There’s a question quietly sitting underneath a lot of market conversations right now—one that feels eerily familiar:
Are we living through another bubble?
In this episode of Earn & Invest, Jordan Grumet sits down with Brian Feroldi to explore that question through the lens of artificial intelligence. But instead of offering a hot take, they do something more useful…they slow the conversation down.
Because not all bubbles are created equal.
Feroldi makes an important distinction early on. There are price bubbles, where valuations drift far from reality (think late-90s dot-com mania), and then there are earnings bubbles, where profits are real, but possibly temporary. And that’s where things get interesting.
Take Nvidia. The profits are staggering. Tens of billions. Not hypothetical. Not projected. Real. But the harder question is whether those profits represent a durable future… or a moment in time driven by a global sprint to build AI infrastructure.
It’s the kind of nuance that doesn’t lend itself well to headlines. But it’s exactly the kind of thinking long-term investors need.
And if you’re hoping for a clean answer on how to “win” the AI race in your portfolio, Feroldi gently pushes back on that too.
The reality? Picking pure-play winners may be harder than it looks.
Switching between tools like ChatGPT, Gemini, and Claude is almost frictionless. Loyalty is thin. Moats are unclear. Today’s leader can quickly become tomorrow’s afterthought.
So instead of chasing the next big thing, Feroldi offers a surprisingly simple solution: own the whole ecosystem. A basic S&P 500 index fund gives you exposure to the companies most likely to shape, and benefit from, the AI revolution, including the hyperscalers quietly building its foundation.
It’s not flashy. But it might be wise.
Zooming out, though, this conversation isn’t just about where to invest. It’s about what AI might do to the world we’re investing in.
Because markets don’t grow in a vacuum.
They’re powered by population, inflation, innovation, and productivity. And with population growth slowing globally, something else needs to pick up the slack. Feroldi sees AI—and its close cousin, robotics—as a potential engine for exactly that.
Not just incremental improvement, but a meaningful shift toward abundance.
Of course, most of us aren’t building AI models or running trillion-dollar companies. We’re just trying to make better decisions with our money.
That’s where this episode becomes especially practical.
Feroldi shares how he actually uses AI in his own investing process—not as an oracle, but as an assistant. He has it read dense SEC filings, summarize business models, and surface key insights that would otherwise take hours to extract.
In other words, he’s not outsourcing thinking. He’s accelerating it.
But he’s also clear about the limitations.
AI is great at telling a company’s story. It’s far less reliable when it comes to the numbers. Hallucinated revenue figures. Incorrect ratios. Confidently wrong answers. The fix? Always trace the output back to the source. Demand links. Verify everything.
And perhaps more importantly, don’t let AI do all the arguing for you.
If you want a real understanding of a business, you have to ask for both sides—the bull case and the bear case. Otherwise, you’re just reinforcing your own bias… with better technology.
That idea, using AI as a “sparring partner” rather than a decision-maker, extends beyond stock picking.
It can help you think through asset allocation. Review your spending. Even challenge your assumptions.
But when it comes to the hardest part of personal finance and managing your own behavior, Feroldi is skeptical that AI can replace humans anytime soon.
Because when markets fall and fear rises, the last thing most people need is a tool that agrees with them.
Sometimes, the most valuable voice is the one that tells you not to act.
The episode even touches on a bigger question: if AI becomes this powerful, does long-term investing still work?
Feroldi doesn’t hesitate.
Yes.
Because investing has never been about predicting the unpredictable. It’s about patience. About holding through uncertainty. About accepting that some variables—like whether a horse breaks its leg mid-race—can’t be modeled or known in advance.
AI doesn’t change that.
And then, toward the end, the conversation shifts in a way that feels very Doc G.
From markets… to meaning.
What does all of this mean for how we live and work?
DocG shares three pieces of advice he gives his own kids as they grow into an AI-shaped world. Not technical advice, but human advice.
Learn to tell stories.
Go deep in something that matters.
And don’t try to outrun the technology—just learn to use it better than the people around you.
It’s a simple framework. But like most simple things, it lingers.
This episode isn’t trying to predict the future of AI or hand you a winning stock pick. It’s doing something quieter—and arguably more valuable.
It’s helping you think more clearly in a moment when clarity is hard to come by.
And that alone might make it worth the listen.