1 00:00:03,720 --> 00:00:07,080 Speaker 1: Scrap on your parachute. It's time for What Goes Up 2 00:00:07,360 --> 00:00:15,200 Speaker 1: with Sarah Ponz and Mike Reagan. Hello and welcome to 3 00:00:15,280 --> 00:00:19,040 Speaker 1: What Goes Up, a Bloomberg Weekly markets podcast. I'm Sarah Pons, 4 00:00:19,480 --> 00:00:22,840 Speaker 1: reporter on the Cross Asset team, and I'm Mike Reagan, 5 00:00:23,040 --> 00:00:25,799 Speaker 1: a senior editor at Bloomberg. And you know, Sara, it 6 00:00:25,800 --> 00:00:28,440 Speaker 1: occurds me that a lot of people that listen to 7 00:00:28,480 --> 00:00:30,800 Speaker 1: the show might not realize what a senior editor is. 8 00:00:31,600 --> 00:00:35,240 Speaker 1: So I'll explain that it just means I'm old. It's 9 00:00:35,400 --> 00:00:39,400 Speaker 1: it's another word for old editor. It's more than that. 10 00:00:39,760 --> 00:00:43,879 Speaker 1: It's more than that. It is take it, take it 11 00:00:43,920 --> 00:00:47,000 Speaker 1: to heart if you say so. I'm getting sensitive about 12 00:00:47,000 --> 00:00:48,560 Speaker 1: my age and I've got I've got one of those 13 00:00:48,640 --> 00:00:51,320 Speaker 1: rail number birthdays coming up. It's it's caused me a 14 00:00:51,320 --> 00:00:55,760 Speaker 1: lot of anxiety, a lot of reflection rail number resistance, 15 00:00:55,800 --> 00:00:58,400 Speaker 1: if you will. Uh but sorry, It's made me think 16 00:00:58,440 --> 00:01:01,240 Speaker 1: a lot about sort of this generation divide we have 17 00:01:01,400 --> 00:01:04,000 Speaker 1: now in the markets, with sort of the younger people 18 00:01:04,800 --> 00:01:07,399 Speaker 1: doing the Wall Street bets Reddit type of trades. And 19 00:01:07,440 --> 00:01:10,400 Speaker 1: I don't know how you know true that is. That 20 00:01:10,480 --> 00:01:13,080 Speaker 1: might be a stereotype, but for what it's worth. That's 21 00:01:13,160 --> 00:01:14,840 Speaker 1: that's what the stereotype is. And then you have the 22 00:01:14,880 --> 00:01:18,360 Speaker 1: old guys in the market. Um, And I've been thinking 23 00:01:18,360 --> 00:01:21,320 Speaker 1: about you, Sarah, because I feel like it's it must 24 00:01:21,360 --> 00:01:25,480 Speaker 1: be frustrating for you because no matter you know how 25 00:01:25,560 --> 00:01:28,200 Speaker 1: much progress has been made for you to do your job, 26 00:01:28,240 --> 00:01:29,720 Speaker 1: you still have to talk to a bunch of old 27 00:01:29,720 --> 00:01:32,559 Speaker 1: guys like me fairly regularly. You know, it's not maybe 28 00:01:32,600 --> 00:01:34,840 Speaker 1: not be right, might not be fair, but you have 29 00:01:34,959 --> 00:01:38,120 Speaker 1: to sort of communicate with old guys like me. And 30 00:01:38,480 --> 00:01:40,520 Speaker 1: what do you what do you think of our generation? 31 00:01:40,640 --> 00:01:43,040 Speaker 1: You think we just don't want to talk to any 32 00:01:43,080 --> 00:01:46,319 Speaker 1: anyone income on Mike you're not old. Well, here's what 33 00:01:46,360 --> 00:01:48,480 Speaker 1: I what made me think about it is is whenever 34 00:01:48,600 --> 00:01:52,360 Speaker 1: you get two old guys together, say I don't know 35 00:01:52,400 --> 00:01:55,480 Speaker 1: on this podcast and you at some point we all 36 00:01:55,480 --> 00:01:58,960 Speaker 1: start just communicating in old movie lines. You know, it's like, 37 00:01:59,400 --> 00:02:02,280 Speaker 1: and I know you, it's got to be frustrating to 38 00:02:02,440 --> 00:02:05,240 Speaker 1: hear two old guys all of a sudden sound like 39 00:02:05,280 --> 00:02:08,080 Speaker 1: they're speaking another language, but really they're just like quoting 40 00:02:08,120 --> 00:02:12,680 Speaker 1: Caddyshack or something. I just get confused. But by this point, 41 00:02:12,960 --> 00:02:15,600 Speaker 1: usually if there's something I don't understand, and if it's 42 00:02:15,600 --> 00:02:18,120 Speaker 1: a reference, I just gotta step back, let you do 43 00:02:18,160 --> 00:02:22,440 Speaker 1: your thing and move on. But I'm here to help you. 44 00:02:22,480 --> 00:02:26,000 Speaker 1: I think we should open up the podcast hotline, not 45 00:02:26,120 --> 00:02:28,520 Speaker 1: just for the craziest things people saw on markets this week, 46 00:02:28,560 --> 00:02:31,560 Speaker 1: but if you have an old man movie suggestion for Sarah, 47 00:02:32,000 --> 00:02:34,560 Speaker 1: call us up and let us know. What do you think. Well, 48 00:02:35,040 --> 00:02:36,360 Speaker 1: it's a good time to let you know. I'm actually 49 00:02:36,360 --> 00:02:38,280 Speaker 1: off next week, so to give me all the movie 50 00:02:38,280 --> 00:02:40,799 Speaker 1: suggestions of all the time in the world, and I'll 51 00:02:40,800 --> 00:02:45,799 Speaker 1: watch them all. I'm gonna regret saying that. I think 52 00:02:45,800 --> 00:02:47,200 Speaker 1: we'll get some. I think we'll get some. And if 53 00:02:47,200 --> 00:02:49,640 Speaker 1: you have some sort of millennial movie suggestions for me, 54 00:02:49,919 --> 00:02:52,160 Speaker 1: I'm in the market too. I'm open to all of that. 55 00:02:52,560 --> 00:02:54,400 Speaker 1: So hit us up on the What Goes Up Podcast. 56 00:02:54,400 --> 00:02:56,240 Speaker 1: We'll give you the number at the end of the show. 57 00:02:56,600 --> 00:02:58,880 Speaker 1: That way, we'll make you stick around for the entire show. 58 00:02:59,400 --> 00:03:02,040 Speaker 1: But sorry, if you're an old guy these days, it's 59 00:03:02,080 --> 00:03:06,960 Speaker 1: also frustrating because if you have teenage children, all they 60 00:03:06,960 --> 00:03:09,480 Speaker 1: want to do right now is trade, whether it be 61 00:03:09,639 --> 00:03:13,680 Speaker 1: crypto or getting on Robin hood and and Wall Street 62 00:03:13,680 --> 00:03:16,000 Speaker 1: bets on Reddit. All they want to do is trade, 63 00:03:16,040 --> 00:03:19,919 Speaker 1: and they look at us. Dad's like, you idiot. If 64 00:03:19,960 --> 00:03:22,800 Speaker 1: only you would let me trade, we could all be 65 00:03:22,880 --> 00:03:25,720 Speaker 1: driving Lambeau's right now, Everyone in the house would have 66 00:03:25,760 --> 00:03:29,000 Speaker 1: a Lambeau. If dad would just let me trade. The dog, 67 00:03:29,240 --> 00:03:32,919 Speaker 1: the family dog could have its own Lambeau just to still, 68 00:03:33,080 --> 00:03:35,240 Speaker 1: you know, chewing the six shift. Whatever the dog would 69 00:03:35,240 --> 00:03:39,840 Speaker 1: do Lambeau. But so we've got some great guests this 70 00:03:39,880 --> 00:03:43,280 Speaker 1: week who I know are going through this very dynamic. 71 00:03:43,320 --> 00:03:45,960 Speaker 1: It happened in my house to my My daughter wants 72 00:03:46,000 --> 00:03:47,880 Speaker 1: to trade. She wants to get in there and buy 73 00:03:47,920 --> 00:03:51,040 Speaker 1: some Tesla and she thinks she can make enough money 74 00:03:51,120 --> 00:03:54,120 Speaker 1: to buy herself with Tesla. Is is her goal? Um, 75 00:03:54,360 --> 00:03:56,800 Speaker 1: And I know a colleague of ours is going through 76 00:03:56,840 --> 00:03:58,440 Speaker 1: the same thing at home, and he had a very 77 00:03:58,520 --> 00:04:02,480 Speaker 1: interesting way of dealing with this issue. So let's bring 78 00:04:02,560 --> 00:04:05,240 Speaker 1: him in and he'll talk about it with us. And 79 00:04:05,280 --> 00:04:08,760 Speaker 1: we're very very lucky that not only do we have him, 80 00:04:08,960 --> 00:04:10,880 Speaker 1: but we have his son on the other end of 81 00:04:10,880 --> 00:04:13,520 Speaker 1: the trade here. So let's welcome to him to the show. 82 00:04:13,600 --> 00:04:17,040 Speaker 1: He's been on before. He's a hedge fund trader for years, 83 00:04:17,760 --> 00:04:23,040 Speaker 1: Currency macro, all sorts of bond equity, futures, you name it. 84 00:04:23,279 --> 00:04:25,720 Speaker 1: He's an expert on all sorts of Macro products. He's 85 00:04:25,760 --> 00:04:29,000 Speaker 1: in fact our own Macroman columnist at Bloomberg. His name 86 00:04:29,000 --> 00:04:31,400 Speaker 1: is Cameron Christ. Cameron, welcome back to the show. Always 87 00:04:31,440 --> 00:04:34,200 Speaker 1: a pleasure to be here. And like you, Mike, I'm 88 00:04:34,240 --> 00:04:38,320 Speaker 1: having a milestone birthday, the very same milestone birthday this year. 89 00:04:38,360 --> 00:04:40,360 Speaker 1: We're not gonna We're not gonna name it, but I 90 00:04:40,400 --> 00:04:43,680 Speaker 1: think anyone who sees this can probably can probably guess it, 91 00:04:43,880 --> 00:04:47,760 Speaker 1: and uh, well, happy early birthday. And Sarah, I'm just 92 00:04:47,760 --> 00:04:49,320 Speaker 1: gonna I'm just gonna go ahead and give you a 93 00:04:49,400 --> 00:04:52,600 Speaker 1: movie recommendation that I know, Michael and Doris, you gotta 94 00:04:52,640 --> 00:04:57,080 Speaker 1: see Fletch. I'm already regretting that. I'm already regretting that 95 00:04:57,800 --> 00:05:00,479 Speaker 1: I'm gonna have a lot of movies by to the day. 96 00:05:00,640 --> 00:05:02,120 Speaker 1: You're gonna have a lot of homework. But it will 97 00:05:02,160 --> 00:05:04,839 Speaker 1: make you finally understand where we're coming from. I think, 98 00:05:05,040 --> 00:05:07,000 Speaker 1: you know, I think when Cavin and I were kids, 99 00:05:07,120 --> 00:05:09,479 Speaker 1: it was like, Hey, it's Thursday night. What are you 100 00:05:09,480 --> 00:05:11,520 Speaker 1: doing to night? Now? I'd be like, well, I'm watching Cheers, 101 00:05:12,000 --> 00:05:14,400 Speaker 1: and the other guy would be like, I'm watching cheers too. 102 00:05:14,440 --> 00:05:17,080 Speaker 1: You know, no one's invented social media yet, or no 103 00:05:17,120 --> 00:05:19,520 Speaker 1: one's invented Netflix. What else are we supposed to do? 104 00:05:19,720 --> 00:05:21,440 Speaker 1: So I think we all have this sort of common 105 00:05:21,520 --> 00:05:24,320 Speaker 1: shared history that uh, in this day of just you know, 106 00:05:24,400 --> 00:05:27,440 Speaker 1: infinite entertainment is not the same that That's my big 107 00:05:27,480 --> 00:05:30,800 Speaker 1: thought on on that issue. So uh, you know, call 108 00:05:30,880 --> 00:05:32,680 Speaker 1: the podcast and tell me how I'm wrong about that. 109 00:05:33,440 --> 00:05:35,200 Speaker 1: But that's in one corner. We're there. We have our 110 00:05:35,240 --> 00:05:38,400 Speaker 1: Macromn Cameron Christ. In the other corner, we have his 111 00:05:38,560 --> 00:05:41,680 Speaker 1: son who is itching to be a trader, and I'm 112 00:05:41,720 --> 00:05:43,920 Speaker 1: wishing him all the luck, all the luck in the world. 113 00:05:44,240 --> 00:05:46,920 Speaker 1: His name is Patrick Christ. Patrick, Welcome to the show. 114 00:05:47,320 --> 00:05:49,640 Speaker 1: I'm glad to be here. I'm uh great. How can 115 00:05:49,680 --> 00:05:51,680 Speaker 1: you be able to share my opinion and the opinions 116 00:05:51,720 --> 00:05:54,600 Speaker 1: of many others my age? All right, well, now we're 117 00:05:54,600 --> 00:05:58,400 Speaker 1: gonna pit you against your dad, so so bring it. 118 00:05:58,440 --> 00:06:02,040 Speaker 1: But Karen, why you just started off here, Kick it 119 00:06:02,040 --> 00:06:04,920 Speaker 1: off and walk us through this bet that the two 120 00:06:04,960 --> 00:06:07,440 Speaker 1: of you had going on over the past week or 121 00:06:07,440 --> 00:06:10,520 Speaker 1: so and how it came to be. Okay, so we 122 00:06:10,520 --> 00:06:14,600 Speaker 1: were got to talking over the proverbial dinner table as 123 00:06:14,680 --> 00:06:17,960 Speaker 1: as it were about the whole Wall Street bets phenomenon 124 00:06:18,120 --> 00:06:21,520 Speaker 1: and games stop and how crazy the pricing was. And 125 00:06:21,600 --> 00:06:23,840 Speaker 1: I said, well, it's obviously a bubble and it's obviously 126 00:06:24,400 --> 00:06:29,400 Speaker 1: going to end badly. And Patrick, Uh, who is a 127 00:06:29,400 --> 00:06:36,880 Speaker 1: an enthusiastic consumer of reddit uh content, Uh disagreed. Now, 128 00:06:37,600 --> 00:06:39,960 Speaker 1: ordinarily I would have said, well, why don't you just 129 00:06:41,920 --> 00:06:46,960 Speaker 1: take a little position and and and learn the hard way. Unfortunately, 130 00:06:47,720 --> 00:06:50,640 Speaker 1: or fortunately as it turned out, for Patrick, he has 131 00:06:50,680 --> 00:06:54,839 Speaker 1: to abide by the same trading restrictions that Bloomberg imposes 132 00:06:54,880 --> 00:06:58,960 Speaker 1: that I do, which involves minimum holding periods, can't trade 133 00:06:59,240 --> 00:07:04,040 Speaker 1: calls or puts. Really and uh if he if he 134 00:07:04,080 --> 00:07:06,160 Speaker 1: would have trade something, I couldn't write about it. So 135 00:07:06,400 --> 00:07:08,960 Speaker 1: it kind of it really was a non starter for 136 00:07:09,040 --> 00:07:11,720 Speaker 1: him to to go on Robin Hood and uh and 137 00:07:11,960 --> 00:07:14,760 Speaker 1: and actually take a position. So we kinda we made 138 00:07:14,800 --> 00:07:19,280 Speaker 1: a bet in in in the best trading places um tradition. 139 00:07:19,440 --> 00:07:21,520 Speaker 1: You must know that one, Sarah, come on, you must 140 00:07:21,520 --> 00:07:26,080 Speaker 1: know trading places. So look, this truth is I do not. 141 00:07:26,480 --> 00:07:28,920 Speaker 1: And the reason I can tell you this is because 142 00:07:28,960 --> 00:07:32,640 Speaker 1: we have the caller for the craziest things at the 143 00:07:32,680 --> 00:07:35,120 Speaker 1: end of the show, and we are going to hear 144 00:07:35,160 --> 00:07:37,520 Speaker 1: a quote from trading places. But that's all I say 145 00:07:37,560 --> 00:07:40,520 Speaker 1: for so I digress. So anyway, and that should that 146 00:07:40,520 --> 00:07:44,480 Speaker 1: should be top of her list. Absolutely so. And I 147 00:07:44,520 --> 00:07:47,680 Speaker 1: will say that tried to make me watch it. I 148 00:07:47,760 --> 00:07:52,920 Speaker 1: last about fifteen minutes. Patrick, you're the man. Well, I mean, 149 00:07:53,480 --> 00:07:56,360 Speaker 1: as you know, as you know, Mike. Uh, and maybe 150 00:07:56,400 --> 00:07:58,760 Speaker 1: you'll know at some point, Sarah, the best way to 151 00:07:58,800 --> 00:08:00,520 Speaker 1: get your kid not to do some thing is to 152 00:08:00,520 --> 00:08:05,680 Speaker 1: tell them to do it. Um anyhow, at least anyhow 153 00:08:06,280 --> 00:08:08,840 Speaker 1: invest trading place of tradition. I figured we'd make we'd 154 00:08:08,840 --> 00:08:12,440 Speaker 1: make a bet. So we had this conversation Tuesday of 155 00:08:12,520 --> 00:08:16,280 Speaker 1: last week when Game Stopped closed, thinking about one forty 156 00:08:16,360 --> 00:08:20,320 Speaker 1: seven or something like that. Uh, And Patrick said, well, 157 00:08:21,440 --> 00:08:24,800 Speaker 1: it's easy, gonna go over two hundred tomorrow And I said, 158 00:08:24,840 --> 00:08:28,720 Speaker 1: no way, man. So we sat in over under for 159 00:08:29,000 --> 00:08:33,520 Speaker 1: Game Stops closing share price on Wednesday of two hundred, 160 00:08:33,559 --> 00:08:36,360 Speaker 1: and we bet a dollar. So that was one leg 161 00:08:36,360 --> 00:08:39,320 Speaker 1: of the bet. Second leg of the second leg of 162 00:08:39,360 --> 00:08:43,000 Speaker 1: the bet is Patrick's play. Well, this is easy because 163 00:08:43,120 --> 00:08:47,080 Speaker 1: all of these Wall Street bet people are piling into 164 00:08:47,080 --> 00:08:50,720 Speaker 1: these stocks, not only Game Stop, but the Blackberries and 165 00:08:50,760 --> 00:08:53,960 Speaker 1: Nokias and a m c S and they're gonna drive 166 00:08:53,960 --> 00:08:59,000 Speaker 1: this stuff crazy high. So I can you know, running 167 00:08:59,000 --> 00:09:02,080 Speaker 1: a shadow portfoile lio, I can double my money in 168 00:09:02,160 --> 00:09:04,120 Speaker 1: three days, i e. By the end of by the 169 00:09:04,200 --> 00:09:07,400 Speaker 1: end of the week. Now mind you return for an 170 00:09:07,559 --> 00:09:11,120 Speaker 1: entire year is epic for someone who does us for 171 00:09:11,120 --> 00:09:14,120 Speaker 1: a living. And here we have boy Genia saying he 172 00:09:14,160 --> 00:09:18,880 Speaker 1: can do it in three days. So that narrated another bet. Uh. 173 00:09:19,080 --> 00:09:22,880 Speaker 1: So we then tracked obviously the market uh for the 174 00:09:22,920 --> 00:09:26,480 Speaker 1: rest of the week, and Patrick triumphed handily in the 175 00:09:26,520 --> 00:09:28,800 Speaker 1: first bet as game Stop closed it I think three 176 00:09:30,520 --> 00:09:34,160 Speaker 1: on on Wednesday. So frankly, if he just put all 177 00:09:34,200 --> 00:09:36,960 Speaker 1: of his money on margin in the game Stop at 178 00:09:36,960 --> 00:09:39,360 Speaker 1: the beginning of the day and uh and closed it 179 00:09:39,400 --> 00:09:41,560 Speaker 1: out on on on Wednesday, he probably would have won 180 00:09:41,559 --> 00:09:44,040 Speaker 1: the second leg of the bet. But alas and a 181 00:09:44,160 --> 00:09:47,600 Speaker 1: lack for him. Uh the Yolo stocks went up and 182 00:09:47,640 --> 00:09:49,400 Speaker 1: then they started to go down, and I think he 183 00:09:49,480 --> 00:09:53,160 Speaker 1: ended up down or something, which, given he was heavily 184 00:09:53,160 --> 00:09:56,040 Speaker 1: heavily margin could have been could have been worse. So 185 00:09:56,280 --> 00:10:01,000 Speaker 1: it ended up being. So you're allowing mar in these 186 00:10:01,000 --> 00:10:04,200 Speaker 1: paper trades. That's interesting. What kind of margin uh rate 187 00:10:04,240 --> 00:10:07,600 Speaker 1: are you giving him. He well, I'll let Patrick discuss 188 00:10:07,640 --> 00:10:09,640 Speaker 1: the he used an app, so I'll let Patrick talk 189 00:10:09,679 --> 00:10:14,920 Speaker 1: about that. Yeah, I used like an online stock simulator. UM. 190 00:10:15,040 --> 00:10:17,400 Speaker 1: And I'm entirely sure what the margin rate is. I 191 00:10:17,440 --> 00:10:21,040 Speaker 1: think my UM, I think it was most like a 192 00:10:21,400 --> 00:10:25,400 Speaker 1: negative a hundred thousand dollars for cash given a hundred 193 00:10:25,400 --> 00:10:29,440 Speaker 1: thousand dollars starting value, So I assume it's And for 194 00:10:29,480 --> 00:10:31,200 Speaker 1: the record, I wanted the best to be higher. I 195 00:10:31,240 --> 00:10:33,520 Speaker 1: was going. I was willing to bet a game stop 196 00:10:33,640 --> 00:10:35,800 Speaker 1: stock for whatever. Friend who would end up that you 197 00:10:35,800 --> 00:10:40,160 Speaker 1: want to yea rather for there's a lesson risk management. 198 00:10:40,160 --> 00:10:43,439 Speaker 1: Because he wanted me to bet like a dollar per 199 00:10:43,720 --> 00:10:46,280 Speaker 1: h per difference. So for every dollar the game stock 200 00:10:46,400 --> 00:10:48,240 Speaker 1: was ready from the over under, he wanted to bet 201 00:10:48,240 --> 00:10:51,000 Speaker 1: a dollar. And I mean, obviously I knew that if 202 00:10:51,000 --> 00:10:53,200 Speaker 1: I was wrong, I would probably be spectacularly wrong. So 203 00:10:53,320 --> 00:10:56,960 Speaker 1: I tapped my losses at a dollar. So, young grasshopper, 204 00:10:57,240 --> 00:11:00,079 Speaker 1: let that be a lesson. Yeah, I had this. This 205 00:11:00,640 --> 00:11:02,560 Speaker 1: son of your son of yours has a future. I 206 00:11:02,559 --> 00:11:05,200 Speaker 1: think in this business camera. I like I like his 207 00:11:05,280 --> 00:11:08,120 Speaker 1: instincts there. I like the levered up instinct. If you 208 00:11:08,160 --> 00:11:11,480 Speaker 1: can triple lever on game Stop. I want to start 209 00:11:11,480 --> 00:11:14,720 Speaker 1: a triple levered Wall Street Betsy t F and I'm 210 00:11:14,720 --> 00:11:17,360 Speaker 1: sure that would go. It would go so well. It 211 00:11:17,559 --> 00:11:23,920 Speaker 1: is an apt um manifestation of this phenomenon because Robin Hood, 212 00:11:23,960 --> 00:11:26,640 Speaker 1: I believe when you sign up, the basic account they 213 00:11:26,640 --> 00:11:30,360 Speaker 1: give you is automatically a margin account, and I think 214 00:11:30,360 --> 00:11:34,040 Speaker 1: there's probably something a little wrong with that. You know, 215 00:11:34,080 --> 00:11:37,160 Speaker 1: it's kind of going going in pretty heavy, pretty early. 216 00:11:46,080 --> 00:11:49,240 Speaker 1: So the wait, So, Patrick, we know you won the 217 00:11:49,280 --> 00:11:52,720 Speaker 1: game Stop bet, but walk us through how you went 218 00:11:52,800 --> 00:11:55,480 Speaker 1: about trying to craft or portfolio to make a hundred 219 00:11:55,520 --> 00:11:57,960 Speaker 1: percent in three days. What kind of stops were you 220 00:11:57,960 --> 00:12:00,959 Speaker 1: looking at? Why did you choose the ones did? How 221 00:12:00,960 --> 00:12:05,400 Speaker 1: did you position? Give us some color there? Um. So, 222 00:12:05,679 --> 00:12:08,640 Speaker 1: my initial idea was to go all on game Stop exclusively. 223 00:12:08,640 --> 00:12:11,880 Speaker 1: Game Stop A fan bought around uh six fifty shares 224 00:12:11,880 --> 00:12:14,520 Speaker 1: of it at well. I tried to buy it whatever 225 00:12:14,559 --> 00:12:16,280 Speaker 1: it ended on on Tuesday, but I only get it 226 00:12:16,800 --> 00:12:21,120 Speaker 1: um like to nine on Wednesday. Um So, at first 227 00:12:21,200 --> 00:12:24,120 Speaker 1: I tried to go solely for game Stop um because 228 00:12:24,120 --> 00:12:26,079 Speaker 1: I thought it would have the best returns. But then 229 00:12:26,280 --> 00:12:29,600 Speaker 1: you know, I I took personal finance earlier this year. 230 00:12:29,880 --> 00:12:32,240 Speaker 1: You know, we were supposed to diversify your portfolio, so 231 00:12:32,360 --> 00:12:34,000 Speaker 1: I go. I decided to go for some other stocks. 232 00:12:34,040 --> 00:12:36,680 Speaker 1: You know, you're AMC, You're BlackBerry, Are you no kids? 233 00:12:36,800 --> 00:12:46,439 Speaker 1: Real diversification? Um, So I bought. I remember exactly how much. 234 00:12:46,480 --> 00:12:48,839 Speaker 1: I think I tried to get, like twenty dollars worth 235 00:12:48,880 --> 00:12:51,600 Speaker 1: of each um and then you know, however many probably 236 00:12:51,600 --> 00:12:55,600 Speaker 1: about eighty or ninety game Stop um. And I think 237 00:12:56,080 --> 00:12:59,880 Speaker 1: the diversification actually harmed me in the long run, because 238 00:13:00,120 --> 00:13:07,400 Speaker 1: games I was much more problem Yeah, um, I think 239 00:13:07,400 --> 00:13:12,319 Speaker 1: I peak. I was up sometime on Thursday, so I 240 00:13:12,360 --> 00:13:14,400 Speaker 1: could have cash out and made a saw a profit. 241 00:13:14,480 --> 00:13:16,679 Speaker 1: I want to I want to win the bet um. 242 00:13:17,880 --> 00:13:20,760 Speaker 1: But then well, game Stop was still going up. My 243 00:13:21,679 --> 00:13:25,400 Speaker 1: diversified stocks started going down, so I was I wasn't 244 00:13:25,400 --> 00:13:28,880 Speaker 1: sure if I should sell, and ultimately, you know, I 245 00:13:28,960 --> 00:13:31,199 Speaker 1: lost the bet. Hey you're you're one and one. You 246 00:13:31,280 --> 00:13:34,959 Speaker 1: won one bet. I gotta tell you, I I was 247 00:13:35,200 --> 00:13:37,000 Speaker 1: when I heard about this. I was rooting for you 248 00:13:37,320 --> 00:13:39,200 Speaker 1: from the get go, and I'll tell you why now 249 00:13:39,280 --> 00:13:42,679 Speaker 1: You're Dad is known as the Macroman. There are a 250 00:13:42,760 --> 00:13:45,719 Speaker 1: lot of macro men and women out there. Um. Go 251 00:13:45,880 --> 00:13:47,880 Speaker 1: to a pub in London at like four oh one, 252 00:13:48,000 --> 00:13:50,640 Speaker 1: and you'll you'll see a lot of them maybe four 253 00:13:50,679 --> 00:13:55,520 Speaker 1: oh two. Um, they all think they can trade stocks, right, Cameron, 254 00:13:55,800 --> 00:14:00,160 Speaker 1: All macro traders believe they they consecretly trade start Well, 255 00:14:00,720 --> 00:14:04,040 Speaker 1: you know, it's it's funny because on a professional basis, 256 00:14:04,480 --> 00:14:07,199 Speaker 1: I would actually almost argue the opposite. It's just the 257 00:14:07,360 --> 00:14:10,400 Speaker 1: nature of the way that macro has evolved over the 258 00:14:10,480 --> 00:14:13,439 Speaker 1: over the prickly and since the crisis. It's like you're 259 00:14:13,440 --> 00:14:16,600 Speaker 1: only allowed to be short stocks if you're a macro person, 260 00:14:17,080 --> 00:14:19,800 Speaker 1: which given what the stock markets done over the last 261 00:14:19,840 --> 00:14:25,080 Speaker 1: twelve thirteen years, it's kind of trading with both arms 262 00:14:25,120 --> 00:14:28,280 Speaker 1: and both legs tied behind your tied behind your back. 263 00:14:28,440 --> 00:14:32,120 Speaker 1: But yeah, I think it's probably fair to say that, uh, 264 00:14:32,560 --> 00:14:35,920 Speaker 1: most macro people look at the sort of analysis that 265 00:14:36,000 --> 00:14:40,040 Speaker 1: goes on in uh the equity space and think thinks 266 00:14:40,280 --> 00:14:44,320 Speaker 1: it's a little maybe a little shallow, and that the 267 00:14:44,400 --> 00:14:49,880 Speaker 1: equity people are the beneficiaries of of cheap money and 268 00:14:50,280 --> 00:14:55,840 Speaker 1: cheap insight rather than any fundamental, uh profound truths of 269 00:14:55,920 --> 00:14:59,960 Speaker 1: the universe. That's that's just talking stocks. Not even get 270 00:15:00,000 --> 00:15:04,160 Speaker 1: in the stay make it very clear with the end, Patrick, 271 00:15:04,400 --> 00:15:06,320 Speaker 1: I know, I mean you have a leg up because 272 00:15:06,360 --> 00:15:07,920 Speaker 1: you have a dad who works in the industry. But 273 00:15:08,000 --> 00:15:09,840 Speaker 1: when did you become interested in all of this? And 274 00:15:09,880 --> 00:15:14,360 Speaker 1: would you say that that increased over the last couple 275 00:15:14,400 --> 00:15:18,280 Speaker 1: of weeks, last couple of months even uh? And I mean, 276 00:15:18,400 --> 00:15:20,120 Speaker 1: is this something that you talk about with your friends 277 00:15:20,160 --> 00:15:23,440 Speaker 1: a lot and give us give us a sense to that. Um. 278 00:15:23,560 --> 00:15:26,960 Speaker 1: So I'd say that my interest in trading kind of 279 00:15:27,000 --> 00:15:29,960 Speaker 1: spawned off with my interest in economics. Obviously, you know, 280 00:15:30,120 --> 00:15:32,800 Speaker 1: I had some interest because my dad's a trader. So 281 00:15:32,920 --> 00:15:37,000 Speaker 1: we talked about that sporadically back to the economics last year, 282 00:15:37,040 --> 00:15:39,160 Speaker 1: and I really enjoyed it. Um. And one of the 283 00:15:39,160 --> 00:15:42,520 Speaker 1: things we talked about occasionally, uh with the stock market 284 00:15:42,560 --> 00:15:46,400 Speaker 1: and how economic transmit into its lat For example, when 285 00:15:46,440 --> 00:15:49,040 Speaker 1: the coronavirus hit, we were talking about whether it's a 286 00:15:49,080 --> 00:15:52,120 Speaker 1: supply shock, um, because you know, we weren't really sure 287 00:15:52,160 --> 00:15:54,640 Speaker 1: what it was. We're trying to analyze it through an 288 00:15:54,680 --> 00:15:56,960 Speaker 1: economic lens and see how it how it would recover. 289 00:15:57,080 --> 00:16:00,920 Speaker 1: Based on that, UM. So, I kind of I had 290 00:16:00,920 --> 00:16:04,400 Speaker 1: a portfolio that was a little more orthodox last year 291 00:16:04,480 --> 00:16:06,920 Speaker 1: or sometime. I don't really remember what happened to it, 292 00:16:06,960 --> 00:16:10,360 Speaker 1: I think, and I forgot it. Um, but yeah, this year, 293 00:16:10,800 --> 00:16:13,960 Speaker 1: the past couple of weeks, it's definitely been Um, my 294 00:16:14,040 --> 00:16:17,040 Speaker 1: interest has definitely been picking up. Yeah, I'm a lot 295 00:16:17,040 --> 00:16:18,920 Speaker 1: of my friends are interesting too. We've talked about in 296 00:16:18,920 --> 00:16:22,200 Speaker 1: a couple of my classes school. Um. But contrary to 297 00:16:22,320 --> 00:16:24,240 Speaker 1: what I feel, a lot of people in the industry 298 00:16:24,280 --> 00:16:28,320 Speaker 1: thrink think not everyone's on the same side of game stop. Um. 299 00:16:28,800 --> 00:16:31,720 Speaker 1: You know, a couple of my friends, uh my literature 300 00:16:31,760 --> 00:16:33,880 Speaker 1: group chat are actually you know if they think they 301 00:16:33,960 --> 00:16:36,760 Speaker 1: think it's what Wall Street Bets is doing is illegal. 302 00:16:37,560 --> 00:16:39,640 Speaker 1: And Patrick, you're you're in high school, you're really like 303 00:16:39,680 --> 00:16:43,240 Speaker 1: a junior senior something like that. Senior senior. Okay, And 304 00:16:43,440 --> 00:16:47,040 Speaker 1: I want to dive into that idea you mentioned, you know, 305 00:16:47,600 --> 00:16:50,120 Speaker 1: and and the media sometimes gets this stuff wrong, let's 306 00:16:50,120 --> 00:16:52,360 Speaker 1: be honest. But you know, there's been this narrative in 307 00:16:52,400 --> 00:16:55,000 Speaker 1: the media that it's kind of a sort of David 308 00:16:55,120 --> 00:16:59,160 Speaker 1: versus Goliath almost there's this sort of you know, moral 309 00:16:59,320 --> 00:17:01,520 Speaker 1: side of the Wall Street Bets trying to take on 310 00:17:01,880 --> 00:17:04,480 Speaker 1: take on the man, take on the suits. Um. I 311 00:17:04,560 --> 00:17:06,800 Speaker 1: gotta say, you know, Sarah, back in the day that 312 00:17:07,000 --> 00:17:09,200 Speaker 1: that would have been something I would be be interested 313 00:17:09,240 --> 00:17:11,560 Speaker 1: into you can tell I'm getting old though, because I'm 314 00:17:11,600 --> 00:17:13,840 Speaker 1: not really interested in sticking it to the man anymore. 315 00:17:13,920 --> 00:17:16,880 Speaker 1: I'm like, someone's gonna get hurt. Someone's gonna get hurt. 316 00:17:19,119 --> 00:17:22,639 Speaker 1: Don't right, But Patrick, is how big of an an 317 00:17:22,720 --> 00:17:25,080 Speaker 1: element is that? Is it really sort of this this 318 00:17:25,400 --> 00:17:28,159 Speaker 1: moral aspect to it, you know, of of taking on 319 00:17:28,880 --> 00:17:32,560 Speaker 1: sort of the power structure in the economy. Or is 320 00:17:32,600 --> 00:17:35,760 Speaker 1: it just guys and girls having fun and and trying 321 00:17:35,800 --> 00:17:38,400 Speaker 1: to make money? I mean, is it is it really 322 00:17:38,800 --> 00:17:41,240 Speaker 1: that simple, just that motivation to make a few bucks, 323 00:17:41,520 --> 00:17:44,240 Speaker 1: or is there something more? From your opinion, I think 324 00:17:44,280 --> 00:17:47,240 Speaker 1: it's somewhere in between. Um, And you don't worry, You're 325 00:17:47,240 --> 00:17:48,960 Speaker 1: not alone. My dad also kind of hold the same 326 00:17:49,080 --> 00:17:53,040 Speaker 1: kind as you. Kevin. That was your son calling you old. 327 00:17:53,160 --> 00:17:56,359 Speaker 1: I believe it wasn't the first time I wanted to last. 328 00:17:59,280 --> 00:18:02,240 Speaker 1: So among the Wall Street best community, there are definitely 329 00:18:02,320 --> 00:18:03,800 Speaker 1: some who were just in it, you know, in it 330 00:18:03,880 --> 00:18:05,359 Speaker 1: for the memes. They want to make a few bucks. 331 00:18:05,600 --> 00:18:07,840 Speaker 1: But there's also some people, um, like you said, who 332 00:18:08,160 --> 00:18:09,760 Speaker 1: are in it for the moral aspect. There was a 333 00:18:11,280 --> 00:18:13,120 Speaker 1: post a couple of a couple of days ago who said, 334 00:18:13,480 --> 00:18:15,960 Speaker 1: who's talking about how deeply. They were hit by the 335 00:18:16,080 --> 00:18:20,240 Speaker 1: two thousand eight financial crisis, and how you know they saw, um, 336 00:18:20,960 --> 00:18:23,160 Speaker 1: many of people involved kind of got got away with nothing. 337 00:18:23,200 --> 00:18:26,280 Speaker 1: So this was some way of kind of acting enacting 338 00:18:26,359 --> 00:18:29,960 Speaker 1: some financial penance on them, um in a way that 339 00:18:30,200 --> 00:18:33,119 Speaker 1: you know, Congress didn't really do so for them. It 340 00:18:33,200 --> 00:18:35,600 Speaker 1: wasn't just obviously they were trying to make money, but 341 00:18:35,640 --> 00:18:37,520 Speaker 1: at the same the time, they were trying to right 342 00:18:37,560 --> 00:18:40,640 Speaker 1: the wrong that they experienced a dozen or three years back. 343 00:18:41,880 --> 00:18:44,119 Speaker 1: Were you a member of Wall Street Bets or were 344 00:18:44,160 --> 00:18:45,800 Speaker 1: you aware of it before it kind of just blew 345 00:18:45,880 --> 00:18:47,320 Speaker 1: up in the past couple of weeks. I know it's 346 00:18:47,359 --> 00:18:50,800 Speaker 1: been popular for a while now, Yeah, I mean I 347 00:18:50,920 --> 00:18:53,760 Speaker 1: was a member for a few months. UM No, it 348 00:18:53,880 --> 00:18:57,000 Speaker 1: had it was growing, like say steadily. It was that 349 00:18:57,320 --> 00:19:00,440 Speaker 1: um maybe one or two million members or this whole 350 00:19:00,440 --> 00:19:04,960 Speaker 1: style began. UM. I mean it was my favorite. UM 351 00:19:05,760 --> 00:19:07,520 Speaker 1: so great by any means, but you know, it was 352 00:19:07,560 --> 00:19:12,359 Speaker 1: a mat Brows somewhat active UM and a lot of 353 00:19:13,000 --> 00:19:15,680 Speaker 1: I would say they sort of have this attitude about 354 00:19:15,760 --> 00:19:19,639 Speaker 1: them regarding stocks that they are they are really the 355 00:19:20,040 --> 00:19:23,640 Speaker 1: David UM. They realize that they're not smart. They often 356 00:19:23,720 --> 00:19:27,800 Speaker 1: post their losses often in the tens of thousands, because 357 00:19:27,840 --> 00:19:30,560 Speaker 1: they recognize that what the craze that are making a risk, 358 00:19:30,560 --> 00:19:36,000 Speaker 1: they are risky and there you know, they often don't work. Um, 359 00:19:37,520 --> 00:19:41,560 Speaker 1: So yeah, I'd say they do definitely see themselves um 360 00:19:41,920 --> 00:19:45,840 Speaker 1: as the David, But I think they also recognize that 361 00:19:46,760 --> 00:19:49,560 Speaker 1: maybe they were the David. If David hit himself in 362 00:19:49,600 --> 00:20:08,600 Speaker 1: the head with a sling. That's pretty funny, Kevin. I 363 00:20:08,680 --> 00:20:11,600 Speaker 1: want to ask you though, you know, obviously a lot 364 00:20:11,680 --> 00:20:14,800 Speaker 1: of the strategies that that these traders are employing, are 365 00:20:15,560 --> 00:20:19,040 Speaker 1: you know, maybe what at least used to be less 366 00:20:19,080 --> 00:20:21,920 Speaker 1: liquid names, high short interest, you know that that sort 367 00:20:21,920 --> 00:20:27,840 Speaker 1: of thing. From your perspective as a macro oriented type 368 00:20:27,880 --> 00:20:31,840 Speaker 1: of trader and now a columnist, um, do you see 369 00:20:31,880 --> 00:20:34,760 Speaker 1: any risk of this type of behavior sort of getting 370 00:20:34,800 --> 00:20:37,399 Speaker 1: pointed towards the macro world? Now? I know you look 371 00:20:37,440 --> 00:20:40,600 Speaker 1: at the currency market six six trillion dollars a day. 372 00:20:41,119 --> 00:20:44,000 Speaker 1: You know, on first blush, it's probably too big of 373 00:20:44,080 --> 00:20:46,240 Speaker 1: a market for this type of thing to to make 374 00:20:46,280 --> 00:20:48,080 Speaker 1: it dent. But I don't know if you start looking 375 00:20:48,160 --> 00:20:50,600 Speaker 1: at like risk reversal positions and say, I don't know, 376 00:20:50,680 --> 00:20:54,199 Speaker 1: the looney you know, Kiwi pair something like that. Are 377 00:20:54,480 --> 00:20:58,920 Speaker 1: there ways these guys uh could start making dents in 378 00:20:59,000 --> 00:21:02,280 Speaker 1: the facts or bond market or any other non sort 379 00:21:02,359 --> 00:21:06,399 Speaker 1: of meme stock type of situations in the markets, maybe 380 00:21:06,480 --> 00:21:09,399 Speaker 1: in a in a very ephemeral way. I don't think 381 00:21:09,440 --> 00:21:12,920 Speaker 1: they can have the same magnitude of impact certainly that 382 00:21:13,119 --> 00:21:16,960 Speaker 1: they had in some of these yolo stock simply because 383 00:21:16,960 --> 00:21:20,720 Speaker 1: the liquidity is so much, so much greater. And you know, 384 00:21:20,800 --> 00:21:24,399 Speaker 1: the thing is is that typically a lot of the 385 00:21:24,600 --> 00:21:28,680 Speaker 1: esoteric stuff, like what you've referred to on the derivative side, 386 00:21:28,920 --> 00:21:31,720 Speaker 1: you just traded over the counter, and that's not a 387 00:21:31,880 --> 00:21:37,720 Speaker 1: venue where Robin Hood can can provide provide liquidity um 388 00:21:37,960 --> 00:21:43,120 Speaker 1: for for for example, but for sure, uh, if they 389 00:21:43,480 --> 00:21:48,040 Speaker 1: were to gang up on maybe a listed option on 390 00:21:48,119 --> 00:21:53,320 Speaker 1: an e T f uh that it corresponds to a 391 00:21:53,359 --> 00:21:56,720 Speaker 1: macro product, you know, like maybe silver, which is kind 392 00:21:56,720 --> 00:22:01,080 Speaker 1: of famously a liquid for a macro product. Um, then 393 00:22:01,400 --> 00:22:03,600 Speaker 1: if everyone bought a bunch of calls or a bunch 394 00:22:03,640 --> 00:22:06,879 Speaker 1: of puts on silver, could that have an impact for 395 00:22:07,119 --> 00:22:09,760 Speaker 1: for a few days? Yeah, I think so. Uh. I know, 396 00:22:09,840 --> 00:22:12,840 Speaker 1: even when I was a portfolio manager and I wanted 397 00:22:12,920 --> 00:22:15,120 Speaker 1: to running a big portfolio, and I wanted to take 398 00:22:15,119 --> 00:22:18,560 Speaker 1: a position in silver, an option position in silver. I 399 00:22:18,760 --> 00:22:22,000 Speaker 1: used the t F rather than rather than rather than 400 00:22:22,000 --> 00:22:24,959 Speaker 1: the future. So that's certainly a venue potentially that they 401 00:22:25,000 --> 00:22:28,920 Speaker 1: could they could have an impact. But broadly speaking, I 402 00:22:29,000 --> 00:22:32,480 Speaker 1: mean macro is called macro for a reason, and macro 403 00:22:32,640 --> 00:22:37,639 Speaker 1: means big. Uh So the degree of participation and the 404 00:22:37,720 --> 00:22:41,000 Speaker 1: liquidity I think would preclude some of these hit and 405 00:22:41,080 --> 00:22:45,119 Speaker 1: run type tactics. So Patrick, bring it back to you. 406 00:22:45,200 --> 00:22:48,960 Speaker 1: I have two questions. One, would you say that you've 407 00:22:49,040 --> 00:22:51,679 Speaker 1: learned anything from the bet that you made with your 408 00:22:51,760 --> 00:22:54,080 Speaker 1: dad anything at all over the past couple of weeks? 409 00:22:54,119 --> 00:22:56,399 Speaker 1: And two do you think this is something that you 410 00:22:56,480 --> 00:22:58,359 Speaker 1: and your friends are going to continue to do? Even 411 00:22:58,480 --> 00:23:00,480 Speaker 1: those that might be newer to this out that they've 412 00:23:00,520 --> 00:23:04,000 Speaker 1: been pulled into this trend and their interest has been piqued. 413 00:23:04,920 --> 00:23:10,040 Speaker 1: Do you see this as something that's going to continue. Um. So, 414 00:23:10,160 --> 00:23:12,679 Speaker 1: as for your first question, I will say I experience 415 00:23:12,720 --> 00:23:16,320 Speaker 1: a little bit of fu bress. Um. I recognize that 416 00:23:17,119 --> 00:23:18,919 Speaker 1: in a week is a little a little bit more 417 00:23:18,960 --> 00:23:23,600 Speaker 1: improbable than Yeah, three days, maybe as possible, but three 418 00:23:23,680 --> 00:23:28,640 Speaker 1: days is definitely definitely a challenge, a little ambitious, yeah, 419 00:23:29,200 --> 00:23:33,560 Speaker 1: bit impititious, ambitious. UM. So, I definitely need to temper 420 00:23:33,720 --> 00:23:37,120 Speaker 1: my aspirations a little bit. UM. But at the same time, 421 00:23:39,320 --> 00:23:42,399 Speaker 1: this this has been a learning experience, um in the 422 00:23:42,520 --> 00:23:49,760 Speaker 1: sense that uh this, I feel that, um, the opportunity 423 00:23:49,800 --> 00:23:52,159 Speaker 1: to learn will come in the coming weeks when we 424 00:23:52,240 --> 00:23:54,639 Speaker 1: see is game stop gonna you know, sit at a 425 00:23:54,680 --> 00:23:57,680 Speaker 1: comfortable level greater than what it was, say a few 426 00:23:57,720 --> 00:24:00,080 Speaker 1: months ago. You know, is there gonna be an a 427 00:24:00,160 --> 00:24:02,760 Speaker 1: meaningful impact from the game style community, or from the 428 00:24:02,800 --> 00:24:05,159 Speaker 1: welsher desk community, or just is it just for me 429 00:24:05,200 --> 00:24:06,840 Speaker 1: a spike and then it returned to what it was. 430 00:24:07,480 --> 00:24:10,000 Speaker 1: I also feel that less mob we learn from whether 431 00:24:10,119 --> 00:24:12,719 Speaker 1: or not UM, Congress is gonna passing me while it's 432 00:24:12,720 --> 00:24:14,959 Speaker 1: for restricting this sort of thing from happening again. UM. 433 00:24:15,000 --> 00:24:17,440 Speaker 1: A couple of days ago, I watched a YouTube video 434 00:24:17,600 --> 00:24:21,400 Speaker 1: examining the legality of this, and UM, personally, I don't 435 00:24:21,440 --> 00:24:25,280 Speaker 1: think it's so cut and dry. UM. I think that 436 00:24:26,160 --> 00:24:29,560 Speaker 1: the what would primarily concern this because a lot of 437 00:24:29,600 --> 00:24:31,240 Speaker 1: people are saying this is a pump and dump scheme 438 00:24:31,680 --> 00:24:35,919 Speaker 1: and obviously that's illegal. Um So UM, if I remember correctly, 439 00:24:36,040 --> 00:24:39,760 Speaker 1: under the Commodities Exchange Act of actually I don't know 440 00:24:39,880 --> 00:24:45,640 Speaker 1: when it was from, but basically there's don't worry about yeah. Um, 441 00:24:46,440 --> 00:24:50,840 Speaker 1: So because they're accusing this is being blatant marking manipulation. Um, 442 00:24:52,160 --> 00:24:54,120 Speaker 1: you know that you have to subject it to a test, 443 00:24:54,160 --> 00:24:57,639 Speaker 1: which under the Commodities Exchange Act. So the first stepulation 444 00:24:57,880 --> 00:25:01,040 Speaker 1: is whether or not the huge that being Wall Street 445 00:25:01,080 --> 00:25:04,520 Speaker 1: bets have the ability to influence the market prices. And 446 00:25:04,560 --> 00:25:06,680 Speaker 1: I don't think anyone would deny that they did have 447 00:25:06,840 --> 00:25:10,120 Speaker 1: the ability to influence Game Shop did not reach four 448 00:25:11,160 --> 00:25:15,000 Speaker 1: out of thin air. Um. The second stitulation asks whether 449 00:25:15,160 --> 00:25:18,920 Speaker 1: Wall Street bets specifically intended to create or effect a 450 00:25:18,960 --> 00:25:23,320 Speaker 1: price or price trend that doesn't reflect legitimate forces to 451 00:25:23,400 --> 00:25:25,840 Speaker 1: play and demand. And I think that is the sticulation 452 00:25:25,920 --> 00:25:27,359 Speaker 1: that it is a little a little more of a 453 00:25:27,400 --> 00:25:31,720 Speaker 1: gray area because um, as Wall Street bests now is 454 00:25:31,800 --> 00:25:33,840 Speaker 1: eight million members and obviously not all of them are 455 00:25:33,920 --> 00:25:36,440 Speaker 1: investing in the stock. But even if only ten to 456 00:25:36,480 --> 00:25:40,760 Speaker 1: them do an eight hundred thousand invest at what point, um, 457 00:25:41,119 --> 00:25:44,480 Speaker 1: is it considered legitimate? You know, these people aren't managing 458 00:25:45,359 --> 00:25:48,879 Speaker 1: portfolios of people of other people's money. This is their 459 00:25:48,880 --> 00:25:53,960 Speaker 1: own money, so obviously, UM, it's not legitimate in the 460 00:25:54,040 --> 00:25:58,760 Speaker 1: sense that, Um, it's not legitimate in the sense that 461 00:25:59,560 --> 00:26:01,960 Speaker 1: they're not buying it to hold over a long time, 462 00:26:02,240 --> 00:26:03,960 Speaker 1: but they're offer buying it with their own money. So 463 00:26:04,560 --> 00:26:07,359 Speaker 1: what could one consider that to be able? Gitimate? So 464 00:26:07,440 --> 00:26:10,399 Speaker 1: I think that's the question that prosecutors are going to 465 00:26:10,480 --> 00:26:13,720 Speaker 1: have to ask. UM. I'm going back to the going 466 00:26:13,760 --> 00:26:17,920 Speaker 1: back to the test um. The third the third situlation 467 00:26:18,040 --> 00:26:25,600 Speaker 1: is also pretty gray. UM. It asks um, it asked 468 00:26:25,640 --> 00:26:30,000 Speaker 1: whether artificial prices existed. UM. In the fourth situlation asks 469 00:26:30,000 --> 00:26:32,520 Speaker 1: whether well Street Best caused the artificial prices. So I 470 00:26:32,560 --> 00:26:35,080 Speaker 1: think again, well Street Best did affect these prices. They're 471 00:26:35,119 --> 00:26:40,240 Speaker 1: so denying that, but is it artificial? UM? I think 472 00:26:40,800 --> 00:26:44,080 Speaker 1: as UM, as the time's gone on, I'm leading more 473 00:26:44,119 --> 00:26:46,199 Speaker 1: to it is artificial, because as we're seeing today, it's 474 00:26:46,240 --> 00:26:50,439 Speaker 1: dropping to I don't know where it ended at. UM, 475 00:26:51,400 --> 00:26:54,520 Speaker 1: yours sorry, it's uh, let's see it's I'll tell you 476 00:26:54,560 --> 00:26:59,399 Speaker 1: where it is as we speak, the the Wonder of 477 00:26:59,400 --> 00:27:05,600 Speaker 1: the Bloomberg to riminal Yeah, and that size. We're recording 478 00:27:05,640 --> 00:27:11,880 Speaker 1: this on Thursday afternoon, so you your your results may differ. 479 00:27:12,040 --> 00:27:15,800 Speaker 1: As they say, stand clear of the craziest things we 480 00:27:15,960 --> 00:27:20,639 Speaker 1: saw in markets this week. So Cameron and Patrick, I, 481 00:27:20,880 --> 00:27:23,639 Speaker 1: I hope you came prepared with the craziest thing you 482 00:27:23,760 --> 00:27:26,399 Speaker 1: saw in markets this week. I know everything has been crazy, 483 00:27:26,520 --> 00:27:29,200 Speaker 1: but Cameron, let's kick it off with you. What's the 484 00:27:29,200 --> 00:27:31,760 Speaker 1: craziest thing. I'm going off past. The craziest thing I 485 00:27:31,840 --> 00:27:35,520 Speaker 1: saw was something I saw on Twitter last weekend, which 486 00:27:35,600 --> 00:27:38,280 Speaker 1: was an interchange between the two of you where it 487 00:27:38,359 --> 00:27:42,760 Speaker 1: emerged that Sarah's nickname is Ponzi. How have you not 488 00:27:43,160 --> 00:27:47,040 Speaker 1: used this? That means, by definition, any plan that she 489 00:27:47,280 --> 00:27:50,320 Speaker 1: has to achieve anything in her life is a Ponzi scheme. 490 00:27:53,000 --> 00:27:55,680 Speaker 1: Use all right? I want to make this clear. Though 491 00:27:56,080 --> 00:27:59,760 Speaker 1: Mike is trying to establish my new nickname as the Ponds, 492 00:28:00,040 --> 00:28:03,680 Speaker 1: it is a much more mature version of Ponzi, and 493 00:28:03,800 --> 00:28:08,040 Speaker 1: it doesn't subject me to what you are stipulating. Okay, Cameron, 494 00:28:08,800 --> 00:28:12,040 Speaker 1: actually to square the circle and go back to old entertainment. 495 00:28:12,280 --> 00:28:15,480 Speaker 1: Do you know who the Fons is? I actually do 496 00:28:15,600 --> 00:28:19,600 Speaker 1: know about very good thing I can say as to 497 00:28:19,680 --> 00:28:22,920 Speaker 1: that one. Pontz is a great nickname, but it's hard 498 00:28:23,280 --> 00:28:26,400 Speaker 1: to be a professional financial journalist and have your phone 499 00:28:26,440 --> 00:28:28,880 Speaker 1: calls returned when uh, when you call up and say 500 00:28:30,320 --> 00:28:32,159 Speaker 1: I think you guys should change the name of the 501 00:28:32,280 --> 00:28:38,080 Speaker 1: podcast to Ponzi schemes and Reagan's dreams. That's really good. 502 00:28:38,120 --> 00:28:40,680 Speaker 1: That's really good. But I've got to say, and I 503 00:28:40,800 --> 00:28:42,680 Speaker 1: did say, I wasn't going to let you off the hook, Mike, 504 00:28:42,800 --> 00:28:46,040 Speaker 1: because at Financial Gambler one of our listeners of the 505 00:28:46,080 --> 00:28:51,000 Speaker 1: podcast said, Okay, Michael's high school nickname must be discussed 506 00:28:51,040 --> 00:28:53,360 Speaker 1: on the next episode. You'll get a five star podcast 507 00:28:53,480 --> 00:28:58,160 Speaker 1: rating from me. So in honor of a five star rating, Mike, 508 00:28:58,520 --> 00:28:59,880 Speaker 1: I think you have to share with us what you're 509 00:29:00,000 --> 00:29:04,080 Speaker 1: school nickname was. I'm gonna say this, Sarah. Um the 510 00:29:04,200 --> 00:29:06,840 Speaker 1: bid of one five star rating, my ask is a 511 00:29:06,880 --> 00:29:09,840 Speaker 1: little higher. There's we still got to spread there. So 512 00:29:10,440 --> 00:29:12,880 Speaker 1: uh And I don't know if this is a podcast 513 00:29:13,040 --> 00:29:16,040 Speaker 1: rating manipulations. Maybe Apple will be in touch with us, 514 00:29:16,120 --> 00:29:18,880 Speaker 1: but we're currently at a hundred and forty seven ratings 515 00:29:18,960 --> 00:29:22,680 Speaker 1: on Apple Podcasts. I think if you get us ten more, 516 00:29:22,760 --> 00:29:26,360 Speaker 1: if we get to one fifty seven by next week, 517 00:29:27,080 --> 00:29:29,920 Speaker 1: I have two high school nicknames. One of them is 518 00:29:30,040 --> 00:29:33,320 Speaker 1: very flattering, one of them is very embarrassing. If we 519 00:29:33,400 --> 00:29:36,640 Speaker 1: get to one fifty seven, I'll give you the flattering nickname, 520 00:29:37,360 --> 00:29:39,480 Speaker 1: but we gotta get to two hundred to get the 521 00:29:39,560 --> 00:29:42,160 Speaker 1: embarrassing nickname at of me. I've got to say, if 522 00:29:42,160 --> 00:29:44,560 Speaker 1: you won't share the flattering one with us today, then 523 00:29:44,600 --> 00:29:46,800 Speaker 1: it gives me the feeling that the flattering one can't 524 00:29:46,840 --> 00:29:55,360 Speaker 1: be that flattering, but it's pretty good accurate. I will say, 525 00:29:55,440 --> 00:29:57,840 Speaker 1: both were given to me on the basketball court. So 526 00:29:58,040 --> 00:30:01,120 Speaker 1: to take that for for what it's worth, all right, 527 00:30:01,280 --> 00:30:04,000 Speaker 1: sure was just sort of how mediocre my career was. 528 00:30:04,120 --> 00:30:07,160 Speaker 1: Everyone gets rating the podcast. Yeah, if we get two 529 00:30:07,240 --> 00:30:10,479 Speaker 1: hundred and fifty seven ratings, and I won't even make 530 00:30:10,560 --> 00:30:12,400 Speaker 1: them be five star. I don't want to get charged 531 00:30:12,480 --> 00:30:15,600 Speaker 1: with rating manipulation. We got the one seven, I'll give 532 00:30:15,600 --> 00:30:19,000 Speaker 1: you the flattering nickname. Two hundred ratings get you the 533 00:30:19,440 --> 00:30:23,000 Speaker 1: not so flattering nickname. Okay, that's fair, all right, Um, 534 00:30:23,080 --> 00:30:25,960 Speaker 1: if I may interject, if we're on the subject of nicknames, 535 00:30:26,080 --> 00:30:28,200 Speaker 1: we all know that my dad, Cameron Christ like you, 536 00:30:28,240 --> 00:30:31,160 Speaker 1: referred himself as the macro Man. But my brother and 537 00:30:31,240 --> 00:30:34,040 Speaker 1: I because he is a little bit shorter than us, 538 00:30:34,120 --> 00:30:37,400 Speaker 1: you know, he's what are you five nine? No, brother, 539 00:30:37,480 --> 00:30:40,239 Speaker 1: Now you're six one and six two respectively, all right, 540 00:30:40,680 --> 00:30:43,240 Speaker 1: I guess six two and six one respectively. We were 541 00:30:43,320 --> 00:30:47,280 Speaker 1: lovingly refer to him as the MicroB dad. So yeah, 542 00:30:48,720 --> 00:30:51,440 Speaker 1: this is what you get for allowing your son. I 543 00:30:51,560 --> 00:30:59,640 Speaker 1: think for the record, if you check your what's out. 544 00:30:59,800 --> 00:31:02,880 Speaker 1: I was gonna say earlier, but you resistant. But we're 545 00:31:02,920 --> 00:31:04,960 Speaker 1: on the stubect of the nicknames. I I have to say, 546 00:31:05,080 --> 00:31:08,000 Speaker 1: you had to do it. We'll take it, We'll take it, 547 00:31:08,120 --> 00:31:10,080 Speaker 1: we appreciate. I think you just got us another five 548 00:31:10,120 --> 00:31:12,720 Speaker 1: star review with that one. That was pretty good. Absolutely 549 00:31:13,600 --> 00:31:15,640 Speaker 1: so Patrick, how about you? Did you see anything crazy 550 00:31:16,160 --> 00:31:20,360 Speaker 1: in the last week? So I think that the craziest 551 00:31:20,440 --> 00:31:24,840 Speaker 1: thing I've seen is UM just how much a financial 552 00:31:24,880 --> 00:31:27,720 Speaker 1: institution started trying to use Wall Street Bats as a 553 00:31:27,760 --> 00:31:33,040 Speaker 1: means to influence activity. Obviously your article about UM bought 554 00:31:33,080 --> 00:31:37,000 Speaker 1: activity among Wall Street bests as a member, I've seen it. UM. 555 00:31:37,600 --> 00:31:40,200 Speaker 1: You know there's a post that blew up that had 556 00:31:40,800 --> 00:31:45,840 Speaker 1: um uh an account posting the exact same comment, basically saying, oh, 557 00:31:45,920 --> 00:31:48,280 Speaker 1: you should sell you should sell a little way for 558 00:31:48,520 --> 00:31:53,160 Speaker 1: about a WEEKLYO. I believe UM and also UM the 559 00:31:53,800 --> 00:31:57,360 Speaker 1: media outlets consistently saying that silver is you know, Wall 560 00:31:57,400 --> 00:32:01,480 Speaker 1: Street Bats. Next big thing person I want to comment 561 00:32:01,600 --> 00:32:03,600 Speaker 1: up on, you know, on what's your best at large 562 00:32:04,000 --> 00:32:08,440 Speaker 1: I've seen maybe one post um touting Silver as invest 563 00:32:08,520 --> 00:32:12,480 Speaker 1: were they maybe a week ago in Pennos saying hey, 564 00:32:13,120 --> 00:32:14,600 Speaker 1: this isn't US. I don't know where this saying this 565 00:32:14,680 --> 00:32:17,640 Speaker 1: is US. So I think, I mean, I don't know 566 00:32:17,680 --> 00:32:19,920 Speaker 1: if this is gonna continue. Maybe one scheme stop dives 567 00:32:19,960 --> 00:32:23,920 Speaker 1: down there over to uh a little more traditional investment 568 00:32:23,960 --> 00:32:26,040 Speaker 1: advice instead of just saying, oh, well's your best likes it. 569 00:32:26,560 --> 00:32:29,040 Speaker 1: But I think that's worth noting at the current time. 570 00:32:29,360 --> 00:32:32,080 Speaker 1: That's interesting. That's really because that was the narrative, and 571 00:32:32,120 --> 00:32:35,680 Speaker 1: there was a people mistakenly assuming the street was short 572 00:32:35,760 --> 00:32:37,840 Speaker 1: silver when when there's really not a lot of evidence 573 00:32:37,920 --> 00:32:40,680 Speaker 1: for that. It's pretty it's a fascinating dynamic all around. 574 00:32:40,720 --> 00:32:42,479 Speaker 1: I got I gotta say it is. And I can 575 00:32:42,520 --> 00:32:44,760 Speaker 1: say there's been a lot of pushback on the silver narrative. 576 00:32:44,880 --> 00:32:47,080 Speaker 1: You see it all over social media and on Wall 577 00:32:47,080 --> 00:32:50,400 Speaker 1: Street bets too, so Oh and Stars. As you pointed out, 578 00:32:50,400 --> 00:32:53,560 Speaker 1: we did get a voicemail into the what goes Up hotline? Uh, 579 00:32:54,040 --> 00:32:56,200 Speaker 1: and it does quote an old man movie, so let's uh, 580 00:32:56,360 --> 00:32:58,640 Speaker 1: let's give it a listen. This is Steve from New 581 00:32:58,720 --> 00:33:01,000 Speaker 1: Jersey and this is a message, well, what goes up. 582 00:33:01,760 --> 00:33:05,320 Speaker 1: I believe this video audio explained exactly what's going on 583 00:33:05,480 --> 00:33:10,920 Speaker 1: with Robin Hood telling a good part. That's a good part. 584 00:33:11,000 --> 00:33:13,600 Speaker 1: What do you manage that? No matter where there, our 585 00:33:13,800 --> 00:33:20,000 Speaker 1: clients make money or lose money. Duke and Duke commission. 586 00:33:22,080 --> 00:33:25,800 Speaker 1: So I know Cameron knows that movie, Sarah, what's your 587 00:33:25,840 --> 00:33:28,800 Speaker 1: best guests? It's not Fletch training places. I mean, I 588 00:33:28,840 --> 00:33:32,240 Speaker 1: I did my due diligence before the podcast, but I'll 589 00:33:32,280 --> 00:33:35,560 Speaker 1: be completely honest, I won't. When the voicemail came in, 590 00:33:35,720 --> 00:33:38,360 Speaker 1: I had to send it to Mike and say, I've 591 00:33:38,400 --> 00:33:42,080 Speaker 1: got to say I don't get this. Do you get this? 592 00:33:42,200 --> 00:33:45,080 Speaker 1: And if so, can you explain it to me? So yes, 593 00:33:45,160 --> 00:33:47,880 Speaker 1: I'll add it to my my week's long homework of 594 00:33:48,200 --> 00:33:53,760 Speaker 1: watching old man movies. But that's the perennial homework assignment. 595 00:33:53,800 --> 00:33:56,560 Speaker 1: I know it's a it's a tough one, all right. 596 00:33:56,600 --> 00:33:59,000 Speaker 1: I'll give you mine. Mine is you know, as as 597 00:33:59,080 --> 00:34:01,480 Speaker 1: we all know, I like the alternative asset class, and 598 00:34:01,640 --> 00:34:05,000 Speaker 1: the more alternative the better. This one is certainly crazy. 599 00:34:05,040 --> 00:34:07,240 Speaker 1: It's also a little disturbing. So I won't make any 600 00:34:07,320 --> 00:34:10,480 Speaker 1: jokes about it, or not too many jokes. But there 601 00:34:10,719 --> 00:34:14,680 Speaker 1: is an auction coming up. For give me a little 602 00:34:14,719 --> 00:34:20,239 Speaker 1: drumroll here Hitler's toilet seat. Hitler's toilet seat is up 603 00:34:20,280 --> 00:34:23,719 Speaker 1: for auction. Uh. This is courtesy the New York Post, 604 00:34:23,800 --> 00:34:26,680 Speaker 1: which is um uh, sort of the paper record for 605 00:34:26,760 --> 00:34:30,640 Speaker 1: crazy market things. Apparently, when the g I stormed, uh, 606 00:34:30,840 --> 00:34:34,040 Speaker 1: the Eagle's Nest retreat of the Nazis in World War Two, 607 00:34:34,960 --> 00:34:37,680 Speaker 1: one of the I don't know if it's an officer 608 00:34:37,800 --> 00:34:39,920 Speaker 1: whatever rank, he was told the guys go grab what 609 00:34:40,000 --> 00:34:42,120 Speaker 1: it grabs, some souvenirs if you want. So one one 610 00:34:42,160 --> 00:34:45,640 Speaker 1: guy grabbed a couple of oil paintings and grabbed Hitler's 611 00:34:45,680 --> 00:34:49,240 Speaker 1: toilet seat, which is now up for auction. And sorry, 612 00:34:49,280 --> 00:34:50,759 Speaker 1: you know what that means. It's time for a little 613 00:34:50,800 --> 00:34:54,919 Speaker 1: price discovery here. What do you think the auction house 614 00:34:55,200 --> 00:34:59,960 Speaker 1: is hoping the winning bid will be for Hitler's toilet seat. 615 00:35:00,400 --> 00:35:02,239 Speaker 1: I mean, I have no idea. I can't say that 616 00:35:02,800 --> 00:35:05,320 Speaker 1: i'd pay anything for that, but maybe either. I know, 617 00:35:05,480 --> 00:35:08,600 Speaker 1: it's really weird people collect this stuff. It's kind of disturbing. 618 00:35:08,680 --> 00:35:15,279 Speaker 1: But the target price, well, it's it's They didn't really 619 00:35:15,360 --> 00:35:17,480 Speaker 1: just explain it too well in the story. They said, 620 00:35:17,520 --> 00:35:19,840 Speaker 1: this is what the I guess it would be the 621 00:35:19,880 --> 00:35:21,960 Speaker 1: target price what the auction house thinks that they're gonna 622 00:35:22,000 --> 00:35:24,040 Speaker 1: they're gonna solve for it. I'll go ahead and guess 623 00:35:24,080 --> 00:35:28,879 Speaker 1: a thousand. I I can it's some weeks, I'm way 624 00:35:28,960 --> 00:35:32,279 Speaker 1: too high. The next time I guess high and it's 625 00:35:32,320 --> 00:35:34,640 Speaker 1: something that's ridiculously low. Then I come in and I 626 00:35:34,719 --> 00:35:36,520 Speaker 1: guess low, and it's telling that's ridiculously high. So this 627 00:35:36,640 --> 00:35:38,359 Speaker 1: is gonna be way higher than a thousand dollars. I'm 628 00:35:38,360 --> 00:35:41,560 Speaker 1: gonna go ahead and say I don't think Hitler's toilet 629 00:35:41,600 --> 00:35:43,800 Speaker 1: seats worth anything. I wouldn't. I wouldn't pay anything for it. 630 00:35:43,880 --> 00:35:47,399 Speaker 1: But knowing that there's people out there that, for whatever reason, 631 00:35:47,480 --> 00:35:50,560 Speaker 1: would would want to own this. Now, Kevin, remember prices right, 632 00:35:50,680 --> 00:35:52,839 Speaker 1: rules are in effect, so you could go a thousand one. 633 00:35:52,960 --> 00:35:56,160 Speaker 1: But but your son here is kind of a savvy operator, 634 00:35:56,320 --> 00:36:04,320 Speaker 1: so you know it's up to you. What's okay is 635 00:36:04,360 --> 00:36:08,320 Speaker 1: what they're expecting I should have? I should have I 636 00:36:08,360 --> 00:36:11,879 Speaker 1: should have been a thousand and one. Look at given 637 00:36:11,920 --> 00:36:15,000 Speaker 1: that we're old men and we like caddy shock closest 638 00:36:15,040 --> 00:36:18,120 Speaker 1: to the pin, rules really should be in effect and closes. 639 00:36:20,120 --> 00:36:24,040 Speaker 1: I was playing, but it's not it's got a point. 640 00:36:24,120 --> 00:36:26,799 Speaker 1: It's got a point. Though we do follow prices right rules, 641 00:36:26,880 --> 00:36:29,000 Speaker 1: so but we can we can follow up on this 642 00:36:29,080 --> 00:36:31,680 Speaker 1: and see what it actually sells. Were and uh, maybe 643 00:36:31,719 --> 00:36:34,000 Speaker 1: there's a push to be had there. But Sarah, what 644 00:36:34,000 --> 00:36:36,200 Speaker 1: do you have? What's the craziest thing you've got this week? Alright? So, 645 00:36:36,640 --> 00:36:38,600 Speaker 1: in honor of the Super Bowl, there was a story 646 00:36:38,640 --> 00:36:43,560 Speaker 1: that came out about some cards and some rookie cards 647 00:36:43,600 --> 00:36:46,920 Speaker 1: selling for records. So one of them being Patrick Mahomes, 648 00:36:46,960 --> 00:36:52,200 Speaker 1: so Panini National Treasures number one sixty one Patrick Mahomes 649 00:36:52,239 --> 00:36:56,080 Speaker 1: signed patch rookie card supposedly only five exists, was bought 650 00:36:56,120 --> 00:36:58,920 Speaker 1: at eight hundred sixty one thousand dollars and that makes 651 00:36:58,960 --> 00:37:02,320 Speaker 1: it the most expensive FOOTBA card ever sold. Um, so 652 00:37:02,560 --> 00:37:05,120 Speaker 1: the dude's only been playing three or four years. That's unbelievable. 653 00:37:05,760 --> 00:37:07,920 Speaker 1: Pretty wild. And then also I will point out one 654 00:37:07,960 --> 00:37:10,760 Speaker 1: other because it's a commercial and it was also hysterical. 655 00:37:10,840 --> 00:37:13,200 Speaker 1: I mean, can me just ask what I gotta ask? 656 00:37:13,280 --> 00:37:16,800 Speaker 1: One thing? First was the was the winning bitter named 657 00:37:16,880 --> 00:37:21,000 Speaker 1: Patrick Mahomes. It doesn't say so, but I don't think 658 00:37:21,040 --> 00:37:25,759 Speaker 1: he needs it. But also pretty crazy, did you guys 659 00:37:25,760 --> 00:37:32,680 Speaker 1: see the Popeye's commercial. Yeah, Chicken tendees. I mean, if 660 00:37:32,760 --> 00:37:36,000 Speaker 1: any more Tendees commercials make their way into Super Bowl Sunday, 661 00:37:36,960 --> 00:37:39,520 Speaker 1: it'll be pretty funny. It's a strange new where else, 662 00:37:39,920 --> 00:37:43,680 Speaker 1: it's the crazy things have become. I guess there's just 663 00:37:43,840 --> 00:37:45,719 Speaker 1: one of the jewelers going to make an ad for 664 00:37:45,840 --> 00:37:53,640 Speaker 1: diamond hands or something. Diamonds. I could, I could see it. 665 00:37:54,040 --> 00:37:57,000 Speaker 1: I mean, maybe they're not hitting their target audience, but 666 00:37:57,560 --> 00:38:01,239 Speaker 1: you know, why not? Did you see le Um? I 667 00:38:01,280 --> 00:38:04,239 Speaker 1: saw on Twitter yesterday a rapper had a diamond and 668 00:38:04,320 --> 00:38:05,840 Speaker 1: planted into his face, So maybe they can do the 669 00:38:05,880 --> 00:38:10,360 Speaker 1: same thing for her hands. Genius? Remember everyone, I know 670 00:38:10,480 --> 00:38:11,960 Speaker 1: Mike mentioned it earlier in the show, But if you 671 00:38:12,000 --> 00:38:13,640 Speaker 1: want to give us a call, leave us a voicemail, 672 00:38:13,680 --> 00:38:15,759 Speaker 1: maybe we'll play it on the show. That number is 673 00:38:15,800 --> 00:38:20,359 Speaker 1: six or six three two four three for nine zero um. 674 00:38:20,400 --> 00:38:22,560 Speaker 1: I feel like we could all have fun for much 675 00:38:22,600 --> 00:38:25,040 Speaker 1: longer and keep chatting, but we're gonna have to leave 676 00:38:25,040 --> 00:38:29,160 Speaker 1: it there. So Macroman and micro Boy, thanks you going 677 00:38:29,200 --> 00:38:44,520 Speaker 1: to the show. What goes Up? We'll be back next week. 678 00:38:45,000 --> 00:38:47,640 Speaker 1: Until then, you can find us on the Bloomberg Terminal 679 00:38:47,760 --> 00:38:51,520 Speaker 1: website and app or wherever you get your podcasts. We'd 680 00:38:51,520 --> 00:38:53,160 Speaker 1: love it if you took the time to rate and 681 00:38:53,239 --> 00:38:55,920 Speaker 1: review the show on Apple podcast so more listeners can 682 00:38:55,960 --> 00:38:58,480 Speaker 1: find us. And you can find us on Twitter, follow 683 00:38:58,560 --> 00:39:02,400 Speaker 1: me at therapon that Mike is that Reaganonymous, and you 684 00:39:02,480 --> 00:39:06,680 Speaker 1: can also follow Bloomberg Podcasts at podcasts. Also thank you 685 00:39:06,719 --> 00:39:08,800 Speaker 1: to Charlie Pellett of Bloomberg Radio and the voice of 686 00:39:08,840 --> 00:39:11,440 Speaker 1: the New York City Subway System. What Goes Up is 687 00:39:11,480 --> 00:39:14,400 Speaker 1: produced by Cooper Forehes. The head of Bloomberg Podcast is 688 00:39:14,440 --> 00:39:17,319 Speaker 1: Francesca Levie. Thanks for listening, See you next time.