Roger and Richard dive into the wildest week in markets and explain why the next big risk is not a full market crash but isolated sector bubbles that can blindside investors. They break down Friday’s record crypto liquidations, why stop losses failed, and how leverage wiped out entire accounts in minutes. From there they move into building smarter allocation frameworks, including Roger’s new 25 stock “2040 fund” basket built around AI, semiconductors, energy, rare earths, and a single moonshot in quantum. They debate whether AI is actually in a bubble, why quantum looks dangerously overvalued, and how rare earth stocks turned into meme magnets overnight.

The conversation shifts to macro forces: Trump’s tariff posts swinging billions in minutes, collapsing auto credit, weakening jobs data, and what it means when Jamie Dimon and Ray Dalio are both signaling very different futures. They also cover Bitcoin’s double dip, rumors of massive whale shorts, and the limits of the Fed’s rate cut path. The episode wraps with one simple rule for wealth building: once you hit $100,000, compounding finally starts doing the heavy lifting. Educational only, not financial advice.