The Compound and Friends - The Dopest Charts On Earth

Episode Date: October 8, 2021

On this week's episode of The Compound & Friends, Michael Batnick, J.C. Parets, Tyrone Ross, and Downtown Josh Brown discuss Cryptocurrencies, entrepreneurship, the SEC, a series of dope stock charts, 24-hour trading, and more! This episode is brought to you by Onramp. A cryptoasset integration platform solution for financial advisors. Visit https://onrampinvest.com/ 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/podcast-youtube-disclosures Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

All right, JC's back on his bullshit. The market peaked in February. Well, it did. No, no, no. Pretty good day today. Pretty good day today for a bear market. Enthusiasm peaked in February. Well, actually, pessimism peaked last week. Don't start.

Pessimism peaked. Pessimism peaked last week. The bull market is back. We agree. Is that what we're going with? That might be the name of the episode. The bull market is back. The bull market is back.

All right. We need to watch it. Dude, pessimism peaked after a 5% f***ing correction. Is this the world we live in now? Yes. Half the Nasdaq stocks were down 20%. That's enough? 20% of the Nasdaq was down 50%.

What are you doing? Is that enough for you? No. No, I'm just cleaning it up. The average New York Stock Exchange stock is down 20%. Put that in the sink. I will. You know what?

You know how there's an everything shortage? Have you heard the news? Oh, you don't watch the news. There's like nothing. I saw CNBC today and Josh was on it. Yeah, he's on it. I was at Osprey. He's on CNBC.

And then, I don't know, I was on mute. And then I just was like, I know that guy. The whole country knows me, but on mute. JC doesn't know that there's like, you can't get cars. Do you know about this or are you bullshitting? Is this the internet of things? Oh, you motherfucker. Put it in a chart. Do you believe this guy? Put it in chart form if you want to. Is that what you're talking about? No.

Like you can't get cars because they don't have... There's no semiconductors. There's cargo ships piling up. I'm trying to buy a car, bro. An Escalade is a hundred grand. You can't even get one for a hundred grand. You wouldn't buy it? You buy it or lease it? I haven't bought a car, bro. An Escalade is a hundred grand. You can't even get one for a hundred grand. You buy it or lease it? I haven't bought a car since 1998.

You can't get one. You can't get one. Guess what? You know what? The tech gets... There's too many semiconductors. There's not enough. The tech gets better so fast.

We need semiconductors. If you buy it, then you have yesterday's technology two years from now. I haven't bought a car since 1998. You understand that, right? So it's the first time I go car shopping. Wait, how the f*** do you get around in... Well, I lived in New York for the most part.

You were in the suburbs of California. Yeah, but you're in the suburbs now. Right, so I had Morgan's car that I would use like every now and then, and then Uber it around. But hold on, my point... But I haven't bought a car since the late 90s. My point is, my point is,

what if there's a stock market shortage? There is. There is. There's a finite amount of investments and more money being allocated to those investments than investments able to fulfill that money. So yes.

But I'm going to argue with myself because maybe there's too many SPACs that nobody wants anymore, but there's not enough blue chip stocks. But there were 91 IPOs last quarter. How many new companies do you want? Well, but how come stocks keep getting bought up? Well, the new companies are the cryptos, right?

All of those are all new IPOs, right? So these are- You speak in Satoshi. I know, right? Do we have any paper towels or do we run out of those? You want to just have this conversation and make a good strategy? And it'll be you and me? You're as bullish all of the different cryptos as you were last time you were here. I haven't seen your charts yet.

I was bullish Cardano and it doubled a couple weeks after the show. That was the best thing. Hold up. JC, after you left bullish on Cardano, I put a trade on Polymarket. Cardano was at $2.25. And this was like in August or whatever. I had like 14 days. It said, will Cardano hit $3 by like January 1st, 2022?

So I had like six months. I said yes. Two days later, it hit $3. Thanks to this guy. So did you get paid out? Of course I got paid out. What was the odds? I got paid like a lot.

I mean, I only put like 100 bucks in. Is that the first time you ever listened to me? Yeah. No. No, stop. I bought Vietnam in 2013 or Egypt. Or both. Oh, my goodness.

I actually remember what he's talking about. You called us. He was in our office. Oh, no. You came to the office on park avenue and you were like no no dude this is fusion fifth avenue fifth avenue oh shit right so so i'm like what's going on you go egypt him and tarhini yeah i spoke to tarhini this week there's the egyptian etf right egypt okay perfect by the way shout out to Tarhini. He's crushing it. Yeah, he is.

Love that guy. Him and Linzen are sending me selfies from Amsterdam or some shit. Yeah, yeah. He's in London. I'm like, I want shares in whatever's going down in that dinner. I was always bullish on Alex. Pierce is there, too. No, Pierce is here.

Oh, he's... He was there. He's here. He's here. Okay. So... I'm amped up, gentlemen. I am excited.

Are we going to have some... Are you opening that right away? Let's go. We are going to have some fun. We'll have to toast to Duncan, by the way. We're down a producer today. When is Duncan's wedding? Is it Saturday?

I think so. I didn't get the invite. I did. I just can't be out of state. Ty, you good? Let's work. Yeah, let's work. All right.

All right, coming in with three claps yo three claps one and second one hits different yeah what's number three episode eight oh man it's on welcome to the compound and friends all opinions expressed by me, Michael Batnick, and our castmates 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 show is brought to you by OnRamp. Full disclosure before I tell you who OnRamp is and what they do, Josh Brown and myself, Michael Batnick, are investors in the company. All right, listen up. OnRamp is for financial advisors. If you are a financial advisor and your clients have been asking you, how do I get access to cryptocurrencies, Bitcoin and Ethereum? I don't want to do it. I want you to do it for me. That's what OnRamp does. So go to everybody know who we have here? Take it down.

No, we can't take it down. I can hear you. I'm pretty sure this is going to be the most hyped show that we've done. Dude, I can't fucking hear you. It's up. All right. It's up. JC Peretz in the house.

John, right? Right? Okay. And who else do we have here? Tyrone Ross in the house. Pretty excited that you guys are both in New York City. CEO of OnRamp. Both here.

Talk and talk. We're going to get to introductions in a minute. Everybody here is a CEO. Everybody's boss talk only today. So pretty excited about that. This is The Compound and Friends. Some of you guys listening have heard the show before. Some of you are in for a special treat. You have not heard the show before. This is going to be a very good version of it. So excited that you guys are here. How's everybody feeling today? Beautiful.

Yeah? Life is good, right? Life is good, man. Okay. Bliss. Can't complain. What do you got going on? We're talking some charts, and then we're going to dinner.

I mean, this is what I do. I'm picking the wine tonight. Where did we go last time for dinner? That was... It was like a Cuban Mexican joint. Cuban. Mexican. Cuban Chinese.

Oh, yeah. Good call. Not Mexican. That was. They had a little Mexican sprinkle. That was something. Yeah, yeah. All right.

Dinner will be good. So I want to start with entrepreneurship and career change because everybody at this table is doing something different than what they thought they were going to do or what they started out doing. Right. So like my story is fairly well known. I don't know how many people know your story or your story, but I think it's pretty cool that people coming into wall street or the advisory business or brokerage or whatever, or like doing what they actually want to do. And so when I say

like, how's everybody feeling like that for me, like that's really the most exciting part of my day. Just reminding myself, everything I'm doing is something I want to be doing. Yeah. So first of all, you're out in California. Your shit changed way more radically than mine. Wow. But you were a broker. You did what I did.

Yeah. Okay. Did you know that? I think we discussed this at a certain point. Were you a successful broker? Like by, I don't even know what that means. I don't know what successful. I could cold call my ass off if that was about it.

Well, that's what it takes. That's what it was, yeah. So I could just chop away at the phone. So, yeah. How long were you on the brokerage side before you went over to the advisory side? Oh, like two and a half years. Were you in Payne Weber? No, so I started right here in One Pen Plaza, right, at Rockwell Securities.

Okay. Right? And then I left there, and then I was at Merrill. We're going to talk about Merrill later today. And now, so tell everybody what, so you're the CEO of OnRamp, but tell everybody, like, how you spend your day these days and how radically different that is from being a financial advisor. Well, talking to financial advisors about things they want and how hard it is to build it where we just want to push a button.

We don't appreciate how long it takes. Yes. But I think it's just day-to-day conversations now where you, as an advisor, you have clients and you have you have their goals and you try to help them achieve their goals. Now as a CEO building for advisors and users. Yeah, exactly. You guys are the client. So it's a totally different, you know, totally different thing. You're trying to build for them actual things to help them achieve goals. But you've been in their seat. So you have like an advantage versus other people trying to talk to this audience. Right.

Where it's a little different, though, than a Jason Wank at Altruist or something like that, where I'm also fighting the lack of knowledge of crypto. And I've been in it so long. So where I live with crypto is not where financial advisors are right now. So that's really hard for me. So again, shout out to my team who are like, we don't have a lot of crypto hippies. Term I stole from you that everyone loves. What is a crypto hippie?

Is crypto hippie? Is that a new NFT project? Just like these people that wake up, brush their teeth all day long, crypto, crypto, crypto. I call them laser-eyed psychos. It's like two months. I'm turning into one. They're no better than gold bugs. No, it's all, months. I'm turning into one. They're no better than gold bugs.

No, it's all, listen. Oh, they are better. They're way better. So, all right, but you've been living in the crypto world, like, since before it was cool. Like, to your credit, and I don't know if a lot of people realize, you didn't, like, in 2020 be like, I'm pivoting to crypto. Like, this has been your shit. No, let's tell a real story. Like, and this is why, again i i tell you all the

time i will you know i will fight a gang for you this same table we sat at years ago and you had dme and you were skinnier then yeah and you were literally like you're the like we've been following what you've been saying on twitter you're the only person making sense of this stuff. But this was 2015, 16. So by the time I met with you, it was like 17. I just went independent and opened an RAA, was starting to work with clients who owned a ton of crypto and nothing. I couldn't do anything. Couldn't custody, couldn't bill, couldn't do anything. You were giving advice. Just giving advice. That's it. And I remember talking to an SEC attorney. He was like, this sounds dangerous. Still, that hasn't changed.

Yeah, but he's like, so you're not custodying the assets? I'm like, no. He's like, you're not billing on them? I'm like, no. You're not trading? No. He's like, well, it sounds OK. But he was like, just update a bunch of stuff. He was like, but I was just getting paid for my advice.

So with that, being in it so long and now being here, I always say I'm a bad proxy because there's so many cool things that we're building and that I want to do that your heads would explode if I was to get to it. So now it's just like getting advisors to understand Bitcoin and ETH and the education part. And again, large RAs like a Ritholtz coming into the market, what that means for right now. And then, as I was just telling Michael before we started recording, the stuff that we're trying to build for later. Don't worry. We were recording you guys in that room, too. But, yeah, man, that's just the day-to-day. The conversations, really talking to the owners of some, you know, Sheryl.

And just, listen, Tyrone, these are the pain points. These are the things you need to build to. But it's just a lot of talking. They're talking to investors, talking to users, talking to potential partners. So 2021 is the year that institutions and financial advisors and wealth management really said, OK, we're done making excuses for not learning what's going on in crypto. And it's almost not even their choice whether they like it or not like their clients are knocking on the door with questions and arguably their wealthier clients already have exposure without them in many cases and so that like forced there to be some learning

would you would you agree with me that in the last six months like the learning curve has gone crazy oh 100 i mean if you look at before COVID, and I can pull up the tweet, it was early 2020, I said, it's coming. The next year and a half, you're going to see, and I break out RAs, I was institutional. It's like you know it's coming, and you felt it, because in 18 and 19, where it was a flush and nothing was happening, if you were in the space and building, you saw it and i did it you and i did a youtube video in 18 yeah at the bottom yeah yeah

like i'm pretty sure bitcoin was four thousand i had no idea what you guys were talking about yeah i saw the video yeah it's not english we were outside in brian park and and i'm like you're still bullish you're like yeah yeah still bullish you know, you could see it coming. So now I think. No, you could see it coming. Well, I could. Yes, I could see it coming. But what you see now is just a lot of that, those conversations and things that were had behind the scenes coming to the fore.

Now there's action. Now there's action. But how about this? 2020, 22 is going to be the year. Because there was so much talk about ESG, ESG for years. And it was all talk. And there was no action. And this year, for whatever reason, the flows exploded into ESG.

Yeah. And I think that, why are you shaking your head? It's a scam. All right, fine. We're not going to go there. Oh, we definitely are. Oh, okay. Flows exploded in 2021 to ESG.

Yeah, to ESG funds. Products, yeah. And I feel like 2022 is going to be that advisors find crypto. Right. I think this is important, though. Again, as a self-proclaimed crypto hippie, and for all the Pollyanna that is going on with RIAs and crypto right now, the truth is this, right?

And I know the stats like crazy because we just closed around the funding and we're raising money now. The RIA space is, I think, has almost a 10% kegger, right? It grows just like we, and it's still growing, right? You have 27,000 RIAs, right? Just straight RIAs.

Is that the number? Yes, 27,000. That sounds like 15,000 too many. You were on 13,000. I would have guessed more. Well, here's the thing. Almost 14,000, 13,800 or so to SEC registered, right? Meaning they're 110 million or more.

90% of all assets held in the RA space are held at RAs at 5 billion or more. 5 billion. But you know, that's tiny, right? Like that's a tiny firm. 5 billion in a 60 trillion dollar uh economy is not a big deal right and and again that number now is close to 100 trillion yeah of of if you look at the ra space and that's not including hybrids and everything else so i say all that to say the largest rias in the country or just the space in general doesn't

really need crypto they don't care they've been doing well without it but when you see what's coming and you start to see a lot of these announcements and some of the things that are out there, you're like, oh, man, the space is. It's the wave. It's the wave. It's the wave. Yeah, for sure. JC, a lot of people know that you and I started out as brokers together and you've made a huge pivot and now you're doing what you love, similar to Tyrone. and you've made a huge pivot, and now you're doing what you love, similar to Tyrone.

So I find it to be amazing how far you've come on the research side. And this is really like knowing you as long as I've known you. This has really always been your passion all along from the day you started down the CMT track. Like you said, I'm going to be a market technician, and this is now how I view the market. And anybody who doesn't view the market the same way as me is being irresponsible, quite frankly.

No, but you really ran with it. Sounds like something I would say. So for people in the audience who don't really know your whole story and what you do now, what's the elevator pitch on All-Star Charts? Yeah, it's funny you were talking about Merrill Lynch because that's actually where I started. I was an accounting major wanting to blow my brains out at these accounting classes. You did an internship at Merrill? Internship at Merrill, and I fell in love right away.

Love at first sight. So I knew I didn't want to work at a big firm. I wanted to work at a smaller firm. That's when I met you. Yeah. And you were like- You were small as shit. You were trying to sell me.

You're like, you don't want these big firms i'm like i know and like you kept overselling the fact that i was probably the only thing i told you that was right well you know so i started working with you and i learned a lot obviously and one of the things that i learned the most is that i needed to learn something yeah right so i was like all right do i get an mba do i get a cfa you know none of that stuff made any sense to me the mba didn't make any sense i didn't plan on climbing any corporate ladders. Watch your mouth. I didn't want to get the CFA because I didn't care about companies.

I cared about stocks. You wanted to trade. Right. So like the CFA didn't make any sense to me. I mean, listen, mad respect for anybody who has a CFA. That's hard as hell exam. But that just wasn't for me. I don't think it would have done anything for you.

Agreed. A hundred percent. So I went the CMT route, still not really knowing or understanding the extent of my experience with technical analysis was Jay LeBlanc under his desk, like whispering to his clients about support and resistance. That's a true story. Yeah. Shout out Jay, wherever he might be in this world. Shout out to Jay. Shout out to Jay for real. Yeah. And then I'm telling you stock's at support. I remember that. And I used to think this guy was crazy.

I mean, no, like people like, because here's how people became technicians. Oh my God. Brokers. So you fall in love with a stock and you write a pitch and you're like, I want to bring this stock to everybody. I believe in it. Like, no bullshit. Like, I really believe Lucent Technology is going up.

No, you're just bullshitting yourself. That's all. Well that's all well no but you don't know that at the time so you do all this research and you're like i'm pitching lucent to everybody i think the stock's gonna work okay nothing wrong with that you have an analyst reporter too yeah and then the stock's down 10 sticks and you start looking at charts well how fucking far can this actually fall? Well, that's exactly how it happened. Because Josh is like, hey, JC, we're buying Six Flags. I'm like, okay, we're buying Six Flags. So we started buying Six Flags.

That stock worked. Watch your mouth. It tripled. Yeah, yeah. Right? That's my point. It tripled or quadrupled. So I'm like, dude, I could do this.

I'm like the next Warren Buffett, bro. Are you kidding me? And then we bought Magna Entertainment. And that went to- That didn't went to the opposite of tripling. I think it's still on its way to zero. So I was like, okay, this strategy clearly doesn't work, this whole binary scenario. So that's when I got into the CMT, and that's when I really fell in love. Particularly, you know, I'm a John Murphy disciple through and through. As soon as I started getting through this stuff, I was like, this makes sense.

Got it. Trends. You know, people are like, oh, the market's crazy. It's just random. It's like, well, no, it's not. Is it the math involved that made you feel like it was a more legitimate method or was it really more about like when concepts were explained to you, it clicked? It's just common sense. We know mathematically that

market returns do not fall under a normal distribution curve. We know that. We know it's not random. Markets trend. So something that's trending higher has a much higher probability to continue in that direction versus just completely reversing on a dime. We know that. So that fact in and of itself is why technical analysis works. Because what are we doing? We're identifying the direction of primary trends. That's it. And then we have supplementary indicators to help us identify when those trends are more exhausted or those trends are just starting. Like New Bull Market started last week. That's just what it is. So one thing about you and your experience as a technician that I think is

important to bring out is you were the only person in my life this is true you know this at the end of 2007 like December 07 you are the only person not in my life but of anything I was reading literally the only person saying this is a bear market. Like, I don't know how you knew. I'm sure like, we're not gonna spend an hour on this, but like you were so convinced. It doesn't matter how many beers we had at Tequila Ville. Like you would not back off this shit.

You were like, dude, I know you think this is about to bounce. It might use that to sell. Well, I was very excited. You had reasons to back up what it was. It was my first bear market.

So I was like stoked. I was like, hell yeah. It was my first bear market so i was like stoked i was like hell yeah it was my first bear market so i was like super stoked right so this was december oh seven yeah so i was just like i hadn't shorted a stock up until that point i mean my my my career started in summer oh three literally when that bull market started yeah so this is now december january december oh seven january oh, and we're getting ready to short everything, short every bank. Everything's going to zero. The world's coming to an end.

I was stoked for it. So as it turns out, I didn't know that was going to happen. It's just that I was on my level three of the CMT, and the Dow Jones Industrial Average looked like a head and shoulders top. I mean, that was really the extent of my conviction at the time. But that's the point. You didn't know what would happen. You just knew the market was no longer going up. The trend was no longer higher. In hindsight, there was a lot

of luck involved with that call because I didn't really have a lot of experience and didn't know exactly what I was talking about. Now, when we do a lot of case studies and we study old market cycles and stuff like that, it's quite obvious. There were a lot of things that I didn't see at that time. So there was luck involved. And then that was a great lesson because I made that call. I wanted to make the next big call. All right, John, let's pull up this Tyrone first-time founders tweet. I love this. No perpetual doubt.

It is incredibly scary. It is exciting, but also just always wondering, am I making the right decision? What is around the corner? What do I do next? Am I smart enough? Did I hire the right person? What is it that I can do better? Where are my strengths? Am I leaning more on my strengths as opposed to my weaknesses? Where am I exposed? Right. But being a first time founder is, I was just talking about this. There's nothing that prepares you for being the leader of a company. And actually I should rephrase that by saying of a startup, because a startup is not a company, but it is, it takes a different skill set that I don't even know if you can go to Wharton for or why Combinator prepares you for is just there's

nothing nothing that prepares you for this but just the endurance and perseverance and hard work and commitment I'm saying It's not better than anybody in the world it was Endure. I was like I'm saying better than anybody in the world it was indoor I was like I'm not going to leave we have them live cut that off

listen when you do that it's so inspiring do you ever see yourself as like somebody that was like giving business advice it's like wild

yeah it's life advice it's life advice but it's like the hardcore like yo this is what it is. Yeah. No, I didn't.

But looking at my life and what I've endured to get here, the social capital that I've spent, I'm spending the pain of my parents and what they went through to give me the opportunity, what I've seen them go through. And then, again, folks that I look up to and admire, you combine all of that with the real-life experience of looking at 40 faces at you on a Monday and going, what are we doing? Are you 40 people now? 40 people. Okay. Yeah, and we started the year, I think we were 15.

Shit. Right? So it's just nuts. So it's just nuts. But, you know, one of the things that I realized was I was going to have to draw on every part of what I'd been through and every skill, every weakness, everything, and use it all. Like, I got to throw it all at this or we just on ramps, not going to work. But to the point of what you just asked about Eric, I did a podcast telling my life story. He heard it, reached out, was like, I love this, whatever.

I told him, I was like, I appreciate you, man. Went out to San Diego, I'd met him. And they were, at the time, interviewing financial advisors for this thing called AudRamp. I didn't know it was OnRamp at the time. OnRamp was supposed to be a retail app for folks at that time. Remember 2017, it was like crypto roundups. Buy a portfolio, put in $25, $45, and we'll round it up to $25 and whatever. I didn't know it at the time. Pocket change shit.

Yeah, exactly. And I actually was advising a company at the time. It was two founders, super smart, and they were going to call it Satoshi. And I told them right away, I'm like, that's a bad idea. It's not going to work. You got to change the name, fella. Needless to say, the startup didn't work. They were going to call it Satoshi?

Satoshi was the name. Satoshi? Satoshi, yeah. I was like, you can't do that. That's fine. That doesn't sound right. They were smart as wit, but it didn't work. But again, Startup 101.

Choose a good name. Oh, hell yeah. So fast forward to, and we don't, again, we lose contact in 2020. Turns out he was dealing with the FBI for a sim attack that happened to him. I was as well. Right. Our phones. We weren't a tweet with CZ or Binance. So a bunch of us that was included in that tweet got, you know, our sim. Yes. I will say we'll save this story. Yeah. I never heard that. Just take over your phone and they got your phone. So he he actually was the whole thing.

The FBI showed up. They were like, you know, it's an elaborate scheme to catch the hackers or whatever. And mine was crazy too, because they got my information from a Verizon store and never walked into the store. It was crazy. Nine o'clock at night, like the FBI gave me the whole thing. Anyway, long story less long. So 2019, we don't talk. He's going through it. I was like going through some transition stuff as well. He calls June of last year and says, hey, you know, I got this idea. Coinbase is never going to build it. I'm like, all right, tell me more. And he's like, well, it's, you know, remember when we interviewed for this thing?

It's, you know, we're going to build these portfolios and so on. I'm like, all right. I was like, I'll help you raise money for it. You know, I'm like, I'm doing that. He's like, no, we should have another conversation. And, you know, when you're talking to somebody, he's like, they want to tell you something they don't tell you. We have a second call and he's like, well, you know, it's like, there's this idea. It's like, it was on ramp, but it's defunct now. It's like, it's just a logo, which I found

out later. And he was like, I think you should run it. And I'm like, hell no. I don't want to be the CEO of a startup. Yeah. Third call. I said, look, all right. He's like- How much equity are we talking about? Yeah. We started getting to that, but I'm like, if I do it, we got to go directly to advisors and get into workflows, in the tech stack, right? CRM, portfolio management software. We don't get there, I'm out. I don't want to build another hotel. There's plenty of hotels. And he was like, all right, cool. And that's when OnRamp was born, right cool and that's when on rant was born right so august third right day after my birthday of 20 we actually announced it that i was ceo and you

guys are 40 something people 40 something people i mean it's gonna be 100 next year easily we'll probably be yeah we'll probably be a you know 100 by keep it keep raising money yes Yes, 100%. The burn rate is trending with Bitcoin. Let's talk about crypto. JC's been writing about how cryptocurrencies are every technical analyst's dream. By the way, there's definitely a business opportunity between you two. I don't know what it is. We've been chopping it up. It's coming.

I'm sure. The world's not ready for it. The advisors are going to need research. This is my personal opinion. I've said this before. I'm sorry if this offends anybody. The only legitimate research on crypto prices are in price. Yeah.

Because like there's no PE ratio. So I understand you want to vet like how legit the blockchain is. Of course, obviously. But like where are the – where's the price going? I'm not saying anybody knows. But if you're not looking at price itself as your indicator, I don't really know. I feel like you need two things.

You need one analyst to say, okay, this blockchain is not a scam. It's a real blockchain. It's a baseline. We're not going to get wrong. It's like real technology. And then you need JC. Right.

All right. So this is JC. I'm quoting you. Cryptocurrencies are every technical analyst's dream. No gaps. 24-7 markets. No circuit breakers, countless technical tools, no arbitrary fundamental models, no government intervention. I'll take the other

side of that. Pure supply and demand at work. Okay. Go on. I love this. Well, listen, shout out. I mean, it's not just me. When we have a massive team, you guys are 40, we're 30. You know, we have a big team, six different countries, and we really come together and everybody's an expert in different areas. Right. So what you see in terms of the final product, there's a lot of a lot of heads there. Right. So shout to Louis. Shout to Straza, Grant, everybody out there.

I think people put cryptocurrencies on a pedestal. Right. Yeah. Like Tyrone. I've been telling him to stop doing that. As they should. Don't do that. Well, he's bringing the cryptocurrencies off the pedestal and making it more approachable.

Sure. Right? To people who have barriers to entry, whether it be RIAs or institutions where they can't just go like a cowboy on some rando crypto wallet, right? Or exchange, right? You can't do that. But for 99.9% of investors who don't have those hurdles, they're putting it on a pedestal because they might not understand or they think they don't

understand. But at the end of the day, all these cryptocurrencies are, are just more stocks. Yeah, but it's like stocks on bath salt with the way that they move. The volatility is 4x. For the record, there are plenty of stocks that are on bath salt and microcaps as well. Number one. Number two, crypto trades 168 hours a week. The stock market trades on an annualized basis 31 and a half hours a week. Bing.

So if you adjust for time, they're actually nowhere near as volatile as many of those bath salt stocks. Stop. Talk that talk. Talk that talk. Talk that talk. Michael's saying those bath salt stocks. Stop. Talk that talk. Talk that talk. Talk that talk. Michael's saying, wait, wait, wait. Talk that talk. Adjust it for time.

We deal in periods. Time adjusted. Oh, my God. It's the new metric. All right, let's just move past that. We deal with periods. Listen, if you want to include the sun and the moon and the stars into your analysis, you're welcome to. For us who deal in periods, we don't have to worry about the planets and the sun.

Wait, what? Yeah, because if you're so obsessed over time, all you're doing is bringing in an element of where the Earth is based on the sun, which we don't have to worry about that. We can just look at the periods. Did you take bath salts before you got here? No, we're doing it before dinner. So you're saying like 9.30am

and 4pm are arbitrary. Arbitrary numbers. arbitrary numbers those are six and a half hours so pull those out that's 31 and a half hours a week as opposed to 168 hours a week okay so so daily charts on crypto are really the equivalent of weekly charts i got it i understand i understand it's like time dilation i in the meta. I get it. I get it. Okay. So I get that. Back up this no government intervention part because that's about to be a whole lot of bullshit. Well, you can walk that back.

I know. I'm pretty... Yeah. I mean, I'll totally walk that back. There is some government intervention. And just because Chinese people can't be in cryptocurrencies, that's not my problem or yours or Josh, right? It's not our problem.

That's their problem. But it could be the crypto market. But why should I be concerned with what Chinese people are doing with their crypto? We have to be concerned with what we're doing with our crypto, number one. Number two, theoretically, if an entire country, particularly the size of China, can no longer be in that, in theory, that means there's less demand. That is a bearish news item, you would think. And it was. And it went up.

And what happened? But it did go down. And then the market ripped. Yeah, exactly. So this goes back to the beginning of time. Any asset class, not just crypto, it could be in the stock market, it could be in the bond market.

You'll get that knee-jerk reaction. And then the real move takes place. And the fact that bad news comes out and crypto rips and Bitcoin has, you know, an epic ripper, I mean, up 25, 30% or something like that in a few days. But theips and Bitcoin has, you know, an epic ripper. I mean, up 25, 30% or something like that in a few days. But the Chinese news did send it dramatically lower, but it was for like seven days. It was so, right. It was, it was over before it started. That's the equivalent of a bear market. It fell 20%. It fell 20% in probably a day and a half.

Right. Right. But it came back in, how long was the bear market? 14 days, if that. Yeah. And more importantly, again, for all my crypto hippies out there, especially looking at Bitcoin, the hash rate is right back where it was, right? Reaching all-time high now. What does that mean? Explain that to us. Just the strength of the network, right?

Obviously, all those miners in China go offline. It hurt, right? The hash rate now has recovered, which is, again, you want to talk about something that's incredible, the Bitcoin blockchain. Why should we care about hash rate? Why is it meaningful to people that own Bitcoin? Well, which people?

Those that, I think it matters to- All right, I'm a non-miner. I'm a Coinbase guy. No, you shouldn't care. Because if you just care about the little b price, you shouldn't care. Okay. If you care about the big B blockchain technology and how that's changing the world, you absolutely care.

I care about that. You care about the blockchain. Yes. Right? You care changing the world, you absolutely care. I care about that. You care about the blockchain. Yes. Right? You care about what it's going to do for the unbanked. 100%. I would say 99% of crypto investors, probably more, care about the price. 100%.

I don't care at all. For the record, every cryptocurrency can go to zero, and I don't give a shit. We know. That's not my problem. And there you have it. I don't care at all. But here's the beautiful thing, though. Here's not my problem. And there you have it. I don't care at all. But here's the beautiful thing, though. Here's the beautiful thing.

One, if they go to zero, the technology is not going anywhere. It still works. So those people still get help. So if it goes to zero, a lot of investors get hurt. But as far as being able to transfer value, any type of value in real time to somebody in the South Bronx to Nigeria, that can happen. So, yeah, let it go to zero. The technology still exists. I think the bullish case is so, so, so simple. In my opinion, I don't know anything about the technology that anybody else, I know nothing

about the technology, relatively speaking. What I do know is that demand for Bitcoin, we just talked about at the top of the show, is just going mainstream. It is literally just starting. And I don't know how you can have all of these new investors come into an asset class that is a finite amount of supply, given the amount of minting that happens, which is on schedule is finite. And the fact that nobody sells. The hodlers of Bitcoin, they never sell.

Here's the monkey wrench in that. Hang on, let me just finish. Is it possible, and I want to be open-minded, is it possible that all of this institutional investor demand, all the REAs start investing and the price goes down? Yes. How? Because if they start investing in 50 different protocols

and not two or three. But they're not going to start investing in 50. No, I can tell you right now. To that fusion, of course. It's only $2 trillion. That's not a thing. It's tiny. They're coming to Bitcoin.

$2 trillion and zero might as well be the same thing. Yeah, exactly. When you look at capital markets overall. They're coming to Bitcoin. That's tiny. Two trillion and zero might as well be the same thing. Yeah, exactly. When you look at capital markets overall. They're coming to Bitcoin. That's where they're starting. 100%. I agree with you. So even though we might think Bitcoin is digital gold, it doesn't do anything, Ethereum's

the internet of the future, that doesn't matter. Advisors are coming to Bitcoin first. They're not going to 50 other protocols. They're going to Bitcoin. 100%. I agree with you. When the high tower moves, they're going to Bitcoin. They're going to Bitcoin.

They're not going to Cardano. Isn't digital gold like an insult to Bitcoin? Yes. Yes would i wish people would stop gold is way way dumber i think no i think it's an analog that we can all understand own gold there you go look at their charts blind there you go and i talked to a lot of cios and they all of rias cut his mic off and they say the same thing you know is it digital gold'm like, well, it's hard to say to a client, Mr. and Mrs. Client, we're going to rotate out of this internet money into this internet protocol here.

Like, so for an advisor- Well, internet money. If you flip the chart of gold, then it looks like- But my point is, if you frame it as gold to a client- People get it. They can look at, oh, gold. We're going out of this. And oh, this is like gold.

Oh, okay. So it's kind of like, oh, it tastes like mayonnaise. Can I throw one thing out? Don't even start with your food taste. I won't. I'm done. He has a taste thing where he tastes everything wrong. He doesn't like tacos?

No, he's a super taster. I am. No, he's a legitimate, he's a super taster. 100%. That's why he's so skinny, because food's not good. The people who eat cilantro. I wish I had that. Could I borrow that problem for three months

JC you know people you know people that eat cilantro and they think it tastes like soap that's terrible that's why his taste buds are demented a lot of people

that's a lot of that's very common no it's not it is absolutely it's not his fault so one thing on the bitcoin is gold thing

do it the one thing gold has on bitcoin is longevity and it really does like it has a very very long history of being meaningful to humankind the one thing gold has on Bitcoin is longevity. And it really does. Like it has a very, very long history of being meaningful to humankind. Take that away.

Not that you can, but strip that out. There's literally nothing gold does that Bitcoin can't. And Bitcoin can do a lot of things that gold can't. Very true. Yeah. But that's a take LeBron off any team and they're not the team, you know, fully,

fully acknowledging this thing in the, in the Wall Street Journal about wealth management adopting Bitcoin. I'm just going to read this one part. Here's the pitch. Investors can buy Bitcoin, Ether, and other cryptocurrencies through their broker. If cryptocurrencies fall by a certain amount, the accounts are set to automatically sell the digital coins, generating a taxable loss that can be used to offset other investment gains. The accounts then buy the coins back.

There's no wash sale rule with coins. That's going to be over in January. In a short time for around the same price or even less. So you got a stock market up 18%. I could book some quick losses in Ethereum and offset my gains in stocks. Is that too easy? Can I really do that? You can do it.

And that's what's so frustrating. Because it's property. They've been saying this for years. Are people doing this? Yes, yes, yes. Yes, they are. It's legal. Yes.

I've been saying this for years. I don't know if you guys remember. There was a tweet that I posted where I was waiting for a client. I was an advisor then. I was waiting for a client, and I just shot a video. And I had mentioned there's no washable. It went nuts. Also, there's high correlation between a lot of, let's be honest,

like the cryptos are as highly correlated as if they were all stocks in the same sector. Hang on. Am I losing my mind? Sometimes yes, sometimes no. I feel like they're getting less correlated. Yeah. Well, it goes in ebbs and flows. No, but I'm saying in general, i see them starting to break apart they all

directionally move together you know how like oil stocks like like all the oil drillers they're of course different companies yeah but when crude oil goes up ten dollars that's a good analogy they all go up four or five percent yeah when there's like quote good crypto news like gensler says he's not gonna cancel it or whatever to me i just look at Coinbase because I'm a noob. And they're all up roughly the same amount. No, directionally, they all move together. Okay, fine. That's what I'm trying to say.

But they don't move the same amount. Bitcoin was up like 10% the other day, and every other coin was down. Okay. Which if you would have told- For how long though? Over what period of time though? An hour? Over a few days.

Okay. Right? All right. Which is the equivalent of weeks in the stock market. You're seeing more dispersion. Wait, how about this? Over what period of time though? An hour? Over a few days. Okay. Right? All right. Which is the equivalent of weeks in the stock market. You're seeing more dispersion. Wait, how about this? How about this?

It goes and ebbs and flows. It comes and goes. Like sometimes correlations spike and sometimes they fall apart. Same thing with correlation between crypto and the stock market, right? Correlations spike and then it comes off and then it spikes. So, you know, I don't think there's really anything consistent. If you want to buy Algorand, buy Algorand. If you want to buy – Don't worry about what the other part goes to doing.

If you want to buy Square, buy Square. You know, don't – and that's something that I learned the hard way in intermarket analysis. Like, it's like, well, if the dollar does this, then the S&P is going to do that. Then gold is going to do this. Then buy emerging markets. Like, what? You know, right? Hashtag macro.

Right. Hashtag process. Yeah. And it's just – yeah, right, exactly. It's like, what? If you like the dollar, buy the dollar. Yeah. And it's just, yeah, right. Exactly. It's like, what? If you like the dollar, buy the dollar. If you hate it. You're right.

I just want to see what's going on. I was going to say, look at Solana. Solana moves differently. And look what? Straight down. It's negative 47. I'm super bullish, Solana. It's negative 47 right now.

I'm just listening to this. Straight down. John, give us this tweet. SEC will approve an XIV copycat. That's the volatility ETF that blew up the market. Hang on, hang on. Give some respect. Who tweeted this?

This is at hide, not slide. Do you know who that is? Yeah, I pulled this tweet. Okay, finish it then. He said SEC will approve an XIV copycat. XIV was the shit that blew up. That's awesome. Just swept the whole market, right?

This is an ETF. That's the one where the guy made the video crying. That was awesome. This is an ETF market, right? This is an ETF. That's the one where the guy made the video crying. That was awesome. This is an ETF that- I wasn't in it. I don't care. Real negative equity market structure

impacts just three years ago, but will not approve of Bitcoin ETF. Come on now. Yeah. So you could say that if you're pseudonymous on Twitter. Doesn't mean it's wrong. What are you talking about?

Tyrone, do we need the CTF that everyone's been obsessing over? Do we really need it anymore? No. We never did. We almost passed it? We never did. Remember Consensus a couple years ago when we were on stage and set the world on fire with that? We never needed it. You were against it because you felt like

it was, what's the right word? Like bastardizing the original intent of crypto? Yeah. Mainstreaming it? Right. And again, you look at it now, we still don't have it. So we're going to get a Bitcoin futures ETF.

I mean, come on. I'm not in that. And again, shout out to my Wisdom Tree family. They're investors. And Jeremy Schwartz and the whole folks. I know he was up here. Is that who's doing it? Yeah, well, they have one in.

And I hope Wisdom Tree gets it, right. Well, they have a spot one in. Yeah, Jeremy and folks at Wisdom Tree. It's cool. Jeremy's like, can we call a truce on you slamming a Bitcoin ETF? I'm like, no. No. So no, we don't need it. We will get it at some point because advisors want an easy way to slide the fact sheet across to the client

and say we're putting this in and pretend they know. And it's just going to – it means a lot of money. You know what that's – you ever hear the term skeuomorph? No. Have you heard this term? No, I've never heard that term. Okay. So the way Apple was designing the original user interface on the Mac, they would make things look like their offline counterparts

so that people would be comfortable with them. So like, so on like an Apple desktop or even a Microsoft desktop, where do, where do I put my files? It would be the icon is a picture of a file cabinet. How do I make phone calls? It's a picture of an old school telephone. Those are, those are skeuomorphs. And in finance, especially with financial advisors who are not risk takers by nature, you need to make things feel like an old thing that they're already comfortable with, which is the whole – that's why everyone is so excited about the ETF. The retail has moved past it. They don't need it. Nope. It's really more about advisors needing some comfort level.

A Morningstar fact sheet for a crypto ETF is a game changer. OnRamp could create a fact sheet for advisors. We have fact sheets in our, in Oramp Academy for every crypto. They look very similar to Morningstar ones, but yeah, we could, we could do that. But, and we've done it.

And that's one of the things when we built out Oramp Academy, it was like our fat cards for crypto has to look like morningstar and they do so yeah so here's another one that that's funny uh stefan sheplick is it sheplick it's sheplick shot this sheplick yeah just got married recently he tweeted this has to be the worst performing spec i've ever seen upheld holdings down 85 since june the day it became a public company just straight down post-market retweeted it and said,

very solid job by the SEC, protecting the best interests of investors. Love to see it. I just can't. I just- In fairness, probably the reason this plunged is because regulators are putting more scrutiny

on all of the SPACs. So in fairness- That's not fairness. A lot of the pressure on SPAC prices is because now it's being paid attention to, which it should be. Remember when SPACs peaked? February. Just the picking and choosing of what can come out, that XIV bastardized product, the triple lever inverse crude ETFs.

Give me a freaking break. Yeah. Let's go to this. We're going to go into JC's charts in a minute, but let's do this Bitcoin held by public corporate treasuries. This is a good one. So what is this showing us? So the left chart, the left squiggly is the price of Bitcoin, the thing they were paying attention to.

Corporate treasuries, this is probably all Michael Saylor. No, I legitimately think he owns 150,000. He has 150,000 Bitcoins? Is that right? I think more than that. It's like $2.5 billion. CEO of the year. I think it's a little more. CEO of the? I think more than that. It's like $2.5 billion. I think it's a little more. CEO of the year?

Maybe. Or worse. Corporate treasuries own 202,000 Bitcoin. That's not that many. No, it's light. If there's 21 million eventually, corporations will need to own a lot more. Exactly. I mean, yeah, if you look at the chart, obviously, right?

Up into the price. How much does Ritholtz own? On our balance sheet? On our balance sheet? On our balance sheet, 0.0. All right. Just wondering. So maybe that'll change. And then what is this?

Top banks investing in crypto and blockchain. All right. So this is my point. It's everyone. Put this chart up, John, if you can. It's actually a table. Everyone is here. Everybody's in the game now.

And US Bank Corp just announced that they're going to be doing it for clients. Everybody is here and everybody's in the game now and US Bank Corp just announced that they're going to be doing it for clients everybody is here UBS Citibank Morgan Goldman

JP they're all here Tyrone are you guys in that right column we are under NDA with one of the logos up there that I can't say

everybody is here oh just saying it looks like the cover of a secondary offering. Well, it's JP Morgan, Goldman Sachs, ING. So my point is I feel like a lot of the-

We're buying all of them, by the way. A lot of the rails, a lot of the groundwork is being built today, but the allocations are coming. I don't even think they've begun. They haven't. It's not even- It's still very early for that institutional money and stuff. So for the people that are like, aren't you worried about regulatory risks? Don't you understand

all the rich people are in now? Now you can't kill it. If you wanted to kill this five years ago, you still had a chance. Now you just can't leave. There's no way. There's too many powerful interests are now in the game, and that's

game over for this idea of like it's going away don't you think that like these of course bitcoin could fall 70 80 of course it can but i feel like the ship the battleship of these institutions has already turned they're not going to be scared off by a dip i don't think no and shouldn't things get less volatile the longer they're alive so i feel like of course well there'll be new ones that are just as volatile so you have something for everybody i think bitcoin might get boring but the other ones won't be that's the other thing I feel like there'll be new ones that are just as volatile. So you have something for everybody, I think. Yeah, Bitcoin might get boring, but the other ones won't be. That's the other thing, though.

It's 13 years old, right? It's anything 13. We were 13. We were volatile. We were volatile. Barmitsford and volatile. I had a mullet. Let's talk stocks.

1990, I was 13. You should bring it back. Exactly. I really, like, legit had a mullet. Can you imagine if he brings back the mullet? Go to stocks. Let's go to stocks. You know what haircut I had? Like Robin Hood, Prince of Thieves.

Oh, my God. I'm telling you. Kevin Costner or Russell Crowe? We'll find a picture. We'll put it on YouTube. Go to stocks. All right, JC. I'm just starting to answer my Slack messages.

We're going to do your charts here. Let's go back to 1980. Are these good charts or are these decent charts? What do you think? Are they good charts? Listen, I only bring you guys the things that I think are the most interesting. And sometimes you think they're interesting and sometimes you don't. Let's do it.

Always, always, always. What are we looking at? These are new 52-week lows in the S&P 500 relative to the CRB index. So a funny thing happened over the last decade is that many investors forgot that commodities were an asset class too. And if you've been in this business for longer than a decade, if you've only been in this business for a decade, you think it's just stocks and bonds. But if you've been in this business longer than that

and you remember other cycles, there are three asset classes. In fact, the most hilarious part is that the way to remember that used to be BSC, the Bear Stearns ticker symbol, bonds, stocks, and commodities. And crypto now. I never heard that before. I remember BSC though. Right.

But that's how I remembered the cycle, right? So new 52-week lows. And notice how commodities first started to outperform the S&P 500. What sparked that was when crude oil traded below zero. Yeah. Negative $30. Can you think of a better catalyst to spark a new commodities secular bull market than crude oil trading $30 below zero?

That's going to be one for the history books. We'll never forget the day crude traded negative. It's incredible. Remember the old joke? Oh, I think they're supported zero. Well, you can't- Maybe not. You can't use that anymore. So CRB in this, go to the next chart. Look, new six-year highs, right? What do we know about new six-year highs? We know they're not characteristic of a downtrend. Crude oil making new six-year highs, if you want to go down one more. So when you see commodities outperforming, when you see crude oil making new six-year highs, there's a big word that you think of with a capital I. Inflation. And if there's inflation, you're probably going to get higher interest rates. So if you're going

to the next slide. Oh, you're telling a story. Kablam! That's a good chart. New highs in the 10s. The banks are going nuts right now. Next chart! I know, I know. I saw this coming. So if you have higher interest rates, who are the best two sectors? Mr. Jones, the name of the company is

Wells Fargo. Ticker WFC. What's EQR? Let me walk you through this idea. Equities for rising rates. Did you make that or is that a thing? No, this is a real ETF. I love it. They got side convos.

It's about to pitch Wells Fargo. It's about to pitch Wells Fargo. Super bullish. Don't do that. Okay. All right. So what are we looking at here? Equities for rising rates has its own ETF now.

Been an ETF for a while. Okay. As you can see in the chart, right? About three, four years. What's inside of it? So what's funny is that what's inside of it, when you look, what's theoretically stocks, stocks that tend to do well when interest rates are going higher, right? And when you look at it, half the stocks are either energy or financials. Okay, that makes sense. So that's why what we did is equally weighted energy and financials and notice how they look exactly

the same. You're the best. These are dope charts dope charts you weren't lying so clearly this is a breakout in the making so commodities going higher interest rates going higher i think you got on the financials go down one more i'm start buying these are regional banks looking at look at those 2018 highs that's when the world peaked that's when the bull market ended when a new bear market started in the early 2018. That was the trade war. Maybe. F***ed up everything cyclical. I don't know what that is, but that's when stocks started to fall over, you know, throughout the world, right? China, emerging markets.

He's dying. Stocks everywhere stopped going up, regional banks included. Obviously, I don't know what a trade world is, but that's what happened. He just said trade world. Trade world. This guy. I don't know what that means. Yeah, keep going. Is that why stocks fell? Because of a trade world. Trade world. This guy. I don't know what that means. Yeah, keep going.

Is that why stocks fell? Because of the trade world? Let's take the charts. So then this is right up your alley. Okay. These are, so if interest rates are going up and crypto's going up, why don't you own the banks with crypto exposure? Oh.

All right. So you get two for the price of one. All right. What do these banks have to do with crypto? Silver, what is it? Silvergate Capital? Silvergate. So you get two for the price of one. What do these banks have to do with crypto? What is it? Silvergate Capital? So these are, what they have to do with crypto is above my pay grade, a la Tyrone.

But every time you're like moving money between Binance to this one, those names come out on like, they're on the screen. You know about Signature Bank and its role in crypto? I never heard of any of this. It's very, Signature and Silvergate, actually. They're involved. Silvergate La Jolla. Shout out. Silvergate is, you know, for crypto companies that want an account because, you know, you couldn't go get an account somewhere. Oh, they're doing the banking for crypto companies.

Companies, yeah. That chart looks set. And then go one more down and you're looking at Silicon Valley Bank. Oh, that's public? This is the one. Silicon's the strongest one of all. This is the one. Forever. That's almost like a NASDAQ proxy. You're not going to find a bank stock that looks that strong.

Maybe it has to do with crypto. Maybe it doesn't. I don't know. I don't care. But that's the strongest one. So if it's above 665, you own it. It goes to 1,000. Silicon Valley Bank, back in the day, would take stock certificates from companies as payment for services.

would take stock certificates from companies as like payment for services. Like they were very, very visionary when it came to helping Silicon Valley companies like get started. How many banks do you know making new all-time relative highs? What's this relative to the sector? I can't name one actually.

Off the top of my head, JP Morgan is definitely not making new all-time relative highs. This thing looks ridiculous. JP Morgan relative highs? Oh, no, no, no, you're right. Yeah, off the top of my head, JP Morgan is definitely not making new all-time relative highs. This thing looks ridiculous. JP Morgan relative highs. Oh, no, no, no, you're right. Yeah, I can't think of another. Wait, because the relative highs

in financials were 2006? Seven. Seven. But that's why? It's definitely way below that peak, obviously. Yeah, I mean, listen, it's on a case-by-case basis. My point is,

how many bank stocks... JP Morgan is way higher than where it was during the financial phase. No, but not relative. Not relative to this. Not relative highs. How many bank stocks can you think of?

Zero. I mean, there might be more. I just can't think of any. But this one is. So, you know, you talk about- Maybe the credit card companies. Yeah, and those are in the tech sector. Not even banks. Not even banks, right.

That's why they're doing so well, because they're not banks. I gotta say, these are pretty charts. You got the best charts. No Coinbase? That means a lot coming from you. You got the best charts. You got the best charts. No Coinbase? That means a lot coming from you. You got the best charts. Well, I brought charts that are going up. Fair.

Listen, shout to Coinbase Ventures. Shout to Coinbase Ventures. It's absolute garbage. The stock price today. Yeah, yeah, yeah. The stock price today, and since the IPO, literally, you got all the VCs dumping it to the unknown investors and just like. I never bought Coinbase or Robinhood.

It's just not my type of stocks. Robinhood is crypto. I don't know enough about it. That was a good call on your part. I think Robinhood is cheap. Your thoughts? It's cheap for a reason. All right.

And I don't know the reasons, but things that are cheap tend to get cheaper. 22 million accounts. What else we got? So let's keep going. Let's keep going, baby. a reason all right uh and i don't know the reasons but things that are cheap tend to get cheaper 22 million accounts what else what else we got so let's keep going let's keep going baby so if financials are going up 15 of that index is berkshire hathaway baby wait can i just ask you that that doesn't look potential that's coinbase not potential we could look at something that has potential or something that is working answer what do you think yeah what doesn't have potential yeah sure it could go straight up from here. Absolutely. I hope it does. That's pretty good.

Looks juicy. Yeah. Full disclosure. I'd rather be in things that are already working. You like things that are going up, I know. Full disclosure, I'm low on Berkshire. In a bull market? You're low on Berkshire?

All right. So this is going? 15% of the financials is Berkshire Hathaway. So if you believe in the cyclical recovery, which I happen to, then obviously if you know what's inside Berkshire Hathaway, you got a ton of railroads and industrials in there. So you're getting financials, you're getting industrials. You have that cyclical recovery, a well-defined risk reward. You only own it above 285, targeted 430. What else do you want? Loves his charts.

What else do you want? Keep it going. Let's go. Next chart. So if Berkshire's going up, if financials are going up, JP Morgan and Bank of America can't be too far behind. Cyclicals peaked in May. So if you're buying cyclical stocks, industrials, materials, financials, energy, you cannot be long if they are below their May highs. So as an investor, and you're buying cyclical stocks, value stocks, you want to be long only above those May highs. And these are two perfect examples. Bank of America, JP Morgan both broke out this week. So this is when people are like, oh, stocks only go up. It's like, well, the stock market peaked in February and it is now October.

No, micro caps and small caps peaked in February. And the value line and biotech and the IPO index and emerging markets. I can keep going if you want. The bottom line is, stocks peaked in February. They've done, most stocks have gone straight down since then. Some stocks have done well. Most stocks have not, as we discussed on the show last time we were here. And these are exhibit A, right? Straight sideways. Next chart. What's this? This is NASDAQ composite. And this is all you need to know. People that are like, oh, is the stock market going to correct? It's like, well, where the hell have you been? Thank you. JC, 50% of NASDAQ stocks had a 20% drawdown this year.

That's volatile. That's noteworthy. It's volatile. Half the stocks in the NASDAQ are down or have been down 20%. And 20% of the NASDAQ is down 50%. Ooh, advisors. So it's a formidable market, but I don't even think most people are even aware of that unless there are people that own all these stocks in their account

and they're looking at these drawdowns individually. No, here's what I'm going to say. In a bull market, most people pay attention to the index. Is that my phone? Sorry. That's me. In a bear market, people pay attention to their stocks. That's a good point.

Like, in a bull market, all of these stocks that are getting annihilated, Zillow, Zoom, Teladoc, nobody gives a shit who's nobody the media fine i'll say whatever who cares what the media thinks that's not my point asshole my point is my point is you know you know you know what's going on with the surface aren't journalists not even allowed to trade why does it matter what they think my point is most people pay attention to the indexable market and the bear market size they just don't know about. Yeah. The general person.

Not you. But unless we're talking about stocks that are extremely widely owned and commented upon. Right, like Apple. I guarantee you if Apple were in a 20% drawdown, people would know. Everyone knows. Everyone knows. For sure. No doubt.

People don't care if Zillow is down. If Apple's in a 20% drawdown, people would know. Everyone knows. For sure. No doubt. People don't care if Zillow is down. If Apple's in a 20% drawdown, the market probably is too. But all of these people that you're telling me that listen to the media don't matter. What moves markets is institutional money where this does matter. So if you don't matter as an investor because your portfolio is just so small that it can go to zero, it's not going to affect anything. But when you have a trillion dollars in assets, you care. Because you own the individual stocks. And that's what matters, right?

That's where the alpha is. And those are the only people that matter in this whole scenario. We're talking past each other. What else is new? Next chart, John. Next chart. Next chart. All right. Oh, this Next chart. All right.

This is where it gets good. You don't need to be a PhD or a CMT or a CFA to know that these lines are not going up. Okay, this is silver versus the S&P. Why does gold look like such shit? Because nobody wants it. All of the commodities are rising. Because it's not a commodity, clearly.

It's a currency, and it's a shitty one at that. That's a good point. Maybe that's what it is. How. It's a currency, and it's a shitty one at that. That's a good point. Maybe that's what it is. How much of the money, if you had to guess, nobody actually knows, how much of the money coming out of GLD is going directly into Bitcoin? Probably some, but it's not material enough because the gold market is, what, $11 trillion, $12 trillion, something like that, and crypto all in is two. So is some of that happening?

Sure. But is that the reason that gold doesn't go up? I think it's probably bigger than that. The bottom line is if you've been in precious metals over the last year, like I said before, it's because you're looking at charts with blindfold on. Right. There's no reason to be in this unless you're like a scalper or a short term trader or very short term trader. But if you're like an investor of any kind from an intermediate to long term i think there's a lot of money trapped in these things that expected this explosion inflation to lead to like gold

5 000 and it's so embarrassing what's going on here right it's great like your whole theory there are people that base their whole lives around this theory that one day there would be crazy inflation i think we would be crazy inflation. I think we're experiencing crazy inflation. So here's the way – I was having a conversation. I feel bad for – like I feel really bad for people that have done this to themselves. I don't. They fell in love with that fairy tale.

Too bad. What's happening is this. What's happening is this. There are – the gold bugs, zero. The crypto people and the gold people agree on a lot of things. Yes. A lot. Like almost everything except the gold people want to hide in a bunker with guns and ammunitions

and the world comes to an end and they come out on the other side. As opposed to the crypto people that agree with pretty much all that stuff. They want to build a new world. They're building alternatives. They're building options as opposed to just giving up. What do you think about that? I agree with that. Yeah. I think it's more about building an alternative

to the current financial system. Bitcoin people aren't nihilists or doomers. You can't write nothing about that. You got a few that are like only meat and guns and war and all that, but no. And NFTs. And NFTs, yeah. And JPEGs.

But majority are just like, let know, let's, let's revolt and build the future. NFTs are in a bull market and gold is not. So there you go. All right. Let's, let's, let's keep it going, baby. So this is the shout to Justin Paterno. He's my window to the NFT world.

Shout to Justin Paterno for sure. Justin Frankel, the Justins just, you know, keep killing it. And shout out to Danny Jassy. Who's the one who brought that up about, gold bugs have just given up while the crypto folks are building alternatives. I saw Frank at a concert at Jones Beach two weeks ago. Black Crows. Nice. I love Jones.

That's a great venue. Justin's killing it in NFT world too, I think. Totally. So really quickly, what happens when a 30-year-old right now that is building a portfolio of NFTs walks into their financial advisor's office and says, I have this portfolio of NFTs, which is basically a digital annuity that I could draw and come in, you know,

off of for life. Can you help me with that? Like, that's going to happen. We can't. Yeah. But we will be able to, hopefully one day. 100%. Maybe with OnRamp's help?

Absolutely. Shout out to the sticker. Shout out to the sticker. Shout out to the sticker. Shout to the ramp. All right, what do we got? So listen, it's not that I don't have any sympathy for other people, but the market is a very selfish endeavor. Okay.

You're in the market for one reason. I kind of hate when you talk like this, but you're also right. You're not wrong. If you're in the market for any other reason than to make money, are a very confused individual and you should seek therapy there's one reason to be in the water about all the friends we make along the way that has nothing to do with market participation that's being good at happy hour sure which we just happen to be good at happy hour yeah we're great i'm like josh was like mvp in 06 you know i yeah i can't do it like i used to do it all right gold versus commodities.

Go back, go back. There you go. So, Bannock, this is the chart, right? So, literally... New multi-year lows in gold versus every other commodity. Why should we have sympathy for anybody who's been bottom fishing this whole way down? Man. I don't understand.

This is as ugly as a chart can be. Honestly, this is a sad-looking chart. Because you see the failed rally. It's just like, oh, we have then look at cpi look at like all these things that you thought were the reason behind why this this acts the way it does i think gold is broken yeah that's the bottom that's the bottom buy it all right next next we don't isolate that john isolate that that's john next we're gonna run out of time i want to get Isolate that, John. Isolate that. That's about it. John, next. We're going to run out of time. I want to get to it.

The metal that works is the base metals. The doctor. Dr. Copper. And Dr. Copper is one of the worst ones. Aluminum, tin, zinc, nickel, lead. Those are all working. Copper is the underperformer. Palladium fell apart, too.

So precious metals suck. Well, palladium is like in its own world. Palladium is like in purgatory. It's like the Algorand of precious metals. It doesn't know. It's still figuring itself out. So my favorite head and shoulders tops are the ones that are not that. So if you think copper is a head and shoulders top that's about to collapse,

I think we're going to take the other side of that. And this is a continuation pattern. And if copper takes out those highs, that means copper is breaking out of a 10-year base. And if copper is breaking out of a 10-year base, what does that say about stocks? You want to take physical delivery immediately. Emerging markets?

Oh, no, that broke down. We're doing- You want to take physical? For sure. We're looking at charts. Give me my copper. We're doing charts on a podcast. That's how talented JC is.

He can make this work. I could have drawn them for you if you really wanted to. Next chart. Whiteboard. So if oil's breaking out to new six-year highs, right, and breaking out to – All right, wait. Let's back up. So crude oil, as we're taping, is $77.

This is a big deal. This was a negative number a year ago. Wild. Wild shit. Well, maybe not a year ago. A year and a half. Maybe a year and a half. Yeah, a year and. Wild. Wild shit. Well, maybe not a year ago. A year and a half. Okay, what's going on with

just oil price? This is the real thing? We're going much higher, you think? I think we'll be at 100. We could be at 100 in a week or two. If we've learned anything about oil is that if you think oil can't go any higher, it can. And if you think oil can't go any lower, it can. Yeah, you shouldn't get an Escalade.

You shouldn't get an Escalade. You shouldn't get an Escalade. Based on this chart, I think you should rethink the Escalade. I mean, I think $100 oil is coming. And if $100 oil is coming, you think copper and copper miners are going to be breaking down to new 52-week lows? That's just not the bet that I want to make. Can it happen? Of course. The market can do anything.

But that's not for me. I think you dig in here. You buy the Freeports. You buy the copper miners. You buy Chile. You know what I'm saying oh freeport big rip today off the off of the potential support we put on a risk reversal yesterday next chart chart on all right this one's very josh brown uh i brought it for you uh it's an energy name uh has midstream remember the old days they used to call these things um MLPs. MLPs.

What happened to that? They used to call these things... MLP was great. Remember Annie Up? Annie Up. Can we play that? There you go. We don't have the licensing to play that.

All right. HES midstream. H-E-S-M. What's going on with this chart? I see a 7.2% dividend yield and a breakout from a three, four-year base with energy making new highs and interest rates going up. I mean... It's meaty.

If you like getting paid while you're making money, this is the chart for you. Who doesn't like that? All right, what else we got? Keep going, baby. So you're going to love this. This is very Josh Brown and Batnick. I love this.

So of course, because ETF companies are not in the business of helping investors. ETF companies are in the business of giving investors what they want, right? If there's demand for an oil ETF, they're going to build one for you, right? So of course the opposite is true. And if there's no demand for an ETF, they shut them down and they have an uncanny ability to do that just when you need it most. And then obviously thermal coal futures went up a thousand percent right after they demisted. KOL is gone. Squadouosh. Who was the last dollar in that thing?

Somebody that forgot they had money in it. Exactly. Somebody lost their password. Mitch McConnell. But look how great that ETF would have done if that was still around a year later. It did crash right after it got delisted, but then, yeah.

Fine. And then up 1,000%. Up 1,000%. All right, now go to the next chart. They're about to delist the FRAC ETF. So go look at the list over there. ConocoPhillips, EOG, Pioneer. Six-year relative highs.

Why are they delisting? When are they delisting it? Could they undo it? Next Friday. Could they undo that? So you want to be long? You want to be long? You want to go to the next slide?

Those are the names you want to keep an eye on. These are the best names in the market. Pioneer, Hess, Occidental. These are the best names in the market. I mean, you're not going to get an argument from me. So, you know, like I said, the ETF companies have an uncanny ability to do that. Go to the next two slides real quick. Actually, before we do that, let's look at Oxy.

So how are we going to take advantage of this? Oxy's on that list on the frack ETF that they're about to delist. If Oxy's above 33, I think you flip the book. It goes to 46. Flip the book. Flip the book, baby. Let's go.. Flip the book. Flip the book, baby. Let's go. What year is it?

Flip the whole book into- Hold on a second. What year is it? Margin two? Margin two? Even better. Calls? They trade warrants.

Oh, word? Oxy warrants. Oh, my God. 22 strike. 20, 27 expiration. Oh, man. I love this. So it's like a super leap.

How many warrants can I put you down for? There's a lot. Mr. and Mrs. Anderson. There's a lot. Come on. Oh, man. Flip the book. He's talking about the book.

Flip the book, Oxy, baby. And then part of the catalyst is the ETF companies are delisting the frack. And remember, you know, so just a great a great you know hilarious is when the etf company started in their brilliance uh there was plenty of demand for real estate in 2006 so let's give them an etf and then it lost 80 so this is iShares u.s home construction these are builders why aren't these stocks up more well this this no that's the bottom this chart ends in 08 oh okay it just lost 80 off inception and look at the next one. XHB did the exact same thing.

Immediately after fund launch. So I'll take the other side of that. And now that they're delisting these ETFs, if you want another catalyst, if new highs weren't enough for you, right? And then Marathon looks great too. 14 and a half. That's a level.

Four above that. Flip the book. It's going to 24. How many books are we flipping here? Yeah, how many books you got? I already flipped the book into physical copper. I gotta get liquid on my copper. Alright, and then this one's

for Ty. Let's go. Looks good. If this ratio between Bitcoin and the S&P 500 is above 7.0 and you don't have long exposure in crypto, you are being irresponsible to your clients and your family. Yo, the book flipped you.

Flip the book. Flip the book. So this is the chart of all charts. If you are not exposed to crypto, if this chart is above 7.0. Sometimes you flip the book. Sometimes the book flips you. This is a ratio chart, Bitcoin versus S&P.

Is this a meaningful relationship IRL? Or just like it's an interesting chart? Nope, nope. It bottomed at exactly where it peaked in 2018. So that's probably a coincidence. Yes, I agree. According to academics. Big coincidence.

One has nothing to do with the other. Actually nothing. Supply and demand would. There's no supply and demand between Bitcoin and the S&P. In your opinion? We'll have to pick this part up later. You got any more charts? Yeah, go down that one.

That's the last one. Okay. I mean, they look exactly the same. Oh, these are shit coins. These are all protocols. Tyrone, what are these things? You know all these. So, yeah, it's funny.

Yeah, Avalanche. What do you got there? Oh, Avalanche. What do you got there? Oh, Avalanche has been ripping lately, right? AVAX, baby. It has, yep. Cosmos. What's EGL? When does Avalanche support earnings?

Now, why did you choose the Tether? The Tether pairing. Why did you do that? Just for liquidity purposes. Okay, makes sense. Makes sense. Cosmos. So, very simple.

You own them above the first half highs. These are the alt simple. You own them above the first half highs. These are the altcoins. If they're above the first half highs, you own them. Pay these no mind. If they're not above the first half highs. I don't care what you say. Pay them no mind. Why?

I mean, these are, again, now here's the thing. If you trade, sure. Right. But if you're looking long term for meaningful projects, I don't know if you really want to pay attention to this right but if you're trading and yeah but relative strength to jc yeah relative i don't know what a project is but if we're above the first half highs you can own them there you go like my point is what is what is avalanche good for right or i can't even make him money exactly what is this there you go bitcoin usd okay yeah what do you want to show us 46 that's the level so if you're above 46 there's no reason not to own it

well 100 000 next i'm sold on this bitcoin well let me just tell you i might be irresponsible if bitcoin goes to 20 000 i'm not selling okay i'm just saying i'm irresponsible if it's at 20 you shouldn't have owned it in the first place on the way down you know jc i'm not the charts were dope you weren't lying you told us that's a good the first place on the way down. All right, JC. I'm not going to get down. The charts were dope. You weren't lying. You told us the dopest charts of all time. You were not lying. The dopest charts of this week. And for those of you who actually want to see them, check out the compound

youtube.com slash the compound RWM. I'm going to call an audible. We're going to skip ahead. One more thing we're going to hit. What are we throwing out? Everything, but then we're going to do favorites. Why do we need to trade stocks at 3 a.m.? Is that really a thing that we need to do?

This is dead on arrival. What do you mean? It's not going to happen? I bet you a million dollars it does happen. If you live in Asia and you're trading US stocks, you're going to lose. This company just is submitting to the SEC trying to get approval so that us Americans can trade stocks 24-7. This is not going to get approval. You know how I know it will?

If this gets approved before Bitcoin ETF, I'm going to lose my mind. Do it. You know how I know this will get approved? Because of how much I hate it. Like, that's how I know this is going to happen. It's not happening. It's a bad idea. Do you honestly think it will?

I think if you're a professional working in the markets, this sucks. That for 24 hours straight, seven days a week, things are moving that you're supposed to be like looking at. But aren't they already between futures? You know? Yeah. Come on. You get a break. And actually, that four o'clock close in a crash

acts as a circuit breaker. You need it. It's a natural circuit breaker where people can go home, have dinner, and think straight. What people, Americans, in the East Coast is what you're referring to. Yeah, we're selfish.

That's what I am. Oh, okay. But that's a tiny little fraction of earth. So nobody cares about people in New York and what time they're having dinner. As a middle-aged white Jewish American male, that is what I'm worried about me. All right. I'm worried about me. Well, what's the benefit?

Why do we need to turn the stock market into a 24-hour free-for-all? Because it already is. It already is. Not really, though. But really. It trades from Sunday at 6 p.m. East Coast all the way until Friday at 4.30-ish. Good enough. East Coast.

It's good enough. It's not enough. There's not enough time to do trades in all of that window. It has to be 24 hours. Does anybody make a good decision at 3 in the morning? First of all, I don't get a vote, and I don't really care either way. I'm just telling you that it already happens. JC's here to make money.

That's it. If you're not, I don't know what you're doing. You like it. I like it. Okay, why do you like it? For the same reason I think that it works for crypto. I think it doesn't mean if the market is open at 3 o'clock, folks are going to trade then.

But I think it does great for— Oh, somebody is. JC probably. Again, open markets, accessibility, price discovery, all of those things. And again, a lot of the algorithmic trading and all that stuff now and the data and the AI, they can formulate all that stuff. You've got trillions of dollars under management. I'm kind of on the fence, but do we need price discovery at 1 in the morning? Aren't you going to miss gap up opens?

You already have that. Because what if you're in Europe, you're getting price discovery in the middle of the night while you're sleeping? Whatever, I don't care. You don't care? Not really. An entire continent of people?

Dude, Luminati's is being sold to private equity. It's nothing sacred. Nothing is sacred. What is sacred? It's coming. We'll get 24-7. It's a small percentage of the global population is in this

male Jewish American in New York situation that Josh speaks of yo shut what is that that's my phone oh right you see what I'm saying

if you're in Europe you've been dealing with this forever can I tell you something I'm very accepting of change I'm very open minded to all the new shit going on I'm not like

I'm not a hater there's things I mock, of course. But like can we have some f***ing semblance of the 20th century? Like just – can we agree? Bring back BlackBerry. Can we have closing – by the way, what are you going to do with stock analysis without closing prices? You're the one that's been telling me for 10 years closing prices are the most important prices, right? Got them.

What are you doing now? Got them. If there's no such thing. Right. You just make up an arbitrary close? Yes. That's what we have to do in crypto. What can we do?

There's no close in the crypto market, so you have to adapt to the market. And I could be stubborn and be like, no, no, no. I could do that. I get it. Right. That's not going to work because it's going to happen o'clock eight o'clock eastern eight o'clock eastern time is uh my close for crypto you know there are probably people acting like babies like i was when instant net came along and was the first after hours platform to trade stocks and then there were like five others like there was arca and all this other shit. So eventually we just got used to the fact

that stocks could be traded at 401. Exactly. And then stocks would react in real time to earnings, which was new, like in the 90s. You couldn't trade a stock. These biotechs that come out with bad news because they didn't get FDA approved, which is most of them,

they come out with that news like at three o'clock in the morning, two o'clock in the morning. Yeah. And then you get that gap. You get that whoosh. So now you could be up for it. Oh, what a delight.

All right. Favorites. I'll go first in the interest of time. I'm going to do these really quickly. Kara Swisher's interview with Elon Musk was hilarious. It's posted on her Pivot podcast feed with her and Scott. Basically, she lost her voice right before. So she's like breathlessly whispering questions to Elon.

And I guess he's in the mood to like screw around with everyone that's there. Some of the answers that he gives about wanting to die on Mars, but hopefully not on impact, like shit like, he's funnier than I think, I guess I've ever realized realized i know his tweets are funny but he's he's funny but he does talk a lot about the stuff with china cracking down on tech

and why that's not going to last and he's got a really interesting explanation for why so i highly recommend that i listen to howard lindsen interview nicky adler this morning i like them both i don't know nicky but i know howard very well. That's Panic with Friends. They talked very deep on NFTs. And that's like the thing that I mock the most right now. But I'm kind of like understanding it better as a result of listening to that. So I highly recommend it. Shout out to Howard.

I really don't care if this is recorded, but I need to hit the little boy's room. Hit it. Go ahead. You're out. You're out. All right. Go ahead. Favorites. So I'm about two-thirds of the way through

Annie Duke's new book. What's it called? Making Better Decisions, I think it is. So her first book, Thinking of Bats. You know, a sequel is always a disappointment for the most part, except what? Godfather and Back to the Future, pretty much, right? So I

didn't go in there with the highest expectations, even though love annie duke and have so much respect for her i think it's great because i think it builds upon the first one and i like how she talks about how you know you come up when you're making a decision you think about all the different possible outcomes and you give higher or lower weightings to those outcomes like okay it can go this way and i would give it a 60% chance of it happening that way. It could go this way, I'll give it a 20% chance. And I hadn't really thought about putting weight on future possibilities.

And thinking that way, I thought was really interesting. This is like drinking battery acid. You don't like it? No. I don't really love mezcal. Drink mezcal? It's too smoky for me. I drink wine and whiskey.

Honestly, I've never had a more unpleasant sensation in my throat than whatever the f*** this is. Really? It's not that bad. Mezcal, Malbian. Yeah, all right. Sure. You don't feel like... Why are you hating?

I mean, it's tough. Hating? No, it's just... That's a tough... Listen. I like to... That's a tough pour. All right.

I drank it. Give me some. Let me try this. Let's see how bad it is. I'm not a tequila guy, so I don't know the difference. Do you like smoky whiskeys? No, not really. Then you're Let me try this. I see how bad it is. I'm not a tequila guy, so I don't know the difference. Do you like smoky whiskeys? No, not really. Then you're going to hate this.

Yeah. Enjoy. We'll settle in now. I'm going to come out all right. You could have done that on chain. What the hell is this? Well, you know, just try it first. Believe me, that'll be too much.

I gave you a baby sip. Mike, favorites. What do we got? We're wrapping up here. All right. Relax. I'm having fun. You like it?

We should keep going. He can go. I love Eli and Peyton as the rest of the country does on Monday Night Football. And that is the future. I mean, that is absolutely the future. Eli and Peyton Manning calling the game. Yeah, like watching. Didn't they just crush, what's his face, Joe Buck?

Did they? What do you mean crush him? They're not competing with him. They were just abusing him. Oh, oh, oh. That was pretty funny. It's just hanging out with your friends, watching a game. It's so much more fun than listening to the announcers.

And no disrespect to Collinsworth, whatever. This is so much better. Peyton is very personable. Peyton carries the show, but Eli's jabs are hilarious. Making fun of his forehead and stuff. Hilarious. That's my boy. I love that guy. I didn't think Eli had it in him. I love that guy. Who was the guy that just called a baseball game that everyone was mad at?

By the way, I want— A-Rod called a baseball game, the Yankees— A-Rod calls games. I went to the Giants game against the Falcons. We lost. We suck. And Eli, it was his, like, Ring of Honor day, and I cried a little. Did you?

Yeah, I love that guy. Well, you grew up watching Eli. Like, that's your quarterback. I can cry right now thinking about him. Mine was Phil Simms, but that's your quarterback. But like two Super Bowls. He could have gone to San Diego. Can you imagine?

I remember. Two Super Bowls. Amazing. JC, oh, we did you? Did we do your favorite shit? You were drinking bad tequila, remember? Annie Duke's second book. Did you watch Squid Game?

I liked it. Squid Game, is that a movie? Yeah. It's on Netflix. Tyrone, what do you got? Is it good? Favorites. Favorites. It's on Netflix. Tyron, what do you got? Is it good? Favorites. Favorites.

NoKidHungry.org. It is a travesty that there's a child in this country tonight that is going to go to bed hungry. That's my favorite. NoKidHungry.org. So we go there. We can make donations. Actually, you inspired me.

I give a monthly donation to that site. There you go. Beautiful. I appreciate you. It's automated. You've raised a lot of money for them in the past. Yeah, absolutely. And again, no affiliation with them whatsoever.

I was just a kid on the lunch line with no lunch money. And I think that it is horrible that we talk about all this stuff and we have all this power that a child is going to go to bed hungry tonight. That pisses me off. And it should piss everybody else off too. They're doing something about it in a real way. Hold on one more time. So you could automate your giving.

What's the site? NoKidHungry.org. Okay. So everybody can go there, and they can either make a one-time donation, or they could set it up so that a certain amount is going there. And you feel like they're doing a good job distributing the money? They're not throwing parties on yachts?

No, they're good. Because that's my hang-up with charitable shit. And I know that's what it is with a lot of people, but they're not throwing parties on yachts? No, they're going- Because that's my hangup with charitable shit. And I know that's what it is with a lot of people, but they're really in the trenches. I do have a good relationship with some of the folks there, but this is not, I'm not getting paid for it or anything. I vet this seriously because it's something that I was afflicted by. I understand it. And when I go all across the country, going to some of the poorest areas, and before COVID,

75% of school districts had student lunch debt. Like, it's crazy. That's crazy. And students not eating. And how am I supposed to learn about charts if I'm hungry? So they do a really good job of getting to the source, right? Putting their fingers in the soil and getting the money where it's needed. So shout out to No Kid Hungry.

We're going to put a link up for them, too. Appreciate y'all for that. I'm glad you brought that in. Yeah. Not only is it a great cause, but you make me look like a trivial talking about podcasts. Well, hold on. Just to be clear, right? And shout out to Ty. He comes on when we do the charge summit. He comes on, he fires everybody up. Thank you for that, by the way. But what we're doing in the market, and as blunt as I am by, hey,

we're only here to make money and it's a selfish endeavor. You can't donate to those causes. You can't help anybody unless you take care of your own house first. Bingo. So you're in the market not to buy ESG funds and save the world through your portfolio. No, no, no. Buy the dirtiest, grossest companies that hurt the world the most and make money there and then donate. That's real. That's real. That's real.

People don't like to hear that, but that's real, right? Yep, that's real rap. I appreciate that. Good place to end it? Yeah, no doubt. 100%. Honestly, this is like the most fun I've had in a long time. I could do this for another hour.

I love you guys. I know. More tequila. Yeah, Tyrone might need three bathroom breaks, though, if we do that. It's just caffeine, man. John, cue my theme song. Yo, you guys killed it. Appreciate y'all.

I mean, the charts. Love and light to everybody. The crypto. What is that shit like all the like what do you mean whatever you just did how's that feel all right we're out of here hey make sure you check out our youtube channel if you want to watch clips from this event it's youtube.com slash the compound rwm check out on ramp capital if you want to learn about what tyrone is working on. All Star Charts, JC.

All the JC stuff is on point. Money in the Bank. All right, guys, we love you. Thanks for listening. Love you too, man. Thanks for having us. See you next Tuesday. Thank you guys for coming through. I saw you do that Money on the Bank.

I like that. You know what I'm saying? Only with higher rates. Somehow you're louder when off mic. That sounds louder. Your voice is on fire. He doesn't need a mic. Dude, the best is when I... Do you hear that? That sounds louder. Your voice is on fire. He doesn't need a mic. Dude, the best is when I...

Do you hear that? He sounds louder. When I go on TV, they're like, all right, you see count to 10, so then I count to 10. Turn your mic down.

Can we go live? Fuck! Producer's like, jeez. Bust out the best of us. We got to do a break in there. Oh, yeah. That was amazing, man. That was amazing, man.

That was amazing. Michael, you'll probably have a bunch of emails from my team. I would agree. JC, what do you think? Wow.