WEBVTT - Slava Rubin 0:00:08.600 --> 0:00:12.160 Welcome, Welcome, Welcome back to the Bob Left Sets podcast. 0:00:12.600 --> 0:00:15.440 My guest today the Slav of Vemon, one of the 0:00:15.480 --> 0:00:19.120 co founders of indiego Go and chairman of the new 0:00:19.200 --> 0:00:23.040 platform Vincent. Slava, good to have you here. Thank you 0:00:23.120 --> 0:00:27.000 for having me. Very excited to be here. Okay, explain 0:00:27.080 --> 0:00:31.320 what Vincent is. Vincent is an aggregator for alternative investments. 0:00:31.680 --> 0:00:36.040 Alternative investments are growing very rapidly. Alternative investments are anything 0:00:36.600 --> 0:00:39.720 that are not public equities or bonds, so you could 0:00:39.720 --> 0:00:46.960 think about it like collectibles, real estate, venture, crypto assets, art. 0:00:47.800 --> 0:00:50.600 All these things are growing rapidly and there's not really 0:00:50.640 --> 0:00:54.000 a central place where the individual investor can try to 0:00:54.040 --> 0:00:57.360 look across all of their options. So that is Vincent 0:00:57.520 --> 0:01:02.800 one place to start thinking about how to invest into alternatives. Okay, 0:01:02.880 --> 0:01:05.800 needless just say, we had a Robin hood and his 0:01:06.000 --> 0:01:09.720 result of that we had volatility in a MC, we 0:01:09.800 --> 0:01:13.800 had volatility in game stop. Is this an arena where 0:01:13.800 --> 0:01:19.880 the average persian should be playing? Absolutely so um. For 0:01:19.920 --> 0:01:23.360 the longest time, people felt that only the rich, the 0:01:23.360 --> 0:01:27.520 accredited investors, the family offices, the institutions were able to 0:01:27.560 --> 0:01:31.199 have access to these alternative investments and they've known that 0:01:31.400 --> 0:01:34.480 being able to have a small portion of your portfolio 0:01:35.000 --> 0:01:40.280 across some of these riskier assets gave them higher returns overall. 0:01:40.959 --> 0:01:45.520 So today you see about five percent of portfolios across 0:01:45.760 --> 0:01:49.880 investors in these alternatives, and too many people don't have 0:01:49.920 --> 0:01:52.920 anything in alternatives. And I really do believe that the 0:01:52.960 --> 0:01:59.320 average person should have somewhere between five to fiftent in alternatives. 0:01:59.480 --> 0:02:01.480 You shouldn't at the farm on it. You should him 0:02:01.480 --> 0:02:03.600 put all of your savings in it, but a small 0:02:03.640 --> 0:02:06.760 portion of higher risk, prior return assets could give you 0:02:06.760 --> 0:02:12.400 a much better return overall. Okay, most people are financially unsophisticated. 0:02:12.480 --> 0:02:16.120 Those with some assets might have a financial advisor who 0:02:16.160 --> 0:02:20.359 would balance their portfolio, as you're saying, But well, you 0:02:20.400 --> 0:02:22.600 find certainly on robin Hood that it's a lot of 0:02:22.639 --> 0:02:26.440 people who are relatively young with some extra cash and 0:02:26.480 --> 0:02:29.200 this might be their only investment. They might have an 0:02:29.200 --> 0:02:31.320 eye row. What do you say to those people? So 0:02:31.600 --> 0:02:34.560 it's really just a function of a percentage of how 0:02:34.639 --> 0:02:37.560 much you have. So if you have ten million, you 0:02:37.600 --> 0:02:40.640 should put you know, let's call it a million dollars 0:02:40.639 --> 0:02:44.120 ten percent into alternatives. If you have a thousand dollars 0:02:44.400 --> 0:02:47.359 you should think about putting a hundred dollars into alternatives. 0:02:47.800 --> 0:02:51.679 It's really about putting that five to ten percent into alternatives. Now, 0:02:51.680 --> 0:02:54.720 the question that asks, how do I only put you know, 0:02:54.880 --> 0:02:58.520 fifty dollars five five thousand dollars into alternatives. That's the 0:02:58.520 --> 0:03:02.760 beauty of what's happening in the last decade. Since about 0:03:03.760 --> 0:03:07.040 you've seen the dawn of all these alternative investment platforms 0:03:07.320 --> 0:03:11.760 across these individual asset classes. You have real estate platforms, 0:03:11.800 --> 0:03:14.280 you have venture platforms, you have art platforms, you have 0:03:14.320 --> 0:03:17.360 collectible platform and when I say collectibles, i'm talking about whine, 0:03:17.400 --> 0:03:21.000 I'm talking about cars, I'm talking about trading cards. You 0:03:21.040 --> 0:03:26.240 have crypto platforms, and they're all offering these fractional ownership 0:03:26.360 --> 0:03:28.400 where you can get a piece of the asset. You 0:03:28.440 --> 0:03:31.160 don't have to spend the entire seven million dollars on 0:03:31.200 --> 0:03:33.480 a mon a. Maybe you can spend two thousand five 0:03:33.560 --> 0:03:35.800 dollars to get a piece. You don't need to spend 0:03:35.800 --> 0:03:39.680 the entire four thousand dollars for some Will Chamberling card. 0:03:40.080 --> 0:03:43.520 You can buy a ten dollar piece. And that's the 0:03:43.560 --> 0:03:46.240 beauty of what's happening across all of these alternative investments, 0:03:46.440 --> 0:03:50.000 and it's becoming much more approachable for the everyday investor. 0:03:50.040 --> 0:03:53.960 Whether you have ten thousand dollars of extra uh income 0:03:54.000 --> 0:03:56.520 to uh sorry, ten thousand dollars of worth that you 0:03:56.520 --> 0:04:00.440 can deploy, or if you have uh, you know, five million. Really, 0:04:00.480 --> 0:04:03.560 you just can prioritize it accordingly as to how you 0:04:03.560 --> 0:04:09.440 would diversify. Okay, let's assume I am interested. How do 0:04:09.520 --> 0:04:13.680 I decide what to invest in? Am I purely you know, 0:04:13.800 --> 0:04:17.960 flying blind doing my own research? Are there any primmers, 0:04:18.000 --> 0:04:22.839 anything that could help me out? Yeah? So? Um right now. 0:04:22.960 --> 0:04:26.400 The two places where you can really start as the 0:04:26.480 --> 0:04:31.040 investor to think about your alternative investment options is either 0:04:31.120 --> 0:04:33.560 you ask your buddy, you know, Sally or Sam that 0:04:33.680 --> 0:04:35.360 you talk to at work or on zoom or at 0:04:35.360 --> 0:04:38.080 the golf course, and you know that person is gonna 0:04:38.080 --> 0:04:39.520 be limited by what they know and what they have 0:04:39.560 --> 0:04:42.880 access to. Or you go onto Google and you try 0:04:42.920 --> 0:04:46.560 to do your research, which the research is complicated because 0:04:46.640 --> 0:04:49.240 most of the research and most of the information is 0:04:49.320 --> 0:04:52.000 coming often from the people trying to sell you the 0:04:52.040 --> 0:04:56.200 actual product. So it's hard to find objective information to 0:04:56.200 --> 0:04:58.920 try to research and diligence across all of your options, 0:04:59.160 --> 0:05:02.800 and that's exactly what Vincent the platform which we launched 0:05:02.839 --> 0:05:06.000 five months ago with Vincent dot Com is to be 0:05:06.040 --> 0:05:09.719 able to start your journey on alternatives with Vincent, which 0:05:09.760 --> 0:05:12.160 is this is where you discover your options. This is 0:05:12.200 --> 0:05:13.920 where you do your diligence. This is where you can 0:05:13.960 --> 0:05:16.560 compare and contrast, and then you click through to the 0:05:16.600 --> 0:05:20.000 deals that you like and move forward. Okay, if one 0:05:20.040 --> 0:05:26.440 examines the site, there's certainly hundreds of alternatives available. How 0:05:26.520 --> 0:05:30.880 much information is there is? How does someone uh digested 0:05:30.920 --> 0:05:34.919 information to help them make a choice. Yeah, so, uh, 0:05:34.960 --> 0:05:39.880 there are dozens of different types of alternatives. We've grouped 0:05:39.880 --> 0:05:44.320 it into a simple taxonomy of six different options. High level, So, 0:05:44.720 --> 0:05:48.279 do you want a debt alternative? Do you want a 0:05:48.360 --> 0:05:51.960 real estate alternative? Do you want to venture which is 0:05:52.000 --> 0:05:55.120 like you know, equity or venture fund, et cetera. Do 0:05:55.160 --> 0:05:58.280 you want art, do you want crypto or do you 0:05:58.320 --> 0:06:01.200 want collectibles? Everything will fall into the one of those 0:06:01.240 --> 0:06:04.720 six categories. Inside of that, you can then refine your 0:06:04.720 --> 0:06:06.680 filter in terms of how much you're trying to spend, 0:06:07.080 --> 0:06:09.560 what kind of returns you're looking for, and then we 0:06:09.640 --> 0:06:12.279 help you to try to navigate compare and contrast. Now, 0:06:12.960 --> 0:06:15.839 a real estate investment will have some similarities to a 0:06:15.880 --> 0:06:19.200 trading card investment, but there will also be differences, which 0:06:19.200 --> 0:06:22.320 is part of the challenges of navigating across assets. But 0:06:22.360 --> 0:06:24.320 it's also the beauty of the product that we've tried 0:06:24.360 --> 0:06:27.280 to create that simplicity for the comparison. Just to give 0:06:27.279 --> 0:06:29.720 you a really interesting stat like I mentioned, we've been 0:06:29.720 --> 0:06:33.799 around now for five months. Um, we have over sixty 0:06:33.800 --> 0:06:38.200 platforms already signed up on the supply sidelight light. Wait wait, wait, 0:06:38.400 --> 0:06:42.920 just define what those platforms are pleased. So a platform 0:06:43.200 --> 0:06:46.720 is one of those originators. An originator is an organization 0:06:46.839 --> 0:06:50.680 that is SEC approved and they are approved to be 0:06:50.720 --> 0:06:55.039 able to source deals. Uh in that vertical on behalf 0:06:55.080 --> 0:06:58.120 of the potential investors that would invest into that. So 0:06:58.240 --> 0:07:02.480 let's be specific. Uh, there's a platform called Collectible which 0:07:02.520 --> 0:07:06.200 focuses on trading cards. Their SEC approved to be able 0:07:06.240 --> 0:07:08.760 to get let's call it a Will Chamberlain card or 0:07:08.839 --> 0:07:11.800 yesterday I invested in the Sandy Kofax card. They were 0:07:11.800 --> 0:07:14.480 able to get that card. They originated, they sourced that deal, 0:07:14.520 --> 0:07:17.760 They originated that offering, and Sandy Ko Fox what I 0:07:17.800 --> 0:07:19.840 think was selling. It's a p s A nine. P 0:07:20.040 --> 0:07:23.120 S A is a grading in the in the card industry, 0:07:23.240 --> 0:07:24.960 it's p S A nine. I think there's like thirty 0:07:25.000 --> 0:07:26.720 six of them in the world that are known. I 0:07:26.760 --> 0:07:28.840 think there's three p s A tens. So this was 0:07:28.840 --> 0:07:31.160 a p s A nine selling for about four fifty 0:07:31.200 --> 0:07:34.400 thousand dollars. So if somebody is rich enough on the car, 0:07:34.680 --> 0:07:36.200 you know, listening, they could just try to go buy 0:07:36.200 --> 0:07:39.720 the whole thing. But um, what this platform is doing 0:07:39.760 --> 0:07:42.840 is making it more accessible by selling the shares at 0:07:42.880 --> 0:07:46.840 ten dollars apiece. And that is an originator. So Collectible 0:07:46.960 --> 0:07:50.040 is just one example of an originator. So the originator 0:07:50.360 --> 0:07:54.520 establishes the price of four hundred and fifty thousand, Theoretically, 0:07:54.640 --> 0:07:57.760 could I invest my ten dollars And since there's so 0:07:57.880 --> 0:08:00.560 much to mend, the originator might say, well, now the 0:08:00.640 --> 0:08:03.640 value was six. No, it's just like an I P O. 0:08:03.880 --> 0:08:06.480 So when the I p O happens, that's it. It's happened, 0:08:06.600 --> 0:08:09.680 and then it goes into a secondary market. So when 0:08:09.680 --> 0:08:12.320 the IPO happens, that's the primary issuance. So the primary 0:08:12.320 --> 0:08:15.080 issuance is the first price that it goes to market with, 0:08:15.160 --> 0:08:16.600 and it's kind of like the I p O of 0:08:16.640 --> 0:08:20.480 this offering. Um so, Uh, Sandy ko Fax went for 0:08:20.480 --> 0:08:24.240 about four thousand dollars. I bought my shares. You know, 0:08:24.280 --> 0:08:26.840 I put in a thousand dollars. And you know, next 0:08:26.880 --> 0:08:29.960 week or next month, somebody might want to buy my 0:08:30.040 --> 0:08:32.960 shares for twelve dollars or they might only be worth 0:08:33.000 --> 0:08:36.640 eight dollars. And so I'll probably hold because I believe 0:08:36.720 --> 0:08:38.680 Sandy Kofax can be worth a lot in the future. 0:08:39.320 --> 0:08:41.000 Um So I'll get to decide if I want to 0:08:41.000 --> 0:08:44.280 sell for twelve dollars for and get a profit on 0:08:44.400 --> 0:08:47.920 my ten dollar shares or fall hold. And that's just 0:08:48.360 --> 0:08:51.959 in the collectible space. You you you mentioned a couple 0:08:52.000 --> 0:08:55.760 of things and we have Let's say I'm investing. Does 0:08:55.880 --> 0:09:00.280 Vincent charge me to invest? So? Vincent does not charge 0:09:00.400 --> 0:09:03.480 the investor anything. We are on the side of the investor. 0:09:03.520 --> 0:09:06.440 We're helping them to discover in diligence. Uh, and we're 0:09:06.520 --> 0:09:08.920 just leading you to all of your options. We do 0:09:08.960 --> 0:09:12.440 not charge the investor anything, totally free. Okay, So then 0:09:12.480 --> 0:09:17.160 how does Vincent get paid? So Vincent is working with 0:09:17.200 --> 0:09:20.200 the originators to help them to be able to get 0:09:20.640 --> 0:09:23.880 more investors. So We're really like Google, which is a 0:09:23.880 --> 0:09:28.000 search engine trying to you know, get more qualified leads, 0:09:28.120 --> 0:09:31.920 uh to our originators. Okay, so let's say sorry, you 0:09:31.960 --> 0:09:33.840 could just think of us as just a very vertical 0:09:33.920 --> 0:09:39.400 specific search engine like Google, but specifically for alternative investments. Okay, 0:09:39.480 --> 0:09:44.040 now Google, Uh, they with ad Sense, depending on what 0:09:44.120 --> 0:09:47.319 you're at, isn't bidding, you might pay more or less. 0:09:47.760 --> 0:09:53.720 So with Vincent, is every originated product a different deal 0:09:54.080 --> 0:09:57.319 or is there a straight deal or it's different every 0:09:57.640 --> 0:10:01.960 uh company has a certain percentage that you charge them. Yeah, 0:10:02.040 --> 0:10:07.080 so all the um right now on Vincent, we don't 0:10:07.120 --> 0:10:11.199 actually have a paid promotion product like ad Sense. So 0:10:11.400 --> 0:10:15.240 when you search on Google for you know, hotels in Camcoon, 0:10:15.760 --> 0:10:18.079 there's a few people that are paying for those positions, 0:10:18.440 --> 0:10:20.600 and there's a few people, a few companies that are 0:10:20.600 --> 0:10:24.280 getting those positions organically because they deserve those top positions. 0:10:24.679 --> 0:10:27.520 Right now, we only have organic results. No one is 0:10:27.559 --> 0:10:31.000 able to pay to get better results. In front of 0:10:31.040 --> 0:10:34.360 the investor on Vincent, we're only five months old. Would 0:10:34.400 --> 0:10:38.600 you anticipate you might charge for that visibility? Uh? That 0:10:38.720 --> 0:10:42.559 very well might happen. Um, you know already our originators 0:10:42.559 --> 0:10:46.119 are asking us to get more visibility and more exposure 0:10:46.480 --> 0:10:50.160 and trying to pay us for that opportunity. But we're 0:10:50.200 --> 0:10:53.840 also trying to make sure we're serving the investor as 0:10:53.840 --> 0:10:56.920 well as possible in terms of having a trusted experience 0:10:57.240 --> 0:10:59.600 while trying to have, you know, a business that can 0:10:59.640 --> 0:11:04.400 be anniable into the future. Okay, so the Sandy kofax card, 0:11:05.000 --> 0:11:09.640 the originator. How much do you are you charging the 0:11:09.640 --> 0:11:14.199 originator when someone buys on your platform? Well, they don't 0:11:14.240 --> 0:11:17.400 buy on my platform, right, We hand off the investor 0:11:17.440 --> 0:11:21.920 to their platform, so we don't charge anybody anything, meeting 0:11:21.960 --> 0:11:27.000 any investor anything. What the platforms charge is their different 0:11:27.000 --> 0:11:30.120 fee schedules. And one of the beautiful things that Vincent 0:11:30.200 --> 0:11:33.720 is able to do is transparently compare and contrast those 0:11:33.720 --> 0:11:37.520 fee schedules. Because sometimes it's a little opaque because not 0:11:37.640 --> 0:11:40.079 all companies charge the exact same way, so it's a 0:11:40.120 --> 0:11:42.760 little hard to compare. We try to surface that to 0:11:42.800 --> 0:11:45.959 the front so the investor can understand what they're getting 0:11:45.960 --> 0:11:48.280 into a little bit better. Okay, what might be the 0:11:48.320 --> 0:11:52.640 options of charging the ultimate investor? Um? I mean it 0:11:52.640 --> 0:11:55.880 gets a little complicated. I mean the originators decide their 0:11:55.880 --> 0:11:59.120 own way. Sometimes they'll just mark up the asset. So 0:11:59.160 --> 0:12:01.920 the asset might be worth let's call it a hundred 0:12:01.920 --> 0:12:03.880 thousand dollars, but they'll sell it for a hundred and 0:12:03.880 --> 0:12:06.880 ten thousand dollars, So they automatically made a ten percent 0:12:07.480 --> 0:12:11.000 big without you really knowing it, even though you know 0:12:11.080 --> 0:12:13.839 it's built into the price. Sometimes they'll tell you, hey, 0:12:13.880 --> 0:12:16.360 we're only charging a hundred thousand dollars, but we're going 0:12:16.400 --> 0:12:19.760 to charge you five percent to do the transaction. Uh. 0:12:19.840 --> 0:12:23.280 Sometimes it's all just baked in. UM. They might offer 0:12:23.640 --> 0:12:26.440 for free, meaning at price at market for the hundred 0:12:26.440 --> 0:12:29.000 thousand dollars, because then they want to make money on 0:12:29.000 --> 0:12:32.000 the secondary trades where you're trading from ten dollars to 0:12:32.080 --> 0:12:34.680 eight dollars or from ten dollars to twelve dollars in 0:12:34.720 --> 0:12:37.000 that secondary market. Maybe they want to be able to 0:12:37.080 --> 0:12:39.880 charge you uh some money on each of those secondary trades. 0:12:40.240 --> 0:12:43.240 So there's a lot of different ways. Uh. Maybe they 0:12:43.240 --> 0:12:45.839 want to get you into subscription product. Maybe they want 0:12:45.840 --> 0:12:47.599 to get you into an a u M product a 0:12:47.720 --> 0:12:50.839 U M A little bit tower. What is a subscription 0:12:50.920 --> 0:12:53.640 and what is an a UM Well subscription would mean 0:12:53.720 --> 0:12:56.800 Maybe they want to get you into a more premier 0:12:57.240 --> 0:13:01.319 UM access of the way you work with their platform. 0:13:01.360 --> 0:13:03.920 So they charge you, you know, ten dollars a month 0:13:04.000 --> 0:13:06.040 or a hundred dollars a month or a thousand dollars 0:13:06.040 --> 0:13:08.320 a month to be able to get special privileges or 0:13:08.320 --> 0:13:12.400 deal flow or access or data UM, while others might 0:13:12.400 --> 0:13:13.760 be trying to get you into an a u M 0:13:13.840 --> 0:13:16.880 product means assets under management, so they're trying to offer 0:13:16.920 --> 0:13:20.400 you a professional fund UM where instead of you picking 0:13:20.480 --> 0:13:23.920 specific stocks and I say that as a metaphor meaning 0:13:23.960 --> 0:13:27.240 individual assets, you might just say I want to deploy 0:13:27.320 --> 0:13:30.920 money into this UH platform and just let them put 0:13:30.960 --> 0:13:34.760 all of their various UH individual assets into that fund, 0:13:34.760 --> 0:13:36.760 and I just want to invest into the fund. So 0:13:36.880 --> 0:13:40.400 all these origination platforms which I mentioned we have well 0:13:40.440 --> 0:13:43.679 over fifty already. They all have their own business models, 0:13:43.679 --> 0:13:46.480 they have their own monetization models, They focus on their 0:13:46.480 --> 0:13:49.120 own verticals in terms of the assets they focus on. 0:13:49.320 --> 0:13:52.640 This is all very confusing. UM. Often, if you're just 0:13:52.679 --> 0:13:55.480 trying to navigate from the perspective of I have an 0:13:55.559 --> 0:13:58.240 extra ten thousand dollars, what should I do with it? 0:13:58.559 --> 0:14:00.920 It's daunting if you're just thinking I have ten thousand dollars? 0:14:00.960 --> 0:14:02.520 What should I do with it? It's hard to know 0:14:02.559 --> 0:14:05.040 where to start because if you start in any one 0:14:05.080 --> 0:14:08.960 of those platforms, you right away go down the tunnel 0:14:09.000 --> 0:14:13.160 with that specific asset, with that specific platform. While with Vincent, 0:14:13.160 --> 0:14:14.840 we're trying to give you a very top down view 0:14:14.880 --> 0:14:18.680 across the entire industry of all the assets, UH, and 0:14:18.720 --> 0:14:20.920 try to give you a compare and contrast across all 0:14:20.960 --> 0:14:25.680 the platforms within an asset, or compare across assets. Um So, yeah, 0:14:25.760 --> 0:14:30.000 the idea is to start your alternative journey with Vincent. Okay, 0:14:30.040 --> 0:14:33.240 so you provide the lead so to speak. How does 0:14:33.360 --> 0:14:38.080 Vincent get paid presently? Um? So, we haven't been focusing 0:14:38.160 --> 0:14:41.640 very much on monetization since we're so young, but presently 0:14:41.680 --> 0:14:45.120 what's happening is platforms are partnering with us UH and 0:14:45.160 --> 0:14:51.560 then UH paying us on a per lead per lead. Okay, 0:14:51.680 --> 0:14:55.560 So let's just assume I buy my piece of the 0:14:55.600 --> 0:14:58.360 sandy Ko fax card. Let's just say the value is 0:14:58.400 --> 0:15:02.040 a hundred thousand dollars to make and numbers easier to comprehend. 0:15:02.640 --> 0:15:12.320 What happens if they only sell fifty thousand dollars to investors? So? Um, 0:15:12.520 --> 0:15:16.680 the originator each originator has their own approach to that. 0:15:17.000 --> 0:15:19.640 But usually what they're doing is they're underwriting the card, 0:15:20.200 --> 0:15:23.760 so they've already kind of bought the entire card, so 0:15:23.800 --> 0:15:26.920 they already owned the entire card. So anybody who's buying 0:15:26.920 --> 0:15:28.920 a piece doesn't have to worry about whether or not 0:15:28.960 --> 0:15:31.280 the entire card is sold, because as long as they 0:15:31.320 --> 0:15:34.280 have their piece, that's fine. Often they are trying to 0:15:34.320 --> 0:15:37.720 sell a specific amount for simplicity sake, let's say fifty. 0:15:38.840 --> 0:15:43.000 So let's say they're trying to sell fifty of sandy kofax. Uh. 0:15:43.080 --> 0:15:46.600 If they're only selling so far, that doesn't mean that 0:15:46.640 --> 0:15:48.680 they have to wait for the other ten percent to 0:15:48.680 --> 0:15:51.720 be sold, because the card is already in their ownership. 0:15:51.960 --> 0:15:54.880 They already custody the card, right, So it's not as 0:15:54.880 --> 0:15:58.280 if you have to try to get that full number 0:15:58.400 --> 0:16:01.480 to try to own the card, because the originator is 0:16:01.560 --> 0:16:05.160 often already owning it, so they're underrated that. But often 0:16:05.320 --> 0:16:08.520 you are getting to the full amount met, sometimes within minutes, 0:16:08.600 --> 0:16:12.280 sometimes within hours, sometimes within days or weeks. Okay, let's 0:16:12.360 --> 0:16:15.800 use the continuing example of Sandy ko fax. You have 0:16:16.200 --> 0:16:20.600 x amount of sandy co fax. To what degree is 0:16:20.680 --> 0:16:25.080 that liquid and who's to be supervises the sales, what 0:16:25.120 --> 0:16:29.560 would be the exchange so um, right now, the way 0:16:29.560 --> 0:16:34.280 it works is there's a number of different originators. UM. 0:16:34.320 --> 0:16:36.400 The examples that we're talking about with Sandy co Fax 0:16:36.400 --> 0:16:40.040 would be a collectibles originator. In the collectible space, There's 0:16:40.080 --> 0:16:43.880 a company called Otis. There's a company called Rally, There's 0:16:43.880 --> 0:16:49.040 a company called Collectible. UM. There's others which you can 0:16:49.080 --> 0:16:53.520 get into n f t s which are like digital collectibles. UM. 0:16:53.560 --> 0:16:56.880 And what will happen is often where you are originating 0:16:56.880 --> 0:17:00.520 the deal, where you're purchasing originally, is where you will 0:17:00.560 --> 0:17:05.520 be doing your secondary trading. So uh, they will allow 0:17:05.720 --> 0:17:08.680 for the matching process between supply and demand. Let's talk 0:17:08.720 --> 0:17:11.840 about Sandy Kofax again. So often there's a lock up 0:17:11.880 --> 0:17:15.879 period where let's say the deal closed today. UH, and 0:17:15.960 --> 0:17:18.479 let's say you want to sell tomorrow your shares. Usually 0:17:18.480 --> 0:17:22.240 that's not allowed. Usually they will lock up for thirty days, 0:17:22.240 --> 0:17:25.439 sixty days, ninety days, maybe a year, uh to allow 0:17:25.600 --> 0:17:28.879 for things to settle in and then the secondary trading 0:17:28.880 --> 0:17:31.440 will be allowed. So let's say, for example, let's say 0:17:31.520 --> 0:17:34.919 ninety days, so after nine d days I will be 0:17:34.960 --> 0:17:38.560 able to uh, you know, enter the markets of secondary trading, 0:17:38.840 --> 0:17:41.840 and I can set my price and say, you know, 0:17:42.080 --> 0:17:45.000 I'm willing to sell my ten dollar shares that I 0:17:45.040 --> 0:17:49.680 bought UH for twenty and I can list that on 0:17:49.960 --> 0:17:54.320 a secondary market, the one often that I bought it on. Now, 0:17:54.400 --> 0:17:57.200 it's not as fluid as robin Hood because robin Hood 0:17:57.280 --> 0:18:00.080 is massively liquid. There's so many people that are buying 0:18:00.119 --> 0:18:02.000 and so many people that are selling on both sides, 0:18:02.040 --> 0:18:05.639 and the public markets have huge infrastructure that's been built 0:18:05.640 --> 0:18:08.920 out by things called market makers and others that really 0:18:08.960 --> 0:18:12.800 make the the trades happen so fast because they're able 0:18:12.840 --> 0:18:15.880 to match what people want versus what people are trying 0:18:15.880 --> 0:18:18.920 to sell for. The bid in the ASP are the terms. 0:18:18.960 --> 0:18:22.680 But in these new spaces, in these alternative markets, it's 0:18:22.720 --> 0:18:25.760 not quite as liquid yet. So sometimes you don't match 0:18:25.880 --> 0:18:28.600 immediately or within even an hour or even a day. 0:18:28.960 --> 0:18:31.639 Sometimes it might take days or weeks to find that match, 0:18:31.960 --> 0:18:34.720 or it can be instantaneous, depending on how the market 0:18:34.760 --> 0:18:37.439 works out. So if I'm looking for twenty dollars, but 0:18:37.480 --> 0:18:39.320 the other folks are coming in saying, you know what, 0:18:39.640 --> 0:18:41.520 you just bought this for ten dollars three months ago, 0:18:41.560 --> 0:18:43.359 but I will buy for twelve right now, or I 0:18:43.359 --> 0:18:45.880 will buy for fourteen, but you know I'm sticking out 0:18:45.920 --> 0:18:48.840 for for twenty. Uh, you're just gonna I'm just gonna 0:18:48.840 --> 0:18:51.560 have to wait because my match didn't come through. Now 0:18:51.640 --> 0:18:55.760 somebody else, uh living in you know, for the fun 0:18:55.800 --> 0:18:59.080 of it. Let's say in Alabama they are ready to 0:18:59.119 --> 0:19:02.119 sell quicker, their Sandy kofax, and they're just looking for 0:19:02.160 --> 0:19:04.639 thirteen dollars. So if they were saying I want to 0:19:04.640 --> 0:19:06.680 sell for thirteen and somebody came in saying I want 0:19:06.680 --> 0:19:09.560 to buy up the fourteen, that match will happen. But 0:19:09.640 --> 0:19:12.119 because I was waiting for a twenty, my match didn't happen. 0:19:12.240 --> 0:19:15.000 Does that make sense? Yes? Of course. Is it a 0:19:15.800 --> 0:19:20.080 transparent Let's just assume your example blooded at ten want 0:19:20.080 --> 0:19:23.040 to sell it at twenty. Is there an exchange so 0:19:23.119 --> 0:19:27.040 that while I'm asleep, the transaction will happen if someone 0:19:27.200 --> 0:19:31.879 bids twenty. Yes. Um, I wouldn't use the word exchange. 0:19:32.040 --> 0:19:34.879 That's a little bit of a technical word. Usually exchange 0:19:35.000 --> 0:19:41.040 does mean a more sophisticated, um quick transaction. Really what 0:19:41.119 --> 0:19:45.160 these are called our billboards billboard secondary because it's almost 0:19:45.200 --> 0:19:49.120 like you're posting something on like in the old old 0:19:49.160 --> 0:19:53.560 style newspapers classified, where you know, some people will say 0:19:53.640 --> 0:19:56.560 I'm looking to sell my Sandy ko fax for twenty, 0:19:56.840 --> 0:19:59.000 and somebody else is saying I'm looking to buy Sandy 0:19:59.040 --> 0:20:01.840 kofax is for four. Team. It's almost like somebody will 0:20:01.840 --> 0:20:05.400 manually be reading the classified and say, oh, I think 0:20:05.400 --> 0:20:07.880 these two people should talk to each other. And that's 0:20:07.880 --> 0:20:11.199 actually just happening a little bit more fluidly on these 0:20:11.680 --> 0:20:15.959 on these platforms right now. Uh It's not as sophisticated 0:20:16.359 --> 0:20:19.840 as robin Hood or as exchanges like the New York 0:20:19.800 --> 0:20:23.480 Stock Exchange or or the NAZDAC, but it's way more 0:20:23.560 --> 0:20:28.320 efficient and way more fluid than the newspaper classified example 0:20:28.359 --> 0:20:31.240 I gave. Okay, so let's say, using your example BOARDED 0:20:31.280 --> 0:20:34.159 ten want to sell it twenty. I'm on the bulletin board. 0:20:35.240 --> 0:20:38.919 Can someone say I want to buy a twenty and 0:20:38.960 --> 0:20:44.560 the trans hack transaction happen without your interactions since they 0:20:44.600 --> 0:20:48.720 met the price. Well, yes, to be clear, the only 0:20:48.760 --> 0:20:51.760 way that uh me being willing to sell its point 0:20:51.800 --> 0:20:53.359 he could be on the Bolton board is if I 0:20:53.400 --> 0:20:56.760 already confirmed and approved that. So I can't have that 0:20:56.800 --> 0:20:59.400 beyond the Bolton board unless I already proved it once 0:20:59.440 --> 0:21:02.359 I approved of it. If that other side of the 0:21:02.359 --> 0:21:05.560 transaction comes through, it will happen automatically. So you don't 0:21:05.560 --> 0:21:07.480 have to ask me again, do you really want to 0:21:07.480 --> 0:21:09.600 sell at twenty because I already said I want to 0:21:09.600 --> 0:21:13.160 sell at twenty. So no, there's not like a double confirm. Uh, 0:21:13.359 --> 0:21:15.159 you have to confirm the first time before you can 0:21:15.200 --> 0:21:17.359 even put that. Okay, let's just assume you bought it 0:21:17.440 --> 0:21:22.639 at ten, you're watching the market closely, and you're emotional. 0:21:23.040 --> 0:21:24.840 You don't know what you want to sell it at. 0:21:25.160 --> 0:21:29.880 How does that work? I mean, these are not um 0:21:29.960 --> 0:21:32.880 to be clear, these markets are not changing on these 0:21:32.880 --> 0:21:35.840 bulletin boards by the minute. Often these bulletin boards for 0:21:35.840 --> 0:21:37.800 the sake of getting liquidity, and what I mean by 0:21:37.840 --> 0:21:41.199 liquidity getting as many people on both sides of the market, 0:21:41.560 --> 0:21:43.520 uh to be at the same place at the same time. 0:21:44.000 --> 0:21:47.679 They often don't do it NonStop. They'll create like almost 0:21:47.720 --> 0:21:51.399 like trading hours or a trading day where where they 0:21:51.400 --> 0:21:53.600 will say, okay, get your thoughts in what do you 0:21:53.640 --> 0:21:54.760 want to buy out or what do you want to 0:21:54.760 --> 0:21:56.159 sell at? Here are all the things you can buy 0:21:56.280 --> 0:21:59.040 or sell. Get your thoughts in because you know on 0:21:59.240 --> 0:22:01.679 April a month from now or a week from now 0:22:01.800 --> 0:22:03.720 or tomorrow is when all the trades are gonna happen. 0:22:04.080 --> 0:22:07.000 And then those trades happen and then uh, you know, 0:22:07.200 --> 0:22:09.639 sometimes they'll wait another week or another month before they 0:22:09.680 --> 0:22:12.880 do trading again. Now, the reason it's taking so much time, 0:22:12.920 --> 0:22:14.960 as opposed to on robin Hood things that happened within 0:22:14.960 --> 0:22:17.800 a millisecond or you know, so many it's because the 0:22:17.880 --> 0:22:21.280 lack of liquid These are smaller markets that are historically 0:22:21.359 --> 0:22:25.320 very private and they're not as large, so it's gonna 0:22:25.320 --> 0:22:29.120 take time for it to become as transactional as liquid 0:22:29.600 --> 0:22:31.679 as you know robin Hood in New York Stock Exchange, 0:22:31.680 --> 0:22:34.520 et cetera. But my personal opinion why we built Vincent 0:22:34.840 --> 0:22:36.439 is I do believe by the end of this decade, 0:22:37.520 --> 0:22:39.560 you are going to get that transparency, you are going 0:22:39.600 --> 0:22:42.640 to get that liquidity, and the alternative markets are gonna 0:22:42.640 --> 0:22:46.800 be very exciting. Uh they're exciting today, but it's gonna 0:22:46.840 --> 0:22:50.800 be that much closer to the infrastructure as how the 0:22:50.800 --> 0:22:55.520 public markets work. Okay, so theoretically I could invest ten 0:22:55.640 --> 0:22:59.960