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talk about investing more broadly I don't know if there's other companies you want you want to touch on right now but I just want to know in this particular moment given where you may think the market is given where bond prices are I think a lot of people are really trying to rethink what's the mix of what a portfolio is even supposed to look like in this world given what's happening in Israel uh and Ukraine and the like are are you buying stuff what are you doing every day I'm con I am amazingly bullish and so basically in 1960s uh there was Vietnam War uh there was inflation uh there were assassinations of the presidents of the United States president of the United States uh there was assassination of Robert Kennedy assassination of mar nor King uh I was a patent office examiner in Arlington Virginia uh and I went to law school at night and work in patent office at daytime and one day uh right after King is assassinated uh one of my friends I'm on one side of the office runs over said Ronnie come over here and I ran to the other side the building all of Washington was on fire amazing so we got our motorcycles and drove you're not allowed to we broke into the city driving around and came back but that was a city falling apart it looked like the country was ending there would be marches on Washington and the market the Dow Jones was a th the GDP was 800 800 billion that's now 27 trillion the Dow Jones was a th000 then it's 34,000 now it's five doubles five doubles in the last 50 years 53 years that means you double every five years every 10 years rather that means that's somewhere around seven right so basically the way I think about it is that inflation whenever you have a war you have a pandemic uh you have to have inflation you have to have government has to pay for it and when the government pays for it then when you come out of it they have to pay it back the way they pay it back is not by paying down any debt they pay it back by making your money worth less so there's inflation so way we think about things is that inflation is going to reduce the value of your money in half about every 14 or 15 years about four or 5% of year is inflation that's my whole lifetime four or 5% sometimes it's two sometimes it's seven but four or 5% of number so you would never buy a 2-year Bond or a 5-year Bond or 10e Bond I I've never owned a bond ever ever not one so I I'm I'm invested in and I don't have a lot of a lot of cash either I'm always invested and whenever I have a chance to buy more I buy more so in Tesla uh yeah I gave you the sheet before that showed that when I started in bus business so 1970 I come to New York and I'm in debt 1982 start bearing Capital uh we had 10 million under management 10 million that's an m in 1992 had 100 million now it's 41 billion and we have 40 billion of profits so basically most of the money that we manage is profits of course we had 55 billion a couple years ago uh but that's all from a depreciation now I think what's going to happen the next two years by December of 25 I think we'll be back to where we were in gives you that confidence the businesses are growing and the multiples are now lower so basically multiples are now lower the businesses are growing you know the growth in the country is about 7% a year historically it's about four or 5% of inflation and about 2% is real the all the growth that we've had in the United States in our country has been in the last 200 years and it's the last 20 30 40 years it's accelerating grow accelerating it's not slowing down and so basically it used to be a capital intensive economy a capital represented um I think it was 65% of book values now it's 44% or 42% It's BEC less Capital intense multiples should be higher because of that

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