In this episode, Mik and Brian discuss the concept of FOMO investing and how to develop a principled approach to investing. They explore the current state of the market, the valuation of tech stocks, and the significance of Warren Buffett's decision to reduce his exposure to Apple. They also touch on the topics of AI, compute, and the potential opportunities and risks they present. The conversation highlights the importance of understanding one's edge as an investor, recognizing the difference between a great business and a great investment, and being comfortable with the ups and downs of the market.

Takeaways
Develop a principled approach to investing and know yourself as an investor.
Understand the difference between a great business and a great investment.
Recognize the potential opportunities and risks in emerging technologies like AI and compute.
Be comfortable with the ups and downs of the market and avoid chasing what's hot.
Consider your edge as an investor and focus on areas where you have knowledge and interest.

Sound Bites
"Should I cut some of my exposure to the market? Call it maybe a bit of FOMO."