00:00now at some point this acceleration capex cannot continue indefinitely and that's why you will have
00:04cycles but at least in the near future uh we don't see that changing materially so it's right now i
00:11would say a very earnings driven market uh there's segments of the market that are frothy what's
00:16looking frothy i mean there's so many deals getting done at 50 times revenues etc and
00:20some of the companies are growing so fast that you justify that because you suddenly the 50
00:24times revenues becomes 10 times revenues in two years but not everyone's going to get there so
00:29yes so and that's why i'm saying when you're playing in the frothy areas a you got to be
00:33confident that that's an area of hyper growth but secondly you've got to be sufficiently diversified
00:39semiconductors frothy now if you look at nvidia is trading at 13 times 27 earnings you know is that
00:43frothy i mean i don't think so uh but there may be other companies who are so i think you
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