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Language: en
In 2009, after a historic housing market
collapse, the median home price in the
US fell to a reasonable $28,400.
But since then, prices have more than
doubled. We now have the lowest home
affordability since 1984,
even worse than at the peak of the 2006
housing bubble. In 2024, the median US
home price hit $420,000,
an all-time high, while real wages
stayed flat for the fifth year straight.
In over 99% of US counties, the average
home is now officially classified as
unaffordable for the median worker. In
1985, the typical firsttime buyer needed
just five years to save a 20% down
payment. Today, that number is 13.5
years. That's the longest timeline ever
recorded. The average mortgage payment
has jumped 113%
just since 2020. And that is the fastest
affordability collapse in American
history. Boomers are sitting on roughly
12 trillion dollars in home equity. Most
of it though is locked behind sub3%
mortgages that they're never going to
give up. Institutional investors like
Black Rockck and Invitation Homes have
spent over 60 billion dollars quietly
hoovering up homes the public never even
saw listed. For the first time in US
history, the majority of adults under 40
believe they will never own a home. And
here's the part no one wants to say out
loud. This isn't a collapse of prices.
It's a collapse of opportunity. A
society where 70% of future adults will
never own property is not a stable
society. When people don't own anything,
they don't feel invested in anything
because they're not. And when they don't
feel that they're invested, when quite
frankly they aren't invested, they walk
away or they just burn it all down. This
isn't a housing bubble that's going to
pop that you can take advantage of. It's
a financial chokeold created by money
printing, policy failure, boomer era
incentives, and corporate consolidation.
And it's already causing problems, just
not in the way that most people think.
This is worse than 2008. But for those
paying attention, there's always going
to be a way to make this situation work
to your advantage, even if we can't help
everyone. We're going to cover that in
part three. But if you don't understand
part one, you're not going to do what's
necessary. And if you want to know who
to blame, I've got you covered in part
two. So, welcome to part one. What the
hell happened and how did housing kill
the American dream. Home building has
fallen 39% since the [music] 1970s, even
though America added over
130 million people. Single family
housing construction is down so badly
that the US is short an estimated 3.2
million homes and that number is growing
every year. Private equity firms now own
one of every six single family homes in
many major cities. Due to 15 years of
near zero interest rates, the older
people who were already able to afford a
home locked in a historically low
interest rate and multiplied their
wealth through appreciation due to
inflation while young people have simply
gotten priced out. And to make matters
worse, we now have the fewest homes for
sale per capita in all of recorded US
history. In the 70s and 80s, your
parents bought a home for roughly two to
three times their annual income. Today,
it's roughly double that for most young
people, putting homes entirely out of
reach for all but the wealthiest few.
The formula that originally built the
middle class, the very American dream,
get a job, buy a house, build equity,
not only stopped working, it just
outright died. Most people still think
the housing crisis is just the natural
outcome of supply and demand. But it is
not. It is the outcome of decades of
policies, incentives, and political
cowardice that slowly and then suddenly
turned the most important asset in
America into a scarcity machine. To
understand how the dream collapsed, you
have to understand the sequence. The era
of cheap money, the obsession with
housing as an investment, the zoning
laws that choke supply, the
globalization that stalled wages, and
the corporate takeover that ultimately
finished the job. Let's look at the
details. For more than 100 years, the
path to the middle class was remarkably
straightforward. You went to school, you
got a job, you bought a house, and if
you saved your pennies, your life
improved year after year. If you passed
on your house or at least some shekeles
when you died, odds were in the end your
kids were going to be even better off
than you were. That upward trajectory
was baked into the very structure of the
economy. Real wages were going up. Our
debt was reasonable. Entitlements were
manageable. And America was taking
advantage of its status as the world's
manufacturing hub after World War II.
But little did we know, a fuse had been
lit in 1913
when the government created a central
bank, giving it the ability to
counterfeit its own money through a
process called money printing. And that
changed everything. And as more and more
money was printed, owning a home went
from a bonus to compulsory. For a while,
that was absolutely fine because people
intuitively understand a house as an
asset. You can live in it, raise your
kids in it, and it protects you from the
weather and inflation. No one needed a
financial adviser to explain a house to
them. As debt and money printed started
getting used as a cure all, however, we
were forced to break the final tether to
gold in 1971, which opened up Pandora's
box. And you are still suffering from
this in ways that most people do not
understand to this day. And we
absolutely went hog wild with money
printing after the dot bubble burst and
the 2008 financial collapse. We printed
so much money that inflation started to
just outright destroy everyone's
savings. But in a weird twist of fate,
it also helped drive housing prices sky
high. In fact, this is exactly how we
ended up in the 2008 housing bubble in
the first place. Fixing the dot bubble
bursting with printed money and low
interest rates just caused a new bubble
to form this time in housing. And when
that popped in 2008, the government once
again printed even more money. And then
COVID happened. Oh lord, did we ever
print when that came around. And as
always happens when you print money,
prices for even everyday goods just
skyrocketed. Now, for now, just know
this. Printing money causes inflation.
Inflation causes prices to rise. And to
keep up, you either need to get a raise
every year that's at least as big as
inflation, or you need to own assets
that go up at least as much as
inflation. But the bad news is globalism
makes it impossible for you to get a
sufficient raise. Real wages have been
flat for roughly
four decades. So that only leaves owning
assets. Now, as a matter of economic
physics, the right basket of assets will
keep up with inflation or if you're
really good, outpace it. But the top 10%
of Americans own 93%
of the assets.
>> What did he say? Given that homes are
the one asset people understand
intuitively, that's what got purchased
by the few people that could still
afford them after the crash. Even though
money and houses were cheap, virtually
no one could get a loan after the
catastrophe of the subprime mortgages.
No one, that is, except corporations and
wealthy boomers. And [music] to make
matters even worse, boomers had been
voting for years to make it nearly
impossible to build new homes. Once
people understood that their homes
weren't just places to live, they were
places to store wealth. They wanted that
wealth to grow understandably. So they
started voting for anything that would
drive property values up. Zoning
restrictions, density limits, lengthy
permit processes, neighborhood
opposition to new construction. None of
it was malicious. It was all just simple
self-interest. When supply is
restricted, prices rise. And for
existing homeowners, that is awesome.
But the consequences are predictable.
The fewer homes you allow to be built,
the more expensive existing homes
become. And gradually, the next
generation just gets priced out. And by
the time COVID hit, we'd already had
over a decade of cheap ass money,
artificially limited housing supply,
massive immigration, and an influx of
corporations such as Black Rockck
deploying billions of dollars to buy up
single family homes as an investment.
Now, you put all of that together and
you've [music] got four forces pushing
homes out of reach of the average
American. wage stagnation, immigration,
inflation, and increased competition
from deep pocketed corporations for a
[music] very scarce resource. Now, in
theory, younger generations could have
compensated for housing being out of
reach by mastering the financial
markets. This is exactly why crypto hit
so hard for young people. But overall,
financial literacy is rare. [music]
Investing can be risky and more
importantly you can't live inside of a
Bitcoin or a stock portfolio. And that
brings us to the macro framework that
explains everything that's happening now
with assets going to the moon. When the
government prints money, asset prices
inflate. Housing is the default hedge
against that inflation. If supply is
artificially restricted, prices [music]
rise faster. When interest rates stay
near zero for more than a decade,
homeowners refinance into ultra low
mortgages and have no incentive to ever
sell. That locks inventory in place,
making housing even more scarce. When
immigrants start competing and large
corporations enter the market and
acquire homes in bulk, overall
competition skyrockets and supply drops
even further compared [music] to the
demand. Each factor compounds upon the
others. This is why high prices are not
always a signal of market strength. They
can also be a signal of a system
malfunctioning
exactly as [music] it's designed to. And
yes, I said malfunctioning as it's
designed to. What we're seeing is the
outcome of cheap money, bad housing
policy that makes it hard to build,
structural wage stagnation, and
concentrated ownership converging into a
single crisis, a rogue wave of
unaffordability. And that crisis isn't
fading. It is accelerating because the
government is still printing money in
obscene amounts and the average American
can't afford the house that would
otherwise protect them from the
devastating impact of inflation. So they
just fall farther and farther behind
economically. The crazy thing is we are
having a housing boom but for the young
it feels like a collapse. And that's why
it's time to talk about the very
uncomfortable question. Was this all an
accident or is there someone to blame?
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now, let's get safely back to the show.
Welcome to part two. How bad is it and
who's to blame? Housing affordability
today is worse than at the peak of the
2006 bubble. Americans under 40 believe
they are more likely to become
millionaires via crypto or gambling than
by owning a home. People over the age of
70 are now over 70% wealthier than the
same age group just 40 years ago.
Conversely, people under 40 are 24% less
wealthy than the same age group just 40
years ago. Older Americans now hold 52%
of all US real estate wealth, more than
every younger generation combined.
Institutional investors have spent over
$60 billion buying homes that the public
is never going to have a shot at. Zoning
laws passed in the 1970s still block 75%
of all potential new housing in major
cities. If you trace the collapse of
affordability back to its roots, you
find that it wasn't caused by a single
villain or a single event. It was
created by a long chain of decisions
made by people who believed they were
protecting their own self-interests. The
problem is that each of those decisions,
when taken together, created a system
that relentlessly punishes anyone who
wasn't already inside of [music] it. And
like all systems, once the incentives
harden, the outcomes became predictable.
There are three specific groups worth
looking at if you're trying to find out
who's to blame. And the first one really
is best understood as a villain. If not
by intention, certainly by incentives,
politicians. To understand politicians,
you must first understand one immutable
truth of the political class. They will
do and say whatever is necessary to gain
and retain power. To that end, for
decades, politicians at every level,
local, state, and federal, made
decisions that directly restricted
housing supply. It's what the voters
wanted. Restricting housing supply makes
the prices go up, and that's exactly
what every homeowner wants, and every
wouldbe buyer fears. As such, local
zoning boards made it nearly impossible
to build anything other than single
family homes on large lots. Neighborhood
groups fought density, fought multif
family construction, fought height
increases, fought anything that would
add more supply to the market. And I
can't blame them. People buy assets
specifically because they want the price
to go up. And if they can take steps to
make the price go up, they're going to
do it. From home repairs to zoning
changes, they'll do it all. Politicians
understood that helping people
economically is basically the whole
game. So, they eagerly jumped into the
fray. They'll frame it as things like
protecting neighborhood character. But
in reality, the goal is was, and always
will be to protect property values so
they can get reelected. And the easiest
way to do that is to make houses scarce.
And because homeowners vote at much
higher rate than renters, politicians
catered to their demands without
hesitation. Remember, [music] the game
is to gain and retain power. No one ever
got elected or reelected by telling the
voting public that they're just going to
have to suck it up and accept that their
house may not go up in value or at least
not very quickly [music] or that
entitlements are going to have to be cut
or that we have to balance the budget or
their favorite program is going to get
cut or even that their bank is going to
fail. Sure as hell not going to do that
one. And so anytime they need to get
elected again, they promise free stuff.
But free stuff is of course never free
[music] and so they have to print money
to pay for the unbalanced budget and
that makes prices go up. I really cannot
bang this drum hard enough. If
politicians won't do the hard thing and
balance the budget, America is
guaranteed to go bankrupt as every
empire before us ever has [music] done
for the same exact reason, debt and
money printing. It is almost funny how
consistently that's how empires fail.
And yet, I feel like I can't get people
to listen to this. It is wild.
Politicians never should have created a
central bank. They shouldn't have
betrayed capitalism at every turn and
then blame capitalism for the problems
of government intervention. Politicians
may not have set out to intentionally
break the housing market, but that was
the end result nonetheless. By creating
structural scarcity, they have
guaranteed that future generations would
eventually get priced out. And now those
chickens have come home to roost.
Politicians need to start thinking long
term and audit the data. In places like
Houston, for instance, by allowing
builders to build and the free market to
work its magic, home prices have
remained incredibly stable. And while
[music] prices have rocketed upward in
recent years across the country, Houston
remains a shining example of what it
looks like to leave the free market
alone and let buyers take advantage of
increased supply. All right, group two,
the boomers. The next group in the
villain stack is the generation that
benefited most from those political
decisions. You shouldn't view them as
bad people or be hostile to them. I
imagine for a lot of you, these are your
parents or your grandparents. And like
everyone ever, they are worthy of love
and they are simply looking out for
their best interests. We all do it. But
despite that, they are the ones that
voted for the policies that are now
making it impossible for young people to
own a home. It is super important to
acknowledge the role their incentives
played in shaping today's landscape so
we can start unwinding some of this.
Boomers bought their homes when they
were cheap, when wages were actually
rising, when mortgages were affordable,
and when the government was still
reasonably fiscally responsible. Those
days are over. Then they spent decades
voting for policies that ensured their
largest asset would continue to
appreciate. All very understandable.
Then a series of extremely unfortunate
events caused the Fed to lower rates and
print a ton of money. These are all
self-inflicted wounds, but nonetheless,
it's what happened. And that gave them
the further ability to lock [music] in
insanely low mortgage rates, giving
boomers yet another economic advantage.
Again, not because they're malicious,
but they were born at the right time.
Boomers are not going to be moving or
downsizing. And thus, they're not
putting properties back on the market.
They're just holding. And because so
much of the country's housing inventory
is now trapped behind these ultra- low
mortgages, young buyers are forced to
compete for a shrinking pool of
available homes at a time where interest
rates are much higher. Then there's the
inheritance cliff. A massive share of US
housing is now held by people over 65
[music]
and much of it will eventually transfer
to their children, almost all of whom
are already in the upper half of the
wealth distribution. That means the next
wave of home ownership will
disproportionately benefit the kids of
homeowners while everyone else is going
to get left even more behind and the
wealth gap just calcifies. mobility
itself stalls and the system begins to
resemble a cast structure, not a
meritocracy. For the [music] record, I
want to be very clear. We should all
abore the idea of a death tax for the
very same reason that people are rightly
mortified to their core by redlining,
namely because it made it impossible for
black Americans to amass wealth in a
home and pass it on to their children.
We should want any and all families that
are good at saving to be able to pass
that wealth on to their children. This
doesn't create dynasties, but it does
interrupt the cycle of poverty for at
least one or two generations. As the
data shows, the vast majority of the
wealthiest families from 100 years ago
are no longer wealthy now. And that's
[music] perfectly fine. Honestly, that's
as it should be. But there is no reason
for the government to disincentivize
saving by promising people if they don't
spend it before they die, the
government's going to take it away. But
having said all of that, if you keep
bailing out people who make bad
decisions, you never let meritocracy
automatically
and justly, in my opinion, redistribute
wealth. And that's what we should want.
Decision-m [music]
meritocracy to be the thing that
redistributes wealth. People should have
the ability to win the game by playing
it well. And they should have the
ability to lose the game when they play
it poorly. If you don't allow for that,
if you don't allow companies to go
bankrupt, people to go bankrupt, [music]
banks to fail, all of that, you end up
with what we have right now, a static
cast system where it is increasingly
difficult to move up or down. Now, it
bears repeating. None of this has
happened because boomers are bad people
or they are malicious. It has happened
because like everyone else, they have
optimized for their own safety and
prosperity. But in doing so, they have
unintentionally helped to lock younger
generations out of the very mechanism
that created their own wealth. Right?
The third group, Wall Street and
institutional buyers. Institutional
investors entered the single family
market with billions of dollars in
capital, armed with algorithms that
could evaluate homes faster than any
human and could outbid any family. The
firms that I've mentioned were not
buying a few houses here and there.
Their MO was to buy up entire
neighborhoods. They look at homes as a
financial product, not as a place to
live and raise a family. For them, the
math is simple. Inflation drives rents
and asset prices up. And given
historically low interest rates, the
cost of leverage was too low to pass up.
And because all of this scarcity
promoting regulations, they were
basically guaranteed long-term price
appreciation. Everything that makes the
housing market hell for young families
makes it an absolute gold mine for
institutional investors. They're not
hurt by high prices, they're fueled by
them. Once Wall Street realized single
family homes could generate reliable
cash flow, secure long-term appreciation
and be packaged into securities. Homes
became the newest institutional asset
class. In that instant, single family
homes stopped being just a shelter from
the storm and started being a shelter
from inflation and taxes. Neighborhoods
stopped being communities and became
rental portfolios. And because these
firms could pay in cash nearly instantly
[music] and absorb temporary losses,
they were able to out compete ordinary
buyers every [music] turn. By the time
most people realized what was happening,
institutions had already entrenched
themselves. [music] Their presence
permanently altered the market by
increasing demand for a product that was
already scarce [music] and decreasing
the number of homes available for
purchase. The result is a market where
young families aren't just competing
with each other, they're competing with
trillion dollar balance sheets. Now, it
is tempting to point to any one of these
three groups and declare them the
ultimate culprit. Politicians restricted
supply and massively inflated prices
through deficit spending. Boomers locked
up inventory and voted for policies that
made themselves richer while icing
everybody else out. [music] and
corporations devoured what was left. But
you have to take all of them together to
understand what's actually going on.
It's not a conspiracy. It's just simple
incentives. Maybe they're bad ones, but
they're incentives nonetheless. And over
time, they just stack up to create the
moment that we're living in now. The
unavoidable truth is this. If you own
assets, you're loving life right now.
2025 was awesome. But if you don't, it
is a bloodbath. That's the real story of
the housing crisis. It's not a market
failure. It's a policy success just for
a limited number of people. The policy
goal moving forward needs to be to focus
on policies that allow the middle class
to come roaring back. And the shest way
to do that is to stop protecting people
and companies from failing. [music] Let
creative destruction happen. Let
entrepreneurs build as many houses as
the market will bear. All of that is
going to drive costs down and make home
ownership accessible for far more
people. The middle class is the goal, a
thriving middle class. But I find
yelling into the void about policy is
way less effective than talking about
the things that each of you guys can do
at the level of the individual. So, what
I want to do now is go through what you
can do right now to take advantage of
how things are rather than wishing or
even evangelizing to change them.
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show. So, welcome to part three. How to
make this mess work for you. Homeowners
currently hold over $ 32 trillion in
home equity. That's more than the GDP of
the US and China combined. And that
wealth is expected to grow dramatically
over the next 20 years. Historically, in
every 20-year period for roughly the
last 100 years of American history,
homeowners have built approximately 30
to 40 times more wealth than renters,
even during recessions and crashes.
People who managed to buy during the
last affordability crisis later saw home
values rise more than 700%
over the next roughly 40 years. Markets
with the worst affordability today have
historically delivered the highest
long-term returns to buyers who enter
during the quote unquote impossible
years because scarcity becomes your
tailwind. If you buy even a modest
property during an affordability crisis,
historically the odds of doubling your
equity within 10 years has been over
90%. Land has outperformed both
inflation and wage growth for over 120
years, meaning even smallership
positions historically snowball into
meaningful wealth. The point is very
simple. The system is designed to make
it hard for new people to get in and for
outsiders to get soaked by inflation. I
really wish that weren't so, but it is.
So, you need to find a path to asset
ownership. It does not need to be a
house, but for reasons I'll explain. If
it matches your lifestyle and you can
swing it, a house is a very reasonable
thing to aim for. Let's walk through
some possible ways to do that. Step one,
start thinking like a capital allocator
instead of a renter or even a homeowner.
Most people ask something like, "Can I
afford this monthly payment?" Capital
allocators, on the other hand, think in
terms of, "Is my money outrunning
inflation or getting eaten alive by it?"
Inflation is an invisible tax that no
one votes for, which means you can't
stop it. If it runs at 3% a year, your
cash loses about half of its purchasing
power in 24 years. If it runs hotter, as
it recently has, that timeline can speed
up dramatically. Cash sitting in a
savings account is not safe. That is the
melting ice cube getting hammered by
inflation. The right assets can keep
pace with inflation. That's true of
housing, stocks, land, gold, Bitcoin,
art, and much more. They each have
different risk profiles to be sure, but
they all share one key trait. They're
not standing still while your currency
gets debased by inflation. It is very
important to note that you do not have
to buy a house to protect yourself from
inflation. It's not even necessarily the
best way. A wide sensible basket of
uncorrelated assets is objectively one
of the smartest ways to approach a hyper
uncertain future. The reason I keep
coming back to housing is not because
it's the only answer. It's because it's
the only asset class most people
intuitively understand. You can live in
it. If you're married, odds are that
your wife wants one. You can raise kids
in it. You can fix it up. You don't have
to stare at a candlestick chart to know
what's going on. So, if you can afford
to buy a reasonable home, you are
essentially setting up a forced savings
account that over time tends to move
with or ahead of inflation. while rent
paying neighbors get absolutely
demolished by every price increase. And
maybe the most important part, if you're
married or plan to have a family, you're
creating memories inside of an inflation
resistant asset. There is nothing else
in the land of assets that has that
combination. Are there risks? Of course,
mortgages are sensitive to interest
rates. If you lock in at a high rate,
the payment can feel suffocating. But if
rates drop, you at least have the option
to try and refinance. If rates go even
higher, you're just going to be glad
that you locked in the rate when you
did. Now, you might get better returns
elsewhere. There's no doubt about that.
But you can't live inside of a Bitcoin
or a 401k. Step two, get into entrylevel
assets. The goal of your first move
isn't to buy your dream home. The goal
of your first move is to get into
ownership and protect that money from
inflation. Waiting until you can afford
the perfect place in the perfect
neighborhood with the perfect kitchen is
exactly how you wake up 45 years old
having watched the entire runup from the
sidelines. House hacking is one of the
most powerful tools on the table. That
could mean buying a duplex, a triplex,
or a forplex, living in one unit and
renting out the others. It could mean
buying a normal house and renting rooms,
the basement or an ADU. Is it glamorous?
No, it is not. Does it radically change
the math of your mortgage? Yes, that it
does. If prices are insane where you
live, you don't have to go it alone. You
can co-y a place with someone you trust,
a sibling, a friend, a business partner,
whatever. Treat it like what it is, a
small business. Put the expectations in
writing. Who lives there? Who has what
rooms? Who pays what? How do you exit?
In a tough market, you've got to be
willing to do deals if you want a result
that most people just can't get. If even
that's out of reach, scale down the unit
size, not your ambition. Try fractional
ownership or a small position in a
solid, well-vetted REIT. They're decent
entry points. You can't live in them,
but they get you into assets, expose you
to the housing market, and may help you
make better decisions when you're ready
to buy a place of your own. If you're
more advanced, you might also want to
consider land. Now, land is essentially
a longdated call option on the future.
May not cash flow today, but if the area
does wake up and people start flooding
in, that asymmetric upside can be worth
a lot of money. But this is very
speculative, so be very careful. Step
three, get into position for distressed
opportunities. Every cycle has moments
where the crowd panics. Credit tightens,
headlines scream, people who stretch too
far get forced to sell. Regions that
were untouchable suddenly correct 20,
30, 40%. It has happened many times
before and we will see it again. And in
that moment, whoever has the ability to
buy is going to be the one that walks
away with massive upside. You never know
when this is actually going to happen,
though. So, make sure you take the time
now to figure out in advance what a real
deal looks like for you. What markets
are you interested in? What price range?
What kind of condition? The more you
know ahead of time, the more likely
you're going to be to recognize a deal
when you see it. Knowledge is so
powerful. Step four, lobby your local
politicians to end nimism. Nimism simply
stands for not in my backyard. For all
the reasons we have discussed, the real
goal should be policy change so that
homes are more affordable, inflation is
zero. Yes, zero. And people can simply
save their money to get ahead. That's
how the world should work. I cannot
believe that that's controversial. It
is. It may be the most controversial
thing I say in this video, but people
should just be able to save their money.
But sadly, odds of that are extremely
low without there first being much more
pain and suffering. So your primary
focus right now should be one through
three. But boy oh boy, in your spare
time, let your politicians know how you
feel. You want more housing to be built.
You want to see the middle class thrive.
All right, here's the through line in
all of this. You don't control
Washington. You don't control the Fed.
You don't control boomers, Wall Street,
or zoning boards, but you control you.
You control your own behavior. You
control whether you stay in cash while
inflation eats you alive or whether you
start steadily accumulating assets. You
do not need permission to invest and you
don't need a ton of money. You just need
to know your options and get creative.
You don't need perfect timing. You need
clarity and an understanding of how the
economy works. Money aderes to something
akin to physics. The more you understand
about it all, the more likely you are to
be able to capitalize on opportunities
and avoid being slaughtered by bad
government policy. You're not going to
end up financially well off by accident.
I am sad to report. But you absolutely
can get there by understanding how the
game is rigged. it is rigged and how you
can still play it well despite the fact
that it's rigged, but you can still play
it well. I look forward to seeing you
guys on the mountaintop, no matter what
happens next in the economy. All right,
if you want to see me explore topics
like this in real time, be sure to join
me live Wednesdays and Fridays at 6:00
a.m. Pacific on YouTube, X, Twitch, or
Kick. You can join the debate or just
chill in the community. Hope to see you
there. Till next time, my friends, be
legendary. Take care. peace. If you like
this conversation, check out this
episode to learn more. In just 18
months, over $3.3 trillion has flooded
into AI link companies. That's more than
the entire market cap of Germany. Today,
five AI adjacent companies alone
represent over