The Gravy Train Has Stopped

The gravy train, the aforementioned train has stopped. Once that free money spigot turns off and people's investing attitudes become more risk adverse, people get forced to deleverage. Mark Spiegel put out a note this morning, or I published his investor letter this morning, where he says Tesla can fall another 90 percent. We're going to see an overshoot of a reaction by the Fed on certain at some point. It's just going to be a wild year because you have all these unknowns, Tom. Any one of those things can happen. Hopefully it doesn't turn into World War three. But there's more of a chance today of World War three time than there's ever been

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