All right. Here's what I said. I said, describe Howard Marks in 280 characters. Here's what he gave you.

Howard Marks is a legendary investor and co-founder of Oak Tree Capital, known for his sharp memos, contrarian thinking, and risk-focused approach.

He made billions zinging when others zag, especially in crises when he writes, Wall Street listens.

Pretty flattering. Pretty good, yeah.

I feel like I can rule the world. I know I could be what I want to. I put my all in it like

no days off. On a road, let's travel, never look at me. Okay, well, I think the best place to

start is that kind of zig while others zag. So I want to ask about the S&P because you don't know much about us, but the short version of the guy you see across from you there, Sam, is Sam's an entrepreneur, Sam builds his company, he sold his company, and he took the money that he made, and he said, look, I worked hard for this money. Now I want this money to work hard for me, but I need it to be safe. And so Sam went into a mostly, you know, best practice, low cost index funds in the SEP 500. And anytime I ask Sam about his strategy or I tell him, dude, you got to buy Bitcoin, Ethereum, you got to buy this. You got to put some money over here. Because I'm like, you know, if Sam is vanilla vanilla I don't even know what I am I'm some

flavor off in the side that's how about too toody fruity yeah I'm toody fruity over here and I keep

trying to pull him over here but he says no no no I like vanilla and so he basically just says

the long-term average of the SP 500 is 10% if I just hold this for 50 years, I'm going to double this many times.

I'm good. Very boring. Very boring. Yeah, he repeats that like on loop. Like he's one of my kids' toys.

You push the butt and it just keeps saying the same line. But, you know, I do get a little wary when

anything seems too safe or too, too certain, or I guess too taken for granted that this 10% number over the long term will be what it'll be. I guess what would your message be to Sam? Is Sam just, you know, is he right? Is he wrong? Would you give him a caution of warning? If he was your nephew, he looks like he might be your nephew. If he was your nephew, what would you be telling him? Well, on the one hand, Sam, you're right. Because if you have more money than you need to eat,

the first purpose of your money should be to make you comfortable.

It doesn't make any sense.

Buffett says, don't risk what you have and need

to get what you don't have and don't need.

It makes no sense for somebody with a surplus of money to make their daily life less pleasant

by going to investments that put them under pressure.

But there's going to be a but on your statement, it sounds like.

But.

On the other hand, the riskiest thing in the world is the belief that there's no risk.

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