Public Breakups: Polymarket, Taxes, SMCI
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Hello, and welcome to the money stuff podcasts. You are weekly podcast where we talk about stuff related to money. I am mat living and I read the money stuff column for bloomberg g opinion .

and i'm kate gray fled a reporter for bloomberg news and an anchor for blumberg television.

What are you talking about, Kitty?

Well, first of all, I think we should acknowledge that it's halloween, and we are both phoning IT in .

right now. Yeah, that's at home.

I met my parents house .

sitting.

here. None of our listeners would see that, but we could have just lie.

I guess I took my daughter to get back off today like six I am and SHE was wearing her costume, which is she's once there from the divisa and he was like, didn't weird that i'm wearing my costume this early as a dark kat. This guy watched, by a way, as well though customers like, no, that guy is too perfect.

perfect. It's weirder if people weren't wearing their costumes. I meant to bring scattered to the office.

but I forgotten. But television, because probably, no.

you like.

you were like, should I wear these on television on a halloween? And I like, yes. And then you didn't do IT.

I almost certainly did not actually do that. But I always slip in a lot of halloween pounds. I talk about a monster rally, a spooky set up for stocks, things like that. If you listen to all two hours of the show, i'm sure IT was overwhelming.

Hope you continue that.

Don't know. yeah. Speaking of overwhelming what we're talking about today, we're going to talk about speaking of spooky things.

We're going to talk about Polly market and what's going on in projection markets. Yeah, manipulation, I don't know. We're going to talk about a tax aware long short strategies.

You're going to explain that to me. And then we are also going to talk about super micro and arnstein yang OK cool jumping into the first one poly market. This was a fun one, and I don't think you've written about this. I feel like I had to really twist your .

ARM to talk about this today. Yeah, you like, text me, show time, time, my time. I like, no, and then you like about taxing me and so I got mad. And then I like, well, mad enough this we can tell about IT. So yeah and I was like.

this is the seeds for a great discussion, given seven thirty in the morning and were passionate. So Polly, market, it's not based in the us. U. S. Investors or matters can.

okay. It's not based on the U. S. It's not based on the U.

S. yeah. So the big news is basically that there was one person who was pushing up the trump odds. His username assume to man was friday nine thousand nine hundred ninety nine and Polly markets investigation found that I don't know he spent like forty five million dollars and just pushed up trump odds but IT seems like financial markets question mark. And with that.

yeah there's also news today. We were like sound like portrait analysis company was like a third of trades on Polly market are .

wash trades yeah I didn't see that actually.

So I don't know why is this interesting.

So the reason I wanted to talk about this is because so I am on television every day for two hours, and there's been this weird vibe shift in the markets and among investors and analysts talking about trumps odds going up. Even though polls have been fifty fifty basic bly since keller entered the race, you have seen a trump trade.

At least that's what people have been calling IT unfolding markets you've seen long and treasury is kind of skyrocket ah and the U. S. Dollar has had a great month. And their disagreement, some people say it's just the fact that economic data has been really strong. Other people say this is because trumps odds have been going up in the prediction markets. So I find that interesting because the Polly market experience has revealed that you what we're looking at, a sort of real time chances of which candidates is going to the wind, the election IT can be swayed pretty easily. I mean, forty five million dollars is certainly not nothing, but it's certainly not a lot of money.

So these stories is about high market being with his miti just failed to me like, what should thinking in a couple of ways and like I sympathised because I share their wishes, but I got just don't think I share their thinking. Many people would rather not think that trump has a took the seven present chance of winning and if they say, no, no, this is fake.

It's really fifty eight person or fifty percent, then that would make them happier because I don't really understand because like you'll never know like what the API odds were and in a week you'll know what happened. So that's like go this market is fake, is just doesn't really daring for. But then the the other thing thing is like paly market is a very cypher best prediction market, by the way, like all of the other like non crypto markets of kind of followed Polly markets odd's put anyway and they keep love the idea that crypto markets are being manipulated and full of wash treating.

There's a lot of wash treating and good markets. If you thought pyrates like a little bit more trumps cute because it's current people and current people were trust that makes sense. You know.

Like if you think that like paly markets, Prices are too high, you have to do something, think about that, which means going to trade on poe market. And like, you know, that's kind of a pain. You have to like go buy some critter.

You have to pretend to not be based in the u. And so like yeah like some hurdles to jump through. And it's possible that the people who want to bet i'm color Harris wouldn't want to go through those steps.

But this notion that you're going to like find a secret trick that actually Polly market is fake and that doesn't really doing for me. No one can not take the that says like you're like people are making enormous bats in the treasury market based on one like the assumption of trumps s odds. It's not like treasury traders are idiotically following Polly market. No, no.

The following trades in .

like real financial markets are confirmatory, right? They're not like I like poly market is tricked, everyone. It's like whatever you know the vibes are that have shifted on poly market, have shifted in like brother markets as well. And so that gives you reason to believe that the polymer odds are correct, not in the sense of like right correct about reality, but in the sense of like correct about reflect doing sort of like roughly the markets view of the ability.

yeah. So a couple points there to your point about like how does this compare with other prediction markets you look at predicted, for example, which you know that's been around for longer than Polly market, at least in my consciousness, odds of trump winning were sixty percent, at least at one point this week. So that's not too out of line with what polian market is showing right now on halloween, showing like fifty five percent.

But I think I don't know there's like a chicken in the egg thing here, which is is Polly market reflecting and like tracking the odds in the broader market? Or is the broader market i'm talking about the treasury market following Polly market to the latter scenario. I mean, you do have part of the cell IDE community actually taking the market into account.

J P. Morgan has these baskets, these long, short baskets that are sort of putting together stocks that are expected to rise in whatever outcome. And part of that model looks at moves that line with Polly market probabilities.

So I mean, people in the actual real markets are using Polly market as a tool. So I think that's interesting. I'm not even saying like holy markets being manipulated. I'm just saying like IT would be easy to affect pricing. Yeah, I guess.

But if you're like everyone in like the real markets is paying a lot of attention to polar market Prices and they're easy to manipulate, that suggests easy to that.

And but like if you want to be like long treasury as you can go to poly market contract and move the market significantly, the story here is true that like real investors are short of reflexively pressing based on poly market odds and met poly market adds are out to be easy to manual. I just like, I really believe you. There are their stories entirely.

And IT is kind of a fun thought experiment.

though the thought experiment I love is like, so no, man. Treasury's, the stock of D J T trump media yeah, is kind of a proxy for trump'ts of winning and like kind of a bigger one and the poly market markets. And so like people constantly email me, you like, could you make money by meticulous party market odds and then selling DJ t on the back of that? And I don't know the answer for, like, that's a fun that altera D, J, T is such a stranger proxy for trumps odds than the parliament markets are, and definitely one where there is like real money to be made.

D gt, has been frustrating to talk about on her, because every morning I go to like my most function on the blubb terminal. This is at like six thirty in the morning. And I look at what the biggest moves are has been D J.

T. This week, obviously. And then I look at the biggest volume and it's also D J T. So it's not even that. It's just a couple of yahoo is trading D J T, like there is serious turnover in D J T, which is pretty wild.

Yeah, it's like a good way to express an opinion on his election, which is weird, because party market is a way to express an opinion on his election outcomes because like a contract that pays off zero one, depending on where the humans election, D, D, T is nothing like that. And yet IT sort of functions as that, which is in itself a fascinating fact about modern financial markets. Think why is DJ T A referendum that seems like IT should be so that is.

IT has trumped the name, you know, and trump is run for president so I don't think it's like.

yeah, we had nicolas from data track on T. V. This week.

And one of the things that he emailed over to the team was on the topic of offshore gambling odds. He said that everyone thinks this is an untainted prediction market, maybe, but these odds are also affecting financial markets. You look at th Epace.

So you look at bank stocks, you look at yields. Could savy traders move the gambling odds and trade financial assets for profit? Just like we're talking about? You could spend forty five million dollars to move tromps odds and then also pair that with assured, unlike ten year treasuries.

That could have been interesting, like three weeks ago. And maybe that's what that french national was doing. I don't know.

I hope that's sure. One thing about this, like this market is easy to manipulate argument is like that's from both sides, right? They usually not this with liver manipulation, like with labor manipulation, you could just like makeup a number, and that would affect the value of like trillions of dollars of terrific tips.

And so he will just make up a number because they were like long as drivers, they want them to go up. And so they would like make up a high number. And empirically, IT turned out that people are doing the same thing on the others side.

And like liver was like kind of made up. But it's also kind of accurate because like everyone was doing the same thing and they trying to manipulate the market on both sides. There's a little that here too. It's like you could buy a million dollars of trump contracts and much sell a billion dollars of treasurer and that makes some money like maybe that doesn't tell you which way that bad is being made, and I could easily be made both, right? It's not like like real financial markets are moving like that dramatically in response to a five percent shift in the pie market as maybe that trade is worth IT, but seems like a risky .

trade to do mobile find out in a couple days .

all we we will never know the correct dogs.

but will know the outcome yeah, we will know how close to reality the polar market odds were depending on how they shipped in the next couple days. I guess I .

don't think i'll ever know how closely how did they were either winner won but at no point what we know that he was like sixty five years I like to .

win yeah the .

market will resolve to one hundred or zero.

Exchanges the goldman sax podcast features exchanges on rates, inflation, a us. Recession, risk exchanges on the market, impact of A I for the sharpest analysis on forces driving the markets and the economy, count on exchanges between the leading minds at golden sex new episodes every week. Listen now.

As a seasoned entrepreneur with forty years of leadership in the airspace industry and the storied career as a turnaround consultant, mike download has cemented his status as an expert in saving fAiling businesses and organizations. Mike's new book, the art of the turne around, is a comprehensive, field tested guide to navigating chAllenges, building high performing teams, training leaders and creating value.

The art of the turnaround is designed to be a self help book for not only for owners and senior executives, but also new leaders in first time entrepreneurs. In the book, mike shares the tricks of the trade that he honed during the successful turnaround of thirty four fAiling companies so youtube can reestablish your business as reputation with suppliers, customers and creditors. Join mike as he shares his legacy and inspiration through the art of the turnaround available now via amazon, and be sure to listen to the art of the turnaround podcast, which dives deeper into the subjects covered in mix book and his process of turning around businesses. Listen wherever you find podcasts.

taxes. Xx.

I need you to just .

explain this to me. I've read IT, i've listened to IT, and I feel like I still are not grasping IT. Yes, robot told me all about IT is that .

you get to decide for the most part when you get taxable gangs or losses, right? So if you have stock and IT goes up, use whole entered and like you wait and eventually twenty years or now you sell this stock and then you pay taxes on against, or by the way, hundred years or now you die and passes onto your ears. And they never pay taxi games because of like basic step up.

If you have socks that go down, you sell them right now. And you have a taxim loss, capital loss, and that can be used to offset capital gains elsewhere in your britishly. So really, like you have capital gains, you also have stocks that have gone down. You sell the stocks that have gone down and use them outside.

Obviously, you d rather by stakes to go up, right? And like not have any taxi losses, but like something you want taxi losses because like you have gains elsewhere and you would prefer not to pay taxes on them, but you don't want to just like lose money for no reason. And the conception trick is conceptual.

You have hundred dollars, right? You have long like five hundred dollars of the asp and you go short like four hundred doors of the so your net exposure is one hundred dogs. I said like you've mid the investment you wanted to make, but now you're along a lot and short a lot to offset IT.

But you you know you still that long and then either the market goes up down, if IT goes up, you make money on your five dollar long and you lose money on your four hundred dollar short. And then what you do is nothing with your long. You just keep IT on, so don't pay any taxes on again.

And you close that you're shirt and you get a big tax loss on your shirt and you can use that to offset your gains elsewhere. And then you put on another phone to your shirt and you do again. And so every year, you can like generate tax losses.

We have any real economic losses because you are long your short positions are offsetting each other. And so net, you're just long hundred doors of stuck, but you have losses every year. Did you go away? So kd just explained tax very long short in a beautiful way that crashed your internet because you took go back down for a while.

It's too bad that I didn't hear that because that explanation was something that I needed in.

Breathe, you might like two hundred doors, the S, M, P. You shoot one hundred doors, the asp net, your long one hundred doors, the p but no matter what happens, you have tax losses. You realize the tax losses each year, and you use them to offset your games elsewhere in the portfolio, like if you told the business or whatever, and then you go put on the shirt again and you do the Oliver gun.

That's like conceptually the trade. But in reality, that's not the right at all because you're not really allowed to do that. You're not allowed to just buy a thing and go short the same thing and take the losses and not take the games.

Those are called like the strategy rules and the wash sale rules. And so the trick is to do this in a way where you're not long and short the same thing and also where when you close out the position and then you go put on the position again, you're putting on different position. So like if you have like some losses, you sell those stacks and you buy different stacks so that you continue to have the same exposure.

But you can realize your losses on the stuff that you arrive. That's where the secret of us comes in. But it's not that secret because no lot of stocks in the world and you can sort of create a bunch of of different diversity butros.

Is that give you the exposure you want? And I do ally, you know, you go long stocks that are good and you go short stocks that are bad. And like maybe you don't have many loses and just have a lot again, but it's sort of like that's just gravy. What you really want is to have a long, short portfolio where like your net exposure is the net exposure you want and where if you lose money on one side of the trade you get to did like to train your taxes.

So you're column in this conversation is inspired by a great article by Justine of bloomberg news last week. And I feel like we're learning about a lot of different methods if you're a really wealthy person to sort of differ taxes. The question I had reading this article Justina describes an example of this brilliant apple engineer.

He has a million dollars worth of apple shares, his years of gains. So basically he does this strategy, you know, maybe goes one hundred thirty percent long, thirty four percent short to do this trade. But why wouldn't he just do a swap fund in that scenario, which we just talked about two weeks ago?

Sort funds have like their own administrative complexities. If you're doing this, you're sort of permanently generating tax deductions like you can keep generating tax deductions every year like the swap fun is a way to diversify out of your appreciated asset without immediately paying taxes on IT, but you know like generating any additional tax losses. So what plans are kind of weird. You're not getting the same diversification as you would buy the buying the fund because in a sop fund with other people who have also contributed the .

stop und generally make sense.

You know, any of these people been even with a lot of like other, where is the people? The fur taxes. This is just like a sort of dust up version of texas host thing, which any financial adviser and most robo advisers at this point will do, where I like just at the end of the year.

You like, tell your stocks that have gone down so you can take tax sausages, and then now you go buy some different stocks. And one thing that people have found is that people often don't really wanted buy different stocks because different snacks would give them a different risk profile. And so ideally, they would go sellar snack, take their losses and then go by the same stacks.

But you can't do that because the irs has rules and watch cells or you also talk to the losses and then to make the back back. And so people get arbitrarily close to that in ways that make people mad. And so the classic is like if you are invested in etps and you have an etf that is down and into the air, you sell an etf and you buy back a different etf with the same like theme, right? So IT could even be like you sell at S P T F.

When you buy back a different S P F, whatever you theme you had, like there's probably ten e tf that sort of serve that basic purpose and you sell one and die at the other. And the underline holding might be the same and the basic idea might be the same. But you can say, no, I didn't do I say I sold the one etf and bought banging completely different atf and people who email me are like, that's not really allowed.

And the rules on this are like a little bit unclear. If you read the rules, they seem to be quite broad, insane. You can do this stuff.

You can't take tax losses when you're sort of hedged at the whole time. But if you look at sort of actually enforcement, the rules are kind of enforced more narrow. We're like if you sell one thing and buy back a very similar thing, you seem to not get and trouble for IT. So there's a lot of stuff going on here that before .

yeah used to work. I mean, it's kind of poetic that like the origin story of the etv rapper was just a way to deferred dodge taxes. So you know it's fitting with the spirit. Anyway, I can see your face. I don't like that, but something else that I wanted to talk about from Justine's article, did you see the quote that he had in there from David sheer? He's the professor at columbia, al Oscar.

He said that basically this whole business of the tax were a long, short IT feeds off the complexity of the current rules and in his view, far too much time and energy is being extended by these sophisticated players to pursue a lower effective tax rate. And I just thought that was funny, you know, like whatever lay Cliff asness was directing all of this mental energy in this brain power at bearing society, for example. That seems to be at least what this professor is suggesting.

Here I see that, but I also used to be a derivative structure. And I tell you that in the abstract, IT is hard to go to a client and say here is a brilliant product for you because like the brilliant products that comes down to like I get you some variation on market returns and you pay me one percent, right? And like over time, the expectations is that one percent really adds up.

So it's really helpful to go to the client and say the way i'm going to make money for you is not with my special billions, but I like just taking IT from the irs. The rule that says we can take this money from the irs and give IT to you and we'll take out of that. And the kind of that's a good deal when here's the thing that the irs was paid to do the trade, and that's great.

They want that. And so on the one hand, doing like these people doing these tax arbs should be doing something old for society like I get IT, but I am like I don't know if you're financial engineer. The thing where it's like the arrest is your free money is a great product to compare to the thing you're like.

I have found a way to beat the market. It's hard to beat the market is not that hard to figure out a way to generate tax additions and like differ test scans, yeah so easy, so much people give you a lot of money to do IT, but it's like more reliable. It's entirely reliable, right? You read about these things, there's always someone being like this. Is that really allowed like this is going to get someone in trouble like this might .

not know rule might change whole community of people who would say, like the government needs your tax dollars .

but that's a different story about aren't doing this trade.

I would imagine that.

I mean, no, I actually did hear from a reader who was like, I got pitched this and IT felt bad for me to save as much of my taxes. I said.

no, a reasonable seems like a .

really strange person. Certainty here. And it's really complicated. And like it's you know like not everyone who has pitched on a complicated financial product that wants to do IT and like if that I would prefer to pay higher taxes. This seems like a lot of brain power to go through to save someone and my taxes. But if you really want to save money in your taxes, then like no amount of brain powers too much to to spend on saving money on taxes.

That's true.

Exchanges the goldman sax podcast features exchanges on rates, inflation, a us. Recession, risk exchanges on the market, impact of A I for the sharpest analysis on forces driving the markets and the economy, count on exchanges between the leading minds at golden sex new episodes every week. Listen now.

As a season entrepreneur with forty years of leadership in the era space industry and a storied career as a turnaround consultant, mike dunn lab has cemented his status as an expert in saving fAiling businesses and organizations. Mix new book the art of the turnaround is a comprehensive, field tested guide to navigating chAllenges, building high performing teams, training leaders and creating value.

The art of the turnaround is designed to be a self help book for not only for owners and senior executives, but also new leaders and first time entrepreneurs. In the book, mike shares the tricks of the trade that he honed during the successful turnaround of thirty four fAiling companies. So youtube can reestablish your business is reputation with suppliers, customers and creditors. Join mike as he shares his legacy and inspiration through the art of the turnaround available now via amazon, and be sure to listen to the art of the turnaround podcast, which dives deeper into the subjects covered in mix book and his process of turning around businesses. Listen whatever you find podcasts.

You wants to get to the fun stuff. K super .

micros.

I feel .

like it's bad. It's just not a good look when your auditor resigns.

Your auditor resigns and like a real huf, you know, supermen o auditor is that you are the farmer, aunts and Young resigned with a nasty letter being like, we can't trust you anymore. Yeah, seems bad.

I saw a version of that letter make its rounds on social media. I was pretty sure too. I feel like I was like a paragrapher.

Maybe you ve been to that.

I IT could have been a fake letter up, to be totally honest, but anyway, a huf so .

super maker filed a disclosure saying that their auditor, U I had resigned because they have sent super record letter saying that we can no longer rely on the representations that managment makes trust in, which is wild.

Sometimes there are accounting scandals, les, where the corporate managers are doing bad and like like the board finds out and there's a scandal and the board is shocked and like works with the auditors to find the problems, right? Because like the ford doesn't really have incentives to do accounting fraud, right? They're just there to get paid a yearly fee and get sued when things go wrong.

Like then I want to do a cutting for but like this is the somewhat unusual case where you like not only do we not trust management, but like we not really wanted talk to the auto commit anymore here either, which is a pretty just move, move right there. This is such a silent sorry, because instance berg put out a short report on super mico like a month ago saying that they were probably getting up to some accounting for when that happens. It's like the very natural like limit on how seriously to worry about IT is like, well, the utter hasn't resigned.

The utter is still order in their financial state. So how bad can they accounting really be? Then the utter resigned. So I got there's no of IT can be anything you know.

I feel like this checks two boxes for you, at least two boxes, one on your campaign to make auditors be cool again. I feel like this is a lot of lifting for you.

And then also very cool to do sorry, I like this is very cool like I would love to resign and a half like this and like you know because like you resign in a alf like this and you get really like you're getting your revenge right like the stock tank. It's a really a bad look for the company. And so you I can just no, we're going to resign, see later and have like a really nego of a fight of the company.

That said, you could have a different interpretations of this, which is E Y is not like had the most amazing run ever in terms of like being criticized for its audit quality. And you could say, well, they are doing this out of an abundance of caution because like they can't be caught standing close to your company with any accounting problems because they've had some criticism of their audit. And in particular, you know, IT reminds me of, I think last week, E I was in the news for firing people who were watching like two training videos at the same time, right? Like their auditors have like continuing education requirements, ments and after watch videos on their computers to check off the boxes. And some people are watching too beauty as at the same time, so they could check out twice, many hours before her getting back to Better things.

I get that temptation.

no comment, but U I fired them, which seems very harsh until you remember that UI has been my fined a lot of money by regulators for things like having its accountants cheat on continuing education exams. And so you can really do that anymore. And so this is one thing we're like. They are very much in a compliance culture because it's kind of like risky there for them to be doing what they are doing. And so they don't have a lot of tolerance for our sense right now.

Yeah, that's a fair point. The other box that was thinking about for you is that so IT seems like you could be cast as sympathetic to the short seller community, which is taken a lot of heat over the past couple years. And here's an example of a short seller potentially doing good for society in the health of markets.

potentially. yes. Yeah, it's a like this is like a little bit of an overdetermined case because like the things that are going on here is like one hindon burg is putting on a comprehensive ort saying this companies accounting is bad to an employee, has apparently gone to like the authority is just like blow the whistle and is like talking to the justice survive, which is investigating because an employee has independently, i've indent berg come out to say kind is about and then three, like I don't know exactly what's motive in E Y, but it's not necessarily they were the interpreter.

Ort, I go, oh, this econic is bad. IT they met have independently disagreed at the accounting. So I mean, the time is a little od.

There are definitely some cases where it's like the shirt t salary to the markets like only line of defense against the problematic accounting. And here is not so clear that that's true. But like IT is potentially confront of what hindenburg has been saying.

I guess we can say for certain had hinderin burg not published short report on August twenty seventh to whether we would have seen E Y resigns the auditor in late october, but I don't know.

It's a good question, right? There is pressure on them not to be near anything that gets any suspicion. But like did they independently decide there were problems or where they like out?

This is too hyper phoe for us. We're got to get out of this like him, to work with the pressure them in Better way. Like one possibility here is that this company is, like, here is the driven snow. And hinton burg is wrong. And E, I read the hint report like this is too, Harry for us. We ve got to get out of here and like, in fact, this is like a very destructive thing that has happened where E I, rather than being a stalwart independent auditor as I felt the public pressure to renounce its client. That's a story you could tell yeah.

If that plays out, we will talk about IT on this pocket.

but I did. But it's like a thing that could .

it's a watch this space sort of thing. Something that I didn't want to talk about is that super micros star has risen or had risen so quickly. This company was only just added to the S P.

Five hundred in march, which was kind of a controversial thing. You know, even though index inclusion is based on rules, there is some direction on the part of the index committee. And there was like this really brief moment in time, just the way that the time I worked out where super micro was, I believe, in the small cap index while simultaneously being in the S M.

P. Five hundred. So I don't know. It's just like this funny cork that I don't know. Super micro was really in the pain locker and it's been dragging one of many things dragged on. The benchmark that IT was only .

just recently added to this is definitely think that point like companies often get added in the seas because of like short term Price moves that are sometimes you know probably baseline bad accounting or otherwise not sustainable. And then like they're the index and it's particular embarrassing when the problems are found.

There could be see also if IT stays at least like in the one hundred and the hundred. I mean, it's still the .

company think I like is like the U I. Letter through supermajor resigning is not publicly filed though super maker quoted a little bit, but super makers disclosure about IT is like very sad and includes the lines although the company recognizes U. S, decision is final, IT disagrees with U.

S. Decision to resign as the companies independent registered public accounting. For him, someone was like, it's like I said, break up. We know we can do anything Better of IT were really sad about IT. But then the other thing that is crazy is that when you put out a statement like this, ei gets like a sort of right of response or like a right of fact checking, where the statement that super microfilm comes with a little exhibit that is a letter from E, Y to the C, C. Saying we have red supermarket as disclosure and we agree with the statements content in the first package ft.

The first sense of the second pair of the third part of the first three cents of the fourth part of the fifth paga the seven para and the eighth paragraphs have no basis to agree disagree the other statements, which is like first of all, is just like an incredibly like fun and embarrassing thing to to have the second way, like the things that they don't agree or disagree. I include like superman and girls like we don't think this will affect any of our financial statements like we have to rested any our financial statements. You eyes again, I don't know, I don't know, good look about it's like really kind of like adding one more dick on the way out the door yeah they don't agree on everything.

And in the letter, in the disclosure, I mean, public break ups are really hard.

They're really messy. I almost have like the cuts reference, but I don't make .

another beneath lic jay .

reference there like a podcast. Chicken.

oh my god, be a chicken free work. Well, I I can't believe that that's in your head that is like so firmly in my world. yes. Well, zack, brian dumped on instagram. Well, they .

had in the same public way.

Yeah, that's amazing. We should just cut the podcast often here. You know what else has been pretty messy in hard is recording this podcast remotely. This has been a little bit of of a nightmare, but I think .

we got through IT a happy halloween.

this.

Was super spooking.

And if and I kate great.

you can find my work by subscribing to the money stuff news letter on blipper dot com.

And you can find me on blooper TV every day on open interest between nine, two, seven A M E. Stern.

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the money stuff that is produced by animas .

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music was composed by .

black maples and and Francis.

Thanks for listen to the money stuff podd cast will be back next week with more stuff.

This was a nightmare, a halloween nightmare.

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