Why Bubble Talk is Totally Wrong with Ankur Crawford
4/17/20261 hr 32 min
On episode 238 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Dr. Ankur Crawford to discuss: the strongest names in AI, the future of the Mag 7, the semiconductor market, the case for Amazon, and much more! This episode is sponsored by Invesco and Janus Henderson Investors. To learn more, visit https://www.invesco.com/us/en/solutions/invesco-etfs/income-advantage.html?audienceRole=FinancialProfessional Learn more at https://www.janushenderson.com/ Sign up for The Compound Newsletter and never miss out: thecompoundnews.com/subscribe Instagram: instagram.com/thecompoundnews Twitter: twitter.com/thecompoundnews LinkedIn: linkedin.com/company/the-compound-media/ TikTok: tiktok.com/@thecompoundnews Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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Transcript preview
First 90 secondsJosh Brown· Host0:00
So, um, remind me again, how did you, how did you f- first meet Adam? You guys worked together?
Ankur Crawford· Guest0:05
Oh my God, Adam. When I came to Alger, I had just finished my PhD. Knew, sh- knew diddly shit about anything.
Josh Brown· Host0:13
Okay.
Ankur Crawford· Guest0:14
And my very first- How old were you?
Josh Brown· Host0:15
How old were you?
Ankur Crawford· Guest0:16
I was 28.
Josh Brown· Host0:16
Okay.
Michael Batnick· Host0:17
Where did you do your PhD?
Ankur Crawford· Guest0:18
Stanford.
Michael Batnick· Host0:19
Oh, NASA community.
Ankur Crawford· Guest0:20
In material science and engineering. [laughs] So like, it was like...
Michael Batnick· Host0:22
[laughs] Right.
Ankur Crawford· Guest0:23
Um, and, uh, and I sat down. My very first sell-side meeting was with Adam.
Josh Brown· Host0:28
Okay.
Ankur Crawford· Guest0:29
And, and he was a semiconductor analyst at Bernstein.
Josh Brown· Host0:32
Okay.
Ankur Crawford· Guest0:33
And so- And he probably talked most of the time. So he did talk most of the time, but I was like, "Wow-" Yeah. "... what a cool, like, smart guy."
Josh Brown· Host0:38
Yeah.
Ankur Crawford· Guest0:39
And we just stayed in touch after that.
Josh Brown· Host0:41
Okay. So we're gonna g- we're gonna get into, um, how you came to Wall Street, and we'll, we'll do all that stuff.
Ankur Crawford· Guest0:46
Oh, okay.
Josh Brown· Host0:46
Um, all right.
Michael Batnick· Host0:47
I listened to my first Taiwan Semi earnings call today.
Ankur Crawford· Guest0:50
Oh, you did?
Michael Batnick· Host0:51
It was very strange, I thought, I'm sure you've listened to a million of them, that the analyst asks questions and then the CFO repeats the question that has been asked for every single question. It's bizarre.
Ankur Crawford· Guest1:03
[laughs] I think, um- I don't know what's happened there because he, he literally, he's like, "All right, so the question was..."
Michael Batnick· Host1:09
I'm like, "Huh, that's weird." And then he just did it the entire call.
Ankur Crawford· Guest1:11
So it used to be that there was, like, actually an audience, and so people would ask in the audience, and they were on stage.
Michael Batnick· Host1:17
Oh, that makes sense.
Ankur Crawford· Guest1:18
And that's, that's- Okay.
Michael Batnick· Host1:19
Okay ...
Ankur Crawford· Guest1:19
that was how it used to be. And, um- But you heard the call.
Michael Batnick· Host1:23
Like- But you- ... I heard the question.
Ankur Crawford· Guest1:24
Yeah, I don't- I mean, they just...
Michael Batnick· Host1:25
I don't know. But that, that's a plausible explanation.
Ankur Crawford· Guest1:26
It's just their... Maybe it's a cultural- Yeah ... you know, thing.
Michael Batnick· Host1:28
I thought it was odd that their, their