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#FinanceDaily: Trump Ban | Strategy announces perpetual dividend 🤯
Recorded: March 18, 2025 Duration: 1:19:34Space Recording
Short Summary
The transcript discusses significant developments in the crypto space, including Michael Saylor's strategic fundraising efforts for Bitcoin acquisition, the risks associated with aggressive accumulation strategies, and the broader trends of influential personalities shaping market narratives. Additionally, it highlights the perception of Bitcoin as a long-term investment and the societal trends affecting economic outlooks.
Full Transcription
All right.
We're going to get started.
David Towell's going to come on up,
and we're going to get started.
But I was going to say, lots and lots of news to get through.
So I'm actually going to start with David Towell sharing the news.
Those lead to really good shows.
And we have a lot of...
Let's call them controversial topics to discuss.
So I'm going to try to keep control here of the show so that we just don't go off the rails.
But it is an interesting time.
And tomorrow is FOMC, which we will be covering.
David Towell, good morning, sir.
Morning, Donish.
Are we going to run through the news?
Let's go ahead and run through the news.
Okay.
So tariffs are front and center.
It is unclear how this is all going to shake out,
even the first steps of the tariffs.
So Scott Besant came out this morning and said,
each country is going to get a tariff number.
So it's not automatic.
and reciprocal tariffs aren't even automatic.
So it's not, you know, if you're at 15, we're automatically at 15.
So this is a black, as far as I understand, I didn't listen to his speech this morning.
I didn't hear the comments come out of his mouth, but from what I read,
it seems like this is a bit of a black box until we hear the number.
And I'm guessing, and I don't mean to jump the gun here, but...
My guess is that even when we hear the number, we're not going to hear the number directly from the White House.
We're not going to get a list that says, here's the countries and here are the numbers.
I doubt that this White House will be that orderly.
It's probably we're going to get a he said, she said, this is what we were told, no, no, no, this is what we've told them.
No, no, no, this, it only applies to, you know, material X and doesn't apply to material Z, and it's only conditional.
And it's just going to be a big mess.
Right.
whether it's part of the strategy, the mess or not or whatever.
I think that that's how this is going to roll out on April 2nd.
Sorry, one comment, David Tell.
Imagine being a business owner that imports products from outside the U.S.
and makes products in the U.S.
Can you just imagine how complicated this is getting?
This is like a level of uncertainty that I don't think the average person understands
but if you're somebody who builds products it's a tough time sorry not no no not yeah point
well taken and i 100% agree and you know you could say that for the teeny tiny business owner
who's trying to figure out whether they need to raise prices for their goods in
in order to go ahead and break even based on their input costs.
And then you could say that for someone like, I don't know, an automaker.
They've got dozens and dozens of people in purchasing.
who at this point don't know what the inputs are at all, and nothing's getting done.
And they're on the phone all day, you know, probably being told, we really don't know what the price is going to be.
We're going to have to wait and see.
And the guy in, you know, I don't know, manufactured cars sales is going berserk because it doesn't know what the sticker price on the automobile is going to be.
And he can't answer the dealership.
I can't imagine the myriad of time that's...
There's so much waste going on right here in terms of speculation and contingency planning.
I mean, it's got to be insane.
Agreed. 100%.
Can't be overstated.
It's so bad.
Because the reason why I bring this up is because my company, we work with a lot of businesses and owners and, you know, ownership.
It's so bad for what I would call real work, not to say that what we all do and digital work is not real work.
I'm talking about like real businesses, hard businesses where you're building things in America.
It's so difficult that it's.
Essentially, they're begging and pleading and maybe that was the goal.
They're begging and pleading for like a universal tariff.
They're just like, give me the number.
Like I just need to know what to do.
There's so much uncertainty.
Whether tariffs are a good thing or a bad thing, I am not going to litigate today.
But just fucking come up with a goddamn plan so that businesses can actually come up with their plan.
And I think that is what I'm hearing from business owners, actual business owners, not just the folks on Wall Street, but the folks on Main Street.
People with family owned businesses, multi-generation, and they're just saying that the uncertainty is becoming quite challenging.
Sorry, David.
No, no problem.
I'll just go one step further.
My guess is also on the government side of this stuff.
The governments are also questioning what exactly is the U.S. ask on this?
What do you want me to do?
You want me to drop tariffs altogether?
I mean, that's probably a non-starter, you know, out of the gate.
So what exactly is the ask here?
Does it have to do with fentanyl?
What are we trying to focus on in order to get to a resolution?
So, yes, I think, again, without knowing more of the conversations that are going on behind closed doors,
and I expect each country as well is unique.
You know, we will have to wait and see.
So, so what one thing that in terms of investment, I will say, from now until the beginning of April, I don't expect the market to do anything cooperative.
because this is just looming out there at the beginning of April,
and we really don't have much clarity about it,
and the market will continue to speculate based on statements
out of various people connected to the White House
about what's going to happen in the beginning of April.
And so, you know, malaise, I don't know if malaise is the right word,
confusion, whatever you need to fill in the blank with,
From now through the end of March, go ahead and do that because I don't think there's going to be clarity.
Let me just, we could come back to this issue because clearly it's a very important and, you know, large overhanging issue.
Yesterday's market movement and maybe indicative of this and what I think the market will do over the next couple of weeks.
90% of issuers on the S&P 500 were higher yesterday, and yet the market was only up less than three quarters of a percent.
That's the worst return on a 90% up day since 1980.
And I think it's just it speaks volumes about, yes, even if there is positive sentiment and even if it's broad, it can't be very deep.
in terms of, you know, rocketing the market higher
because we just don't know what that ceiling is,
how far the ceiling has been brought down.
Gold continues to surge.
Gold is, you know, well above 3,000.
We did get one gigantic deal announced this morning or overnight.
Google Alphabet is buying cybersecurity company WIS
for $32 billion.
A couple of price targets changed on stocks.
Just importantly, Bernstein initiated and outperform on Coinbase at 310, which is pretty bullish.
But on the flip side, Jeffries...
put, reiterated and underperform on Palantier at 60.
These are all, listen, I think many stocks, many, many, many stocks are battleground stocks right now
because of so many uncertainties.
There can be very binary outcomes for a lot of businesses, right?
Forget stocks for a second, just for the businesses themselves.
Right.
There's a binary nature to how all of the macro things go ahead and shake out and then bear down on the company's performance.
And then, you know, you've got on top of that all the uncertainty that we've now gone ahead and pushed into the U.S. economy regarding the strength of the consumer.
the ability to go ahead and access credit,
the ability to go ahead and spend discretionarily.
And then the last thing I'll say,
and then we can go get going on the rest of the day.
But Goldman said that hedge funds are slashing their Asia bets
at the largest clip in,
in the last four years.
So I don't know if we have,
Dave Nukoski is not here today,
but I guess Dwayne and Eric could talk about,
you know, just the Asia trade.
Is the Asia trade over, is China over,
is, was the trade that fast, that, you know, that big,
and it's time to rotate out.
I'm not really sure.
We haven't heard anything from David Tepper,
who did very well on it.
But, you know, it seems that at least a bunch of funds
are rotating away.
And by the way, just to put a pin into it,
hedge funds, certainly multi-manager, macro funds,
are taking risk down at the fastest clip
that we can imagine. It's just broad-based selling. We don't have a firm opinion as to the
direction of this market. We've got to go ahead and bring our risk quotient down a lot. And so
that's a lot of liquidation is going on on that basis just because of uncertainty.
All right, Don, back to you, man.
Yeah, I would love to get Duane's thoughts on the Asia trade. I don't know if you've commented on
that previously, doing it.
Hey, thanks. Good morning. I haven't made a lot of commentary, at least on this space in regards to the Asia trade. But I think overall, with the massive stimulus coming out of China, we can expect the Asia trade to continue, even if it's going to be choppy sort of
speak so if you look at what's been going on with well in japan indonesia other countries
you know we can see because of some of the push on this side of the world that you know we're
seeing more interest from investors on that side um i think it's going to be um you know you know pretty
Toppy, you know, moving forward here, you know, because you can see that investors have been,
especially in the country like, say, Indonesia, they've been selling some of their stock and the state-owned banks.
But I think it's more of an industrial trade that we can look at here, just basically due to some of the stimulus.
So this will be good for copper.
This will be good for some of the base metals.
But at least those are some like muted comments for the Asian trade.
It's very hard to say what's going to happen.
here, but if you look at the industrial side of things, it looks like we're going to continue to have an uptick in base metals on that side.
Yeah. Eric, what are you thinking? Are you bullish on Asia right now?
No, like Indonesia has had problems today. They have a governance problem with the minister of finance.
So, case by case, or generally speaking, yes, for volume production.
Getting farther away from the US, yes, this is the whole world.
The United States has managed to push the whole world away from them.
Even Portugal is canceling their F-30 V-5.
Canada just went, as you see, the Prime Minister of Canada,
went immediately to France and to Great Britain to secure their security alliance and economic alliance.
So we have a whole shift on the whole planet.
This is what you see for the long term.
This is what you say for the short term.
I'm going to have a bit of a monologue here if you let me for the audience, not for the panel.
Because I've had questions, yeah.
And I did say, because the audience does listen.
And I did say that I was getting out.
I was not going long equities from a long term portfolio into this year.
I would only buy the shakeouts.
And three weeks ago, that was over.
I would not be buying the deep.
We were above 6K, yeah.
I did not do anything for three weeks, see anything, because there was no reason to.
And I want the audience to understand that.
There was a...
a clear directionality because of what Trump was saying and wanting to do. The market went down,
down, down, down, down. Only Sunday night, and I think doing notice because he put a like, I said,
okay, this is the first time I'm buying the market and buying the dip into the 200 EMA, which is hit
yesterday. So in one day, you had a nice, beautiful, the first time I bought the dip and you notice
on the charge, it did a nice little retracement because this is how markets operate. Everything
was priced in, so it was time for what we call the back test.
When everything is priced in and too oversold, usually you have a back test.
So you have to understand both your macro and your technicals to do that trade.
So it is a bit difficult, but you know, we have different specialists here.
You can just listen to each one of us according to what, how you trade.
Now, I want you to understand something. When the market goes up or is done, what does it mean?
It means volume. The biggest funds who have the biggest ability to buy or sell are pushing it in that direction.
At every minute, every second of the market, you have buyers and sellers.
Some are uncertain, some they think they have certainty, they have a certain volume.
But if you manage to do the same like I did in last few weeks, exactly like the market,
it means you are aligned with those who have the biggest amount of money and are moving the market in that direction.
So you're not alone in thinking that way.
You're thinking exactly like them.
That's what you have to train your mind when you want to be a macro trader to be the same as the biggest volume.
So if you perceive the news like them, you'll be aligned with them.
So that's an art that you learn over time, but this is what it means. The market is always
just buyers and sellers. If you have more buyers, the market will go up. If you have more
sellers, the market will go down. It's rare that you don't have any. It's only in COVID,
I think, that you have no liquidity because it was completely collapsing. Back to you, Danish.
Eric, one question I have is, sure, looking in the past is easier when things go well.
You just bought.
So is your assumption the market is going to make a major rebound?
No, no, no, it already did what I said.
I said it would bounce.
Oh, you already closed your trade.
Completely out.
Yeah, I said, and after that, you can read this on my tweet.
I'm all bets are off because that was a technical rebound that the market was waiting to do to do its back test.
So then you're expecting it to go down even further.
You're sort of on the same page.
Follow the news flow.
Never try to predict the market.
That's something people,
people,
forecasters love to do that.
The market is supposed to go there
because they have to present to clients
sort of their strategy for the year.
In this atmosphere of Donald Trump,
you just follow the news flow.
Play the ball to do.
Sure.
Yeah, so play the volatility.
Because I was going to say that, you know, to be fair, to be fair,
volatility has been high, and I expect VIX to, like, not completely collapse.
It's in the 20s, right?
I don't expect to go back to the teens, I don't think, but we'll see.
But David Tau, you know, playing volatility right now is not a bad idea.
As a trader.
So I'm going to go ahead.
I want you to go ahead and remark on Google Whiz.
I think it's important.
No, no, not about the fundamentals of the transaction.
Just remember, this was a transaction that was considered before Trump came into power.
Whether it was called off because they couldn't agree on price or otherwise,
it would have been very hard under the previous administration.
It's going to be the largest M&A deal of the year.
And certainly it goes ahead and shows starkly that this administration
either has bigger fish to fry or frankly doesn't care very much
at the same level of antitrust and monopolistic concerns
as the previous administration.
You will see bankers and lawyers get super excited over this
because it shows surprise, surprise, you know,
we're in an incredible M&A environment.
With all due respect to all that surprise,
let me douse it in cold water.
I mean, we're already almost a third quarter of the way through the year
and we haven't seen large M&A volume.
We have not seen large IPO issuances.
And because of the uncertainty, companies are not doing those things.
But the companies that can afford to go ahead and take advantage of the chaotic environment,
but yet very loose environment when it comes to regulation,
are totally going to take advantage of that and reap the benefits later.
How much later?
I don't know, and I don't think they care.
They know they will eventually reap the benefits.
I don't know if there's chaos with Trump and the macro issues and the tariffs
and the war with Europe is going to go ahead and...
persist for a year or two years, but eventually, you know, likes of Google will go ahead and reap a windfall from this.
Breaking news. Sorry. Michael Saylor and Strategy announced something that we've been expecting, but it intends to offer in a public offering,
5 million shares of Strategies Series A perpetual strife.
preferred stock, the perpetual, yeah, so it intends to use the net proceeds for general corporate
purposes, including the acquisition of Bitcoin and for working capital. The perpetual strife
preferred stock will accumulate cumulative dividends at a fixed rate of 10% per year on the stated
amount. Regular dividends, guys,
It's only 1% off from Bernie Madoff, David.
All right, the regular dividends on the perpetual strife preferred stock will be payable
when.
as and if declared by Strategies Board of Directors
out of funds legally available for their payment.
He is literally talking about a Ponzi.
Let the record show that this is little...
David Powell, are we getting closer?
Are we getting closer to a Ponzi
where he is essentially saying
you're gonna get 10% back every year?
Come on, man.
What are we gonna call it what it is?
Holy shit I'll share it with you so you could review it before I
The STRKs are
You know there's full disclosure on it
And yes I mean the expectation is is that there will be money available to go ahead and make those distributions
But the STRK
is now going to be paid off by the STRF, the strife.
And the STRF will probably get paid off by the STRG,
which he's going to make up.
And then the SCRG will be paid off by the STRH.
And every year.
Let Simon comment on this.
Oh, my God.
In terms of, Simon, what do you think?
In terms of fears to the Bitcoin ecosystem, you know, with respect to this move.
Simon, what do you think, buddy?
I do think that, you know, he's coming up with as many strategies to buy Bitcoin as possible, so we know that.
And when the liquidity on one product reaches a cap, he finds another product.
I do think it's incredibly hard to model out and scenario play the risks of micro strategy.
I don't think anyone's got a good grasp of those risks.
And so...
It is verging on, you know, one of those, it does feel like one of those long-term capital management,
smartest people in the room type of structure that is being built here.
And I defy any retail investor to truly understand, you know, what the risk of owning micro-strategy shares are at this point.
I guess where it becomes interesting is if you're guaranteeing a 10% dividend,
And you're raising, is that 5 million shares which equals the 21 billion?
Or is that what's the price of those shares?
Do you know?
Is it a 21 billion raise?
I think that was what he announced yesterday if it is.
You know, you're going to.
In order to fulfill those dividend obligations into a bare market, you're now verging
on the point where you, if you're not earning enough revenue from your operating company,
then you would need to be selling some Bitcoin in order to meet some of those dividend obligations.
So I personally believe that the direction of micro strategy is going right now is ever increasing complexity,
which opens up speculative attacks and unforeseen scenarios, which are incredibly hard to manage.
I hope they've got a great risk and treasury team.
And I also think actually micro strategy is probably a likely candidate for the American government Bitcoin strategic reserve in some kind of nationalization type of strategy into the future.
I personally believe micro strategy is accumulating as much Bitcoin as possible for America.
And depending on where this goes and what comes next, expect the unexpected with this one.
It is not an easy cap table to understand.
And it's definitely not a retail investor product.
I don't think at this stage.
Simon, so we're literally looking...
for the U.S. government to bail out this Ponzi.
No, no, wait, wait.
Let's pause a second.
First of all, Donish, I totally agree with you.
Let me say it differently, right?
So I think Simon has been saying this for quite a while,
which is micro strategy is a, is the conduit for which...
the strategic Bitcoin Reserve of the United States will be built
and eventually be merged into the United States.
And the merits of that, we can debate separately,
and I'm happy to debate it now.
But certainly, if the U.S. wanted to become a very large accumulator of Bitcoin,
and, you know, accumulate at prices that, you know, did not go ahead and drive Bitcoin to a million dollars a coin because all of a sudden every nation state is competing.
A way to do that is to just go ahead and absorb micro strategy in some way, you know, into the U.S. government.
And that's a clean way and a simple way.
It's revenue neutral.
Yeah.
It's a clean and simple way to get it done.
Let's go back, though, for a second, Donish, to your point.
And I think also Simon's, you know, criticism as well.
First of all, it's a high-risk strategy, right?
That's a single exit route for micro strategy.
Right?
If that's the exit...
to sell to the U.S. government, right? There's only one U.S. government, and, you know, it only gets done
under Trump. I don't think it'll ever have a possibility of getting done under any other regime.
And it's going to need congressional approval, which I think from where I can see right now,
that is not, that's not doable.
And so to go ahead and continue to, as Donish said, create the Ponzi scheme or create this ever riskier pyramid, to say it nicely, I think is a high risk proposition for the Bitcoin, for the cryptocurrency ecosystem overall.
and certainly for Bitcoin, right?
Now, in other words, Michael Saylor may now be the greatest risk to Bitcoin that there is.
And that's not good.
Like, did we go all this way?
Did everything get done?
Did all the ups and downs be absorbed?
And the timeline and the adoption and the understanding just to get to the point where
Michael Seller could go ahead and leverage, on leverage, build the greatest, shakiest tower
of Bitcoin stacked.
Just to see it potentially fall and take everybody and everything down with him,
I think that that's a risk that nobody wants.
I mean, yes, if it turns out well, all the people will be running victory laps
and Michael Saylor will be one of the richest people alive.
But if it turns out badly, it could be the end of Bitcoin or the end of crypto.
It could be that catastrophic.
So why take that risk reward, you know, bet?
I just don't think it's worthwhile.
I mean, it's also just so, I find it so interesting that somehow people think this time it's going to be different.
It's just, I'm confused about why there's so much faith.
I thought they were D-Gens. It's just so confusing.
And I'm, I will say, this is not going to end well.
It's incredibly obvious.
And I will share something that he is the new Sam Bankman Freed.
I remember when Sam Bankman Freed was being treated like this, like he was some Messiah.
And that is the usual sign that it's not going to work out.
Did Robert drop?
I was just going to get his thoughts.
Oh, man.
I have to push back on the SBF comparison because there is a difference between fraud
and creating a highly leveraged financial product where all the risks.
I mean, was Bernie made off a fraud?
Bernie made off of it, yeah.
Yeah, so how is this?
Just creating something called a perpetual strife.
Ponzi, it's not that the, that he's not disclosing it.
It's that the public is stupid.
That's the difference now.
Bernie Madoff was lying to smart money.
Michael Saler is telling the truth, but dumb money doesn't get it.
And I think there is something like that.
The dumb money is also using leverage in order to speculate on strategy as well.
Yeah.
So it's like they're, imagine taking options on a Ponzi scheme.
I mean, this is, this is some next level stuff.
So, Simon, I'm assuming you're not going to partake in this.
I never have to partake.
And I've never earned any micro strategy stock.
But I do think promising dividends in dollars with a Bitcoin balance sheet
where you don't earn enough revenue to meet those obligations is next level risk.
Agreed and I think that that is this is what we're trying just so people know it's not a commentary on Bitcoin
It's not even a commentary on whether Bitcoin's gonna go up that's it's I don't think Simon's making a commentary on that either
He's not even probably making a commentary on whether Bitcoin will go up in the short term
This is not the point the point is you're promising 10% dividend not in 2040
You're promising 10% dividend year after year after year.
That is a perpetual in dollars.
When you're balance in dollars,
exactly.
So either at some point he'll have to sell the Bitcoin, right?
Because it's or, but if he does that, then the whole thing falls apart.
So that's why this doesn't make sense.
But Robert, sorry, it looked like you dropped off.
I was actually going to ask you your thoughts on,
This new perpetual strife dividend, 10% annual.
Oh, he dropped again?
Okay, let me see if I can get him back up.
I really want to get his thoughts.
But I was going to say it is quite dramatic.
And I'm also going to bring Matthew up here.
All right, Robert, are you here with us?
Can everybody hear him?
Is it just my audio?
God damn it.
All right.
We're going to have to figure that out.
But I'm going to bring up Matthew to get his thoughts as well.
David Towell, are you buying on this?
Just be honest.
It's okay.
It's okay if you believe it.
I know you like Michael.
I am not buying on this.
I will continue to hold my micro strategy for now.
My question to you is, though, and that's my answer, my question to you is, does this give you pause about your Bitcoin holdings?
I'm going to give my Bitcoin to my my kids like I'm going to give my Bitcoin hopefully they continue to hold it forever
This is this is a generational investment for me
It's not a
Short-term investment and you know when micro strategy does eventually crumble like every other Ponzi scheme
Guys we have seen the greatest Ponzi scheme
I can't believe I'm saying this in front of assignment, but the greatest Ponzi scheme start to crumble right now, which is the Federal Reserve.
And so I am now more emboldened than I have ever been.
And this, if I'm wrong, that's okay.
That's okay.
It was a decision that I made with the right mindset.
And I always believe you have to make the right decision without expecting the right outcome.
Sometimes that does not work, but this is while I tried to now invest on what I think will happen, when it comes to Bitcoin, that is a long term forever.
That's how I, it's actually a really good way to think about it is I don't think of Bitcoin as an investment.
I think of Bitcoin as saving.
And to me, that is important.
It's a different mindset. I guess I might be wrong about this, David, but I'm not investing in Bitcoin because the number is going to go up. That's not. I'm investing in Bitcoin because everything else is going to go away. And I will tell you, the gold bugs just know that you feel like this is your moment.
But as soon as the world starts adopting Bitcoin at the level that we're expecting now,
gold is going to see a sign, you know, America bails out, Michael Saylor, for example.
Something like that happens where it's like incredibly dramatic.
I think we're going to see a flight out of gold.
Also, if there's real chaos in the streets, it'll be hard for you to run around with your gold, just as a heads up.
Okay.
Okay.
Robert, are you here before we go to Enos?
Yeah.
Oh, my goodness.
Yeah, as always.
I was going to say, there are two things that are guaranteed.
Michael Saylor will do more Ponzi's and spaces will crash.
Sorry, Robert, want to get your thoughts on the perpetual strife dividend,
where you are guaranteed 10% annual from our friend,
and beloved Michael Saylor being announced today to, by the way, make up for the fact that the strike, this is STRF instead of SDRK, are you buying this just in case he does an STRG or an STRH or an STRL?
All the letters. He's going to do all the letters, Robert.
What I'm going to do is mute MSTR, Sailor, Michael Saylor, Micro Strategy.
I'm going to just mute it. I'm going to add it to my mute list because it's just getting to be too much.
It's getting to be like legitimately really irritating. I'm kind of tired of hearing about all this stuff.
Robert, so you're not a buyer.
Definitely not. No. No.
It's kind of funny because I'm, I will say to this, Simon.
The only thing I can see happening is that they're going to replace the Federal Reserve with strategy.
That is, you replace one Ponzi with another.
If they do that, Simon, I swear to fucking God, I will lose my shit.
publicly and I will say Simon you are incredible it's Ramadan I hope your fasting is going
great I am telling you please don't do this to me please do not
everything by being right about the fact that they're going to replay.
Simon, do you agree that is actually a possibility?
Trust the plan.
Trust the plan.
We got the stable coin bill coming soon.
We're getting ready for World Liberty Financial to be the future of the Federal Reserve.
Oh, no.
And you're going to be the backbone of the system is going to be the Trump mean coin.
And if you want silver, if you want silver to Trump coins, meme coin gold, you've got a Melania coin as well.
Oh, that's a branch.
Please do not make any purchase.
That was not financial advice.
That was all jokes.
It's bronze, like her bronzer.
It's like her bronzer.
All right, let's keep going.
Sorry, you know you're married when you know what that is.
Okay, let's keep going.
I do want to get other people's thoughts on this.
Matthew, oh no, Annes has been waiting.
Honest, go ahead and then we'll go to Matthew.
Good morning, everyone.
If you are looking for a multi-generational investment or saving,
or whatever you want to call it, that is even better than Bitcoin,
all you got to do, just buy a farm, plant about 400 walnut trees, wait for 20 years, and steal the wood.
And I am serious.
Check it out.
Hold on.
Are you actually serious?
I am serious.
You sound like, what was the guy that came up and?
Yeah.
Yeah.
The guy that wrote Rich Dad, Poor Dad.
I can't remember.
Chiosaki.
Check it out.
You'll be surprised.
Walnut trees.
All right.
Fuck it.
I got a big.
I got a big backyard.
Is that the new shrimp farming of this cycle?
Simon I'll probably remember the shrimp farming.
Walnut has been always gold.
All right.
Let's keep going.
I do want to give Matthew your thoughts on Microscadic.
We got some serious alpha that's coming today.
That's right.
I'm dropping some walnuts in the backyard right now.
I was going to say, Matthew, would love to get your thoughts on strategy, this new perpetual strife dividend that guarantees 10% annual.
Are you sharing this as a great nugget for your clients?
Good morning. Well, no, not necessarily. I did want to say Sailor was at the Future Proof Conference in Miami, where I am today, and it's a wealth management, RIA conference, and he got up on stage and touted the book as he's wanted to do.
And I just always find it interesting because when you do things like keep issuing these different kinds of securities and these different kind of opportunities,
you have to keep preaching this book like ad nauseum again and again and again.
And the minute you stop buying Bitcoin or the minute you waver is a really,
really bad, you know,
like you said, Donetship will have a really bad outcome in terms of the people that have piled in.
It is very concerning when they talk about guaranteed return or a yield from these, which I do think is a bit concerning.
I did want to mention, too, not a lot of people are aware of this, but there is a yield max ETF called Misty, MSTY, that has a 100% dividend, paid out monthly on micro strategy using covered calls and volatility to pay these out as a dividend.
Right.
So for people who don't want to necessarily own micro strategy, you could look into MSTY, not that I'm saying this is something you should do, but like it does pay cash dividends on a monthly basis at a much lower cost.
So if you are looking for exposure in a more risk-mitigated way, that's one option, I think, which is interesting.
The other just final note that I wanted to point out, we talk about your note there about gold and Bitcoin, Donish.
You know, I was talking with a gold and minerals ETF person yesterday at this conference, and, you know, they're trying to talk about uranium and lithium.
And I was asking them, like, how come nobody's put a gold...
and Bitcoin ETF together or a silver and light coin ETF together.
They seem like no-brainers to me.
And I don't know why it hasn't happened yet.
But in the future, I think that this is going to...
Oh, there is?
Okay, great. I had no idea.
Yeah, there's a gold Bitcoin.
I forget the ticker, but...
Awesome. Thanks, Robert. I appreciate that.
All right.
I just wanted to get any final comments on this before we move on,
because I do think that the coupling of...
strategy bank or strategy which is going to become strategy bank which will then become the federal reserve
buying 130 bitcoin uh yesterday and then today announcing that they need to sell five million shares
by the way simon it's at a hundred dollars a pop it's a hundred dollars a pop make it even for the
retail investor simon
Just wanted him.
Yeah.
Like, he was like, you know what?
I'm just going to make it even.
They'll remember 100.
That'll be easy.
Jesus Christ.
And selling it and guaranteeing a perpetual 10% dividend.
George, go ahead.
Thanks, man.
You know, I probably know less than anybody else than a bad point, but I'll just talk as Arkansas.
I put this up in the nest.
So...
They own about I think it's 499,000 Bitcoin, half a million.
They've bought 300,000 coins over the last year.
And you can make your own guess as to what the float is because some people will hollow Bitcoin.
Pick your number, whether it's a million coins, two million coins, three million coins.
It doesn't matter.
There's a whole variety of estimates out there.
The point I want to make is, let's say it's three million coins, which is about as the highest number I've seen.
If you buy 300,000 coins over the course of a year, that's hoovering up 10% of the float.
If it's to a million, it's 15% of the float.
So it's pretty significant in terms of the buy-sell balance in Bitcoin over the last year.
And if this stops for any reason, let's not lose sight of the fact of how important micro strategies been to the Bitcoin price going up.
So therefore, if this stops for any reason, you can draw your own conclusions.
I totally agree with you. This is a Ponzi scheme. I would also note that typically in markets,
if you look for instance in futures markets or even in equity, in markets when there's an elephant in the room,
it's usually an
good thing markets have a funny way of attacking the elephant or the way it was remember we had the
jp morgan big whale a few years ago and markets smell the whale and the attack and so rather than
people celebrating oh look isn't this great sailors you know buying more dough and the idea it's
going to be nationalized someday to me it's very fanciful but that's not really relevant for the year
and now i don't think it's really the mean driver
I think this could wind up blowing up in their face in a huge way.
And again, this has nothing to do with my opinion of Bitcoin,
the collateral impact it may have on Bitcoin.
As it occurs, it's a separate issue.
But, you know, some of us have been pointing out Sailor for years prematurely.
Dynash, I see you posted the magazine thing.
I posted that a few months as well.
I post from, I put it, I think, in the conversation for this space.
In the summer of, I think it was 20 or 22, I can't remember.
I put it back in there.
A couple of us singled out Sam Backman fraud well before.
Did everybody lose him or just me?
Yeah, I lost him to.
I did like Sam Bankman fraud.
That was a good.
Yeah, that was good.
Yeah, that was pretty good.
I was going to say...
David Towell, was there any other comments from you on micro strategy?
If not, we're going to move on.
No, I think, but I think if he's going to do it, this is the time to do it.
I think that all of the...
you know, the regulatory clarity,
the reshuffling of the chair of the chairs
of leadership inside of the government,
in terms of support for cryptocurrency,
cryptocurrency not necessarily being part of any sort of trade war
or overseas broadly, cross-border issues.
I think that this is the right time to do this
and to raise the money and to, you know, with all due respect to you and to George,
and I agree in the rationale that you have, there is definitely, definitely in the world of finance,
a fake it till you make it, you know, mantra.
And if this is just still part of the faking it, you know, the next bump up,
may have Michael Saylor make it and at that point
you know there's there's no pulling him back no matter how big the Ponzi
scheme is no matter how
consequential he may be to the ecosystem that's scary
that's not cool I'm not happy about that I agree with George's
you know kind of points
existential threats are never a good thing because some asshole is going to go ahead and point an arrow at it and bring it down.
But, you know, now is the right time to do this.
We could see Sailor enshrined in the next bull market, which may come very shortly.
One thing to keep in mind also is that we could see the U.S.,
get involved with micro strategy outside of just acquiring its assets, but actually investing in it.
And so that is the other big part of this, which is a perpetual dividend would be interesting for the United States of America as many
Many people have, I'm not the first one to say that.
So there could be, you know, we have a sovereign wealth fund.
There's been talk about the sovereign wealth fund investing in Bitcoin,
but they cannot do it for the strategic Bitcoin reserve without it being cost neutral.
There could be things where there is a barter made with micro strategy to allow us to have some ownership,
which would then be, again, bullish.
But again, I'm...
I'm, I agree with you, David Towell.
If there's anything I've learned, it's,
you know, invest in what you think will happen, not what should happen.
And so I will continue to, like I said, the only thing where I disagree, where I don't do that is Bitcoin.
Because Bitcoin will have crazy volatility.
And everybody's going to tell you that they were right about it when it doesn't go to 200 right away.
You know what I mean?
But at the same time, I think there is a huge opportunity.
I just give one comment when I move on this way.
But yeah, you know, look.
Strategy is now almost half a Satoshi, and by that, I mean, Satoshi Nakamoto, you know, it's approaching that size.
And, you know, strategy is strategic to the US. And I'll just point out a little bit of tin foil hat.
For those that were around and remember,
SBF and Michael Siler were propelled to the highest stage very, very quickly and out of nowhere.
Anyone that was around before SBF, you know, he was nothing in the industry.
And then suddenly he was propelled to the highest stage.
And we're told he's the whiz kid as if he's been here all along.
And it was very, very unnatural.
And both Michael Saylor and SBF were very unnaturally rose to superstardom.
And I get very suspicious when those things happen.
Fair. Yeah. I mean, Michael Saylor has definitely toiled and struggled for his success. That's for sure.
I will say that this is, if nothing else, this is the Bitcoin election. So we'll see if we get Bitcoin results.
Let's keep going. I want to make sure that we get through the rest of this.
For Tesla, it was in the title, but then strategy took over. Micro Strategy took over, which now is strategy.
Okay.
the the big news is Zika which is a competitor of Teslas in China is now offering FSD for free
more
pressure on the business model for Tesla because if they can't make the software revenue,
then their margins really do become closer and closer to your traditional automotive,
which is really a huge issue because, again, Tesla is under crazy international pressure
because of Elon's actions as part of Doge.
And so, you know, people are essentially doing to him what they did to Bud Light.
Right? It's it's the people are speaking with their feet and with their dollars.
Again, some of the van like all that vandalism stuff is completely illegal.
Those people should be jailed.
But I'm talking about more on the business side of things.
Seeing people saying I find it funny when people are complaining about people not buying Tesla.
It's kind of a silly thing to be upset about.
David Towell.
I know that you're the one that always tells me to do what the market is going to do.
I know you're a long-term shareholder of Tesla.
Are you seeing this?
I have at this point of a very small position relative to where I was when...
this administration got itself going.
I just, I've become concerned.
And I'm not a Tesla permable.
I'm not an Elon fanboy from day one.
I just thought,
that Elon would use his position in the administration to capitalize, you know, early on. And, you know, clearly that's not the case. He is not, you know, there are either more important things or there are other things going on at this point that his focus is,
is not to use the pulpit to power, you know, Tesla or its stock price.
And that's, you know, at least at this point.
And so to me, the thesis behind my investment,
or at least, you know, bulking it at the beginning of this administration,
that has gone away.
And, you know, if and when he does turn around,
and focus on this company and its stock price, you know, maybe I'll go back.
But for now, you know, definitely a lot less than what I once had
and certainly a lot less conviction than what I once had.
For Justin, you had your hand up?
Yeah, just to point of clarification, I think the situation is a bit different than some of the other protests against brands.
And those protests against brands, we'll talk about Bud Light.
People were protesting actions taken by the company leadership.
Whether you agree or disagree with the actions Bud Light took, that's what people were protesting.
In this case, they're not protesting about Elon's actions.
They're protesting because of...
myth and perpetuated by individuals who don't like the actions he's taking, if that makes sense.
So the criticisms that you'll often hear
don't actually match reality. And so that's what's being protested. So for that reason, I don't think it last.
I don't think it's long term. And I also think the model Y changeover is impacting the numbers.
So I'm still a Tesla investor because of what's coming down the pike. I think June and July and Austin, Texas, when people see FSD and how it's working, I think that'll change a lot of minds.
But yeah, definitely Tesla investors are taking their lumps right now for sure.
Yeah.
And I think the question really is, do you catch a falling knife or do you look for opportunities to buy the dip?
If we're seeing, you know, this, as David Nicosky was talking about, the right side of the Christmas tree, right?
Like, you're seeing a little bit up, but it's generally going down for at least a little bit, not perpetually, but just for a little bit.
I will say...
I think that's going to affect just a second.
It's going to affect consumer discretionary spending significantly more, Justin.
And so you have to take into account just macro automotive is going to be hit as a sector.
And so you could have the best or the worst if you wanted to, but some people would say to steer clear of sectors they're facing real pain.
Sorry, Justin, go ahead, sir.
No, no, no, you're good.
I was telling people, sadly, it's been kind of a crazy year of travel, so I haven't been able to be here a lot.
But...
I was telling a lot of people when it was like hitting the 400s and freaking 500, I had some friends because they know I'm a shareholder asking, should I be buying this now?
And I'm like, dude, absolutely not.
This is the worst time to buy Tesla shares.
This is artificially high.
This is way too hot, too fast.
Right.
This is not what I bought shares for because I thought they were going to spike.
I bought them for the long game.
I was like, so I actually remember telling someone in my family, do not buy right now.
You're going to eat it if you buy this right now.
It's way too hot, too fast.
So I didn't expect it to go this far this fast, but I did expect it to recede quite a bit.
Robert?
Yeah, I just wanted to mention gold.
that's okay go ahead go ahead yeah gold's uh set a new all-time high uh 3 000 and 33 so i should
have bought my Rolex like a couple months ago is what you're saying yeah 22 2023 yeah that's the time to
buy gold not now rolex normally outperform um gold don't they the actual watches
I will say there are some watches.
There's a watch I've been really, really wanting,
and I've been, like, watching the price, no pun intended.
And I just checked on it, like, last week.
And I was like, oh, my gosh, that's so terrible.
Yeah, they're a scarcity place.
So they've actually been a really good investment over time, Rolex.
Not the stock.
I'm talking about the watches.
Are you talking about like the collector wants?
Just to be clear, I don't have any Rolexes, nor will I buy them.
I just, I don't know, the brand.
Like, for me, I don't want to anybody seeing one on my wrists.
It's just, I don't know.
That's a personal thing.
But there was, it was another watch I was looking at.
Eric, go ahead.
Yeah, so regarding Google, I just want to mention because someone asked me, if you're completely out of your long-term portfolio, don't you have anything?
I would say, yes, I have only one thing. Gold bought pre-pandemic at $1,300 just a couple of years before the pandemic.
So that's my low, very long-term plan. Until I see a change in world geopolitics or a change in central banking, that's my very long-term plan.
At some point, I will get rid of it, I think.
depending on what happens with the digital currencies, Bitcoin and or others.
But at this point, I'm still keeping it.
I want to mention also for geopolitics.
Trump is about to have a hard time.
He was seeing no war, no war under me.
You just check the Middle East.
You just check how hard Putin will drive the bargain in Ukraine.
It will be very difficult.
Europe will not listen to Trump.
It's going to be very, very hard, much harder than he thinks.
And then you just watch the Koreans after that.
So we're not out of the woods.
I'm still very long old.
Actually, on that question, I know David Nikoski and David Settle wanted to get your thoughts on global markets a little bit more before we start closing up.
But Duane, go ahead and then we'll go to them.
All right, thanks. Just to say really quickly, a lot of the underlying drivers for gold are with what's keeping the price up, so to speak.
Because we still have international markets going crazy. Central Bank buying is still going.
So all of the geopolitical morass is really, you know, icing on the cake, so to speak.
So, you know, naturally the price would continue to hit all-time highs, at least at this point.
What I would say as well is that...
People shouldn't really panic in regards to the whole Trump administration and some of the things that they're doing and causing chaos.
It's kind of like Game of Thrones chaos is your ladder, so to speak.
So you can use these comments and some of the tariff policies to make some significant trades and to benefit from it.
So whether it's...
copper, you have, you know, Freeport, McEnacring, Southern Copper.
You have a lot of the smaller companies, Amerigo Resources, etc.
That will do well as the copper price rises.
And that shows you that we still have inflationary pressures as well.
And we're going to have an outgrowth in some industrialization, as well as stuff like steel,
mainly aluminum.
So you have the Alcoas of the world, Century Aluminum, etc.
That did really well over the week.
over the last five days.
So you can still make these trades because investors are waking up to, you know,
some of these significant easy trades to make.
And I think it's good for the long-term growth in terms of the offshoring theme here.
David Settle. How you been, buddy? I was going to ask you, I mean, there's a lot of uncertainty in the markets. It seems to be a trader's market. We'll see whipsawing on a daily basis. But I do think that a lot of our listeners are not day traders, largely because most day traders end up in the unemployment line. So beyond day trading, just thinking about general themes and execution, what are you looking at?
for folks to follow for the next week or two.
Oh, I think U.S. talks are a really good spot to be in for the next week or two.
After that, I'm not really sure, but this little answer we're getting here,
I don't think it's like this has been a nice two-day little bounce.
I think it's going to continue.
In fact, my take last week, this is why I kept saying like on Twitter and things last week was that we'll get a 5% bounce off the low very quickly and before March options expiration, which is obviously Friday.
And we're halfway there, more than halfway there now in the last two days.
I think that, I mean, there might be a day or two we go down, but.
but for the next week or two you know the place to want to be the place you want to be in is
is u.s equities in particular in these um technology names right after that
That's the big question mark.
Right after that, I don't think that's going to be the place.
So, so, you know, take this opportunity.
If you happen to still be in some of these bigger names,
large cap, mega cap names, take this opportunity to start to unwind.
If you're overweighted, which considering the extreme bearishness and investor sentiment,
a lot of that has been attributed to,
The fact that a lot of retail investors are overweighted in these mega-cap name.
I mean, they're already pretty overweight as it is, just in general.
But retail investors appear to be even more overweighted.
than the actual, you know, just S&P waiting.
So take this opportunity over the next week or two, let them rally, let them have a nice little bump up higher, and then start to unwind some of that overweighting and bring it back down and start moving.
I would say start moving eventually towards things that are more value and internet like.
Like EFA, the international, the developed markets have had an extremely, extremely good run.
I mean, they were so oversold, especially emerging markets, but even the markets were so extremely oversold going into this year that we've had a just tremendous like.
that big shot to the moon in that particular area of the market.
And I don't think in the long term that that's done, I wouldn't chase, I wouldn't chase
develop markets for the next few weeks.
I would let that like, like it's a big enough move that I think that is created a shift
in the long term trend.
But it's also such a parabolic move in the short term that it's very tempting to chase
it, only to see it pull back like every parabolic move does.
And then you think, oh, I'm too late.
I got in too late.
I'll just pull out of it.
And then that long term, that new long term trend takes over.
and you miss out on the good run.
So I would let this parabolic move come back in.
Take advantage of this rally in U.S. mega caps right now
and let this parabolic move and develop markets play out.
And then start shifting, start shifting because, you know, as I said,
as I said before, you know, I think that we are headed towards something more
than just a garden variety pullback here in U.S. equities.
This drop has been...
There's a lot of technical factors in this particular drop that are identical to other pullbacks that eventually led to extended runs below the 200-day moving average.
And I think there's a there's a higher probability than normal that this particular drop.
after it bumps up in the next week or two,
gets back about the 200 day moving average,
but fails to get to new highs,
I think it will eventually break back down below it
and we'll see an extended run for a few months below the 200 day.
And you want to be shifting towards international in that aspect.
And when you say international, you're talking about emerging markets,
especially the ones that are stimulating their economies, China, India, and the like.
Emerging markets, or even developed markets.
Like I said, I think there's a clear shift.
There's been a clear downward trend for decades in international that both developed and emerging,
which has developed this extremely attractive.
margin of safety because their their valuations are so low compared to the u.s. equity so
so anytime there's going to be even just a little bit of a reset in u.s equity valuation
right now the the best place to be is where you have a better margin of safety and that happens
to be both in development emerging markets fascinating yeah david nukoski wanted to get your
thoughts on that as well uh you know just in general i think the thesis is playing bearing out that
that, you know, we are seeing it be choppier, not just straight down, which we never expected to be straight down, but choppier on the way down.
Do you agree with David Settle's analysis?
Absolutely. I've been talking emerging markets in Europe since January.
They have some...
You know, that's what we've been guiding our clients to.
On the, you know, the gold comment and silver comment, you know, in late 2002, we came out with a bullish call on energy.
And you broke, you know, on a relative strength chart, you broke what's called a GAN fan.
If you don't know what it is, it's G-A-N-N.
You have the same characteristics in gold right now that you had back then.
Realized no one has really wanted the gold miners.
They're chasing the commodity.
I think you're going to see...
A big move to the upside in the gold miners.
The ratio used to be a two to three times move with the gold miners versus gold.
You have not seen that at all since, you know, for the last, you know, little more than a decade.
So I think that's, you know, that's the right thing.
On the, you know, technology...
side.
XLE is reversing the downtrend versus XLK.
It doesn't mean energy is going to go up,
but energy is now outperforming technology going back almost two years.
So I'm, you know, shifting.
You know, we were not super hot in tech, you know, for our group.
Right.
over the, you know, since that July 8th, 9th period.
It doesn't mean you didn't have to own any, but, you know, we could see the mags leaking for quite some time.
So I'm less excited to get involved in tech when I see commodities.
You know, one thing that relative strength really helps you do is when you look at relative strength over, you know, decades of time,
You know, you have energy and materials back down to, you know, the, near the 2000 lows.
You know, as I've stated many times, you know, when you get a compression of that magnitude
where you have staple, or I should say materials and energy, are at such a low market weighting.
And, you know, I look at it as if, you know, some of this money flows out of tech and goes to energy,
if you just took 1% of assets and flowed them into these sectors,
you're talking, you know, 40% plus moves.
1% because they're so tiny.
And everyone wants the latest new thing.
I will tell you time and time again,
there have been absolutely phenomenal inventions throughout history.
From the telephone to the radio to the television,
there's so many.
But they always tend to end the same.
And it doesn't mean that we don't have those technologies anymore.
It's just that when something gets so hyped up,
It may take years for it to actually flow into the economy and develop into, you know, greater things.
Okay.
And sometimes you get into that blowoff stage.
And it might take two or three years, much like you saw with the Cisco's JDSUs of the world.
You sell a lot of hardware.
And again...
I just am hesitant at this point in time to suggest that great inventions aren't around the corner, but
You know, we have to see how it plays out and usually it takes a digestion phase.
Tech underperform from, you know, March of 2000 to 2007.
You did not need to get involved in it, despite the internet booming, right?
So, you know, history is never wrong.
It depends on who writes it, but the charts don't lie and prices don't lie.
I go to price first.
Everyone's performance in this room is based on one thing, price.
It's not how good management is, it's not how good earnings are, it is price at the end of the day.
That's your report card.
I agree.
Annes, your thoughts?
He mentioned energy, but I wanted to get your thoughts on energy in general.
Do you think it outperforms?
And then also, I would love to get your thoughts on the guys.
Sure, let me start with the last one.
The bright spot in the oil market was jet fuel demand.
Jet fuel demand has been experiencing growth
since last year in the United States and globally.
In the United States, we have the highest number of passengers
through US airports on record, the same thing around the world.
But now with tariffs, with trade wars,
cuts in jobs in the federal government, cuts in spending of the federal government, of course, ending the U.S. aid.
And the ban on visitors from several countries, jet fuel demand is expected to decline.
So the only bright spot we have in the oil market is gone.
On the other side, studies are now appearing in various journals and magazines talking about the impact of tariffs and trade wars on economic growth.
The expectations now with that, the current tariffs are going to reduce global economic growth by 0.3%.
U.S. growth would decline by 0.6 to 1%.
That would reduce global oil demand by up to 500,000 barrels a day from 1.2 million barrels a day to 0.7.
But this is without a recession.
If we go for a recession, then the impact is massive.
The impact is huge.
So any way you look at it, it is bearish for oil.
Back to you. Oh, by the way, on that walnut story, make sure if you plant walnut, nothing grows and there are a walnut tree.
Walnut trees kills everything. Back to you.
By the way, we're going to find out that Anas is like the global walnut king.
Like literally, you look up walnuts.
and they show onus's face as like the warren buffett of walnuts i am incredibly excited about
honest i literally want to plant a walnut tree just so i can say to you that i did what you said
this is amazing david go ahead yeah on dr onus i i agree with them you know if we get a recession
the things that are weighing on my mind in in terms of a recession here so you know my my thoughts on
energy are not that um
energy is going to go up.
I'm just saying that it's outperforming tech, right?
So you know, you can hit outperformance
and still go down on an absolute basis.
So I just wanna clarify what I'm saying.
You know, the areas that are the weakest in the overall market here in the United States, if you look at XRT, which is the retail ETF, I mean, you're back near COVID lows.
IYT, which is the transportation ETF, you're near, you've already sunk past COVID lows.
Go pull up a trucker, pull up a rail stock.
they're sending signals.
The chemical stocks are all absolutely trounced.
I mean, they look like we are never going to use a chemical in our life.
So, you know, I just want to clarify the, you know, the aspect of what I'm saying on energy.
If energy is outperforming tech, you know, just tells you that energy may also go down less than tech.
So these are relative strength types of calls.
You know, when it comes to the U.S. economy, I outline the areas that are coming under extreme pressure that usually in my experience, they tell us a little more about the economy.
They are economic sensitive, and that's something to be aware of.
But David, what if walnut trees outperform tech?
Then we should all buy walnut trees.
Exactly.
Well, no, I'm going to, why would I buy it instead of planting it?
That is, that's the alpha.
Oh, you have to buy the seeds.
You have to buy the seeds.
God damn it.
All right.
Sounds good.
That's a good point.
There's an investment involved.
Oh, Anna, sorry.
No more jokes about Walnutches.
Go ahead.
David, I think your comments were very clear from the first statement that it was about
relative strength, and that's very common even in a weak, in a weak market.
Just the problem we are having right now
that the relationship between the oil demand and GDP
is completely messed up because of the various things,
especially the climate change policies in the last 40 years.
So the estimates, basically, even the way we estimate it right now,
is way off relative to the past.
So I just want everyone to be careful with everything we say that include my estimates about the decline in demand or increase in demand simply because that relationship between all demand and GDP got messed up big time in recent years.
Thank you.
Thanks, Anas.
Just wanted to continue to keep talking about one or two additional topics and then we're going to close up.
I think the number one thing, by the way, I just got some feedback on my tweet about Michael Saylor.
I am not saying that he's doing anything fraudulent.
You crazy, I'm saying it's an actual Ponzi scheme because of it actually, if it looks like a Ponzi scheme and smells like a Ponzi scheme, it actually is a Ponzi scheme.
Wanted to end with one of the topics that I think is really important, and I will continue to shout from the mountaintops.
which is that young people are still not okay.
They will not be okay for a while.
But across the board, their opinion of the world,
And more importantly, their future in it has deteriorated.
I just put the tweet up in the nest, but confidence in the judicial system has plummeted.
Affordable housing in the city has plummeted, which I know Robert talks about.
Confidence in our actual government has plummeted at 30%.
Satisfaction with freedom in your life.
has plummeted, expectations of life in five years, has fallen below the thriving level, which is 8 out of 10.
Experience stress yesterday has skyrocketed.
And you can say that they're brittle in their spirits, but that's not the case.
That's not what's going on.
But they can go to the first generation.
They can now go to Harvard for free.
So you...
No, no, because all those spots are being taken by people that have good tax accountants that make their income look like it's less than 200,000.
That's literally what's going to happen.
You know, David.
Of course you know.
Everybody called their tax accountant yesterday.
It's awful. It's awful. And wait, wait, throw on to top, top it all off.
You can now bet on sports on Robin Hood. So we're all everything. You could degen from day one.
You just need a Robin Hood account and you're good to go.
That's all you have to do is be able to afford to go to Harvard now.
They're going to make it easy to get in. I was going to say that one of the big
Last things that I do actually want to promote is my show.
We interviewed Roman Yampalski, who is, who was just on Lex Friedman.
But unlike Lex Friedman, our show doesn't take six hours to watch.
So there is a huge opportunity.
To enjoy learning about Roman.
I'm going to put up the tweet in the nest so people can see.
Or actually just follow me and I'll retweet it in a few minutes.
Just want to make sure that people are aware that I just interviewed Roman Impalski.
It just came out this Sunday.
Importantly, the thing that he brought up, which I thought was the most interesting, was that the thing that we need to worry about more than anything else is building something that's actually smarter than us and better than us at a lot of things.
And ultimately, we are building our replacement.
I disagree with him, as you can imagine.
Right.
But our next set of interviews are going to be with some of the most famous people in AI,
CEO of Perplexity, Vinod Kossela, Brian Johnson,
And many, many more.
So please do follow along.
It's the show's called Uncanny Valley.
You can search for it on X.
We're actually gonna be cross-promoting it now on Spotify,
on YouTube, across every channel,
just because the first episode was with Representative Rocana,
which has gotten millions of views.
And so please do support it, share it with your network, and give us a shout and a follow.
Thanks, everybody.
Have a wonderful day.
And tomorrow is FOMC, so we'll see you in the afternoon.
Take care.
Bye-bye.
