Monday, April 29, 2024
Sunday, April 28, 2024
Saturday, April 27, 2024
Gaza ‘solidarity encampment’ shakes up Northwestern campus but leaves no clear winners
Gaza ‘solidarity encampment’ shakes
up Northwestern campus but leaves no clear winners
Jewish students unnerved, but defiant;
pro-Palestinians enjoy growing numbers, but demands unmet; university head
avoids punishing violators but still accused of ‘genocide’ by demonstrators
By JACOB MAGID
FOLLOW
26 April 2024, 5:09 pm
EVANSTON, Illinois — The
crowd of several hundred Northwestern University students at the newly
established “Gaza Solidarity Encampment” erupted in cheers Thursday morning as
an approaching car loudly honked in apparent support of their cause.
But then the vehicle
turned onto the road adjacent to the suburban Chicago school’s quad, entering
the pro-Palestinian protesters’ line of sight, where it could be identified as
a firetruck.
The honking, therefore,
was likely more a case of standard procedure for clearing a congested street
when responding to a 9-1-1 call than an endorsement of the protesters’ key
demand that the university divest from Israeli institutions.
And so it seemed like an
apt snapshot for a day in which no side really came out and victories were at
best imagined.
Because while the
protesters managed to balloon from several dozen at 7 a.m. to a crowd of well
nearly 1,000 by nightfall, a school administrator speaking to The Times of
Israel on condition of anonymity said the chances of the students’ demands being met remained close to nil.
As for Jewish students
on campus, they might have been able to take initial solace in the university’s
decision to bar the tents erected at the start of the protest, but that
ordinance went largely unenforced. By midnight, the number of outlawed tents had
swelled to roughly 80, and anti-Israel chants rang out from similarly
unapproved megaphones on repeat.
“Hey, hey. Ho ho. Israel
has got to go!”
“From the river to the
sea, Palestine will be free!”
“Long live the
Intifada!”
In a correspondingly
no-win situation was Northwestern President Michael Schill, who is still in his
first year on the job. The 65-year-old legal scholar is trying to prevent the
campus from descending into the type of chaos seen through the past week at
Columbia University. There, his counterpart dispatched the NYPD to clear an
anti-Israel encampment in what led to the arrests of over 100 students and the
sparking of a national protest movement.
Ostensibly recognizing
that another aggressive crackdown would not calm the campus temperature, Schill
withheld enforcement of the updated code of conduct.
This did not shield him
from the anti-Israel protesters’ chants of “Schill, Schill, you can’t hide. We
charge you with genocide!”
Masking their identities
The protest was well
organized from the outset, with organizers donning yellow traffic vests and
effectively communicating with participants via megaphones and social media.
Participants were
instructed to form a ring around the encampment to serve as human shields if
campus police — who were at the site periodically throughout the day — were
ordered to try and remove the tents. This was enough to thwart one such
directive in the morning, which led to a minor scuffle, and authorities didn’t
try again for the rest of the day.
Student groups
supporting the action sponsored water and snacks for participants, many of whom
skipped class to stay at the encampment all day. Nearly 100 were still on site
Friday morning, receiving “arrest training” to be ready for the event that police would move in a
second time.
Organizers pledged to
remain on Deering Meadow quad until the university condemned what they said has
been its censorship of pro-Palestine speech and ceased all academic
partnerships and investments in Israeli groups and companies.
Nearly all protesters
covered their faces with either COVID masks or Palestinian keffiyehs, which
several participants said were designed to prevent them from being identified.
They were also all
coached not to speak with the media, and each of the many journalists on
campus was diverted to one of the organizers.
This writer was
repeatedly refused interviews when identifying as a Times of Israel reporter.
“Since that’s an Israeli propaganda tool, that’s not going to have a place
here,” one of the organizers said.
Nonetheless, the mood on
the quad was light for much of the day. Music blasted from loudspeakers; some
participants learned and performed the dabke Palestinian folk
dance; incenses were passed around at one point in the afternoon.
Curious onlookers
stopped to take pictures before continuing to their classes at the surrounding
lecture halls.
How representative?
The protest was located
on south campus, where humanities majors are largely based. Students in this
half of the university were said to be more politically active, with sympathies
leaning more toward the Palestinian side of the conflict. North campus largely
houses STEM students, who were said to generally be more indifferent about such
issues.
Still, students were
split over how representative those occupying the quad were of the broader
campus position on the war in Gaza and the Israeli-Palestinian conflict more
broadly.
Firmly pro-Israel
students insisted the encampment amounted to a vocal minority.
“I think a lot of these
people aren’t even Northwestern students,” said senior Josh Miller.
A handful of older local
Evanston residents were seen waving Palestinian flags on the outskirts of the
encampment, which also housed graduate students and faculty. One participant
wearing a sweatshirt featuring Hamas spokesperson Abu Obeida said he was “affiliated”
with the university and declined to elaborate.
One onlooking Jewish
student who asked to remain anonymous told The Times of Israel in the morning
that most people on campus don’t have an opinion on the Israeli-Palestinian
conflict. But as the crowd expanded to nearly 1,000 people around sunset, he reached
back out to correct his stance, saying that even though the overwhelming
majority of Northwestern’s 8,000 undergraduates were not protesting on
Thursday, a majority do care enough to have an opinion on the issue.
What do we want?
Indeed, over 2,300
Wildcats signed onto a resolution listing the protesters’ demands that was
passed — in a 20-2 vote on Wednesday night by the student legislative body.
(The two nay votes were Hillel and college Democrats; nine members abstained.)
“I was surprised that
[so many] signed the petition. I thought this campus was lame and that nobody
did activist stuff, but I guess they do!” said a junior who supported the
protest but asked only to be identified by his first name, Dylan.
He noted that there was
more of a focus at the encampment on calls for divestment from Israel than for
a ceasefire in Gaza, and figured that this was because Northwestern has
virtually no sway over the warring parties.
“They do, however, have
a choice whether or not to cooperate with companies in Israel or support
partnerships with them,” said Dylan, who had to speak up to be heard over an
organizer’s megaphone and the media helicopters flying overhead.
When asked whether
divestment from Israel is an end in of itself, he said it was not. “It’s a
means to an end. I guess a ceasefire is the end.”
“If Northwestern
divested and there was a ceasefire, I think the protest would end,” he said.
Pressed on whether the
ceasefire should be part of the potential hostage deal currently being brokered
by Qatar, Egypt and the US, Dylan said, “No, I don’t even think that Hamas has
to be part of an agreement for [Israel] to agree to stop indiscriminately
bombing.”
“Part of what Hamas
wants is a ceasefire and maybe also an end to the occupation,” Dylan said,
apparently unaware of or indifferent to Hamas’s declared goal of destroying
Israel and its invasion and massacre on October 7. “The hostages are their
leverage, and I do think they should be released if there is a ceasefire,” he
added.
‘Uncomfortable’
Multiple Jewish students
acknowledged being distressed over the day’s protest.
“Today, I feel
uncomfortable and unsafe,” said junior Eden while standing just several feet
away from the ring of anti-Israel students surrounding the tents.
“Yet I can’t help but
stand here and just watch — watch all these people who heard that I was Jewish
and and am not in support of this as they stare at me all of the time,” she
added.
“There are a lot of
people who aren’t forthcoming about their support for Israel… I do tell people
I am, because I’m proud of it,” Eden said.
Later in the afternoon,
she and another student joined an older Jewish local resident who had been
jogging around the encampment since the morning wearing a white t-shirt with an
Israeli flag.
While Northwestern has a
sizable Jewish population, the subset of Modern Orthodox students is smaller.
Yarmulke spottings are
accordingly rarer, save for the campus’s longtime Chabad rabbi, who was seen
watching the protest from the other side of the quad with a group of Jewish
students.
Later in the day,
though, this reporter caught up with Jeremy Berkun, who was making his way
through Deering Meadow en route to class at the music school.
He said he was choosing
to wear a yarmulke Thursday, even though he doesn’t typically do so as a
Conservative Jew, so that his Modern Orthodox friends wouldn’t be alone in
donning them during this more tense period on campus.
“I have had a few
instances of my friends getting their mezuzahs taken off their
doors last semester,” Berkun said.
Along with his more
religious “brothers,” he said he also has a friend who was leading the
anti-Israel protest.
“I’ve had a lot of
discussions with him about how we both think violence is bad, but he posted
that he supports ‘the resistance’ the day after October 7,” Berkun, a
sophomore, said sadly.
But not going anywhere
As Berkun walked through
campus, he was greeted warmly by Jewish and non-Jewish friends.
“I don’t think I would
ever reconsider coming here. I think this is the perfect place for me. No
matter where I was going to be in this country, I was always going to have some
problems on campus. It was just a matter of where.”
“If I was at Columbia,
Yale or Michigan, I’d have the same problems I’m dealing with now. It’s just a
question of how I deal with them, and that’s by being with my Jewish community,
being with Hillel, being with Chabad,” he added.
Freshman Maia Egnal
described a similar sense of comfort at Northwestern even while acknowledging
the uncomfortable, “antisemitic” nature of the day’s protest.
“I have not seen these
people who are out there today protesting loss of civilian life in other
places,” she lamented during an interview at Northwestern Hillel, a block away
from the encampment.
“I’ve been horrified,
horrified, horrified to see the loss of Palestinian life during this war, but I
wouldn’t say that Israel doesn’t deserve to exist over this, the same way I
didn’t say America didn’t deserve to exist over the wars in Afghanistan or Iraq,”
said Egnal who is involved in the school’s J Street U chapter, which advocates
for a two-state solution.
She discussed sometimes
feeling isolated — particularly since October 7 — between some of the more
hawkish students at Hillel who have branded calls for a ceasefire “antisemitic”
and those at the encampment who “don’t believe Israel should exist.”
“Nonetheless, I love my
Jewish life here,” Egnal said. “My younger sister was just choosing where to go
to college, and I told her that if she came to Northwestern, she would have a
vibrant Jewish life here. She’s committing here today.”
“I will never tell a
Jewish student not to come here, and I think that is probably the attitude of
every Jewish student here. Overwhelmingly, I know that this building will
always support me.”
‘Jewish life is
thriving’
Downstairs, some 150
students were taking advantage of the Passover lunch Hillel was providing
throughout the holiday.
While a large group of
them ate, campus rabbi Jessica Lott shared a few words about the importance of
having both pride and empathy at this moment.
“We serve students
across the political spectrum, including ones who have been involved in the
protest,” Lott said, adding that she had originally scheduled to meet on
Thursday with one of the organizers for a religious lesson, which was canceled
“because she needed to be there [at the encampment] today and I needed to be
here today.”
The campus rabbi
adamantly rejected the notion that the anti-Israel activity was fundamentally
changing life on campus for Jewish students.
Hillel hosted hundreds
of students for Passover seders earlier this week, and there were more students
than ever asking for help to host their own seders in their apartments, she
said, rejecting the suggestion that this was a reaction to October 7 and its
aftermath.
“They’re all excited to
do this and see it as part of adulting. We do it every year, and it has been a
growing program. It’s growing because it’s fun. Regardless of what’s happening
outside,” she said.
“Jewish life on campus
is thriving, and students are finding a way to make their own sense of what’s
going on,” Lott added, suggesting that while Thursday was certainly no win for
Jewish students, they would do just fine regardless.
Antisemitism at Columbia University Is a Disgrace
Antisemitism at Columbia University Is a Disgrace
Imagine if in the wake of 9/11, pro-al-Qaeda
protesters chased New Yorkers out of the city.
By
Andrew
M. Cuomo
April
25, 2024 4:16 pm ET
New York
What is happening at Columbia
University is a disgrace. That it is happening in New York, home to more Jews
than any other city in the world, and at a supposed institution of higher
learning, makes it incomprehensible.
I understand the right to free speech,
the guarantees of the First Amendment, the value of robust debate at academic
institutions. But freedoms aren’t without limits, and much of what is going on
at Columbia isn’t speech at all. Threats, terror tactics and menacing conduct
don’t warrant protection.
Protesters have every right to make
their voices heard. The war in Gaza, the politics of Benjamin Netanyahu’s
government and the elusiveness of Middle East peace are frustrating. These
complicated issues should be discussed and debated. That isn’t the issue at
Columbia. Many of the protesters aren’t pro-Palestinian. They are pro-Hamas and
brazenly support a terrorist organization. The protesters are entitled to their
opinions, even if they embrace undemocratic, bigoted, sadistic, warmongering
thugs. They aren’t entitled to threaten, harass and menace. That isn’t
protected speech; it’s criminal conduct.
Most infuriating is the response of
Columbia’s administration. Jews are at risk on campus and are told not to come
to class—remote learning will be available. Meantime supporters of jihad take
over university property and nosh on pizza.
Seriously? The answer is for the Jews
to flee campus? Imagine, in the wake of 9/11, if New Yorkers had been told to
vacate the city because pro-al-Qaeda protesters were disrupting daily
activities, threatening violence and posing a danger. That is Columbia’s
approach: See you next fall, Jews.
It is the university’s responsibility
to ensure its students are safe. Use campus security. If that is inadequate,
use the New York City Police Department. And if protesters break the law,
arrest, prosecute and expel them.
History can’t be allowed to repeat
itself. The war on the Jews that led to the Holocaust started subtly. Telling
Jews to stay away is shockingly reminiscent of what took place in the 1920s and
1930s in Germany. Jews were excluded from businesses, social activities and,
yes, universities. At the same time, frightened politicians are already
abandoning support of Israel for fear of political reprisal.
This must stop. The Jewish community
needs support in its efforts to mobilize. This is no time for hand wringing.
Regardless of one’s views on Gaza, reasonable people need to open their eyes
and understand this isn’t about the Middle East; it is about America and our
democracy. It is time for full-throated public support for education about the
history of Jews, antisemitism, Israel and the origins of the Palestinian
conflict. It is time for New Yorkers to speak with a single voice in support of
our Jewish brothers and sisters and to demand that Columbia and others, by
their words and actions, reject antisemitism and discrimination against Jews.
The greatest threat on campus is an
ignorant mob, and the greatest threat to the country more broadly is cowardly
indifferent leaders.
Mr. Cuomo, a Democrat, served as
governor of New York, 2011-21.
Tullman And Fitz-Gerald Talk Tech: Capitalize On Tech Sector's Pullbacks
Tullman And Fitz-Gerald Talk Tech: Capitalize On Tech Sector's Pullbacks
Summary
- Howard Tullman, general managing partner at G2T3V, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group, both are long-standing, accomplished investors in public and private technology companies, and both think the big names in this space will continue to dominate over the long term.
- That said, they believe shorter-term issues related to regulation, elections, and growth could continue to impact select names in the shorter term.
- Finally, they discuss the outlook for Meta Platforms, Amazon.com, Alphabet, Microsoft, and others, as well as how the AI boom will sort out in the next few years and the implications for investors.
By Mike Larson, Editor-in-Chief, MoneyShow
Transcript
Tullman And Fitz-Gerald Talk Tech: Capitalize On Tech
Sector's Pullbacks
Apr. 27, 2024 6:00 AM ET
By Mike Larson, Editor-in-Chief, MoneyShow
Transcript
Larson - Hello and welcome to our latest MoneyShow
MoneyMasters Podcast segment. I'm Mike Larson, Editor-in-Chief at MoneyShow.
And today we're doubling up with a pair of private and public market investing experts
in the technology sector. They're Howard Tullman, general managing partner at
G2T3V, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group. Gentlemen,
welcome to the podcast.
Fitz-Gerald - Thanks for having me.
Larson - I'll tell you, we had a great discussion going
before we even came on camera here. And I guess that's where I'm going to kick
it off. I mean, in the technology arena, a lot of exciting stuff is going on
out there in terms of the underlying technology, and of course, from a public
market standpoint, a little bit of a stumble here as we start Q2 in that sector and
even some of the Mag Seven names have had trouble all year. So, I don't know
who wants to take it first. But where do you think we are in this technology
cycle again, both from a public and private market perspective?
Fitz-Gerald - Well, I'd like to go back just to where
we were when we started because one of the things Howard and I were talking
about, Mike, before we kicked on here was this legacy of tech. People think
that it's all about today. But Howard and I've been around a long time, and
we've been doing this a long time. And we're talking about some of the things
in the trenches, you know, with Microsoft (MSFT) and Intel (INTC). I mean, Howard, what do you think?
Tullman - Well, what I was going to say -- because what
we were talking about is feature integration and what I am concerned about it
because we're a venture fund as well. And so we look at these startups and I
say to them, your entire life is dependent on either "we will fold you in
or we will crush you." We've got four or five platforms, and they're just
out there, and it's like a candy store. You look at Facebook (META) and you look at Amazon (AMZN) and you look at Microsoft.
We finally have a sort of activist FTC. They've looked at
this issue of innovation being crushed by the big guys. And I think we're in
for two years, at least, or a year of more regulatory headaches for the big
guys. Maybe they just sort of flick it off because, it's a legal expense, and
they figure that they'll spend $1 billion on lawyers, and they won't even
flinch.
But I think that, when you talk about the big seven, I think
that Facebook and Google (GOOGL) have some real exposure between privacy and
between all of these other kinds of issues. I feel like Amazon, it would be the
greatest favor in the world if they would force Amazon to spin off AWS. It
would then have two trillion-dollar companies instead of one. They don't even
understand that AWS runs the government -- runs the back end of the government.
Fitz-Gerald - I know it. I mean, these are the same
folks who couldn't understand how to balance a checkbook as we came into the
credit default swap mess. So I share your perspective. I think Google has got
some serious regulatory issues. I think that the recent memo from their search
saying, hey, you guys got to work faster, is an attention getter for any
slacker who thinks they're going to get perks all day.
You better get serious because Google is going to have to
compete. But I worry that it's too little, too late. I think Amazon's got some
regulatory challenges. Certainly, the FTC's ire is building against them. I
know a lot of consumers are frustrated with the fact that, once again, their
data is being used in ways that they didn't sign up for, so they're being
product-ized without their knowledge or explicit consent. But I do also think
that it's going to prompt some unexpected consequences.
Mike, to your question, I think we're going to see offshore
markets blossom because companies like Apple (AAPL), Google, Microsoft and Meta are going to figure
out ways to go to more business-friendly environments. They won't take all of
their operations out there. But to Howard's point, they're certainly going to
adapt.
Tullman - Yeah. And I think when you talk about AI,
that's obviously a whole conversation. But I have a fantasy because I've run
call centers for years, and the shame of exporting a call center to India or
wherever, has to do with language.
And today we have tools. There's just no question in my mind
that somebody sitting in India who's a decent typist could respond to a
conversation in real time, in the voice of somebody from southern Omaha,
Nebraska, and you wouldn't be able to tell for one second that, that wasn't
somebody who was around the corner from you, as opposed to halfway across the
world. So, voice and even video assistants are going to change the way that we
interact with this new digital world. There's a quote that I saw recently
about, how crazy and ironic is it that the computer now asks us to prove that
we're humans.
Fitz-Gerald - The one that gets me is, I'm sitting here
working all day on whatever it is. I mean, we have multiple platforms in our
office, just like you do. And all of a sudden, one will say, hey, are you
human? You better verify your credentials. And the other is going to ask and
well, you got to do x, y, z. It's like, I've been working on both of your
ding-a-ling computer sets all day long, of course, I'm human.
Tullman - To me, my favorite wasted effort box is the
one that says click here if you want me to trust this monitor, you know, in
perpetuity, which means for 32 seconds because then it's gone. And then it's
like, oh, start over again.
Larson - So let's just bring back Clippy and everything
will be fine, right?
Fitz-Gerald - Yeah. There's a blast from the past,
right?
Tullman - I've been trying Copilot, and Microsoft is
creeping toward something that has some utility. But the issue is, it's really
funny because I don't know -- Mike, if you know, there's a sliding dial in most
of the ChatGPT systems now that says, "be more aggressive" or
"be less aggressive."
And I think, frankly, Clippy and all of these things were
examples of some engineer deciding just how invasive to be, instead of giving
us a level of control because each of us wants to sort of customize our
interaction with these tools.
Fitz-Gerald - And that raises a really interesting
point because if you look at how, for example, Steve Jobs came on the scene, he
didn't start with the tools or even the engineers. He just said, make it
useful, make it intuitive. And I think there's a good case to be made that many
of today's tech companies have failed in that regard.
So, the next big jump I'm looking for is going to be how do
we make these tools intuitive. I think the first company that really gets to
the point where we have seamless technology, a la Star Trek, for example, where
it really is an interactive consumer or user-driven experience is going to make
bank. I think we're maybe -- I mean, Howard, you got a better feel for this
than I do, but I think we're maybe five, ten years away from that max.
Tullman - Well, it's funny because in the last couple
of talks I've done for the MoneyShow, I've said, take a step back from a
particular industry or a particular kind of technology and ask yourself
basically four or five questions. Is it going to save me time? Is it going to
save me money? Is it going to make me more productive? Is it going to help me
make better decisions? Is it going to impact my health or my social status?
And honestly, that's the test that I think you need to start
with these days because we're also facing a consumer population. There was a
great article today that said it's just starting to dawn on us. And this is no
knock on Mike, who is a youngster...
Larson - I don't know if I'd go so far as to say a
youngster.
Tullman - But it's starting to dawn on us that the gap
between commentators has not moved down one decade. It hasn't gone from Dan
Rather to one of the -- I don't know, Norah or whatever her name is at CBS.
It's gone down 40 years. So, the people who are now interacting with that
generation aren't experienced leaders. They're not people who've earned their
spokes and their spurs for 20 years. They're kids, their peers.
And so the whole influencer culture and the whole TikTok
world has changed it. It's frightening. I mean, you see some of these kids
talking and you realize that they're from another planet.
Fitz-Gerald - Well, it's interesting to me from an
investing standpoint. Because we see that particularly when it comes to our
technology investments, when we're looking at companies, the way companies are
interpreted is uniquely a function of the lens that the interpreter is using.
And when we start talking about historical events that have
shaped where companies are now and their legacy is why they're dealing with
things, that's information that in many cases has been nothing more than a
history book entry to the young folks in our office who may or may not have
paid attention.
And when they start pulling that onion apart, and they start
delayering that, and they start realizing why Apple is what it is today, or why
Microsoft is what it is today, or why Tesla is what it is today, they're
shocked because history in their mind is nothing more than something on a page,
whereas older investors, older technologists, older people who are looking to
move the markets have lived that information.
So, I think it presents a unique set of opportunities. And
from a trading perspective or an investing standpoint, again, we see lots of
folks here who are video game generation who want nothing more than "Okay,
green light, buy, red light, sell." You can't do that anymore.
Tullman - I think you're lucky. You must be putting
Xanax or something in the water at your place because to have your analysts be
patient enough to look backwards at any of this history is shocking to me
because I think they have no rearview mirror at all.
Fitz-Gerald - Well, we don't let them escape that
because the investment philosophy that we bring to markets is very much one
that history may not repeat, but it rhymes. So, whether they like it or not, my
young analysts, they have got to read this stuff. If I'm honed in on some event
somewhere, they better figure it out because they know I'm going to ask a
question across a conference table. And if they don't have an answer for it,
I'm going to force them to go get one.
So it's a unique point in history, Mike. We're at a Q1 where
there's this day of reckoning according to many of the naysayers. But as
Howard, and I'll tell you, this isn't our first rodeo. Technology has never,
ever, in the history of the world stopped or failed to make innovation happen.
So, I think it's an exciting time to be an investor.
Tullman - I think it is as well. And I also think that
we're going into a period where we're going to have to deal with this issue of,
are four or five platforms going to control the entire space. And right now, I
just wrote a column about Ai, it's the same issue.
It's how many people, how many of these companies, can take
$10 billion from their P&L and make it invested in compute. And the answer
is maybe four or five. I mean, these little guys that are dancing around,
they're all going to be exactly like what happened in the game business.
They're going to live on top of the game machine.
So when I started as a game developer, we thought we would
build a game machine. And everybody was like, well, have you not heard of the
PlayStation, the Xbox, and Nintendo? And that was it. Then it was over. And now
you are simply a contributor above their layer. And I think in AI, because of
the war chests of these big guys, they're going to control the platforms for
the foreseeable future.
Larson - It's fascinating taking that sort of trip down
the historical memory, technological memory lane. I want to ask you, Keith, in
your case what you're seeing in the public markets and, Howard, in your case,
in the private market. You wrote something in Inc. recently that said, "As
the harsh realities of the post-pandemic digital economy sink in". And
then it went on to talk about some of the pressures that are impacting some of
these companies, and how people have to approach their business as founders and
on the other side as investors, slightly differently in the private markets.
Would you care to elaborate on that a little bit?
Tullman - To me, the biggest thing that I'm engaged in
right now with about 25 of our portfolio companies is, there's not a single one
that is looking to increase their bricks-and-mortar presence. Not a single one.
Every one of these guys is shrinking, and they're shrinking in two ways. One,
they're shrinking physically.
Nobody needs to show you a physical infrastructure in order
to convince you that they're real. And that's a mind shift. When we grew up,
the banks had these monumental facilities. Today they're an ATM or they're a
phone. So, number one is the shrinkage in terms of physical. But the second
thing is, we're going to have a four-day workweek pretty soon and half our
workforce or more is going to be remote, too. And then add on top of that the
gig economy that, probably a third to a half of the entire workforce in five
years is going to be independent contractors. Boy, everything that we think of
as a company is going to change radically. And that to me has huge
implications.
Larson - And then, Keith, to shift to the public
markets again, you look at how we came into this year and where we are now,
with a little bit of a shakeout. What are your thoughts on how investors should
approach that, right? Whether they're already heavily invested in tech or are
looking at this as maybe an opportunity to get more involved?
Fitz-Gerald - Well, to the point that Howard and I have
just sort of by discussion demonstrated is that history constantly moves
forward. Innovation constantly happens. And so the question is, how do you
really approach it, right? Anybody who thinks technology is going back in the
bottle shouldn't be in the financial markets. That genie is never going away.
We are creating more information faster and layering it upon
our lives in ways that we couldn't have imagined, 10, 15, 20 years ago. So
investing now is not a question of "Do I or Don't I?" like so many
people think. The question is, "How do I get a hold of it? How do I get in
front of what happens next? Which companies are going to get me there?"
And to our point earlier on, it's a very short list. You can
mess around with all the small stuff if you want, but that's going to be in the
private market. That's going to be a function of people like Howard who have
the expertise to help these folks move forward.
By the time it hits the public market, you want to have big,
strong balance sheets, massively successful management, the ability to protect
margins, making products and services that the world can't live without because
it's all about the layering. And paying attention to this short-term noise,
this is just nonsense to me. Quarterly earnings and digital companies do not
match up. What you've got to do is go a long cycle.
Tullman - And by the way, with our companies, what
we're telling them in addition to shrinking is "Build to be bought."
We're saying one in a trillion of you is going to be the next big win. But 50
of you out of 100, if you're prudent with managing your investors' money, can
give them a colossally attractive return in the next three to five years.
Fitz-Gerald - Absolutely.
Tullman - What scares me is, unfortunately, that three-
to five-year window, which is a venture window, is not the kind of window for
investment that we need for environment, for climate, for medicine. And so,
we're going to need family offices, and we're going to need other sources of
capital to support a ten-year window if you want to change some of these areas
because the VC community doesn't even get it. I mean, they're not even focused
on this kind of stuff.
Fitz-Gerald - No, they're not. It's such a
dog-and-pony-show-driven lottery ticket mentality. It's interesting because
that comment of yours raises a memory in my memory banks -- all three of them
that I have left. Back in the early days in the '80s, we were very actively
involved in a lot of different things.
We learned some really interesting lessons from the junk
bond experience at that point in time. Michael Milken and Ivan Boesky, names
that went down in infamy, but it didn't deter from their brilliance. They told
me years and years ago, you got to buy 150 or 100 of these things, knowing that
99% of them are going to go feet up.
Tullman - It's optionality.
Fitz-Gerald - Big time. But the one that hits is going
to hit so big, you won't even believe it. And investing in tech right now is a
lot like that. If you're dealing with these small companies, you're coming
forward. You're going to position to be bought, you're going to do something
great. To Peter Thiel's words, you got to be 0 to 1. You can't be n plus one.
Tullman - Well, the other thing I would say is, and
I'll say this in the talk coming up, I'm not sure that with yields at five-plus
percent with 100% safety, that a typical MoneyShow investor ought not to be
saying, I'm going to take X percent, and I'm going to protect it because that
kind of yield is reasonably safe, and it's attractive. Then I may roll a 10th
of my portfolio into something like Bitcoin. Because the last MoneyShow we had
in Vegas, I thought the guy was tremendously compelling about Bitcoin, and
purely Bitcoin, not crypto generally and whatever. But the halving has occurred
and we didn't see the bump.
Historically, there's been a bump. We'll see going forward
whether crypto changes or not. But I think that the real scary thing is we're
going to have such a storm of grief in the next six months before this
election. I just think that the people are going to turn off. And I suspect
that we're going to even see that in the market. That people are just seeing
too much noise, too much drama, too much confusion.
So I think we're going to see a fair amount of investors
just park, and if you're going to park in tech, you better park in these big
guys because they may move in a small range, but you could have a company go to
zero if it's one of these little guys.
Fitz-Gerald - That's a really interesting thing. I
mean, my take on this is, chaos produces opportunity. So personally, as
upsetting as I find our politics at the moment, I do money and my job is to
help our investors, our clients around the world figure that out. So, chaos to
us is opportunity.
You got to pick it right. You got to pick it safely. You got
to pick it with confidence. But you always play offense, and parking is an
offensive decision. Because if you decide how you're going to park it, why are
you going to park it, and the conditions at which you come back out of the
garage or out of the bank, do you know what, you've won. So, to me, that's an
advantage.
Tullman - I talked to a bunch of the investors at the
last conference, and they were surprisingly defensive in the sense of, I'm
going to be sure I hang on to mine in these bumpy waters. But you know, when
Amazon moved up to become a part of the S&P, it strikes me that it
diminished the range of viability.
In other words, the wings were going to be less, which makes
it even safer. I mean, it just makes it...
Fitz-Gerald - Yes, and it also attracted a lot of
institutional portfolios. Because when you get something like that, what we
know from our side is that once you start to get involved, many of those shares
are never going to see the light of day again. They have to be there because of
allocations, because of defined benefit plans, endowments, pension funds,
whatever. They have to have names in the portfolio and on the list.
Tullman - Exactly, exactly. I agree with that.
Larson - I'll tell you, sometimes it's so easy hosting
one of these things. You just let the smart people talk and stay out of the
way. So, this has been fascinating. But I do want to say, in the time that we
have left, obviously we're speaking because you're both going to be joining us
for the Investment Masters Symposium Silicon Valley. It's May 7th to 9th.
Beyond what you've already shared, is there a sneak peek or
any nuggets of wisdom you want to tell people that they're going to hear more
about when you join us in May?
Fitz-Gerald - Listen to Howard.
Tullman - Okay. All I would say is that, we're five
years from AI making a serious impact in the business operations of 90% of the
businesses out there, notwithstanding what the business management thinks. It's
just not coming that soon. Now, machine learning is a completely different
thing. I mean, we're behind the curve on machine learning.
Everybody with this amount of data flow going on should be
experts at customer management, all this kind of stuff. But pure AI is down the
road. And when you see a company shoveling a bunch of money, it's cosmetic. And
that to me is bad management.
Fitz-Gerald - Interesting. Well, Howard and I are going
to have a good discussion on stage because I think it's sooner than five years.
But I do go down into the machine stack because the amount of data is an
opportunity. The question is, what do you do with it and how do you do it when
you get here.
But if we know anything from investing, get your money there
first. Get with the right companies and hold on for dear life because like a
rodeo, you want to make it all the way to the buzzer.
Larson - Great. I think that's a great place to wrap
things up. Howard and Keith, thank you so much for joining.
Originally published on MoneyShow.com
LINKS TO RELATED SITES
- My Personal Website
- HAT Speaker Website
- My INC. Blog Posts
- My THREADS profile
- My Wikipedia Page
- My LinkedIn Page
- My Facebook Page
- My X/Twitter Page
- My Instagram Page
- My ABOUT.ME page
- G2T3V, LLC Site
- G2T3V page on LinkedIn
- G2T3V, LLC Facebook Page
- My Channel on YOUTUBE
- My Videos on VIMEO
- My Boards on Pinterest
- My Site on Mastodon
- My Site on Substack
- My Site on Post
LINKS TO RELATED BUSINESSES
- 1871 - Where Digital Startups Get Their Start
- AskWhai
- Baloonr
- BCV Social
- ConceptDrop (Now Nexus AI)
- Cubii
- Dumbstruck
- Gather Voices
- Genivity
- Georama (now QualSights)
- GetSet
- HighTower Advisors
- Holberg Financial
- Indiegogo
- Keeeb
- Kitchfix
- KnowledgeHound
- Landscape Hub
- Lisa App
- Magic Cube
- MagicTags/THYNG
- Mile Auto
- Packback Books
- Peanut Butter
- Philo Broadcasting
- Popular Pays
- Selfie
- SnapSheet
- SomruS
- SPOTHERO
- SquareOffs
- Tempesta Media
- THYNG
- Tock
- Upshow
- Vehcon
- Xaptum
Total Pageviews
GOOGLE ANALYTICS
Blog Archive
-
▼
2024
(346)
-
▼
April
(81)
- Marjorie Taylor Greene is the sort of clod who cou...
- Flatulent Fraud
- TRUMP WILL SELF-DESTRUCT
- CLARENCE NEEDS TO QUIT - HE'S A CORRUPT CROOK
- THIS CROOK COULDN'T RUN A DAIRY QUEEN
- Gaza ‘solidarity encampment’ shakes up Northwester...
- Antisemitism at Columbia University Is a Disgrace
- Tullman And Fitz-Gerald Talk Tech: Capitalize On T...
- No One Has a Right to Protest in My Home
- THE ROBERTS COURT
- TRUMP TRIAL
- A new set of ‘Four Questions’ for anti-Israel prot...
- MoneyMasters Podcast from the MONEYSHOW
- RARING TO GO - TIME FOR HIS MORNING NAP
- NEW INC. MAGAZINE COLUMN FROM HOWARD TULLMAN
- TRUMP WORRIED ABOUT PECKER LEAKING
- They Were Assaulted on Campus for Being Jews
- Trump is a Fat Flatulent Fraud
- THE PROM
- CINDERELLA
- Odor in the Court
- Gag the Lying Scumbag
- TRIUMPH ON THE TRUMP TRIAL
- Lame Lie of the Day
- MORON DEMOCRATS WHO ARE HAMAS TERRORIST SUPPORTERS
- GOOD FOR GOOGLE - IF ONLY THE COLLEGES HAD THE COJ...
- The Wit Sisters
- Style Icon
- HOWARD TULLMAN JOINS LISA DENT ON WGN RADIO
- LOOP NORTH NEWS
- Donald Trump’s Secret Shame About New York City
- Sleeping Ugly
- JOIN ME IN THE VALLEY FOR A GREAT UPCOMING EVENT
- SLEEPY DON and HIS SCUMBAG LAWYERS
- McCon Man - Wake Him When It's Over
- NEW INC. MAGAZINE COLUMN FROM HOWARD TULLMAN
- Unhinged
- Trump’s Willing Accomplice
- HARD TO BELIEVE WHAT FOOLS AND MORONS THESE MAGA R...
- We Lie
- Russian Dupe
- Judge on the Take
- WILL THE CUBS EVER GET IT TOGETHER AGAIN??
- He’s Mentally Ill
- IQ = 73
- Evidence
- CRAIN'S OP ED ON GAMING MORPHING INTO GAMBLING BY ...
- HOWARD TULLMAN JOINS LISA DENT ON WGN RADIO TO DIS...
- A CROOK WITHOUT SHAME
- A COMPLETE MORON AND A CRIMINAL
- NEW INC. MAGAZINE COLUMN FROM HOWARD TULLMAN
- MAGA SUCKERS KEEP FALLING FOR TRUMP'S LIES
- THE ENEMY?
- A Guide to the Trump Election Interference and Hus...
- Judge Cannon's ticking time bomb jury instructions
- Before Someone Steps In Donald Trump blows his d...
- JUDGE FOR SALE
- IT'S ALL ABOUT RUSSIA
- TRUMPENSTEIN
- Judge Aileen Cannon is Delaying Justice
- Join Me in the Valley for this Powerful Symposium
- TRUMP DEFENSE TEAM
- THE MAGAt PARTY
- HUCKSTER, SCAMMER AND TRAITOR
- HOWARD TULLMAN JOINS LISA DENT ON WGN RADIO TO DIS...
- Why Judge Aileen Cannon is on thin ice in Trump’s ...
- Jack Smith Takes Cannon to Law School
- TRUE WEDDING BLISS FOR TRUMP'S SLUTS
- RUSSIA MAKES FOOLS OF THESE CROOKS
- PSYCHO
- CHARITY CHEATERS AND OVERALL SCUMBAGS
- TRUMP LIES AND CONTINUES TO MAKE FOOLS OF THE MORO...
- RAPIST
- TrumpIsHiding is Trending - Trump is Nuts and The ...
- NEW INC. MAGAZINE COLUMN FROM HOWARD TULLMAN
- DJT
- 3 Crooked Perverts
- CONGRATS ON A BIG AND IMPORTANT WIN - LET'S TAKE O...
-
▼
April
(81)