Everyone I know is nervous.
They just want to get it over with.
But don&rsquo;t just tune out now&mdash;this is the moment to stay sharp. Right now is the best time to pay attention.
I've been studying crypto since Bitcoin was $114. I worked on Wall Street for decades. I&rsquo;ve been studying politics for a LOT longer than that.
I've seen innovations, trends, and fads come and go. I've spotted unicorns, predicted bubbles, and watched fortunes made and lost.
(Sometimes my own.)
But what's happening right now makes those early days look like a warmup.
These three things - politics, crypto, and Wall Street - are creating an investment opportunity unlike anything we&rsquo;ve seen before.
It&rsquo;s simple:
Wall Street isn't just dipping its toes in crypto anymore - they're diving in headfirst. BlackRock, Goldman Sachs, JPMorgan, Citibank: they're all rushing into a very specific corner of the crypto market.
In fact, the CEO of BlackRock, Larry Fink - the guy who once called Bitcoin a tool for criminals - now says this trend will create "the next generation for markets."
Without going too deep into the weeds&hellip;
Wall Street wants to put literally everything onto the blockchain - stocks, bonds, real estate, fine art, Treasury bills, you name it.&nbsp;
We're talking about potentially $100 trillion worth of assets.
But here's what nobody's talking about:
Tomorrow's election could act as a massive accelerant for crypto.

ALC-Issue-11-05-24(1)

We&rsquo;re living in an epic period of change, danger, and opportunity. The economy is blowing up in our faces. The Fed is printing trillions of dollars. People are getting fired and replaced by computers. Every day, we&rsquo;re bombarded with fake news and fake data. Crypto is eating everything online. Every &ldquo;fix&rdquo; from the government makes things worse. Technology is moving too fast for anyone to keep up.
In short, the Old World has been demolished&hellip; the new world is just beginning. Alongside the greatest wealth shift in human history. We get it. People are desperate for answers and to cut through the noise. Everyone wants to become financially secure. Nobody knows who to trust. That&rsquo;s where we can help.
Altucher Confidential&nbsp;is your guide to surviving and thriving in the age of risk, chaos, and tremendous rewards. This is not a newsletter for the faint of heart. It&rsquo;s a guide West, to the new frontier. For those who are ready to hear, James Altucher and Chris Campbell provide an updated map of the new territory for generating wealth and freedom. Consider&nbsp;Altucher Confidential&nbsp;your daily guide to building, keeping, and investing your money and breaking free from the chains of rusted, old thinking.

mobile masthead-ALTCONF

AltucherConfidential

Altucher Confidential is your guide to surviving and thriving in the age of risk, chaos, and tremendous rewards. This is not a newsletter for the faint of heart.

Altucher Confidential

Election Eve: The $100T Bet

Warren Buffett is retiring.
Sixty years at the helm of Berkshire Hathaway, and now he&rsquo;s passing the torch.
I still remember the first time I saw him in person back in 2003 at the Berkshire annual meeting in Omaha. The Buffettpalooza.
I think 20,000 people were supposedly there. No exaggeration.
People got in line at 5am to get into the meeting. Krispy Kreme donuts were served outside.
Then, when it was time to go in, everyone RAN in order to get a good seat. But since they had just cleaned the floors everyone was slipping, falling, sliding as soon as they got into the building.
The night before the meeting there were some parties. I got invited by pretending to be &ldquo;media.&rdquo; I got a special badge.
I met a guy who told me a story. He bought 200 shares of Berkshire in 1976. The shares doubled in a year or so and he got nervous. So he sold 100 shares and used the proceeds to start a restaurant.
The other 100 shares (assuming he still holds them because he told me he was never going to sell them) are now worth $74,000,000.
So it's safe to say that this guy I was speaking to is the world&rsquo;s greatest investor ever. He bought 100 shares and never had to even think again about anything.
He could&rsquo;ve watched MTV and eaten nothing but Pringles for the next 50 years. And now he&rsquo;s got $74,000,000 in the bank. But he has big regrets. Because he sold those other 100 shares on only a double.
It&rsquo;s not easy to find unusual things about Warren Buffett.
But I&rsquo;m going to tell you five.
Why should you listen to me? Because I wrote THE book on Warren Buffett (even Buffett said so). Even though it has probably the worst cover in the history of the printing press.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/2xCVaBMhbQg37XZoV0jWPO/475888dad3939eab174e7521139d143b/ALC-Issue-11-11-25_1_.png" alt="pub" width="232px" />
<h3>1) His worst investment ever</h3>
I asked this question on Twitter once (when it was actually called Twitter).
I asked, &ldquo;where did Warren Buffett lose both his self-esteem and 20% net worth in that order.&rdquo;
Everyone came back with very smart responses.
&ldquo;Conoco Phillips.&rdquo; Wrong.
This is where he lost 1 billion dollars. In Conoco Philips, Warren lost not even 2% of his net worth (and certainly not his self-esteem).
&ldquo;The Berkshire Hathaway BUSINESS.&rdquo; Wrong
The Berkshire Hathaway business itself was a bust. But the stock zoomed and Buffett made the bulk of his net worth on Berkshire Hathaway.
No, the answer is a Sinclair gas station he bought in 1951 with a friend of his.
On the weekends he&rsquo;d squeegee people&rsquo;s windows. But the Texaco station right across the street destroyed him.
He lost $2000, when his savings was about $9600 at the time. He put a lot of work and love into that little baby and it all went down the drain.
But that experience probably gave him the desire to have a more passive management style. A style he later mastered at Berkshire.
<h3>2) He was rejected from Harvard Business School.</h3>
If you think about it, Harvard should have a pretty bad reputation by now.
Bill Gates and Mark Zuckerberg hated it so much that they dropped out. And the one time they could&rsquo;ve landed the best businessman ever, they rejected him.
Like most smart people, Buffett didn&rsquo;t even really want to go to college.
He started out at Wharton but then switched back to his hometown college in Omaha because he didn&rsquo;t like it. Then, after being rejected by the best business school in the country, he went to Columbia.
The reality is that people at the genius level (Buffett, Einstein, Gates, etc) have no use for college but some cases (Buffett) reluctantly go through the motions.
<h3>3) Adam Smith</h3>
It's useful to look at the history of the field you want to master. When I was trading for Victor Niederhoffer I saw that he had collected just about every finance book from 1800 on.
So I started reading books anywhere from 100 to 30 years old just to see what people were thinking and how finance and trading had evolved.
One book, &ldquo;Supermoney&rdquo; was by the pseudonymous &ldquo;Adam Smith&rdquo; detailing random adventures he had as a reporter in finance in the late 60s, early 70s.
On one adventure he decided to visit a retired investor (the book was written around 1972) who was trying to figure out what to do with the rest of his life now that he had $20 million after shutting down his hedge fund.
They drove around and had a rambling conversation. At one point they passed a furniture store and the investor pointed out the window, &ldquo;I&rsquo;m going to own that one day.&rdquo;
Obviously, that investor was Warren Buffett.
But Smith didn&rsquo;t know then that he was dealing with WARREN BUFFETT because he wasn&rsquo;t in all-caps yet. And, in fact, many years later Buffett did buy that furniture store.
I thought Supermoney was fascinating for its predictive abilities. How could Smith know that Buffett would be the best investor to profile?
But it gets crazier.
In the next profile after Buffett, Smith wrote about a guy who was sitting in a Swiss jail. If you screw up a bank in Switzerland you are going to jail, no get-out-of-jail free cards.
What was this guy doing while in jail? Trying to write some fiction. That&rsquo;s where the profile ends.
His name was Paul Erdmann. He went on to become the bestselling finance thriller writer ever. I highly recommend his novels.
In any case, it&rsquo;s a great chance to see how someone described Buffett before he became BUFFETT.
I mentioned the book to Pamela van Giessen at Wiley and she ended up republishing the book as a Wiley Investment Classic.
I give myself full credit on that one even if she disagrees with me.
<h3>4) Zen</h3>
It's not so bad to pick up the habits of Warren Buffett for a week and try them out:
No computer on his desk
No cell phone
He plays bridge 12 hours a week (I guess he uses a computer at home for this), but Bill Gates was often his bridge partner.
Try it for one week: no computer, no cell phone, play a game for at least 12 hours for the week.
<h3>5) Love</h3>
One thing struck me as interesting.
The annual meeting was about eight hours long. I don&rsquo;t recommend it to anyone. I can&rsquo;t remember anything he said except one thing.
Actually I remember something Charlie Munger (Buffett&rsquo;s number two) said.
Something to the effect that long-term you better bury all your guns and valuables in the backyard and at that point Buffett shut him up.
But one thing Buffett said always stuck with me. Someone asked him, &ldquo;How do you measure success?&rdquo;
And all 20,000 of us leaned forward to hear what the &ldquo;magic number&rdquo; was.
But he said this: &ldquo;I measure success by how many people love me. And the best way to be loved is to be loveable.&rdquo;
And that was the most interesting thing I didn&rsquo;t know about Warren Buffett.

ALC-Issue-11-11-25(Featured)

Warren Buffett: 5 Things You Didn’t Know

Eric O&rsquo;Neill once took down the most dangerous spy in U.S. history with nothing more than a PalmPilot.
And yes, there was a movie about it&mdash;Breach.
His new book, Spies, Lies, and Cybercrime, reads like a spy thriller. Except it&rsquo;s much scarier than Hollywood can imagine.
That&rsquo;s why I had Eric, now a leading cybersecurity expert, on my podcast last week.
We talked about his past, his story, and what he learned. We also talked about the new battlefield: the dark web, where hackers, spies, and criminals fight a war most people never see.
<h3>The Spy Who Hunted Himself </h3>
Eric was a young FBI operative when he was asked to do the impossible: go undercover and catch a man so deeply embedded inside U.S. intelligence he was asked to find himself.
His name? Robert Hanssen.
Hanssen was the FBI&rsquo;s top counterintelligence analyst on Russia, so when the Bureau realized a mole was leaking secrets to Moscow, they turned to him for help. They told him, &ldquo;We need you to identify who&rsquo;s betraying us.&rdquo;
For years, he led that investigation&mdash;creating fake leads, misdirecting agents, and sending the FBI on wild goose chases. All while covering his own tracks.
Turned out, he&rsquo;d been spying for the Soviets for 22 of his 25 years in the FBI.
He gave up America&rsquo;s nuclear launch plans, our &ldquo;continuity of government&rdquo; strategy (where the President and Congress would hide during war), and the names of every spy we had inside the USSR.
Between 1984 and 1985&mdash;now known as the &ldquo;Year of the Spy&rdquo;&mdash;America lost every single asset in the Soviet Union. All of them were executed or imprisoned. We were blind. Hanssen was the reason.
Eric had to live with him. Work beside him. Earn his trust. And somehow&mdash;without training in undercover work&mdash;catch him red-handed.
When Hanssen bragged about spycraft, Eric took notes. When he boasted about tradecraft, Eric paid attention.
And eventually, Eric stole Hanssen&rsquo;s PalmPilot, cloned it, and replaced it before Hanssen noticed. That data led to Hanssen&rsquo;s capture on a cold bridge in Virginia in 2001.
And, if you can believe it&hellip;
That turned out to be the least terrifying story Eric shared.
<h3>The Dark Web Is Real&mdash;And Worse Than You Think</h3>
The &ldquo;dark web&rdquo; isn&rsquo;t some mysterious separate network. It&rsquo;s part of the same internet you and I use&mdash;only hidden beneath the surface.
Imagine the internet as a cave:
<ul>
<li>The surface web is the sunlit mouth of the cave&mdash;Google, Amazon, social media.</li>
</ul>
<ul>
<li>The deep web is deeper in&mdash;your medical records, your bank accounts, the places protected by passwords.</li>
</ul>
<ul>
<li>And then there&rsquo;s the dark web, the black abyss where the worst of humanity thrives.</li>
</ul>
Eric described &ldquo;markets&rdquo; where you can buy anything&mdash;hacked identities, ransomware software, even human beings.
Yes, he said that. Human trafficking markets where you can &ldquo;bid&rdquo; on victims and even download PDF instructions on how to build a soundproof dungeon.
It sounds like dystopian fiction. It isn&rsquo;t. It&rsquo;s happening today. And millions of people access it every year.
<h3>The Rise of the Cybercrime Cartels</h3>
Eric told me about LockBit&mdash;a Russian ransomware syndicate that attacked a humanitarian NGO working in Ukraine. They demanded $5 million to avoid releasing sensitive refugee data.
They even called Eric directly. The hacker had his personal number, scraped from stolen files.
&ldquo;Just get them to pay,&rdquo; the hacker said. &ldquo;They&rsquo;ve got insurance.&rdquo;
Then there&rsquo;s Scattered Spider, the group that shut down MGM Resorts in Vegas.
They didn&rsquo;t hack firewalls. They picked up the phone, pretended to be MGM IT staff, and convinced another employee to reset passwords.
Ten minutes later, every casino was offline&mdash;elevators frozen, keycards failing, slot machines dark. MGM lost hundreds of millions.
But it gets worse&hellip;
<h3>The AI-Scam Era Has Begun</h3>
Eric estimates there are six billion stolen passwords floating around the dark web. Most of them cost pennies.
If you&rsquo;re reading this, yours is probably one of them.
Your only defense? Two-factor authentication. Updates. Awareness. The boring stuff that prevents catastrophe.
One of the scariest stories Eric shared: scammers cloning a loved one&rsquo;s voice using AI.
You get a call. It&rsquo;s your daughter, crying. &ldquo;Dad, I&rsquo;m in jail. I hit someone with my car.&rdquo; Then a lawyer gets on the line asking for bail money. It&rsquo;s all fake&mdash;but the voice sounds exactly like her.
It&rsquo;s a perfect scam.
The solution? Eric says every family should create a secret &ldquo;code word.&rdquo; Something only you know. If the code word isn&rsquo;t used, hang up.
<h3>What I Learned</h3>
Espionage never ended. It just moved online.
The new spies don&rsquo;t wear trench coats. They sit behind screens. They don&rsquo;t steal nuclear plans&mdash;they steal you.
The battle for your data, your identity, your trust&mdash;that&rsquo;s the new Cold War.
And if you&rsquo;re not protecting yourself, you&rsquo;re already losing.
You can listen to my full conversation with Eric O&rsquo;Neill here: <a href="https://lnk.to/JASEO01">Spies, Lies, and Cybercrime: Former FBI on the Dark Web and FBI Secrets.</a>
Read his book. It&rsquo;s terrifying&mdash;but it&rsquo;ll make you smarter, safer, and harder to hack.
Because as Eric told me: &ldquo;The only defense against cybercrime is knowledge. Once you see the punch coming, it&rsquo;s a lot harder to get hit.&rdquo;

ALC-Issue-11-10-25(Featured)

Secrets From the “Dark Web”

The craziest thing on Wall Street in 2023 didn&rsquo;t come from Silicon Valley or the Fed.
It came from a plastic bowl. The same one that&rsquo;s sitting in every cupboard in America and has outlasted three microwaves and two marriages.
In 2023, Tupperware Brands basically told investors it was done for.
The SEC filing said, and I quote, &ldquo;There is substantial doubt about its ability to continue as a going concern.&rdquo;
Translation? Put a fork in us.
Sales falling. Debt climbing. Analysts agreed and declared it over.
That should&rsquo;ve been the end of the story.
But markets, like stars, don&rsquo;t always die quietly.
A few days later, Tupperware stock did the unthinkable: it exploded 700%.
No news. No buyout. No miracle turnaround.
Just&mdash;boom.
Barron&rsquo;s called it &ldquo;a rally that largely has gone unexplained.&rdquo;
A finance professor told reporters it was &ldquo;not based on anything rational.&rdquo;
CNBC called it baffling.
But my friend (you might know him) saw exactly what happened. Because, shortly before this run, Tupperware&rsquo;s stock showed up in an obscure FINRA report.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/5EQR0oVIXvW3rE0HoB90EO/54a0b213864fa5f24078c11dda5c839d/ALC-issue-11-07-25_1_.png" alt="pub" width="540px" />
Most people have never even heard of this report.
But buried inside this dry list of letters and numbers is one of the strangest market anomalies I&rsquo;ve ever seen.
It doesn&rsquo;t tell you WHY a stock will go up.
But it does reveal when market mechanics have gone out of balance. Where fear or greed have pushed prices too far in one direction.
Let me explain.
<h3>Why They Don&rsquo;t Want You to Know This</h3>
FINRA stands for the Financial Industry Regulatory Authority.
It&rsquo;s not technically part of the government, but it&rsquo;s what some call a &ldquo;self-regulatory body.&rdquo;
Put simply, it&rsquo;s the referee that polices brokerages&mdash;the group that keeps firms honest, makes sure trades settle, and tracks who&rsquo;s trading what.
But here&rsquo;s what most people don&rsquo;t realize:
FINRA collects and publishes some of the most detailed raw market data in existence.
To the untrained eye, a typical FINRA file looks like gibberish: hundreds of columns of ticker codes, settlement dates, and cryptic identifiers.
It&rsquo;s not meant for retail eyes. It&rsquo;s a raw data dump designed for compliance officers and high-paid quants.
BUT&hellip;
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/6HFWveWDqfnfdkvbD9RXqm/fdc041b294b7f3712b0c5f153795bd86/ALC-issue-11-07-25_2_.png" alt="pub" width="297px" />
To the few who know what to look for, it&rsquo;s like spotting seismic tremors before an earthquake.
The Tupperware trade was one example. But I could give you hundreds.
Like this one&hellip;&nbsp;
<h3>Remember When HIMS Skyrocketed? </h3>
Last year, Hims &amp; Hers (HIMS) looked like a patient on life support.
The FDA had just banned sales of its obesity drug. Analysts were calling it overvalued&mdash;trading at nearly three times the industry average.
Insiders were heading for the exits.
And the final blow came when the CEO unloaded $6.2 million of his own stock.
On paper, the message was clear: get out while you still can.
Then&mdash;suddenly&mdash;its ticker appeared inside a FINRA report early this year. A week later, the stock went insane.
Anyone who knew how to read that report could have turned $5,000 into $25,000 in a week.
<img class="aligncenter" src="https://images.ctfassets.net/vha3zb1lo47k/5ouKMIEDmZiFxz38Wgt30L/960b8c9596b4e15e641dc015b4788bad/ALC-issue-11-07-25_3_.png" alt="pub" width="540px" />
It happened again with SunPower, a solar firm on the brink of bankruptcy. The data flashed mid-April.
Two days later, shares ripped higher&mdash;3,200% in less than a month.
It happens all the time, actually. And here&rsquo;s the part I love most&hellip;
<h3>Fear Doesn&rsquo;t Matter</h3>
It doesn&rsquo;t matter what CNBC is screaming about. It doesn&rsquo;t matter what the Fed says. And it doesn&rsquo;t even matter if the company itself looks doomed.
When this anomaly hits&mdash;it overrides everything.
In 12 months, a friend of mine, JC, found 42 instances of this same pattern&mdash;almost one every week.
None of it made sense. Bad news everywhere. Analysts bearish. Insiders selling.
Didn&rsquo;t matter either way&hellip; the stocks exploded.
When I asked him, he told me he&rsquo;s been exploiting this setup for decades.
He doesn&rsquo;t bother predicting what the Fed or regulators will do. He just studies where fear (or greed, or panic, or stupidity) has created formations that are stretched to breaking.
When that happens, the reversals are almost always violent.
It might seem complicated, but some ideas are hard to express in an article&mdash;you have to see them play out.
So Doug and I recently went into the studio to break it down. What he&rsquo;s doing, how it works, and why he believes AI could ignite the next wave of high-flying stocks starting November 11.
<a href="https://new.trendlabs.com/m2/12841">If you want to see the next &ldquo;code&rdquo; before it triggers, click here now.</a>

ALC-issue-11-07-25(featured)

What a $0.60 Stock Taught Me About Fear

Something rare just happened in crypto&mdash;and if you&rsquo;ve been around this space long enough, you know how rarely rare actually is.
TAO, the native token of Bittensor, just hit a year high&hellip; while the rest of the market sank.
Though it&rsquo;s come back down a bit, it&rsquo;s a sign something important is happening.
Because that&rsquo;s not supposed to happen. Usually, crypto moves as one giant school of fish.
When Bitcoin turns, everything turns.
We&rsquo;ve been saying this decoupling will happen with certain projects. And lately, Bittensor&rsquo;s TAO token seems to be swimming on its own.
After my latest podcast with Jonathan Malkin, a long-time contributor and investor in Bittensor, I think I understand why.
Here&rsquo;s what we talked about.
<h3>The Bitcoin of AI</h3>
Seventeen years ago, Bitcoin was just a white paper.
One person&mdash;maybe a few&mdash; said, &ldquo;Let&rsquo;s build money that doesn&rsquo;t need permission.&rdquo; It sounded crazy. But it worked.
Now, something similar is happening with Bittensor.
Since launch, Bittensor has been proving that you can build companies without permission.
Not through OpenAI, not through Google&rsquo;s servers, but through a decentralized network where anyone&mdash;anywhere&mdash;can contribute compute, data, or models&hellip; and earn.
<h3>The Permission Problem</h3>
If I want to start an AI company today, I need permission from Nvidia for chips, permission from VCs for funding, and permission from governments for licenses.
That&rsquo;s the chokehold.
That&rsquo;s what makes AI feel like it&rsquo;s already been captured&mdash;before it even matured.
Bittensor flips that dynamic.
You don&rsquo;t need anyone&rsquo;s blessing. You don&rsquo;t need venture capital.
You just spin up a subnet&mdash;your own mini-network&mdash;and let anyone in the world compete to do the work.
Developers contribute models. Operators run infrastructure. Stakers &ldquo;vote&rdquo; by delegating their TAO.
Everyone earns.
No permission. No gatekeepers. No board meetings.
Just incentives&mdash;written in code.
<h3>The Repricing Event</h3>
Nvidia builds the picks and shovels for centralized AI. Bittensor builds them for decentralized AI.
If history repeats&mdash;and it usually rhymes&mdash;we&rsquo;re watching the TCP/IP moment of AI.
In the early 1990s, AOL was the centralized network everyone knew.
TCP/IP was the open protocol no one cared about. A decade later, AOL vanished, and the open internet built the modern world.
We&rsquo;re right back there. Only this time, with AI.
<h3>The Subnet Revolution</h3>
In the podcast, we went deeper into what&rsquo;s really driving this latest move: subnet discovery.
Each subnet is like a startup. Some detect deepfakes. Some train LLMs. Some build 3D models. Others trade predictions.
Every subnet has its own token (&ldquo;alpha tokens&rdquo;), its own incentives, and its own miners.
Here&rsquo;s the thing: to buy a subnet token, you need TAO. Every subnet purchase = TAO demand.
That&rsquo;s why we&rsquo;re seeing TAO rise while the rest of crypto falls.
As institutional products (like Yuma Asset Management&rsquo;s subnet index funds) roll out, as exchanges like MEXC and LayerZero bridges integrate subnet liquidity&mdash;every transaction, every subnet, every alpha token burns a little more scarcity into TAO.
<h3>The Big Picture</h3>
TAO isn&rsquo;t &ldquo;up&rdquo; just because of hype.
It&rsquo;s up because a fundamental repricing is underway&mdash;one that reflects a deeper truth:
The world is shifting from permissioned progress to permissionless progress.
Bittensor is one project leading the way.
And as the bridges, funds, and liquidity pools multiply, the network&rsquo;s reach expands&mdash;not linearly, but exponentially.
A global marketplace for machine intelligence is coming online, one subnet at a time.
It&rsquo;s early. It&rsquo;s volatile. But the direction is clear.
To learn more about Bittensor&hellip; and why I&rsquo;m so bullish&hellip;
<a href="https://lnk.to/TAOEP1001">Click here to listen to the full podcast</a>.

ALC-Issue-11-05-25(Featured)

Bittensor’s Breakout: What it Means

Remember that Seinfeld episode where George turns down his date&rsquo;s invitation for &ldquo;coffee&rdquo; because the caffeine will keep him up?
He missed the signal.
Coffee didn&rsquo;t mean coffee. Coffee meant sex.
That one mix-up&mdash;coffee versus &ldquo;coffee&rdquo;&mdash;sums up what Steven Pinker and I talked about on my podcast.
And it explains everything.
<h3>&ldquo;You Know I Know You Know&rdquo;</h3>
If you&rsquo;re not familiar, Steven&rsquo;s a Harvard psychologist, linguist, and one of the most celebrated thinkers of our time.
He&rsquo;s written some of the most important books on how humans think and behave. Now he&rsquo;s back with his newest book: When Everyone Knows That Everyone Knows. 
And that&rsquo;s what I wanted to talk about.
I&rsquo;ve done more than 1,500 podcasts and read thousands more books. But this one made me rethink every wink, every laugh, every awkward silence I&rsquo;ve ever lived through.
Once you see the world like Steven, you realize that nearly everything you do&mdash;investing, negotiating, dating, even tweeting&mdash;is governed by one thing.
Pinker calls it the logic of &ldquo;common knowledge&rdquo;: what I know that you know that I know that you know.
<h3>Why We Lie </h3>
Why can&rsquo;t we just be honest with each other? Why do we flirt instead of ask? Why do we say &ldquo;Netflix and chill&rdquo; when we mean &ldquo;I want you&rdquo;?
Steven put words to something I&rsquo;ve always felt but never named: We&rsquo;re not designed to say exactly what we mean. We&rsquo;re designed to imply.
Direct speech is too costly.
Implication lets us explore the edges without burning the bridge.
Every conversation, every gesture, every sideways glance is a small act of encryption.
The game goes like this:
You say one thing, mean another, and trust that the other person will decode it, WITHOUT either of you ever admitting that&rsquo;s what&rsquo;s happening.
What I know that you know that I know that you know.
Why do we do that? Because we&rsquo;re not just exchanging information. We&rsquo;re negotiating relationships.
If you proposition someone too directly, you might destroy the relationship when they say no. But if you&rsquo;re too vague, you miss the moment entirely (like George).
When you tell a cop, &ldquo;Is there any way we can settle this without all that paperwork?&rdquo; you&rsquo;re not technically offering a bribe.
You&rsquo;re floating a signal&mdash;a test.
When someone says, &ldquo;Want to come up for a drink?&rdquo; it&rsquo;s not about the drink. It&rsquo;s a safe way to ask a dangerous question.
That&rsquo;s how we survive as social animals.
We test, we imply, we signal.
Everyone&rsquo;s trying to signal the same thing: common knowledge. Or, what I know that you know that I know that you know.
<h3>Why We Bluff</h3>
Game theory says life is a game of imperfect information.
You don&rsquo;t know what the other person knows&mdash;or how much they know that you know they know.
That&rsquo;s why we test boundaries.
That&rsquo;s why we use euphemisms, jokes, and polite fictions. We&rsquo;re always feeling for the edges of social risk.
And just like in poker, the key isn&rsquo;t to be completely honest&mdash;it&rsquo;s to be unpredictable within reason.
If you bluff all the time, you&rsquo;re a liar. If you never bluff, you&rsquo;re too predictable.
The winners know how to play in between.
<h3>Why We Laugh</h3>
Steven says laughter is how humans create common knowledge.
Laughter spreads because it&rsquo;s visible. Everyone feels it at once. You know they know, and they know you know. That&rsquo;s how a room becomes one mind.
It&rsquo;s instant social sync.
That&rsquo;s why a &ldquo;shared sense of humor&rdquo; is such a powerful bonding tool. It signals that your maps of the world overlap.
You see the same absurdities. You belong in the same reality.
And in groups, laughter flattens hierarchies&mdash;it says, &ldquo;We&rsquo;re equals here.&rdquo;
That&rsquo;s why great comedians (and great leaders) use humor not just to entertain, but to establish connection.
<h3>Why We Panic </h3>
You remember the toilet paper panic of 2020? There wasn&rsquo;t a shortage until everyone believed there was.
That&rsquo;s common knowledge in action.
Once everyone knows that everyone knows something, it becomes real.
Same with stock bubbles, crypto frenzies, and political panics.
Markets move not on facts, but on the shared perception of facts.
In finance, they call it &ldquo;reflexivity.&rdquo; George Soros&rsquo;s idea that markets don&rsquo;t reflect reality, they shape it.
In sociology, it&rsquo;s called the &ldquo;Thomas theorem&rdquo;: If we define situations as real, they are real in their consequences.
That&rsquo;s the logic of common knowledge.
Facts don&rsquo;t need to be universally true. They just need to be believed together.
A rumor of scarcity becomes scarcity. A rumor of war becomes war. A rumor of opportunity becomes a bull market.
In that sense, markets aren&rsquo;t rational systems. They&rsquo;re social systems running on shared hallucinations.
<h3>Why We Imagine</h3>
Understanding the hidden code of conversation changes how you see everything.
Human life runs on quiet agreements. Friendship. Money. Marriage. Status. Trust.
They all start in the imagination and become real as more and more people believe in them. Each one depends on people keeping the same story alive, day after day.
That&rsquo;s what Steven calls common knowledge&hellip; the endless loop of what I know that you know that I know that you know.
It shapes every joke, deal, and message we send. It explains why a wink can speak louder than a confession, and why laughter holds a room together.
George missed the cue.
He thought coffee meant caffeine.
Most of us are still learning to read our coffees&mdash;still testing the edges of what we can say without saying it.
If you want to see how deep this goes, spend an hour with Steven Pinker and me.
He breaks down the system running beneath every human interaction.
<a href="https://lnk.to/JASSP01">Click here for the full podcast</a>.

ALC-issue-10-28-25(Featured)

When Coffee Means Sex

Morgan Housel&rsquo;s confession should be studied in every high school in the world.
He said that when he was young, he wanted a Ferrari, a mansion, a Rolex&mdash;because, as he said, &ldquo;I had nothing else to offer.&rdquo;
I felt that one in my chest.
Because it&rsquo;s true for a lot of us. It was true for me.
When you don&rsquo;t yet know how to create, love, or make something meaningful, you try to buy proof that you matter.
I told him my version of that story: the years I made money, lost it, made it again, lost it again&mdash;each time convinced that this number, this deal, this investment would give me peace.
Instead, every up and down just made me more neurotic.
At one point, I told my psychiatrist, &ldquo;You can help me by writing me a check for a million dollars.&rdquo;
He said, &ldquo;That won&rsquo;t help you.&rdquo;
I hated him for it.
And of course, he was right.
<h3>Purchasing Independence </h3>
When I invited Morgan on my podcast, I knew I wasn&rsquo;t going to get the usual &ldquo;save more, compound interest, latte math&rdquo; routine.
His new book The Art of Spending Money: Simple Choices for a Richer Life reads less like a finance manual and more like a paradigm shift for anyone who&rsquo;s ever mistaken money for meaning.
And, as I expected, he said something that genuinely rewired my brain: &ldquo;I don&rsquo;t view it as saving money. I view it as purchasing independence.&rdquo;
When you put away $100, you&rsquo;re not deferring joy. You&rsquo;re buying the right to choose. You&rsquo;re buying the ability to say no tomorrow. You&rsquo;re buying your way out of desperation.
And it&rsquo;s not about the marshmallow test, either.
&ldquo;I don&rsquo;t view it as delayed gratification,&rdquo; he said. &ldquo;I view it as pleasure right now.&rdquo;
Because independence feels good immediately. It&rsquo;s not a monk-like waiting game for retirement. It&rsquo;s instant Nirvana.
BUT... once you become independent, the traps become more complex.
<h3>The Downgrade Problem</h3>
Morgan told me about Harvey Firestone&mdash;the tire guy&mdash;who said every rich man he knew built a mansion, and every one of them ended up hating it.
They longed for the small cottage they started in. But they couldn&rsquo;t go back.
&ldquo;There is no going back except as a broken man,&rdquo; Firestone said.
Most people can only move in one direction&mdash;bigger, flashier, more complicated. And once you inflate your life, you can&rsquo;t deflate it without feeling like you&rsquo;ve failed.
But, on the flipside, Morgan revealed the secret benefit of wealth:&ldquo;Wealthy people aren&rsquo;t necessarily happier. They just have fewer bad days.&rdquo;
That&rsquo;s the best definition of wealth I&rsquo;ve ever heard.
Not yachts, not mansions, not net worth&mdash;just fewer bad days.
Maybe it&rsquo;s even the best system for creating lasting wealth. Just aim to have a better day than yesterday every single day.
1% better every day.
<h3>The Ferrari Fallacy </h3>
We also talked about envy. How people spend money to signal things they think others will admire&mdash;but those &ldquo;others&rdquo; are barely paying attention.
That gets back to the Ferrari fallacy.
&ldquo;They&rsquo;re not even thinking about you,&rdquo; he said. &ldquo;They&rsquo;re thinking about themselves.&rdquo;
Nobody cares that you have a Ferrari. They care that they don&rsquo;t have one. They don&rsquo;t admire you; they admire a projection of what they think they&rsquo;d be if they had what you have.
While you&rsquo;re busy trying to impress them, they&rsquo;re not thinking about you at all. They&rsquo;re stuck in their own mirror maze&mdash;just like you.
Every dollar you spend is a vote for either independence or insecurity. Most are just buying shinier cages.
Speaking of, we talked about identity&mdash;another cage.
There&rsquo;s a trap when you start saying &ldquo;I am a saver&rdquo; or &ldquo;I am an investor.&rdquo;
Once you attach I am to anything, you&rsquo;ve joined a tribe. And tribes make you stupid.
Financial advisors see it all the time: people who&rsquo;ve saved their whole lives but can&rsquo;t bring themselves to spend it in retirement. Because their identity is saving.
They&rsquo;d rather die rich than live free.
That one scared me a little. Because I could see that future version of myself&mdash;hoarding independence until it becomes another prison.
<h3>The Real Compounding</h3>
I asked him what the goal is, then&mdash;if not happiness.
He said: &ldquo;Happiness lasts five minutes. Contentment lasts a lifetime.&rdquo;
So maybe that&rsquo;s it. Save for independence, not indulgence. Buy fewer bad days.
Aim for contentment. And measure wealth not by how much you can show off&mdash;but by how quietly you can live on your own terms.
At the end, Morgan said something that stuck with me more than anything.&nbsp;
He and his wife moved houses recently, and he missed the one where his kids took their first steps.
&ldquo;When we moved, I slammed the door on compounded memories,&rdquo; he said.
Of course, those memories don&rsquo;t go away. That&rsquo;s one of the cool things about getting older. You have more compounded memories.
You can time travel in your head. You have all of this perspective, context, and you&rsquo;re more solid. It&rsquo;s easier to have fewer bad days.
(That&rsquo;s why mathematicians peak at 25 and historians peak at 69.)
We always talk about compounding money. But compounding memories&mdash;that&rsquo;s the real interest. That&rsquo;s the real wealth no market can crash.
So instead of getting a new Ferrari&hellip;
<a href="https://lnk.to/JASMH01">Listen to the full conversation here. It&rsquo;s free. You won&rsquo;t regret it.</a>

alc-10-17-25-featured

The Ferrari Fallacy

The Louvre!
The place where the Mona Lisa hangs out. The museum that holds more cultural turning points than any other building in history.
I&rsquo;m in a brand-new documentary called The Art of Disruption: Bittensor and the New Intelligence Economy.
It was filmed while I was in Paris at the Proof of Talk conference&mdash;held at the Louvre&mdash;and was released just this week.
I&rsquo;ll break down why I&rsquo;m so bullish on Bittensor. And why you should check it out.
<h3>From Internet &rarr; Bitcoin &rarr; Bittensor</h3>
Every once in a while, a &ldquo;virgin landscape&rdquo; opens up.
In the &rsquo;80s, it was coding. Anyone who mastered it could become a billionaire.
In the &rsquo;90s, it was the internet. Then the smartphone app boom.
Then crypto. Ethereum.
Now? It&rsquo;s decentralized AI.
That&rsquo;s what Bittensor is. A global marketplace where intelligence itself becomes a commodity.
Think of it this way:
<ul>
<li>Bitcoin turned electricity into money.</li>
</ul>
<ul>
<li>Ethereum turned contracts into code.</li>
</ul>
<ul>
<li>Bittensor turns intelligence into a marketplace you can actually build businesses on.</li>
</ul>
It&rsquo;s not hype. It&rsquo;s not theory. I&rsquo;ve seen it firsthand. I talked to a lot of people in the documentary.
It was one of the turning points where I became so bullish on TAO.
<h2>Why the Documentary Matters</h2>
In the film, you&rsquo;ll hear from Jacob Steeves (the founder), PhDs, GPU architects, hedge fund managers, open-source venture capitalists, and subnet builders doing things like drug discovery, 3D design, and large-scale compute.
Some of them compared TAO to &ldquo;digital commodities.&rdquo; Others said it&rsquo;s &ldquo;digital capitalism.&rdquo; One called it &ldquo;as big as the internet.&rdquo;
Me? I predicted this: &ldquo;The first one-person billion-dollar business will be built inside the TAO ecosystem.&rdquo;
And I believe that.
Why? Because the infrastructure is already here.
Bittensor gives you access to tens of thousands of GPUs &mdash; more than what OpenAI used to create ChatGPT. Only instead of raising $100 billion in Silicon Valley, you can spin up a subnet, incentivize miners, and build an AI startup for relative pennies.
That arbitrage is insane. And it won&rsquo;t last forever.
<h2>Obsession = Success</h2>
Here&rsquo;s what else I noticed in Paris: the community is obsessed.
And obsession is the one common ingredient in every massive success story I&rsquo;ve ever seen.
Bitcoiners were obsessed. Internet pioneers were obsessed. App store kids were obsessed.
Now? The Bittensor community is obsessed.
Not with price charts (okay, maybe a little), but with building.
New billion-dollar subnet ideas are popping up every week. Some are already competing with centralized incumbents and winning. Others are experimenting with things nobody&rsquo;s ever tried.
It&rsquo;s the kind of messy, experimental, chaotic energy that actually changes the world.
<h2>The Louvre Was the Perfect Backdrop</h2>
The Louvre has always been about capturing civilization&rsquo;s turning points in art.
The Renaissance. The Enlightenment. Revolutions and upheavals.
This time, the &ldquo;art&rdquo; isn&rsquo;t on the walls. It&rsquo;s in the code. It&rsquo;s in the incentives. It&rsquo;s in the people building crazy, ambitious things on Bittensor subnets.
That&rsquo;s why it was the perfect place for this documentary.
And why &mdash; if you&rsquo;re reading this &mdash; it might be the perfect time to dive deeper.
Look, I&rsquo;m not saying everyone should buy TAO. What I am saying is: pay attention. Virgin landscapes don&rsquo;t open up often. When they do, they don&rsquo;t stay &ldquo;virgin&rdquo; for long.
<a href="https://www.youtube.com/watch?v=SEDNBQ52M8k">Here&rsquo;s the full documentary</a>.

ALC-Issue-09-26-25(Featured)

Bonjour, Bittensor!

Charlie Kirk&rsquo;s death was a shock.
Not just because of the violence itself. Or the endless looping of his death on social media.
But because of what came after&mdash;millions of people watching, arguing, and spiraling into their corners.
The entire event became less about a man and more about the way we talk&mdash;or fail to talk&mdash;to one another.
So I wanted to have a conversation about how we can talk to each other now, in this bizarre, divided, dopamine-addicted, chaos-entrepreneur culture we live in.
That&rsquo;s why I asked Charles Duhigg back on the podcast.
You might know him from The Power of Habit. His new book is Super Communicators. It&rsquo;s about how to have better conversations in a world that&rsquo;s tearing itself apart through bad ones.
If there&rsquo;s one skill that can make or break everything, it&rsquo;s this.
<h3>The Hardwired Superpower</h3>
Communication isn&rsquo;t about transmitting information.
That&rsquo;s the byproduct.
The real evolutionary function of communication is connection.
When we feel heard, our brain releases oxytocin (the bonding hormone), which reduces stress and increases trust.
Homo sapiens thrive because we figured out how to feel kinship with each other, even in disagreement.
Our biggest failures come when we lose that sense of connection.
I watched some of his debates.
That&rsquo;s the thing Kirk did well&mdash;even when you despised him, he&rsquo;d mirror you, loop back your words, keep the temperature low enough that at the end of the night, most (though obviously not all) would walk away thinking, &ldquo;At least he heard me.&rdquo;
That&rsquo;s what Charles calls &ldquo;super communication.&rdquo;
The brain uses mirror neurons to reflect emotions back at each other. When you repeat or paraphrase what someone says (&ldquo;looping&rdquo;), their brain perceives it as deep listening.
They immediately trust you more.
<h3>Three Conversations at Once</h3>
Charles broke one of the biggest problems with how we communicate.
Neuroscience says there are three types of conversations:
<ul>
<li>Emotional</li>
</ul>
<ul>
<li>Practical</li>
</ul>
<ul>
<li>Social</li>
</ul>
Here&rsquo;s the problem:
When you&rsquo;re in different conversations at the same time, you can&rsquo;t hear one another.
When one person is having an emotional conversation and the other is stuck in a practical frame, their brains literally light up in different networks.
An example:
A star employee is upset because they feel unappreciated (emotional/limbic brain).
The manager responds with a spreadsheet of productivity metrics (practical/prefrontal cortex).
Coworkers start gossiping, speculating, or joking about &ldquo;office drama&rdquo; (social/orbitofrontal cortex).
The employee quits.
If our frames aren&rsquo;t aligned, people literally can&rsquo;t process each other&rsquo;s words as intended.
It&rsquo;s probably the #1 thing that ruins relationships: we think we&rsquo;re having the same conversation, but we&rsquo;re not.
<h3>When You&rsquo;re Furious, Get Curious</h3>
Here&rsquo;s the trick Charles gave me (and now I&rsquo;m giving to you):
When you feel furious&hellip; get curious.
Anger narrows your focus (amygdala hijack). Curiosity broadens it, activating the dopamine reward system&mdash;making people more receptive.
Ask a deep question.
Not the lazy &ldquo;what hospital do you work at?&rdquo; kind of question. The &ldquo;why did you go to med school in the first place?&rdquo; kind.
Ask someone on the opposite side of an issue: Why is this important to you?
And then shut up. Listen so hard you can repeat back what they said, maybe better than they said it.
Suddenly, the cliches fall away.
Nobody says &ldquo;guns don&rsquo;t kill people&rdquo; when you ask them how their dad taught them to hunt. Nobody says &ldquo;ban all guns&rdquo; when they tell you about their kid hiding under a desk during a shooting.
The brain encodes disagreement as a threat. The same circuits as physical pain light up. But if someone feels understood first, those circuits quiet down.
That&rsquo;s where connection lives.
<h3>The Real Challenge</h3>
Charles left me with homework, and I&rsquo;m passing it on:
This week, find someone you disagree with. Ask them why that belief matters to them. Don&rsquo;t argue. Just listen.
It&rsquo;s hard.
It&rsquo;s going to feel like holding back a sneeze. But if you can do it, you&rsquo;ll feel something most of us haven&rsquo;t felt in a while&mdash;human connection from across the aisle.
The superpower isn&rsquo;t victory&mdash;it&rsquo;s repair. The fabric&rsquo;s fraying, and what we need are people mending threads, not yanking them loose.
<a href="https://www.youtube.com/watch?v=gZ_XY07g2e0">Click here to listen to the whole conversation</a>.

ALC-Issue-09-24-25(Featured)

Debate Is Dead. What’s Next?

In 1998, the &ldquo;smartest guys in the room&rdquo; blew themselves up.
Long-Term Capital Management&mdash;run by Nobel Prize winners&mdash;was leveraged to the gills.
Russia defaulted, the trades collapsed, and Wall Street braced for Armageddon.
Panic everywhere.
Phones ringing off the hook. Headlines screaming &ldquo;Systemic Collapse.&rdquo;
But here&rsquo;s what you didn&rsquo;t see on CNBC: while everyone was unloading positions at any price, a few players were stepping in to buy. They didn&rsquo;t know exactly how it would end&mdash;only that fear had forced prices far below reality.
And when the Fed cut rates and the panic flipped, those positions exploded higher.
Although it gives people PTSD when I bring it up&hellip;
The same thing happened in 2009.
Banks looked finished. Citi at a buck. Bank of America at three. Every headline said &ldquo;nationalization.&rdquo; But people like David Tepper started buying anyway. (He later said it felt like he was bidding alone in an empty room.)
Then the government backstopped the banks. Prices went vertical. His fund made billions.
Here&rsquo;s the pattern: it&rsquo;s not the bailout that made the trade. It was the panic. The bailout was just the spark that flipped the trade. Big money is ALWAYS made by standing ready while everyone else is puking shares.
I&rsquo;ve got a friend who&rsquo;s been exploiting these setups for decades. He can spot them better than anyone.
He doesn&rsquo;t bother predicting what the Fed or regulators will do. He studies where fear (or greed, or panic, or stupidity) has created formations that are stretched to breaking. When that happens, the reversals are almost always violent.
I like to think of these moves as supernovas&mdash;the kind of trades that start as quiet accumulations and end as brutal explosions.
Although these supernovas erupt during major crises, you&rsquo;ll find smaller ones every week in individual stocks. Why? Because human behavior doesn&rsquo;t change. Mispositioning is everywhere.
Fear drives as many trades as greed&mdash;and that&rsquo;s what fuels the setups.
BUT the setup that has me excited right now is different.
Why? Because it&rsquo;s in a sector primed for an infestation of supernovas.
<h3>Why AI&hellip; Why Now? </h3>
Again, these moves are rare. But when they happen&hellip;
They don&rsquo;t crawl higher. They detonate. The bigger the base, the higher in space.
And right now, the conditions for detonation are here again.
Which brings us back to AI. Six months ago, everyone wanted to own it. Today, many names are treated like landmines.
That&rsquo;s the fuel.
Because underneath that fear, a HUGE setup is coiling in one stock in particular.
It&rsquo;s not about the Fed, or GDP, or some grand narrative. It&rsquo;s about where the crowd is leaning too far and where the market flips. And right now, the crowd is leaning the wrong way in AI.
All it takes is a tiny spark. One piece of good news. One unexpected breakthrough. One earnings beat. One shift in the narrative. One viral tweet.
Prices rip.
It&rsquo;s the same pattern we&rsquo;ve seen again and again.
Fear creates the setup. Positioning coils the spring. And the explosion&mdash;when it comes&mdash;doesn&rsquo;t give you time to tiptoe back in.
That&rsquo;s why one of the smartest guys I know is zeroed in on AI right now. Because when this one blows, it won&rsquo;t be a grind. It&rsquo;ll be a supernova.
And it's all set to begin TOMORROW, September 24.
Doug and I just sat down with him to break this down. He laid out how the setup works, why it&rsquo;s happening in AI today, and&mdash;at the end&mdash;he gave away one of his supernova trades for free.
<a href="https://pro.trendlabs.com/m/2480847">Click here to watch the full interview</a>.

ALC-Issue-09-23-25(Featured)

Feel the Fear, Profit Anyway

Let me tell you a story about bubble wrap.
Back when I was running a hedge fund, I put this story into my 2004 book Trade Like a Hedge Fund.
It taught me a lesson I never forgot.
It was so powerful, one of my partners even threatened to burn all of the copies if I published the book.
No&hellip; it&rsquo;s not about the plastic you squeeze &ldquo;pop-pop&rdquo; when you&rsquo;re bored.
It&rsquo;s about the company called Sealed Air&mdash;the makers of bubble wrap&mdash;and how it almost went bankrupt overnight.
At least, that&rsquo;s what everyone thought in 2002.
<h3>How panic makes the pros rich&hellip; </h3>
In 2002, the stock looked great at $39. Solid company, good cash flows.
Then something terrible happened: a report tied them to asbestos liabilities from a company they had acquired.
Suddenly, it looked like Sealed Air was on the hook for billions.
Two days later, the stock was at $13.
That&rsquo;s not a typo. $39 to $13 in 48 hours.
Every analyst, every trader, every newspaper headline screamed &ldquo;Bankruptcy!&rdquo;
But it was all phony.
It was just panic, fear, and lawyers making billable hours.
A few days later, the courts agreed. The liability wasn&rsquo;t Sealed Air&rsquo;s problem.
The stock went supernova.
It didn&rsquo;t just shoot back to its original price of $39. It shot way higher, above $50.
Back then, the lesson was seared into me: people panic first, think later. And if you can keep your cool while everyone else is screaming &ldquo;fire,&rdquo; you can make a lot of money.
<h3>Here&rsquo;s the part I&rsquo;ve never talked about&hellip;</h3>
As I said, when I told my partners I was writing this book, one swore he&rsquo;d buy every copy and burn them.
Why? Because on Wall Street, the first rule is: never share your edge. And we had a lot of edges.
I published it anyway.
BUT&hellip;
Of all the stories I included, few noticed the deeper strategy in the bubble wrap story.
And I didn&rsquo;t talk about it much afterward because&mdash;honestly&mdash;it isn&rsquo;t simple.
The setups aren&rsquo;t easy to spot. You need patience, discipline, and guts.
But, if you get them right, they can make you richer than any strategy in that book. 
And hedge funds use it to make BILLIONS.
So I let this strategy sit for twenty years.
But now something&rsquo;s happening I can&rsquo;t ignore.
<h3>AI is Going Supernova </h3>
Here&rsquo;s what I learned&mdash;and shared back in 2004: exploitable edges don&rsquo;t come from fancy and complex models.
They come from human nature. Fear creates forced sellers. Greed pushes them into bad bets.
And when the setup flips, it&rsquo;s violent.
That&rsquo;s what creates supernova moves in stocks.
That&rsquo;s what happened with bubble wrap in 2002.
And it&rsquo;s also happening in AI in 2025.
Investors panic at every headline&mdash;&ldquo;overvalued,&rdquo; &ldquo;bubble,&rdquo; &ldquo;regulators cracking down,&rdquo; &ldquo;profits years away.&rdquo;
And yet&hellip;
Hedge funds are making a killing on the other side of it.
One trader I&rsquo;ve known a long time is making these same setups pay off again and again. He&rsquo;s not just one of the best I know&mdash;he&rsquo;s one of the best in America. 
And right now, he&rsquo;s zeroed in on AI.
I&rsquo;m excited about what he&rsquo;s doing, so I wanted to share it with you.
Doug and I just interviewed him to talk ALL about how it works. (Watch <a href="https://new.trendlabs.com/m2/10451">until</a> <a href="https://new.trendlabs.com/m2/10451">the end</a> for a FREE supernova recommendation.) <a href="https://new.trendlabs.com/m2/10451">Click here for the full interview with me and Doug</a>.