On this April 2026 episode, Bear and Drowsy check back in on the AI build out with John Rotonti of Bastion Fiduciary. John talks pix and shovels of the AI build out and answers questions on if &quot;we are too late, valuation wise&quot; on the AI trade. We discuss how we are still maybe not even on the field yet to use a baseball analogy of what AI, and investing in AI, may become. And as always, Bear and Drowsy share portfolio updates in their ever long investing battle.<br><br>Stocks mentioned: NVDA, GOOG, AMZN, VRT, ETN, GEVN, PWH, RBRK, CRWD, and More

Episode 20: John Rotonti on the AI Buildout and "Multiple Worlds"

Shooting the Bull With Drowsy and Bear

# Full Transcript

**Podcast:** Shooting the Bull With Drowsy and Bear

## Transcript

Hey guys and welcome to episode 20 of Shooting the Bull Pod with Drowsy and Bear. As always, you can reach us on Twitter at investing underscore bear or at drowsy investor. You can hit us up by email at shootingthebullpod2025 at gmail.com. And without further ado, we want to welcome back our first three-peat guest. John Rotonti is a portfolio manager at Bastion Fiduciary. He is one of our absolute favorite guests to have on and just an unbelievable investing resource. So John, welcome back for now.

Number three. Thank you all so much for having me. Honestly, when you texted me a few weeks ago to invite me, I was just kind of thinking like, man, I miss having a good conversation with Drowsy and Bear. And then the text popped up. So I always look forward to these conversations. Well, for now. To start the conversation, we, John, we had you on on episode four, which was in August of last year. And in episode four, you absolutely blew our minds by introducing us to AI infrastructure companies like you.

Eaton and Vertiv and other of the companies that are actually building infrastructure to allow AI to develop. In episode nine, which took place in November, again, too long ago. But you talked about where we were in the process and telling us about the power usage and really ahead of the curve on where we were focused and really where the investing community now is the common wisdom of the bottlenecks.

You had talked about how we were focused and really what we were focused and really what we were focused on. And so I wanted to kind of hit on two facets. The first, and this will be the opening question, is kind of where we are. But I want to give you some nuance there. And the second is the valuation of where we are. So to start without giving us, we're in the first inning, because I think that is literally the most abused phrase in the financial community right now.

And because we're all baseball guys here. And because we're all baseball guys here. I want you to give me as descriptive of a as descriptive of a baseball game as you can to where we are in this build out. But you can't say first inning. So give me the bullpen. Give me the roster. Give me everything.

Okay. Descriptive where we are. So, you know, I think it's important to just first say this is the most uncertain environment I can remember since the global financial crisis in 2008, 2009. Wow. Yeah. And, you know, easily. And I've been doing this for 25 years, literally spending every day just following markets and economies and stocks and businesses.

And if you just think about AI is creating massive uncertainty, but then also, you know, the conflict in Iran, massive government deficits and debt around the world, a new Fed chair coming in that wants to, you know, dramatically change things to some degree, you know, some things he wants pretty dramatic change.

And so there's a lot of uncertainty out...

Episode 20: John Rotonti on the AI Buildout and "Multiple Worlds"

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Episode 20: John Rotonti on the AI Buildout and "Multiple Worlds"

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.