Stock Club

This week, Mike sits down with investor and author Ben Carlson to discuss the habits, mindsets, and mistakes that define successful investing.
We start with the two variables Ben believes matter more than anything else: your time horizon and your risk profile. While most investors focus on picking the right stocks, Ben argues that understanding your willingness, need, and ability to take risk is far more important and often the difference between staying the course and making costly mistakes.
From there, we talk market history. Ben explains why studying past booms and busts isn't about predicting the future but understanding the range of outcomes markets are capable of producing. History teaches us how quickly sentiment can swing from euphoria to panic and why investors should always expect the unexpected.
We also tackle one of investing's most persistent temptations: market timing. Ben argues that trying to jump in and out of markets introduces more problems than it solves, creating a psychological battle that's incredibly difficult to win consistently. To combat the temptation, Ben proposes his concept of a "fun account"—setting aside a small portion of your portfolio for speculation, trading, crypto, or whatever scratches your investing itch. Done correctly, it can help investors stay disciplined with the other 90% of their wealth while learning just how difficult it is to outperform a simple buy-and-hold strategy.
With AI stocks soaring and trillion-dollar IPOs dominating headlines, we naturally have to talk today's market environment. Ben reflects on how technological revolutions have always created uncertainty, why comparing today's AI boom to previous market manias is both useful and dangerous, and why keeping an open mind remains essential for investors. He also explores why markets seem to move faster than ever before.
Finally, Ben explains why optimism may be an investor's most important asset. While crashes, recessions, and bear markets are inevitable, long-term investing ultimately requires a belief that businesses, economies, and human innovation will continue moving forward.
Psssst…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/
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00:00 Intro02:47 Time Horizon And Risk06:20 Why Market Timing Fails11:46 The Fun Account Idea20:22 Trillion Dollar IPOs
21:39 Promo
23:49 Ben on Space X’s IPO28:41 Why Markets Move Faster35:13 Importance of Optimism44:01 Preparing For Big Drawdowns

Ahead of its highly anticipated IPO, SpaceX is reportedly targeting a valuation between $1.75 trillion and $2 trillion, numbers that would make it one of the largest public companies in the world from day one. This week, Mike and Emmet ask: does the business justify the hype?
In 2025, revenue reached $18.7 billion, up 33% year over year. But the company also posted a net loss of roughly $5 billion, including a staggering $4.3 billion loss in the first quarter of 2026 alone.
While SpaceX's established businesses, Starlink and Launch Services, continue to expand, the division attracting the most scrutiny is xAI.
Despite contributing just 17% of revenue, xAI generated billions in losses as Elon Musk pours money into competing with the likes of OpenAI and Anthropic. The company has burned through billions on AI infrastructure, but investors are betting today's losses could become tomorrow's dominance.
There are also concerns around governance, float, and a potential merger. Musk controls roughly 85% of the company's voting power, giving him near-total control over board appointments, executive pay, and strategic decisions. Meanwhile, only a small percentage of shares will initially be available to trade, creating the potential for significant volatility once the stock hits public markets. Rumors are also swirling that SpaceX and Tesla could eventually combine forces, creating one of the most ambitious corporate structures in history.Ultimately, investors are being asked to pay a premium today for technologies that may not fully arrive for years—or even decades.
Only time will tell whether SpaceX becomes the company that powers interplanetary travel, AI infrastructure, and space-based energy systems. If it does, today's valuation may end up looking cheap. If not, this could go down as one of the most ambitious IPOs ever brought to market.
We wrap up with another episode of Follow Prophet.
Psssst…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/
Prophet, MyWallSt's latest investing service, is focused on delivering market-beating in less than 5 minutes a month.
Click here to join now or email frank@mywallst.com for a deal.
Become a successful investor by checking out all the content MyWallSt has to offer:
📩 Email us: pod@mywallst.com
📚 Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7
💻 Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/
🎧 Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/
🎉 Follow MyWallSt on social:
❌ X: @MyWallStHQ
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👔 LinkedIn: MyWallSt
00:00 Intro03:36 SpaceX IPO Preview07:24 Valuation14:20 Governance And Control Risks21:05 Tesla SpaceX Merger Talk30:00 IPO Timing Buy Or Wait40:23 Follow Prophet

This week, Mike and Emmet share some of the craziest stories in stock market history.
Starting with a chimpanzee named Raven, who became a star during the dot-com bubble. After throwing darts at a board of internet stocks, her assembled portfolio returned 213% in 1999, making her the 22nd most successful money manager in the United States that year.
Then there’s the story of Jonathan Lebed — essentially a 14-year-old version of Jordan Belfort. During the early internet era, Lebed made nearly $1 million running pump-and-dump schemes from his bedroom, buying penny stocks before hyping them up in online chat rooms using fake accounts. The strategy was wildly illegal… but also wildly effective.
We also revisit one of the strangest moments of the post-COVID market frenzy: Hertz (HTZ). After filing for bankruptcy, the stock somehow surged nearly 9x as retail investors piled in. Even more bizarre? The company nearly raised fresh capital by selling shares in the bankrupt business — and investors who bought during the chaos actually ended up making money.
From there, we move to one of the most famous short squeezes ever: Volkswagen (VOW3). What began as Porsche quietly building a stake in the automaker spiraled into absolute panic on Wall Street, as hedge funds crowded into what they believed was a “risk-free” arbitrage trade. Instead, Volkswagen briefly became the most valuable company in the world as the stock exploded over three days.
And finally, we tell the story of the “ramen-eating hermit” who made $20 million in 10 minutes.After a catastrophic trading error at Mizuho Securities triggered chaos on the Tokyo Stock Exchange, one obscure retail trader spotted the mistake faster than institutional investors, bought aggressively, and walked away with a fortune. Meanwhile, the brokerage firm behind the error lost an estimated $347 million.
Stay until the end to hear which story the lads love most.
Psssst…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/
Prophet, MyWallSt's latest investing service, is focused on delivering market-beating in less than 5 minutes a month.
Click here to join now or email frank@mywallst.com for a deal.
Become a successful investor by checking out all the content MyWallSt has to offer:
📩 Email us: pod@mywallst.com
📚 Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7
💻 Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/
🎧 Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/
🎉 Follow MyWallSt on social:
❌ X: @MyWallStHQ
💃 TikTok: @MyWallSt
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00:00 Intro
02:22 Chimp Beats Wall Street
08:19 Teen Jordan Belfort
14:25 Hertz Bankrupt Stock Surge
21:58 Investicon announcement
25:08 Volkswagan Short Squeeze
37:23 Ramen Trader Windfall
43:38 Favorite Story and Wrap

This week, we dive into one of the hottest new companies in AI and the market: Cerebras (CBRS).
The company only just IPO’d, but it’s already valued at close to $100 billion. Even more astonishing? Cerebras was founded just 11 years ago by five engineers.
Its core thesis is radical: the architecture underpinning AI computing is fundamentally flawed.Cerebras argues that GPUs—the chips powering today’s AI boom—were never actually designed for deep learning. They just happened to be dramatically better than CPUs. So instead of improving on existing designs, Cerebras built something entirely different from the ground up: the Wafer Scale Engine (WSE).
The result is a system that eliminates many of the bottlenecks caused by connecting multiple chips together while delivering memory bandwidth reportedly 7,000 times greater than traditional GPU setups.
But for all the excitement, there are real concerns too.
The company initially filed for an IPO in 2024, but the process was delayed after a national security review. It also came under heavy scrutiny after investors discovered it relied heavily on a single UAE-linked customer, G42. Even today, two UAE organizations account for roughly 86% of Cerebras’ revenue—an enormous concentration risk for any business.
Still, the growth has been hard to ignore.
Cerebras generated roughly $510 million in revenue in 2025, up 76% year-over-year, while swinging from a massive net loss to profitability. The business has also aggressively expanded into cloud AI infrastructure, signing major deals with OpenAI, Amazon Web Services, and customers including Meta (META), Mistral AI, Perplexity AI, and Mayo Clinic. Its OpenAI compute agreement alone is reportedly worth more than $20 billion through 2028.
So the big question is simple: is Cerebras worth $100 billion?
We then cover Elon Musk’s lawsuit against OpenAI, Sam Altman’s declining reputation, Anthropic’s revenue acceleration, and what it all means for the stock market, with many AI companies eyeing IPOs. 2026 could end up being the biggest year on record for public markets.
Psssst…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/
Prophet, MyWallSt's latest investing service, is focused on delivering market-beating in less than 5 minutes a month.
Click here to join now or email frank@mywallst.com for a deal.
Become a successful investor by checking out all the content MyWallSt has to offer:
📩 Email us: pod@mywallst.com
📚 Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7
💻 Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/
🎧 Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/
🎉 Follow MyWallSt on social:
❌ X: @MyWallStHQ
💃 TikTok: @MyWallSt
📸 Instagram: @MyWallSt
🖥️ Facebook: @MyWallSt
👔 LinkedIn: MyWallSt
00:00 Intro03:36 Meet Cerebras12:39 Benchmarks Speed Advantage17:32 Financials20:45 Bull Case22:11 Bear Case24:54 Elon Musk and OpenAI32:36 AI IPO wave

The market is on an absolute tear right now, and it’s raising some serious questions. Lucky for you, Mike and Emmet want to upack them all.
Despite the crazy macroeconomic conditions, the market keeps performing. The Nasdaq Composite is up roughly 38% in the last year. And when you zoom in on individual stocks, things get even crazier.
SanDisk (SNDK) is up 63% in a month, 450% in six months, and an eye-watering 3,800% over the last 12 months. Micron (MU) has jumped 86% in a month and nearly 8x in a year, while Western Digital (WDC) is up around 1,000% over the same period. Even lesser-known names like AXT (AXTI) are suddenly flying, up roughly 700% year-to-date.
In fact, the top 10 stocks over the past 12 months have outperformed the top performers in the 12 month run-up to the dot-com bubble – a stat that’s hard to ignore.
So… are we in an AI bubble?
Skeptics like Michael Burry argue this rally looks even more extreme than 1999. And to be fair, many of the classic bubble ingredients are there: stretched valuations, momentum chasing, and heavy concentration in a single theme.
But there’s a strong counterargument too.
We’ve just come through a blockbuster earnings season, with the median earnings surprise hitting 6% – the best since 2022. AI demand isn’t just hype; companies are struggling to keep up. Hyperscalers like Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL) are pouring hundreds of billions into infrastructure, signaling that this could be a real productivity revolution.Still, that level of spending raises some eyebrows.
And while AI stocks dominate headlines, there’s another side to this market.
Plenty of high-quality businesses are being left behind, with money rotating aggressively into AI. Stocks like McDonald's (MCD), Home Depot (HD), Mercado Libre (MELI), Lululemon (LULU), and Accenture (ACN) are sitting near 52-week lows – along with a host of medical leaders like Abbott Laboratories (ABT), Medtronic (MDT), and Intuitive Surgical (ISRG). These are durable, proven businesses – but right now, if you’re not AI, you’re being ignored. So five years from now, would you rather own today’s high-flying AI names or these overlooked compounders trading at a discount?
And finally, we dive into one of the wildest stories in the market right now: GameStop (GME) reportedly exploring a deal to acquire eBay (EBAY). GameStop is worth about $12 billion and to pull off the deal it could end up needing as much as $65 billion. Meaning, it would likely need to issue a massive amount of new shares and take on tens of billions in debt, raising serious questions about dilution and feasibility.
We wrap with Follow Prophet.
Prophet, MyWallSt's latest investing service, is focused on delivering market-beating in less than 5 minutes a month.
Click here to join now or email frank@mywallst.com for a deal.
Psssst…. We don’t think you’ll want to miss this year’s Investicon. Grab your early bird tickets now: https://www.investicon.ie/
Become a successful investor by checking out all the content MyWallSt has to offer:
📩 Email us: pod@mywallst.com
📚 Learn the fundamentals of investing by downloading our free Learn app: https://bit.ly/3DXPOz7
💻 Keep updated on stock market news by visiting our blog: https://mywallst.com/blog/
🎧 Tune in to our podcast Stock Club to stay updated on weekly news: https://mywallst.com/stock-investment-podcast/
🎉 Follow MyWallSt on social:
❌ X: @MyWallStHQ
💃 TikTok: @MyWallSt
📸 Instagram: @MyWallSt
🖥️ Facebook: @MyWallSt
👔 LinkedIn: MyWallSt
00:00 Intro02:22 Nasdaq Surge Bubble Talk05:18 Semiconductor Mania Stats16:21 C3 AI as Bubble Counterpoint21:43 Undervalued Stocks and Market Rotation24:38 GameStop Bids for eBay35:47 Following Prophet