1 00:00:00,240 --> 00:00:01,920 Speaker 1: Look at what's going on in El salbad Or. He's 2 00:00:01,960 --> 00:00:03,960 Speaker 1: even gone so far now as I think he's given 3 00:00:04,040 --> 00:00:06,519 Speaker 1: out like one hundred citizenships. 4 00:00:05,720 --> 00:00:08,680 Speaker 2: To scientists, doctors, philosophers. 5 00:00:08,800 --> 00:00:10,799 Speaker 1: I love what he said. He talked about the immigration 6 00:00:10,800 --> 00:00:12,719 Speaker 1: problem in the United States. He said, we need to 7 00:00:12,760 --> 00:00:15,920 Speaker 1: ask ourselves, why are people leaving our country. 8 00:00:15,680 --> 00:00:18,400 Speaker 2: The things that are of real value to you. By 9 00:00:18,440 --> 00:00:23,320 Speaker 2: putting capital behind them, you're generating positive return. Whether you 10 00:00:23,360 --> 00:00:26,360 Speaker 2: see that in a portfolio number is to some extent 11 00:00:26,560 --> 00:00:29,159 Speaker 2: less material. Your portfolio is going through the roof, but 12 00:00:29,200 --> 00:00:31,400 Speaker 2: your world's collapsing around you. What's the point? 13 00:00:31,520 --> 00:00:33,400 Speaker 1: I think right now, with the rise of the Internet, 14 00:00:33,520 --> 00:00:38,239 Speaker 1: we're becoming more globally connected, but more locally disconnected at 15 00:00:38,280 --> 00:00:38,800 Speaker 1: the same time. 16 00:00:38,880 --> 00:00:42,920 Speaker 2: Even that guystory cycles. I mean, I'm watching local communities 17 00:00:42,960 --> 00:00:47,560 Speaker 2: forming literally ten years ago, we're not really forming. 18 00:00:47,840 --> 00:00:50,800 Speaker 1: There was someone on Twitter, a doctor. She posted a 19 00:00:50,880 --> 00:00:53,760 Speaker 1: letter that she'd gotten from the entrance company by referring 20 00:00:53,840 --> 00:00:55,840 Speaker 1: over the COVID patients. And she had said, if she 21 00:00:55,880 --> 00:00:57,560 Speaker 1: would have referred all these covered patients, she would have 22 00:00:57,560 --> 00:00:59,680 Speaker 1: made one point five million dollars. That's what how much 23 00:00:59,680 --> 00:01:00,640 Speaker 1: they would have Peter. 24 00:01:00,800 --> 00:01:03,080 Speaker 2: And people are waking to that, and they're saying I 25 00:01:03,200 --> 00:01:07,720 Speaker 2: no longer trusted. The reason that we need them is 26 00:01:07,760 --> 00:01:11,840 Speaker 2: that you don't get asymmetry without them. You won't get 27 00:01:11,840 --> 00:01:17,200 Speaker 2: the eighty twenty right because if everybody was the twenty, 28 00:01:17,760 --> 00:01:21,840 Speaker 2: there would be no twenty. Then everybody is like there 29 00:01:21,920 --> 00:01:24,839 Speaker 2: is like, how do you get eighty percent moving right 30 00:01:25,400 --> 00:01:29,240 Speaker 2: with a twenty percent move left? Like, you can't have everyone. 31 00:01:30,080 --> 00:01:31,560 Speaker 2: You have to have the anomaly. That's how you get 32 00:01:31,560 --> 00:01:32,240 Speaker 2: the asymmetry. 33 00:01:33,280 --> 00:01:33,920 Speaker 1: So for. 34 00:01:35,480 --> 00:01:39,440 Speaker 2: People like me who spend our time trying to find 35 00:01:39,480 --> 00:01:46,640 Speaker 2: the asymmetry, we have to have the vast majority doing something. 36 00:01:46,760 --> 00:01:50,360 Speaker 2: And for the most part, they're generally right, you know, 37 00:01:50,480 --> 00:01:54,320 Speaker 2: in herds when the majority. We were talking about this 38 00:01:54,360 --> 00:01:58,480 Speaker 2: the other day, right Michael's Eve. The herd are typically right, 39 00:01:58,640 --> 00:02:01,400 Speaker 2: but every now and then they're wrong. And so as 40 00:02:01,440 --> 00:02:05,760 Speaker 2: an asset manager looking for asymmetry, you're just spending your time. 41 00:02:05,840 --> 00:02:09,520 Speaker 2: It's like, I think it was Jim Rogers. Jim, I 42 00:02:09,520 --> 00:02:12,080 Speaker 2: think it was Jim Rogers. He said, look, he just 43 00:02:12,200 --> 00:02:15,720 Speaker 2: waits for he doesn't want to jump over like hurdles. 44 00:02:16,160 --> 00:02:18,160 Speaker 2: He waits for the one he can just step over. 45 00:02:19,200 --> 00:02:21,160 Speaker 2: And so you've got to be It's like you're a surfer, 46 00:02:21,800 --> 00:02:26,560 Speaker 2: what's it every seventh wave, ninth wave depending, like that's good. Yeah, 47 00:02:27,200 --> 00:02:29,280 Speaker 2: there's something like that. I'm not a surfer, but I 48 00:02:29,320 --> 00:02:31,600 Speaker 2: know there's some thing where it's like it. 49 00:02:31,560 --> 00:02:33,680 Speaker 1: Depends on how many waves come in per set or something. 50 00:02:33,680 --> 00:02:35,640 Speaker 1: But yeah, typically maybe the second, third wave or the 51 00:02:35,639 --> 00:02:37,240 Speaker 1: best skipped the first kind of thing. 52 00:02:37,680 --> 00:02:40,240 Speaker 2: Yeah, So you there's a patience that you've got to have. 53 00:02:40,280 --> 00:02:42,440 Speaker 2: It's like, you don't ride every way. It's all timing 54 00:02:42,880 --> 00:02:45,000 Speaker 2: and and so you've got to you have to be 55 00:02:45,080 --> 00:02:47,800 Speaker 2: patient and be like, Okay, that's where that the setup 56 00:02:47,840 --> 00:02:49,520 Speaker 2: now is right and I can see it. 57 00:02:49,960 --> 00:02:51,679 Speaker 1: Charlie Munger said, the big money is not made in 58 00:02:51,680 --> 00:02:52,520 Speaker 1: the bay and or something. 59 00:02:52,360 --> 00:02:56,079 Speaker 2: But the weeding absolutely, yeah, absolutely, So you have to 60 00:02:56,120 --> 00:03:00,200 Speaker 2: have patients, and most people don't have patients, and you've 61 00:03:00,240 --> 00:03:06,560 Speaker 2: got to have the ability to have that wherewithal to 62 00:03:06,639 --> 00:03:11,239 Speaker 2: go left when everyone's going right. And those setups come 63 00:03:11,280 --> 00:03:13,880 Speaker 2: along every now and then, but they're not that often. 64 00:03:14,280 --> 00:03:17,120 Speaker 2: Again because most of the time the herd is broadly correct. 65 00:03:18,000 --> 00:03:20,760 Speaker 1: But do you think the herd is broadly mostly broadly 66 00:03:20,800 --> 00:03:22,959 Speaker 1: correct in certain periods of time? So what do I 67 00:03:23,000 --> 00:03:27,240 Speaker 1: mean by that? Not to throw this out but just 68 00:03:27,400 --> 00:03:29,120 Speaker 1: maybe for a frame of reference, you know, in a 69 00:03:29,160 --> 00:03:33,080 Speaker 1: fourth turning type environment with the generational theory, where the 70 00:03:33,120 --> 00:03:36,200 Speaker 1: hard times bring strong men and then at the end, right, 71 00:03:36,840 --> 00:03:39,560 Speaker 1: the weak men cause bad times kind of thing. And 72 00:03:39,640 --> 00:03:41,680 Speaker 1: so you might argue that we're sort of in this 73 00:03:41,760 --> 00:03:44,440 Speaker 1: period in time where people are so far removed from 74 00:03:44,480 --> 00:03:48,760 Speaker 1: the wealth creation aspect, right that they start making just idiotic, 75 00:03:48,800 --> 00:03:50,920 Speaker 1: stupid policies because they don't just understand the world. They 76 00:03:51,000 --> 00:03:55,400 Speaker 1: never worked in that world. You're familiar with generational theory, right, So, 77 00:03:55,600 --> 00:03:59,160 Speaker 1: I mean it's a model. It's certainly not empirical. I 78 00:03:59,200 --> 00:04:00,640 Speaker 1: don't believe it for everything, but it's one way to 79 00:04:00,720 --> 00:04:03,840 Speaker 1: view the world. If you look at Germany after coming 80 00:04:03,880 --> 00:04:08,560 Speaker 1: out of hyperinflation and war reparations, the country was basically 81 00:04:08,600 --> 00:04:13,200 Speaker 1: broken down to nothing. Very hard times created very strong men, 82 00:04:13,560 --> 00:04:16,880 Speaker 1: and they became the economic powerhouse of Europe, right in precision, 83 00:04:16,920 --> 00:04:20,240 Speaker 1: German engineering and German cars and all of that. We're 84 00:04:20,279 --> 00:04:23,080 Speaker 1: eighty years later right now, and what is Germany doing. 85 00:04:23,320 --> 00:04:26,919 Speaker 1: They're de industrializing because you have people putting in policies 86 00:04:26,960 --> 00:04:29,840 Speaker 1: that don't understand that those were the things that actually 87 00:04:29,839 --> 00:04:33,200 Speaker 1: made them great in the first place. And that's just 88 00:04:34,120 --> 00:04:38,000 Speaker 1: one ancidotal piece of information. But generally, and back to 89 00:04:38,040 --> 00:04:41,880 Speaker 1: the point of the question, maybe at certain points in time, 90 00:04:42,520 --> 00:04:47,240 Speaker 1: finding that asymmetry because of bad decisions is easier. So 91 00:04:47,279 --> 00:04:50,920 Speaker 1: maybe trying to find that in Germany forty years ago 92 00:04:51,120 --> 00:04:53,840 Speaker 1: might have been tough. Germany was doing great, but today 93 00:04:53,920 --> 00:04:58,040 Speaker 1: you see these stupid decisions of shutting down your energy 94 00:04:58,680 --> 00:05:00,800 Speaker 1: and then it's like, well, wait minute, but you're going 95 00:05:00,839 --> 00:05:03,520 Speaker 1: to need the energy. So do you think that's true 96 00:05:03,600 --> 00:05:04,480 Speaker 1: or I. 97 00:05:04,440 --> 00:05:06,320 Speaker 2: Think it's one hundred percent true? And I think you 98 00:05:06,440 --> 00:05:12,120 Speaker 2: have cycles within cycles that distribution that we just discussed, 99 00:05:12,680 --> 00:05:18,120 Speaker 2: where you have roughly twenty percent of individuals that will 100 00:05:18,360 --> 00:05:21,520 Speaker 2: move a certain way, and you'll have the market moving 101 00:05:21,560 --> 00:05:23,680 Speaker 2: sayety percent of the time a certain way, and those 102 00:05:23,720 --> 00:05:27,360 Speaker 2: things generally generally true and they become so there is 103 00:05:28,360 --> 00:05:32,839 Speaker 2: there's a cycle pattern there. Within that cycle, you'll have 104 00:05:32,960 --> 00:05:35,800 Speaker 2: the generational there. So let's take this and let's just 105 00:05:35,800 --> 00:05:38,120 Speaker 2: think about the business cycle roughly a seven to two 106 00:05:38,160 --> 00:05:42,760 Speaker 2: sort of twelve year cycle. Everybody most everyone is relatively 107 00:05:42,800 --> 00:05:46,640 Speaker 2: familiar with it, and so you can look at that 108 00:05:46,720 --> 00:05:48,560 Speaker 2: as a cycle. Now, within that cycle, you're going to 109 00:05:48,600 --> 00:05:52,320 Speaker 2: have individuals that profit often that twenty percent will profit 110 00:05:52,360 --> 00:05:55,120 Speaker 2: at the tail end of either. They'll profit from the 111 00:05:55,120 --> 00:05:57,880 Speaker 2: tail end of either because they'll identify, oh, this is 112 00:05:57,920 --> 00:06:00,400 Speaker 2: the end of that business cycle. This is when assets 113 00:06:00,440 --> 00:06:03,240 Speaker 2: get cheap, and they'll buy them. And then in the 114 00:06:03,240 --> 00:06:05,760 Speaker 2: opposite they that's too expensive and they'll sell them, and 115 00:06:05,839 --> 00:06:09,560 Speaker 2: vice versa. In fact, your Greek shippers have been extraordinary, 116 00:06:09,640 --> 00:06:14,440 Speaker 2: Your Greek shipping families have been extraordinary successful over generations 117 00:06:14,600 --> 00:06:19,320 Speaker 2: doing that very thing. Because shipping is a very cyclical business. 118 00:06:19,640 --> 00:06:23,960 Speaker 2: It's extraordinarily capital intensive, which means it's debt financed. The 119 00:06:24,040 --> 00:06:28,120 Speaker 2: debt markets themselves have their own credit cycle. The commodity markets, 120 00:06:28,160 --> 00:06:31,400 Speaker 2: which the which the shipping space is typically tied to, 121 00:06:32,920 --> 00:06:37,240 Speaker 2: has its own cycles, and so those individual families have 122 00:06:37,320 --> 00:06:40,279 Speaker 2: often been able to just identify those particular cycles and 123 00:06:40,400 --> 00:06:45,039 Speaker 2: just pretty much time them. Right. So there's like your 124 00:06:45,080 --> 00:06:49,280 Speaker 2: business cycle tied in with a longer term debt cycle. Right, 125 00:06:49,320 --> 00:06:52,080 Speaker 2: So the longer term debt cycle will simply exacerbate your 126 00:06:52,120 --> 00:06:55,120 Speaker 2: existing business cycles. You're going to have a big business 127 00:06:55,120 --> 00:06:57,720 Speaker 2: cycle at the tail ends of either of the debt cycle, 128 00:06:58,040 --> 00:07:00,279 Speaker 2: which is the different sort of eighty year cycle, right, 129 00:07:00,520 --> 00:07:03,400 Speaker 2: or sometimes there's a thirty years debt cycle as well. 130 00:07:03,440 --> 00:07:08,719 Speaker 2: But so to your question, you have these broader cycles, 131 00:07:08,760 --> 00:07:12,800 Speaker 2: and I think the same individuals and the pest personalities 132 00:07:12,800 --> 00:07:15,600 Speaker 2: will always exist and they will just have an exacerbated 133 00:07:16,960 --> 00:07:22,920 Speaker 2: result within the context of those cycles. And it's very 134 00:07:23,480 --> 00:07:25,480 Speaker 2: unique in this period of time that you and I 135 00:07:25,480 --> 00:07:28,600 Speaker 2: are sitting down now in that we have multiple of 136 00:07:28,600 --> 00:07:31,240 Speaker 2: these cycles all converging at once. And I know you've 137 00:07:31,400 --> 00:07:34,840 Speaker 2: you've done a lot of fantastic work on this, and 138 00:07:34,880 --> 00:07:37,280 Speaker 2: we have a lot of those cycles that are all 139 00:07:37,320 --> 00:07:41,120 Speaker 2: prevalent now. And what's really fascinating is that the longer 140 00:07:41,160 --> 00:07:45,240 Speaker 2: the cycles, the less well known they are, which is 141 00:07:45,280 --> 00:07:48,160 Speaker 2: for obvious reasons. A business cycle, you know, you can 142 00:07:48,160 --> 00:07:50,400 Speaker 2: grow up and you're like, oh dad lost his business 143 00:07:50,400 --> 00:07:53,280 Speaker 2: and any like. You know, people have a visitor have 144 00:07:53,320 --> 00:07:56,120 Speaker 2: an impact within a business cycle where they can sort 145 00:07:56,120 --> 00:08:00,320 Speaker 2: of identify it. Longer term debt cycles that don't because 146 00:08:00,600 --> 00:08:01,840 Speaker 2: they're multi generational. 147 00:08:02,760 --> 00:08:05,120 Speaker 1: We know, like fifty years that's like our windows exactly. 148 00:08:05,480 --> 00:08:08,800 Speaker 2: And you might hear stories about grandma or grandpa and things, 149 00:08:08,840 --> 00:08:11,680 Speaker 2: and you know, if the curious of us will look 150 00:08:11,680 --> 00:08:13,640 Speaker 2: at that and go, what does that mean? What happened? 151 00:08:13,640 --> 00:08:16,880 Speaker 2: And investigated and then they'll see, oh, there's something going 152 00:08:16,880 --> 00:08:20,440 Speaker 2: on here, and what was what happened to grandpa back then? 153 00:08:20,840 --> 00:08:23,480 Speaker 2: Looks like it's kind of happening now. And they start 154 00:08:23,520 --> 00:08:27,360 Speaker 2: piecing things together and they're like, there's something going on. Yeah, brother. 155 00:08:28,720 --> 00:08:31,320 Speaker 2: But again, when you go in long, long cycles like 156 00:08:31,360 --> 00:08:34,200 Speaker 2: your revolutionary cycle, two and fifty year cycle, most of 157 00:08:34,240 --> 00:08:36,240 Speaker 2: us have got no idea. So it's the very very 158 00:08:36,320 --> 00:08:39,920 Speaker 2: curious who look at that and go are we there? 159 00:08:40,360 --> 00:08:42,240 Speaker 2: And what does that mean if we are? And what 160 00:08:42,280 --> 00:08:45,360 Speaker 2: are the probabilities? And so like. For an asset manager 161 00:08:45,440 --> 00:08:50,280 Speaker 2: like me, it's not just identifying the cycles. It's part 162 00:08:50,520 --> 00:08:56,480 Speaker 2: in large part, it's pricing the probability because it's not 163 00:08:56,640 --> 00:08:59,880 Speaker 2: just like, oh, okay, we might have a crash in 164 00:09:01,320 --> 00:09:05,040 Speaker 2: say housing, now I want to go and buy cheap housing, right, 165 00:09:05,120 --> 00:09:07,960 Speaker 2: so you can look for that, but it's like, what 166 00:09:08,080 --> 00:09:10,240 Speaker 2: is cheap housing mean? What is it? What are the ratios? 167 00:09:10,280 --> 00:09:13,080 Speaker 2: What does it need to look like? You know? So? 168 00:09:13,880 --> 00:09:15,840 Speaker 2: And there's so there's two ways that you can go 169 00:09:15,920 --> 00:09:18,880 Speaker 2: about it. One is just simply just looking for cheap value, 170 00:09:19,559 --> 00:09:22,559 Speaker 2: and so you can take historical metrics and go, okay, 171 00:09:22,600 --> 00:09:29,680 Speaker 2: we know it's roughly cheap at two times annual incomes right, 172 00:09:29,880 --> 00:09:33,679 Speaker 2: and it's really expensive it's seven, eight, nine times, you know, 173 00:09:33,760 --> 00:09:36,200 Speaker 2: and anything in between is like, well, we're probably somewhere 174 00:09:36,200 --> 00:09:40,600 Speaker 2: in between in the cycle. So you can do that, 175 00:09:40,800 --> 00:09:43,160 Speaker 2: and then if you do that consistently, you'll go, oh, 176 00:09:43,200 --> 00:09:47,400 Speaker 2: there's cycles. Yeah, whenever it keeps getting cheap every like, 177 00:09:47,720 --> 00:09:49,720 Speaker 2: you know, it's kind of a repeating affair that keeps 178 00:09:49,720 --> 00:09:51,640 Speaker 2: getting cheap and then it kind of keeps getting expensive, 179 00:09:51,720 --> 00:09:54,360 Speaker 2: So you start seeing these cycles within. I'm just using 180 00:09:54,400 --> 00:09:57,040 Speaker 2: real estate as an example because it's one that many 181 00:09:57,080 --> 00:10:01,000 Speaker 2: people are more familiar with. But so, so you can 182 00:10:01,040 --> 00:10:02,920 Speaker 2: do that, or you can look at the cycle paer 183 00:10:03,000 --> 00:10:05,000 Speaker 2: and go, okay, what does that look like? And what 184 00:10:05,040 --> 00:10:07,600 Speaker 2: are the factors you look at? So I really enjoy 185 00:10:07,679 --> 00:10:12,040 Speaker 2: looking at at it from multiple angles, and you know, 186 00:10:12,160 --> 00:10:14,960 Speaker 2: so like my business partner in the fund, he's very 187 00:10:15,040 --> 00:10:18,320 Speaker 2: very good at just the granular like what is cheap? 188 00:10:18,360 --> 00:10:20,360 Speaker 2: What are the p E ratios, what are the sectors 189 00:10:20,360 --> 00:10:27,160 Speaker 2: that are exhibiting these types of metrics that would ordinarily 190 00:10:27,200 --> 00:10:31,840 Speaker 2: identify something as being worth looking at at least? And 191 00:10:31,880 --> 00:10:34,240 Speaker 2: then I will often look at that macro space and 192 00:10:34,280 --> 00:10:37,800 Speaker 2: go what is like where should I be and very 193 00:10:37,840 --> 00:10:41,840 Speaker 2: often we we we converge on something and I'm like, 194 00:10:42,200 --> 00:10:44,480 Speaker 2: different angles. You're from very different angles because we've got 195 00:10:44,559 --> 00:10:52,600 Speaker 2: very you know, he's a mathematician, and so it's you know, 196 00:10:52,640 --> 00:10:54,840 Speaker 2: I think that's that's those what you're talking about. Those 197 00:10:54,880 --> 00:11:03,600 Speaker 2: sort of cycles, are they manifest themselves? They repeat? 198 00:11:04,559 --> 00:11:08,600 Speaker 1: And so what are the big cycles that you're seeing 199 00:11:08,720 --> 00:11:10,920 Speaker 1: that the trends that you're seeing that you're sort of 200 00:11:10,920 --> 00:11:11,840 Speaker 1: excited about with your. 201 00:11:11,679 --> 00:11:18,760 Speaker 2: Fund Well, hm, I think the I think the largest 202 00:11:18,880 --> 00:11:21,640 Speaker 2: is meaning, I think the largest debt is worth focusing 203 00:11:21,679 --> 00:11:27,679 Speaker 2: on is the long term debt cycle because it has 204 00:11:27,760 --> 00:11:31,200 Speaker 2: probably the most broad impact. It's the largest asset class 205 00:11:31,280 --> 00:11:35,760 Speaker 2: is debt debt markets. And we have this extraordinary set 206 00:11:35,840 --> 00:11:40,160 Speaker 2: up where we have the highest levels of debt globally 207 00:11:40,320 --> 00:11:45,319 Speaker 2: and simultaneously you have the lowest relative interest rates, which 208 00:11:45,360 --> 00:11:46,600 Speaker 2: is which is an anomaly? 209 00:11:47,640 --> 00:11:50,600 Speaker 1: And is it an anomaly though, because isn't it the 210 00:11:50,600 --> 00:11:52,520 Speaker 1: low interest rates that allowed for the such high debt 211 00:11:52,600 --> 00:11:56,120 Speaker 1: levels as debt As as interest rates continue to get 212 00:11:56,120 --> 00:11:59,160 Speaker 1: cut in half, debt was able to double yep. 213 00:11:59,440 --> 00:12:01,920 Speaker 2: Yep. It's just that in the past often that has 214 00:12:01,960 --> 00:12:07,600 Speaker 2: been corrected by various market forces, and so the market 215 00:12:07,640 --> 00:12:10,200 Speaker 2: forces that we've had this time have often been overwhelmed. 216 00:12:10,840 --> 00:12:13,320 Speaker 2: We had it in eight you know, many of us 217 00:12:13,360 --> 00:12:15,040 Speaker 2: looked at and we thought, okay, this is going to 218 00:12:15,559 --> 00:12:18,560 Speaker 2: correct a lot of that death cycle. And guess what 219 00:12:18,640 --> 00:12:22,199 Speaker 2: they literally did the opposite. They flipped the swipt and 220 00:12:21,640 --> 00:12:24,040 Speaker 2: they flipped the switch and pushed it up. And so 221 00:12:24,920 --> 00:12:28,440 Speaker 2: you know, then you have to recalibrate. I mean, I 222 00:12:28,480 --> 00:12:33,400 Speaker 2: recall sitting. I had just exited a whole lot of 223 00:12:33,400 --> 00:12:37,800 Speaker 2: real estate in November six because I'm like, this is 224 00:12:37,920 --> 00:12:44,120 Speaker 2: fucking insane, this is right. I can't make a case anymore. 225 00:12:44,559 --> 00:12:47,200 Speaker 2: And I couldn't find anything of value. So part of 226 00:12:47,240 --> 00:12:49,800 Speaker 2: that was like I knew there wasn't I knew the 227 00:12:49,880 --> 00:12:54,680 Speaker 2: values that existed weren't particularly there weren't asymmetric on the upside, 228 00:12:54,920 --> 00:12:57,560 Speaker 2: partly because I couldn't no longer find anything that made 229 00:12:57,559 --> 00:13:00,600 Speaker 2: any sense to buy, and so like and it's like, well, 230 00:13:00,600 --> 00:13:03,160 Speaker 2: if you wouldn't buy what you own today, why do 231 00:13:03,240 --> 00:13:07,120 Speaker 2: you own it? Right? Because often we get caught, you know, 232 00:13:07,200 --> 00:13:09,120 Speaker 2: owning things that we own. But if you woke up 233 00:13:09,120 --> 00:13:12,240 Speaker 2: every morning and you said, would I buy everything in 234 00:13:12,240 --> 00:13:14,080 Speaker 2: my portfolio? I think that's a very good way to 235 00:13:14,080 --> 00:13:14,559 Speaker 2: look at it. 236 00:13:15,360 --> 00:13:16,040 Speaker 1: That is a good way too. 237 00:13:16,920 --> 00:13:20,400 Speaker 2: Then you assess it from a different angle, right because 238 00:13:20,400 --> 00:13:23,840 Speaker 2: you're not married. This isn't like something that you don't 239 00:13:23,880 --> 00:13:26,000 Speaker 2: have to own it. You just you can get rid 240 00:13:26,040 --> 00:13:28,800 Speaker 2: of it if you don't want it. And so when 241 00:13:28,840 --> 00:13:30,599 Speaker 2: you view things from that perspective, I looked at the 242 00:13:30,600 --> 00:13:32,320 Speaker 2: stuff I owned, I'm like, no, I wouldn't buy this, 243 00:13:33,080 --> 00:13:35,120 Speaker 2: Like why would I buy this? And I'm like, well, 244 00:13:35,120 --> 00:13:37,559 Speaker 2: that's obvious. I need to sell it in any event, 245 00:13:37,880 --> 00:13:39,920 Speaker 2: Then we had the you know, and I didn't know 246 00:13:40,000 --> 00:13:41,920 Speaker 2: that there was a crisis. I just there would be 247 00:13:41,920 --> 00:13:45,280 Speaker 2: a crisis. I just knew the probability of upside for 248 00:13:45,400 --> 00:13:48,600 Speaker 2: me was no longer there, and I knew that the 249 00:13:48,760 --> 00:13:53,080 Speaker 2: risks that existed were growing every day. That was enough 250 00:13:53,080 --> 00:13:55,720 Speaker 2: for me to go, don't I shouldn't be involved anymore. 251 00:13:55,920 --> 00:13:58,760 Speaker 2: I have to get out of this. And then at 252 00:13:58,760 --> 00:14:00,760 Speaker 2: the same time, there was nothing of real value that 253 00:14:00,800 --> 00:14:04,640 Speaker 2: I could find. You know, when I searched across asset classes, 254 00:14:05,200 --> 00:14:07,720 Speaker 2: I really struggled, and you know what, so my default 255 00:14:07,760 --> 00:14:09,680 Speaker 2: was to go to cash, but that was the asset 256 00:14:09,720 --> 00:14:13,640 Speaker 2: class that was undervalued. So like by default, I'll ended 257 00:14:13,720 --> 00:14:17,800 Speaker 2: up buying the deep value asset, which was literally cash. 258 00:14:18,200 --> 00:14:20,440 Speaker 2: So there's many ways you can go about like kind 259 00:14:20,440 --> 00:14:23,920 Speaker 2: of finding deep value, if you will. But further to 260 00:14:23,960 --> 00:14:26,120 Speaker 2: the point like that was that was then eight. And 261 00:14:26,160 --> 00:14:28,120 Speaker 2: then when that hits I was like, Okay, this is 262 00:14:28,160 --> 00:14:31,960 Speaker 2: gonna we need this, We need a cleansing of the system. 263 00:14:32,280 --> 00:14:34,480 Speaker 2: And then when I saw the FED stepping in and 264 00:14:35,240 --> 00:14:40,360 Speaker 2: every imaginable three letter freaking quantit et of this and that, 265 00:14:40,520 --> 00:14:42,880 Speaker 2: and like, I was like, this is what they're going 266 00:14:42,960 --> 00:14:45,960 Speaker 2: to do. They're just going to push this thing hard 267 00:14:46,160 --> 00:14:49,120 Speaker 2: and further than it should do, which is going to 268 00:14:49,160 --> 00:14:52,200 Speaker 2: create an ever greater problem. But that's where they're going 269 00:14:52,240 --> 00:14:57,040 Speaker 2: to go, which then led me into saying, Okay, what 270 00:14:57,120 --> 00:14:59,840 Speaker 2: are the consequences of these actions that they're going to take? 271 00:15:00,720 --> 00:15:02,840 Speaker 2: And for me at the time, the consequences of those 272 00:15:02,880 --> 00:15:06,160 Speaker 2: actions were that capital was going to have to go 273 00:15:06,280 --> 00:15:10,800 Speaker 2: to the far end of the risk curve because the 274 00:15:10,840 --> 00:15:12,240 Speaker 2: way that they were going to do that was to 275 00:15:12,280 --> 00:15:15,480 Speaker 2: lower interest rates, which meant the debt was going to higher, 276 00:15:15,680 --> 00:15:19,240 Speaker 2: which was just alluded to. But the lowering of interest 277 00:15:19,320 --> 00:15:25,360 Speaker 2: rates meant that anybody that was dependent on income from 278 00:15:25,400 --> 00:15:28,000 Speaker 2: your bond market was going to be in trouble, which 279 00:15:28,040 --> 00:15:31,240 Speaker 2: is your pension funds, and your pension funds and your 280 00:15:31,320 --> 00:15:36,200 Speaker 2: mutual funds are humongous, the trillions and trillions of dollars 281 00:15:36,760 --> 00:15:40,840 Speaker 2: in value, and so these guys typically have to get 282 00:15:40,880 --> 00:15:44,200 Speaker 2: roughly a seven percent coupon just to live, just to 283 00:15:44,240 --> 00:15:46,920 Speaker 2: stay aboard. How do you get a seven percent coupon 284 00:15:46,960 --> 00:15:51,880 Speaker 2: on a bond portfolio, mostly bond portfolio when interest rates 285 00:15:51,880 --> 00:15:55,920 Speaker 2: are two points So what it meant was they're going 286 00:15:55,960 --> 00:15:58,280 Speaker 2: to have to take more risk within the bond portfolio. 287 00:15:58,600 --> 00:16:01,640 Speaker 2: I equalpriate debt, but even that was like it was 288 00:16:01,640 --> 00:16:04,920 Speaker 2: still like sub seven even in the junk bond market. 289 00:16:05,760 --> 00:16:08,520 Speaker 2: So the portion of their portfolio that they could take 290 00:16:08,560 --> 00:16:12,560 Speaker 2: equity exposure, you had to take the greatest equity exposure 291 00:16:12,560 --> 00:16:16,120 Speaker 2: imaginable just to try and live. So I went and 292 00:16:16,160 --> 00:16:18,000 Speaker 2: set up a venture capital firm. I'm like, this is 293 00:16:18,040 --> 00:16:20,440 Speaker 2: where the money is going to go, and that's where 294 00:16:20,440 --> 00:16:25,360 Speaker 2: it went. So like you have into high end risk 295 00:16:25,560 --> 00:16:32,040 Speaker 2: growth quote unquote growth assets, Silicon Valley, shit, anything, growth, right, 296 00:16:32,720 --> 00:16:35,440 Speaker 2: And the more capital that poured in, there's also like 297 00:16:35,720 --> 00:16:38,560 Speaker 2: there's a feedback loop in that if you put enough 298 00:16:38,560 --> 00:16:43,560 Speaker 2: capital into any sector, you will see results. It doesn't 299 00:16:43,560 --> 00:16:48,040 Speaker 2: necessarily mean that net that's productive. Like you can have 300 00:16:48,120 --> 00:16:50,560 Speaker 2: eighty percent of them all turned into garbage, and you 301 00:16:50,600 --> 00:16:52,680 Speaker 2: can have some of them actually succeed and so on 302 00:16:52,680 --> 00:16:54,680 Speaker 2: and so forth. But you can still have trillions go 303 00:16:54,800 --> 00:16:59,120 Speaker 2: in and you could have let's just say, ease of numbers, 304 00:16:59,160 --> 00:17:04,080 Speaker 2: ten billion go in and five come out, right, so 305 00:17:04,119 --> 00:17:06,600 Speaker 2: you've lost fifty percent of value. But the ones that 306 00:17:06,600 --> 00:17:10,600 Speaker 2: are still survive people have done well in them, so 307 00:17:11,200 --> 00:17:12,879 Speaker 2: and to some extent, you almost need that as a 308 00:17:12,920 --> 00:17:14,959 Speaker 2: bit of like creative destruction. So like you don't think 309 00:17:15,000 --> 00:17:17,640 Speaker 2: about the dot coms. We had tons of money poured 310 00:17:17,640 --> 00:17:20,400 Speaker 2: into dot coms, but look, it changed the world. Yeah, 311 00:17:20,840 --> 00:17:22,680 Speaker 2: you know, there was a whole lot of people that 312 00:17:22,880 --> 00:17:25,800 Speaker 2: lost a shitload of money, but you know, over time 313 00:17:25,800 --> 00:17:28,119 Speaker 2: it changed the world. So we had a lot of 314 00:17:28,119 --> 00:17:31,480 Speaker 2: money that was going into high end risk assets. You 315 00:17:31,640 --> 00:17:33,680 Speaker 2: just needed to see numbers, You need to see growth. 316 00:17:33,680 --> 00:17:36,280 Speaker 2: It was the whole eyeball stage. You know, companies that 317 00:17:36,320 --> 00:17:40,119 Speaker 2: were getting more eyeballs, they get higher valuations. So like, 318 00:17:40,240 --> 00:17:43,719 Speaker 2: it didn't need to make if you've purely looked at 319 00:17:43,760 --> 00:17:46,320 Speaker 2: it from pe ratios and cash flows and all this, 320 00:17:46,440 --> 00:17:49,320 Speaker 2: it didn't make sense. But if you understood that cycle 321 00:17:49,720 --> 00:17:52,000 Speaker 2: and you understood why the capital was going to flow 322 00:17:52,040 --> 00:17:55,600 Speaker 2: a certain way as a consequence of central bank actions, 323 00:17:56,480 --> 00:17:59,320 Speaker 2: like that's where it had to go. Like it didn't matter, 324 00:18:00,119 --> 00:18:05,080 Speaker 2: you know if you're the asset manager running a pension fund, 325 00:18:05,200 --> 00:18:08,520 Speaker 2: like what are you going to do? Yeah, because part 326 00:18:08,520 --> 00:18:12,240 Speaker 2: of it is like you couldn't. They can only invest 327 00:18:12,280 --> 00:18:16,160 Speaker 2: in certain asset classes as a mandate. That's how it is. 328 00:18:16,240 --> 00:18:21,040 Speaker 1: Do you study like long like old insurance companies and 329 00:18:21,040 --> 00:18:25,119 Speaker 1: how they invest for their capital. I've been thinking about 330 00:18:25,760 --> 00:18:28,760 Speaker 1: the life insurance company specifically and how dangerous it is 331 00:18:28,800 --> 00:18:30,960 Speaker 1: for them to write the actuary tables, right, they have 332 00:18:31,040 --> 00:18:33,800 Speaker 1: to really get good at like coming up with the 333 00:18:33,840 --> 00:18:36,320 Speaker 1: time of death for those people they can write risk properly. 334 00:18:37,000 --> 00:18:40,080 Speaker 1: And some of these like whole life insurance vehicles, right, 335 00:18:40,119 --> 00:18:43,719 Speaker 1: they guarantee four percent or six percent return, But how 336 00:18:43,760 --> 00:18:46,840 Speaker 1: do they get that in a zero rate environment? So 337 00:18:47,000 --> 00:18:50,400 Speaker 1: they obviously were having they were having to move out 338 00:18:50,440 --> 00:18:52,200 Speaker 1: further and further on the risk curve as well. 339 00:18:52,320 --> 00:18:52,600 Speaker 2: Yep. 340 00:18:54,000 --> 00:18:58,280 Speaker 1: But now with the pandemic and because of the COVID vaccine, 341 00:18:59,080 --> 00:19:02,120 Speaker 1: I think they're going to be way our sides on there. 342 00:19:02,359 --> 00:19:03,920 Speaker 2: I don't want to be any any of them. 343 00:19:04,000 --> 00:19:07,840 Speaker 1: Yeah, so they're gonna be way outsides on estimating those 344 00:19:07,880 --> 00:19:10,440 Speaker 1: times of death. But also at the same time, the 345 00:19:10,680 --> 00:19:13,960 Speaker 1: luos are on the risk curve at the same time, 346 00:19:14,000 --> 00:19:15,719 Speaker 1: so it's almost like this double whammy. 347 00:19:15,840 --> 00:19:16,080 Speaker 2: Yeah. 348 00:19:16,320 --> 00:19:17,880 Speaker 1: I haven't done a lot of research into that. It's 349 00:19:17,920 --> 00:19:19,680 Speaker 1: something I've been thinking about. I'm just curious if. 350 00:19:19,560 --> 00:19:22,800 Speaker 2: You know it's I wrote. I wrote articles about this 351 00:19:22,960 --> 00:19:27,400 Speaker 2: in Gosh. I think it must have been twenty late 352 00:19:27,440 --> 00:19:33,080 Speaker 2: twenty maybe twenty one, pointing out that there was that 353 00:19:33,119 --> 00:19:37,240 Speaker 2: there was risk within the insurance market. I don't. I 354 00:19:37,280 --> 00:19:40,600 Speaker 2: don't typically delve too deeply once I cannot identify our 355 00:19:40,680 --> 00:19:42,560 Speaker 2: risk because my job is to make money, and I 356 00:19:42,640 --> 00:19:45,199 Speaker 2: make money. On the log side, we don't short for 357 00:19:45,240 --> 00:19:48,679 Speaker 2: the most part. Occasionally we may take some sort of 358 00:19:49,520 --> 00:19:54,600 Speaker 2: option positions, but we never go We never use leverage 359 00:19:54,720 --> 00:19:58,840 Speaker 2: insofar as as being fully exposed, so we'd have we 360 00:19:58,920 --> 00:20:03,640 Speaker 2: might buyput some calls know an exposure, but generally it's 361 00:20:03,640 --> 00:20:06,480 Speaker 2: just a long or long only portfolio. So if I don't, 362 00:20:06,560 --> 00:20:08,480 Speaker 2: if I identify something where I don't want to be 363 00:20:10,119 --> 00:20:13,160 Speaker 2: very very hard to actually be a successful short seller. 364 00:20:13,359 --> 00:20:16,720 Speaker 2: The few people last careers trying to do exactly and 365 00:20:17,920 --> 00:20:19,960 Speaker 2: I've lost money doing it. And the lesson for me, 366 00:20:21,040 --> 00:20:23,439 Speaker 2: just in terms of my own skill set is just 367 00:20:23,440 --> 00:20:27,240 Speaker 2: don't go near it, know what not to touch, and 368 00:20:28,119 --> 00:20:31,320 Speaker 2: if there is an asymmetry within that market, I need 369 00:20:31,359 --> 00:20:33,640 Speaker 2: to find it on the upside. In other words, if 370 00:20:34,040 --> 00:20:37,320 Speaker 2: X happens, what are the consequences? What's the second third 371 00:20:37,440 --> 00:20:42,720 Speaker 2: order thinking? If life insurance companies do fail on whatever, 372 00:20:42,880 --> 00:20:46,359 Speaker 2: if the annuities fail, like, then what are the consequences? 373 00:20:46,920 --> 00:20:50,120 Speaker 2: And is there anything that's then asymmetric? In other words, 374 00:20:50,200 --> 00:20:53,160 Speaker 2: could I buy some particular asset that, as a consequence, 375 00:20:53,600 --> 00:20:55,720 Speaker 2: is going to go really high, that's very very cheap. 376 00:20:55,760 --> 00:20:58,399 Speaker 2: Now that's what's interesting to me. If I can't find it, 377 00:20:58,440 --> 00:21:00,640 Speaker 2: I just walk a hang. Okay, I know I don't 378 00:21:00,680 --> 00:21:02,800 Speaker 2: want to be involved in that. Will let me keep looking. 379 00:21:03,240 --> 00:21:06,640 Speaker 2: I'm just going to keep looking for what actually represents Yeah. 380 00:21:06,960 --> 00:21:08,239 Speaker 1: All right, I want to take a break just real 381 00:21:08,320 --> 00:21:10,240 Speaker 1: quick and say that. You know, as we're talking about 382 00:21:10,240 --> 00:21:14,040 Speaker 1: bitcoin and digital assets, the question really comes down to, like, 383 00:21:14,080 --> 00:21:16,760 Speaker 1: are you tired of the global elites robbing you blind 384 00:21:16,800 --> 00:21:19,840 Speaker 1: through all this money printing that's happening, And if so, 385 00:21:20,160 --> 00:21:22,840 Speaker 1: then you need to be holding your wealth outside of that, 386 00:21:22,880 --> 00:21:24,920 Speaker 1: and more importantly, you should be coming to the Bitcoin 387 00:21:25,359 --> 00:21:28,400 Speaker 1: Conference in Nashville. The twenty twenty four conference is happening 388 00:21:28,400 --> 00:21:31,160 Speaker 1: in July twenty fifth through twenty seventh. It's the largest bitcoin, 389 00:21:31,440 --> 00:21:34,520 Speaker 1: the largest fintech conference in the world. I've been going 390 00:21:34,560 --> 00:21:37,160 Speaker 1: every single year. It's an amazing event, and Bitcoin twenty 391 00:21:37,160 --> 00:21:40,280 Speaker 1: twenty four really stands as a beacon of monetary freedom 392 00:21:40,320 --> 00:21:42,600 Speaker 1: if you care about that. If you care about freedom, 393 00:21:43,000 --> 00:21:46,320 Speaker 1: all freedom sits at the freedom to transact, and really 394 00:21:46,400 --> 00:21:50,840 Speaker 1: the darkening macroeconomic backdrop that's happening needs that Bitcoin more 395 00:21:50,880 --> 00:21:51,200 Speaker 1: than ever. 396 00:21:51,280 --> 00:21:51,440 Speaker 2: Now. 397 00:21:51,440 --> 00:21:54,200 Speaker 1: There's going to be top speakers there, companies, thought leaders 398 00:21:54,200 --> 00:21:56,399 Speaker 1: from across the industry. They're all going to be in 399 00:21:56,480 --> 00:21:59,480 Speaker 1: Nashville looking ahead for the future. And I'm going to 400 00:21:59,560 --> 00:22:01,280 Speaker 1: be there. Lots of other people, my friends are going 401 00:22:01,320 --> 00:22:04,080 Speaker 1: to be there, and ticket prices keep going up, so 402 00:22:04,119 --> 00:22:05,840 Speaker 1: the longer you wait, the more you're going to pay. 403 00:22:05,880 --> 00:22:07,200 Speaker 1: But I don't want that to happen to you. I'd 404 00:22:07,240 --> 00:22:09,640 Speaker 1: love for you to come hang out, meet me, hang 405 00:22:09,680 --> 00:22:11,760 Speaker 1: out with me and all the other speakers there. And 406 00:22:11,800 --> 00:22:14,280 Speaker 1: you can save ten percent on your ticket by using 407 00:22:14,320 --> 00:22:17,080 Speaker 1: code mark moss at checkout, So get your tickets now. 408 00:22:17,119 --> 00:22:19,120 Speaker 1: Like I said, the prices just keep going up. Use 409 00:22:19,200 --> 00:22:21,080 Speaker 1: mark Moss at check out to save ten percent on 410 00:22:21,119 --> 00:22:22,760 Speaker 1: your tickets and hit me up let me know if 411 00:22:22,760 --> 00:22:24,240 Speaker 1: you're coming, so I want to meet you. And also, 412 00:22:24,240 --> 00:22:27,000 Speaker 1: while we're talking about bitcoin, we're talking about laws being 413 00:22:27,080 --> 00:22:31,159 Speaker 1: changed to basically guarantee your rights of self custody. The 414 00:22:31,200 --> 00:22:34,320 Speaker 1: whole piece about bitcoin that's so revolutionaries that we can 415 00:22:34,359 --> 00:22:36,800 Speaker 1: custody our own digital asset, and so you should certainly 416 00:22:36,800 --> 00:22:40,000 Speaker 1: do that. But how I've been using this device, it's 417 00:22:40,000 --> 00:22:42,560 Speaker 1: called a Treasure hardware wallet. I've been using it for 418 00:22:42,600 --> 00:22:44,960 Speaker 1: about seven eight years now. It's been my go to device. Basically, 419 00:22:45,000 --> 00:22:46,960 Speaker 1: it's a little hardware device like this that hold your 420 00:22:47,000 --> 00:22:49,360 Speaker 1: private key and you plug it into your computer when 421 00:22:49,359 --> 00:22:51,800 Speaker 1: you want to send a transaction. I like Treasure because 422 00:22:51,800 --> 00:22:54,639 Speaker 1: it's open source, unlike some of the security flaws you've 423 00:22:54,680 --> 00:22:56,760 Speaker 1: seen in other devices. I don't want to name them 424 00:22:56,840 --> 00:22:58,560 Speaker 1: right now, but it's open source, so you know that 425 00:22:58,640 --> 00:23:00,960 Speaker 1: it's safe. It's the easiest to use, which I have 426 00:23:01,080 --> 00:23:03,840 Speaker 1: used it forever. They have new devices that make it 427 00:23:03,960 --> 00:23:06,439 Speaker 1: much easier than ever before. There's no excuse for you 428 00:23:06,560 --> 00:23:09,240 Speaker 1: not to secure your own bitcoin with a Treasure hardware 429 00:23:09,240 --> 00:23:11,600 Speaker 1: wall or something else like that. And more importantly, when 430 00:23:11,680 --> 00:23:14,680 Speaker 1: you're holding your Treasure hardware wallet or any hardware wallet 431 00:23:14,720 --> 00:23:17,640 Speaker 1: for that matter, you need to back up your private keys. Now, 432 00:23:17,680 --> 00:23:18,919 Speaker 1: you want to make sure that you back up your 433 00:23:18,960 --> 00:23:21,840 Speaker 1: private keys and put them somewhere they don't get destroyed. 434 00:23:21,840 --> 00:23:23,520 Speaker 1: And they've come up with this new device where I 435 00:23:23,520 --> 00:23:26,159 Speaker 1: can put my private key on this metal device that 436 00:23:26,200 --> 00:23:29,600 Speaker 1: could withstand flat fire, flood or war, whatever it may be. 437 00:23:29,840 --> 00:23:32,440 Speaker 1: So check out Treasure what they're doing. You can save 438 00:23:32,480 --> 00:23:35,199 Speaker 1: ten percent on these things by using code mark Moss. 439 00:23:35,640 --> 00:23:39,040 Speaker 1: But either way, make sure you secure your own bitcoin. 440 00:23:39,960 --> 00:23:42,080 Speaker 1: Let's turn to something maybe a little bit that you 441 00:23:42,119 --> 00:23:43,600 Speaker 1: have a little more interest in, maybe it's a little 442 00:23:43,640 --> 00:23:46,720 Speaker 1: more exciting. So you were talking about sort of a 443 00:23:46,760 --> 00:23:49,000 Speaker 1: new focus that you have, potentially a new fund that 444 00:23:49,000 --> 00:23:50,359 Speaker 1: you want to set up, so maybe I don't know 445 00:23:50,359 --> 00:23:52,640 Speaker 1: how much you want to get into it, but working 446 00:23:52,680 --> 00:23:57,359 Speaker 1: on technology for sort of this regime chain cycle that 447 00:23:57,400 --> 00:23:59,880 Speaker 1: we're in right now. So we talked about yesterday, maybe 448 00:23:59,880 --> 00:24:01,800 Speaker 1: like as it in tech, but you're also talking about 449 00:24:01,840 --> 00:24:04,520 Speaker 1: like grain crafts things like that. 450 00:24:04,760 --> 00:24:07,960 Speaker 2: Yeah, so it's kind of a side project, and it's 451 00:24:08,040 --> 00:24:12,119 Speaker 2: it's not I'm not running it. I'm partly the brains 452 00:24:12,160 --> 00:24:19,040 Speaker 2: behind it. It's it's basically addressing the great reset, which 453 00:24:19,080 --> 00:24:21,640 Speaker 2: is kind of It's still amusing to me that when 454 00:24:21,680 --> 00:24:25,480 Speaker 2: you mentioned that where people go conspiracy theories like it's 455 00:24:25,560 --> 00:24:28,800 Speaker 2: literally there's a book written about it called that, I 456 00:24:28,800 --> 00:24:32,600 Speaker 2: mean called that. You have policymakers. 457 00:24:31,880 --> 00:24:35,199 Speaker 1: YouTube still a warrant to know, I know. 458 00:24:35,400 --> 00:24:39,760 Speaker 2: It's just it's mind boggling to me how how brainwashed 459 00:24:39,840 --> 00:24:44,040 Speaker 2: people can be. But nevertheless, there is an agenda in 460 00:24:44,080 --> 00:24:50,879 Speaker 2: play with respect to changing society. Fundamentally, I don't believe 461 00:24:50,920 --> 00:24:52,960 Speaker 2: it's going to work for the same reason that communism 462 00:24:53,000 --> 00:24:55,359 Speaker 2: has never worked. That doesn't mean they're not going to 463 00:24:55,600 --> 00:25:00,320 Speaker 2: continue to push it. The solution to it isn't In 464 00:25:00,359 --> 00:25:02,920 Speaker 2: my book, it's not necessarily to fight it. I think 465 00:25:02,960 --> 00:25:07,199 Speaker 2: it's very, very difficult to fight that force with the 466 00:25:07,240 --> 00:25:12,240 Speaker 2: same strategy. If you think about if you think about 467 00:25:12,880 --> 00:25:17,400 Speaker 2: the wu flu mandates that were put in place where 468 00:25:17,440 --> 00:25:21,760 Speaker 2: you needed to get the safe and effective otherwise you'd 469 00:25:21,800 --> 00:25:24,600 Speaker 2: lose your job and so on and so forth. In 470 00:25:24,680 --> 00:25:27,000 Speaker 2: large part, the lesson that I learned there was the 471 00:25:27,080 --> 00:25:32,880 Speaker 2: solution wasn't to fight it face on necessarily. The solution 472 00:25:33,040 --> 00:25:36,159 Speaker 2: was just to have an alternative. If you like, for example, 473 00:25:36,160 --> 00:25:38,320 Speaker 2: if you were a school teacher and you were given 474 00:25:38,359 --> 00:25:42,440 Speaker 2: this ultimatum and I had an option for you, and 475 00:25:42,480 --> 00:25:44,960 Speaker 2: I was like, yeah, you can go and work here 476 00:25:45,000 --> 00:25:47,760 Speaker 2: and do this, and there is all parts and there 477 00:25:47,800 --> 00:25:52,680 Speaker 2: is no requirement for anything to be mandated, and maybe 478 00:25:52,720 --> 00:25:56,600 Speaker 2: it's even sixty percent of your income. There are many 479 00:25:56,640 --> 00:25:58,720 Speaker 2: people who would have taken that part and said, yeah, 480 00:25:58,720 --> 00:26:01,639 Speaker 2: I will do that. That's how I believe how you 481 00:26:01,680 --> 00:26:05,560 Speaker 2: find it. You build a parallel system, you build alternatives. 482 00:26:06,359 --> 00:26:08,800 Speaker 2: It is the It is the alternatives and the growth 483 00:26:08,800 --> 00:26:13,240 Speaker 2: of the alternatives that allow for you to have optionality. 484 00:26:13,680 --> 00:26:18,000 Speaker 2: When you have optionality, the power is taken away, right. 485 00:26:18,960 --> 00:26:21,320 Speaker 1: Yeah, I mean that's the history, that's the model from history, right. 486 00:26:21,359 --> 00:26:23,480 Speaker 1: I mean, the colause of the USSR was really driven 487 00:26:23,520 --> 00:26:27,720 Speaker 1: by those parallel markets, those outdated and by people opting 488 00:26:27,760 --> 00:26:31,480 Speaker 1: out right because sort of there's the meme of like 489 00:26:31,520 --> 00:26:33,720 Speaker 1: the political leader out over the cliff on the ledge 490 00:26:33,760 --> 00:26:35,760 Speaker 1: with the piece of wood and the crowd sits downing 491 00:26:35,800 --> 00:26:37,600 Speaker 1: on it, and if they move away, he falls right, 492 00:26:37,640 --> 00:26:39,359 Speaker 1: and so like, as long as we give power to 493 00:26:39,480 --> 00:26:41,520 Speaker 1: that system. That system stays in power. 494 00:26:41,280 --> 00:26:42,200 Speaker 2: You just step out of it. 495 00:26:42,240 --> 00:26:43,800 Speaker 1: And so you just step out of it, rather than 496 00:26:43,800 --> 00:26:46,439 Speaker 1: try to fight it head on, you just I'll just 497 00:26:46,480 --> 00:26:49,480 Speaker 1: opt out. Go over here. And so it does two things. 498 00:26:49,520 --> 00:26:53,120 Speaker 1: I mean, one it it caused them to lose their 499 00:26:53,160 --> 00:26:55,720 Speaker 1: power and their control over that situation. But two, when 500 00:26:55,760 --> 00:26:59,640 Speaker 1: it inevitably fails, then there's this secondary system, this life raft, 501 00:26:59,680 --> 00:27:01,680 Speaker 1: if you will, to help cushion the fall. 502 00:27:01,960 --> 00:27:05,679 Speaker 2: So it's those life rafts that we're focused on addressing 503 00:27:05,760 --> 00:27:09,840 Speaker 2: through a venture capital arm where we'll be funding and 504 00:27:10,000 --> 00:27:16,120 Speaker 2: resourcing existing projects typically already profitable, that are addressing those 505 00:27:16,119 --> 00:27:19,040 Speaker 2: And it's across multiple avenues that are all being utilized 506 00:27:19,080 --> 00:27:23,280 Speaker 2: as vectors of attack. Health, agriculture. With respect to our 507 00:27:23,280 --> 00:27:28,040 Speaker 2: food supplies, it's extraordinarily difficult now to find food that 508 00:27:28,160 --> 00:27:31,520 Speaker 2: is not GMO, there's not laced with pesticides, that is 509 00:27:31,560 --> 00:27:36,080 Speaker 2: not even I mean it's difficult now to find chicken 510 00:27:37,160 --> 00:27:41,520 Speaker 2: that's free range, hasn't been laced with hormones to make 511 00:27:41,560 --> 00:27:44,479 Speaker 2: them fat and feed with corn all that long. Like 512 00:27:44,920 --> 00:27:48,639 Speaker 2: the quantity of protein that our bodies require, we're going 513 00:27:48,720 --> 00:27:50,440 Speaker 2: to eat, We're gonna have to eat so much more 514 00:27:50,440 --> 00:27:53,920 Speaker 2: of that garbage just to get the nutrients that we need. 515 00:27:53,960 --> 00:27:56,240 Speaker 2: So this but there are already. 516 00:27:55,880 --> 00:27:57,600 Speaker 1: Trying to get two hundred grams of protein to day, 517 00:27:58,160 --> 00:27:59,320 Speaker 1: hard to get that bloody hot. 518 00:28:00,040 --> 00:28:02,800 Speaker 2: But part of that is like, and I've seen research 519 00:28:02,800 --> 00:28:05,399 Speaker 2: studies on us. For example, you take a lettuce that 520 00:28:05,600 --> 00:28:08,320 Speaker 2: was in the nineteen forties I think was the nineteen forties. 521 00:28:08,840 --> 00:28:11,280 Speaker 2: In order for us to get the same nutrients out 522 00:28:11,280 --> 00:28:14,080 Speaker 2: of a lettuce, now we have to eat almost ten lettuces. 523 00:28:14,280 --> 00:28:16,680 Speaker 1: Yeah, because the soil. 524 00:28:16,840 --> 00:28:19,840 Speaker 2: So it's because the soil has been been depleted, and 525 00:28:19,920 --> 00:28:23,399 Speaker 2: largely it has been depleted through various interventions and so 526 00:28:23,440 --> 00:28:26,359 Speaker 2: on and so forth. So anyways, point because and then 527 00:28:26,400 --> 00:28:29,080 Speaker 2: of course healthcare is another one. So and we're seeing 528 00:28:29,119 --> 00:28:32,000 Speaker 2: already the market forces in play here. There are many 529 00:28:32,040 --> 00:28:38,280 Speaker 2: people who are distrustful now of the medical industry, shall 530 00:28:38,320 --> 00:28:42,680 Speaker 2: we say, for obvious reasons. And so now they're looking 531 00:28:42,720 --> 00:28:46,600 Speaker 2: for alternatives, and the alternatives are cropping up, and they 532 00:28:46,640 --> 00:28:49,280 Speaker 2: are getting enormous because there's so few of them. It's 533 00:28:49,320 --> 00:28:53,280 Speaker 2: like the asymmetry of supply and demand, right. I mean, 534 00:28:53,320 --> 00:28:55,360 Speaker 2: we're seeing a lot of this in Mexico. And they 535 00:28:55,440 --> 00:28:57,880 Speaker 2: you spend some time there, you know, all sort of 536 00:28:57,920 --> 00:29:00,960 Speaker 2: all because it's a less regulated mand and look, to 537 00:29:00,960 --> 00:29:04,520 Speaker 2: some extent, that's been the case for decades now. If 538 00:29:04,520 --> 00:29:06,400 Speaker 2: you wanted to go and get stem cell research or 539 00:29:06,680 --> 00:29:09,280 Speaker 2: stem cells done things like that, that's been the place 540 00:29:09,320 --> 00:29:10,320 Speaker 2: to go. You're not going to do it in the 541 00:29:10,440 --> 00:29:15,040 Speaker 2: US anyways. So those sorts of things we're seeing literally 542 00:29:15,160 --> 00:29:18,680 Speaker 2: as being quite asymmetric, and there is a value proposition 543 00:29:18,760 --> 00:29:21,600 Speaker 2: there where basically I think that that's part of that 544 00:29:21,680 --> 00:29:24,920 Speaker 2: parallel system that we absolutely need where you're being mandated 545 00:29:24,960 --> 00:29:26,880 Speaker 2: and told you have to go and use you have 546 00:29:26,960 --> 00:29:30,400 Speaker 2: to use these particular medical providers. And we know that 547 00:29:30,400 --> 00:29:34,400 Speaker 2: those medical providers haven't had a very biased opinion because 548 00:29:34,440 --> 00:29:38,520 Speaker 2: the people that actually pay them aren't US. They're requiring 549 00:29:39,840 --> 00:29:43,680 Speaker 2: other participants to literally have their license and their jobs. 550 00:29:44,200 --> 00:29:46,680 Speaker 1: And so there was someone on Twitter, a doctor who 551 00:29:46,720 --> 00:29:49,120 Speaker 1: posted went pretty viral a couple of days ago, maybe 552 00:29:49,160 --> 00:29:51,560 Speaker 1: we coul Ago and she I think it was. She 553 00:29:51,640 --> 00:29:54,280 Speaker 1: posted a letter that she had gotten from the Entrance 554 00:29:54,320 --> 00:29:57,320 Speaker 1: company by referring over the COVID patients, and she had 555 00:29:57,320 --> 00:29:59,160 Speaker 1: said if she would have referred all these COVID patients, 556 00:29:59,160 --> 00:30:01,280 Speaker 1: she would have made one point five million dollars. That's 557 00:30:01,320 --> 00:30:05,000 Speaker 1: what how much they would have paid her. Yeah, think 558 00:30:05,000 --> 00:30:06,200 Speaker 1: about the incentives around that. 559 00:30:06,240 --> 00:30:09,200 Speaker 2: So to your point, yeah, yeah, and people are wiking 560 00:30:09,240 --> 00:30:12,200 Speaker 2: to that and they're saying, I no longer trusted and 561 00:30:12,240 --> 00:30:14,640 Speaker 2: so I'm looking for alternatives. So if there are no 562 00:30:14,880 --> 00:30:17,880 Speaker 2: If there are none, that's a very bad sit up 563 00:30:17,920 --> 00:30:21,120 Speaker 2: because you're kind of stuck. But there are some. Yeah, 564 00:30:21,120 --> 00:30:22,720 Speaker 2: there's a lot, and there's quite a lot more, and 565 00:30:23,480 --> 00:30:26,240 Speaker 2: so that feedback mechanism is now working. You know, the 566 00:30:26,440 --> 00:30:28,640 Speaker 2: way down the road gets something done and he talks 567 00:30:28,680 --> 00:30:30,440 Speaker 2: to Freddy and the next thing you know, you got 568 00:30:30,440 --> 00:30:33,560 Speaker 2: off a dozen people are like, maybe that's not so bad. 569 00:30:33,720 --> 00:30:36,640 Speaker 1: Yeah, yeah, And I mean just a general breakdown in 570 00:30:36,640 --> 00:30:38,880 Speaker 1: the healthcare system overall. So I've just seen a big 571 00:30:38,920 --> 00:30:43,080 Speaker 1: trend for more concierge type medicine. Obviously there's a lot 572 00:30:43,080 --> 00:30:45,800 Speaker 1: of medical tours in that happens. People are paying for 573 00:30:45,920 --> 00:30:48,200 Speaker 1: that medical stuff. So and then then you add this 574 00:30:48,400 --> 00:30:51,480 Speaker 1: on top of that, so certainly an explosion there. You 575 00:30:51,560 --> 00:30:53,200 Speaker 1: mentioned the food, Are those the two areas that you're 576 00:30:53,240 --> 00:30:54,560 Speaker 1: thinking like food and medicine? 577 00:30:54,640 --> 00:30:54,880 Speaker 2: Yeah? 578 00:30:54,960 --> 00:30:57,440 Speaker 1: What about communications? Because censorship seems to be like the 579 00:30:57,520 --> 00:31:00,720 Speaker 1: number one attack factor right now. Look look at Elon 580 00:31:00,840 --> 00:31:03,080 Speaker 1: Musk like the richest man in the world. I mean, 581 00:31:03,120 --> 00:31:06,239 Speaker 1: he's the attack vector right now, and I don't know 582 00:31:06,280 --> 00:31:08,920 Speaker 1: how much longer he's gonna be able to withstand the 583 00:31:08,960 --> 00:31:11,479 Speaker 1: forces coming against them. You can see what's going on 584 00:31:11,520 --> 00:31:13,400 Speaker 1: with such a ship all around the world. Ireland is 585 00:31:13,560 --> 00:31:15,640 Speaker 1: sort of maybe the tip of the spear of Brazil 586 00:31:15,720 --> 00:31:18,040 Speaker 1: as well, but even in the United States, with the 587 00:31:18,040 --> 00:31:19,680 Speaker 1: release of the Twitter files, we can see how the 588 00:31:19,720 --> 00:31:22,760 Speaker 1: CIA has been using social media platforms and whatnot. So 589 00:31:23,360 --> 00:31:25,640 Speaker 1: does that fall into that or not the tech. 590 00:31:25,560 --> 00:31:28,520 Speaker 2: Side At the moment, we're simply looking at that which 591 00:31:28,600 --> 00:31:30,400 Speaker 2: we have in front of us, where we can get 592 00:31:30,400 --> 00:31:34,280 Speaker 2: our hades around it, and where it represents decent value. 593 00:31:35,880 --> 00:31:38,400 Speaker 2: You know, there's an ideological approach and that we want 594 00:31:38,560 --> 00:31:42,520 Speaker 2: and need a lot of things. But we're also understanding 595 00:31:42,520 --> 00:31:45,200 Speaker 2: of the fact that like I'm a macro guy, I 596 00:31:45,200 --> 00:31:48,560 Speaker 2: don't know shit about technology. Sure not to use the phone, 597 00:31:48,600 --> 00:31:51,959 Speaker 2: and I can read and I can understand broadly how 598 00:31:52,080 --> 00:31:55,000 Speaker 2: master works and how decentralized system blah blah blah. 599 00:31:55,080 --> 00:31:58,960 Speaker 1: So use trying to pick and choose winners in that environment. 600 00:31:59,000 --> 00:32:00,920 Speaker 2: I'm not that guy. I'm not their guy. 601 00:32:01,040 --> 00:32:02,360 Speaker 1: So put, you're that guy. 602 00:32:03,160 --> 00:32:05,520 Speaker 2: But within the net, no, not even there, but like 603 00:32:05,560 --> 00:32:09,120 Speaker 2: within the within the network that we have, we're identifying 604 00:32:09,320 --> 00:32:13,560 Speaker 2: participants that have those skills and have proven them. They're 605 00:32:13,600 --> 00:32:19,320 Speaker 2: already doing things that are verifiable and are addressing these issues. 606 00:32:19,640 --> 00:32:22,840 Speaker 2: And so our role is basically to partner with them 607 00:32:23,120 --> 00:32:27,760 Speaker 2: and to network all of these these various aspects together 608 00:32:28,520 --> 00:32:32,360 Speaker 2: and and and basically build a better world. So so 609 00:32:32,440 --> 00:32:36,440 Speaker 2: that's the idea. It's so at the moment, you know, 610 00:32:36,520 --> 00:32:40,840 Speaker 2: it's for still relatively early stages. It's been quite a 611 00:32:40,920 --> 00:32:45,200 Speaker 2: long time in sort of brain formation over the last 612 00:32:45,240 --> 00:32:51,560 Speaker 2: four four ideas. But for the moment, it's going to 613 00:32:51,560 --> 00:32:55,920 Speaker 2: be like agriculture, healthcare. Those are the two that we've identified. 614 00:32:56,200 --> 00:32:58,480 Speaker 2: There is a bunch of tech stuff that we have 615 00:32:58,600 --> 00:33:04,200 Speaker 2: looked at, but it's it's again, this is not designed 616 00:33:04,200 --> 00:33:12,560 Speaker 2: to be like early stage startup type stuff. You know 617 00:33:12,800 --> 00:33:15,000 Speaker 2: that in order to do that you really need to 618 00:33:15,000 --> 00:33:17,880 Speaker 2: be an expert in that. Yeah, and I'm not, and 619 00:33:17,920 --> 00:33:22,320 Speaker 2: my partners are not yet. We're business operators, you know, 620 00:33:22,640 --> 00:33:26,000 Speaker 2: or I'm a fund manager. They are very very successful 621 00:33:26,440 --> 00:33:30,880 Speaker 2: business operators. So but so we can use the skills 622 00:33:30,880 --> 00:33:33,600 Speaker 2: that we have and then again within the network, identify 623 00:33:33,680 --> 00:33:36,680 Speaker 2: individuals that we can partner with to move those things forward. 624 00:33:36,800 --> 00:33:38,240 Speaker 2: So that's the broad. 625 00:33:38,320 --> 00:33:40,080 Speaker 1: Yeah, I love it. You know, something I talk about 626 00:33:40,760 --> 00:33:43,240 Speaker 1: quite often, I mean in sort of a convergence of 627 00:33:43,280 --> 00:33:47,000 Speaker 1: two things, but like one sort of like Warren Buffett's 628 00:33:47,000 --> 00:33:49,160 Speaker 1: like deal box, where it's like, hey, identify the couple 629 00:33:49,240 --> 00:33:51,520 Speaker 1: things that you know like or have interest in, you know, 630 00:33:51,600 --> 00:33:55,240 Speaker 1: passionate about, expertise, and just focus on that. Yeah, you know, 631 00:33:55,840 --> 00:33:58,760 Speaker 1: Buffett sort of preached a lot of concentration in that 632 00:33:58,880 --> 00:34:02,000 Speaker 1: in that regards, right, and so I've found just in 633 00:34:02,040 --> 00:34:03,800 Speaker 1: my own life, like things that you're interested in you 634 00:34:03,800 --> 00:34:05,720 Speaker 1: spend more time in. And to be good at any 635 00:34:05,760 --> 00:34:06,920 Speaker 1: of these things, you have to spend a lot of 636 00:34:06,920 --> 00:34:09,000 Speaker 1: time there. That's number one. But even more importantly I 637 00:34:09,040 --> 00:34:12,160 Speaker 1: talk about, you know, really building the world that we want, 638 00:34:12,280 --> 00:34:14,880 Speaker 1: and really it's a message of personal responsibility. I know 639 00:34:14,920 --> 00:34:18,080 Speaker 1: that we both share, but like if we want to 640 00:34:18,120 --> 00:34:20,080 Speaker 1: change the world, it's like up to us, Like we 641 00:34:20,080 --> 00:34:21,719 Speaker 1: can't sit back and hope that a politician is going 642 00:34:21,760 --> 00:34:23,840 Speaker 1: to come save it for us. And so then like 643 00:34:24,000 --> 00:34:27,759 Speaker 1: utilizing our resources, our money potentially and resources in order 644 00:34:27,800 --> 00:34:30,120 Speaker 1: to build that world right, so you see a problem 645 00:34:30,160 --> 00:34:32,959 Speaker 1: with the food supply, will if all things are equal, 646 00:34:33,000 --> 00:34:34,839 Speaker 1: why wouldn't I just invest in to help the food supply? 647 00:34:34,960 --> 00:34:35,120 Speaker 2: Then? 648 00:34:36,000 --> 00:34:37,520 Speaker 1: If I can make just as much money there as 649 00:34:37,520 --> 00:34:40,840 Speaker 1: I can buy in China stocks or whatever else, like, 650 00:34:40,840 --> 00:34:42,960 Speaker 1: why wouldn't I put it there? And so that's something 651 00:34:43,000 --> 00:34:45,440 Speaker 1: I talk about as well, right, like specifically around the 652 00:34:45,440 --> 00:34:48,719 Speaker 1: bitcoin fund that I have, and just in general. Right, 653 00:34:48,800 --> 00:34:51,000 Speaker 1: it's like we have to put our money up where 654 00:34:51,000 --> 00:34:53,120 Speaker 1: our mouth is, right, we have to invest into making 655 00:34:53,160 --> 00:34:56,200 Speaker 1: the world better for ourselves. And you know, maybe not 656 00:34:56,200 --> 00:34:57,920 Speaker 1: so much in this case, but even maybe just to 657 00:34:57,960 --> 00:35:00,640 Speaker 1: the listeners I talk about, even if if that means 658 00:35:00,680 --> 00:35:04,120 Speaker 1: you get a lesser return, or maybe you might even 659 00:35:04,160 --> 00:35:06,680 Speaker 1: lose a little bit, Like that's sort of the battle 660 00:35:06,719 --> 00:35:08,680 Speaker 1: that we're fighting today. Right, So if you think about 661 00:35:08,680 --> 00:35:10,680 Speaker 1: like our founding fathers, I mean, they fought a war 662 00:35:11,200 --> 00:35:13,359 Speaker 1: and they died, they lost every I mean a lot 663 00:35:13,360 --> 00:35:16,600 Speaker 1: of them died. Right today, likely we don't have to. 664 00:35:16,680 --> 00:35:18,040 Speaker 1: But if we think about we're fighting in a war, 665 00:35:18,080 --> 00:35:21,040 Speaker 1: which I think we both kind of see that, then 666 00:35:21,120 --> 00:35:23,880 Speaker 1: maybe our sacrifice is just putting our time and attention, 667 00:35:24,000 --> 00:35:26,879 Speaker 1: money and money towards building that world I. 668 00:35:26,800 --> 00:35:29,960 Speaker 2: Don't see it quite in the same way in that 669 00:35:32,960 --> 00:35:38,200 Speaker 2: think about the last four years. Money gives you typically optionality, 670 00:35:38,360 --> 00:35:42,000 Speaker 2: and it gives you a certain lifestyle. Our lifestyle got 671 00:35:42,040 --> 00:35:45,239 Speaker 2: taken away in many respects and it hasn't even come 672 00:35:45,280 --> 00:35:49,160 Speaker 2: back in large part. Right, And George mentioned this the 673 00:35:49,200 --> 00:35:50,920 Speaker 2: other night, she said, you know, if you took us 674 00:35:51,000 --> 00:35:53,920 Speaker 2: back to like twenty nineteen. You know, most of our 675 00:35:53,960 --> 00:35:57,040 Speaker 2: port photos are up a lot since twenty nineteen, But 676 00:35:57,080 --> 00:35:59,959 Speaker 2: would you go back in terms of your net worth 677 00:36:00,960 --> 00:36:04,040 Speaker 2: to twenty nineteen for the quality of life that you had? 678 00:36:04,239 --> 00:36:07,080 Speaker 1: Yeah, of course, mostly what I want money for it anyway, 679 00:36:07,120 --> 00:36:08,440 Speaker 1: exactly so. 680 00:36:09,880 --> 00:36:12,600 Speaker 2: That life that you're looking at the things that are 681 00:36:12,640 --> 00:36:16,279 Speaker 2: of real value to you, by putting capital behind them, 682 00:36:16,760 --> 00:36:21,120 Speaker 2: you're generating positive return. Whether you see that in a 683 00:36:21,160 --> 00:36:26,719 Speaker 2: portfolio number is to some extent less material, right Like 684 00:36:26,800 --> 00:36:29,440 Speaker 2: if I know that I can get a high quality 685 00:36:29,560 --> 00:36:33,600 Speaker 2: food supply automatically all the time, and I know where 686 00:36:33,600 --> 00:36:35,799 Speaker 2: that food's coming from. I know where my eggs come from, 687 00:36:35,840 --> 00:36:37,839 Speaker 2: I know where my beef comes from. I know where 688 00:36:37,840 --> 00:36:39,840 Speaker 2: all this stuff comes from. I know it's not laced 689 00:36:39,840 --> 00:36:43,440 Speaker 2: with pesticides or injected with mRNA vaccines or any of 690 00:36:43,480 --> 00:36:47,759 Speaker 2: this other garbage. Who like what I'd rather eat that 691 00:36:48,200 --> 00:36:51,120 Speaker 2: and make another four five million dollars a year. No, 692 00:36:51,239 --> 00:36:55,160 Speaker 2: I wouldn't because what's the point, Like, I don't need 693 00:36:55,200 --> 00:36:56,040 Speaker 2: any more money. 694 00:36:56,200 --> 00:36:57,439 Speaker 1: Well, I think we're saying the same thing. 695 00:36:57,560 --> 00:37:00,800 Speaker 2: It's but yeah, all I'm saying is that the value 696 00:37:00,840 --> 00:37:04,319 Speaker 2: that you like. If you think about value, often we're 697 00:37:04,320 --> 00:37:06,839 Speaker 2: just looking going, it's a number on a screen, right, 698 00:37:06,880 --> 00:37:08,400 Speaker 2: but you go, typically, what are you going to do 699 00:37:08,400 --> 00:37:10,360 Speaker 2: with that number on screen? You're going to transfer it 700 00:37:10,400 --> 00:37:12,040 Speaker 2: into You're going to go and buy your meat, You're 701 00:37:12,080 --> 00:37:15,040 Speaker 2: gonna go and buy these things. Like, Well, if you 702 00:37:15,040 --> 00:37:18,240 Speaker 2: can get the same return by just having those things 703 00:37:18,560 --> 00:37:21,719 Speaker 2: and having that security of supply, I'm like, you know, 704 00:37:21,800 --> 00:37:25,600 Speaker 2: that's a return. I'm like, Oh, a education, that's another 705 00:37:25,640 --> 00:37:28,040 Speaker 2: angle that we're looking at. If I can know that 706 00:37:28,080 --> 00:37:31,920 Speaker 2: my kids are not being indoctrinated, Like, what's the price 707 00:37:31,960 --> 00:37:33,799 Speaker 2: you pay for that? Because that's a price, that's a 708 00:37:34,000 --> 00:37:38,160 Speaker 2: huge price. That's their entire lives if they get indoctrinated 709 00:37:38,440 --> 00:37:42,120 Speaker 2: in future generation and future generation. So you know, it's 710 00:37:42,200 --> 00:37:46,399 Speaker 2: like I had this oh cracky years and years ago 711 00:37:46,440 --> 00:37:50,200 Speaker 2: to be maybe twenty two or something. I remember backpacking 712 00:37:50,239 --> 00:37:53,799 Speaker 2: through Bolivia. I've done a lot of that, a lot 713 00:37:53,840 --> 00:37:56,160 Speaker 2: of back, but it was just some it was an 714 00:37:56,200 --> 00:37:58,640 Speaker 2: experience I had. I remember I was done going to 715 00:37:58,960 --> 00:38:04,200 Speaker 2: I think it's bay de la Luna, right, and very 716 00:38:04,200 --> 00:38:07,160 Speaker 2: poor country. Most of it's like shanties and you drive 717 00:38:07,239 --> 00:38:10,200 Speaker 2: through garbage and shanties and poor people and everything else. 718 00:38:10,320 --> 00:38:13,520 Speaker 2: And there was like this enclave of really wealthy people, 719 00:38:14,680 --> 00:38:18,439 Speaker 2: beautiful homes but they're all at like nine foot high 720 00:38:18,480 --> 00:38:22,000 Speaker 2: walls with raizor wire. Some of them had armed guards 721 00:38:22,040 --> 00:38:25,640 Speaker 2: on the gates. And I remember looking at that thinking, yeah, 722 00:38:25,760 --> 00:38:29,360 Speaker 2: these people have got relatively good lives. But at the 723 00:38:29,400 --> 00:38:31,960 Speaker 2: same time, I'm like, would I want to go live there? 724 00:38:31,960 --> 00:38:34,880 Speaker 2: I'm like, no, I would much rather just have an 725 00:38:34,920 --> 00:38:37,880 Speaker 2: average house in the suburbs where my kids can go 726 00:38:37,920 --> 00:38:40,560 Speaker 2: and play in the streets. Yeah. Like you know, so 727 00:38:40,960 --> 00:38:43,120 Speaker 2: part of that is what we're talking about, Like, what 728 00:38:43,280 --> 00:38:46,440 Speaker 2: is the real value if your whole world, your portfolio 729 00:38:46,480 --> 00:38:48,560 Speaker 2: is going through the roof, but your world's collapsing around you, 730 00:38:48,680 --> 00:38:49,440 Speaker 2: what's the point? 731 00:38:49,560 --> 00:38:52,560 Speaker 1: I agre I put out a long Twitter throughout the 732 00:38:52,560 --> 00:38:54,839 Speaker 1: other day that went pretty viral, and it basically said 733 00:38:54,840 --> 00:38:56,560 Speaker 1: the exact same thing, because in the bigcoin community, a 734 00:38:56,600 --> 00:39:00,120 Speaker 1: lot of people have gotten very extreme and they think 735 00:39:00,160 --> 00:39:02,680 Speaker 1: that buying anything other than bigwoin is a scam because 736 00:39:02,719 --> 00:39:04,400 Speaker 1: nothing's going to outperform Bitcoin. And so I just put 737 00:39:04,440 --> 00:39:06,439 Speaker 1: all your money and bigoin. And they call real estate 738 00:39:06,440 --> 00:39:11,840 Speaker 1: a scam, and they think that people coaching and putting 739 00:39:11,840 --> 00:39:14,400 Speaker 1: that information and selling that that's a scam. And I mean, 740 00:39:14,400 --> 00:39:16,279 Speaker 1: it's just gotten very toxic. Anyway, So I put out 741 00:39:16,280 --> 00:39:19,040 Speaker 1: this long thread because real estate's a scam. 742 00:39:19,080 --> 00:39:19,719 Speaker 2: But I'm a. 743 00:39:19,719 --> 00:39:23,239 Speaker 1: Father, I got kids, and I don't like having to 744 00:39:23,239 --> 00:39:25,480 Speaker 1: move my family all around because the renter wants to 745 00:39:25,560 --> 00:39:27,520 Speaker 1: kick me out and this and that. I want my 746 00:39:27,600 --> 00:39:29,560 Speaker 1: kids to grow up next to the kids, and so 747 00:39:29,640 --> 00:39:31,200 Speaker 1: I put out this long thread and I said, look, 748 00:39:31,200 --> 00:39:32,359 Speaker 1: I feel like a lot of you guys have lost 749 00:39:32,360 --> 00:39:35,160 Speaker 1: the plot here, Like you have to understand we don't 750 00:39:35,160 --> 00:39:37,960 Speaker 1: want money, right, we want the things money buys us. 751 00:39:38,040 --> 00:39:41,000 Speaker 1: And to me, my kids growing up in this environment 752 00:39:41,080 --> 00:39:43,879 Speaker 1: is worth. That's what I want the money for. That's 753 00:39:43,880 --> 00:39:47,240 Speaker 1: the whole point. Like who cares how much this bitcoin 754 00:39:47,360 --> 00:39:49,120 Speaker 1: is worth in thirty years from now? My kids are 755 00:39:49,120 --> 00:39:51,319 Speaker 1: here now, I won't get that time back. And so 756 00:39:51,320 --> 00:39:52,520 Speaker 1: anyway that put does a long thread. 757 00:39:52,800 --> 00:39:57,320 Speaker 2: By the way, I think that's just entirely consistent with humanity. 758 00:39:57,440 --> 00:40:00,600 Speaker 2: You know, you have any particular assay class and you 759 00:40:00,719 --> 00:40:08,799 Speaker 2: have ideologues who come in and there's no nuance, it's 760 00:40:08,840 --> 00:40:13,920 Speaker 2: all lost. That's normal. You'll get it in You'll get it. 761 00:40:14,320 --> 00:40:16,320 Speaker 2: To some extent, we're getting it in video stock. I 762 00:40:16,400 --> 00:40:17,959 Speaker 2: just got an email the other day because I wrote 763 00:40:17,960 --> 00:40:22,920 Speaker 2: an article about just highlighting how the valuations behind in 764 00:40:23,040 --> 00:40:28,120 Speaker 2: video might not be quite asymmetric to the upside at 765 00:40:28,160 --> 00:40:32,279 Speaker 2: eighty nine times peh, and it's more expensive than the 766 00:40:32,400 --> 00:40:35,880 Speaker 2: entire German stock market, and I can give you many examples. 767 00:40:35,440 --> 00:40:40,520 Speaker 2: So and I've got a lot of pushback, but that's 768 00:40:40,560 --> 00:40:42,799 Speaker 2: because it's made the guy money. And of course it's 769 00:40:42,800 --> 00:40:46,200 Speaker 2: made money. Sure, so you have a similar thing with 770 00:40:46,239 --> 00:40:48,960 Speaker 2: respect to bitcoin. You have them with any acid glass. 771 00:40:49,520 --> 00:40:51,360 Speaker 1: But the point of who cares how much bitcoin you 772 00:40:51,400 --> 00:40:53,359 Speaker 1: have in thirty years from now? Is the time right 773 00:40:53,400 --> 00:40:56,200 Speaker 1: now today. That's what matters with your kids or your family. 774 00:40:56,280 --> 00:40:59,000 Speaker 2: And well, I think we've lost to some extent that 775 00:41:00,880 --> 00:41:03,319 Speaker 2: cultural morality, if you. 776 00:41:03,320 --> 00:41:07,600 Speaker 3: Will, sure I would agree, And and to some extent 777 00:41:07,640 --> 00:41:09,960 Speaker 3: that's also one of the most valuable things is community 778 00:41:11,400 --> 00:41:14,680 Speaker 3: what do you what would you pay to have a 779 00:41:14,760 --> 00:41:18,759 Speaker 3: community that value and has a similar values to you 780 00:41:19,120 --> 00:41:21,239 Speaker 3: where your kids can grow up in that community with 781 00:41:21,280 --> 00:41:25,200 Speaker 3: those values A lot, I would give a lot of 782 00:41:25,200 --> 00:41:27,719 Speaker 3: money a lot. 783 00:41:27,880 --> 00:41:33,040 Speaker 1: Yeah, yeah, yeah, and and yeah, so paying to have 784 00:41:33,120 --> 00:41:35,040 Speaker 1: a good a good house, or your kids can grow 785 00:41:35,080 --> 00:41:37,160 Speaker 1: up in the right neighborhood with the right community the 786 00:41:37,239 --> 00:41:40,759 Speaker 1: right people. So yeah, So I think I think that's 787 00:41:40,800 --> 00:41:42,520 Speaker 1: just a mind shift that people have to have to 788 00:41:42,520 --> 00:41:47,080 Speaker 1: think about. I mean, look at how many people are 789 00:41:47,080 --> 00:41:48,920 Speaker 1: at this conference right here. I mean those people paid 790 00:41:49,120 --> 00:41:51,600 Speaker 1: money to come and try to expand their community, right, 791 00:41:51,640 --> 00:41:55,000 Speaker 1: So some people get it, but it's interesting. 792 00:41:55,960 --> 00:41:59,920 Speaker 2: We don't have I think even that goes in cycle 793 00:42:00,880 --> 00:42:02,839 Speaker 2: the whole cultural shifts. 794 00:42:03,040 --> 00:42:06,320 Speaker 1: Yeah. I think right now, with the rays of the Internet, 795 00:42:06,360 --> 00:42:11,400 Speaker 1: we're becoming more globally connected but more locally disconnected at 796 00:42:11,400 --> 00:42:11,959 Speaker 1: the same time. 797 00:42:12,080 --> 00:42:15,600 Speaker 2: Yeah, but even that ghost recycles, Even that ghost recycles. 798 00:42:15,640 --> 00:42:20,680 Speaker 2: I mean I'm watching local communities forming, you know, which 799 00:42:21,320 --> 00:42:26,279 Speaker 2: literally ten years ago we're not really forming. I've seen it, 800 00:42:26,560 --> 00:42:30,320 Speaker 2: likeally where I'm living, I've seen it in parts of Mexico, 801 00:42:30,760 --> 00:42:38,120 Speaker 2: Costa Rica. You know, You're getting like there's there's communities 802 00:42:38,120 --> 00:42:41,239 Speaker 2: that are formed online and you and I are part 803 00:42:41,280 --> 00:42:43,080 Speaker 2: of many of them, right, So you've got people that 804 00:42:43,120 --> 00:42:47,399 Speaker 2: have seen the world in similar similar views because we're 805 00:42:47,400 --> 00:42:50,120 Speaker 2: not geographically isolated to the extent we used to be. 806 00:42:50,800 --> 00:42:52,799 Speaker 2: And as many people will look at that and go, well, 807 00:42:52,800 --> 00:42:55,160 Speaker 2: that's a bad thing. We don't have the same sense 808 00:42:55,160 --> 00:42:58,480 Speaker 2: of community. You know, you had maybe the church and 809 00:42:58,520 --> 00:43:02,480 Speaker 2: the school, and you know that you were physically forced 810 00:43:02,640 --> 00:43:07,400 Speaker 2: to largely some degree, both economically and as a consequence 811 00:43:07,440 --> 00:43:15,719 Speaker 2: of technology, you were somewhat isolated. And so those communities 812 00:43:15,760 --> 00:43:18,400 Speaker 2: then formed and had their own value systems, and you 813 00:43:18,440 --> 00:43:20,319 Speaker 2: could say, I really like that one, and I can 814 00:43:20,400 --> 00:43:23,440 Speaker 2: move to another one, so you had optionality with respect 815 00:43:23,480 --> 00:43:28,520 Speaker 2: to different communities. We've now formed communities online where you'll 816 00:43:28,520 --> 00:43:31,440 Speaker 2: see people have and they can be in these different jurisdictions, 817 00:43:31,440 --> 00:43:35,040 Speaker 2: and many people literally that's where their community is online 818 00:43:35,080 --> 00:43:36,839 Speaker 2: with other people, and those people can be all over 819 00:43:36,840 --> 00:43:39,640 Speaker 2: the world. And I think to some degree, we're now 820 00:43:39,719 --> 00:43:46,279 Speaker 2: moving into that physical locality again because people are finding 821 00:43:46,360 --> 00:43:49,640 Speaker 2: it's no longer enough for me to just have this relationship, 822 00:43:51,560 --> 00:43:53,759 Speaker 2: you know, via the internet. I actually need it on 823 00:43:53,800 --> 00:43:57,440 Speaker 2: a physical basis because the pressures on my physical location 824 00:43:57,520 --> 00:44:00,480 Speaker 2: have become too great. Why because this crime outs are now, 825 00:44:00,760 --> 00:44:03,440 Speaker 2: or because I thought it was okay? But my kid 826 00:44:03,560 --> 00:44:05,920 Speaker 2: just came back from school and he's a boy and 827 00:44:05,920 --> 00:44:09,359 Speaker 2: I told him to wear a dress. Right. I met 828 00:44:09,360 --> 00:44:11,800 Speaker 2: a guy in Dubai like that. Literally, you know, a 829 00:44:11,920 --> 00:44:15,000 Speaker 2: very wealthy guy had his kids at a private school 830 00:44:15,040 --> 00:44:18,680 Speaker 2: in the UK on a business trip, comes home and 831 00:44:18,800 --> 00:44:21,480 Speaker 2: literally his son comes back from school with a dress on, 832 00:44:21,560 --> 00:44:24,960 Speaker 2: and he's talking to what are you doing? What's going on? 833 00:44:25,000 --> 00:44:28,719 Speaker 2: Oh no, it's like it's Pride week and everyone has 834 00:44:28,719 --> 00:44:30,880 Speaker 2: to wear a dress. He's like, the hell they do? 835 00:44:32,680 --> 00:44:35,080 Speaker 2: It's like a seven year old kid. Okay. 836 00:44:35,480 --> 00:44:36,880 Speaker 1: So wow. 837 00:44:37,040 --> 00:44:39,760 Speaker 2: So you know he moved. And there's there's many people 838 00:44:39,840 --> 00:44:42,799 Speaker 2: I keep bumping into in various locations. Dubai is just 839 00:44:42,840 --> 00:44:45,600 Speaker 2: one of them. Where they're going, Look, there are values 840 00:44:45,680 --> 00:44:49,120 Speaker 2: that are in this location that are more important to 841 00:44:49,160 --> 00:44:52,279 Speaker 2: me now because they're no longer in existence in the 842 00:44:52,320 --> 00:44:56,200 Speaker 2: physical location that I was. And so you're seeing physical, 843 00:44:56,200 --> 00:45:00,360 Speaker 2: physical movements, human capital movements, and that's going to to you, 844 00:45:00,440 --> 00:45:02,960 Speaker 2: and I think it's going to accelerate. So the will 845 00:45:03,120 --> 00:45:08,160 Speaker 2: is reshaping. Yeah, I agree, And so those all themselves 846 00:45:08,160 --> 00:45:09,279 Speaker 2: present opportunities. 847 00:45:10,719 --> 00:45:12,560 Speaker 1: Yeah, like, look at what's going on in El Salvador. 848 00:45:12,640 --> 00:45:14,440 Speaker 1: I think that's a good test case. I mean, Bukeley 849 00:45:14,520 --> 00:45:16,440 Speaker 1: has turned that country around in a one hundred and 850 00:45:16,440 --> 00:45:19,240 Speaker 1: eight degree difference in just a couple of short years. 851 00:45:19,400 --> 00:45:22,040 Speaker 1: And the amount of investment capital that's pouring into that 852 00:45:22,080 --> 00:45:25,600 Speaker 1: country is just amazing. And he's even gone so far 853 00:45:25,680 --> 00:45:29,400 Speaker 1: now as I think he's given out like one hundred citizenships. 854 00:45:28,680 --> 00:45:32,480 Speaker 2: To scientists, doctors, philosophers. 855 00:45:32,040 --> 00:45:35,000 Speaker 1: Exactly exactly right. And so now it's sort of like 856 00:45:35,040 --> 00:45:37,879 Speaker 1: this competition. I love what he said. He talked about 857 00:45:37,880 --> 00:45:40,000 Speaker 1: the immigration problem to the United States, and he was 858 00:45:40,040 --> 00:45:43,239 Speaker 1: talking about that specific subject and he said, you know, 859 00:45:43,320 --> 00:45:45,480 Speaker 1: he said, I think we need to look at ourselves. 860 00:45:46,200 --> 00:45:48,400 Speaker 1: He said, we need to ask ourselves, why are people 861 00:45:48,520 --> 00:45:52,800 Speaker 1: leaving our country? Wow, that's like words of a leader. 862 00:45:53,000 --> 00:45:53,480 Speaker 2: Yeah. 863 00:45:53,600 --> 00:45:56,200 Speaker 1: And so but we're seeing this, I mean, we're seeing 864 00:45:56,200 --> 00:45:58,480 Speaker 1: back to Dubai is attracting a lot of top tier talent, 865 00:45:59,280 --> 00:46:02,600 Speaker 1: and we'll start to see where these enclaves are forming 866 00:46:02,640 --> 00:46:05,640 Speaker 1: and people the Galt's goal, so to speak, right going 867 00:46:06,000 --> 00:46:07,680 Speaker 1: to those areas in the United States. We certainly see 868 00:46:07,680 --> 00:46:09,600 Speaker 1: it between the red and blue states, you know, for sure. 869 00:46:09,840 --> 00:46:13,640 Speaker 2: I mean that's been it's been over our ofttimes. We've 870 00:46:13,680 --> 00:46:18,960 Speaker 2: never seen that significant domestic shift in termally within the country. 871 00:46:19,080 --> 00:46:21,080 Speaker 1: Yeah. Yeah, I mean when I was a kid, my 872 00:46:21,680 --> 00:46:24,920 Speaker 1: my family moved from Texas to California. But that was 873 00:46:24,960 --> 00:46:27,920 Speaker 1: because my dad was in construction and the oil market 874 00:46:27,920 --> 00:46:29,759 Speaker 1: crashed in Texas in the eighties, so we moved to 875 00:46:29,760 --> 00:46:32,560 Speaker 1: California where the construction industry was booming. So it's an 876 00:46:32,600 --> 00:46:35,359 Speaker 1: economic move. But today, to your point, I think you're 877 00:46:35,360 --> 00:46:37,840 Speaker 1: making it's people are moving for different reasons, non economic, 878 00:46:38,000 --> 00:46:41,480 Speaker 1: more ideological, right there, community driven, if you will. 879 00:46:41,680 --> 00:46:46,120 Speaker 2: Yeah, many factors, rightly, because they all they're all interconnected. Right, 880 00:46:46,440 --> 00:46:49,160 Speaker 2: So when you have a value, when a society collapses, 881 00:46:50,320 --> 00:46:53,120 Speaker 2: it's very difficult for crime not to go up. It's 882 00:46:53,200 --> 00:46:56,000 Speaker 2: very difficult to run a business when crime is high 883 00:46:56,000 --> 00:46:59,160 Speaker 2: because it's a cost of it's cost of oil capital. 884 00:47:00,040 --> 00:47:03,560 Speaker 2: Part of your operating expenditure now has to be allocated 885 00:47:03,560 --> 00:47:06,279 Speaker 2: towards security. Yeah, and it didn't be full and. 886 00:47:06,320 --> 00:47:09,799 Speaker 1: Nobody wants to live in that environment. Yeah, So not 887 00:47:09,840 --> 00:47:12,680 Speaker 1: even not even immigrants, the immigrants that come to the country, 888 00:47:13,040 --> 00:47:16,680 Speaker 1: we're leaving an unsafe environment trying to come to a 889 00:47:16,680 --> 00:47:22,200 Speaker 1: more safe environment. Like nobody wants that it's insanity. Anyway, 890 00:47:22,200 --> 00:47:23,640 Speaker 1: we caverd a lot of ground. I think it's good. 891 00:47:24,320 --> 00:47:27,239 Speaker 1: I think again before we start recorded as saying, I 892 00:47:27,320 --> 00:47:31,440 Speaker 1: just love your viewpoint and your sort of your trend 893 00:47:31,520 --> 00:47:34,239 Speaker 1: watching viewpoint, because that's sort of how I look as well, right, 894 00:47:34,320 --> 00:47:36,000 Speaker 1: like what are the big trends? And I get it 895 00:47:36,000 --> 00:47:38,120 Speaker 1: from surfing, right all right, I like to use surfing 896 00:47:38,160 --> 00:47:42,239 Speaker 1: as an analogy. Right, So in surfing, we want to 897 00:47:42,280 --> 00:47:44,160 Speaker 1: know we can typically see when waves are coming about 898 00:47:44,200 --> 00:47:46,520 Speaker 1: two weeks out, and what we're looking for is a 899 00:47:46,560 --> 00:47:48,920 Speaker 1: big storm. So typically in the summer, they're going to 900 00:47:48,960 --> 00:47:51,279 Speaker 1: be coming from the South Pacific down in like Fiji 901 00:47:51,360 --> 00:47:54,279 Speaker 1: Tahati area kind of thing. And we need the storm 902 00:47:54,320 --> 00:47:57,040 Speaker 1: to get really big. Waves need to get fifty sixty feet, 903 00:47:57,280 --> 00:47:58,840 Speaker 1: and waves get fifty sixty feet, we know it's going 904 00:47:58,880 --> 00:48:01,399 Speaker 1: to send good waves. We see the storm forming, we're 905 00:48:01,440 --> 00:48:03,239 Speaker 1: watching it. How big is it getting? Okay, this one's 906 00:48:03,280 --> 00:48:05,480 Speaker 1: getting big. It's just in good waves. And then we 907 00:48:05,520 --> 00:48:07,319 Speaker 1: can look at like how far did it spin out? 908 00:48:07,360 --> 00:48:09,600 Speaker 1: Into which direction and which angle? So where are the 909 00:48:09,600 --> 00:48:12,040 Speaker 1: waves going to go? Will it be Mexico, will be California, 910 00:48:12,080 --> 00:48:14,960 Speaker 1: will be South America and so then we can trace 911 00:48:15,000 --> 00:48:16,560 Speaker 1: those where it takes about two weeks to travel and 912 00:48:16,560 --> 00:48:18,359 Speaker 1: then okay, there can be really good in Mexico. Let's 913 00:48:18,480 --> 00:48:21,239 Speaker 1: let's go travel down there, right, and then we get 914 00:48:21,239 --> 00:48:23,480 Speaker 1: in position and we wait for those waves to come right. 915 00:48:23,760 --> 00:48:26,040 Speaker 1: And it doesn't always work out. Sometimes the wind is horrible, 916 00:48:26,160 --> 00:48:27,719 Speaker 1: the tide is wrong, something like that. 917 00:48:28,719 --> 00:48:32,320 Speaker 2: But then's your probability. But the probability probability. 918 00:48:32,280 --> 00:48:34,239 Speaker 1: Yeah, And I think of investing sort of similar, right, like, 919 00:48:34,320 --> 00:48:36,520 Speaker 1: let's look for where the storm is. Right. You broke 920 00:48:36,560 --> 00:48:40,280 Speaker 1: one down yesterday about you know, under investment into commodities, 921 00:48:40,320 --> 00:48:42,200 Speaker 1: but yeah, we're still going to need them. That's a storm, right. 922 00:48:42,360 --> 00:48:45,040 Speaker 1: A policy change is creating a storm. How big is 923 00:48:45,040 --> 00:48:47,640 Speaker 1: that storm getting? And then where will that money funnel to? 924 00:48:48,000 --> 00:48:49,840 Speaker 1: How do I go get in position? And then just 925 00:48:49,920 --> 00:48:51,239 Speaker 1: let that money funnel right in. 926 00:48:51,320 --> 00:48:57,280 Speaker 2: So and part of its cycles unite cycles of history. 927 00:48:57,920 --> 00:49:00,640 Speaker 2: You know, I've been fortunate to my money based on 928 00:49:00,880 --> 00:49:03,640 Speaker 2: macro trends in play and just getting behind them. And 929 00:49:03,680 --> 00:49:05,920 Speaker 2: then and they're not trying to be too smart. I 930 00:49:05,920 --> 00:49:08,120 Speaker 2: think I think that's also risk as well. People try 931 00:49:08,120 --> 00:49:11,919 Speaker 2: and get far too smart, far too clever, and trying 932 00:49:12,080 --> 00:49:15,040 Speaker 2: time things, and they depend on you know, the old adage, 933 00:49:16,040 --> 00:49:18,960 Speaker 2: never buy a beer market, never sellable market like you 934 00:49:19,080 --> 00:49:23,080 Speaker 2: get in and just just just ride that trend and 935 00:49:23,160 --> 00:49:26,040 Speaker 2: stomach the volatility that's going to inevitably be with it. 936 00:49:27,680 --> 00:49:29,600 Speaker 2: And if you can do that, you can you literally 937 00:49:29,640 --> 00:49:31,560 Speaker 2: can do it once in your life, and you'll be 938 00:49:32,160 --> 00:49:38,040 Speaker 2: vastly ahead of most everybody else. And we have in 939 00:49:38,040 --> 00:49:41,640 Speaker 2: front of us now some major major trends unfolding, and 940 00:49:41,680 --> 00:49:47,560 Speaker 2: I think that's intellectually it's extraordinary stimulating. Thus far, it's 941 00:49:47,640 --> 00:49:52,080 Speaker 2: been pretty profitable. So I don't want to I don't 942 00:49:52,120 --> 00:49:54,839 Speaker 2: want to tempt the market god, so touch wood rather 943 00:49:55,200 --> 00:49:58,239 Speaker 2: don't mention it. But you know, these are these are 944 00:49:58,280 --> 00:50:03,760 Speaker 2: interesting times. And it's also in large part the risks 945 00:50:03,800 --> 00:50:05,560 Speaker 2: that are in front of us, or risks that have 946 00:50:05,680 --> 00:50:09,560 Speaker 2: not people not in some aspects they're not even aware 947 00:50:09,600 --> 00:50:12,080 Speaker 2: of them. Ay, many aspects they are aware of them, 948 00:50:12,120 --> 00:50:17,879 Speaker 2: but they don't quite understand the real risks that are 949 00:50:17,920 --> 00:50:20,280 Speaker 2: in front of them, you know. I mean I mentioned 950 00:50:20,520 --> 00:50:22,920 Speaker 2: yesterday with respect to your old risk parody trade, and 951 00:50:23,360 --> 00:50:25,520 Speaker 2: the vast majority of people in there are in some 952 00:50:26,239 --> 00:50:29,080 Speaker 2: variation of a sixty to forty equity bond split, and 953 00:50:29,160 --> 00:50:33,200 Speaker 2: most of those equities are literally in the mag seven 954 00:50:33,400 --> 00:50:35,640 Speaker 2: and then the bond portfolios are sitting in front of 955 00:50:35,640 --> 00:50:38,440 Speaker 2: a five thousand yellows in the right cycles. It's just 956 00:50:38,480 --> 00:50:45,920 Speaker 2: like you're whoa, yeah, yeah, no, so it's interesting times, 957 00:50:46,239 --> 00:50:46,680 Speaker 2: all right. 958 00:50:46,600 --> 00:50:49,520 Speaker 1: Cool, Well let's wrap it up from there. You said 959 00:50:49,560 --> 00:50:51,920 Speaker 1: you write a newsletter, a weekly newsletter or email. Do 960 00:50:51,920 --> 00:50:53,840 Speaker 1: you want to shout that out or tug out your funds? 961 00:50:55,160 --> 00:50:58,440 Speaker 2: Yeah, just the there's a publication that we put out 962 00:50:58,480 --> 00:51:01,440 Speaker 2: it's lands Up Going Out Overy sort of teen twelve 963 00:51:01,560 --> 00:51:05,160 Speaker 2: days something like that. Whenever you get around it, yeah, yeah, 964 00:51:05,560 --> 00:51:07,759 Speaker 2: it's it's funny. When I first started writing, it was 965 00:51:07,840 --> 00:51:11,400 Speaker 2: maybe eighteen pages long because there's so much going on. 966 00:51:11,480 --> 00:51:14,120 Speaker 2: Now on a macro basis, it's typically forty fifty pages 967 00:51:14,239 --> 00:51:17,479 Speaker 2: well in any event. So that's that can be found 968 00:51:17,480 --> 00:51:21,040 Speaker 2: at Capitalist Exploits dot at and that program is the 969 00:51:21,080 --> 00:51:25,719 Speaker 2: Insider program. A lot of that is and came about 970 00:51:25,760 --> 00:51:30,000 Speaker 2: as a consequence of leaders to collect our asset management 971 00:51:30,000 --> 00:51:35,719 Speaker 2: clients from Gnorchy Capital, where we manage client money. So 972 00:51:35,960 --> 00:51:39,319 Speaker 2: those are the two Capitalist Exploits and Gnorchy Capital. 973 00:51:39,200 --> 00:51:42,279 Speaker 1: The man in the arena doing it yeah, all right, 974 00:51:42,320 --> 00:51:44,800 Speaker 1: we'll wrapping up. Thanks,