Aswath Damodaran

"Amazon probably has the broadest business that it can go after because it's a disruption machine... it is the company probably that has the greatest capacity to get to 10 trillion." Unlike Nvidia (pure chip play), Amazon's infrastructure and logistics allow it to disrupt multiple sectors simultaneously, giving it the highest total addressable market (TAM) ceiling among the Mag 7. Amazon is the most likely candidate to reach the next market cap milestone ($10T). Regulatory breakup or slowing AWS growth.

"I am holding back because the market is richly priced... holding back a little idle cash into US stocks... hanging out in T bills." With the Equity Risk Premium at ~4% and potential global economic transitions, the risk/reward favors holding a cash buffer (T-Bills) over full equity deployment. Maintain a cash buffer for optionality and protection. Market melt-up (missing out on gains).

"Gold prices are up almost 70%, silver price are up 150% [in 2025]... difficult phenomenon to explain unless you argue that there's a loss of trust." Investors are losing faith in central banks and government fiat management (institutional trust). This drives capital into non-sovereign stores of value, regardless of inflation rates. Momentum in precious metals is driven by a structural shift in sentiment (trust), not just inflation data. Restoration of faith in central bank policy or a deflationary crash.

"They become trophies for billionaires... As long as the number of billionaires exceeds the number of professional sports franchises, there's no correction coming." Valuation metrics (P/E, Cash Flow) are irrelevant for sports teams. They trade on scarcity value (Ego/Status). Publicly traded sports holding companies trade at discounts to private market "trophy" values. Long sports assets as they are immune to traditional valuation corrections. A global recession that significantly reduces the billionaire population.

"They become trophies for billionaires... As long as the number of billionaires exceeds the number of professional sports franchises, there's no correction coming." Valuation metrics (P/E, Cash Flow) are irrelevant for sports teams. They trade on scarcity value (Ego/Status). Publicly traded sports holding companies trade at discounts to private market "trophy" values. Long sports assets as they are immune to traditional valuation corrections. A global recession that significantly reduces the billionaire population.

"I am holding back because the market is richly priced... holding back a little idle cash into US stocks... hanging out in T bills." With the Equity Risk Premium at ~4% and potential global economic transitions, the risk/reward favors holding a cash buffer (T-Bills) over full equity deployment. Maintain a cash buffer for optionality and protection. Market melt-up (missing out on gains).

"Gold prices are up almost 70%, silver price are up 150% [in 2025]... difficult phenomenon to explain unless you argue that there's a loss of trust." Investors are losing faith in central banks and government fiat management (institutional trust). This drives capital into non-sovereign stores of value, regardless of inflation rates. Momentum in precious metals is driven by a structural shift in sentiment (trust), not just inflation data. Restoration of faith in central bank policy or a deflationary crash.