00:00Would you describe the way you're approaching markets right now as cautious?
00:06I'm always cautious until the time when I believe, because I'm inherently cautious,
00:12and that caution has to be overcome.
00:15And by the way, a lender should be 80% caution.
00:20Being an uncautious, aggressive lender is not a great idea,
00:26because lending only has downside.
00:28It doesn't have any upside.
00:30The upside is that the contract has kept the promises.
00:35But, you know, so I think we'll remain cautious until we believe that the disappointment
00:44and the declines have been profound enough to make it time to be aggressive.
00:50And then, hopefully, as we have in past cycles,
00:53hopefully we'll be the most aggressive people on the planet.
00:56And by the way, maybe the only aggressive people left on the planet.
01:00We just have about a minute left.
01:02I'm curious, what do you think people are underestimating today?
01:06Well, I think most people are underestimating the impact of AI.
01:11And, you know, what was it roughly 18 days ago on a Friday that a company called Block,
01:18which had 10,000 employees, announced that 4,000 of them were out.
01:2140% of the workforce, gone in one day, because AI could do the work cheaper and faster.
01:29So, you know, how many people in the world understand the potential import of that?
01:36That's what it is.
Comments