WEBVTT - Don Trump Jr. and Omeed Malik Talk Grab a Gun SPAC, Crypto 0:00:02.759 --> 0:00:08.920 Bloomberg Audio Studios, Podcasts, Radio News. Welcome to a special 0:00:08.960 --> 0:00:12.320 conversation with the principles of seventeen eighty nine Capital, the 0:00:12.360 --> 0:00:15.200 politically connected venture firm with the focus on companies that 0:00:15.240 --> 0:00:18.120 are carving out space and a parallel economy that caters 0:00:18.120 --> 0:00:21.880 directly to conservative values. It's more notable investments include Xai, 0:00:22.200 --> 0:00:25.439 prescription drug provider blink Rx, and defense tech companies andrel 0:00:25.720 --> 0:00:28.639 and Firehawk. Omi Mallick co founded the firm in twenty 0:00:28.680 --> 0:00:31.400 twenty three, and Donald Trump Junior joined as a partner 0:00:31.480 --> 0:00:34.720 last year. They both joined me now along with Bloomberg 0:00:34.760 --> 0:00:37.200 Surveillance co anchor A Marie Horter, and here in Studio 0:00:37.280 --> 0:00:37.919 two in New York. 0:00:38.080 --> 0:00:39.920 Thank you so much, Remaine, and thank you gentlemen for 0:00:40.040 --> 0:00:42.560 joining us here in New York at Bloomberg TV. Tomorrow morning, 0:00:42.560 --> 0:00:44.720 you gonna be downtown at the Nicey nine point thirty 0:00:44.800 --> 0:00:47.199 ringing the opening vell omit. I just learned it's your 0:00:47.280 --> 0:00:50.639 fourth time doing so. This fact is for an online 0:00:50.680 --> 0:00:53.000 gun reel retailer, Grab a Gun. But there's been a 0:00:53.040 --> 0:00:55.920 tremendous amount of demand for this. What do you think 0:00:55.960 --> 0:00:56.640 is driving that? 0:00:57.600 --> 0:00:57.720 Well? 0:00:57.760 --> 0:00:59.520 I think it's an extension of our thesis that Don 0:00:59.560 --> 0:01:02.400 and I start and what now five years ago, which 0:01:02.480 --> 0:01:05.640 was using various mechanisms in finance to try to push 0:01:05.680 --> 0:01:08.800 back against overreach we saw in the private sector, mostly 0:01:08.840 --> 0:01:12.400 at the behest of ESG and DEI mandates. What's happened 0:01:12.480 --> 0:01:15.440 is through those mandates, private companies that control a lot 0:01:15.480 --> 0:01:19.160 of the economy have starved certain industries of financing. You 0:01:19.200 --> 0:01:21.560 guys obviously know that that's happened in fossil fuels with 0:01:21.600 --> 0:01:23.880 some of the mandates we've seen with public companies, but 0:01:23.920 --> 0:01:27.160 it has also negatively impacted guns and ammunition. 0:01:27.760 --> 0:01:29.440 So we used a SPAC to take. 0:01:29.280 --> 0:01:33.000 A company called grabagun public in furtherance of the Second Amendment, 0:01:33.440 --> 0:01:36.959 and the people have overwhelmingly supported it. This is now, 0:01:37.680 --> 0:01:39.800 having just closed a few minutes ago, one of the 0:01:39.800 --> 0:01:43.800 most successful SPAC transactions in history. We received zero redemptions 0:01:43.800 --> 0:01:47.400 from trust, meaning the company will receive from our team tomorrow. 0:01:47.400 --> 0:01:49.440 We ring the bell over one hundred and seventy million 0:01:49.480 --> 0:01:50.040 in proceeds. 0:01:50.120 --> 0:01:50.320 Wow. 0:01:50.320 --> 0:01:52.200 When this was first introduced, I read it was actually 0:01:52.240 --> 0:01:55.880 only just at one hundred million. Obviously, this is politically controversial. 0:01:56.000 --> 0:02:00.560 You're talking about an online gun company being really direct 0:02:00.640 --> 0:02:02.160 access to the consumer. 0:02:02.680 --> 0:02:05.120 Are there safety concerns in this? Don no. 0:02:05.200 --> 0:02:07.040 I mean, that's the big misnomer. They say, you're not 0:02:07.040 --> 0:02:08.919 getting a gun to your doorstep. You're still going through 0:02:08.919 --> 0:02:11.840 Federal firearms licensed dealers, but we're all physically pick it 0:02:11.880 --> 0:02:13.480 out to go, physically pick it up. That's where you 0:02:13.560 --> 0:02:15.560 run your background checks again. And they like to pretend 0:02:15.560 --> 0:02:17.600 there's not such a thing, but it actually is very 0:02:17.639 --> 0:02:20.079 real and it's very regulated. But this is the way 0:02:20.120 --> 0:02:22.480 that regular people are buying throughout the crime of the 0:02:22.560 --> 0:02:25.320 last few years that you've seen women are now entering 0:02:25.360 --> 0:02:28.160 the gun market. The experience of going to your local 0:02:28.200 --> 0:02:30.160 gun shop. It may be fine for me when I 0:02:30.200 --> 0:02:32.919 walk in, it's hey, don how's it going. If you're 0:02:32.919 --> 0:02:34.800 a first time gun buyer, if you're a female, if 0:02:34.840 --> 0:02:38.280 you're someone that's young, that's an uncomfortable experience in many cases. 0:02:38.280 --> 0:02:40.000 So Grab a Gun allows you to do that the 0:02:40.040 --> 0:02:42.000 way you buy everything else, like you would on Amazon, 0:02:42.040 --> 0:02:45.480 if you're buying home decor or other goods. And so 0:02:45.600 --> 0:02:48.119 we're bringing the experience that they're shopping with everything else 0:02:48.160 --> 0:02:50.640 to the regular consumer and it's been incredible. And so 0:02:50.720 --> 0:02:52.760 it's a company with real revenue. They're doing one hundred 0:02:52.760 --> 0:02:56.400 million dollars a year real profit, and you know, pretty 0:02:56.440 --> 0:02:58.520 cool to take a gun company public on the New 0:02:58.560 --> 0:03:00.880 York Stock Exchange. That's not something I imagine money people 0:03:00.880 --> 0:03:03.320 would have envisioned a while ago. But there has been 0:03:03.320 --> 0:03:06.040 that big pushback from a big portion of the country 0:03:06.040 --> 0:03:08.200 that says, we weren't able to do these things. We 0:03:08.200 --> 0:03:10.720 were debanked, we were de insured, we were de everything 0:03:11.200 --> 0:03:13.760 for so long. So our whole thesis was to give 0:03:14.000 --> 0:03:16.000 a big portion of the country what they've been looking 0:03:16.040 --> 0:03:19.040 for and to free up and really democratize the capital markets. 0:03:19.080 --> 0:03:20.880 And you've given them a slice of that. Of course, 0:03:20.880 --> 0:03:22.639 there's still going to get a lot of big institutions 0:03:22.639 --> 0:03:24.440 that will say, Okay, we don't want to actually invest 0:03:24.440 --> 0:03:26.600 in in a gun company of any form. And I 0:03:26.639 --> 0:03:29.200 know that the whole thesis behind seventeen eighty nine and 0:03:29.240 --> 0:03:30.959 some of the other projects you two have been working 0:03:30.960 --> 0:03:34.400 on is designed to sort of provide an avenue for 0:03:34.600 --> 0:03:38.520 those areas outside of just firearms. What else are you 0:03:38.560 --> 0:03:39.040 looking at. 0:03:38.920 --> 0:03:41.280 Don Well, we've obviously mentioned some of the companies that 0:03:41.280 --> 0:03:44.000 were invested in. Again a contrary and approach, but something 0:03:44.040 --> 0:03:46.680 that again a vast majority of the country, or at 0:03:46.720 --> 0:03:48.760 least a solid portion of the country, really wants to 0:03:48.800 --> 0:03:52.760 engage in. We took another company public two years ago 0:03:53.160 --> 0:03:57.560 called Public Square, to get an online retailer for people 0:03:57.560 --> 0:04:00.320 to buy American made goods and to support the counties 0:04:00.360 --> 0:04:02.480 that they love. That's sort of morphed also into now 0:04:02.480 --> 0:04:05.520 a payments processor, since so many of the transactions that 0:04:05.560 --> 0:04:08.160 you saw for you know, conservative or right leaning type 0:04:08.160 --> 0:04:11.320 of goods were basically debanked. I've had businesses that I've 0:04:11.360 --> 0:04:14.440 started actually get debanked by getting a letter, Hey, by 0:04:14.440 --> 0:04:16.040 the way, there's no more money in your bank account. 0:04:16.080 --> 0:04:17.400 We have a cashiers check in the mail. We just 0:04:17.440 --> 0:04:19.440 don't want to do business with you. Not because we 0:04:19.440 --> 0:04:21.560 were doing anything else, but because we didn't go with 0:04:21.640 --> 0:04:25.159 the mandates of whatever it was of politically correct, you know, 0:04:25.680 --> 0:04:28.680 policy at the time, and so so many Americans felt 0:04:28.760 --> 0:04:30.240 left by the wayside that we said, hey, this is 0:04:30.279 --> 0:04:32.360 a pretty solid market. If we can cater to half 0:04:32.400 --> 0:04:35.719 the country that whether it directly or they just know 0:04:35.760 --> 0:04:38.400 it's a potential we're going to be left by the wayside. 0:04:38.720 --> 0:04:39.839 That's a solid business to be in. 0:04:39.920 --> 0:04:42.160 Another company and industry that kind of falls into that 0:04:42.200 --> 0:04:44.480 category is what we were seeing with Polymarket and some 0:04:44.520 --> 0:04:48.000 of these prediction market firms, and of course they just 0:04:48.040 --> 0:04:50.960 want to reprieve today a couple of investigations that have 0:04:51.040 --> 0:04:54.080 now formally been dropped. You're an investor in that, obviously 0:04:54.120 --> 0:04:57.000 you have a connection to the Trump administration. I am 0:04:57.120 --> 0:04:59.040 curious as to whether you think we're going to see 0:04:59.040 --> 0:05:01.680 more progress in the diction space, not only with poly market, 0:05:01.839 --> 0:05:04.200 both cauching and some of these other things to operate 0:05:04.279 --> 0:05:07.360 more freely in the way that those founders have articulated. 0:05:07.800 --> 0:05:09.640 So yeah, let me answer that in kind of a 0:05:09.680 --> 0:05:12.800 way to also summarize our rural investment thesis. So he 0:05:12.880 --> 0:05:15.760 talked a lot about the response companies as parallel economy. 0:05:15.760 --> 0:05:18.159 That's what we've been using our spacks for seventy United 0:05:18.240 --> 0:05:20.359 Mandate is even broader than that. It will include some 0:05:20.440 --> 0:05:23.880 of that. We have, for example, investment in Substack, which 0:05:23.920 --> 0:05:27.120 is a free speech platform protecting the First Amendment. But 0:05:27.200 --> 0:05:29.880 we also go into several other areas. One is areas 0:05:29.920 --> 0:05:32.080 that are going to enhance the security and prosperity of 0:05:32.120 --> 0:05:35.880 the United States, so think defense tech or the reindustrialization 0:05:35.920 --> 0:05:38.240 of the United States. The third is the area that 0:05:38.279 --> 0:05:40.839 we talked a little bit about areas that have been underserved, 0:05:40.920 --> 0:05:44.520 fossil fuels, guns that we see an arbitrage opportunity, and 0:05:44.920 --> 0:05:47.320 then finally where you're starting to pick on one with polymarket, 0:05:47.640 --> 0:05:50.839 areas where I think the government or certain incumbents have 0:05:50.920 --> 0:05:53.600 failed miserably. That's the reason we got into blink our X, 0:05:53.600 --> 0:05:56.160 which reduces drug prices. It's an area of the market 0:05:56.200 --> 0:05:58.880 where the government has failed to reduce pricing and we 0:05:58.960 --> 0:06:01.520 find this is a disrupt or. SpaceX falls into that 0:06:01.600 --> 0:06:04.840 category as well. Nasau failed and SpaceX took the mandate. 0:06:04.920 --> 0:06:08.200 Polymarket falls into that and that people lost faith with 0:06:08.480 --> 0:06:11.960 polsters they were constantly just paid off in hired mercenaries. 0:06:12.160 --> 0:06:14.400 And what poly market has shown is that you can 0:06:14.560 --> 0:06:17.240 basically take the markets to try to predict what the 0:06:17.320 --> 0:06:19.400 truth is and because people are gonna put their money 0:06:19.440 --> 0:06:21.880 behind what they really think. It's the same thing you 0:06:21.960 --> 0:06:25.200 see with using markets in finance in order to predict things. 0:06:25.240 --> 0:06:28.000 You can do that now with polling around politics and 0:06:28.040 --> 0:06:28.800 other issues as well. 0:06:28.880 --> 0:06:29.720 So the last thing. 0:06:29.600 --> 0:06:32.160 I'd say about poly Market is it also announced that 0:06:32.320 --> 0:06:34.760 from founder's fund, they're going to have over a billion 0:06:34.760 --> 0:06:36.880 dollar valuation, which we like, because that marks up our 0:06:36.920 --> 0:06:37.760 investment three times. 0:06:37.920 --> 0:06:39.719 Well, they've been accurate, they've been right. 0:06:39.960 --> 0:06:40.120 Yeah. 0:06:40.440 --> 0:06:42.800 I've been in politics, at least the game peripherally now 0:06:42.839 --> 0:06:44.400 for a decade and how many times. I mean, we 0:06:44.400 --> 0:06:46.400 saw it the week before the election. Kamala Harris is 0:06:46.400 --> 0:06:47.039 gonna win Iowa. 0:06:47.120 --> 0:06:48.719 It's like that. I don't know. 0:06:48.920 --> 0:06:50.080 I was in Iowa a couple of days ago. I 0:06:50.120 --> 0:06:52.640 don't think that's going to actually happen. They were able 0:06:52.680 --> 0:06:54.880 to get that, so they saw the way these markets 0:06:54.880 --> 0:06:58.120 and some of these traditional sort of political institutions have 0:06:58.200 --> 0:07:01.520 been able to be weaponized for the benefit of the establishment, 0:07:01.760 --> 0:07:03.719 and they've gone against it. They've proven to be right, 0:07:03.800 --> 0:07:05.400 and that's a solid investment. 0:07:05.400 --> 0:07:06.960 Well on that point, don And we certainly saw that 0:07:07.000 --> 0:07:08.919 in the presidential election. We also saw that at the 0:07:08.920 --> 0:07:10.880 local level here in New York with the kind of 0:07:10.920 --> 0:07:13.440 the surprise victory of Zora and mom Domi in the 0:07:14.160 --> 0:07:16.760 mayoral primary. And I know there are a lot of folks, 0:07:16.840 --> 0:07:19.120 particularly in finance and real estate, who are wringing their 0:07:19.120 --> 0:07:21.920 hands over the prospect of a mayor mom Domi. But 0:07:22.200 --> 0:07:25.160 I am curious as to what you think of not 0:07:25.240 --> 0:07:28.720 so much him, but about the sort of a groundswell 0:07:28.760 --> 0:07:31.040 of support that he got, particularly from a lot of 0:07:31.040 --> 0:07:33.320 young people in this city, and what they're asking for 0:07:33.640 --> 0:07:35.480 out of their mayor or potential mayor. 0:07:35.520 --> 0:07:35.720 Listen. 0:07:35.760 --> 0:07:37.280 I think it's going to create a serious problem for 0:07:37.280 --> 0:07:39.840 New York. I don't remember what the exact stats are today, 0:07:39.880 --> 0:07:42.640 but I remember eight years ago when was, you know, 0:07:42.680 --> 0:07:44.840 getting ready to leave New York myself as a political 0:07:44.920 --> 0:07:47.560 refugee in the Free State of Florida from the People's 0:07:47.560 --> 0:07:48.840 Republic here in New York City. 0:07:49.400 --> 0:07:49.840 You see that. 0:07:51.640 --> 0:07:53.880 It is if you're a making, if you're a made 0:07:53.920 --> 0:07:55.440 in your drug in front of every court and you're 0:07:55.480 --> 0:07:57.480 sued for all these You know, I'm the first person 0:07:57.480 --> 0:07:58.960 in the history of the world to get sued for 0:07:59.000 --> 0:08:01.120 paying back a loan on time with interest. Just so 0:08:01.200 --> 0:08:03.120 we're clear, I get it. It's a little bit different, 0:08:03.120 --> 0:08:04.480 but I think at the time it was something like 0:08:04.720 --> 0:08:07.400 eighteen thousand people in New York City paid eighty four 0:08:07.400 --> 0:08:10.400 percent of the tax. Those people are mobile, They can 0:08:10.440 --> 0:08:12.680 move wherever they want. So as a real estate holder 0:08:12.680 --> 0:08:14.520 in New York, I guess it stucks for me as 0:08:14.520 --> 0:08:16.320 a real estate holder in Palm Beach. It's going to 0:08:16.360 --> 0:08:18.680 be incredible because those people are going to move. They're 0:08:18.800 --> 0:08:21.840 very mobile. They've had enough, they understand what's going on, 0:08:22.360 --> 0:08:24.480 and they're not going to continue to subsidize the nonsense 0:08:24.480 --> 0:08:27.400 that hasn't changed anything. We've seen this promises before. It 0:08:27.400 --> 0:08:30.120 hasn't worked. It didn't work when they promised communism in Europe, 0:08:30.240 --> 0:08:32.880 it didn't work in the Soviet Union. Certainly hasn't worked 0:08:32.880 --> 0:08:34.559 anywhere else that has been tried in the world. It's 0:08:34.600 --> 0:08:39.280 created more poverty than any institution imaginable. And it's sad 0:08:39.320 --> 0:08:42.760 to see literally the home of the free market, the 0:08:42.800 --> 0:08:47.040 home of capitalism, New York City, take this sharp turn 0:08:47.720 --> 0:08:49.079 to the left. And I don't think it's going to 0:08:49.120 --> 0:08:50.760 work out well. And I think people understand that. It's 0:08:50.760 --> 0:08:52.920 a little troubling watching Andrew Cuomo now try to come 0:08:52.960 --> 0:08:55.040 in as this sort of third party candidate, And just 0:08:55.080 --> 0:08:57.120 so we're clear, like you know, we probably didn't get 0:08:57.120 --> 0:08:58.800 along that well for the last decade, but my first 0:08:58.840 --> 0:09:01.360 political fundraiser in the this in history was for Andrew 0:09:01.400 --> 0:09:03.600 Cuomo because I was a real estate guy in this 0:09:03.720 --> 0:09:07.000 city and he was the Attorney general. So he signs 0:09:07.000 --> 0:09:09.040 off on your offering plant, so I know him well. 0:09:09.080 --> 0:09:11.480 But you're this is going to split up at the New. 0:09:11.440 --> 0:09:12.240 York Stock Exchange. 0:09:12.280 --> 0:09:14.040 Why didn't you guys wait to maybe go to the 0:09:14.200 --> 0:09:15.439 New Textics Exchange. 0:09:15.480 --> 0:09:16.679 If that's how you feel about New. 0:09:16.720 --> 0:09:19.199 York, Well, because you know we're here now. I think 0:09:19.240 --> 0:09:21.160 that'll be a place that will take companies public in 0:09:21.200 --> 0:09:22.760 the future. But we're here now, and I think for 0:09:23.440 --> 0:09:25.280 us and for our thesis to be able to ring 0:09:25.679 --> 0:09:27.520 the bill of the New York Stock Exchange taking a 0:09:27.559 --> 0:09:30.599 gun company public, it's sort of an ultimate vindication and 0:09:30.679 --> 0:09:32.520 what we've been talking about all along. I mean again, 0:09:32.640 --> 0:09:34.840 there's not a time in modern history where you think 0:09:34.920 --> 0:09:38.040 that's going to actually happen. So this is our thesis really, 0:09:38.120 --> 0:09:40.240 you know, manifesting itself, like we're back, We're going to 0:09:40.280 --> 0:09:41.400 do these things and we're going to fight for the 0:09:41.400 --> 0:09:42.920 freedoms that Americans love and deserve. 0:09:43.160 --> 0:09:46.320 Politics is on a four year cycle. How do you 0:09:46.360 --> 0:09:48.480 do that when you look at twenty twenty eight you're 0:09:48.520 --> 0:09:53.800 investing where you say we're conservative values, anti ESG. You 0:09:53.960 --> 0:09:57.080 call it maga make America grow again. What do you 0:09:57.120 --> 0:10:00.240 think about, say, there's a changing of the guard in Washington. 0:10:00.080 --> 0:10:04.800 Four years When did Fox News do the best. I'm 0:10:04.800 --> 0:10:08.719 guessing durg Obamas two years two terms, So we have 0:10:08.760 --> 0:10:12.560 an all weather strategy. Either we're the loyal opposition or 0:10:12.760 --> 0:10:15.400 like we are now, we've been vindicated culturally and politically 0:10:15.520 --> 0:10:18.080 with what we've been saying. Ultimately, I don't think this 0:10:18.120 --> 0:10:21.360 is partisan. I believe we represent the majority of the 0:10:21.360 --> 0:10:23.680 country actually, and I think there was a period of 0:10:23.679 --> 0:10:26.120 time where it lost its way and we were doing 0:10:26.200 --> 0:10:28.720 something that I think is actually totally capitalistic. We're simply 0:10:28.760 --> 0:10:31.559 providing people with choice. Esg's been around in earnest since 0:10:31.600 --> 0:10:35.160 twenty ten and became a multi trillion dollar asset class, 0:10:35.480 --> 0:10:38.319 and at the same time, when you map out their returns. 0:10:38.120 --> 0:10:40.520 They fail to deliver. And that's just the facts. 0:10:40.880 --> 0:10:43.160 Why isn't there a fund out there like ours who's 0:10:43.200 --> 0:10:45.600 providing an alternative for people to invest in? 0:10:45.880 --> 0:10:46.400 Fair point? 0:10:46.400 --> 0:10:49.320 But do you worry at all that your strategy EIG 0:10:49.520 --> 0:10:51.719 or whatever you're calling it, ends up being the next 0:10:52.000 --> 0:10:54.440 ESG where it's basically just sort of a niche instrument 0:10:54.480 --> 0:10:56.679 for a niche group of people, and maybe it doesn't deliver. 0:10:57.440 --> 0:10:59.280 I don't because if you look at the principles of 0:10:59.280 --> 0:11:02.959 what that acronyms for entrepreneurship, innovation, and growth. It's everything done, 0:11:02.960 --> 0:11:05.120 which just lamenting about New York City, which is to 0:11:05.160 --> 0:11:07.640 say that this was the place that capitalism are supposed 0:11:07.640 --> 0:11:10.040 to be universal values. It's one of the things if 0:11:10.080 --> 0:11:11.679 you have a country like America is supposed to be 0:11:11.679 --> 0:11:14.240 our unifying ideology is capitalism. 0:11:14.559 --> 0:11:15.560 And it does give. 0:11:15.440 --> 0:11:17.760 Me hope that tomorrow the New York Stock Exchange, which 0:11:17.760 --> 0:11:19.640 has been great by the way, as a partner, is 0:11:19.679 --> 0:11:22.559 welcoming us to basically do a ticker under the letters 0:11:22.600 --> 0:11:26.679 pew PW tomorrow, you know, a little takeoff on. 0:11:26.640 --> 0:11:29.320 Pew p like shooting a gun. But it's also important. 0:11:29.320 --> 0:11:31.280 I think the last four years taught Americans a lot 0:11:31.320 --> 0:11:33.920 of things, right. They became unafraid to speak up about 0:11:33.960 --> 0:11:37.400 things that were obviously insane, things that went too far. 0:11:37.679 --> 0:11:40.040 You see that manifesting itself right now. You know in 0:11:40.080 --> 0:11:43.400 so many cultural issues. You know, the trans women in 0:11:43.559 --> 0:11:46.440 ladies sports, you know men playing in women's sports, people 0:11:46.480 --> 0:11:50.680 who we're afraid to voice those opinions about how asenin 0:11:50.679 --> 0:11:52.800 and a concept like that was just a few years 0:11:52.840 --> 0:11:55.960 ago are now these are ninety ten issues. We're taking 0:11:56.040 --> 0:11:59.200 the ninety so we're okay with that competition. If it 0:11:59.280 --> 0:12:01.920 just means that ever ones actually thinking rationally, we're fine 0:12:01.960 --> 0:12:04.839 with that. If we're the catalyst for that change, we're 0:12:04.880 --> 0:12:06.600 good with that because that's what's good for the country, 0:12:06.600 --> 0:12:07.520 and that's what's good for America. 0:12:07.559 --> 0:12:09.800 Speaking of voicing of opinion, you have a big stake 0:12:09.840 --> 0:12:12.880 in Xai. Obviously there's been some tension with the former 0:12:12.920 --> 0:12:16.200 first buddy. Has that changed how you view that company? 0:12:16.280 --> 0:12:18.800 And even maybe more so in the financials, we've reported 0:12:18.800 --> 0:12:21.640 that they are burning through a tremendous amount of capital 0:12:21.760 --> 0:12:25.200 every single month. We still want to maintain that investment. 0:12:25.360 --> 0:12:27.640 One of the by the way, actually yes, one of 0:12:27.679 --> 0:12:30.079 the worst publicly traded companies of all time was Twitter 0:12:30.160 --> 0:12:32.359 before Elon Musk took it over and made it profitable. 0:12:32.440 --> 0:12:35.760 So I'm long on Elon. Our fund is we're invested 0:12:35.760 --> 0:12:37.840 in every one of his companies. We're invested in x 0:12:37.840 --> 0:12:41.120 which was Twitter Xai separately. Now they're merged, which is 0:12:41.160 --> 0:12:44.240 also a brilliant play because the feedstock that these Ai 0:12:44.320 --> 0:12:47.160 companies now he now has in house with a platform 0:12:47.160 --> 0:12:49.320 that has over six hundred million users. It's genius. The 0:12:49.360 --> 0:12:54.000 competitors don't have that. We're also invested in Neurlink as well. 0:12:54.040 --> 0:12:57.480 So we think the Elon index, if you will, is 0:12:57.520 --> 0:13:00.000 something that's here to stay, and the companies are demonstrated 0:13:00.720 --> 0:13:03.840 their success independent of whatever personal issue may happen, which 0:13:03.880 --> 0:13:06.559 obviously he and I want to get resolved and move 0:13:06.600 --> 0:13:07.600 on in a positive. 0:13:07.280 --> 0:13:09.280 Do you have a personal relationship with Elon? 0:13:09.400 --> 0:13:11.640 Of course, yeah, we did. It's still healthy. 0:13:11.880 --> 0:13:14.040 The reality is, kay, there's going to be political difference 0:13:14.120 --> 0:13:15.920 is the political world is different than the world in 0:13:15.960 --> 0:13:18.760 which you know, you often function with. That creates a 0:13:18.760 --> 0:13:20.760 lot of other tensions. I mean, I love Elon as 0:13:20.760 --> 0:13:22.760 an innovator. I mean he's gotten without question, one of 0:13:22.760 --> 0:13:27.840 the top innovators. Yeah, of this century, perhaps ever, and 0:13:27.920 --> 0:13:30.040 so you know, focusing on those things, I think it's 0:13:30.080 --> 0:13:32.960 very pol We've always been able to maintain that relationship. 0:13:33.000 --> 0:13:35.040 I think that comes back. You know again, politics is 0:13:35.040 --> 0:13:36.600 a very different game. I learned that one the hard 0:13:36.600 --> 0:13:40.080 way eight years ago. You know, people create obstacles, they 0:13:40.120 --> 0:13:41.800 create headaches that you know aren't real. 0:13:41.880 --> 0:13:43.880 They are and you are making it because look, just 0:13:43.920 --> 0:13:46.920 a few months ago in February, you know, space X 0:13:47.000 --> 0:13:48.560 was value to a three hundred and fifty billion. They just 0:13:48.559 --> 0:13:51.080 didn't oversubscribe round for four hundred billion a few months later. 0:13:51.280 --> 0:13:53.280 This is constantly happening in every single one. 0:13:53.120 --> 0:13:53.760 Of his portfolios. 0:13:53.760 --> 0:13:56.679 There's reports out there that XI, which was at fifty 0:13:56.760 --> 0:13:58.400 or sixty billion less than a year ago, is going 0:13:58.440 --> 0:14:00.680 to be a two hundred billion. So the markets and 0:14:00.760 --> 0:14:03.600 markets generally are speaking, and they still love the portfolio. 0:14:03.679 --> 0:14:05.800 When it comes to politics, though it is in our 0:14:05.840 --> 0:14:09.920 financial markets now, policy in Washington constantly drives what's going on. 0:14:10.000 --> 0:14:12.480 People are glued to truth social. 0:14:12.200 --> 0:14:15.160 To understand what potential the next tariff rate is. Don 0:14:15.200 --> 0:14:17.320 I want to get your sense, given the fact that 0:14:17.440 --> 0:14:20.560 you are the president's son. I asked your dad once 0:14:20.600 --> 0:14:22.840 about the Trump put if it exists in the market, 0:14:22.960 --> 0:14:26.160 Is there a threshold he's unwilling to maintain when it 0:14:26.200 --> 0:14:29.320 comes to either whether it's tariff policy or something else 0:14:29.440 --> 0:14:31.680 because of what is going on in the financial markets, 0:14:31.680 --> 0:14:33.800 And he once talked about the bond market getting yippie. 0:14:33.960 --> 0:14:35.480 Do you think a Trump put exists? 0:14:35.840 --> 0:14:36.760 No, I don't think so. 0:14:36.800 --> 0:14:38.400 I think the reality is he's one of the few 0:14:38.440 --> 0:14:40.480 people in politics who's willing to play a long game. 0:14:40.560 --> 0:14:43.120 We don't do that right. We have very short term cycles. 0:14:43.560 --> 0:14:46.160 People make bad decisions today to get a quick result 0:14:46.160 --> 0:14:49.640 tomorrow that is a disastrous for us in fifty years 0:14:49.640 --> 0:14:52.040 down the line. He's the guy that's willing to say 0:14:52.120 --> 0:14:54.240 the things that need to be said today, who's willing 0:14:54.280 --> 0:14:56.960 to take some of that heat now to be able 0:14:56.960 --> 0:14:59.120 to have the end result that's beneficial for the country 0:14:59.120 --> 0:15:01.040 in the future. That's what he He's done very consistently. 0:15:01.080 --> 0:15:03.200 You saw that even a couple of weeks ago. You know, 0:15:03.360 --> 0:15:06.240 SMP's down five. Oh my god, it's the Trump crash. Well, 0:15:06.280 --> 0:15:08.160 what happened when it, you know, hit all time highs? 0:15:08.280 --> 0:15:11.160 What last Thursday? What happens when it recovered, you know, 0:15:11.200 --> 0:15:13.960 ten days later? After that? He gets credit for the negative, 0:15:13.960 --> 0:15:16.040 but he doesn't get credit for the positive. The reality 0:15:16.120 --> 0:15:18.840 is these things manifest themselves over time. We've become an 0:15:18.880 --> 0:15:21.680 instant gratification society. He's one of the few people that's 0:15:21.720 --> 0:15:24.480 actually a decision maker that is playing the long game 0:15:24.520 --> 0:15:26.000 and doing so for the benefit of the country. 0:15:26.520 --> 0:15:28.000 Najer Head, I want to give you the last word, 0:15:28.000 --> 0:15:29.560 but I also just wanted you to just at least 0:15:29.600 --> 0:15:31.920 touch on some of the other two big political issues 0:15:31.960 --> 0:15:34.400 going on right now. The legislation on Crypto and the 0:15:34.400 --> 0:15:37.320 potential freeing of Fanny and Freddie. Where does that stand. 0:15:38.160 --> 0:15:40.200 Well, Yeah, I'm on the board of Fannie May and 0:15:40.800 --> 0:15:42.240 you know that was something that I wanted to be 0:15:42.240 --> 0:15:44.720 able to serve the country. I'm excited about making sure 0:15:44.760 --> 0:15:47.760 that those institutions stay in a great spot and see 0:15:47.760 --> 0:15:50.840 how I can work with Commissioner Polty, Secretary Investment, and 0:15:50.920 --> 0:15:53.920 Secretary Lotnek to improve upon them. And that's what my 0:15:54.040 --> 0:15:56.160 role is, given my experience as an attorney and capital 0:15:56.200 --> 0:15:58.760 markets professional investor, that's why I did that. As far 0:15:58.760 --> 0:16:02.040 as crypto legislation, next week, we're excited about that. That's 0:16:02.080 --> 0:16:05.080 going to be another signature piece of legislation the President's 0:16:05.120 --> 0:16:08.400 going to pass right after the big beautiful bill, and 0:16:08.400 --> 0:16:11.040 I think that's going to be something we needed and 0:16:11.080 --> 0:16:13.600 brings crypto out of the shadows as it was in 0:16:13.640 --> 0:16:16.600 the previous administration. And it's something or another reason why 0:16:16.640 --> 0:16:18.200 the President had that industry support. 0:16:18.560 --> 0:16:20.000 Crypto is going to be the future of finance. 0:16:20.080 --> 0:16:23.720 Yeah, we were doing everything imaginable in the prior administration 0:16:23.840 --> 0:16:26.400 to send that to all their places. People want to 0:16:26.400 --> 0:16:28.480 be in America, they want to invest in America, they 0:16:28.480 --> 0:16:30.520 want that stability. What they needed to some guide rails. 0:16:30.520 --> 0:16:32.720 They needed a framework in which they could work. Even 0:16:32.760 --> 0:16:35.200 for us in the crypto platforms that we were developing, 0:16:35.240 --> 0:16:37.960 whether it was American Bigcoin, whether it's World Liberty Financial, 0:16:38.160 --> 0:16:39.760 we didn't get into that because we all knew all 0:16:39.760 --> 0:16:41.360 that much about crypto. We got into it out of 0:16:41.480 --> 0:16:44.360 necessity because we were getting debanked. There wasn't a person 0:16:44.440 --> 0:16:45.920 in this city that I couldn't call and get a 0:16:45.960 --> 0:16:48.360 loan for a real estate project a few short years ago. 0:16:48.400 --> 0:16:50.040 Then we became political, and all of a sudden, your 0:16:50.040 --> 0:16:53.440 persona in Nograda. So crypto's the future to be able 0:16:53.440 --> 0:16:55.800 to have the legislation to create those guardrails, to be 0:16:55.880 --> 0:16:57.440 able to keep that industry. This is going to be 0:16:57.480 --> 0:16:59.520