1 00:00:00,520 --> 00:00:02,759 Speaker 1: AI is something we're all going to have to deal with. 2 00:00:02,839 --> 00:00:06,440 I did an AI experiment this week, and I wanted 3 00:00:06,480 --> 00:00:10,519 to talk to Zach Abraham because Zach said something. 4 00:00:11,160 --> 00:00:13,560 Speaker 2: AI is going to be a job destroyer that isn't 5 00:00:13,640 --> 00:00:18,320 economically beneficial. AI is going to be a massive deflationary pressure, 6 00:00:18,640 --> 00:00:21,440 massive which ironically could help out quite a bit with 7 00:00:21,480 --> 00:00:24,839 the it's a product productivity surge, which will help out 8 00:00:24,879 --> 00:00:26,679 quite a bit with the inflation in its own right. 9 00:00:26,960 --> 00:00:29,480 But think about the amount of people that are going 10 00:00:29,519 --> 00:00:30,359 to be out of work now. 11 00:00:30,359 --> 00:00:33,399 Speaker 1: So that's just part of what Zach said. So AI 12 00:00:33,759 --> 00:00:39,240 job killer, inflation fixer, society changer. Do we really want 13 00:00:39,280 --> 00:00:42,359 to invest in this? Talk about this with the help 14 00:00:42,399 --> 00:00:45,520 of Bulwark Capital Management. That Know Your riskpodcast dot com 15 00:00:45,640 --> 00:00:48,799 ends God Almighty, but. 16 00:00:48,960 --> 00:00:54,880 Speaker 3: Todd Herman shows disapproved but big pharma technocrats and tyrants 17 00:00:54,920 --> 00:01:03,359 everywhere from the high and a free America. Here's the 18 00:01:03,399 --> 00:01:08,439 Emerald City Xie tied to her Man. 19 00:01:10,959 --> 00:01:13,640 Speaker 1: Today is the day the Lord has made, and these 20 00:01:13,640 --> 00:01:15,920 are the times to which God has decided we shall live. 21 00:01:16,079 --> 00:01:19,560 And the guy who spoke those words joins me. Zach Abraham, 22 00:01:19,640 --> 00:01:22,000 Chief Investments for Bulwart Capital Management's my brother. 23 00:01:22,040 --> 00:01:25,159 Speaker 2: Hello, Hello, sir, how are you? 24 00:01:25,200 --> 00:01:27,480 Speaker 1: How are you good? Yours right and high? We were 25 00:01:27,519 --> 00:01:30,159 chatting before the show about your Mariners and apparently they're 26 00:01:30,200 --> 00:01:33,200 good Christian men and a bunch of Christian Jesus lovers 27 00:01:33,200 --> 00:01:35,280 on the team, and yeah, and before we get to 28 00:01:35,319 --> 00:01:37,120 the AI stuff, that's really cool stuff. 29 00:01:37,719 --> 00:01:40,799 Speaker 2: Yeah, it's it's funny because my boys are both athletes, 30 00:01:41,040 --> 00:01:44,400 and my daughter doesn't she couldn't give a plug nickel 31 00:01:44,400 --> 00:01:47,239 about sports, but but she's a singer. But the boys 32 00:01:47,280 --> 00:01:50,680 are athletes. They both been baseball players, and I wasn't 33 00:01:50,719 --> 00:01:52,959 really a baseball player growing up. But you know, anytime 34 00:01:53,000 --> 00:01:54,959 you watch your kids do something, you get into it. 35 00:01:55,120 --> 00:01:55,359 Speaker 1: Yep. 36 00:01:56,319 --> 00:01:58,400 Speaker 2: And you know, I'm a sports fan in general. 37 00:01:58,519 --> 00:01:58,719 Speaker 1: Yep. 38 00:01:58,799 --> 00:02:01,280 Speaker 2: My wife loves to watch her son's play, but not 39 00:02:01,319 --> 00:02:05,400 into sports anyway. Obviously, the Mariners are doing really well, 40 00:02:05,400 --> 00:02:09,560 which if anybody knows anything about Seattle, it's a very 41 00:02:09,599 --> 00:02:12,879 complicated feeling because marin or fandom. I've equated it a 42 00:02:12,879 --> 00:02:14,719 lot to like the Stockholm syndrome. 43 00:02:15,520 --> 00:02:17,319 Speaker 1: So I was. 44 00:02:17,400 --> 00:02:20,120 Speaker 2: Kidnapped at birth and I've been mistreated and kept in 45 00:02:20,159 --> 00:02:22,800 a basement for forty three years. So when you're when 46 00:02:22,840 --> 00:02:26,120 you're let out, You're you're you're really enthusiastic, but you 47 00:02:26,199 --> 00:02:28,120 also don't fully believe it, like you're waiting for the 48 00:02:28,120 --> 00:02:32,120 other shoot to drop right. So no, but it's really 49 00:02:32,159 --> 00:02:34,919 just it's really captured, and I think the Jesus aspect 50 00:02:34,960 --> 00:02:37,159 of it, so many of the guys being Christians and 51 00:02:37,240 --> 00:02:39,719 being outspoken about their faith. It's just kind of captured 52 00:02:39,719 --> 00:02:43,240 our family's imagination. So my wife got on and got 53 00:02:43,280 --> 00:02:45,439 the whole family tickets and we're going to the game. 54 00:02:45,479 --> 00:02:48,520 We're gonna brave the belly of the Beast. Like I 55 00:02:48,599 --> 00:02:50,400 was joking with you, my kids are probably going to 56 00:02:50,439 --> 00:02:53,759 see their first fenty Lean explain. 57 00:02:53,520 --> 00:02:55,560 Speaker 1: That people know what that is. That's the people who 58 00:02:55,599 --> 00:02:58,159 look like zombies leaning over the middle that no human 59 00:02:58,199 --> 00:03:00,319 being can lean over head, just about touching the round, 60 00:03:00,520 --> 00:03:02,840 arms touching the ground, leanding back and forth, moaning. 61 00:03:03,400 --> 00:03:06,080 Speaker 2: Yeah yeah, or just not even making any sense. It's 62 00:03:06,120 --> 00:03:08,120 it's literally as if they've been folded in the half 63 00:03:08,159 --> 00:03:11,080 and there and and they're passed out but still standing 64 00:03:11,159 --> 00:03:14,800 up being folded in half. It's it's very bizarre. It's 65 00:03:14,919 --> 00:03:18,000 very dystopian. That's the best way I can describe it. 66 00:03:18,039 --> 00:03:20,919 Where you're walking around going people don't think this is 67 00:03:20,960 --> 00:03:24,719 a problem. It's it's it's it's bizarre. But anyway, I 68 00:03:24,719 --> 00:03:26,520 hope you have a fun time with the with the kids. 69 00:03:26,560 --> 00:03:30,759 And I've never been to a never been to a 70 00:03:30,759 --> 00:03:32,960 baseball playoff game, and I guess most people living in 71 00:03:33,000 --> 00:03:34,680 Seattle haven't, so it'll be a first for me. 72 00:03:34,960 --> 00:03:37,759 Speaker 1: Yeah, for real. And you get this, uh, this little 73 00:03:37,800 --> 00:03:41,560 AI bit. I get the bart about jobs changing who works. 74 00:03:41,680 --> 00:03:44,919 Some jobs are good to fan of Vanish. I need 75 00:03:45,000 --> 00:03:49,800 you to explain to a degree the relationship between inflation 76 00:03:49,919 --> 00:03:53,000 and AI. And I got the productivity game part of that. 77 00:03:53,520 --> 00:03:54,840 I want you to do that in a second. And 78 00:03:54,879 --> 00:03:57,400 then I, I don't know, did you see the Walmart 79 00:03:57,439 --> 00:04:00,479 stock in what happened to it? With a did you 80 00:04:00,479 --> 00:04:04,159 see this bump? To me, this is insanity in itself. 81 00:04:04,199 --> 00:04:07,000 This is insanity in of itself. So we'll talk with 82 00:04:07,080 --> 00:04:10,159 Zach about this in a second. Hey, don't have this 83 00:04:10,319 --> 00:04:12,400 happen to you. Is this is the thing you never 84 00:04:12,479 --> 00:04:14,360 ever want to happen. Is you think you have something 85 00:04:14,400 --> 00:04:16,079 you don't have and you really really need it, such 86 00:04:16,120 --> 00:04:19,240 as driving through the desert. So let's say you're driving 87 00:04:19,360 --> 00:04:22,439 Los Angeles to Vegas, not a long drive, but it's 88 00:04:22,480 --> 00:04:25,680 two o'clock in the morning. It's flat tire, No big 89 00:04:25,800 --> 00:04:29,360 got the spare tire. But you don't. Don't do that. 90 00:04:30,000 --> 00:04:33,079 Do not arrive out of the country somewhere and get 91 00:04:33,079 --> 00:04:35,519 off the airplane and walk into customs and they say 92 00:04:35,519 --> 00:04:36,639 passport please you to go. 93 00:04:38,160 --> 00:04:38,480 Speaker 2: My what? 94 00:04:39,519 --> 00:04:41,519 Speaker 1: Don't let that happen. Do not get caught with that 95 00:04:41,600 --> 00:04:44,839 your corporate veil. If you've been in business five ten years, 96 00:04:44,920 --> 00:04:46,720 I'm here to tell you I don't care if an 97 00:04:46,720 --> 00:04:49,240 account set it up tax lawyer. You may not have 98 00:04:49,279 --> 00:04:52,040 that corporate veil to protect your personal assets from lawsuits 99 00:04:52,120 --> 00:04:54,639 or losses. You might have your bank not tell you 100 00:04:54,720 --> 00:04:57,000 the shay you don't actually have corporate credit. So here's 101 00:04:57,000 --> 00:05:00,000 how you find out. It's a website. It's gobvisible dot com, 102 00:05:00,079 --> 00:05:02,639 renew Obligation consultation. They'll tell you if you have the 103 00:05:02,639 --> 00:05:06,680 corporate veil. If you don't, in seven easy steps, they'll 104 00:05:06,720 --> 00:05:08,759 fix it for you. And the cost on that is 105 00:05:09,279 --> 00:05:12,879 negligible in comparison to the ROI of not getting caught 106 00:05:12,920 --> 00:05:16,759 with your pantalones down with no passports in a foreign 107 00:05:16,839 --> 00:05:21,240 country and no spare tire. Go visible dot com. So Zach, 108 00:05:21,680 --> 00:05:25,319 explain this to me. The AI get the job killer thing. 109 00:05:25,639 --> 00:05:28,759 But you talked about the relationship between AI and inflation 110 00:05:28,959 --> 00:05:30,959 productivity gain, So fill us in on this. 111 00:05:32,040 --> 00:05:34,839 Speaker 2: So if we think about inflation, so oftentimes we think 112 00:05:34,879 --> 00:05:40,439 about it from the monetary side, right, or the government side, 113 00:05:40,759 --> 00:05:44,120 the treasury right, government degradation of currency value too much 114 00:05:44,160 --> 00:05:47,480 to all that kind of stuff. But if you think 115 00:05:47,519 --> 00:05:53,519 about it, let's say we looked at the process of 116 00:05:54,079 --> 00:05:59,360 building a home, or refining oil, or any type of 117 00:05:59,399 --> 00:06:01,959 process that makes any type of good that we need 118 00:06:02,319 --> 00:06:05,560 on a regular basis. If we had some type of 119 00:06:05,600 --> 00:06:10,120 technological breakthrough that reduced the cost of production in that 120 00:06:10,199 --> 00:06:13,399 good by let's say thirty to fifty percent, that is 121 00:06:13,439 --> 00:06:18,399 the massive deflationary pressure, right, because while the currency may 122 00:06:18,439 --> 00:06:23,920 be being degraded because of this technological breakthrough, the cost 123 00:06:24,000 --> 00:06:27,959 of this good still went down thirty percent. That is 124 00:06:28,319 --> 00:06:31,720 a right There's because, like I said, we never think 125 00:06:31,759 --> 00:06:34,879 about that side of inflation. But if you can bring 126 00:06:35,000 --> 00:06:41,360 down through technological innovation, the cost of production faster than 127 00:06:41,399 --> 00:06:46,639 the currency right debasement, then you can actually have very 128 00:06:46,720 --> 00:06:51,480 large currency debasement and not have significant inflation. Does that 129 00:06:51,519 --> 00:06:51,879 make sense? 130 00:06:52,000 --> 00:06:52,199 Speaker 3: Yeah? 131 00:06:52,319 --> 00:06:54,560 Speaker 1: Yeah, that does, right, So it's. 132 00:06:54,920 --> 00:06:57,959 Speaker 2: But you're you're addressing it. It's just odd because we 133 00:06:58,040 --> 00:07:00,360 don't usually have a lever to pull like that, right, 134 00:07:00,399 --> 00:07:02,560 there's not usually a lever that we can just pull 135 00:07:02,560 --> 00:07:05,759 in the economy and increase productivity by fifteen or twenty percent. 136 00:07:06,360 --> 00:07:11,879 AI appears like it's going to do just that. Now. 137 00:07:12,519 --> 00:07:15,519 Where I think that there's a lot of conflating going 138 00:07:15,560 --> 00:07:18,959 on is right now the markets. Now, I think the 139 00:07:19,000 --> 00:07:21,079 guys we've got to look at AI in kind of 140 00:07:21,120 --> 00:07:24,720 two different lenses. Right, there are investors that are buying 141 00:07:24,720 --> 00:07:28,319 the stocks. Then there are the hyperscalers and the tech 142 00:07:28,360 --> 00:07:31,680 companies that are making the hard investments. Okay, they're two 143 00:07:31,680 --> 00:07:36,120 different worlds. The tech companies and the investors making the 144 00:07:36,120 --> 00:07:40,040 hard investments. They don't really care what they're paying. They 145 00:07:40,079 --> 00:07:43,040 know they're overpaying for a lot of these assets, and 146 00:07:43,120 --> 00:07:45,560 you know the VC model. They're like, hey, we're going 147 00:07:45,639 --> 00:07:47,319 to make nine, we're going to make one hundred bets. 148 00:07:47,360 --> 00:07:49,639 If ninety four of them don't pay off, that's fine. 149 00:07:49,800 --> 00:07:52,439 We can't afford not to be involved in the four 150 00:07:52,519 --> 00:07:55,600 the do right, right, So that's the way they're playing it. 151 00:07:55,720 --> 00:07:58,079 So what they're doing makes sense to me. I think 152 00:07:58,160 --> 00:08:00,959 investors are really making a mistake because a they don't 153 00:08:01,000 --> 00:08:03,199 realize that is going on. And I think that's proof. 154 00:08:03,240 --> 00:08:06,879 And you hear Jeff Bezos say that, yes, AI is 155 00:08:06,920 --> 00:08:08,879 a bubble, but the tech is real. But yes, he 156 00:08:08,959 --> 00:08:11,720 said it's a bubble. Okay, then you hear talking heads 157 00:08:11,759 --> 00:08:14,800 like Kramer on CNBC saying it's not a bubble. I'm 158 00:08:14,800 --> 00:08:18,199 going to take Bethos's word a lot more. I'm going 159 00:08:18,240 --> 00:08:21,199 to listen to bethos opinion on that far more before 160 00:08:21,240 --> 00:08:24,600 I listen to the nit twit. You know, Kramer and 161 00:08:24,639 --> 00:08:28,120 his ilk on CNBC and why he said it's a 162 00:08:28,120 --> 00:08:31,079 bubble is, of course it's a bubble. These guys know 163 00:08:31,160 --> 00:08:33,799 they're paying way too much for these assets. It's the 164 00:08:33,919 --> 00:08:37,720 endgame that they're concerned about, right. I don't think investors 165 00:08:37,759 --> 00:08:40,559 realize that. Meaning. I think investors are looking at this 166 00:08:41,000 --> 00:08:43,360 like this is the Internet where it's going to be 167 00:08:43,360 --> 00:08:45,360 Because if you think about the Internet, the Internet was 168 00:08:45,480 --> 00:08:49,080 probably only bad for a very small fraction of businesses. 169 00:08:49,360 --> 00:08:51,919 One that comes to mind would be travel agencies, right, 170 00:08:52,200 --> 00:08:55,200 but if you look at virtually every other business, it 171 00:08:55,320 --> 00:08:58,399 immediately opened up that business to sell its product to 172 00:08:58,480 --> 00:09:01,080 everybody in the world at one time. So it really 173 00:09:01,240 --> 00:09:05,679 was this all benefit virtually no cost. Development. AI is 174 00:09:05,759 --> 00:09:09,200 completely different. AI is going to benefit as many tech 175 00:09:09,200 --> 00:09:12,679 companies as the REX. Probably less companies will benefit from 176 00:09:12,679 --> 00:09:16,720 AI than at REX. It's going to erode motes around 177 00:09:16,720 --> 00:09:21,240 companies because all of a sudden, this great technological innovation 178 00:09:21,399 --> 00:09:25,639 and these great programmers, right, we now will have access 179 00:09:25,720 --> 00:09:27,919 all of us will have access to a programmer that 180 00:09:28,000 --> 00:09:31,679 far exceeds the capability of the best programmers of Microsoft. Yep. Right, 181 00:09:31,759 --> 00:09:35,480 So that is that is not a competitive advantage for Microsoft. 182 00:09:36,000 --> 00:09:38,720 Speaker 1: Right, And that's crazy because it was Alex put up 183 00:09:38,759 --> 00:09:41,840 a video of a bomber back in ninety nine or 184 00:09:41,879 --> 00:09:44,159 two thousand, I think it was, and he was on 185 00:09:44,240 --> 00:09:46,200 stage addressing with peoples. 186 00:09:46,399 --> 00:09:50,279 Speaker 4: What's a what's let's sick you growlt of Microsoft? 187 00:09:50,840 --> 00:09:52,200 Speaker 1: How do we turn it around? 188 00:09:52,919 --> 00:09:57,360 Speaker 4: Yeah, it's just a developers, developers, develop person. 189 00:09:57,559 --> 00:10:01,240 Speaker 1: He's just stomping around the stage, just sweat trip from 190 00:10:01,320 --> 00:10:02,399 developed person. 191 00:10:02,759 --> 00:10:03,080 Speaker 2: You like. 192 00:10:03,240 --> 00:10:05,879 Speaker 1: People are shattered because they're afraid he's gonna hit him 193 00:10:05,879 --> 00:10:07,000 in the front developers. 194 00:10:07,720 --> 00:10:08,159 Speaker 3: And that was. 195 00:10:08,559 --> 00:10:12,679 Speaker 1: He's he's a nice guy. He's a nice guy, but dude, 196 00:10:12,759 --> 00:10:16,559 he is he gets wacky gorilla? 197 00:10:16,919 --> 00:10:18,919 Speaker 2: Is he is so okay? So that was all I 198 00:10:18,960 --> 00:10:21,159 was going to ask you. I look at him, and 199 00:10:21,159 --> 00:10:24,039 I'm like, you're weird me out, man, Like you're weird 200 00:10:24,120 --> 00:10:26,519 me out? He is? You worked for him though, you 201 00:10:26,799 --> 00:10:28,799 think he's a you think he was a good boss. 202 00:10:28,919 --> 00:10:31,720 Speaker 1: I mean I worked some levels down from him. But yeah, yeah, 203 00:10:31,840 --> 00:10:35,399 I was in more than one bomber meeting and yeah, 204 00:10:35,639 --> 00:10:36,120 good boss. 205 00:10:36,200 --> 00:10:36,399 Speaker 2: Yeah. 206 00:10:36,480 --> 00:10:39,159 Speaker 1: And by the way, really cool guy. Uh. He came 207 00:10:39,240 --> 00:10:43,200 up to me once and they presented some data that 208 00:10:43,279 --> 00:10:46,120 a research team I had to do on on television 209 00:10:46,200 --> 00:10:50,480 viewing habits, and one of the execs at MSN said, Hey, Steve, 210 00:10:50,559 --> 00:10:52,399 this is Todd Herman much you mean him? Because you 211 00:10:52,399 --> 00:10:53,799 know what Juliane told me. 212 00:10:54,000 --> 00:10:57,240 Speaker 4: You're thinking about leaving the company. You're not going anywhere, man, 213 00:10:58,000 --> 00:11:00,519 You'll love having you here. This is good, this good 214 00:11:00,600 --> 00:11:03,000 stuff you're doing over an emision video. 215 00:11:03,480 --> 00:11:07,080 Speaker 1: You're not going anywhere. Shaking me by the shoulders. Good 216 00:11:07,080 --> 00:11:10,399 to meet you, Todd Herman. And I'm like, damn, he's 217 00:11:10,720 --> 00:11:12,799 so that's not an act, No, that's real. And then 218 00:11:12,879 --> 00:11:16,279 later he's like, what's the guy's name again? This because 219 00:11:17,279 --> 00:11:20,519 and but he's a very exerbertant dude, I'll tell you this, 220 00:11:20,679 --> 00:11:21,840 and then we got to get back on track. 221 00:11:21,960 --> 00:11:22,120 Speaker 3: Now. 222 00:11:22,320 --> 00:11:26,840 Speaker 1: Now, this came to me from a very senior executive 223 00:11:26,919 --> 00:11:30,080 who worked next door to him and did deals with 224 00:11:30,200 --> 00:11:36,720 him that he at one point took a unopened can 225 00:11:36,960 --> 00:11:42,120 of diet coke and and threw it full force boom, 226 00:11:42,559 --> 00:11:46,120 smacked this guy upside the noggin. And this was a 227 00:11:46,159 --> 00:11:52,240 deal over AOL And Steve, to his credit, said oh, 228 00:11:52,240 --> 00:11:57,240 I'm so sorry. I can't believe I did that. And Yo, man, 229 00:11:57,639 --> 00:12:00,000 I'm sorry. I was like, what are I And then 230 00:12:00,919 --> 00:12:04,080 there was one big senior lawyer in the room, and 231 00:12:04,120 --> 00:12:06,320 the senior lawyer said, I think actually, what you meant, 232 00:12:06,320 --> 00:12:09,200 Steve is you now have a job for life and 233 00:12:09,240 --> 00:12:11,360 as much equity as you'll ever want in anything. 234 00:12:12,159 --> 00:12:12,720 Speaker 3: Yeah. 235 00:12:13,000 --> 00:12:15,840 Speaker 1: Yeah, yeah, So that exuberance apparently could go the other way. 236 00:12:15,879 --> 00:12:19,519 Speaker 2: The guy who told me that, and that gentleman's name 237 00:12:19,559 --> 00:12:20,480 was Sati Nadala. 238 00:12:20,759 --> 00:12:27,679 Speaker 1: Nope, nope, nope, nope. Okay, So now that's interesting because 239 00:12:27,759 --> 00:12:31,559 Yeahbamba was screaming, developer, developer, developer, no longer competitive advantage. 240 00:12:32,159 --> 00:12:34,320 I saw this thing with Walmart, and I had to 241 00:12:34,480 --> 00:12:38,159 I almost called you, because I almost felt like you 242 00:12:38,200 --> 00:12:41,240 because I was giggling and laughing about this. So let 243 00:12:41,240 --> 00:12:43,360 me bring this up in just a second. I once 244 00:12:43,440 --> 00:12:47,720 asked Tim Krukshank about Walmart. I asked him, Hey, Tim, 245 00:12:48,080 --> 00:12:50,200 if Walmart came and said, hey, we'll sell your coffee, 246 00:12:50,200 --> 00:12:51,720 but you got to remove the God part of the 247 00:12:51,720 --> 00:12:54,639 God Country team, what would you say? And Tim said 248 00:12:54,679 --> 00:12:58,240 non negotiable. Nope, that is a no. We'll never do that. Now. 249 00:12:58,279 --> 00:13:00,559 Would he like to be in Walmart? Sure, he thinks, 250 00:13:01,279 --> 00:13:03,639 until Walmart comes along and says, is, so, you know what, 251 00:13:03,679 --> 00:13:05,919 we need you to sell the coffee for ten cents 252 00:13:05,919 --> 00:13:08,080 a bag, and he can't do that because it's such 253 00:13:08,120 --> 00:13:11,200 high quality coffee. Tim's team is mentored by a coffee 254 00:13:11,240 --> 00:13:13,960 legend named Dave Stewart, who started Seattle's Best Coffee. That's 255 00:13:14,519 --> 00:13:18,679 why it's such which camera huge hike dis quant okay, 256 00:13:19,080 --> 00:13:21,919 huge high quality. Hey, look it's as this is my 257 00:13:22,080 --> 00:13:24,799 ninth cup of coffee today, A right, so give me 258 00:13:24,840 --> 00:13:27,399 a break. That's why it's such high quality. He mentors 259 00:13:27,440 --> 00:13:30,240 the team. On the other roasts. Here's a little secret 260 00:13:30,279 --> 00:13:33,000 for you. I am all into the Golden Age roast. 261 00:13:33,039 --> 00:13:35,320 That is a creamier roast to me, I think my 262 00:13:35,399 --> 00:13:37,799 wife loves it too. We're visiting on this. But if 263 00:13:37,799 --> 00:13:40,879 you want to get juiced, full on juiced like in 264 00:13:40,960 --> 00:13:45,039 your let's say that you choose caffeinated gum or something 265 00:13:45,080 --> 00:13:47,919 that's like really high energy gum. Because I have a 266 00:13:47,919 --> 00:13:49,480 friend of mine who choose gum like that. 267 00:13:51,679 --> 00:13:52,080 Speaker 2: I do. 268 00:13:52,799 --> 00:13:55,840 Speaker 1: I have a friend who does that. Then get door Kicker, 269 00:13:56,600 --> 00:14:01,320 the door Kicker brand, Light Roast, Huge Kickbonefrog Cooffee dot 270 00:14:01,399 --> 00:14:03,519 com slash tide. These Pumo code tied to get ten 271 00:14:03,519 --> 00:14:06,279 percent off your first purchase, fifteen percent of subscription coffee 272 00:14:06,320 --> 00:14:09,440 Bonefrog Coffee dot Com slash Todd so Zach, I almost 273 00:14:09,480 --> 00:14:13,960 called you because I was giggling. Walmart stock hits all 274 00:14:14,000 --> 00:14:17,960 time high after announcing partnership with open Ai. And here's 275 00:14:18,279 --> 00:14:21,399 here's the big plug. Walmart stock rows nearly five percent 276 00:14:21,440 --> 00:14:23,360 on Tuesday in an all the time closing high of 277 00:14:23,399 --> 00:14:25,080 one hundred and seven dollars twenty one cents. Every of 278 00:14:25,080 --> 00:14:27,720 the company we can the latest to announce a partnership 279 00:14:27,759 --> 00:14:31,120 with open Ai. Walmart said customers be able to shop 280 00:14:31,159 --> 00:14:34,519 and purchase items directly on the chat GPT platform using 281 00:14:34,679 --> 00:14:38,200 instant checkouts Additionally, on the flagship Walmart website and Sam's 282 00:14:38,200 --> 00:14:40,919 Club's website, customers be able to interact with chet GPT 283 00:14:41,120 --> 00:14:46,240 conversationally the search bar. I'm grim Milestone. There's stock rows 284 00:14:46,679 --> 00:14:48,759 because people can chat with the chatbot. 285 00:14:50,279 --> 00:14:52,159 Speaker 2: Yeah, and I don't I'd have to look at the 286 00:14:52,200 --> 00:14:58,080 market cap. But to put that in perspective, their stock rows, 287 00:14:58,240 --> 00:15:02,320 let's see five six hundred thirty to forty billion dollars 288 00:15:02,840 --> 00:15:08,240 because they did a deal with open Ai. Now, remember Walmart. 289 00:15:08,360 --> 00:15:09,559 Walmart sells things. 290 00:15:09,399 --> 00:15:15,080 Speaker 1: Cheap, right, that's what they do, right, So. 291 00:15:16,480 --> 00:15:19,120 Speaker 2: AI will probably help them squeeze a little more margin 292 00:15:19,159 --> 00:15:24,279 out of places at some point. But yeah, I and 293 00:15:24,480 --> 00:15:28,039 and this is Look the flip side of this is 294 00:15:28,480 --> 00:15:30,600 and you know I've been talking about this for quite 295 00:15:30,600 --> 00:15:33,919 some time, but look what's going on in gold and 296 00:15:33,960 --> 00:15:36,919 silver right now. Silver just crossed over the fifty dollars 297 00:15:36,960 --> 00:15:39,759 level for the first time since nineteen eighty, So it's 298 00:15:39,759 --> 00:15:43,720 making a new altime I since nineteen eighty, gold over 299 00:15:43,799 --> 00:15:46,360 four thousand dollars now it's forty two hundred actually as 300 00:15:46,399 --> 00:15:52,519 of today. What I think the greatest challenge at this 301 00:15:52,639 --> 00:15:58,279 point right now is separating wheat from chas, meaning you're 302 00:15:58,360 --> 00:16:00,320 at this point now, and I think that it could 303 00:16:00,360 --> 00:16:03,799 get it could it could get substantially more crazy. You 304 00:16:03,840 --> 00:16:06,159 could also be at a breaking point right now because 305 00:16:06,320 --> 00:16:09,519 when you see retailers adding thirty to forty billion in 306 00:16:09,600 --> 00:16:13,279 market cap based on an announcement that they're doing something 307 00:16:13,360 --> 00:16:16,879 with an AI company like thirty to four Walmart, I 308 00:16:16,919 --> 00:16:20,480 don't think generates thirty to forty billion dollars in profit 309 00:16:20,519 --> 00:16:24,840 a year, So you know these are just ludicrous moves. 310 00:16:25,159 --> 00:16:29,679 It also points to how expensive these corporations have gotten. 311 00:16:29,759 --> 00:16:32,960 Meaning think about it, So if Walmart's stock goes up 312 00:16:33,039 --> 00:16:35,879 five percent, that's like greater than the equivalent of profit 313 00:16:35,919 --> 00:16:36,840 they generate in a year. 314 00:16:38,440 --> 00:16:42,480 Speaker 1: I mean, think make sense from a press release? These 315 00:16:42,519 --> 00:16:47,519 a press release profits on the stock, ye wouldn't you ever? 316 00:16:47,879 --> 00:16:49,519 I know that there's rules. We all know this. You 317 00:16:49,559 --> 00:16:51,039 work for a public company. This rules is how you 318 00:16:51,039 --> 00:16:54,000 can buy and sell if you're senior executive. I was 319 00:16:54,039 --> 00:16:58,200 sold everything that came from the bump on this because 320 00:16:58,240 --> 00:17:02,559 you talk about vapor this. I mean, okay, well, they 321 00:17:02,600 --> 00:17:05,559 may be sell now three for one versus two for 322 00:17:05,640 --> 00:17:07,960 one on some paper tonnels. I'll take the three for 323 00:17:08,000 --> 00:17:09,880 one chet GPT says that's the best deal. 324 00:17:10,720 --> 00:17:13,799 Speaker 2: Yeah, And and look here here's the I would rather 325 00:17:13,880 --> 00:17:18,000 buy anything else too, And I agree with you. Here's 326 00:17:18,079 --> 00:17:23,160 here's the pernicious problem with bubbles. Bubbles always last long 327 00:17:23,279 --> 00:17:29,440 enough to convince virtually everybody, or via desperation, compel everybody 328 00:17:29,480 --> 00:17:33,359 to get in. Once everybody is in, the door gets shut, 329 00:17:33,880 --> 00:17:36,359 the lock gets flipped, and then it's carnage. 330 00:17:36,359 --> 00:17:40,359 Speaker 1: Okay, So this is a question I have. Those institutional investors, 331 00:17:40,359 --> 00:17:43,160 those vcs people don't understand the scope of what it's 332 00:17:43,240 --> 00:17:46,160 like to have a three billion dollar portfolio play with. 333 00:17:47,160 --> 00:17:49,920 So hey, you know, four hundred million here, four million there, 334 00:17:50,319 --> 00:17:52,960 buy some you know, smaller investments, and we know we're 335 00:17:53,000 --> 00:17:55,599 overpaying for ninety percent of this stuff, but we get 336 00:17:55,599 --> 00:17:58,319 the five percent bump, we pay ourselves back, and we 337 00:17:58,359 --> 00:18:02,000 get a hundred banger okayndred time return, so we're good. 338 00:18:03,039 --> 00:18:06,200 Do they close the door purposely? Did they say, okay, 339 00:18:06,279 --> 00:18:09,359 that's it, this is now full on bubble. Everybody who's 340 00:18:09,359 --> 00:18:11,359 going to get in gets in. Is Do they come 341 00:18:11,400 --> 00:18:12,599 back and say, okay, time to get out. 342 00:18:13,720 --> 00:18:15,759 Speaker 2: Yeah, they say time to get out now. A lot 343 00:18:15,759 --> 00:18:17,480 of times though that, you know, a lot of times 344 00:18:17,519 --> 00:18:21,559 it'll keep spinning right, so the upward momentum will carry it, 345 00:18:21,599 --> 00:18:24,640 and so they'll get out before the penultimate top. But yeah, 346 00:18:24,680 --> 00:18:28,359 I mean they And this is common play in investing, 347 00:18:28,599 --> 00:18:32,480 especially in late stage investing when you get institutional investors, 348 00:18:32,720 --> 00:18:37,519 because this market is very easy to front run in 349 00:18:37,559 --> 00:18:40,000 the sense that if I know that any type of 350 00:18:40,039 --> 00:18:43,279 transaction is coming and that transaction could be correlated to 351 00:18:43,319 --> 00:18:46,839 AI in any way, I know to go along that 352 00:18:46,920 --> 00:18:49,880 stock because the idiocy in this market will bid it up, 353 00:18:49,920 --> 00:18:51,720 just like it bid up anything with dot Com in 354 00:18:51,759 --> 00:18:52,599 nineteen ninety nine. 355 00:18:52,680 --> 00:18:53,119 Speaker 3: Right yep. 356 00:18:54,880 --> 00:18:56,599 Speaker 2: And look, just like in ninety nine, some of these 357 00:18:56,640 --> 00:18:59,839 things will be real and will reach incredible heights. It's 358 00:18:59,839 --> 00:19:01,359 just it's going to be much more of am expegged 359 00:19:01,359 --> 00:19:03,920 than nineteen nine. The nineteen ninety nine The technology is 360 00:19:03,960 --> 00:19:07,039 substantially different. But my point in saying this is I 361 00:19:07,079 --> 00:19:09,559 think that this is going to be one of the 362 00:19:09,599 --> 00:19:12,799 most pernicious and perhaps the most pernicious asset bubble of 363 00:19:12,839 --> 00:19:16,119 all time, because I think that the head fake is tech, 364 00:19:16,559 --> 00:19:19,599 meaning in previous bubbles you just had to avoid what 365 00:19:19,720 --> 00:19:22,079 was the bubble. In this bubble, not only do you 366 00:19:22,119 --> 00:19:23,960 need to avoid what the bubble is, but you need 367 00:19:24,000 --> 00:19:26,319 to avoid what the bubble is going to cause. And 368 00:19:26,359 --> 00:19:28,640 I think what the bubble is going to eventually cause 369 00:19:29,000 --> 00:19:31,920 when all of this money and all this nonsensical stuff 370 00:19:31,960 --> 00:19:35,200 starts heading for the exits, it's, in my opinion, it's 371 00:19:35,200 --> 00:19:37,519 going to flow into real assets, and I think it 372 00:19:37,519 --> 00:19:39,920 could make the rises you've seen in gold and silver 373 00:19:39,960 --> 00:19:41,759 look elementary. 374 00:19:41,960 --> 00:19:42,559 Speaker 1: Yeah. 375 00:19:42,920 --> 00:19:45,119 Speaker 2: I think that when I look at the US stock 376 00:19:45,160 --> 00:19:48,480 market and I start looking at farmland, I start looking 377 00:19:48,480 --> 00:19:51,759 at acreage up against you know, with rivers going through it, 378 00:19:51,839 --> 00:19:54,440 or up against national forests. I start looking at those 379 00:19:54,480 --> 00:19:57,200 things that I'm like, you know, what's really undervalued in 380 00:19:57,240 --> 00:20:00,920 this mark? Real assets. So here we are, now, what 381 00:20:00,960 --> 00:20:02,880 about nine months into this year, nine and a half 382 00:20:02,920 --> 00:20:05,319 months into this year, gold mining stocks are up one 383 00:20:05,400 --> 00:20:08,880 hundred and thirty percent year to date. Right, you know 384 00:20:08,960 --> 00:20:11,559 that we've been talking about this for a long time. Right, 385 00:20:11,720 --> 00:20:13,839 they're saying, hey, guys, eventually the play is going to 386 00:20:13,880 --> 00:20:15,880 be gold and silver because central banks are going to 387 00:20:15,920 --> 00:20:18,920 have to sterilize their US dollars denominated risk and it's 388 00:20:19,000 --> 00:20:20,920 kind of a mechanical need. How high that's going to 389 00:20:20,960 --> 00:20:23,640 push gold we don't know, but the point or the 390 00:20:23,680 --> 00:20:27,119 opportunity here is these gold mining stocks are priced as 391 00:20:27,160 --> 00:20:29,480 if they are dead and they are about to get 392 00:20:29,480 --> 00:20:32,160 sold for scrap. Nothing could be further for the truth, 393 00:20:32,440 --> 00:20:34,480 the sector is in better financial health than at any 394 00:20:34,480 --> 00:20:37,039 point in the last forty years. We think there's tremendous 395 00:20:37,079 --> 00:20:40,200 upside here. I still think that you're probably in the 396 00:20:40,240 --> 00:20:43,160 first two innings of the move in those stocks, because 397 00:20:43,200 --> 00:20:45,960 they're still despite the factor up one hundred and thirty 398 00:20:46,000 --> 00:20:47,920 percent year to date. They're cheaper than when they came 399 00:20:47,960 --> 00:20:50,359 in the year because of the rise in gold. So 400 00:20:50,920 --> 00:20:52,880 you know, these stocks are people like, oh, it's run 401 00:20:52,920 --> 00:20:55,519 too much. On a fundamental basis, these stocks are dirt 402 00:20:55,559 --> 00:20:58,400 cheap at twenty eight hundred dollars gold, let alone four thousand. Hey, 403 00:20:58,400 --> 00:20:58,559 this is. 404 00:21:00,079 --> 00:21:03,079 Speaker 1: Explain something on your Twitter accounts that I wanted to 405 00:21:03,400 --> 00:21:05,880 have you explain further. I'll get to that in a second. 406 00:21:05,880 --> 00:21:08,240 Because you don't often go around calling people. I don't 407 00:21:08,240 --> 00:21:09,720 know if you know this guy, but this man is 408 00:21:09,720 --> 00:21:10,319 an idiot. 409 00:21:10,880 --> 00:21:12,759 Speaker 2: So yeah, yeah, he's a dangerous guy. 410 00:21:12,799 --> 00:21:15,400 Speaker 1: Okay, I'll explained that. Then I want to touch on 411 00:21:16,039 --> 00:21:21,319 in point of comparison gold gold mining gold miners. The 412 00:21:21,359 --> 00:21:23,519 people who sell the pick axes to the gold miners. 413 00:21:24,079 --> 00:21:26,799 To something that happened in crypto that the Wall Journal reported, 414 00:21:26,799 --> 00:21:29,799 and we'll talk about this with Zach Abraham. I was 415 00:21:29,799 --> 00:21:32,319 just telling Zach, we're going back down. We got our 416 00:21:32,319 --> 00:21:35,359 house secured, got the house sitter. One of our guys, 417 00:21:35,400 --> 00:21:36,839 one of our friends, is gonna come over and do 418 00:21:36,880 --> 00:21:39,640 some fishing, et cetera. One of our military buddies I 419 00:21:39,680 --> 00:21:41,000 didn't serve, but he did it is going to come 420 00:21:41,039 --> 00:21:43,039 and take over the house for a little while. And 421 00:21:43,160 --> 00:21:47,440 we're headed down to renew Healthcare December twelfth through the seventeenth. 422 00:21:48,079 --> 00:21:50,480 And I think I chat the other day. I was 423 00:21:50,480 --> 00:21:53,680 thinking about doing something aesthetic, Zach. I'm gonna take my 424 00:21:53,720 --> 00:21:56,759 headphones off. Do you think my ears? I get the 425 00:21:56,880 --> 00:21:59,480 stem cells in my ears to get rid of the wrinkles. No, 426 00:22:00,119 --> 00:22:04,039 it really works. Like just take a look at my ear, Zach. 427 00:22:05,240 --> 00:22:08,119 Speaker 2: I want to I'd rather have I like him doing 428 00:22:08,240 --> 00:22:09,319 jack them straight into my brain. 429 00:22:10,680 --> 00:22:14,599 Speaker 1: I mean, just grow the brain the wrinkles, because I'm 430 00:22:14,599 --> 00:22:16,880 not going to get the cow tosin in my face, 431 00:22:16,880 --> 00:22:19,319 the both tox and I see, I like my wrinkles. 432 00:22:19,880 --> 00:22:21,599 But I was thinking about for the people Zach, it's 433 00:22:21,599 --> 00:22:24,799 for the people. I want the people to see the change. 434 00:22:25,480 --> 00:22:28,640 I'm going to get a bookmark MRI so you can see. 435 00:22:28,720 --> 00:22:30,680 You will literally see the change in my back since 436 00:22:30,680 --> 00:22:32,839 it went down. The new tissue that's grown. I know 437 00:22:32,920 --> 00:22:36,079 it has because my back is insanely better. So if 438 00:22:36,119 --> 00:22:38,119 you can make it down there for treatment, come down 439 00:22:38,160 --> 00:22:41,200 with us. We did this live free webinar and there 440 00:22:41,200 --> 00:22:44,200 were like forty five people in that call, and there 441 00:22:44,200 --> 00:22:46,759 were eighty people who scheduled to go there. Now respond 442 00:22:46,799 --> 00:22:49,000 they want a second webinar because they didn't make the 443 00:22:49,039 --> 00:22:51,680 first one. So there's gonna be a lot of listeners 444 00:22:51,720 --> 00:22:54,559 dash viewers down there. So if it's ed, you don't 445 00:22:54,559 --> 00:22:56,759 need to tell us. That stuff is embarrassing for people. 446 00:22:56,799 --> 00:22:59,000 But simpsos are fantastic and that getting the use of 447 00:22:59,039 --> 00:23:03,759 your hands back arthritis. They've reset people's entire immune systems. 448 00:23:04,279 --> 00:23:07,319 It works on myocarditis and paracarditis because stem cells are 449 00:23:07,400 --> 00:23:10,759 that amazing. Go to renew r e n ue dot Healthcare. 450 00:23:10,960 --> 00:23:12,920 That's renew dot Healthcare. It's support. You're telling me you're 451 00:23:12,960 --> 00:23:15,519 part of the Todd Hermershell family. So, Zach, we got this. 452 00:23:16,920 --> 00:23:22,920 Anthony Popliano Anthony Populiano says gold has been a disastrous 453 00:23:23,000 --> 00:23:26,559 investment since twenty twenty, It's lost eighty four percent of 454 00:23:26,559 --> 00:23:29,480 its purchasing power compared to a finite sound money asset 455 00:23:29,599 --> 00:23:32,839 like bitcoin. Gold has collapsed eighty four percent in bitcoin 456 00:23:32,920 --> 00:23:36,160 term since twenty twenty. And Zach Abram, chief and best 457 00:23:36,200 --> 00:23:38,720 of boer Kapa watchment my friend and brother wrote back, 458 00:23:38,799 --> 00:23:41,880 this man is an idiot. Follow at your own risk, 459 00:23:42,480 --> 00:23:46,559 too stupid to be embarrassed. So I'm going to talk 460 00:23:46,599 --> 00:23:50,640 about bitcoin here and excepter at least crypto help unfold 461 00:23:50,680 --> 00:23:51,880 that little bit his idiocy. 462 00:23:53,119 --> 00:23:57,960 Speaker 2: Well, so, first of all, that guy has been saying 463 00:23:58,079 --> 00:24:00,880 ridiculous stuff that I believe that he knows to be 464 00:24:01,000 --> 00:24:04,400 not true for a really long time. I don't usually 465 00:24:04,400 --> 00:24:07,079 interact with people like that, but when it comes to 466 00:24:07,200 --> 00:24:11,240 people that are todd and I know you're right there 467 00:24:11,240 --> 00:24:16,160 with me, I have a deep anger, resentment, and distrust 468 00:24:16,319 --> 00:24:24,240 and vitriolic dislike for Charlatan's anybody that is knowingly peddling 469 00:24:24,440 --> 00:24:29,480 nonsense to people to benefit themselves. I just my spirit 470 00:24:29,640 --> 00:24:35,359 rages at them. Right, and what he said there is 471 00:24:35,480 --> 00:24:38,160 just a crime on so many levels. First of all, 472 00:24:38,839 --> 00:24:45,079 talking about any asset in bitcoin terms is disgustingly irresponsible. 473 00:24:45,319 --> 00:24:49,200 Bitcoin hasn't been around for more than fifteen years, so 474 00:24:49,279 --> 00:24:52,720 to talk about price appreciation and other assets in it 475 00:24:52,839 --> 00:24:58,920 turns its terms is it's a ridiculous It's just it's 476 00:24:59,000 --> 00:25:02,759 just ridiculous. It is the height of your responsibility. It's 477 00:25:02,799 --> 00:25:07,000 a horrible comp And the reason it's a horrible comp 478 00:25:07,480 --> 00:25:11,920 is because it's central banks that are driving the price 479 00:25:11,960 --> 00:25:16,640 of gold, and central banks purchases of gold have absolutely 480 00:25:16,759 --> 00:25:20,599 nothing to do with the value of bitcoin or the right. 481 00:25:20,640 --> 00:25:23,759 And the reason I can say that is, like, there's 482 00:25:23,839 --> 00:25:28,680 so many hurdles. First of all, you can't compare bitcoin 483 00:25:28,759 --> 00:25:33,160 to even money until bitcoin, until you are allowed to 484 00:25:33,200 --> 00:25:37,440 pay your US federal income taxes in bitcoin, Okay, Like 485 00:25:37,480 --> 00:25:41,079 it's silly to be an American living in America and 486 00:25:41,119 --> 00:25:44,559 looking at bitcoin in dollar terms. If you can't pay 487 00:25:44,599 --> 00:25:47,359 your taxes in bitcoin now, you can still cash it 488 00:25:47,400 --> 00:25:48,960 in and get dollars. And I'm not saying that's a 489 00:25:48,960 --> 00:25:51,640 bad idea to own bitcoin. We own it. We've owned 490 00:25:51,640 --> 00:25:53,599 some very small amount and we've made a lot of 491 00:25:53,599 --> 00:25:56,559 money trading it. I'm not anti bitcoin. What I am 492 00:25:56,640 --> 00:26:00,559 anti is people making these types of statements. The other 493 00:26:00,640 --> 00:26:04,079 thing he's not telling you is that what happened during 494 00:26:04,119 --> 00:26:08,279 bitcoin to bitcoin during twenty twenty, I can't remember how 495 00:26:08,359 --> 00:26:10,000 much it went, but I believe it had a collapse 496 00:26:10,039 --> 00:26:14,200 of eighty five percent. Okay. Over that same period of time, 497 00:26:14,279 --> 00:26:17,279 gold went down like fifteen or twenty. So when you 498 00:26:17,319 --> 00:26:19,839 go to the bottom and you go, oh, it's outperformed 499 00:26:19,839 --> 00:26:22,279 it since then, and I'm like, well, yeah, but it 500 00:26:22,319 --> 00:26:26,559 lost eighty five percent right before. Right, So it's what 501 00:26:26,599 --> 00:26:29,880 we call a chart crime. Meaning there's this old joke 502 00:26:29,920 --> 00:26:33,400 in finance, which is you can pick the debate, right, 503 00:26:33,480 --> 00:26:36,200 you can pick the assets, meaning you can pick the 504 00:26:36,240 --> 00:26:38,240 two stocks we're comparing, or you can pick the two 505 00:26:38,279 --> 00:26:40,720 assets that were comparing. So long as I get to 506 00:26:40,759 --> 00:26:44,599 pick the timeline, I win every time. Right, And that's 507 00:26:44,680 --> 00:26:48,400 what that's what I despise, because what do you own 508 00:26:48,480 --> 00:26:52,200 gold for? You own gold to be a safe haven asset? Right, Well, 509 00:26:52,240 --> 00:26:55,160 if during a tremendous time of turmoil, your safe pat 510 00:26:55,200 --> 00:26:58,359 haven asset loses eighty five percent of its value and 511 00:26:58,440 --> 00:27:00,359 mine loses ten, I in. 512 00:27:00,680 --> 00:27:04,079 Speaker 1: Yeah, right. Plus if stuff gets really really bad and 513 00:27:04,079 --> 00:27:05,799 you onn physical gold, as you said before, you can 514 00:27:05,839 --> 00:27:06,480 throw it at people. 515 00:27:07,319 --> 00:27:09,680 Speaker 2: Yeah. Well here here's the other thing. Here's another big 516 00:27:09,720 --> 00:27:12,880 part of and look, look, I do not think bitcoin 517 00:27:13,200 --> 00:27:16,039 is a ponzi scheme. I think that owning it in 518 00:27:16,039 --> 00:27:19,720 a small amount it makes perfect sense. But for these 519 00:27:19,759 --> 00:27:21,880 people out there saying, oh, it's one of the same 520 00:27:22,200 --> 00:27:26,359 and gold's not, you know, is bitcoin does all these 521 00:27:26,359 --> 00:27:30,400 things that gold doesn't. Okay, put all that aside, because 522 00:27:30,519 --> 00:27:33,200 that can be true or not. And the reason it 523 00:27:33,200 --> 00:27:35,359 doesn't have to be true is you can have a 524 00:27:35,559 --> 00:27:39,240 hard gold backed cryptocurrency that trades on the blockchain, so 525 00:27:39,279 --> 00:27:41,160 you can get the advantages of both fully, right, So 526 00:27:41,240 --> 00:27:44,240 I don't buy this one or the other thing. But 527 00:27:44,279 --> 00:27:48,039 more importantly, it's it's utility. What is the intrinsic value 528 00:27:48,079 --> 00:27:51,279 of bitcoin. It's zero. Now, there are people that will 529 00:27:51,319 --> 00:27:53,359 want to fight me for saying that, But what I 530 00:27:53,400 --> 00:27:56,839 mean by the intrinsic value is bitcoin does not become 531 00:27:56,880 --> 00:27:59,480 any more useful to anybody using it. If it's trading 532 00:27:59,519 --> 00:28:02,359 at fifty thousand dollars a bitcoin or five hundred thousand 533 00:28:02,359 --> 00:28:05,319 dollars a bitcoin, it doesn't matter. Okay, when you flip 534 00:28:05,359 --> 00:28:07,440 over and look at gold, if gold all of a 535 00:28:07,480 --> 00:28:09,599 sudden started trading at one hundred and two hundred dollars 536 00:28:09,640 --> 00:28:12,960 an ounce. You would see it used all over the 537 00:28:13,039 --> 00:28:16,559 place for applications, yeah right. You'd see it used in electronics. 538 00:28:16,799 --> 00:28:20,079 You'd see it used in maritime things, right, to seal 539 00:28:20,160 --> 00:28:22,680 things from corrosion and saltwater decay and all that kind 540 00:28:22,720 --> 00:28:26,440 of stuff. So they now agreanted, that's a long ways 541 00:28:26,480 --> 00:28:29,400 away from its price. So what it shows you is gold. 542 00:28:29,640 --> 00:28:32,480 Is it this whole idea that gold is valuable because 543 00:28:32,519 --> 00:28:34,759 a bunch of idiots stand around it and say it is. 544 00:28:35,720 --> 00:28:40,039 I mean, look, it takes some agreement in terms of price, 545 00:28:40,079 --> 00:28:42,440 and the fact that we all think it's valuable has 546 00:28:42,440 --> 00:28:44,839 something to do with it. But if it wasn't a 547 00:28:44,880 --> 00:28:48,440 monetary based value, if it wasn't gold, it would still 548 00:28:48,480 --> 00:28:52,960 have substantial value. It doesn't corrode, it doesn't shrink, it 549 00:28:53,000 --> 00:28:56,960 never goes anywhere, right, So there's tremendous value in something 550 00:28:57,039 --> 00:29:00,240 like that, and the applications could be endless. So it's 551 00:29:00,279 --> 00:29:06,839 just that guy is around enough people. I know a 552 00:29:06,880 --> 00:29:09,559 business partner of his, so I'm not speaking out of 553 00:29:09,559 --> 00:29:11,680 school out of turn. I know the guy pretty well. 554 00:29:12,000 --> 00:29:15,240 He is around enough smart people that know better when 555 00:29:15,279 --> 00:29:18,079 he says something like that, he's a bad actor. He 556 00:29:18,200 --> 00:29:22,079 knows it's nonsense, and he's saying it. He's talking his. 557 00:29:22,039 --> 00:29:26,359 Speaker 1: Own book, incredit and talking his own book meaning helping himself. 558 00:29:26,559 --> 00:29:29,160 Got it. Yes, So I want to compare this to 559 00:29:29,200 --> 00:29:32,279 something the Walshirt Journal wrote, and this is very, very 560 00:29:32,279 --> 00:29:34,680 disturbing to me. You and I have made a habits 561 00:29:34,839 --> 00:29:38,839 and when we see frauds in the Trump administration, we're 562 00:29:38,880 --> 00:29:41,559 going to say something. I'm not saying this came from 563 00:29:41,559 --> 00:29:44,119 the Trump administration. I don't know that to be the case. 564 00:29:44,920 --> 00:29:48,680 But you want to talk about controlling the timing of something. Wow, 565 00:29:48,920 --> 00:29:51,720 something happened when President Trump announced one hundred percent tariffs 566 00:29:51,720 --> 00:29:53,880 against China. If you believe those are going to last. 567 00:29:53,880 --> 00:29:56,000 There are people who think, once again, this is carrot 568 00:29:56,039 --> 00:29:58,799 and stick Trump. But this requires a little bit of 569 00:29:58,839 --> 00:30:02,200 discussion around krip and what just happened. We'll do that 570 00:30:02,240 --> 00:30:04,960 with Zach Abrahamam just a second, and just a quick 571 00:30:04,960 --> 00:30:07,240 discussion about how you, for the rest of your life 572 00:30:07,240 --> 00:30:10,200 clean your body. It's not a sexy topic unless you're 573 00:30:10,200 --> 00:30:12,079 a sexy person, and I guess it could be, but 574 00:30:12,119 --> 00:30:13,759 that's up to you because it's just you and your 575 00:30:13,799 --> 00:30:17,039 own heads, but Alansaps dot com slash Todds where you 576 00:30:17,160 --> 00:30:20,240 purchase this soap made in America with a mission greater 577 00:30:20,359 --> 00:30:23,559 than cleansing your body, sexy or not. And it is 578 00:30:23,880 --> 00:30:27,519 all natural, no no chemicals in it. And the mission 579 00:30:27,559 --> 00:30:29,599 is far greater than the soap, which is the best 580 00:30:29,640 --> 00:30:31,960 soap in the world. The mission is to continue to 581 00:30:32,000 --> 00:30:35,240 employ people like Alan who's fourteen, he's been through eighteen 582 00:30:35,279 --> 00:30:38,599 operations and he is effectively nonverbal, but he works there 583 00:30:39,079 --> 00:30:41,240 and he invents soaps. That's why it's Alan Soaps. His 584 00:30:41,279 --> 00:30:44,680 brother Ian works there, also impacted by autism. We had 585 00:30:44,720 --> 00:30:47,519 Amy there for a while working there and did a 586 00:30:47,559 --> 00:30:51,039 great job. And right now it's some tumults at Allan's 587 00:30:51,519 --> 00:30:55,720 because John, who is the patriarch of the family, is 588 00:30:56,160 --> 00:30:59,880 giving up his fight for against cancer and is eventually 589 00:31:00,039 --> 00:31:01,319 maybe in the next year, is so going to go 590 00:31:01,319 --> 00:31:03,559 to the Lord. So there's a change in management coming. 591 00:31:03,599 --> 00:31:05,480 John is training his wife to take over the company. 592 00:31:05,519 --> 00:31:08,720 The soap remained the stay. Alan and Ian will continue 593 00:31:08,720 --> 00:31:10,559 to work there. What we're asking you to do is 594 00:31:10,640 --> 00:31:12,960 go get the world's very best soap with the very 595 00:31:12,960 --> 00:31:15,799 best mission at Alan soaps dot com. Slash todd. If 596 00:31:15,799 --> 00:31:18,359 you've already bought it and you love it, subscribe because 597 00:31:18,400 --> 00:31:20,519 that will help with this transition. Alan soaps dot com 598 00:31:20,519 --> 00:31:23,839 slash todd, so Zach. This is the Wall Street Journal 599 00:31:23,839 --> 00:31:31,240 writing a historic crypto selloff erased nineteen billion dollars, but 600 00:31:31,319 --> 00:31:34,920 two accounts made one hundred and sixty million, and it's 601 00:31:34,960 --> 00:31:38,400 comparing us to some big days in crypto previously. September seven, 602 00:31:38,480 --> 00:31:41,960 twenty twenty one, El Salvador makes Bitcoin national currency. You 603 00:31:42,039 --> 00:31:46,400 see that bump. November eight, twenty twenty two, ftx exchange collapses, 604 00:31:47,160 --> 00:31:50,160 and now we see this bump. October ten, twenty twenty five, 605 00:31:50,400 --> 00:31:53,759 Trump's surprise announcement of one hundred percent tariffs against China, 606 00:31:54,200 --> 00:31:58,400 and we saw this massive bump, nineteen billion dollars erased. 607 00:31:58,480 --> 00:32:01,480 And then the journal writes this, President Trump surprised announcedment 608 00:32:01,519 --> 00:32:03,640 one hundred percent tariffs against China, and Friday triggered a 609 00:32:03,680 --> 00:32:07,160 cryptocurrency selloff that wiped out more than nineteen billion in 610 00:32:07,240 --> 00:32:11,400 leverage positions. Two accounts that placed bets against the market 611 00:32:11,680 --> 00:32:14,720 minutes before the news broke scored a one hundred and 612 00:32:14,759 --> 00:32:19,279 sixty million dollar windfall. You talk about controlling the timing. 613 00:32:19,680 --> 00:32:22,400 That makes me feel very very suspicious as to what 614 00:32:22,519 --> 00:32:24,440 Jared Kirshner, I'm sorry. I didn't mean to say that 615 00:32:24,480 --> 00:32:26,640 part out loud about what someone did, right. 616 00:32:27,680 --> 00:32:33,000 Speaker 2: Yeah, no, I looked at so to be fair, yeah, 617 00:32:33,039 --> 00:32:37,400 we had been building a short position in our portfolio. 618 00:32:37,680 --> 00:32:40,119 Oh it was you for the no no, no, no, 619 00:32:40,119 --> 00:32:42,640 not on crypto, not on crypto. We've been building a 620 00:32:42,640 --> 00:32:46,400 short position, actually long volatility. So we believed that for 621 00:32:46,480 --> 00:32:49,480 a couple for a couple of different reasons, we believed 622 00:32:49,480 --> 00:32:50,839 that the market was about ready to go through a 623 00:32:50,880 --> 00:32:53,720 volatility about We talked about it on our show quite 624 00:32:53,720 --> 00:32:55,720 a bit so, so starting about two and a half 625 00:32:55,759 --> 00:32:58,839 weeks ago, we started building a volatility position and we 626 00:32:58,920 --> 00:33:00,960 built it fairly large. It was six percent of the 627 00:33:00,960 --> 00:33:04,319 portfolio by the time Friday hit, and that position in 628 00:33:04,359 --> 00:33:07,599 a single day for US was up fifteen percent. So 629 00:33:07,839 --> 00:33:12,240 to be fair to those guys, there were a significant 630 00:33:12,279 --> 00:33:18,319 amount of institutional investors, including ourselves, professional investors, dire for 631 00:33:18,400 --> 00:33:21,079 a variety of different reasons, we're looking for some volatility 632 00:33:21,079 --> 00:33:24,920 to hit the market, and we were correct. It's the 633 00:33:24,960 --> 00:33:28,119 timing of those trades, right. So if you go back 634 00:33:28,160 --> 00:33:30,799 and look at our trades. We were building that short 635 00:33:30,799 --> 00:33:33,400 position over a two week period of time. We didn't 636 00:33:33,440 --> 00:33:37,440 buy it fifteen minutes before it hit, right, So there 637 00:33:37,519 --> 00:33:39,359 is no way, and I will just tell you right now, 638 00:33:39,400 --> 00:33:42,359 there's absolutely no way that trade happened without insider trading 639 00:33:42,839 --> 00:33:46,240 one hundred percent. It just you can look at the 640 00:33:46,240 --> 00:33:47,839 size of it. You can look at the way they 641 00:33:47,880 --> 00:33:51,880 get it, the aggressive nature. They knew something. There were 642 00:33:51,880 --> 00:33:55,160 also tons there were massive amounts of money made betting 643 00:33:55,200 --> 00:33:58,000 long volatility and just short the markets on Friday of 644 00:33:58,119 --> 00:34:01,960 trades that got entered fifteen minutes before the announcement got made. 645 00:34:02,440 --> 00:34:05,720 And so you know, there's grift all over the place. 646 00:34:05,759 --> 00:34:10,000 It's almost impossible to pend it on anybody because you know, 647 00:34:10,800 --> 00:34:13,440 and and here's why. And this is one of the 648 00:34:13,480 --> 00:34:15,920 reasons that I wasn't like some people going off on 649 00:34:16,199 --> 00:34:19,400 the on Biden or Obama when this happens, just because 650 00:34:19,519 --> 00:34:25,079 understanding investing, right, Like, you know, maybe that maybe fifty 651 00:34:25,119 --> 00:34:27,039 people in the White House knew that that was going 652 00:34:27,119 --> 00:34:29,800 to happen, right, And maybe one of them is talking 653 00:34:29,840 --> 00:34:31,360 on the phone to their sister in law or their 654 00:34:31,400 --> 00:34:34,000 brother in law when that news comes across, and they 655 00:34:34,119 --> 00:34:38,079 inadvertently just like, oh, no, we're ramping up trade trade tariffs. 656 00:34:38,280 --> 00:34:40,400 And then that person calls their husband that works on 657 00:34:40,440 --> 00:34:42,519 a trading floor and they're do you know what I'm saying? 658 00:34:42,559 --> 00:34:47,320 Like it it it. It is nefarious and it's disgusting 659 00:34:47,320 --> 00:34:50,159 and it needs to get rooted out. But always be 660 00:34:50,320 --> 00:34:52,280 careful when you point to you know, there will be 661 00:34:52,320 --> 00:34:55,119 people saying, oh, that's because the Trump administration is corrupt. 662 00:34:55,320 --> 00:34:56,679 There are people that would have said it about the 663 00:34:56,679 --> 00:35:03,159 Biden administration. Typically thin like that just get out and 664 00:35:03,559 --> 00:35:07,360 crooked people trade on them. You know what concerns me 665 00:35:07,440 --> 00:35:10,920 more wish what I wish they'd look into is, you know, 666 00:35:11,000 --> 00:35:13,519 the substantial trade short bets that went in on the 667 00:35:13,559 --> 00:35:17,440 airlines right before twenty eleven hit, Right, That's that's some 668 00:35:17,480 --> 00:35:22,440 stuff I'd really like to I'd like to see. But yeah, 669 00:35:22,480 --> 00:35:26,320 I mean it's crooked, but you know, we see this 670 00:35:26,559 --> 00:35:29,199 all over the economy. There's one other thing too that 671 00:35:29,519 --> 00:35:31,880 I've heard and I love a lot of the work 672 00:35:31,880 --> 00:35:34,039 that Tucker does, and I've heard him go off going 673 00:35:34,079 --> 00:35:36,320 off on short sellers and how short sellers are evil 674 00:35:36,360 --> 00:35:38,840 and all that kind of stuff. I really wish that 675 00:35:38,880 --> 00:35:41,000 he would talk to somebody because he couldn't be further 676 00:35:41,079 --> 00:35:43,719 off really, and let me yeah, let me just tell 677 00:35:43,760 --> 00:35:47,280 you there is nobody in the marketplace that is taking 678 00:35:47,280 --> 00:35:50,960 more risk than short sellers. Okay, especially in this market. 679 00:35:50,960 --> 00:35:52,920 I mean, go look what this market does to stocks. 680 00:35:53,039 --> 00:35:55,800 I mean it'll drive you know, it throws it tax 681 00:35:55,880 --> 00:35:58,239 on thirty to forty billion market cap on Walmart just 682 00:35:58,239 --> 00:36:00,800 because they say they're talking it, you know, chat GPT. 683 00:36:03,880 --> 00:36:06,840 I'll tell you what short sellers are. Short sellers are 684 00:36:06,880 --> 00:36:10,920 the equivalent of crawdads or lobsters in an aquarium. Right, 685 00:36:10,960 --> 00:36:13,559 they keep it clean. They eat the dead bodies that 686 00:36:13,599 --> 00:36:16,239 float to the bottom. They keep it clean. If you 687 00:36:16,320 --> 00:36:19,159 go look at the vast majority of financial frauds in 688 00:36:19,159 --> 00:36:22,079 this country, they've never been uncovered by the SEC. They've 689 00:36:22,079 --> 00:36:25,199 been uncovered by short sellers. And the reason why is 690 00:36:25,239 --> 00:36:28,960 because it's so risky at which means what the best research. 691 00:36:29,079 --> 00:36:31,440 The guys that know the most out there are the 692 00:36:31,440 --> 00:36:35,360 short sellers. So when your now, are there guys that 693 00:36:35,440 --> 00:36:38,239 will go out there and make a short story against 694 00:36:38,239 --> 00:36:40,920 the company just to drive the stock down in an 695 00:36:40,920 --> 00:36:43,760 illegal fashion and make some money off it. Yes, but 696 00:36:43,920 --> 00:36:48,400 they are the vast minority short selling is incredibly difficult 697 00:36:48,800 --> 00:36:51,519 and it should be legal. It is part of a 698 00:36:51,679 --> 00:36:56,159 balanced ecosystem in the market, and it literally is how 699 00:36:57,280 --> 00:37:02,199 every Enron got uncovered by uncovered by a short seller. 700 00:37:04,360 --> 00:37:08,519 The Harry Bark popolists, the analysts that had the banks 701 00:37:08,639 --> 00:37:10,760 dead to rights as early as two thousand and three 702 00:37:11,079 --> 00:37:13,440 that these collateralized dead obligations were going to go down. 703 00:37:13,639 --> 00:37:17,159 He uncovered Bernie madeoff his early as two thousand and two, 704 00:37:17,199 --> 00:37:18,960 two thousand and three, he was sending letters to the 705 00:37:19,000 --> 00:37:21,960 SEC telling them Bernie madeof was a fraud. You look 706 00:37:22,000 --> 00:37:24,960 at it. Had the had regulators listened to short sellers, 707 00:37:25,679 --> 00:37:27,719 eighty percent of the financial fraud that we've seen in 708 00:37:27,719 --> 00:37:30,880 this country wouldn't have happened. So when you hear people 709 00:37:30,920 --> 00:37:34,000 talking about whoever you hear out there that's in the know, 710 00:37:34,559 --> 00:37:37,840 right if they're in the industry, like he was interviewing 711 00:37:37,920 --> 00:37:42,199 the head guy that Melton, the guy that Trump pardoned 712 00:37:42,440 --> 00:37:45,079 that had the ev company that was running on hydrogen, 713 00:37:45,280 --> 00:37:47,719 the semi trucks. I'm forgetting what the name of it was. 714 00:37:48,039 --> 00:37:52,199 But there was some ways about the way they went 715 00:37:52,280 --> 00:37:54,880 after him that I don't think was fair. But also 716 00:37:55,239 --> 00:37:58,039 like Tucker was not getting the straight story from this guy. 717 00:37:58,119 --> 00:38:01,199 That guy engaged in a lot of shady stuff. Like 718 00:38:01,280 --> 00:38:04,360 at the time, before it even made the news, I 719 00:38:04,400 --> 00:38:07,039 was sitting there going, man, this thing smells like a fraud. 720 00:38:07,360 --> 00:38:10,079 So anyway, I didn't mean to derail as No. 721 00:38:10,280 --> 00:38:12,840 Speaker 1: You that's really interesting. I never thought about that, of 722 00:38:12,920 --> 00:38:16,000 thinking of short feeders or short sellers as bad people. 723 00:38:16,039 --> 00:38:18,039 I never thought that way. I said, it was a 724 00:38:18,079 --> 00:38:21,039 technique that I still to this day intermittently understand really 725 00:38:21,079 --> 00:38:23,360 really well. And then sometimes I have to have explained 726 00:38:23,400 --> 00:38:26,239 to me like I'm two again, because I think it's 727 00:38:26,239 --> 00:38:28,239 a I think it's an art and a science. So 728 00:38:28,360 --> 00:38:31,119 it just it's interesting to know that, you know. 729 00:38:31,239 --> 00:38:34,639 Speaker 2: It's also it's also a tremendous it's also a tremendous tool. 730 00:38:34,719 --> 00:38:35,960 Like you know, one of the things that we talk 731 00:38:36,039 --> 00:38:39,039 to our clients about now, Thank goodness, we have years 732 00:38:39,039 --> 00:38:40,960 like you know, grabbing this year where you're up better 733 00:38:40,960 --> 00:38:44,000 than thirty percent and you're beating the market. But you know, 734 00:38:44,239 --> 00:38:46,280 the vast majority of our clients are retired, So what 735 00:38:46,320 --> 00:38:48,559 do they need. They need good market gains and they 736 00:38:48,599 --> 00:38:50,960 need productivity, but they need to do it in such 737 00:38:50,960 --> 00:38:53,119 a way that you're taking the worst case scenario off 738 00:38:53,119 --> 00:38:55,800 the table, right, Well, last week was a perfect example. 739 00:38:56,159 --> 00:38:59,800 Had the worst case scenario occurred, that's six percent position 740 00:39:00,079 --> 00:39:02,559 we made fifteen percent on in a day, that long 741 00:39:02,639 --> 00:39:06,400 volatility position. Like if you would have looked at that position, 742 00:39:06,719 --> 00:39:10,159 like back during COVID, that position probably would have tripled 743 00:39:10,159 --> 00:39:15,119 in size. So what I mean is our accounts could 744 00:39:15,119 --> 00:39:18,400 have taken a hit, but that short position alone, had 745 00:39:18,400 --> 00:39:21,639 the worst case scenario occurred, would have probably limited that 746 00:39:21,719 --> 00:39:24,440 hit to like a fifteen percent hit. And that would 747 00:39:24,440 --> 00:39:27,079 have been like if the market was down sixty five, right, 748 00:39:27,480 --> 00:39:28,320 So the. 749 00:39:28,400 --> 00:39:31,239 Speaker 1: Hedges you create, it just bowls my mind. 750 00:39:31,400 --> 00:39:35,400 Speaker 2: Hedge upon hedge, it's it's you got to be varied 751 00:39:35,440 --> 00:39:38,840 with them because and here's the other side of it, right, 752 00:39:39,679 --> 00:39:43,679 hedges are just like insurance, meaning most of them won't 753 00:39:43,719 --> 00:39:46,960 get used, right, So most of them will take small 754 00:39:47,000 --> 00:39:50,039 losses on. And what you hope is that you're being 755 00:39:50,079 --> 00:39:52,199 productive enough in the other parts of the portfolio to 756 00:39:52,199 --> 00:39:54,199 make up for that. But when they come in handy, 757 00:39:54,239 --> 00:39:56,760 you know, like during COVID, right, market drops thirty six 758 00:39:56,800 --> 00:39:59,800 percent in five weeks, our portfolios were down seven So 759 00:40:00,519 --> 00:40:03,320 and that is purely due to our ability to shorten. 760 00:40:03,880 --> 00:40:07,440 So when you sit there and you throw this blanket 761 00:40:07,519 --> 00:40:11,159 over a section, I will tell you, generally speaking, if 762 00:40:11,199 --> 00:40:14,880 you show me investors that run a short fund or 763 00:40:14,920 --> 00:40:19,280 a long short fund, but specifically a short fund, I 764 00:40:19,320 --> 00:40:22,519 will tell you that there is a higher percentage of 765 00:40:22,519 --> 00:40:26,320 investors who are good, upright guys running short only funds 766 00:40:26,519 --> 00:40:28,840 than guys that are running long only funds. That's fast, high, 767 00:40:29,360 --> 00:40:33,880 higher percentage of non crook, good honest guys. And so 768 00:40:34,000 --> 00:40:38,280 I just I've watched short short sellers get completely mischaracterized 769 00:40:38,599 --> 00:40:40,599 by a guy that I like in respect, like Tucker, 770 00:40:40,840 --> 00:40:43,559 like Tucker Carlson Night. I think he's getting fed bad 771 00:40:43,559 --> 00:40:44,840 information from bad people. 772 00:40:45,119 --> 00:40:47,559 Speaker 1: It happens, and there's something that happens when people get 773 00:40:47,599 --> 00:40:50,519 freed from the mockingbird media, they can do whatever they want. 774 00:40:50,599 --> 00:40:53,159 The mind opens and they just want to chat about everything. 775 00:40:53,800 --> 00:40:55,760 I've seen that happen time and time and time again. 776 00:40:55,880 --> 00:40:58,400 I went through it early in my career when I 777 00:40:58,480 --> 00:41:01,000 wasn't doing talk radio more in the Internet was wild 778 00:41:01,000 --> 00:41:03,159 and we were cursing and everything on the air, and 779 00:41:03,159 --> 00:41:06,000 that's what we did. So got that. Thank you, my brother, 780 00:41:06,440 --> 00:41:08,719 great to have wise counsel with you. God bless you 781 00:41:08,760 --> 00:41:11,000 and the Bypocks and the family and everybody back there. 782 00:41:11,039 --> 00:41:14,000 Be careful at the game. We do cow tipping and 783 00:41:14,039 --> 00:41:16,119 red neckline. You know, cow falls asleep and you knock 784 00:41:16,159 --> 00:41:17,960 it over and run away. Don't do that to the 785 00:41:18,000 --> 00:41:19,199 fentanyl leaders. 786 00:41:19,559 --> 00:41:22,880 Speaker 2: Oh, we would never do it. Well, there goes my 787 00:41:22,960 --> 00:41:23,599 weekend plan. 788 00:41:24,880 --> 00:41:29,119 Speaker 1: That's the least the least it all right, brother Jo 789 00:41:29,239 --> 00:41:33,760 the game. God bless you. This is the Todd Hermitshew. 790 00:41:33,880 --> 00:41:36,840 Please go be well, be strong, be kind, please make 791 00:41:36,880 --> 00:41:38,960 every effort to walk in the light of Christ.