the fight isn't over. Warner stock surged around

isn't over. Warner stock surged around 4% last week and then again later in the week as Paramount quartered investors in

New York. So Scott, last time we talked

New York. So Scott, last time we talked about this, we said Netflix wins. That's

it. done and dusted. Now Paramount's

back and now on top of that, Wall Street seems to believe that this is only just beginning. The bidding war is going to

beginning. The bidding war is going to escalate. Hence why we see that the

escalate. Hence why we see that the stock is moving upward, was moving upward throughout the week. Um let's

just get your reactions to what's happened in the past few days.

>> Well, one, don't listen to me. I I the Ellison's are going to walk away with it. I thought then, oh, Netflix is one.

it. I thought then, oh, Netflix is one.

Oh no.

Look, this is this is an interesting case study and why acquisitions almost never work.

Two-thirds of the time they end up being not accreative to shareholders, which means if you could go back in time, you wouldn't do the acquisition. Uh people

still continue to do them for a few reasons. Uh one, a good acquisition can

reasons. Uh one, a good acquisition can be a tectonic shift. I I think the best acquirer in history is probably Zuckerberg.

>> Yeah, true.

>> He bought um Instagram for a billion.

It's It's probably worth somewhere between 200 and 500 billion on its own at least. Uh, by the way, a month later,

at least. Uh, by the way, a month later, Marissa Mayor bought um Tumblr for the same amount of money and it got sold for 1.1 billion and it got sold 7 years later for $3 million. And at the time,

they were both seen as comparable. And

he was pillaried for the boy king spending a billion dollars for a company with 19 employees. And then he went on to spend $19 billion for WhatsApp, which I think is going to end up being worth a

lot more. So the the draw or the thought

lot more. So the the draw or the thought of making a big changing, you know, kind of groundbreaking acquisition is really seductive. Uh it also can make sense in

seductive. Uh it also can make sense in terms of a roll-up strategy. So I was on the board of a yellow pages company. It

was pretty simple. We'd wait till we got a call from every Yellow Pages company in the world who said, "We want out.

We're dying." We're like, "Okay, we'll buy you. We can cut costs faster than

buy you. We can cut costs faster than your business is declining which makes it accretive to shareholders. If you'd

bought a Blockbuster in 1999, you could buy them for two times cash flow and they went out of business but they didn't go out of business for 13 years.

So you made 3 to 5x your money. So there

are rollup strategies when you're trying to acquire growth assets. Occasionally

you connect and you hit a grand slam, but most of the time you strike out and a lot of the time you get beaned in the face. So these things one they

face. So these things one they underestimate the complexity of the integration and cultures they overestimate the synergies but the thing that's going to make this acquisition out uh looking back and think this

probably was a bad idea and just to clarify for both bad idea for both N you're talking about both companies right now whoever gets it >> I think the only possible winner here from a shareholder standpoint might be

Netflix because they might make the argument that with whatever it is a $400 billion a 25% dilution wasn't

gamechanging and we have wrapped up and put a bow on streaming and my co-host at Pivot would say she had a really good argument that Scott it's not about streaming it's about the market for eyeballs and YouTube is a bigger

competitor and she doesn't believe it should be blocked in antitrust.

>> Totally disagree. Yeah, I think it probably should be blocked because I think original content creation based on a subscription model is its own unique market and that basically Disney,

Disney, Hulu, Paramount Plus are all basically Apple TV are all basically [ __ ] They're all going to be the seven dwarves and uh and and Netflix/HBO would be an unassalable Snow White, so

to speak.

>> But sorry, I interrupted you. you were

going to say what we will look back at this being a bad deal for a reason.

>> It'll be a bad deal for shareholders, I think, for almost in any scenario because there simply put, it's not that these aren't great assets. It's not that there aren't synergies to be to be

garnered. But the only way it makes

garnered. But the only way it makes economic sense is if it's a non-economic deal for consumers and labor. And that

is it consolidates a market. And my fear around Netflix, and I love Ted Sandos, I love Netflix. My fear is that

love Netflix. My fear is that consolidating taking Walmart and the LVMH of streaming will effectively create so much pricing power that it'll leak advantage from labor and consumers

to the shareholders of Netflix. And

there's always attention, but I think the FDC and the DOJ, should they do their job and not have a president away, shut the [ __ ] up. The president should have no view on this. I'm going to be involved. Why? So you cannot pay the

involved. Why? So you cannot pay the subcontractors and take the company bankrupt. Anyway, th this is this is

bankrupt. Anyway, th this is this is what should happen. Highest bidder wins.

This is a dual this is not a dual class share company. Whoever shows up with the

share company. Whoever shows up with the biggest check gets preliminary approval for the deal. They then have 12, 18, 24 months to close. It goes under DOJ and

FDC review where very smart economists and consumer behavior experts come in and say, "Is this a distinct market or is the market all streaming and all

video and Tik Tok and whatever it else you do and we should let it go through and then it should go under a CPHAS review or a national defense security

review where if it's paramount and Jared Kushner is part of the deal on raising money out of the Gulf, does that present a security concern? turn when the Gulf states have influence or control over

CNN. So, we have very smart people who

CNN. So, we have very smart people who are supposed to make these decisions, not a guy who's nodding off in cabinet meetings and knows nothing but how to put companies out of business or

podcasters. We can pontificate on this,

podcasters. We can pontificate on this, but we should decide. But my sense is I have a view on who would be the right owners or the wrong owners. But my I

mean for Cara really doesn't want the Ellison's to own it. And I'm like you know what David Zaz loved David Ellison pick your poison. I mean I don't I don't

we don't get to decide who we like or don't like. I like Ted Sandos. That has

don't like. I like Ted Sandos. That has

nothing to do with it. The question is who shows up with the biggest check and who can who can convince regulators that this will not be bad for competition and

increased prices and and seed advantage from labor and from consumers to such an extent that it's only the shareholders of of Netflix um that win here. But when

I have been on boards and we've acquired companies, they almost never work because and finally the thing that has entered the room here that will make this likely a nonreative acquisition for

almost any of these players unless it's what I call a monopolistic acquisition see above Netflix is the thing that's entered the room here is testosterone.

I can guarantee you that all of the biders had a maximum number that they told their bankers 90 days ago. Okay, if

we can get it for up to if we really stretched uh Larry and David have said, "Okay, to the bankers, if we really stretch, we offered 19, we could maybe

go to 22 or 24." Every one of these players has had a maximum number. They

have all blown by their maximum number because this is what bankers are great at. They get you to climb a wall of

at. They get you to climb a wall of valuation. When I was selling my company

valuation. When I was selling my company to Gartner, the illusion of a third and a fourth bidder, okay, can you do this?

Can you do this? Do this. And then

finally when they walk away, okay, if you just come up 10% it's yours and we can move on. And their greed glands get going. And if David if if Paramount gets

going. And if David if if Paramount gets this, then David Ellison is on the cover of every magazine like the winner, the king, the new king of Hollywood. What

the [ __ ] does he care about shareholders? He's a 34 year old looking

shareholders? He's a 34 year old looking to like get out of the shadow of his father and and you know take take I don't know Sydney Sweeney to the

Oscars. He doesn't give a [ __ ] if this

Oscars. He doesn't give a [ __ ] if this is a low ROI for shareholders. His

father's much more shareholder driven.

But even his dad might be talked into, we're so close, Dad. If we just come up a little bit, we win.

>> And that's why his dad ends up calling Trump saying you can't let this happen.

That's right. The fact that the Ellison's are even saying that this will pass regulatory muster because we have our thumb up the ass of the president is an acknowledgement of the kleptocracy

and cacostocracy we now have in America.

Highest bidder that clears regulatory review both for defense and antitrust.

That's how this should go down and unfortunately it's not. But what's h I'll give you an example. I met a woman named Ruth Peret who's the CFO at Google. Total adult in the room. she

Google. Total adult in the room. she

showed up to Google, if she was in charge, if she was the CEO of any of these companies, that company would have already said, "We're out. Thanks very

much. Enjoy playing in traffic." And

there's something about men and testosterone. And it's okay if you

testosterone. And it's okay if you distinguish between the sexes as long as you're critical of men, so I'll do that.

And that is these guys have now got their fly down and they're all sword fighting with their dicks. And they all want this thing distinct to the fact they're probably going to overpay for it

because they all want to be the winner.

And Ruth Per, the CFO of Google, when she showed up to Google and Larry and Sergey were spending hundreds of millions, if not billions, on like curing death, she's like, "Okay, it's

time to pretend we're grown-ups and they were fiduciary for shareholders. Stop

all the stupid [ __ ] you are spending way too much money on your pet projects and pretending that shareholder money that you are not a fiduciary for shareholders. And she imposed real

shareholders. And she imposed real financial discipline. That was probably

financial discipline. That was probably probably the most accreative thing that happened at Google in the last 10 years was the CFO who came in and said, "All right, let's pretend we're adults and

this might be fun and everybody, Larry and Sergey, want to pretend it's a good idea cuz you're you're the largest shareholders here. It's not. It's

shareholders here. It's not. It's

[ __ ] stupid. Stop it. It's not good for shareholders. And she cleaned out a

for shareholders. And she cleaned out a bunch of these projects. These guys have now lost all sense in my view with maybe the exception of Netflix because if they can get this thing by Ted flying to

Washington, I underestimated how Mavavelian Ted is or how shrewd he is.

He went and he met met with Trump realizing if I don't kiss this guy's ass. I mean this has now become

ass. I mean this has now become all of these guys trying to trying to uh curry favor with Trump to make sure they get regulatory review which is again see

above you know oligarchy cacistocracy but this is they have lost it at this point. It is now hormones have taken

point. It is now hormones have taken over, competitive gene has taken over and they are all all they are doing is making one of uh crowning this will be a

bad acquisition maybe with the exception of Netflix if they can impose true monopoly power which they might be able to do which will be bad for consumers and Hollywood and the creative

community. Um but this will be a bad

community. Um but this will be a bad deal at this price for almost any other acquire. just won't pencil out.

acquire. just won't pencil out.

Basically, this whole process is going to create the wealthiest man who destroyed the most shareholder value, and that is David Zazlav. David is going to walk away. He is a beast. I

completely underestimated him. All the

things I thought he was going to screw up. He's completely proven us wrong.

up. He's completely proven us wrong.

Like, that absolutely crushed it. He's

going to make a billion dollars for dramatically underperforming the S&P for five years >> by turning this thing into a into a dick measuring contest. That is what he did.

measuring contest. That is what he did.

And and I thought he wouldn't be able to do it. And he absolutely did. The the

do it. And he absolutely did. The the

testosterone is pumping. It's now he's turned it into a bidding war. And I I remember thinking, he's trying to make this happen. It's not going to happen.

this happen. It's not going to happen.

They don't want it. They don't want it enough. He did make it happen. I just

enough. He did make it happen. I just

wanted to make a a a little amendment to something you said earlier about you know I think you correctly point out the question is like who shows up with the

biggest check and that is true and in this case Paramount has showed up with the biggest check they've offered $30 a share Netflix offered 2775 so they have

the biggest check but the qu so you'd think like oh so Paramount has to get it the other question that is part of the calculation just in terms of fiduciary responsib ability is which one is more

likely to go through. So there are various concerns with both. With

Netflix, it's really an antitrust issue.

With Paramount, it's also kind of an antitrust issue, but less because Paramount is smaller. But also, as you say, a national security issue because Jared Kushner is out collecting funds from all these sovereign wealth funds in

the Gulf and do we want uh the Gulf States having an ownership in in in our largest media company. So that's the qu that's the calculation that if they're

doing this fairly will go into the review and it could be that they say we've decided the Paramount deal is less likely to go through and that is where

the Trump relationship starts to to play a role. If they do believe that there is

a role. If they do believe that there is a higher likelihood because Trump likes Ted Sandos more or Trump likes David Ellison more then that will be part of

their calculation too. one wrinkle that should be acknowledged. Also, Jonathan

Caner pointed out, maybe we're overestimating Trump's power because Trump could say no, but then the courts could say yes. I

mean, the courts could just strike down his opinion. I always get kind of like,

his opinion. I always get kind of like, well, how how much faith do we really have in our court system to sort of hold the president to account? But there are all of these all of these questions

happening in here. And and it it is a really interesting question of fiduciary responsibility. What is the fiduciary

responsibility. What is the fiduciary responsibility and what is the best decision because it's not just the money, it's also the likelihood of the deal happening. This will take two years

deal happening. This will take two years and in I think six months the Republicans are going to lose the gavl in the House and

I think in 18 months there's going to be open all of a sudden the Republicans are going to see the writing on the wall and go this guy's a lame duck and he's

nodding off in every meeting and I I'm going to speak out again. This thing is going to become so politicized and the political force of the last 10 years, Donald Trump, is going to be massively

neutered. I think his power is only his

neutered. I think his power is only his power and influence is only going down.

But you're going to see it's going to be fascinating to watch, but I don't I don't I mean, keep in

mind, Ed, this is a stock that 15 months ago, 18 months ago, was trading at eight bucks. It's now at 29.

bucks. It's now at 29.

>> I got to tell you, I'm such a David Zazzloff fan at this point. I've

completely turned around on it. I think

he's an absolute legend. I think he's like the worst and the best at the same time. I'm just in awe of how he's run

time. I'm just in awe of how he's run this auction.

>> He's the Adam Newman of media. I'm going

to figure out a way to lose other people's money and make a [ __ ] ton of money. If he just surfed and smoked a

money. If he just surfed and smoked a lot of pot, he and Adam should hang out.

He's turned it into that trophy asset that you were talking about in the previous segment that all rich people want and crave because there's scarcity and they want to be there, they want to be involved. He's somehow done that and

be involved. He's somehow done that and people thought it was just this crummy little media company literally 12 18 months ago.

>> Yeah. But he's done more than that. He's

cherrypicked a board of people who are willing to give him ridiculous compensation for adding very little shareholder value.

>> But he he did he did come up with the shareholder value. He's done it and he's

shareholder value. He's done it and he's done it in about a couple of months.

>> I'm sorry. What was it acquired when he did the merger? What what was the stock price at?

>> That's a great question. Let's find out.

>> Oh, was Okay, hold on.

When they announced the deal, Warner Brothers shares were at 2775.

So, basically, the company's a little the guy's going to make a billion dollars for adding no shareholder value when the S&P is up 50%.

>> Take it back.

>> Yeah. No, no, no. He's the most overpaid investment banker in history. That's

basically what he's done here. And he's

created a bidding war. And he's found he's found friends and family to stock the board and say, "Okay, tell you what, you don't add any value. You've actually

underperformed the market and we'll give you a billion dollars." That's what he There's a skill defining total suck of fans and just basically saying in every

board meeting, your job is just to swallow hard.

>> I'm torn. I'm torn. I I think I respect him. I think those those photos of him

him. I think those those photos of him with all the all the Hollywood stars on sitting courtside at these basketball games. I don't know.

games. I don't know.

>> Let me think. I'm producing a show for Netflix and I just said Netflix shouldn't get this from Monopoly Behavior and the other bitter was HBO and I've just said David Zazzov has found a board members of People who swallow hard. What do you think my

swallow hard. What do you think my future in Hollywood is looking like right now?

>> Council culture is dead. You're good.

>> No, I'm not worried about being cancelled. I'm worried about a bunch of

cancelled. I'm worried about a bunch of old dudes saying we don't need this [ __ ] dick around. We don't need this guy around heckling from the cheap seats.

>> Fair enough.

>> Oh god. It's lucky I own a big piece of art. We're going to need to find out

art. We're going to need to find out what that piece of art is. Are you going to Are you going to tell us?

>> It's a Brazilian artist. I don't like to talk about my art. I have It's my second piece of art. My other piece of art is a picture of Otto Frank sitting in the standing in the attic where he and his

family hid until they were betrayed by people and were shipped off to concentration camps. I just thought I'd

concentration camps. I just thought I'd change the mood here for a moment. And

no joke, no joke, I look at this photo every day and it makes me feel grateful.

>> That's a good piece of art. I'm going to change the mood dramatically here. I

think everyone should find something in their life, a piece of art, a picture, and it can be sad like this one is, or it can be inspiring, but I think everyone should try and identify an

object in their life or something and or a note or something and it that makes them feel good about themselves, good about their situation, grateful, and look at that thing every day. I look at that photo every day. It's first thing I

do every morning is I I walk down the stairs and I stare at that photo for a good five or 10 seconds.

>> Yeah. I have a friend photo of you in my office does the similar thing for me >> and you realize >> I will I can get through this.

>> I can >> I can get through this.

>> All right. We Let's take a look at the week ahead.

>> Thanks for mocking my moment, Ed.

>> Okay. All right. We'll see the employment report for November and partial October data will be included in there as well. We'll also see inflation data from the consumer price index for November. And Nike, FedEx, and General

November. And Nike, FedEx, and General Mills are all reporting earnings. Scott,

any predictions?

>> Uh, my prediction is that the best performing assets or investments are going to be in weird investments that most people don't have access to, but in

Venezuelan assets. I think that there's

Venezuelan assets. I think that there's going to be a regime change and an oilrich and culturally rich Venezuela is going to boom over the next 3 to 5 years

and people who take enormous risks and find a way to invest in Venezuela are going to come out uh with just extraordinary returns.

Thank you for listening to Profy Markets from Profy Media. Tune in tomorrow for a fresh take on the markets.