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Jeremy Josse

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2026-06-25
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2026-06-25
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  1. We could have from now on the hottest twelve months from now to this time next year that we have ever had in history. Here, there and every

    2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT

  2. Going back to question one or two, the billionaire bit, sometime around the end of this year we will actually have written checks for a billion dollars to the climate change world.

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  3. That's exactly what history looks like. Have the courage to look at that, make your own conclusion, get out of the most dangerous part, and do it now. Don't wait for help because no help is coming. Large enterprises almost never get the big turning points because they can't take the career risk involved. And every big corporation needs a leader who has political skills. And the central political skill in life turns out to be never be wrong on your own. This is, again, Keynes. You know, you can be wrong in company. You can jump off the cliff together. You will never lose your job because of that. But if you do anything on your own, sooner or later you will get it wrong. And quote, you will not receive much mercy.

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  4. And be more confident in your judgment. Big companies cannot advise you. It's just suicidal for their business. So you are on your own. Look at the data. A bubble is not hard to see. There is this kind of plane, and then there's a Himalayan peak, which eventually goes back.

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  5. People who have an interest in the stock market, it has a little bit of climate change and toxicity. My co-writer is a professional and he tried to limit me quite sensibly, feeling that our main market was investors who would be turned off by too much of the stuff we've been talking about.

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  6. There was a book written in the 1960s called Silent Spring. Calf Carson, I think her name was. And it changed for quite a number of years. It did what books never do really. It became a political monster and everyone studied it and it had an effect. It changed the game. I would like to write something about Toxicity and social contract, really, particularly nurturing a family. We've got to find in the end a community that encourages children. The downside of the brutally efficient capitalist system that we have, it's focus on Financial achievement and so on. And very little emphasis on community and child rearing and so on. If we don't, we fail as a society pretty quickly. We have to detoxify. We have to encourage To create an environment where people want to have children

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  7. If they'll have you, I No In the things that really matter, life expectancy, health. Safety nets, murder rates, mortality rates. And everything that really matters, yes, day and night better. And the things that don't really matter but look really splashy, we have enormous quantities of wealth created that go to a relatively small fraction of the people. And that dazzles in terms of the average because That's how the numbers work. If you look at how well off the bottom quartile are, America doesn't score well at all.

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  8. More or less the richest in the world. It's not just that they're the worst in the rich world, it's that they are fifty percent worse than the next worth, fifty percent more mothers die here than in the second worst country in the developed world. How is that possible? The answer is it happens. And it's because the inequality is so extreme in the medical system that if you don't have lots of money, you're quite likely to die in childbirth. Of course, the numbers are not huge. 20 out of 100,000 is not, but it's a terrible contrast.

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  9. And that's a lonely place to be. And when you're in trouble, you're in... Serious trouble because the safety net here is very ineffective. There's a measure that I think is probably the single most important measure of civilization, and that is maternal mortality. How many people die in Chave? You know, in Nigeria out of 100,000, it's 480, give or take. And in America, in the black population, it's 44. In the whole population, it's like 21 or 20. Curiously in the American Asian population is 13. And then you go down the list. In Britain, it's Germany is four, in Sweden it's two point one, in Norway it's zero. There were no mothers who died last year. the year before What better definition of civilization than looking after the mother's giving birth? How is it possible that a country would have

    2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT

  10. I think the case here is that people are doing what they think is best for them and their family and screw everybody else, really. When I arrived in America, corporations had this sense that they owed something to the community they operated in, the city they operated in. They build the stadium, they'd do this, they'd be part of the community. Now that not they're all In a way, cold blooded profit maximizing international enterprises.

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  11. Means an agreement that I will behave in a way that helps my neighbours and society that I'm doing what people expect me to do. I'm not going to misbehave.

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  12. It holds out too much chance that the social contractors is dissolving. You know, the thing about Japan and my joking rule twenty one and investing is never extrapolated from the Japanese. They are extremely different in every way. But one of the ways they're different is they have this amazing social contract. The thing that really upsets the Japanese is if they're put in a position where they can't act in a socially responsible way.

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  13. your life as if times will not be easy. Do not build up a little reserve of cash. Of course, my advice to... Other people and get yourself a useful job, something that will, in a larger sense, pull your weight in society.

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  14. I think they have to brace themselves for tougher times ahead than they would have expected, and they're beginning to get the point. Life for the last ten or twenty years has been tougher than they perhaps expected as children, or than other people expected for them. Part of that is politics. Part of that is equality. But the net effect to them is times are tougher. It is more difficult to buy a house or afford to rent, and jobs are getting scarcer, it's likely to get worse.

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  15. Fertile soil and two point one healthy well educated children. Without any of those society fails. All of them have to be treated as group responsibility. So the whole society, the whole village has to be in a way like a kibbutz eventually. You have to put everything behind making it doable to have children because the long list of economic and social reasons as well as toxic reasoners why people can't have 2.1 children is getting so long and so dangerous and nothing yet has worked. I mean they've tried you tell me 200 different things around the world. Several percentage points of GDP in one or two cases and nothing yet has seem a permanent uptick in baby production.

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  16. Couple. If you have less than 2.1 per couple, you fairly rapidly go out of business. If you have more than two point one, you fairly rapidly end up with so many people you're standing on each other's shoulder. The commons are things like common land in the old days. Anyone could put their sheep on. And what tended to happen is everyone put more sheep than they could stand. Pretty soon it had no grass on it, known as the tragedy of the commons. We all need Clean water

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  17. Turn our capitalist, societal norms into much more family friendly, children friendly. Over the next several generations, we have to end up with a society that realizes that two point one healthy, well-educated children is a part of the commons. You may not have any children, would you?

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  18. If you'll allow me to go back, you asked an important question. What do we have to do? And I said we have to detoxify the system and then we both got off into this friendly attacking chemicals, which we should. Anyway, but it's intellectually easy. Ban the suckers. Putting pressure on the corporations to back off so the governments can do it. Would be a good idea, not easy. Corporations have enormous power, unprecedented power in the US, but very substantial power in the EU and the UK also. But we have to get them to back off. We have to start banning these damn things. Otherwise, no children. But secondly, and much more difficult. Is we have to detoxify capitalism. We have to slowly but surely.

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  19. For women, you know, you're talking about in particular because of the eggs, they are, every egg is all there in the womb. And then it goes on to your grandchildren, we thought. At least we could prove two generations. And a recent study suggests it might be many more generations than two. So you get some of these chemicals impregnated in your system and your children pay the price and your grandchildren and perhaps even quite a few generations after that.

    2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT

  20. You know, addressing the hundred things around in your environment, you have to get to that. Typically, if you're lucky, you do one thing after another. You get the gas stove first, which is really noxious, and then you work your way, the black plastics, the Teflon frying pan. You work your way around it. Compared to that No cosmetics, no bad fruit. Or make it organic that's a piece of cake, that is easy, it will save you huge amount that you will never appreciate because you'll never know how much better your children are than they would have been. But it's not only your children, by the way,

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  21. Simple advice, and I know you like this, is pregnant women are much more important than anybody else in this field. If you could persuade pregnant women, A, to have no cosmetics, save a lot of money, no cosmetics for nine months, and then B, invest some of that money from your cosmetics or all of it in buying organic berries if you have to have berries, apples, oranges, peaches, what they call the dirty dozen here. If you did that, I think as much as half of all the trouble disappears. And that's a huge fraction and it's easily acquired.

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  22. And what we really need is a kind of green Amazon where everything is guaranteed food, bedclothes, everything. And that would be very handy indeed, someone you could trust that would absolutely guarantee the whole line of products that you would order. Not impossible, and I think done well someone could make money at it.

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  23. It does, and it's the only rich country in the world where fifteen years ago they had the same life expectancy as they have today.

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  24. Let us just say that the EU is forever giving exemptions and extensions and is far from perfect and has a lot of corporate pushback. And it's just much less bad than the US.

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  25. Shorter lives. Do you know the life expectancy difference between the US and Sweden has gone from two years to six years in the last seventy years? I wrote in my courtly letter My estate would be willing to bet you that in fifty years it will be eight or ten.

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  26. We have two things. We've got to detoxify the world, which is intellectually easy. You ban poisonous chemicals. And we've made in the EU pretty good start. My favorite example and everybody's favorite example is cosmetics. Cosmetics, you don't actually eat it, but you rub it on your skin, which is the second worst thing to do. And there are 10,000 chemicals in cosmetics. And the EU has banned 1,500. If they ban the right 1500, that could be three-quarters of the battle, right? Canada's banned 550, and the US has banned 12. I am not kidding you. So the good thing about toxicity is it is regional. If one country, if Denmark or the EU or the UK wants to look after its chemicals, they will live longer and have better health. If the US wants to put their corporations first, they will have

    2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT

  27. We don't want to talk about it. We don't want to talk about bear markets. We don't want to talk. About bad climate changes, even though it's bludgeoning us, this year could be the worst Hot year in history. We are set up because of the accident of the El Nino to have perhaps the worst routes and the hottest weather ever recorded, starting about now. So brace yourselves. But we don't want to talk about that. We don't want to talk about toxicity. We don't want to talk about running out of resources. We just don't do bad news. But I have never seen anything like this fertility thing, where the data is horrific. The baby bust is measurable. The sperm count is one of the few things you can really measure. Do they really think if you have declining sperm count? The future is great. Do they really think that the economy will function if the number of 20-year-olds entering the market starts to drop like a stone? In Japan, you know what their 20-year-old is? It's 50% of what it was in 1948.

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  28. And you think about what the fetus is plugged into the system and how it's forming everything, it doesn't seem the most unreasonable thing that it would be much more sensitive. And there are people out there fussing quite reasonably about the first thousand days of life. But actually, that is nothing like as important as the two hundred seventy days in the womb.

    2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT

  29. Because pesticides are full of these toxins, and they are delivered straight into your body. You eat the damn things. It's not just they're on the surface you can wash some of that away, but they're impregnated part of the structure of the berry. Berries Apple's pads, peaches, and funnily spinach are really bad. And at the top end, the bananas and the oranges and the melons are fine. So if you eat these damn things, they're designed to kill our cousins, the insects, and the weeds and the funguses. Why would you expect them not to do a terrible job on humans? And we stuff them in our system. And the fetus, it turns out, is 100 to 1,000 times more vulnerable than we are out in the world. For example, if your mother smokes, it's going to do about the same damage as if you smoked for the rest of your life.

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  30. The guys who reported to eat the least bad versus the quarter that ate the worst, there was a doubling of sperm count. Can you believe it? At the top category, the more fruit and veggies you at, the better your sperm count in the bottom quartile, the more they at the worse at sperm count. It was a dramatic result, but two to one between the top and the bottom. Two years later, they did a very similar study with women who were having trouble. And at the end of their nine months of self-reporting, the ones who ate the least badly had 68% successful live births, bearing in mind this was a fertility clinic, and the bottom quartile thirty eight percent. So once again, nearly double. I mean, and it's life and death. I mean, these are really important. And this was only based on what they had.

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  31. Yes, and of course smoking you somehow slipped through the net. But there is a whole other branch, pesticides on your food. Now, if you'll give me time, I'll tell you about these two little studies. They're very small and you might ignore them except they were done by Harvard and Mass General, which is candidate for the best hospital in America. And they had a clinic for people having problem getting pregnant. And they out of that. They had 180 men. And they got them to self-report on what they were eating. Were they eating the dirty dozen? Were they eating melons and bananas that have lots of protection? At the end of six months,

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  32. Shano would say the environment around you of mainly plastics. Plastics are leaching toxins and the particles of plastics you have in your brain and in your body, which we now know as quite substantial, are also leaching toxins. And these toxins are what they call endocrine disruptors. They mess with your hormones You should expect them to lower your fertility, and yet the people who specialize in fertility problems and write books about it, none of them mention toxicity. They mention the hundred perfectly solid reasons why people are choosing to have fewer children.

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  33. A few of them will still have plenty, and maybe ten percent who are really perfectly in decent condition, because there's a huge distribution range today. There are people today who still have 200 million, better than the hunter-gatherers. But it's.

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  34. And now the world health says it's about 17%. 17% of young couples could use some help today, which means that instead of just trying for a week or two or three or four or five or six, you're trying for months and months. And everybody knows people now who fall in that category, which is exactly what you would expect if you've gone from zero to 17%. But this is the killer. Shana Swan and my colleague and I kind of thought about this thing separately and independently and we worked out doesn't take a great brain that in 20 to 25 years the average young couple will need help. I mean this is tomorrow. This is not 200 years from now. In 20 to 25 years the average young couple will need help getting pregnant.

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  35. As far as we can tell, our best guess is that in Hunter Gatherer days we had one hundred eighty million units per milliliter of sperm. And when the academics came in in 1970, it was down to about 100. And today it's 35. Also the quality and the motility, they call it, had also declined somewhat similarly. It turns out, luckily for us, that we were over-engineered, I like to say like a great Victorian bridge. Nature doesn't take any risks and you have more than you need. And it appears, again, a good guess is about 45 million units is what you need to be able to get pregnant without any difficulty. And that was hit about 15 to 20 years ago. The number of young couples who needed help fifteen or twenty years ago was Mill, basically. And for this reason, that none of them had a chronic lack of sperm calf in round numbers.

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  36. planet that was no longer conducive to humans. We noticed that some of the same effects are felt by humans. And a report came out, Sean and Swann and Haggai Levine, I think it finished in 2011, and it made the case that sperm count had been dropping, had almost halved since the first reports, academic reports in 1970. So I immediately said this has the feeling of something that is really important. We got to study the data and the results came out suggesting that the decline rate was accelerating. The decline rate this year is two and a half percent a year. You don't have to be mathematically that literate to realize that a 2.5% decline in your sperm count every year is a disastrous level, a non-sustainable level, right?

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  37. In the last 60, 70 years. And EO Wilson, the famous ant man, he believed that, you know, nature could handle the loss of humans easily, effortlessly, but it could not handle the loss of insects. That insects are, in a sense, he felt, and his fellow experts, he represented them as thinking the same way, that the insects are the bedrock of nature. And if they start to go out of business, then the birds who feed on them and the amphibians, they start to decline, which they have done also catastrophically. One thing leads to another and the beetles are no longer a recycling the forest floor, and eventually things won't grow, and no one to fertilize the plants and the damage spreads. And we would inherit a

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  38. Well Starting twenty seven years ago with the foundation, we were committed to start thinking about everything to do with climate. And you're moving in the right circle then because the next thing is we started to worry about the cataclysmic decline in insects. I don't know if you're aware of this, but insects appear to have dropped in biomass. The weight of the flying insects by 50 to 75 percent.

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  39. Oh, if people can't afford it, there's no one bidding. And by the way, the population is going to decline. Young family formations are already declining in. Many of the richer countries. And if you have family formations declining and you have super expensive houses, what do you think is going to happen? Now, you could say, well, perhaps there will be a mysterious increase in family formations and that the chronic baby bust that we maybe will talk about soon will stop.

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  40. It's hard to imagine how it could be a good decision. When such an increasing fraction of people who can't afford it. And there is a political resistance.

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  41. In the distant future, yes, it will certainly go to zero, but it may take a long time. And, you know, in the distant future, everything goes to zero.

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  42. I think An unnecessary piece of Nonsense It facilitates nothing except criminals moving money. So they can't be seen. not a store of value since it bounces around all over the place, just down from 120 to 60, because it felt like it. So it's not stable, it's volatile as hell, it's not used conveniently as a medium of exchange. You can't go into a shop and use it easily. It does one thing very, very well. It's a means of speculating beautifully.

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  43. And Keynes, of course, my hero, says, Of course that's Extrapolation is the convention you adopt even though you know from personal experience that the world is not that way.

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  44. Margins times 35 times earnest. They double count it in the worst way. When times are good, you multiply it by a lot. That's another way of saying you extrapolate it into the distant future.

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  45. And try and look at where the cycle has been. And I can tell you, and you can see it for yourself, there has been an enormous cycle in favor of the S&P, in favor of the American market over the rest of the world. And do you think America is going to keep on gaining on the rest of the world? And of course, you're going to say yes now because that's the flavor of this market. We think that what is good today will continue being good indefinitely, even though history tells you that it's absolutely not the case. We live in a world that tends to rotate from one to the other. We believe in a world that extrapolates today's conditions. And you can easily prove that. The stock market is not efficient. The stock market extrapolates today's conditions. If they are terrible in 1982, they will take crushed earnings and multiply it by seven time zarnings. And then in 2000, peak profit

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  46. Of course they do. They've been completely dominant for 20 years, completely kicking ass around the rest of the world. And then in the last 12 months, emerging markets is up 65%. Now, the S&P has done much better than I would have guessed, but it's only 25. That's a lot less than 65.

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  47. For like 60% of your money and then 5 or 10% in precious metals and If it's convenient and sensible, hold a bit of real estate, and the rest I'd put in bonds.

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  48. Work hard and think outside the box. I mean, I think the biggest deficiency of most people is that they feel constrained to play the game by the regular rules and to believe that experts and authorities know what they're doing. And as you know, probably, it just ain't so.

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  49. Think the simple appeal would be to get your tail into AI and try and be a leader, try and know more about everything in that area than the next guy? a leading firm and go for broke. You may end up encouraging. Destruction of the human species, but you asked a simple question, and I give you what I think is a simple answer.

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  50. I think everyone says, yes, I mean, how did one get a net worth by? I work and luck and Creativity, all those good things?

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