Hello, fellow rebel capital. So if you're well, so today I wanted to start discussing some of the

incredible topics we went over last week when I was in St. Bartz talking to some of the top

minds in the hedge fund and macroeconomic space. And one of the consistent themes discussed, let's say, at this event was not just AI, not just

AI's impact on the stock market, but AI's impact on passive investing and how that would

impact the overall economy. So I had a lunch discussion with two of probably the smartest

people I know in finance. And we, you guys can probably guess who one of them was. And we had

we talked for probably three hours on this exact topic and when I was just kind of

mentally taking notes I wanted to make sure that this is one of the first things I discussed

with the rebel capitalist audience so let's dive into this really quick here first I want

to start off by going through a bit of a thought

experiment. Now, one podcast that I listened to recently was a podcast, the market huddle. This was

with Kevin Muir and Cuppie. And I'd highly suggest if you get time. I think Patrick Sresno was off.

But Cuppie was talking about the experience that he's had with his father.

And his father, like most Americans, has pretty much 100% of his net worth tied up in his house and the S&P 500.

It's an index fund.

And then, you know, maybe a small portion of it in Cuppie's hedge fund. And Cuppie was talking about over the last couple years or so,

almost every single time he's called up his father and said, hey, Pops, what's going on? He's

planning another trip to Europe. And Cuppie's like, this is really weird because, although it's great, I'm happy for him,

his income because he's retired now, has declined.

So I'm like, okay, dad, where are you getting all this money?

And what's happening is it's just his stock portfolio.

His stock portfolio and his house are going up to such a degree that he'll just take out a loan.

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