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Speaker 1: Hello, and welcome to another episode of the Mark mass Show,

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Speaker 1: where we talk about the decentralized revolution. Of course, we're

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Speaker 1: talking about the way the world is changing as of

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Speaker 1: course we look at it through the lens of politics, finance,

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Speaker 1: and technology, and of course that technology is bitcoin that

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Speaker 1: is changing the world. Of course in so many ways.

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Speaker 1: It's always technology to changes the world, you know.

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Speaker 2: I try to bring to.

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Speaker 1: You some you know, education so you can see things differently,

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Speaker 1: some late breaking news, and of course some interesting guests.

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Speaker 1: And that's what I have today. I'm joined in studio

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Speaker 1: with Lisa Howe.

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Speaker 2: Did I say that right?

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Speaker 1: Huff huff, Oh tough, Okay, spelled differently, Lisa Huff.

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Speaker 2: There you go.

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Speaker 1: And she is somewhat of an energy expert, energy and

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Speaker 1: bitcoin expert, so I'm excited again. Anyway, Lisa, thanks for

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Speaker 1: joining me today.

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Speaker 3: Thanks for having me Marks.

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Speaker 2: Sorry I got the name wrong.

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Speaker 1: It looks like everyone does. Yeah, not spelled that way.

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Speaker 1: So you know, we were talking earlier about, you know,

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Speaker 1: some of my run ins in the energy market, and

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Speaker 1: I know you're in the energy capital of I guess America,

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Speaker 1: least at least Texas of the world.

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Speaker 2: You would call it.

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Speaker 3: Yeah, Houston energy capital of the world. Okay, bitcoin mining capital.

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Speaker 2: Of the world more than Saudi Arabia.

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Speaker 3: According to me, it's Houston.

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Speaker 2: Okay, according to you? Got it? That works?

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Speaker 1: That works, you know, Lisa, I want to dig in

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Speaker 1: a little bit. Obviously, I want to talk about bitcoin

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Speaker 1: mining for sure, But if we start from like a

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Speaker 1: little bit zoomed out location, I mean, you started your

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Speaker 1: career as a natural gas trader, is.

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Speaker 2: That right, that's right?

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Speaker 1: Yeah, So do you have some views on what's going

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Speaker 1: on with natural gas like in the United States and

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Speaker 1: globally and how those markets are kind of working, because

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Speaker 1: it seems like obviously we see like massive problems in

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Speaker 1: Europe with natural gas, you know, and then we can

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Speaker 1: see how the US natural gas market is seeming to

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Speaker 1: be completely disconnected from the global natural gas markets. So

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Speaker 1: as a trader, I'm curious if you have any views

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Speaker 1: on that. Potentially, you know, what will happen with the

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Speaker 1: US being able to export enough natural gas to get

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Speaker 1: into like a more of a global price in regards

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Speaker 1: to that.

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Speaker 3: Yeah, So I wouldn't consider myself an energy expert anymore.

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Speaker 3: I traded natural gas a very long time ago. I

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Speaker 3: worked for run PGNE Southern Company, so a lot of

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Speaker 3: utilities as well as you know, spectrating shops. And learned

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Speaker 3: a lot about the energy business, so hard assets such

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Speaker 3: as salt and storage, generation assets, pipeline capacity, how all

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Speaker 3: that works. And I loosely follow energy, especially during COVID

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Speaker 3: when oil went to negative thirty. Of course I was

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Speaker 3: deep in study of what was actually going on. And

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Speaker 3: it was quite simple, as you know, more supply than demand,

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Speaker 3: so you had that people had to pay to have

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Speaker 3: their production taken by somebody in Cushing, Oklahoma. So anyway,

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Speaker 3: where do I see energy globally? I think that we

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Speaker 3: are really at a place of struggle. And I say

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Speaker 3: that because I believe that we're fighting domestically with each

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Speaker 3: other over the ESG narrative. And yet the global demand

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Speaker 3: for energy continues to rise, coupled with Russia eliminating supply

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Speaker 3: for parts of Europe Ukraine, coupled with Saudi Arabia and

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Speaker 3: the Arab nations lowering OPEK supply. I attended a couple

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Speaker 3: of weeks ago, I attended a conference at University of Texas.

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Speaker 3: It was an energy conference, and every speaker and everyone

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Speaker 3: there was really of the belief that Jeff Curry at

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Speaker 3: Goldman Sachs called for two years ago, probably higher energy prices,

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Speaker 3: more geopolitical risk on the horizon.

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Speaker 1: Yeah, you some did up really well when you talked

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Speaker 1: about you know, oil dropping to negative thirty and really

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Speaker 1: boiled it down. As complex as these things can seem,

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Speaker 1: they're actually very simple and it boils down to supply

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Speaker 1: and demand. So that's that's what I was price.

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Speaker 3: Yeah, it does, and most people don't have a feel

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Speaker 3: for what physical commodity transfer looks like. You know, they

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Speaker 3: don't exactly know. They know that maybe natural gas is

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Speaker 3: required for them to turn their light switch on at home,

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Speaker 3: but they're they're not aware that. You know, it gets

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Speaker 3: produced out in the Gulf of Mexico, it gets brought

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Speaker 3: on shore, put into you know, one of many pipelines

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Speaker 3: in the Gulf coast, and depending on the demand at

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Speaker 3: delivery points, so deliver you know, depending on how much gas. Calpine,

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Speaker 3: for example, one of the largest power producers in the country,

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Speaker 3: also based here in Houston. Depending on what they need,

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Speaker 3: supply either goes to them or others like them, or

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Speaker 3: it goes into storage. And the arbitge around those activities

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Speaker 3: is what makes markets and it's what makes markets strong.

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Speaker 3: So I'm a huge advocate for free markets. Again, I

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Speaker 3: think this is, you know, one piece of why I'm

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Speaker 3: so heavily vocal about the ESG narrative. I think that

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Speaker 3: it's dangerous in so many ways, you know, largely because

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Speaker 3: if we don't have on shore energy, we don't have

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Speaker 3: on shore national security. And if people don't understand that

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Speaker 3: after the Russia Ukraine battle and what that really has

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Speaker 3: looked like throughout Europe and how that energy bleed has

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Speaker 3: affected all of Europe, I mean, I guess you're not

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Speaker 3: I guess you're not smart because it's it's really pretty obvious.

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Speaker 3: I don't think you have to be an energy expert

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Speaker 3: to go you know, probably better off if I made

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Speaker 3: this here at home.

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Speaker 1: Yeah, I think people aren't smart. I mean they haven't ever.

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Speaker 1: Most people haven't stopped to actually think through past a second, third, fourth,

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Speaker 1: fifth order.

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Speaker 2: Thinking.

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Speaker 1: And so they go, oh, well, I guess we got

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Speaker 1: to save the climate cut down on natural gas. They

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Speaker 1: don't really understand what that means. It's like the fish

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Speaker 1: doesn't know it's in water, so to speak. Right, But

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Speaker 1: if you would just take time to think through this

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Speaker 1: a little bit to the kind of point you're making,

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Speaker 1: like if we don't have if you don't have savings

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Speaker 1: and something bad happens to you, you have no reserves,

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Speaker 1: like you're a slave. You can't quit your job. If

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Speaker 1: the US doesn't have reserves of energy like our oil reserves,

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Speaker 1: that could.

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Speaker 2: Be a problem in time of need.

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Speaker 1: In California where I'm at, which you can brek me

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Speaker 1: later on, that we have seen a big push to

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Speaker 1: get rid of all natural gas in the state. I'm

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Speaker 1: I'm working with someone to add an addition into my house.

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Speaker 1: I'm not even allowed to run natural gas.

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Speaker 3: Into that is that right?

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Speaker 1: And my natural gas bill has gone up by four

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Speaker 1: hundred percent in the last year.

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Speaker 2: Well, natural gas prices in the US have come down.

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Speaker 3: Wow, geez, not allowed to pipe in natural gas into your.

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Speaker 2: House, not in the new area I want to build onto.

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Speaker 3: Yeah, I find that funny, given that the EU has,

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Speaker 3: you know, in the last twelve months, has now deemed

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Speaker 3: natural gas to be green, a green energy source again.

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Speaker 3: Remember they had said it was a dirty energy source.

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Speaker 3: And then you know nuclear was shut down, and the

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Speaker 3: Russia situation has happened, and the forecast was for a

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Speaker 3: very cold winter.

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Speaker 2: You know.

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Speaker 3: Thankfully they didn't get that, so they deemed natural gas

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Speaker 3: to be this clean source of energy. So now, okay,

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Speaker 3: that's interesting. Now you've got California saying.

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Speaker 2: You can't new houses, no new houses can have it.

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Speaker 3: Huh.

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Speaker 1: And we we we had a wood burning fireplace and

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Speaker 1: we wanted to put a gas into our fireplace. So

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Speaker 1: we had someone come out and just run the gas

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Speaker 1: line and drill through the thing. And my wife went

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Speaker 1: to go find gas logs, and you know, she went

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Speaker 1: on home depot dot com or whatever it was Low's

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Speaker 1: dot com and up, we can't ship them to California.

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Speaker 1: You've got to We couldn't get logs shipped to California.

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Speaker 1: My wife had to go onto Craigslist and drive thirty

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Speaker 1: minutes from the house and meet somebody in a back

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Speaker 1: alley and do a cash deal to get gas logs.

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Speaker 1: Like I'm not joking, I mean I'm joking about the

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Speaker 1: back alley piece, but like literally on Craigslist and had

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Speaker 1: to go do a cash deal to get gas logs

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Speaker 1: in California because we couldn't. No one would ship them here.

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Speaker 1: They're all for sal Well, we just can't get them.

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Speaker 3: Insanity of that, Yeah, see that's just not a People

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Speaker 3: aren't really thinking through the second or third order effects

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Speaker 3: of energy usage. So in other countries where there's new

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Speaker 3: sources of energy that are coming in and available for use,

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Speaker 3: the main benefit is, yes, that there's reliable gas or

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Speaker 3: a reliable fuel, carbon based fuel source. But the second

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Speaker 3: layer derivative is that they're not burning wood in their

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Speaker 3: homes and they're not collectively burning garbage, which then they inhale,

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Speaker 3: which lead to health problems.

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Speaker 2: Yeah.

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Speaker 1: Yeah, so they'd rather have us burning wood, would wood

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Speaker 1: in the fireplace then clean burning natural gas, which is

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Speaker 1: which is which is pretty insane.

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Speaker 2: You know.

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Speaker 1: I want to I want to dig more into this ESG,

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Speaker 1: specifically this narrative and how that affects applying to man,

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Speaker 1: where that goes, and how that affects bitcoin. But unfortunately,

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Speaker 1: to the kind of point you're making, it seems like

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Speaker 1: we're going to see prices of energy going up. When

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Speaker 1: energy prices go up, everything goes up. If you're just

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Speaker 1: tune in, you're listening to the Mark Moas Show. I

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Speaker 1: am sitting down with Lisa Huff and we are discussing

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Speaker 1: energy markets, bitcoin and ESG and a whole lot more

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Speaker 1: we're going to cover that when we get back.

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Speaker 2: Don't go away, We'll be right back.

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Speaker 1: All right, Welcome back. If you're just tune in, you're

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Speaker 1: listening to the Mark Moss Show. We're talking about the

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Speaker 1: Decentralized Revolution, and I'm in studio with Lisa Huff. We're

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Speaker 1: talking about energy markets, We're talking about ESG, We're going

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Speaker 1: to talk about bitcoin mining and so much more. Lisa,

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Speaker 1: we were just talking about before the break, the insanity

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Speaker 1: of CALIBOOI where I can't even get I can't even

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Speaker 1: get gas logs anymore. But going back to this ESG

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Speaker 1: narrative at the end of the day, back to making

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Speaker 1: things very simple. It just crimp supply, right, So they're

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Speaker 1: pushing these policies in place that would ultimately crimp supply

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Speaker 1: and that would push prices up.

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Speaker 2: Is that how you see that?

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Speaker 3: Yeah, I would say that that's a second or third

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Speaker 3: order effect. I mean, I think we really have to

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Speaker 3: look at the root of ESG and where did this

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Speaker 3: come from. And I was actually researching for your show.

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Speaker 3: I wanted to brush up on my ESG, even though

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Speaker 3: I talk about it all the time. I wanted to

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Speaker 3: be thoughtful about what I said today, and I discovered

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Speaker 3: that it was actually brought into existence by the UN

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Speaker 3: in the early two thousands as a way to reward

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Speaker 3: companies that had these virtuous properties about them. But I

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Speaker 3: would offer to your listeners that to me, ESG has

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Speaker 3: become something of virtue signaling and less about the returns.

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Speaker 3: And so the way that the ESG narrative has played

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Speaker 3: out in the US and actually around the world, that

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Speaker 3: ESG just doesn't pay to be responsible. So I heard

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Speaker 3: this analogy recently that ESG is like giving wheat grass

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Speaker 3: to a cancer patient. But ESG is worse because it's

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Speaker 3: the equivalent of giving the cancer patient wheat grass and

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Speaker 3: delaying the chemotherapy. So what do I mean by that?

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Speaker 3: I mean that it's created two separate capital market structures.

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Speaker 3: It's created a capital market structure that is free of

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Speaker 3: carbon or ESG related topics, and it's created the other market.

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Speaker 3: And anytime that we have government interference, and that's what

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Speaker 3: that is, right, that's state interference. You don't have a

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Speaker 3: free market. And we must have free markets, and we

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Speaker 3: must advocate and fight for free markets because without them,

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Speaker 3: we have no true economic activity. All economic activity is tainted.

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Speaker 1: So yeah, by coming up with this arbitrary scoring system.

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Speaker 1: It's a way to really kind of impose controls, right,

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Speaker 1: and so now they can force companies to get this

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Speaker 1: score which is made up of environmental, social, and governance scores,

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Speaker 1: which pushes all types of things from their environmental impact

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Speaker 1: all the way through their diversity on their board, and

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Speaker 1: it takes away to your point, to free market, which

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Speaker 1: is ironic because you know, it seems like if these

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Speaker 1: business owners are so greedy and we need to make

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Speaker 1: them be more diversified, well, if they're so greedy, wouldn't

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Speaker 1: they hire the best person for the job. Like, if

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Speaker 1: I'm so greedy I want my business to do well,

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Speaker 1: then I'm going to hire the best person. I don't

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Speaker 1: care what race, sex, color, whatever they are. And so

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Speaker 1: it's sort of like a contradiction there.

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Speaker 3: Well, it's interesting. So the development and the path that

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Speaker 3: Blackrock has taken. So a few years ago, I mean

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Speaker 3: you probably remember they came out with a bunch of

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Speaker 3: exchange traded funds that were ESG compliant and they really

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Speaker 3: heavily marketed those funds. And now recently they have issued

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Speaker 3: a statement. I'm gonna read it to you just so

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Speaker 3: you get the full. You know, this is exactly what

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Speaker 3: they said. We believe that greenwashing is a risk to

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Speaker 3: investors and detrimental to asset manager industry credibility. There is

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Speaker 3: no evidence that buying low carbon ETFs leads to less

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Speaker 3: carbon use, so ESG should be noted. Those investments out

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Speaker 3: have underperformed every other investment, every other type of investment.

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Speaker 3: Of course, what's led the way in recent years this

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Speaker 3: is energy. There's a group called the Climate Action plus

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Speaker 3: one hundred that claims to represent fifty percent of all

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Speaker 3: asset managers sixty trillion dollars in assets under management, and

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Speaker 3: in coordination they've told companies that they need to cut

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Speaker 3: their emissions or really improve their ESG metric. So this

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Speaker 3: caused of course that, you know, so what's the effect

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Speaker 3: of that. We eventually see prices spike at the pump

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Speaker 3: because there's under investment into with capital markets, into businesses

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Speaker 3: that are producing energy on shore, like we talked about,

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Speaker 3: which is necessary for national security. So it leads to

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Speaker 3: a spike in prices at the pump. And in the US,

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Speaker 3: we have a term for that. That's antitrust. Yeah, right,

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Speaker 3: a group gathering together that influences price.

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Speaker 2: That's a good point.

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Speaker 1: So oh sorry, no, Lass, that's a good point.

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Speaker 2: I haven't really thought about it like that.

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Speaker 3: So Blackrock, Vanguarden, State Street voted on new directors at

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Speaker 3: x On. This is I think a year or two

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Speaker 3: or three ago, and after they did, Exon cut their

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Speaker 3: production targets by twenty percent. So think about Okay, they

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Speaker 3: cut their production targets, what does that mean? That means

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Speaker 3: that they stopped projects. They stopped exploration projects around the world.

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Speaker 3: Who was there to pick those projects up?

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Speaker 1: Right?

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Speaker 3: Many were already in the works of being developed. Who

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Speaker 3: do you think was there to pick it up?

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Speaker 1: Asia and China specifically out Petro China.

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Speaker 3: Petro China picked up the majority of those assets. Okay,

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Speaker 3: now let's see, if you're paying attention, who's the largest

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Speaker 3: shareholder of Petro China Blackla right. I mean, this is

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Speaker 3: not a free market when we have actors who influence

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Speaker 3: or influences a light word for what they're doing to

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Speaker 3: these energy companies. We do not need states in energy markets.

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Speaker 3: We don't need states in markets period. Former Treasury Secretary

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Speaker 3: Sarah Raskin has said that this forced investment coming through

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Speaker 3: states is an attack on sound investment practices. It forces

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Speaker 3: investments favored by politicians. That was a quote. Yeah, and

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Speaker 3: anyway I could, yeah, ramble on about you.

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Speaker 2: Right.

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Speaker 3: I find it's very offensive and it's been personally. It's

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Speaker 3: affected my family and my friends. You know, Bank of

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Speaker 3: Montreal a couple of years ago they pulled out of

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Speaker 3: their natural resource group. They had ninety employees and natural

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Speaker 3: resources and one of my family members was one of

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Speaker 3: those managing directors. And you know, went to work one

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Speaker 3: day and they bemo. Right, Bank of Montreal so enormous

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Speaker 3: energy assets in Canada. They say, no, we're not going

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Speaker 3: to bank energy anymore.

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Speaker 1: Yeah, I mean it hits everybody. I mean, back to

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Speaker 1: here where I'm at. My gas bill went from one

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Speaker 1: hundred dollars a month to four hundred a month. And

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Speaker 1: you know, while I certainly don't like that, I can

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Speaker 1: afford that, but what about the people that can't. I mean,

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Speaker 1: it affects everybody. So it's insane. I have seen quite

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Speaker 1: a bit of backlash building.

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Speaker 2: Obviously.

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Speaker 1: We've seen a lot of Republican led states first started

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Speaker 1: divesting their funds from Blackrock. Billions of dollars were pulled

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Speaker 1: from Blackrock because of that, and then I think was

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Speaker 1: there twenty six states that have filed into a lawsuit

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Speaker 1: about this ESG investing texts of course being one of those,

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Speaker 1: and so then there's a lot of backlash. I believe

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Speaker 1: it was Vanguard that now has abandoned their net zero goals,

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Speaker 1: and now Blackrock is running pr like this going whoa, whoa, whoa, whoa,

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Speaker 1: hang on, hang on, We're not like as bad as

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Speaker 1: you think we are. So there's definitely a shift happening.

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Speaker 1: But I think maybe just a shift in the narrative,

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Speaker 1: maybe not so much in the underlying practices. I want

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Speaker 1: to dig into some of the mining stuff using the

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Speaker 1: these energy sources as mining. We could talk about this

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Speaker 1: New York Times hit piece that just came out that

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Speaker 1: seems pretty interesting, So I want to talk about that

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Speaker 1: as well, in ways that maybe this, you know, bitcoin

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Speaker 1: mining can actually help the energy markets. If you're just

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Speaker 1: tuning in you're listening to the Mark Mas Show, of course,

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Speaker 1: we talk about the decentralized revel each and every week.

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Speaker 1: I'm in studio with Lisa Huff. We are discussing the

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Speaker 1: energy market. You can find her on Twitter at Lisa

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Speaker 1: Underscore Huff, which is h O U G H underscore.

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Speaker 2: Maybe you gotta fix that, Lisa.

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Speaker 1: Check her out on Twitter. We'll link it in the

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Speaker 1: show notes down below. We'll be back with more in

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Speaker 1: a minute.

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Speaker 2: Don't go away, we'll be right back.

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Speaker 1: All right, Welcome back. If you're just tuning in, you're

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Speaker 1: listening to the Mark Mass Show. I am in studio

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Speaker 1: with Lisa Huff. She is an energy trader, she's a bitcoiner.

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Speaker 1: She worked for a company called level Field, and I

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Speaker 1: want to talk about that. We're talking about energy markets,

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Speaker 1: bitcoin mining, so much more. But Lisa, I want to

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Speaker 1: get back into the kind of energy and the bitcoin mining.

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Speaker 1: But before, let's talk about the company that you're working for,

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Speaker 1: level Field, and how you got over there.

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Speaker 3: Yeah, sure, thank you. I joined level Field in July

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Speaker 3: of last year. I went to them because I work

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Speaker 3: for bitcoin adoption. That's what drives me. That is my purpose.

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Speaker 3: It's what I think I was put here on earth

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Speaker 3: to do. I've recently figured that out. Probably started figuring

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Speaker 3: bitcoin out in twenty eighteen, really didn't dive in until

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Speaker 3: twenty you know, late twenty nineteen, twenty twenty, certainly when

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Speaker 3: everybody was taking every online class at YouTube University and

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Speaker 3: all of those things I really got on the bitcoin bandwagon,

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Speaker 3: so much so that one of my friends said, you

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Speaker 3: should really start a consulting practice and teach people about bitcoin.

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Speaker 3: I thought, well, all right, I was going to, you know,

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Speaker 3: go back to work in the energy business. Sure, I'll

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Speaker 3: start teaching people about bitcoin. One thing led to another.

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Speaker 3: I had one public company that was a client mini

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Speaker 3: wealth managers, lots of high net worth folks. And I

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Speaker 3: was at a conference I met Parker Lewis. I was

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Speaker 3: at a conference in Austin and was just telling him

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Speaker 3: about you know. He said, well, tell me about yourself.

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Speaker 3: What do you do? You know, Oh, what did you

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Speaker 3: do before that energy? Where do you live Houston? He probably.

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Speaker 3: Two weeks later, I was working for Unchained Capital because

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Speaker 3: they wanted somebody to lead the Houston efforts to market

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Speaker 3: for unchained and Unchained as you know and others know,

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Speaker 3: helps people hold their own keys for their bitcoin.

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Speaker 1: Yeah, shout out to Unchained. They're a friend of the show.

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Speaker 1: I use them for the services, So check them out

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Speaker 1: Unchained Capital.

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Speaker 3: Yeah, keep going me too.

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Speaker 1: Well.

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Speaker 3: The difficult thing about holding your own keys is that

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Speaker 3: not everyone is comfortable doing that. In fact, the vast

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Speaker 3: majority of people are not yet comfortable doing it. I

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Speaker 3: don't find it to be difficult. I do find it

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Speaker 3: to be a little nerve wracking if I have to move,

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Speaker 3: you know, say, a significant amount of bitcoin. I don't

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Speaker 3: know why, but I was recently with a bitcoin developer,

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Speaker 3: core developer who told me that he still breaks out

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Speaker 3: in sweats if he moves more than about fifty thousand dollars. Yeah,

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Speaker 3: you know, us dollars of bitcoin.

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Speaker 1: So I always start with a little test every time,

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Speaker 1: we just a little well.

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Speaker 3: Mark, I don't even want to tell you what happens

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Speaker 3: when you do that, though. Let's say that you start

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Speaker 3: with five bitcoin and you want to move those five

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Speaker 3: and you say, okay, I'll move you know, point one

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Speaker 3: bitcoin to the test address and make sure that it's there. Well,

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Speaker 3: you can verify where the test address is going to

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Speaker 3: the right address. You can look at the address on

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Speaker 3: your Treasure Ledger cold card and you can verify the

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Speaker 3: address obviously in the box of where you're filling it

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Speaker 3: in or the QR code where you're sending this. But

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Speaker 3: then the change the other four point ninety nine bitcoin

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Speaker 3: is created inside of a new change address. So to me,

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Speaker 3: that's more frightening because you can't verify what the change

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Speaker 3: address is. You just like have to hope that it

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Speaker 3: is actually part of your transaction, which of course it is.

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Speaker 3: So for me, that's the scary part is the is

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Speaker 3: the test. I would rather just just move it. But anyway,

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Speaker 3: so I figured out that, you know, gosh, people really

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Speaker 3: have a hard time with this, and and level Field

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Speaker 3: approached me. I wasn't looking to leave unchained. You know,

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Speaker 3: I love those guys, love Parker Lewis. I've learned more

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Speaker 3: from Parker Lewis than anyone else in bitcoin just being

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Speaker 3: around him on a daily, weekly basis. It's just the stuff,

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Speaker 3: stuff that seeps out of him and into you is like,

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Speaker 3: oh my gosh, He's just this wealth of knowledge and

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Speaker 3: history and really formulative thought. So level Field approached me

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Speaker 3: and they said, hey, we're looking for somebody to lead

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Speaker 3: our business development efforts. We are acquiring a US bank

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Speaker 3: and we want to be the first bank where an

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Speaker 3: individual can buy and hold bitcoin. So I'm looking around, going,

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Speaker 3: you know, yeah, there'll probably be more than five or

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Speaker 3: ten percent of us that have our own keys. That's

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Speaker 3: this is probably a cause I can work for. I

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Speaker 3: will work for helping a broader group of individuals hold bitcoin.

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Speaker 3: So we're in the regulatory process right now. I can't

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Speaker 3: say too much more. We have announced that we're buying

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Speaker 3: Burling Bank. Burling is the bank in the Chicago Board

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Speaker 3: of Trade building. They are loved in their community. They're

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Speaker 3: an old I think thirty eight year old family bank,

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Speaker 3: community bank, very solid assets, not affected by the recent

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Speaker 3: banking crisis at all. I would say the boy scouts

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Speaker 3: of the banking community. I truly love them as individuals.

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Speaker 3: So we're in the process of acquiring them. And part

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Speaker 3: of that is you have to go through the federal

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Speaker 3: regulatory the banking agencies in order to get those approvals.

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Speaker 3: So perhaps you know fourth quarter we will have the

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Speaker 3: approval and finish that transaction. So right now we are

436
00:23:44,800 --> 00:23:48,800
Speaker 3: not live, but eventually you'll be able to buy secure

437
00:23:49,840 --> 00:23:53,080
Speaker 3: bitcoin as well as have bitcoin financial services like a

438
00:23:53,119 --> 00:23:55,800
Speaker 3: pay me in Bitcoin option for your payroll, or a

439
00:23:55,800 --> 00:23:59,400
Speaker 3: bitcoin collateralized loan or bitcoin rewards credit card.

440
00:24:00,240 --> 00:24:00,520
Speaker 2: Nice.

441
00:24:01,320 --> 00:24:04,120
Speaker 1: I want to go back to you said about twenty eighteen.

442
00:24:04,280 --> 00:24:08,040
Speaker 1: You just you said you're working on bitcoin. You're working

443
00:24:08,280 --> 00:24:12,080
Speaker 1: for bitcoin. It's the most important thing you're on earth.

444
00:24:12,119 --> 00:24:12,600
Speaker 2: To do this.

445
00:24:13,000 --> 00:24:16,320
Speaker 1: You started in twenty eighteen. What was that aha moment?

446
00:24:16,359 --> 00:24:18,760
Speaker 1: What was that epiphany where all of a sudden You're like, shoot,

447
00:24:19,560 --> 00:24:21,720
Speaker 1: this is something pretty important I should be doing that.

448
00:24:22,280 --> 00:24:25,440
Speaker 3: I guess I always felt like I wasn't in control

449
00:24:25,680 --> 00:24:29,440
Speaker 3: of my investments. And I'm definitely a type a person.

450
00:24:30,560 --> 00:24:36,760
Speaker 3: Yet I didn't feel confident enough in the equity markets

451
00:24:36,800 --> 00:24:42,320
Speaker 3: to make adequate assumptions in order to safeguard my retirement.

452
00:24:42,960 --> 00:24:47,080
Speaker 3: And when I discovered bitcoin and really started learning about bitcoin,

453
00:24:47,119 --> 00:24:49,600
Speaker 3: I thought, well, you know, in some ways this is

454
00:24:49,720 --> 00:24:54,120
Speaker 3: like super simple, right. All value in bitcoin is derived

455
00:24:54,160 --> 00:24:56,760
Speaker 3: from the fact that there only ever will be twenty

456
00:24:56,800 --> 00:25:01,280
Speaker 3: one million bitcoin fixed supply, right, Scarcity drives the value

457
00:25:01,280 --> 00:25:06,359
Speaker 3: of bitcoin, and you know, in some regards obviously it's

458
00:25:06,440 --> 00:25:11,800
Speaker 3: it's quite complicated. So I really just began to dig

459
00:25:11,840 --> 00:25:13,480
Speaker 3: deeper and deeper, and I think I fell in love

460
00:25:13,520 --> 00:25:17,360
Speaker 3: with bitcoin when I realized the human rights aspect of bitcoin,

461
00:25:17,560 --> 00:25:20,360
Speaker 3: the ability that it gives people to you know, walk

462
00:25:20,400 --> 00:25:23,080
Speaker 3: across borders. Right. It would be the only way you

463
00:25:23,080 --> 00:25:28,320
Speaker 3: could walk from from you know, Russia into another country

464
00:25:28,359 --> 00:25:30,840
Speaker 3: with one hundred percent of your wealth. What always goes

465
00:25:30,840 --> 00:25:33,400
Speaker 3: through my mind is thinking back to World War Two

466
00:25:33,840 --> 00:25:36,959
Speaker 3: when the Jews were evacuating Germany, and they had on

467
00:25:37,040 --> 00:25:39,960
Speaker 3: coats and they were carrying, you know, suitcases in their

468
00:25:40,040 --> 00:25:43,080
Speaker 3: pockets or stuff with candlesticks and jewelry, and they're wearing

469
00:25:43,119 --> 00:25:45,520
Speaker 3: all of their gold. And we don't need to do

470
00:25:45,560 --> 00:25:51,120
Speaker 3: that anymore, obviously. And in fact, you know bitcoin, I've

471
00:25:51,280 --> 00:25:55,320
Speaker 3: heard today that bitcoin is is I think eighty is

472
00:25:55,359 --> 00:25:58,000
Speaker 3: used by eighty percent of bitcoin transactions under one thousand

473
00:25:58,080 --> 00:26:01,040
Speaker 3: dollars are being done in Africa, right, so it's very

474
00:26:01,240 --> 00:26:06,040
Speaker 3: heavily used in developing nations. We in the US are

475
00:26:06,680 --> 00:26:08,960
Speaker 3: slower to adopt, although we are adopting.

476
00:26:10,000 --> 00:26:11,480
Speaker 2: I think we just don't have the pain.

477
00:26:11,560 --> 00:26:14,480
Speaker 1: The pain's not high enough here. You're exactly where the

478
00:26:14,520 --> 00:26:17,520
Speaker 1: pain is high enough. People people move, You're exactly right.

479
00:26:17,720 --> 00:26:20,760
Speaker 3: Yeah, so the pain. So I came to it because

480
00:26:20,880 --> 00:26:26,399
Speaker 3: I was in a painful position, major life change, major

481
00:26:26,520 --> 00:26:30,080
Speaker 3: life financial change, fixed amount of dollars. What am I

482
00:26:30,119 --> 00:26:32,000
Speaker 3: going to do with this? Who am I going to

483
00:26:32,000 --> 00:26:35,879
Speaker 3: trust to help me with this? And I was smart

484
00:26:35,960 --> 00:26:38,120
Speaker 3: enough to know that I should not be trading equities,

485
00:26:38,200 --> 00:26:40,359
Speaker 3: although I did that for two years. I traded my

486
00:26:40,400 --> 00:26:44,879
Speaker 3: own uh my own book, so to speak. I traded

487
00:26:44,880 --> 00:26:48,360
Speaker 3: the volatile tech stocks, and I traded energy and that's

488
00:26:48,359 --> 00:26:50,760
Speaker 3: actually how I survived for two years, and I did

489
00:26:51,400 --> 00:26:54,120
Speaker 3: very well. But I realized that that was never going

490
00:26:54,200 --> 00:26:57,520
Speaker 3: to be a long term thing for me, right. I

491
00:26:57,600 --> 00:27:00,000
Speaker 3: was never going to learn technical analysis. I was never

492
00:27:00,000 --> 00:27:03,160
Speaker 3: a going to learn all the intricacies. Not to mention,

493
00:27:03,960 --> 00:27:07,440
Speaker 3: just the counterparty risk always worried me. And I think

494
00:27:07,480 --> 00:27:09,320
Speaker 3: that's what I love the most about bitcoin is that

495
00:27:09,359 --> 00:27:11,960
Speaker 3: there's no counterparty risk. And I think that's we know

496
00:27:12,720 --> 00:27:15,359
Speaker 3: right that this is what sovereign nations see in the

497
00:27:15,400 --> 00:27:18,480
Speaker 3: beauty of gold, which is why they're dumping US treasuries

498
00:27:18,800 --> 00:27:21,080
Speaker 3: and moving into gold. And I believe that they're moving

499
00:27:21,080 --> 00:27:22,479
Speaker 3: into bitcoin and we just don't know it.

500
00:27:22,720 --> 00:27:24,600
Speaker 1: And the part with trading and you're not providing any

501
00:27:24,760 --> 00:27:27,280
Speaker 1: value to the world. And you had said something earlier

502
00:27:27,400 --> 00:27:28,959
Speaker 1: was like you're like put on earth to do this.

503
00:27:29,240 --> 00:27:31,359
Speaker 1: I read this quote recently and it said something like

504
00:27:33,240 --> 00:27:37,560
Speaker 1: the biggest fear in life isn't is it living a

505
00:27:37,600 --> 00:27:41,120
Speaker 1: life where you haven't achieved anything. It's a fear of

506
00:27:41,160 --> 00:27:44,080
Speaker 1: achieving something but it was worth nothing. Something to that effect,

507
00:27:44,800 --> 00:27:47,000
Speaker 1: like you've worked your whole life and you've achieved big goals,

508
00:27:47,320 --> 00:27:50,000
Speaker 1: but they were all worthless, and so wouldn't you rather

509
00:27:50,080 --> 00:27:53,440
Speaker 1: work on something that's worth something that can be beneficial

510
00:27:53,480 --> 00:27:55,880
Speaker 1: for the world, And trading is certainly not that. If

511
00:27:55,880 --> 00:27:57,840
Speaker 1: you're just tuning in, you're listening to the Mark mass Show,

512
00:27:58,040 --> 00:28:01,320
Speaker 1: we're talking about the decentral Revolution. I'm in the studio

513
00:28:01,359 --> 00:28:03,280
Speaker 1: with Lisa Huff. We're back with more than a second.

514
00:28:03,320 --> 00:28:08,040
Speaker 1: Don't go away, We'll be right back. All right, welcome back.

515
00:28:08,040 --> 00:28:10,000
Speaker 1: If you're just tune in, you're listening to the Mark

516
00:28:10,040 --> 00:28:11,840
Speaker 1: Mass Show. Him in the studio with Lisa Huff. You

517
00:28:11,840 --> 00:28:15,840
Speaker 1: could check her out on Twitter at Lisa Underscore Huff.

518
00:28:15,840 --> 00:28:18,840
Speaker 1: That's h Ough Underscore Lisa.

519
00:28:18,920 --> 00:28:20,040
Speaker 2: So we were talking about.

520
00:28:19,960 --> 00:28:22,240
Speaker 1: How you came to bitcoin. You know, I would say

521
00:28:22,240 --> 00:28:26,000
Speaker 1: that it's always when there's enough pain. We kind of

522
00:28:26,119 --> 00:28:28,399
Speaker 1: talked about that before the break, and you know, kind

523
00:28:28,440 --> 00:28:30,879
Speaker 1: of my story was, I got so burned in the

524
00:28:30,920 --> 00:28:33,800
Speaker 1: two thousand and eight financial crisis that I was so

525
00:28:33,920 --> 00:28:36,080
Speaker 1: I had so much PTSD, I kept waiting for another

526
00:28:36,119 --> 00:28:40,440
Speaker 1: banking collapse, and I was subscribed to this newsletter called

527
00:28:40,480 --> 00:28:42,800
Speaker 1: Sovereign Man. Shout out to Simon Black at Sovereign Man,

528
00:28:42,800 --> 00:28:46,320
Speaker 1: who I still read this stuff and really beneficial, instrumental

529
00:28:46,320 --> 00:28:48,920
Speaker 1: in my worldview. And he talks about, you wouldn't put

530
00:28:48,920 --> 00:28:50,560
Speaker 1: all your money in one stock, Why do you have

531
00:28:50,600 --> 00:28:51,920
Speaker 1: your whole life in one country?

532
00:28:52,000 --> 00:28:52,760
Speaker 2: And he talks about the.

533
00:28:52,720 --> 00:28:56,080
Speaker 1: Importance of this flag theory or plenty multiple flags. If

534
00:28:56,200 --> 00:28:59,080
Speaker 1: money's digital, why not have money in Singapore and Hong

535
00:28:59,160 --> 00:29:01,360
Speaker 1: Kong and Panama and stuff like that. And I was

536
00:29:01,440 --> 00:29:03,920
Speaker 1: so worried about another banking collapse. So I was in

537
00:29:03,960 --> 00:29:06,160
Speaker 1: the process of working with one of his attorneys to

538
00:29:06,160 --> 00:29:08,520
Speaker 1: move money into set up a bank account in Panama

539
00:29:09,480 --> 00:29:11,280
Speaker 1: and I could deposit money there, earn a pretty good

540
00:29:11,320 --> 00:29:13,520
Speaker 1: rate of return, and work towards a path of residency.

541
00:29:13,840 --> 00:29:15,640
Speaker 1: And I took another that was twenty fifteen. I took

542
00:29:15,640 --> 00:29:18,240
Speaker 1: another look at bitcoin. I was like, actually, that's kind

543
00:29:18,240 --> 00:29:20,320
Speaker 1: of the same thing I'm trying to get. What I'm

544
00:29:20,320 --> 00:29:22,160
Speaker 1: trying to do is get money out of the banking system.

545
00:29:22,680 --> 00:29:23,840
Speaker 2: And I did.

546
00:29:23,920 --> 00:29:26,440
Speaker 1: And then once I saw, wait a minute, this is

547
00:29:26,440 --> 00:29:28,600
Speaker 1: actually a tool we can win with, Like this is

548
00:29:28,600 --> 00:29:30,760
Speaker 1: the way that we can actually change the world, then

549
00:29:30,760 --> 00:29:31,960
Speaker 1: I gotta tell the whole world about it.

550
00:29:32,320 --> 00:29:32,840
Speaker 2: So we did.

551
00:29:34,480 --> 00:29:37,440
Speaker 1: Let's jump into natural gas.

552
00:29:37,560 --> 00:29:39,240
Speaker 2: Or maybe just energy and mining.

553
00:29:39,280 --> 00:29:41,120
Speaker 1: I know you're there, as you said, in Houston and

554
00:29:41,160 --> 00:29:43,840
Speaker 1: the energy capital of the world, certainly the bitcoin mining

555
00:29:43,920 --> 00:29:47,920
Speaker 1: capital of the world at this point. A lot of

556
00:29:48,000 --> 00:29:50,920
Speaker 1: bitcoin miners have moved there because of the energy policies

557
00:29:50,920 --> 00:29:54,360
Speaker 1: that they'd have there. However, just recently it seems like

558
00:29:54,440 --> 00:29:56,840
Speaker 1: the state is not being so friendly to some of

559
00:29:56,840 --> 00:29:59,880
Speaker 1: the bitcoin miners. I know, there's a bunch of no

560
00:30:00,680 --> 00:30:02,520
Speaker 1: or a bunch of commotion, i'd say, about this new

561
00:30:02,520 --> 00:30:05,240
Speaker 1: bill where they want to take away their credits I

562
00:30:05,240 --> 00:30:07,760
Speaker 1: think is what's going on in that bill for the miners.

563
00:30:08,280 --> 00:30:09,400
Speaker 2: Have you been paying attention to that?

564
00:30:10,880 --> 00:30:13,640
Speaker 3: So that came out last week and truthfully, yes, I've

565
00:30:13,640 --> 00:30:17,240
Speaker 3: watched a little bit of it. I was completely out

566
00:30:17,280 --> 00:30:21,120
Speaker 3: of commission with a hernated disc last week and didn't

567
00:30:21,880 --> 00:30:25,800
Speaker 3: didn't follow that as closely as I as I should have. However,

568
00:30:25,800 --> 00:30:28,120
Speaker 3: I mean, I know the result is is basically that

569
00:30:28,160 --> 00:30:32,440
Speaker 3: it's proceeding into another, you know, section of the Texas

570
00:30:32,480 --> 00:30:39,920
Speaker 3: government and going before others for consideration. And yeah, it's

571
00:30:40,120 --> 00:30:44,880
Speaker 3: it's an interesting it's an interesting place where we are.

572
00:30:45,520 --> 00:30:49,760
Speaker 3: You know, we've got Ted Cruz, who is a bitcoin hoddler,

573
00:30:50,440 --> 00:30:55,280
Speaker 3: attends the Digital Wildcatters in Power conference he's spoke, he

574
00:30:55,360 --> 00:30:59,360
Speaker 3: spoke last year. We've got Greg Abbott, who is a

575
00:30:59,400 --> 00:31:04,640
Speaker 3: supporter of what we're doing. Urkot, I would say, is

576
00:31:04,760 --> 00:31:09,720
Speaker 3: even in favor of bitcoin mining. I know firsthand that

577
00:31:10,040 --> 00:31:14,280
Speaker 3: there are large power producers who are now working with

578
00:31:14,520 --> 00:31:18,160
Speaker 3: Urkot and this is like really new working with Urkot

579
00:31:18,240 --> 00:31:23,760
Speaker 3: to develop you know, more than five hundred megawatts because

580
00:31:23,920 --> 00:31:28,680
Speaker 3: they have basically come to an agreement and explain to

581
00:31:28,840 --> 00:31:31,640
Speaker 3: Erkot that this is a way to stabilize the grid.

582
00:31:32,680 --> 00:31:34,960
Speaker 3: You know, some use the expression that bitcoin mining is

583
00:31:35,000 --> 00:31:38,560
Speaker 3: like a battery. I don't really ever, I don't find

584
00:31:38,560 --> 00:31:44,600
Speaker 3: that to be a great example. Yeah, so it's it's

585
00:31:44,680 --> 00:31:49,200
Speaker 3: a topic of much conversation. What I find, again, you know,

586
00:31:49,400 --> 00:31:52,560
Speaker 3: most disturbing is that it's it's like the state isn't

587
00:31:52,800 --> 00:31:58,040
Speaker 3: UH is trying to get involved with these in markets

588
00:31:58,120 --> 00:32:01,880
Speaker 3: and manipulate the price and you know, demand response. So

589
00:32:02,800 --> 00:32:06,960
Speaker 3: demand response is basically the ability for or caught the

590
00:32:07,000 --> 00:32:12,520
Speaker 3: grid here in Texas to make companies or make you know,

591
00:32:13,520 --> 00:32:18,720
Speaker 3: big users of load shut down should power spike. So

592
00:32:19,520 --> 00:32:24,200
Speaker 3: what happened in I guess February of twenty twenty one

593
00:32:24,880 --> 00:32:28,000
Speaker 3: was this storm Ury and we had about thirty eight

594
00:32:28,160 --> 00:32:34,040
Speaker 3: plants that went offline. Thirty eight plants and why because

595
00:32:34,640 --> 00:32:39,680
Speaker 3: they weren't winnerized. Right, the Texas grid is actually really fragile.

596
00:32:40,040 --> 00:32:43,560
Speaker 3: I think that a grid grid health should have about

597
00:32:43,600 --> 00:32:47,160
Speaker 3: forty percent excess demand at any time, or sorry, excess

598
00:32:47,160 --> 00:32:50,520
Speaker 3: supply at any time, and I believe Texas is somewhere

599
00:32:50,880 --> 00:32:53,200
Speaker 3: less than eight It might be less than five percent

600
00:32:53,440 --> 00:32:55,440
Speaker 3: of you know, available power.

601
00:32:55,640 --> 00:32:55,800
Speaker 1: So.

602
00:32:57,880 --> 00:33:00,560
Speaker 3: Demand response all right, So this isn't a new concept.

603
00:33:01,160 --> 00:33:03,440
Speaker 3: This has been going on for a very long time

604
00:33:03,760 --> 00:33:08,040
Speaker 3: within Texas. But the media is now painting this picture

605
00:33:08,200 --> 00:33:12,280
Speaker 3: that bitcoin minors are bad because we can react quickly

606
00:33:13,200 --> 00:33:17,640
Speaker 3: if power is needed on the grid. So they didn't

607
00:33:17,640 --> 00:33:22,080
Speaker 3: feel the same way that the media didn't attack hospitals,

608
00:33:22,280 --> 00:33:27,960
Speaker 3: and hospitals have participated. Steel plants participate, you know, big

609
00:33:28,000 --> 00:33:33,520
Speaker 3: institutions participate. There are ways where the grid can shut

610
00:33:33,560 --> 00:33:37,320
Speaker 3: down a large amount of power source. Now, of course,

611
00:33:37,360 --> 00:33:39,560
Speaker 3: hospitals would be the last person that they'd turn off.

612
00:33:40,160 --> 00:33:43,000
Speaker 3: And you know, a steel plant also not a good

613
00:33:43,040 --> 00:33:45,880
Speaker 3: option to turn off because when they do, you know,

614
00:33:46,000 --> 00:33:49,320
Speaker 3: steel is manufactured and it takes a lot of heat,

615
00:33:49,480 --> 00:33:51,960
Speaker 3: and if the steel is left to sit, I think

616
00:33:52,000 --> 00:33:55,120
Speaker 3: for over an hour. Under over two hours without a

617
00:33:55,160 --> 00:33:59,840
Speaker 3: heat source, you've ruined the entire batch. Whereas with big

618
00:34:00,240 --> 00:34:02,640
Speaker 3: mining it can turn off in you know, a minute

619
00:34:02,680 --> 00:34:05,040
Speaker 3: or two or three and turn back on in a

620
00:34:05,080 --> 00:34:09,319
Speaker 3: minute or two or three with no harm to the

621
00:34:09,360 --> 00:34:13,560
Speaker 3: current production because as you know, you know the effort

622
00:34:13,640 --> 00:34:16,120
Speaker 3: of the computer, which is mining bitcoin, right, which is

623
00:34:16,200 --> 00:34:18,120
Speaker 3: kind of a silly name mining where it's not like

624
00:34:18,160 --> 00:34:19,080
Speaker 3: we're digging in the ground.

625
00:34:19,080 --> 00:34:21,120
Speaker 2: That's what we all processing transactions.

626
00:34:21,320 --> 00:34:24,000
Speaker 3: Yeah, I mean, it's happening in a split second.

627
00:34:24,120 --> 00:34:26,919
Speaker 1: Yeah, it's the best option. I mean, if you need

628
00:34:26,920 --> 00:34:29,560
Speaker 1: this extra capacity, which of course you do. This goes

629
00:34:29,600 --> 00:34:32,560
Speaker 1: back to kind of what we talked about starting out,

630
00:34:32,600 --> 00:34:36,720
Speaker 1: which was having a reserve. We talked about the US

631
00:34:36,800 --> 00:34:38,520
Speaker 1: not having its own energy or getting rid of the

632
00:34:39,040 --> 00:34:41,879
Speaker 1: patrolling reserves and the point of having a reserve so

633
00:34:42,080 --> 00:34:44,879
Speaker 1: in the case of emergency you have backup, and.

634
00:34:44,840 --> 00:34:46,040
Speaker 2: So that's sort of what this is.

635
00:34:46,080 --> 00:34:49,600
Speaker 1: This excess capacity could be used as a reserve where

636
00:34:49,600 --> 00:34:51,080
Speaker 1: it could be shut down and then it could be

637
00:34:51,080 --> 00:34:52,320
Speaker 1: deployed when needed.

638
00:34:52,840 --> 00:34:53,799
Speaker 2: And to your.

639
00:34:53,680 --> 00:34:55,400
Speaker 1: Point, of all the different options that you have to

640
00:34:55,440 --> 00:34:58,279
Speaker 1: shut down energy, the bigcoin money might be one of

641
00:34:58,280 --> 00:34:59,000
Speaker 1: the best ones.

642
00:35:00,800 --> 00:35:04,920
Speaker 3: It for sure. Is so I always think about, you know,

643
00:35:05,440 --> 00:35:10,040
Speaker 3: who influences the media? Right where where is the root

644
00:35:10,440 --> 00:35:15,399
Speaker 3: of this issue? Okay? And I would offer to you

645
00:35:15,840 --> 00:35:21,080
Speaker 3: if we think who is one of the biggest, heaviest,

646
00:35:21,480 --> 00:35:24,239
Speaker 3: you know, bitcoin haters out there that people talk about

647
00:35:24,280 --> 00:35:27,280
Speaker 3: anytime he talks about bitcoin, Twitter just goes wild.

648
00:35:27,600 --> 00:35:29,800
Speaker 1: Warren Buffets, Warren, Warren Buffett.

649
00:35:29,520 --> 00:35:33,960
Speaker 3: Of course, yeah, right, so, Warren Buffett, I have some

650
00:35:34,040 --> 00:35:37,240
Speaker 3: notes I wanted to just share with you. In twenty

651
00:35:37,280 --> 00:35:41,120
Speaker 3: twenty one, Berkshire announced that it was going to build

652
00:35:41,200 --> 00:35:47,799
Speaker 3: ten one gigawatt peaker plants here in Texas and they

653
00:35:47,840 --> 00:35:53,080
Speaker 3: would be paid for by the rate payers. Right so

654
00:35:53,160 --> 00:35:56,480
Speaker 3: the customer so me as a customer institution or a

655
00:35:56,560 --> 00:36:01,120
Speaker 3: huge industrial load pays the most, so Berkshire will get

656
00:36:01,480 --> 00:36:05,840
Speaker 3: a fixed rate of return to build these power plants.

657
00:36:07,880 --> 00:36:11,800
Speaker 3: It doesn't make any sense for them. I mean, fine,

658
00:36:12,200 --> 00:36:14,760
Speaker 3: if they want to build power plants and not fix

659
00:36:15,440 --> 00:36:17,799
Speaker 3: our current plants. Like I said, there were thirty eight

660
00:36:17,800 --> 00:36:20,600
Speaker 3: plants that went down during URI. There was a huge

661
00:36:20,640 --> 00:36:25,839
Speaker 3: computer glitch which caused power prices to spike. And yet

662
00:36:26,800 --> 00:36:29,839
Speaker 3: the Texas Tribune and there's a I can't come up

663
00:36:29,840 --> 00:36:33,040
Speaker 3: with the name of the company. There's an energy coalition

664
00:36:33,160 --> 00:36:35,839
Speaker 3: basically that has said and Greg Abbott, our governor, has

665
00:36:35,880 --> 00:36:38,440
Speaker 3: agreed that it would be better to take all money

666
00:36:38,480 --> 00:36:43,640
Speaker 3: and refortify our existing plants. But Berkshire says, no, we're

667
00:36:43,640 --> 00:36:47,160
Speaker 3: not interested in helping you fortify your existing infrastructure. We

668
00:36:47,239 --> 00:36:50,279
Speaker 3: want to build this new infrastructure. So what is in

669
00:36:50,320 --> 00:36:54,279
Speaker 3: direct competition to a peaker plant? What does the same

670
00:36:54,400 --> 00:36:56,879
Speaker 3: what offers the same flexibility.

671
00:36:58,600 --> 00:37:01,520
Speaker 1: It reminds me of warn Buffet's partner Charlie Munger, who says,

672
00:37:01,680 --> 00:37:04,000
Speaker 1: show me the incentives and I show you the outcome.

673
00:37:04,480 --> 00:37:06,560
Speaker 1: Of course, I always follow the incentives and the lead

674
00:37:06,600 --> 00:37:09,120
Speaker 1: you right to the conspiracy every single time. It's interesting.

675
00:37:09,880 --> 00:37:11,879
Speaker 1: If you're just tuning in you're listening to the Marcoms show.

676
00:37:11,880 --> 00:37:14,000
Speaker 1: I've been in studio with Lisa Huff. You can check

677
00:37:14,000 --> 00:37:16,719
Speaker 1: her out on Twitter at Lisa Underscore Huff h o

678
00:37:16,840 --> 00:37:21,120
Speaker 1: U g h Underscore, and also check out her company

679
00:37:21,120 --> 00:37:22,759
Speaker 1: that she's working with. You can check them out at

680
00:37:23,400 --> 00:37:25,879
Speaker 1: level Field is the name Levelfield dot Us.

681
00:37:26,000 --> 00:37:28,240
Speaker 2: Check it out. That's what we got today.

682
00:37:28,239 --> 00:37:31,040
Speaker 1: Hopefully that was hope helpful for you to understand exactly

683
00:37:31,040 --> 00:37:34,480
Speaker 1: what's going on and what is causing the supply demanded balance.

684
00:37:34,800 --> 00:37:36,399
Speaker 2: That's what we got. Thanks so much for listening. Until

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00:37:36,400 --> 00:37:36,759
Speaker 2: next time,