WEBVTT - Elevated Shepherd's Pie

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Katie, you yes drank

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<v Speaker 1>a foam head of Jamie Diamond last week.

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<v Speaker 2>Can I tell you something? Yes, I'm actually going back

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<v Speaker 2>to JP Morgan's Pub tonight.

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<v Speaker 1>Regular someone still with your name on.

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<v Speaker 2>It was supposed to meet a specific person in a

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<v Speaker 2>group and they weren't able to come. So now we're

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<v Speaker 2>going back tonight.

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<v Speaker 1>So tell me more about the JP Morgan pub.

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<v Speaker 2>It was awesome, it was very normal. It's called Moran,

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<v Speaker 2>it's called Morgan's. I had an elevated shepherd's pie like

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<v Speaker 2>they have pub food like it's a menu of pub food,

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<v Speaker 2>but elevated.

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<v Speaker 1>They have a.

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<v Speaker 2>Burger, for example, the person I was dining with had

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<v Speaker 2>a burger that looks delicious. Maybe I'll get it tonight.

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<v Speaker 1>Wait, now I want to come.

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<v Speaker 2>Invite Matt and I to the pub someone from JP Morgan.

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<v Speaker 1>We were okay. So first of all, I was I

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<v Speaker 1>think I was joking about the foam head of Jamie Diamond,

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<v Speaker 1>Like I thought you were anticipating that the latte art

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<v Speaker 1>and the Guinness would include Jamie Diamond's face, but didn't.

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<v Speaker 2>So there's definitely latte art. I believe the two options

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<v Speaker 2>that were offered to the person I was with who

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<v Speaker 2>did drink a Guinness were a latte art of the

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<v Speaker 2>building itself or the M for Morgans, and the drink

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<v Speaker 2>came out with the M for Morgans. But maybe tonight

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<v Speaker 2>I'll see latte art of the building itself because I

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<v Speaker 2>think that sounds really cool. It's a beautiful building. I've

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<v Speaker 2>said that so many times.

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<v Speaker 1>Okay, but so you didn't get a Guinness, which, first

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<v Speaker 1>of all, and second when you are the Aguiness tonight.

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<v Speaker 2>Yeah, Jamie Diamond face, I'm going to ask for it.

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<v Speaker 1>Wait you say it was very normal for a pub

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<v Speaker 1>or for like a lobby.

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<v Speaker 2>Well, it was beautiful because it's on the thirteenth floor,

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<v Speaker 2>so the viewers are awesome. But like it's it felt

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<v Speaker 2>like a standalone thing. It didn't feel like I'm at

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<v Speaker 2>a bar in an office.

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<v Speaker 1>Building stand alone like Irish pub or stand alone like.

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<v Speaker 2>Like elevated Irish pub. Yeah, but they had uh like

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<v Speaker 2>they had televisions with sports on. That's sort of thing.

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<v Speaker 2>I wonder what sports will be playing tonight. I don't

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<v Speaker 2>I love watching it distantly, I really.

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<v Speaker 1>Want to go to Morgan as my regular sports bar.

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<v Speaker 2>Hopefully someone will invite us, and.

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<v Speaker 1>We don't want to. I just want to, like you.

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<v Speaker 1>I know that's the problem. You can't just like drop

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<v Speaker 1>in and have a beer. No floor for j Vi

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<v Speaker 1>Berg and officis.

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<v Speaker 2>But I go on Thursdays now, So if someone wants

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<v Speaker 2>to invite us for next Thursday, I'm free, so is Mad.

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<v Speaker 1>Let's do it. Hello and welcome to the Money Stuff Podcast,

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<v Speaker 1>your weekly podcast where we talk about stuff are that

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<v Speaker 1>is to money. I'm Matt Levine and I write the

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<v Speaker 1>Money Stuff column for Bloomberg Opinion.

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<v Speaker 2>And I'm Katie Greifeld, a reporter for Bloomberg News and

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<v Speaker 2>an anchor for Bloomberg Television.

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<v Speaker 1>Our script says, what are we talking about today.

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<v Speaker 2>Kady oh Man? Do you want to start with stars

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<v Speaker 2>or gold stars? It's more than stars. At this point

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<v Speaker 2>we were to talk about space SpaceX.

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<v Speaker 1>Is doing an IPI possibly on June ninth.

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<v Speaker 2>Yeah.

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<v Speaker 1>To prepare for that IPA Waters reported just before we

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<v Speaker 1>recorded this podcast that they are going to merge with

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<v Speaker 1>x AIH.

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<v Speaker 2>Which is just one man talking to himself. I think no,

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<v Speaker 2>it's like it's more than that.

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<v Speaker 1>It's not not one man talking to himself, but like

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<v Speaker 1>probably x AI and SpaceX each have some very tired

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<v Speaker 1>lawyers who elon musk Is like, let's merge them. They

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<v Speaker 1>have some discussions.

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<v Speaker 2>About smush them together.

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<v Speaker 1>Questions like at what evaluation? And a gazillion a gazillion Right, So,

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<v Speaker 1>I have no idea. I haven't even read the story,

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<v Speaker 1>but there is at least some sense that there are

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<v Speaker 1>merger talks between space X and x I I, which

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<v Speaker 1>I remember not that long ago, when people like Tesla

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<v Speaker 1>should merge with x Ai.

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<v Speaker 2>Well, Tesla, we were.

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<v Speaker 1>Just did an investment, but they actually both SpaceX and

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<v Speaker 1>Tesla both committed to invest in right.

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<v Speaker 2>Yeah, I believe. So I know for sure that Tesla,

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<v Speaker 2>on their earnings day, which was this Wednesday, said that

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<v Speaker 2>it would invest two billion dollars in Xai.

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<v Speaker 1>After a shareholder proposal. They got sort of tappetish support.

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<v Speaker 1>They were like, yeah, I do saw the same stuff.

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<v Speaker 1>It's all I at.

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<v Speaker 2>It's the convergence of the musk verse, which is fun.

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<v Speaker 2>I also love this because I forgot until today that

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<v Speaker 2>XAI merged with x So SpaceX in a sense is

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<v Speaker 2>merging success.

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<v Speaker 1>Twitter, right, yeah, right, Elan Wiss might be re ip

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<v Speaker 1>oing Twitter to be fair and this is not the

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<v Speaker 1>right way to do the math. No, but if he

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<v Speaker 1>bought Twitter for let's say, forty four billion dollars, and

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<v Speaker 1>we'll soon re IPO at a one point five trillion

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<v Speaker 1>dollar valuation, raising fifty billion dollars in the largest ipo ever,

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<v Speaker 1>it'll be like, Okay, you and buddy you in.

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<v Speaker 2>You're right all along.

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<v Speaker 1>Man. He took Twitter private at forty four billion dollars

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<v Speaker 1>and I was like, that's too high. He's taking in

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<v Speaker 1>public again at one point five trillion dollars. That's not

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<v Speaker 1>really what's happening here.

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<v Speaker 2>But it is really beautiful. I'm trying to find the

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<v Speaker 2>rationale as lined out. Yeah, the Reuter's story, it has

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<v Speaker 2>to do with building data centers, data.

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<v Speaker 1>Centers in space. That's definitely the right. The synergies are clear.

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<v Speaker 2>Yeah, it's obvious data centers.

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<v Speaker 1>In space and SpaceX does have space name. Yeah.

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<v Speaker 2>Well, there was an interesting note. According to Reuter's, some

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<v Speaker 2>XAI executives could be given the option to receive cash

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<v Speaker 2>instead of SpaceX stock as part of the deal, which

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<v Speaker 2>I thought was interesting. If you work at XAI, would

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<v Speaker 2>you rather take cash or take SpaceX shares if you

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<v Speaker 2>had the option.

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<v Speaker 1>To Yeah, I mean this is the thing that people

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<v Speaker 1>talk about with with the Musk empire. Right, there's been

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<v Speaker 1>like expanding and contracting, right, Like Tesla did acquire the

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<v Speaker 1>solar company a while back, and then x and XAI emerged,

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<v Speaker 1>So like sometimes the must companies combined and sometimes they

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<v Speaker 1>are new most companies, and in general, it's like a

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<v Speaker 1>good idea to motivate people to work on stuff by

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<v Speaker 1>giving them stock and the stuff they work on. Right,

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<v Speaker 1>It's one reason to have different companies, right, the AI

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<v Speaker 1>people get paid in AI stock, and the car people

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<v Speaker 1>get paid in Tesla stock, and the rocket people gets

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<v Speaker 1>paid in SpaceX stock. And if you mush them all together,

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<v Speaker 1>then like people have you know, less direct impact on

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<v Speaker 1>their own compensation, and so there's may be less motivation.

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<v Speaker 1>So maybe if you're at XAI AI researcher, you're like,

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<v Speaker 1>I don't know anything. I have rockets, I don't get

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<v Speaker 1>paid for like rocket launches. I want to Well I'm

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<v Speaker 1>sure you might think that, but you might just think

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<v Speaker 1>like I want to get paid cash for my AI

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<v Speaker 1>contributions and not have to worry about rockets. Yeah, so

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<v Speaker 1>they have. He reported that they're aiming to go in

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<v Speaker 1>June because on June eighth and ninth, Venus and Jupiter

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<v Speaker 1>will have some sort of conjunction and that would be cool.

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<v Speaker 2>That would be cool.

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<v Speaker 1>Now, June ninth also is is six', nine Which i'm

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<v Speaker 1>SORRY i did got a bigger eye roll, there.

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<v Speaker 2>But, WELL i can't BELIEVE i didn't put that together

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<v Speaker 2>UNTIL i.

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<v Speaker 1>Know, right it's like one of these things where it's

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<v Speaker 1>like planets are lining, up but, like, really we're going

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<v Speaker 1>on six. Nine it's.

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<v Speaker 2>Horrible it's.

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<v Speaker 1>Horrible there's no evidence that they're going. On SO i,

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<v Speaker 1>mean it's just like that's you, Know elon must probably

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<v Speaker 1>chuckled about. It. ANYWAY i will SAY i wrote about

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<v Speaker 1>this AND i was, like you, know it's interesting that

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<v Speaker 1>the position of the stars is Motivating Elon musk's, decisions

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<v Speaker 1>although AS i talk about, It i'm increasingly convinced that

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<v Speaker 1>the numbers six nine is motivating his. DECISIONS i use

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<v Speaker 1>the word, astrology, yeah and someone emailed me to be,

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<v Speaker 1>Like Elon musk is interested in, astronomy but that's not,

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<v Speaker 1>astrology and it's interesting because it's not like signs of the.

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<v Speaker 1>Zodiac astronomy is the science of like looking at where

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<v Speaker 1>the stars are. An astrology is the superstitious belief that

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<v Speaker 1>like human activities are influenced by and like you, should you,

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<v Speaker 1>know make decisions based on the positions of the stars

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<v Speaker 1>and the. Planets AND i feel like it's fair for

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<v Speaker 1>me to say astrology.

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<v Speaker 2>HERE i, mean on this, Podcast i'm declaring you.

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<v Speaker 1>CORRECT i think it's not quite. Superstition it's more like

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<v Speaker 1>jokey fake.

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<v Speaker 2>SUPERSTITION i, MEAN i would posit that the position of

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<v Speaker 2>the stars influences all of our behaviors and we just.

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<v Speaker 1>Don't know would, yeah, right of, course, Right BUT i

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<v Speaker 1>don't Think Elon musk would if you put him to.

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<v Speaker 1>IT i think that he probably doesn't really think, that

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<v Speaker 1>but he will act like he thinks it for the.

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<v Speaker 1>Joke you, know we've.

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<v Speaker 2>Talked about this, before HOW i would love to sit

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<v Speaker 2>someone down and just have an honest conversation.

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<v Speaker 1>With them about.

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<v Speaker 2>Astrology, WELL i would like to, know, like are you

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<v Speaker 2>truly interested in? That in? What in?

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<v Speaker 1>Like REALLY i feel like he's.

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<v Speaker 2>Interested is it about six' nine or is it about

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<v Speaker 2>the alignment of. THE planets i want.

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<v Speaker 1>To BELIEVE that i don't think he CARES like i

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<v Speaker 1>don't think he thinks that like the lignment of the

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<v Speaker 1>planets is a special and we'll therefore get him A better.

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<v Speaker 1>IPO price i think, he's like. Planet's, cool yeah well he's.

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<v Speaker 2>Right, there yeah they.

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<v Speaker 1>Are right it is kind of a motivating factor for

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<v Speaker 1>building a space.

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<v Speaker 2>ROCKET company i also said to you earlier today that

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<v Speaker 2>we're entering the year of.

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<v Speaker 1>The horse, oh yes. That's right, You sorry now we'll

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<v Speaker 1>talk about Your, astrological yeah.

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<v Speaker 2>Thank you i'm. Super psyched is it strictly because you?

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<v Speaker 1>Like horses In the year of? The horse seems like

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<v Speaker 1>something you'd like? Or like is there more?

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<v Speaker 2>ASTROLOGICAL information, i MEAN so i very glancingly know about

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<v Speaker 2>the year of. THE horse i don't want about the

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<v Speaker 2>other years more than the. Other, years, yeah well.

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<v Speaker 1>You're not just like a general connoisseur of, like, no.

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<v Speaker 2>NO no i mean it's served to me all over

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<v Speaker 2>social media that this is going to be the year

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<v Speaker 2>of the horse for. Obvious reasons apparently the year of

0:09:49.520 --> 0:09:51.240
<v Speaker 2>the horse is going to be a lot better than

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<v Speaker 2>the year that we, just exited, WHICH personally i add

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<v Speaker 2>a terrible year of the whatever things are looking up,

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<v Speaker 2>for me Just w but you're the horse in general

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<v Speaker 2>is all about putting that behind you. And excelling at

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<v Speaker 2>least that is my understanding looking at. Social media not,

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<v Speaker 2>An expert i'm sure someone out there listening right now

0:10:11.800 --> 0:10:12.319
<v Speaker 2>is steeped.

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<v Speaker 1>IN this i assume it's good to spend more time,

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<v Speaker 1>with horses but maybe that's.

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<v Speaker 2>NOT true, i, MEAN listen I got i got some

0:10:17.960 --> 0:10:22.439
<v Speaker 2>horses you can hang out with specifically mad, no one not,

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<v Speaker 2>the listeners not the. General audience let's talk. ABOUT gold

0:10:43.040 --> 0:10:48.000
<v Speaker 2>i love. This story tether apparently is buying just tons

0:10:48.000 --> 0:10:50.839
<v Speaker 2>and tons of. Gold LITERAL and i love This because

0:10:50.880 --> 0:10:52.840
<v Speaker 2>teather isn't trying to become. A bank it's trying to

0:10:52.840 --> 0:10:56.199
<v Speaker 2>become a. Central man it's. So Cool the heather.

0:10:56.160 --> 0:11:00.200
<v Speaker 1>Is crazy because like the very basic business of, like takeing,

0:11:00.720 --> 0:11:03.560
<v Speaker 1>you know one hundred, billion dollars almost two hundred billion

0:11:03.600 --> 0:11:06.880
<v Speaker 1>dollars of, investor cash parking it in, t bells clipping

0:11:06.880 --> 0:11:09.640
<v Speaker 1>the coupons of the, t bells doing, nothing else and

0:11:09.679 --> 0:11:13.800
<v Speaker 1>like being insanely rich with like the simplest business model

0:11:13.800 --> 0:11:16.280
<v Speaker 1>in the world is. So, Good yes and, they're, like

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<v Speaker 1>no let's make it. More complicated so like they have reserves. Backing,

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<v Speaker 1>Tethers RIGHT and i was looking at the, reserves today

0:11:24.080 --> 0:11:26.160
<v Speaker 1>they have one hundred and seventy four billion dollars OF

0:11:26.200 --> 0:11:29.640
<v Speaker 1>like us dollars to twether. Liabilities outstanding they have like

0:11:29.720 --> 0:11:33.840
<v Speaker 1>a seven billion dollar, equity cushion so like the reserves

0:11:33.880 --> 0:11:37.600
<v Speaker 1>are like seven billion dollars more than, their liabilities and

0:11:38.120 --> 0:11:41.880
<v Speaker 1>they have seven percent of their reserves so more than

0:11:41.920 --> 0:11:46.040
<v Speaker 1>their equity cushion in. Precious metals so like instead of

0:11:46.080 --> 0:11:49.240
<v Speaker 1>just buying treasury bills just keeping your dollars backed, by dollars,

0:11:49.280 --> 0:11:51.280
<v Speaker 1>they're like let's have some more dollars backed. By, gold

0:11:51.440 --> 0:11:53.560
<v Speaker 1>yeah which, is like in some ways a crazy thing,

0:11:53.600 --> 0:11:55.240
<v Speaker 1>to do because like you don't need to take any.

0:11:55.280 --> 0:11:57.800
<v Speaker 1>Basis risk you can just put it in dollars and

0:11:57.920 --> 0:12:00.280
<v Speaker 1>live a. Nice life but in, any ways, it's, like yeah

0:12:00.280 --> 0:12:03.360
<v Speaker 1>it's like a traditional central banks back some of their liabilities. With,

0:12:03.400 --> 0:12:06.400
<v Speaker 1>gold yeah it's, like FINE so i sort of understand

0:12:06.400 --> 0:12:07.599
<v Speaker 1>where they. Do it those a by, the way some

0:12:07.640 --> 0:12:09.640
<v Speaker 1>of their liabilities are bad, by bitcoin which is. Also

0:12:09.679 --> 0:12:12.920
<v Speaker 1>insane but it's just like if they transcended regular finance

0:12:12.920 --> 0:12:14.440
<v Speaker 1>and become a central bank and, they're, like yeah we

0:12:14.480 --> 0:12:16.280
<v Speaker 1>have some big stash of gold in a Vault, In

0:12:16.280 --> 0:12:17.440
<v Speaker 1>switzerland i'm so.

0:12:17.600 --> 0:12:20.480
<v Speaker 2>INTO it a nuclear Bunker in switzerland that was in,

0:12:20.559 --> 0:12:22.800
<v Speaker 2>the lead SO obviously i was already going to love.

0:12:22.800 --> 0:12:26.640
<v Speaker 2>This story they are the largest known holder of gold

0:12:26.679 --> 0:12:30.480
<v Speaker 2>outside of Banks And. Nation states bloomberg INTERVIEWED, the ceo

0:12:30.640 --> 0:12:34.600
<v Speaker 2>and he said he Predicted that washington's geopolitical rivals would

0:12:34.640 --> 0:12:38.720
<v Speaker 2>launch a gold pack alternative to, the DOLLAR which i.

0:12:38.720 --> 0:12:41.280
<v Speaker 1>Also love one thing that they're doing here is they're

0:12:41.280 --> 0:12:43.960
<v Speaker 1>backing liabilities. With assets, i'm, like yeah. The assets, you

0:12:43.960 --> 0:12:45.520
<v Speaker 1>know you don't need to diverse by, the assets but

0:12:45.559 --> 0:12:47.520
<v Speaker 1>like perhaps you want to for. Some reason but the

0:12:47.520 --> 0:12:49.640
<v Speaker 1>other thing they're doing is they're like skinting where the puck,

0:12:49.720 --> 0:12:52.720
<v Speaker 1>is going and, they're like eventually gold will be the future,

0:12:52.720 --> 0:12:56.240
<v Speaker 1>of currency so we'd better, hold, gold, which, like, OKAY whatever, i,

0:12:56.280 --> 0:12:57.080
<v Speaker 1>mean look.

0:12:57.000 --> 0:12:59.000
<v Speaker 2>Time is a. Flat story to be fair.

0:12:58.760 --> 0:13:01.880
<v Speaker 1>To, them yeah they have been better at predicting the

0:13:01.880 --> 0:13:04.600
<v Speaker 1>future of currency then, FOR example i. Have been so,

0:13:04.840 --> 0:13:06.800
<v Speaker 1>you know if they think it's going to, be gold

0:13:07.000 --> 0:13:07.680
<v Speaker 1>you should listen to.

0:13:07.720 --> 0:13:10.360
<v Speaker 2>That, much yeah maybe, we should, you know not be smiling.

0:13:10.400 --> 0:13:12.640
<v Speaker 2>So much just to put into context how much gold.

0:13:12.640 --> 0:13:15.360
<v Speaker 2>They're buying they bought over seventy tons of gold over

0:13:15.400 --> 0:13:18.679
<v Speaker 2>the course of last year for. Their reserves, all told

0:13:18.760 --> 0:13:22.000
<v Speaker 2>they own around one hundred and forty tons, of gold

0:13:22.040 --> 0:13:26.280
<v Speaker 2>which is. A lot and it's interesting that they stepped

0:13:26.360 --> 0:13:30.640
<v Speaker 2>up their buying and gold has been. Going insane central

0:13:30.679 --> 0:13:34.520
<v Speaker 2>BANKS and etf investors are collectively buying more than fifteen

0:13:34.600 --> 0:13:36.720
<v Speaker 2>hundred tons of. The metal but still you.

0:13:36.640 --> 0:13:38.880
<v Speaker 1>Introduced a, central, bank.

0:13:38.880 --> 0:13:42.760
<v Speaker 2>Yes exactly buying gold sort of price. And sensitive so

0:13:43.480 --> 0:13:49.240
<v Speaker 2>it's definitely a catalyst behind. The, rally yeah, it's great it's.

0:13:49.280 --> 0:13:51.920
<v Speaker 2>SO great i just want to. Say THAT the ceo,

0:13:52.000 --> 0:13:55.240
<v Speaker 2>also said so the former nuclear Bunker, in switzerland it's

0:13:55.240 --> 0:13:59.480
<v Speaker 2>guarded by multiple layers of thick. Steel doors he described

0:13:59.480 --> 0:14:02.199
<v Speaker 2>it As A james bond kind. Of place. IT'S crazy

0:14:02.320 --> 0:14:03.160
<v Speaker 2>i want to.

0:14:03.200 --> 0:14:05.440
<v Speaker 1>Go, THERE well i want there to Be a tether

0:14:05.600 --> 0:14:09.120
<v Speaker 1>gold heist story, because, like okay they're a, central bank

0:14:09.120 --> 0:14:12.400
<v Speaker 1>they're the largest whatever holder, of gold but like, you

0:14:12.440 --> 0:14:14.520
<v Speaker 1>know they have ties to the, mighty ducks like they're

0:14:14.559 --> 0:14:20.120
<v Speaker 1>like a somewhat. Comical organization and For like tether to

0:14:20.240 --> 0:14:23.280
<v Speaker 1>have a nuclear bunker filled with the one hundred and forty tons,

0:14:23.320 --> 0:14:26.720
<v Speaker 1>of gold like that's. Really, Good yeah like the person

0:14:26.760 --> 0:14:28.120
<v Speaker 1>who robs that will not be like.

0:14:28.000 --> 0:14:30.320
<v Speaker 2>It's like at the base of. Some, MOUNTAIN yeah i want.

0:14:30.320 --> 0:14:33.160
<v Speaker 1>To go give me Like A rob. Schneider movie it's

0:14:33.200 --> 0:14:33.520
<v Speaker 1>going to be.

0:14:33.560 --> 0:14:36.720
<v Speaker 2>Really good someone's starting. The screenplay it's cool that They're.

0:14:36.720 --> 0:14:40.720
<v Speaker 2>IN switzerland i, cover ETFs as, you know and a

0:14:40.760 --> 0:14:44.280
<v Speaker 2>lot of the, gold ETFs Including STATE, streets glg which

0:14:44.320 --> 0:14:48.600
<v Speaker 2>is the. Biggest one they have their Vaults. Underneath, london

0:14:49.040 --> 0:14:52.160
<v Speaker 2>yeah and that's also a place you. Can't, go NO

0:14:52.440 --> 0:14:56.160
<v Speaker 2>but i love thinking about where the gold is physically

0:14:56.200 --> 0:14:59.640
<v Speaker 2>stored just. DELIGHTS me i, don't know it's just so

0:15:00.040 --> 0:15:01.680
<v Speaker 2>this is. MOUNTAIN is i don't Know if i've told

0:15:01.680 --> 0:15:03.480
<v Speaker 2>this story on the, podcast BEFORE but i was talking

0:15:03.520 --> 0:15:06.560
<v Speaker 2>to Someone At state street about the vault at the

0:15:06.600 --> 0:15:09.640
<v Speaker 2>time WHEN like gld was seeing, crazy INFLOWS and i,

0:15:09.680 --> 0:15:12.480
<v Speaker 2>was like is the vault? Getting crowded and, they, said

0:15:12.520 --> 0:15:15.600
<v Speaker 2>no gold is. Really small it just weighs. A LOT

0:15:15.760 --> 0:15:18.000
<v Speaker 2>and i, was, like, oh yeah, for sure and then

0:15:18.040 --> 0:15:18.920
<v Speaker 2>had to quickly move.

0:15:18.960 --> 0:15:22.440
<v Speaker 1>ON right i like the idea, of like welcome to

0:15:22.480 --> 0:15:25.680
<v Speaker 1>our enormous pile, of gold and you open the door

0:15:25.720 --> 0:15:28.160
<v Speaker 1>to like a cavernice echoing vault and like in the

0:15:28.200 --> 0:15:30.680
<v Speaker 1>corner there's just like a little pile OF flick i.

0:15:30.720 --> 0:15:33.920
<v Speaker 2>Was, expecting YEAH like i, was Expecting Like harry Potter

0:15:34.000 --> 0:15:36.800
<v Speaker 2>at gringotts where they opened the door and it's just

0:15:36.880 --> 0:15:38.240
<v Speaker 2>like piles and piles.

0:15:38.280 --> 0:15:39.960
<v Speaker 1>Of gold and maybe it Is, for tether.

0:15:40.240 --> 0:15:42.000
<v Speaker 2>YEAH maybe i mean it sounds like they're on a

0:15:42.000 --> 0:15:43.040
<v Speaker 2>mission to, get, There.

0:15:43.160 --> 0:15:44.840
<v Speaker 1>RIGHT like i feel like they would give you Like

0:15:44.880 --> 0:15:49.320
<v Speaker 1>a goblin powered. Car, ride yeah see. Their, gold yeah

0:15:49.880 --> 0:15:52.960
<v Speaker 1>that's part of their transparency, slash comedy like they would.

0:15:53.000 --> 0:15:54.640
<v Speaker 2>DO that i think THAT'S why i find it so

0:15:54.720 --> 0:15:56.800
<v Speaker 2>charming because that's Exactly what, i'm, picturing.

0:15:56.560 --> 0:15:59.120
<v Speaker 1>Right Just from harry that is not going to give

0:15:59.120 --> 0:16:02.480
<v Speaker 1>you no. Like fun it would be. Very. Sober Right

0:16:02.800 --> 0:16:04.440
<v Speaker 1>when tether takes you on a tour of their, gold

0:16:04.480 --> 0:16:06.360
<v Speaker 1>vault they'll be like some loops on, the, track right

0:16:06.400 --> 0:16:07.720
<v Speaker 1>it's going to be like it's going to be a.

0:16:07.720 --> 0:16:11.880
<v Speaker 2>Little exciting maybe a smoke machine. Yeah yeah, also Interesting

0:16:12.040 --> 0:16:15.200
<v Speaker 2>so tether doesn't just want to, buy gold it also

0:16:15.280 --> 0:16:18.040
<v Speaker 2>wants to. Trade it and this. IS interesting i didn't,

0:16:18.080 --> 0:16:22.200
<v Speaker 2>realize this BUT so hsbc it lost to senior gold

0:16:22.200 --> 0:16:26.120
<v Speaker 2>traders Toe. To tether they, hired, them right so they

0:16:26.160 --> 0:16:27.600
<v Speaker 2>have big, ambitions.

0:16:27.080 --> 0:16:30.600
<v Speaker 1>HERE right i think constantly LIKE if i, RAN tether

0:16:30.760 --> 0:16:33.160
<v Speaker 1>i would have so few ambitions because like it just

0:16:33.200 --> 0:16:36.560
<v Speaker 1>gives you billions of dollars a quarter. For, Free yeah,

0:16:36.680 --> 0:16:39.120
<v Speaker 1>like go here's your billions. Of dollars and then you're

0:16:39.160 --> 0:16:43.400
<v Speaker 1>like this is only. Tangentially irrelevant but You Know, brad

0:16:43.480 --> 0:16:47.440
<v Speaker 1>JACOBS the ceo of various logistics COMPANIES. LIKE qxo i

0:16:47.480 --> 0:16:49.200
<v Speaker 1>think they HAVE the x. Of. THEM ye i think

0:16:49.200 --> 0:16:51.080
<v Speaker 1>we've talked about it on. This podcast probably one of

0:16:51.200 --> 0:16:52.880
<v Speaker 1>his amazing things is that he read a Book called

0:16:53.360 --> 0:16:55.120
<v Speaker 1>How to Make A Few, billion dollars which is a.

0:16:55.160 --> 0:16:56.440
<v Speaker 2>Perfect book he's out with.

0:16:56.440 --> 0:16:58.840
<v Speaker 1>A sequel he's out with. A sequel the SEQUEL that i,

0:16:58.880 --> 0:17:01.160
<v Speaker 1>JUST found i, might ask is led How to make

0:17:01.160 --> 0:17:04.840
<v Speaker 1>A few more, billion DOLLARS which i love the conceit

0:17:05.119 --> 0:17:08.399
<v Speaker 1>that you bought his, Previous book you read his, previous

0:17:08.400 --> 0:17:10.600
<v Speaker 1>book you took the advice, to heart you put it,

0:17:10.640 --> 0:17:13.399
<v Speaker 1>into practice, it worked you made a few. Billion dollars

0:17:13.640 --> 0:17:15.480
<v Speaker 1>and here you are with a few billion DOLLARS thinking

0:17:16.000 --> 0:17:17.879
<v Speaker 1>i would make a few more, billion DOLLARS but i

0:17:17.920 --> 0:17:20.200
<v Speaker 1>don't know how to. Make, That yeah And Then brad

0:17:20.240 --> 0:17:21.879
<v Speaker 1>jacobs comes along with another book and, it's like how

0:17:21.880 --> 0:17:23.399
<v Speaker 1>to make a few more, billion dollars and, you're, like,

0:17:23.480 --> 0:17:25.760
<v Speaker 1>oh okay That's how i'll make a Few more like

0:17:26.400 --> 0:17:28.159
<v Speaker 1>the people who made a few billion dollars are not

0:17:28.200 --> 0:17:29.920
<v Speaker 1>really reading this book to make a few more. Billion

0:17:29.960 --> 0:17:33.480
<v Speaker 1>dollars but it's such a, lovely yeah. Conceit anyway tether

0:17:33.600 --> 0:17:35.119
<v Speaker 1>are the people who, are like HOW do i make

0:17:35.160 --> 0:17:35.919
<v Speaker 1>a few more? Billion?

0:17:35.960 --> 0:17:39.640
<v Speaker 2>Dollars, yeah yeah they want to trade it and compete

0:17:39.680 --> 0:17:42.240
<v Speaker 2>with the. Actual banks and just a little bit more

0:17:42.240 --> 0:17:44.200
<v Speaker 2>on the physicality. OF gold i love it. So much

0:17:44.520 --> 0:17:46.919
<v Speaker 2>the company is exploring how to make its process of

0:17:46.960 --> 0:17:50.200
<v Speaker 2>buying gold, more, efficient because according TO, the ceo buying

0:17:50.320 --> 0:17:53.560
<v Speaker 2>one to two tons per week is a very. Sizable,

0:17:53.600 --> 0:17:56.320
<v Speaker 2>amount yeah that, seems. RIGHT right i never think, about it,

0:17:56.400 --> 0:17:56.640
<v Speaker 2>you KNOW.

0:17:56.680 --> 0:18:01.600
<v Speaker 1>Because i never think about how much it would cost

0:18:02.320 --> 0:18:05.240
<v Speaker 1>in transaction costs for me to buy a ton of gold.

0:18:05.000 --> 0:18:10.200
<v Speaker 2>Every week and then transport it to. Your. Bunkers yeah

0:18:10.320 --> 0:18:28.720
<v Speaker 2>what a. Charming story.

0:18:26.359 --> 0:18:29.800
<v Speaker 1>So when companies run into, debt trouble they do what

0:18:29.840 --> 0:18:33.120
<v Speaker 1>people call liability management exercises, or lms where they try

0:18:33.160 --> 0:18:35.760
<v Speaker 1>to reduce. Their debt often the way that works is

0:18:35.800 --> 0:18:38.080
<v Speaker 1>like they go out to some creditors and try to

0:18:38.119 --> 0:18:40.320
<v Speaker 1>pick them OFF that i try to play one set

0:18:40.320 --> 0:18:42.760
<v Speaker 1>of creditors. Against another there are deals to be done

0:18:42.760 --> 0:18:45.879
<v Speaker 1>where one set of creditors gets good new collateral at

0:18:45.880 --> 0:18:48.760
<v Speaker 1>the expense of other sets. Of creditors people sometimes use

0:18:48.800 --> 0:18:52.639
<v Speaker 1>the term lender on lender of violence or credit creditor

0:18:52.680 --> 0:18:58.280
<v Speaker 1>and creditor. Of violence and so what happened at this

0:18:58.359 --> 0:19:03.600
<v Speaker 1>Company called OPTIMUM or ltcusi is that all of the

0:19:03.640 --> 0:19:06.919
<v Speaker 1>creditors signed an agreement saying they wouldn't, do that they

0:19:06.920 --> 0:19:09.920
<v Speaker 1>would all. Work together they would only do a deal

0:19:09.920 --> 0:19:11.720
<v Speaker 1>with a company if two thirds of them voted to

0:19:11.760 --> 0:19:15.960
<v Speaker 1>agree to. The DEAL and ltus or out them and didn't,

0:19:16.040 --> 0:19:19.280
<v Speaker 1>like this and they sued the creditors saying you're not

0:19:19.359 --> 0:19:22.040
<v Speaker 1>allowed to. Do that that's an anti. Trust violation you're

0:19:22.080 --> 0:19:25.600
<v Speaker 1>all agreeing to basically. Fix prices you're all agreeing that

0:19:25.640 --> 0:19:27.960
<v Speaker 1>you won't trade your debt with us at anything less

0:19:28.000 --> 0:19:30.919
<v Speaker 1>than like the price you all, agree, on WHICH like i,

0:19:30.920 --> 0:19:33.320
<v Speaker 1>Don't know i've never been an anti. TRUS expert i

0:19:33.320 --> 0:19:35.960
<v Speaker 1>find that like sort of an intuitive but also like

0:19:36.680 --> 0:19:40.680
<v Speaker 1>very sympathetic with the creditors because when companies run, into

0:19:40.680 --> 0:19:43.840
<v Speaker 1>trouble like the creditors should kind of get together to divvy.

0:19:43.920 --> 0:19:45.879
<v Speaker 1>Things up, BUT anyway i don't know what's gonna happen in.

0:19:45.920 --> 0:19:49.400
<v Speaker 1>The case but it was Brought by optimum's, law firm

0:19:49.960 --> 0:19:53.720
<v Speaker 1>a litigation Boutique Called kelli CanCon but like their main

0:19:54.160 --> 0:19:57.199
<v Speaker 1>Lawyer was kirkland and ellis the giant law firm that

0:19:57.240 --> 0:19:59.080
<v Speaker 1>does a lot of restructuring work and a lot of

0:19:59.119 --> 0:20:03.120
<v Speaker 1>private equity em and. A, work yeah and what happened

0:20:03.400 --> 0:20:08.040
<v Speaker 1>next Is that kirkland has resigned From representing optimum in.

0:20:08.080 --> 0:20:12.520
<v Speaker 1>Its network and the impression that everyone has and there

0:20:12.520 --> 0:20:14.840
<v Speaker 1>have Been Some financial times articles, about this the impression

0:20:14.920 --> 0:20:18.159
<v Speaker 1>Is that kirkland may have been sort of behind. This

0:20:18.240 --> 0:20:21.520
<v Speaker 1>lawsuit kirkland had been suggesting the theory that it's not

0:20:21.560 --> 0:20:24.080
<v Speaker 1>okay for creditors all get together and sign a, cooperation

0:20:24.160 --> 0:20:28.960
<v Speaker 1>agreement and the creditors really didn't, like that and they

0:20:29.000 --> 0:20:33.359
<v Speaker 1>Came to kirkland and said something yeah that might Rhyme,

0:20:33.440 --> 0:20:38.119
<v Speaker 1>with hey if you if you're involved, with this we

0:20:38.160 --> 0:20:41.399
<v Speaker 1>won't work with. You Anymore, and kirkland which gets a

0:20:41.400 --> 0:20:45.120
<v Speaker 1>lot of business from the asset managers in, the complaint

0:20:45.800 --> 0:20:50.679
<v Speaker 1>decided maybe we Can't represent, optimum anymore which is like an,

0:20:50.720 --> 0:20:54.399
<v Speaker 1>interesting like like the alleged problem here is that like

0:20:54.440 --> 0:20:56.840
<v Speaker 1>these creditors have too much market power and they all

0:20:56.880 --> 0:20:59.200
<v Speaker 1>gang up together and, so optimum we. Can't refinance. It's

0:20:59.200 --> 0:21:02.000
<v Speaker 1>set and then and when like, You know outum also loses,

0:21:02.000 --> 0:21:03.719
<v Speaker 1>its lawyers, it's, like oh maybe they did a lot

0:21:03.760 --> 0:21:03.919
<v Speaker 1>of a.

0:21:03.960 --> 0:21:06.200
<v Speaker 2>Market POWER well i was a little bit, confused because as,

0:21:06.200 --> 0:21:09.720
<v Speaker 2>you said so the lawsuit was filed by this. Boutique

0:21:10.200 --> 0:21:13.359
<v Speaker 2>Firm the carters Believe that kirkland had been behind. The

0:21:13.440 --> 0:21:17.280
<v Speaker 2>Lawsuit did kirkland basically say that yes we were if

0:21:17.280 --> 0:21:18.040
<v Speaker 2>they resigned as.

0:21:18.160 --> 0:21:20.800
<v Speaker 1>LEGAL counsel i don't think they said yes, we were

0:21:20.920 --> 0:21:21.240
<v Speaker 1>like they.

0:21:21.160 --> 0:21:22.960
<v Speaker 2>Had like, Or not like directly they said.

0:21:22.920 --> 0:21:26.280
<v Speaker 1>Said in public like creditors should be careful about forming

0:21:26.320 --> 0:21:28.560
<v Speaker 1>these committees because there might be an actual trustress The

0:21:29.440 --> 0:21:32.840
<v Speaker 1>prominent kirkland restructuring partners. Of that and so whether or

0:21:32.880 --> 0:21:35.080
<v Speaker 1>not they, were, like oh we were secretly, behind it

0:21:35.080 --> 0:21:36.679
<v Speaker 1>it's like they might have agreed with some of the.

0:21:36.760 --> 0:21:40.560
<v Speaker 1>LEGAL theories i don't know that they conceded that they

0:21:40.600 --> 0:21:43.840
<v Speaker 1>were the people who pushed for the lawsuit to. Be

0:21:43.960 --> 0:21:48.560
<v Speaker 1>brought but in, any case like working with a company

0:21:48.640 --> 0:21:51.439
<v Speaker 1>that sued all of the big private credit lenders for

0:21:51.480 --> 0:21:54.680
<v Speaker 1>doing this is like maybe whether or not they were behind,

0:21:54.720 --> 0:21:57.080
<v Speaker 1>the lawsuit like if they were pressured to quit, the

0:21:57.080 --> 0:21:59.480
<v Speaker 1>company like that suggests that you're not allowed to work

0:21:59.480 --> 0:22:00.880
<v Speaker 1>for companies that zero creditors.

0:22:00.880 --> 0:22:06.000
<v Speaker 2>Like, that yeah the ft was talking. About this they

0:22:06.040 --> 0:22:08.600
<v Speaker 2>called this a gut check Moment that kirkland blinked when

0:22:08.640 --> 0:22:11.320
<v Speaker 2>the masters of the universe threatened to take their vast.

0:22:11.320 --> 0:22:14.240
<v Speaker 2>Business elsewhere everyone in high finance and big law.

0:22:14.280 --> 0:22:17.160
<v Speaker 1>HAS noticed i used to be at an, investment bank

0:22:17.280 --> 0:22:22.960
<v Speaker 1>and we had lawyers on, our deals and like the companies,

0:22:23.000 --> 0:22:29.320
<v Speaker 1>had lawyers and sometimes the company's lawyers were people who often, represented,

0:22:29.400 --> 0:22:31.400
<v Speaker 1>us right who often worked for banks and sometimes works.

0:22:31.400 --> 0:22:33.840
<v Speaker 1>For companies and if you're, a company, that's, Good right

0:22:33.880 --> 0:22:36.159
<v Speaker 1>like it's good to have a law firm that knows the,

0:22:36.200 --> 0:22:38.760
<v Speaker 1>banks well because like it's, you know the, repeat players

0:22:38.760 --> 0:22:40.679
<v Speaker 1>they know, a lot they like know. The banks but

0:22:40.720 --> 0:22:44.320
<v Speaker 1>it's also a little unnerving because if you're the lawyers

0:22:44.320 --> 0:22:47.560
<v Speaker 1>who regularly work with, the banks you might not work

0:22:47.600 --> 0:22:49.919
<v Speaker 1>that hard on behalf of the company at the expense of,

0:22:49.920 --> 0:22:51.520
<v Speaker 1>the banks because you know you'll be working for the.

0:22:51.520 --> 0:22:54.080
<v Speaker 1>Banks again and there's something like, that, Here, right like

0:22:54.119 --> 0:22:59.159
<v Speaker 1>if you're a company that runs into distress and like

0:22:59.200 --> 0:23:02.720
<v Speaker 1>you hire a big law firm that regularly worked with

0:23:02.760 --> 0:23:05.520
<v Speaker 1>the biggest, Asset, managers like, that's good they, Have connection

0:23:05.720 --> 0:23:08.760
<v Speaker 1>they're like they. Have clout but it's, also like are

0:23:08.800 --> 0:23:10.600
<v Speaker 1>they looking out? For you are they looking out for

0:23:10.600 --> 0:23:11.840
<v Speaker 1>the asset managers who regularly?

0:23:11.960 --> 0:23:14.440
<v Speaker 2>Hire, THEM yeah i have to imagine that's a more

0:23:14.600 --> 0:23:18.040
<v Speaker 2>urgent question for a lot of those. Companies. Now yeah

0:23:18.080 --> 0:23:20.720
<v Speaker 2>in the wake, of This the ft also points out That,

0:23:21.240 --> 0:23:23.639
<v Speaker 2>in december they reported that many of the same private

0:23:23.640 --> 0:23:26.520
<v Speaker 2>capital firms that were Upset at kirkland Over the optimum

0:23:26.600 --> 0:23:29.879
<v Speaker 2>fireworks are also UPSET At jp morgan for providing a

0:23:29.920 --> 0:23:32.439
<v Speaker 2>two billion dollar rescue loan that shifted some of the

0:23:32.440 --> 0:23:36.040
<v Speaker 2>collateral out of reach of The existing. OPTIMUM creditors i

0:23:36.080 --> 0:23:39.439
<v Speaker 2>don't know how YOU Pressure jp morgan though in.

0:23:39.480 --> 0:23:43.120
<v Speaker 1>This. SITUATION yeah i think it's like kind of standard

0:23:43.160 --> 0:23:46.920
<v Speaker 1>for banks to be involved in loans that credit funds.

0:23:47.240 --> 0:23:50.000
<v Speaker 1>FIND annoying i can tell you the class accountswer to

0:23:50.040 --> 0:23:51.720
<v Speaker 1>how you get your revenge on, the banks which, tell

0:23:51.840 --> 0:23:54.480
<v Speaker 1>Me When city group wires you're nine hundred million dollars,

0:23:54.480 --> 0:23:57.600
<v Speaker 1>by accident you give, them money which is the. Same

0:23:57.600 --> 0:23:59.399
<v Speaker 1>thing Like the city worked on a financing that the

0:23:59.440 --> 0:24:02.720
<v Speaker 1>creditors are, the Company, there's revlon the creditors, didn't like

0:24:02.800 --> 0:24:06.000
<v Speaker 1>And then city Accidentally wired bundy to the creditors and, they're,

0:24:06.040 --> 0:24:10.480
<v Speaker 1>like well we're going to. Keep THAT But, jp morgan.

0:24:10.320 --> 0:24:13.280
<v Speaker 2>That's, a really really More, careful yeah that's a really.

0:24:13.280 --> 0:24:16.720
<v Speaker 2>Special situation seems as Unique to city in some.

0:24:16.600 --> 0:24:21.240
<v Speaker 1>Ways SEEING Of. Jp morgan, oh, yeah, yeah.

0:24:21.359 --> 0:24:24.600
<v Speaker 2>YEAH brutal i lost that in my, copious notes so

0:24:24.760 --> 0:24:25.240
<v Speaker 2>don't you tell me.

0:24:25.280 --> 0:24:27.879
<v Speaker 1>About it There's A bloomberg, news story not like, foto

0:24:27.960 --> 0:24:32.480
<v Speaker 1>details BUT Basically, jp morgan senior leadership quote has told

0:24:32.520 --> 0:24:34.960
<v Speaker 1>the firms investment bankers that they need to work harder

0:24:34.960 --> 0:24:38.120
<v Speaker 1>to close the gap, with Rivals Including colmyn sachs on mergers.

0:24:38.119 --> 0:24:41.760
<v Speaker 1>And acquisitions the co Heads Of global banking said that

0:24:41.800 --> 0:24:43.600
<v Speaker 1>the group had underperformed in M and a in twenty

0:24:43.640 --> 0:24:46.040
<v Speaker 1>twenty five and that improvement was needed to start winning back.

0:24:46.080 --> 0:24:52.240
<v Speaker 1>MARKET share i assume that most bankers get some version of.

0:24:52.280 --> 0:24:54.640
<v Speaker 1>The speech, most, yours right you always work a little

0:24:54.640 --> 0:24:55.560
<v Speaker 1>harder seems.

0:24:55.560 --> 0:24:57.399
<v Speaker 2>Pretty, standard YEAH but.

0:24:57.600 --> 0:25:00.160
<v Speaker 1>I read this this week every. So often you good

0:25:00.240 --> 0:25:04.879
<v Speaker 1>stories about banks telling, their bankers actually you need to

0:25:04.920 --> 0:25:07.879
<v Speaker 1>work less hard and do. Fewer, Deals right so sometimes

0:25:08.160 --> 0:25:11.000
<v Speaker 1>that is, like compliance, like right we're Going To swiss

0:25:11.040 --> 0:25:12.639
<v Speaker 1>bank gets in a lot of trouble for bringing in

0:25:12.680 --> 0:25:15.000
<v Speaker 1>a lot of bad clients that have a meeting being

0:25:15.080 --> 0:25:17.560
<v Speaker 1>like maybe bring in. Fewer clients but some of it

0:25:17.600 --> 0:25:19.679
<v Speaker 1>is like there's a lot of wasted work, at banks

0:25:20.200 --> 0:25:24.639
<v Speaker 1>and every, so often like a bank will look around and, be,

0:25:24.720 --> 0:25:28.600
<v Speaker 1>like look you're spinning, your wheels doing a lot of

0:25:29.280 --> 0:25:32.880
<v Speaker 1>unpaid work for small, time clients hoping that one day

0:25:32.920 --> 0:25:34.960
<v Speaker 1>they will give you a small mandate where you'll get a.

0:25:35.000 --> 0:25:38.760
<v Speaker 1>Small fee don't, Do, that like spend more time focusing

0:25:38.760 --> 0:25:41.399
<v Speaker 1>on clients who will actually give you a deal and

0:25:41.440 --> 0:25:44.040
<v Speaker 1>pay you a, big fee and just spend less time spinning.

0:25:44.080 --> 0:25:46.919
<v Speaker 1>Your WHEELS and i always love reading. Those stories but like,

0:25:47.080 --> 0:25:49.360
<v Speaker 1>in practice when you're, a banker and like you don't

0:25:49.359 --> 0:25:51.000
<v Speaker 1>want to put all your eggs in, one, basket right

0:25:51.040 --> 0:25:53.640
<v Speaker 1>and like if you're only trying to get the SpaceX

0:25:53.680 --> 0:25:55.399
<v Speaker 1>ipo and you don't, get it then your year. Is

0:25:55.480 --> 0:25:58.080
<v Speaker 1>ruined but if you've also got five other irons in,

0:25:58.119 --> 0:26:00.800
<v Speaker 1>the fire where like some, you know small utility company

0:26:00.800 --> 0:26:03.280
<v Speaker 1>will pay you half a million dollars to do a,

0:26:03.400 --> 0:26:07.600
<v Speaker 1>credit deal like. That's something and so often you do

0:26:07.680 --> 0:26:10.959
<v Speaker 1>read stories just because they're conterintuitive about bankers being told

0:26:11.240 --> 0:26:14.800
<v Speaker 1>not to work harder to chase. More clients but this

0:26:14.840 --> 0:26:16.639
<v Speaker 1>is the more. Normal version just do.

0:26:16.680 --> 0:26:19.120
<v Speaker 2>More deals maybe the pendulum will swing in a couple.

0:26:19.119 --> 0:26:19.520
<v Speaker 2>Of years.

0:26:19.800 --> 0:26:22.480
<v Speaker 1>Always swings, but YEAH but i think if you're losing,

0:26:22.480 --> 0:26:24.560
<v Speaker 1>market share you gotta just. WORK harder i also love

0:26:24.600 --> 0:26:28.840
<v Speaker 1>that there's no. Differentiated strategy how do you get? More

0:26:28.880 --> 0:26:32.119
<v Speaker 1>deals why you, work harder getting, more planes shake, more.

0:26:32.000 --> 0:26:34.280
<v Speaker 2>Hands focus on This secure maybe is just.

0:26:34.440 --> 0:26:37.120
<v Speaker 1>Do it just do more talking to clients and then

0:26:37.480 --> 0:26:38.600
<v Speaker 1>the deals, will come which is.

0:26:38.600 --> 0:26:41.680
<v Speaker 2>Probably true how psyched do you Think THE goldman M

0:26:41.720 --> 0:26:44.200
<v Speaker 2>and a bankers were reading. This story i'm sure.

0:26:44.080 --> 0:26:45.480
<v Speaker 1>They got a talk, being like you need to. Work

0:26:45.520 --> 0:26:50.040
<v Speaker 1>harder there's no, standing still just yell.

0:26:49.960 --> 0:26:51.959
<v Speaker 2>That, work, harder ye keep feeding.

0:26:51.960 --> 0:26:55.240
<v Speaker 1>The beast maybe, they, think, Oh no morgan is going to. Work,

0:26:55.240 --> 0:26:57.000
<v Speaker 1>harder yeah maybe i'd be.

0:26:57.440 --> 0:26:57.720
<v Speaker 2>Pretty.

0:26:57.720 --> 0:27:01.040
<v Speaker 1>Psyched yeah it's like it's like a three second moment

0:27:01.080 --> 0:27:01.800
<v Speaker 1>of victory and, THEN.

0:27:02.000 --> 0:27:04.520
<v Speaker 2>Yeah i got, a plan pick back up. The, phone

0:27:04.600 --> 0:27:07.840
<v Speaker 2>yeah sometimes that happens. In journalism, you know you're told

0:27:07.880 --> 0:27:10.240
<v Speaker 2>to write, fewer stories write better once.

0:27:11.960 --> 0:27:17.239
<v Speaker 1>It's right do you ever have the, experience of like

0:27:17.440 --> 0:27:20.040
<v Speaker 1>you learned that some competitor has been told to work.

0:27:19.920 --> 0:27:22.480
<v Speaker 2>Harder to keep up, With, You, like no That's, really

0:27:22.640 --> 0:27:25.080
<v Speaker 2>yeah that hasn't happened. To me it sounds like maybe

0:27:25.080 --> 0:27:25.480
<v Speaker 2>it happened.

0:27:25.480 --> 0:27:26.919
<v Speaker 1>To, you no it Happened.

0:27:26.960 --> 0:27:30.960
<v Speaker 2>To, goldman yeah, all right, Good stuff.

0:27:36.600 --> 0:27:39.240
<v Speaker 1>And that Was The Money. Stuff Podcast I'm matt Levine

0:27:39.520 --> 0:27:39.800
<v Speaker 1>And I'm.

0:27:39.880 --> 0:27:41.560
<v Speaker 2>Katie greifeld you can find.

0:27:41.359 --> 0:27:44.920
<v Speaker 1>My work by subscribing To The money stuff Newsletter on bloomberg, dot.

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<v Speaker 1>Maserakas moses Andam and.

0:28:10.080 --> 0:28:13.960
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