January 2026 Random Ramblings

All right, hello, and welcome to the Add Another Value Podcast. I'm your host, Andrew Walker. Today's podcast, we have my monthly ramblings for January of 2026. It's 2026. You know, we these are the ramblings of a madman, so please see a full disclaimer at the end of the podcast.

And by the way, speaking of the podcast, if you like this podcast, please review, rate, subscribe wherever you're watching or listening to it. And if you don't like this podcast, turn the podcast off and never leave me a review. But anyway, the rambling today, I've got five different things. I'm going to talk about the state of the market. I'm gonna talk about the response to my weird markets podcast, my theory of weird markets. I did thank you so much for the responses.

I'm gonna talk about investments that make me want to slap people. I'm gonna do a quick talk on the power laws and the markets thoughts and just some pushback I've been thinking about. And then I'm gonna talk about uh something that I think I've changed my mind on recently. Uh Vices is one thing I've changed my mind on. I'm gonna talk about my change on vices.

And how I think that could show some tail risk in different segments of the market. So we're gonna eat all there in one second. I'm gonna ramble in one second, but first a word from our sponsors. This podcast is sponsored by AlphaSense. One of the hardest parts of investing in this scene, what's shifting before everyone else.

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All right. Hello and welcome to the Yet Another Value podcast. I'm your host, Andrew Walker. With me today, I'm excited to have myself. Man, I I almost forgot the intro and uh I was laughing at myself. I'm excited to have myself.

It is time for those of you who've been following the podcast for the past two years. Know every month I pop on and I do what I call my monthly random ramblings where I just hop on and ramble for 20, 30 minutes about three, four, five things that are, you know, happening in the markets or that I've been thinking about.

that are kind of on my mind. So, you know, it's just the ramblings of an increasingly madman. And uh that'll bring me nicely to my next thing. Quick disclaimer, remind you, these are the ramblings of an increasingly madman. So nothing on this podcast investing advice. I don't think I'm talking about any specific stocks today, but you know, you should please feel free to see our legal disclaimer, see a disclaimer at the end of the podcast, all that sort of stuff. Okay.

That out the way, let's go to the topics I want to talk about today. So I I will be honest, I started writing these and then I was just like so excited to get this going and uh I want to hit the gym at some point today. So I just like put them on paper, haven't fully thought through them. But here's my five things.

Want to talk about the state of the markets real quick. Uh I want to talk about my response to the Weird Markets podcast that I did, which I thank you so much to everyone who's given me feedback. I've gotten so much feedback, continue to get great feedback. I'll talk about that.

Uh I want to talk about investments that make me want to slap some of my friends in the face. Again, we'll talk that in a second. Quick and then quick thoughts on power laws in the markets and things that people will change their minds on. All that out the way. Let's dive in. And the first thing I want to talk about is the state of the markets. I'm recording this on January 22nd, 2026.

Uh, you know, we'll maybe it'll be lost in the footnote of history. Maybe it'll be the start of World War III, who knows? But this week was kind of marked by You know, at the end of last week, of course, Friday after market hours. Trump really started going on and on about his threats to Greenland, saying he was gonna tariff every country that was, you know, n not uh that was sending troops up to there. I don't know, I don't know the geopolitics, but he was.

gonna tear for a whole bunch of US nations and uh US allies because they weren't gonna hand over Greenland. That happens on Friday. Uh on Tuesday, the market kind of opens down uh you know, I think closed one and a half percent down. It it wasn't even that. And by Wednesday, the market's ripping up as Trump kind of backs off. And today

I I'm recording this close to the market close. I mean, the the stock markets have just been on a face-ripping rally so far this month, aside from the, you know, including or aside from I don't know what the right word is, that one day Greenland if, you know, as I'm writing this.

As I'm wrapping this up, the Russell is probably up eight, nine percent, maybe ten percent on the freaking month. You know, the SP is probably up three percent. I can pull that up and talk about it as but we're just in this face ripping rally and You know, I I look at the same thing.

Trait. I I do the trite monger the trite monger series, the trite buffet series, all this sort of stuff. Like it's really trite to say be fearful when others are greedy and greedy when others are are fearful. But uh I I do feel like that. Like I I think for things are pretty stretched. I think it's kind of time where you kinda wanna be getting defensive. I'm getting some gray hairs on my head. I I know like it's when things are eupolic uh euphoric.

is right before things can get weird. And but you know, all that's right. The other thing I want to say is Look over the past year, there's the taco trade, the Trump always chickens out trade, right? And

We had that in a big way with the tariffs in April. We have uh all sorts of things. And I I think that would extend to Greenland right now, right? He literally threatens, hey, I'm gonna use force, we're gonna take Greenland, which I I think it would be the start of World War Three, certainly the end of the NATO alliance. I don't know If countries are going to war over us sending troops to Greenland or not, I have no effort clue. I'm not trying to play geopolitical strategies.

But I would just say when you're you know, the tr the taco bet is the the most popular bet. W I was e texting with a friend over the weekend who was like markets are gonna crash on Monday on this Greenland stuff. The I believe his term was there's no off ramp. And I was telling him, look.

I I I think it's terrible and markets were down, but I don't think anybody say down one percent is crashed. But just based on my feed, based on the strategy I see, everyone is betting on taco. Everyone's betting on Trump t chickens out. And I get it. Th but where I'm trying to drive with this is you can only

At some point you write a check and there is no taking it back. And I don't know when that point is, but you can get yourself into such hot water or you can do something so crazy and there's just no taking it back. And whether that is actually like You know, the the one would be, hey, you actually send troops, the the things to Venezuela go crazy, whatever it is. You can do that. Or you you know, is a lot of these have you say it.

And then at some point you try to reverse it. And yeah, maybe you you know, I thought I actually thought this might have with the tariffs for a while. You put the tariffs on and then you try to reverse it, but everybody's already changed their strategy. You know, I I think oh, here's here would be a good one.

You you say something crazy, right? You say we're gonna take uh you were gonna take Greenland and Two two days later the response is terrible, markets go crazy, and you say, Never mind, we're not gonna take Greenland.

But at one some point the damage is already gonna be done, right? Like the US brand is going to suffer so much. People are going to actually follow through on the dump US treasuries. People are gonna say, we can't trust US treasuries. You know, you you you see this in emerging markets. It happens.

There's the I I I'm a little bit I'm quite cautious on the markets right now. It it just seems like everything's ripping to new highs. It's harder to find value. It's really low quality stuff that's really ripping and driving this market, I would say. quite caution that I'm quite cautious on the geopolitical thing, but I think this taco trade that everybody just you know, the moment it happens.

And it's weird where, you know, you taco on Greenland and the market closes at, you know, a hundred. It goes to ninety eight when you say Greenland and then it goes to one oh five when you say we're not doing Greenland. It's weird like you can drive the market even higher when you say, Hey, we're not gonna do this crazy thing. But

At some point there's gonna be some crazy thing and it's not gonna be walk backable. Even if you can actually walk back the action, the damage of the brand, the damage of the sales, it's gonna be done and I I'm I'm starting to worry we're gonna get there. And when that happens, you know, it's not

The market's down three, it's the market's down twenty. You you have a a geopolitical, you have a financial crisis, something weird's gonna happen. I I'm I'm worried we're getting there because these things are just getting so effing crazy and uh Yeah, they anyway, I don't know. Maybe and and look, maybe I'm making too much of it, but it does seem weird that you would have

pol geopolitical headlines of taking Greenland by force like that. It's just it's just so crazy. And then to give it up for kind of nothing. Okay.

And that was a a a true rambling just on the state of markets, but th that's kinda how I feel and you know, I do think I mean again, i the I've got the gray hairs on my head. The it it feels tough when everything's ripping up and you're like, hey, these are low quality stocks that are ripping, everything's ripping. And what's the thing that happened with the crypto? Everyone's getting rich but you. But uh

There is the other side to this and I I've been through it enough time to know like you want to be on the other side and have the cash because the washout at some point comes and I'm not saying the market's been crashing or anything, but there's a lot of low quality stuff that's uh just ripping non-stop.

Okay, let's go to my second thing, response to weird markets. So for those of you who did who didn't hear it, I did a podcast a week or two ago. It was what I called my working theory of weird markets. And the crux of it is this. AI compu the markets are getting so competitive. The AIs are getting so good. Traditional valuation mechanics, traditional ways of uh

winning, they're getting competed away, right? The only way to generate alpha going forward is going to be increasingly on the weirder and weirder side. And I got such great feedback and such great responses. So thank you to everyone who listened. Thank you to everyone who gave uh responses.

I I'm just I'm still working on the full post. There'll be a full text post at some point. You know, it it's hard to compile all those thoughts just like f throwing on your own. But just wanted to talk a a few things that people said. in response that I thought were maybe missed the mark or I thought were interesting, but I went it's wrong. All right. So the first thing I heard, there were two the two most common refrains were, Hey.

Yeah, markets if you bought the market in April of two thousand twenty five, you know, at the on the absolute bottom of the Trump trade, markets are up thirty percent since then. How can you say markets are weird? How can you not say you can't generate alpha? And my response to that is easy. Guys, you're literally describing the movement of the indices. You are describing beta. Like that is pure beta. Whether the market goes, you know, if the market goes up from

now till the end of the year if it goes up four percent or forty percent. That is beta. That is not alpha. Now your pocketbook probably feels a lot better if it goes up 40% versus four four percent, but that is beta. You know, alpha would be, hey, I could see where this was going. I knew to short the market on March first. I need to cover the the short on April seventh and then like reverse the short and go back.

a max long on April seventh, the absolute bottom of the tariff trade. That would be alpha, right? That would be macro alpha. That would be ch trading it. And there are other things you can put to, but it you know, just saying, hey, the market's gone up a heck of a lot in a short period of time, absolutely not alpha. That's bad.

On a kind of similar vein, a lot of the people who responded would say something along the lines of, Hey, you know, what about Facebook at the end of 2022 when it traded for a hundred dollars per share and you know Jim Kramer was crying on the was crying on TV. What about JP Morgan at the, you know, in the spring of two thousand twenty three when it was trading for, I think, eight or nine times price to earnings?

And I those are more interesting, right? We're now talking about individual stocks and individual stocks that have generated a heck of a lot of alpha versus uh versus the overall market. But you know, again, I would just say I If you're going and cherry picking a past example. That is not it there was there could have been out of the stock, but you can't just cherry pick a past example and say, hey, this stock worked out well.

You know, you you have to be able to say like, hey, there was a systematic reason for the mispricing. And if you were a active manager at the time and you loaded the boat on those, then yes, you generated alpha. But I again I would say just like being able to cherry pick one example, even if an investment manager did that, I don't think that like speaks to systematic mispricing in the markets or

Uh and that's kind of more what I was driving towards though I uh there is the single stock piece of it. But again, I just think going and saying, Hey, you know, if you bought NBIDA in early two thousand twenty three, you did great. Yes, that is true. But that does not speak to alpha. Maybe you were taking on crazy risks you don't know about, right? We're living in the world where AI boomed.

What if there was another world where in chat GPT comes out in the summer of two thousand twenty twenty three or late two thousand twenty two or whatever and it's a complete bust? And you bought NVIDIA saying, Hey, AI's here and

you know, it turned out to be the metaverse all over again, right? Where people were really hyped about the metaverse for a while and yeah, nobody ended up using it, right? There are other worlds to consider. So just because we're living in this world where NVIDIA did great.

I don't know if that's the case. What if AI had been three years too soon? So uh speaking of AI. The other feedback I got, so a lot of my weird market theory rested on, hey, the AI is getting so good and also, you know, the quant models are getting so good, the competition is so high, uh individual investors are

it it's increasingly hard to use tr uh fundamental models, just say, hey, this is trading at eight times price earnings and expect to generate alpha. Like I just don't think there's alpha there. And I got several people who said, hey, Andrew, you forget, we can use AI too. So we can generate AI, we can generate alpha using AI. And again, I think that's false. And if you'll let me step into a sports metaphor, I'll tell you why.

Clubs and golf, I mean, what are drivers called? The drivers are called woods because drivers and stuff literally used to be made out of big wooden heads. Now they're made out of, you know, graphite, carbon. They're so strong, they're so light, but they're still called woods. Uh you can't say is would me playing with well, I'm a terrible golfer, but would me playing with, you know, t modern woods.

Would that be better than me playing with the woods from fifty years ago? Absolutely. 100%. I'm gonna hit the ball farther, straighter, whatever. But it is not alpha because everyone else plays with modern woods, similar to tennis rackets. You know, you think about the pictures in the fifties of people playing with the little tiny ra wooden rackets versus today the the modern

strings, everything. Yes, it's an advantage to have a modern racket versus an old racket, but everyone plays with a modern racket. So there is no edge to having the modern racket because everyone's playing with Similar to and that's where I'm going with the AI, right? You can't say, hey, Andrew, individual investors can use AI too. That is true, but there is no edge to something that everyone can use.

Now there can be edge, you know, I I think I've used this analogy before. Sometimes a specific tool amplifies or detracts from a talent. And maybe there is edge where you're saying, hey, you know, this specific individual investor is really good at reading management body language, but he's really bad at the uh fundamentals. And there's another investor who's really bad at reading body language, but he's really good at the fundamentals. Well, 20 years ago.

The latter investor who is good at fundamentals, bad at body language, might have had a big edge over the investor who was good at body language, bad at fundamentals, right? But today, if the fundamentals are getting just kind of neutralized by AI. The latter investor, he might be increasingly obsolete, whereas the body language investor might be, you know, his skill set might actually be getting amplified by AI, which can make up for his weaker skills. So I guess where I'm driving is this.

AI AI as a tool. cannot generate alpha. You cannot say, hey, Andrew, everyone can use AI so I can generate alpha. No, it's a tool. Now if you wanted to have a discussion on, hey, does AI amplify or detract from for specific investors? That's an interesting discussion to have, but I don't think it really affects or impacts my weird market thesis unless we wanted to start saying, hey, there are certain unique investors who uh it makes it. And

Yeah, you know what, I think I'm gonna wrap it up there. I I think those are the the two main points I wanted to hit. Again, it's still an evolving theory. I'd encourage you to go listen to that podcast. I'd love to get feedback on it. I'm still working on a big, big post on it that I'll probably post sometime in February just because man, writing is hard. Turns out writing's hard. Who knew? Uh

Let me go to my third thing. And this is what I I was laughing when I said it. These are investments that make me want to slap people. And I I've I've literally never hit someone in my life. So I'm not actually saying I'm gonna go physically slap someone, but

This is, you know, it is mid to late January right now. getting investor letters all the time. And I get investor letters from friends, I get investors from investors I kind of know, sometimes just thanks to having a slightly larger than normal public presence. Sometimes I get investor letters from people I have no clue. Uh but you know, I'll read uh I read a lot of these investor letters.

And sometimes I'll read an investor letter and the person will be like, Hey, you know, I spent eight years working at Coca Cola. And then I ran a consumer private goods company for a private equity firm for another five years. And then I launched the fund. And my top f four of my top five holdings are, you know

consumer emerging consumer package good company one, emerging consumer package good company two, emerging consumer package good three, emerging consumer package goods from company four. And then my fifth holding is, you know, Oil company drilling for oil off the coast of Africa. And this is my uh wanting to one thing. You know, obviously that's an extreme example, but

I think every investor, and I'm trying to be better at this, every investor has a skill set, every investor has edge. And when I read these types of letters, I just want to go to that fund manager and be like, hey man, like you obviously have a skill set. You obviously have alpha. Uh maybe not obviously have alpha, but you obviously have edge, you obviously have skill in this one specific area.

Why do you feel the need to go outside and do this thing that you have like not only do you have no edge? I think you might have negative edge when you're when you're going to do that. You know, again in my example. you're you're domestic CPG focused and you're going to emerging oil company, like I think you're probably the patsy at the poker table. So I I I say that because

It's something I say that because it's a rambling, but it's also something I'm trying to hold myself to a little bit more too, right? Where I look at a lot of companies and I think in the past I've gotten in trouble when I've tried to use

someone else's skill set and layer it on to someone else's skill set, someone else's thesis and layer it onto mine. You know, I see a lot of people with unbelievable thesis where they've done un unbelievable due diligence. But When I've like kind of stretched, I guess, you know, when you invest, when you look at something that somebody else has done great diligence on, one of the issues can be you do confirmatory diligence, not your own thinking and your own diligence.

And my history has been when I've stepped outside of what I think is my core skill set. Now maybe I'm using the benefit of hides that to say that was core and that wasn't, but When I've stepped outside of my core skill set and invested in something where I think somebody's done great work and I'm excited and probably my my research and my thinking goes more to confirming what they're saying versus actually thinking through. Those have generally been my worst losses. So

This is a rambling, but I guess what I'm trying to say is, hey if you see me investing something and you're like, hey, that's not Andrew's course, still sudden, you can call me out. And one thing I'm trying to be better at when I'm talking to my friends, and it can be a little awkward, but being like, hey man.

You're buying emerging offshore oil company, like is that really your skill set? If that is your skill set, awesome. But you know, for a lot of my friends, I don't think that's that's their skill set and I'd rather them spend the time, the focus, get the returns because I can't tell you how many letters I read where it's like hey, we were all Two percent this year. The market was up ten percent. Our core longs were up 8%, or our core longs were up 20%.

Except for this one thing where we stepped outsider skis and it was down 30% and it canceled out all the great uh the great things. And then you go read the letter, their letter the year before and they'll say, hey, you know, the market was up 15%, we were up six percent, our core longs were up thirty percent.

But this one thing was down 40% and it canceled out all the returns. Be like, dude, for four years in a row, your biggest loser has been this offshore oil company. It seems like you're maybe even doubling down on it over time. And like at some point, let's just say, hey, let's go swing at what we're really good at.

All right. So that's investments that make me want to slap people. Uh quick talk on power laws. You know, I I've said it on this podcast before. There it's gotten increasingly popular for people to talk about. And and there's a stat that looks something like this. Over the past Fifty years, you know, forty stocks have driven

the vast mature majority of stock market returns. And I I think it's really interesting. It's a stat that compounder bros used to love. But I I want to spend some more time thinking about this because one thing that strikes me, you know. Say you're Walmart, you're the largest company in the index, and I just chose Walmart because they're big, I wasn't specifically calling them up.

And for the next twenty years, your stock does four percent per year. Well, that's a terrible, terrible return, right? Barely more than inflation, probably less than bonds are yielding these days. That it's an awful return. But if you were the largest company in the index and you did that four percent per year for 20 years. You're actually still gonna account for a decent chunk of the index's return versus say you're you know the SP 500, say you're the 480th largest company.

You get added in year, you're in it in year one. And in year one, your stock goes up 20%, and then you announce a deal to get acquired for a huge premium, you know, a 75% premium. So your stock basically doubles that year. Well, in a twenty year time horizon, you know, you're you're not gonna

You're gonna account for literally zero percent of the index's return, right? And you're way less than that company that went up four percent per year for 20 years, but your stock obviously did much better, right? So anyway, but it's just something I've been thinking about where

I'm seeing a lot of the power loss quotes where it's basically what compounders say, right? You you find the best company, you hold it for 20 years. And that's true. That would be great, very tax efficient. You know, if you bought Walmart in nineteen seventy, if you bought Berkshire in nineteen seventy, if you bought NVIDIA in two thousand, if you but Uh the you know, Nathan's Famous is one that I I was involved in briefly that just yesterday announced the buy-out.

And I the buyout premium was probably disappointing. But you know, if you have bought Nathan's Famous, which owns the hot dog brand, the fr fast food concepts that uh everybody's probably familiar with, mainly from the July 4th hot dog eating contest. If you have bought Nathan's Famous 20 years ago, I mean the stock's been a home run because it was a franchise royalty stream. They peed out dividends, great business grew a little bit. Uh

It's been great. So yes, there are power loss to that, but I I wonder if they're getting a little overstated they're using. All right, last thing. Again, just random rambling. So I'm just going to jump right to it.

Uh I I mentioned I believe it was last month in my random remedy. things people change their mind on. And one thing that I've been thinking about people changing their mind on that I think is also an interesting tail risk. And I might have mentioned this a few times, but You know, uh Vice is is one that I've really changed my mind on. You know, I I've I've got a pretty strong libertarian streak in me. People should be able to do what they want to do, I would say.

And if you had asked the younger me with a fuller head of hair and less gray ten years ago, I'd be like, yeah, basically all vices should be legal and people should be able to make their own decisions. Now, you know, twelve year old shouldn't be allowed to

get access to whatever drug you're talking about, right? Like probably some age limits are appropriate. But uh once people are of legal age and can make rational decisions, they should, you know, make their own decisions and go their own way and everybody should be allowed left to their own devices. I've always believed that, but I will tell you

I'm no longer sure that's the case and and I'll point to two specific places. You know, cannabis. Cannabis isn't getting increasingly legalized. Uh it might come off the federal permits at some point. And I I was always a fan like, hey, if alcohol is legal across the country, why shouldn't cannabis be legal across the country? And I still kind of believe that, but I also would say like Look, the cannabis that people were smoking at Woodstock in the seventies, you know, it

It would get you high, I'm sure. I can't say I've smoked cannabis in the 70s. I don't know. But you know, the stuff today is so potent and so strong and so engineered. Uh I I I don't know. And you know I I the same thing with gambling. I always thought gambling should be legal and then people could decide if they wanted to go gamble or not. And I kinda believe that. But when you look at DraftKings and you look at online game e even and freaking gambling, even gaming.

Like these things are so fine if gaming and I'm specifically thinking of free to play gaming, like you know, the candy crush stuff. These things are so finely tuned to addict you, to get you to keep playing all that sort of stuff and having it on your phone, it it it

I I'm starting to think like, hey, maybe it's not good for society, maybe it's not good for people. And I understand that goes against a libertarian streak, but maybe it's just like, hey, it's a libertarian thing, but it also is coming again like Humans weren't designed.

to uh you know our bodies weren't designed to process this uh cannabis this strong. You know, it it's unnatural. It wasn't designed to be able to resist the lure of the phone, right? And particularly when it's gaming and, you know, I'm thinking about sports betting, right? The It it was cool when you could if you had to it is cool if you can drive to a casino and go and say, Hey, I want to bet twenty bucks on the Yankees to win today's game or whatever, right? That's awesome.

But when it's on your phone and you can do it in a heartbeat without even thinking about it, and you can do it not just in the Yankees to win, but you know, you can bet on the next ball or the next strike or all this sort of stuff. And you can do it without a thought and you could burn.

you know, serious amounts of money w really fast without even thinking about it. Like and that I guess. Taking away the people's checks and inhibitions just because it's on your phone and it's so fast versus, you know, if it's in a casino, you have to decide you want to go to the casino, you have to drive there, you have to get the cash out, all that sort of stuff. I I I increasingly wonder if there should be like

I the libertarian me hates to say it, but if there should be some state imposed limits on, hey, all of these things are so engineered, like humans just weren't designed and society would be better off. if there were some limitations on them. And, you know, maybe that is in my, you know, if I was dictator for a day, I'd probably do like, hey, gaming's legal everywhere, but online gaming is not. Hey, cannabis is legal everywhere, but you can't make it so strong that you know you get

five hundred hits of the old stuff in one thing. And I think alcohol probably falls into this, right? Like I I I can't say I'm s insanely familiar with specific alcohol limits, but you know, we do uh beer and wine has specific alcohol contents and you can sell b beer and wine in specific places.

And then liquor has specific alcohol contents. It's much stronger. And you need a different license to sell that. And you can sell that in different places. And uh maybe you can't have a small step, but those were the two things I was just thinking of. Hey, these are things I've changed my mind. And to bring it to investing, you know, I do wonder. uh draft kings, predict prediction markets, all those things.

They trade at pretty DraftKings got hit a little bit over the past few months as prediction market the rise of prediction markets, but Robin would probably fall into this bucket as well. I I do wonder if there is Hey, you're investing them and you'll make a return and you'll probably make a little bit of alpha from it. But I wonder if some of that alpha that you capture investing them over the next five to ten years, assuming that there is alpha, is actually paying you for the tail risk of, hey.

Andrew is right, you know, there is, or not even that Andrew's right, but there is some risk that a government at some point comes and says, hey, We need to change this, right? DraftKings and it doesn't have to be banning all sports betting for DraftKings. If you ban parlays, right? DraftKings makes all their money on parlays, which are where you combine, you know, you don't just bet the Yankees to win, you bet the Yankees to win and score more than five runs or something.

Those are insanely profitable for the books and they're very popular among the youths and some of my friends. Uh, because you can do these parlays and you know, you bet ten bucks and if you string them together right, ten bucks to win a thousand, ten bucks to m win a million. But the the book takes a huge victim then, right?

I wonder if there's going to be some crap down on parlays. And if there were, that would take away their most profitable revenue source. And I think it would be good for society. Um Robin, some crackdown on zero day trading. You know, does does trading zero day options, does that really create economic value?

Probably not. Uh I know right now it seems like the markets are going the other way. It seems like every market wants to go to a 24-7 model. I think that's actually a really bad idea, but we can talk about that another time. But it seems like it's going to everyone can trade anything all the time whenever they want.

And the libertarian me says, Great, that's awesome. And the market structure person in me says, Hey, maybe this isn't good for society and I wonder if there's a risk at some point of hey, if we had a stock market crash, Are there lots of rules or regulations that come along and say, hey, let's limit the day trading? Let's limit and by the way, let's take away the zero day trading options. Like I don't think it's impossible. So

All right. I rambled enough. This has been a lot of fun. As always, these are just my ramblings. I'm not saying like any of these are lifelong core convictions of mine. I'm always happy to talk, always happy to chat. Hit me up in the show notes, hit me up over email, whatever it is. I'm always happy to chat about this, always happy to chat about how to improve the podcast, how to do anything. So

I'm here if you want to talk. Um look, thanks so much. See the disclaimers at the end. Uh it is January twenty second. We've got some great podcasts coming up in the near future too. I will mention that. Uh looking forward to chatting to you then. A quick disclaimer, nothing on this podcast should be considered investment advice. Guests or the hosts may have positions in any of the stocks mentioned during this podcast. Please do your own work and consult a financial advisor. Thanks.