Yet Another Value Podcast - May 2026 Random Ramblings

Episode Date: May 31, 2026

A market that refuses to go down, AI coming for the investor's job, and MicroStrategy quietly becoming the entire preferred-equity market. Andrew's monthly ramble across five things he can't stop thinking about: stretched memory valuations, a hyper-concentrated tape, mental flexibility, and the cycle nobody believes can break.This episode is sponsored by Fiscal.ai. Modern financial data for global equities, with a self-serve API that plugs fundamentals and prices straight into your LLM and updates within minutes of earnings, not days. Get 15% off at https://fiscal.ai/yavChapters:00:00 Five things I'm rambling on this month01:58 Sponsor: Fiscal.ai03:16 "We'll never have problems again": a market that won't quit04:56 Energy and oil: the worries the market keeps shrugging off06:00 AI, space plays, and stretched memory valuations09:54 Five stocks, half the S&P's gains10:51 Is AI coming for the investor's job?13:08 The counterpoint: 200-IQ machines and more fragile markets16:10 Mental flexibility: why your old letters predicted your AI take20:04 Why "the cycle is dead" always worries me21:42 MicroStrategy is the preferred-equity market now24:45 The CFO signal: leaving a big company for a small oneLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In Toronto, every arrival is a statement, and nothing says it better than this. Cadillac Optic was the number one selling luxury EV in Canada for 2025. Find your rhythm across a seamless 33-inch display and an immersive 19 speaker AKG surround audio system. This city demands agility, and Optic delivers with precision to make every drive extraordinary. Let's take the Cadillac. Find out more at Cadillac Canada.ca. Luxury sales claim based on S&P Global Mobility Canadian New Vehicle Total Registrations for calendar year 2025 for the Cadillac definition of luxury. All right. Hello, and welcome to the other about OU Podcast. I'm your host, Andrew Walker. It is Wednesday, May 27th. And today I am going to do my monthly random ramblings. I, as always, I say this every time. I feel like it was much more of a ramble than normal, but I'm going to ramble on about five different topics today. I'm going to start off just talking about the state of the markets. Then we're going to move on to my worries about AI taking our jobs as investors, as quote unquote. I don't know if intellectual is the right word, but, I worry about AI coming for the knowledge economy and maybe where there's some hope and some

opportunity, I don't know. Rathed inside of all of that will be thoughts on memory stocks and the AI companies just screaming higher constantly. And, you know, I do worry when you hear people saying, hey, we're done with cycles and industries that historically have been very, very cyclical. And eventually, there will be a supply response. So we're going to talk about that. Next, got thoughts on flexibility.

You know, it strikes me that if I knew you were kind of bearish, macro for the past 10 years, I would have probably guessed, you are probably bearish on AI companies, the AI and everything. And if I knew that you were really tech forward and probably long, like, you know, Google is the future and really into Tesla, I would have probably guessed correctly that you were bullish AI. And it seems like there's a lack of flexibility there where I knew, like, how you viewed the world for the past 10 years was going to be how you viewed the world currently.

And I'm going to try to apply that lens to myself and the fact that I missed a lot of the AI trade. So anyway, that's the third thing. Last thing, preferred equity as it relates to micro strategy. My God, it just never ends. In disclosure, I've got a little position in the micro strategy, Bitcoin trade. And then finally, some thoughts on company management and what you think about when you see a company, a top exec at a company moving from one to another, in particular moving from a bigger company to a smaller company.

But we'll get there in one second. We're going to go to my monthly ramblings in one second. But first, forward from our sponsors. Today's podcast is sponsored by Fiscal.A.I. Fiscal.A.I. is a moderate financial data provider for global equities. In addition to their web-based terminal, Fiscal is one of the leading data connectors for Cloud and ChadGBT.

With their self-serve API, you can connect in real-time fundamental data directly to your LOM. And look, I said it in a podcast before and I'll say it again. They're not just an advertiser. I've been doing lots of cool stuff with Claude and co-work in particular, building all sorts of awesome tools, and I need an API. Guess what? I signed up with my own money, tossed my own credit card down and said, hey, fiscal.a.I, I need you guys to plug into my cloud code work for me so I can keep building these tools and ab assets to real-time fundamental data and stock prices everything. And that includes more than 20 years of financial statements, ratios, filing segments, KPIs, and all sorts of other things.

Unlike other providers, their data updates within minutes of earnings reports, not days. So whether you want powerful out-of-the-box terminal or the real-time AI connector with API, you can use my link at, fiscal. a. a. slash y a v that's fiscal. y a.m. slash y a v to get 15% off and there'll be a record of show notes too. Okay. Let's start disclaimer. Nothing on this podcast is investing advice. And the podcast full disclaimer, full disclaimer, full disclaimer in the show notes. Let's hop on into it. So first thing I want to talk about a little bit of the state to the markets, right? I am recording this on, what is the specific day? Wednesday, May 27th afternoon. And I did a tweet. I thought it was a bangor tweet.

I thought it was hilarious. I think all my jokes are funny, but I did a tweet earlier this month, and I used to watch this show called Crazy Ex-Girlfriend. Yeah, I watched like five episodes. If you put anything with a musical in it, I will watch it. I will sign up. So I watched like five episodes, enjoyed it.

Not sure why I stopped, but my wife and I watched a few episodes on it. And they had this song in it. It's a banger. It's catchy. It's called We'll Never Have Problems Again. And, you know, it's a on-again-off-again, boyfriend, girlfriend, girlfriend, who are in a toxic relationship and they get back together. And this song is them, you know, joking and singing, we'll never have problems again.

We'll just, it's all sunshine and rainbows from here. And I just keep thinking about that song as it relates to the stock market recently, you know. It doesn't matter what is thrown at it. Obviously, the headliner this year would be kind of the war with Iran and energy prices skyrocketing. There's deficits, interest rates rising, whatever you want to talk about. it just does not matter. The stock market just seems to go up and up and up. And I just keep sitting here, and I am sure I'm not the only one.

And I just see all these geopolitical issues, all the stuff. I see not across the board stretch valuations, but market-wide, I think valuations are more stretched. And we're just like screaming through all-time highs every day. And I just, I keep thinking, you know, it just reminds me, we'll never have worries again. And, you know, I know it is interesting. I've had a lot of people talk to me about, hey, are you worried about, not are you, but just saying they're worried about the energy situation.

And it really is interesting to think about the energy situation. Again, recording this May 27th, maybe the Strait of Hormuz is open tomorrow. Maybe it's not. I don't know. But, you know, they're worried and they're worried price are going a lot higher. And I think, and they're worried about the tack-on effects of bad and what's happening in emerging markets. And it's just really interesting because my counter to that would be, hey, you know, they're

always worries about energy prices and all this sort of stuff. When the straight-end moves happened, you heard people saying, if this isn't opened by the beginning of April, it's going to be a disaster. And then it's the end of April. And then it's, oh, it's the main destruction, it's the middle of May. Now, it's just like, I don't know that, you know, oil is one thing where demand destruction and adjustment happens. And you can have shocks, but look, there's a real incentive. And there is a lot of, when it was at 100, there's a lot of energy outside. there's a lot of energy that can come online that is an economic flat 60, 70, and there's a lot of management.

I just don't know, man. I don't know one energy, but, you know, I do see a lot of risks. And the market just keeps powering ahead. And the reason it is powering ahead, it's not lost on anyone who's following the market, is the number one headliner would be the AI play and all the TACON effects. And the number two would be all the, my God, all the space plays over the past, particularly 10 days as we've geared up for the space X IP, space X IP, you know, you would hear people a month, two months ago saying, hey, you want to buy some of these to get ready for the SpaceX hype. And I was very dismissive with that because I was like, no, the markets aren't that easy. Turns out, I guess the markets are that easy because my God, everything space related is, it's got to be at 50% of the past 10 days. Jesus. But anyway, you know, the market is really power in head largely because of the AI plays and the secondary effect would be the space space. And the reason I think that's interesting is too full. Number one, things that aren't.

in the AI trade that aren't clearly in the ad trade. I mean, I saw one shoot. I don't think this is quite accurate, but if you're an AI play, you're just like an all-time highs, perfect multiples, your price per perfection. Anything else is trading like there's, there are a lot of consumer staples. They're trading for like approaching global financial crisis levels. I know some consumer staples that, I mean, they're not growing. They're probably a little bit struggling, but you know, they're trading for like seven times free cash flow and it's not like the earnings are about to fall off a cliff. And yes, there's JLB1 issues and all the sort of stuff, but it's just really interesting.

The other thing is on the AI trade, you know, I don't, bubble, not bubble, I don't know. You've probably heard me talk a thousand times about how intrigued I am by AI, all the interesting AI tools, I am finding all this sort of stuff. I'm an AI optimist. But on the valuations, you know, you start looking at these things and, you know, the past months, two months have been driven a lot by the semiconductor indexes and the memory indices. And you look at these things, and you look at the valuations.

And, you know, there is going to be, right now we're in a supply crunch. There's no question about it. Prices are going up. These things are going to make money. There's no doubt about it. But there's going to be a supply response at some point. And you look at some of the memory players and they're trading for like 20 times tangible book. And they're going to earn probably, you know, if their tangible book is 50, they're probably going to earn 150 over the next two years.

Right. Right. So, but they're still trading that four to five times, you know, two years forward. after this huge profit cycle, tangible book value, it's just not sustainable. There's going to be supply coming online, whether that's from the Chinese VABs or whether, you know, the memory supply is an oligopoly, but eventually they always break and they always bring supply online. Or if prices stay up here, F it, I mean, you're going to see the hyperscalers themselves and the AI companies themselves are going to start building out memory supply because it's just too much. It's a bottom like.

It always get built. supply always comes online. Are they going to start engineering around memory in some way? I just, I know there's a profitable cycle here, but a lot of these, and I'm not an AI skeptic, but a lot of these valuations look really, really stretched to me. And the last thing I'll point out is, you know, the stretched, I think, as an investor, I'm not going to say I know what it felt like to be investing in the dot-com bubble, because in the dot-com bubble, value stocks were growing down like 10 to 20 percent every year,

ball, you know, no revenue, crazy.com startups would just attach.com to the name. They'd be up 50% in a day, right? That's not the current market. But you kind of get the feeling of what it was when, you know, all you have to do was say, I think memory is short and buy memory and it just goes up, you know, 20% every every week and that might be conservative. Or, hey, there's a lot of semiconductors in AI. Let's buy a set any semiconductor stock and blah, blah, blah, blah. And if you're doing any detailed work on a value stock, like just no one cares. You kind of get the feeling, and, you know, I put up a post today that was how concentrated the market is. The S&P is up roughly 10% so far this year.

5% of that is Google, Google, Nvidia, Micron, and AMD is five of the 10%. It's half the gains are these five stocks. If you expand it to 20 stocks, it's more than all of the S&P's gains have come from these 20 stocks so far this year. So this is a hyper-concentrated market on kind of like, one specific bet. And if you were not in that bet at all, you're underperforming, basically. I mean, yes, you could have bought a biotech that's gone up 200%. But, you know, pretty much if you had any under exposure to these specific things, you're massively down. Everything outside of it is flat down getting hit for the most part. Again, it's not the extremes of the dot-com bubble.

I'm not saying it's a bubble. It's just as an active investor, it is very frustrating. It's a weird market to be involved with when you see one pocket price for perfection, continuous, constant growth and every other pocket's getting left behind. Speaking of AI, just kind of sticking with AI, again, this is my random rambling, so I'm just rambling here that probably felt like pretty unstructured, but sticking with AI, you know, the other thing I think a lot about, and I think I get a lot of imbalance from people who I'm very bullish on AI, but I'm very nervous as an investor. And, you know, in my former life, I was a consultant, AI, I'm worried it is coming for all

of our jobs. So use the kids term. I'm worried that we are cooked by AI. And I get a lot of people email me and they're saying, hey, Andrew, why are you so worried about AI? Oh my God, Andrew, I can't even remember what the term is. Are you AI-pilled? I don't know what it is. AI psychosis.

I can't remember. But excuse me of having AI psychosis. I mean, I don't know. People ask, why are you so worried? Well, as an investor, your job is one of two things. You could say your job is pattern recognition, right? I recognize that this is a good setup to buy the stock. And these are two sides of the same.

I've studied the markets. I've studied a lot. and I know when I see a good pattern and I invest in the pattern. That's one. Or you say it's analysis. I read a lot on these companies. I read a lot in these events and I do analysis and I find something that the market is missing and that presents a risk-adjusted off opportunity.

I think I'm saying the same thing between the two. Why am I worried about AI? Well, if you think of AI, you know, I can read four 10Ks in a day maybe. I can read 40010Ks in four seconds. I can pattern match, based on what I've, you know, at this point, I'm starting to get the gray hairs, 20-ish years of investing experience. AI can have all the investing experience in history and do all the back substance tests almost instantaneously, right? So if I'm saying you as an investor are a pattern recognition machine or an analytical machine,

well, AI has got you beat on both of those fronts, right? So yes, maybe the AI we're dealing with today has too many flaws and too many hallucinations, but they I were dealing with three years from now, five years for now, I don't know. It feels very much like we're cooked. And I know one pushback people would say is, hey, Andrew, you know, if you were doing quantitative investing, that's been beaten by machine learning for decades. And the answer is, yes, that's true, but, you know, I'm worried it's going to start coming for qualitative investing more and more, or the edge diminishes.

I don't know, there's less alpha for everyone. Now, there is one interesting counterpoint. I've been thinking about today. Now, and this is, you know, in my thing, if you just listen to me, I basically said, hey, I'm weird that AI is smarter and faster than all of us. You know, this is the AI, what happens when you build an AI that is the equivalent of a 200 IQ human, a 300 IQ human, a 400 IQ human. Well, here's the interesting thing.

Buffett kind of famously said that if you're an investor with 60 IQ points, you should go and sell 30 IQ points because being too smart can be a liability in the market. if you've got all these AIs that are investing with a 200 IQ, does that actually create opportunity for investors? I don't know because I think people are too dismissive up AI when they're saying this. But, you know, I could imagine a world where you have all these 200 IQ computers go running around and investing. And, you know, every, what's the, there's a suits thing where it's like, Warden MBAs come and they talk to the lawyers and like, you know, we went to Warden. We learned all of your tricks in college.

in grad school or something, in business school, right? I'm worried people think, oh, as a human, I can create these crafts that will, like, these traps that will lure AI into investing into stock and creating an overvalue or something. I think AI is probably going to have seen all your tricks, you know, it's going to be that smart. But what I kind of wonder is, if you think about what happens with AI with machine learning, it optimizes, it's optimizing, it's optimizing, it's optimizing, it's optimizing. I wonder if AIs get really involved in investing. And maybe we're already there.

I don't know. you could say the same thing with indexing, but I wonder if as AIs get really involved in investing, I wonder if the increase in optimization actually makes markets more fragile, right? Because the world is filled with fat tails. And the one thing you learn when you see these quantitative, really smart guys, really smart hedge funds blow up, it tends to be a left, you know, a left tail guess that gets them. The classic one would be long-term capital management, right? They had this perfect thing. And if they could have held through and never gotten a margin call or anything, they probably would have made a fortune. But there were margins.

And there was, you know, what did they say? It's like a 17 standard deviation move that blow them up, you know, once every 10,000 years. Well, in markets, you kind of get a 17 standard deviation move once every three years, once every five years? I don't know. And I know you can that, by definition, that's a paradox, but markets just have fat tails.

There is no such thing as that. And I wonder if, as AI start investing more, if the system gets more optimized, So in the short term, there's kind of less alpha, but it gets more fragile. And if you're the person who can wait out markets and wait for the fragility, wait for the left tail, I wonder if there's more alpha there. So, look, again, I'm rambling. I don't know, but it's something I have been thinking about. I am very worried about humans consulting, investing everything, because AI is coming,

and it's fast, it's here, and it's only going to get better. But I do wonder if there's something on the other end where there's, you know, like that at the end of this is home, at least for investors who are able to take care of that. Speaking of AI, one thing I have been thinking about, for me personally, is flexibility. And I was going to say, I don't mean flexibility, and I can use touch your toesways, but I actually do mean that. I always, for the past two years, I've had a mobility project. As you get older, the joints get creaker and keep that, but neither here nor that.

I've been thinking about flexibility in terms of, I can, you know, if I have known an investor, let's say for 10 years, or I've read their investor letters for, let's say, from 2016 to 2023, I can guess pretty well what their take on AI is going to be. A lot of famous short sellers are short, core weave and a lot of these guys on, hey, the depreciation doesn't make sense, the economics doesn't make sense, this is a bubble, this is a cycle. And I'm not saying they're right or wrong. This is a bubble. This is a circular. You know, Nvidia invests into core weave and then core weave viz the Nvidia GPUs and maybe Nvidia invest in the customer that's running the GPUs from Corweave, a lot of people accuse the circuitality.

I would just, if I had read your letters from 2016 to 2023, I would have been able to guess if you were kind of short AI on that thesis and claiming it was a bubble, or, you know, I probably would have been able to guess if you were a really tech forward person and you thought this was, you know, memory cycle, higher for longer. and we should talk memory cycle one more time in a second, but this was AI is going to revolutionize the world, 5% GDP growth going forward, buy everything AI, maybe sell everything else. I could probably guess just based on how you were as an investor in your mindset. And I've just been kind of thinking about that like, hey, the fact that so many, like, you know, everyone who was due macro instantly said

and Nvidia is a bubble, Nvidia, AI, everything is a bubble, watch out, get ready. The fact that everybody who was more into the tech weeds was instantly kind of saying, hey, AI is the future. The memory cycles over, the semi-con cycles over. Higher for longer, it's going to take over the world. We're going to have the AGI within four years. It just seems weird to me. And I have been wondering, hey, like, where's the mental flexibility? And I'm talking about other people, but I'm also projecting, like, hey, am I being mentally

flexible enough, you know, just in everything? I think I've been experimenting with AI in particular, but I haven't really invested in anything in AI. And I'm kind of looking and saying, hey, Andrew, like you were playing around with these tools, but you didn't short any SaaS companies. I don't do a lot of shorting, but you didn't shorten any SaaS companies. Like, shouldn't you have seen that based on the play? Or, you know, I think I was reasonably early to using co-work and all this sort of stuff

as an investor. Like, hey, you were kind of early on that, but you didn't think, oh, this has bigger legs than people think. Maybe we should be buying, maybe we should be buying, pick your semiconductor stock, I don't know, or on the power trade. Like, I looked at a lot of power. I have a history of investing in bankrupt power companies, and I didn't make any money buying power trades. And, you know, I'm kind of thinking, hey, Andrew, were you two wedded to in 2016 when you thought, hey, all power is a commodity, and you didn't see what could happen and what became a bottleneck.

So I've just been thinking about, it seems strange to me that you could, just having read someone's letters for five years in a completely different market environment, you could have kind of predicted how they would think about AI. Like, shouldn't there have been people who were due macro from 2016 to 2020, who in 2003 were saying AI is going to be revolutionary? Or shouldn't there have been someone who was investing in Google, investing in Facebook, all this sort of stuff, who when AI started coming out, said, hey, actually, I think all of this is overhyped, I feel like just there should have been some, but I don't know of anything,

and it seems strange. Back to, sorry for rambling, but back to the state of the market, you know, one thing I will say that has worried me is there are a lot of really sharp VCs and market historians and stockmark guys and tech guys who I've got a lot of respect for where I learn a lot from. It worries me that so many of them are saying cycles are over, right? And not economic cycles, but memory cycles are over. Semi-inductor cycles are over. We've gone from cyclical to structural. There's just permanent demand forever.

You know, I feel like I've heard this before about a lot of different things, and it always comes right before the cycle hits even harder, right? I think the famous would be, was it 2006, 2007, when people started saying, hey, macro cycles are dead. The Fed and our tools, we can kind of. of engineer the economy to avoid recessions. And maybe they were right because we basically had a depression instead of a recession after they were saying that.

But I really were, you know, I hear you, the demand for memory is huge. The demand for semiconductors is huge. Like, AI is just pulling everything in. But you just do not have these businesses where it is a commodity at its core. Billions of dollars get pumped in. It's just impossible to avoid eventually people are going to have a supply response. They're going to build. And eventually the demand is going to tick down a little.

or even if it doesn't tick down a little, you know, it's just like the rate of change needs to down a little. But even if that doesn't happen, eventually you just overbuild the crap out of it. And eventually you're going to have a cycle. Eventually, you're going to be overbuilt. And eventually the marginal price can't be, you know, the marginal man can't be at 5,000 times the marginal cost forever. It's going to happen.

We're going to have a cycle. And I feel pretty competent in saying that. Let's go to the last two things I've just been thinking about and I'll keep these quick because I don't even know how long I've been rambling, to be honest. You know, one thing that I have been. obsessed with is, I will just full disclosure, I've got a little bit of the long Bitcoin short micro strategy trade on. And I've always had, I've had it on and off for a while. I've just been obsessed with this trade. You know, last year I wrote a lot on the digital asset

companies and how silly I thought they were. Micro Strategy is the largest and they are very creative and finding ways to finance them. But, you know, ultimately you're financing a financial asset with 10% preferred equity and all these things. Like, it just, to me, it doesn't involve. But one thing I have been thinking about is, I encourage anyone who's interested in the markets, go read Micro Strategies Q1 earnings call, go look at their, go look at their Q1 slide deck. It is crazy. Micro Strategy was 8% of the equity issuance in 2025.

They're 10% of the equity issuance so far in 2026. I'm sure that will go down as you have like the SpaceX IPO and the Anthrop. But these guys are hitting the capital markets at a scale that we've never seen. And the one that really blows my mind is they are 60% of the equity issuance in preferred equity so far this year. And I think there were 33% of the equity issuance in preferred equity last year. Preferred equity as a market is basically micro strategy is the preferred equity market right now.

And that is crazy to me. And, you know, I wonder if it ever, if the micro strategy trade ever goes sideways. And there are ways it happens. It generally involves Bitcoin going to $50,000, and they get into a, you know, the kind of perpetual motion machine of our stock trades above NAF. We issue stock above NAF to buy Bitcoin and that increase our NAF, so we keep doing that. Guess what happens when you've issued, you know, $10 billion plus in preferred equity that

pays a 10% dividend per year in Bitcoin trades from $75,000 to $50,000. That cycle does not look good on the other side, you know, and they can say, oh, we'll sell or, oh, we don't have tons of money. It does not look good on the other side. But, you know, if there is that other side, I do wonder, like, is micro-stratage going to blow up preferred equity? Now, preferred equity was a very small corner of the market, generally tapped by banks and financial companies. But if you have, you know, micro-strategy, let's say this goes on for another 18 months, and there's 60% of the preferred issuance for another 18, 24 months, and something negative happened.

I mean, they're going to blow up the preferred equity class. It's just wild to think about the scale, the size, all that sort of stuff. So I really want to say this because if you have not read, you go read these Q on calls. And as someone who's financially sophisticated on the one point, on the one hand, you're going to be like, wow, this is a really interesting way of thinking about it. And then you're going to think about it for a second. You'd be like, wait, what? They're talking about, you know, issuing preferred to go buy Bitcoin at 10% and that they're going to make, because Bitcoin's going to go up 20% per year, they're going to, it's free money. It's just so crazy what they're doing.

You know, I could go on for hours and hours. Well, the last thing I want to talk about, my friend, Artem Fokin, we'll see if he's listening all the way through. I'll give him credit for this, though. I won't disclose the company reciprocal. We're talking about a company, and they, let's just say they're a $100 million company, and they hired a new CFO. And the new CFO came to them from a company that was a, let's call it, a $500 million

company, right? And they were the CFO at the $500 million company. And we were talking about that. I mean, that is so rare, right? If they had hired the chief accounting officer of the 500 billion company to come be their CFO, that would make sense, right? You go from a larger company to a smaller company, but you get a promotion. To go from a larger company to a smaller company in the same role is super unique, right?

And I've just been thinking about that signal. You know, I've been into the corporate dark arts recently. I've got a 12-post series on at this point. You can go read it. And that's management teams finding ways to kind of say their stock is undervalued and get more exposure to the stock. Here you've got a CFO or C-suite member, whatever it is, kind of calling their shop, right? Because you go from a $500 million company to $100 million company, you're probably getting paid less. You're really calling your shop in terms of, hey, I see the growth potential here.

I see the equity value here. Or the counters of that would be, hey, this CFO might have been overmitched at the $500 million company. Maybe he saw that he wasn't long for that $500 million company. Or maybe he sold the $500 million dollar company. company was in for a very rocky ride, and he kind of wanted to get into a set of your boats. So it just, I very rarely see it. And I'm not trying to trade it. I have no position either of the companies that happened at.

But it's just one of those things where I've been thinking about, hey, this signal in a C-suite person moving in from one company to another, is there, I mean, this is a really unique example, but thinking about that signal and thinking about as an investor how you view that. Is it a mark on the management team? Is it a mark on the company to join? is it a market on the company leaving. It probably is very situation-dependent, and it's probably some combination of all three.

But it's just a really unique example that's been stuck on my mind. And one of the things, this is just me personally, like really unique examples are some of the things I, or the things I like to look at, think about and invest in the most, and increasingly what I'm really focused on. And that is one that's just kind of stuck in,

stuck in my brain, just played in my brain over and over it. I have been rambling, probably 30 minutes, I know, 45 minutes. I've been rambling. And I wasn't keeping track of this. clock. This has been great. It is, again, May 27th, end of May. I will, we've got some good podcast coming up. I will talk to you guys for another random rambling at some point in June, and we will go from there. Have a good one. A quick disclaimer. Nothing on this podcast should be considered

investment advice. Guests or the hosts may have positions in any of the stocks mentioned during this podcast. Please do your own work and consult a financial advisor. Hey, y'all. It's Kelly Clarkson with Wayfair. Ever order furniture online and wonder what if, like, what if it doesn't hold up? That sofa was four days old. You should have ordered from Wayfair. With Wayfair, there's no what if. Just style you love and quality you can trust. Visit Wayfair.ca.

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