Antonio Gracias

I think it's kind of 10% of the budget is probably fraud. I think it might be low, actually. So you're talking about $650 billion, a trillion in waste. I think that's probably about right. That alone fixes the problem.

The bond markets were going up. The bond bond was going up a lot because people believe that you couldn't stop spending, creating inflation. You see those trading down now as DOGE is starting to take effect. People see it's real.

we literally have a rule here, government payor in those areas, if it's more than like a third of the business, we don't do it. And in the services space, this is why we found continuous fraud in the companies we're looking at investing in.

I think it, for a different reason, is that we don't have an industrial policy in America. Many of our strategic competitors around the world, in particular China, have a long-term industrial policy, and they put enormous amounts of capital behind the industrial policy. A sovereign wealth fund, I think, would be a stealthy way to create industrial policy in America.

people are waking up that return on invested capital and data centers will matter, that the models are basic commodities and super competitive. In the best case, it's kind of a land war in Asia, it's a melee. In the worst case, it's just total commodities.

So I don't think it's over done and blown. I think this is going to be, as you guys have said before in the podcast, bigger than Industrial Revolution, but it's also true that you'd need to have a good ROIC.

What I think is going to happen is that you will have job loss, but the amount of productivity that will be released in the US economy is going to be extraordinary.

how much do you think really long term when the long term studies are out is going to be that it was the drug or just that being obese is very bad for you?