Navigating Market Cycles: From Bulls to Nvidia – AI Edition
Buckle up! Over the next few weeks, I’m embarking on something I’ve never done before—I’ve enlisted AI to inform, educate, and maybe even entertain you.
I took several essays I wrote and asked my bestie AI to transform them into a radio show-style conversation between two hosts. (The AI tool I used is Notebook LM, a product created by Google.)
I didn’t write the scripts myself. Here were my instructions to the AI: “Here’s my essay. I’m taking a break from writing. Educate, inform and entertain my readers.” That’s it. If what you hear doesn’t surprise you—or even shock you to your socks—I don’t know what will. The future is here.
These essays are just as relevant today as when I first wrote them this summer.
You can read the original of the first essay here. Be sure to leave your comments about the conversation you’re about to hear, and feel free to share it with friends, enemies, or even random strangers.
Navigating Market Cycles: From Bulls to Nvidia – AI Edition
In this episode, my AI friends will discuss stock market math, sideways markets, the role of P/E in market cycles, impact of interest rates on P/E, economic analysis, Magnificent Seven stocks, NVIDIA, and a lot more.
I’ve written in depth about Franz Schubert and Franz Liszt in the past. It is hard to find two more opposite composers. Schubert, who was born in Austria, was a shy, sickly, secluded, classical music addict: He composed nonstop, producing an unheard-of amount of music, over 6,000 pieces during his very short life (he died at 31). For Schubert the piano was just another instrument. Most of his piano music is not technically challenging because, as he himself admitted, he was not a great pianist. (Read more on Schubert here).
And then there’s the other Franz, Hungarian-born Franz Liszt. For him piano was not just another instrument; it was his life and his passion. He was a piano virtuoso. Liszt traveled around Europe and gave thousands of concerts (sometimes more than one a day). He was the first music star – before Elvis, Michael Jackson, and the Rolling Stones. Women fainted in his presence; he turned boring classical music performances into a show. Liszt’s music for piano was technically demanding, as he was trying to push piano playing to previously unattainable levels. (Read more on Liszt here).
Why I am comparing Schubert to Liszt? I recently stumbled upon Schubert’s Wanderer Fantasy, and I was shocked how Lisztonian it sounded. It had hints of Schubert’s melancholy and shyness, but then there are huge splashes of Liszt’s piano on steroids. This is Schubert’s most technically demanding work. He once said “The devil may play it” – he was probably thinking of Liszt when he composed it (though Liszt was only 11 years old at the time).
Franz Liszt was fascinated by this piece: He transcribed it for piano and orchestra, adding another dimension of lyricism and melancholy, and ironically making it more Schubertian.
Vitaliy Katsenelson is the CEO at IMA, a value investing firm in Denver. He has written two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. Soul in the Game: The Art of a Meaningful Life (Harriman House, 2022) is his first non-investing book. You can get unpublished bonus chapters by forwarding your purchase receipt to bonus@soulinthegame.net.
Please read the following important disclosure here.