Hey everyone, welcome back. It's episode four, we made it this far.

And what I want to talk to you about this week is something I've been thinking about a lot lately in the last six months.

I've been thinking about this idea for many years in fact, that the last six months it's really come home

and we've seen a big spectacle of what I'm going to talk about today.

And that is how much money has been lost by so many smart people in the last year.

And there are so many companies, businesses, investors who became incredibly

wealthy in 2020 and 2021 when tech stocks were just booming like they never had before,

and so much of that money has been given up

this year in the last six or 12 months.

And look, some of that is normal investing volatility, of course.

You should always expect

periods of boom and bust in investing but what's happened over the last six

or 12 months has been very extreme and there are plenty of people and plenty of

businesses that will not survive financially what they have

experienced. I heard someone two years ago talk about tech investors who are

becoming temporarily rich and someone else chimed in and said,

they're not temporarily rich, they are pre-bankrupt.

And I laughed at that phrase, pre-bankrupt.

And of course, I have a lot of empathy

for people who are going through something like this.

It is not fun to lose a fortune.

I think it hurts more to lose a fortune than it feels good to make a fortune to begin with.

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