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• 00:00I can’t believe people are first now discussing the CEO of Tesla’s political machinations now affecting stocks. People complaining about this for two years. But to see a bull like a permeable on this name, to come out and call it out, that’s notable. He he may. The problem is he’s a permeable and that’s why he’s 46% late. Hey, thanks for the heads up. It’s been cut in half. Really appreciate the timely insight joining us right now. Disappointed the Knicks didn’t score 150 points last night. Very written holds in celebration of how not to invest. I’m not going to go into the math, but this is a really important book because it’s a massive tight to construct. Page 309 Why Politics and Investing Don’t Mix. You quote the American philosopher Caleb Cox. You say it is not the party in the White House that drives returns. It’s market combining over time. What do you do when politics takes over the markets? Well, you know, we’ve we’ve seen this movie before. We saw it in 2016. And I don’t care if you love Trump or hate Trump, the market went straight up during his administration. You could say the same thing about Barack Obama. That’s about polar opposites as you’re going to get, at least in terms of of character and policy. Market continued powering higher during his administration. Look, it really takes something unusual for a president to completely derail an economy in a market. Not that we’re not sort of flirting around the edges with this right now. This is very much an unforced error. And the market is saying, hey, we voted for tax cuts and deregulation. We didn’t vote for chaos and mayhem. Some people would argue they weren’t paying attention to that. That’s the takeaway down -212. Paul So, Barry, again, the economic message coming out of this administration from the economics folks within the administration is short term gain a pain maybe. Okay, we acknowledge that for some longer term pro-growth gain. Is that something that makes sense to you? And I think by longer term they mean the back half of 2025. Not now, not exactly long term, but I don’t know. You know, I stop listening to quarterly conference calls because I believe the nonsense I hear from CEOs. So I decided I have to pull myself out of that morass. They came into office on a certain set of policy promises, and the market was incredibly enthusiastic on it. And I can’t hear what they’re saying because what they’re doing is speaking so loudly. We are now back at levels that predated Election Day.