Welcome to Money for the rest of us. This is a personal finance show on money, how it works,

how to invest it, and how to live without worrying about it. I'm your host, David Stein. Today is

Episode 536. It's titled How to Invest During a Bubble. Twelve years ago in August 2013,

my son Brett and I spent a long weekend in Anaheim, California, so he could

attend VidCon, the YouTube conference founded by longtime YouTubers John and Hank Green, also

known as the Vlog Brothers. Each day of the conference, I dropped Brett off at the Anaheim Convention

Center while I spent the day hanging out in the L.A. area. John and Hank Green

continued to post regularly to their YouTube channel, which is close to 4 million subscribers.

Separately, Hank has his own channel with 2.5 million subscribers. It's primarily a science-based channel, but he covers other topics.

Ten days ago, he released a video that has over a million views. It was titled,

I am changing how I manage my money because of AI. Now, Hank is not a personal finance

YouTuber, and he was hesitant to post the video.

One commenter wrote, science YouTuber makes a finance video is a recession indicator.

Brett had pointed out the video to me, I watched it, and what Hank said echoed a lot of what we

have discussed regarding AI and investing over the past several years.

Hank had pointed out that his primary investment, if not his only investment, has been

in an S&P 500 index fund. But now that investment was getting more and more concentrated, with top 10 holdings making up 38% of the

index. That is an all-time high. Back in the internet bubble of 1999 and 2000, the top 10 only made up

27% of the S&P 500. If we go back over the decades, the top 10 have

never really exceeded 30% of the S&P 500 except for this year. And then if we look at the top five,

they're all technology stocks. And they make up 28.5% of the index.

That's Nvidia, Microsoft, Apple, Amazon, and meta. If we look globally, the top 10 global stocks,

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