I saw this line recently that I really love.

No input, no output.

Now, this is important to all of us, regardless.

Because we want to be inspired.

We want to learn.

But if there's no input, you can't have output.

Meaning if you don't take in new signal, new information, new experiences, new insights,

if you don't surround yourself with either the individuals who can raise you up or the words

of the individuals that can raise you up, you're lying flat. You're a dead man walking.

You're in the gutter. So as I go through my daily life and I think of interesting things to share,

it's always about the input and it's always about the output. What can grab my attention to get me to see something uniquely that I wasn't seeing

before that perhaps I can share, perhaps that you find interesting.

Yesterday on X, I posted a quotation from Howard Marks, the famed investor, who has appeared on my podcast.

And the quote was quite simple.

There are no facts about the future, just opinions.

Anyone who asserts with conviction what he thinks will happen in the macro future is

overstating his foresight, whether out of ignorance, hubris, or dishonesty.

Which means what, ladies and gentlemen, there's no predictions.

So you need a strategy.

You need a way to understand the odds.

You have to bet.

And you have to be able to take losses.

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