"Pamiętajcie, że wszystkie z nich miały maksymalne obsunięcie. Dosłownie wszystkie z nich miały maksymalne obsunięcie średnio o 54, 55%. Niektóre tak niskie jak 30, niektóre tak wysokie jak 70. To nie znaczy, że zakończyły rok na minusie. Yyy, zakończyły rok średnio 9% na minusie, ale miały większe obsunięcia, a potem odrobiły straty. Jak powiedziałem, spodziewam się rajdu, spodziewam się krachu, nie sądzę, żeby to była bańka." "Keep in mind they had a max drawdown, all of them. Literally all of them had a max drawdown of on average 54, 55%. Some as low as 30, some as much as 70. This does not mean they ended the year down. Uh they ended the year on average 9% down, but they had bigger drawdowns and then rallied from it. Like I said, I expect a rally, I expect a crash, I don't think this is a bubble."

… Three months later, yeah, companies still up. Of course, some of the companies had major corrections by then, and then six and 12 months, they were all down in a median price terms as capital then went to chase momentum someplace else. Now here, this column is what I want you to pay attention to. This is the takeaway to me. Keep in mind they had a max drawdown, all of them. Literally all of them had a max drawdown of on average 54, 55%. Some as low as 30, some as much as 70. This does not mean they ended the year down. Uh they ended the year on average 9% down, but they had bigger drawdowns and then rallied from it. Like I said, I expect a rally, I expect a crash, I don't think this is a bubble. And so this is why you have to make the choice for you. Am I a value investor or am I a momentum investor? Ideally, you can be both. You don't have to choose one. But really, the time to invest in artificial intelligence, not including the these the things that are pre-IPO, was a year ago, 2 years ago, before the hype. What will they be saying abo …

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