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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Hello and welcome to another episode of the Odd Lots Podcast.

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Speaker 3: I'm Joe Wisenthal and I'm Tracy Allaway.

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Speaker 2: Tracy, something I think about the market these days is

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Speaker 2: that in the media there is this incredible drumbeat of

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Speaker 2: experts and ads that support the media, et cetera. All

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Speaker 2: these experts that they say, don't try to beat the

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Speaker 2: market index, index index, and actually induxing is great because

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Speaker 2: like it's cheap and indexes of performed incredible returns. And

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Speaker 2: now though for the last several years, it's like the

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Speaker 2: public is becoming unshackled and doing the exact opposite of everything.

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Speaker 2: And we see the most extreme form of you know,

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Speaker 2: day trading and trading on Robin Hood individual named zero

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Speaker 2: da memestocks options. It's like the public has revolted against

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Speaker 2: this message that it's been inundated with for years.

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Speaker 3: Well, you know what I think is really interesting is

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Speaker 3: not only is retail sort of going out on its own,

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Speaker 3: but Wall Street and the institutional investors are kind of

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Speaker 3: copying what retail does, right, because retail was the first

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Speaker 3: into something like zero day or one day options, and

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Speaker 3: then it became institutionalized and you saw that big professional

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Speaker 3: volume follow on. So it feels like retail is a

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Speaker 3: really important part of the market now. And rather than

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Speaker 3: retail trying to do what the experts do, it's kind

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Speaker 3: of the experts trying to catch up. Yeah, catch up with.

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Speaker 2: Retail, understand what retail is doing. And again, like I

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Speaker 2: love an index fund, and I don't like having you're.

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Speaker 3: An EMH guy. I'm just gonna remind.

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Speaker 2: You i'd like an EMH guy. Yeah, I love it,

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Speaker 2: But like I do feel like there's this huge tension

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Speaker 2: and it only feels like it's accelerating because now there's

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Speaker 2: more and more things to bet on, and there's crypto

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Speaker 2: and pretty soon on your robin Hood app you're gonna

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Speaker 2: be able to like bet on a prediction market on

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Speaker 2: what the that is going to do. So we live

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Speaker 2: in this world of trading against what all then is

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Speaker 2: like myself sometimes.

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Speaker 3: The four pros.

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Speaker 2: Yeah, well, anyway, we really do have the perfect guest,

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Speaker 2: someone I've wanted to speak to literally for years, someone

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Speaker 2: who has long been preaching in public that the individual

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Speaker 2: can pick stocks, that picking stocks is a good thing,

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Speaker 2: that you don't have to accept the idea of just

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Speaker 2: being boring and being average and getting the average return.

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Speaker 2: We are going to be speaking with Jim Kramer. He

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Speaker 2: is the host of Mad Money on some network called CNBC,

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Speaker 2: never heard of it, and he is the author of

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Speaker 2: a new book, How to Make Money in Any Market.

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Speaker 2: So Jim thrilled to have you on the Outlaws.

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Speaker 4: First of all, that intro of what you're talking about

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Speaker 4: justice is the fundament of what I'm talking about. But

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Speaker 4: I want to spend a second talking about the person

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Speaker 4: to my life, Joe, Joe, my wife, my wife, my wife,

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Speaker 4: the book, door Bookstor And she goes, Okay, you got

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Speaker 4: today's show, and you got Joe, and Joe is some

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Speaker 4: one who's gonna get it going for you and wake

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Speaker 4: up and he's going to probably know the book and

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Speaker 4: he's going to know your stuff. And Tracy, I tell you,

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Speaker 4: when you do these things are pretty soulless. So when

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Speaker 4: you get something like you guys, I mean, I just laugh.

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Speaker 4: And you know, my dad sold corrugated. That was his

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Speaker 4: job when I was a HEADGS front manager. I just

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Speaker 4: went exclusively with him. Let me reference to the last

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Speaker 4: week's show. But I do want to talk about totally

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Speaker 4: much really about what you're talking about. I wrote this book.

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Speaker 2: Well, I just say the first line of the book

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Speaker 2: is congratulations, you've just bought the most radical book about

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Speaker 2: investing ever in classic creamer models.

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Speaker 4: Sure, because understands. But it's true that everyone's been taught

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Speaker 4: these days you can't pick stocks and you just have

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Speaker 4: to be in the next one. Thank you word Buffett

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Speaker 4: for that too, although his stock was the one you

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Speaker 4: should have picked. And what bothers me is people are

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Speaker 4: going to do it. And you talked about zero day

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Speaker 4: and he's like that they're going to do it. If

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Speaker 4: they're going to do it, why not help them. I mean,

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Speaker 4: one of the premises of the book is is that

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Speaker 4: I know that people want to speculate. So look, I say,

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Speaker 4: own an index fund for half your money. You got

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Speaker 4: to be saving constantly, and then take five slots. Try

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Speaker 4: to find four really good stocks and a speculator. One

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Speaker 4: you want to go to the nuclear power, you want

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Speaker 4: to go through blue energy for hydrogen fuel cells. I'm

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Speaker 4: not going to stop you, provided that you try to

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Speaker 4: find the next fang. And I'm fortunate enough to create

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Speaker 4: a fang because it was just something that seemed funny.

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Speaker 4: But you know, I do that too. But what I'm

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Speaker 4: trying to do is accept the fact people want to

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Speaker 4: do this, do it right, and if they do it right,

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Speaker 4: maybe they do it long term owned stocks. Like I

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Speaker 4: use the term compounding. How do you compound if you're

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Speaker 4: a day trader. You can't. You can't. So I mean,

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Speaker 4: I look at this show, and this show is about

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Speaker 4: trends and about long term trends. Like I find that

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Speaker 4: most things that I read about are about trading, and

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Speaker 4: you can't beat the machines trading, but you can beat

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Speaker 4: them if you compound long term in really good stocks.

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Speaker 4: And I mentioned it's crazy, but I went over one

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Speaker 4: hundred years. There was a study about over one hundred

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Speaker 4: years and if you held vulcan materials rocks, you made

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Speaker 4: a fortune. I don't really emphasize it. But if you

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Speaker 4: held Philip Morrise, she made the most money and he's stuck.

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Speaker 4: Philip Moore. Oh yeah. They have a whole episode on

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Speaker 4: Danny de Vich. You broke that company up as one

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Speaker 4: of the greatest breakups ever. But I don't like this talk.

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Speaker 4: But I lost my father in law that cancer from smoking.

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Speaker 4: Wanted a cigarette on his death. But you know that

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Speaker 4: kind of nonsense. So I feel like that long term

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Speaker 4: is good provided you do it right. And I let

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Speaker 4: people pick stocks because they want to. And by the way,

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Speaker 4: there have been six hundred thousand millionaires created by individual

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Speaker 4: stocks in the last year, and I want the people

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Speaker 4: who read it to be the next ones.

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Speaker 3: I think it's fair to say, whatever you think about

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Speaker 3: overall performance and the efficient market hypothesis, just putting your

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Speaker 3: money in the s and P five hundred is kind

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Speaker 3: of boring, right.

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Speaker 4: Well, that's it. You see, people they want something, they're jonesing.

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Speaker 4: I have to keep them from jonesing on the wrong

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Speaker 4: thing because I don't even want jonesy. I actually want investing.

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Speaker 4: I was the one to show the other day that

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Speaker 4: guy said, why do you encourage day traders? I was

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Speaker 4: a hedge fund manager for many, many years, and when

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Speaker 4: I quit, I said, you know what, I have got

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Speaker 4: to change this because people keep thinking they can come

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Speaker 4: in standing start and buy Micron and you don't know

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Speaker 4: anything about Micron. Do a standing start. Why not pick

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Speaker 4: a great stock that's down because and it's got a

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Speaker 4: good yield and you can own it for a long time.

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Speaker 4: You see the big secular trend and if I can

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Speaker 4: do that and get people to stop day trading. That's

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Speaker 4: the win they can't do. You guys think that they

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Speaker 4: can win day trading at home. No, No, it's correctly Okay,

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Speaker 4: they can't.

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Speaker 2: Look so your argument they can't win day trading, but

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Speaker 2: they can win picking stocks and holding.

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Speaker 4: Yeah. Well, I think that things have changed from when

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Speaker 4: I got in the business. I used to go to

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Speaker 4: the New York Commercial Library and read microfiche that was

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Speaker 4: a couple of months old. Couldn't get any reports. It

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Speaker 4: wasn't available. Now everything's available, and I do recommend look

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Speaker 4: chat GPT perplexity. You can find out more than you get.

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Speaker 4: I mean I was watched within five minutes. They have everything. Yeah.

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Speaker 4: I just think that if someone wants to do it right,

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Speaker 4: they can do it right. They got four slots away

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Speaker 4: from the speculative. I show that one or two if

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Speaker 4: they hit, can make up for all the losses. I

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Speaker 4: accept the fact that they're going to have losses because

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Speaker 4: nobody's that good. But in every kind of schematic I did,

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Speaker 4: the index fund didn't do as well, and yet we

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Speaker 4: revere the index fund good. We get one really good. Well,

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Speaker 4: you have seven good ones in four ninety three bad. Well,

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Speaker 4: that's what you and that's not my style.

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Speaker 3: It is true. I am kind of partial to the

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Speaker 3: argument that because so much of the debate and the

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Speaker 3: story is online now that the guy who's like day

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Speaker 3: trading from his basement probably has a very good finger

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Speaker 3: on the pulse of the market and possibly better than

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Speaker 3: some of the professionals.

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Speaker 4: Stundus, then you're you're more revusrat that I am. Yeah.

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Speaker 3: I think you saw it during the memes stock era. Yeah, exactly.

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Speaker 3: Is it weird to go from a professional hedge fund guy,

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Speaker 3: a legit hedge fund guy, to the sort of poster

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Speaker 3: boy for retail day traders.

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Speaker 4: Yes, but I was hedge fund manager. Everything was to

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Speaker 4: try to figure out the patterns and now the machines

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Speaker 4: do because that was pre machine and now I'm kind

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Speaker 4: of a spokesman for the individual investor who is completely

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Speaker 4: not the professional. And that's because the show may have

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Speaker 4: Money's pron for twenty years. It's a six o'clock show,

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Speaker 4: and what happens it's all about what the individual's trying

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Speaker 4: to do and what I'm trying to explain. Let's give

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Speaker 4: you example tonight, give you a little preview. I'm gonna

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Speaker 4: talk about the multiple and why I went talk about

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Speaker 4: the multiple because that's the secret sauce. And yet people

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Speaker 4: don't understand I'm and I invoke my mom in the book.

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Speaker 4: My mom is a person who you meant we were

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Speaker 4: talking about injured knew it. My mom is someone who

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Speaker 4: says Pepsi's was at one hundred and forty right now

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Speaker 4: Coca Cola is sixty seven. I've got to buy coke.

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Speaker 4: It should never be as cheap as pepsi. Coke should

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Speaker 4: be double And like I would say, Mom, no, that

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Speaker 4: has artifice. Is the price sar which is Jimmy, listen

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Speaker 4: to me. It's ridiculous to Pepsi's a one forty period,

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Speaker 4: end of story. And she didn't know that it was

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Speaker 4: a ratio. And she would call in at nine point

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Speaker 4: thirty when I was a goldman and buy I want

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Speaker 4: to buy three shares of Giant Food. And that was

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Speaker 4: not the why I was a goldman, just not to

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Speaker 4: do the three Sure, But I am incredibly cognizant in

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Speaker 4: the book that people don't know how to read a baluantie.

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Speaker 4: So I actually take the risk of twenty pages about

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Speaker 4: how to read a balance sheet. I take it now

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Speaker 4: when I did the book, they were like, whoa hey,

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Speaker 4: and I said, no, no, I got to go there.

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Speaker 4: If I'm telling people to own individual stocks, I have

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Speaker 4: to help them with chat GPT and how to analyze

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Speaker 4: balance sheet and how to actually go line by line,

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Speaker 4: because I don't want to be irresponsible and say what

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Speaker 4: you ought to do is say, you know what, Coca

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Speaker 4: cola is pretty good here You've got to understand why.

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Speaker 4: And that's a big part of the book.

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Speaker 2: You mentioned a Memestucks as someone who has spent a

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Speaker 2: career advocating this for this idea that the individual can

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Speaker 2: trade like now in twenty twenty five, Like, what do

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Speaker 2: you think about that specific time? I mean, arguably it's

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Speaker 2: like multiplied since then, But have you ever do you

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Speaker 2: ever stop and think like, do you ever think this

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Speaker 2: has gotten out of hand? Do you ever think this

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Speaker 2: is a monster that has gone beyond where it's like?

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Speaker 2: Do you ever have misgivings about the degree of public participation?

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Speaker 4: I had a moment where I had had some serious

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Speaker 4: back surgery, so I was out heavily medicated for three days,

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Speaker 4: and when I started this game during GameStop may Well,

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Speaker 4: GameStop was about one hundred but when I started, and when

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Speaker 4: I came to basically and stopped using the whatever kind

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Speaker 4: of heroin that they give you these days. It was

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Speaker 4: a Thursday and GameStop had quadrupled. I had a Catherine.

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Speaker 3: Did you think you were hallucinating?

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Speaker 4: Well? I had, yes, yes, I thought that maybe something

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Speaker 4: in the midnight guy slipped something. But I had Catherine

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Speaker 4: me and I couldn't reach the TV. It must drive

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Speaker 4: me crazy. I finally just pulled the Catherine out, which

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Speaker 4: is really not a good experience. You really like to

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Speaker 4: be more of a pro. And I called in to

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Speaker 4: Karl and David, Carl Continua and David Paper and said,

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Speaker 4: it's just ridiculous. Everybody has to sell. After that, it

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Speaker 4: was twenty four to seven Bodyguard because I destroyed the

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Speaker 4: chain letter. Game Stop shouldn't have been a four hundred.

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Speaker 4: We all know that it is an industry that game

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Speaker 4: Stop is still fighting, and they've got you know, they've

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Speaker 4: raised a lot of money by doing that at the

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Speaker 4: money sales, the.

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Speaker 2: Death threats and stuff like that.

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Speaker 4: Oh, I've had a lot of debt, right, I'm sure

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Speaker 4: I was supposed to.

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Speaker 2: Maybe over maybe we'll talk a little bit about both

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Speaker 2: of us need to learn a little bit more about

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Speaker 2: how to handle public.

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Speaker 4: But yeah, well you've always been you've been straight, and

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Speaker 4: we know that you're fearless. And fearless means when you're

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Speaker 4: with your guards, they say, listen, you gotta stop being fuels.

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Speaker 4: So I owned a restaurant. Yeah, and one of the

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Speaker 4: guards said, look, here's what we're going to do. First,

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Speaker 4: you're never going to your own restaurant. That's the most VISI.

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Speaker 4: I said, I own the restaurant. I like to go

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Speaker 4: in Tuesdays and Wednesday. Said okay, you got to vary

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Speaker 4: the day and you got to go and no time

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Speaker 4: after after seven. I said, well, it doesn't open until seven.

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Speaker 4: We have to be a little more cogniz especially in

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Speaker 4: this year, this horrible ear that we're seeing.

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Speaker 3: Joe, do you still dream of owning a restaurant? Didn't

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Speaker 3: you talk about.

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Speaker 4: Doing Okay, I gotta tell you. If you can have

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Speaker 4: a mixture of alcohol, yeah, you know, you can make money.

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Speaker 2: Yeah.

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Speaker 4: Yeah, we made money.

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Speaker 3: Just on the alcohol.

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Speaker 2: You also a business, which we should.

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Speaker 4: That's why we had to switch because we saw the

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Speaker 4: people buying mescal like man, so we pivoted. Wow, you

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Speaker 4: really fought well. Of course, you. You're knowed, the knowledgeable chase.

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Speaker 4: I've not worked with you, I've listened to you, and

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Speaker 4: you're completely enjoyable and terrific. And this is a show.

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Speaker 4: I was telling Joe beforehand, what a cool thing. We

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Speaker 4: haven't taken seven commercials yet. Do you realize that we.

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Speaker 3: Might have once listened be published?

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Speaker 2: Wait?

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Speaker 3: Okay, sirious question.

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Speaker 4: We've been serious the whole way, right, haven't we?

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Speaker 3: Sure you touched on the information? The plethora of information

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Speaker 3: sort of leveling the field for professionals and retail. And

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Speaker 3: then earlier this week we had Trump suggesting that public

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Speaker 3: companies should report every six months instead of quarterly. Oh

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Speaker 3: what would that do for the retail investor? And there

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Speaker 3: is also this trend towards more private markets, more companies

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Speaker 3: that are not ipoing, less information available.

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Speaker 4: Well, this has been a great soul searching moment because

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Speaker 4: having run a public company the street the quarterly follows

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Speaker 4: cost this a fortune. We didn't have that much. It

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Speaker 4: was like our whole profit went to the auditors and

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Speaker 4: they were real paying the butte because we didn't know

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Speaker 4: how to do it. And the CFO at a huddle,

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Speaker 4: we lose that person for twenty days. But as an investor,

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Speaker 4: I want all the information possible. So I kind of

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Speaker 4: feel like, look, you can give us two reports, but

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Speaker 4: you've got to give us support that would make us

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Speaker 4: in the non secit make us understand why we should

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Speaker 4: be paying X for you. Again, the price Durnings motable,

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Speaker 4: because that's that's what people need to be able to

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Speaker 4: make decisions. This was a harder one than I thought

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Speaker 4: because the president really does speak to a lot of

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Speaker 4: CEOs and this is what they talk about.

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Speaker 3: Yeah, I'm sure they complain about it.

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Speaker 4: Oh yeah, because look, one of the things that I

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Speaker 4: hated about the being a public company is the conference call.

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Speaker 4: What are we going to say? Do we do well?

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Speaker 4: What are you going to predict? Are the Martins going up? Martin?

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Speaker 4: I mean, and I just we can't give a forecast. No,

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Speaker 4: if we don't do forecast, then they won't like us.

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Speaker 4: But if we do the forecast, we'll miss the forecast.

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Speaker 4: And these kind of silly discussions, they're really silly, and

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Speaker 4: I think that they I think they're a shame because

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Speaker 4: they suld take a lot of time and they're very

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Speaker 4: very misleading.

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Speaker 2: You said there's something in your book speaking you read.

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Speaker 4: The damn book. Good about it. I read a good

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Speaker 4: one reason my wife. My wife said, I bet you

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Speaker 4: read it. I bet you read it.

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Speaker 2: This is something I wondered about in April when the

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Speaker 2: stock market plunged after Liberation.

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Speaker 4: Yeah, even they came back.

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Speaker 2: But you talked about the fact that like politicians by

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Speaker 2: and large, actually Trump is a little different than most politicians,

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Speaker 2: but they don't typically run on the stock market, and

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Speaker 2: they also like don't run about like the shareholder as

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Speaker 2: a class of society that deserves to be represented, right,

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Speaker 2: as you mentioned in your book, like Joe Biden was

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Speaker 2: sort of proud of the fact that he didn't have

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Speaker 2: much money. You never really hear, well, what about the

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Speaker 2: shareholder class? Okay, as an individual? And I'm curious why

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Speaker 2: you think that, especially now that so many people are

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Speaker 2: into stocks. It's so much part of pop culture, et cetera.

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Speaker 2: Why don't people talk about the shareholder class.

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Speaker 4: I saw Decresso on the floor yesterday, and you know,

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Speaker 4: I used to go around the country with him talking

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Speaker 4: about the shareholder class and ownership. We just talked about ownership.

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Speaker 4: That was kind of pre the idea that everything had

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Speaker 4: to be traded. When I was a goldman we talked

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Speaker 4: about ownership, and ownership means compounding, and compounding is a

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Speaker 4: very boring word, but it is what makes you the

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Speaker 4: biggest money. And I think we have to encourage ownership now.

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Speaker 4: In terms of President Trump, I was at judge on

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Speaker 4: The Apprentice for a very long time, and before that

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Speaker 4: he had been on Mad Money multiple times, and he

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Speaker 4: always said, look, I don't do stocks. Give me some stocks.

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Speaker 4: I want on some stocks. And that's a totally fraud situation.

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Speaker 4: You don't want to offer him, you know, alcola. So

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Speaker 4: I always just said listening utilities, and he said, good, good,

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Speaker 4: this is what I wanted you because utilities. Frankly, you're

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Speaker 4: not blowing your head off with ae with marcollucture power.

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Speaker 4: But he didn't pride himself in not knowing stocks. He

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Speaker 4: wished he had more time to learn stocks. I think

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Speaker 4: that he this time around when I spoke to him,

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Speaker 4: he's not really into the stock market as a barometer

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Speaker 4: of his success anymore. In the old days, when I

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Speaker 4: spoke to him as president first go around, he thought

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Speaker 4: that the tal you liked the down when the Esva

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Speaker 4: the Dal determined it was the great if he didn't

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Speaker 4: be if the dal didn't go up, then he wasn't

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Speaker 4: a good president. So it was the great determinant. And

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Speaker 4: I always tell him, please don't do that. It's too hard.

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Speaker 4: You're not really one for one with it. Like yes,

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Speaker 4: he liked that. It was like the Nielsen's and I

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Speaker 4: have to tell you that doing the Prendice was quite

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Speaker 4: quite enjoyable.

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Speaker 3: Wait tell us stories. I want to hear the behind

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Speaker 3: the scenes gossip.

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Speaker 4: Well, I mean, what would happen is is that you

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Speaker 4: had to monitor tasks. I'm not going to mention they

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Speaker 4: would have a task. I'm not going to mention individual

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Speaker 4: names because I've had a non disclosure, but i will

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Speaker 4: tell you there's some people who do the task and

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Speaker 4: some people who want you to do the task like me.

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Speaker 4: And I was like, no, I'm just a judge. But

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Speaker 4: we would go through it and I would have to

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Speaker 4: out the person who did nothing or out the person

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Speaker 4: who said they were doing something. And you know, maybe

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Speaker 4: the two people were doing it and one was doing

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Speaker 4: nothing or didn't show. There were some of those instances,

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Speaker 4: but in the end they used my verdict, I'd say

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Speaker 4: maybe half the time. And I wish they'd used it

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Speaker 4: more because I spent a used amount of time looking

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Speaker 4: at it. But the president had a he had views,

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Speaker 4: he had strong views, and they views did conflict with mine. Often.

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Speaker 3: Here's a question. It's sort of a media naval gazing question,

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Speaker 3: but also a serious one. So you've been doing the

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Speaker 3: show for twenty years, which is phenomenal. I heard also

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Speaker 3: that you get up at three am every day to

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Speaker 3: go to the gym and then do the show, which

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Speaker 3: is well three fifteen, three fifteen or the extra fifteen minutes.

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Speaker 4: I always, because I'm a competitive guy, I always said

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Speaker 4: I get up earliest so that I beat everybody else.

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Speaker 4: But that's losing its charm.

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Speaker 3: Frankly, how do you benchmark your own performances?

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Speaker 4: How do I bench because I know I doing two

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Speaker 4: fifty initially, I'm sorry? How do I bench bark my

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Speaker 4: own performance?

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Speaker 3: Your own performance when it comes to stockpicking? Because frankly,

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Speaker 3: like twenty years of content, multiple stock picks, I don't

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Speaker 3: even know how you keep track of all of them,

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Speaker 3: Like I can't remember the episodes we did two weeks ago.

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Speaker 4: Well, okay, I mean I have a charitable chest, so

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Speaker 4: you can look at it. You can't really compound if

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Speaker 4: you sell, you have to give the profits a way

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Speaker 4: in the difference of given way. But it's all pretty public.

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Speaker 4: But I would gauge me by what I talk about endlessly.

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Speaker 4: And now this is not people think that's anecdotal for

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Speaker 4: twenty years. It's empirical. If you talk about Apple thirty

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Speaker 4: two times a week and you talk about Newcore one

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Speaker 4: time a week, and you're graded equally Apple and Newcore,

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Speaker 4: that's farcical. I was with Tim coleclass Friday in Howardsburg, Kentucky,

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Speaker 4: and he introduced me to someone as Jim owned don't

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Speaker 4: trade Apple Cramer, and that's how I feel. And the

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Speaker 4: best one I've ever had was Jensen Jensen Wong. When

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Speaker 4: the stock was too I said, we're done trading it,

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Speaker 4: please stop trading it. And then I renamed my dog.

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Speaker 4: He was Everest and I named him in Vidia. And

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Speaker 4: I go all over the country and I.

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Speaker 3: See confused was the dog?

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Speaker 4: The dog? Dog was an idiot. I had state I

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Speaker 4: always had to have steak in your hand with that idiot.

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Speaker 4: He was a half pitball, half who knows what. But

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Speaker 4: I do think that when you look at the number

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Speaker 4: of India millionaires, that also is empirical, not anecdotal. Now,

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Speaker 4: there are people who want to say, Jim, I really

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Speaker 4: do want to measure what you said about Blue Energy

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Speaker 4: last night and the verse what you say about Apple,

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Speaker 4: and you know what I say, knock yourself out. I mean,

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Speaker 4: if it was really wrong, I would have been canceled.

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Speaker 4: I mean, I'm like twenty years. Means either that I've

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Speaker 4: fooled the whole damn world every night, or maybe people

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Speaker 4: like it and then they learn, maybe they learn.

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Speaker 2: You mentioned you get up at three fifteen. I used

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Speaker 2: to get up at four am every day and people

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Speaker 2: still think I do. So they think I have this

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Speaker 2: crazy work. I think I've been sleeping in a long time. No,

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Speaker 2: but but you know a lot and the only way

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Speaker 2: to know a lot is to read a lot and

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Speaker 2: to work a lot. Can you give us like a

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Speaker 2: day like okay, you wake up at three fifteen? Yeah,

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Speaker 2: like you read and work like crazy. Give us a

433
00:20:40,960 --> 00:20:43,200
Speaker 2: little crup that goes into your show.

434
00:20:43,440 --> 00:20:46,200
Speaker 4: Here while I start with the Ft. Okay, because the

435
00:20:46,359 --> 00:20:49,160
Speaker 4: Ft has one breaking news story every day, just one,

436
00:20:49,480 --> 00:20:50,959
Speaker 4: but it's great and today was the end.

437
00:20:51,000 --> 00:20:53,919
Speaker 2: What time do you read it? You're up at three fifteen.

438
00:20:54,119 --> 00:20:55,360
Speaker 4: I do have to I mean I have a four

439
00:20:55,359 --> 00:20:57,919
Speaker 4: o'clock workout. Okay, that's an hour and a half. So

440
00:20:58,320 --> 00:21:00,640
Speaker 4: I have a tight schedule for the first forty five.

441
00:21:00,680 --> 00:21:03,840
Speaker 4: I look at the future, CBC dot Com, Bloomberg, New

442
00:21:03,880 --> 00:21:06,239
Speaker 4: York Times, Wall Street Journal. I spend a little more

443
00:21:06,240 --> 00:21:07,560
Speaker 4: time on the Wall Street jour in the State because

444
00:21:07,560 --> 00:21:09,520
Speaker 4: I feel like that they're a little more in tune

445
00:21:09,560 --> 00:21:12,280
Speaker 4: with what the market's doing. And then I go and

446
00:21:12,320 --> 00:21:14,359
Speaker 4: I start looking at my email, and the email is

447
00:21:14,400 --> 00:21:16,000
Speaker 4: just a series of PDFs.

448
00:21:16,040 --> 00:21:17,400
Speaker 3: How many emails do you get a day?

449
00:21:18,240 --> 00:21:18,840
Speaker 4: Seven hundred?

450
00:21:19,200 --> 00:21:19,480
Speaker 3: Wow?

451
00:21:20,040 --> 00:21:22,000
Speaker 4: I look through the pdf Yeah, and I.

452
00:21:21,920 --> 00:21:23,760
Speaker 2: Look, you read all the sellside research.

453
00:21:24,040 --> 00:21:27,040
Speaker 4: I read everything I think is relevant, and I'm looking

454
00:21:27,080 --> 00:21:29,760
Speaker 4: for something to say. I have a memo that comes

455
00:21:29,760 --> 00:21:31,840
Speaker 4: out ten things I'm looking at. I have to have

456
00:21:31,920 --> 00:21:34,560
Speaker 4: that in seven to thirty. So that's my overlord. And

457
00:21:34,600 --> 00:21:36,959
Speaker 4: then after that I have to do Squawk on the Street.

458
00:21:37,160 --> 00:21:38,920
Speaker 4: And then I start again and I start writing the show.

459
00:21:38,960 --> 00:21:41,880
Speaker 4: And I've been writing the show with my sister's kid

460
00:21:42,160 --> 00:21:44,560
Speaker 4: since he was in high school. He's now with me

461
00:21:44,600 --> 00:21:47,880
Speaker 4: for twenty years. Stuff. Mason, he's a genius and he's

462
00:21:49,359 --> 00:21:52,280
Speaker 4: I mean, the guy can just I think he has

463
00:21:52,320 --> 00:21:55,719
Speaker 4: two PCs going all at once, and he's remarkable and

464
00:21:55,760 --> 00:21:58,159
Speaker 4: we have a really good time doing mad money.

465
00:21:58,400 --> 00:21:59,640
Speaker 2: Wait what time is this hour?

466
00:22:00,160 --> 00:22:02,520
Speaker 4: Oh, this is beginning. This is beginning at ten oh five.

467
00:22:02,880 --> 00:22:05,040
Speaker 2: And when are you reading like all the conference calls

468
00:22:05,040 --> 00:22:07,920
Speaker 2: and earnings, because you really one of the things, you know,

469
00:22:08,640 --> 00:22:10,600
Speaker 2: details of the calls and earth During the.

470
00:22:10,600 --> 00:22:12,680
Speaker 4: Day, I spend a huge amount of time. I mean,

471
00:22:12,680 --> 00:22:15,440
Speaker 4: for instance, I'm in the house on moment here because

472
00:22:15,440 --> 00:22:16,520
Speaker 4: the only thing I read I had to read this

473
00:22:16,560 --> 00:22:19,480
Speaker 4: poet was Channel Mills, and I will read more of

474
00:22:19,520 --> 00:22:22,359
Speaker 4: that because they talked about how the consumer is hurting,

475
00:22:23,200 --> 00:22:26,160
Speaker 4: and you know, if you're hurting maybe because Blue Buffalo

476
00:22:26,359 --> 00:22:28,679
Speaker 4: it actually was plus six. But if you look at

477
00:22:28,680 --> 00:22:31,680
Speaker 4: some of the brands, proprietary brands, they can be knocked off.

478
00:22:31,680 --> 00:22:34,280
Speaker 4: It's not like when Costco couldnt knock off Coca Cola.

479
00:22:34,320 --> 00:22:38,040
Speaker 4: There's stuff more fungible, there's more elastic. But I spend

480
00:22:38,320 --> 00:22:40,240
Speaker 4: you know, I'm a couple hours a day on.

481
00:22:39,960 --> 00:22:43,439
Speaker 2: The and then after hours earning. Okay, so then like

482
00:22:43,520 --> 00:22:46,400
Speaker 2: Apple reports earnings and then you do the work. Talk

483
00:22:46,440 --> 00:22:46,639
Speaker 2: to you.

484
00:22:47,080 --> 00:22:49,920
Speaker 4: I have a great marriage. I put that out first

485
00:22:50,119 --> 00:22:52,879
Speaker 4: because I wreck it every day. I finished the show

486
00:22:53,280 --> 00:22:56,879
Speaker 4: at quarter six, it's taped lib tape. I come home,

487
00:22:57,119 --> 00:22:58,719
Speaker 4: I have a bite t eat. I mean I had

488
00:22:58,720 --> 00:23:02,080
Speaker 4: to go out to dinner ten and then I say

489
00:23:02,080 --> 00:23:03,560
Speaker 4: good night to my wife.

490
00:23:03,560 --> 00:23:04,680
Speaker 3: Wait, what time do you go to bed?

491
00:23:05,040 --> 00:23:07,120
Speaker 4: I go to bed at eleven. She goes to bed

492
00:23:07,160 --> 00:23:09,359
Speaker 4: at like a normal time. So that's when I really

493
00:23:10,200 --> 00:23:13,400
Speaker 4: wreck the marriage. That's not the plant. I don't set

494
00:23:13,440 --> 00:23:17,159
Speaker 4: out to do that. Did that previously bad strategy, But

495
00:23:17,280 --> 00:23:19,239
Speaker 4: I just find that I have to do that. And

496
00:23:19,280 --> 00:23:23,000
Speaker 4: that's like during when you have that rush now earning

497
00:23:23,040 --> 00:23:25,600
Speaker 4: season no longer is the season because.

498
00:23:25,400 --> 00:23:27,639
Speaker 3: Companies feels like it goes on forever.

499
00:23:27,400 --> 00:23:29,840
Speaker 4: Doesn't it. It's kind of perma. But when we have

500
00:23:29,920 --> 00:23:32,399
Speaker 4: that week where JP Morgan starts in Wells, does it?

501
00:23:32,600 --> 00:23:36,320
Speaker 4: That weekend is just miserable. Fortunately, during the summer a garden.

502
00:23:36,480 --> 00:23:37,959
Speaker 4: My weekends are just filled with this one.

503
00:23:38,040 --> 00:23:41,040
Speaker 3: I love gardening. We should talk ardening. Are you vegetable

504
00:23:41,119 --> 00:23:43,840
Speaker 3: or a gardener? Decorative flower gardener?

505
00:23:43,960 --> 00:23:44,280
Speaker 4: You should.

506
00:23:45,320 --> 00:23:47,359
Speaker 3: I used to have a vegetable patch actually, but then

507
00:23:47,400 --> 00:23:49,280
Speaker 3: I moved to a new place. I need to restart one.

508
00:23:49,800 --> 00:23:51,320
Speaker 3: How do you choose your sound effects?

509
00:23:52,200 --> 00:23:55,840
Speaker 4: Oh okay, hey, I had a radio show. This show

510
00:23:56,560 --> 00:24:00,000
Speaker 4: and you know where that radio show pure the greatest

511
00:24:00,080 --> 00:24:04,440
Speaker 4: radio network in the world, Bloombergh and the Mayor run

512
00:24:04,680 --> 00:24:06,760
Speaker 4: ran twice a day because he thought it was it

513
00:24:06,840 --> 00:24:08,159
Speaker 4: was a lot of it was educational.

514
00:24:08,320 --> 00:24:10,560
Speaker 3: Mike loves the radio, Oh he really does.

515
00:24:10,680 --> 00:24:12,639
Speaker 4: He was my biggest you know, look, I think if

516
00:24:12,680 --> 00:24:14,679
Speaker 4: I say he was my biggest backer, that sounds like

517
00:24:14,680 --> 00:24:17,760
Speaker 4: a joker. But he loved what I did. And the

518
00:24:17,800 --> 00:24:21,320
Speaker 4: sound effects got people going, and it was drive time

519
00:24:21,640 --> 00:24:26,160
Speaker 4: and he was so supportive, and I love him. I mean, look,

520
00:24:26,200 --> 00:24:29,800
Speaker 4: once you leave, he's not as supportive. But what can

521
00:24:29,880 --> 00:24:32,119
Speaker 4: I say? I mean, this is Bloomberg and you.

522
00:24:32,119 --> 00:24:34,360
Speaker 3: Should try to reintroduce sound effects.

523
00:24:34,320 --> 00:24:38,359
Speaker 4: Radio may because he wanted people to listen. You know,

524
00:24:38,480 --> 00:24:44,000
Speaker 4: bull bear, she sounds imagine incorrect. A buzzer, but a

525
00:24:44,040 --> 00:24:47,359
Speaker 4: guillotine for they had to cut their numbers and that

526
00:24:47,440 --> 00:24:47,920
Speaker 4: kind of thing.

527
00:24:47,960 --> 00:24:50,840
Speaker 3: We only have one, which is the Monopsony Clackson, which

528
00:24:50,880 --> 00:24:56,480
Speaker 3: isn't exactly that producer insert the.

529
00:24:59,480 --> 00:25:01,359
Speaker 2: Very proud, a proud fellow a lot.

530
00:25:03,000 --> 00:25:05,879
Speaker 4: Great to be substantive and great to be able to

531
00:25:05,880 --> 00:25:09,240
Speaker 4: explain and educate. And no one said education doesn't work

532
00:25:09,240 --> 00:25:09,840
Speaker 4: for the numbers.

533
00:25:10,160 --> 00:25:12,399
Speaker 3: Do you actually do you think of yourself more as

534
00:25:12,440 --> 00:25:14,280
Speaker 3: an educator versus as a stock picker.

535
00:25:14,640 --> 00:25:19,040
Speaker 4: Yes, this is really like let's say, last night's show,

536
00:25:19,440 --> 00:25:23,399
Speaker 4: I tried to explain that what matters today with the

537
00:25:23,440 --> 00:25:27,280
Speaker 4: FED is what way will the curve change? Will start

538
00:25:27,320 --> 00:25:29,560
Speaker 4: going up on the long end or down? Long and

539
00:25:29,880 --> 00:25:32,639
Speaker 4: down is the big win. Long end up is what

540
00:25:32,720 --> 00:25:35,360
Speaker 4: happened last year. We had the starter step and then

541
00:25:35,359 --> 00:25:38,920
Speaker 4: we had the December crash when Pal just said, listen,

542
00:25:38,920 --> 00:25:41,439
Speaker 4: we're done. That's going to be the judge. But I

543
00:25:41,600 --> 00:25:44,440
Speaker 4: had to use all sorts of analogies because the curve

544
00:25:44,560 --> 00:25:46,919
Speaker 4: you can't ever mention the curve like the every Sydney

545
00:25:46,920 --> 00:25:50,720
Speaker 4: Homer the curve you can't ever inside the curve by

546
00:25:50,800 --> 00:25:51,320
Speaker 4: Sydney Homer.

547
00:25:51,840 --> 00:25:57,639
Speaker 2: A lot of it's tracy.

548
00:25:58,280 --> 00:26:02,000
Speaker 4: I have also most of debates book about it.

549
00:26:02,600 --> 00:26:05,400
Speaker 3: Most of it is charts. That's what people don't understand.

550
00:26:05,560 --> 00:26:07,080
Speaker 3: It goes by really fast.

551
00:26:06,800 --> 00:26:10,680
Speaker 4: It's all. But I listened to you kind of yeah,

552
00:26:10,720 --> 00:26:14,720
Speaker 4: you're a hitter the shows. It's okay to say I

553
00:26:14,800 --> 00:26:15,960
Speaker 4: like this, sh yeah, No.

554
00:26:16,000 --> 00:26:18,800
Speaker 2: We're going to use this on scissle reels of promotion

555
00:26:19,680 --> 00:26:20,360
Speaker 2: for years to.

556
00:26:20,560 --> 00:26:22,919
Speaker 4: I see these people that I've worked with here you know,

557
00:26:23,920 --> 00:26:27,040
Speaker 4: Will Donna and these are the queen of the crop.

558
00:26:27,119 --> 00:26:28,960
Speaker 4: And you know I was at the street everybody who

559
00:26:29,040 --> 00:26:31,880
Speaker 4: was good. I actually encouraged them to come here because

560
00:26:32,200 --> 00:26:34,439
Speaker 4: they start to start the street and the idea is

561
00:26:34,480 --> 00:26:37,200
Speaker 4: top and you want to go to a place where

562
00:26:37,200 --> 00:26:39,880
Speaker 4: people can be thoughtful. And look, I'm not saying this

563
00:26:40,200 --> 00:26:43,040
Speaker 4: to suck up. I'm saying I worked here and that's

564
00:26:43,080 --> 00:26:44,439
Speaker 4: what the essence was.

565
00:26:45,160 --> 00:26:47,680
Speaker 2: Man Garde Street, Alum, have come through.

566
00:26:47,760 --> 00:26:48,040
Speaker 4: Okay.

567
00:26:48,440 --> 00:26:50,159
Speaker 2: I was gonna like say, you know, when we were

568
00:26:50,160 --> 00:26:52,359
Speaker 2: going over what we wanted to talk about, and I

569
00:26:52,359 --> 00:26:53,760
Speaker 2: was gonna bring this up, and then you're like, no,

570
00:26:53,880 --> 00:26:55,800
Speaker 2: I don't bring up what we're going to talk about.

571
00:26:55,840 --> 00:27:01,920
Speaker 2: A complete uh surprise. Were you in college age spartacist

572
00:27:02,119 --> 00:27:06,520
Speaker 2: or Trotsky? I like, tell us about you mentioned it once,

573
00:27:06,560 --> 00:27:09,840
Speaker 2: I think in a video, but then the video. You've

574
00:27:09,880 --> 00:27:13,080
Speaker 2: also tweeted about your uncle Vlaud about one hundred times,

575
00:27:13,440 --> 00:27:16,480
Speaker 2: with whom you do para passing resemblance. Give us what's

576
00:27:16,520 --> 00:27:16,880
Speaker 2: the real.

577
00:27:16,960 --> 00:27:19,919
Speaker 4: Ill used to be stopped by as uncle Lad all

578
00:27:19,960 --> 00:27:26,120
Speaker 4: the time. Yeah, Okay, mine was spartacist because I believe that, yes,

579
00:27:26,200 --> 00:27:30,520
Speaker 4: the Workers United should never be defeated because we're about

580
00:27:30,560 --> 00:27:34,280
Speaker 4: the workers owning the means of production, so therefore we

581
00:27:34,320 --> 00:27:39,320
Speaker 4: should own the company. Yeah, and now Trotsky obviously gravely

582
00:27:39,359 --> 00:27:42,440
Speaker 4: misunderstood including the ice pick. The ice pick very bad, Yeah,

583
00:27:44,760 --> 00:27:47,520
Speaker 4: suboptimal day the ice pick. But I just think that

584
00:27:47,520 --> 00:27:50,200
Speaker 4: that made a lot of sense, and I went that.

585
00:27:50,119 --> 00:27:51,280
Speaker 2: Way when you're at Harvard.

586
00:27:51,400 --> 00:27:54,560
Speaker 4: Yeah, okay, we had pretty pretty big following, and there

587
00:27:54,560 --> 00:27:57,120
Speaker 4: were not that many Leninists. I mean, you know, Trotsky

588
00:27:57,160 --> 00:27:59,399
Speaker 4: was a pretty good writer. Yeah, and Lenin was He

589
00:27:59,440 --> 00:28:01,520
Speaker 4: wrote what is to be Done? His version number two,

590
00:28:01,520 --> 00:28:03,480
Speaker 4: what is to be Done, and that that's a good read.

591
00:28:03,720 --> 00:28:07,080
Speaker 4: But Trotsky really was a very thoughtful guy and also

592
00:28:07,080 --> 00:28:11,120
Speaker 4: a great army general. And people forget that the train

593
00:28:11,520 --> 00:28:15,160
Speaker 4: the train man only the money train, the Armedian money

594
00:28:15,200 --> 00:28:17,720
Speaker 4: train in shield, and that train really worked.

595
00:28:17,880 --> 00:28:18,120
Speaker 2: Yeah.

596
00:28:18,200 --> 00:28:20,320
Speaker 4: Well, I guess the fugitive train crash was a good

597
00:28:20,320 --> 00:28:22,639
Speaker 4: train cash. I like Union Pacific.

598
00:28:22,240 --> 00:28:27,280
Speaker 3: Here way, I like seeing you.

599
00:28:28,280 --> 00:28:31,280
Speaker 4: Well, I just wanted to help it. I was a laborer,

600
00:28:31,320 --> 00:28:32,960
Speaker 4: I thought, because you've also.

601
00:28:32,840 --> 00:28:34,840
Speaker 2: Talked about you once, little wildcats.

602
00:28:34,920 --> 00:28:37,840
Speaker 4: I ran a Wildcats strike at the Phillies where I

603
00:28:37,880 --> 00:28:40,120
Speaker 4: felt that we should have look, we're doing all the

604
00:28:40,120 --> 00:28:42,160
Speaker 4: work here. I talked to these guys. We're doing all

605
00:28:42,160 --> 00:28:45,520
Speaker 4: the work here and yet everyone else the overlords. By

606
00:28:45,520 --> 00:28:47,280
Speaker 4: the way, can I just tell you you had to

607
00:28:47,280 --> 00:28:49,800
Speaker 4: do a kickback when you're selling ice cream, Hey, ice

608
00:28:49,840 --> 00:28:51,960
Speaker 4: cream and all the chocolate. One third of your money

609
00:28:51,960 --> 00:28:54,280
Speaker 4: went back to the guy. So you didn't get strawberry

610
00:28:54,320 --> 00:28:56,960
Speaker 4: ice cream because you can't sell strawberry. Nobody wants strawberry.

611
00:28:57,080 --> 00:28:58,920
Speaker 4: That was the big threat. Hey, listen, shut up, Kramer.

612
00:28:58,960 --> 00:29:02,080
Speaker 4: You're gonna get strawberry. But I had a seventh level

613
00:29:02,240 --> 00:29:04,920
Speaker 4: concession that I paid everybody. I paid everybody not to

614
00:29:04,960 --> 00:29:07,280
Speaker 4: come up to seventh level. So I owned it. But

615
00:29:07,360 --> 00:29:10,440
Speaker 4: we had Steve Carlton then a long time ago, probably no,

616
00:29:10,520 --> 00:29:12,680
Speaker 4: but he used to pitch games in an hour and

617
00:29:12,720 --> 00:29:15,240
Speaker 4: a half. I was always long a huge amount of

618
00:29:15,240 --> 00:29:17,960
Speaker 4: ice cream in July. It was just dreadful. But so

619
00:29:18,000 --> 00:29:21,080
Speaker 4: I let the wildcat strike and it was very good.

620
00:29:21,080 --> 00:29:24,400
Speaker 4: They called me in and they said you're fine. I said,

621
00:29:24,400 --> 00:29:26,560
Speaker 4: well you can't do that. Well, you're not going to

622
00:29:26,600 --> 00:29:28,640
Speaker 4: get any ice cream tonight. You can come while you

623
00:29:28,640 --> 00:29:30,280
Speaker 4: went to this, but you're not getting ice cream. And

624
00:29:30,280 --> 00:29:32,120
Speaker 4: that was it, and that was bad.

625
00:29:32,200 --> 00:29:33,680
Speaker 2: So when did you see the light though?

626
00:29:33,760 --> 00:29:37,800
Speaker 4: From Okay, actually a really great question. The light was

627
00:29:37,840 --> 00:29:42,960
Speaker 4: when I helped I helped strike J. P. Stevens. JP

628
00:29:43,080 --> 00:29:48,160
Speaker 4: Stevens was a terrific towel company, linen company, with JP

629
00:29:48,240 --> 00:29:50,920
Speaker 4: Stevens being his great Princeton alum, and we knew where

630
00:29:50,920 --> 00:29:55,120
Speaker 4: he lived and we targeted the management. Really thought we

631
00:29:55,160 --> 00:29:57,640
Speaker 4: had it going and we were crushing it and I

632
00:29:57,720 --> 00:29:59,680
Speaker 4: was like coming up from the South to help. We're

633
00:29:59,720 --> 00:30:03,000
Speaker 4: going on. And then they closed the company. Rather than

634
00:30:03,120 --> 00:30:06,840
Speaker 4: deal with us, they closed it. And that was when

635
00:30:06,920 --> 00:30:09,320
Speaker 4: I had a change of heart because I said, wait

636
00:30:09,320 --> 00:30:14,240
Speaker 4: a second, I just helped take away the livelihood, the healthcare,

637
00:30:14,600 --> 00:30:18,320
Speaker 4: the dinner for thousands of workers by trying to get

638
00:30:18,360 --> 00:30:20,520
Speaker 4: them more money. And I really had to rethink it,

639
00:30:21,040 --> 00:30:23,600
Speaker 4: and I just said, well, maybe the sparta's is thing

640
00:30:24,440 --> 00:30:27,400
Speaker 4: more focus on the matter at hand, which is covering

641
00:30:27,400 --> 00:30:30,520
Speaker 4: a homicide. But I really felt awful about what we did.

642
00:30:30,680 --> 00:30:33,840
Speaker 4: We closed the company. That was not the intent.

643
00:30:34,880 --> 00:30:39,280
Speaker 3: Well, there is this tension though, between like workers having

644
00:30:39,400 --> 00:30:43,080
Speaker 3: jobs and shares actually going up. Right, Like you have companies.

645
00:30:43,560 --> 00:30:46,200
Speaker 3: The easy way to boost your share prices to cut costs,

646
00:30:46,200 --> 00:30:48,760
Speaker 3: which means laying off workers. How do you square that?

647
00:30:49,360 --> 00:30:52,880
Speaker 4: Well, I think that you guys did a piece. I

648
00:30:52,880 --> 00:30:54,880
Speaker 4: think it was you Joe, about how that you've been

649
00:30:54,920 --> 00:30:56,840
Speaker 4: thinking a lot about the billionaires, thinking a lot about that.

650
00:30:57,480 --> 00:30:59,920
Speaker 4: And I think that the way I square that is

651
00:31:00,040 --> 00:31:04,120
Speaker 4: has said. If I go back to President Reagan, he

652
00:31:04,880 --> 00:31:08,240
Speaker 4: was disgusted by how much the CEO has made and

653
00:31:08,280 --> 00:31:10,880
Speaker 4: the difference, and now the CEOs did never had to

654
00:31:10,920 --> 00:31:12,760
Speaker 4: pay the price, and the workers had to pay the price.

655
00:31:12,800 --> 00:31:16,760
Speaker 4: And you're talking about Reagan. And funny that Elizabeth Warren

656
00:31:16,840 --> 00:31:19,040
Speaker 4: reminded me about this when I saw her. I just

657
00:31:19,080 --> 00:31:22,360
Speaker 4: think that it's a travesty. I met with President Clinton

658
00:31:22,880 --> 00:31:25,160
Speaker 4: over a plan which said, look, I think that workers

659
00:31:25,200 --> 00:31:27,800
Speaker 4: should get shares if they're laid off, because typically a

660
00:31:27,880 --> 00:31:29,840
Speaker 4: stock goes up if they're laid off. And what he

661
00:31:29,880 --> 00:31:32,840
Speaker 4: did was he gave me a can of coke, died coke,

662
00:31:33,240 --> 00:31:35,160
Speaker 4: said this is the greatest idea in the world. We're

663
00:31:35,200 --> 00:31:40,240
Speaker 4: going to run with it. And nothing ever happened. President Clinton, well,

664
00:31:40,240 --> 00:31:43,080
Speaker 4: they all said it didn't matter which president. Nobody ever did.

665
00:31:43,080 --> 00:31:45,880
Speaker 4: But I said. President Biden was hilarious. We meet him

666
00:31:45,920 --> 00:31:49,280
Speaker 4: on that train. He said, honestly, I am the poorest

667
00:31:49,720 --> 00:31:52,840
Speaker 4: of the hundred. Why do I need your information. I said,

668
00:31:53,000 --> 00:31:55,080
Speaker 4: you don't need it at all. I mean, I'm not

669
00:31:55,120 --> 00:31:57,280
Speaker 4: going to take them to minus five. I do think

670
00:31:57,320 --> 00:32:00,920
Speaker 4: that President Clinton was very smart about the market, understood

671
00:32:00,960 --> 00:32:04,480
Speaker 4: that laid off workers were the tender to get a

672
00:32:04,520 --> 00:32:07,520
Speaker 4: stock higher. He was really smart about the market. President

673
00:32:07,560 --> 00:32:10,160
Speaker 4: Bush number two not that smart.

674
00:32:10,200 --> 00:32:12,920
Speaker 3: Wait will you rank presidential market?

675
00:32:13,040 --> 00:32:15,640
Speaker 4: Well? First, I would take Andrew Johnson because he was

676
00:32:15,760 --> 00:32:18,400
Speaker 4: insider trade. Now I don't know. I mean, did you

677
00:32:18,440 --> 00:32:20,960
Speaker 4: read any of these books about Jay Gould and what

678
00:32:21,000 --> 00:32:23,640
Speaker 4: he did? But I don't think this Grant, Oh my god,

679
00:32:24,040 --> 00:32:25,840
Speaker 4: he found out that goal you know where they were

680
00:32:25,840 --> 00:32:29,000
Speaker 4: on the gold standard knee comp come. There were there

681
00:32:29,000 --> 00:32:34,080
Speaker 4: were many many stories about presidents I think helping by mistake.

682
00:32:34,920 --> 00:32:36,640
Speaker 4: So I would have to give those guys.

683
00:32:36,720 --> 00:32:41,560
Speaker 2: So as a what do you think about? You know,

684
00:32:41,640 --> 00:32:44,720
Speaker 2: there is this sort of particularly in New York City,

685
00:32:45,360 --> 00:32:50,520
Speaker 2: this very energetic nascent leftism. They wouldn't characterize themselves as communists.

686
00:32:50,600 --> 00:32:53,040
Speaker 2: I don't think Zorn is going around calling himself a

687
00:32:53,080 --> 00:32:55,720
Speaker 2: trust gat I don't think he is. No what do

688
00:32:55,720 --> 00:32:58,680
Speaker 2: you what do you make of like? What do you

689
00:32:58,720 --> 00:33:00,400
Speaker 2: make of this? Are we gonna like? Are we at

690
00:33:00,440 --> 00:33:04,720
Speaker 2: a revolutionary moment. Are the conditions of past revolutions present

691
00:33:04,800 --> 00:33:05,880
Speaker 2: here in the United States?

692
00:33:05,960 --> 00:33:08,320
Speaker 4: No, they're not, because we have great job growth and

693
00:33:08,440 --> 00:33:11,760
Speaker 4: the revolutions have typically been preceded by famine.

694
00:33:12,520 --> 00:33:15,800
Speaker 2: Okay, well then how serious, like when you you know,

695
00:33:15,920 --> 00:33:18,440
Speaker 2: what do you what do you think about the DSA

696
00:33:18,520 --> 00:33:21,640
Speaker 2: and so forth, like, because I think you've said, you know, like,

697
00:33:21,720 --> 00:33:24,560
Speaker 2: do you consider them to be dangerous radicals or are

698
00:33:24,600 --> 00:33:27,600
Speaker 2: they like a sort of different shade of liberal democrats.

699
00:33:27,640 --> 00:33:29,400
Speaker 4: I think different set of liberal democrat. I mean, I

700
00:33:29,440 --> 00:33:32,120
Speaker 4: remember Occupy Wall Street. Now you used to go to

701
00:33:32,160 --> 00:33:35,640
Speaker 4: it every see what's going on to interview people, and

702
00:33:36,040 --> 00:33:38,800
Speaker 4: they didn't know that where they were politically because they

703
00:33:38,800 --> 00:33:41,720
Speaker 4: were so confused, and we all in the media kind

704
00:33:41,720 --> 00:33:43,959
Speaker 4: of felt that they were communists or leftists, and when

705
00:33:44,080 --> 00:33:46,800
Speaker 4: to tear down Wall Street, they just I mean they

706
00:33:46,800 --> 00:33:50,080
Speaker 4: were just sleeping on a cold stone, trying to saying listen,

707
00:33:50,280 --> 00:33:54,120
Speaker 4: we're unhappy, and their ethos was zero. I think that

708
00:33:54,240 --> 00:33:57,640
Speaker 4: this is the Marrow race. I mean, look, I care

709
00:33:57,680 --> 00:34:00,959
Speaker 4: about defunding police versus police because they care about public safety.

710
00:34:01,400 --> 00:34:03,680
Speaker 4: And I saw what happened in San Francisco.

711
00:34:04,720 --> 00:34:07,080
Speaker 2: Zoran has changed, I mean he has changed his mind

712
00:34:07,080 --> 00:34:08,239
Speaker 2: about that.

713
00:34:08,239 --> 00:34:09,759
Speaker 4: That's why I don't think that we're going to be

714
00:34:09,800 --> 00:34:12,440
Speaker 4: San Francisco. And I also think by the way we

715
00:34:12,520 --> 00:34:14,640
Speaker 4: went to trains on time, we went public safety, and

716
00:34:14,680 --> 00:34:17,480
Speaker 4: I don't think that that's I don't think they're in play.

717
00:34:18,080 --> 00:34:20,080
Speaker 4: I just really don't. Now I'm a New Jersey citizen,

718
00:34:20,160 --> 00:34:21,840
Speaker 4: I have to love the governor of New Jersey was

719
00:34:21,880 --> 00:34:25,359
Speaker 4: my boss at Golden Sacks. But look, I just want

720
00:34:25,600 --> 00:34:28,600
Speaker 4: everyone to be able to recognize that the town has

721
00:34:28,640 --> 00:34:31,400
Speaker 4: made a great comeback. There's just so many great places,

722
00:34:31,440 --> 00:34:34,360
Speaker 4: and I hate to see anything devolved into San Francisco,

723
00:34:34,400 --> 00:34:37,160
Speaker 4: which is getting better, but was a nightmare to the

724
00:34:37,200 --> 00:34:39,080
Speaker 4: point where I stopped going. I used to do four

725
00:34:39,120 --> 00:34:41,160
Speaker 4: times a year of my show. But I saw a

726
00:34:41,160 --> 00:34:43,520
Speaker 4: guy pull a knife I was in front of I

727
00:34:43,600 --> 00:34:46,279
Speaker 4: was behind him at Walgreens, got all the money, and

728
00:34:46,320 --> 00:34:49,919
Speaker 4: then the cops arrested him outside and they released him,

729
00:34:50,239 --> 00:34:51,879
Speaker 4: and I said, what are you doing? He said, well,

730
00:34:51,880 --> 00:34:54,200
Speaker 4: we are you a hunter? I said, I'm a fisherman.

731
00:34:54,480 --> 00:34:56,040
Speaker 4: He said, well, we do the same thing. We catch

732
00:34:56,040 --> 00:34:56,480
Speaker 4: and release.

733
00:35:12,600 --> 00:35:14,360
Speaker 3: Jim, I gotta tell you, we just got a message

734
00:35:14,400 --> 00:35:16,919
Speaker 3: saying Mike Bloomberg wants to say hi to you after

735
00:35:16,960 --> 00:35:17,919
Speaker 3: we record the show.

736
00:35:18,000 --> 00:35:23,520
Speaker 4: I don't believe that. Seriously, what a selfius ridiculous.

737
00:35:23,680 --> 00:35:25,920
Speaker 3: Even though you left the company, he wants to see it.

738
00:35:26,040 --> 00:35:28,200
Speaker 4: I left the company, but it wasn't my idea. I

739
00:35:28,239 --> 00:35:31,640
Speaker 4: didn't want to leave the company to very specific. But

740
00:35:31,680 --> 00:35:34,719
Speaker 4: he became mayor, and look, I always worshiped him. What

741
00:35:34,800 --> 00:35:37,080
Speaker 4: can I say? And I won't even talk about the

742
00:35:37,160 --> 00:35:40,719
Speaker 4: myriad charities that he really did fun because that's not

743
00:35:40,760 --> 00:35:43,080
Speaker 4: why I did it. And I always admire that more

744
00:35:43,160 --> 00:35:46,879
Speaker 4: than anything. He never wanted anyone to know. In New York,

745
00:35:46,960 --> 00:35:50,600
Speaker 4: it's so it's so predominant. You go into a building

746
00:35:50,600 --> 00:35:52,560
Speaker 4: and the guy's got his name on it, Well, there's

747
00:35:52,640 --> 00:35:55,200
Speaker 4: no you know that is not Mayor Bloomberg. Mayor Bloomberg

748
00:35:55,360 --> 00:35:58,359
Speaker 4: was I remember giving an award for what we did

749
00:35:58,400 --> 00:35:59,879
Speaker 4: at the Brooklyn Bridge. I don't know if you guys

750
00:36:00,040 --> 00:36:03,600
Speaker 4: the Brooklyn Bage Park. But this city's been be dumb,

751
00:36:03,680 --> 00:36:06,759
Speaker 4: and a lot of it is that mister mayor. He's

752
00:36:06,800 --> 00:36:07,440
Speaker 4: mister mayor.

753
00:36:08,200 --> 00:36:11,719
Speaker 3: Back to finance for a second, were you ever tempted

754
00:36:11,760 --> 00:36:14,719
Speaker 3: to recommend the inverse Kramer etf Okay?

755
00:36:14,760 --> 00:36:17,719
Speaker 4: So that guy got crushed. He was just denial but.

756
00:36:17,760 --> 00:36:20,799
Speaker 3: Had you recommended it, they would have had to short themselves. Right,

757
00:36:21,520 --> 00:36:22,799
Speaker 3: Oh my god, right, what.

758
00:36:22,840 --> 00:36:25,080
Speaker 4: A cool idea. Yeah. I didn't want it, and it was

759
00:36:25,080 --> 00:36:27,080
Speaker 4: one of those things this is. Yeah, you go through

760
00:36:27,120 --> 00:36:29,359
Speaker 4: and your wife says, I don't want you acknowledge him.

761
00:36:29,360 --> 00:36:31,439
Speaker 4: I said, well, the guy's a total joke. I don't

762
00:36:31,440 --> 00:36:33,279
Speaker 4: want you to acknowledge him. And a lot of times

763
00:36:33,320 --> 00:36:36,000
Speaker 4: what happens is you do go back to your home

764
00:36:36,680 --> 00:36:39,480
Speaker 4: and you ask your wife what can do or your

765
00:36:39,480 --> 00:36:44,040
Speaker 4: partner what's right? Because everyone has got an agenda at work,

766
00:36:44,400 --> 00:36:46,680
Speaker 4: but my wife's agenda is me, and so I always

767
00:36:46,719 --> 00:36:48,719
Speaker 4: knew that she was just like a good lawyer. There's

768
00:36:48,880 --> 00:36:52,040
Speaker 4: you know, attorney client privilege, there's why espousal privilege.

769
00:36:52,080 --> 00:36:54,520
Speaker 2: Yeah, that must me feel so good. I'm looking at

770
00:36:54,520 --> 00:36:57,440
Speaker 2: the ticker and now it did terrible and then they

771
00:36:57,440 --> 00:36:59,320
Speaker 2: liquidated it in February twenty twenty.

772
00:36:59,400 --> 00:37:00,279
Speaker 4: Yeah, how do you look?

773
00:37:00,520 --> 00:37:02,520
Speaker 2: You know, I don't. We don't get a fraction of it,

774
00:37:02,600 --> 00:37:04,600
Speaker 2: but we get a little bit. Do have you ever

775
00:37:04,800 --> 00:37:08,360
Speaker 2: like for your mental health, like public abuse or public's

776
00:37:09,239 --> 00:37:10,640
Speaker 2: did you ever give any tips?

777
00:37:10,880 --> 00:37:12,279
Speaker 4: Okay, sure, I mean there were some.

778
00:37:12,480 --> 00:37:14,479
Speaker 2: People make fun of my voice of the Apple Notes

779
00:37:14,480 --> 00:37:16,919
Speaker 2: coming out, the NBC told me to be on John

780
00:37:17,000 --> 00:37:19,640
Speaker 2: Stewart and I didn't know the show, and I didn't

781
00:37:19,680 --> 00:37:22,680
Speaker 2: know he would I didn't know he would be unfair,

782
00:37:22,920 --> 00:37:23,760
Speaker 2: and I didn't explain.

783
00:37:23,880 --> 00:37:26,319
Speaker 4: They were telling me basically that he would be convivial.

784
00:37:26,360 --> 00:37:28,399
Speaker 4: So I didn't come with my A game. I came

785
00:37:28,440 --> 00:37:32,480
Speaker 4: with my F game, and it was mortifying and terrible,

786
00:37:32,600 --> 00:37:34,680
Speaker 4: and every time I looked out. I mean, I always

787
00:37:34,680 --> 00:37:39,080
Speaker 4: tell people, look at me. Now, there's a whole generation later. Yeah,

788
00:37:39,080 --> 00:37:41,800
Speaker 4: he did sixteen years now, and I meet younger people

789
00:37:41,800 --> 00:37:43,600
Speaker 4: and they've never heard of it. But those people never

790
00:37:43,640 --> 00:37:45,640
Speaker 4: realized that the New York Giants were good football team.

791
00:37:46,239 --> 00:37:49,080
Speaker 4: It kind of happens like that. Yeah. My most important

792
00:37:49,080 --> 00:37:52,799
Speaker 4: tip is to say they're not thinking of it when

793
00:37:52,800 --> 00:37:55,879
Speaker 4: they talk to you. In other words, you're thinking of it,

794
00:37:56,160 --> 00:37:59,239
Speaker 4: but give yourself a break. Most of them are not mean.

795
00:37:59,320 --> 00:38:01,600
Speaker 4: I would say, like, but she goes she the whole

796
00:38:01,640 --> 00:38:03,120
Speaker 4: time she was thinking about Joss. I know she was

797
00:38:03,120 --> 00:38:05,120
Speaker 4: thinking about to No, you're not a mind reader. Take

798
00:38:05,160 --> 00:38:08,080
Speaker 4: people's face value. He was a very mean person. And

799
00:38:08,120 --> 00:38:10,680
Speaker 4: that's a word that my daughter used in fifth grade.

800
00:38:10,719 --> 00:38:13,680
Speaker 4: But I don't know how else to define someone who

801
00:38:13,760 --> 00:38:15,840
Speaker 4: wants to take your livelihood away, and he wanted my

802
00:38:15,880 --> 00:38:18,320
Speaker 4: lively had taken away, and I didn't want it taken away.

803
00:38:18,360 --> 00:38:20,800
Speaker 4: And to take away someone's lively, as I mentioned with

804
00:38:20,880 --> 00:38:24,040
Speaker 4: JP Stevens, it's a terrible thing, and I didn't deserve it.

805
00:38:24,080 --> 00:38:27,880
Speaker 4: But that's it's like it's like the movie Unforgiven. It

806
00:38:27,920 --> 00:38:29,200
Speaker 4: deserves got nothing to do with it.

807
00:38:29,680 --> 00:38:32,319
Speaker 3: Speaking of the financial crisis, though, you did have a

808
00:38:32,360 --> 00:38:36,759
Speaker 3: series of like memeable moments, let's just say, in two

809
00:38:36,800 --> 00:38:38,960
Speaker 3: thousand and seven, two thousand and eight, including the rant

810
00:38:38,960 --> 00:38:42,320
Speaker 3: about Barrister. Yes it's famous.

811
00:38:42,960 --> 00:38:45,200
Speaker 4: Well there's a nice article in the FT about it.

812
00:38:45,239 --> 00:38:49,040
Speaker 4: When the actual not the minutes, but the actual transcript

813
00:38:49,080 --> 00:38:51,719
Speaker 4: came out about how they laughed at me, and they

814
00:38:51,760 --> 00:38:54,000
Speaker 4: actually mentioned this said, yeah, we laughed at him. He said, oh,

815
00:38:54,080 --> 00:38:57,520
Speaker 4: Kramers though he's really funny. It was about speaking to

816
00:38:57,560 --> 00:38:59,239
Speaker 4: a lot of people who were saying, you got to

817
00:38:59,239 --> 00:39:01,520
Speaker 4: get on the case here. You guys are just oblivious.

818
00:39:01,560 --> 00:39:04,480
Speaker 4: You're acting as if it's a regular market. And my

819
00:39:04,480 --> 00:39:07,359
Speaker 4: friend arn Burnette was going on about a regular thing

820
00:39:07,400 --> 00:39:09,640
Speaker 4: and I just had to interrupt and I said, look,

821
00:39:09,960 --> 00:39:11,840
Speaker 4: they know nothing, they know nothing, and that was speaking

822
00:39:11,840 --> 00:39:14,279
Speaker 4: about bember Nanke, which who really I think did know

823
00:39:14,320 --> 00:39:17,799
Speaker 4: nothing during that period, and I was widely cascadd. I

824
00:39:17,800 --> 00:39:20,200
Speaker 4: had to go on the Today Show the next day

825
00:39:20,520 --> 00:39:25,359
Speaker 4: where Matt Lauer whatever said you were off, you were

826
00:39:25,360 --> 00:39:27,279
Speaker 4: off your meds. I want to hear more about this. Now.

827
00:39:27,360 --> 00:39:29,440
Speaker 4: See when you say that someone's off their meds, that

828
00:39:29,440 --> 00:39:32,360
Speaker 4: presumes that you were on your meds. And again I

829
00:39:32,400 --> 00:39:36,040
Speaker 4: mean like, look, am I used to being demeaned? Does

830
00:39:36,080 --> 00:39:38,600
Speaker 4: it bother me? It doesn't bother me like you used to.

831
00:39:38,920 --> 00:39:42,719
Speaker 4: But I do say that that Ran holds up and

832
00:39:42,760 --> 00:39:43,640
Speaker 4: I'm practice Ran.

833
00:39:43,960 --> 00:39:44,560
Speaker 2: Yeah.

834
00:39:44,560 --> 00:39:46,439
Speaker 4: And then I did that other thing where I went

835
00:39:46,760 --> 00:39:49,799
Speaker 4: if you have any on the Today's Show, if you

836
00:39:49,880 --> 00:39:51,839
Speaker 4: need your money anytime? The next five years and the

837
00:39:51,840 --> 00:39:54,640
Speaker 4: market fell forty percent after this. They used to take

838
00:39:54,640 --> 00:39:56,719
Speaker 4: it out now because I didn't want people by the way,

839
00:39:56,719 --> 00:39:58,120
Speaker 4: it took five years to get to market back to

840
00:39:58,120 --> 00:40:00,680
Speaker 4: where it was. I was worried about people fixed income

841
00:40:01,080 --> 00:40:03,480
Speaker 4: fixed on meeting. They own General Mills and they own Chevron,

842
00:40:03,920 --> 00:40:06,440
Speaker 4: and I just felt like that it was just really

843
00:40:06,480 --> 00:40:08,239
Speaker 4: the wrong time. And then the next day they had

844
00:40:08,280 --> 00:40:11,960
Speaker 4: me back and Curry asked me, look, you said this

845
00:40:12,000 --> 00:40:15,040
Speaker 4: thing on the show. Do you want to take it back?

846
00:40:15,080 --> 00:40:18,040
Speaker 4: And I said no. I mean sometimes when you yell

847
00:40:18,600 --> 00:40:22,120
Speaker 4: fire in a crowded theater, there's a fire. I want

848
00:40:22,160 --> 00:40:23,799
Speaker 4: to get out as many people as I can. And

849
00:40:23,840 --> 00:40:26,359
Speaker 4: these were moments that at the time, you'll you'll really

850
00:40:26,360 --> 00:40:29,560
Speaker 4: appreciate this show. When I did these, Uh, Subsequently, I

851
00:40:29,600 --> 00:40:32,120
Speaker 4: was so ridiculed that I that I would say to myself,

852
00:40:32,400 --> 00:40:34,320
Speaker 4: why the hell did I ever do it? Yeah, and

853
00:40:34,680 --> 00:40:36,880
Speaker 4: you know, I knew it was right, but no, I

854
00:40:36,920 --> 00:40:40,360
Speaker 4: had such angst even though I was right. I was

855
00:40:40,400 --> 00:40:43,960
Speaker 4: attacked by so many people. But now, of course it's

856
00:40:44,040 --> 00:40:48,600
Speaker 4: a dish best taste. How long did you do this for?

857
00:40:48,800 --> 00:40:51,839
Speaker 2: Like three fifteen? Like, I don't again, I don't work

858
00:40:52,280 --> 00:40:54,920
Speaker 2: as much. No, but I like feel like my health

859
00:40:55,200 --> 00:40:57,399
Speaker 2: is I have the even the years where I got

860
00:40:57,480 --> 00:40:59,560
Speaker 2: up super early all the time, like they took me us.

861
00:40:59,760 --> 00:41:02,120
Speaker 4: I mean, because you stub out all the time. Yeah, God,

862
00:41:02,120 --> 00:41:05,640
Speaker 4: I love it so much. I do. And I was

863
00:41:05,680 --> 00:41:07,759
Speaker 4: doing something last night at dinner and I really wanted

864
00:41:07,760 --> 00:41:10,520
Speaker 4: to get home because I want to formulate a thesis

865
00:41:10,520 --> 00:41:13,239
Speaker 4: on d rams. Well there you go. But I am

866
00:41:13,360 --> 00:41:18,239
Speaker 4: so fixated on this and I find the puzzle so

867
00:41:19,239 --> 00:41:23,640
Speaker 4: difficult and fabulous. The Nvidia puzzle, the puzzle this morning

868
00:41:23,760 --> 00:41:26,000
Speaker 4: we have about what's going to happen. I have to

869
00:41:26,120 --> 00:41:29,640
Speaker 4: I'll write my top right after the FED and this

870
00:41:29,719 --> 00:41:31,799
Speaker 4: is such an exciting day. You get twelve of these,

871
00:41:32,160 --> 00:41:34,160
Speaker 4: so I don't know. Look, it's a great question because

872
00:41:34,200 --> 00:41:35,640
Speaker 4: I don't know how long you can do it, and

873
00:41:35,680 --> 00:41:37,759
Speaker 4: I do want to see the world. And I don't

874
00:41:37,760 --> 00:41:40,000
Speaker 4: take as much vacation. I mean, I'm offered six weeks.

875
00:41:40,000 --> 00:41:44,080
Speaker 4: I take four. But it's because I love it. It

876
00:41:44,120 --> 00:41:46,799
Speaker 4: is because I love it. It's not a sickness, it

877
00:41:46,880 --> 00:41:47,560
Speaker 4: really isn't.

878
00:41:47,920 --> 00:41:51,560
Speaker 3: So how has your research process changed over the years,

879
00:41:51,600 --> 00:41:53,680
Speaker 3: because again you've been in the game for decades.

880
00:41:53,800 --> 00:41:56,440
Speaker 4: So I go out to dinner with Jensen Wong and

881
00:41:56,480 --> 00:41:58,200
Speaker 4: he says, I know you spend all your time reading

882
00:41:58,239 --> 00:42:01,320
Speaker 4: these reports. I just urge you to chat Gibt the

883
00:42:01,400 --> 00:42:04,680
Speaker 4: Advanced and get the concise version and then see if

884
00:42:04,719 --> 00:42:07,080
Speaker 4: it's one you want to do. And that has changed

885
00:42:07,120 --> 00:42:10,319
Speaker 4: my life because there'll be ten. And it turns out

886
00:42:10,360 --> 00:42:12,960
Speaker 4: that Paulti Home was important, not because of Bill Poulti

887
00:42:13,080 --> 00:42:16,360
Speaker 4: is not involved, and Stanley Black and Decker was important,

888
00:42:16,400 --> 00:42:18,560
Speaker 4: and Best Buy was that important and then the others.

889
00:42:18,640 --> 00:42:20,560
Speaker 4: I read the concise version and I could move on

890
00:42:20,640 --> 00:42:23,440
Speaker 4: with my life. And that was a great break for

891
00:42:23,520 --> 00:42:26,040
Speaker 4: me because it allowed me during the real earning season

892
00:42:26,239 --> 00:42:28,520
Speaker 4: to have fifteen reports and just say, Okay, I'm only

893
00:42:28,560 --> 00:42:29,600
Speaker 4: going to do Cat and Proctor.

894
00:42:29,719 --> 00:42:32,160
Speaker 2: Yeah. I think Tracy and I both found like there

895
00:42:32,160 --> 00:42:34,759
Speaker 2: are a lot of things that CHATCHI Pig still isn't

896
00:42:34,800 --> 00:42:38,120
Speaker 2: good for. But there is no question in my mind

897
00:42:38,120 --> 00:42:41,400
Speaker 2: that for a research process, whether it's finding the right document,

898
00:42:41,480 --> 00:42:44,080
Speaker 2: whether it's just it's very.

899
00:42:43,440 --> 00:42:44,880
Speaker 3: Tried, perplexity finance.

900
00:42:45,120 --> 00:42:48,160
Speaker 4: I used perplexity maybe ten times this morning, but it's

901
00:42:48,200 --> 00:42:50,000
Speaker 4: short or quicker kirchs from me onto it.

902
00:42:50,000 --> 00:42:50,800
Speaker 3: I think it's impressive.

903
00:42:51,120 --> 00:42:52,920
Speaker 4: It is very impressive. I wanted Apple to buy him.

904
00:42:52,920 --> 00:42:55,080
Speaker 4: I was pushing that jump forever. I mean, I was

905
00:42:55,080 --> 00:42:58,000
Speaker 4: talking about that with with Tim Cocomfrada. I really think

906
00:42:58,040 --> 00:43:00,719
Speaker 4: that they need something. But because of the of the

907
00:43:00,719 --> 00:43:04,080
Speaker 4: Google decision, the judge Meta decision is possible, someone could

908
00:43:04,120 --> 00:43:04,520
Speaker 4: pay them.

909
00:43:04,960 --> 00:43:06,920
Speaker 2: We talked about China a lot on the show. Are

910
00:43:06,920 --> 00:43:08,200
Speaker 2: they are they just to conavi?

911
00:43:09,239 --> 00:43:10,520
Speaker 4: Wow? No, I got that.

912
00:43:12,120 --> 00:43:13,200
Speaker 2: I had never heard that.

913
00:43:13,760 --> 00:43:18,239
Speaker 4: The eighth Army is Yeah, the eighth Army favoite. What

914
00:43:18,360 --> 00:43:18,560
Speaker 4: is this?

915
00:43:18,760 --> 00:43:20,520
Speaker 2: I only saw that because I was reading through all

916
00:43:20,560 --> 00:43:23,000
Speaker 2: your old tweets. What is this the conovit movement and

917
00:43:23,000 --> 00:43:25,160
Speaker 2: what does it have to do with contemporary was the.

918
00:43:25,120 --> 00:43:27,840
Speaker 4: Guy who won the award for for shoveling the most

919
00:43:28,040 --> 00:43:30,359
Speaker 4: cold for steel and Stalin loved him.

920
00:43:30,600 --> 00:43:34,160
Speaker 3: Kind is obsessed with steel. I always wondered why they always.

921
00:43:33,840 --> 00:43:37,479
Speaker 4: Wear every plan. The five year for China's was the same.

922
00:43:37,960 --> 00:43:40,360
Speaker 4: They're long a lot of steel there. China's wrecked the

923
00:43:40,400 --> 00:43:43,440
Speaker 4: steel market. Presidents deed right on the transhipments by old buddy,

924
00:43:43,440 --> 00:43:46,759
Speaker 4: Peter Navarro's right on the tranships. It's wild that that

925
00:43:46,960 --> 00:43:48,920
Speaker 4: he's my old buddy, But he's my old buddy. And

926
00:43:49,000 --> 00:43:51,920
Speaker 4: he went to jail bad not yell jail, because he

927
00:43:51,920 --> 00:43:55,640
Speaker 4: went to toughs. But I do think that when you

928
00:43:55,680 --> 00:43:59,760
Speaker 4: look at China sometimes I'm very harsh about them, okay,

929
00:44:00,000 --> 00:44:02,799
Speaker 4: And that's because my father worked for Saint Regis and

930
00:44:02,880 --> 00:44:07,480
Speaker 4: Climax Union Camp. He worked for a Champion, he worked

931
00:44:07,480 --> 00:44:09,759
Speaker 4: for paper company. He sold gift wrap and carget it

932
00:44:10,160 --> 00:44:13,080
Speaker 4: and every single time he did well at one of these,

933
00:44:13,520 --> 00:44:15,840
Speaker 4: they closed it. And they closed it because the Chinese

934
00:44:15,880 --> 00:44:18,800
Speaker 4: targeted the gift wrapped industry. If you go to Costco,

935
00:44:18,880 --> 00:44:21,400
Speaker 4: all you have is Chinese gift wrap. So my father,

936
00:44:21,600 --> 00:44:25,480
Speaker 4: at the age of seventy three realized that's it. They

937
00:44:25,520 --> 00:44:29,560
Speaker 4: wiped us out. He called a company that does from

938
00:44:29,640 --> 00:44:31,960
Speaker 4: China who had an American rap and said, listen, I

939
00:44:32,040 --> 00:44:33,920
Speaker 4: want to work for the Chinese. And what he did

940
00:44:34,000 --> 00:44:37,960
Speaker 4: was he would sketch logos restaurants and suggest that they

941
00:44:38,040 --> 00:44:40,120
Speaker 4: used doggie bags that have their own name. And he

942
00:44:40,160 --> 00:44:42,719
Speaker 4: had a drawstring doggie bag that the Chinese made for

943
00:44:42,719 --> 00:44:45,799
Speaker 4: two bucks. He sold it for and he then had

944
00:44:45,840 --> 00:44:48,200
Speaker 4: the run of his lifetime. From seventy three to ninety two.

945
00:44:48,239 --> 00:44:50,600
Speaker 4: He worked until the month he died. He actually had

946
00:44:50,640 --> 00:44:53,720
Speaker 4: a good last month. And what's incredible was the Chinese

947
00:44:53,719 --> 00:44:55,960
Speaker 4: treated him like kings and when he died, they gave

948
00:44:56,000 --> 00:44:58,920
Speaker 4: me the proceeds for three straight years. And they were

949
00:44:58,960 --> 00:45:00,640
Speaker 4: the best bosses in the the world and they had

950
00:45:00,640 --> 00:45:01,319
Speaker 4: no idea neither.

951
00:45:01,360 --> 00:45:03,680
Speaker 2: You called China the greatest capitalist nation of.

952
00:45:03,680 --> 00:45:06,920
Speaker 4: All it is, they just crush it. God, you really

953
00:45:06,960 --> 00:45:07,600
Speaker 4: read me close.

954
00:45:07,760 --> 00:45:09,839
Speaker 3: It's the headline of this episode going to be Jim

955
00:45:09,880 --> 00:45:10,880
Speaker 3: Kramer on communism.

956
00:45:10,920 --> 00:45:13,279
Speaker 4: No, it is very funny because I do think they're

957
00:45:13,320 --> 00:45:15,200
Speaker 4: the biggest threat. I mean, what they're doing in video,

958
00:45:15,280 --> 00:45:17,040
Speaker 4: well you grow. I do want in Vidia to be

959
00:45:17,120 --> 00:45:20,360
Speaker 4: the platform, but I haven't been to China, so I'm Secondarily.

960
00:45:20,440 --> 00:45:23,840
Speaker 4: My son went to China to camel surf and he

961
00:45:23,920 --> 00:45:26,879
Speaker 4: broke his uh well, he hurt his shoulder and they

962
00:45:26,880 --> 00:45:28,719
Speaker 4: were going to operate immediately, and I said, look, I

963
00:45:28,719 --> 00:45:30,640
Speaker 4: got to speak to the head of the hog. But no, no, no, no.

964
00:45:30,640 --> 00:45:32,680
Speaker 4: My wife flew him over for shang I came back.

965
00:45:32,960 --> 00:45:36,560
Speaker 4: But the Chinese are a conundrum for us because they

966
00:45:36,600 --> 00:45:39,160
Speaker 4: work harder than we do. But we may have them here.

967
00:45:39,200 --> 00:45:40,960
Speaker 4: I know the exports for really, the export numbers are

968
00:45:41,000 --> 00:45:43,040
Speaker 4: really good for them away from us. But I think

969
00:45:43,080 --> 00:45:44,879
Speaker 4: we had to take some action because there's too many

970
00:45:44,880 --> 00:45:47,239
Speaker 4: fentanyl towns. I got a Fentel town right next to me,

971
00:45:47,880 --> 00:45:49,640
Speaker 4: and I can tell you it was a great town

972
00:45:49,640 --> 00:45:51,880
Speaker 4: when I was growing up, and now it's a town

973
00:45:52,320 --> 00:45:54,160
Speaker 4: where I can't believe it. I can't believe what happened.

974
00:45:54,200 --> 00:45:57,240
Speaker 4: The mills close, you know, the mills, the mills, the mills.

975
00:45:57,280 --> 00:45:59,319
Speaker 4: I mean, now you can't bring back the pirates mill.

976
00:45:59,360 --> 00:46:01,879
Speaker 4: It's good Peeps by George Packer in Atlantic about that.

977
00:46:02,400 --> 00:46:05,520
Speaker 4: But I know we're really rambling hearing. I shouldn't ramble anhim.

978
00:46:05,640 --> 00:46:08,719
Speaker 3: Let me ask one cliche question. Lots of talk like

979
00:46:08,840 --> 00:46:12,200
Speaker 3: the show, lots of talk about market valuations. At the moment,

980
00:46:12,280 --> 00:46:14,440
Speaker 3: froth in the market we're recording this, I should have

981
00:46:14,440 --> 00:46:18,840
Speaker 3: said on fed Day, September seventeenth, do you see froth?

982
00:46:18,880 --> 00:46:19,799
Speaker 3: Do you see a bubble burring?

983
00:46:19,880 --> 00:46:21,560
Speaker 4: Yeah, there's two markets. And that's one of the reasons

984
00:46:21,560 --> 00:46:24,840
Speaker 4: why I wrote the book, because there's this market where

985
00:46:25,040 --> 00:46:27,319
Speaker 4: that is a musical chair market. I make fun of it.

986
00:46:27,320 --> 00:46:29,399
Speaker 4: It's a palaeer market and accept the fact that who

987
00:46:29,440 --> 00:46:32,640
Speaker 4: want to speculate go do palenter because Karp is you know,

988
00:46:32,719 --> 00:46:36,920
Speaker 4: Karp is one of the greatest. His ontology work is incredible.

989
00:46:37,120 --> 00:46:41,480
Speaker 4: It's better than scientology ontology. But I want people to stop.

990
00:46:41,880 --> 00:46:44,040
Speaker 4: I can let it be one of your holdings, but

991
00:46:44,080 --> 00:46:46,920
Speaker 4: don't do all because it will be crushed. And when

992
00:46:46,960 --> 00:46:49,240
Speaker 4: it happened, I do believe it, And when it happens,

993
00:46:49,239 --> 00:46:52,359
Speaker 4: you'll lose everything. And then I would anything I tried

994
00:46:52,400 --> 00:46:54,600
Speaker 4: to do be wrong. It's like when I was at college.

995
00:46:54,600 --> 00:46:56,520
Speaker 4: I used to go to the racetrack and then there

996
00:46:56,560 --> 00:46:59,880
Speaker 4: was a guy Andy Bayer, who was pet was a

997
00:47:00,040 --> 00:47:01,920
Speaker 4: he was teaching a course. He said, listen, if you're

998
00:47:01,920 --> 00:47:04,200
Speaker 4: going to go speculate at the racetra, at least know

999
00:47:04,239 --> 00:47:06,600
Speaker 4: how to do it. And I never forgot that. And

1000
00:47:06,880 --> 00:47:09,160
Speaker 4: if you're going to speculate, I will show you how

1001
00:47:09,160 --> 00:47:11,920
Speaker 4: to do it. But I really want compounding. And I

1002
00:47:11,960 --> 00:47:14,960
Speaker 4: want compounding because well, we know that that really is

1003
00:47:15,160 --> 00:47:16,919
Speaker 4: Einstein did not call the it's one of the world,

1004
00:47:16,960 --> 00:47:19,200
Speaker 4: but we know that that is a much better way

1005
00:47:19,239 --> 00:47:20,600
Speaker 4: to make money, much better.

1006
00:47:20,719 --> 00:47:23,279
Speaker 2: I have one last question. It's very closely related to this,

1007
00:47:23,360 --> 00:47:24,319
Speaker 2: but why are you.

1008
00:47:24,280 --> 00:47:26,240
Speaker 4: Wearing a button down? Why aren't you wearing French collar?

1009
00:47:27,880 --> 00:47:29,319
Speaker 4: It was it was not wrinkle.

1010
00:47:30,920 --> 00:47:32,160
Speaker 2: We're gonna have today.

1011
00:47:32,280 --> 00:47:33,759
Speaker 4: No, I like that. You don't have to press that

1012
00:47:33,840 --> 00:47:35,759
Speaker 4: because it has some sort of weird Did you buy

1013
00:47:35,800 --> 00:47:38,759
Speaker 4: that all right?

1014
00:47:39,040 --> 00:47:40,360
Speaker 3: I'm pretty sure that was an insult.

1015
00:47:40,480 --> 00:47:43,960
Speaker 4: Yeah. No, no, no, because I know I would never

1016
00:47:44,520 --> 00:47:47,759
Speaker 4: I'm very much I would have said I. I bought

1017
00:47:47,840 --> 00:47:51,040
Speaker 4: my wife's lingerie on she and thank god we use

1018
00:47:51,239 --> 00:47:54,200
Speaker 4: you know, match light. Don't have anything to put kazl

1019
00:47:54,280 --> 00:47:55,319
Speaker 4: in on the you.

1020
00:47:55,320 --> 00:47:58,120
Speaker 2: Know, one last question. It occurs to me that like

1021
00:47:58,280 --> 00:48:00,319
Speaker 2: one thing I thought many I got into did in

1022
00:48:00,320 --> 00:48:03,160
Speaker 2: the market in the late nineties. At any given moment,

1023
00:48:03,280 --> 00:48:05,560
Speaker 2: in a boom or a bubble, right, there are moments

1024
00:48:05,600 --> 00:48:07,719
Speaker 2: that feel like the top, and then a year later

1025
00:48:07,719 --> 00:48:10,279
Speaker 2: you're like, oh, that was nothing, that was just they're like, oh,

1026
00:48:10,360 --> 00:48:12,200
Speaker 2: you know, it's like a few a couple of years ago.

1027
00:48:12,400 --> 00:48:15,120
Speaker 2: They're like some C three AI is like booming, this

1028
00:48:15,160 --> 00:48:20,040
Speaker 2: is crazy top and so things like that, or like,

1029
00:48:20,440 --> 00:48:23,520
Speaker 2: you know this meme stock went up, doge coin is railing.

1030
00:48:23,560 --> 00:48:25,600
Speaker 2: We must be in a bubble. But all these things

1031
00:48:25,680 --> 00:48:27,480
Speaker 2: feel like a top in the moment, and then you

1032
00:48:27,600 --> 00:48:30,120
Speaker 2: realize they were just little hills on the way to

1033
00:48:30,160 --> 00:48:31,240
Speaker 2: a much bigger mountain.

1034
00:48:31,360 --> 00:48:35,120
Speaker 4: So you've got to there's a simple solution. You take

1035
00:48:35,280 --> 00:48:38,399
Speaker 4: out over time your cost basis, and then you play

1036
00:48:38,440 --> 00:48:40,680
Speaker 4: with the houses money. And then I'm okay because I'm

1037
00:48:40,680 --> 00:48:43,600
Speaker 4: a first you know, harm guy, a hippocritic oath, and

1038
00:48:43,760 --> 00:48:45,400
Speaker 4: I can tell people listen, if you want to do

1039
00:48:45,480 --> 00:48:48,560
Speaker 4: that for your one slot, be my guest. But as

1040
00:48:48,600 --> 00:48:51,080
Speaker 4: it goes up, you got to take your cost out

1041
00:48:51,200 --> 00:48:54,400
Speaker 4: and then I don't care where it goes. It's fantastic,

1042
00:48:54,640 --> 00:48:57,840
Speaker 4: but you are so right, that's what happens. Look some

1043
00:48:57,840 --> 00:49:00,080
Speaker 4: people feel that Google's at in video. I mean, I

1044
00:49:00,120 --> 00:49:01,480
Speaker 4: worked enough on video another Teragram.

1045
00:49:01,560 --> 00:49:03,560
Speaker 2: People were going Google bubble in two thousand and five,

1046
00:49:03,680 --> 00:49:04,479
Speaker 2: two thousand and six.

1047
00:49:04,600 --> 00:49:06,759
Speaker 4: Well, I mean, look, I recommended Google at eighty eight,

1048
00:49:07,120 --> 00:49:11,360
Speaker 4: and I was investigated by the CNBC General counsel for

1049
00:49:11,480 --> 00:49:13,800
Speaker 4: why I used eighty eight it's so so big, And

1050
00:49:13,840 --> 00:49:16,840
Speaker 4: I said, because I didn't use three hundred.

1051
00:49:17,560 --> 00:49:19,600
Speaker 3: Didn't you get out of the dot com bubble early

1052
00:49:19,800 --> 00:49:20,120
Speaker 3: as well?

1053
00:49:20,120 --> 00:49:22,239
Speaker 4: I did? I was short. I went I went on

1054
00:49:22,640 --> 00:49:23,920
Speaker 4: percent short.

1055
00:49:24,040 --> 00:49:27,399
Speaker 3: Dot com chicks first spotting.

1056
00:49:28,120 --> 00:49:30,520
Speaker 4: Because I am owned the big I was the biggest

1057
00:49:30,520 --> 00:49:32,560
Speaker 4: share hold on the street dot com and we're going

1058
00:49:32,600 --> 00:49:34,680
Speaker 4: from sixty three to two. So I had kind of

1059
00:49:34,680 --> 00:49:37,480
Speaker 4: a premonition. I mean, when it was a sixty three,

1060
00:49:37,600 --> 00:49:40,240
Speaker 4: the New York Observer said that I was three hundred,

1061
00:49:40,600 --> 00:49:42,399
Speaker 4: drew a picture of me as a pig and said,

1062
00:49:42,440 --> 00:49:44,120
Speaker 4: the three hundred and sixty million dollars man. By the

1063
00:49:44,120 --> 00:49:45,640
Speaker 4: time it came out, I was two sixty, and then

1064
00:49:46,040 --> 00:49:47,600
Speaker 4: a year later I was two point six.

1065
00:49:47,960 --> 00:49:51,040
Speaker 3: As a Trotsky. The pig cartoon must have hurt.

1066
00:49:51,680 --> 00:49:52,440
Speaker 4: I was overweight.

1067
00:49:52,480 --> 00:49:56,279
Speaker 2: Then, yeah, Jim, we gotta we're gonna talk for a

1068
00:49:56,280 --> 00:49:58,520
Speaker 2: long time. Thank you so much for a thing on.

1069
00:49:58,680 --> 00:50:01,280
Speaker 2: I wanted to be honest for a very long time.

1070
00:50:01,960 --> 00:50:03,799
Speaker 4: And I know that I got the exception because of

1071
00:50:03,800 --> 00:50:06,040
Speaker 4: my book to be on. I told you that I

1072
00:50:06,040 --> 00:50:07,759
Speaker 4: was writing the book, and I'm a man of my word.

1073
00:50:07,800 --> 00:50:09,160
Speaker 4: To come back because I always want to be in

1074
00:50:09,160 --> 00:50:12,520
Speaker 4: your show, because you're just a thoughtful guy. And when

1075
00:50:12,520 --> 00:50:14,319
Speaker 4: I when you were the stalwart, you were the first

1076
00:50:14,320 --> 00:50:14,799
Speaker 4: guy I read.

1077
00:50:15,200 --> 00:50:15,760
Speaker 2: Thank you.

1078
00:50:15,760 --> 00:50:17,399
Speaker 4: You know that no id to get up and read

1079
00:50:17,440 --> 00:50:23,319
Speaker 4: the praise that because it was the best. Thank you

1080
00:50:23,360 --> 00:50:25,840
Speaker 4: so much, absolutely, thank you. Guys should really appreciate.

1081
00:50:25,440 --> 00:50:40,360
Speaker 2: It, Tracy. One thing I will say about Jim, and

1082
00:50:40,400 --> 00:50:42,360
Speaker 2: I've always felt this, I've only met in my handful

1083
00:50:42,360 --> 00:50:43,920
Speaker 2: of times before, but one thing I'll say is like

1084
00:50:44,160 --> 00:50:47,120
Speaker 2: that public persona is not an act. No, the mad

1085
00:50:47,280 --> 00:50:49,959
Speaker 2: money vibe is that is Jim.

1086
00:50:50,040 --> 00:50:51,960
Speaker 3: No, I can believe it. He has a lot of energy.

1087
00:50:52,200 --> 00:50:56,480
Speaker 3: It's yes, I feel like he's chaotic neutral maybe in

1088
00:50:56,600 --> 00:50:56,960
Speaker 3: D and D.

1089
00:50:59,000 --> 00:51:02,480
Speaker 2: I just can't like, I couldn't sustain getting up at

1090
00:51:02,520 --> 00:51:04,600
Speaker 2: four and that was just for a few years. And

1091
00:51:04,680 --> 00:51:07,279
Speaker 2: the fact that he's still up at three fifteen, well

1092
00:51:07,480 --> 00:51:07,799
Speaker 2: he goes.

1093
00:51:07,680 --> 00:51:10,360
Speaker 3: To the fact that he goes to sleep at eleven eleven. Yeah,

1094
00:51:10,600 --> 00:51:13,400
Speaker 3: that's four hours to sleep under. Yeah, And that was

1095
00:51:13,440 --> 00:51:15,520
Speaker 3: a fascinating discussion. And I think one thing you can

1096
00:51:15,560 --> 00:51:19,879
Speaker 3: say is that in some respects Gym's been vindicated by

1097
00:51:20,320 --> 00:51:23,440
Speaker 3: you know, the rise of retail trading totally. Everyone takes

1098
00:51:23,440 --> 00:51:26,719
Speaker 3: it more seriously. Now that wasn't the case in like

1099
00:51:26,800 --> 00:51:29,640
Speaker 3: the nineties or the early two thousands. It's really changed.

1100
00:51:29,840 --> 00:51:33,360
Speaker 2: No, it really is striking. I mean, it does seem like,

1101
00:51:33,800 --> 00:51:37,480
Speaker 2: you know, he talked about needing to get a bodyguard

1102
00:51:37,920 --> 00:51:41,160
Speaker 2: during game stops. So it's clear that to some element

1103
00:51:41,239 --> 00:51:44,640
Speaker 2: there is a part of the retail investor world which

1104
00:51:44,640 --> 00:51:47,640
Speaker 2: has metastasized into something sinister.

1105
00:51:47,920 --> 00:51:49,160
Speaker 4: When people are.

1106
00:51:49,000 --> 00:51:52,120
Speaker 2: Making threats because you don't like this dock, it's really interesting.

1107
00:51:52,239 --> 00:51:55,319
Speaker 2: People are just like any sort of negativity is so

1108
00:51:56,120 --> 00:51:59,080
Speaker 2: fought back against online when it comes to stocks these days,

1109
00:51:59,160 --> 00:52:03,399
Speaker 2: it's really striking. So but also you know, obviously when

1110
00:52:03,480 --> 00:52:06,720
Speaker 2: and then other things such as that they know nothing

1111
00:52:06,800 --> 00:52:09,560
Speaker 2: rand or the liquidation which I hadn't even realized that

1112
00:52:09,640 --> 00:52:12,480
Speaker 2: you mentioned it of the s Jim etf. Yeah, some

1113
00:52:12,520 --> 00:52:13,680
Speaker 2: good wins under his belt.

1114
00:52:13,760 --> 00:52:13,920
Speaker 4: Man.

1115
00:52:14,000 --> 00:52:16,320
Speaker 3: I really wish he had recommended that. I know that

1116
00:52:16,360 --> 00:52:17,840
Speaker 3: would see what would happen to you?

1117
00:52:18,000 --> 00:52:20,640
Speaker 2: The exception? Yeah, okay, how do you? How do you?

1118
00:52:20,840 --> 00:52:23,080
Speaker 3: I don't even know if an etf ken short itself,

1119
00:52:23,160 --> 00:52:24,359
Speaker 3: but I guess you would find out.

1120
00:52:24,400 --> 00:52:25,960
Speaker 2: I don't know how you go about that fight. Now,

1121
00:52:25,960 --> 00:52:28,759
Speaker 2: I'm glad we finally made that happen. And I read

1122
00:52:28,800 --> 00:52:31,160
Speaker 2: about half of his book and it's a very fun read.

1123
00:52:31,280 --> 00:52:32,120
Speaker 3: I'm looking forward to it.

1124
00:52:32,160 --> 00:52:32,399
Speaker 4: Yeah.

1125
00:52:32,400 --> 00:52:33,040
Speaker 3: Shall we leave it there?

1126
00:52:33,160 --> 00:52:33,799
Speaker 4: Let's leave it there.

1127
00:52:34,040 --> 00:52:36,520
Speaker 3: This has been another episode of the Odd Loots podcast.

1128
00:52:36,760 --> 00:52:40,200
Speaker 3: I'm Tracy Alloway. You can follow me at Tracy Alloway, and.

1129
00:52:40,120 --> 00:52:42,880
Speaker 2: I'm joll Wisenthal. You could follow me at the Stalwart.

1130
00:52:43,080 --> 00:52:46,160
Speaker 2: Follow our guest Jim Kramer. He's at Jim Kramer. Follow

1131
00:52:46,200 --> 00:52:49,320
Speaker 2: our producers Carmen Rodriguez at Carman Arman, dash Ol Bennett

1132
00:52:49,320 --> 00:52:52,000
Speaker 2: at dashbod and Cale Brooks at Kale Brooks. For more

1133
00:52:52,040 --> 00:52:54,839
Speaker 2: Odd Lads content, go to Bloomberg dot com flash Odd Lots,

1134
00:52:54,800 --> 00:52:57,640
Speaker 2: where the daily newsletter and all of our episodes, and

1135
00:52:57,680 --> 00:52:59,680
Speaker 2: you can chat about all of these topics twenty four

1136
00:52:59,760 --> 00:53:03,680
Speaker 2: seven in our discord Discord dot gg slash on lots.

1137
00:53:03,680 --> 00:53:05,680
Speaker 3: And if you enjoy all lots, if you like it,

1138
00:53:05,719 --> 00:53:08,000
Speaker 3: when we have Jim Kramer on then, please leave us

1139
00:53:08,120 --> 00:53:11,480
Speaker 3: a positive review on your favorite podcast platform. And remember,

1140
00:53:11,560 --> 00:53:14,160
Speaker 3: if you are a Bloomberg subscriber, you can listen to

1141
00:53:14,320 --> 00:53:17,319
Speaker 3: all of our episodes absolutely ad free. All you need

1142
00:53:17,360 --> 00:53:19,840
Speaker 3: to do is find the Bloomberg channel on Apple Podcasts

1143
00:53:19,880 --> 00:53:22,440
Speaker 3: and follow the instructions there. Thanks for listening.