CO-HOST | Make Money By Surviving Bubbles

Summary

Podcast Summary: Travis Makes Money

Episode: CO-HOST | Make Money By Surviving Bubbles
Date: August 8, 2026
Host: Travis Chappell
Co-Host/Producer: Eric

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Overview

This episode focuses on financial bubbles—particularly the emerging AI bubble—and how individuals can not only survive market downturns but position themselves to profit from them. Drawing from legendary investor insights and real-world examples, Travis and Eric discuss market psychology, mistakes investors make, and actionable strategies to maintain wealth (and sanity) through economic volatility. The episode is rich in dynamic banter, relatable anecdotes, and practical guidance for listeners concerned about bubbles, investment timing, and emotional discipline in finance.

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Key Discussion Points & Insights

1. Are We in an AI Bubble? (00:30–04:00)

• Clip Analysis: Travis and Eric discuss a recent interview on "The Diary of a CEO" with Ray Dalio and Jeremy Grantham, highlighting their forecast of a looming AI investment bubble.
• Key Insight: Every revolutionary technology attracts bubbles, from dot-com to crypto and now AI.
  • Quote: “Like, whenever somebody’s like, ‘Do you think we’re in an AI bubble?’...duh.” – Eric (03:17)
• Historical Context: Dalio’s track record managing Bridgewater and navigating previous bubbles is highlighted for credibility.

2. What is a Bubble & Why Does It Matter? (04:00–07:30)

• Explainer: The definition of a financial bubble and its real-world consequences.
  • Dalio's view: A bubble is when prices surge far above value, followed by a collapse impacting both markets and “real people.”
  • Memorable Quote: “Wealth is not the same as money. So you see a lot of people getting wealthy...” – Ray Dalio via clip (07:23)
• Modern Parallels: AI bubble compared to the 1929 crash and 2000 dotcom bubble.
• Reflection: The generational memory of past crashes (2008, 9/11) and how quickly they fade for younger Americans.

3. Wealth vs. Liquid Money (07:29–08:24)

• Misconceptions: Discussion around how being “wealthy” is not the same as having cash on hand—using Elon Musk and Mr. Beast as examples.
  • Eric’s Anecdote: Frustration seeing rich figures claim they’re “broke” because most assets are illiquid.
    • Quote: “Elon Musk becoming a trillionaire does not mean he opened up his Wells Fargo app and it’s like, trillion dollars.” – Eric (07:45)
• Practical Note: Rules and restrictions on selling large positions in companies.

4. How Bubbles Burst and What Happens Next (08:36–14:33)

• Mechanics: Dalio explains the process—asset prices rise, people borrow against them, panic sets in, assets are sold off, economy contracts.
  • “You can’t spend the wealth. You have to sell the wealth to get money, because you can only spend money, right?” – Ray Dalio via clip (12:36)
• Historical Parallels: The 1920s tech boom (electricity, cars) and its bust, and 2008’s “great financial crisis.”
• Takeaway: The same cycle repeats—new tech excites, overleverage follows, reality/expectations diverge, and a crash ensues.

5. The Psychology of Investing: Social Proof & Risk (14:33–19:31)

• Why Do People Still Lose in Bubbles?
  • Emotional investing, FOMO, and social proof drive irrational risk-taking.
  • Quote: “You still can’t take the emotion out of the human.” – Travis (15:36)
• Human Nature: People buy high due to seeing others profit, then sell low in panic.
• Buffett Wisdom: “Be greedy when everyone else is scared...be scared when everyone else is greedy” (paraphrased, 17:08).
• Investor Systems: Discipline and emotionless investing are key, as in blackjack or poker.

6. Surviving and Profiting from Market Cycles (22:10–25:53)

• Real Estate Bubble Example: Travis recounts a conversation with a multifamily investor about the recent overheated market (2021–2024), emphasizing the benefit of discipline and not overextending.
• Actionable Strategies:
  • Only invest “play money” in speculative assets.
  • For most investments, buy quality assets you believe will be more valuable in a decade.
  • Remove emotional triggers (e.g., delete trading apps if needed).
  • Don’t panic-sell during downturns; index funds like the S&P 500 have historically bounced back.
  • Quote: “Stick to the things that you know to be true and try to remove emotional decision making from the process.” – Travis (24:31)

7. Emotional Factors and Household Dynamics (25:53–27:58)

• Challenges: Emotional influence from spouses/partners can make disciplined investing difficult.
• Advice: The importance of having a plan—and sticking to it—through market cycles.

8. Humorous Side Step: The "Perks" of the Great Depression (27:58–29:38)

• Comic Relief: Eric jokes that the Great Depression seems tempting nowadays due to free coffee and donuts (“If we go into another Great Depression, it seems kind of awesome because...free coffee and donuts to the unemployed.” – Eric, 28:31).
• Wrapping Up: Final thoughts on learning from Ray Dalio and a playful analogy to AI: Travis regurgitates financial wisdom like an algorithm.

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Notable Quotes & Timestamps

| Timestamp | Quote | Speaker | | --------- | ----- | ------- | | 03:17 | “Like, whenever somebody’s like, ‘Do you think we’re in an AI bubble?’...duh.” | Eric | | 07:23 | “Wealth is not the same as money. So you see a lot of people getting wealthy.” | Ray Dalio (clip) | | 07:45 | “Elon Musk becoming a trillionaire does not mean he opened up his Wells Fargo app and it’s like, trillion dollars.” | Eric | | 12:36 | “You can’t spend the wealth. You have to sell the wealth to get money, because you can only spend money, right?” | Ray Dalio (clip) | | 15:36 | “You still can’t take the emotion out of the human.” | Travis | | 17:08 | “Be greedy when everyone else is scared...be scared when everyone else is greedy.” | Travis (referencing Buffett) | | 24:31 | “Stick to the things that you know to be true and try to remove emotional decision making from the process.” | Travis | | 28:31 | “If we go into another Great Depression, it seems kind of awesome because...free coffee and donuts to the unemployed.” | Eric |

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Key Takeaways & Practical Advice

• Recognize the Pattern: All tech booms attract bubbles—from dot-coms to AI.
• Wealth ≠ Cash: Asset values can go up (and down), but money’s only real when it’s liquid.
• Emotion is the Enemy: Social proof can drive you to buy high and sell low; discipline is vital.
• Cycles are Normal: History repeats—painful downturns are survivable, and there’s always opportunity on the other side.
• Invest with a System: Stick to proven, long-term strategies; avoid speculation with your core funds.
• Stay Educated: Learn from established investors like Ray Dalio to guide your thinking, not just for tips, but for mindset.
• Humor Helps: Even in tough financial times, a little levity makes the journey easier.

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Useful Timestamps

• [01:10] – Banter & Ray Dalio clip intro
• [03:17] – First discussion on bubbles, AI hype
• [07:23] – “Wealth is not the same as money” discussion
• [12:36] – Mechanics of a bubble bursting
• [15:36] – Social proof and market psychology
• [17:08] – Buffett's core advice
• [22:10] – Real estate cycle and importance of discipline
• [24:31] – Practical strategies for everyday investors
• [28:31] – Great Depression comic relief
• [29:24] – Closing thoughts on learning from experts

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Final Thought

The main message: You can't avoid market cycles or fully predict bubbles, but you can control your actions and mindset. Prioritize discipline, think long-term, learn from history—and don’t be the person who panic-sells at the bottom!

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Money only solves your money problems. But it’s easier to solve the rest when you have money in the bank. – Travis (29:27)

Transcript

[A]

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[B]

You're listening to the Travis Makes Money podcast. What's going on, everybody? Welcome back to the Travis Makes Money podcast. What's our mission? To help you make more money on this episode of the show. My producer Eric is in studio. What's up, Eric?

[C]

Are you trying to hype mog me today? Why? Why are you sitting up so high?

[B]

I'm not.

[D]

I'm actually.

[C]

I felt like when you started, you were like, here trying to push yourself up. Now I am feel height mogged.

[B]

Now I am. Give me a book.

[C]

This one doesn't. My chair doesn't even go up. I just pulled the lever and it doesn't move.

[B]

Just went down.

[C]

Yeah, the hole just ripped a little bit more in the bottom of the chair.

[B]

I had to make sure that I got you something that kept you at your level. You know what I mean?

[C]

The last shall be first. The first shall be last. Just remember that the tall shall be not allowed to ride the ride and the short shall. Yeah, that's. Yeah. Good intro, good banter. I wanted to show you a clip from the diary of a CEO. Do you know who Ray Dalio is?

[B]

I do, yes.

[C]

Who is he?

[B]

He is a headquarters manager and author.

[C]

Well, I had a clip that I stumbled upon where the diary. What's his name? What's the name? Mr. Diary. Well, what's his name?

[B]

First name, Diary. Last name Steven.

[C]

What's his name again? The host, Stephen Bartlett. I don't remember his name. He's the least important part of the show.

[B]

Is he?

[C]

Yeah. I mean, it's the guest you're there for. You know, it's like, who's the host of the Joe Rogan Experience? We don't know. Anyway, so Steven Bartlett was talking to Ray Dalio about the AI bubble. And Dalio is of the perspective that that bubble is about to burst hard and fast.

[B]

Yeah.

[C]

Yeah. And so there's a clip where they talk about this and he says something very interesting I wanted to get your take on. I decided to show you something that was very interesting as opposed to something very boring.

[B]

And I appreciate that.

[C]

This is what it was I think

[B]

the audience also appreciates that.

[C]

I thought I'd shake it up. So it's about a seven minute clip. I can pause it wherever you want me to pause it. Actually, it's about a three minute clip because seven minutes is the end point of this. But let me know what you think here.

[B]

Manages to foresee the great financial crisis which allowed Bridgewater to post positive returns of 9.5% in 2008, while the S&P 500 plunged by almost 40%.

[D]

Yeah.

[C]

That's a sick thing to have on your LinkedIn.

[B]

Yes, that is correct.

[C]

That's all you need in your LinkedIn

[B]

bio as a hedge fund manager, for sure.

[C]

Yeah.

[B]

Let me start with the thing that I'm most curious about, because I sat here with an investor called Jeremy Grantham,

[C]

who you might know.

[B]

He told me that we're staring in the face of an AI bubble and therefore a economic collapse potentially.

[D]

If you look at.

[C]

Can I say. Wait, can I say this? Yeah, duh.

[B]

What? To the bubble.

[C]

Like whenever somebody's like, do you think we're in an AI bubble? And I know he's just queuing up a question, but I'm like, duh. But you could say that whenever there's any new thing, it's kind of like, do you think social media is gonna, you know, do you think this network is gonna do this? Do you think this thing, it's like, yeah, of course. There's too many things. Do you anyway, NFTs the Internet. I was like, I could have told you that. Yeah, it's a bubble.

[B]

Brother, brother, brother.

[C]

All right, here we go.

[B]

This is Jeremy Grantham on the show. It would be compatible with history for the peak to be very soon. Everything is in line. This is, I think, the biggest investment bubble in American history. What's your perspective on that?

[D]

He's right. I don't want to jump to conclusions as much as I want to explain reasonings that lead up to conclusions. I'm at a stage in my life that I want to help people understand cause, effect relationships. What they call a bubble is when the price goes up a lot and companies do very well, and then it collapses. And that has implications for the economy. That has implications for the markets. Like 1929 bubble. Okay. Or the 2000 bubble. Okay. Which is the dot com bubble.

[B]

Does it impact real people as well? Because you said the economy.

[D]

Did 1929 bubble bursting impact real people? Yes, the did it hot take.

[B]

But I think people were struggling right around that time to a great degree.

[C]

Were they?

[E]

I think so.

[C]

Oh, okay.

[D]

I'm no history buff because what happens is.

[C]

You know what I was thinking about the other day that kind of rocked my brain?

[B]

The Great Depression.

[C]

No, the Great Depression sounds like. Okay. Anyway. No, I was thinking about the fact that we kind of. I think you and I were watching a clip or someone was talking about the 2008 recession and I was thinking like when you say 2008, we're kind of like the last age that just goes like, oh yeah, I remember that period. Not necessarily. I didn't know what was going on, but I just knew the adults around me were really stressed out. And I was thinking, the college age kids, now that shorthand doesn't mean anything to them. And that's a weird thing to think about. Same thing with 9 11. I was thinking about, I know this guy, he's, I want to say he's like 19. And I was like, oh, you weren't even born during 9 11.

[B]

Yeah, it feels weird like.

[C]

And again, I don't really shouldn't be adults remember a lot about 9 11.

[B]

Doesn't feel like we're getting older. Just feels like they should have stayed young.

[C]

Well, especially because I haven't gotten any smarter. That's kind of like the really concerning. But I was thinking about that. I was like, 2008. It's crazy that that's such a, that's such a recent thing, but it was

[B]

also almost 20 years ago now.

[C]

Yeah, yeah, let's not talk about that.

[B]

Oh, thanks for bringing that up.

[C]

Speaking of the Great Depression, speaking of dates, can I apologize to you really quickly?

[E]

For what?

[C]

You know me, when I'm wrong, I say I'm wrong. When I'm wrong, I say I'm wrong. And the other day we were talking about Spider man and you said Tobey Maguire's Spider man kind of kicked off the superb boom. And I was like, ew, what about the X Men trilogy? Only the first X Men movie had come out before Spider man and the other movies came out after. So I apologize.

[B]

Thank you for writing that.

[D]

Wrong.

[C]

So anyway, back to this new technology

[D]

that comes along that's revolutionary. The dot com bubble, which was 2000. All the stuff that we have, that's wonderful new technology. People get into that technology, they say that's miraculous. I can bet on that. I'm sure it's going to be successful. And then they bet on it and sometimes they borrow money to bet on it and they lose sight that the price of it matters. So it goes up and up and it's everybody's thing, you know, like right now we're very excited about a AI and we should be very excited because it's going to be revolutionary changes. And then at the same time, so I want to buy some of that and everybody wants to invest in some of that. And what they do is they don't pay attention to the price. And there's a certain mechanics. People will borrow money. Wealth is not the same as money. So you see a lot of people getting wealthy.

[C]

That's where I wanted to. I thought that was something I wanted you to talk about. So do that. No. Yeah.

[B]

Well, I mean, it's just true. Like, wealth is not the same as money.

[C]

Perfect.

[B]

Because the access to capital does not mean that you can turn it into profit.

[C]

I thought that was a great line. Like, wealth is not. Because I think people look at certain wealthy figures and assume like, oh, they're liquid. Like, that means if they open their bank account today, they have like, well, Elon Musk becoming a trillionaire does not mean he opened up his Wells Fargo app and it's like trillion dollars. Obviously, it still said an obscene amount of money that we should still ponder.

[B]

A lot of money.

[C]

Is that too much money for one man? I don't know. But yeah, I thought the money's not the same as wealth and vice versa was interesting.

[B]

That is a misconception. That still blows my mind that people are still even thinking that way. It shows such a lack of knowledge in how those systems work. That's absolutely not how that works.

[C]

To be fair, I wouldn't cash out

[B]

the money and go spend it on something. In fact, there's literal rules. Like, they. Like, I'm not sure he could sell a single share of SpaceX for like the first at least 12 months or something like that. Legally, anyway. I don't know what. There's maybe some backdoor stuff going on.

[E]

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[C]

What I also hate, though, just on to the flip side of that conversation, is I also hate when you see an interview with somebody like Mr. Beast. Sometimes I'll see interview clips, and he's like, I'm broke. And that kind of annoys me, too. Cause I'm like, you still have, because of your wealth, incredible access. You're at no risk of being like, oh, I can't pay my mortgage next week. That kind of bothers me, too, is I think sometimes people that are like, you have two classes of people, right? Like, on the broad side, where it's like, eat the rich and the rich suck. And then you have the other people that, like, they spend their day pining for the rich, and they're like, the rich do nothing wrong. And that's the ultimate measure of success. And I think sometimes I see that where it's like, Elon Musk really isn't even really have that much money. It's all tied up in this, and it's like, well, not quite. Let's chill out.

[B]

And he's probably not a good example of this particular analogy, because he is wealthy and he does have a lot of money. It's both of them.

[C]

But at Mr. Beast, I always see good clarification, though. I always see interview clips where he's like, I don't really have anything.

[B]

Yeah.

[C]

And it's like, okay. I mean, yeah, like, we get what

[B]

you're trying to say, but it sounds like out of touch almost.

[C]

Read the room, brother.

[E]

Yeah,

[D]

but you can't spend the wealth. You have to sell the wealth to get money, because you can only spend money, right? So what happens is when they need money for one reason or another, taxes change or interest rates go up, and so they have to pay their debt service and so on. There is a pricking of the bubble so that what happens is it falls, okay? And when that happens, people lose money. And as they start to lose money, the process works in reverse. Because when they made a lot of money, they have a lot of collateral, right? They can go borrow money because they're worth a lot, and that compounds on its way up. And then when it comes down the other way, it works the other way, okay? Now you got to pay your debt and so on. Then you have to start to sell assets. And then there's less demand for things, right? So there's less demands. Because if you're losing money because you put some money in the stock market and the company and so on, you're going to spend less. And as you spend less, then somebody else's income goes down. Right. You don't go to the restaurants. The economic downturns that typically follow a bubble like the Great depression, the late 20s was fantastic. If you talk about changes and experiencing. This was the first time there was electricity in houses. So it was the first time you would have refrigeration and you would have lighting in houses. This was the first time that you had cars popular that you could get. First time airplanes, first time you had radio. And so everybody knew that they were going to be great in the future and they were great in the future. But at the same time, what happens is as they buy them and they socks go up and they borrow money to buy them and so on and the profits don't live up to the price, then that causes this other dynamic and it produced the Great Depression.

[B]

Yeah, I mean, can I ask a stupid question? I think that Ramsey guy might be onto something maybe.

[C]

Can I ask a stupid question?

[D]

What's that?

[C]

And I preface this with saying, don't mock me. But it seems to me that you always hear about the people that did that do really well, tend to wait till the end, end of that cycle where everything crashes and then they go buy from the people that overextended themselves and they go, I'm going to buy their buildings, I'm going to buy all their assets that like, have been the same for the last hundreds of thousands of years. Like all those things that just aren't going to go out of style, like real estate and, you know, whatever, whatever things that they can snatch up at a fraction of the price. Because those people need money all of a sudden. Why are there still so many people that invest heavily in these unknown things like AI. Yeah. Instead of just sitting on their money and going, I'm gonna wait till this bubble bursts and buy all the other things that aren't going out of style. Like, is it just. Some people have a higher risk tolerance and they want the huge. They think they can exit at the right time.

[B]

I don't think so. My, my overall take on that is that you still can't take the emotion out of the human. That when people, you know, one of the core psychological drivers of decision making is social proof and prices going up is massive social proof experiment to say that there's, there's other people are doing this. Oh, my friend bought this stock and it went up. They went up 75% in three months. I need to buy that stock and, or like Bitcoin or whatever it is, they see other people are getting wealthy on this thing or increasing their net worth, this thing. So they wait until there's evidence that it's going to work out because they don't have the knowledge to pick the stock before any of those things happened. Like, somebody like Ray Dalio spent decades of his career building systems and quants and learning computer systems to help them make these types of predictions. So they maybe get this overinflated sense of. Not necessarily ego, it's just, it's sort of like incompetence disguised as ego. It's like unearned confidence, like the Michael Scott character, where they just like, oh, they. Because prices were going up, they made a few calls, those calls went well because prices are going up. And then they treat themselves like the new oracle of Wall street. So they buy more stuff, and then they start taking out loans to buy more stuff. And then they think like, well, if my returns are anything like they were before, then, you know, then I'll be able to cover this debt service and pay those things off and increase my net worth and all this other stuff. So they start taking more risk when times are. When times are really good. And then the opposite of that happens when times are bad. Which is why Warren Buffett's advice is be greedy when everybody else is scared and be scared when everybody else is greedy. But in practice, like, it sounds like such a simple concept to follow, but in practice it's very difficult because the opposite of the social proof phenomenon thing happens on the other end of that, where people are chasing stocks down and then people start getting scared and then everybody's losing money. So everybody that saw their friend making money all now sees their friend losing money. They get scared, they sell, because they

[C]

don't know if it's going to go to zero.

[B]

Right.

[C]

Instead of go back up.

[B]

Exactly. So they like you as much as you possibly can. You have to take the emotion out of the decision making, which sounds like a silly correlation, but that's, that's why I like the concept of like, same rules apply to something like blackjack, because you can see, like the cycles will happen in one single evening versus, like the stock market. You might have to be investing in the stock market for 20 years before you live through a couple of cycles to get an idea of what it looks like. You can also look at history, but, you know, people don't learn from that either. So they wait for that personal experience. And on the blackjack Table it's kind of the same thing. It's like things are going well, you increase your bets, things are going poorly, you draw back your bets. You can manage those cycles effectively. But also like the best blackjack players or poker players, whatever, they're the ones who stay the most disciplined, that don't allow their emotions to get in the way when it's like, oh man, I lost seven hands in a row. No way I can lose eight. Let me throw out a crazy bet on this one. And then they lose that one. It's like this is impossible. Like these, this is, you know, stupid. It's like it's the ones who just, they have a system, they bet based on that system and then they deal with whatever results come their way. And I think the best investors do something very similar that they, they have, they just have their own rules, they have their own system, they bet based on that system, they make their predictions based on that system and they follow that system. And, and sometimes that might mean, quote unquote, leaving money on the table or that might mean that you missed out on this, you know, particular timing of market returns or something. But it also might mean that you have a bunch of dry powder when shit hits the fan. And now you can be the person buying things up, scooping stuff up for pennies on the dollar. So the, the, the best people are going to be around.

[E]

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[B]

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[E]

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[B]

code T M. You know, I was talking to a multifamily guy a couple days ago and he was talking about the real estate cycles and multifamily space and how much of a bubble that was in the last, you know, from 2021 to basically today. And I was asking a little bit about like, what's your buy box and what are you looking for now? And he's like, now we're just, we're looking for more deals from all of the people who got in over their heads in Want 2022. Because he was like, when we started this in 2012, we never lost. He was like, we were 100% hit rate all the way up until 2021. And then things started getting a little bit dicey and you know, people started making bad decisions. And then all these people started their own multifamily funds and syndicates and stuff like that and started investing in these properties that were not good deals. So that's what I mean by people let their emotions take over is it stops, the logic center stops being part of the decision making process because, well, we've been doing this for a decade and we've never lost. You know what I mean? So like we know what we' doing. We can, we like, we know how to do this in reality, like you were, you were a product of, of somebody benefiting from the markets during the time at which you decided to start investing. So the people who are still winning in the multifamily game are the ones who were still disciplined enough to make sure that the deal was good when they bought it and that they weren't overextending themselves just for the purpose of getting into a new property. So they, they just maintained that same level of discipline, which means they probably bought fewer properties, which means they probably let a bunch of deals go to other people who are overbidding on them because they knew that. Well this, just because they can get this price does not mean that that's the price that it's worth if you're trying to actually make the deal. Pencil on paper. So yeah, I think it's largely due to human beings and emotion that you can't. And because the vast majority of investors are not hedge fund managers, you know what I mean? They're private individual investors making decisions from the Robinhood account, which is great. You should be investing in stuff. But that's why I say like, like don't speculate, don't take massive risks and gambles on this unless it's with play money, right? Like you have some play money, fine. Like go do whatever you want. Buy an individual stock, take bets on penny stocks, do whatever you want with that money. I don't care. Buy altcoins, crypto, NFTs, do whatever you want. That's play money. But if you're using like your investment nest egg to make these types of bets, then it's probably not going to work. Out for you long term. So stick to the things that you know to be true and then try to remove the emotional decision making from the process. So like, that's why my thing is like if you're gonna buy something, only buy the things that you believe are going to be worth more in a decade from now and understand that cycles will be a part of that and then remain disciplined enough to not look at. Like if you have to delete the Robinhood app from your phone and only make trades on your computer or something like that so that you're not constantly checking the balance and being like, oh I'm 20% down my portfolio, I'd to like, like what if it goes to zero, let me sell. You know what I mean? It's like, well, in bet on the companies you think you're going to be around for a long time and then be disciplined enough to ride through the cycles with those companies. If you're going to pick individual stocks, you know, things still probably, still better to just have the s and P500 or something like that. And then the problem is when it goes down 35% like it did during the times that he's talking about, that's when people again start panic selling. And it's like the logic doesn't make any sense because if the s and P500 tanked, we have a lot more problems that are going to be on the horizon than your financial position. You know what I'm saying? Like we're talking about like post apocalyptic America or like America is no longer the world power. Like if you're removing your money from these like index funds just because shit hits the fan, like you are betting

[C]

on the, the country disappearing.

[B]

Exactly. Yeah, exactly.

[C]

The walking dead scenario, right?

[B]

Versus in which case, because if you

[C]

would have left your money, cash isn't going to matter either.

[B]

That's what I'm saying. We have a lot more problems to consider. That's not going to be the chief of your problems, you know what I mean?

[C]

That's why you recommend Forex and then you can switch to some other currency, right? You have 100%, you have a link

[B]

in the show notes, link in the description. But yeah, because the same people, they sold everything in 2008 and when S&P drops 40% or something and they sell everything, they missed out on some of the biggest market gains in United States history by taking their money out at that drop. Because the stock market now compared to what it was in 2008 is literally historic returns. So it's really really difficult to like, watch your nest egg getting pummeled in the S P or in an index fund or ETF or something like that. But if you can remain disciplined during those times and just understand, like, we will, the American economy, economy will recover from this like it has for the last 100, 150 years, barring any sort of insane black swan event that makes this no longer a problem I have to worry about to some degree. And if I can leave this in here, it will bounce back, you know, like the, the historic averages will come back at some point. So it's the inability to remain disciplined in the face of emotional backlash because we're people, we still have, you know what I mean? Like, like you, you might be trying to remain disciplined, but then maybe your spouse is looking at it like, we just need to sell it. We just got to get rid of it. Let's just put the money somewhere else. Like we put in this savings account or like just take it out. Like, they start freaking out and then you have to be like the mediator between the financial accounts and your partner or whatever. You know what I mean? So I understand there's a lot of. It's very difficult in those times to make those decisions. But it's also, you know, the people like the Ray Dalios are the ones who just alter the plan a little bit and then keep the money in the markets where it belongs. And they all did very, very well if they left their money in those things at that time.

[C]

Well, I know we have to close out the episode, but I gotta say, honestly, worst case scenario, the Great Depression looks kind of sick. I was looking at this picture. If we go into another Great Depression, it seems kind of awesome because I was looking at this picture as you were talking of where it's from, the diary of a CEO and they had some B roll and they were giving out free coffee and donuts to the unemployed and free soup. And if I was going to get a coffee donut and a bowl of soup today, that would be like 20 bucks. So low key, great financial situation. If the Great Depression had to go.

[B]

Totally. Yeah. So if you had a time machine

[C]

and you could go in any era, I think that it would be the Great Depression, I think because like, free donuts, free coffee.

[E]

Yeah.

[C]

It's actually basically what happens when I come over to film. I'm like, oh, there's food in this pantry and free coffee. I don't drink it. I don't drink the coffee. Free monster. Wait, hold on, let's see. Free monster. And meat sticks for the unemployed or for the employed? I'm getting the best of both worlds. I'm employed and getting snacks and sometimes some cuddles.

[B]

Here's the thing. If you have any questions about financial markets, Ray Dalio's probably best person.

[C]

Keep listening to me. Yeah. I will never guide you. Stormy Waters.

[B]

No, Ray Dalia is fantastic. So, yeah, check out anything that Ray has to say about any of this stuff. Half the things I say are just reiterated from people like Ray, who I just read about.

[C]

You're like AI.

[B]

Exactly.

[C]

You just consume their info and then regurgitate it.

[B]

Yeah, yeah. Anyway, that's it for this episode of the show. Remember, money only solves your money problems. But it's easier to solve the rest of problems with money in the bank. So let's start there. Here on the Travis Makes Money podcast. We'll catch you next time. Peace.

[A]

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