The Cockroach Theory of the Market Leader

The anatomy of a true market leader is an earning surprise, which changes everyone's evaluation estimates and the stocks got to adapt and move. The names that we saw lead, the Fang names, Apple, Tesla, all this, you know, with Amazon. Not only can they statistically tell you they're not coming back or if they do, it'll be 10 or 15 years. And I did another study, the statistical probability of a TML in the next cycle becoming another TML is 2.4%. So if you're buying past cycles leader, you have a 98% chance of being wrong.