1 00:00:02,720 --> 00:00:07,560 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,760 --> 00:00:13,320 Speaker 2: Our last podcast recording of the year. Yeah, it's been 3 00:00:13,400 --> 00:00:14,239 Speaker 2: an interesting year. 4 00:00:16,239 --> 00:00:17,319 Speaker 1: One thing I never do. 5 00:00:17,560 --> 00:00:18,919 Speaker 2: Yeah, I know, you tell all. 6 00:00:18,920 --> 00:00:21,119 Speaker 1: Years of media does any sort of year end wrap 7 00:00:21,200 --> 00:00:24,520 Speaker 1: up or look forward? Which is so good among the 8 00:00:24,520 --> 00:00:26,960 Speaker 1: best parts of my life as a media person. Is 9 00:00:27,080 --> 00:00:30,120 Speaker 1: not ever doing that. But people want that. People are like, oh, 10 00:00:30,640 --> 00:00:32,800 Speaker 1: would you like to contribute to twenty themes for the 11 00:00:32,880 --> 00:00:36,120 Speaker 1: year ahead? And I say no, no, no, get worry. 12 00:00:36,240 --> 00:00:38,559 Speaker 2: I'm sorry for introducing a hint of reflection. 13 00:00:38,800 --> 00:00:41,159 Speaker 1: It's okay, it's okay. We can reflect about my lack 14 00:00:41,200 --> 00:00:41,720 Speaker 1: of reflection. 15 00:00:41,920 --> 00:00:42,600 Speaker 2: Yeah, that's good. 16 00:00:43,400 --> 00:00:46,640 Speaker 1: How about your themes for next year? What are you 17 00:00:46,720 --> 00:00:47,479 Speaker 1: looking forward to? 18 00:00:47,720 --> 00:00:50,959 Speaker 2: Looking forward to the introduction of multi share classes? 19 00:00:51,680 --> 00:00:55,280 Speaker 1: Boy? See, yeah, that'll be like that. Not to be 20 00:00:55,280 --> 00:00:57,000 Speaker 1: looking forward to that, Hey. 21 00:00:57,240 --> 00:01:00,240 Speaker 2: Could be big. What are you looking forward to next year? Oh? 22 00:01:00,360 --> 00:01:01,560 Speaker 2: I wasn't supposed to ask you that. 23 00:01:01,720 --> 00:01:05,120 Speaker 1: But I'm looking forward to coming in each day. Yeah, 24 00:01:05,160 --> 00:01:09,560 Speaker 1: to find weird news and write about it delightedly. And 25 00:01:09,640 --> 00:01:10,960 Speaker 1: if I knew what it would be, it wouldn't be 26 00:01:11,000 --> 00:01:12,959 Speaker 1: that weird, it wouldn't be that exciting, it wouldn't be delightful. 27 00:01:13,000 --> 00:01:13,440 Speaker 1: It wouldn't be. 28 00:01:13,760 --> 00:01:15,759 Speaker 2: It wouldn't be as much mirth, wouldn't be. 29 00:01:15,800 --> 00:01:18,000 Speaker 1: The spontaneity and joy that I bring to my job 30 00:01:18,040 --> 00:01:23,760 Speaker 1: every day. There, it's didna sound like it? Hello, and 31 00:01:23,800 --> 00:01:26,560 Speaker 1: welcome to the Money Stuff Podcast, your weekly podcast where 32 00:01:26,640 --> 00:01:30,960 Speaker 1: we talk about stuff related to money. I'm Matt Levine 33 00:01:30,959 --> 00:01:33,199 Speaker 1: and I write the Money Stuff column for Bloomberg Opinion. 34 00:01:34,240 --> 00:01:36,679 Speaker 2: And I'm Katie Greifeld, a reporter for Bloomberg News and 35 00:01:36,720 --> 00:01:38,120 Speaker 2: an anchor for Bloomberg Television. 36 00:01:39,440 --> 00:01:41,080 Speaker 1: What are you talking about today, Katie, it says on 37 00:01:41,080 --> 00:01:42,760 Speaker 1: my script, Shoot. 38 00:01:42,440 --> 00:01:44,280 Speaker 2: What do you want to talk about? First? We actually 39 00:01:44,319 --> 00:01:45,280 Speaker 2: have four topics today? 40 00:01:45,280 --> 00:01:47,240 Speaker 1: Four topics? Do you wan the winner situation? 41 00:01:47,400 --> 00:01:58,520 Speaker 2: Yeah, it's pret Louise. Yeah, remember you were reluctant to 42 00:01:58,600 --> 00:01:59,200 Speaker 2: talk about that. 43 00:01:59,560 --> 00:02:02,440 Speaker 1: Well, okay, So here's the thing. It went from being 44 00:02:02,520 --> 00:02:05,080 Speaker 1: like a big media merger with like a lot of 45 00:02:05,120 --> 00:02:07,560 Speaker 1: moving pieces and a lot of like stuff that people 46 00:02:07,600 --> 00:02:09,840 Speaker 1: are cared about in terms of like anti trust and 47 00:02:09,880 --> 00:02:13,160 Speaker 1: like creative direction of Hollywood and like the Trump involvement 48 00:02:13,320 --> 00:02:16,160 Speaker 1: and who will own CNN and all these things, And 49 00:02:16,200 --> 00:02:20,000 Speaker 1: it went from that to being a really drawn out 50 00:02:20,040 --> 00:02:23,600 Speaker 1: fight about closing certainty and merger agreements, which is much 51 00:02:23,600 --> 00:02:26,800 Speaker 1: more my area of interest, and it's kind of wild, 52 00:02:27,000 --> 00:02:29,760 Speaker 1: like what is happening, which is that there's some debate 53 00:02:29,760 --> 00:02:32,000 Speaker 1: about who has the higher bid, but Paramount are pretty 54 00:02:32,000 --> 00:02:33,560 Speaker 1: sure they have the higher bid. They also think they 55 00:02:33,560 --> 00:02:36,880 Speaker 1: have a better regulatory path. But Netflix has said no 56 00:02:36,960 --> 00:02:39,799 Speaker 1: to them for the number of reasons, including bid valuations. 57 00:02:40,000 --> 00:02:43,040 Speaker 1: But what they really leaned on in their most recent 58 00:02:43,240 --> 00:02:46,080 Speaker 1: like they've made an official filing telling Warner shareholders to 59 00:02:46,080 --> 00:02:50,160 Speaker 1: reject the Paramount tender offer, and the Warner board really 60 00:02:50,240 --> 00:02:54,640 Speaker 1: leaned on the fact that Paramount's money. I mean, Paramu 61 00:02:54,680 --> 00:02:57,320 Speaker 1: doesn't have money, right, Paramount is much smaller company than More, 62 00:02:57,639 --> 00:03:00,560 Speaker 1: and it has documentments which are fairly standard UG commitments, 63 00:03:00,840 --> 00:03:03,400 Speaker 1: and it has some equity commitments from like Middle Eastern 64 00:03:03,400 --> 00:03:06,440 Speaker 1: sabon wealth people that Warner is kind of casting us 65 00:03:06,440 --> 00:03:11,480 Speaker 1: persians on. But really the equity is backslots by a 66 00:03:11,520 --> 00:03:16,520 Speaker 1: forty billion dollar commitment from Larry Ellison's personal trust Larry Allison, 67 00:03:16,520 --> 00:03:20,639 Speaker 1: the dad of parame CEO David Allison, and you know, 68 00:03:20,720 --> 00:03:23,240 Speaker 1: the fifth ish richest person in the world two hundred 69 00:03:23,240 --> 00:03:25,760 Speaker 1: and fifty billion dollars of Oracle stock. But it's all 70 00:03:25,800 --> 00:03:30,040 Speaker 1: on this trust, and the incredibly weird thing that's happening 71 00:03:30,120 --> 00:03:32,799 Speaker 1: here is that the commitment papers are all apparently being 72 00:03:32,840 --> 00:03:37,240 Speaker 1: signed by the trust. And Warner says, well, but you 73 00:03:37,280 --> 00:03:39,480 Speaker 1: could take all this stuff out of the trust and 74 00:03:39,520 --> 00:03:41,360 Speaker 1: then when it comes time to the close, we'll go 75 00:03:41,360 --> 00:03:43,120 Speaker 1: to you and we'll go to the trust and be like, 76 00:03:43,160 --> 00:03:44,920 Speaker 1: all right, we need the forty billion in the trust 77 00:03:44,960 --> 00:03:46,320 Speaker 1: can be like I don't have any money. I'm just 78 00:03:46,360 --> 00:03:49,720 Speaker 1: like an empty shell. And I think that's right. I 79 00:03:49,720 --> 00:03:53,320 Speaker 1: think that as a technical analysis is right. And the 80 00:03:54,000 --> 00:03:57,600 Speaker 1: paramount people are like, this is crazy. Yeah, you know, 81 00:03:57,720 --> 00:03:59,960 Speaker 1: Larry Elison is good for the money. He has sign 82 00:04:00,080 --> 00:04:03,360 Speaker 1: and other big merger commitments as the trust, right, Like 83 00:04:03,400 --> 00:04:06,440 Speaker 1: he committed to Elms Twitter deal and to the Electronic 84 00:04:06,520 --> 00:04:09,360 Speaker 1: Arts deal. Look, he was not the principal there, he's 85 00:04:09,400 --> 00:04:11,320 Speaker 1: not the person on the hook for the whole deal. 86 00:04:11,360 --> 00:04:14,200 Speaker 1: He's like, yeah, he's committing an Elon's deal. And so 87 00:04:14,360 --> 00:04:16,480 Speaker 1: basically Paraman is like, no, look, this is fine. This 88 00:04:16,520 --> 00:04:19,000 Speaker 1: is a crazy technicality and you're misleading people by saying 89 00:04:19,080 --> 00:04:22,000 Speaker 1: that this matters. And Winner's like, no, no, no, we really 90 00:04:22,040 --> 00:04:26,039 Speaker 1: need you to commit your money. And the solution to 91 00:04:26,080 --> 00:04:30,159 Speaker 1: this seems so easy that I don't understand what is happening. 92 00:04:30,240 --> 00:04:32,200 Speaker 1: It's so like the easy solution I think Warner has 93 00:04:32,200 --> 00:04:35,080 Speaker 1: asked for this is in the piece of paper, where 94 00:04:35,080 --> 00:04:37,720 Speaker 1: like instead of saying, like, the Larry Ellison trust signs 95 00:04:37,760 --> 00:04:40,159 Speaker 1: this deal, you just say Larry Ellison signs this deal, right, 96 00:04:40,200 --> 00:04:41,760 Speaker 1: and then like he owes the money and if he 97 00:04:41,800 --> 00:04:43,720 Speaker 1: takes it out of his trust or any other you know, 98 00:04:44,160 --> 00:04:47,279 Speaker 1: personal vehicle, he has to close the deal. And I 99 00:04:47,320 --> 00:04:50,440 Speaker 1: don't understand what's happening because the winners are just sign 100 00:04:50,440 --> 00:04:52,360 Speaker 1: it in your personal you know, personally, aren't did and 101 00:04:52,760 --> 00:04:55,320 Speaker 1: paramounts so far, I don't know they've said no, but 102 00:04:55,360 --> 00:04:57,400 Speaker 1: they haven't said yes. That's where we are. 103 00:04:57,560 --> 00:05:00,760 Speaker 2: Yeah, it's very weird. Yeah, ag ansel thought I had 104 00:05:00,880 --> 00:05:04,880 Speaker 2: is that you mentioned Larry Elson, the fifth wealthiest person 105 00:05:05,400 --> 00:05:09,080 Speaker 2: in the world. Oracle stock has gotten pretty flattened over 106 00:05:09,080 --> 00:05:11,400 Speaker 2: the past couple of weeks. It's just gotten rocked. I 107 00:05:11,480 --> 00:05:13,200 Speaker 2: wonder how about that person. 108 00:05:13,400 --> 00:05:17,240 Speaker 1: Right, So, like, I don't think that it is reasonable 109 00:05:17,480 --> 00:05:21,440 Speaker 1: for Warner to think this guy with let's say two 110 00:05:21,520 --> 00:05:23,840 Speaker 1: hundred and fifty billion dollars of Oracle stock less than 111 00:05:23,839 --> 00:05:25,320 Speaker 1: it was a few weeks ago. But you know, two 112 00:05:25,360 --> 00:05:27,720 Speaker 1: hundred fifty billion is I think it's reasonable for them 113 00:05:27,760 --> 00:05:29,520 Speaker 1: to think he's not good for a forty billion dollars. 114 00:05:29,560 --> 00:05:31,479 Speaker 1: I can agree, right, you know, it's a meaningful chunk 115 00:05:31,480 --> 00:05:34,520 Speaker 1: of as well, but it's yeah, twenty percent. The thing 116 00:05:34,520 --> 00:05:38,520 Speaker 1: that I'm struggling to understand here is if you're Warner, 117 00:05:38,920 --> 00:05:41,400 Speaker 1: the situation that they're positing is kind of absurd, right. 118 00:05:41,400 --> 00:05:44,920 Speaker 1: The situation they're positing is like Paramount or Ellison changed 119 00:05:44,920 --> 00:05:47,839 Speaker 1: their minds and they don't close the deal, and Warner 120 00:05:47,920 --> 00:05:50,200 Speaker 1: sues them, and Para is like, we have money, and 121 00:05:50,240 --> 00:05:52,560 Speaker 1: then Larry Ellison's like, oh no, it's the trust and 122 00:05:52,560 --> 00:05:55,320 Speaker 1: the trust doesn't have any money anywhere, right, Haha. It's 123 00:05:55,360 --> 00:05:56,960 Speaker 1: a crazy thing for them to do. And I think 124 00:05:57,000 --> 00:05:59,280 Speaker 1: like part of what Paramount is saying here is kind 125 00:05:59,320 --> 00:06:01,120 Speaker 1: of like that would be a crazy thing for us 126 00:06:01,120 --> 00:06:02,839 Speaker 1: to do, and just like as a reputational matter, like 127 00:06:02,839 --> 00:06:08,039 Speaker 1: you shouldn't worry about it. Yeah, but I think they're 128 00:06:08,080 --> 00:06:11,440 Speaker 1: like ever so slightly maintaining the legal flexibility to do 129 00:06:11,480 --> 00:06:13,839 Speaker 1: it if they really have to. And you could imagine 130 00:06:13,880 --> 00:06:17,239 Speaker 1: that being part of a story of Yeah, the oracle 131 00:06:17,240 --> 00:06:19,000 Speaker 1: stock clout line, and you can imagine that being like 132 00:06:19,920 --> 00:06:23,280 Speaker 1: if things get really bad when we join the shares 133 00:06:23,320 --> 00:06:26,400 Speaker 1: out of the trust and Steff Warner, then maybe right, yeah, 134 00:06:26,440 --> 00:06:28,080 Speaker 1: and like that's a you know, if your stock is 135 00:06:28,160 --> 00:06:29,800 Speaker 1: riding high, that's a different story than if you like 136 00:06:29,839 --> 00:06:31,840 Speaker 1: you're getting slammed in the market for having too much 137 00:06:31,960 --> 00:06:33,120 Speaker 1: AI lease obligations. 138 00:06:33,200 --> 00:06:35,920 Speaker 2: Well to add insult to injury, did you also see 139 00:06:35,920 --> 00:06:40,119 Speaker 2: the Jared Kushner's Affinity Partners is withdrawing from the battle 140 00:06:40,240 --> 00:06:40,840 Speaker 2: all together. 141 00:06:41,000 --> 00:06:43,600 Speaker 1: And it's a little interesting, right. 142 00:06:43,440 --> 00:06:44,799 Speaker 2: It is a little bit interesting. 143 00:06:45,000 --> 00:06:48,240 Speaker 1: So like generally you're like, oh, this is such a 144 00:06:48,240 --> 00:06:50,000 Speaker 1: great deal, we really want to win, and then you're like, 145 00:06:50,279 --> 00:06:54,520 Speaker 1: you know, one random equity partners, Yeah, it's a bad 146 00:06:54,560 --> 00:06:55,279 Speaker 1: sign somehow. 147 00:06:55,400 --> 00:06:59,320 Speaker 2: The statement from the firm was that with two strong 148 00:06:59,320 --> 00:07:02,320 Speaker 2: competitors to secure the future of this unique American asset, 149 00:07:02,520 --> 00:07:05,640 Speaker 2: Affinity has decided to no longer pursue the opportunity. We 150 00:07:05,720 --> 00:07:09,280 Speaker 2: continue to believe there is strong strategic rationale for Paramount's offer. 151 00:07:09,600 --> 00:07:10,840 Speaker 1: Yeah, so it's just weird. 152 00:07:11,160 --> 00:07:13,880 Speaker 2: It's like a very very like good luck, you know. 153 00:07:14,040 --> 00:07:16,800 Speaker 1: Yeah. One thing that people really commented on and about 154 00:07:16,800 --> 00:07:19,800 Speaker 1: the Affinity involvement early was you know, the deal environment 155 00:07:19,880 --> 00:07:22,360 Speaker 1: is so politicized, and like the sort of subtext of the 156 00:07:22,400 --> 00:07:26,040 Speaker 1: Paramoun's bid was Netflix will not get anti trust approval 157 00:07:26,120 --> 00:07:28,680 Speaker 1: one because it raises anti trust concerns and two because 158 00:07:28,720 --> 00:07:30,360 Speaker 1: we're friends with Trump and he'll tell them not to 159 00:07:30,480 --> 00:07:33,400 Speaker 1: approve the deal. Right, And like with Jared Kushner on 160 00:07:34,520 --> 00:07:37,200 Speaker 1: Paramount's side, there's some enhancement to that argument. And if 161 00:07:37,280 --> 00:07:39,480 Speaker 1: him gone, it's like, oh, maybe that argument's off the table. 162 00:07:39,560 --> 00:07:41,320 Speaker 2: So where does this leave Paramount. 163 00:07:41,440 --> 00:07:43,320 Speaker 1: I feel, like I said this last week, they should 164 00:07:43,320 --> 00:07:46,400 Speaker 1: probably raise their bid because they have said in public 165 00:07:46,440 --> 00:07:48,040 Speaker 1: on television that their bid is not best in the 166 00:07:48,080 --> 00:07:52,640 Speaker 1: final And then they should probably have Larry Ellison sign 167 00:07:52,680 --> 00:07:54,000 Speaker 1: a personal guarantee for the deal. 168 00:07:54,040 --> 00:07:55,920 Speaker 2: It seems signary. 169 00:07:56,040 --> 00:07:58,920 Speaker 1: It seems very easy, and I'm very puzzled that it's 170 00:07:59,280 --> 00:08:01,880 Speaker 1: not as easy for him as we thought, as I think. 171 00:08:02,000 --> 00:08:04,040 Speaker 1: Can I talk about one other thing about the Warner deal? 172 00:08:04,240 --> 00:08:05,080 Speaker 2: I really want you to. 173 00:08:05,520 --> 00:08:09,680 Speaker 1: There is a great Financial Time story about the advisors 174 00:08:09,920 --> 00:08:12,480 Speaker 1: who you know, any big merger, Right, It's like the 175 00:08:12,520 --> 00:08:14,320 Speaker 1: south side advisors are going to get paid and then 176 00:08:14,400 --> 00:08:17,640 Speaker 1: like one by side team of advisors is going to 177 00:08:17,640 --> 00:08:19,720 Speaker 1: get paid an ocean of money and the other one 178 00:08:19,800 --> 00:08:23,120 Speaker 1: is not. So you know, it's a bitter battle. But 179 00:08:23,280 --> 00:08:25,880 Speaker 1: they also quite people talking about how it's a deal 180 00:08:25,920 --> 00:08:28,000 Speaker 1: that like kind of got negotiated over Thanksgiving and is 181 00:08:28,040 --> 00:08:31,920 Speaker 1: now heating up into Christmas. And they quote like one 182 00:08:31,920 --> 00:08:35,720 Speaker 1: of the advisors saying, when the NBA players play on 183 00:08:35,800 --> 00:08:38,920 Speaker 1: Christmas Day, nobody says our holidays are ruined. They say, 184 00:08:39,000 --> 00:08:41,480 Speaker 1: isn't it great You're in the NBA. This is as 185 00:08:41,480 --> 00:08:43,320 Speaker 1: good as it gets for investment bankers. 186 00:08:43,400 --> 00:08:44,600 Speaker 2: It's like a perfect quote. 187 00:08:44,800 --> 00:08:47,800 Speaker 1: It's a perfect It's also true there was nothing special 188 00:08:47,840 --> 00:08:49,400 Speaker 1: if but like I worked in like high stakes of 189 00:08:49,440 --> 00:08:51,959 Speaker 1: a day, and like one way you know it's high 190 00:08:51,960 --> 00:08:54,400 Speaker 1: stakes is you're like working all night on holidays, right, 191 00:08:54,440 --> 00:08:57,160 Speaker 1: and like it's like you feel cool about it. It's 192 00:08:57,200 --> 00:08:59,000 Speaker 1: as good as it gets for investment backers. And that 193 00:08:59,000 --> 00:09:00,680 Speaker 1: happens to me, and it happens for Christmas. 194 00:09:00,800 --> 00:09:19,600 Speaker 3: Yeah, do you want to talk about Excel sheets? 195 00:09:19,800 --> 00:09:20,280 Speaker 1: Yeah? 196 00:09:20,400 --> 00:09:26,040 Speaker 2: So tricolor, I think it's try color. I don't know, 197 00:09:26,040 --> 00:09:26,800 Speaker 2: can we just call it try? 198 00:09:28,440 --> 00:09:32,680 Speaker 1: In America, it was a subprime auto retailer and lender. 199 00:09:33,240 --> 00:09:35,959 Speaker 1: So you could like buy your car from Trickler and 200 00:09:36,000 --> 00:09:37,600 Speaker 1: then they would lend you the money to pay for 201 00:09:37,640 --> 00:09:40,679 Speaker 1: the car, and they went bankrupt this year because they 202 00:09:42,240 --> 00:09:45,439 Speaker 1: want some trouble with their creditors. The creditors had some complaints, 203 00:09:46,080 --> 00:09:48,400 Speaker 1: and when they went bankrupt, the story was kind of 204 00:09:48,400 --> 00:09:51,360 Speaker 1: they were like double pledging loans, which makes sense, right. 205 00:09:51,440 --> 00:09:53,600 Speaker 1: They make a bunch of car loans, they put them 206 00:09:53,600 --> 00:09:55,640 Speaker 1: all on an excel file. They send the excel file 207 00:09:55,720 --> 00:09:59,680 Speaker 1: to one of six lenders. And you know, if you 208 00:09:59,720 --> 00:10:01,880 Speaker 1: send the the same excel file to two different lenders 209 00:10:01,920 --> 00:10:03,720 Speaker 1: and you can borrow twice as much twenty That's kind 210 00:10:03,760 --> 00:10:05,720 Speaker 1: of what people were talking about and what they assumed. 211 00:10:05,960 --> 00:10:08,679 Speaker 1: But this week the CEO of Track Color, Daniel Cheu, 212 00:10:09,120 --> 00:10:13,040 Speaker 1: was indicted by federal prosecutors, and the accusation is, yes, 213 00:10:13,280 --> 00:10:17,200 Speaker 1: a lot of double pledging, but also sillier stuff. The 214 00:10:17,240 --> 00:10:19,800 Speaker 1: one that I think everyone really enjoyed is that so 215 00:10:19,800 --> 00:10:21,680 Speaker 1: they made a lot of like subprime model loans, and 216 00:10:21,720 --> 00:10:23,600 Speaker 1: a lot of them are not current, right, people don't 217 00:10:23,600 --> 00:10:25,960 Speaker 1: make payments, and so the way that their deals with 218 00:10:26,000 --> 00:10:28,679 Speaker 1: their lenders work is that you can't borrow against the 219 00:10:28,679 --> 00:10:30,960 Speaker 1: loan that's more than sixty days delinquent, right, Like if 220 00:10:31,000 --> 00:10:33,360 Speaker 1: people haven't paid in two months. Then you can't use 221 00:10:33,400 --> 00:10:35,560 Speaker 1: that as your borrowing base to borrow from your lenders. 222 00:10:36,679 --> 00:10:39,120 Speaker 1: And they had a lot of those loans and they 223 00:10:39,160 --> 00:10:40,920 Speaker 1: needed money, and so they're we're just going to pretend 224 00:10:41,000 --> 00:10:43,160 Speaker 1: those loans are current. So they marked them all as 225 00:10:43,160 --> 00:10:46,680 Speaker 1: current and they could then borrow more money against them. 226 00:10:47,040 --> 00:10:50,400 Speaker 1: But they made a little mistake, which is that if 227 00:10:50,400 --> 00:10:52,520 Speaker 1: the loan is current, then it's getting paid every month, 228 00:10:52,559 --> 00:10:54,760 Speaker 1: which means that it goes down. The balance goes down 229 00:10:54,800 --> 00:10:56,840 Speaker 1: every month, right, because each month you make a little 230 00:10:56,880 --> 00:10:58,520 Speaker 1: payment on your car loan, and your carlan goes down 231 00:10:58,520 --> 00:11:03,480 Speaker 1: at And they didn't decrease the amount of these loans 232 00:11:03,520 --> 00:11:05,400 Speaker 1: because they weren't current. They weren't getting paid, and they 233 00:11:05,440 --> 00:11:08,920 Speaker 1: just marked them current to trick their lenders. Yeah, and 234 00:11:08,960 --> 00:11:11,720 Speaker 1: this worked for a while. And then the reporting from 235 00:11:11,760 --> 00:11:14,560 Speaker 1: Bloomberg is that it's a junior analyst that Waterfall Capital 236 00:11:14,840 --> 00:11:15,199 Speaker 1: is one of. 237 00:11:15,120 --> 00:11:17,840 Speaker 2: Their lenders, very fitting name for the situation. 238 00:11:18,679 --> 00:11:21,640 Speaker 1: Looked at this that these accel sheets and said why 239 00:11:21,679 --> 00:11:25,360 Speaker 1: are these bounces not going down? And so the lender 240 00:11:25,920 --> 00:11:28,640 Speaker 1: called them called tri color. I was like, hey, what's up? 241 00:11:29,120 --> 00:11:33,520 Speaker 1: And so like two things happen there. When is that 242 00:11:33,559 --> 00:11:36,360 Speaker 1: Tricolor and like Daniel Chu are like scrambling too, or 243 00:11:36,400 --> 00:11:39,319 Speaker 1: allegedly scrambling to tell the lender some story. 244 00:11:39,520 --> 00:11:39,679 Speaker 2: Right. 245 00:11:39,720 --> 00:11:41,199 Speaker 1: But the other thing that's happening is that like the 246 00:11:41,240 --> 00:11:43,600 Speaker 1: people who are marking the spreadsheet are like, oh, I 247 00:11:43,679 --> 00:11:48,480 Speaker 1: need a lawyer. So there are calls. The indictment says 248 00:11:48,559 --> 00:11:51,960 Speaker 1: their calls among the Tricolor executives that one or more 249 00:11:52,040 --> 00:11:54,040 Speaker 1: like some of them were recorded by two different people 250 00:11:54,080 --> 00:11:56,560 Speaker 1: on the call because everyone is like, I need to 251 00:11:56,559 --> 00:11:59,240 Speaker 1: be able to bring something to prosecutors so that I 252 00:11:59,280 --> 00:12:01,640 Speaker 1: get the cooperation agreement, so I'm not the one who 253 00:12:01,640 --> 00:12:04,600 Speaker 1: goes to prison on this deal, which is really like yeah, 254 00:12:04,800 --> 00:12:07,319 Speaker 1: quick thinking. So there are all these recorded calls where 255 00:12:07,360 --> 00:12:11,120 Speaker 1: they say wild things, including Daniel Chio allegedly had a 256 00:12:11,120 --> 00:12:14,040 Speaker 1: call with Waterfall where he was like, oh no, no, 257 00:12:14,080 --> 00:12:15,720 Speaker 1: this is some sort of system's problem. I don't know 258 00:12:15,679 --> 00:12:19,120 Speaker 1: what it is, but we'll fix it. And he said, quote, look, 259 00:12:19,200 --> 00:12:21,280 Speaker 1: if we were trying to commit fraud, we wouldn't be 260 00:12:21,320 --> 00:12:23,520 Speaker 1: so stupid as to keep the same balances on there. 261 00:12:23,760 --> 00:12:24,640 Speaker 1: Nobody would be that. 262 00:12:24,640 --> 00:12:29,280 Speaker 2: Stall, which is just like it's perfect, yeah, hiding in 263 00:12:29,320 --> 00:12:29,880 Speaker 2: plain sight. 264 00:12:30,200 --> 00:12:32,920 Speaker 1: Right. I said in my column, like nobody would be 265 00:12:32,920 --> 00:12:34,480 Speaker 1: so stupid as to do fraud this way. I was, like, 266 00:12:34,960 --> 00:12:37,240 Speaker 1: it sounds appealing, but it's not a good argument, because, like, 267 00:12:37,280 --> 00:12:38,600 Speaker 1: there are a lot of stupid frauds out there. 268 00:12:38,640 --> 00:12:40,920 Speaker 2: I mean, the defense did work for a little bit. 269 00:12:41,080 --> 00:12:42,640 Speaker 1: He says on the call that I worked, but like 270 00:12:42,679 --> 00:12:45,760 Speaker 1: the thing unraveled pretty quickly afterwards. I don't think it worked. Worked. 271 00:12:45,960 --> 00:12:48,160 Speaker 2: Yeah, I also love this detail. This is from the 272 00:12:48,200 --> 00:12:51,520 Speaker 2: Bloomberg News story that by late August, Cho was plotting 273 00:12:51,520 --> 00:12:55,240 Speaker 2: with other Tricolor executives, including co defendant David good Game 274 00:12:55,559 --> 00:12:58,880 Speaker 2: another great name, and Jerome Caller on how to settle 275 00:12:58,920 --> 00:13:02,880 Speaker 2: with JP Morgan. Except during the call, she likened Tricolors 276 00:13:03,200 --> 00:13:06,360 Speaker 2: melt down to Enron, the energy giant felled by counting fraud. 277 00:13:06,600 --> 00:13:08,840 Speaker 2: He even discussed the idea of pinning the blame on 278 00:13:09,080 --> 00:13:12,720 Speaker 2: banks for allegedly ignoring reg flags, a threat they hope 279 00:13:12,760 --> 00:13:14,160 Speaker 2: to wield as leverage. 280 00:13:14,559 --> 00:13:19,040 Speaker 1: Right, it's bold. Hey guys, what if we were en Rod? 281 00:13:19,320 --> 00:13:22,400 Speaker 2: Yeah, well, he did say Enron has a nice ring 282 00:13:22,440 --> 00:13:25,480 Speaker 2: to it, right, She said, Enron raises the blood pressure 283 00:13:25,520 --> 00:13:26,640 Speaker 2: of lenders when they see that. 284 00:13:26,720 --> 00:13:30,960 Speaker 1: He added, yeah, yeah, really a high wire act to 285 00:13:31,000 --> 00:13:34,560 Speaker 1: be like we're Enron, but we're not going to prison. 286 00:13:35,080 --> 00:13:40,000 Speaker 2: And also perhaps this is your fault. It's a difficult needle, but. 287 00:13:40,520 --> 00:13:43,200 Speaker 1: This is your fault. Argument is like, we were so 288 00:13:43,280 --> 00:13:47,000 Speaker 1: blatantly committing from that, I can't believe you didn't catch us. 289 00:13:47,040 --> 00:13:50,480 Speaker 1: So when you think about it, it's your fault. You 290 00:13:50,559 --> 00:13:53,080 Speaker 1: got to make that argument to then settle with the 291 00:13:53,120 --> 00:13:55,240 Speaker 1: banks and have them not go to the police. And 292 00:13:56,000 --> 00:13:58,400 Speaker 1: it's tough. Doesn't seem to work here. 293 00:13:58,600 --> 00:14:01,520 Speaker 2: Really charming though, this was a nice December read. 294 00:14:01,800 --> 00:14:04,080 Speaker 1: Yes, yes, you know what else was? 295 00:14:04,320 --> 00:14:05,520 Speaker 2: Tell me no one else. 296 00:14:05,360 --> 00:14:08,000 Speaker 1: Has a real I was going to say end of 297 00:14:08,080 --> 00:14:10,400 Speaker 1: year vibe, but really more like end of civilization. But 298 00:14:10,640 --> 00:14:14,920 Speaker 1: oh god, Trump Media, the three billion dollar public company 299 00:14:14,960 --> 00:14:17,360 Speaker 1: that runs a social media site and also like a 300 00:14:17,880 --> 00:14:24,800 Speaker 1: ETU of some kind. I can't say with the straight 301 00:14:24,880 --> 00:14:27,120 Speaker 1: face they bought a nuclear fusion company. 302 00:14:27,280 --> 00:14:28,240 Speaker 2: Yeah, they sure did. 303 00:14:28,440 --> 00:14:29,560 Speaker 1: Why not? Really? Why not? 304 00:14:29,960 --> 00:14:32,400 Speaker 2: Yeah? This was very sign of the times. I'm not 305 00:14:32,400 --> 00:14:35,520 Speaker 2: going to pretend to really really know what nuclear fusion is. 306 00:14:35,800 --> 00:14:38,360 Speaker 1: Nuclear fission is when you like smash your atoms together 307 00:14:38,400 --> 00:14:40,560 Speaker 1: and they go flying out and they produce energy from 308 00:14:40,560 --> 00:14:42,920 Speaker 1: like breaking apart. A nuclear fusion is when you smash 309 00:14:42,920 --> 00:14:44,720 Speaker 1: your adams together and they stay together and they produce 310 00:14:44,760 --> 00:14:47,360 Speaker 1: even more energy from staying together. Nuclear fusion is what 311 00:14:47,400 --> 00:14:50,760 Speaker 1: power is such notable sources of power as the sun, 312 00:14:51,040 --> 00:14:53,920 Speaker 1: oh sure, and not a ton of commercial nuclear fusion 313 00:14:54,000 --> 00:14:57,440 Speaker 1: generation currently. Yeah, but a lot of people have thought 314 00:14:57,440 --> 00:14:59,800 Speaker 1: about it because it would be pretty good source of power. 315 00:15:00,480 --> 00:15:02,200 Speaker 1: And some of the people who thought about it worked 316 00:15:02,240 --> 00:15:05,240 Speaker 1: for this company called tay which is a nuclear fusion company, 317 00:15:05,280 --> 00:15:07,640 Speaker 1: found it in nineteen ninety eight, like you know, real people. 318 00:15:07,720 --> 00:15:11,000 Speaker 1: So as I can tell from their investor presentation, they 319 00:15:11,000 --> 00:15:13,440 Speaker 1: seem to have first all raised over a billion dollars 320 00:15:13,480 --> 00:15:16,400 Speaker 1: in funding from like you know, people like Google and Chevron, 321 00:15:16,600 --> 00:15:20,120 Speaker 1: and secondly too you know the pictures of reactors, right, 322 00:15:20,160 --> 00:15:22,520 Speaker 1: so yeah, maybe they're on their way to commercial grade 323 00:15:22,560 --> 00:15:25,480 Speaker 1: nuclear fusion. But in any case, yeah, they e merged 324 00:15:25,600 --> 00:15:27,200 Speaker 1: with truth social hate. 325 00:15:27,000 --> 00:15:28,760 Speaker 2: Me a picture of a world where this makes sense? 326 00:15:29,000 --> 00:15:30,200 Speaker 2: What could be the logic here? 327 00:15:31,880 --> 00:15:33,560 Speaker 1: I want to just make sure that we keep my 328 00:15:33,640 --> 00:15:36,560 Speaker 1: laughing into me? But no, I mean, okay, there's a 329 00:15:36,560 --> 00:15:38,200 Speaker 1: press release. You can read the press release. 330 00:15:38,280 --> 00:15:38,520 Speaker 2: Yeah. 331 00:15:38,640 --> 00:15:41,080 Speaker 1: One thing in the press release is like one thing 332 00:15:41,080 --> 00:15:43,640 Speaker 1: they say about their mission is that's to like free 333 00:15:43,800 --> 00:15:46,600 Speaker 1: the world of big tech censorship, which not applicable to 334 00:15:46,680 --> 00:15:48,840 Speaker 1: nuclear fusion probably. But another thing is like, oh, it's 335 00:15:48,880 --> 00:15:52,120 Speaker 1: America first strategic, like it all kind of like fits 336 00:15:52,120 --> 00:15:57,000 Speaker 1: in a vague like strategic America nuclear power. Yeah. But 337 00:15:57,040 --> 00:15:59,720 Speaker 1: the other reason for the deal, which is also in 338 00:15:59,760 --> 00:16:02,480 Speaker 1: the press is they say in the press, pays the 339 00:16:02,520 --> 00:16:07,160 Speaker 1: deal is to quote combine tmtg's access to significant capital 340 00:16:07,240 --> 00:16:12,760 Speaker 1: and tay's leading fusion technology. So like one way to 341 00:16:12,760 --> 00:16:16,480 Speaker 1: put that on way to rephrase that Trump Media has 342 00:16:16,560 --> 00:16:18,480 Speaker 1: raised a lot of money, has a big stock price. 343 00:16:19,720 --> 00:16:22,240 Speaker 1: Isn't like doing a ton with that stock price. Stock 344 00:16:22,280 --> 00:16:25,440 Speaker 1: price was higher, now it's lower because people had high 345 00:16:25,440 --> 00:16:27,720 Speaker 1: hopes they bought the stock and then like yeah, it's 346 00:16:27,760 --> 00:16:31,760 Speaker 1: like social media like ets whatever, right, and like there's 347 00:16:31,800 --> 00:16:33,760 Speaker 1: not been a ton of exciting news and the stock 348 00:16:33,880 --> 00:16:36,640 Speaker 1: is drifted off. But they have a lot of access 349 00:16:36,680 --> 00:16:39,160 Speaker 1: to capital. They announced big news, the stock will go up. 350 00:16:39,200 --> 00:16:42,840 Speaker 1: The stock was up a lot on Thursday. And one 351 00:16:42,880 --> 00:16:44,160 Speaker 1: thing you might do if you have a lot of 352 00:16:44,200 --> 00:16:47,880 Speaker 1: access to capital and not much of a profitable or 353 00:16:48,320 --> 00:16:51,720 Speaker 1: revenue generating business is use your access to capital by 354 00:16:51,720 --> 00:16:53,720 Speaker 1: other businesses, because then at the end of the day, 355 00:16:54,280 --> 00:16:57,320 Speaker 1: you have a nuclear fusion company, right, You've used your 356 00:16:57,320 --> 00:17:00,240 Speaker 1: access to capital markets to acquire real assets, right, Yeah, 357 00:17:00,280 --> 00:17:03,040 Speaker 1: you know, like the truth social is an asset, is not, 358 00:17:03,160 --> 00:17:05,600 Speaker 1: you know, not three billion dollars of assets. And then 359 00:17:05,600 --> 00:17:08,840 Speaker 1: from taste perspective, if you are building nuclear fusion reactors, 360 00:17:08,960 --> 00:17:11,120 Speaker 1: you have a lot of need for capital. And if 361 00:17:11,240 --> 00:17:13,520 Speaker 1: someone has a lot of access to capital, and like, 362 00:17:13,600 --> 00:17:16,480 Speaker 1: that's a good trade for you, right, So like Trump 363 00:17:16,520 --> 00:17:20,880 Speaker 1: media brings the stock raising ability and hey brings the 364 00:17:20,880 --> 00:17:24,280 Speaker 1: possibility of nuclear fusion. But it's a very strange combination 365 00:17:24,359 --> 00:17:27,960 Speaker 1: because it's like people whose business is somewhere between like 366 00:17:28,040 --> 00:17:30,680 Speaker 1: running a social media company and like being friends with 367 00:17:30,800 --> 00:17:33,600 Speaker 1: Donald Trump. Yeah, and like now they're in charge of 368 00:17:33,680 --> 00:17:35,840 Speaker 1: nuclear fusion. It's just a strange pivot. 369 00:17:35,960 --> 00:17:38,639 Speaker 2: You point to AMC buying a gold mine. There is 370 00:17:38,680 --> 00:17:41,720 Speaker 2: they did do that thing some some tenuous precedent for this. 371 00:17:42,520 --> 00:17:46,840 Speaker 1: Is there precedent for meme stocks getting into unrelated businesses 372 00:17:46,880 --> 00:17:49,040 Speaker 1: because like, you know, the point of a meme stock 373 00:17:49,119 --> 00:17:51,760 Speaker 1: is that your stock is really high without necessarily the 374 00:17:51,880 --> 00:17:54,920 Speaker 1: underlying business justifying it. So you're like, well, Okay, I'm 375 00:17:54,920 --> 00:17:56,680 Speaker 1: going to use this high stock price to go buy 376 00:17:56,760 --> 00:17:59,040 Speaker 1: an underlying business that justifies it, right, Like we're totally 377 00:17:59,080 --> 00:18:02,480 Speaker 1: precedent for that, Like games that was playing that game 378 00:18:02,520 --> 00:18:04,920 Speaker 1: for years, you know, like, yeah, there's definitely a precedent 379 00:18:05,000 --> 00:18:06,359 Speaker 1: for trying that, for trying it. 380 00:18:06,480 --> 00:18:10,399 Speaker 2: Game Stop never went out and bought anything super cool though, right, No, 381 00:18:10,880 --> 00:18:12,800 Speaker 2: I just revealed that. I think buying a gold mine 382 00:18:12,840 --> 00:18:14,000 Speaker 2: is super cool. But that's fine. 383 00:18:14,760 --> 00:18:18,200 Speaker 1: It's kind of unarguably cool, Like it's cool. Yeah, like 384 00:18:18,240 --> 00:18:22,760 Speaker 1: whatever else it is, that was a cool yeah. Yeah, 385 00:18:23,520 --> 00:18:27,480 Speaker 1: nuclear fusion. Also, you got to give it to them. 386 00:18:29,480 --> 00:18:31,440 Speaker 1: I was not expecting that, and I was like. 387 00:18:32,720 --> 00:18:36,520 Speaker 2: Good game, good game. Not of course the co defendant 388 00:18:36,840 --> 00:18:39,720 Speaker 2: in the tricolor good game. 389 00:18:54,960 --> 00:18:56,800 Speaker 1: Should talking about watching videos? 390 00:18:56,920 --> 00:19:00,000 Speaker 2: Yes, tell me about this. So South Korean's right. 391 00:19:00,080 --> 00:19:03,119 Speaker 1: South Koreans they love They didn't know this until recently. 392 00:19:03,119 --> 00:19:08,520 Speaker 1: They love crazy trading in American financial products, probably also 393 00:19:08,560 --> 00:19:11,919 Speaker 1: South Korean financial products. But like there's yeah, and so 394 00:19:12,000 --> 00:19:16,800 Speaker 1: like Leverty ETFs great up the time, and so there's 395 00:19:16,840 --> 00:19:22,640 Speaker 1: a big boom in South Korean retail speculation on stuff 396 00:19:22,680 --> 00:19:24,919 Speaker 1: like Leverty dfs, which we've talked about. Are you know, 397 00:19:24,960 --> 00:19:27,560 Speaker 1: they're a product that sometimes loses people money and that 398 00:19:27,720 --> 00:19:30,679 Speaker 1: like how it works is not necessarily intuitive to everyone 399 00:19:30,720 --> 00:19:32,800 Speaker 1: who looks at it, right. I mean, in particular, like 400 00:19:32,840 --> 00:19:36,080 Speaker 1: the way Levertyts work is they provide two or three 401 00:19:36,240 --> 00:19:39,880 Speaker 1: x the daily returns, and so they don't provide necessarily 402 00:19:39,960 --> 00:19:41,640 Speaker 1: two to three xts the yearly returns. 403 00:19:41,880 --> 00:19:42,240 Speaker 2: Discuss. 404 00:19:42,359 --> 00:19:44,040 Speaker 1: Yeah, if you buy an hold of leverty TF, it 405 00:19:44,119 --> 00:19:46,480 Speaker 1: might might rip your hand off, hurt, might not might 406 00:19:46,520 --> 00:19:51,960 Speaker 1: be great, not investment advice. But the South Korean regulators 407 00:19:52,000 --> 00:19:54,800 Speaker 1: are sick of this, and so they've said, like, as 408 00:19:54,840 --> 00:19:57,720 Speaker 1: of this week, brokerage as will this is from a 409 00:19:57,800 --> 00:20:01,560 Speaker 1: Financial Times story. As of this week, brokerages will automatically 410 00:20:01,600 --> 00:20:04,040 Speaker 1: block investors wanting to put their funds into leveraged or 411 00:20:04,080 --> 00:20:06,720 Speaker 1: in verse ETFs and who cannot provide the certification number 412 00:20:06,960 --> 00:20:09,199 Speaker 1: given to those who have completed a one hour online 413 00:20:09,200 --> 00:20:10,160 Speaker 1: training one hour. 414 00:20:10,560 --> 00:20:12,840 Speaker 2: Okay, so I didn't read the story click through. 415 00:20:12,680 --> 00:20:14,639 Speaker 1: An online they get an hour long online. 416 00:20:14,720 --> 00:20:17,520 Speaker 2: I was thinking, like the little video ad you get 417 00:20:17,560 --> 00:20:20,480 Speaker 2: before YouTube video where it's fifteen seconds and then you 418 00:20:20,480 --> 00:20:21,200 Speaker 2: can click through. 419 00:20:21,560 --> 00:20:25,720 Speaker 1: Yeah, right, us chance, Literally it's like with like options, 420 00:20:25,840 --> 00:20:28,280 Speaker 1: you know, like you have to click some forms to 421 00:20:28,320 --> 00:20:30,920 Speaker 1: be approved to trade options, right, and like an hour 422 00:20:31,080 --> 00:20:34,080 Speaker 1: is aggressive? Yeah, there's someone emailed me to be like 423 00:20:34,160 --> 00:20:37,320 Speaker 1: there's going to be an aftermarket in those codes, Like 424 00:20:38,080 --> 00:20:39,600 Speaker 1: he has the video, you're right down the corde. You 425 00:20:39,640 --> 00:20:41,160 Speaker 1: send it to some of your friends for money. 426 00:20:41,200 --> 00:20:45,280 Speaker 2: Can make an ETF out of that. Yeah, levered a 427 00:20:45,320 --> 00:20:46,080 Speaker 2: few times. 428 00:20:47,000 --> 00:20:49,640 Speaker 1: But I will say I love those. 429 00:20:49,800 --> 00:20:53,840 Speaker 2: Yeah, because you think that there should be gated access 430 00:20:53,880 --> 00:20:54,760 Speaker 2: to the products? 431 00:20:54,760 --> 00:20:58,560 Speaker 1: Absolutely, Wow, Yeah, I'm a gatekeeper. Wow, I think there 432 00:20:58,560 --> 00:21:00,480 Speaker 1: should be gated access. I also think that, like, if 433 00:21:00,520 --> 00:21:03,240 Speaker 1: you're a securities regulator, one real bind that you have 434 00:21:03,480 --> 00:21:07,680 Speaker 1: is that when stuff is going up, if you are 435 00:21:07,680 --> 00:21:09,639 Speaker 1: ever like we don't want people to be able to 436 00:21:09,640 --> 00:21:11,280 Speaker 1: invest in this stuff, Like, people get really mad at 437 00:21:11,280 --> 00:21:13,120 Speaker 1: you because you're standing in the way of the fun. 438 00:21:13,560 --> 00:21:16,160 Speaker 1: And then when this stuff goes down, it's like, oh, 439 00:21:16,240 --> 00:21:18,760 Speaker 1: this was a terrible product. They come to the regulators 440 00:21:18,840 --> 00:21:21,280 Speaker 1: like where were you on stopping this terrible product? And 441 00:21:21,320 --> 00:21:23,240 Speaker 1: as if you're the regulators, it's an unpleasant bind to 442 00:21:23,280 --> 00:21:27,160 Speaker 1: be in. A Yeah, you can't really do anything other 443 00:21:27,240 --> 00:21:30,280 Speaker 1: than try to put the decision on the retail investors 444 00:21:30,400 --> 00:21:32,240 Speaker 1: and try to give them as much information as you 445 00:21:32,320 --> 00:21:36,160 Speaker 1: can and also like make it not your problem, which 446 00:21:36,240 --> 00:21:39,520 Speaker 1: means like you know people. Maybe like there's gonna be 447 00:21:39,520 --> 00:21:42,080 Speaker 1: an aftermarket in those codes, right, Like, yeah, people are 448 00:21:42,080 --> 00:21:45,080 Speaker 1: going to trade these ETFs without watching the hour long video. Yeah, 449 00:21:45,080 --> 00:21:47,760 Speaker 1: but like that's not a problem because from the regulat's perspective, 450 00:21:47,840 --> 00:21:50,000 Speaker 1: those people can't complain. Right if you like didn't watch 451 00:21:50,040 --> 00:21:51,560 Speaker 1: the video and then you buy the ETF and you 452 00:21:51,560 --> 00:21:53,159 Speaker 1: go to the regulatory Oh why did you let me 453 00:21:53,200 --> 00:21:55,360 Speaker 1: buy the CTF? I didn't watch the video. The regulator 454 00:21:55,400 --> 00:21:57,040 Speaker 1: is like, you're a problem man. You should have watched 455 00:21:57,080 --> 00:21:57,440 Speaker 1: the video. 456 00:21:57,520 --> 00:21:57,760 Speaker 2: Yeah. 457 00:21:57,800 --> 00:21:59,240 Speaker 1: I don't know, Like I think it's a good move. 458 00:21:59,400 --> 00:22:03,679 Speaker 2: I have some practical questions. Is this before every single 459 00:22:03,800 --> 00:22:05,159 Speaker 2: purchase that you make or is. 460 00:22:05,160 --> 00:22:06,960 Speaker 1: It just like it's like to get turned onto trade 461 00:22:07,040 --> 00:22:09,239 Speaker 1: levery you tube. Oh interesting, So I do think that, 462 00:22:09,280 --> 00:22:11,000 Speaker 1: like if it works, you can have a separate airline 463 00:22:11,000 --> 00:22:13,360 Speaker 1: training video for all sorts of products. I really want 464 00:22:13,400 --> 00:22:16,560 Speaker 1: to like record the library of like dark by these 465 00:22:16,640 --> 00:22:17,359 Speaker 1: product videos. 466 00:22:17,400 --> 00:22:20,000 Speaker 2: People would actually watch the video, then good, that would 467 00:22:20,040 --> 00:22:20,360 Speaker 2: be fun. 468 00:22:20,600 --> 00:22:22,159 Speaker 1: I should turn this podcast into that. 469 00:22:22,520 --> 00:22:25,680 Speaker 2: Yeah, yeah, we can monetize that. This reminded me of 470 00:22:27,200 --> 00:22:31,800 Speaker 2: episode in twenty twenty two, when Finra apparently opened a 471 00:22:31,840 --> 00:22:38,280 Speaker 2: consultation on whether complex exchange traded products should be basically curbed, 472 00:22:38,800 --> 00:22:42,200 Speaker 2: so complex in their world means leverage and in verse crypto, 473 00:22:42,400 --> 00:22:45,879 Speaker 2: certain crypto funds, and some of the things that they 474 00:22:45,920 --> 00:22:49,639 Speaker 2: were considering were enhanced disclosure and a knowledge check for 475 00:22:49,720 --> 00:22:53,560 Speaker 2: retail customers. So basically like a little quiz was the 476 00:22:53,640 --> 00:22:56,439 Speaker 2: understanding at the time, and I was saying to look 477 00:22:56,480 --> 00:22:59,560 Speaker 2: at my reporting from the time. Apparently when I wrote 478 00:22:59,560 --> 00:23:04,000 Speaker 2: this in mid May, FINRA had received twelve thousand comments 479 00:23:04,480 --> 00:23:07,960 Speaker 2: on this proposal, and for context, usually FINRA notices get 480 00:23:07,960 --> 00:23:13,800 Speaker 2: fewer than twenty comments, So it meant violent opposition in 481 00:23:13,840 --> 00:23:16,359 Speaker 2: the US, right, But I think I assume. 482 00:23:16,040 --> 00:23:19,120 Speaker 1: That's not like mostly from burkers being like I want 483 00:23:19,119 --> 00:23:21,480 Speaker 1: to sell stuffs or roobs. You don't understand it. I 484 00:23:21,480 --> 00:23:23,840 Speaker 1: think it's mostly from retail customers I don't want to 485 00:23:23,880 --> 00:23:26,200 Speaker 1: watch a video before I buy stuff, yeah. 486 00:23:26,080 --> 00:23:27,640 Speaker 2: Or like I don't want to take a little quiz. 487 00:23:27,720 --> 00:23:30,760 Speaker 1: Yeah. I'm surprised that it met with violent onsicion. I 488 00:23:30,840 --> 00:23:31,199 Speaker 1: just like it. 489 00:23:31,240 --> 00:23:33,239 Speaker 2: I would love that. I would love to take the 490 00:23:33,359 --> 00:23:37,640 Speaker 2: quiz though. I think that sounds fun. Someone I don't 491 00:23:37,680 --> 00:23:40,760 Speaker 2: know had one. I'd be interested in taking it soon. 492 00:23:40,840 --> 00:23:46,040 Speaker 2: Could check our knowledge good game have a great holiday season. 493 00:23:46,440 --> 00:23:47,320 Speaker 1: We'll see you back here. 494 00:23:47,560 --> 00:23:49,160 Speaker 2: Well, they'll see us on January second. 495 00:23:49,240 --> 00:23:51,720 Speaker 1: Yeah, I was gonna say we're off next week. Yeah, 496 00:23:52,119 --> 00:23:55,200 Speaker 1: but probably back the following week with a mel back 497 00:23:55,200 --> 00:23:58,400 Speaker 1: episode US something goes wrong, uns it goods to leave 498 00:23:58,440 --> 00:24:06,960 Speaker 1: it looks. And that was The Money Stuff Podcast. 499 00:24:07,280 --> 00:24:09,400 Speaker 2: I'm Matt Levine and I'm Katie Greifeld. 500 00:24:09,600 --> 00:24:11,760 Speaker 1: You can find my work by subscribing to The Money 501 00:24:11,760 --> 00:24:13,720 Speaker 1: stuffnewsletter on Bloomberg. 502 00:24:13,320 --> 00:24:15,920 Speaker 2: Dot com, and you can find me on Bloomberg TV 503 00:24:16,119 --> 00:24:19,560 Speaker 2: every day on the close between three and five pm Eastern. 504 00:24:20,280 --> 00:24:22,120 Speaker 1: We'd love to hear from you if you can send 505 00:24:22,160 --> 00:24:25,560 Speaker 1: an email to Moneypod at Bloomberg dot net. Ask us 506 00:24:25,560 --> 00:24:27,520 Speaker 1: a question and we might answer it on the air. 507 00:24:27,880 --> 00:24:30,520 Speaker 2: You can also subscribe to our show wherever you're listening 508 00:24:30,560 --> 00:24:32,399 Speaker 2: right now and leave us a review. It helps more 509 00:24:32,440 --> 00:24:33,280 Speaker 2: people find the show. 510 00:24:34,200 --> 00:24:37,120 Speaker 1: The Money Stuff Podcast is produced by Ana ma Aserakis 511 00:24:37,200 --> 00:24:38,480 Speaker 1: and Moses ondam Our. 512 00:24:38,520 --> 00:24:40,600 Speaker 2: Theme music was composed by Blake Maples. 513 00:24:41,280 --> 00:24:44,040 Speaker 1: Amy Keen is our executive producer. 514 00:24:43,960 --> 00:24:46,480 Speaker 2: And Sage Bauman is Bloomberg's head of Podcasts. 515 00:24:46,800 --> 00:24:48,760 Speaker 1: Thanks for listening to The Money Stuff Podcast.