To The Moon

One of the things you develop after a few decades of investing is battle scars and a historical view of where we are today. History never repeats, but it often rhymes. As we’ve watched some of the absolutely crazy stock performance in 2026, I think it’s important to give some of that historical context to some parts of the market. I don’t know how this all ends, but I know how it’s ended before. I’ve seen these growth numbers. I’ve felt the investor confidence. And I’ve learned lessons along the way. The Market’s Rocket Ships Today, the market is bidding up all stocks related to AI, semiconductors, rockets, and dreams. Some of the stocks rising rapidly are seeing outstanding earnings, and we could debate if those are sustainable or not, but others are spending money at a growing clip to fu

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