Not a fan of these doomer macro guests. They are in serious denial that this is no longer a value driven market like it was 20 years ago. The P/E’s of the 70’s aren’t relevant for todays market based on company fundamentals. They should know better.
Great episode so far. 34:00 -> this is a very optimistic view of Copilot's impact. Best-case right now is that you're improving productivity for competent engineers by 15-25%. You are not replacing engineers and you are not improving productivity by 50% anytime soon. The majority of software engineering is comprised of distilling business requirements into systems design. This requires business context knowledge that Copilot cannot have and discussions with the business that requires people to be present. Unless you're a junior engineer, writing the code is typically the "easy" part of the job - and when the code isn't "easy," Copilot generally has no context for how to help b/c you're solving new problems and OpenAI hasn't been able to train on the solutions.
missing the part where the juniors and incompetents are able to produce the same or near the same code quality as competent and senior engineers and are willing to accept $70k/yr for a job vs $150-200k. Where the shift of the thinking and systems design falls on fewer and fewer seniors, the code written by interns. i.e. why do I need competent engineers when juniors can do the same thing. (taking the business leadership view of it)
@@derikcallahan1869 "producing the same code quality" is not very useful if the engineer cannot explain which decisions they made and why they chose them. It also implies that these tools are able to consistently produce quality code, which they most certainly are not able to right now. This is the same fallacy encountered by leadership who pursue "no-code" solutions. That hypothetical business leadership is in for a rude awakening when there are prod defects and nobody who built the codebase can explain how it works concisely nor troubleshoot quickly. There will be certainly be short-term adjustments to reflect new tooling, but the current direction these tools are heading in only increase the value that strong engineers provide to the organization. This will not lead to decreased capex on engineering talent, just increased expectations on scope-of-impact and output
Great job getting David on the Compound. $88m with Cap App. For years, we've thought it would go the way of Bill Miller's Legg Mason Value, but no, it continues to hold up and outperform. Hoping Giroux has no plans to retire anytime soon.
Big longtime fan here. Even a fan of Batnick, haha. So Michael, your shirt and tie combo today hurts to look at. Oww!!! It's clownishly garish. Is it supposed to be a joke? Anyway, It's effin' awful. I'm considering watching this episode wearing a welder's helmet, just to ease the excruciating pain.
David's fund is a balanced fund. It would be more appropriate to compare it to an index with 65% stocks and 35% bonds. When you compare it to that index it blows it out of the water. It doesn't make sense to compare a stock/bond fund to a pure stock index
16:19 Legacy American Car companies have a ton of debt and the unions continue to suck the life out of them. Their debt is so high that they must continually produce cars (even if market demand wanes) , to generate revenue to service that debt.
In 2004 I came for the Boesel and stayed for the Giroux. I did sell PRWCX a dozen years ago in my taxable account and bought in my Roth. There it sets with the distributions reinvested.
Gj Josh Brown pushing back slightly when it comes to p/e and such also mentioning that banks changed last 20 years - you cant compare numbers 10, 20, 50 years back like an exact science, times change
Maybe i missed something here, David seems to shy away from "picked over" and high valuation stocks meanwhile so many of the stocks his portfolio have nose bleed PE multiples.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
This episode is sponsored by Themes ETFs. To learn more about their ETF offerings, visit: www.themesetfs.com/
Wow, I feel privileged every time I watch a video with someone like David Giroux.
Thank you for posting early, this helps so much !!! Wife’s away and I can watch it at work as it’s slower on Fridays !!! TCAF all day everyday baby!
Posting Friday AM! Amazing thanks!!! Now i can listen at work today
I have listened to David on Wealthtrack for years now. What an amazing amount of knowledge this man has. This is going to be a great episode 👍
He destroyed Michael constantly
Same!!
David Giroux is a fantastic guest ! Well Done !
Thanks for the early drop ! Excellent Show !!
This is FANTASTIC! Not a late day post. Thanks for this @TCAF!
Another great show guys! Looking forward to the next!
All the best!
thank you for uploading these earlier!!!
Keep it coming gentlemen
Davids an absolute heavy hitter. He might be one of a handful of stock pickers who can actually beat the market, huge respect to him
Woot wow first thing in the morning this Friday!
Josh looks so good in a Mahomes jersey!
Awesome show and guest!
tcaf early drop, i like it. go birds 🦅💚.
Great guest!
Not a fan of these doomer macro guests. They are in serious denial that this is no longer a value driven market like it was 20 years ago. The P/E’s of the 70’s aren’t relevant for todays market based on company fundamentals. They should know better.
No computer, for the win. Great guest.
I had some TRow funds in my profit sharing account and the fees were astronomical. 🤷♂️
Great episode so far. 34:00 -> this is a very optimistic view of Copilot's impact. Best-case right now is that you're improving productivity for competent engineers by 15-25%. You are not replacing engineers and you are not improving productivity by 50% anytime soon. The majority of software engineering is comprised of distilling business requirements into systems design. This requires business context knowledge that Copilot cannot have and discussions with the business that requires people to be present. Unless you're a junior engineer, writing the code is typically the "easy" part of the job - and when the code isn't "easy," Copilot generally has no context for how to help b/c you're solving new problems and OpenAI hasn't been able to train on the solutions.
missing the part where the juniors and incompetents are able to produce the same or near the same code quality as competent and senior engineers and are willing to accept $70k/yr for a job vs $150-200k. Where the shift of the thinking and systems design falls on fewer and fewer seniors, the code written by interns. i.e. why do I need competent engineers when juniors can do the same thing. (taking the business leadership view of it)
@@derikcallahan1869 "producing the same code quality" is not very useful if the engineer cannot explain which decisions they made and why they chose them. It also implies that these tools are able to consistently produce quality code, which they most certainly are not able to right now.
This is the same fallacy encountered by leadership who pursue "no-code" solutions. That hypothetical business leadership is in for a rude awakening when there are prod defects and nobody who built the codebase can explain how it works concisely nor troubleshoot quickly. There will be certainly be short-term adjustments to reflect new tooling, but the current direction these tools are heading in only increase the value that strong engineers provide to the organization. This will not lead to decreased capex on engineering talent, just increased expectations on scope-of-impact and output
its lit.
Early post. Let's goooooooooooo
Great job getting David on the Compound. $88m with Cap App. For years, we've thought it would go the way of Bill Miller's Legg Mason Value, but no, it continues to hold up and outperform. Hoping Giroux has no plans to retire anytime soon.
Batnicks drip, joking or not is diabolical
Big longtime fan here. Even a fan of Batnick, haha. So Michael, your shirt and tie combo today hurts to look at. Oww!!! It's clownishly garish. Is it supposed to be a joke? Anyway, It's effin' awful. I'm considering watching this episode wearing a welder's helmet, just to ease the excruciating pain.
LOVE EARLY POST FOR US BRITISH THANKS
Who picked Michael's tie/shirt combinations?
This manager was the only one that had conviction on GE before the split
Josh looks classy for once ❤
Go Birds!!
Over the past 10 years, Giroux’s fund has earned just over 10% annualized, while the S&P500 has compounded at 13%. PLEASE DON’T LISTEN TO THESE FOOLS
David's fund is a balanced fund. It would be more appropriate to compare it to an index with 65% stocks and 35% bonds. When you compare it to that index it blows it out of the water.
It doesn't make sense to compare a stock/bond fund to a pure stock index
David’s voice sounds like Ray Romano😂
"we're not trying to call the quarter" - pretty much the problem with all active managers. Don't look far enough out.
Really interesting pod. Curious though, lots of talk a about valuations, premiums…but no mention at all about money supply / global liquidity. Why?
16:19 Legacy American Car companies have a ton of debt and the unions continue to suck the life out of them. Their debt is so high that they must continually produce cars (even if market demand wanes) , to generate revenue to service that debt.
People stick around at TRP. Larry Puglia managed the Price Blue Chip Growth Fund TRBCX since its 1993 inception until his retirement at the end 2021.
Set this one to at least 1.25x playback speed
In 2004 I came for the Boesel and stayed for the Giroux. I did sell PRWCX a dozen years ago in my taxable account and bought in my Roth. There it sets with the distributions reinvested.
I like the croquet balls
Why post so early...My Friday night routine is ruined!
Exactly! We just experienced what time traveling would feel like!
Gj Josh Brown pushing back slightly when it comes to p/e and such also mentioning that banks changed last 20 years - you cant compare numbers 10, 20, 50 years back like an exact science, times change
Early drop!? Y’all have us trained for afternoon release.
$TCAF on #TCAF 😅
Josh lost me with the jersey
Is Michael sponsored by $sbux?
Maybe i missed something here, David seems to shy away from "picked over" and high valuation stocks meanwhile so many of the stocks his portfolio have nose bleed PE multiples.
Chat, what’s a good growth stock iyo??
Moody's. Josh gave the Long Island pitch to Al Michaels yesterday. It was awesome.