The AI boom is only just beginning and the biggest gains may still be ahead. In this week’s episode, Robert explains why Phase 2 of AI could unlock even greater earnings power than model training, why investors like Howard Marks are calling this bubble “early innings,” and what that means for markets. He also shares how he’s approaching stock selection with Stage Analysis, why chasing “falling knives” is a losing game, and answers a reader question about Waste Management. Plus, a candid reflection on the dangerous rise of political violence and why it poses a real risk to both free markets and free societies.