Jordi Visser says only 8 companies in the S&P 500 have potential returns that will be attractive going forward. "@pmarca made this comment two years ago...everything in the S&P 500 is basically 492 are bonds and 8 of them are call options...which is exactly what I believe." "Starting when AI took off, the 8 biggest companies became a mad race to dominate AI." "Larry Page said...'I'll bankrupt this company in the race to AGI." "Growth comes from a lack of government involvement. It comes from multiple expansion...we are starting to see the negatives from AI this year and it is only going to worsen from here." "If you go to Europe, the stock market has done nothing since 2007. If you go through emerging markets, the stock market has done nothing. If you go through most of the world...20 year period where you get less than inflation." "That has been happening if you are a loser to AI." "All companies are going to be disrupted if they can't reinvent themselves."