Welcome to OK Computer. I'm Dan Nathan. I am joined by Dan Niles. He's the founder and portfolio

manager of Soturi Funds. Dan, welcome back to the pod. It's my pleasure as always. So Dan,

you and I had a great conversation in the start of May. We were taking stock of Q1 tech earnings.

We were also just getting a feel for the post-regional banking crisis

world that we're all living in at the time. I think there was probably a fairly decent

consensus that some of the palpitations that were caused by the banking crisis were not

going to be like going away anytime soon, but we're also in a period where we're

starting to see the increased liquidity that came into the economy, found its way into the markets,

and then found its way into a secular theme, one that you have been focused on, I'm sure,

for years and years, but for some reason, equity market participants got really excited about

in 2023 because of chat GPT4, and that obviously would be AI. So you and I had a great conversation.

I remember we titled that Tech is a minefield. That was a quote from you, and we're going to get,

we're going to get to some of the specifics. But let's talk about the

macro right now, because it really feels to get, I guess, the single stock stuff right, some of

the secular shifts right. It's becoming more important this moment right here, right now,

where rates are the pace in which they've risen, some of the headwinds that we see to growth here,

but also maybe more importantly abroad,

this is a period of time that I think you've got to have a good sense for the top down.

Give me a sense about how you're thinking about the macro,

and do you agree with that statement that I just made?

Yeah, I 100% agree with that

because the way I think you have to frame this and this is how

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