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Points s p backslid, nasdaq declined. Stock market is a market like any other market. When theres too much demand, stocks go higher when theres too much supply as in the last couple of hours of the day, stocks go lower today you can see supply and demand dynamics in action. Often forget thats what its about. Demand side of the equation. Right now all about tech, transports, huge demand for Semiconductor Stocks, gaming stocks, data center, ecommerce, social media and so far. Airlines, freight and railways where is the supply coming retail sector. Bordering on travesty. So much merchandise for sale in the retail aisle of the stock market theyre marking it down as if the whole store is closing. Sell sell sell sell sell sell sell sell sell sell sell sell sell. Its a total Liquidation Sale oils are headed down too this is another story weve seen before too much oil in inve ....
Weakness this morning as we get set for the open tim cook wants to quote yell out and scream about ai. Well fill you in. And the king of snapchat just went platinum. Dj khaled is ringing the bell here first up, we mentioned the downgrade, how much of this is digestion of this new fed . Well, im the one to ask that thats a dj. Heres the deal. I think that the many people are ascribing way too much to the fed. I think the fed did business as usual. Theres a vicious rotation going on its a continuation of what we saw on friday. If you look at the last 20 minutes of trading yesterday you saw the repeat of what was friday which is a bang down of all the big hightech stocks and then money back in to retail and to finance i think why people were fooled it didnt go back into oil low tech health care, also higher valuation health care you watch celgene and biotech. Watch Illinois Tool Works which is a great tell for the industrial you ....
Office, which s is kind of the exemplar invented y basically the game in a sense from the Institutional Investment perspective. One of their secrets to success getting off the bus one stop too early rather that ne stop too late but takes a lot of courage. And you know, most investors lack courage because they focus career risk and theres a whole principal agent problem there. Furthermore, once you say no to fund, youre forever in that gps bad graces. Right. And we all have examples, ill say i wrote a blog a long epistemologyed the of investing. Why do we believe what we believe. What justifies our beliefs . What made me think of that when to the xl i said no Facebook Fund twice when i was as rinceton and once again they were raising. Everything in that moment said that was an easy no and boom greatest p one of the personaer and ive been nongrata, not explicitly but s ....
We make money from advertising down right cal or extortionist. How do you respond to that . Its of course nonsense because the only reason why we are as successful as we are is we have millions and millions of users that support our vision and because we incremental of revenue for our partners. Now, of course ad blocking is controversial. I think Disruptive Technology has to be controversial. O coming up next, its randal, and im very sure hes going to and nue his rants about me about my team. Really is t just an attempt to distract people of the real reason why were in this mess has failed to create an advertising ecosystem healthy. Ustainable and moderator so when you say its Disruptive Technology and thats its controversial, but certainly there are probably going to be as ad blocking to grow, there are goes that are going to be hurt by really concrete way this ....
Or parts of institutions to challenge ourselves to be more rigorous in identifying the outcomes that we value and beginning to build up a body of work, measures of those outcomes that we can talk about over time. I think the holy grail in all of this is to be able to develop longitudinal systems of data about outcomes and tracking changes in individuals lives over time. And at the state level, there are several states well along in this project. I wish we were further along in the federal government. And i think theres an opportunity for not only institutions, but companies to develop tracking systems that would help institutions measure the process of the folks who participate. So you have, as i think many in the room know, some of your own scars in outcomes measurement. As i read in the the New York Times, you and i, we didnt talk about this at the time but u read in the the Ne ....