Podcast Page Sponsor Ad
Display ad placement on specific high-traffic podcast pages and episode pages
Monthly Rate: $50 - $5000
Exist Ad Preview
Yet Another Value Podcast - Random Ramblings July 2025
Episode Date: July 23, 2025In this July 2025 episode of Yet Another Value Podcast, host Andrew Walker shares his latest market reflections. He opens with sharp takes on the speculative surge in crypto-linked equities and questi...ons about hidden leverage. Andrew dissects the potential rise of a new SPAC bubble and lays out a hedge strategy using SPACs at trust value. He then transitions into a deep dive on pattern recognition in investing—its power, its risks, and when it turns into harmful stubbornness. From Warren Buffett’s historical lens to Talon Energy and personal investing biases, Andrew probes how past experiences shape investor behavior. The episode closes with musings on CEO arrogance and the importance of open dialogue. As always, Andrew invites feedback and thoughtful conversation from listeners.____________________________________________________________[0:00:00] Intro and episode overview[0:01:21] Sponsor message and host greeting[0:02:01] Recording issues and July intro[0:02:54] Casino market and Bitcoin premiums[0:08:07] Leverage signs and Tesla example[0:08:56] SPAC bubble and trust value[0:10:28] Market views and SPAC options[0:12:58] Pattern recognition in investing[0:16:58] Buffett’s experience and pattern use[0:20:58] Pattern vs. stubbornness examples[0:27:21] Talon Energy hesitation explained[0:34:03] Overreliance on old investment patterns[0:37:23] Industry arrogance and founder syndrome[0:41:36] Why Andrew does these ramblesLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Transcript
Discussion (0)
you're about to listen to the yet another value podcast. Today is my monthly ramblings for the
month of July. We're going to talk with some quick stock market thoughts on what has been just
called me the casino market. I think that's really apt. I'm going to talk some of my
thoughts about the stock market and opportunities, risk, dangerous parallels. Following up on that,
we're going to talk pattern recognition, you know, when is it a benefit to you as an investor,
when can it be hindrance, when can it be stubbornness, when can it hold you back, prevent you from
opportunities, keep you from taking risk, all that sort of stuff.
Wrap it up with a quick thoughts on management arrogance and then a little bit on why I do
this and just tell you, look, I do it because I enjoy it, but I also do it because I get
great feedbacks and great thoughts from my listeners.
So if anything you hear, strikes your fancy, you'd like to talk, reach out, would love
to chat about it.
That's it.
That's what we're going to talk about today.
But first, a word from our sponsors.
Today's podcast is sponsored by Dilupa.
Are you still manually updating your financial models after earnings?
Ask yourself, why.
Every quarter, analysts lose hours copying numbers from filings,
adjusting templates, and double-checking for errors.
It's tedious, it's time-consuming, and it's a terrible use of your time.
Delupa changes that.
They automate your model updates with near real-time precision,
using AI that's been trained on thousands of companies' filings across every sector.
The result? You get a fully updated model in your format with your logic faster than ever before.
Every KPI, every footnote, every guidance figure,
exactly where you need it with source links built in.
So stop wasting times on data entry and start focusing on what really matters.
Analysis, insights, and alpha generation.
DeLupa doesn't just save your time.
It gives you time back where it matters most.
Book a demo with the Dulupa team today at dilupa.com slash demo.
That's Delupa, D-A-L-O-O-O-Pa.com slash demo.
All right, hello, and welcome to the yet another value podcast.
I'm your host, Andrew Walker.
If you like this podcast, would mean a lot if you could rate, subscribe,
review wherever you're watching or listening to this podcast.
really helps, really helps gets the flywheel going to get a lot of reviews, ratings and all that
sort of stuff out there. It is Sunday, July 20th. Today I'm coming to you with my monthly
random ramblings for July before we get there. Disclaimer, remind everyone, nothing on this podcast
is investing advice, full disclaimer all the way at the end. But you know, here I'll also disclaim
this. You know, one reason you shouldn't listen to anything I say, this is the July monthly
random ramblings, but it's largely going to be topics I touched on in June because I forgot to
press the, I pressed the record button. I didn't have my microphone on.
when I recorded my June random rambling.
So there's just 30 minutes of me waving my arms like crazy.
So if I'm a semi-professional podcaster
and I can't remember sure my microphone on,
should you listen to me about anything?
Probably not.
So anyway, today, July 20th, I've got some thoughts.
I want to start with some quick thoughts just on the stock market.
In general, then I'm largely going to talk about pattern recognition
and danger upsides, downsides, of having invested for a while,
developing patterns to recognize all that type of stuff.
And then I want to move on to a little.
bit of management arrogance, and then we'll wrap it up, call it out. All right, so quick market
thoughts. Again, it is July 20th as I record this. I've been saying on the blog in my state of the
markets that I do every month on the blog, get another value blog.com. What a great blog. You should check
it out. Someone called this a casino market, and it really feels like that to me. It feels very apt.
You know, just every day you'll see another two to three companies that announce some type of
Bitcoin or crypto treasury deals and the stocks instantly trade up 100, 200, 300 percent to trade
for, you know, multiples of the NAV. And it's weird to me, you know, I think Matt Levine keeps
saying, hey, a Bitcoin is worth one Bitcoin if you own it, but if you put it into a public
stock market wrapper, it's worth somewhere between 1.5 to 3 times Bitcoin. It's kind of crazy.
You know, there's no other thing that you could do that for. You can go buy Bitcoin on your own.
Now, I could understand years ago when it was like, hey, you can't buy Bitcoin on the stock market,
maybe a company that offers access to Bitcoin, whether directly or indirectly, trades in a premium
so people can bet on Bitcoin.
But today, there's no other, you know, crypto is not unique.
Close-in funds, right?
Hey, you can go buy a basket of stocks in a closed-end fund.
They traded a discount because it's an ill-liquid way.
There are management fees and everything associated with oil.
There's no public company that says, or, you know, uranium.
There were a public company uranium METFs.
It's very difficult to get direct access to uranium if your investor.
These things don't tend to trade at premiums to NAV because something that you can go buy on your own should not trade at a premium to NAV just because it's put into a stock ticker.
In fact, it should probably trade in a discount once you think about like kind of fees and the risks and all that sort of stuff.
I'm not saying it should, but a big premium to have is crazy and all these companies have found what seems to be an infinite money hack.
You announce you're doing a Bitcoin treasury.
your stock goes to 2x nav.
You keep issuing stock to buy more of it and you keep growing, growing, growing.
It's crazy.
It seems very bubbleaceous.
I think there are historical precedents for bubbles like this.
And honestly, if you put a gun to my head, it would feel medium innings.
But that's just Bitcoin Treasury.
There are plenty of other places.
You know, I point to Circle, popular Bitcoin, stable coin company.
IPO is at $31 in early June.
By the end of the month, it's trading at 83.
I'm not sure where it's trading right now, but it's huge premiums to the IPO price.
You know, it doubled on its first day when you're talking, oh, my God, it's way, way up.
It's at 223 right now.
When you're talking about stocks, you know, doubling their first day, almost 10xing inside of a month and a half of IPOing, not that one stock is indicative of a bubble.
But when you're talking about a lot of growth techie stocks doing that, very bubble, very dot-com bubble reminiscent to me.
core of leave would be another, you know, they lower their IPO price, could barely get their
IPO done in kind of late March, early April, barely get their IPO done.
They had to cut the price, cut how many shares they're offering, Nvidia had to anchor it.
Stock's casually a three, four, five bagger since then in three to four months.
So, you know, they go public and all of a sudden there's low fluid dynamics.
I get all of that, but all of a sudden it's me, mean.
Oh, circle.
One other story I forgot.
You know, there was a day, June 23rd is the day.
it opens at $2.40. It peaks at $300 per share and it finishes at $260. It closes the wheat trading at $180. So intraday, it swings $60 per share. That's double its IPO price. Intra week, it swings $120 per share. That's $4.5.5. These things are crazy. And when you, again, I'm not making a valuation call on any specific company. I'm just saying when you look at the whole basket of what's happening to Bitcoin Treasuries, what's happening with AI.
You look at and say, hey, the casino market, it feels very much like the dot-com bubble.
We're obviously having lots of throwbacks to the kind of growth speculative rampage of late 2020, early
2021.
It feels very reminiscent of that.
If you had to ask me, I'd say we're in the medium stages because things feel crazy,
but things always get a lot crazier before they get more rational.
But I'm not a market prognosticator.
I don't know.
I would just tell you two things.
number one, there was, and I try very hard not to bring politics into this podcast or anything
I do investing. I hope I'm not doing here. But there was a day when Elon Musk and Donald Trump
were having that big fallout where Elon said Trump was on the Epstein list and Tesla stock was down
like 20% a day. And that kind of made sense, right? Like you had Tesla, all the government
contracts. The government might bring the weight of their force against Tesla. It made sense for that
stock to be down. But every meme and growth stock was down at the same time. Bitcoin was down like
3%. I think, if I remember correctly, Coinbase was down 7%. Palantir was down 10%. And I understand
there's meme factors at work here. You know, there's a hidden mean factor for all the factors and stuff.
But when I saw Tesla kind of down and every meme, growthy, parabolic stock was down in sympathy,
it made me wonder if there's a lot more of a lot more leverage in the system than I've been thinking about.
So that's one thing I've just like had the back of my mind like, hey, maybe these things are more interconnected than you think.
And if that's true, like the highs can go a lot higher as, you know, you think back to something like, who was the firm?
I can't remember the firm's name that they were basically yoloing CBS slash Paramount and a handful of other companies and they just got buying, buying, buying.
and it was Bill's swing, I can't remember, but when they eventually pulled all of these stocks
completely collapsed, right? And if what I saw on that one day is reminiscent of what's going
on here, there might be a lot more hidden leverage and, you know, you can blow, you can blow
things a lot bigger when there's that hidden leverage and they can fall apart a lot faster
once it stops. So that's one stop. The other thing, look, I put a post earlier this week,
I do think if we're going to get a full on, if we're going to get a full on manic market and it feels
like we're entering that if we haven't hit it already.
I personally think, and I've been thinking this for a while,
but it's really starting to play out.
I wish I'd swing it harder.
I think we could very much have a SPAC bubble here.
You're already seeing some signs of it.
You know, there have been multiple SPACs that have really gotten buzzy,
announced deals, traded up for huge multiples.
I think the one I would point everyone to is CEP, which was run by,
which was now the Secretary of Commerce, cancer, his company.
it was their first SPAC.
They announced a deal
to become a Bitcoin
treasury company
and the stock went up
3X.
There have been a few others
of those.
So we're starting
to see some signs
of Bitcoin
of, sorry,
of a SPAC bubble,
but I think if the markets
get much more manic,
we could really see one.
And one thing I really like
about SPACs,
and this is what I put in the piece.
You know,
you should go read the piece.
One thing I like about SPACs,
if you're buying SPACs around trust
and I'm right and you get a Bitcoin bubble,
or sorry,
a SPAC bubble,
you're going to have
this call option
that is built in SPACs, it's really going to pay off in spades.
And if I'm wrong, and look, maybe I'm wrong.
I will tell you, I put this piece up in the next day, Friday, July 18th,
the air came out of a lot of these things.
I was like, oh, maybe I personally mark the top.
So maybe I mark the top.
Maybe I didn't.
But the nice thing is, if the stock bubble, if the market falls apart and you're buying
SPACs at trust, then you're just going to get your trust back and you basically had a
cash level.
So I really like them.
I've gotten a lot of inbounds on that.
I'm going to keep discussing and keep thinking.
about, but that's one thing I really like on a heads I win, tails I don't lose thing.
You know, if markets keep going parabolic as a value investor, if you're sticking with
yourself, you're going to be really sad as you see, you know, the core wages the world to go for
40 to 120 to 480. It's going to be really tough to see that. And that's where you see a lot of
people that kind of toss in the towel and go manic right at the late stages.
That'd be tough. And if the market falls apart, it's going to be tough. I think Spacks offer a nice
kind of, I can get some upside, but I've got a lot of protection. So that's what is on my mind
for the markets. Let's go to pattern recognition danger. I think pattern recognition speaks
nicely. I just said, hey, it transitions nicely from what I was just talking about. I just said,
hey, in the market today, I'm seeing signs of the dot-com bubble. I'm seeing signs of what happened
in kind of late 2020, early 2020. That's pattern recognition. And, you know, that's on a large scale
want a claim to be unique with those insights. But I think one of the reasons that people tend
to get better at investing as they get older is they develop a really innate fuel for a lot of
patterns. And I would point to, I did a post on Warren Buffett's longevity a while back. I might do
a follow-up rant on that. But, you know, I think Buffett's a nice example. You can find so many
of them throughout his career. But I would just point out how we did during the GFC. He did well,
not fantastic, but he did very well during the GFC.
Obviously, he handled it a lot better than, you know, most money managers.
I think he could have handled it better with some exceptions, but he came off pretty well through
that.
But why did he well during the GFC?
Well, part of it is Warren Buffett is a god among men, the greatest investor all the time,
all that sort of stuff.
But I think a large part is he had a lot of pattern recognition to fall back on.
Buffett was investing during the savings and loan crisis of the kind of early 90s.
So the GFC was 15th, 20 years later.
a lot of money managed who were younger than him who were either in analyst rules or weren't
investing during the savings and loans crisis. So they didn't have that fall back on. Buffett did.
He understood how things could flow through the system. And there were a lot of parallels there.
The other reason I would say is Buffett took over Solomon Brothers and he was the chairman and he saw
how when a bank faced a run, I think he saw the inner workings of what a bank run looked like
and how quickly it could cascade and how quickly it could threaten the rest of the system.
And I think because Buffett, he personally had that experience, and I don't think any other
investors really did.
I think he had a lot of that experience to fall back on to think about when he was putting
capital to work, how the market overall would respond, all that sort of stuff.
So that's a unique example from the Go, but the pattern recognition is something that's
a really powerful tool.
You know, you talk to investors who've been doing it a while, and you mention something,
and they say, oh, that reminds me of this stock that was a big winner, this stock.
that I missed that was a big minute or I need to take a serious look at this or you
pitch them something like oh I had a big loser that had that risk like this is a real concern
and I'm saying not saying that makes or breaks a thesis but it's something that's really useful that
really triggers them but I do wonder so pattern recognition is a huge tool for investors I do wonder
when pattern recognition can become stubbornness and can become a hindrance to your investing and
I'll point to a few examples let me point with let me start by pointing to something me personally
me because I like to start with my personal things. There are two places where I would point to my
personal thing with pattern recognition, and I'm not sure if it helps circuits me. There are things
that I instantly say no to, and I think most investors have these. But for me, if you bring me
something that trades in China, it is an instant no for me. And why is that? Because I saw all the
frauds in China in the early to mid-2000s and 2010s. And I also think that they,
There are serious tail risks with investing in Chinese domiciled companies, the assets over there,
the structure and everything.
I think there are serious tail risk that I'm not willing to underwrite.
That's a pattern recognition thing, right?
There's a tail risk there, and there's a history of some fraud, and I'm not accusing all of them.
But, you know, I look at Alibaba.
There is political risk there where the government decides they don't like the founder,
they don't like the company.
Boom, the company's stock is in the tank.
I wonder when I'm instantly saying, note, something, is that pattern recognition?
Is that stubbornness? Is that laziness on my end? I honestly don't know. But it's something I've
thought about with that pattern recognition. Are you cutting off too much of the world or certain
subsects of the market? Is that a good thing? Is that a bad thing? Are you staying within your
circle? Are you refusing to expand your circle? Are you being lazy? I don't know.
The other thing, and again, I will point to me specifically on this, if you've been burned on
investing in a certain sector before, and then someone brings a similar sector, you know, you've been
You invested in an oil and gas company off the Gulf of Mexico.
They drilled a well.
It came up completely dry, and the stock went to zero.
You're going to be really hesitant to invest in the next company in that sector, right?
And I wonder if that's a good or bad thing.
I've been talking to some friends about some different sectors where I have prior experience.
Oh, here's a great example of I'm doing off the top of my head.
Talent Energy, the tickers TLN.
The stock's basically a 10-bagger when it emerged from bankruptcy.
It emerged from bankruptcy, and I had a lot of the venture,
friends who called me up and said, hey, you got to take a look at this. Great backers, really good
assets. The puck's going to where. They're kind of where the puck's going in terms of power
demand. Now, I don't think anyone saw like this much AI power demand, but tons of people were hitting
me up on this. And I looked at it, and I have some history with utilities. I said, oh,
utilities. Like, these are commodity businesses. And when they work, they can work. But there are
a lot more complex. This is an IPP independent power producer. It's a,
commodity business and it's not in a regulated market. It's in a deregulated market. And I said,
hey, when these work, they can really work, but there's lots of interconnected parts and one
small part of this can break. And it breaks the whole thing. And like every five to seven years,
basically every independent power producer ends up in bankruptcy, you know, talent emerging from
bankruptcy. All these things end up in bankruptcies every five to seven years. I was like,
look, it sounds like a good thesis, but I've got this prior history with it. It's a pass for me.
me, the things at Tenbacker. So I do wonder when that pattern recognition, there's a few other
industries where I've seen, you know, been around them a while and I've seen some risks and
it makes me hesitant to invest in things or it makes maybe the bar too high for me to invest in
things. I don't know. I wonder if that pattern recognition is that helping me? Is it, is talent
and a, you know, the example that proves the rule, were there unique risk there where maybe
the tailwinds or the market we run or something overrule it or were there, or it, or
it wasn't a good investment. I'm not sure, but it's something I think a lot about with the pattern
recognition. To apply this to other people, there are a lot of investors I'll talk to, and I'm sure
people can think about whoever they want to think about. I'm sure I'm not thinking about the exact
people you're thinking of, but there are a lot of investors I'll talk to who have been doing this
for 30 years. And to make this just like way over the top, their returns the past 10 years have been
awful. You know, every market is racing and they're delivering 0% returns. But they
still got a great track record because they probably smashed the indices from like 2000 to
2005 on the heels of the dot-com bubble when anything value was just skyrocketing and everything else
was falling apart. And you ask them, when I talk to them sometimes, you'll ask them about a company.
And let's ask them about Talon, right? Talon, which is a nuclear energy producer. And I'll ask them,
they say, oh, that's interesting. It reminds me of this tiny company I bought in 1999 when the dot-com
bubble was peaking and two years later it got taken out as a five bagger. You'd be like, hey,
that's cool. That has nothing to do with the company I'm talking about. And you wonder,
you know, they're trying to apply a pattern too broadly and they've kind of become stuck in their
ways. And I wonder with pattern recognition, like, hey, the pattern recognition is great,
but to go back to the point on stubbornness, can you be too wedded to the patterns? Can the pattern
like overwhelm all your other thinking to this extreme example I'm talking about where you've
look at everything through the light of the winners you had 30 years ago and kind of
ignore how the markets have been trending. And let me apply this to an example. To go back
to Buffett, you know, when he's underperforming during the dot-com bubble, he writes a very
honest letter that says, hey, we're underperforming, but we won't switch from a strategy I
understand, and let's just broadly call that value investing. We won't switch from a strategy
I understand to one that I don't. Let's just broadly call that yo-lowing.com IPOs. We won't switch.
from one that's made of this money to when I understand to when I don't.
You look at that and you can say, hey, that that's what you want, right?
You want somebody dedicated to their eviction, dedicated to their ideals, and that would be great.
But if I took that and I applied it, you know, in the 2010s, look, Buffett buys Apple in 2017, 2018,
after saying for years, I don't do tech, all this sort of stuff.
Buffett wasn't willing to evolve with the time.
And you wonder, there are a lot of those investors I was talking about earlier who've been doing this for 30 years and their returns to
past years of stuff. And why have they sucked? It's in part because they said, hey,
I only buy things at three times price earnings. Like, cool, the stuff at three times price to earnings
now, like, those quantitative screens don't really work. They're picked over by computers.
They're picked over. Stuff generally trades at three times price earnings for a reason. That's not to say
you can't make money buying stuff at three times price earnings. But if that is the whole reason you're
buying something, you're probably going to get beaten. Now, if you look at something and you do
work on all the stuff that trades for three times price earning, and you find one that you think is
kind of the gem in the rough for XYZ reason. That's a thesis. But saying I only buy stuff
at three times price earnings has been, yeah, it's been a recipe for getting your face ripped off
the past 10 years. I kind of look and I think with Facebook in particular, I was too
wedded to, I saw the mode. I remember when they bought Instagram. I saw, hey, people are making
fun of them for spending a billion dollars for a company with zero revenue. I saw that it was going
to be a category killer. I never really bought the stock. And I look at it and say, hey, Andrew, you're
probably too married to, you need to buy stuff at 10 times price to earnings.
And I think there were other things.
But, you know, there's a lot of examples of that.
But it's just one thing where got a recognition, having stubbornness sticking to your things.
I don't know.
Oh, one more example I'll give.
Look, for a hundred years, if your family was the local newspaper owner, you were probably
the richest family in that city, one of the richest rights.
And that was great.
and you would have people, you know,
it basically gets passed down from father to son
or father to daughter, whatever, through the family
and you were the richest person.
And that worked, and everybody said,
just own the newspaper and we've got a license to print money, basically.
And that worked until it didn't,
when the dot-com bible came around.
And, sorry, when the internet came around.
And if you were a family who recognized
that it wasn't going to work anymore,
you sold and you probably,
you still have your family fortune.
And if you're a family who said,
this newspaper's been in the family for years,
for decades,
it's always been a license to print money.
We're going to weather this storm will come out stronger on the other side.
You probably lost most of your family fortune.
And, you know, there was a pattern of hold the newspaper,
but you need to not be stubborn and recognize that.
And I think about that with a lot of things.
You know, Buffett's got the famous joke about oil rights,
or I can't remember if it's Buffett or Munger.
What does the Texas oil man say to his grandchildren on his deathbed?
Whatever you do, don't sell the oil rights.
And for the past 100 years, that's been the right move.
At some point in the next, you know, from now and,
the heat death of the universe, that's going to be the wrong move probably.
You know, we'll probably win off at some point.
Or, well, we get so cheap that there's no real value in those oil rights.
You could imagine a lot of things.
But I think about that, hey, the pattern recognition, the rules that you've always followed,
they make a lot of money, but when is following them a good idea?
When is that being a smart investor versus when is it stubbornness?
When is it leading you to take terrorist that you don't mean to take?
I don't know.
I did a post on Tim Spiring a few months ago.
I won't belabor it here, but Tibbs was the New York next coach.
He was very stuck in his ways and he got fired in large part because of that.
And you look at that and you say, hey, he's one of the winningness coaches of all times.
He stuck with his system.
His system made him one of the winnings coaches all time.
But as Curtis would say, he wouldn't adapt from his system.
And I see a lot of parallels there.
And I honestly don't know what the right answer is.
Last thing I want to talk about real quickly.
I talk to a lot of management teams.
Every now and then I'll talk to a management team, a CEO, a chairman, whoever.
And when you talk to them, they'll say, hey, I am the father of this industry, right?
They talk to Thomas Watson about electricity.
I am the father of this industry.
Edison, about the telephone.
I am the father of this industry.
And sometimes they're right.
You know, if you talk to Watson or Edison, they're right.
Sometimes they're arrogant, right?
Maybe they were at the company that was the father of this.
Maybe they were involved.
Sometimes I've seen a few managers who like to say, I'm the father of this industry,
and I'm not even sure if they were there for the industry.
for the industry's founding or if they know what they're doing.
None of that matters.
But when a CEO says, I'm the father of this industry,
it indicates at least a little arrogance, right?
But I always wonder, like, is that good or bad?
You know, I think I tend to lean bad
because whenever I've heard a CEO say,
I'm the father of the industry,
the subtext is you little money manager
who runs a silly podcast and is talking to me,
you have no clue what I'm doing,
you have no clue about this industry.
I will forget more during this conversation about the industry than you'll ever know.
And maybe they're right, but, you know, I'm often talking to them because there's a capital
allocation problem or there's something else that, you know, maybe it relates to the industry,
maybe it doesn't, but it's more my loss than theirs.
And I'm kind of getting dismissed.
So I never know, you know, when you talk to, when I talk to another investment, they're like,
oh, my gosh, we're investing in this company and their chairman is the father of this industry.
It always sounds great, but I never know if, hey, is that indicating an arrogant?
where they won't listen to you, is that indicating a management team who's going to feel like
they should get all the value from the company because they're the father of the industry,
all the value the company creates should, the company industry creates should belong to them.
That often goes along with arrogance, right?
So make sure arrogance is just something I've been thinking about, speculating on, all that sort of stuff.
Yeah, let's see. I think we're coming up at the end.
I really need to start timing these when I record.
I guess the last thing I wanted to mention, you know, people ask me all the time,
hey, Andrew, why do you do these ramblains? They're kind of silly. Look, the main reason is I enjoy it.
I like listening to myself talk, I guess. But sorry, that is not the main reason. I do enjoy it.
That's one. But one of the main reasons I do it and one of the main reasons I enjoyed so much is the feedback I get.
I get so much discussion, so many talking points from it. I think it helps me improve as investor,
helps me to talk to people, reach out to people, all that sort of stuff. All of this to say is this.
I do it because I enjoy it, but I do it because of the discussions I generate.
So if you're listening to this and you've got thoughts, you know, I just ended it with management
arrogance.
If you say, hey, company XYZ has this management who says he's the father of this industry
and look at this guy.
He's so silly.
Like he wasn't involved.
The industry was founded 20 years before that.
I'd love to look at that.
If you know of company ABC and you've got the, there's a CEO who says, I'm the father of this
industry and you think the stock's interesting and you think the guy's a genius and the whole
industry is about the change.
I'd love to look at that.
I'd love to discuss anything.
You want to talk about Tom Fiddo getting fired from the next?
Let's talk about it.
So, anyway, I mentioned that because that's why I do this.
Reach out to me if you'd like to talk any of that.
If you'd like, I got so much inbound on the SPACs piece.
Obviously, SPACs are a long time following, long time love of mind,
and I think they're really interested right now.
So if you'd like to talk about SPACs in any way, shape, or form,
we'll love to talk to you there.
But yeah, reach out, love to talk.
You can find me on Twitter.
You can find my email.
It's all very visible.
So I think I'm going to wrap it up here.
That's it for my July 2025 Ramblings.
Hopefully I remember to turn my microphone on.
I'm looking.
It looks like I can remember, but hopefully I remember that.
I enjoy talking to you.
Looking forward to chatting with any piece of this that struck with you.
And we will talk in my August ramblings.
A quick disclaimer, nothing on this podcast should be considered an 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.
Thanks.
Thank you.