The Compound and Friends - The Stock Market is Drunk

Episode Date: September 17, 2021

On this week's episode of The Compound & Friends, Michael Batnick, Dan Nathan, Haley Sacks, and Downtown Josh Brown discuss: the ever-rising market, nonsensical valuations, the pandemic's long-term impact on kids, Robinhood or Uber, social media WTF, Mailchimp, recommendations, and more! This episode is brought to you by Rocket Dollar. Use referral code COMPOUND at rocketdollar.com/compound to get $50 off at sign up!   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

Why do you guys beep the, um, why do you beep his F-bombs? We have a, we hear from the audience sometimes. Really? Yeah. We have a very big Christian fundamentalist audience. It's weird. I don't know how that happens. I've never said, I've never said the word.

Same. You do too, right? It's weird. You know why? Because my mom would be disappointed. Does your mom listen to all your episodes? She listens to some. I mean, she, I will tell you this, that I did Options Action.

She doesn't know what you're talking about most of the time, right? I did Options Action on CNBC for 10 years, okay? She watched every single episode. I'm not lying to you. This is a show about options. You know what I mean? Once a week. Like, it's totally not applicable to her other than the fact that you're on it.

My wife? Zero. Yeah, well, Sprinkles doesn't watch me on TV. Yeah. A few months ago, Robin goes, does anybody still listen to your podcast? Like now she said it just like that. Pretty much.

She wasn't joking. Dude, that is an amazing milestone, Michael Batnick. And I will tell you, did you start podcasting before Josh? Way before. 2017. Years. That is, honestly, I'm floored by that. Let me tell you this.

You know what's funny? When we start, thank you. When Ben and I first started the kick around the podcast, literally, remember the New Yorker cartoon said, I'm thinking of stopping a podcast? I felt like she was like staring into my soul. I felt so self-conscious. I was like, fuck.

And it sounds like everybody had a podcast. I was talking to Ben about this. It's enough of everybody has a podcast. First of all, there's a thousand channels on TV. I heard that take. You're wrong. You're wrong. I'll tell you why you're wrong.

I heard that. You don't have to watch every channel. How can there be too many options? Just don't watch. Mike was saying, so what? Everybody has a podcast. Just don't listen. Everybody doesn't have a podcast.

What's that noise? No, it's me. I'm doing it in sissy way. Everybody literally does have a podcast wait the problem is it's dilution of good guests because so many people you would get as a guest are already doing their own podcast this is my hot take imagine if everyone had a late night talk show where would like how imagine if like conan o'brien i shared that clip today with norm mcdonald imagine if in 1997 he was like norm come on my talk show and norm was like i can't i'm

doing mine that night like that to me that's the problem all the good people like dan are doing their own shit anyway what not everybody has a guest podcast patrick O'Shaughnessy does. Dan does shit with- Dan has a guest every week. You do? I'm glad you listened. Dan introduced you to Indama Kong Su today. Dan has- Yeah, I saw he's in Fintwit. Anyway, oh-

He's killing it on Fintwit. He's actually filled the Josh Brown void. Somebody had to. But he's threading. He's a little- He's threading, and you never got into the threading. You got off before the threading became a thing. I hate threads.

Honestly, instead of doing a tweet thread, why don't you just put on a sandwich sign that says, I'm a douchebag? It's never time for a thread. Listen, we have some good friends who are really good at threading. I do. But it's never going to be for me. Write a blog post. If you have 500 words on a topic. I think Twitter agrees with you. Not everybody has a blog.

Josh, not everybody has a blog. Can you just get one? He forgets that sometimes, you know. No, I'm not saying like, oh, you make a really good dish. You should open a restaurant. Why can't you just get a blog? Just get a blog. Hey.

Or get a sub stack. Or a sub stack. What's the big deal? Josh, do you remember when we went to Artie's apartment? Artie Lang? Yeah. Yeah. And Artie told us a story that him and Norm, do you remember this?

Yeah. We were talking about Norm today. No, I don't remember the story. Artie and Norm were good friends. Norm MacDonald were good friends. They made the movie Dirty Work together. Artie and Norm were at a party. Chris Farley. hailey was there chris farley walks out of the bathroom with andy dick do you remember now yeah yeah yes i'll leave it there

i mean yeah the genius of norm was that all of those late night guys conan and and um obviously they were just crushed by him he He would come on and he would make them laugh in a way that was so unique to the funniest guys that we know that generally that dude get $20 million a movie or something like that. That guy killed and he never had the sort of career I think it was commensurate with that.

You know how overused and cliche that term is like a comics comic? He really was though. In real life. He used his career too to lift other people up like on his netflix show do you ever do you ever run into him i've seen him before like at the cellar and stuff i used to be like so deep in the new york state comedy scene so i feel like my whole i don't even think these guys know that you did stuff for lauren michaels and yeah no i'm like i'm really funny i don't know if you can tell

i know you're funny. Yeah, I'm just holding it back. Yeah, no, but I start when I was like first got to New York after college, after living in New York my whole life and then just leaving for a little short period of time for college. I was like Lower East Side, all the comedy, UCB. I worked for Letterman. I worked for Lorne Michaels. So yeah, I saw Lornene I saw Norm on Letterman too he was amazing

Norm was so Marin re-released he was on Marin in 2011 I listened to it today and it was haunting because Norm said the only that he's like seriously afraid of and he wasn't kidding

was illness and death and to hear that was like really chilling how long ago was that? 2011 yeah probably before he got sick yeah but when people are sick and then they die i'm like okay you probably feel better now you know what i mean like if you're

like really struggling i'll be dead as being better than he was like quietly sick you know he was like quietly sick like he maybe he was saying on mark maron's show that like he didn't really want to like be like publicly sick i could see that because then you're like you know what i want he's like not the kind of guy who would have wanted a sympathy lab. I'm going to take all the sympathy. You have a T right now. You're coming in and you're like, I'm sick. I'm getting closer every day and I think that if it's going to be

a long, drawn out sort of thing, if it's going to be a long, drawn out thing, I'll take the sympathy. Didn't Gary Shandling kind of it was the same thing? He got super zen. He wasn't so like into the sympathy. He was just like, yo, let me like get into meditation. I'm going to like teach everyone like how to like find peace.

I feel like Jews have bad genes. That was the end of the Andy Kaufman thing too, was like he got very into Eastern medicine. Like I guess you don't know where to turn. That's how your life always ends, is just like finding peace through like Buddhism or something. So what is this podcast about anyway? This took quite a turn.

I feel like we should be talking about death. The Yom Kippur is tomorrow. If you don't get written in the book of life. Let's tease out that I think Jews have bad genes, that take from Bannock. No, I stand by that take. He's standing on that. I'll double down. Don't make me. Well, we do. It's true. There, I stand by that take. He's standing on that. I'm going to double make, I'll double down. Don't make me.

Well, we do. It's true. There's Tay-Sachs. There's, I have Crohn's disease, which is big time Ashkenazi, European disease. I have asthma. Asthma feels more yours.

Josh, how long ago was that? You were out of, you were out of. I was sick last week. I was on steroids last week. Oh man, you got so much sympathy on Insta. Like you're, I feel like you being being sick is the best thing for your brand. There's so many moms who follow you who are like,

you're so brave to post this. Like, oh, my God. Well, I'm an influencer in the Crohn's community. You are. Because I've raised money for the foundation. Yes, yes, yes. I don't want sympathy per se, but I have discovered things that work for me.

It's more of like a just so you know. And I try to share. Just so you know. It's more of like a just so you know. And I try to share. Just so you know. It's more of like a just so you know. Yeah, just preempting anybody being a dick to me on social media. Like you should just be aware that I have a chronic condition. Oh, yeah.

If you get any sort of bullying, just fire back. Be like, just so you know, like I'm having a Crohn's flare up right now. I mean. Is it debilitating? Like you couldn't go do a meeting. Not anymore. Yeah. I'm on Stelara.

Yeah. And it's changed my life. Wow. And I resisted being on a medicine for probably two decades. Who makes that drug? Pfizer? Stelara is a biologic. It's a small company, but then they have like a partnership with probably a German pharmaceutical.

What's the ticker? Probably made bad chemicals for the Nazis a long time ago. But it works. that probably made bad chemicals for the Nazis a long time ago. But it works. And I encourage people that were like me and saying, I don't need to be on a drug. I can manage this with diet.

Who would say that? It makes no sense. No, young people. Steve Jobs, his cancer. Who would say that? Steve Jobs died because he wanted to just eat broccoli every day. I mean, because of his cancer. He refused to have it treated until he had no choice.

How about this? I couldn't swallow meat. For whatever reason. When I would eat a burger, it would like, just, it would feel like there's like knives in my throat and my wife would like roll her eyes at me. It's like, Oh, this again. So I called the doctor. I called the theme of this show so far is like how little regard Michael's wife seems to have for him, but it's totally not true. So I called my ear, nose and throat doctor. He goes, do you have asthma? I asthma i was like yeah but i don't know what that has to do with anything he was actually it has everything to do with anything you've got stuff and stuff some of the gitis whatever so i went there they put me under the endoscopy he goes see told you asthma of the throat or whatever it's

called wow so now i think for me like i'm this is like a different gen that i usually hang with and i'm like oh is this like what i'm looking forward to you know like we're just gonna hang out and then sort of like, what illness do you have? Yeah, yeah. How's it going with you? How's your body feeling? Hold on, last point.

No, no, no. The reason why I said that story is I take a Nexium every day and now I'm cured. My life is 150% better. Miracle drug. You take one every day? Nexium every day. I take Humira once a week. I poke myself with that.

I have a psoriatic arthritis. Okay. And that is a debilitating. You take a needle. So I'm a needle every two months. I'm every that is a debilitating. You take a needle. So I'm a needle every two months. I'm every week. I can't complain. Anybody mess with Metamucil?

Oh, man. I like to mainline that stuff. Can't relate. Hey, Duncan, before somebody drops dead, what do you think? Should we get the show started? This is pretty dark. All right. So let's change up the energy a little bit.

What do you think? John? We're bringing the extra fiber today. Coming in with three claps. Sorry. I had coffee. That third clap definitely hits different. Let's hear it.

Episode 15. 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 Rocket Dollar. If you are trying to 100X your money, and I've never done it, but I imagine it's a lot of fun, why not do that? You know, Duncan, people tend to go nuts in their taxable brokerage account. No, no, no, no, no. If you're going to swing for the fences, you might as well at least get the tax deferral. Am I right? Yeah. So with Rocket Dollar, you bring your own deal. If you want to invest in a general partnership, a joint venture, a business loan, private equity, private tax liens, anything that is not AAPL or SPY, basically, you go to Rocket Dollar.

They'll set you up. Visit rocketdollar.com slash compound. All right. All right. Look at this. This is welcome. Welcome, ladies and gentlemen, to a very special Yom Kippur edition of The Compound and Friends. It's pretty exciting, right?

Holiest day of the year. Okay. It really is. And it's going to be super dewy. I'm just going to give you that disclaimer up front. We probably should have an ear, nose, and throat guys on standby for this show, but we don't. But here's what we're going to do. I think the first thing we're going to talk about is market-related, and then things will probably devolve from there.

But I want to make sure everyone knows that we have, like, social media royalty in the house. Right? Would you agree? Don't look at her. You too. Well, we'll do that in order. First of all, Hayley Sachs, a.k.a. Mrs. Dow Jones,

the funniest financial media person that I have ever met. Like, hands down. Let's give that a round of applause. Oh, thank you. No pressure, but I really want you to be funny today. I know. I really want you to be yourself today. I haven't decided yet.

I haven't decided yet. Okay. I might hold back. Just kidding. I would not. And Dan Nathan. Dan Nathan, you might have seen me just completely shredding his takes on the market on Fast Money over the years.

And Dan is an accomplished trader and a hell of a financial media person himself. And Dan, thanks so much for coming by. I know you do seven other podcasts, so I appreciate that you had the holiday off from all of that. Did you notice I literally walked in here with just a cup of tea and sat down, which is actually amazing because I've seen everything that you guys just had to do to get us in the seats. And it's a lot of work. So it's really fun to be on the other side of it.

It's a lot of work. So how many days a week are you doing your pod? We have a once a week on the tape podcast you have been on. I hope Michael Batnick will come on very soon. Haley Sachs will come on and make us all laugh. But that drops Friday. It's not really in competition with The Compound. You know what I mean?

No, no, no. I look at them as sister shows. Yeah. As long as mine is better. We're actually going to be launching – we are going to be launching a new podcast, and you two are going to love this thing. It's going to be on tech. We're looking at through three lenses, through public markets, private markets, and through the media. We're calling it OK Computer, but it's O-K-A-Y, exasperated computer.

OK. That's pretty cool. Tom York might sue you. No, see what I did there? I changed it up here a little bit. And we're going to launch another one. So the podcast is Guy Adami and Danny Moses. Correct.

And they're both great. And I listened to your last episode the other day, and I was saying, like, you guys almost sound like sportscasters together. Is that deliberate? You opened the show talking about sports betting, so it's not my fault to make that connection. Yeah, and we had Donnick and Sue today on, which was pretty fascinating to talk to him.

We did not talk about betting. We did talk about the NFL. We talked about a lot of stuff that he's just interested in. And, you know, for us, what we wanted to try to do with our podcast, and you guys are doing it too. You guys are doing, obviously, an amazing job here, is, like, we love Sports Talk Radio.

You guys grew up listening to it in the car. But I could tell that all three of you guys are doing, obviously, an amazing job here. It's like we love Sports Talk Radio. You guys grew up listening to it in the car. But I could tell that all three of you guys have that connection with each other. Mike and the Mad Dog. Yeah. Big fans. That's what we're going for, of course. Yeah. It works.

Thank you. It's great. So what are you saying about the market this week? Yeah, what's your problem? Wait. I bought that as a segue. I thought we sold Russia, Sean, and buy Yom Kippur, right? Like I know that seems really generic, but they're just – they ripped right into the close today, right?

Into our atonement. I think that still would have worked though. Isn't it down six out of the last eight days or something? Yeah, something like that. No, it's barely down. All right. So this is the one thing is like those peak to trough declines are getting narrower and narrower. Do you notice that over the last year?

And that's the one thing that I'm just saying, I think it makes sense to keep an eye on because also the moves to new highs, just if you think about the other side of it, are getting smaller and smaller. So the range up 20% in the year, up 100 and something percent from March 2020 lows is getting tighter and tighter, right? Could the max drawdowns go positive?

It was like, we're down 10%, then five, then four, then two. Can we just make new all-time highs every single day? Wouldn't it be funny if like the next version of a drawdown is up 1%? And everyone's like, this market's terrible. That seems where we're headed. All right, this is your tweet. We're going to read it and watch the big screen. This is Dan Nathan.

Hold on. Why don't you read it for us? This is your voice. Oh, yeah, you do. Why are we reading your tweets? Tweet it to us. All right, at-risk reversal. I swear this happened in February 2000.

Why are you giving yourself a list? Can I? At the hedge fund I worked at. What? Oh, man. Sounded good to me. Do it normal, though. I swear this happened in February 2000 at the hedge fund I worked at.

After a brief sell-off in the market, a tech analyst PM, who is a former telecom engineer, stood up on our trading desk of 20 people and declared, the market will never go down again. And then my comment here is me now saying. It really feels, I mean, that's when they pull the rug out. But the sentiment. I love the screenshot from Bloomberg. But Dan, were you being ironic? Were you trying to be silly?

Were you being serious? Yeah, no, huge status. Hashtag status. Oh, you ever go on that chat? Bloomberg chat? I met some guys there. B-chat? Ooh, yeah. Yeah? Some cool stuff happening on Bloomberg chat. I met some guys there. They're not that interesting, though. Wait, is that your Tinder? Bloomberg chat? A little bit, yeah.

I mean, until they started to make me pay for it. Right. Yeah. Do you get to use their charts? And you can buy Rolexes, too, on it. They have, like, a used part of it. You can buy, like, shit. Oh, the marketplace? Yes, the marketplace. There's a lot happening. Powered by eBay?

You wish. It's, like, powered by, you know, I don't know, probably Saudi Arabia or something. Dan, I was in the market in February of 2000. Yeah. And Haley was in junior high. Michael wasn't born yet. Michael wasn't born yet. Michael wasn't born yet. I distinctly remember a conversation

with another stockbroker and we were like always pitching stocks, right? We were pitching like 3Com on the Palm Pilot spinoff, like Lucent. And I remember somebody making the statement, why would anyone ever pitch anything other than a tech stock? And then of course, the NASDAQ fell 90% after that, and every tech stock got demolished.

And not only that, but non-technology stocks did fine. Isn't it possible that we get a blow off here and everything tech related that's been leading the market for 10 years gets wrecked, but people who are buying boring shit do okay? Is that possible that we could get to that place again? I mean, a year ago at this very time, we were contemplating how deep that correction was going to be. Remember we had that blow off in August and everyone was like, what the heck is going on here?

And all the major tech names were just going berserk. And then September 2nd, we opened up and then it closed on the lows. And then literally the S&P went down 10% in a straight line over the next few weeks. And the NASDAQ went down 14%. But Amazon and Apple and Microsoft, the biggest names in the entire market, went down more. They went down 20%, 22% or something like that. And so those are the sorts of things like that sort of fear, I think, has not gripped the market since then. And that's the point of the tweet. Yes, Michael Batnick, it is being ironic in a way because if there's not fear in I think, has not gripped the market since then. And that's the point of the tweet. Yes, Michael Batnick, it is being ironic in a way because if there's not fear in the market,

then you can't have those sorts of situations that are constructive, right? Like you guys are really, I know you guys are into behavioral finance and stuff like that. You just can't go up in a straight line. I mean, things have to sort of correct a little bit. And I feel like we're in a very-

It's like sports betting. A little bit. And I have some thoughts on that we're sports betting a little bit. And I have some thoughts on that. We're going to get to later, but I, you know, that that's just my take here. I think if you're the, one of those 46, 50 S and P year end people, you want to see a seven, 8% correction sometime in the near future. Because 46, 50 from here, it doesn't do you much good. If you can catch it down 7%, down 10%. Yeah. I mean like, so Microsoft this morning, it's trading up a percent very near an all-time high because they're going to buy 60 billion dollars of their stock

back that's all they ever do is buy tens of billions of dollars of their stock back why is that the sort of headline that should drive you know what would you tell me what's one and a half percent guys on 2.2 trillion dollars that that's a good buyback announcement yeah but last year uh stock splits were driving up monster stocks 10% in a day. So the idea that things need to make sense, like that went out the window a long time ago, I think. I was listening to Cathie Wood. Have you ever started a rumor like online

that then moved the markets? Did any of us? Yeah, you can tell me. I don't think that any of us know. You did the Litecoin rumor? No, God. You can take credit. That would be cool.

I'm not deep enough into crypto to have even seen it in time to have made money let alone started it i feel like we should try and create more rumors well you could definitely do it easier with crypto than with microsoft crypto yeah we're right in there do you what when you see like the the the people asking you questions and like the investing questions i know you do a lot of personal finance too. Do you get the sense that there's a generation of investors that would never do anything other than buy technology stocks? Like they almost feel like it's the safe way to invest. I think that's really interesting.

Like is technology the new boring stock? Yeah. I think as we see the S&P 500 add more tech stocks too, it's going to become more and more commonplace. Yeah. Yeah. I mean, I, look, you guys are sophisticated. I really try and like produce content for the masses.

And so obviously I'm not that down to be like, yo, definitely buy that individual stock, even though you don't have an emergency fund saved. Like, good idea. But yeah, no, definitely a lot of questions about tech stocks. That's what their portfolios look like. The people that are— Oh, it's all.

It's all that. It's got to be all that. Like, they're not—they don't have, like, Berkshire Hathaway in their portfolios. No, no, no, none. None, none, none. Yeah. But, you know, won't the boring stocks do well either way? Like, it's not like—

How boring? Well, people are saying— Like, say you go straight S&P. People are saying Apple is the treasury bond in my portfolio. Come on. Apple and Microsoft. Come on. They have so much cash that when the stock goes down, they just buy back shares. Nonsense.

Well, no, of course. But I'm just—I feel like that's the mentality right now. Well, there's no regard for valuation right now. So Apple is trading at probably its highest, you know. What's the valuation thing? It's about 26 times. And for fiscal 2022, you know, they're expected to grow earnings maybe 1%, 2% and grow sales, you know, low single digits. So you tell me what you're playing for here.

Are you playing for services growth, which is a higher margin business? You know, I kind of understand that. I just don't think it's particularly natural that here's a $2.5 trillion market cap stock that, you know, investors think now is that T-bill. Can I say one thing, though? You know what you're doing that hasn't been working? Not that what you're doing is not working. Many things. No, no, no.

In life or what? You're doing second-level thinking. So I'm working on this like pet theory. Okay. Ugh, I hate that phrase. But I am. So first level thinking is Apple's a great company. My mom has one.

My dad has an iPhone. I have an iPhone. So therefore, Apple's a buy. That's like first level thinking. And Howard Marks talks about second level thinking where he says, okay, but if you recognize that Apple's a great company. Yeah. Everyone else does. Isn't that already in the stock?

It's in the stock. It doesn't already exist. But so my little like pet theory is like, well, if everyone in the market is now a first level thinker, then second level thinking is a waste of time. First of all, I think it's good enough. Guys, Dan, you. Tesla. Tesla makes a cool car. I'm going to buy the stock.

It fucking worked. Apple makes a great product. I'm going to buy the stock. It worked like one after another, even GameStop. I like playing video games. I'm going to buy GameStop. If the whole market is now filled with people that are 24 years old and they're all first level thinking,

you're defeating yourself doing any other type of thinking. But also, doesn't that just bring us back to basics? Like the fundamentals of finance are really simple. Which are? You know, like if you look at like Warren Buffett, you're talking about Howard- Yeah, but what he's saying is that there's a total disregard for those fundamentals at the moment.

I mean, I really think that's what's going on. I've seen this- I'm saying it's people betting on brands. Yeah. Yeah, betting on brands, but the thinking is sort of the same where it's like really like sometimes when I read like a Warren Buffett paper or whatever, I'll be like, you know, just like having a fun night in reading WB. Like as you do. As one does. As one does. I'm like, oh, duh. You know what I mean? Like the oh, duh. You know what you guys just described is why

the reason that people are telling you they're buying NFTs right now. I mean, that's exactly it. It's about identity. What do you think about Steve Cohen? It's about association. It's about all. I mean, that's how you're saying that's what's permeated into the NFT market. Because let's just say you're like a millennial and you bought your first car and it was a Model 3 and it was 45 grand, which is you could have bought like, you know, a Jeep Cherokee for 45 grand.

But you bought that and you love it. And now you feel you're a part of something. And Elon Musk is doing this right to the SEC and to the haters and this and that, whatever. So it's identity. Well, now you're part of a movement. Yes. Yeah, yeah. You must.

I mean, I see that every day. That's a community, but that's what's really so powerful about it. Like you're only as strong as your community. I just feel like people belong to the tribe that's into their investment and second level thinking you're defeating, you're defeating yourself because that's not how other people are at a bull market. So a second level thinking is another form of risk management and in a bull market, it looks foolish, right? Like by definition, anytime you manage risk when stocks keep going up, you look like an idiot. But in, in Dan, you were probably on TV talking about this in 2013 with Apple. Who's left to buy?

Everybody owns Apple. It's the most overloved, overbought, over-owned stock. It was a – And that went up a trillion dollars. That was when it was at $500 billion market cap. It's at $2.5 trillion. And a lot of it recently is multiple expansion. But the fundamentals of these giant companies, we've never seen this before.

And Cathie Wood was talking about you were around. There's too much muscle memory at the top with people who control money to 1999, that everybody is so afraid that we're going to see another tech wreck. Yeah. But you know, it's funny, her ARK investment ETF is down on the year. Her top five holdings are all down or massively underperformed the market. And so that's a fact. I see Pat and Nick going over the Bloomberg machine. No, they look terrible. No, T-Dog, Zoom. And so what is actually innovative about Roku? You know, what is innovative about, you know, I mean, listen, you get my point. It's like I could, Teladoc is down 30%.

Zoom? Cut in half. It's terrible. Yeah, but also like she should know that no one uses Roku. Like if we're going back to like people making these topics or personalities. Who does use Roku? Whatever, like streaming. You know who uses Roku. Like if we're going back to like people making these topics or personalities. Who does use a Roku? Whatever. Like streaming. You know who uses Roku? People that bought their TV at the Price Club.

I swear to God. If you buy a TV at BJ's. Sounds kind of elitist. No. I'm just saying. These are facts. I'm not saying there's anything wrong with it. I have a TV that we bought very cheap and Roku is the operating system preloaded. So de facto, if I want Netflix on there and all this shit, I'm downloading it from Roku.

You know what? Throw Roku on the trash heap of tech, of hardware like TiVo and stuff like that. I mean you can tell me at one point I think it had like a $75 billion market cap in the not-so-distant past here. And you're saying to me, like, look at all the streaming stuff. Look at all the, listen, this is where Apple's going to basically end up. Once they have the content, that's the reason to go use an Apple TV, you know, that drives you there. They're going to aggregate all that stuff.

So all this stuff that's been unbundled, it's going to be bundled on that little black box. Into like the iTunes of TV. That's right. That's it. Let me read this. I think the stock market's drunk personally. This was, this is from the Wall Street Journal. Joby Aviation.

Anybody heard of that? Okay. It's like electric air taxi. It's an electric helicopter. Nobody will ever fucking get into one of these as long as we're alive. Okay. I'm not. Fine.

It's going to begin an electric air taxi service in 2024. I hope the CEO doesn't hear this and say I'm betting on Josh Brown. Its current valuation is worth more than Lufthansa, EasyJet, or JetBlue. Earlier this year, Tesla was worth more than the next nine car manufacturers combined. Only now it's bigger than the next six. Beyond Meat, which is made with pea protein, is worth more than the entire market for peas eaten globally. This is Andy Kessler, by the way.

He's a great writer. Used car sales platform Carvana is worth more than Volvo, Honda, Ford, or Hyundai. Airbnb is worth more than Marriott and Hilton combined. What are you trying to say? And crypto exchange Coinbase is worth more than the NASDAQ. What I'm saying is that what these things have in common is that they're younger, newer brands and more exciting. With a story. More exciting than people's dad's brands.

So Carvana versus Volvo, Honda, Ford. If that's what's determining what stocks are working in the market is how excited people are about the brand. That could go on for a long time. And there's no reason why these things have to revert. Like there's no story that I can tell in my own head that Marriott is all of a sudden going to shoot past Airbnb. And you can like laugh that they own no properties

and Marriott owns- Which would you rather own? Which like, I think Airbnb is a better business today than Marriott. You think so? I don't even think it's close. You think so? Which, like, I think Airbnb is a better business today than Marriott. You think so? I don't even think it's close. You think so? Yeah, I do.

Well, they bought hotels.com. I mean, you just mentioned Carvana. Here's a great example. It's a $50 billion market cap company. It's insane to me. They have half the sales of AutoNation. AutoNation trades at seven times earnings. Okay, it's actually growing its earnings.

It has earnings. Carvana doesn't have earnings. That is the most wild thing. So AutoNation, half of their sales have moved online. Half of their sales are used cars. So, what is Carvana working on right now? The pandemic acceleration of online sales and then the disruption as far as original manufacturing of cars. Why is that a $50 billion market company? Excitement. I'm telling you the answer. It's crazy.

But also I think that that is a trend that you're going to start seeing more and more is like sustainability because people are obsessed with it. So like you're going to see it in cars. You're going to see it in fashion even more than like a rent-the-run. I don't know. I think it's sort of dead. What's sustainable about Carvana? That you're not, it's not going to a junkyard.

Someone's using your car. But it is something sustainable about Carvana? That you're not – it's not going to a junkyard. Someone is using your car. Or it is something sustainable about not producing something new. They're using something that's already in the system. With all the stuff that you're talking about, like so short the expensive one and buy the cheap one. Good luck with that. That's how you go out of business. All right. So Josh introduced me before and said – I think you said something about like market pundit, okay?

I didn't. I don't do what you guys do. I don't manage other people's money. And I don't do it the way you guys do it in a very smart, sober manner, right? That's why people come to your firm to do that. What I'm talking to people about is I'm on a panel on CNBC, the most widely watched, you know,

like financial news channel in the world. And I'll be with like three or four other people and they're all saying the same bullish thing, right? Like, so I'm just telling you, like, like, that's just the way it goes. Josh, you're on one of those panels. So what I think the value I can add is like, okay, I was trained in this business by some pretty smart guys, not nearly as successful as those people are. I'm just trying to pick it apart. I'm trying to help you think about it a little bit, the way somebody who's entering a trade, you guys know this, or an investment, if you don't know how that thing goes wrong, then you're probably doing it wrong, right? So that's what I'm trying to do.

What if the answer to all of these trades is the same, like how they all go wrong, is all of a sudden somebody wakes up and says, wait a minute, this is overvalued. Yeah, but they are going wrong. That's the thing. We act as though they're not going. Teladoc was at 308. Now it's at 133. Zoom went from 590 to 280.

That's a good point. They're not all continuing to make new highs. I mean, these things got cut in half. Zoom got cut in half. I mean, could it get cut in half again? Sure, why not? That was the story of the post.com bubble. These things, 01 was worse than 2000, and 02 was the biggest gut punch. I mean, when things that you didn't think could get cut in half again, got cut in half again. I'm not

saying we ever do that. I just want to say one thing, though, about each of those parts. You've been hurt before. He's been hurt. Yeah. Oh, no, I have. But that's the muscle memory that you just mentioned. Kathy's talking about that no but I understand that but I will say this we're happy to have you

processing why is that company I'm looking up at your board Jacoby or whatever what was that thing man this is a safe space I'm getting a little animated here Joby Aviation

Joby alright here's the one thing at the top of the market in 2000 the 10 year US treasury yield was at 7% at the top of the market in 2007-8 it was at 5 or 4 the top of the market in 2007, eight,

it was at five or four and a half or something like that. We basically have been at zero for 10. That matters. And that is, that is why that company went public on the NASDAQ through a SPAC the other day or the NYC. You know what I mean? That's it. Right. And then let's take a shot. Every time someone says SPAC, we're going to be carried out of here. If that's the case. All right. I want to move on to this carried out of here if that's the case. All right. I want to move on to this school thing because I'm like very sensitive about this. And I don't really know how strongly I feel. But Scott Galloway, who I think is brilliant.

Fellow bald. Fellow bald. Fellow bald, but also a brilliant writer. He was citing this McKinsey study that says school-aged children of the pandemic era are permanently behind where they would have been. And I'll just very quickly – while their parents harass doctors at school board meetings and fight epic Facebook comment wars, our kids are not learning to read or count. McKinsey projects this learning gap will reduce lifetime earnings for K through 12 students by an average of 59,000 to $61,000. By the time the majority of these kids have joined the workforce in 2040. That sounds like bullshit to me.

Yeah. That last part. How do you invent those numbers? Like where do those numbers come from? Does that sound, does that sound real to you? Do you have like an analyst here who made those? Like,

no, this is McKinsey. I know, but it's like... That was Duncan. Duncan's production. I think that, okay, obviously kids got, I can't say that word, they got screwed by the pandemic, but like, can we talk about the other side

of the coin? Like, what are they better at? You know? And like, how's the world going to develop? Memes. Yeah. So it's like, how's the world going to develop? Manip. Yeah. So it's like, how's the world going to develop? Manipulating stocks. I like that. Yeah, it's like crypto billionaires who are like 11.

Okay, are they going to need to know how to read because they have a mining and they're like third better. It's good. She got funny. She got funny. But as a parent of teenagers,

I'll just tell you this, is that there weren't too many things they got better at and it really depended on the school that they went to, whether this is going to be impactful or not. And I just look at kids. I live here in New York City.

And back to what Michael's going to say, it sounds a little snobby. The kids who were in private schools and had the tech-enabled ability to do this stuff and they had to, they're doing great. And so I feel like what you're saying is my daughter is going to work for your daughter at some point. Which I'm okay with. Flexible hours? It's just a really sad thing. I mean, I think a lot of public schools, no matter where you were

in this country, they took a long time to get up and running. They probably didn't do things properly last year, right? So it's not no matter where you are. Well, it just shows a deeper issue. It's just like, this is just statistics that's just like showing what happens like in the school system to begin with, that it needs so much help, you know? So maybe actually it will overcorrect to use a market term. And then all the kids. No, but this is just another example of just what,

look what happened to income inequality, the gap during the pandemic. I mean, think about everyone that you know, in businesses related to what we do, they're all doing better. Yeah. You know, and it was accelerated. Well, Businesses related to what we do, they're all doing better. Yeah.

And it was accelerated. Well, but it was masked also because the people who did not see their careers accelerate, at the very least, they got infusions of cash. And they were able to live a better lifestyle of not being – doing the worst jobs imaginable and having more – in many cases being paid more to not work. I feel like it's like – how do you turn school – Which, by the way, don't say that on Twitter. Which part? Oh, my God. Say what? Being paid more.

Like, that will open a new chapter. Well, there was a period of time statistically. I know, I know. But I posted about that, and that was a can of damn worms. No, because people don't want to have that statement made. I understand it. Well, because it implies that they're lazy or that they're like – so I get it. But turning school back on is obviously going to be a massive challenge.

But I don't like this sort of number because it's so alarmist that like, come on. How do we know? Was the pandemic good for anybody? Of course not. Are people like getting screwed? Probably. Like how do you catch up if you miss arithmetic or calculus or whatever, but this hysteria of the earning, the learning gap

49 to $61,000. How do we know now picture? Okay. So the pandemic was good for some people, which is also a thing that you're not allowed to say, but there are certain people in certain careers who got huge benefits from the environment and were very heavily invested in real estate and stocks and it benefited them to a great degree, but we don't know what that really does to them long-term. But how about people's lifestyles who benefited? Like for example, I'm now home with my two kids. It was the best thing that ever happened to me. Obviously I feel I would undo it. I feel horrible that it happened, but it's a reality for people that are lucky like me that like my life is now forever improved because of this awful, tragic situation,

which is like a weird circle to square for people. So McKinsey via Galloway says it's estimated we'll have it lost as much as 188 billion a year in GDP due to unfinished learning during the pandemic. I say bullshit. How do you know? Yeah. So what's his take on it? I mean, he seems to be, he's a pretty harsh critic of education in general, yet he's still employed by NYU. Listen, I think he's a really smart guy and I like listening to what he has to say.

So he's basically agreeing with the McKinsey report? He thinks that the education system has not yet adjusted to the new reality of just the way school is going to be and what kids are prepared for well i think the good news is that you know there's great content coming out for kids like i saw ellen is making an animated kids show you know there is hope here we have beautiful people like out to generous is ellen gonna save is gonna call little ellen it's on hbo max you had me for like seven seconds i know i know i love it, Dan is going to pull his kids out of private school and just have them watch Ellen. Yeah.

Little Ellen's animated series. All right. We're going to do some head to head. And- Whose was this? This is me. You threw this in here? I threw this in here.

So 40 bucks, right? So everybody, like all of Haley's fans on Instagram and all of Dan's friends and all of our friends, people who are not like hardcore traders, but they know these names. And for 40 bucks, you can have a share of Uber or a share of Robinhood. You have to hold it for one year. What would you pick? This isn't close to me, but I'll go last. Okay. Dan, what would you pick? I'd pick Uber one year out. I would just say that I am

massively underwhelmed with whatever supposed innovation that Robinhood has brought to financial markets and to retail investing other than bringing pricing to basically zero. I don't really see the gamification. I think that's here to stay in a way. I just think the competition, I think they're much bigger rivals are going to figure it out. And I also think they get really decimated in a bear market. The average account size is like $4,000 or something like that. I think people are viewing, and you and I talked about this when I was on back in February, in the height of this meme thing that people have on their iPhone, they have DraftKings, they have Coinbase, and they have Robinhood, and they're thinking all the same way.

You know what I mean? It's an activity. So Uber, I will say, if you gave me a little – Uber is another one of those names, Michael, that has gotten destroyed. It's down 30 percent from its recent highs over the last six months or something like that. By the way, they both look like shit, but they're both about 40 bucks. Well, I just think that Uber – I think Dara is going to figure out the path to autonomy. I think they're going to figure out how to do the fleets, and they're going to integrate lots of different services. And that last mile, like logistics delivery thing is going to be a big part of it.

I think that's a company, ultimately, I'd love to see it get slayed. I'd love to see it go to $30. And then this, and then long term, I think that's my view on that. I could not disagree more. I love you, Dan. But I will take that aside, which is, as the vomit saying goes, that's what makes a market. I look at this as Robinhood is $35 billion. Uber is $72 billion.

I didn't even get into the market cap, right? And I think that – like I don't think Robinhood gets killed at a bear market. I think that people are addicted. It's the most powerful social media app in the world. And they will start trading bearish three-times-levered ETFs, I think that people are addicted. It's the most powerful social media app in the world. And they will start trading bearish three times levered ETFs, I think. So I don't think that they're ever – It's like a casino. Yeah, a lot of people get washed out.

But if your average account is $4,000, it goes to $3,000. Do you really care? Yeah. So I don't think they're going away. And I just think that Uber is still like giantly valued. I think you're forgetting one thing about Robinhood though is that most of the people in Robinhood are trading shit coins and they're trading options. But there's not a lot of shit coins. Don't you think they could get wiped out doing that and then just get bored and decide with their next $500 they want to do something else?

Yeah, by the way, I could be very wrong about this. Or you have the ego where you're like, no, no, no, it's this time. I'm going to make it right. This is a trade. There's going to be a lot of that, too. I could be very wrong about this. I think that they're going to stay in a bear market because there's always something working. Yeah.

But I wouldn't be surprised if I am very wrong and if they just disappear. That could happen. Dogecoin was basically a third of their revenue. Can't Robinhood just stick around, not disappear, like not all or nothing? But do you remember how hot the street.com was in the late 90s? Do you remember? That was the shit though and it never died it still never died because of jim cramer no but it just every year faded a little bit more

yeah they raised so much money on the ipo that it was like unkillable and they just found new writers and what what if robin uh integrates betting? Like why wouldn't they? I'm just saying right now people are so excited about this thing. And in a six-month or 12-month bear market, Michael would be right. So which are you taking? I'm going to say I own Uber. Let me – full disclosure. Oh.

But I just feel like Uber is more than taxis and it's – the delivery business is now bigger than the rides business. Yeah. But the rides business will have a resurgence. So it's you and me, V. The delivery business is so bad. You said something really – Wait, hold on. Haley, Uber or Robin Hood?

You got to pick one. For the kids. I know. For the kids. It's hard because I hate like the Uber ethics ethics so i feel like i have to be an impact you like the robin hood i don't like them either but at least it's not at least it's money and it's not like stalin or mussolini who are you going with i'm always you know who i like um the i'll say that for another time uh no but at least with robin, it's money. It's on people's lives.

Whereas with Uber, it's like horrible treatment to the actual drivers and things like that, which is, you know, you can't really... Do you take Ubers? I don't.

I try to take taxis, actually. Literal taxis. I do take Ubers sometimes, but I really, like I grew up in New York City. I love a yellow cab. My mom's like that too. Dan, what were you going to say?

I was going to say that – That's not me like betting with my wallet though. That's me trying to be a good person. Oh, okay. I like that. Robin Hood is the best thing to happen to in-game betting on the weekends. Think about this, right? There were no sports all of 2020 or the part of it, right?

And so then all these people, they went into the stock market and it is, you know, betting on whatever the heck you want to do Monday through Friday, you know, nine 30 to four o'clock. We need action. So they need action. Right.

So now when the, when the actions turned off, when the market closes on Friday, what do they do? Why did DraftKings just do this, this deal with simple bet in game betting? Okay. So it's the daily fantasy.

Oh, that's a bore. Now you need to be betting on pitches. In the middle of the game, I want to bet on who's going to get injured. Robin Hood was the best thing that ever happened to DraftKings and FanDuel in in-game betting. I did in-game betting this weekend.

When the Packers were down 17-3, it didn't work out, but I took the Packers. It was 15-1 odds. Can Aaron Rodgers come back? Of course he could. He looks terrible. We love the action. Who cares about the money? What did you ask me yesterday

at lunch? Why Robinhood wouldn't open up 24-7 trading and just be the ones doing the matching of trades? I hadn't thought about that. What if Robinhood opens an after-hours exchange? Its customers can bet with each other. They can.

It's regulated. I, but I understand that. But they don't seem to give a shit about that, about any of the other regulations. Well, that would get shut down. Because the native Robinhood user, the person that started in the last year, in their mind's eye, there's no difference between stocks and crypto. It's just like, oh, I'm trading crypto now. It's the same as trading stocks. Crypto never closes, and stocks do. Don't you think they're like, why can't I trade at eight o'clock stocks trade 24 7 around the globe

not in the u.s but like like uh on ftx forex trades around around no but i'm saying like literally you can trade cfts you could trade stock derivatives american stocks went off market hours on certain exchanges like you would have shitty liquidity. Yeah, but, but theoretically, if you're a kid who just started investing, like you, you followed some memes on Tik TOK or whatever, you open the account, you're like, wait, I don't understand. Why does this market go 24, seven? And this market closes. I think what would happen is this, is that the NASDAQ and the NYC, any company that chose to go trade 24, seven, three 65 on, let's say Robin hood, they would bump them from their exchanges because they're not regulated.

Think about the major asset managers, like the biggest mutual funds in the world, they just can't have stocks trading all the time, right? What are you going to do about it? Well, I just think that, so you'd have to have an emerging threat to the major equity exchanges that can go through all the regulatory scrutiny to get to a point where you could have 24-7 trading. It's already happening, not in the United States, but on FTX, there are like tokenized stocks that do trade 24-7. That actually started? I thought they were just talking about it.

I'm almost positive that exists. So you could trade tokens that are meant to represent the price of a stock at 11 o'clock at night? But there needs to be a settlement mechanism, right? So this is the whole thing that's going on with these stable coins right now, right? So they're supposed to be worth a dollar. This is the Tether. This is the USDC that Circle has backed with Coinbase, right?

And so the idea was that you literally have dollar reserves for every dollar stable coin. That's how it stays stable. And so one of the big issues right now is like there's commercial paper in there. There's all this other stuff. We don't know what's in it. We don't know what's in it stays stable. And so one of the big issues right now is like, there's commercial paper in there. There's all this other stuff. We don't know what's in it. We don't know what's in it. Well, supposedly. I mean, so the point is, it's not a dollar.

So here's the thing. So if you're going to make markets and these things and trade 24-7 or tokenize anything, there has to be some sort of collateral based on it that reflects the underlying, right? So it says FTX is partnered with CM Equity AG to provide brokerage services. They're fully regulated.

AG means German. Fully regulated in Germany and a licensed financial institution. So. Does anybody do a good stock trade at midnight? Also, like, is Germany like a place that like people are really like into stock trading? Is that like the hub? Do they want to trade US stocks there? Yeah.

Well, that's just where they're regulated. So this does exist. And I don't know that's inevitable because why would the SEC budge on this? Like, we don't need, Apple doesn't need to be trading at 2 a.m. A lot of things

are going on right now that nobody asked for. Nobody really needs. Mood, mood. But they're still like doing them. Listen, I hate the idea of tokenizing a stock.

Just trade the stock. But because I hate it so much, I know it's going to happen. So can we see the liquidity here? Way to go, Duncan. Or is this John? Is this you, John? There you go, John. I think this is Haley, actually.

24 hours of volume. Okay, so you see. Wait, wait, wait. So PayPal September 2021 futures. $83,000 have changed hands in this. Look at Tesla. At a price of $282,000. $91,000 of volume in the last 24 hours for the Tesla token. Why are people trading Tesla tokens and not Tesla shares? Because they're bored.

Is it a tax thing? They don't want to come out of crypto and owe the taxes? Like what could be the purpose? It's just boredom? I honestly don't know. Okay. So let's do one more. I feel like a lot of stuff is going on just because it can.

Yeah. And there's not really any good reason for it. I mean, that seems to be a lot of DeFi activity. It's going to get dumber. If we think this is to the extent that we think this is dumb, it's like the train has left the station. All right. Let's do this one. Snap or Twitter.

Both are about 65 bucks a share. I don't really have a strong take on this. I used to own Twitter and I broke even on it after eight years. It's one of the worst investments I ever made. It's the ugliest chart ever. It's just similar though. Well, this is just since January, but yeah, it's almost an identical.

There's just gaps all over the place on Twitter. It's the ugliest chart. Haley, one share. What do you think? One diggity damn share. I'm going to go with Snap. Okay, how come? Because Gen Z's always just like talking through Snapchat. It's so random. Like that's literally how they communicate.

They don't tweet. No. Like it's like instead of like sending someone a text, you're going to send them a Snap. Do you Snap? Yeah. But like only because it disappears. Winky face. You know what I mean?

But, you know, how else are you going to talk to pro basketball players? You don't have a trail. This stock like got killed and cooled off, but the service never did. People never stopped using stock. Yeah, right? There's, like, this loyal base, but also they have original content that I think is actually doing really well. Like, sometimes you see Snapchat release their data, and you're like, damn, Snapchat, you did that? Like, okay, see you.

Wait, they release data on the users? Yeah, like they'll release user data. They'll release like, I feel like I'm always seeing numbers from Snapchat that I'm like, oh, I did not see that for you. Like, good for you. Snap is $115 billion market cap. I did not know that.

Yeah, right? You're like, okay. Damn. You could bring those right here. Come on. Okay, bottle service. Don't be shy. Bottle service for Haley.

Twitter's only 50. Bottle service. Twitter's only 50? Thank you, guys. Show us what you've got. I had no idea. Okay. So it's interesting.

I'll just say this. So right now, daily active users at Snap are 293. That grew 5% year over year. This is a Q2. What is Twitter, 300? So Twitter's 200. So they do something really silly. They call it daily monetizable active users.

What does that mean? D-M-A-U. Oh, yeah. So it's ones who see their ads. I don't know why they got that granular because the number, it used to be like 300. So I guess the point is then you have to think about average revenue per user. So Snap's average revenue per user is $3.35. Do we know what Twitter's are?

It's higher. And Facebook's is like 15 bucks or something like that. Like, so, so here's the thing. We're going to get to Facebook. Neither one of these companies will ever even sniff a billion users. I don't think ever. No. And Snapchat. Twitter's shrinking. Well, Twitter, Twitter is shrinking.

It's a great question, though, because Twitter has that equally really loyal base. Twitter has people that their whole life is tied up in what goes on on Twitter. That's why you had to quit. I did quit. Yo, we've got someone here who actually is in Twitter rehabilitation.

Who? You. You're clean. That's a beautiful thing. You were, I didn't even realize when I met you how hard you went for Twitter. Can I tell you something?

Can I tell you something? It's the best thing I've ever done. And I know people hate hearing that, especially people who are still caught up in all the bullshit.

It is like the biggest life improvement. You quit Twitter for a while too. During the 16 election or right after? I did. I can't quit. You know what? I did. I can't quit.

You know what I did after this election? I do try. I unfollowed like 90% of the political stuff that I do. And you know who doesn't live in my head anywhere? You know what I mean? I've actually- Don't say it. I won't say it.

Voldemort. No, but- Did you just say Voldemort? I did. That's what I was thinking. I did. I muted his name and I don't see anything about it. And I just live my life.

So the political thing didn't bother me. The politics on Twitter didn't bother me as much. Honestly, it's the financial stuff that really pissed me off the most. Because I just feel like it was a contest of who's smarter. So I never tried to do that. So one thing I'll say with you guys. It's boring. It's the same losers. I mean, honestly, it really is. There's content tried to do that. So one thing I'll say with you guys... It's boring. It's the same losers.

I mean, honestly, it really is. There's content. There's those people who just put out great stuff all the time. Yeah, there's about 15 of them. They all have sub stacks. Yeah, and then there's the funny guys. Batnick is with me. Do I amuse you?

There's three of those. Yeah, you said something interesting about it. I was like, what's wrong? I thought you had another bout of you know what? And you're like, no, I'm done with it. A bunch of, I think you said something about a like self-important psychopath, just something you've heard prior. 95% of the content for the show I get on Twitter.

I can't quit. Yeah. Oh, man. You ever try Google News instead? Because I used to get my news from Twitter. How do I get Eric Bound to support charts? It was really useful. It was really useful for that. I love to get my news from Twitter. How do I get Eric Boundary? It was really useful for that. I love Twitter for the news. I see a lot of people using Twitter like that.

They don't even tweet. They're just on there for the news. So this is the way if I could start all over again, that's what I would do. I would just say, I'm not even a participant anymore. Twitter is great for news.

The problem though is i can't unfollow 5 000 people yeah you know like i suggest i you have a burner account you definitely do i don't you don't even like no i don't i'm not lying no i have no idea what's going on you're not you're telling me that indama kong su is the king of fin twit i'm like all, that sounds about right. I couldn't tell you. I honestly have no idea what goes on. All right, so back to Twitter. I'll just say this. This company has never kind of focused on innovation the way they are right now.

And when I say innovation, you're going to say, well, these are things they should have done five or six years ago. No doubt about it. That's the rap on them. They move too slow. Right, and they're moving very fast right now. And so you saw that thing. What was the thing? Fleets, right? They killed it. They introduced it, and they killed it. I've never And they're moving very fast right now. And so you saw that thing. What was the thing? Fleets, right?

They killed it. They introduced it and they killed it. I've never seen a tech company do something like that. Fleets with stories? Yeah, it was something like that. And they killed it. And now what lives up there? Spaces lives up there.

And you and I were talking earlier. I think that could kill. It put Clubhouse out of business. I mean, like literally out of business and like that. And that was like the hottest consumer app of the year until Spaces came out. No, I don't think that they put Clubhouse out of business in like that. And that was like the hottest consumer app of the year until Spaces came out. No, I don't think that they put Clubhouse out of business. I think Clubhouse went out of business because it sucked and people realized that.

By the way, Clubhouse is still in business, just for the listeners. Barely. I just mean, I just think Mindshare, right? So my social graph maps to Twitter. So every time I sat on Clubhouse, I was sitting there with my iPhone in my hand looking at Twitter. You know what I mean? And the only way you find out about it is through Twitter. Same. So every time I sat on Clubhouse, I was sitting there with my iPhone in my hand looking at Twitter.

You know what I mean? And the only way you find out about it is through Twitter. So it made no sense to me. I have yet to be in a Spaces because this all happened like a year after I left. I think there's things, listen. Is it just like Clubhouse?

People have more followers on Twitter than Clubhouse. And tweets show up in it. People who are tweeting about your thing. So that's smart. It's pretty useful, right? It's good. And so, listen, you killed on Twitter than Clubhouse. And tweets show up in it. People who are tweeting about your thing, it's pretty useful. And so, listen, you killed on Twitter. There's no doubt about it. You were actually one of the first

finance people I ever covered. You guys might have met on Twitter. Did you guys meet? He tweets to me on Slack. It's great. I basically, my Slack channel is my new private Twitter and I'm still killing it. Can I get an email?

You had one the other day that was so good. It's a shame that the world is deprived of that Twitter. You should just start posting that. Maybe you'll grow. Also, Hallie and my text chain also, we should sell subscriptions to it. Oh, 100%. Wait, I just want to make sure. You were not deplatformed, correct?

What? No. I used to spend hours of my life consumed with who thinks what about what and it sucks. That's the part of it that I hate. Like I literally can't get off. I am addicted and I watch – I don't care what all these people think about anything. I watch the documentary on Netflix.

You start thinking in tweets. Oh, I definitely was doing that. It made me so angry because literally like Chamath and all the people that were involved in Facebook early, like they are hacking our brains and I am completely helpless to this app. I am a slave because it's not my fault. Like it's not any of our faults. They know exactly what they're doing with the likes and the dopamine. Like it sucks. And I genuinely hate that part that it's like just an extension of my arm.

So you're – okay. You're an Instagram person, which is what I guess I've become myself. Yeah, you big on Insta. We love to see your jet skiing pics. I love Instagram because I feel like it's people's real lives. It's fake real lives, but it's still like people post pictures of their kids and there's not like some like psychopath

in a basement throwing things at them. Like not on Insta at least. Like you could definitely control your experience more. It's a lot easier to like weed out who's super, super random. Like it's like, you know. What about this analogy? It's a gated community versus like living in the worst neighborhood in the city. Yeah.

It's good. But this morning. You put a gate up and you're just like, I don't neighborhood in the city. Yeah. It's good. But this morning- You put a gate up and you're just like, I don't know who you are. Why are you saying this shit to me? But I don't get what's different unless you're saying- No, because there's no anonymous people on Instagram.

Oh. No, but actually, as I was saying that, I'm like, yes, there are 100%. That's true. But it's not built for them. It's not meant for them. You post a picture of your kids. Nobody's going to be like,

you suck, asshole. Some people will. But this morning, the Wall Street Journal just did a- So basically you, what's this coming down to is that you got cyberbullied. And that you had to leave because you got cyberbullied. So the Wall Street Journal

did this big two-parter on their podcast this morning. It was a big article that Facebook, Instagram, Facebook has this whole program called Whitelist or something with that. There are certain rules do not apply to celebrities and they're lying to Congress. Mark Zuckerberg is just not telling the truth. There was a stat. So it's fine for adults. Sometimes 32% of teenage girls said when they feel bad about their bodies,

Instagram made them feel worse. Like for kids, Instagram is fucked up. I'd rather have my kids smoke cigarettes than be on Instagram all day. And they're not? Well, I mean, listen. Not cigarettes. Yeah, but if they're not smoking. I can't control it. I'm telling you that.

Their social life revolves around it. Yeah. Teenage girls without Snap and Instagram, that's everything that's going on in their world. They can't not be there. Yeah, no. I mean, that's a big part going on in their world. They can't not be there. Yeah, no. I mean, that's a big part of it. You can try to regulate it. When you weren't, when you weren't invited to a party when you're 15, you're like, all

right, I know those people are out and I'm not invited. Like when you're 15 and you see everybody but you, it's horrible. Like that would, I would, that has to break people. Yeah. And then all the image stuff. Yeah, but you're going to find out about that either way. Like when I was in high school, that was just Facebook, you know? Like it was like, oh shit, like I didn't get invited to that party. Like you're going to see it.

Or like if you were, you know, you grew up in the 40s. No, I'm older than you, I guess. I didn't grow up with Facebook in high school. No, no, I'm saying, I'm saying like I was making a joke about how old you are. Yeah, yeah. So you're saying like you're maybe like eight. That's how that joke works. Yeah, yeah.

I thought you meant born in the 40s. Sorry. There's going to be an epidemic in some kind, whether it's mental health or something, related to this generation. We were talking about them in school and what they might not or might be earning relative to what they were scheduled to do.

There's going to be something. Facebook, listen, I'm saying this kind of matter of factly, and maybe I'm wish-casting here. They are going to be the poster child for ESG investing in the next 10 years at some point. Take Philip Morris and Exxon and wrap it up in a big Budweiser can or something like that, and that's what Facebook is going to be at some point. So how about this? The former YouTube engineer, the journalist did a story on TikTok. All the problems we have seen on YouTube are due

to engagement-based algorithms. And on TikTok, it's exactly the same, but worse. TikTok's algorithm can learn much faster. This reminds me of like the T-1000 Terminator versus the versus just Arnold, right? Like the liquid metal Terminator. Like that's what TikTok is compared to YouTube. I feel like it's more. So I know my take is not the popular take. I see what my kids are doing on TikTok. Like I literally will take their phone and go into the app. And so I see what it's serving them. It's dancing. Yeah. And that's not just because I have good kids.

My kids are really watching dances and my son is watching guys slam dunk basketballs. I don't really understand this whole, how TikTok serves up sex and drug videos to minors. Maybe I'm delusional. I just don't see that on my kids' phones. What am I missing? What am I missing? Well, they go down rabbit holes. It's the same thing like you do on YouTube

and you end up, oh, I didn't start here. All right, so if I just keep watching nine videos in, I'm going to start seeing drug use. And then let me ask you this. Josh, you have a mid-teenage daughter, right? And you see the way these girls dance around. Think about all the perverts that are on that thing you know what i mean so i literally tell my girls you can't wear crop tops you can't do this you're gonna do your dances and stuff like that it's this charlie de melio how old do you go i don't want to do it more though the more you

my girls are 16 and 18 um but charlie de melio i mean she she literally i mean she's a 16 year old girl she's making you know tens of millions of dollars through promos, through dancing. She started dancing when she was 13. And listen, I'm sure she's a sweet girl. I'm sure it's a really nice family. They're doing a Kardashian sort of show that's coming. There was a big right at the Wall Street Journal. Oh, it's so bad.

Have you watched it? No. Oh, it's trash. It's like literally so boring. Why? Because they don't have that interesting of a life? They just don't have the charisma. They don't have that it factor.

There's something that she has that took it. She literally put TikTok on the map. I'm just telling you, like if you go and look at her stuff and I'm just telling you, I have two, I'm just gonna say gorgeous girls. You couldn't come up to me right now and say, here's $25 million. We need them to post a video, two minutes of them dancing around shaking everything they got on that thing on a daily basis i wouldn't do it well what if they're just doing it for free anyway take the 25 million yeah i mean i don't i'm not saying they are but like what if it's

going to be that way anyway go watch her videos okay why is that is that it's that out of control go talk to text your daughter right now she's going to tell you oh yeah i know charlie i mean like you know she's going to say dad why are you bothering what's your last name charlie de bellio it's like d apostrophe so my my daughter's 15 tiktok like arrived during her lifetime like she wasn't like born she just like it came yeah and she's just like oh all right did some dances and then just like all right this is not that amazing i don't think every kid gets that wrapped up in it. Like she's still on TikTok watching stuff, but she's not making videos anymore unless there's a fake account that I'm not aware of.

If I was 15 and TikTok existed, oh my God, my life would be ruined. Full tilt. Facebook was around and I was like, in like iMovie editing videos every day after school, like so obsessed even then with content. Like, and now it's so easy.

You can do it on your, Oh my God. Well, I just think whatever, like whatever your problem is with tech clock, don't, don't we all agree? The next thing that comes is worse.

Cause it just, that's just how it is. And they're coming. I mean, that's the story. I think the thread here is that it started with Instagram. Anytime you can find an audience, I'm down.

Like, it doesn't really bother me. Most people are not like that. I mean, let's be frank. I mean, most people, I mean, you know, I'm like, if you can find an audience, I'm down. Like it doesn't really bother me. Most people are not like that. I mean, let's be frank. I mean, most people, I mean, you know. I'm like if you can find a community, if you can like, you know, connect to people who are like-minded, that's a beautiful thing. Like that's what we've always looked for as humans on small scale. And now it's a bigger scale.

How do you handle, how many followers do you have on Instagram? Probably like 220. And you're barely on, you're barely on TikTok. TikTok, I have like 30K. Okay. And you're barely on TikTok. TikTok, I have like 30K. Okay. And you're not really a tweeter. No, I tweet like 10K. Okay.

You are hilarious on Instagram. Well, thank you. That is definitely like your best platform, I feel like. I love Insta, but I'm like, I really, I also love to, I want to get more on TikTok for a show. You know? Give me this bottle. I'm watching it get warm. I had this in the freezer all morning for you, Haley. Oh my God, thank you. Go know, but... Give me this bottle. I'm watching it get warm. I had this in the freezer all morning for you, Haley.

Oh my God, thank you. Go on. Don't let me interrupt you. I'm just going to crack this. Yeah, what are we saying? We're just saying, okay, I'm really good at Insta and that everyone should follow Mrs. Dow Jones. But...

Yeah, but you crush it there. Wait, can I tell you something? You have a real community built around you there in a way that none of us do. Yeah, it's just a community building. Like for me, it's like we're all Mrs. Dow Jones. Like how can we build – how can we lift each other up and like provide advice and like support because financial journeys can be really intimidating to start on and to continue on. You nailed that and the timing. When we were talking about doing –

Duncan, come here. When we were talking about doing this show, before we had like a show idea, Josh showed me your Instagram. He was like, she's going to come on, I think. And I swear, I think I told you this. I saw you for four seconds. Like, she's hilarious. Oh, yeah. Remember that?

Well, so what is the secret to doing that well and not getting sucked into it? Being funny. That's like the secret. You're funny. Yeah, I think you just have to, you have to know why you're there. Like for me, it's like, it's value-based. Like I'm there because I love my audience because I really want to help people gain financial literacy. And because I like making jokes and like, you know, I like creating content and having a perspective on culture. So I don't, I, people always ask, like there's like you know I like creating content and having a perspective on culture so

I don't I people always ask like there's you know every like marketing book or you know yeah people must ask you like how may be better on come on you have a huge audience like they ask you that too and like ultimately there is not like a secret you can't teach funny it's funny

but I think it's also just like people can tell like if you're being real. Haley, what are we drinking? Tell me what the Genesis of this is. This is huge for me. This is huge for me. Okay. Let's get into this.

First of all, I want to say like, yeah. We have this on camera. This is like the greatest tequila in the world. This is Kendall Jenner's. This is Charlie DeMillo's tequila. This is Charlie DeMillo's tequila. She called it 818 tequila because this is the area code in Calabasas. You're tripping on your computer.

Josh says it as though he doesn't know. I already know this is not going to be good. You know that it's not going to be good. I'm dead. Okay. Yeah, we're drinking Kendall Jenner's tequila. I've waited to try this with you, Josh. I've had opportunities.

It's a reposado. It's a reposado. I said, I got to wait to crack open 818 until I'm with Josh Brown. And it's happening right now. Okay. And you brought limes. I brought limes. This is like a very impressive.

Dan, you already drank this? I brought some mixers. I've not had it. But I will tell you this, that when you guys come in our podcast, you're going to get a bottle of Como's tequila. My friend, Joe Marchese, he's an investor in this company. And actually, and Donovan Su is also an investor. His wife is an ambassador. Check it out. K-O-M-O-S.

Cheers, guys. And we sent a bottle to all of our guests that come on here. So what am I walking out of here, guys? Nothing. Literally. I'm going to give you this lime. I'm going to high five you. What do you think? Knowing the

price point. What's that aftertaste? It's smooth. It's very January. It's smooth, but it tastes almost like it has something added to it. Is that vanilla? Yeah. All right. Why does she get so much shit every time she tries?

Is that glitter? Why does Kendall Jenner get so much shit every time she tries to do something? Because that Pepsi ad. Because the Pepsi ad. They killed her on this, too. She was dressed as a migrant, like Mexican worker. Yeah, but no, but The Rock did it for his tequila. Wait, do we have pictures of this? Hold on. Come on. George Clooney

did that too. Alright, wait, wait. Slow down, slow down. So this is okay, right? She's walking a burrow. She looks cute. She's misappropriating a horse. She looks cute, but wait, it gets worse. Go down. That's okay too. She's taking a sip amidst the plants. What's the problem? I think the clothes, she's kind of dressed like

somebody that would be like working. She's like wearing a hat that's like says sort of like, I wasst the plants. I think the clothes, she's kind of dressed like somebody that would be like working. She's like wearing a hat that says sort of like, I was in the field. Yeah, she is. And it's like, you weren't in the field. The hat on her back. But it is, it's a cultural critique that like other, no. Look, bring up The Rock's tequila marketing. Bring up Casamigos'

tequila marketing. Wait, you think she deserved to get slammed for that? You know what I'm saying? It's too much slamming. Oh, I agree. Yeah, we agree. 100% we're on the same page. Okay, cool. We have an alliance. Well, you think she deserved to get slammed for that? You know what I'm saying? It's too much slamming. Oh, I agree. Yeah, we agree. 100% we're on the same page. Okay, cool. We have an alliance. Well, I think the cultural appropriation thing- It's good.

It's not bad. I wanted to hate this. It's not bad. Exactly. It's not bad. It does taste like it has vanilla added to it. They definitely did. A million percent.

I also think maybe they added something to make it really smooth. It is very smooth. I don't love the aftertaste, but it's okay. Well, they're making it like in the region they added something to make it really smooth. It is very smooth. I don't love the aftertaste, but it's okay. Well, they're making it like in the region they're supposed to make it. They're definitely employing people that are local there. And now they have an impact part of it too. What do you mean? Like something about like bringing it back to the community that it's coming from.

Oh, yeah, yeah, yeah. Well, that's her answer to like everybody slamming her is like, well, I'm infusing capital into this region of Mexico. What is that? That's your mixer? I need a little mixer. What is it? Natalie's. We love a Natalie's.

Have you ever had Natalie's juice? No. Talk about disrupting the market. Tropicana, you see them everywhere. Now you go, Natalie's. It's good points. It's expensive, though. It's enough Tropicana.

Where's Natalie's? Is this a store? It's really expensive. I know, but I splurged for you. You know what I mean? I cashed in. I know it's expensive because Haley's into it. Yeah, though. It's enough Tropicana. Where's Natalie's store? It's really expensive. It's really. I know, but I splurged for you. You know what I mean? I know it's expensive because Haley's into it. Yeah, duh. Haley, only the best.

I'm an expensive gal. I don't, I don't, listen, I don't have a problem with like celebrity tequilas. I've tried them all. What would you make? I feel like you need to make something. I could see you making a face mask. Could be cool, yes. Will it be my celebrity product?

I think it could be, yeah, it would be a celebrity product. I think you could. Will it be my celebrity product? I think it could be. Yeah, it will be a celebrity product. I also could see you making your own version of Sun In. Sun In. Because I feel like you're always wearing, like a little tan. Okay.

Pepsi owns Tropicana. This is news. To me. Oh. Yes. Does that make you want to buy Pepsi? What, you knew that?

Yeah. No, you didn't. Yes, I did. Nope. A hundred percent I did. And they own Dasani. No, Coca-Cola. Dasani sucks. Dasani that? Yeah. No, you didn't. Yes, I did. Nope. 100% I did. And they own Dasani.

No, they own Coca-Cola. Dasani sucks. Dasani water? Yeah. What do I have in the fridge? Is that what I just gave you? No, this is actually from like Kirkland. That's even worse.

That was like a meme a couple weeks ago. Dasani? What was that thing? I don't even know. All right. I do want to know what your celebrity product would be. Let's keep moving. But I would give this like a six or a seven.

Yeah. I wanted to hate this. It's not great. For me, it's just like exciting to have it. It sort of feels like Kendall's at the table too. Is that your favorite Jenner? No, I go- I feel like you're a Kylie.

Yeah, I'm a Kylie or a Kim. Do you watch Dave on FX? I have seen Dave, yeah. Kendall's on one episode. Amazing. Yeah, I would feel like you'd be like a Kylie person. Who do you think I would be? Yeah, Kylie, because it's like businesswoman.

She's like, you know, keeps a little to herself, keeps us guessing. We love that. It's a little mystery. Yes, we love that. Anyway. Okay, I wanted to get into this thing about – I'm going to skip the – actually, I'm going to skip the MailChimp thing. What were you going to say about MailChimp? Just real quick.

Oh, my God. Wait, I'm so excited about MailChimp. I was going to ask you guys if you're doing as much like mail stuff as you are social media yes my newsletter is freaking popping are you using MailChimp for that no no they take you to the cleaners yo you do a price comparison with MailChimp versus I switch to float float us sponsors pod so much better okay yeah why just cheaper and you're getting the same service. MailChimp is $90 a month. It's so expensive. I was looking through my business finances and I was like, whoa, whoa, whoa, whoa, whoa. And by the way, everything though in the Intuit suite is that expensive. MailChimp just got bought by

Intuit for $12 billion. That's why we're talking about it. And we can talk about also the creators of MailChimp bootstrapping, not taking any VC money. Good for them. Amazing. to get them as clients here. They're saying it's the biggest acquisition ever by a company that built it without outside capital. What was number two?

Like what else is even on the list? I don't know. But don't you feel like they fit in the Intuit suite though? Because all those products are so expensive. Like what? Like what? That means that I do work with TurboTax. So love you Intuit.

But like, you know, and I use- But it's so expensive. They have to pay exactly exactly honestly I just took another sip I'm out on this tequila it's too vanilla yo you gotta get in

on Natalie's though Natalie's Natalie Kardashian give it a little splash Natalie Kardashian Natalie Kardashian um uh

everything that they splash splash when's the last time you had some lemonade though never see you gotta how do you send how do you send out like risk reversal and all your stuff Everything that they – Splash. A little splash. When's the last time you had some lemonade though? Never. See? You got to –

How do you send out like risk reversal stuff? Do you use MailChimp? It's fine. I mean it's at a price point. Talk to us about your emails. Well, it's at a price point. To be frank, I don't even think about it, right? Like so unless something –

Yeah, you're rich. No, no, no, no. But unless something was like a few hundred bucks a month, it's not going to bubble up on my radar. As far as a service, that's really good. They have a great user interface. But unless something was like a few hundred bucks a month, it's not going to bubble up on my radar. As far as a service, that's really good. They have a great user interface. But that's where they get – this is why they're successful though because they market so intensely. And then it's like, well – MailChimp does.

Yeah. Yeah. And then it's like, oh, well, I guess that's what we're going to use because we're doing a newsletter. They become the brand name. But there are – I just want to encourage people. There are other services. So let's play a little game. So Intuit stock literally over the last three or four months –

Batnick's going to pull it up. It literally just gone up 30% in like over the last three or four months. Why? So the question was – so they just literally gained like billions and billions. So they basically were like, what are we going to buy? They're probably not done buying stuff. It was smart. What else do you think they should buy?

You think they use stock? I'm sure they do. It was stock and cash. Cash and stock. $12 billion deal. But think about it. Hey, Josh, you know where interest rates are? They can borrow whatever they want, right?

And they're buying a company that's basically going to cross. Oh, look, there we go. Can we get a picture up of the founders of MailChimp? Are they hot? And what's the market cap? Are they single? Are they single? Does that even matter?

I forgot. Yeah, no. Just because there's a goalie doesn't mean you can't score. I think it's like $40 billion or something like that. MailChimp people, Haley is interested in the marital status. I'm waiting for them to put it up here.

Intuit's market cap is $156 billion. Sure, why not? So it just gained $30 some. No, it was a genius acquisition, but I'm just saying, like, I think that MailChimp is overplayed and that as a small business owner who has a newsletter, there are other options. Stock market being drunk into it. When's the last time you've said the word related to the stock market? It has $150 billion market cap.

What else is it besides TurboTax and now MailChimp? What else do they do? I don't know. Is it Mint? That might be like a personal finance thing or something. FinTech is the hottest sector on the planet. It makes sense that that stock is working. It is sort of kind of... I would have bought SoFi if I were them.

FinTech. For like $20 billion or something. SoFi is the most boring FinTech stock on the board. Why isn't that thing working? I think a lot of these companies that went public through SPAC are going to have a real issue. Credit Karma, QuickBooks, TurboTax, Mint. Oh, QuickBooks, right.

So they're building like a real platform. MailChimp is so complimentary to all their customers that are QuickBooks customers, et cetera. They're all sending emails. I could have seen like Salesforce buying like a MailChimp or something like that. Yeah, totally. Okay.

Let's get into favorites. Guys, can I just say I'm having fun. I like hanging out with you. This is great. It's a good time. That's kind of what the show is about. For me, it's fine. Definitely it's an experience. She's got all day tomorrow

to repent for this sin. I'm just glad I took my Nexium today so I could drink this fine tequila right here. Real quickly, you guys were all huge Colbert Report fans, right? Back in the day. All right. Do you remember he used to do this thing, the, the atone phone,

one 800 oops Jew. And he used to do it. So you got to Google this. And he used to get this white phone out. It had a big star David on it. And he would like, it would ring. And you know what? He got on the horn.

The way it would ring was like, um, Hava Nagila or something like that. And then he'd be like, hello, 1-800-OOPS-JU. How have you wronged me this year? Oh, my God. It's like Jon Stewart would come up or something. Oh, my God. Look at that sky.

That's so funny. Wait, that's hilarious. You don't have any shit like this going on. No, I got Guy Adami. That's what I got. I got Danny Moe. I have Guy Adami, too. I got to change my number.

Guy doesn't know from tech. We actually have Amanda Diaz, which, listen. Were you about to say we have a Jew? You guys are great. No, no. I was not going to say that. But Amanda's- What is Amanda Diaz?

Let's give her a shout out. She's your producer? Yes. And she worked with us at CNBC for years. She was a producer on Fast Money and all their sponsored programming. And she was last- Oh, I know that name. Yeah, you know Amanda. Okay. Yeah, you know her. So she joined us as our head their sponsored programming. And she was last. Oh, I know that name. Yeah, you know Amanda.

Okay. Yeah. So she joined us as our head of content producer. And she's doing great. Did you get a call from CNBC after that? No. I mean, listen, I think CNBC has generally been really supportive of everything that we've been doing. And, you know, listen, the landscape is just changing.

Look at how you guys. Look at you guys. We're sitting in a financial, like an asset management company. And we're creating content, and you guys are doing it great, and it's really complimentary. Those are new lights. Yeah. Well, listen.

Can I just say Lashana Tova to those listening and celebrating? Is this coming out tomorrow? No, Friday. Friday. Friday, Friday, Friday. Tomorrow, nothing's coming out. Favorites. I threw this thing up on the dock.

Did you guys see Queen of Versailles? Okay, Josh, I saw this on the dock and I felt so sad for you because it literally came out so many years ago. I know. I'm the latest. I've never heard of it. It's an incredible documentary that I've watched multiple times. Yes, of course. Why did you watch it multiple times? Did you love it as much as I did? Yeah, because I just adore a housing

crisis, like rags to riches to rags to ups and downs. And I love a mega mansion. I love Florida as a concept. Do you know what this is? Do you have any? It's a crazy place. It's a concept.

Wait, do you know what this is? No, I've never heard of it. Okay. This woman is married to the timeshare king of the world. By the way, timeshares, bloop, those are not great. Give me your rant on timeshares real quick. Oh, my God. I could go off on a timeshare.

Okay. I got it. You're not actually buying anything of value. Okay. So it is the stupidest product I've ever seen and this guy is the king of it. So dumb. I know. It's actually like he has horrible karma. Talk about credit karma, horrible. Have you guys heard about Picasso? It looks like timeshares for like rich people.

It's like you could buy a share of a second. Wait, is this a commercial? No, no, I signed up for one and they keep calling me. Is this a commercial? No, I'm not kidding. I saw this the other day. This is cool. This is the new timeshare. Have fun. Are you participating in the equity of the underlying?

I think fractionalized owners. Exactly. You're not. That's why it's stupid. But you get access to these vacation homes? Well, so there's another one that lets you get access to hotels. You're not. That's why it's stupid. But you get access to these vacation homes? Well, so there's another one that lets you get access to hotels. You get access, but the catch is you're a maid. My friend literally fell for it. Look at Duncan or John. Yo, I don't want to have someone else sleep in my bed, though.

No, I'm out. But you can't afford that. I don't do Airbnbs either. How do you know that? I do. I was looking at this, Michael, and all of them are really expensive, but also if you read the fine print about if multiple people want it at the same time,

it gets like a little, it gets a little weird. But like you, everyone gets a certain. How does it get weird? Do you have to fight the other family? Bug beds, bug beds. Yeah, like the purge. Well, and you each get a holiday or something, but then like obviously there are more desirable holidays

to travel than others. I'll take Rosh Hashanah. Guys, fractionalized ownership of places like that is coming to a theater near you. Everywhere. We just had Scott Lynn, the CEO of Masterworks, on our pod last week. Owner. So I was wondering this about even designer goods. Oh, you guys had him on your pod.

Yeah, I own, not to brag, I own six fractional pieces of art. But isn't that a super cool thing to diversify? One of my first brand deals was with Rally Road. I own six fractional pieces of art. But isn't that a super cool thing? Diversify? One of my first brand deals was with Rally Road. I know all about this. Do you buy any of that stuff? You like to hold things in your hand like me, right? Yeah, I'm literally like, well, if I'm going to own a Birkin, I want a full Birkin. Everything's very fractionalized.

Yeah. No, I'm pretty old school with my investment strategy and how I manage my money. I have a certain percentage that I put towards having fun and like, you know, playing the markets and then the rest of it is thinking longterm. To be clear, we're on the same page. I am.

I was getting like a day treater vibe. No, no, no. Ride or die for the S and P 500. Every two weeks I am buying for the rest of my life. Okay. I'm never selling,

never selling ever, but I like having fun But I like having fun. Yes. I like having fun. You're a good time guy. Well, no, but I think what you just said, Haley, is really important. Whatever percentage of your investable assets that you either want to have. You just said what I said was really important, which is huge for him.

No. Because usually what you're saying is really important. No, no, no. I just think that if it's fun and speculative and it's intellectually challenging you to figure something like that out, you're not speculating in a short-term fashion on fine art. There's no liquidity. I'm not speculating.

You actually think it's going higher. But I want to look at it. If I'm buying art, I want it in my home. And art is so cool. This sounds gross, but the thesis for art is rich people have so much money. Well, have you seen the price of everything? It's too low. It's really easy to borrow and lever up

and buy anything that is not bolted down. That's my friend's documentary, Jennifer Stockman. It's called The Price of Anything. It's on HBO. Last year it came out, right? HBO bought it. So if you have any of the HBO Max, whatever, blah, blah, blah. Yeah, get on there.

They have it. It is another fave. Queen of Versailles. You can watch it anytime. Also, The Price of Anything. It is another fave. Queen of Versailles. Can watch it anytime. Also, The Price of Anything. It's just how crazy the art market has become. But I, my grandparents made a shit ton of money in art. It's The Price of Everything, by the way.

Price of Everything. Sorry. Jennifer, if you're listening, love you, girl. And also, sorry that I mispronounced your doc. So what is this doc about? It's about art and, like like really rich people and the artists and like how that relationship works, how the market works. So like Jennifer Stockman, who's one of the producers, is an art advisor to like Saudi Arabians at this point. She makes so much freaking money.

At this point. She makes so much money because you can't even buy art. Like even if you have a ton of money, the artist won't sell it to you. Like it's a very elitist, crazy world, unregulated AF. And, you know, the artists themselves are salespeople. Like one of my best friends, Dustin Yellen. Love you, Dustin, if you're listening. He's like a really famous artist, lol.

You know I hang out with those cool peeps. And he like – when I go to his studio, it's literally like Angelina Jolie coming in and he's lighting up and like in full sell, sell, sell mode. It's sort of like being in the stock market. Whatever happens to like they don't make any money until they die. That's long gone. No, no, no. You have to build your legacy. But also like in that-

The real payoff though is still after death. After death, but even with him, we've seen like his, the prices, because all that it takes is one person

to say that you're valuable. Hold on. So Jennifer could say, okay, I got this guy in Saudi who's going to say- The value's on a relative basis. So Scotland told us it's $1.7 trillion global market

for fine art. 65% of that art is by people who are no longer with us. So basically, right? Yeah. So if you think about it. What is this? This is Dustin Yellen's piece. Is this real or is this an NFT?

No, no. He makes NFTs, but that's a sculpture. It's beautiful. That's amazing. You should come to his studio. It's in Red Hook. He's the coolest guy. And each of that is a little piece that he like has cut out of like.

Can I buy 1% of this? No, you can't. What is that called? The Human Carnival? I'm like. How much does this cost? A lot. Like he was like, Haley, want to buy one?

It's like $100,000. I was like, for sure. Like, let me get back to you. Let me Venmo you. Literally, let me get back. No, and by the way, the artists are even more aggressive than like someone in the Diamond District. Like then you say you're interested a little. It's like their manager's on you.

Like it's crazy. Did you see My Unorthodox Life? I haven't watched it. But you know what I'm talking about. Of course. Wait, are they just like, so you go into an art studio and you're like, oh, that's pretty. And then for the rest of your life, it's, hey, just following up? Well, a little bit, a little bit.

I'll fucking kill myself. No, it's either you can't buy it because you're not even in that echelon. Or you have to buy it right now. Or it's like, well, but I'm also bad because I a little bit catfished him. Like, I definitely was, like, trying to be cool and rich at the studio and was like, oh, for sure. Now he thinks you just buy shit like that all the time. Yeah, he's like, oh, well, Haley's like a done deal. So let's just, like, get her done. Let's close Haley. Yeah, I'm like, oh, well, Haley's like a done deal, so let's just like get her done.

Let's close Haley. Yeah, I'm like, no, no, no, no, no, no. That's more than I have allotted. I can picture you being like, does the art come with any amenities? Oh, literally. No, I stay at his house all the time, so it sort of does.

Oh, so you almost, you might have to buy it. No, I literally do because he's like done a lot for me. Anyway, Queen of Versailles, I know it's nine years old, but what I loved about it. Yeah, tell me how you even got to that. Like, how'd you choose that title? So- TikTok? No, we never had a H for me. Anyway, Queen of Versailles. I know it's nine years old, but what I loved about it- Yeah, tell me how you even got to that.

Like, how'd you choose that title? So- TikTok? No, we never had a Hulu subscription in my house. That's huge for you. You took mine. Congrats, you had Roku.

Did you use mine? No, I just got one because my wife's like recovering from a surgery. Watch Dave. What happened to Sprinkles? Watch Dave. I will watch Dave.

What happened to Sprinkles? She had ankle surgery. Oh my God. It's terrible to have a foot surgery. She's been in bed for, I think today's the 10th day oh my god i'm sending her thoughts in person so we're watching documentaries from 2012 that's how we're getting through it but anyway it was other ones are you watching they were so i i think i don't know this is the big one for me okay keep talking about it sorry well they know they were like trying to get like more titles to watch from you they were

building the biggest house in America during the financial crisis. And then the whole thing unraveled. What do you mean during? Like 2006? It started in 06 because think about it. This guy was in like real estate, like timeshares. And... Can we bring up like a picture of the house? I need them to see.

They never finished it. Is Erika Jayne guilty? 100 P. Really? She knew. But I think that there's a brand to be built around her for like women who have been like, you know, financially disempowered. But how did she know? Disempowered? I know. You mean women whose husbands stole from people?

Yes. Yes. But I'm a brander. So I'm like, maybe there is money there. She's going to go on Dancing with the Stars and be like, this is my new athleisure line for when you're at home waiting for your lawyer to call. These are the cigarettes I smoke while my husband's in jail.

Exactly, exactly. These are the Erica Jane cigarettes that I smoke while he's calling me for 10 minutes. These are the most comfortable shoes to wear when you're waiting online to see him once every three months. For the conjugal.

Exactly. This is the conjugal negligee. Yeah, it's my conjugal negligee. Exactly. There's a big, what's the market cap with that? He watches all the housewife shit that you watch. No way. No, I don't know.

My wife does. I didn't see that for you. But by the way, the house, the husbands of the women who watch Bravo are usually more into Bravo than the women. Not me. The only Bravo. Do you know I'm a Bravo-lebrity? I just need your audience to know that.

Wait, what? I'm a Bravo-lebrity. Explain. Huge moment for me so like i got screeners when there was the bravo con which you know coven wiped us out that's a big deal huge deal the only bravo show that i genuinely like is shots of sunset they like come to you with shows to screen they're like tell them oh my god like when below deck was coming oh no well we've done like we've done those sort of studies but below deck they're like nothing happens on below they're

like we're gonna cook like we're cook like we're in the cabin. And then they drop off all the food for you, and you're on a Zoom with the chef from Below Deck, and it's like you're being a Bravo Leopard. It's very cool. Wait, what's happening right now? What are you talking about? I'm talking about being a Bravo Leopard. It's when you have to do cooking classes with the chefs from Below Deck.

It's when you have to watch screeners of Real Housewives of New York and tell them- How do you get to become a Bravo Leopard? You just are. It's either an have to watch screeners of Real Housewives of New York and tell them. How do you get to become a bar of a lot? You just are. Like it's either an it factor thing. It's a quarter of a million followers on Instagram. It's big. It's big. And you don't even know about my newsletter, Open Rate.

It's crazy. Right. It's more than 100%. Who else would they go to? Yeah. Come on. Oh my God. All right.

That's it for my favorite. And I just, I'm going to get to all the docs that I missed over the last 10 years. Wait, so what do we know? Like, what are they, can we talk about where she's at now, though? They're fucked. Like, their whole lives came to an end. But they were the- Spoiler.

What? That I did another F-bomb? Yeah, just make sure they note it. Chalk that up. So, no, they were building the biggest house in America. Like, literally. Florida? They were building, I forget how many square feet.

It was so ridiculous. Where? In Florida. It wasn't even pretty. No, it was in Orlando. And that's why they couldn't sell it. Yeah, Orlando. They literally ran out of money.

The banks stopped lending to them. Ew. Look at that. Yucky. Yes. There's like a bulldozer on the front lawn. Do you want to get a timeshare of that? No.

All right. Michael, what do you got for favorites? Wow. I rewatched David Fincher's Zodiac. Okay, wow. It's been a while. Jake Gyllenhaal. I saw that in the theater, and I remember being very underwhelmed when I saw it,

because I was probably a kid when that came out. When did that come out? 2007? Oh, he's like a photographer? Yeah. And it's based on two stories. It's scary. So they don't know.

They never caught him. It never solved. It was him. It was a good re stories. It's the scariest. Yeah, yeah. So they don't know. They never caught him. Never solved. It was him. It was a good rewatch. It was a good rewatch. Jake Gyllenhaal is like just so awesome. He's so good. By the way, while we're talking about Jake Gyllenhaal, Nightcrawler.

Nightcrawler, exactly. Fabulous. Holy shit. That's the one that he's a photographer. All right, but would you rather Ryan Gosling or Jake Gyllenhaal? Would I rather what? Watch a movie with them in it? Gosling's good.

Drive, excellent. But I'm a Jake Gyllenhaal guy. I agree. Jake Gyllenhaal feels more like our Brando or something. I'm kind of ride or die Gosling. I've seen like a dozen Jake Gyllenhaal movies this year. I saw you. He's wearing a big notebook sweatshirt right now.

You guys can't see. Ride or die Gosling? Yeah. Perfect. He's going to remember notebook sweatshirt right now. You guys can't see. Ride or die Gosling. Yeah. Perfect. He's going to be in front of the Titans. Oh, dude. Oh, I love a child star transition. The big short.

Oh, true, true, true. Wait, does he play? Who plays Danny Moses in the big short? I don't know, but he plays. You don't know. I don't know. Steve Carrell, no? No, no, no.

Oh, no, no, no, no. But the guy who sold the front point team. Oh, wait a minute. The idea. Ryan Reynolds? No, no, I think it's the guy from Succession. Oh, no, no, no. But the guy who sold the front point team, the idea. Ryan Reynolds? No, no. I think it's the guy from Succession. Yeah, no.

Jeremy Strong. Yeah, he is in that. Wait a minute. Oh, who is this? Rafe Spall. Yeah. Rafe Spall? I love when Steve Pro wears a wig.

John and Duncan. Oh, yeah. Yeah, the guy on the left. So they actually had a deleted scene. That's the guy from Succession. Yeah, Jeremy Strong. Okay. He plays one of the left. So they actually had a deleted scene. That's the guy from Succession. Yeah, Jeremy Strong. Okay. He plays one of the guys.

So there's Gosling. All right. You're like on a first-name basis. That's Ryan. It's Gosling. Favorites, what do you got? Besides 818 Tequila by Kendall Jenner. It's kind of like you going back to something that's been around.

And I'm a huge fan of Jason Bateman's podcast, Smartless. You guys listen to that? Yeah, Michael is a huge listener. I've heard two of them. It's awesome. And I think he and Arnett, and Sean Hayes is great, but he's just not. Him and Arnett are so fast. They're so good.

They literally should have a late night talk show. I remember this. They should just do this all the time. Joke, joke, joke, joke, joke. They're so good. So I went back and I realized that I didn't watch season three of Ozark. So I'm watching that now and it's freaking good, man. Do you think about when people say Ozark is like as good as The Sopranos?

It is. Do you like it? I'm like you can't compare it to The Sopranos. I don't think you can compare it. You can't even go near it. But there's a character on Ozark that's better than almost all of other TV. She's Jewish. Ruth.

Ruth. She's Jewish in real life. Really? Representing, yes. She has the all-time best line in the history of any TV show ever. Do you know what it is? No, what? She says, you don't know shit about fuck.

And I think she's talking to her dad or her brother or something. She's so good. Yeah, she's so good. They're so good. And Bateman's so to her dad or her brother or something. She's so good. Bateman's so good. John, sorry about that last one. Here's the one thing I'm most looking forward to in media this year is this Dune movie that's coming out. Did you read the book?

No. I think it's literally going to be the movie of this century until something else. I'm telling you that. Do you know the director? Do you know how to pronounce his name? Villeneuve.

Villeneuve. Very close. I was calling him Dennis Villeneuve. Yeah. He's French. Not even close. It's Denis Villeneuve. Okay.

Just so you know, he directed Blade Runner 2049 with Ryan Gosling. And that was a great movie. With Ryan Gosling. That was a good movie. I've seen all of his movies this year. He's amazing. He's amazing. And, you know, Gyllenhaal was in some movie with Hugh Jackman.

I saw that. That was also Denis Villeneuve. Yes. Hold on. I saw that very recently. So talk about going down rabbit holes. That's what we do. Yeah.

The Dune is going to kill. Josh Brolin's in it. Why are you so confident that it's going to be the movie of the century? That's a lot. Maybe you can own a fractional share of it.

Should see. Fractionalized, dude. Here's the biggest thing. Because the book that came out 50 years ago, it's literally like a beloved sci-fi book. The movie in 83 or what? Trash. And this is going to be the biggest movie in the next five years. I might read the book before the movie.

Yeah, I might too. I'm looking forward to that. I won't mention that Matrix 4 will be better because movie in the next five years. I might read the book before the movie. Yeah, I might too. I'm looking forward to that. I won't mention that Matrix 4 will be better because Mike gets pissed off about it. I think it's going to kill. Oh, man. I didn't know you were a Matrix head. I think it's going to be a flop. John Wick meets The Matrix.

The biggest what? I can't get Mike on board. I'm a Matrix fan of all time. I'm like a big fan. Oh, me too. Yeah. Yeah. If I get ink, I'm going to do the Matrix things.

Did you see- You've got to get ink, bro. Did you see- Next time we should do that. Wait, are you Matrix or Fight Club? I'm going to do the Matrix things. You got to get ink, bro. Next time we should do that. Wait, are you Matrix or Fight Club? I'm Matrix. Matrix, the first Matrix. Same year. My first Matrix like shapes your life.

Bob has bitch tits. I'm Fight Club. Wow. That's quite a lot. Haley, let's get out of here. What's your favorite for the week? What do you got? Okay, I'm going to actually blow everyone's mind

Like they're going to watch what I tell them to watch And then they're going to literally enjoy it so hard It's going to be wild That's what we're here for Okay, it's called The Prince Okay It's on HBO Max You know I love HBO Max

It's an animated show about the royal family It's written by the man who Is it a real thing? Or is it something you want to make? No, it's written by the guy It's written by the man who- Is it a real thing? Yes. Or is it something you want to make? No, it's written by the guy. It's written by the writers of Family Guy. And it is so sharp, and it's so funny,

and it's like brutal, and a little- Is it for kids or adults? It's for adults. Oh, yeah, yeah, yeah. I mean, I know you think that I watch Little Ellen, but this one is for adults. This is the real royal family. No, that's the show.

Okay. It's so freaking funny. The red-headed kid. Oh my god, you've got to watch it. It is brutal. Are you a royal family fan in real life? Do you follow their exploits? I didn't watch The Crown. You know, I'm not into Harry and Meghan. I think, talk about being overvalued. Like, seeing those deals that

they got, I was like, oh, it's horrible. And I'm also like, who were you before you were Megan? Like Prince Harry's face? What was she? Did she hold the briefcase in Deal or No Deal? Yeah, she held the briefcase. But just, it's more like,

it's this random thing where it's like, people suddenly have microphones and it's like, for what reason? You know, like, why do I care? Why do I need your podcast? Why do you need all of your Netflix shows? I know, I really- She's a symbol though. But I'm surprised at the heat.

He's a, he's a literal prince. Yeah. But he, what has been his experience? Like what makes people interesting is that they've had like lives and that you can actually talk about your experience and like your struggles. And of course he went through a lot like with his mom and all of that, but I don't know. I just, I think that he lacks the it factor big time what about the brother and

whoa Duncan coming in hot remember that he dressed up as a Nazi for Halloween yeah which one of them did that the redhead one yeah that's not his fault he's dead to me exactly no but I think that's all perspective 15 years old what are you talking about when did he do that he was 24 well the whole family

well just you know I think the history of the family is they were kind of Nazi sympathizers. Aren't they originally like a German royal family? Yeah. So I don't, I'm not saying that that excuses it. I don't know where I would go with that. I don't hate it. No, no, no. I was saying I am not surprised, but I am surprised.

You've got to watch it. Besides the Nazi sympathies, it's a good show? Oh, the show is so funny. It is so sharp. I'm going to watch it. Besides the Nazi sympathies, it's a good show? Oh, the show is so funny. It is so sharp. I'm going to watch it on the way home tonight. It is so funny. Josh, you have to text me

after you watch it. It's like Arrested Development type humor. Okay. It is that sharp. It's so good. You're saying all my things like Family Guy,

Arrested Development. I'm all in. It's really good. I'm all in. And you know it's good because they got a little panned. Like in this cancel culture, you know that something's good. That's how you know they're actually doing something interesting.

Exactly. Like the fact – and amazing people are the voices of the characters. Like Orlando Bloom voices one. Oh, wow. We've got Sophie Turner from Game of Thrones. There's some really good people who are in the cast. All right, I'm all in. That's how I knew, by the way, that 818 Tequila would be good because of how much controversy there was.

Exactly. I ride for Orlando. Can I say something about 818? Please. I think that they put additives in this to make it taste more expensive. No shit. And I'm just saying that. I'm putting it on the record.

There's something in here that's not just straight tequila. For them to say 100% tequila, I'm like, yo, I need receipts. That's not true. Why would you have to say that too? Yeah. No, but you have a bottle of tequila. Why would you have to say 100% tequila? This is tequila, I swear.

I'm like, maybe 98%. Yo, why does the bottle say literally tequila? Literally tequila. This is tequila, I swear. We didn't add anything to this. That's what it says. Wait, it says- No vanilla. LMAO, this is tequila. This is tequila, I swear. We didn't add anything to this. That's what it says. Wait, it says- No vanilla.

L-M-A-O. This is tequila. That's usually a bad sign. I usually won't buy that. All right. Well, we appreciate you coming through with the limes that we haven't used and all the mixers. Thanks for supplying the actual party.

We contributed the 818. I hope you guys have an easy fast if you do. Yeah. Of course. And if you don't- How could you not? Well, I got to run though because it's sun setting. I got to eat something.

Yeah. Haley's going to turn into a pumpkin if we don't get her out of here. It's true. Thank you for coming. Everybody follow Mrs. Dow Jones on Insta. MRS. Like I'm married to the Dow. Anything else we're promoting?

Yeah. Well, my courses are launching on September 29th. It is. So it's tequila tasting courses. Yeah. It's tequila tasting courses. No. It's tequila tasting courses. No, it's a financial basics course. So for the person in your life, or if it's you who just feels like they really want to take control of their money and they don't know where to start,

this is the course for you. I am sharing for the first time ever, the method that I personally use and the system that I created to manage my own finances. And trust me, if I can do it, you can do it too. All credit cards? Financescool.com Wait, when does this launch? September 29th. Presale goes up September 22nd. It's pretty huge.

It's going to be the best financial course on the market. Financescool.com Oh, you know what happened? I almost gave you a bigger round of applause but my laptop went out. It's fine. I got it. Financescool.com. Oh, you know what happened? I almost gave you a bigger round of applause, but my laptop went out. That's fine. I got it.

All right. And Dan Nathan, we're following all eight of your podcasts. Did I just get? All right. We caught up. We're following

all your podcasts, but like, what's the main one? It's like, when does it go out? It's on the tape. It drops on Friday mornings. It's Guy Adami,

Danny Moses, myself, and usually a very, very fun guest. You guys are great. I love listening. I love Guy Adami. So check out on the tape. Do your thing in the podcast stores.

Share it, rate, review it. And we do a lot of other sponsored content, video content, stuff like that. You do Twitter spaces. So follow at Risk Reversal. Yeah, follow at Risk Reversal. You can just check it all out at riskreversal.com. So thank you guys for letting us get that out there. Okay, terrific.

Well, listen, I want to wish you a very, I would say, pensive and introspective yom. It's Lashana Tova. That's what you said. Lashana Tova. Well done. And Haley, thanks for coming. Oh, my gosh. Thank you for having me.

This was the perfect start to the new year. Absolutely. They're laughing. 57-28. Is that the year? Not in real life. All right. Duncan, great job today.

John, great job today. I'm a huge fan of the show, by the way. Keep it up. Thank you. And everybody who wants to see the latest in financial blogger apparel, go to idonshop.com. That is the official compound store,

except no imitations or substitutes. And remember, new episode of Animal Spirits every Monday, every Wednesday, when you wake up. So if you're a big financial podcast fan, check out On The Tape featuring Dan Nathan, check out Animal Spirits. And if you want to see clips from today's show, youtube.com slash the compound R-W-M.

All right, take us out of here. Thanks for coming, guys. All right, so is everybody warmed up? I'm going to turn the recording on now. Is everybody loose? Oh, my God. That was so fun. Did you guys have fun?

Yes, Josh, you guys are amazing. It should be. Wow. It's pretty trash, huh? It's bad. But it feels like a Diet Coke or something. It's like there's so much stuff in there. You know?

But I've never had that.