I got a question. And maybe this makes for a very short monologue. For the people that believe in

buy and hold, can you look at me with a straight face and say that you believe in buy and hold

when you look at the chart of Nike or Oracle or Microsoft.

Companies that have gone straight up in the last handful of years and straight down in the last year.

I don't understand if you're into making money, if you're into investing, where the fuck is the value? How does that work? I mean, if you look at those

three charts, you say to yourself what? There's a point on the chart where there was value,

and then there was a point on the chart where it was overvalued. So there's an entry and an exit.

And how the hell are those discerned? I saw something the other day. Somebody said he had 50 signals that condensed into one. I started laughing.

This is price. So back to value. How does it work? How do you know when something is cheap and how do

you know when something is expensive? how do you know when something is

expensive? And if you look at these three damn charts, how can you not have the feeling that most of

society from a standpoint of college, government, economics, finance, media, etc., etc., etc.,

are put together to lie to you and rip you off, to bend you over and take your money.

How can you not come to that conclusion?

Now, again, we're just staying on these three particular companies, Nike, Oracle, and Microsoft.

Three good examples. There are many more.

I just don't get how the value thing works. I get how Warren Buffett works.

He's got more money than God. He's been doing this for a long time. He's a tremendous

success. He has, essentially over his career, a handful of big winners, which in a way is very

trend-following-esque. But if you put aside Warren Buffett, the average Joe is smashed into indexes that include

Nike, that include Oracle and include Microsoft.

And everyone had a narrative for the last 10 or 15 years for why these companies went up so

...