for a lot of people, they will invest in bubble markets with trailing or forward P.E.s or

Schiller P.E.s that are, you know, into the upper 20s when all historical context tells you

when Schiller P.E.s or tape ratios are this high, the next 10 or 12 years is zero to negative returns.

That's what we should learn.

It doesn't mean younger people shouldn't invest.

It's younger people should learn how to invest around valuations, save their money, invest for the long term.

It's not trading.

It's investing. That's hopefully what we should learn through Buffett and Munger. They didn't trade stocks. They bought companies and kept

the earnings.

Yeah. A single theme is too now for great minds and daring hearts.

Get ready to enter the Lionheart with your host, Laurence.

Paul, it's so great to see you, my friend.

Awesome to see you. It's good to catch up once again, once again. So I heard this this morning, and I'd love to get your opinion on this. It was such a beautiful quote. He said, today I'm going to appreciate what I have before the sounds of time make me appreciate what I had. And I thought, my God, that just stopped me in my tracks.

I was like, that's so true, you know. It's like we tend to only appreciate great things when we've lost them. And one of my goals is really just every morning, if I can get out of bed unassisted,

there might be a time when I can't even do that. So I'm really trying to appreciate those things.

100%. I maybe that's wisdom when we get old enough. I'm certainly getting older that you do.

You really start to just be like, you know, our parents. I don't know, are your parents still alive?

My dad is like 84. So when I'll just check up on him like, dad, how are you doing? He's like, I woke up. I didn't, I didn't die last night. I was like, man, that's what you really think. And he's like 100%. Like he's serious. Like at that age, you don't know. So, you know, when we're younger, we have a tendency to want to be king of the world physically,

dominate everything.

You're indestructible.

And a lot of times you are.

You go do ultramarathons and Ironmans and all this crazy stuff.

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