00:00Does it make sense for an investor to pay more for a company that requires energy to make its
00:04products than the company that produces that energy? Does it make sense to pay more for shares
00:08in a company involved in the AI sector than for the company that mines the copper that makes that
00:13technology possible? You may have previously thought so, but I wonder if geopolitics aren't
00:17beginning to change your mind. We have no idea when this war will end or for that matter where
00:23the oil price will go. But even if it ends tomorrow, it will have left investors with one
00:27firm realization that all our new technologies, AI, robotics, self-driving taxis cannot operate
00:34without the material world beneath them, the energy, the metals, the minerals that make them work.
00:40Without the sulfuric acid that comes from the Middle East, you can't refine natural gas and you
00:45can't create fertilizer. Without helium, your MRI machine doesn't work and manufacturing
00:50semiconductors becomes very difficult. This will have long-term repercussions and possibly change
00:55the way you think about your investing. We are moving into an age, not where the material
01:00world matters, because of course it always matters, but where markets begin to understand
01:05just how much it matters. And all investors are going to need to understand that shift too.
01:10If you need to make a plan, we're moving forward with a new one minute.
01:11We won't be disrespectful.
