The Compound and Friends - Can you get Covid in the metaverse?

Episode Date: January 7, 2022

On this week's episode of The Compound & Friends, Michael Batnick, Pierce Crosby, and Downtown Josh Brown discuss: lessons learned in 2021, predictions for 2022, the growth of TradingView, the Elizabeth Holmes verdict, and much more! Thanks to Fundrise for sponsoring this episode. Visit fundrise.com/compound to learn more about the future of real estate investing! Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/disclosures/ Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

All right, we doing this show? What am I not getting this week? I don't have music. I don't have... What do I have? COVID? We don't have a cold open yet. You guys need a cold open. You guys need to do some cold open. All right, here's my cold open. Welcome to... Here's my cold open. Welcome to month 21. Is it month 21 of this f***ing endless nightmare? What month are we up to? Pierce, you're good at math. Year 21. Is it 21 21 of this fucking endless nightmare? What month are we up to? Pierce, you're good at math.

Is it 21? Year 21. I feel good, but look at my eyes. Look how glassy my eyes are. I look like I just smoked a joint. And did you? No, but I have COVID. Right.

So this is the COVID episode. It was bound to happen that one of us would record with COVID. Well, let me tell you something. I tested negative this morning. I ran out of tests. I said, you know, let me just, let me just be, be extra positive. I don't want to give anybody COVID. I called my friend. I said, yeah, let me get one of those tests that you have. Went to his house, grabbed the test. It was a mailbox. I got, I got a guy, I got a guy. And I came back home and son of a gun, I tested positive. Those tests are about 50% reliable. Yeah, but no, no, no.

But you could continue to test negative. Once you get a positive, not that I'm a doctor, but I feel like you don't get false positives. Yeah, I took one of those tests the other day to go to somebody's bar mitzvah or whatever. It said I was pregnant. Listen, it's month 21 of this endless nightmare. this stage in the game we're calling Omicron. I can't wait to see what comes next.

I hope we start growing third eyes or something with the next variant just to spice things up. This one is the one – all right, here's my take on the Omicron variant. Tell me if you agree. This is the variant that tells you who your real friends are and really starts to like change some shit in your life. Because I feel like 99% of the things that you want to do, you could still do it in Omicron COVID in a way that you couldn't in Delta and whatever nightmare came before that, right? So now people are getting out of stuff because they're quote nervous, but then you see them doing some other shit and you're like, oh, I see how it is. We're not actually friends.

We don't. This is over. This is over. You're 100% right. I don't think I told this story and stop me if I did. I was at an event prior to Omicron. Patrick O'Shaughnessy had this thing, whatever, whatever. And I saw an old friend

so like yo what's up man shook his hand now mind you no mess this is prior to Omicron when COVID was very tame and when it was good for you yeah and this guy next to my friend I went to shake his hand because I guess that's what you do and he gave me the pound

all good no problem no problem give me the pound so I good. No problem. Yeah. No problem. Give me the pound. So I was at the bar with Patrick and Patrick and I were walking. He was going to introduce me to somebody. And this guy who gave me his fist stops Patrick, gives his hand. Makes out with him. And I said, dude, what the hell?

Literally five minutes ago, you gave me a pound. I honestly felt like it was a curb episode. So the guy started laughing. He's like this totally curb episode. What happened was he goes, when I gave you a fist pound, I just washed my hands and there's hors d'oeuvres. And I said, all right, I get it. I get it. You know, this thing where everybody gets to choose their own version of what to do and act it like, Oh, I can't come to your house for dinner with our four best friends. Um friends because I'm a little nervous right now and then they're at the Knicks game the next night. What are we doing?

In general, what are we all doing here? I'll tell you what I'm doing. I'm selling my Knicks tickets for 30 cents on the dollar again. Yeah, pretty much. So anyway, I'm one of these psychos that is going through with the bar mitzvah this year. I don't even want to tell you how much I'm spending on this and I'm one of these psychos that is going through with the bar mitzvah this year. I don't even want to tell you how much I'm spending on this.

And I'm starting to learn like who I really consider to be friends and family at this point based on RSVPs and the whole line of bullshit that's accompanying some of these RSVPs. So I'm like, first of all, I'm so glad you're not coming. My wife made me invite you. You don't even know my son. So this whole thing's a charade. So this is the best news I've ever heard. And of all really because i follow you on instagram so that's your that's your thing that the reason you can't come you sure about that so two things one just denominate do you denominate the the bar mitzvah money and btc or eth because that that makes it

a little bit more palatable but guess what we have somebody else on the line with us like pierce is we got pierce here yeah pierce won't shut up it's unbelievable pierce i'm waiting my moment wait my moment listen we're so happy to have you and you are the first remote guest we've ever had on the compound and friends because the whole point of this or one of the main points of this was to like see people in person that we like hang out break it hang out, break it out. Right. I mean, and you and I bumped into each other in Manhattan the other night at a bar. What else new? But like, I haven't feel like I haven't seen you in like two years or whatever it is.

And it's like, I was really looking forward to this, but we're going to have fun today regardless, right? Yeah, agreed 100%. And I'm glad to reconnect with both of you. I think I invited Mike out to another event that we had recently as well. So I feel like we've crossed paths. Is that where he got COVID? No, that was months ago.

No, that was months ago. But there's a slow build for that one. But yeah, we can do it regardless. Duncan and John are here. They are also remote. We need to protect them. They are precious, valuable assets to the compound. So everybody is-

Human capital. They're actually not remote. They're in the office, but no one else is there. So that is- Human capital. They're actually not remote. They're in the office, but no one else is there. So that's the same thing as being remote. All right, Duncan, give me our music, I think. Is that what we start with? Here it is. Pierce, have you ever heard our theme song?

You could go crazy to this. You could freestyle to this. We'll give you like a full three minutes. This reminds me of... We're getting into the music late. You know in The Departed? In The Departed, they start the music like 19 minutes into the movie. Yeah, yeah, yeah.

Yeah. You can do like Rolling Stones. Huge Rolling Stones. Is it the Rolling Stones song? Yeah. Oh, give me Shelter. Oh, no, no, no. No, it's not Shelter.

Succession's good with that too. It's not Shelter. It's the... I'm a sailor made. Is that what it's? Those are the lyrics? Welcome to the compound and friends, all opinions expressed by me, Michael Batnick, and our cast mates are solely our own opinions and do not reflect the opinion of Ritholtz Wealth Management. This podcast is for informational purposes only and should not be relied upon for any investment decisions. Clients of Ritholtz

Wealth Management may maintain positions in the securities discussed in this podcast. Today's episode is brought to you by Fundrise. Fundrise makes high-end private market real estate investing effortless and accessible to everyone. Thanks to Fundrise, Fundrise makes high-end private market real estate investing effortless and accessible to everyone. Thanks to Fundrise, anyone can invest, accredited or not accredited, and you can manage your investments from your phone. Fundrise is the latest example of how technology can harness the power of large populations to disrupt institutions. With more than 1 million users and over $7 billion worth of assets transacted on, Fundrise is already the largest direct-to-investor real estate investor platform, and they're giving individuals the potential upside of an asset class that was mainly reserved for institutions and high net worth individuals for decades. If you want to learn more, go to fundrise.com slash compound.

Again, that's fundrise.com. Let's introduce Pierce real quick before we get into our topics. Pierce is dressed like Cypress Hill. He's got the flannel buttoned up to the top and the black hat with white calligraphy on it. This is his finest, baby. Look at this. Look at this guy pierce is the most influential uh person this year and last year on finance tinder uh round of applause duncan do we have our applause can we at least have that we can't have that okay pierce are you still knocking them dead in uh

in in in single ladies land or you have you mentioned girlfriend. I don't like to hear that. Yeah, unfortunately out of the game for some time. So unfortunately, make sure she doesn't listen to this. All right. So Pierce is at TradingView. And tell us, we're going to get more into TradingView later on. But for the audience that is not sure of what you do there or what TradingView is, give us like the 30-second version.

The spiel? Yeah, yeah. It's just like advanced charts for the average, the village idiot. No, it's just for me. Give us slightly more than that. 500 people around the world's worth. 500 employees?

Users. 500 users. It's been a long road, but we're going downhill fast. And so we got about 37 million people using the platform every month. And yeah, I mean, we basically do charts, but we also do analytics, data, literally pretty much any data set you ever wanted. How long have you been there? Almost three years.

I graduated from StockTwits back in 2018. And yeah, no, it's been fun. Dude, first of all, congratulations. A lot of people are coming out of StockTwits. And in their second, the second version of themselves, they're like finding a lot of success. And I think StockTwits is a breeding ground for talent. I mean, it really is. I'm so funny. It's like PayPal mafia, right? That's like initial fintech, but I mean like social media mafia. StockTwitch mafia is real. Yeah.

It's real. Like just a very quick rundown. First of all, I know you're killing it, and we'll talk about why in a little bit. Justin Paterno is the NFT king. The GOAT. Phil Perlman is an osprey. The original godfather. The original godfather. The original godfather.

Howard Linzen just completely crushed it in life with many of his social leverage investments, including Robinhood. Who else? Isn't like Ian Rosen doing something that's a big deal? I don't really know what. FinTech? Yeah, I don't know. Some FinTech related? There's still talent at StockTwits.

Of course. Tommy Trayvon? I don't know. Something tech related. But there's still talent at StockTwits. Of course. Tommy Tranfo. We're making the point that people come out of there and they like have learned a lot. So shout out to – Tommy Tranfo. He was in Tranfo with you guys before too. Tommy interned with us. Where is Tommy?

In 20 whatever. I don't know. What's Tranfo doing? I love that kid. He's at StockTwits. Yeah. He's doing social. He's at StockTwits.

I think he's something – Is he I think. Is he like Justin? Is he like doing Justin Paterno's old job? Remember Stefan, who's initially- Shep Lick. Shep Lick. Shep Lick. Yeah, I love Shep Lick. Who's now at TradingView.

Oh, all right. So you stole him out of StockTwits? No, no. It's just a matter of time. I mean, seven years in the game. All right. So, dude, you're the man and we're so happy to have you this week um what was the mike what was the first thing we wanted to get to

let me see where we are let me just set the record straight the lyrics are i'm a sailor peg and i lost my leg oh that's uh shipping out to boston or something dropkick murphy's that's classic very good that's my irish roots i feel like that's michael's theme song now big time my big time uh michael did this thing michael did this thing lessons learned from uh 2021 and there was a lot of good stuff in here the gold not being a real inflation hedge i think that's the first thing that you used and that's the most important um what was some of the other stuff in here mike that you feel will probably be relevant to future years and not just specific to 21 okay uh i think some of the thing that's that's evergreen in here are to uh how about this skeptics sound smart optimists make money and i feel like evergreen that's evergreen it's obviously

emblem it's obviously emblematic of the times where we live in, right? Cause skeptics have their moment in the sun. They look really smart in bear markets, obviously, but I think we can all stipulate that absent this roaring bull market, normally we're not in a depression, right? And so normally if you just, instead of being like a knee jerk, this is bullshit, which is unfortunately my attitude, if you can be knee-jerk curious, that is going to serve you well, even though a lot of stuff is bullshit. Pierce, where do you stand on that? Knee-jerk curious? I mean, we have so many pessimists.

I mean, we live on the financial web all day, right? I mean, you guys see it as much as we do, but anybody who's saying that there could be a huge drawdown at any given moment, you know, there's always like a moment where we have to investigate. We're almost like required to like, what is this person actually talking about? And if you don't really investigate, you realize like, oh, actually, no, no, no, this happens all the time. But the people that do this, I mean, it's, it's a business. I mean, remember James, James Altucher when he was like, oh, like New York is dead. It's never coming back. And that was the beginning of the pandemic.

And here we are. But people, I mean, he's made such a business out of being a pessimist. Don't invest in your 401k. That was like 2014. Some of the worst advice, but he knows it is. It's his shtick. And he gets a lot of attention for it because he not only does

i appreciate that not only does he know that never buy a house and never invest in a 401k and never go to college not only does he know that that's not true the thing that he knows that's more important is how outraged everyone else is going to be jerry seinfeld yeah and how he got jerry seineld to counter him. If you have Jerry Seinfeld in like the opposite corner of you, but I mean, yeah, yeah. I mean, that is an all-star, like I would have them fight in the ring. I don't think most of the pessimists are quite that bombastic where they're looking to trigger that level of response.

But I do think it's a business in that it does force people to pay attention to you. it's a business in that it does force people to pay attention to you the more conviction you can deliver that like hyper bearish take and then what's unfortunate is they're like just regular bears who are not dicks and not trying to scare people but they get lumped in with people who are just you know looking for that attention I think they're like very reasonable pessimists. They're wrong like 99% of the time, but they're not, I don't think they mean harm. And do you think like a, like a classic short seller falls into that example? Like somebody who's no, no, that's its own thing. That's yeah. Cause you could be, you could be bearish on individual stocks for whatever reasons for any esoteric reasons. But like, I think Josh is talking about the macro bear, the person that's always bearish

because of Fed inflation, shadow, like whatever, like that bear, you know? The newest one is like the Tether scam. Do you know about this? Of course. Everybody thinks the unwind's still gonna happen. So that there are financial instruments in Tether that are going to rip apart the whole financial system?

Yeah, like it's based on leverage on top of leverage, and they don't actually have the totality of the assets so that if they get even a 10% withdrawal, all of a sudden they're illiquid. That couldn't be right? Is there any way that that could be right? I'm usually aware there's smoke, there's fire type of guy. But with this, there's so much- Permabear, is that what you mean? Yeah, yeah, exactly. With this, there's so much smoke. Zeke Fox, I yeah, yeah, exactly. With this, there's so much smoke. Zeke Fox, I think was the, was the person that wrote that really good piece for Bloomberg or a couple of months ago.

And I feel like this has been out there for at least a year at this point. And if there was substance here and I'm not an expert, so maybe it can blow up, but I don't know. Uh, anyway, let's get back to the, the point of the post was like, when you're talking, when you're making a list of lessons learned in a given year, most of the time, they're not really lessons. And they're just a reflection of what's worked over the last 12 months. And that's really dangerous. That's what I was getting at. Right. Shoeshine indicators are completely dead. I think that's the most profound thing that you're saying. And you're reminding us of your plumber,

who you talked about on animal spirits and on and on YouTube, just this nice guy comes into your house. He sees that you're doing stock shit on the screen and he starts reeling off all these stocks he's making money in. And traditionally, a normal person that knows market history would look at that and be like, this has to be the end. And what's the market up since then? All right. So two things on that. One is that it was a great indicator in the sense that the stocks that he was trading are now down 90%, or maybe that's a bit aggressive, but-

He was trading Cathy stocks, obviously. But that was July, okay? And the market went up another 55% after that. So if you use- The overall S&P. Yeah, so if you use it as a macro indicator, you're toast, but forget about that guy. Think about back to when Mila Kunis rotated out of stocks, out of cash and into stocks.

Guys, that was 2013. And think about all of the shit that we've seen over the years. Mike Tyson launching a crypto, whatever he was launching. Celebrity venture capitalists. Kenny G. Remember Acoin? Oh. Joe Theismann.

NBA guys in Bitcoin. All of this. Aaron Rodgers was doing a venture fund five years. Silicon Valley, the show. What year was that? Right. That was the top? That was like 2015.

Right. So I think one of the things that's different now that makes the shoe shine indicator not useful is just the ease of access to information about markets. It's everywhere. So of course, people that don't know what they're talking access to information about markets. It's everywhere. So of course, people that don't know what they're talking about are talking about stocks. Everyone knows everything. Everyone knows everything. There's no secrets.

Yeah. I'm with you on that. So last one, and then we can move on. It's like, I really firmly believe this. There's a huge caveat, obviously, that this is also emblematic of a bull market. But I really, really, really do think in general that experience is overrated, especially the people that think that because they've seen this movie before. I think that's not only overrated. I think that's dangerous.

If you have lived through a certain environment, you are like anchored to those formative experiences that you learned in your 20s and 30s. You can't unlearn that. Not every sequel looks like the previous movie. So I think that's actually dangerous. I see everything through the prism of uh 90 99 2000 no i was gonna say 99 aren't you a permanent optimist yeah yeah but i'm saying like whenever i see a lot of enthusiasm for something whether it's crypto or nft my first thought is how dumb is this gonna get and then how bad is it going to be when, when

the bottom drops out? And I mean, that does usually happen. So it's not the worst instinct to have. And it's probably kept me out of a lot of dumb stuff, but it's so knee jerk for me because it's just the era that I started investing in. Um, and so like, I always go back to it. It's like, uh, it's like's like, it's like the first thing that I can think of the minute I see a rally in anything. I don't know. I also think people are afraid, like deathly afraid of looking like a fool, of being conned, of falling for it. Although not so much anymore. There's a lot of people that put it all out there now. Depends who, but yeah.

They're young. Pierce, when did you first get involved in stocks? all out there now. Depends who, but yeah. They're young. Pierce, when did you first get involved in stocks? Oh, I mean, I think that I bought my first stock as a freshman in college and more or less. What is that? 2017? 2009, right after the collapse. So it was literally like buying at the bottom and I didn't even know what the bottom was, but I was just completely ignorant to the whole situation. Oh, that's interesting. So you, so you start investing in everybody's bearish and all stocks do is go up. That's all. I literally had no idea. Yeah.

So you had no idea with all these people, like the building is on fire and I'm like running straight into it. And I'm like, this is great. You guys, what are you talking about? Everybody was so pissed off at the time. I remember early Twitter and everybody's like so early twitter was bare twitter i was like what's wrong with you guys i'm just buying like bank of america for two dollars it was it made no sense dude you could not go on twitter in 2011 and be like i think earnings are going to grow next year and uh i i like the market you yeah people would people

love the valuation fantastic piece of shit. How dare you? Right. So you're first starting to invest in that era. And what you see is a lot of people who have been beaten up and just are now permanently pessimistic. Grizzled. And all the market does is go up. Yeah. Rallied since then.

So that's a really interesting formative experience that I hadn't really considered before. I mean, basically it would break my whole psyche if we had a downturn, right? I don't even know how to exist outside of that. It's been 11 years of upstock, but you've seen some stuff. Wait, hang on. Let's click on this for a second because I hate this idea that we've been saying for years, oh, the kids haven't seen a bear market. Wait till they see a bear market. As if the people that have seen a bear market know how to navigate. Good Lord.

Yeah, as if they know how to navigate a bear market any better. And by the way, they can't navigate a bull market. So what's the difference? But anyway, this idea that we didn't see a bear market 12 months ago, 11 months ago, whatever it was, or I guess eight months ago. We definitely did.

From the classic technical terms, yeah. So guess what? If you want to throw out 2020 as a bear market that didn't happen, then stop talking about 1987 forever. Because 2020 was a bear market the same way that 1987 was a bear market. And if you're not going to talk about one,

then shut up with the other. Yeah, I was on Closing Bell yesterday after the Fed Minutes came out. And the guests, like some of the guests, and I'm not saying they were wrong, but the big point that everyone kept saying was like, there's a whole generation of investors that's never seen a tightening cycle. And I'm like, wait, weren't rates going up in 2018? They just did that. A whole generation? How many people?

Specifically, 10 million? What are we saying here? That this generation is going to screw up their investing because of a rate increase? Allow me to jump in. So this is exactly what I'm talking about. I wrote a post in 2017 called Experiences Overrated. And I referenced this in my last piece.

This is why this is top of mind. Where there was an article. Let me guess, Doug Cass did not retweet this. I'm just guessing. There was an article in 2015, okay? From Bloomberg and probably everybody else else what will happen to a generation of wall street traders who have never seen a rate hike they'll be fine they were fine guess what they're all gonna get covered just because yeah exactly just because you've seen a rate hike cycle so what doesn? It doesn't matter. So you've seen it before.

Now you know what the next one is going to be like? Yeah, yeah. There's a generation of traders that have never seen Janet Jackson release new music. Yeah, they're okay. And she has an album coming out. I don't know. How are they going to handle this? This is going to be something entirely new for them.

I don't even know if they're familiar with her back catalog. Have you done the work on Janet Jackson? Do you even understand what's about to happen? Janet Jackson or a different one? Yeah. So I'm not saying that like experience doesn't matter, but I just think the people that say, listen, kid, I've seen this movie before. I've been doing this for 27 years. Give me a break. Yeah. If experience were that important, I'm 24 years in from buying my first stock. Why aren't I managing $80 billion? Why haven't I gotten everything right? I'm doing this more than two decades. So of course that's ridiculous.

You've been doing this 24 years and guess what? Somebody that's been doing this for six weeks is kicking your ass in performance. And yeah, it unwound obviously, but give me a break. What do you think about less experience is actually even better, Mike? Take it a step further. 100%. So I wrote about this in my book, when Stanley Druckenmiller got promoted because it was, I'm going to make this up. Let's say it was the mid 1980s, maybe a little bit earlier. And we were in the beginnings of an equity bull market and everybody, all of his seniors were so jaded by the 18 year bear market. And his boss said to him, you were too dumb to not run in headfirst.

So I think that youth is an advantage. This is the Pierce Crosby story all over again. 100%. Youth is an advantage. Listen, markets are for young people, right? It really is a young person's game

in many respects. Even younger than I thought. I mean, nowadays, I'm in the metaverse. Did I tell nowadays i'm i'm in like the metaverse did i tell you guys that i was in a metaverse party on new year's eve yeah yeah yeah and they're literally exchanging oh this guy really has this guy definitely has a girlfriend for sure if that's how he's been using this is a pregame but no literally uh i can't even understand what's going on and i'm i'm 31 how am i how am i

missing it this massively people are trading each other nfts at the party on new year's eve how are you in the metaverse on new year's eve you have some sort of a helmet on or are you just in a chat room no you're no like are you in the facebook metaverse or are you virtual worlds don't require like you don't have to have one of the big old things i mean i get it No, like are you in the Facebook metaverse or are you in like Roblox? No, no, no. Virtual worlds don't require like – you don't have to have one of the big old things. I mean you could be in the metaverse right now. It's sexier if you have one though. I'm just saying. It is. It is. It is. And then like people can make fun of you because you can't even see them.

Right. No, but so you're on a platform online. I love how we're calling chat're calling chat rooms which were the original internet the metaverse now you mean you were talking to strangers in a chat room in a chat room that's amazing it's mind-blowing all right so you're in the metaverse and people are buying and selling each other's useless bullshit yeah using crypto which is really convenient super convenient yeah i can't the future is just blowing me away. Like how amazing everything is. I can't even keep up. Let's do some predictions. What's one thing that you feel very confident about for 2022? Michael wrote 10 of them, but I want to hear Pierce's first. What do you got? High level. Well, I mean, I think that high level, we're going to become

the biggest platform in the world. I mean, that's what I wrote. That was my first take. That was the hottest take that I had. Trading view. Dude, this blew me away. You dropped a link to the biggest financial websites. Coin market cap is number one. That's not a giant shock. And just for some context, before I get to where TradingView is, you've got Investopedia, which is a monster at number nine. Huge. Yahoo Finance at number 10.

Fidelity at number six. By the way, what the fuck is PooCoin at number five? What is that? What is PooCoin? I didn't want to ask. It's like, oh, you could, yeah, you could literally see the screen. We're in the metaverse. Like a huge crypto aggregator.

So they have like data from all over the world. And then I think you can trade through it too. Okay, whatever. Number two is- That's like when somebody's like, the number one rap album in the country this week is Lil Pump. And you're like, no, it's not.

And they're like, no, look, here's the data. And I'm like, okay, take that data and throw it out because it's from a ridiculous source or it's being counted in a bizarre way. Like that is obviously not- Yeah, that list is missing some, some pieces for sure. But quite, quite close. Number two is trade. If you do this blew my mind, I knew that you guys were big given the fact that you drew, you just raised money. Was tiger the lead at a 3 billion valuation?

Tiger came in a $298 million investment for a $3 billion valuation? Tiger came in a 298 million dollar investment for a 3 billion dollar valuation. What's the, alright, so Pierce, so it's a huge platform. Would you tell me 37 million users? Is that the number? Yep. Okay. What do you count as a user? Somebody that shows up at least once

a month and is active? Yeah. They're using the site. They're looking at the charts. A lot of these guys are daily, right? I'm a daily. No, no, daily active's got to be smaller, for sure.'s like a monthly active user they're using the site they're looking at the charts i'm a lot of these guys are daily right i'm a daily i'm a daily no no daily active's got me smaller for sure i'm a daily active user michael's a daily active all right so you're giving people access to charts and what analytics or more because i know they're also talking to each other on the platform too right yeah i mean how important is that social components but it's really not a focus it's kind of just like a troll box. I mean, every platform in general has to have a troll box these days. Like if you don't, what are you even doing? I mean, most of it is charting, but we have web

analytics. We have data sets from every asset class you can imagine. I mean, we pull data from 130 exchanges. And so if you want the Malaysian stock exchange in real time, we'll give that to you. Actually, we'll do it for free. In a lot of cases, we're actually going out and doing the hard work of getting these exchange relationships in place. How did TradingView get this big? Because I'm guessing a lot of our listeners are not familiar with it at all. Not even familiar, right? Shout out to Reynolds. Yeah, did Barry... Crazy story.

There's a rumor that Barry Reynolds did this whole thing. They did Techstars in Chicago in 2012. TradingView did. And I guess that Stan, who was the original COO, and I came to help him out and basically helped build out the scale that he really wanted. But he sent a link to Barry's like,

hey, listen, we're doing this thing. It's brand new. We have some cool charts and you can get market data. It's all on the web. You don't have to download anything, blah, blah, blah. So doesn't even think about it, you know, kind of goes out the other ear. A month later, Barry writes a blog post. I think it's like two paragraphs. It's tiny. And he's like, hey, check out this sweet new website I found. It's a brand new way to look at data. All of a like, hey, check out this sweet new website I found. It's a brand new way to look at data. All of a sudden, like their traffic goes like, boom. And the first 10,000 customers from TradingView were basically people that Barry just told to go check out the site.

It's crazy. Wow. That's really unbelievable. So that was the starting point. Earlier. That's now tens of millions of people. Yeah. And I think the thing is, is what people don't understand is that, you know, while in the U.S., there's an extremely competitive market. But wait, let's back up. So what is our equity stake in TradingView now? I forgot. And where are our certificates?

Where are the advisors? Where can I log in and find those? 0.0. I mean, if Barry ever needed anything, I think the trading view would have his back. Fair enough. That's solid. All right. So trading view is providing high level charts. Who are these active users? I know they're all over the world. What are they trying to do? Are they mostly very active traders or not necessarily? Well, I think, yeah, most of them are traders. I mean, we're definitely looking at how to educate people that are kind of more

just buy and holds. But, you know, I mean, imagine Brazil is a good example just because it's such a big market for us. Before TradingView, there was no product. It doesn't exist. I mean, like, how do you even get market data? People don't have Bloomberg's. Yahoo Finance doesn't really have a business down there.

And all of a sudden, we have all the market data from B3 in the major exchanges. And so it's a light bulb moment. It was literally like from zero to the number one platform for these people. Is Brazil one of your largest geographies? Yeah. Brazil, Turkey, India, Japan, China in general. You guys are like Bloomberg in these markets or Bloomberg Lite in these markets? Because I know you're not charging when Bloomberg's charging. No, I mean, I bet you Bloomberg still has a strong foothold in all these markets too. But they're going after an audience that's looking to trade rates and whatever, swaps and stuff like that.

These people are trying to buy literally just a stock, like the you know, the most over the counter things you could possibly get. And right now, I mean, even in India today, stock broking is still broking. Like there's people on the phones all day, every day asking you, you know, do you want to buy this, this OTC that, you know, I'm selling to you. You know, that's my backup plan, right? Like if this shit doesn't work out, I'm going to be a cold core in India. Well, let's go to mongolia i think mongolian that's that's the new new we gotta imagine me in mongolia with a stack of uh dun and brad street business owner leads you're done just i mean just retire immediately just going to town what's your crush it let me hear your your prediction your your most fun maybe most uh

what what am i looking for my brain brain is broken. Most out there. Controversial. Oh, my God. That's what I was like. Most controversial prediction for 2022. Give us all these. What are the rest? Well, I'll just give you one that I...

I don't want to talk about all these. What? Wait, wait. Pierce's, though. Oh, Pierce. There's a lot here. Oh, go ahead. The one that I thought was great to bring it back to summer is when they sold the Shkreli

album to the anonymous buyer. So if we could get that back this year, or at least know who the buyer was. Yeah. I don't think it's going to be any good. You don't think it's ever going to come out? I don't think it's going to be good. That was not a prediction.

My prediction is that we'll figure out who actually bought it. By the time... We know it's Griffin, right? He's just doing shit to piss people off. He might drop that on his birthday and let us hear like one song. So I wouldn't be shocked. You also have Stripe going public, the biggest IPO since Alibaba.

What's the latest? All right. All of the comps on Wall Street that are public are 40% off their highs. So what's the latest talk on Stripe pricing? I feel like they might have missed the window. I could be wrong. No, no. are 40% off their highs. So what's the latest talk on Stripe pricing? I feel like they might have missed the window. I could be wrong. No, no.

I mean, I think in terms of the window, every single book runner is trying to get this deal. And I think that the street's actually saying that there might be just a direct listing. Yes. Which would make a lot of sense, right? If they don't need the money, then that would make sense. Yeah. They don't need tobris anymore than they have to. But I mean, the reason I think it's really interesting and they still want to do it,

and there's an appetite for them to do it, is that they want to go global. And they're so big here. But overseas, there's players that are just like coming out of nowhere. And all of a sudden, they're forces and behemoths. And so Stripe realizes that they have to do it now because they need more cash to be able to expand overseas. And so the best way to do that is to do, you know, issuances and offerings in the public markets. Well, right. If let's say you do a direct listing, you're not raising any money, but instantly you have a currency that you can then use to make acquisitions.

They've raised $2.2 billion in private markets so far. Which is not a lot. It's not much. Right. The other reason to do a direct listing is you can, if you're an insider or you're a big shareholders for that matter, are unrestricted. It could sell the first day you go public, which is a very attractive selling point. If your shareholder base has been sitting there for eight years like, I want out, I want liquidity. That's a way to get them into liquidity.

Yeah, some of the VCs probably want a way to the exit for sure. But, I mean, the thing is, is there's so much more pent-up demand for this offering that, you know, the $2.2 billion or whatever Mike said, I mean, that's got to be a rounding error compared to, you know, what does Franklin Templeton want to put in or Fidelity or State Street. I mean, to put these into index funds too. This is supposed to happen in Q1? Is that what people are saying? I didn't get the exact date. I mean, I don't know. It's a bold prediction.

I think the S1 is filed. It's a very bold prediction. You have one major G20 accepts crypto as legal tender, not El Salvador. They're not in the G20. If you had to guess which country is ballsy enough to even be actively discussing that. Yeah. I mean, it's got to be, I would probably say. One of the shitty countries in Europe that like barely has an economy

Maybe I mean Germany is so far ahead In their payment systems That at some point in time they have to realize That making this all digital makes a lot of sense I'm going to guess Indonesia If I had to pick one Is that G20?

It is? I only know because I'm googling it Fair enough Is Nigeria G20? No No it is it's got to be right i only know that i only know because i'm googling it fair enough is is nigeria g20 no no no no no no you know it's one of the biggest economies in the world they're like top top 10 economies yeah we've got all the calculation x oil tell me tell me where they stand um last one democrats lose the house i agree with you yes yep pelosi retires uh sure is that wild pelosi no i think i think that's a good i think that's a good prediction i think it's a great thing for for

the market overall if the democrats lose the house then a lot of the concerns about tax rates and corporate taxes and stuff go away immediately they almost don't seem to matter right now even i was gonna say when's the last time we heard about that? I guess there's so much other shit going on. It's all Fed right now. Well, you're not because Manchin is a Republican sitting in the clothes of a Democrat. So we already have gridlock, and this would just make it that much worse if they lose the House too. Yeah, because it means lame duck, I mean, more or less, right? Yeah, I mean, this guy started as a lame duck.

All right. Record M&A year. What do you do with that as an investor i agree with you like there are too many companies now we went from not enough to way too many so what do you do with that as an investor like is is any part of your strategy at all involved in trying to identify companies that can get bought or that's too tough of a game to play as a trader? I think the biggest difference is people that have cash flow versus people that have like a good brand. And good brands have insane balance sheets, but they don't have cash flow. Then you have old, old brands that have steady cash flow that have no brand rep. And so what

I'm thinking really is that they're going to look for dance partners or the other way around. So like Robinhood will acquire Campbell Soup? No. Robinhood fell to like a $12 billion market cap this morning. I actually bought it. I can't believe I did that. No, but like the new generation like SaaS companies that have like a 30X, 40X multiple are going to need to prove cashflow. And at some point in time, those multiples need to meet a reality. And there's like a stodgy old business that Cisco spun off, you know, five years ago that's sitting around and has a ton of cash and, and why not? It's opportunity. I think that's a good call. Record M&A is a good call. So I think this would be a lot of people taking flyers on some of these beaten up high growth

names just for- Like myself. Oh my God. Well, how much is Peloton worth now? 10 billion? Could Nike buy it without even thinking twice? That's a great point. Could Apple buy it?

I know Apple doesn't buy anybody. Nike not just like assuming a position already. Like it seems almost like disingenuous. Peloton's $11 billion. Let's say they never add another user again, but they keep 80% of what they have, paying subscriptions and hopping on the bike. If every instructor is wearing head-to-toe Nike

and Nike can advertise in between sessions or at the beginning or the end of a session, they can advertise whatever their newest drop is. Isn't that a no-brainer? What's $11 billion? That's like Kanye West's net worth, right? It seems obvious that at a certain point, that stock should stop falling unless you think it's completely going away. So I do think we'll see a lot of deals like that. I think I agree with you. Michael, what's your prediction for... Let's go through some of yours.

Let's just do one. I feel like this is a sort of – What's your best one? Right off the top of my head, I'm going to say large value outperforms large growth by 20%. That would almost change the indices, wouldn't it? Like the market cap weighting of the S&P if that happens? It would. Well, yeah, certainly. All right.

What did I say this number did? How many years in a row has large growth outperformed? Every year since 2015? I can't remember exactly. Yeah. It's got to be close, yeah. If you look at a ratio chart of Berkshire divided by ARK, it's going vertical. So I feel like if it was ever going to happen this year,

given interest rates are going to be rising, well, interest rates are rising, they're at the highest level in over a year. I think the shift from growth to value is real this year. If that happens, it's going to be tough to have an overweight FANG portfolio. it's going to be tough to have an overweight FANG portfolio. Just look at what's working. Like financials, industrials, energy, materials, all of the cyclical names look really good. And a lot of the large growth,

specifically like the high multiple large growth, like the Cathie Wood names look awful. So I don't know. I'm not like that. By the way, it's 11 billion. Right. Quarterly. Yeah. Right. no i'm not like that is quarterly revenue by the way is 11 billion right quarterly yeah right so so they can use they can use stock basically and and buy peloton the stock nike would probably go up on that news like and and a lot of peloton shareholders would probably be relieved um

so what's cyclicals mike what would you say you say? Which ones? I don't know which ones, but look at industrials. Like, look at Caterpillar. Caterpillar's ripping. I know these are materials, but Alcoa still looks good. Berkshire Hathaway, I think, is leading the S&P this year. Look at regional banks. Yep. Like, literally, pull up KRE.

Yeah, yeah. UPS hanging high. like literally pull up, pull up KRE. Yeah. Yeah. Uh, UPS hanging high. FedEx is, is all right. Um, so yeah, I think this could be the, wow.

What are you saying? Regional banks. What? Look at regional banks. This is the thing that, this is the thing. This is the thing that like half the professional market participants have been waiting for, for a long time. This is their window. And half the professional market participants have been waiting for for a long time.

This is their window. And they started to see it. They started to see it the last six months of this year. Y'all pull up a chart of ExxonMobil. This thing is trading like they just got FDA approval for a vaccine. And then, for example, look at Amazon. Amazon's been trading like crap for a long time. Netflix looks awful.

Google, whatever, hanging up there. Microsoft hanging up there. Apple hanging up there. Oh, my God. Mike, you posted a chart to Slack today of the day Zoom was worth more than Exxon. What day was that? It was February. February of 21?

That was quite a moment. That's what JC's right about, about like peak optimism there. So in 2020, now keep in mind, Standard Oil, 1870, right? That's what ExxonMobil is. Zoom went public in 2019. And it was, when it went public,

Exxon was 21 times bigger, 21 times bigger. And then just one year later for a brief moment in time, Zoom had a bigger market cap than ExxonMobil. Fast forward, uh, we're eight months removed from the top and Exxon is now five and a half times larger. So, uh, all is right in the world again. And still has plenty of room to keep getting larger. So all is right in the world again. And still has plenty of room to keep getting larger. But there's no reason why these growth stocks can't go a lot lower. Josh, I'm

with you on Robinhood, but why can't it go from a $14 billion valuation or whatever it is down to eight? It could. Oh, it can. I won't be in it, but it definitely can. Peloton could go to six. be in it, but it definitely can. Peloton could go to six. Why not? I was in Zoom. I was in Teladoc. I was in a few of these during 2020. All of them look like if they disappeared tomorrow, nobody would care. Like if there was no Zoom and we just had to use Google Meet, I don't think any corporation would be like, shit, I wish Zoom was still around. These services seem interchangeable to me. I feel like for bottom fishers, you have to say like, shit, I wish Zoom was still around. These services seem interchangeable to me. I feel like for bottom fishers, you have to say like, listen,

these might be incredible opportunities. Like Zoom might be way higher than it is in three years, but you also have to go into it being like, it could legitimately fall another 40%. Even though that seems unthinkable, it could happen. It's hard. You know why that's so important too? Because these were stocks that when you bought them, they could easily go up 40%. When they were in that uptrend, you would buy Zoom after it went

up $100 a share and be like, I bet it could go up to another $100 a share and it would. And there would be no reason for it other than you just could tell that that was the direction. So if you felt that way on the way up you have to be fair uh and say that it could be the same way on the way down right uh are you trading any of these oh i mean too many of them obviously but uh yeah i mean you don't short stocks though do you no no come on i'm dude he got in 2009 he got in 2009 he's not shorting stock yeah how will pierce my basis is so high it's like whoa how would i ever get out? No. But yeah, I mean, broadly speaking, I think a lot of these Zoom names maybe know. I mean, I don't think that I bought that the kind of stay-at-home trade was going to

last that long. I think you saw that last summer. That was when the big moment for me was like, oh, wait, people aren't going to be doing this all day, every day. There's no way we can keep going on like this, at least from a valuation perspective. And all of a sudden, like SaaS names were 60, 70, 80 times, you know, and for me, it's all about like actual revenue. So I'm looking at it from literally like, can this be sustained, you know, you know, the next 20 billion up the next 40 billion up. Well, Zoom in particular, like their last quarter was not good. Like they, I think they were growing at less than 10%. As soon as you have like the peakiness and can they actually continue to grow?

I think that there's no reason to stay growing. I'm looking at Teladoc. This stock was $308. It's 80. I bought it. I bought it at 308. What if value stocks crush growth stocks just by virtue of growth stocks spending the whole year in a downtrend, like quick, sharp rally, lower lows.

Your 20%, Mike, is based on everybody else just getting destroyed. I think the 20% outperformance. Not necessarily. I'm saying, I don't think that growth stocks have to get killed, but I think that large value, because if you look at a ratio chart of small value to small growth, that's already running. That already ran away. Large value divided by large growth is still pretty much on the floor. That hasn't rallied yet. So I'm saying that ratio can kick up. It's an interesting prediction. It's like an interesting dichotomy to picture a world where this is the year of the metaverse and you have half the people in America or in the world focused on buying digital real estate,

which we don't have enough time to get into today. And then the other half looking for real assets and getting crazy bullish on things like Cleveland Cliffs and commercial metals and all the stocks that are rallying right now. Campbell Soup? Yeah, Campbell Soup. It would be interesting to have a world where- Campbell Soup NFTs though. Right. I want to own Campbell Soup because they're throwing off X dollars in cash flow and this is the dividend and blah, blah, blah. And then someone else is like, I want to buy an NFT of Andy Warhol's painting of Campbell Soup cans and both of those trades working.

So I guess anything is possible. My prediction is crypto related. I'm saying another 500 billion coming into all things crypto, whether it's startups building stuff or the coins themselves. That's really high. Well, what is it now? Is it 3 trillion? I think venture poured in $30 billion last year into crypto related companies. Yeah. But what is it worth? Not what do they pour in? Well, you're, but you're saying 500 billion comes in and new.

You're talking about total market cap versus money raised. Yeah. What are you saying, Josh? No, no, no. The coins themselves is 2 trillion already. And let's say the startups, if you include Coinbase and you include like some of the bigger companies within crypto, right? So let's just say all in, it's two and a half trillion worth of market cap combined. The sirens are calling bullshit on you.

You think so? Is that the take police? The take police is literally there. Listen, I'm not a thousand percent confident about this, but I feel very strongly that institutions are so horny for anything crypto and they love the term Web3. It makes it even more palatable for them because then they get to pretend they're speaking a different language than their teenage son who's geeking out on this stuff all day. And the guy who's allocating huge money can just basically be like, no, no, no, you don't understand. I'm investing in the next internet. It's not coins, dipshit. But it is. I would say for the 500, I mean, even if we're not thinking about total market cap, just literally private markets getting involved in crypto. I mean, I can tell you most VCs have such FOMO. And that is like a macro theme is going to be crazy how it plays out. Because a lot of the most stoic firms are just way late and they realize it and they're going to get punched in the face if they're invested. Their LPs are like, what are you doing? How are you avoiding this?

And they're just like, well, we're just slow. We're getting around to it. And so there's a lot of VC firms that are on the sidelines for crypto and then realizing, well, we just raised another $11 billion. We have to put some of this to work in crypto. And that follow-on effect is just going to propel it. I think 2022 is going to be a crazier year for crypto than 21. And I think we're going to say that every year. Crazier. Yeah. So I think every year will be crazier because every year it will have gone farther. Yeah. Like it will have gotten

further into people's real lives, which it is not in anyone's real life right now. No. Unless you're a speculator for, it's not. In what way does crypto affect your life? Let's say Bitcoin disappeared tomorrow, like that movie where the Beatles never existed and the guy has to write all those Beatles songs again and people think he's like the greatest songwriter ever. I like that movie. If Bitcoin, if you woke up tomorrow and there was no Bitcoin,

in what way would your life be different other than the tickers that you're following on TradingView? In no way. In no way besides the fact that I wouldn't get invites to ride on my friend's private jets to wherever, you know? Right. So if you're not a speculator, if you're not a speculator, then Bitcoin has absolutely no meaning in your real life. I don't think that will stay the case. I think there's too much

money being thrown at it for somebody not to find something 2022 is like when like the the rubber hits the road like we really need to see some actual cases coming into into the forefront and if we don't see that there's going to be a kind of a rug pull on a lot of the projects that are just not working out i agree what's the most likely use case to emerge among like normal people on main street not people who are spinning up their own servers but shopping is like actually i think shopping is happening so e-commerce across the board but just i mean shopping in in the metaverse is actually real now which is kind of cringe to me but the fact that that is actually happening is is kind of a symptom of what's going to happen first because it's

consumer like people just want to buy shit and they can do it in a different way and you know who's who's to stop them from, you know, logging onto the computer. What is the appeal for buying non-crypto things with crypto, whether in the metaverse or not? Is it that you're using an appreciated currency and not paying taxes on it because you're spending it rather than selling it? I don't think the average consumer is doing tax arbitrage on their purchases. But I think that the projects are going to be unique, right? Like you can't buy this stuff in the real world. It's not just going to be like an Amazon purchase. It's going to be an Amazon purchase that has a unique digital scarcity to it or something like that. I think the buzzword for 22 seems to be to earn.

Like everything is to earn. Play to earn like everything is to earn like play this game to earn tokens or attend this thing to earn and i that's fine i that's i get it but to earn to earn tokens to do what to buy more crypto with like what it's very it's still very circular it still doesn't seem to have broken out of that but i i wrote about in our little pre-show was that even a few years ago, everybody's buying Rolexes. People still buy watches. But at the end of the day, how much of this is just clout? You're not even doing it because it's scarcity. You're doing it because you can flex.

Yeah. You have a lot of friends that are like your generation that have made ridiculous, ridiculous amounts of money in the last year or two. Insane. And now they can afford to flex in other digital ways, right? So they're buying. I mean, you guys saw the story with Ether Rocks, right? I mean, literally, you can buy a digital pet rock. There's only 100 of them.

The floor price on a digital pet rock, I think, hundred of them the floor price on a digital pet rock i think is 750 grand that makes sense that only makes sense is if you won the money you already won and you're just flexing now right but you but nobody who earned the money is make is buying that you had to have won uh i know some i know. I know some old schoolers who were maybe early, early, early in a lot of projects but have been grinding it out, tough and tough and tough. And this is a way for them to show – No, no, no. That's not what I'm saying. That's not what I'm saying. The people who are buying these things, they didn't like just finish a shift at the diner, bussing tables, and then take that money and and and buy these things because they're not gonna

it's you had to have won the money because you bought something in a penny that went to a dollar winning on a spectrum josh if you think about it right so you know you're either winning this guy at a fucking you know i'm not or you're winning the speak for yourself i'm losing on a spectrum uh all right listen we're gonna we're gonna get get more into that in a little while, but I want to keep it moving. I do think that we had this chart of institutions getting into crypto. John, you want to throw that up? So this is Osprey, full disclosure. I'm an investor in Osprey, which is a company doing asset management in crypto.

This chart is – This is actually the block. This is the block's chart in an Osprey deck. It's very metaverse. Great guy. Crypto companies secured $25.1 billion in private investment, 1,700 total deals. That number's not going down.

So my $500 billion might be overstating things, but directionally, I think it's bigger this year than, than 25 billion was bigger than the six years previous combined. Something like that. Why can't it, why can't it double again this year? There's so much, there's just so much money for this.

So early. So early. It is, it is, it is weird where it, it's hard to say it's early given where prices are, but in terms of adoption, it is super early.

So that's, that's the paradox that is breaking people's brains. It's like, what do you mean it's early? Look at the prices. It's up 37,000%. Look at all these people getting rich. But how many people are on OpenSea? 10 million? How do you feel? Is that the number? Is it even 10 million? I don't know. It's tiny. I don't know. I know that they're going to do what? It's like $900 million a month in trading volume. And they just raised at a $13 billion valuation. $13 billion valuation. I'd invest. That thing's going up.

It's still early. Because it's early and it seems to be the biggest. And in a business where network effects are important, which obviously in exchange is the epitome of a network effects business, being biggest and first is almost- And taking 2.5% off the top of every transaction. It's almost, right. It's almost the whole thing. If you have the critical mass of buyers and sellers on your platform, more so than anyone else, you could take that lead and run with it

forever. You almost become unstoppable. So let's talk about this. Pierce, you put a chart up about, I don't even know what this is, money supply, whatever. How important is monetary policy to this? In other words, if they raise rates three times, does the party end? I don't know, but I'm open to the idea that it's going to get much more difficult. What do you guys think? I mean, I think that three times rates scares more people than it does stop them from investing. So it's definitely going to be scarier for a lot of people to put an extra, you know, 2.5 billion into the newest crypto VC project. But the fear is not going to slow that down. And broadly speaking, I think the follow-on effects are just so,

so pent up where people literally just want to buy as much as possible. I think what multiple rate hikes can do is squeeze Peloton from 10 down to 6, take Robinhood from 12 down to 7. I don't think it's going to slow down crypto investment. I think those are sort of two separate, two related, but separate things. We're going to find out. We're going to find out. You can't tell me that crypto's coming out party in 2020 is completely divorced from the Fed putting $4 trillion in play. No, it was the Treasury.

It was the Treasury. But I'm saying in general that, no, the Fed's balance sheet alone. We know what the treasury was doing too. The Fed's balance sheet is $9 trillion. You can't tell me at $6 trillion that there's not less money for crypto. There has to be. There has to be. So they won't get down to $6 trillion anytime soon.

But there's a reason. You also can't tell me in 2018. Hold on. The Fed was hiking rates in 2018 at the same time as it was letting its balance sheet run off. And I think about 400 billion of a four point four trillion dollar balance sheet had had been shrinking throughout the course of 18 while Fed funds rates are going up a quarter of a basis point every two months. It's no accident that Bitcoin got shit hammered while that was taking place. So I think there's a higher correlation to easy money than maybe a lot of Bitcoin enthusiasts want to admit to. That's all I'm saying. But what about you think about like the private or the venture capital,

how much dry powder they're sitting on? Totally different. It's like legitimately, like I think it might be a trillion dollars or something. There's so much money waiting to be deployed. So I don't know that Fed hikes stop that. What it might do, what it probably almost definitely will do is just kneecap valuations and get them in at better prices to these private companies. You almost think that like the coins are going to get wrecked, but the VC backed projects are just going to continue to accelerate. That disconnects wild, though, because actually what that means is VCs are just tone deaf. Well, private markets are way easier than public markets, as we learned from all the SPAC blobs.

But I think that what do I think? I don't remember where I was going with that. You can't have a coin price that's declining in value while the usage of the network is going up. Yes, you can. No, you can't. Unless there's unlimited dilution and you're just creating new coins every second of the day. You literally can't. You can't tell me that Solana is going to see its usage up 100% and the price is going to go down.

Why not? If the price went up 40,000%? Because how do you facilitate transactions if the currency isn't large enough to facilitate them? If the price went up 40,000%, it could lose money while adoption grows. Fine. From a very extreme place, that's true.

Bigger picture, you can't be bullish on the usage of one of these protocols and think the price is not going to correlate with the amount of usage. Very hard to make that case. Here's what I forgot I was going to say. I think illiquidity is a beautiful thing. Think about how good it felt yesterday or how bad liquid markets felt yesterday. It doesn't matter where you went, unless you were in industrials or energy stocks. Anything crypto related, anything high multiple related, down 7%, 11%, 17% on the day, whatever, depending on where you were. If you're in these illiquid projects, you're sleeping okay.

Pierce, I want to write an app for TradingView where I can – like you pay me a subscription and I can freeze your screen at yesterday's prices. And you could pretend all the shit that you bought is private equity. What do we call it? Sleep well? Sleep well asset management? I was thinking about this yesterday. Like, oh, private equity only kept pace with the S&P 500 for the last 10 years and you didn't have your liquidity.

Good. I think that's awesome. I mean, obviously. Liquidity is overrated on days like yesterday where everything is bright red. And then these guys with venture-backed startups with no ticker symbols, they're like, I'll take the illiquidity, no problem. Sleep all night.

Exactly. That's good, yeah. Exactly. This is crazy. So Tommy Thornton tweeted this yesterday. And this has to be adjusted because obviously the dollar amounts are bigger given that Apple's a $3 trillion market cap now.

But he tweeted from Goldman Sachs Prime Brokerage, on a four-day cumulative basis, the dollar net selling from December 30th to January 4th in US Info tech stocks was the largest on our record. So selling in tech stocks, like net selling, it doesn't surprise me. Just look at prices. Yeah.

You had Nvidia come down from, I don't know, 325 to 275 in like five days. Not even bad, though. In five days. But that's a huge market cap. True, true. Yeah. Like these HubSpot names. I mean, like the more crazy SaaS names that are down like 50, 60% in a matter of days.

DraftKings, Zillow. They just got approval, didn't they? Oh, DraftKings, yeah. New York, New York, New York. We're back. Let's go. We're betting. Finally.

TikTok overtakes Google. Are you active on TikTok, Pierce? Are you doing various routines and dances? Well, that's why I was going to ask you guys because you're the ones that actually have the kids that are probably doing the dances around the house. And I can't figure out how I missed this, or at least am I that boomer now where like, there's a completely different trend or like the, you know, tech is a track, but then there's

sub tracks that I'm just not even aware of. But I mean, the fact that TikTok is now larger than Google from a traffic perspective is just boggling to me. And it makes me think like, what is it that people really want from the internet? At the end of the day, just like massive amounts of content, just like free based, like literally right into your face. But I guess like how is this being compiled

to arrive at that? Because if you look at how kids actually use TikTok, they're just scrolling through it in between – like when they're on an elevator. They don't know like how to just look forward and look at a wall. They just can't do that. Or my daughter and her friend sit in my car. If they're not talking to each other, they're each individually in their own TikTok feed, which is great because you get to hear all five songs at once. I love that.

But like that's how they're using it. That's not how a Google user is not scrolling meaninglessly to the content. The Google user is deliberate. Right. The traffic is actually kind of dumb. Like Google traffic is still very, very helpful or generally speaking more net value than like a TikTok traffic. Yeah.

I think it's just – it's a more deliberate usage. Scrolling through TikTok, look, I know they can place ads in and make a lot of money. I just don't think it's a good comp to the way that people are using any Google. And by the way, Google has eight different apps or services that are a billion dollars each. There's no other company in the world that has eight verticals each doing a billion dollars in in revenue so i i don't i don't foresee tiktok uh as as ever getting to the point where it's more meaningful than google but i would agree they have everyone's attention like yeah it just shocks me in general i mean you could launch a company in 2018 and all of a sudden it's bigger than a 20 year old, like, you know, mainstream tech stock.

And this company isn't even public yet. Um, and so the speed really at which this thing is accelerated is like, that's what caught me off guard. They're really good at keeping you watching, um, the algorithm that figures out what you're into and then just keep showing you more and more of it and you never leave that's like that's extremely powerful um and i've said it before and i'll say it again the only exposure i get to tiktok is through sam rose uh instagram on instagram yeah he's my game he's all i need wait till kobe has a phone yeah i know assuming tiktok's still around you'll have 24-hour-a-day exposure. All right, Elizabeth Holmes this week.

I had a really bad take that people got mad at me, and I ended up deleting an Instagram post. But I still kind of feel this way. I just didn't want to listen to people's bullshit anymore. But my bullshit was that she's being treated differently than a lot of other people who were kind of doing the same thing. And maybe we could attribute some of that to the fact that she's a girl. What is that a very bad take my knee jerk reaction. I think it's an awful take, but I want to hear you out, but here's my knee jerk reaction. I'm willing to change my mind. I'm saying she's guilty by the way. I'm not saying she's an angel. I understand. You're

saying the reaction, the reaction was an overreaction because of her gender. guilty by the way i'm not saying she's an angel i understand you're just saying the reaction the reaction was an overreaction because of her gender look what they did to adam newman who by the way did not and fine he's fine she's going to jail for 20 years what are you saying that's my point you're saying my point no no i'm so are you are you saying the legal courts or the court of public opinion because i think that adam newman the story was never a never-ending saga and all that he did maybe not all that he did was he spent lavishly and he was a scumbag no he was double dealing his own investors he was a scumbag right okay but that's but that's i mean it was basically fraud we're both talking fraud right it's a massive conflict you have a fiduciary duty to your shareholders medical fraud is medical fraud is way different than selling Wii

to your own company. That's why people got mad at me. That's why. No, no, no. That's why people got mad at me because people were like, dude. It's medical fraud.

Because I was like, all right, look at Travis at Uber. He's basically putting people into unlicensed taxis knowingly that the rules are not that you can do that.

And he's just like, well, eventually this will get popular enough that they'll rewrite the laws. Okay, that's a version. Another version is Adam Neumann. Another version is Tesla, where it's like we have full self-driving capabilities. And then people fucking die.

And it's like, all right, well, I guess I didn't mean that term. It's not really. A lot of promising, a lot of we're about to have this this is definitely coming this will definitely work she happened to have been doing so in a way that is really risking people's actual lives and so from that standpoint she's way worse and by the way hold on hold on just just let me give you now the tesla people dying that was like a very that was a tiny thing it's not like it's like elon was killing people a few there was a tiny thing. It's not like Elon was killing people. There was a few accidents.

My guy, people die. Like airlines killed people. We didn't ban planes. I'm with you on that. I'm just trying to say – I'm just trying to set the record straight. You're not accusing Elon of murdering people with his cars. No, no, no. And I don't think that she was doing that. And I don't think there's a trail of bodies behind her.

There could have been if this thing had gotten more widespread and people had their medical results fudged. Absolutely. It's all bad. And a jury, unfortunately, the jury did not convict her or find her guilty on any of that. She had three counts of wire fraud. That's it. There was nothing in there about patients. Before, yeah. This was about investors. So my point was not that what she did is fine.

I'm not saying that. My point was if this is about investors, well, she ain't the first and ain't going to be the last person to put on a black turtleneck and bullshit everybody in the room to give her money. And some of these counts, she could do 20. I don't think she will. She could do up to 20 years for some of these wire fraud counts. Pierce, what's your take? No, I mean, I think that she got taken to the cleaners, but I would say she got taken to the cleaners because the people on the other side of the table

are people that really got fleeced and have a lot of money to be pissed off. And they're powerful. General Secretary of State in there. In a lot of other cases. I don't think that there was people, you know, in like Tess's example, like somebody that dies in a car crash doesn't have the same firepower that like a 20-year billionaire VC or former Secretary of State can pull.

And so they're pulling all sorts of strings and stuff because, you know, they got fleeced and they look really bad. Like, let got fleeced and they look really bad. Like, let's be honest. They look really bad. More than anything, more than her. They look way worse. The only person Adam Newman was conning is SoftBank and everybody cons them. SoftBank is like a bunch of real estate developers in New York.

Besides that, it's all good. The carousel keeps turning. Henry Kissinger. Jim Mattis. I mean, everybody. General Jim Mattis. Yeah, everybody. General Jim Mattis. Yeah, George Shultz. In any case, you don't want General Jim Mattis

like breathing down your neck. Like there's no way you want to talk about this. She humiliated them. There you go. Because when the initial criticism about what she was doing surfaced, they like went to bat for her. Not all of them, but some of them.

What's that guy, the venture capital guy that was like her draper draper yeah draper coach lakota yeah yeah bunch of guys draper humiliated he got was humiliated by her yeah so i don't know what i was trying to say i i'm just i'm just saying of course what she did is wrong and she should be punished i just wonder why so many other people were able to fake it till they made it and, and, and why she's being treated that much. But maybe the answer is she didn't make it because it's medical.

Cause it's medical. Yeah. Maybe she didn't make it. Yeah. Oh, she did make it. Do you think they would have even looked back at this at all? No.

Here's an alternate universe. Here's an alternate universe. She sits down with the other low lives at the company who know what they're doing is bullshit and they come up with a way to pivot into something diagnostic that they actually can do and then they call walgreens and they say we've detected flaws in the product that we shipped you however here's something that we can actually have these machines do and everybody saves face nobody's embarrassed and we're just going to do this pivot and we'll announce to the press that we've learned from our early trials and our new equipment is

better and maybe we'll take a valuation hit on the next round of money but like in that alternate universe where she pivots to something else she could like still be running the company a lot of these guys did that it's saving face it's saving face for vc like you didn't get a bad exit but you did you know you did okay like something happened there it was kind of messy but then shove it out of the carpet who cares speaking of pivot yeah i just saw this headline gamestop will gamestop share surge on report. It will create NFT marketplace. GameStop's up 27% right now. Is it real?

Wait, what are they doing? Literally, it's up 27% in the after hours. Oh, I would fade that. Mike, did you cover our short in GameStop? No, I didn't. That's a joke, obviously. Podcast over. Full disclosure, podcast over. sell the equipment. Duncan,

what's short interest in this thing? Oh my God. It's got to be 20, 25%. Wait. So does somebody like Melvin double down on something that they get so wrecked in? Are they even allowed to know shorts? Shorts were wiped out completely. Yeah. I think though, I think though, what, what a lot of shorts did though, is they, they skipped the equity and they got into the options. Oh, I forgot about this. That's a good point. But I forgot about this.

Remember the whole catastrophe last year? How could there be more shares sold short than shares outstanding? The percent was over 100. Now it's down to 11. But still high. That's a lot. 11% is a lot. Yeah, it's still a lot.

Oof, wrecked. If this thing opens up 27% on the NFT news I would fail it well here's the thing didn't OpenSea just raise today

like how are they going to compete with these guys like there's no way doesn't matter they're like specialists in it well the guy

the guy knows how to build a web business what's his name Ryan whatever the new CEO the chewy guy that everybody's horny for

he has done this before I was going to let the first horny for. He has done this before. I was going to let the first horny slide. That's two in one podcast. My bad. What was the last thing we were going to do? Oh, this kid's house. Brian Armstrong, the founder of Coinbase.

Oh, my God. How do you? John, can we put this up? Do we have any pictures from this? He's not the only person with a lavish lifestyle or a giant house. I've been to the Winklevoss twins' place in miami and dude it's insane it's the exact same situation why did you ever leave you should have you just should have just taken up residence in there you could you could be security i've seen those guys with their security at a conference once they i mean they're right to have security. There are two of the wealthiest people in the world and very well known

and very hard to mistake for someone else. So $133 million. Take a price. Let me read this. Brian Armstrong, Coinbase Chief Executive Officer Brian Armstrong is the buyer of $133 million Los Angeles estate. The seller was a Japanese entrepreneur,

but the Japanese entrepreneur actually bought it from the family that founded Seagram's before that. So this is 70 acres. Excuse me. What are they saying about this? 19,000 square feet, minimalist style mansion. Minimalist. Yeah, minimalist. It has a theater, a gym, a spa style mansion. Minimalist. Yeah, minimalist.

It has a theater, a gym, a spa, a double height dining room. This thing is dope. I mean, what's cool is that this money is coming into the real economy, right? This is coin-based money made as a result of Bitcoin going up in value and people wanted to trade it. But in the end, this is a very old economy move. And why wouldn't it be? There's a limit to how much digital shit you want to buy once you're worth billions of dollars.

At some point, you want 100 million match and you can just chill. So this is- I mean, I would say inflation should be included in that as well, right? Like it's really not 133 million. It's probably like 100 million at the end of the day. In Bitcoin terms.

In Bitcoin terms. Exactly. What are you going to do when you cash out all your TradingView stock? Is that going to be a big moment for you? Oh, island. Definitely got to have an island. Got to have an island. I mean, you listen to the song, right?

Can we play that as an outro? I was thinking that way too. No, no. I mean, got gotta have a nice and come out but you but you guys are on fire so you raised money from tiger lol who didn't uh i might have i have to check uh no but but you guys are now funded to do what what are you gonna what are you gonna do in in 22 you making acquisitions or are you gonna start marketing more what are you gonna do with the money? All of the above.

I mean, broadly speaking, we've been looking at companies for a long time. I mean, funny enough, people don't actually know, but we've been profitable since day one because the founders are actually repeat founders. They launched a company before this and they used that money to kind of start the business, kick us to start the business.

So they never even took a salary. And then since then it's been profitable. But I mean, the reason for the cash is how fast can we grow? And like we're growing hundreds of percents in various markets, but there are other markets where we're, you know, slow and steady. I mean, in the US last year, we did about 120% year over year growth, which is nice, but can we do 500%? Growth in what? Growth in user base? Top one.

Growth in engagement? Oh, revenue. Yeah. Okay. Where's the revenue coming from? Subscriptions and ads? Yeah. People are literally buying subscriptions as if it's a Netflix.

You know, I mean, that's kind of the analogy I always use, which is, you know, if you want to watch content to the nth degree, you got to have a Netflix account. If you want to look at markets to the nth degree, you kind of have to have a TradingView account. And that's where people are at these days. I mean, people are actually closing their Netflix. You're saying you're the Netflix of trading. I don't hate that. I like that.

That's a big tagline. No, they're the Theranos of trading. Oh, my God. They're the Coinbase of Theranos. I think you guys, I think you guys have a lot of runway. At a certain point, you run out of investors who haven't heard of you yet,

which is how a lot of financial startup things. Eventually the growth slows down, but I don't think you're anywhere near that. I feel like trade of you is so early, like in the United States, unless I mean, I, I might be way down, but I don't think you're anywhere near that. I feel like TradingView is so early. Like in the United States, unless, I mean, Pierce, we spoke about this. It might be way off, but like I was blown away that you're number two website. I feel like you're not spoken about relative to how big you are here. Yeah.

Well, I mean, this is the thing is like this is where I'm wearing like Midwest gear because that's our people. I mean, we're like, you know, the dentists and doctors are trading in their off time. They're using TradingView. You don't hear about it on Wall Street because people are using Bloomberg's and we're never going to compete with a Bloomberg. So it's the everyday, it's the everyday platform, everyday service. And to be honest, you know, only 40% of our business is in North America. Now, why don't you own a brokerage yet? Is that too incestuous to start executing orders? Like in other words, people research stuff on your platform.

What if they just want to press a button on a chart and have a trade go into their account? How have you not gotten there yet? Well, the thing is, is we need all the brokerages to be our partners. And so if you start competing with that business head to head, how does that make any financial sense, right? So rather than launch, we'd rather just partner with everybody. And one of the businesses that I run under the business side of things is our integrations business. We have 35 different brokers integrated and some ones that you guys

will actually be users of quite soon. But we started internationally. So like if I was in, well, you guys know like TradeStation. So TradeStation is integrated to TradingView. And in fact, it is actually a core feature that they sell to their customers that you could use TradingView to then trade. And so if I need to sign into TradeStation, I can just do everything from TradingView. I mean, doesn't that make everybody's life easier? It should go both ways. Going like back and forth. Like, what's the point? So we're using their trading. Wait, when they're logged into TradeStation, they have access to TradingView data and charts.

Vice versa. When they're logged into TradingView, they have access to TradeStation's order management and tickets and portfolio management, et cetera. That makes a lot of sense. Well, as a user of the charts, I love it. It's a great product. Yeah. It's a long run way ahead. Bullish.

I got to check this out. Let's do favorites and then we'll let you get out of here and catch some Omicron of your own. So, oh, I wanted to mention a little White Lotus development. Are you a White Lotus guy, Pierce, like Michael and I are? I'm not. Should I be? I don't really know anything about it.

You would love it. You would really. It's because it's comedy. I don't know, dude. He started trading in 2009. It might not be for him. No, he would love it. You would really. It's because it's comedy. He started trading in 2009. It might not be for him. No, he would love it. No, because Pearson has great sense of humor.

It's comedy and it's fun. You'd be into it. It's dark comedy. It's awesome. All right, so I'll just briefly mention that. It's been announced. Michael Imperioli from The Sopranos is going to be prominently featured in season two. Anybody else?

Christopher. He's awesome. They didn't mention anybody else, but they mentioned some of the older castmates are coming. Some of the season one regulators are coming back. Regulars are coming back. So I don't really know what that means. I don't think Imperioli is playing a mobster.

I think he's just playing a regular dude that's on vacation. But he's a great actor. He's unintentionally hilarious in almost every scene he's in. I'm back. So that's a huge get. Can't wait to see it. All right, let's do favorites. Pierce, what have you brought us today?

In terms of what I'm reading or broadcasting, et cetera? Yeah, give it to me. I mean, have you guys seen Dune, the new Dune? Yeah, I watched it. In theaters? What'd you think of it? What'd you think of it? You missed it in theaters?

I'm an idiot. I'm an idiot. I should have done it in theaters. I know. See, you gotta go theater. Well, so I read the books a while ago and I'm actually rereading them now. And I don't know.

I mean, this may be like a tech cliche, but there's something so insane about somebody who could build this whole world and the depth and level of complexity that you can put into it and rereading it. I'm like, you know, I read it when I was a kid and I'm realizing, no, no, this guy is absolutely nuts. And, uh, and so the author, the author, Frank Herbert. So the books are great. And broadly speaking, it makes me want to watch the next movie as soon as it comes out. Was this a hit? Will there be another one? Huge hit.

Huge hit. Financially. They already announced part two. Oh, I don't know because it went to HBO Max, but they already announced the second one. I don't know the box office, actually. I think it did pretty well. I do know that Spider-Man is like number one in the world, though, right? Did a billion.

Yeah. Like opening weekend. I loved the new Spider-Man movie. I loved it. Yeah, I loved everything about it. You didn't like it? No, I did. I went to the theater. Oh, yeah.

I went to the theater to see it and I'm so glad I did. Dune did over $100 million in the United States and Canada. Oh, $400 million globally. So huge success. Well, how much did it cost to make, though? Probably $100 million. I know I'm asking questions that don't matter anymore. That used to matter. Dude, interest rates are at zero.

Stop. Although, if the Fed raises rates three times, Dune 2 might be off the table. You watched Don't Look Up? Yeah, yeah. Don't Look Up. What did you guys think? I think it was super mixed. I was also very confused. I wanted to love it. I was like, that leo what what the like what happened there yeah it was not it was not that funny it was not that funny that was the it was a good premise and then it was very

heavy-handed and political do you think that a lot of like the people kind of la type you know long timers are realizing that they haven't really done much for the world and they're kind of LA type, you know, long timers are realizing that they haven't really done much for the world. And they're kind of like, man, we should do a movie that's like giving back and then like throw all these weird platitudes in. And you realize, man, it's so heavy handed. And what are you really trying to do? Are you trying to help? Or are you just like doing a shitty movie? Adam McKay is a great filmmaker. This is just not, this is just not among his, his best movies. It wasn't so star-studded too like how do you even mess with a cast that intense the cast was the cast was really promising and it just it never it never reached the point where you laugh out loud um which a lot of his films obviously

have and then it also never reached the point where you were like there's anything there's any new information here like i think for most people that don't work on Wall Street, when they saw Too Big to Fail, they were, their minds were blown. Like, oh, wow, this movie really showed me what's going on. Nobody is walking away from this and being like, oh, wow, this climate change metaphor really is changing my mind on things, you know? So I think from the comedic perspective, it failed. And from the political perspective, it failed.

I thought parts of it were funny. I didn't hate as much as you did. She was funny. Jennifer Lawrence was funny. I was like a 6'4", 6'6". But it's not for us. It's for the kids, right? Yeah, of course.

Clearly. And you're going to try to read Soros? Good luck with that. I read that in my first year on Wall Street. I didn't understand a single sentence. Reflexivity? Wait, which one? Alchemy of Finance. Street, I didn't understand a single sentence. Reflexivity? Wait, which one? Alchemy of Finance.

Oh, I hated it. I finished the Dune books and I'm going back to some traditional stuff. Are you in Opus Dei? This is like a punishment. This is like you're whipping yourself. Alchemy of Finance is very tough. You know what? A couple of winters ago, I read a bunch of Dostoevsky.

I'm kind of like, this is self-sacrifice. There's no way this is going to be sustainable. No, don't do that. I want to talk you out of that Soros book. Read a book about George Soros. Okay. Don't read a book that George Soros wrote is like what my contribution to,

you don't have to listen to me, but I'm just going to tell you that. It wasn't good. It wasn't good. It's not enjoyable. And I don't know if you're going to get as much out of it as you hope. Batnick, what do you got?

Ovitz? Love him. Michael Ovitz did a podcast with Acquired, the guys at Acquired, and talking about he started the first 15 minutes about how Michael Crichton was in a funk and how he got him to write Jurassic Park and got the movie to Spielberg and talking about how he signed Dustin Hoffman, Pacino, and De Niro.

And what a story. This guy is a genius. And my big takeaway is that life is all about relationships. Like, hard stop, top to bottom. Like, that's it. This guy is a genius in terms of getting people to work together.

And what an amazing businessman. It was just, it was so, so, so good. I had that same takeaway from the David Geffen documentary. Like how important connections and relationships are. It's everything. It really is everything, which is why our connection with Pierce is so strong and so sacred. What did I bring?

Oh, so I love going to the movies, it turns out. Like the actual theater i'm i'm like into it again and sprinkles is too and we go at like 10 30 in the morning on the weekend my doing experience was awesome like i haven't been here in so long you're preaching the choir nobody else is there i go by myself nobody nobody realizes even how many people know josh what did you see with sherry i saw saw House of Gucci. Shari's like big fashion. Like she had no idea anything about all these Italian brands in the 60s and 70s, how they became global and how crazy shit was. So that was a great movie.

Adam Driver steals it. Well, he doesn't steal it. He's the lead. And Lady Gaga is the female lead. And they're basically like the next generation of the House of Gucci, two generations after the founder. And things go nuts. By the way, speaking of Adam Driver,

the last duel was amazing. I haven't seen that yet. Don't spoil that. Five million at the box office. I saw Licorice Pizza. I thought that was a good movie, theater movie. Also, nobody in the theater. I love the filmmaker,

the same guy that made it's Paul Thomas Anderson who made boogie nights, which I think is one of the best movies of all time. Uh, this was about an hour too long, I would say, but, but it was three hours. So this would have been a great, this would have been a great two hour movie.

I get what he was. He was trying to recreate his childhood, basically like the, the scene that he remembers in his mind of growing up in the valley in the 70s. Yeah, this is like his passion project of his kids. It was okay. I wouldn't not see it. If you're a Paul Thomas Anderson fan, you will like it.

But if you're just like casual, you're not into it. I'm out on Paul Thomas Anderson. Sorry. New Spider-Man was amazing. I don't even want to talk about it. I just think people should go see it uh i like how so i i haven't seen it yet and i'm trying to avoid talking about it um the good news is nobody's talking about it well it wasn't it was it was

not nobody it was not good but it was not as terrible as i thought it would be really okay that's promising yeah i'm still gonna watch going to watch it. I love The Matrix. I thought it was watchable. The last half was really bad, but it was watchable. One last thing. Netflix just put Darkest Hour on the main screen. This is like one of the greatest movies about history you could ever watch. I forgot how good it was, but I happen to be reading a Churchill book. Gary Oldman's the best.

So he won best actor for this. Yeah, so good. I think it was in 17. Anyway, if you're a Netflix sub and you haven't seen Darkest Hour yet, this is like as good as it gets as far as a movie based on history. All right, that's all I got this week.

Anything else that we want to get to or i thought to go pierce this you were great this worked for a remote first time here's the man i gotta i gotta check out the actual office scene though i feel like we're all relaxed we're kicked back we're hanging out of the office yeah we get drunk too we're gonna we're gonna have you come uh we're gonna have you we're gonna we're gonna have you come this i was gonna say we should get stakes afterwards but we're gonna do all the We're going to do all the things. We're going to do all the things. We're going to have you come this spring once we have herd immunity.

So that's the plan. And we'll make it happen. All right. Special thanks to Pierce Crosby. Where do we want people to follow you? You're on Twitter, Tinder I mentioned. Where else? TikTok.

No, where are you really? What are you doing? No, I hang out on Twitter all the time. And it's funny, like, I mean, especially in the crypto world. What's your Twitter handle? At Crosby Ventures? Yeah, that's me. That's you.

All right. At Crosby Ventures on Twitter. Pierce is the man. Look for him anywhere you see TradingView. Pierce is the guy behind the scenes pulling all the strings. So thank you so much for coming on. We miss you we'll do this live soon

Michael great job today you did the show with COVID we're all very impressed not to brag we're all very proud of you you did a great job you're very asymptomatic

your eyes are indeed very glassy but I thought I thought this was one of your best shows so attaboy alright Duncan good job

John good job with the audible if you are into the latest in financial blogger fashion check out This is one of your best shows. So, attaboy. All right, Duncan, good job. John, good job with the Audible. If you are into the latest in financial blogger fashion, check out our apparel at idontshop.com. idontshop.com. New Animal Spirits coming Monday. New Animal Spirits coming Wednesday. Don't forget to check out the Compound and Friends clips from today's show, which we're going to post at youtube.com slash the compound R-W-M. See you next week, everybody.

All right. Are you warmed up? You want to do this for real? You feel like the dry run went okay? Is there anything you want to do differently? Round two. Let's go. Let's go.

One more coffee. i'll be there