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Speaker 1: So when I read things like this it says here

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the FED just purchased twenty billion dollars in three year bonds.

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I think, you know what, I could call that dude

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who knows a guy from the store where he used

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to work and get an opinion, or maybe just a

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dude at the bank, or maybe someone who's a fund

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advisor but not a fiduciary. But no, I decided and

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said to call my friend and brother, zach Abraham into

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this studio. He is a fiduciary. He is the chief

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and dec moopster Bolart Capital Management. He's ripped, he's tan,

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He's ready, he joins this courtesy of God Almighty, thank

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you living.

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Speaker 2: But Todd Herman show is one percent disapproved by big

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pharma technocrats and tyrant's everywhere from the hind mountains of

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Free America. Here's the Emerald City exile.

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Speaker 1: Todd Herman. Today is the days, and these are the

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times to which God has decided wish to live in.

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Zach Abraham, affore mentioned afour pitched, joins us, so good

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to see you, my brother, welcome.

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Speaker 3: Back, good to be back, good to be back.

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Speaker 1: Let us start with a minor little story something here

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about the Federal Reserve purchasing twenty billion dollars in three

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year bonds. I can't imagine that has any significance. It's

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not like they're injecting liquidity to cut interest rates. It's

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not like it's q E ten billion, is it? All

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those things?

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Speaker 3: Yeah, you know, I'll be honest with you.

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Speaker 4: When I saw that headline is a little bit of

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a head scratcher to me, okay, And the reason why

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is because I don't so the FED meeting is happening

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right now as we speak, so Powell's i'm sure, explaining that,

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and our lead analyst is in there watching it. So

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as soon as I get off done with you all

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know exactly what Powell said about it. The reason that

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was strange to me was because nobody's really worried about

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the front end of the curve. And what I mean

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by that is one year bonds, two year, three year,

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five year.

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Speaker 3: That's not the issue.

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Speaker 4: The thing that everybody's been concerned about is the back end,

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so tens, twenties, and thirties. So if you would have

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told me that the Fed bot twenty billion dollars worth

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of bonds, my guess is I would have guessed that

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it had been ten or thirty year treasuries.

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Speaker 3: Why they're buying three, I don't know. I don't know.

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Speaker 4: I don't know if that's them easing back into quantitative

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easing mode, because I do not think that we are

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going to get through the next year year and a

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half without serious interest rate cuts and probably running simultaneously

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quantitative easing.

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Speaker 3: So maybe that's.

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Speaker 1: Let's picture, quantitative easing is conjuring money.

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Speaker 4: Yeah, so, so and and and it really is that simple,

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tod like, I'm glad you put it that way. It's

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this money isn't coming from somewhere, Matt, like, it's not

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coming from anywhere real, right, They print the money, they

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they well, they don't print it. They push a button

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on their computer and put dollars in an account. They

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then take those dollars that they just created or conjured,

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as you said, and they buy treasuries from the banks.

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Speaker 3: That's that's what they do. So I don't know.

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Speaker 4: And the amount is kind of odd too, Like I

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said to me, there's it feels symbolic. I'm just not

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understanding exactly what kind of symbolism they're trying to get

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across here, other than the fact that they're to me maybe,

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and again that's why I'm interested to hear what Pal

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has to say.

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Speaker 3: And now he explains it. But to me, it's.

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Speaker 4: Probably most likely move to just reassure the markets and

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say the FAED as you're back.

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Speaker 1: A can that's that's that's that's certainly from a financial explanation.

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I will always always uh seed you the expertise financially.

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Let me offer just a tiny little thought. So we

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had President Trump criticizing Powell, criticizing the FED, saying he's

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constantly late. He's pathetically late to late to the party.

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Should be cutting interest rates now, should have done it

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ten weeks ago. He's late, Larry Powell. So I could

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see this is Pal going. You know what, I can

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do whatever I want to do. I can buy the

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front end of the curve. I'm completely independent. When I

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conjure money. It's debt to the American people, but it's

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money to us. So you know, hey, down, I don't

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work for you.

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Speaker 3: Yeah.

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Speaker 4: Yeah, he can the other thing too, though it could

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just as easily be the flip side of it.

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Speaker 3: Okay.

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Speaker 4: Yeah, And here's why I say that, because when you

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look at where the FED is and what they've communicated

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thus far, they have not met their own criteria that

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they have stated themselves for additional cuts. And when you

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consider where you're at right now in terms of where

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inflation is, where we're at in that battle, there is

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a fear, and I think it should and I think

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it's an appropriate fear by the FED to adjust rates

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too early and reignite inflation. So you, I think it

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probably is either your version or mine.

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Speaker 3: I think that's probably what he occurred here.

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Speaker 4: It's either him trying to show Trump I'll do whatever

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I want and asserting his independence, or it's him saying, look,

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we can't justify a rate cut right now, but we're

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very concerned by what's going on. So we're going to

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give kind of a rate cut light, if you will,

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a kind of a gentle caressing of the market, telling

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them what here.

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Speaker 1: If people don't have the video version of the show,

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they just meant you, they just missed you, gently caressing

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Larry Powell is so, Larry, I love your curves and

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that's just the smell of you.

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Speaker 3: Yeah, so so, And that's that. That's what I think.

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It's either one of those two.

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Speaker 4: My suspicion is it's the second meaning, this is an

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effort for them to say, look, we know that what

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is currently happening is probably restricting liquidity to some degree.

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It's it's certainly increasing friction in financial markets. We again,

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we haven't met our own stated criteria to start cutting yet.

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But what we'll do is we'll just do a little

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bond purchase, try to squeeze a little more liquidity into

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the system. But again, the fact he bought twenty billion

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and the fact that it were three years makes me

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believe it's more of a symbolic move, just reminding the

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markets that the Fed's there.

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Speaker 1: Okay, fair enough, there is a there's an ad that's

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come out for and that. Man, this is smart. This

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is how you use a celebrity endorsement. Without using this celebrity,

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you only hint at the celebrity. And this happens to

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be a political celebrity, a celebrity, and someone who is

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antagonistic to everything that is right, proper, good and godly

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in America, and happens to be one of the most

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obviously corrupt public so called public officials ever. So I

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want to show this to Zach and run us through

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some of the inside lingo here and let's piece this

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part together. But let me say something here. She represents

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a truly perverse and corrupt portion of a world where

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there are good people in There's some good people in politics.

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I was just down in Benawah County a Saint Mary's, Idaho.

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Those are good people, you know, former loggers. What's you

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know how cool it is to me a guy who's

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been a state rep for twelve years and prior to

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that he drove a logging truck, and like on the weekends,

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he still drives them. You know what I'm saying. There

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is an animated feature that I got to watch with

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my wife and it's called The King of Kings. And

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clearly we can't bring Charles Dickens back to life, and

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they can't bring him back to life as a human being,

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but they brought life to him in a character in

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this movie where he is teaching his son about Jesus Christ.

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And this is based on history. Charles Dickens is a

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great author, wrote a piece called the Life of Our Lord,

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really useful for teaching kids about Jesus. And in this movie,

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the Charles Dickens in the movie is dealing with the

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boy who's precocious, a little bit annoying. He's kind of

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a brat to be honest, and he has a brat cat.

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And through being told the story of Jesus one on

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one by his dad in their study, the little boy

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begins a process of being changed. See, he's obsessed with

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King Arthur and the roundtable, and he's got this sword

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and everything needs to be hitting things of the sword.

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And as Alex pointed out the other day, he watched

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the movie as well. He wants to see Jesus take

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the sword and come and why is he going to

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attack people? And the dad is saying, Charles Dickens, just

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let's see what he does. And when he goes to

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the cross, I want you to see the little boy's

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response when Jesus goes to the cross. Now we know

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Jesus will come back as king. We know that the

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King of Kings. Now, this feature is not available to

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you right now. It got out of theaters. If you

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didn't see it, you're out of luck. Except for this.

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Angels Do Videos is giving us an opportunity to become

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a Premium Angel Studios Guild member to watch the King

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of Kings. But that's not all you get to stream

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fan created shows and movies, get two free tickets to

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more thing. They have cracked open a door to Hollywood.

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They made Sound of Freedom against all odds. That became

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a world changing hit, and it changed culture. It changed

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conversations about the trafficking of children. So there's something else.

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When you go to Angel dot com slash todd, you

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join one million people like me, Americans who are taking

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control of entertainment. Because when you become a premium Angel

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Studios Guild member, you don't just get to watch King

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and your family and your friends who become members get

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stories that Angel Studios shares with the world. They cracked

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to draw up in the Hollywood. We need to flood

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through it. So head over right now to Angel dot

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com slash todd. That's Angel dot com slash todd. This

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is a company. Let's see autopilots and I'm saying it

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join autopilots. I'm saying it because they did a smart thing.

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This is a great ad. And here it is. This

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is someone who looks a lot like Well, I'll let

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you decide who she looks like.

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Speaker 5: What is my perfect trade? I get the tip at

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three fifty eight. Market closes in two. Do I buy Apple? Nope?

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I buy a defense contractor more subtle. Next day, war

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breaks out, stock triples. The Ethics Committee calls, how did

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you know? I say, gut feeling. They respect that. As

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I'm selling. A lobbyist walks in. He says that was

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my intel?

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Speaker 3: I say, was it.

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Speaker 5: We spend the weekend at Camp David. No one's there.

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It's romantic. Monday. Market's back in session. I tell him

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to meet me in the Caymans, but I go to Switzerland.

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I don't trust him. Besides, tax laws are better. Thirty

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years later, I get a letter. I have a son.

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He runs the SEC. This is where the story gets interesting.

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I tell the lobbyist to meet me at the Lincoln

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Memorial midnight. Turns out he's been following my trades for years.

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Through autopilot, it lets you invest like a politician without

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marrying one, He says he needs one more tip.

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Speaker 3: I don't care.

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Speaker 5: I don't show up. Flew to Singapore. That's where I

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set up the shell Company's.

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Speaker 1: That the most gorgeous ad for a financial company that

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you've ever seen?

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Speaker 3: I see, Yeah, that's brilliant. It's brilliant. I love it.

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It's absolutely brilliant.

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Speaker 4: And I I yeah, I just like And the fun Yeah,

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the funny thing about it is I don't think it's

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I mean, you know, I'm sure there's some embellishments, but

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I don't think it's that far off.

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Speaker 3: It's not that far off.

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Speaker 1: I don't either. And even the part about the kid,

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And there's no there's no proof that this person who

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looks a lot like what's your name?

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Speaker 5: Uh?

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Speaker 1: From San Francisco and she's got like a two hundred

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and fifty million networth.

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Speaker 3: And Dan see something like that?

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Speaker 1: Yeah, oh yeah, right, the queen of the blow out

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where yes, yeah, right during the COVID wherever you had

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to wear the mask?

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Speaker 2: Shoot?

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Speaker 4: Oh Pelosi, yeah, Pelosi, Yes, Nancy, I knew it was

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something like that.

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Speaker 1: There's no proof that she has an illegitimate kid from

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a defense industry lobby's smith there's no proof that she doesn't,

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and that's a negative you should have to prove. Is

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it that murky?

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Speaker 3: Is it that filthy?

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Speaker 1: Because if I'm looking at the networks of these guys,

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I'm falling their trades. I'm in the Nancy Policy stock picker.

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Would they really do it that obvious that every single

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human being can see it?

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Speaker 4: What I can tell you is that if we put

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up similar returns, we'd have.

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Speaker 3: The sec all over us.

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Speaker 4: And seriously, yeah, yeah, and and and it's it's it

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literally is here's and here's the thing people need to

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understand about investing.

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Speaker 3: And when you say stuff like this, people are kind

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of like, well, you don't know that when you look

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at somebody that generates the kind of returns that these

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people do year in and year out in excess of

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market returns, one of two things has to be true.

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Speaker 4: These people are either on the level of a stand

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Druck and Miller a buffet or like Jim Simon's at

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Renaissance Technology, which you know, I just described three of

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the best people to ever manage money in history.

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Speaker 3: Or it's fraud.

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Speaker 4: That's pretty simple, Yeah, just plain and simple, and a

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good analogy of this A good way to understand this

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is one of the hallmarks of Bernie.

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Speaker 3: Uh why am I Bernie made off?

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Speaker 4: Bernie made of One of the hallmarks of that whole deal.

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It wasn't the amounts that he was making. It was

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the lack of volatile the smooth returns. Now, now their

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returns aren't the same. But I'm using this as an analogy.

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Speaker 1: And he was a kind of guy like a yeahit

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pyramid scheme.

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Speaker 3: Yeah yeah.

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Speaker 4: His was just straight fraud, I mean straight Ponzi scheme,

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Like it wasn't even investing the money and the things

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he said he was investing it in.

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Speaker 3: But the way you could tell is when I look

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at returns.

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Speaker 4: I can't just look at somebody's returns automatically and go, okay,

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that's fraudulent. But when I look at the returns and

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I don't see any volatility, that is a tell.

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Speaker 3: Okay.

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Speaker 4: And meanwhile, and why because you know, look at a

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look go look at a company like Nvidio when it

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went on its great run. Yeah, okay, it had days

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where it got smacked. It had weeks where it was

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down ten fifteen percent, right, and yet you go to

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the end of it, and if you held on that

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whole time you made a pile, right, those types of

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val there's no trader in the world that can that

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can anticipate that type of volatility on a daily day,

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on a daily basis. Right, So when you see smooth returns,

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the same is true when you see somebody that doesn't

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have uh like for instance, they're not somebody like stand

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Ruck and Miller that has a history of making these

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trades and doing these things. They don't have a software

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setup or a computer setup like Jim Simon's does at

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Renaissance Technology that helps explain that.

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Speaker 3: And yet you've got market beating.

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Speaker 4: Returns with fantastically timed trades all.

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Speaker 3: Over the place.

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Speaker 4: It just I like, if you just looked at that

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on the surface of it, somebody that knew what they

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were doing, anybody would, they would just go something's off here.

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Speaker 1: Okay, And let me get to a specific here, because

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I want to make sure people understand this. I know

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what you're saying is true obviously, and I know it

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makes sense, but let me I want people to understand this.

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If you and I, let's say that we're done in

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Mexico together, Okay, we're hanging out. Let's say we're having

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dinner and gentlemen sits down and say, say mind if

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I join you? Right, and so it's a public place,

315
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say yes, you have a seat, Revin Tacos. We start

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to visit and turns out let's say that he is

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a let's say he's a pharma exec, you know. So

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he looks at me. I'm suddenly suicided. Sorry, I mean

319
00:16:06,600 --> 00:16:08,720
not really because you know, Farmer loves me. But let's

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say we sit and listen, and he says, yeah, you

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know what, I work for a pharmaceutic pharmaceutent company, a

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you know, a funny thing. On Monday, we are releasing

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a drug that has been proven secure lung cancer. And

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here's the you know, the profile, the safety profile. And

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he says that to us. Now, I could walk out

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of there, Zach, and I could, I guess, go purchase

327
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stock in that company if I believe that what this

328
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guy's saying. And I'm okay. But if you went back

329
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and as a fiduciary and a fund manager at Bulwark,

330
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if you started to use that inside information, are you

331
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at that point in trouble or is that casual enough

332
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that you're okay?

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Speaker 4: What did he so remind me. Did he give me

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any material information?

335
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Speaker 1: Yes, so he said, we're releasing this on Monday. Here's

336
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the safety profile, some of the testing. Let me show

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you on my phone and say, I'll text you some

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things and you can look at it yourself.

339
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Speaker 3: You you both you and I can't do that.

340
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Speaker 1: Wait wait I can't.

341
00:17:06,359 --> 00:17:08,000
Speaker 3: No, nope, I no.

342
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Speaker 1: Just a dude from Idaho with a podcast and a

343
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couple of national radio shows.

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Speaker 4: I can't yep the second the second that news release

345
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is out, you can act, but not one second prior

346
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to that.

347
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Speaker 1: Wait wait, wait, wait wait, I thought that applied to you,

348
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but not just ordinary show that I happened to come

349
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across something.

350
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Speaker 3: Okay.

351
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Speaker 1: If I'm on an airplane and I'm sitting next to

352
00:17:29,640 --> 00:17:32,160
that guy and he's not good at OPSEC and he's

353
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working on stuff, and I happen to look over an

354
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eagle eye and I'm spying, and I realized, oh wow,

355
00:17:36,839 --> 00:17:39,200
that drug's coming out Monday. There have a press release.

356
00:17:39,519 --> 00:17:41,599
That safety profile looks solid. If I took that and

357
00:17:41,680 --> 00:17:44,559
bought it, then I'm just a spy and I'm okay

358
00:17:44,839 --> 00:17:49,279
because he didn't give it to me. Wait wait, wait, no,

359
00:17:49,319 --> 00:17:51,039
it's not yep.

360
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Speaker 3: That's because it's no public information.

361
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Speaker 1: That's illegal.

362
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Speaker 3: Yeah.

363
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Speaker 1: Well wait, they do this, they're told these things.

364
00:18:03,400 --> 00:18:05,720
Speaker 4: Yeah, yeah, no, no, Look and we've got all the

365
00:18:05,759 --> 00:18:08,240
transcripts in the proof. Remember it's the people coming out

366
00:18:08,279 --> 00:18:10,680
of the Banking committee meetings in O eight oh nine,

367
00:18:10,799 --> 00:18:13,839
and within five minutes leaving the Banking Subcommittee meeting, they're

368
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all selling their financial stocks.

369
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Speaker 2: Right.

370
00:18:16,279 --> 00:18:19,440
Speaker 1: I've told the story very often, so I'll give the

371
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short version. I was in DC and Barney Frank, Congressman

372
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Frank was giving a speech before me. Congressman Frank was

373
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asked a question. It was to DC powerbrokers, comms guys, VP, comms,

374
00:18:36,119 --> 00:18:42,680
spin doctors, PR firm heads, journalists, and someone raised their

375
00:18:42,680 --> 00:18:45,759
hand and Frank called on them and he said, yeah, Congressman,

376
00:18:46,799 --> 00:18:48,640
you know there was a discussion this morning about Greek

377
00:18:48,680 --> 00:18:50,640
bonds and committee. Can you tell us where that went?

378
00:18:51,440 --> 00:18:54,400
Barney Frank H Well, you know, I can't really disclose

379
00:18:54,920 --> 00:18:58,440
that information. It's part Fauci, part Barney Frank. I can't really,

380
00:18:58,519 --> 00:19:01,000
you know, disclose that, but I would say that if

381
00:19:01,000 --> 00:19:03,000
I were a rich man, I would be buying Greek

382
00:19:03,000 --> 00:19:05,200
bonds because as of about a half hour ago, Greece

383
00:19:05,279 --> 00:19:10,519
is a visually too big to fail, so he says this.

384
00:19:10,680 --> 00:19:14,359
I get up and I'm my friend Trevor had me there,

385
00:19:14,440 --> 00:19:17,440
and I get to the microphone. I've got my BlackBerry out,

386
00:19:17,440 --> 00:19:20,640
and I go, I'm so sorry. I know this is very,

387
00:19:20,720 --> 00:19:25,799
very rude. I'm so sorry. I apologize typing away. I'm sorry.

388
00:19:25,880 --> 00:19:29,119
Just one more minute, Okay, all right, I just bought

389
00:19:29,319 --> 00:19:31,880
Greek bonds. Let's hear it for insider Trading and Congressman

390
00:19:31,920 --> 00:19:35,839
Barney Frank. Here, everybody insider trading and Congressman Frank. And

391
00:19:36,039 --> 00:19:37,960
the room starts to plot and Barty Frank is in

392
00:19:38,000 --> 00:19:40,920
the back of the room and he gives me the

393
00:19:41,000 --> 00:19:43,799
and he gives me the he hated my guts. I

394
00:19:43,799 --> 00:19:46,119
confronted him another time because he was triple park because

395
00:19:46,119 --> 00:19:48,240
he was going into a liquor store and he told

396
00:19:48,240 --> 00:19:51,119
me f off because I said, hey, Congressman, you're blocking

397
00:19:51,119 --> 00:19:53,640
the little peoples getting the work. You're triple parked. So

398
00:19:53,839 --> 00:19:55,799
he's in the back of the room and the room

399
00:19:55,839 --> 00:19:59,000
is legitimately applauding. Let's here it for insider trading and

400
00:19:59,039 --> 00:20:01,799
Congressman Frank and and they're plot again. Something goes idiots

401
00:20:02,640 --> 00:20:03,839
he's making fun of us.

402
00:20:04,559 --> 00:20:09,319
Speaker 4: Yeah, well, I was gonna say, if I would have

403
00:20:09,359 --> 00:20:11,720
got flipped off by Barney Frank, I would have hoped

404
00:20:11,720 --> 00:20:14,200
somebody would have caught it on film because I'd have

405
00:20:14,240 --> 00:20:17,680
taken that image and put it on a T shirt.

406
00:20:17,279 --> 00:20:18,440
Speaker 3: And worn it with pride.

407
00:20:18,880 --> 00:20:21,599
Speaker 4: I got flipped off by Barney Frank, I would have

408
00:20:21,640 --> 00:20:23,200
been I would even proud.

409
00:20:23,319 --> 00:20:25,920
Speaker 3: That's that's a bad. That's a bad to honor my friend.

410
00:20:26,079 --> 00:20:29,160
Speaker 1: Well, I thank you for that. And my friend Trevor

411
00:20:29,240 --> 00:20:31,920
wasn't a fan of what I did, but they were

412
00:20:31,960 --> 00:20:32,519
plotting it.

413
00:20:32,799 --> 00:20:36,359
Speaker 4: So okay, Zach, so let me let me throw something,

414
00:20:36,599 --> 00:20:37,720
all even, all throw something.

415
00:20:37,920 --> 00:20:39,880
Speaker 3: I'll give you a real life scenario exactly what I'm

416
00:20:39,880 --> 00:20:40,319
talking about.

417
00:20:40,319 --> 00:20:46,160
Speaker 1: Okay, Okay, Yet, if you're a smaller, medium sized business owner,

418
00:20:46,519 --> 00:20:48,720
you may made a decision to give into them offering

419
00:20:48,720 --> 00:20:51,519
you corporate credits, and you probably even have one. And

420
00:20:51,559 --> 00:20:54,799
I have a cool little my credit cards and stef

421
00:20:54,920 --> 00:20:57,160
go In said this thing, but I have a little,

422
00:20:57,160 --> 00:20:59,880
cool little debit card. Credit card has my business name

423
00:20:59,880 --> 00:21:04,519
on it. It's not a corporate card because it's tied

424
00:21:04,519 --> 00:21:06,960
to my social Security number. And I'm getting that changed

425
00:21:07,519 --> 00:21:10,359
because I'm a customer of Visible, and they're helping me

426
00:21:10,519 --> 00:21:15,880
in seven easy steps, establish actual corporate credit, not tied

427
00:21:15,960 --> 00:21:18,519
to my Social Security number, tied to the ein of

428
00:21:18,559 --> 00:21:22,920
my company employee identification number. Why does that matter? Because

429
00:21:23,319 --> 00:21:26,119
real corporate credit grows at a wait to rate two

430
00:21:26,119 --> 00:21:29,759
to three times quicker than personal credit. Secondly, if God forbid,

431
00:21:29,839 --> 00:21:32,759
I make some terrible mistake here. Let's say I get

432
00:21:32,799 --> 00:21:34,839
really angry at Alex and decide to throw him off

433
00:21:34,839 --> 00:21:36,759
the third story deck, and this time he doesn't land

434
00:21:36,759 --> 00:21:39,359
in the water and unfortunately hits the rocks, not like

435
00:21:39,480 --> 00:21:42,359
last time landed in the water, and Alex's family decides

436
00:21:42,400 --> 00:21:44,839
to sue the company. Well, they can sue me because

437
00:21:44,839 --> 00:21:47,000
they could pierce the corporate veil because I pierced it

438
00:21:47,000 --> 00:21:50,759
myself by not having actual corporate credit. They'll take care

439
00:21:50,759 --> 00:21:52,519
of this for you in seven easy steps. There's a

440
00:21:52,559 --> 00:21:54,200
few things you do on your own, but they'll run

441
00:21:54,240 --> 00:21:55,920
that through. I'll run you through how to do that,

442
00:21:56,359 --> 00:21:58,079
and they're going to give you a guarantee. I give

443
00:21:58,119 --> 00:22:00,440
it to you. It's my guarantee. Go to the website,

444
00:22:00,440 --> 00:22:04,160
which is go bisible g O b I z A

445
00:22:04,319 --> 00:22:07,640
b L E bisible go bisible and they're going to

446
00:22:07,680 --> 00:22:09,880
teach you about corporate credit. I guarantee you're going to

447
00:22:09,960 --> 00:22:12,880
learn something about your company and your corporate credit rating.

448
00:22:13,279 --> 00:22:17,599
It's gobisible dot com. So so take me through what

449
00:22:17,640 --> 00:22:19,160
you were going to say.

450
00:22:19,359 --> 00:22:21,319
Speaker 3: So just to give you an idea of how this

451
00:22:21,400 --> 00:22:22,039
has looked at.

452
00:22:22,279 --> 00:22:27,599
Speaker 4: Okay, So one of our traders during I think it was,

453
00:22:27,599 --> 00:22:29,920
was it twenty I think it was during twenty twenty two,

454
00:22:29,960 --> 00:22:32,279
when when rates were going up and the market was

455
00:22:32,279 --> 00:22:37,359
getting cracked, and one of our traders came to me

456
00:22:37,799 --> 00:22:41,559
and said, hey, my dad's account is with us. We

457
00:22:41,599 --> 00:22:45,599
want to make some very aggressive short vets against this market.

458
00:22:46,480 --> 00:22:48,400
And I said, okay, we'll put them on the phone.

459
00:22:48,440 --> 00:22:50,119
So I talked to the dad and I said, look,

460
00:22:50,200 --> 00:22:52,440
you you understand what the trades you're making.

461
00:22:52,480 --> 00:22:54,359
Speaker 3: You could lose everything. He goes, Yep, yep, we know.

462
00:22:54,759 --> 00:22:57,880
Speaker 4: And to be fair, my traders very experienced, very good trader,

463
00:22:58,079 --> 00:23:00,319
you know, so, but they were doing some risky stuff.

464
00:23:00,400 --> 00:23:04,519
Speaker 3: Yeah he had. He's a very good trader, and in

465
00:23:04,559 --> 00:23:06,119
the space of eight months.

466
00:23:06,440 --> 00:23:08,759
Speaker 4: Ran his dad's account from about two hundred and fifty

467
00:23:08,759 --> 00:23:11,839
grand up to like one point three million. Okay, Wow,

468
00:23:13,400 --> 00:23:17,160
we got investigated for over a year for that for

469
00:23:17,279 --> 00:23:20,920
that over and it got flagged because of the gains, right,

470
00:23:20,960 --> 00:23:24,599
the outsize gains in one account, not in my personal account,

471
00:23:24,839 --> 00:23:28,839
not in my family's accounts, and and it literally was

472
00:23:28,920 --> 00:23:31,839
stuff that when you looked at the trades themselves, it

473
00:23:31,880 --> 00:23:34,400
was impossible for us to do anything untoured like it

474
00:23:34,440 --> 00:23:37,640
was impossible we were trading volatility on the exchange, so

475
00:23:37,720 --> 00:23:39,279
no inside information could be had.

476
00:23:39,799 --> 00:23:42,119
Speaker 3: They I got a year's worth of.

477
00:23:42,160 --> 00:23:45,160
Speaker 4: An investigation just on the amount of profit we made

478
00:23:45,160 --> 00:23:47,359
in a small account. And that's a one point three

479
00:23:47,359 --> 00:23:50,039
million dollar account. We managed between eight nine hundred million.

480
00:23:50,960 --> 00:23:54,039
So now am I saying they shouldn't have looked at that?

481
00:23:54,200 --> 00:23:54,279
Speaker 2: Now?

482
00:23:54,359 --> 00:23:56,160
Speaker 4: I mean, when you see a return like that, I mean,

483
00:23:57,000 --> 00:23:59,799
but what I'm saying is they're looking at that in

484
00:24:00,480 --> 00:24:03,680
that are as relatively as small as ours. And we're

485
00:24:03,720 --> 00:24:05,559
not small, but you know, we're right around a billion

486
00:24:05,599 --> 00:24:07,359
in assets, so we're not We're not a big deal

487
00:24:07,400 --> 00:24:10,640
by any stretch of the imagination. But if that gets

488
00:24:10,680 --> 00:24:13,519
that kind of consternation, it kind of gives you an

489
00:24:13,559 --> 00:24:16,920
idea of how egregious what's happening at DC is.

490
00:24:17,359 --> 00:24:22,680
Speaker 1: Oh, I mean, they sit in conferences, looking at the

491
00:24:23,319 --> 00:24:26,680
minute level of detail of these products and these deals

492
00:24:26,720 --> 00:24:29,319
and how many units are going to ship. They're looking

493
00:24:29,359 --> 00:24:33,640
at length of contract because if they're approving these things,

494
00:24:33,640 --> 00:24:38,279
these big international deals, defense department deals, pharma deals, anything

495
00:24:38,279 --> 00:24:42,440
that's international trade, they're looking down to unicosts. And I

496
00:24:42,480 --> 00:24:45,440
got to imagine there's no way Polosi's looking at that stuff.

497
00:24:45,920 --> 00:24:48,640
She's getting that information. This looks big. You know, she's

498
00:24:48,680 --> 00:24:51,200
bringing in people to look at this. She's got her chads,

499
00:24:51,839 --> 00:24:55,400
she's got her analysts that are looking at this. Oh

500
00:24:55,440 --> 00:24:58,960
my gosh. Okay. I knew this was outside because I

501
00:24:58,960 --> 00:25:01,079
remember when I was at Microsoft, I had done some

502
00:25:01,119 --> 00:25:03,359
consulting for a company and I won't I won't mention them,

503
00:25:03,359 --> 00:25:09,720
but they had software for making videos easier to see online.

504
00:25:09,839 --> 00:25:11,880
So it might be something that you could install on

505
00:25:11,880 --> 00:25:14,039
a website, you know, to make it super easy for

506
00:25:14,119 --> 00:25:17,640
video to load. And people who know no Microsoft was

507
00:25:17,680 --> 00:25:19,400
they bought them, and they screwed the company up, but

508
00:25:19,400 --> 00:25:22,519
they bought them. And I had consulted that company, and

509
00:25:22,599 --> 00:25:24,680
I got a waiver from Microsoft that I could still

510
00:25:24,880 --> 00:25:28,599
be on their advisory board. The second it came out

511
00:25:28,640 --> 00:25:30,359
that they were going to they were going to purchase

512
00:25:30,440 --> 00:25:33,400
that firm. I got a note from legal you need

513
00:25:33,400 --> 00:25:34,079
to sell your shares.

514
00:25:35,000 --> 00:25:36,079
Speaker 3: Yep, yep.

515
00:25:36,599 --> 00:25:39,119
Speaker 1: Wait a minute, Wait a minute. I don't get to

516
00:25:39,160 --> 00:25:43,279
take a ride on. No, No, you need to sell now.

517
00:25:43,359 --> 00:25:46,400
So I'm not even I'm not even all I am

518
00:25:46,480 --> 00:25:48,119
is advisory board, which is nothing.

519
00:25:48,920 --> 00:25:49,160
Speaker 3: Yep.

520
00:25:49,200 --> 00:25:52,440
Speaker 1: They have a specific Nope, you have to sell. And

521
00:25:52,640 --> 00:25:55,519
I lost out on a four or five time value

522
00:25:55,960 --> 00:26:00,640
lift on the right, and and Nancy Pelosi and these

523
00:26:00,720 --> 00:26:05,000
and these, these these Republicans who do this, they can

524
00:26:05,079 --> 00:26:11,720
have that minute of detail, trade on time magically, and

525
00:26:11,759 --> 00:26:13,279
this is why they gave themselves a waiver of to

526
00:26:13,319 --> 00:26:14,039
insider trading.

527
00:26:16,519 --> 00:26:17,359
Speaker 3: Yep, yep.

528
00:26:17,440 --> 00:26:20,880
Speaker 4: And that's and and you really it's really not. The

529
00:26:21,160 --> 00:26:23,279
other thing is it's really not more complex than that either.

530
00:26:24,039 --> 00:26:27,400
The bottom line is they play by completely different rules.

531
00:26:27,680 --> 00:26:29,920
And if you and I did what they did, we'd

532
00:26:29,920 --> 00:26:33,000
go to jail. We we wouldn't just we we wouldn't

533
00:26:33,039 --> 00:26:35,319
just we wouldn't just get our money taken. We'd forego

534
00:26:35,400 --> 00:26:37,680
any profits that we made right and we go to jail.

535
00:26:37,920 --> 00:26:40,160
Speaker 3: I'd go to jail. You might get off me because

536
00:26:40,160 --> 00:26:41,000
you're not a professional.

537
00:26:41,039 --> 00:26:43,920
Speaker 4: But that didn't that didn't save Uh, you didn't save

538
00:26:43,960 --> 00:26:47,640
Martha Stewart. Yeah, well no no, yeah, screw yeah, never mind. Yeah,

539
00:26:47,640 --> 00:26:49,880
you'd be done, Yeah, you'd yeah.

540
00:26:49,720 --> 00:26:50,319
Speaker 3: You'd be done.

541
00:26:50,400 --> 00:26:52,799
Speaker 1: I'd be Frog march Man. They roll heavy in my house.

542
00:26:53,519 --> 00:26:57,440
Speaker 4: Yes, So it's yeah, it's just it's just corruption, plain

543
00:26:57,519 --> 00:27:01,799
and simple. And they're yeah, it's disgusting.

544
00:27:01,960 --> 00:27:02,319
Speaker 2: All right.

545
00:27:02,359 --> 00:27:04,039
Speaker 1: So we're going to get into something here in a

546
00:27:04,079 --> 00:27:10,000
bit about a coin, a mean coin, so it's crypto.

547
00:27:10,400 --> 00:27:13,880
And this person introduced this mean coin even told people

548
00:27:13,920 --> 00:27:16,759
to not buy it, and people bought it, and we

549
00:27:16,839 --> 00:27:18,680
need to talk about this. But before we get to

550
00:27:18,880 --> 00:27:21,160
this is complex and it has to do with the

551
00:27:21,160 --> 00:27:23,680
Democrats want the FED to be absorbed by the Treasury.

552
00:27:23,720 --> 00:27:24,920
And I want you to weigh in on this in

553
00:27:24,960 --> 00:27:28,640
just a second here, Zach, I'm this guy that if

554
00:27:28,680 --> 00:27:30,640
I don't if I wake up at a certain time

555
00:27:30,680 --> 00:27:32,839
in my sleep cycle, it's the bizarre thing. It only

556
00:27:32,839 --> 00:27:34,799
happens to me a couple times a year, but I

557
00:27:34,839 --> 00:27:36,480
wake up at a certain point in the sleep cycle,

558
00:27:36,519 --> 00:27:40,240
and I know I will not be awake, fully awake

559
00:27:40,319 --> 00:27:43,359
until I repeat or complete that twenty minute sleep cycle.

560
00:27:43,359 --> 00:27:45,519
It's so bizarre. This happened in the day. Producer Alex

561
00:27:45,559 --> 00:27:48,279
saw this. I told him, Man, when we're done, I'm

562
00:27:48,279 --> 00:27:49,880
going to take a nap. I had to. And it's

563
00:27:49,880 --> 00:27:51,079
not like I didn't get a lot of sleep. I

564
00:27:51,119 --> 00:27:53,240
got like seven hours and forty minutes of sleep. But

565
00:27:53,279 --> 00:27:55,279
I woke up at this certain point in a sleep cycle.

566
00:27:55,440 --> 00:27:58,279
Literally the moment Alex walked out the door, I laid

567
00:27:58,319 --> 00:27:59,920
down on this floor. I've got this thing. I sleep

568
00:28:00,119 --> 00:28:03,559
over here. Sometimes it take an outo I'm out. Your

569
00:28:03,559 --> 00:28:05,960
body would communicate you in ways like that that you

570
00:28:05,960 --> 00:28:09,200
can feel. But your body, if you're twenty five, you

571
00:28:09,319 --> 00:28:12,720
have entered a point where you are losing muscle, and

572
00:28:12,880 --> 00:28:15,319
you can look at this through a body composition scale.

573
00:28:16,319 --> 00:28:18,559
By the time you're thirty five, you could lose a

574
00:28:18,599 --> 00:28:21,119
lot of muscle. If you're my age, I'm in my

575
00:28:21,200 --> 00:28:23,920
late fifties, and you want to be able to steward

576
00:28:23,960 --> 00:28:26,279
the lean muscle you have with even attempt to put

577
00:28:26,319 --> 00:28:29,519
any on male or female. You need every tool, let

578
00:28:29,559 --> 00:28:33,799
your disposal, consistent resistance training, don't do the same exercises

579
00:28:33,799 --> 00:28:36,160
all the time, vari it. You know, I'm a big, big,

580
00:28:36,200 --> 00:28:38,920
big fan of the CrossFit methodology. That's what I use

581
00:28:39,319 --> 00:28:42,559
make sure you get metabolic hits in there. Do some cardio,

582
00:28:42,680 --> 00:28:45,119
but don't go out and run two miles, three miles,

583
00:28:45,160 --> 00:28:48,079
five miles, seven miles, ten miles all the time. That's catabolic.

584
00:28:48,119 --> 00:28:50,519
It eats muscle. Make sure that you eat a ton

585
00:28:50,559 --> 00:28:52,200
of protein. In my case, I eight three hundred and

586
00:28:52,240 --> 00:28:54,720
sixty grams of protein every single day. And yes, that's

587
00:28:54,759 --> 00:28:58,000
a lot. And then here's the hack. About four times

588
00:28:58,039 --> 00:29:02,000
a day I use mass simes. This comes from Bioptimizers.

589
00:29:02,000 --> 00:29:05,440
They've been in the supplement business for decades. That matters

590
00:29:05,960 --> 00:29:08,559
because they're one of the good players in the supplement

591
00:29:08,559 --> 00:29:11,519
industry that is otherwise filled with some pretty bad players.

592
00:29:12,240 --> 00:29:14,799
Mass simes will help you steward the lean muscle you

593
00:29:14,880 --> 00:29:18,440
have by producing sixteen hundred times more amino acids in

594
00:29:18,480 --> 00:29:22,160
your bodies. Wait check, it's now thirty percent more potent,

595
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596
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597
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598
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00:29:34,160 --> 00:29:37,480
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600
00:29:37,480 --> 00:29:43,240
dot com slash Todd promo code Todd. Here's something that

601
00:29:43,319 --> 00:29:47,640
apparently the FED wants to do. They the Democrats actually

602
00:29:47,640 --> 00:29:49,480
want the FED to be absorbed by the Treasury.

603
00:29:49,799 --> 00:29:52,559
Speaker 6: The progressives, you know, want to absorb the fat into

604
00:29:52,599 --> 00:29:53,720
the treasury.

605
00:29:54,480 --> 00:29:55,680
Speaker 1: Right it again you think the truth?

606
00:29:57,160 --> 00:29:58,680
Speaker 3: Yeah, because they want well they want to be able.

607
00:29:58,759 --> 00:30:02,279
Speaker 6: They want a central bank to the currency soak everything

608
00:30:02,359 --> 00:30:05,039
up from the banks, which they don't like. Then the

609
00:30:05,200 --> 00:30:09,160
central bank will have all the money and they'll find

610
00:30:09,319 --> 00:30:11,960
who to lend it to. And there are various levels

611
00:30:11,960 --> 00:30:14,000
of these plans, but that's an idea of been floating

612
00:30:14,000 --> 00:30:16,920
out there for a long time, and central bank digital

613
00:30:17,000 --> 00:30:20,680
currencies in some form. Maybe stable coins are coming. If

614
00:30:20,680 --> 00:30:23,400
we had stable coins that are treasury back, it does

615
00:30:23,480 --> 00:30:24,200
the same thing.

616
00:30:24,599 --> 00:30:27,920
Speaker 1: Says Ken Rogoff, who is an economist. He was on CNBC.

617
00:30:29,039 --> 00:30:33,759
So the FED, which is not a government agency, it's

618
00:30:33,839 --> 00:30:37,000
an independent agency. It's a country unto itself that conjures

619
00:30:37,079 --> 00:30:39,680
debt and then calls it money and then gives it

620
00:30:39,720 --> 00:30:44,039
to the Treasury, would be absorbed by an actual government body,

621
00:30:44,559 --> 00:30:48,640
which is the Treasury, and we would then have a

622
00:30:48,680 --> 00:30:51,279
central bank digital currency, which we already do. You wire

623
00:30:51,319 --> 00:30:54,440
money that's digital. Currency, is not a central bank digital currency.

624
00:30:55,119 --> 00:30:59,799
You wire money, ach transfer, that's digital, venmo, that's digital.

625
00:31:00,880 --> 00:31:05,599
So how on earth can a government agency absorb a

626
00:31:05,640 --> 00:31:09,039
non government agency and then still pretend the FED is independent?

627
00:31:09,920 --> 00:31:10,599
Speaker 3: Oh they can't.

628
00:31:10,640 --> 00:31:13,599
Speaker 4: I mean, in the minute that happens, any illusion of

629
00:31:14,640 --> 00:31:18,200
or I shouldn't say illusion, but any any thoughts surrounding

630
00:31:18,200 --> 00:31:20,319
FED independence are immediately vaporized.

631
00:31:20,359 --> 00:31:21,599
Speaker 3: I mean, that's yeah.

632
00:31:22,119 --> 00:31:26,359
Speaker 4: And the other thing too, is that there's really no

633
00:31:26,599 --> 00:31:31,359
need to do that. I think it is a horrific

634
00:31:31,400 --> 00:31:33,319
idea on so many different levels.

635
00:31:34,960 --> 00:31:37,519
Speaker 3: But the only reason, and.

636
00:31:37,440 --> 00:31:39,359
Speaker 4: I haven't looked into that, that's the first time I've

637
00:31:39,400 --> 00:31:40,160
heard that quote.

638
00:31:40,279 --> 00:31:43,599
Speaker 3: Yeah, I haven't. I haven't looked into this. But the

639
00:31:43,640 --> 00:31:44,920
only reason.

640
00:31:45,119 --> 00:31:48,440
Speaker 4: I can come up with why progressives would support that

641
00:31:49,279 --> 00:31:52,079
is purely for the ability to have more control.

642
00:31:52,359 --> 00:31:54,079
Speaker 3: There's no other reason.

643
00:31:54,559 --> 00:31:58,960
Speaker 4: And the just like I said with Trump, where I

644
00:31:59,039 --> 00:32:02,440
was like, look, Powell may may or may not be

645
00:32:02,480 --> 00:32:05,359
a good actor, whatever the case may be, but having

646
00:32:05,640 --> 00:32:09,559
the president, having the president having the ability to conduct

647
00:32:09,640 --> 00:32:13,960
monetary policy is a horrible idea, regardless of what president is.

648
00:32:14,359 --> 00:32:17,880
For instance, when when a president is up for reelection,

649
00:32:18,519 --> 00:32:20,960
what do you think the likelihood that he'd cut interest

650
00:32:21,039 --> 00:32:22,319
rates six months before.

651
00:32:25,559 --> 00:32:26,599
Speaker 1: It approaches.

652
00:32:27,880 --> 00:32:33,759
Speaker 4: Yeah, yea, so so uh, you would just completely politicize it.

653
00:32:35,079 --> 00:32:38,480
And more importantly, I think it's just a it's just

654
00:32:38,519 --> 00:32:43,319
another step to, you know, just building up this Potempkin

655
00:32:43,440 --> 00:32:44,400
village even larger.

656
00:32:44,759 --> 00:32:48,319
Speaker 3: And it's it's a horrible idea. It's shocked.

657
00:32:48,279 --> 00:32:50,319
Speaker 4: It doesn't shock me to hear a guy like rogueff

658
00:32:50,680 --> 00:32:53,720
uh pitching that. But no, it's I think it's a

659
00:32:53,759 --> 00:32:57,240
horrific idea. I think that if you did that, the

660
00:32:57,319 --> 00:33:00,880
dollar probably get instantly hit for I would think ten

661
00:33:00,920 --> 00:33:04,119
to fifteen percent. I think our treasuries would sell off.

662
00:33:04,799 --> 00:33:05,880
I don't think it'd be a good thing at all.

663
00:33:05,880 --> 00:33:06,880
I think it's a horrible idea.

664
00:33:07,000 --> 00:33:07,240
Speaker 2: Yeah.

665
00:33:07,279 --> 00:33:12,359
Speaker 1: And anytime you're further centralizing government and taking a scam institution, sorry,

666
00:33:12,440 --> 00:33:14,839
the FED, I just it drives me crazy, and then

667
00:33:14,920 --> 00:33:18,000
rolling it into another scam institution that has never answered

668
00:33:18,000 --> 00:33:22,599
for illegally buying corporate bonds at seventy seven point two

669
00:33:22,640 --> 00:33:25,880
billion dollars seven and twenty billion dollars. I don't like that.

670
00:33:26,119 --> 00:33:28,559
Speaker 4: Yeah, you know me, I am no fan of the FED.

671
00:33:29,079 --> 00:33:32,119
At the same time, you do need a central bank.

672
00:33:32,519 --> 00:33:34,440
You need a central bank, you need a lender of

673
00:33:34,519 --> 00:33:38,000
last resort, and you need that. You need that lender

674
00:33:38,039 --> 00:33:40,240
of last resort to be politically insulated.

675
00:33:40,279 --> 00:33:42,440
Speaker 3: They need to be outside the political system.

676
00:33:42,519 --> 00:33:45,400
Speaker 4: And I am not I'm not saying there aren't serious

677
00:33:45,519 --> 00:33:47,480
changes that I would want to make it the FED

678
00:33:48,039 --> 00:33:51,079
right like that that I think there's a But do

679
00:33:51,240 --> 00:33:54,359
anybody arguing whether they want to give the president the

680
00:33:54,440 --> 00:33:57,599
right to conduct monetary policy, whether they want the Treasury

681
00:33:57,640 --> 00:34:00,200
to soak up the FED. All of it is effectively

682
00:34:00,319 --> 00:34:02,880
the same thing. It doesn't really matter, right If the

683
00:34:02,960 --> 00:34:06,960
Treasury soaks up the FED, the president now has monetary

684
00:34:07,000 --> 00:34:08,239
policy power, period.

685
00:34:08,280 --> 00:34:11,039
Speaker 1: And all I'm saying about the FED is it would

686
00:34:11,079 --> 00:34:13,159
be really nice if the lender of last resort was

687
00:34:13,199 --> 00:34:19,320
the lender of last resorts because right first and pre first, Right, well,

688
00:34:19,320 --> 00:34:21,559
we know what the Fed's going to do something, all right.

689
00:34:21,760 --> 00:34:25,000
This is a bizarre story and it is about a

690
00:34:25,559 --> 00:34:28,760
well known Twitter accounts. I remember when this account started.

691
00:34:28,760 --> 00:34:30,559
They're so good at this, They've grown so well. They

692
00:34:30,599 --> 00:34:32,559
understand the algo and they do the things to grow

693
00:34:32,559 --> 00:34:35,440
on social media. And maybe I'm not shadow Man. Maybe

694
00:34:35,440 --> 00:34:36,960
I just suck at social media, though I know I'm

695
00:34:37,000 --> 00:34:38,480
shadow of man. They just I know that because I

696
00:34:38,519 --> 00:34:41,360
watched them do it and decrease my likes and retweets

697
00:34:41,360 --> 00:34:45,320
and all that. My friend Tim Krukshank served. He did

698
00:34:45,440 --> 00:34:48,440
three tours on our behalf as a medic attached to

699
00:34:48,440 --> 00:34:51,719
the seal teams. I know, I know, I know, I know,

700
00:34:51,880 --> 00:34:54,360
I get the notes occasionally, you mean Corman know, I'll

701
00:34:54,400 --> 00:34:56,880
let Tim describe how he's described. He's the one who

702
00:34:56,920 --> 00:35:01,119
did the deployments. After that, he became a Budge, So

703
00:35:01,400 --> 00:35:03,800
the Navy Seals are at his heart. And Bone Frog

704
00:35:03,880 --> 00:35:07,599
Coffee honors Navy Seals, not just with the logo that

705
00:35:08,000 --> 00:35:10,840
frog that is a fallen Navy Sealed, the bone Frog.

706
00:35:11,679 --> 00:35:15,039
Also because every bag says God Country Team that refers

707
00:35:15,079 --> 00:35:19,079
to team in the team sense of the teams. Also family,

708
00:35:19,840 --> 00:35:23,440
God Country Team. Tim considers family to be the core team.

709
00:35:23,920 --> 00:35:26,119
And then, of course, how he built the company. He

710
00:35:26,159 --> 00:35:29,079
went out and sought expertise outside his own. Dave Stewart

711
00:35:29,119 --> 00:35:32,360
to coffee legends, he is mentored Tim into creating some

712
00:35:32,400 --> 00:35:34,639
of the world's best coffee. In fact, Dave does some

713
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of the roasts. And then it comes back full circle

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as a Buds instructor of former Buds instructor Tim just

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sent two of his guys down to the Navy Seals

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to try to become Seals. Down to Buds and when

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you purchase bone Frog, ten percent of proceeds goes to

718
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the Navy Seal Foundation. If you haven't seen the Golden

719
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727
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Country team. This is a bizarre story, and it's good

728
00:36:20,199 --> 00:36:22,760
that we have Zach Abraham, chief investment Officer Bulwarck Capital

729
00:36:22,760 --> 00:36:25,159
Management with us to help us figure this out. I'll

730
00:36:25,159 --> 00:36:26,960
read through this real quick, Zach, and then I want

731
00:36:27,000 --> 00:36:29,239
to get your input on this. This comes from a Muse.

732
00:36:29,760 --> 00:36:33,320
It's a great account on Twitter and amuse writes this,

733
00:36:33,440 --> 00:36:34,960
and I'm saying, Amuse because they don't know if it's

734
00:36:34,960 --> 00:36:38,159
a man or woman. On May three, at approximate eight

735
00:36:38,159 --> 00:36:40,880
thirty am, I launched a coin, not a metaphorical coin,

736
00:36:41,000 --> 00:36:43,559
not a metaphor about value or trust or social capital,

737
00:36:43,599 --> 00:36:46,880
a literal mean coin called a muse on x, based

738
00:36:46,960 --> 00:36:49,880
on my ex formerly Twitter handle. I did not encourage

739
00:36:49,880 --> 00:36:51,880
anyone to buy it. In fact, I told them explicitly

740
00:36:51,920 --> 00:36:54,280
not to. Less than two hours later, it was worth

741
00:36:54,320 --> 00:36:57,719
three point five million dollars. This was not the result

742
00:36:57,800 --> 00:37:00,199
of cunning design or market manipulation. I know I ever

743
00:37:00,239 --> 00:37:02,119
bought or sold a mean coin before. I was not

744
00:37:02,199 --> 00:37:04,920
trying to ride a wave, launch a brand, or seated cult.

745
00:37:05,400 --> 00:37:07,679
I was researching for a book about the people behind

746
00:37:07,679 --> 00:37:10,440
the mean coin phenomena, a book that began, appropriately enough,

747
00:37:10,440 --> 00:37:13,639
in another strange room on February fourteenth, twenty twenty five.

748
00:37:14,039 --> 00:37:15,719
That day was invited to deserve the launch of a

749
00:37:15,760 --> 00:37:19,800
coin tied to Argentine President Javier Malay, a monetary radical

750
00:37:19,880 --> 00:37:23,000
term mean coin Messiah, whose likeness has become shorthand for

751
00:37:23,039 --> 00:37:27,199
rebellion and decentralization and digital markets. Pump Fund, the platform

752
00:37:27,199 --> 00:37:30,119
I use as a disciptively simple name. It sounds like

753
00:37:30,159 --> 00:37:32,679
a toy, a game, a dare. In reality, it's become

754
00:37:32,679 --> 00:37:35,800
a favored launch pad for mean coins, especially those tethered

755
00:37:35,840 --> 00:37:39,239
to personalities, pop culture, and political figures. What distinguishes pump

756
00:37:39,320 --> 00:37:41,679
fund is its structure. Every token has a fixed apply

757
00:37:41,719 --> 00:37:45,000
of one billion, immutable and automatic. When a credit launches

758
00:37:45,039 --> 00:37:47,159
a token, eight hundred million coins are allocated to a

759
00:37:47,199 --> 00:37:50,559
bonding curve. Mathematical pricing FORMUA then increases the cost of

760
00:37:50,599 --> 00:37:53,519
each coin is more purchased. As a coin hits sixty

761
00:37:53,599 --> 00:37:56,199
nine thousand dollars market cap, pump fund mints the remaining

762
00:37:56,239 --> 00:37:59,119
two hundred million impairs them with roughly twelve thousand of

763
00:37:59,320 --> 00:38:03,079
sol Solona's native token to establish a liquidity pool on

764
00:38:03,159 --> 00:38:07,000
the decentralized Exchange Radium. Since February, I've interviewed dozens of

765
00:38:07,000 --> 00:38:10,880
people behind the biggest coin launches, from entertainers to synonymous

766
00:38:10,880 --> 00:38:14,159
whales to marketing teams running Meme Labs twenty four to seven.

767
00:38:14,360 --> 00:38:17,639
The money is staggering. Mean coins generated over one hundred

768
00:38:17,760 --> 00:38:20,519
billion in volume last year alone on solon Or. Trading

769
00:38:20,559 --> 00:38:24,119
fees from mean coins exceed three billion, with one single

770
00:38:24,119 --> 00:38:27,039
trader spending one hundred and thirty million on fees. That's

771
00:38:27,119 --> 00:38:30,440
just one chain. The market is dominated by whales and bots.

772
00:38:30,519 --> 00:38:34,119
Roughly ten percent of participants extract ninety percent of the profits.

773
00:38:34,440 --> 00:38:39,000
The remaining ninety percent chase ephemeral highs, often exiting with losses.

774
00:38:39,320 --> 00:38:42,920
Many use complex tools to identify trending launches, enter early

775
00:38:42,960 --> 00:38:45,960
and exit minutes later. My telegram inbox was filled with

776
00:38:46,000 --> 00:38:49,960
offers from services promising to amplify my coins visibility using

777
00:38:49,960 --> 00:38:53,639
these mechanisms. I decline them all. As you're listening to

778
00:38:53,679 --> 00:38:57,920
that and aware of this, I hear to me are

779
00:38:58,119 --> 00:39:02,360
fiat currency, which no one in crypto likes, amplified by

780
00:39:02,440 --> 00:39:06,280
ten billion to the ten billions power, and somehow they

781
00:39:06,400 --> 00:39:09,159
like this, this is value, but our currency is not.

782
00:39:09,400 --> 00:39:11,880
Am I under or overstating that at all?

783
00:39:12,920 --> 00:39:15,119
Speaker 3: No, you're not overstating it at all.

784
00:39:15,239 --> 00:39:21,039
Speaker 4: And it really is a fascinating time in human history

785
00:39:21,039 --> 00:39:25,079
and financial history, because we've had bubbles before. We've had

786
00:39:25,119 --> 00:39:26,199
plenty of them, right, and you.

787
00:39:26,119 --> 00:39:29,360
Speaker 3: Can go back as far as, uh, what is it

788
00:39:29,400 --> 00:39:29,559
was it?

789
00:39:29,639 --> 00:39:32,519
Speaker 4: The was it the south Sea Cut Corporation or whatever

790
00:39:32,559 --> 00:39:35,360
that Newton famously lost a bunch of money on. Yeah,

791
00:39:35,440 --> 00:39:39,800
Sir Isaac Newton, You've had pump and dump scheme.

792
00:39:39,920 --> 00:39:40,480
Speaker 3: You've had all this.

793
00:39:41,199 --> 00:39:44,480
Speaker 4: Never before in human history, though, have you seen as

794
00:39:44,599 --> 00:39:52,239
much engagement and involvement and excited excitement regarding something that

795
00:39:52,719 --> 00:39:55,760
the vast majority of those players know are complete It

796
00:39:55,840 --> 00:39:59,960
is complete nonsense, right, Like, so most of the people operating,

797
00:40:00,119 --> 00:40:02,679
like they said the whales, the whales know that these

798
00:40:02,719 --> 00:40:05,800
are completely useless, that they're completely nonsensical.

799
00:40:06,679 --> 00:40:11,239
Speaker 3: This is a pump and dump massive value any of

800
00:40:11,320 --> 00:40:12,639
these coins. Ok, yeah, so.

801
00:40:13,679 --> 00:40:16,920
Speaker 1: Let me ask you. I saw groc learning ads on

802
00:40:16,920 --> 00:40:19,400
Twitter about the grock coin. So this is the first

803
00:40:19,400 --> 00:40:21,199
time I've ever felt tempted to buy coin because, you know,

804
00:40:21,280 --> 00:40:23,400
it reminded me of when I saw bitcoin. And I've

805
00:40:23,400 --> 00:40:25,800
told this story when I learned about bitcocoin, I went

806
00:40:25,800 --> 00:40:27,239
to my wife and said, I want to put thirty

807
00:40:27,320 --> 00:40:29,440
forty thousand dollars into this bitcoin. She's like, you're insane,

808
00:40:30,400 --> 00:40:32,800
And I should have pushed back and said probably, but

809
00:40:32,880 --> 00:40:36,880
I'm still doing it and thirty forty, you know, fifty maybe.

810
00:40:36,960 --> 00:40:38,880
At that point, I was printing money out of my

811
00:40:38,920 --> 00:40:43,039
buzz po website before Amazon destroyed it with their their

812
00:40:43,079 --> 00:40:46,519
ads that attack on our ads, et cetera. So I

813
00:40:46,519 --> 00:40:49,559
could have afforded, frankly to put twenty five thirty forty

814
00:40:49,599 --> 00:40:51,599
fifty thousand dollars a month into that for a little while,

815
00:40:51,679 --> 00:40:54,119
and I'd be a billionaire if I'd done that. So

816
00:40:54,920 --> 00:40:56,639
I'm not saying that I think the grock coin has

817
00:40:56,679 --> 00:40:59,760
any value. I know that he's mobbed up. I know

818
00:40:59,800 --> 00:41:01,920
that he knows President Trump really well. I know Trump

819
00:41:02,000 --> 00:41:04,639
wants to be a crypto king, I know how DC works.

820
00:41:04,719 --> 00:41:07,519
I get a sense that his coin might be one

821
00:41:07,559 --> 00:41:10,199
of those coins. It ends up being a quote stable coin,

822
00:41:10,679 --> 00:41:12,239
so I went in to go try to buy it,

823
00:41:12,360 --> 00:41:14,199
and I had to buy a coin to get his coin,

824
00:41:14,639 --> 00:41:16,880
so I had to I couldn't buy it with US dollars.

825
00:41:17,960 --> 00:41:19,800
Speaker 3: Oh yeah, yeah, yeah, you had to convert to a

826
00:41:19,840 --> 00:41:20,440
stable coin.

827
00:41:20,639 --> 00:41:22,599
Speaker 1: So I had to go to a coin to buy

828
00:41:22,599 --> 00:41:26,960
his coin, right, Okay, I read that a couple different ways.

829
00:41:27,039 --> 00:41:29,480
If I didn't do it because I don't know enough

830
00:41:29,480 --> 00:41:31,760
about those coins to do it. I was making a bet,

831
00:41:31,920 --> 00:41:34,360
pure and simple, plain and simple, making a bet that

832
00:41:34,400 --> 00:41:37,280
this is going to be a big coin. But elon,

833
00:41:37,519 --> 00:41:39,559
it seems so smart that you have to buy a

834
00:41:39,599 --> 00:41:42,440
coin and then sell it, and then if all these

835
00:41:42,440 --> 00:41:44,719
are the coins going into the grock coin. It seems

836
00:41:44,760 --> 00:41:46,960
to me he's driving up the value of grock coin

837
00:41:47,000 --> 00:41:48,920
and driving down the value of other coins. Am I wrong?

838
00:41:49,519 --> 00:41:51,440
Speaker 4: What platform were you on when you were doing that?

839
00:41:51,760 --> 00:41:53,559
Because you had to go on a trading platform, So

840
00:41:53,639 --> 00:41:54,679
I never got to the trade.

841
00:41:54,719 --> 00:41:57,239
Speaker 1: I got to the grock coin websites, and then it

842
00:41:57,280 --> 00:41:59,880
was telling me you need to go select a coin

843
00:42:00,239 --> 00:42:02,119
to do this, and that's where I stop because I'm like, wait,

844
00:42:02,119 --> 00:42:04,880
I'm not sophisticated enough to know which coin to select.

845
00:42:05,360 --> 00:42:07,079
But it seemed like a smart move.

846
00:42:08,039 --> 00:42:13,079
Speaker 4: So so here here's the way, generally speaking, that works. Okay, Okay,

847
00:42:13,199 --> 00:42:16,480
So think of a platform. You know, people like everybody

848
00:42:16,519 --> 00:42:19,599
goes Schwab. Right, Schwab is a trading platform for investments.

849
00:42:19,639 --> 00:42:21,960
Speaker 3: Okay. Take a company like coinbase.

850
00:42:22,039 --> 00:42:25,320
Speaker 4: Coinbase is effectively a Schwab for cryptocurrency.

851
00:42:25,519 --> 00:42:29,719
Speaker 3: Okay, Now this work gets a little bit different.

852
00:42:30,320 --> 00:42:33,679
Speaker 4: The easiest way to understand what they're doing there is

853
00:42:33,719 --> 00:42:37,440
they're saying, Okay, come here and make an account, and

854
00:42:37,480 --> 00:42:40,280
then we're going to convert your dollars into what we

855
00:42:40,320 --> 00:42:43,719
call our native coin, right, And what the native coin

856
00:42:44,000 --> 00:42:46,320
is effectively are poker chips.

857
00:42:46,039 --> 00:42:46,639
Speaker 3: In the casino.

858
00:42:46,760 --> 00:42:47,800
Speaker 1: That's hot side.

859
00:42:48,320 --> 00:42:50,239
Speaker 3: Yes. So so it's like.

860
00:42:50,239 --> 00:42:53,480
Speaker 4: Everybody converts to their stable coin or their native coin

861
00:42:53,519 --> 00:42:55,760
of choice, whatever platform you're on is going to have

862
00:42:55,800 --> 00:42:58,960
a different native coin, and you convert to the native coins,

863
00:42:58,960 --> 00:43:01,760
and then the native coins are what you use. And

864
00:43:01,800 --> 00:43:05,440
the native coins are supposed to maintain a level value,

865
00:43:05,519 --> 00:43:06,320
right They're supposed to.

866
00:43:07,239 --> 00:43:10,119
Speaker 3: Yeah, they're supposed to. So that it.

867
00:43:13,039 --> 00:43:15,079
Speaker 4: And this is one of the issues with the like

868
00:43:15,199 --> 00:43:18,079
why can't you just get on that platform and exchange

869
00:43:18,079 --> 00:43:20,519
in dollars? This is one of the problems with that

870
00:43:20,639 --> 00:43:28,320
industry is that that effectively and not every not every

871
00:43:29,039 --> 00:43:32,599
UH exchange does this, but but we've seen this involved

872
00:43:32,639 --> 00:43:35,960
in some of these frauds, which is those quote unquote

873
00:43:36,039 --> 00:43:40,199
native coins they have a value on that platform, right, Yes,

874
00:43:40,480 --> 00:43:45,000
well they can also they can also you know, mess

875
00:43:45,039 --> 00:43:49,039
with or or or you know, manipulate the creation of

876
00:43:49,079 --> 00:43:52,639
those native coins. So and I'm not saying they all

877
00:43:52,679 --> 00:43:55,599
do this, they don't all do this, but well, look,

878
00:43:55,599 --> 00:43:58,400
when I look at the whole cryptocurrency deal, the best

879
00:43:58,440 --> 00:44:01,000
analogy I can give, and a lot of people won't

880
00:44:01,039 --> 00:44:03,880
know this reference, but it just it reminds me so

881
00:44:04,039 --> 00:44:06,360
much of the junior mining industry in the early eighties

882
00:44:06,400 --> 00:44:11,760
in Canada, meaning the pump and dumps everywhere. There's so

883
00:44:11,800 --> 00:44:15,199
many similarities between that and the whole meme coin phenomenon

884
00:44:15,280 --> 00:44:18,599
going on right now, and it's just rife with fraud.

885
00:44:18,679 --> 00:44:20,400
Speaker 3: And that's why I just tell people, I go, look,

886
00:44:20,760 --> 00:44:21,880
if you want to play.

887
00:44:21,679 --> 00:44:23,559
Speaker 4: In that, if you want to play in that arena,

888
00:44:23,599 --> 00:44:25,639
and we're not doing it for you, but if you

889
00:44:25,639 --> 00:44:28,199
want to play in that arena. Now, we've had incredible

890
00:44:28,239 --> 00:44:31,719
success trading bitcoin, and we don't always own it, but

891
00:44:31,880 --> 00:44:34,840
our clients have owned as much as you know, one

892
00:44:34,840 --> 00:44:37,039
and a half to two percent of their portfolio at

893
00:44:37,079 --> 00:44:40,280
the most in bitcoin at times, and we'll play with it,

894
00:44:40,320 --> 00:44:42,360
but we're always going to keep those things very small

895
00:44:42,400 --> 00:44:44,800
because at the end of the day, you may think

896
00:44:44,800 --> 00:44:46,639
bitcoin's going to a million. There's a lot of people

897
00:44:46,679 --> 00:44:48,920
saying that what is the underlying value of it?

898
00:44:50,000 --> 00:44:50,360
Speaker 1: Nothing?

899
00:44:50,559 --> 00:44:54,119
Speaker 3: Zero, it's in Yeah, there is no intrinsic value.

900
00:44:54,119 --> 00:44:56,679
Speaker 4: It has no cash flows, it has no assets, it

901
00:44:56,679 --> 00:44:57,199
has nothing.

902
00:44:57,559 --> 00:44:59,559
Speaker 3: It truly is a reflection.

903
00:44:59,199 --> 00:45:02,920
Speaker 4: Of what the It is an experiment of the greater fool.

904
00:45:02,920 --> 00:45:04,400
And I'm not saying that you're a fool if you

905
00:45:04,400 --> 00:45:08,000
own bitcoin. But the greater fool theory is stocks go

906
00:45:08,280 --> 00:45:11,760
up in price because people, not because earnings drive them higher.

907
00:45:12,239 --> 00:45:15,760
Speaker 3: They typically correlate. But stocks go up in price because

908
00:45:15,760 --> 00:45:17,480
people are willing to pay a higher price for the

909
00:45:17,519 --> 00:45:19,239
stock period, end of story.

910
00:45:19,360 --> 00:45:25,000
Speaker 4: Right, And so you that that's the dynamic you've got

911
00:45:25,039 --> 00:45:27,719
going on in crypto, that it's that greater fool theory,

912
00:45:27,760 --> 00:45:31,320
meaning what you're relying on is somebody to come along

913
00:45:31,400 --> 00:45:33,239
that is willing to pay a higher price than you.

914
00:45:34,119 --> 00:45:36,519
But it's completely subjective.

915
00:45:36,559 --> 00:45:39,400
Speaker 1: And I'm looking at the thing with grock coin saying

916
00:45:39,559 --> 00:45:44,760
I'll bet on that casino. Yeah, sure, of course this

917
00:45:44,800 --> 00:45:47,559
is gonna get big. It's Elon Musk. Of course, there

918
00:45:47,599 --> 00:45:49,360
are people gonna rush into it. They're gonna rush into

919
00:45:49,360 --> 00:45:52,320
it for ideological reasons. The left is going to attack

920
00:45:52,320 --> 00:45:56,719
it for ideological reasons. President Trump would probably be likely

921
00:45:56,760 --> 00:45:59,519
to put, as I said, the grock coin into some

922
00:45:59,719 --> 00:46:02,039
you know, government mixed because Trump wanted to go buy

923
00:46:02,039 --> 00:46:04,239
a bunch of coins. Now is that corrupt? Yeah, it's corrupt.

924
00:46:04,840 --> 00:46:06,679
So but I'm milling to bet on that. But I'm

925
00:46:06,719 --> 00:46:08,400
not willing to go bet on a coin. Now. I

926
00:46:08,400 --> 00:46:11,679
have to go research stable coins but none of them

927
00:46:11,719 --> 00:46:14,039
are stable because none of them have any intrinsic value.

928
00:46:14,039 --> 00:46:16,920
There's no armies, there's no you know, in the United States,

929
00:46:16,920 --> 00:46:18,440
what do we have. We have our land mass, we

930
00:46:18,480 --> 00:46:20,760
have our armies, we have our weapons, we have the

931
00:46:20,840 --> 00:46:24,559
natural resources in our soil. We've got the labor of

932
00:46:24,599 --> 00:46:27,519
the people. I mean, there's a lot here that backs

933
00:46:27,559 --> 00:46:29,639
our daughter, which came off the gold standard, which I

934
00:46:29,800 --> 00:46:33,159
rate as a mistake. But there is intrinsic value in

935
00:46:33,159 --> 00:46:35,360
the United States. This is very much like this. This

936
00:46:35,440 --> 00:46:39,719
is very much like this. I'm picturing a fifty year

937
00:46:39,760 --> 00:46:45,679
old dude and he gets his way into let's say

938
00:46:47,199 --> 00:46:48,960
he wants to work in Goldman Sacks, and he gets

939
00:46:49,000 --> 00:46:51,679
into Goldman Sacks and he's in an interview in the

940
00:46:51,760 --> 00:46:56,920
hiring manatresses. So what do you think of Goldman Sacks material? Ah,

941
00:46:57,119 --> 00:46:58,760
And I was the most popular kid in high school

942
00:47:00,760 --> 00:47:03,119
and I was jacked. I can show you pictures. I

943
00:47:03,159 --> 00:47:07,760
add abs and you know my body counts. I'll say something.

944
00:47:08,840 --> 00:47:14,840
I hit that high school thing so hard. So what

945
00:47:15,039 --> 00:47:20,440
is the worth of your popularity now? But you'll get it.

946
00:47:21,280 --> 00:47:23,719
It's like if if you held a party and I

947
00:47:23,800 --> 00:47:29,599
was invited, people didn't come right, So behind you is

948
00:47:29,639 --> 00:47:31,840
the door, and don't let it hit you in the

949
00:47:31,840 --> 00:47:34,920
way out. That's what I'm looking at with these stable coins.

950
00:47:35,119 --> 00:47:38,760
They're not stable And Elon Muskus he wants me to

951
00:47:38,880 --> 00:47:45,360
purchase those coins for to get a chance at his coin.

952
00:47:46,360 --> 00:47:48,719
Speaker 4: Well, and that so if you want, if you were

953
00:47:48,719 --> 00:47:51,639
going to do that, you can do like you can

954
00:47:51,679 --> 00:47:53,519
do it. But what I would tell people is just

955
00:47:53,599 --> 00:47:56,320
don't hold that native coin or that stable coin for

956
00:47:56,360 --> 00:47:59,599
any period of time. Convert and purchase the coin you

957
00:47:59,639 --> 00:48:01,480
want immediately, Okay.

958
00:48:01,559 --> 00:48:06,000
Speaker 1: And that seems like a little work forgive me for why?

959
00:48:06,159 --> 00:48:06,400
Speaker 3: Yeah?

960
00:48:07,159 --> 00:48:10,039
Speaker 4: Well yeah, and and and the work for what?

961
00:48:10,400 --> 00:48:10,519
Speaker 2: Right?

962
00:48:10,559 --> 00:48:12,719
Speaker 3: What is the value of what it is that you bought.

963
00:48:12,840 --> 00:48:15,719
I just want to bet on Elon Musk Yeah, well, I.

964
00:48:15,679 --> 00:48:17,480
Speaker 1: Just want to drop I just want to drop a

965
00:48:17,519 --> 00:48:20,239
couple hundred bucks into the slot machine labeled grock coin.

966
00:48:21,239 --> 00:48:23,280
Speaker 4: Well, yeah, then you got to flip into the native coin,

967
00:48:23,480 --> 00:48:26,480
so you got and and then you just convert instantly

968
00:48:26,519 --> 00:48:27,719
into the into the other one.

969
00:48:27,920 --> 00:48:30,719
Speaker 3: But which you can do. People do that all the time.

970
00:48:30,920 --> 00:48:33,719
Speaker 4: But my advice would be, if you're going to do that,

971
00:48:34,440 --> 00:48:37,519
do it immediately. Do not sit in that native coin

972
00:48:37,599 --> 00:48:40,800
because like you said, right, is there some value we'd

973
00:48:40,800 --> 00:48:45,559
assigned to the grock coin. Well, again, it effectively worthless,

974
00:48:45,800 --> 00:48:50,039
but it's less worthless than the native coin because it's

975
00:48:50,039 --> 00:48:52,400
tied to musk right, Like, so so there there is

976
00:48:52,480 --> 00:48:54,920
something there. But yeah, if you're gonna do the and

977
00:48:54,920 --> 00:48:57,800
and quite honestly, Todd, when I look around at the

978
00:48:57,840 --> 00:49:01,119
world today, it's one of the that we're invested the

979
00:49:01,119 --> 00:49:04,639
way we are. I think all of this nonsense and

980
00:49:04,679 --> 00:49:07,400
all of this craziness and greed that's driving all this,

981
00:49:08,559 --> 00:49:13,039
I think the real investment opportunity is the other opportunities

982
00:49:13,079 --> 00:49:16,960
that's created, right, Meaning when people are pumping all this

983
00:49:17,119 --> 00:49:19,719
money into this thing over here, it's not going into

984
00:49:19,760 --> 00:49:22,760
this thing over here, yeah, right, And I think I

985
00:49:22,920 --> 00:49:26,639
in my opinion, I think everybody chasing the coins is

986
00:49:26,800 --> 00:49:27,760
literally going in.

987
00:49:27,719 --> 00:49:28,360
Speaker 3: The wrong direction.

988
00:49:29,119 --> 00:49:33,039
Speaker 4: The I think the investment opportunity are all the real

989
00:49:33,119 --> 00:49:38,320
assets that, in my opinion, are artificially cheap due to

990
00:49:38,920 --> 00:49:42,320
all the kids chasing the nonsense. And so I look

991
00:49:42,320 --> 00:49:44,119
at it when I can buy companies that are growing

992
00:49:44,119 --> 00:49:45,960
at fifteen or twenty percent a year and are paying

993
00:49:45,960 --> 00:49:47,880
me at twelve and a half to thirteen percent dividend

994
00:49:47,920 --> 00:49:48,960
with a clean balance sheet.

995
00:49:49,920 --> 00:49:52,440
Speaker 3: I like that a lot more than buying some dude's coin,

996
00:49:53,360 --> 00:49:53,840
you know what I mean.

997
00:49:53,960 --> 00:49:58,320
Speaker 4: Right, So that's and that to me, when you get

998
00:49:58,360 --> 00:50:01,519
into these environments of you forick nonsense, where are looking

999
00:50:01,559 --> 00:50:04,320
around going what's going on? The one trigger that is

1000
00:50:04,400 --> 00:50:06,719
I've learned to have go off in my mind is

1001
00:50:06,719 --> 00:50:08,840
when you see a bunch of people doing a lot

1002
00:50:08,880 --> 00:50:13,360
of irrational nonsense, there has to be and it's usually

1003
00:50:14,039 --> 00:50:19,039
high quality, right like uh uh you know, uh yeah,

1004
00:50:19,360 --> 00:50:23,639
you know, foundational type stuff that simultaneously is going to

1005
00:50:23,679 --> 00:50:27,239
be way too cheap, right, because what do people throw out,

1006
00:50:27,360 --> 00:50:29,880
Like if you're going to sell stocks out of your

1007
00:50:29,920 --> 00:50:34,519
portfolio to buy a mean coin, You're probably not going

1008
00:50:34,599 --> 00:50:37,280
to sell your Tesla. You're probably going to sell your

1009
00:50:37,320 --> 00:50:41,119
General Mills, right, You're probably gonna sell your Stalwart, your

1010
00:50:41,159 --> 00:50:44,639
Coca Cola, your McDonald's, something like that, right, And so

1011
00:50:44,800 --> 00:50:47,320
what happens and and you can see that today. I

1012
00:50:47,360 --> 00:50:49,440
don't think those stocks that I just mentioned are cheap.

1013
00:50:49,719 --> 00:50:51,440
But when you go look at these some of these

1014
00:50:51,480 --> 00:50:56,320
boring companies, you know, we just like I think I

1015
00:50:56,320 --> 00:51:00,079
told you, we bought an airline, an international airline, that

1016
00:51:00,079 --> 00:51:03,519
that is doing phenomenally, that the future looks incredibly bright

1017
00:51:03,599 --> 00:51:07,599
for and their trade. We bought them at a twenty

1018
00:51:07,639 --> 00:51:10,639
percent discount to their net asset value, paying a six

1019
00:51:10,679 --> 00:51:13,320
and a half percent dividends per year, and the things

1020
00:51:13,360 --> 00:51:16,360
trading at six times earnings, where it's counterpart in the

1021
00:51:16,440 --> 00:51:17,719
US is trading at twenty four.

1022
00:51:18,239 --> 00:51:20,559
Speaker 3: And so you're like, I, So.

1023
00:51:20,599 --> 00:51:24,159
Speaker 4: I'm seeing all these opportunities, and I'm getting sitting there going, yeah,

1024
00:51:24,280 --> 00:51:27,480
you know, this whole mean coin thing, it is unveiled

1025
00:51:27,480 --> 00:51:29,320
a lot of opportunities. I just don't think it's in

1026
00:51:29,360 --> 00:51:29,920
mean coins.

1027
00:51:30,159 --> 00:51:32,159
Speaker 1: Oh you know, it's so funny you mentioned airlines because

1028
00:51:32,159 --> 00:51:34,280
I was just mentioning. I was just remembering on one

1029
00:51:34,320 --> 00:51:37,199
of the greatest three actors scenes in the history of movies,

1030
00:51:37,880 --> 00:51:43,519
Michael Douglas and Charlie Sheen and Martin Sheen in Wall

1031
00:51:43,559 --> 00:51:50,280
Street and Gordon Gecko. The Kirk Douglas character, Kirk Douglas

1032
00:51:50,440 --> 00:51:53,800
is that who is Mike Michael Michael Douglas. Michael Douglas

1033
00:51:53,840 --> 00:51:58,000
does this incredible pitch and Bud Fox Charlie Sheen is

1034
00:51:58,039 --> 00:52:00,480
involved in the pitch how they're get to take this

1035
00:52:00,559 --> 00:52:04,039
little regional airline and make it huge, and the pitch

1036
00:52:04,119 --> 00:52:07,639
is over, and there's Martin Sheen, the guy who represents

1037
00:52:07,679 --> 00:52:13,559
the union workers, and he laughs, he laughs his head off.

1038
00:52:14,000 --> 00:52:16,079
You don't care about my men or my airline. You

1039
00:52:16,119 --> 00:52:19,119
want to pieces apart and sell us for parts. You

1040
00:52:19,159 --> 00:52:21,440
don't care about the airline business. And then he's saying

1041
00:52:21,480 --> 00:52:26,079
to his kid in the elevator, son, Son, there's real value.

1042
00:52:26,159 --> 00:52:29,159
We move people. My men work on airplanes. We get

1043
00:52:29,199 --> 00:52:33,000
families to graduations and funerals. There's real value here. This

1044
00:52:33,039 --> 00:52:38,840
guy's not selling value, son, right, this guy's selling smoking mirrors.

1045
00:52:38,880 --> 00:52:41,920
And it turns out, of course, you know, Charlie Sheen's

1046
00:52:41,960 --> 00:52:44,320
character is furious at his father's father just doesn't get it,

1047
00:52:44,360 --> 00:52:47,440
and sadly turns out his father's right. And Bud Fox

1048
00:52:47,440 --> 00:52:48,760
has a lot of time to think about that while

1049
00:52:48,760 --> 00:52:52,039
he's in you know, in prison and wearing wires and

1050
00:52:52,079 --> 00:52:55,360
going after people like Gordon Gecko man Zach. What a

1051
00:52:55,440 --> 00:52:59,599
conversation today, I am. I it's hard for me to

1052
00:52:59,639 --> 00:53:04,719
say this, but I was legitimately a bunny when it

1053
00:53:04,760 --> 00:53:07,920
came to thinking of insider trading laws. I legitimately thought

1054
00:53:08,039 --> 00:53:10,480
you could get more trouble than me or anyone in

1055
00:53:10,519 --> 00:53:14,599
the podcast Family on the radio show Families, we anyone

1056
00:53:14,639 --> 00:53:18,400
listening to this. You can get in more trouble overhearing

1057
00:53:18,440 --> 00:53:23,039
a conversation on a subway train and making a trade

1058
00:53:23,079 --> 00:53:25,400
based upon that. If someone ever found that out, you

1059
00:53:25,480 --> 00:53:32,039
could get in more trouble than congressmen and senators who

1060
00:53:32,199 --> 00:53:36,480
have the detailed They have the the literal deal points,

1061
00:53:36,760 --> 00:53:37,880
term sheets, and contracts in.

1062
00:53:37,840 --> 00:53:40,360
Speaker 3: Front of them, and they regulate those industries.

1063
00:53:41,199 --> 00:53:43,760
Speaker 4: Yeah, right, And they regulate those industries, so they have

1064
00:53:44,000 --> 00:53:47,760
incredible inside knowledge, they have incredible inside access. Right, if

1065
00:53:47,760 --> 00:53:50,599
any CEO of Nancy Pelosi calls any CEO in the country,

1066
00:53:50,599 --> 00:53:52,440
they're picking up the phone or they're calling her back.

1067
00:53:53,079 --> 00:53:56,239
Speaker 3: Right, I don't get that same kind of treatment. So you,

1068
00:53:56,519 --> 00:54:00,519
naturally you should be held to a higher standard because

1069
00:54:00,559 --> 00:54:03,599
of the access you have information. And it's the exact opposite,

1070
00:54:03,639 --> 00:54:07,679
it's the exact opposite. Would I get tagged before you? Yeah,

1071
00:54:07,719 --> 00:54:10,280
I'm more visible. I manage other people's money.

1072
00:54:10,480 --> 00:54:12,880
Speaker 4: But bottom line is, if you and I both make

1073
00:54:12,920 --> 00:54:16,480
those those trades, we're both looking at the same we're

1074
00:54:16,480 --> 00:54:17,679
both looking at the same problems.

1075
00:54:17,719 --> 00:54:19,239
Speaker 1: Well, maybe you and I can have the same jail soon.

1076
00:54:20,039 --> 00:54:22,719
Speaker 3: Yeah, well, we'll work out a lot.

1077
00:54:22,800 --> 00:54:24,519
Speaker 1: Yeah, I know, I call top bum.

1078
00:54:24,760 --> 00:54:28,559
Speaker 3: Yeah that's fine. I'm not gonna fight you.

1079
00:54:28,960 --> 00:54:31,559
Speaker 1: Sounds good, all right. Thank you, Zach Wise, Counsel Day

1080
00:54:31,559 --> 00:54:33,880
and Todd Hermit Show appreciate you very much. And remember,

1081
00:54:34,000 --> 00:54:36,159
Zach and I will be in Porta art to Mexico

1082
00:54:36,280 --> 00:54:39,280
early June, hanging out, going to dinner and love you

1083
00:54:39,360 --> 00:54:40,800
to get down there, but that means you should get

1084
00:54:40,960 --> 00:54:43,719
with renew dot Healthcare as soon as possible. This is

1085
00:54:43,719 --> 00:54:46,199
a Todd Herbit show. Please go, be well, be strong,

1086
00:54:46,280 --> 00:54:49,119
be kind, and please make every effort to walk in

1087
00:54:49,159 --> 00:54:49,960
the light of Christ.

1088
00:55:00,119 --> 00:55:00,159
Speaker 2: Z