The Leverage Mania (EP.388)
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Welcome to animal spirits, a show about markets, life and investing. Join Michael panic and ben carlson as they talk about what they're reading, writing and watching. All opinions expressed by Michael and ben are solely their own opinion and do not reflect the opinion of red house wealth management. This podcast is for informational purposes only and should not be relied upon for any investment decisions. Clients of bride holds wealth management naming time positions in the security disgust in this podcast.

Walk into animal spirits with Michael event. I want to start the shop by thanking all thirteen hundred of you that filled out the survey. Thank you very much for doing so.

A little, little bit surprised that our our audience of financial professionals is smaller than I would thought. However, I have a hunch bun, I have a hunch. What if the finial professionals are not doing their part? What if they're not feeling at the service? Because I said all the other people do that.

If you are financial festival and you aren't, listen to the show and you would like to do is a solid or not. There's a look in the chandos, please. We would .

like here for you if we poisoned being in the not on us. You need to help us by .

making .

well aid on us, but you need to help us by putting in the right answers because we're not trying to be .

new general information. So is come to us, live from. Are you mean republic.

not I T mexico?

Say that. I'm also not to ask. I'll ask, how are you an hour ahead? How is that even possible? I thought, thought most places were behind.

Not like I did not realize we were somehow passing some I time travel to get here and I put the meter triangle or something given that .

I was exactly put the counter what I joke I might have known that I was the medical public who's to say I kind of thought that was like, do south of the east coast. But I guess it's it's to the right of the map.

There's many beautiful places in the quibian. This is one of them. Great people. I I have some travel thoughts.

I don't want to get to do that right away or say.

okay, the travel section.

right? Let's get into the stock market.

shall we? Okay.

do IT. okay. What you want to start.

you got hear themselves on this is the top. Are you worried that things are getting toy? Are you worried that people are worry that things are getting toppy?

Now, in fact, what I had in there that I moved over to what your thoughts talk, or all of the things that people said up to now, had been the top, for example, the n video watch party that was like a twenty percent ago.

oh yeah. How, when or when the C. E, O, signed the woman's bra, whatever chest that was going to the top OK, uh, check.

Matt did an annual sector return, former going back to two thousand and fourteen total returns. And surprise, surprise technologies, es, at top, at the top oba's. Eight hundred percent since twenty fourteen.

The second place is consumer questioning, up two hundred and seventy one percent of technology, obviously dominating. Not surprising. I guess this is pretty nuts from bloomberg.

So they looked at the california budget and they say that stock pay at the four large tech companies a counter for ten percent of the revenue in twenty twenty four in the first half the year for income tax. Holly bet NVIDIA alphabet thing that I called that in google n vidia, google, facebook and apple. 嗯， the top one percent of california earners pay nearly half the states personal income tax collections.

You know then I don't know that i've ever seen you a head and also you're breaking your rule I believe I was you who said if for over forty you can wear background that was.

you know oh, that's definitely I said, want to become a dad you came over backwards at, uh, guess what? I'm a middle age guy now and i'm going through midnight crisis so backwards. T, I just came from the beach, went for, let's walk on the beach this morning and my son was jumping with joy because he was there's been a lot of waves here, and they've red flags. We couldn't go in the ocean today with a yellow flag back. So he was site so that you get pounded by some waves.

You know, just back to the, back to the top stuff. Let's just say that we are in there some sort of top.

I feel like the jenson browsing the invidia, like how much time needs to pass, you know mean, like because if this is a top, even though IT wasn't like the exact tip tippy top, if if after the signs of the top, we had another twenty percent and that we fall thirty percent and we're we're talking like five years in the future, we'll still say that those are pretty good signs of the tap now. So I feel it's it's too early. It's too early to be super dismissive and say yes.

And there been a million things that have been set of a anette. Okay, this is IT and something is going to do IT, but it's trying to guess which one IT is .

is really difficult if we were assume out and take a look at and plot all of the signs of this is the top that people are saying. This is the top of the magazine stuff for less ten years we've ever a long list of things, right? Yes, yes.

you you did a good job of doing this on. I guess you were more risks. But yes, people can calling to the top since I think twenty thirteen really.

And here's here's another potential wall of worry for us client. Actually, this is not a world of worry, but it's potential reason to be concerned, not a wall of worry. Bank amErica U.

S. Stack market concentration had record high in two and twenty four are. So they're looking at the top ten companies as a percentage of the total as A P five hundred market cap. And in the at the peak of the two thousand bubble, microsoft, cisco, g intellects on walmart, oracle, IBM city group of nokia were roughly twenty seven percent.

Who is the one to say that this is a bull market phenomenon? And then the bear market things? Because twenty twenty two.

this reversed the son.

Okay, so this reverse in twenty twenty two.

no said concentrations, the features, the ball market that try to be careful wish nevertheless um I don't know that extreme concentration is a good thing. The top ten stocks are now thirty six percent. Microsoft, apple in video, alphabet, amazon met a berkshire I lily James Morgan. And do you think they're .

really going to like make a google spinout chrome? No, because that that that they can do that, right?

I don't know enough to say can't, but I would I would guess they're not going going to okay. So nicky, I just over I did a track tweeted, we lose no sleep over the next five hundred hundred that owns heavy doses of outstaying globe companies as an index IT does something many active managers likely wish they could do, take meaningful ly large positions in superior companies and stay with them over the long term. And it's fun of that. This is like a courageous thing to say, even though it's pretty common sense call right because the injure reaction, I think everybody body senses sort of single when you see a chart like that, you think IT has to be mean reverting uh which IT doesn't um so um I think they can Jessica say some of that is again seems like common sense but that people be like what that's outline this take or that's a can take. I don't know what should be.

Can you imagine being a large cap growth or a large cap fund manager right now anywhere in the large cap industry, I guess, in the growth sector .

will be a large cut manager than a midcap manager, small cut manager.

It's to be so difficult to look at these percentages. And o okay, i'm going to play or i'm going to overweg them to try out perform. It's gotta be playing huge mind games of you at this point.

There was big top six, ten. Whatever does is kind to find that. So you show the name that your bircher health way being one of them, they're trillion dollar company. Now it's funny to think that all this thing is past buffet by he's kept right up kind of his there one of the true dog companies because of signs of .

the top when apple across a trillion dollars. I think that was twenty seventeen. But my positive that was very people were screaming right.

And other one of those things were the numbers just they seem outlandish at first and then people get used to them and then it's kind like, okay, this is we have our companies.

Yeah, all right.

I did a little reading on the way down. I fill up my kindle before I left in. One of our readers actually are listening.

Ers email a couple weeks going, said, here, I got A, I got a new book for you. So I decided to check on the way on. It's called boom bubbles in the end of stagnation by burn hobden to bias.

Huber, very hot, has a subject that many you might follow. What to call the diff? Yeah.

i'm about subscriber.

okay? And this is one of the Better books that i've read in a while. I read good non fiction book in quotation.

I'd pretty much just read all fiction these days because I feel like non fiction. I I don't know. I just can't get into IT. This was very good and i'll i'll see this not to pat myself on the back, but I think it's hard to do sometimes may be i'm pg myself in the back to disagree with something in in one of these takes, but also really agree with other parts like the so the whole point of the book is already this.

After they had a project in in a power program whose major technology innovations, atomic bombs, nuclear eric rockets and some conductors, were largely physical, progress became increasingly confined, confined to the virtual. And their whole point is that it's kind of hard to believe that they say progress stagnating while innovation is still going. So because I thought about this, why why they still done an innovation that you're saying, listen, we haven't one anything physically and they give this example where they say listening, you can book a trip on a new york subway to fly from new york city to tokyo and do IT on your phone.

And that's great. But the physical infrastructure that you're riding on is built in one thousand hundred and seventy and trying to build that same infrastructure today will be impossible. And so they're saying, yes, we've had they staying.

Progress is slow on innovation is increased and it's basically just the stagnation comes from these breakthroughs have open stuff in phones and technology. Ff, that maybe makes your lap convenient, but doesn't make push forward and push the bounds. And so their whole point is we need to have more bubbles. And they say in a good way, like they they say the manhattan project was a bubble.

like to like a track capital or what is like .

to track capital ideas and kind of just let things happen. And their whole the whole point is kind of just we need to just let stuff happen and stop being so risk averse with all this stuff and stop worrying someone for what technology can do and just let things go, which, you know.

I like this is, this is where paths comes into IT because I think people are generally risk, risk of earth. And it's so easy to win the electorate. I sort of scaring people and saying.

like, we can do this okay, so so I listen to a podcast with benton and he interviewed the hole back about this book at the end. They talk about politics and I didn't really put this to get and listen to a podcast with brad person to and he talked about this, and I never really put this together during the election. But now IT makes somewhere sense.

The silicon valley crowd doesn't think that trump on the election. They think they won the election. They like iran mosque, is their surrogate, because look at this. So they talk about the fact that they just want to let things run and they want to let.

Not, not, not entirely untrue. I mean, it's reasonable. Did they not did they not push him over the edge or help to at least.

You, I mean the richest man of the world's, spend a lot of money. So so the washington post has a story saying that markin rison in jolanda deal, he's the guy from pantier and trams colonic are going to beyond this, this doge thing to try to make things more efficient. The government and .

I think is the the who's going to on the the project.

But they this was bound to happen in a silicon valley, has so much money in power. Now they're not these little upset ts anywhere. They have a ton of power. So it's kind of like, I guess, this was bound to happen at some point.

What will they like? The results will they like having less red tape? E is what they want, and they just want to do stuff and not have the government get in the way. I think that was their whole problems in that kind of comes back to this boom in bus things.

So I think it's kind of ancient to see as an experiment, do they get IT to the government, sort of ever get in the government, add of the books or whatever, however the government works and realized, like we can actually make a meaningful change here, or do they look at they go, or do they getting and they go? Oh my gosh, I can see people been trying to fix this stuff for years, and it's impossible this point. So I exactly but but my whole point is I think they see this election as kind of like, listen, this is our turn. Just get out of our way, whoever whatever party were affiliated with, we just want them to get out of way and let us do stuff. So I think you will be interesting to see if they can do stuff now like IT actually build stuff and not just make apps for us.

I think regardless of your political affiliation, we should all be rooting for this experiment to work. Obviously.

yes, but I I can't really like kind of miss that like oh, the tech people it's not like for them is not republican or not trump. It's it's get out of our way. Let us tinker and do stuff.

Yeah well, yeah now you're right. It's going to be very interesting .

te to see how they do yes, if they can actually do IT okay um if like this happens there you guys, you josh, a great conversation with Cliff. It's not a way to the gym and then at the gym, at the court, not to brag. Nice gym here and I put on my headphones and also into you in joash clavus. And you talk about more efficiency. And I thought that was really interesting conversation for people outside of the industry might seem like exploding hairs, but I think it's a it's an important conversation.

But there was this news saying that investors confusing blue sky with a toronto blockchain company in the stock soaring eighty hundred percent which is kind of funny that the fact that that the crypt to stack didn't do IT IT was being affiliated with a new social media company um in the firm ever said like this and we're unaware anything that happened here that that caused anything for our company to do Better as just people. It's a bar efficiency thing, right? But what was close point? Like, okay, fine, you say the market is an efficient because these stupid stories happen.

Fine, create a funder strategy, make money off of IT, which is impossible, obviously. Yeah which which was a good point. Um so this is from the F.

T. They show that blue sky users have now overtaken threads. And that happened in a hurry. And I am started as so as daily act users are closing in on three million threads, never really felt to real. When we talk to look about blue sky last night, I feel like I might have legs. I I don't think you're quite there yet.

Are you on the platform? I just sent my first, what are we .

call IT sky.

another word, blue sky post. I did a name. I didn't me, I did my Michael sale name, did did save the, you know, when auto OK via is like trying to control the sun and the the thing with his arms member by of me to h okay mo sail so I said Michael I was .

to say I tweeted I when Michael sailor .

microstrip gies market capets forty seven trillion dollars and the caption is says IT was stabilized it's something control or you said that to me in jush .

that was like you were trend on slack first yeah that was pretty good. So I think .

it's best part about IT. Anyway, this zero zero response zero like zero, take a minute.

This IT takes a little bit. But here's a thing you're starting from. You're starting from ground zero in terms of followers and such.

And I know there are some people who will migrate over from twitter, but IT actually kind of refreshing to start over and and build back up. And they just kind of annoying that you ready built a following somewhere else. And I got to try to do again.

But here's the best part for me. IT feels like there's a lack of premieres and psychos so far. And I will come if this thing is big enough.

Yeah give her a minute.

But IT IT does feel fresh and I I think IT has legs. I think there's especially in terms of the finance people that we follow. Unfortunately, I think you're going to be be dual screen IT for a while will see if I actually if IT actually keeps going.

I don't know IT for whatever reason this is taking taking up but when I signed on its and ask you what your interests and that shows a budget different bubbles with software development, education, food, journalists and whatever. You know it's not their finance. There's no business which is odd.

Do you say degenerate movies?

So yeah, I was on I know it's lame to complain about twitter, but so I move off this quake. But like, I hit the four u time just so I see what is up. And the first thing was a thread of all different angles of of the planes going into the world trade center.

And so i'm just scrolling for, uh, doom, scrolling for years. I like through my phone. I like snapped. I like wow, what the I I have little interest in like tweet again. But IT is courtesy and alternative to not .

i'm some people were saying all look at but but can hand into anymore. I'm not leaving twitter. I'm still there.

I'm still tweet. Come on, people but having alternative is kind of nice. And I guess the one thing people are saying is, listen, there's no algorithm thing. IT is just a feed and you can follow your feed and is not there's nothing can be force that there's nothing that's going like people are saying if you post a link on twitter, IT doesn't work anymore. But IT IT gets pushed down for he didn't want people leaving the site and blue .

guy doesn't have that. Yeah, okay, yeah no, that is so that is nice. So I you know what, i'm not making any predictions how I will use blue sky also will see well see well see um tod zone has a chart that is a face blower.

It's a single stock levered etf volume. And he said, boy, that little quickly. I mean, that really going to get fast and he's quite of the great runned burger day.

I don't have the tweet from omy, but curry, our friend code hosteen, made a tweet last week making the two point that there is a lot of these etf companies that came out and said, we're going to do this kind of investors are any dividends or quality or something like this. And he said, so many these places have just transitioned into two times this company or one times that company, and they brought in a ton of money. And how can you blame them if this is what people want?

Yeah no, this I don't I don't know coal that you live in me like this is capitalism. This is what we hear for. Um I had this in attack action with Cliff, but I I didn't get to I didn't get to IT corry tweed depression is seeing that a two x microstrip gy etf with a one point tune expense. Ojo has nearly twice the am of my firm. Um right how about economy for something?

Wait does is this just life now? Or is this is this a flash in the pan county? Seems me like this stuff is every time there's a new hat stack, this is it's onna. Get more month flows in terms of the double, triple, top lover stuff, right?

Yeah, I think this is here to do. I don't know that it's like, you know be microsoft, I forever. In fact, some start not but this whatever the hot stock is yeah, this is so the strange .

thing about this whole market environment, it's been this whole decade IT feels like is you have tons of money still going into in in index funds, right? Air built to and always tweet about how vio is like the king now is taking in all this money. That's the and p hundred and one you also will all this money that's trading me stacks and trading double lever this and cypher in there's seven in money markets. It's just it's not like people are really picking one area of the marketing. This is that is there are stuff going on everywhere.

So the question I keep as is, where is all this money coming from? I just I continue to not really understand. I don't know.

Can all I can all be coming from active mutual forts? IT don't I mean, like they they get the sort of all the capital. So Donald trump put a message out last night on to truth social.

I think IT gets recycled on twitter. And I just read, he said, as everyone is aware, thousands of people are pouring through mexico, canada, breaking crime and drugs at levels never seen before. Right now, a caravan come from mexico, a composed of thousands of people, seems to be unstoppable in its quest to come through our currently open border.

On january twenty, as one of my many first executive voters, I will sign all necessary documents to charge mexico and canada a twenty five percent tariff on all products coming into the united states and its ridiculous open borders. There's terrible and minor effect until such time as drugs, of particular, and all the legal alien stopped the invitation of our country. Both mexico and canada have the absolute right and power to easily solve this long severing problem.

We heard by demand that they use this power. And until such time they do IT is time for them to pay a very big Price. And and interestingly, the market didn't really react to this like this was this is after hours, you would have expected to see big moves in the dollar, big moves and maybe interest rates in in international currencies.

The dollar took off a little bit.

a little bit. But e ww, which is a mexico etf stack, it's down less than two percent today, which is, you know, all things considered, what a big training part of there is.

Not it's not a whole lot. You think canada is. They're going, what do we do a gon? We're we do not anything.

Do you think wall street is hearing what he wants to hear on these policies, though? Because IT feels like people on wall street and finance are pretty happy with his elections for the finance positions. So i'm so therefore, they think he's going to ran min or this is just an negotiate employee. Do you think people are just hearing what they want to hear and assume, well, he's using this as a negotiated mpl yee him.

Yes.

that's they were not seriously or whatever .

is we're speculating yeah but the .

market speculation seems we like as not a little .

trudel said that tweet were to speak the the leader of maxo already reached out so I did this is going to go to effect or or whatever. The market seems not happy because but then you mentioned that wall street is happy with skype and the ah the new incoming treasury secretary. For those of you who don't know who that is, he was is a long time.

Last year, guy was a chief investment officer at sorrows. Raised, started at the time. Was that the largest macroyd front of the world? If you're interested in learning more, I front ted cities to interview with him.

Mike Green had a really good conversation with him recently and he seems to be, by all accounts. And i've only discovered this man, you know, in the last week to there's nothing that on my reader, but he seems to be incredibly reasonable. And I feel again, the little that i've seen if him, I feel very, very happy that there is like a sober, rational person is going to be effectively the chief financial officer, united states. It's pretty important job.

Maybe that's why wall street is not that concern. But who knows? I guess we shall see.

we shall say. But I, I, I was very happy with that.

So just going to be, I was thinking of this terrible things, but company had a plan for this, right? And people are saying if if he does this, that like if he does that immediately, you because the the O. S. Automotive of industry gets so much from mexico terms of the supply chain like that destiny auto service. So this committed the recession where people .

try to get ahead of this. So sam, sam tweed, a charm golden and IT shows. So this is trump and architects s in in his first term. And there's a chart showing um the P C E for Prices across nine ten impact of categories and the PC for all other core goods. And when trump implemented as tags, the inflation for the tf impacted categories did go up quite a bit but he had no impact on all of the core code. If not, say that I want this time like maybe, well, maybe one, but the point is less time I didn't, which is encouraging.

right? IT just depends on the bigger this time. So this is also generated an businesses are dusting off the playbook that used in trumps for terms stacking up and imported goods before tears are unacted. They're also considering how to cope with the levels if anyone enacted. So they're trying to get ahead of this.

Do you think that, that makes IT kind of almost like the member companies kind of got all like in a federal position, like planning for a recession? And twenty and twenty two, that never happened. Is this going to be situation like that where they plan that they pull all forward? And then if IT doesn't happen, okay. Now what do we do? Is that so is the other waves and waves of impacts of this as people try to figure out what is actually going to happen and they will say.

I always defer to the market. So I think, on the one hand, I take a little B2Comfort of the fac t of the mar ket in afr ica ove r thi s. On other hand, i'll say it's two months away, right? So we shall see how this place out.

So the the thing that we hearing for three years now is listen is not the inflation rate jerks economists. It's the level of Prices we even if you get at one time up in Prices, how are people gonna about that? Subs news had this poll about translate, asked people like fifty different questions about how do you feel about to.

And they asked him what their highest priority was. They talked about deporting immigrants and cutting taxes and uh terf s and A D I stuff and other stuff that people have said as a ukraine in the us. In the number one highest orties was we want lower Prices of good and services.

They don't just want inflation of all. They want lower Prices. This is what people say.

Eighty percent of people said this is the high priority. IT was not even a one close to her to even tax cuts. This is higher than that. Are we ever as a nation, going understand how inflation actually works? Because I don't think we are we I me.

but that's okay. I mean, how would everybody be an expert on on Price levels? You know I mean.

yes, I think that this is just a lost cause of explaining.

Like actually what you're saying is listen, for Prices to fall, the the economy we need to be to play in a place and you I don't want that. But guess what I think some people do because judge made this point very no.

but they are not people aren't na take a twenty percent haircut and in pay to have lower Prices. No, no, no, no, no.

no. But they don't necessarily have to like unemployment can go to six percent and Prices could fall. And I think the ninety four percent would say six percent.

Now even in the two thousand nine crisis crisis, we had deflation for a blitt IT was there was not a mass flow places IT was Prices kind of slowed.

but so did it's IT wages. It's possible that, that some category Prices fall.

I was sure J C. Penny, I could have a fifty percent of sale, but that doesn't mean that. But i'm saying if if you want a full scale, yeah we're going back twenty Prices you need wait to for no way do yeah yeah, I would agree. Okay, let's talk about clipped .

up for a little bit, which is everybody y's favorite category around here. You know well.

it's both sides. This is the market. Some people say, listen, keep on on critter guys and interesting not people .

say not really .

um that for those .

nails okay, i'm say the people that really that think it's all the scheme and two people so that guys enough with the crypt to and by the way, the guy that said me in the air part of having IT, we had a lot of people saying he was .

saying i'm not having IT pretty decent but he would have give yeah .

we walk away awkward dly.

I think people were to be funny when they said that.

I don't know. I think, I think people were artist in the email. There was, there was not of that.

He was sincere. We walked away awkwardly. There was no smile. And if he did come up with that, that would be like the cooker st. Joke ever, right? Because he wasn't planning to see me the airport.

So anyway but so I A .

ny e so so i'm here. So so people that don't like us talking about because this is a scam. And then like the real bit going, people who like you guys are such idiots you don't stand IT you don't get IT you're missing IT.

Well, great. So um anyway that's true. Will keep this brief and bad hope you know.

how about this .

when I could keep a breathe? This I want to talk .

about this because i've got some time of feedback, so I, I, I talking for while, think last week. So I said when I hit one hundred and selling, and finally I got a ninety ninety change, and I thought I just got to do IT. I pulled the trigger and I saw twenty five percent at the queen position.

I just did IT, and I put another limit order in to sell. And I don't want to do rather one hundred, because I knew if I hate one hundred, something where could happen at a unch of the people said. So I did IT any nine.

I sold some. I've got to say I felt kind of good, like a felt a weight lifted up my shoulder. I've got and I said the reasons i'm doing IT, i'm rebalancing.

It's a it's a way bigger position. It's almost ten percent of my portfolio or bigger I ever thought possible you get huge draw wins in bitcoin. And I said on practicing a grap minimization and i'm doing the ground up a tech.

somebody said somebody failed us. What is being to do about the taxes? And I I assume you're just going to pay them.

Yeah no, you don't have pay tax crypto. I heard yeah once general tony happens, I don't tax and critical to I am so holding on some east, I think I had the add pretty much the market weight of eighty, twenty years. I'm slowing on that because I didn't really catch up as much.

But I think I on my cosplay, I was up six times or something on the and I just I couldn't saw i'm rebalancing and i'm using IT is is in a constructive portfolio management way. And if IT crashes again or buy more probably. And I rebounds back into the pain, and I had a bunch cypher of people kind of say, people were right.

There was gas blog posters and about IT, and people were commenting and had a lot of group of people say, you know what? This is a very reason argument. I appreciate that you're still in idiot.

So I kind of be there like you know, the government going to make IT was a currency. It's going to go four hundred. And I guess what that's why I only know why I did look canidia either way.

So in yeah so that's why I I spread my bet. And I would say investing itself is a form of regret minimization. You have to take a risk, one where another for all cash, that's a risk.

If you're all stock, that's a risk. If you're all hedge's, that's a risk. The premise bugo quote was he has fifty percent. He had fifty percent of the portal link when stocks fifty percent and bans.

And he said, when stocks are really well, I wish at morn stocks, when bonds are doing well, I wish more and bonds. So that's the whole point of IT. And so that's why I did IT and i'm happy with the decision. I'm at peace until IT goes one hundred and fifty.

then i'm going to be pissed. But is being at peace is a good place to bit is the only place to be when you're advising especially something as volatiles script up, mad hogan waited. Ninety five percent of the world's largest investors have zero exposure to bitcoin, but ninety five percent of all bitcoin is already owned. Well said. So for me, for me, that's always that's always been the it's always been the driver is the .

supply and the supply demand baLance.

One one guy, pretty simple. It's not say that Prices can go down or crash. They can and they will at some point. The mico sailor stuff, the microscope stuff. Look at this chart is the most .

ridiculous stock chart in history.

It's wild. So so for those who are unfamiliar with the story, I know we went over IT, but it's so crazy. microstrip. Gy, last week was the number one most heavily traded security in the united states. I had a tesla and in video and double S, P, Y in front of everything.

okay? Microstrip gy is a software company that loses money, is not really software company, is a bit treasure company that they describe IT. And I watched so you see like clips of mica sailor on cnbc, and he says a lot of crazy should and think things that really make no sense at all, like really, truly.

But I watched A A longer video that call you have imposed and the first twenty five minutes he did, Michael sale did a really good job layout exactly what he's doing in a way that you might think it's it's crazy. But the one of the greatest facial engineering schemes in history of wall street, like heart stop. And I wrote a post about this and I said, somebody said, all he want the lottery this and that now, I mean, yeah, he he did, but he called his shot and he's .

been laying this out for years .

and he called the shy and then he smacked the grand sand. This wasn't like a mistake so I the way what he's doing and you are a blog .

post what and you said this is for Normal to understand, like what he's actually doing yes.

so I tried to explain that way. So he's issuing convertible debt and effectively different interest rates, but like close zero, right? So she's getting free money and he's immediately buying bitcoin.

And IT worked right this the Price microstrip went up, bitcoin went up, the convertible bon holders converted into equity, they made money, and then they did IT again, and then they did IT again, and they did IT again and again again to keep them IT. And it's spinning really quickly in the way that he described the strategy with with the options market and the liquidity. And like it's it's compelling in and IT worked. And now the question is when how does this end does this end today doesn't end at a much crazier number because what do I say if he keeps going at this pace by next year to be the biggest company in the world? So IT has had a hundred .

billion dollar and had .

hit a hundred fifteen billion dock, which had bigger the starbucks and nike, and also are the monster companies. So you might say this is a crazy should ever is going to end so bad that and you might be right, but I also could get a lot down. Or or government, who knows? But the point is it's wild. IT really is the greatest spector like I ve ever seen in my career.

I have two things. I don't want to say that because there's been some crazy something that happened.

But you think, wait all what's crazier than this?

Don't I don't know that there's so much crazy stuff up last four years. It's hard to pick. I have to think this was .

my is the one.

okay? So I have two things. One, this fears a little bit like tesla in that member of all the people showing tesler was saying he never be the reason of money. Every time most was able to raise money and raise equity. And that cap tested going email, people thought is going to fail.

Number two, here's what I think makes the obviously people say, well, crash is things, of course, because here's I think makes IT not end badly, but just end is in josh talk with this a little, but further take. So it's other companies starting to do this. And here's member how a bircher used to have a premium book value.

So the underlying holdings of bircher people would pay like wanted a half of two times for them. So right now, people are paying three to four times the value of its going for for mogra strategy. It's just if other companies started doing this and they don't have this big premium, investors going to say, why would I want to own microstrip gy in their lebert bitcoin play when I could get this other other lebert bit on play? And they're not paying bigger premium of other people started doing this.

They're premium, just shrink in a premium. Goes from three or four to one to two. Yeah, that's what makes IT step going up forever. That is what a faith based in.

Yeah, good. That's not a basic anyway. So so a lot of the people that are investing microsys, you get upset when norm is like goss, like sort of our condescent or mark m, and i'm not trying to do that.

For the record. I think that there's a lot of really sophisticated investors on retorts that understood exactly sale was doing and made as loads of money. And to those people I earn lesly say congratulations to the people that are foaling now foaling in who don't really understand what's going on. I'm talking to you just be careful.

So for example um and then there's a good article in in bloom work about like the market makers and the people that are supplying the swap s on the leverage to the like litter their double leverage microstrip gy instruments um which is a whole other interesting uh chapter in the story. So there was an article on the washing journal covering IT and the highlighted chase fury, a twenty five year old trader, newport beach, california. He started by big coin related stocks, hope, the church harvest.

He moved about. He moved all of his investments worth about one hundred two thousand thousand dollars, into the defined etf. And it's going to support fully to about four hundred thousand dollars. The harper graduate, the harvard graduate, OK, to the point of, no, don't have.

It's really think of what of this way though, because he probably learned all these different, different of cash flow methods. And he yeah I quit .

to this kid because obviously he's incredibly intelligent and he is always happening and he made a lot of money um but not but his parents he convince ed, his parents to let him matter seven hundred thousands of retired methods i'm guessing they were well up. But who knows who knows if that was like a hundred thousand portfolio or two percent? He said he came up with a less dangerous and smarter plan for them. He invest twenty to seven percent of portfolio .

in the defines etf and the rest of microtron .

y .

the money, that of the idea that .

so anyway, anyway, anyway, does this, does this, and badly today does microstrip double from here. There's no outcome that would surprise me.

But this is why bitcoin is up a lot, obviously, and even that is not enough for people. This is why bubbles will always be part of its a permanent part of the process. People can are never satisfied but just, hey, there's big gains and I need bigger gains and this is why this stuff will always.

always happen. Yes, yes, yes.

Um OK the wall street journal has a peace about america. Pig banks, which we ve been talking about for while here, hitting up the homework IT OK. I think we gave you an ample time that we're going to do IT like a stop watch, I think, to fear.

So we don't go over. We need a shot clock on IT, so we don't get that. So they showed home the value of humid in the country is thirty five trillion dollars.

And then they show the first time home buyers are calling is a piggy bank. And just saying that it's unfair because first time home barriers have gone from caught forty ish percent in the eighties and nineties and two thousands that slowly gone down from there. Now it's at twenty below twenty.

I think it's twenty four percent. And basically just saying like so I think the only people who are obviously there are still first time home bias happening and may be going to help or maybe is the people who well often can afford IT. Um but it's just that the people who have money in their home are the few people who are able transaction in real city work because they have that actually to play with. It's it's house money is free money they can roll over use IT as a dawn payment. Those of the people that will be spending more when more the rates fall, not first home buyers .

agree that yeah one of the biggest teams of of the last one and of two to three years are first time home buyers just .

getting absolutely rioted yes yeah. And i've said for years now of any group that got screwed the most during this twenty twenty period, its first time home buyers, yeah, they just got unlucky and bad timing. Nothing they did on their part could have foreseen this happening, how Prices is going up so much and more the rates going up totally grow.

Thorson sacked in his daily letter route. As home Prices continue to rise, more and more households are taken out, he looks to finance and respiring another way home minors are like will find their home Price gains and using the proceeds for consumption, combined with low jobless claims, strong way to grow high style Prices, solar casualties from fixed income, including prime credit, the U. S. Consumer continues to do well. And then you have you've been talking about for a wild, this is I know this is going to like, you know put a floor to the extra session if it's going to just continue to spur the economy, but people are tap in their home.

And why wonder it's a it's going to accelerate if if moderates over fall. The washing post had a piece actually saying, this is the biggest problem for trumps economy and now seven percent mortgage rates and how do you how do you fix that? And I don't see there's none that I can see any policies that he can do. They are going to fix the moderate market because he wants growth .

to pick up and he wants what if we want to back again. And that's a solution.

That's the only that's what i've been saying for a while that is near that spread. But I don't know if people are going to be bored .

about what people I don't know.

economists st people to make financial decisions yeah alright email question .

just because we talk about the .

wonder if you could could elaborate wide a bad strategy to pay off for accelerate payments on a three percent mortgage for me that is still want to making payments next twenty five or thirty years would rather get out of the margin, have the possibility to make income and through them one day thoughts.

okay.

I just think it's it's the it's one of the biggest financial assets you have because after inflation and the interest expense that you can read off for your taxes, you're effectively barring at the zero percent in a seven percent world. I don't know why you'd everyone to give that up on the hour.

Is that well.

it's math yeah I say that I think it's it's not math and six percent morning and the three percent Morgans math.

I I now agree with you. But like for people like this, like you're not going to convince them with numbers, right? Because this person is saying I just don't want to be making payments in the next twenty five, thirty years. It's not a numbers thing.

Yeah and I still don't get and I still I still doesn't make sense to me and I don't get coming from.

I still don't get IT. Okay, people can disagree because this is like a personal, this is a personal decision.

yes, but he still shouted.

do you agree.

right?

Survey of the week, except for hours, I can subscribe. Um from Matthew mission, he waited. A difficult element in tracking this economic cycle is that soft data, which are surveys, has been weaker than the hard data. Love this chart from N, F, I B, showing the conversion starting business consumer surveys likely to be more indicative of a real growth. So again, another huge theme of notice this show.

But economics talk in general for the last couple of years has been the disconnect between the heart surface and the soft services meeting, like how is the economy doing? How do people feels doing okay? And the good news is that the soft, how people feel, IT started to converge.

I would be funny if this happens, right? As the harder surface, when you roll over, like the senate comes back and then the actual numbers go down.

be so. So isn't just a trump thing. This bottom a couple of years ago, although it's certainly IT, seems to be kicking to over you now, which I to which I say wonderful because if people feel Better about the way that the economy is going, then the vives will improve, right? That's feelings.

And hopefully they will start to spend more and feel more comfortable making investments. This should be good for growth. Thing is that people .

still spend a ton of money when the .

vibes are down, so I don't know that matters. True, true.

true vibes and vibes have have been told disconnected from spending for a long time. I I don't know that ever.

Okay, that's not you're not wrong, but I I would love I think it's good to see people feeling Better.

You know the time hardly give from if what's a few years movie made? Max, where he goes that bit. This is maxxi o salaries. Americans say they consider of the minimum to be for next successful bombers is one hundred k gentler.

Show me the sort of I questions. Show me the source. I don't believe this.

I don't either. So jane says two hundred something belen y'll say one hundred and eighty. Genie has five hundred eighty seven thousand dollars to be happy.

The average is like two seventy. Obvious y jene post up. This is an engaging bed survey to get people met on the internet. There's no way this is real, no way out, because a lot of people say all see gene, they're so coddled in disconnected from reality. And there is no way this is a real survey that they think they need six hundred thousand dollars to be happy, and boom ers think they need one hundred.

Thank you. Then you're saying the truth is a fake survey. People, I can prove because I didn't see the survey, but I know it's true.

I know it's thai and you know it's fake. I had a friend and to be, yeah this is fake, this is, this is fake news is all shit. This no way, there's no way. Nice trip not on IT.

So ever take here. I think we got a minor reprove from income inequality in wealth inequality in the twenty twenty years because the pandemic. But that was an outlier event that a one off.

And I think inequality is going exploding IT worse from here because I think the attitude has any qualities change. I think it's always been the case that money can buy everything and buy anything. But IT used to happen behind the scenes.

Now it's in your face, out of me open. So here's an example. I mean, masking football in IT sounds to me so michigan just I don't enough. You don't pay tension this because your new york and people in new york city don't pay tension to college sports. So the number one foot all crew in the country is a counter back.

Who who plays in belvil michela is right on the tree from anibal or michigan is so michigan head this guy, but else you sign them, and then they have this N L money, right? Where you can pay college football players now, or college a athletes. And michigan didn't do much of that before.

And finally they went to their wish. Donors have listen. All the other teams have paid a bunch money on other state, went out and paid twenty million dollars to get a russia.

We need some money. And dave portnoy said, i'm going to give three million box, get counter back and little that I know. Larry ellison's fifth wife went to ichigan and Larry ellison came off the top rope. But I don't know how how much wanted to give this kid, but it's a tony y and michelin flip, the number one or git in the country to beat the quarterback.

H awesome.

And so for me, i'm thrilled if I was a fan of the team that we took him from. I would be so just started and this is going to happen. So my point is true. So nike has the the nike guy film like basically told organ open checkbook, how in watch everyone you want for stadiums and and jerseys and people on your team? I am going to do IT. So I think there is nothing standing the way of inequality train right now because big money people like it's not like it's a it's not taboo anymore to just push your, I used to be like, what are to do behind the scenes bit everywhere.

So I mean, capitalism has lifted so much of the world out of poverty. And unfortunately, this is one of this is this is what comes along with IT is is wealth and inequality.

Yes, means that means the country is unhappy.

yeah. Is permanent. I guess you have to take the bed with the good. I just.

I just my sense is going to get worse. That's what i've found that it's going to get .

Better unless I don't know maybe maybe economic policies coming to the White house walls improve growth that radically, who knows? Who's to say I don't know.

hope that does well. If growth improves, radical people who will benefit most be the rich people. But I just think there's no stabling the train.

right? Let's I drive this cause for second, I saw I from tom Morgan twitted a video. Ojo wasn't all did the same thing. And this is such a great .

example of how we know, right? We don't celebrate good news.

By the way, I saw guests for two, seventy nine, I think, to eighty nine, whatever was, is anybody championing low gas? Does anybody give a shit? Do we only talk about things when they're bad? We have, we have actually driverless cars. It's prety .

amazing and nobody .

seems to care. Maybe IT IT goes like IT doesn't problem has not happening where we are.

That's probably so they getting back to a boom e book. This is a form of progress if this actually happens, and it's a real thing.

But IT is we are a happy, it's a tamping, a multiple cities that I feel like it's not getting the this the magical, a conversion IT deserves. It's how we should. There are self their driverless cars and like .

a hundred and fifty thousand rides a day or something. Is that the deal IT is when does this become a pluto? Where in the future people say i'm not driving one of these fancy cars, i'm driving my truck and that becomes a polish eventually, right? Like there's going to be the non drivers. And the drivers.

if you like those of the two groups, think lip, but talk about enough. It's amazing. Shadow self, what I can you say? Self driving this cars, self driving cars. That's what I was try to say.

I got a lightning round of vacation .

thoughts for you. Then we go.

I got a lot here. I just gonna throw a bunch of out. How to you? then? I have a big one at the end.

So I just stop me if you want. I had my first really experience of being a little dad, dad, education. And we go to the airport, my wife, by the hot chocolate for my daughter, and they gave two and accidents. So he said that two of them, SHE gives one to our Youngest and one of our oldest.

So here and I said, wait, wait, wait, this and we just get down up the gate waiting for a fly I said, that's a terrible idea every time to give them how chocolate they spill my wife, it's fine, just one another how chocolate, this vacation. And of course, immediately, all three kids are hot chocolate over them spilled everywhere. It's on the seat.

It's up their pants. Everyone is covered in hot chocolate. And my wife is going to clean up, up here and I said, no, I just I told you and I just had to be the dad that that I told everyone, but I get no credit for IT so that I was my dad moment.

How long question? Like, did what did you know where you ano IT? No, no. I just.

I just, I smart and I knew this going to happen as the dad, I knew this was going to happen. I just want to put that out there and let IT be known on the record. I said so and then everyone said, idea, what are we don't care to move on.

Uh, number two, why does why do so many thoughts now don't have the h in the sea or the blue in the red for the hat cold? You get into a hotel shower. Great point. And you have to fix, you have to say there like sixty seconds and n of this way and wait and turn off this way and wait. You can just give me an agency or a blue, red.

bring back the blue, the red. But you're making sense. Keep going. I love that we are an .

all clues of resort print to cana. Why do we not have all included resorts in the U. S.

Food, go get IT booze. Go get IT fridge. Stop everything with everything. One, i'm guessing because .

we could get away with IT.

Well, i'm guessing part of the reason is because the labor is so much cheap. S you want to raise, you won a cruise, you pay for drinks, but the food is just free for, like, not free. Part of the thing, I can't imagine there would would be a premium resort that people would pay for in the U.

S. For inclusive. Just you show up and everything taking care of, just having that stress off back of, not like I have to sign for my bill figure this cause wait i'm going is going into with the inclusive going the other way.

Because generally, if you have an all inclusive place, you can have the highest quality ingredients for the food.

So IT has to be cheaper by definition. True fit pretty decently mean that type show but it's so pretty good um three I love I made this joke on blue sky idea the day I get a lot of engagement. I love going to the island nation like this and the other own beer we have president day here until a rubb, alaska that to make their own beer. Like you don't have choices like not corona or dose here you and president day and they called the munich an water here. It's like Steve jobs with a back turtle neck wearing the same thing every day like I don't not think about IT I just not a i'm getting a president day when .

I go to this up bar so you order a bear, do you just say can have a beer yeah because awesome uh the best .

time to do to kill the the shot as a midd person middle the day, not at night, because that's gna. But middle day. I I got some formal day at a million people doing shots during the day, and I went to get a beer and I order to have killed on what goes, what are you doing?

I go put to doing shat killer. He goes why right now? Like I don't know, cause were on vacation, so I the shop on myself alright, here's another one.

Lazy rivers are any elite? Elite vacation activity in more places should have lazy rivers if there's incite quality in the rich person. Like why won't you put a lazy river backards of the pool they have this place has a lazy river in, its amazing.

I don't think I have been on a lazy river. What is described this it's .

just it's a they have tubes and then they have things that push you in waterfalls, and you can just sit in the tube drinking in your hand, and the tube goes around this huge thing only .

on the resort.

And kids love IT. Parents love IT teenagers of IT. Even the grandparents love that people just floating or on the lazy river elite ite vacation activity .

because you can relax is this cross wide family fiction.

This is not my wife, so my mother and father and lots of fifth wedding in a versy. So we even have t shirts you know fifth and they took everyone um my brother alone, his girlfriend here and my wife in our kids so there's nine of us and so this is cellblock fifty wedding very nice.

I keep gone. I'm a joying.

This all right you know when you go to chick fully and you realize how much Better the services there and they say, my pleasure every time they serve you OK. So the service there is ten times Better than any other place. I feel the same way with service in the corbyn.

So when you come down here, the service is amazing. Everyone always has a smile on their face, always happy. The service is top noch and is so much Better service you get in anyone, the states, for anything.

Everyone was always happy that people are walking on singing and dancing. And right, one more, we did a an adventurous yesterday. I think some pictures. We went to go in the jungle, like forty five minutes away. We did a zipline course, these huge log zip lines, which is really fun. And then afterwards we got to like, hold these monkeys, and they do bunch of food, and they put IT on to play, and they put on your head, and monkey is jump all over you.

Those monkeys were adorable.

School monkey that is very cute. And so we we drive about forty five minutes and jungle in the mountains to get there. And it's going through all these other cities. And the guy is on the speaker on the way they're talking about the country and telling about in all these little houses you pass on where these little sharks than not even houses are probably two to three hundred graphed and that all there is is these houses and it's it's a lot of power in the country and the guy was talking about, he's saying, see this house this year.

Those are middle class and you look at at my kids at like her either why doing all my gosh and every every mile to the he like that the rich person, they know all the one and all the other. People just live here. They don't know any cars.

They kind of get bossed everywhere in the houses are very tiny as a lot of you trash. It's it's just not very nice in these places. And the guy says, you know, I think americans look at this and they feel bad for us and they probably shoot ottaway.

And I looked at the median income here. Anyone come here like eight thousand dollars or something that's what I found a new um the guy says, you know what though? We are pretty little back and no stress, he said.

We never have any stress here. And IT is funny. They are so happy you could never go from like the lap of luxury y that we lead in amErica and move into that setting.

But the fact that they don't know any different, I guess, for the way they grow and make everyone here is so happy, and that is the crazy thing to me, is that even all those luxuries, this is like the happiest people i've ever seen. It's kind of crazy, the guy said. He said, we don't have stress here.

We are not stressed. We hang out, we drink to relax. We are family. We don't live nice lives, and we were no stress.

Yeah no capitalism.

it's going to. And he's talking about the property taxes too. And he said, one of the reasons things are so bad on the infrastructure here, because we don't pay lot of property taxes, he said, you pay one time tax when you buy a house, and then if you pass IT down to your kids, they don't pay attacks.

So we have to give my house to my daughter someday. They don't pay taxes. And he said that's one of the reasons.

But he said, what one of the diseases of capitalism is like the desire for more. And you know, it's great for all of us, but it's sort of tough on each of us because we always want more.

It's one of those perspective things that yeah and for sure, that's all I got for my travel thought .

the board room tweet to thank you for that and great bottom tweed. New york and jersey are in a league of their own. When IT comes to sports bedding, new york did two point three three billion dollars in money wager. I think so far this year, as I was showing, you know, i've been thinking about this. So I said, how do I ve been called and .

it's that much more money. You think it's like finance people as ever in york just has that minda?

I don't know. Yeah, I don't I don't know. Um I get holes this week. Tough, tough week for tough way for me between the commanders and the texas and who cares but anyway, so I was thinking like let's say that I lose five cents of every day, and I bet, I bet as as good as three cents suddenly at five sense ish. That's the tax I pay at some point I would have to stop gaming, right? Like because with each .

thing the bigg.

yeah like with each passing week, months, year, like the even if IT stays at five percent, the number of just going to keep getting bigger, bigger, bigger, all something like wait is not that much .

for so so like where .

does where does the sky? Like there was an article in bloomberg about like betting in brazil and there's a high level poverty there. So people are are really stretching to gamble like it's like the lottery on steroid.

I wonder like regulation comes back and when the idea of regulation coming in sound like clapham now, but is this going to eventually become a problem in our society as well, like at large? Like not just, of course, people's lives going to move by gamble that's not new, but like. Is this to be the type of thing aware like that we have to crack down because it's like start to spread maybe even more gamers and on.

I think it's just going to be a kind of thing where someone goes well that ten percent of the population has an addict of personality. They're to dicit anyway. Hopefully we take care of them. And I don't think people going to care email.

I came in the spirit a couple years old.

decided to listen to the first episode this week, pretty funny, hearing ben reveal his big coin otherness. I forgot this when I talk about IT in Michael saying he doesn't trade tax and hopes he never will. Now you're talking about gambling. Prety funny. Oh yeah. You know, you know.

let's get. No, he also says wanted to get your thoughts in an email. Adequate situation, big email, adequate guy over here, someone which is ask you, ask you to provide times you have availability for meeting you respond to the person saying that the times you are available, and then they respond saying, this time and day works for me, but they don't schedule all .

the meeting IT feels .

cleared that I love to schedule the meeting .

that they originally ask for if you right, if you say the fifteen that noon worked for me, then you would have to say i'll send IT in right yeah yeah where you to send OK yeah OK um .

I another good email. I started reading extra life, a short history of living longer, by Steve Jones, by the way, Steve, john and great author, if I ever read a fiction. And by the way, I was to look at my books to the day, and I like on, man, there's a butcher books of myself that I haven't read, like I would love to have a meeting to put realised. I don't know if it's ever going to happen.

It's hard. I do get most of reading done at the airport, but I start to find the time anymore.

Who has forty hours or have many hours? I know I like six to book, but like to. I know that time.

okay? I just started new publishing company called one hundred page books, nothing more than hundred pages.

IT masterfully tells the story of how human life expectancy has grown less four hundred years. And anyway, the point is, one question this all got me thinking about, at what point in reading a book is IT failed to recommend someone else halfway fully read? Such a great question, because spent, i've got a show that I started that it's called man on the inside. Now it's the number one showing netho x, so it's probably safe to recommend it's ted dancing and you're familiar with this. No.

haven't watched I see on the ads. okay.

I'd laughed out loud three times in the first episode, thirty minutes and pretty good sign. Um the second episode D I think .

for a book you have to go all through. You do feel because i've done that before, i've been half with through book and said, you have to read this and then IT kind of tells off and you go, oh.

shall I judge the gun on that? Okay, but I think happens with shows all the time too. Yes, right.

I we finish the old man and effect second season. How first I like the first season, second season IT just IT was the total horse meme of great horse tune. The end of that was my my family like what what I tell.

And jeff bridges and john ve. go. And IT was.

do you ask the penguin?

By the way, i'm helpful through IT. Okay, okay. I like i'll say my first one bad .

recommendations when I got.

okay, so on the way down here, I watch dead pull versus in and I texted you and I said, this movie is told you unnecessary IT doesn't need to happen, but I still enjoy IT is a very entertaining, a very good plane movie. It's just runs for two hours, just ripping, telling jokes. And it's again, totally unnecessary. But I can't believe the of celebrity camel in there is a ridiculous amount of big name celebrities in this movie.

So this cream screams apple movie.

definitely. And I was laughing, my kids cutting, like, what are you laughing at? And I like out to and and he gets me .

and he takes your tony bone .

archive is just perfect. And yes, again, it's like the whole movie doesn't necessarily have a point. IT is is not necessary and it's still funny. I funy thanks. So I think yeah, but as far as super hair movie goes, i'd rather watched that then it's just it's so self aware that it's really well done.

I was about to say, is that necessary that I dick my own neuron.

which is a joke .

that I used on the show multiple times in patches, patches of land OK.

A I finally finish slow horses season for, and it's the worst of the season. And I was still a great show, the last of a great hugo weaving, please, the bad guy this year. Really good twist at the end.

It's just I think it's the best I think gary old man gives the best performance of any T V actor in the twenty twenty. He is amazing as Jackson lam. So jr, girl Robin is amazing this and no one .

watched the show.

I feel like OK no .

one I I respect you for saying that i'm going to dive in this been on my list.

Just give you the first in each season is six.

Give IT what? Give IT what I say .

IT IT give IT a shock because it's only six.

And I think I say like give IT four episodes.

the first one starts after the first episode, it's it's often run. Okay, okay.

So the guy who who we met last week at the chicago live event, he is not James, it's bryan and brian failed us with a list of movie recommendations, all like his hard movies that he likes to watch. And one of them, this, maybe this killed me, was, do bro, I kind is, do you bro masker party three or something like that? Do you bro masker party three? Anyone in prothesis, there is no one.

Two okay.

I did not see that movie but shout to bring okay um I tried to take my kids to see wicked ah really sunday and guess what so now couldn't get seats. The only is available were like first row and there was one theater had a time every single half hour.

So I am surprised that you don't walk in a move theater like the the regular look at cheers. Hey Michael, take a usual seat in the front so.

uh, you love to see IT and it's getting a great review .

so I can't wait to see. My wife took them to see the play and they love you so they can't wait to see the movie yeah.

something to take my friday. Ah so eric gave his tweet, wicked wins the weekend with one hundred forty thousand million domestic, hundred sixty four million worlwide. That is the biggest opening ever for a broadway adaptation, the third biggest opening of the year and the fourth biggest opening for a musical worlwide and the biggest free thanksgiving weekend is twenty thirty. And also um glad data did the numbers of the box office is getting much of views where .

to fix me said I am I will see IT but I can .

wish I didn't do IT. Ah okay so so oh ah there's a new teller shared and show on paramount plus this is not a called landman it's with Billy bob, john ham ali later member.

her from force blues.

She's now much older because very much older, I don't have about to says this well, to get in trouble. But this is, this is, you know, I don't know why what the people say this. This show is more for men than for women OK just, I easily.

probably most to Taylor share ted shows .

are OK I I almost .

ready to give a one yellow on you .

still watching.

So last season I thought I give you a try, but OK, I mean, the guy does like twelve show is, how can I even be that high quality created for doing IT but first for .

you see yellow some my favorite television until IT, until IT horse.

I don't think i'm going to try and i'm sorry i've launch a bunch of his other shows I like to you on.

but it's the quality that great. But it's it's fun enough.

I A it's .

fun enough. It's brain Candy or brain garbage.

I think we we ve made IT on this because i'm doing this podcast from the three g cell phone network because the wifi is body on my phone. Can you imagine that we can do internet from our phone in a different .

country to do a part?

Yes, I made IT right. The lazy river is .

calling me ban. enjoy. Thank you very much for taking time away from your family vacation listeners. A break.

Thank ban that you can thank bend by filling out the survey animal spirits at the compound news, personal emails, personal responses, if you emailed us before, you know what i'm talking about. Thank you, everybody. Thank you. Dunk in and the rest of the team for producing this is always, we will see you next week, happy, thankful. Ving.

okay, yeah.

Happy thanksgiving. This is a great time of year to be with your family. Go out to to .

watch the is here.

to watch the giants get destroyed. I D, D, my highest conviction. Better of the year.

money. Lion lions monday line. Cobos, it's might just one thirty.

So there's a bit of a vig. If this doesn't work, i'm putting multiple units on this. If this doesn't work.

I went to hang my clip of the season.

How about that? Just be careful. The lions had known.

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