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Speaker 1: You know understand if you're chasing a lot of these

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meme type stocks. Yeah, eventually the fundamentals are going to matter,

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which is one of the big reasons we tell people,

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you know, always behedged.

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Speaker 2: You're listening to Carrie Leutz's Financial Survival Network, where you

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get valuable information. You just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Carrie Letz and today got

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a special triet for you. You're always telling me we

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don't want mainstream thinkers. You don't want to hear the

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Kramer types out there hawking the latest shiny object that

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Wall Street is so fond of, and in fact it's

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their business model. Well, I'm delivering through for you today

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in spades. The website you want to go to is

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tuttlecap dot com. T U t t l e c

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ap dot com. Matthew Tuttle is with us now, Matthew,

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nobody could ever accuse you of being a traditional Wall

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Street thinker.

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Speaker 4: Could they?

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Speaker 1: They definitely could not.

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Speaker 3: So obviously you have a different take on things. Obviously

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the biggies.

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Speaker 4: Out there aren't going to hire you.

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Speaker 3: How did you become a contrarian? Was this from a

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young age?

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Speaker 1: It was from a fairly young age, you know. I

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first kind of became a contrarian reading this Jack Schwager's

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Mark of Wizard's Books. I read him in the nineties.

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They were fascinating. At the same time, I had a

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professor in my MBA class teaching modern portfolio theory who

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took me aside and said, yeah, you know what, none

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of this stuff works, but they make me teach it.

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Then I went on, that's a little cynical.

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Speaker 4: Ended it was.

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Speaker 1: Then I went on to work on Wall Street. You know,

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I was there during the Internet bubble and what passed

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for advice was horrifying. So that was kind of the

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last straw for me. Went out for my own company

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and never looked back.

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Speaker 3: So Matthew like, it's over one hundred years since Benjamin Graham.

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I think it's close to one hundred years since he

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wrote what did you write? Securities Analysis? Intelligent Investor? And

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all that. He didn't he wasn't that wealthy when he

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passed on, but he did give a logical framework of

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how you analyze securities figure out what they're worth. Does

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any of that apply anymore?

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Speaker 1: Yes and no. You know, I I started investing in

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the early eighties. I grew up with Fidelity, Peter Lynch's

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from my hometown. And you know, back then, fundamental analysis

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was was what you did. And if you were you know,

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a hard worker and you were smart, you know you're

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going to find undervalued companies that people weren't find it. Today,

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we've all got the Internet, we've got Boomberg, we've got Ai,

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and we've got what I call the retail revolution that

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came out of COVID, where retail investors wield more power

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than they ever have before, not only as a group,

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but also now you've got a lot of the you know,

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the hedge funds, the quote unquote smart money who are

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following what retail investors do. So every once in a while,

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valuations matter. You've just got to be cognizant that this

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is a different market. And I don't think we're going back.

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Speaker 3: And once upon a time you didn't have branding patents.

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Intellectual property really wasn't worth a whole heck of a

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lot of intangible values. It was really hard to judge

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them and to make valuation judgments on them, unlike today.

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Speaker 1: Right, well, yeah, I mean, you know, everything is different today.

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The technology that we've got to be able to do things,

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you know, it enlightening speed. You know, it's it's change everything.

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The one thing that will never change as human emotion,

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you know that that's the one constant. But you know,

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beyond that, things change. But you know, understand if you're

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chasing a lot of these meme type stocks, yeah, eventually

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the fundamentals are going to matter, which is one of

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the big reasons we tell people, you know, always be hedged.

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Speaker 3: Okay, so always be hedged. And what does that mean exactly?

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Speaker 1: So I'll tell you what it doesn't mean to me.

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Bonds are not a hedge. Gold is not a hedge.

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Bitcoin certainly is not a hedge. Cash is not a hedge,

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even though cash helps somewhat. What we kind of try

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to teach people are ways to use options, you know,

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in more advanced ways. I mean, at a minimum, could

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you buy some you know, s and p five hundred

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puts or you know a put spread. Yeah, you know

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that's going to cost you. You know, we've got an

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ETF coming out probably in about ninety days. The ticker

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symbol is oh oh and it's a no bleed tail

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risk ETF. There are ways to use options to set

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things up so that you've got puts on the market,

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but you've got ways to pay for some or all

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of those puts so they don't become a massive portfolio drag.

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And you know that that's the type of stuff we

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try to teach people. It gets pretty complicated, but in

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a minimum just you know, have some s and P

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five hundred puts or some NASDAC puts or you know

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a put spread.

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Speaker 3: Okay, So complicated trading strategies, how do they perform over time?

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Speaker 4: It depends.

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Speaker 1: Complicated trading strategies in the hands of people who don't

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know what they're doing perform awfully. Complicated trading strategies When

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you know what you're doing and know how to look

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at it and know how to structure it, I think

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that works fine. What you don't want to do is

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base things off of past performance. You know, be careful

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with trend following. You know a lot of people. You know,

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for a lot of people, trend following is a hedge

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that hasn't worked, and that you know, that's had the

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opposite effect, that's getting you out right when you want

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to get in and getting you in right when you

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want to get out. So but you know, to me,

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a complicated strategy in the hands of someone who knows

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what they're doing not a problem.

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Speaker 3: M all right, And uh, what do you think the

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biggest risk today in the market?

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Speaker 4: Is Is it the fact? Yeah?

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Speaker 3: Is it the fact that the markets are at record

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levels and they're due for a pullback? Or like you said,

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emotions never changed. People are always emotional and they're always

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going to be making emotionally based decisions.

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Speaker 1: So those things are definitely there. I think the thing

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that would worry me the most is if all of

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this AI spend is smoking mirrors. You know, we know

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AI is going to change the future. I mean I

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use it extensively in my practice. It has replaced the

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need for certain people and it will replace the need

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for certain things. But what we don't know is how

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that AI gets monetized. And you know, when do we

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see a return on all that spend? You've got the

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circular financing deals. Do those blow up? You've got what's

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happening in private credit due to all of this. So

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that's the type of thing like you know, Mark's go

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up too far and they snap back, you know, five

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ten percent. Again, if you're hedged, not a big deal.

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If you're investing smartly, yeah that stinks, but again not

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a big deal. What you need to worry about are

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those systematic things like COVID like two thousand and eight,

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black swans those what's that black swans? The black swans,

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And if this whole AI thing unravels, then you have

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a black swan. So that would be the thing that

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would keep me up at night.

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Speaker 4: M hmm. So here's a question for you.

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Speaker 3: So AI, you know, trillions of dollars are heading into it,

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we all use it to maybe you and I are

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a little ahead of the loop as opposed to others,

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but I don't think there's any question. Uh, it's effects

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upon society, the workplace, everything you do, it's going to

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be be astounding. But like you said, monetization. The only

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one who's actually monetizing it effectively maybe is Tesla.

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Speaker 4: And Xai.

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Speaker 3: But even there, like Xai, you're not going to get

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back trillions of dollars charging forty bucks or even two

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hundred bucks a month, are you no?

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Speaker 1: I mean I paid two hundred bucks a month for

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chet GBT. I think I pay forty bucks a month

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for the advanced rock, you know? Yeah, I mean what

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can your valuation be there? You know, I think the

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real winners could end up being the old economy companies

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that are utilizing it. But again, how much are they

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going to win? You know, should a Walmart be trading

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it fifty times earnings because they're using AI to increase profitability?

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Speaker 3: You know?

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Speaker 1: Probably not? You know, so, yeah, we know it's going

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to change the future, but does it justify you know,

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does it justify a utility company trading at forty times earnings?

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You could certainly make an argument that it doesn't mm hmm.

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Speaker 3: But new businesses can be formed, a whole new ways

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of doing things, supply chains, manufacturing, you name it. I mean,

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I think it's obvious a number of our larger companies

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in the country are already being run by AI. Alphabet, Google, Tesla,

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obviously Microsoft almost certainly, maybe not being one hundred percent

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run by it, but certainly AI is the driving force

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and all these companies. So does it just make existing

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companies more efficient, more profitable, or does it open up

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opportunities in the marketplace that we haven't even conceived of yet.

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Speaker 1: It's both. So there's certainly some company is it's going

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to make more profitable. There are other companies that it's

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going to put out of business. There are going to

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be opportunities new areas. Like we saw, you know, no

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one was really thinking about memory and all of a sudden,

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you know, memory is a bottleneck. Now memory is expensive,

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and the sand discs of the world have you know,

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quadrupled or even more than that. You know, if you

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had asked me what you know, if no one was

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talking about photonics a year ago, Now now that's a thing.

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So it's going to create opportunities there. It's also going

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to create opportunities when you throw the baby out with

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the bathwater, like what happened with software. All software sold off.

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But I would argue there are certain areas of software

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that will actually benefit from AI, and we were scooping

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those up in our you know, Mimi ETF which is

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our most say symmetrical idea is versus some other areas

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of software that yeah, I mean, they probably deserve to

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get you know, taken out and crushed because AI is

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going to put them out of business at some point.

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Speaker 4: Yeah.

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Speaker 3: So yeah, interesting times ahead, that's for sure. So what

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new products do you have in the pipeline to help

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us wind our way through the AI minefield?

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Speaker 1: So what I'm going to be laser focused on is

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what are the themes that you should be in, try

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to get you in early and you know, and launch

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gtfs around that. And we've done that before. I did

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the inverse r E ETF at the top of the market.

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We did e WAD, which is europe European Aerospace and

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Defense right after Trump got elected because we knew that,

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you know, Trump won was going to be a lot

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like Trump too as far as NATO goes. What we

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just did is wed UFO D. It's called the UFO

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Disclosure ETF, which Trump and Obama were nice enough to

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help help give us a little bit of a boost,

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you know, the past couple of days. So you know,

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neither of them are on my payroll, even though some

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people have asked, you know, but that's more based off

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of something we call the secret gap, where the government

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always has stuff that we haven't seen. They developed the Internet, GPS,

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self driving, you know, a whole bunch of other things

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years before we saw it. And that's based off of

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the possibility that they've got you know, advanced energy and

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propulsion technology. Another thing we're working on is European digital sovereignty.

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So a lot like our European Aerospace and Defense idea,

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where we realize the European countries we're gonna have to

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deal with their own defense. They want to deal with

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their own digital sovereignty. They don't want to rely on

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us companies, so we're working on that. Chinese robotics is

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something that we're really interested in. We've got a project

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we're working on, you know, potentially in India, and we're

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continuing to try to innovate. So, you know, in the

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ETF field, covered call ETFs have become very popular. I

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hate them because they're not asymmetrical. You're giving up upside

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and you've got unlimited downside. We've got an idea there

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we're coming out with. It has embedded hedges the way

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we talk about where the puts are paid for and

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have a way not to limit your upside. So and

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you know, and I've got my kil risk product. So

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those are some of the things I'm most excited about.

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Speaker 3: All right, Well, it seems like you're certainly ahead of

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the wave, Matthew. What's the best place to track you

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down on the web, connect with you, find out more

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about what you're doing.

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Speaker 4: Yeah.

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Speaker 1: So, our website, like you said before, is tuttlecap dot com.

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We have a free daily newsletter. I write about a

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lot of these themes, stocks, I'm watching all sorts of stuff.

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It is long, but you know it's free. Feel free

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to sign up for that. We do a lot of webinars.

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You'll get information on that. I also try to be

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active on Twitter. That's at Tuttle Capital. I don't have

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a lot of time, but when I do, I try

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to be active there.

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Speaker 4: Right.

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Speaker 3: All right, Hey, we really appreciate you coming on, and

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thanks again for your patience. Got any questions from Matthew myself,

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shoot me an email klatcarrieluts dot com and really do

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appreciate you coming on.

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Speaker 4: We will talk to you again soon. Thanks so much, Matthew.

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Speaker 2: Thank you, thanks for listening to Carrie Letz's Financial Survival Network,

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your solution to today's trying times. For the latest, go

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to financial Survival Network dot com Financial Survival Network now

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more than ever,