“You can't underwrite Anthropic at $2 trillion. There's no way you can do that. There's no way anyone can do that. It's a trading market. I'm an investor, I'm not a trader. … When this market corrects, which will happen, it'll be when, not if, I will be relatively fine. And when our trader friends who are investing in these crazy valuations do, they will not.”

…land your lap or to mix metaphors, the music stops and you don't have a chair to sit in, it's a great way to make money. And I just have it's just my personality to just fight that and not play in that type of momentum market. And that has probably been a costly mistake, but it is what it is.

So another way you want to play investing games, not narrative games. I'm

Just to go contrarian on your mistake, I study the compounding of things. I'm obsessed with this concept of different things compounding. I think much more things compound than people realize. Is there not a compounding to being more of a fundamental investor that could compound throughout your…

I think so. I mean, when the current market corrects, the only impact that it'll have on what I do with my Copper Sky strategy is it will make the multiples that when I take my companies to Sandhill Road, the multiples undoubtedly will contract. And that will have an impact on what I do. But…

Well, Jack, this has been absolute masterclass. Thanks so much for jumping on. Thanks