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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Let's get over to

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Speaker 1: Dan Ives right now web Bush Securities. He's a managing

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Speaker 1: director there and a senior equity analyst and a bowl. Um,

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Speaker 1: I guess Dan, for you, this must be the perfect

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Speaker 1: time to go in and buy right. We had a

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Speaker 1: big drop on Friday, big drop today? Um are, Is

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Speaker 1: there is there ever point at which you're gonna say,

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Speaker 1: you know what? This is over for now and let's

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Speaker 1: make Tesla, Apple, Microsoft all neutrals until m until the

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Speaker 1: crash is over. Yeah. Look, the fundamentals dictated change and

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Speaker 1: shift in terms of cloud, cybersecurity, electric vehicles, spending, like

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Speaker 1: we've done in many names. Then you turn cautious. But

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Speaker 1: it's like me and you have talked about for for years.

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Speaker 1: We're in the first second inning of what I view

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Speaker 1: is the fourth in Dushia revolution. So I don't throw

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Speaker 1: in the towel because of a macro and rates going higher.

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Speaker 1: I view it is just a painful digestion period, but

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Speaker 1: not the end of what I view is tex stocks

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Speaker 1: in the long term movement higher. Dan, Here's what I

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Speaker 1: don't understand. You're seeing to have the sensitivity to rates,

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Speaker 1: have the sensitivity to simply risk off moves. The heavyweights

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Speaker 1: lead the SMP five hundred to records, they also lead

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Speaker 1: the sell off and you can see that um really

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Speaker 1: in any of these red days that we see. But

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Speaker 1: I'm curious if the likes of Apple, Microsoft, Tesla essentially

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Speaker 1: boast this ability to have very strong supply chains that

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Speaker 1: whether a lot of these issues that other companies are having,

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Speaker 1: then where's the problem? Why are these stocks selling off

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Speaker 1: so much? Look, I think you're seeing everyone head for

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Speaker 1: the elevator at the same time, risk off scary headlines,

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Speaker 1: reads moving higher in Fleah, So you're seeing the risk

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Speaker 1: off track all at the same time. And that's why

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Speaker 1: I like text doctors over sohow relative to growth that

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Speaker 1: I've seen the last six years. And you can't paint

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Speaker 1: a Netflix, a Zoom, a Facebook Slash Meta with the

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Speaker 1: same brush as an Apple Microsoft, cybersecurity and cloud and

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Speaker 1: it just speaks like that's why this is the most

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Speaker 1: important earning season probably the last seventy years in terms

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Speaker 1: of proving that the quote unquote massive slowdown off of

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Speaker 1: a cliff is not happening across the board. That's sort

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Speaker 1: of our thesis here in terms as we go through

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Speaker 1: what's really a key week for tech. By the way,

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Speaker 1: you don't cover Twitter that I know of, at least

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Speaker 1: I can't see a rating on Twitter. Um, what are

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Speaker 1: you think about the possibility of Elon must coming in

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Speaker 1: and purchasing this company. Look, we've taught it's a game

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Speaker 1: of highest takes boker, And bottom line is the board

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Speaker 1: was looking at the altar, waiting for a white night,

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Speaker 1: a second bidder. They never came. Then Must details his financing.

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Speaker 1: It's not antics. At that point clock Stock twelve board

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Speaker 1: had to go to negotiation table, and that's why it

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Speaker 1: looks like a deal is going to happen, and it

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Speaker 1: just looked as a public company for dociary. I mean,

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Speaker 1: they ultimately thought that a second bidder would come, and

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Speaker 1: I think in the streetside it's very skeptical at first,

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Speaker 1: but now you know, really like a glad path to

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Speaker 1: get the deal done. Dan, speaking of Twitter, and I

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Speaker 1: know it's not your coverage universe, but stick with me here.

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Speaker 1: One of the questions around Twitter when Jack Dorsey wasn't

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Speaker 1: charged was when he also created Square now known as

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Speaker 1: Block I believe, and one of the concerns from a

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Speaker 1: lot of investors was it would essentially split his attention.

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Speaker 1: He can't give one enough of his leadership, and that's

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Speaker 1: perhaps why he moved from Twitter to Square now known

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Speaker 1: as Block. You do cover Tesla? Is that a risk

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Speaker 1: when it comes to Tesla? I think it's to perceive

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Speaker 1: the risk and and it is a real risk relative

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Speaker 1: to how it does. Must dive and deep end to

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Speaker 1: the pool with Twitter in terms of Issy a chairman,

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Speaker 1: because we we've that would be more of the role.

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Speaker 1: It's not gonna be CEO, who have others that would

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Speaker 1: ultimately as a private company, really try to transform Twitter.

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Speaker 1: But I think it does take attention at a time

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Speaker 1: that we're really going through just such an important time

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Speaker 1: for Tessa in terms of easy the shift among consumers.

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Speaker 1: You have the Giga factory build out in Berlin, Austin,

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Speaker 1: you have some of the issues clearly in China, which

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Speaker 1: is the hearts and longs, the Tesla story. And that's

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Speaker 1: why long perception you have to sell Pestler's shares is

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Speaker 1: why the stock down look as a testa holder. Your

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Speaker 1: dream is not for Musque to buy Twitter. It's a negative.

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Speaker 1: And I think that's why you see that reaction because

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Speaker 1: again the eyes of many you're trading in caviare for

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Speaker 1: a pretzel on Broadway descriptive. Yeah, I'm hungry. I like it.

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Speaker 1: But if he stays chairman, I understand. And you know,

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Speaker 1: we've obviously seen him do a couple of different jobs

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Speaker 1: with much greater success, arguably greater than Jack Dorsey. Right,

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Speaker 1: SpaceX and Twitter at the same time. Dan, great to

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Speaker 1: have you on. Thanks so much for joining us. Dan ives.

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Speaker 1: They are Managing director Senior equity analyst at Wedbush Security,

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Speaker 1: Andy Marsh plug Power, speaking of CEO and president of

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Speaker 1: plug Power. But it's not it doesn't do what you

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Speaker 1: think it does. Andy, I bet you a million people

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Speaker 1: think that you, um, you're all about e V technology,

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Speaker 1: but you're really about hydrogen and fuel cell technology. Right,

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Speaker 1: tell us our outline for us the difference, Well, I

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Speaker 1: think the mayor Hi match great being here. I think

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Speaker 1: The major difference matter is, and I would separate is

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Speaker 1: it's be these and be these run on batteries or

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Speaker 1: as the Corvette as a hybrid unit with batteries and

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Speaker 1: there were, and a fuel cell runs on hydrogen and

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Speaker 1: plug power. With our recent deal with walmart's going to

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Speaker 1: be generating twenty tons of green hydrogen too for them,

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Speaker 1: and a you know, a kilogram is a thousand tons

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Speaker 1: as one ton, and that's about thirty three to one

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Speaker 1: hours of electricity. So we generate hydrogen, we provide the

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Speaker 1: fuel cells which make vehicles run like last mile vehicles

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Speaker 1: and Class eight trucks. Yeah, that's another important difference, right

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Speaker 1: not um, you're not gonna be well, who knows what

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Speaker 1: happens and when Corvette comes out fully electric, but for

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Speaker 1: now you're not powering corvettes. You're powering what fork lifts

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Speaker 1: or trucks that get things, not the eighteen wheelers, but

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Speaker 1: the final destination trucks. Right With our JB with Renault,

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Speaker 1: which is called i DA, we planned it over the

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Speaker 1: next four or five years deploy over a hundred thousand

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Speaker 1: vehicles and they will run on duel cells. They will

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Speaker 1: be powered by fuel cells and batteries will be hybridge,

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Speaker 1: and that vehicle will be will be provided will be

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Speaker 1: powered by green hydrogen, which is generated by plug power.

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Speaker 1: We're building out five hundred tons of capacity here in

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Speaker 1: the United States as well as in Europe with our

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Speaker 1: partner Acciona, which is the largest provider of renewable electricity,

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Speaker 1: which will be used to create green hydrogen. So you

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Speaker 1: mentioned your deal with Smart. I'm curious, who's coming next?

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Speaker 1: Great question. You know, if you look at our chart

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Speaker 1: of customers, it includes people like Amazon, Home Depot and others.

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Speaker 1: I would expect that, like any company, we leverage our

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Speaker 1: present relationships to build out our business with new products,

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Speaker 1: and today I would think they're probably the prime candidates

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Speaker 1: to who comes next? If you have Amazon in Walmart,

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Speaker 1: I mean who else is there that's You've got the

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Speaker 1: whole market tied up? Why? Andy? Why you know the

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Speaker 1: stock has been in one sense beloved a darling the company.

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Speaker 1: I'll say, Um, I remember when Matt Winkler put you

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Speaker 1: guys in an op ed about the importance of what

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Speaker 1: you do. And on the on the other hand, um,

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Speaker 1: it's been a tough run for the stock for shareholders

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Speaker 1: over the last year. You've come down, you know over

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Speaker 1: the from the high year down about half. Why do

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Speaker 1: you think or what's the market getting wrong? Well, I

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Speaker 1: think that one item I think that's really critical matter

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Speaker 1: is that we have a very strong balance sheet. We

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Speaker 1: have over four billion dollars of cash in the bank

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Speaker 1: to build our plan. We won't be going to the market.

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Speaker 1: I think then you take on fat top of that

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Speaker 1: that there's three advantages to hydrogen. One is that the

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Speaker 1: world is committed to producing their CEO two footprint, and

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Speaker 1: the folks of Bloomberg believes hydrogeneral of it. The second

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Speaker 1: item is that you know, we're creating jobs. I've been

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Speaker 1: sitting here with Mackenzie today reviewing the job creation that

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Speaker 1: plug Power and us in the hydrogen industry will will produce.

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Speaker 1: It's going to be significant. And I think the third

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Speaker 1: item is that hydrogen and fuel cells are critical to

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Speaker 1: national security. We're substitute for natural gas. I think that

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Speaker 1: in the market, opportunities are large. You know, we can

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Speaker 1: survive this short term dip in the stock price because

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Speaker 1: the prospects long term are extremely positive and we have

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Speaker 1: the balance sheet to support it. Balance sheet to support it.

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Speaker 1: Talk to us a little bit about your cash, your debt.

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Speaker 1: One of the big I think rescuers maybe for lack

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Speaker 1: of a better term, when it comes to stock prices

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Speaker 1: right now, is the amount of cushion, the amount of

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Speaker 1: liquidity a company has talked to us about yours. Yeah,

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Speaker 1: at the moment, we have over four billion dollars of cash.

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Speaker 1: I foresee no need in the mid term to have

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Speaker 1: to be going to the market at all for cash.

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Speaker 1: And when I talk mid term, I'm talking three to

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Speaker 1: four years, all right, So very interesting set up there. Um.

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Speaker 1: Is hydrogen power fuel cell gonna be used for electric

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Speaker 1: corvettes eventually? Does it go beyond I mean not the

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Speaker 1: corvette specifically, but Andy, you get my meaning, to to

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Speaker 1: go beyond the last mile vehicles that you currently power.

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Speaker 1: Absolutely and I think you know, Plug spend a lot

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Speaker 1: of time looking at Class eight vehicles and just to

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Speaker 1: give you a feel, Walmart has about ten thousand Class

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Speaker 1: eight vehicles. Moving to a hydrogen power Class eight vehicles.

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Speaker 1: We reduced their carbon output by two three tons per

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Speaker 1: year per truck. That's a big number. Is to help

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Speaker 1: them reach their goal of one giga ton per year reduction.

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Speaker 1: So yes, we'll be there, Andy, Thanks so much. For

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Speaker 1: joining US. Andy Marsh there is the CEO and president

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Speaker 1: of Plug Power and UH as we have been discussing.

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Speaker 1: They deal with hydrogen and fuel cell technology. They put,

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Speaker 1: for example, UM the power into lift trucks for Walmart

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Speaker 1: and for Amazon and for a number of other big companies.

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Speaker 1: So UM plug Power. The ticker is p L Eugene

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Speaker 1: right now is trading at twenty one dollars and nineties

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Speaker 1: cents on the NAZ deck. Now let's talk China. I mean,

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Speaker 1: this is the driver between everything we've seen happen today

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Speaker 1: in equity markets, the fallout in commodities with oil down

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Speaker 1: five per cent UM, even the UH fixed income markets.

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Speaker 1: I mean, on Friday we were talking about which economists

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Speaker 1: could predict more rate rises from the Fed, right, I mean,

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Speaker 1: no Mura said fifty basis points now and then seventy

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Speaker 1: seventy five. Everyone else was saying fifty. Um. It was

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Speaker 1: like a contest. And now investors are clamoring to buy

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Speaker 1: ten year debt. I mean, if you think the Fed's

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Speaker 1: gonna raise rates that much, do you want to buy

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Speaker 1: today's paper? Um? I guess you do if you are

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Speaker 1: looking at what's coming out of only if you're freaked

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Speaker 1: out about the possibility that she Jin Ping is gonna

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Speaker 1: stick to his COVID zero Paul to see the economy

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Speaker 1: be damned. Damien sass Hour joins us now from Bloomberg Intelligence.

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Speaker 1: Is that what we're looking at, Damien, Well, look, I

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Speaker 1: mean it's very difficult to kind of think about where

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Speaker 1: US treasury yields are going. I mean, I don't put

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Speaker 1: any stock and where anyone is saying the dollar or

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Speaker 1: treasuries are going to go from here. But look, I

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Speaker 1: mean if you just look at where we are relative

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Speaker 1: only a few months ago, I could not model a

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Speaker 1: scenario in which you're going to get a positive toll

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Speaker 1: to return out of US fixed income. I just couldn't

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Speaker 1: do it. But today, given where yields are, it's definitely

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Speaker 1: a lot more plausible. And so look, if you're looking

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Speaker 1: for safe havens in a world in which there are none,

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Speaker 1: met um U s treasury is the long end of

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Speaker 1: the curve is starting to look a little bit appealing.

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Speaker 1: I'm very curious about the mobility data coming out of China.

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Speaker 1: This is something that I think a lot of uh

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Speaker 1: Chinese strategist or China strategists like yourself, um are are

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Speaker 1: looking at. But what I don't understand is that if

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Speaker 1: you have this mobility data that is really just a

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Speaker 1: function of COVID lockdowns, what is the read through into

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Speaker 1: exports for China, because that seems to be the ripple

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Speaker 1: effect for the rest of the world. Well, I mean

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Speaker 1: that you're hitting right on the screws. I mean, I'm cretty.

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Speaker 1: I mean, if you want to talk about export data,

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Speaker 1: this is the real reason that you want has come off.

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Speaker 1: It's because of the move in the Japanese yen, right,

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Speaker 1: I mean, we saw the Japanese yen has gotten absolutely

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Speaker 1: crushed this month. And what that does is it makes

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Speaker 1: Japanese exports that's that much more attractive relative to Asian

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Speaker 1: peers like South Korea, like China, and certainly our friends

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Speaker 1: in Beijing took stock of this. And look, I mean

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Speaker 1: twenty three big figure move on a dollar u on

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Speaker 1: just this month. I mean that is a very very

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Speaker 1: big move. And this is an economy where they have

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Speaker 1: made it an absolute mandate to keep the volatility of

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Speaker 1: dollar yuan to to a minimum. And look they're they're

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Speaker 1: they're basically repricing it, They're basically rerating it. And look

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Speaker 1: this is nothing new for China watchers, It's nothing new

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Speaker 1: for emergeny market investors. This happens once every what three

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Speaker 1: or five years, and you know, on the back of

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Speaker 1: it you see something like China high yield debt basically

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Speaker 1: lose fifty percent of its value, which we have, or

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Speaker 1: the equity market lose of its value year to date. Look,

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Speaker 1: you have to you have to weather that storm. This

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Speaker 1: is just the way it is when you're investing in

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Speaker 1: and A. But look, if you are looking at the

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Speaker 1: technicals and I hate to look at technicals and and

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Speaker 1: use that as a as as a sort of a

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Speaker 1: written with which to invest, I mean, you look at

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Speaker 1: margin lending, it's it's it's at a very low level.

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Speaker 1: If you look at um, if you look at liquidity levels,

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Speaker 1: you know, I mean they're they're they're they're starting to improve.

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Speaker 1: So you know, you're starting to see you know, some

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Speaker 1: people kind of bottom feeding into Chinese equities. But for me,

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Speaker 1: you know, the risk is just not there. I mean,

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Speaker 1: despite the light investor positioning, I mean, there's just so

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Speaker 1: much risk behind it. And given what's going on here

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Speaker 1: with the A d R listings in the US and

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Speaker 1: the fact that many of then me get you know,

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Speaker 1: pushed out to Hong Kong. It's just not a recipe

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Speaker 1: for success of them. I mean I read in a

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Speaker 1: Bloomberg story a couple of hours ago that in Shanghai

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Speaker 1: workers in hasmat suits fanning out over the weekend to

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Speaker 1: install steal fences around buildings with positive COVID cases. Well,

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Speaker 1: what's the imagery to me is shocking. But my question

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Speaker 1: is how does the PBOC react, you know, how does

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Speaker 1: the um fiscal stimulus piece uh coming sort of balance

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Speaker 1: that on the teeter totter of COVID zero versus economic growth. Well,

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Speaker 1: China has been very successful with the total social financing

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Speaker 1: and injecting fiscal stimulus into the economy and doing it

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Speaker 1: in the right way. But you're absolutely right this economy,

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Speaker 1: I mean, investors have been waiting waiting for Godot I guess,

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Speaker 1: waiting for the PBOC to come in and start cutting

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Speaker 1: rates and for me, you know, what they have not

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Speaker 1: been able to achieve is, you know, to really get

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Speaker 1: in front of the curve, to really show that the

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Speaker 1: monetary support is sufficient to offset the GDP decline. So

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Speaker 1: what are we calling for, as we were calling for

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Speaker 1: last year, We're calling for more triple our cuts. I

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Speaker 1: think we're calling for something on the order of seventy

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Speaker 1: five BIPs of cuts this year. We're also calling for

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Speaker 1: another thirty BIPs of cuts to the medium to lending,

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Speaker 1: the medium term lending facility. This is all good, but

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Speaker 1: certainly it just doesn't look like it's going to be enough.

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Speaker 1: And if you just look at the reserves in China

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Speaker 1: three point one three point two trillion, it's they've got

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Speaker 1: tons of cushion there. One would think that they'd rather

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Speaker 1: not dip into that in order to supplement the economy,

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Speaker 1: that they'd rather you know, in age and monetary easing

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Speaker 1: in order to do it. But look, the verdict is

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Speaker 1: still at right now you've got China U S yield

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Speaker 1: differentials in verted. You should not see that. It's something

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Speaker 1: we rarely see. It's obviously being driven by US treasury

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Speaker 1: yields on one hand, but rest assured you know the

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Speaker 1: dollar you on cross rate follows that. Very few I

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Speaker 1: think that bounces back by the way I do. I

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Speaker 1: absolutely do. I think if if it's right now, basically

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Speaker 1: ideas you can get more buying US tenure treasuries than

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Speaker 1: you can buying ten year debt in China, I think

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Speaker 1: I think that China's hand is being forced here by

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Speaker 1: the market. I think they're going to have to slash

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Speaker 1: rates in order to protect their economy. I mean, look,

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Speaker 1: you know it's a very different economy, right, and so

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Speaker 1: you know it remains to be seen. But if you

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Speaker 1: just look at all the health care signs, you look

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Speaker 1: at the entre offshore are China un basis where at

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Speaker 1: three hundred bits, that's like a two and two and

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Speaker 1: a half standard deviation move or something like that. If

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Speaker 1: you look at one month delta risk reversals on dollar

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Speaker 1: you on, I mean they are screaming of dollar call buying.

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Speaker 1: You know, you've got Cinepeg, You've got PetroChina. You know

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Speaker 1: their big energy exporters all uh purchase protection against the

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Speaker 1: rising dollars. So you know, the concern is there, and

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Speaker 1: I think Beijing is finally getting the getting the hints hopefully, Damien.

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Speaker 1: Thanks so much for joining us, Damian Sassaur. They're from

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Speaker 1: Bloomberg Intelligence. By the way, dropping a pop culture reference.

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Speaker 1: You can't do that with Critty. She's only what have

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Speaker 1: you seen waiting for good? But to class she hasn't

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Speaker 1: seen Armageddon and she hasn't seen waiting for good. Have confused? Confused?

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Speaker 1: Know what you're from Texas? That has nothing to do

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Speaker 1: with it. You know what I've seen top gun and

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Speaker 1: that's all that matters. Point, fair point, Damian, Thanks so

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Speaker 1: much for joining us. We had so much to talk

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Speaker 1: about with Shinali Bastik. I was thinking about you this

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Speaker 1: weekend because well I read your story The Mooch, which

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Speaker 1: I loved, and then the plot can saga continues unbelievable.

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Speaker 1: If you don't know Gabe plotting is the I guess

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Speaker 1: he is considered like genius hedge fund manager who ran

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Speaker 1: Melvin Capital and got destroyed by Wall Street bets and

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Speaker 1: the kind of uh bro vests on Reddit, and now

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Speaker 1: he came out with the He had the gall last

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Speaker 1: week to come out and say, you know what, I'm

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Speaker 1: gonna start charging my investors more. Yeah, is that right? Basically,

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Speaker 1: so he was going to reboot his fund and now

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Speaker 1: he's going back to the drawing board. He apologized. He

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Speaker 1: said he we hear the phrase reboot a lot, but

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Speaker 1: all I was reading was two and twenty. Yeah. Yeah,

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Speaker 1: I mean that's the thing. You can't just reboot by

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Speaker 1: pretending everything else didn't happen in the past. That that is,

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Speaker 1: if I had to draw this down to one line,

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Speaker 1: it's that. And the reason I wanted to kind of

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Speaker 1: draw these stories together is that actually Anthony Scaramucci's firm,

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Speaker 1: Skybridge was an investor in Melvin Capital. So yeah, really

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Speaker 1: that's cool. So yeah, well that's the thing. These companies

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Speaker 1: are very intertwined. And when it comes to Gay plot again,

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Speaker 1: he's the next generation of fund managers, right, it's him,

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Speaker 1: It's stand sometime, it's all of these younger stars that

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Speaker 1: are hitting their first big sets of issues. And if

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Speaker 1: you look at Gay Platkin, he got caught up last

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Speaker 1: year in that Reddit saga in the short squeeze, then

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Speaker 1: this year in the market draw downs, a lot of

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Speaker 1: pain among him and his peers. By the way, I

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Speaker 1: take back the term bro investors. That was not fair.

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Speaker 1: There are a lot of good bros in the world,

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Speaker 1: and I don't mean to to to smear their good

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Speaker 1: name with bets. Well here's the problem. But the mooch

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Speaker 1: fits I mean, right, well, here's the thing. I mean,

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Speaker 1: there's some bros involved, yes, of course, but however, a

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Speaker 1: lot of these are you know, privy fund funds that

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Speaker 1: are privy to big institutional investors that are very unbrolike

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Speaker 1: and in fact don't love the bro behavior. So it

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Speaker 1: is definitely like this idea that you know, I'll even

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Speaker 1: read from our story Sussex Partners selects hedge funds on

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Speaker 1: behalf of clients big institutional investors. He they set told

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Speaker 1: Bloomberg that resetting high watermarks at new higher levels, it

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Speaker 1: ain't gonna cut it right, So you can't just start

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Speaker 1: over here after after some batt It's not hard for

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Speaker 1: me to believe that Scaramucci and Melvin are in bed together.

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Speaker 1: I was shocked that when I first heard, I think

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Speaker 1: a couple of weeks ago, that Assault was going to

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Speaker 1: go down to the Bahamas and hang out with my

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Speaker 1: boy Sam Bankman Freed. These two people don't seem like

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Speaker 1: peas in a pod, right, Anthony Scaramucci, who worked for

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Speaker 1: Donald Trump for eleven days, he was too Trump to

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Speaker 1: stay with the Trump administration. He's getting together the opposite.

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Speaker 1: Actually super genius with this incredible like m I T Havenford, Loss,

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Speaker 1: Sand Bankman Freed and by the way, liberal Biden donor,

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Speaker 1: they's hanging out with the Mouci Yeah, this is interesting.

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Speaker 1: I think that that's you know, because Anthony Scaramucci had

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Speaker 1: spent some time in the Trump White House. There's this

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Speaker 1: concept that he is, you know, trumpy, I guess. But

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Speaker 1: the thing is, now, in addition to setting up this

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Speaker 1: new conference, you know, we know Sam Bank from Freed

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Speaker 1: is a huge Democratic donor and a huge donor to politics.

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Speaker 1: We know that Anthony Scaramucci actually is part of a

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Speaker 1: pack that's actually donating money or contributing money to both

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Speaker 1: Democrats and Republicans. I guess they all they all pay

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Speaker 1: off politicians on both sides of the Aisland. The idea

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Speaker 1: here that they have is to really contribute to especially

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Speaker 1: Democratic politicians who are pro crypto. They think it's going

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Speaker 1: to be a single issue vote into the midterms, into

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Speaker 1: the next set of elections. So you know, yes, they

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Speaker 1: have their pack that's on the side. But in addition

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Speaker 1: to that, this week they were going to have a

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Speaker 1: thousand people. Now it's closer to two thousand people heading

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Speaker 1: down to the Bahamas in order to talk about crypto,

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Speaker 1: pump up the crypto industry and really get more people

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Speaker 1: excited about crypto. As Skybridge. By the way, he told

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Speaker 1: me Anthony told me that Skybridge has really been gaining

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Speaker 1: from cryptocurrencies as some of these other hedge funds don't

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Speaker 1: do as well. They bought bitcoin at they're better than fire?

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Speaker 1: Are you going to fight? What not to fire that already?

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Speaker 1: Are you are not? Going? So my furious because I'm

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Speaker 1: going to milk in next week and so that there's

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Speaker 1: a lot of conferences going on. You've got to wonder

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Speaker 1: how long this goes on for. Remember, people are still

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Speaker 1: worried about COVID. I'm checking to see if I need

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Speaker 1: to good test which people are still worried about COVID investors,

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Speaker 1: anybody that's meeting up in large groups right now? A

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Speaker 1: lot of people are. And by the way, have you

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Speaker 1: guys tried to get an uber in New York? It's

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Speaker 1: like seventy bucks to get forty blocks. So it is,

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Speaker 1: you know, hard to get around because people are meeting

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Speaker 1: in mass and you know, next week it's time to

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Speaker 1: do that little COVID check to see how many people

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Speaker 1: went to these confermes. You're going to milk in. You

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Speaker 1: pretty you just went to this oil conference that I

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Speaker 1: loved you at. What was that did a month ago?

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Speaker 1: Sara week Sarah week. What's your next conference? Uh? TVD

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Speaker 1: the powers that you have not told me. I'll be.

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Speaker 1: But do we not have anyone going to the Bahamas?

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Speaker 1: I don't know. So no, no, But you know, frankly, like,

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Speaker 1: here's the thing, my this is, this is a Twitter

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Speaker 1: People communicate of course through Twitter messages, and so my

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Speaker 1: my Twitter message inbox is chock full of everyone who's

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Speaker 1: in the Bahamas. So I do feel like I'm getting by.

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Speaker 1: I'll go, I'll be not the Tan. You should go.

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Speaker 1: You have a crypto show tomorrow? Yeah, and what when

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Speaker 1: does this conference kick off tomorrow? Oh? So maybe I'll

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Speaker 1: just fly in after your show, my show. Um, if

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Speaker 1: anybody out there is listening with a private jet and

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Speaker 1: you're on your way feeling a little generous, is it?

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Speaker 1: Are we? Are we going to hit a crypto winter here?

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Speaker 1: I mean we're off what we were off another three

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Speaker 1: percent this morning. Now, it's a great question. There's a

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Speaker 1: lot of questions about at the Lunar Project and the

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Speaker 1: buying of cryptocurrencies. There's a lot of questions around what

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Speaker 1: is the next leg, you know, what's going to push

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Speaker 1: crypto actually higher. There was so much adoption last year

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Speaker 1: people are really excited about the Lightning network. We're talking

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Speaker 1: to Jack Maller's later today of strike. That's a big form.

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Speaker 1: You know, if I told you that payments volumes surpassed

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Speaker 1: Visa on the bitcoin network last year, you don't see

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Speaker 1: it in the price today. And so I just you

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Speaker 1: just reminded me about. Um. What I loved about your

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Speaker 1: interview with Scaramucci is he pointed out that he was

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Speaker 1: in a meeting like forever ago in Washington, d C.

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Speaker 1: With somebody from Treasury who was like, we should think

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Speaker 1: about doing the digital dollar, and he was like how

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Speaker 1: and they said, put it on the blockchain and he

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Speaker 1: was like, oh oh, that a wake up call for him.

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Speaker 1: And I thought that was just a brilliant little blurb

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00:25:47,680 --> 00:25:50,159
Speaker 1: from that from that story, So I recommend uh you

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00:25:50,240 --> 00:25:53,480
Speaker 1: all always read Shnali's reporting. Do you have a newsletter

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00:25:53,600 --> 00:25:57,680
Speaker 1: I do every Friday? And how do we subscribe to that?

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00:25:57,760 --> 00:25:59,920
Speaker 1: You can subscribe on the terminal and you can also

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00:26:00,040 --> 00:26:03,040
Speaker 1: subscribe on my LinkedIn and you can just email me

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Speaker 1: I'll put you on the letter. All right, Very cool,

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00:26:05,800 --> 00:26:08,800
Speaker 1: many many options, Very very cool. All right. Snollie Bassett

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00:26:08,840 --> 00:26:14,280
Speaker 1: covers Wall Street for US. Thanks for listening to the

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00:26:14,320 --> 00:26:18,240
Speaker 1: Bloomberg Markets podcast, you can subscribe and listen to interviews

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00:26:18,240 --> 00:26:22,560
Speaker 1: of Apple Podcasts or whatever podcast platform you prefer. I'm

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00:26:22,560 --> 00:26:26,920
Speaker 1: Matt Miller. I'm on Twitter at Matt Miller three. Put

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00:26:26,960 --> 00:26:29,560
Speaker 1: on fall Sweeney. I'm on Twitter at pt Sweeney Before

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00:26:29,600 --> 00:26:32,440
Speaker 1: the podcast. You can always catch us worldwide at Bloomberg

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Speaker 1: Radio