Welcome to OK Computer. I'm Dan Nathan. I'm here with Dan Benton, who runs Benton Capital

Management, that is a family office. He was also the founder and CEO of Andor Capital in 2001 to

2016, which was one of the best performing tech hedge funds of its time. I knew Dan, only by

reputation back then. Now he slums it with me a little bit as we've just gotten a bit I knew Dan, only by reputation back then.

Now he slums it with me a little bit as we've just gotten a bit older.

Dan, welcome back to OK Computer.

Thank you very much for having me.

Well, listen, you and I had a great conversation.

It was back in the last week of April.

It was right before, I guess it was going to be that deluge of big cap tech earnings, okay? And what was

really interesting about that is that, you know, the stock market was making highs the first

week of January, all-time highs, okay? And so a lot of people really didn't want to believe

that the Fed, when they said in late November, that they were going to start

raising interest rates to kind of battle inflation, that they were going to do what they said

they were going to do, right? And it seemed to be a little bit of a delayed reaction from mega-cap

tech land. But we saw a lot of those kind of high valuation, more speculative sort of stuff in

tech, SPACs, recent IPOs,

crypto, all started careening lower.

And that started in, you know, the middle of 2021.

Yeah, right.

And I guess what was interesting to me, we always knew that these top six or seven names

make up 40% of the NASDAQ 100,, about 25% of the S&P 500,

...