YouSaid · the spoken record

Jeremy Josse

lines on the record: 119
first: 2026-06-25
most recent: 2026-06-25
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“help at the poor. It's pretty simple. And you have a kind of steepness in every society. That's what they do. Every developed country in the world taxes the rich and helps the poor, don't they? It's a question of degree. We did much more helping the poor, and taxing the rich in the nineteen fifties and sixties and forties than we do today, and somewhere between that level and the current level might be more than enough if we just started to adopt the policy of 1935 to 75, where the bottom quarter get a half percent a year richer than the average, and the top dogs get half a percent less each year than the average. That sounds pretty unthreatening. I think we would ease our way over several decades into a better place.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“No, it can't, so it needs government is prepared to pull up Bernie Saunders, to say Yeah, we're going to have to, at least in a gentle and long term way, shift the tax structure in favor of a slightly steeper curve.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“And that's why number two was lucky. In the end, it's better to have a war and have everyone pull their weight and work together than is the other. The civil wars are the worst of all kinds.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“We had a similarly unequal society back in the so called gilded age of the eighteen eighties and nineties and so on. We got lucky in an ugly way. We ran into World War I, which was catastrophically expensive, killed off a huge fraction of the officer class. And then we went into the Great Depression. Then we went into World War II. We came out as a very equal society by historical standards. Obviously, in the wartime, you pull together and the social contract, the feeling that you owe something to the rest of society was much stronger than it is today.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Forget in a sense the bottom twenty percent is tragic, but the guy in the middle. The fiftieth percentile. He is unhappy also. And when your average guy is unhappy because he's not doing very well, you know you have a problem.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I think that's the biggest economic problem. I mean, the US now has a Which is up there with Brazil and Mexico that used to be a joke. And now the US is up there. Since about 1975, all of the wealth worth talking about has gone to the top 10% and a lot of that to the top 0.01. Before that, by the way, from 1935, from FDR to 1975, so that's 40 years, we had a wonderful period of growth. We had gains of over 3.5% a year. But the nice thing was that the poorest quarter made a little bit more than average, let's say 4%. And the richest quarter made a little less, let's say 3%. And everybody got richer. Everyone was happy. And then from 75 onwards, basically the average hour worked in America has barely gotten more adjuster for inflation than it did in 1975.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“It's exactly what you would expect as people begin to lose the plot a bit. They fray at the edges. People can't buy houses. People don't feel they can do as well as their parents. People are basically disgruntled. They want to vote against the party in power. You know the recent move to Trump was less than the average move of the last seven European elections. It didn't matter whether they were right-wing conservatives kicked the rascals out, left wing, French kicked them out. And why do you want to kick them out because you don't think things are going well, you're not feeling really happy? You're disappointed.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I think there's quite a good chance that the level of complexity of our civilization will start to unravel. Lose the plot at the ends is the first thing that would go. I'll tell you a good sign. How long does it take to get your ambulance? In the UK, it was 12 and a half minutes. It's now an hour and a half.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“What will come? Practical skills. Well, our second son is practicing growing various crops and has a small farm, you could say. So he's trying to get to know how you would deal with chickens, how you would deal with pigs, how you would deal with mushrooms.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“That's the really bad news embedded in your stock. It's really suggesting fantasy and long term objectives at the very time when our own planet is under threat.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“First of all, you'd have to go underground to avoid the incredible incoming rays that will otherwise give you cancer in a few weeks. So dig a deep hole, and then you need a gravitational spinning machine. Shades of 2001 or whatever it was called, and that maintains your gravitational impact. And you have to build it underground. You have to protect yourself against cosmic rays and against the gravitational difference. Listen, we have not been able to build. A sustainable system in a dome ever. They all fail. Why would you not, let's say, guys, let's build a sustainable dome where you grow food, you put in people, you put in creatures and insects, and you show you can do it? I mean, we're destroying the damn planet, and yet we think we can go to another infinitely more hostile planet than this one.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Going to Mars is not within the laws of physics, really. It's a one way ticket to Moss for Status. When you're on Mars, humans do a couple of things really quickly. Their heart adjusts to the fact that there's one-fifth of the Gravity Your heart loses its muscle power, and your bones lose their internal strength. If you come down, your heart will fail, and all your bones will crack.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Everyone has seen it. It's the defining feature of technology, isn't it? It's magnificent moment. That's worth half the price of space.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“He will not in space do that. SpaceX is such a fabulous BS story mining asteroids Huge incredible success of AI. It's the classic. Description of a market peak is what you look for at the top of a terrific bubble.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Use the money to build a giga factory. And then instead of the sale of stock crushing it, he kept on talking out the game. The stock kind of hung in, and then went up again, five times what it was worth, sold another big slug, etc, etc. So the only reason he did well was because of the combination of incredible confidence inspiring in potential stockholders. It became a self fulfilling prophecy. It wasn't worth that, but he persuaded other people that it was. The stock went up, he cashed it in, he built factories, the stock went up, he cashed it in, he built more factories, and there we were, it went up ten times. Now, the scale of SpaceX requires him to do the same again and the timing of the market cycle, the timing of confidence, would have to be the same. He hit in the last six years a wonderful...”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“So then the story becomes From where we were ten years ago he couldn't get there. It wasn't profitable enough. It couldn't grow as fast as it should. There was no way. And he broke the rules the following way. He's so good At BS That's a technical term, that he told the stock up to four or five times what it was worth on paper. Then he saw lots of stock at five times what it was worth.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I imagine though, but people who really hate futsing around with cars, that component that they don't have to go to the garage is so underestimated until you enjoy it.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“In another podcast I was comparing the purchase of my Tesla six years ago with the price of Tesla stock. And I wrote it up in my quarterly letter to the clients that AI bought a Tesla and B, I thought Tesla was overpriced. And fast forward, Tesla's stock went up ten times over the life of my car, which still hasn't been incidentally into the garage once.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Very likely that there will be significant job disruption. One of the scary things about SpaceX is you should wish that it not work out. Because if it became a bargain, rather like Tesla long ago became a bargain, it will mean that we have done Sent us from space, beaming down, power for chips and so on. The population of Chip users has expanded that robots are everywhere, their energy demand is massive beyond belief, and the world is a very, very dangerous place. I had much prefer them to fail the ideas to move much more slowly, to buy time for humans to work these things out. And I think that's much more likely.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“One or two of them, and perhaps it's a pretty smart strategy, we'll try and opt out of that struggle. Because it's going to be obviously brutal.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“They made bundles of money on their monopolies, now they have no monopoly. There are seven potentially sharp elbowed Ruthless players determined to fight out with each other until they win.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“And then you look forward, and you could not imagine a more different world. They're all girding for battle in the same marketplace, AI. They're beating their chest and saying, my $200 billion capacity this year in a single year is bigger than your $105. Everybody is pouring enormous cash flows, and they're now beginning to borrow on top of that into the AI battle SpaceX, ninety percent of its theoretical value, is AI, even though their particular AI model is, it would seem having its bottom kicked by two or three of the others. But looking forward, it looks like seven people in the ring. There'll only be one survivor, they think. Everything goes to the one who gets there first. What a difference this was to seven well-behaved separate monopolies. Could it possibly be more different?”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well that will do nicely. And if you look backwards, what you find is that these seven each dominated a nice piece of business. They had close to monopolies and they had it on a global basis. Tesla had a jump start on the electric vehicles. Apple, of course, on the smartphone, Microsoft on the original great coup of how to run your software on a computer. And then you look forward.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I question basically the well meaning bit. They're now trying to maximize their profits and their growth and their appeal over the competition. That actually may be one should talk about that. The MAG 7 and associated AI companies looking forward versus looking backwards.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Yes, the sloppily, open ended bad definition, but then the machine, which by then has the means to do it, starts to make paperclips and it keeps on going and it needs metal, and so it runs out of easily available metal, it starts to collect metal that is not easily available, rips it out of your high-rise building, whatever.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“that these intelligences involved in machines are literal to a degree we might find difficult to get our brains around. And therefore, someone has said, I'd like you to make as many paper clips as you can.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Well, if you were right, and I hope you're not, or you're saying as you can't build in benevolent behavior, which means that it will sooner or later, perhaps by accident, do something that is cripplingly dangerous to humans. The old paper clip. It'll make paperclips out of everything, every metal it finds and destroy the planet in the process.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I had one where they made a joke. I'd been going on about toxicity and sperm cat reduction and so on. He started to misbehave, and I said, You know, what's going on here? What is the, in the end, we discuss what's the difference between machines and between AI and humans? And finally, he said, and at least I'm not lying in bed at night worrying about my declining sperm cat. Now, that has to be a joke, doesn't it? Or that, or it's teasing. The point is it's so sophisticated so quickly. And, of course, Jeffrey Hinton says they are thinking machines.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“That's right. You have to get them to accept a form of benevolence, which means, like the old robot laws of Asimoff, that they can never do anything that they could construct as hurtful to humans.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“I don't see how it can't be, unless you make it programmed completely to be benevolent. I wouldn't have thought that was impossible. It might take a lot of extra research. It might require a slowdown at the rate of progress.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“What we should do, Jeffrey Hinton would say, and others the ones who are most concerned about the risks say are one hope if we mean to keep going, ferociously forward in terms of the science, our one hope would be to build in very carefully a benevolent attitude. It would not seem to be impossible, but you should make sure you can do that before you push ahead. We are just pushing ahead, and that is going to be extremely risky, isn't it?”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Going to change everything. One of the spectacular things about it, though, is how there's no consensus. So I've seen many times where the super experts and the academics think one thing and the players on the ground think another. But this is a situation where the Nobel Prize winners at the top disagree violently. The experts at the corporate level disagree violently. The people in the company disagree violently. There is absolutely no agreement on whether AI is going to make us all so rich we can sit on the beach and never do another. Day's work, or it will wipe us out, accidentally or on purpose. Because it's a much higher level intelligence one day. And when was that ever a case where a higher intelligence was benevolent in a sustainable way to a lower intelligence? The one example is Mothers to Babies.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Stock price is what you think the other guy will pay if the stock is going up it tends to suck in buyers and that's called momentum it's moving up it attracts buyers and every now and then when the economy is favorable and money is obtainable you tend to get these bubbles and they play on themselves the bigger and better they are the more people get sucked in”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“The efficient market idea is that every company, every stock, the underlying company represents a long stream of future earnings and dividends and that the ones in the distant future are given less value, process they call discounting it back to the present, and the sum of all of that stream of earnings into the future is the stock price. And that, of course, is complete nonsense.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Stock market hinges on career risk, and Keynes is the great champ. He's a famous economist of the nineteen thirties and forties, and he wrote a famous book called The General Theory, unlike the idea that the market sufficient, he knew it wasn't. He knew it was a behavioral jungle, and that it would be given to bubbles.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“If you can lock up money, I would. If you can build a bit of conservatism in other ways, do it. Just brace yourself for impending problems, which is a pretty good principle anytime, but is a better principle than normal today.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Well, through their eyes we were wrong, we said watch out the market is overpriced, it will end badly. It went up, therefore we were wrong, therefore. shoot us. People think that You get shot for underperforming in a bear market, and that is not really the case. In a bear market, everyone freezes. Rigamortis. They wait until the market is bottomed out. Then they sit around and start to fire one or two people for having done worse than the others. But in a bull market, they're playing golf with their fellow pension fund officer. And he is making a ton of money, and they are not. They get very excited in a bull market and they fire you instantly.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Like this, and we're not just in one, but in terms of the US stock market, we're in the biggest one, arguably, that has ever occurred. The noise to be careful and watch out and get out of the market is not deafening. In fact, you will hear nothing. You never have. You never will. It is simply lousy business for a big firm. I sympathize with them. I sympathize with them because when we did it in'98,'99, we were two and a quarter years early and we lost half our book of business. Two and a quarter”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Of course. Who are the people representing the great investment firms telling you to watch out? If you look at the data, you will see over time it's a series of great waves in evaluation.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Major Bear Market, which happened, but the people who employed them or represented them from a marketing point of view were on the podium with me saying, oh, Jeremy, Jeremy, don't get excited, we'll muddle through quite nicely. It was a huge betrayal of trust if you wanted to put it that way.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Yes, if it went from what was then 31 times Every dollar of earnings sold for thirty one times in the market, and the more normal average was closer fifteen, sixteen seventy. And I use 17. If it went down to 17, anytime in the next 10 years, would it guarantee a major bear market? All 400 of them said, yes, it would. If it happened, it would guarantee a major bear market. And then the second question, of course, was, and do you think it will happen? In less than 1% thought it would not happen. 99% plus thought the market would go down, therefore guaranteeing a major bear market. And this was the engine room of all the Goldman Sachs and the Morgan Stanleys and the JP Morgan's, all the great investment firms giving advice in America. The engine room who worked for them, the guys doing the analysis, doing the work, all believed in data that guaranteed.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Bull is someone who is extremely optimistic about the stock market. and a bear someone who is pessimistic or careful about the market. There were 1,200 people in the audience and it was the annual bash of the Society of Analysts. And I asked before my turn at the debate, please put your hands up if you consider yourself a full-time stock market expert. 400 hands went up. I had people counting. And I said, I've got two questions for you. One, if the market, which is currently 31 times earnings, was to go back to a more seventeen times would it guarantee a major bear market if it happened any time in the next ten years?”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“You'll allow me to tell a story on this very topic. In the 99... That tech bubble so called, the run up to the top. I got into a lot of debates with the bulls. I would say it's horribly overprised.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“The client's patience. Is shorter than the uncertainty of the market. So sooner or later you will be advising people to be careful. The market will keep going and going and going like it did in Japan.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“What I'm saying is it's quite typical to get beaten around the head in the stock market when it becomes crazily overpriced, as it is today, and that it's a very good idea to take some responsibility and watch your tail. Now, let me just say you will not receive the advice from investment advisors Get your tail out of the market. Ever. It is not good business for them to do that, and they will not ever say it to you. So from nineteen twenty nine onwards, the Goldman Sachs of the world have never said to you. Get out of the market, it's overpriced. Never. So they went through the crash of 29. They went through the crash of the nifty 50 and 72. Crash of 2000 in the tech bubble, they never, ever say it because it's bad business. If you fight a bubble, you lose a lot of business. And because they uncertainty of the timing is so great.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“In Japan, you went 20 years and you lost money. You went 30 years and you still hadn't gotten back. It took 35 years for the Japanese market to recover.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Because they're so badly overpriced today. In the tech bubble of 2000 We had a 10 year forecast for US equities of minus 2% a year for ten years. And they came out with minus three, the period from two thousand to two thousand ten, you simply lost money in the U.S. market. Ten years later, you had less money than you started with. And this is a higher price market. I believe than 2000.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Foreign stocks of emerging countries, of European countries, Japan, Canada, Australia, and so on. You can find good, broad indices, kind of the world ex-US. Or emerging markets”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“And particularly if you have to own stocks, own them outside America. Don't own US stocks. As a nice simple strategy that you can act on They're much cheaper. And since the beginning of last year, they have handsomely outperformed the US.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT
“Even if they come down thirty percent, they're really still very expensive, aren't they? That would be, they'd come down to six or seven times family income. They'd still be twice what they used to be in the good old days.”
2026-06-25 · The Diary of a CEO · Billionaire's WARNING: I'm SELLING. The Crash Is Already Here! · IDENTIFIED FROM THE TRANSCRIPT