, but that does not mean investors need to totally steer clear of them.
Below are condensed and lightly edited highlights of the conversation. Click here to listen to the full podcast, or subscribe on Apple Podcasts or wherever you listen.markets, what we call the meme stocks. How are you thinking about that?Beyond, GameStop. Their total market value is what? One-half of 1 per cent of stocks or less. And even if you add a few more memes, you’re still getting an absolutely infinitesimal part of the market.
I don’t want to diminish that when I say finally become an adult because some of these are adults. And by the way, some people know how to play these markets. I say, when you become retired like I am. As I said, it’s fun to play with a portion. I tell my son to play with a portion. But do not make that a big portion of your portfolio unless you have unbelievably excess money and you can afford to lose 80 per cent of it.
But I was saying that it looked like we were in a real, if not an outright recession, a growth recession, which by the way, it looks like it’s continuing in this quarter. Estimates that I get are between zero and one. Now, we only have really data for July. But nonetheless, we’ve had an unprecedented drop in GDP while at the same time having robust labour-market growth, which is absolutely unheard of in history.