The Trillionaire Mindset - 45: The Big $HKD Squeeze

Episode Date: August 5, 2022

Become an exclusive member at https://tmgstudios.tv This week Ben and Emil discuss Ben’s huge missed stock opportunity, a peculiar new crypto coin making its rounds, and the boys kick back and enjoy some CLASSIC vintage commercials that are unrivaled. If you listen on Apple Podcasts, go to: https://apple.co/trillionaire Go to https://shopify.com/trill for a FREE fourteen-day trial and get full access to Shopify’s entire suite of features Sign up today at https://stitchfix.com/trill to get $20 off your first purchase Go to http://public.com/TRILL and you’ll receive a free stock once you open an account. *This is not investment advice. Offer valid for U.S. residents 18+ and subject to account approval. See http://public.com/disclosures/ SUBSCRIBE to Trillionaire Mindset at https://www.youtube.com/trillionairemindset Trillionaire Highlights Channel: https://www.youtube.com/TrillionaireMindsetHighlights Trillionaire IG: https://www.instagram.com/trillionairepod Trillionaire Twitter: https://twitter.com/trillionairepod TMG Studios YouTube: https://www.youtube.com/tinymeatgang TMG Studios IG: https://www.instagram.com/realtmgstudios TMG Studios Twitter: https://twitter.com/realtmgstudios BEN https://www.instagram.com/bencahn/ https://twitter.com/Buncahn EMIL https://www.instagram.com/emilderosa/ https://twitter.com/emilderosa *DISCLOSURE: THE OPINIONS EXPRESSED IN THIS VIDEO ARE SOLELY THOSE OF THE PARTICIPANTS INVOLVED. THESE OPINIONS DO NOT REFLECT THE OPINIONS OF ANYONE ELSE. THIS IS NOT INVESTMENT ADVICE. THE VIEWER OF THE VIDEO IS RESPONSIBLE FOR CONSIDERING ANY INFORMATION CAREFULLY AND MAKING THEIR OWN DECISIONS TO BUY OR SELL OR HOLD ANY INVESTMENT. SOME OF THE CONTENT OF THIS VIDEO IS CONSIDERED TO BE SATIRE AND MAY NOT BE CONSIDERED FACTUAL AND SHOULD BE TAKEN IN SUCH LIGHT. THE COMMENTS MADE IN THIS VIDEO ARE FOR ENTERTAINMENT PURPOSES ONLY AND ARE NOT MEANT TO BE TAKEN LITERALLY.*

I feel bad that I was late because you specifically requested that we start early and I just was like, do it, do it. And I got here a little earlier than normal time, but still later. I would have been worried if you showed up early and you weren't doing the doiying. I would have said there's something wrong with Ben. He's not doing the doiying. Yeah, well, a lot of shit's going on. A lot to see your, just back to your normal self. Yeah, back to my normal self.

The new Volvo's treating me well. There was a Volvo just like it behind me on the drive. It was these two women with shaved heads and I turned around and I waved. Who are you calling? Ghostbusters? Hey, grandma. Yeah, can you come pick me up? He's talking about the Volvo again.

Yeah, no, I mean it's been like three weeks in a row. Hey, talk to him about it on April 2. Call him grandma? Hey, he works. She answered the phone real fast. Also, this guy's got his grandma's phone number of him around. Okay, just calling when he's outside. What were you saying?

So you're getting picked up? No, I don't think so. Anyway, these I turned around and I waived and they gave me a wave. It's a whole thing dude. I already got complimented this old man stopped me at the grocery store and told me how beautiful it was. An old man in a Tesla. Who are you calling now? What? You just out like 5555. I didn't. Hey dad, have you, have you heard from grandma? She's still talking about it. Okay. So anyway, this old man in a Tesla in the freeway, like gave me a wave and said, wow, he liked mine with his mouth. Wow, that's nice.

And I said, thank you. I pointed it and I gave him a thumbs up. And then I crashed into a drove mouth to road. Yeah. Nice. Yeah, so my car is totaled. That is short live. Yeah.

Well, yeah. Thank God, I just got it insured Well, shares are just for the audio listener, I just picked some schmutz out of my ear as if a meal never does that. I actually clean my ears once a week now because of you. Once a week? Yeah. Yeah, that's about right.

I do it with the Q-tips. Man, how great would it be to invent a brand that becomes the name of the thing? Clean X. Anyway, hey Glenn, everybody, there's a disclaimer. You gotta check it. It's in the description box. You gotta click the more button to expand it

and read that. I've been thinking a lot about the guy the first guy Who stacked the washer and dryer? Mm-hmm. Come on That's specifically really what a legend. Yeah, my little brother likes to text me ideas that he's got for inventions and I always have to reign on his parade because a cursory Google search usually shows that it either exists or has been tried or tried and failed. So one he texted me and goes, Hey, what about a washer and dryer all in one? And I was I I'm even stupid. Don't those exist? Yes. Yeah, they absolutely exist. I said made I'm sorry, but

This exists. Oh dang it. What the stacking the stacking is who was the guy who said put these on top of each other You're wasting so much space. It was willy-be stack willy-be stacks. Yeah, well, I'll be stacked It's exactly right Hey, see this this first headline about people getting paid. Oh, yeah, so this I want to show you. We got to find some people. I know. So, okay, and this article is kind of saying that it's unethical.

And so basically, podcasts gets are paying up to $50,000 to appear on popular shows. And they're calling it payola because you know, you don't know that you're basically getting paid content and I'd just like to say if you would like to come on the show and you have $50,000 laying around. We'll do it for 15, 20 grand. We have no qualms. You got some dog shit company to promote? Well promoted but we'll wink and nod to the audience that like hey you guys we're just doing this for the payola.-loves, you know? All those business people who were sliding in our DMs for the long time. Yeah, why don't they offer money?

Well, maybe that's, yeah, seriously, lead with that. You're supposed to be good at business. They're like, I've helped over 10,000 people. And it's like, how much are you gonna give us? Oh, you've helped over 10,000 people? Name them all. Yeah, why don't you help over two people? Yeah help two people me and Ben yeah, give us give us money Yeah, go pay to play pay for play podcasting

Look all we want to some pay and we'll give you a little play. Yeah hell will pay you to come on Wait no wrong. That's the wrong way, but we would do that oops. Yeah, we would knowing us We would accidentally be like okay okay, here you go. Thanks. Thanks for coming on. What's that stack of cash right there? Did someone pay you? How come I didn't get any money?

Oh, we do have a guest coming later. Oh, cool. Okay, so I'll probably get mine later then. Maybe. That's not for both of us, right? I don't think so. Okay, well, so just, just making sure. So I'll get my own $10,000. Yep.

Hmm. Oh boy, what's going on? We got a lot to cover. Wait, wait, I want you to, yeah, I want you to tell me about HKD because this is a... This is the big story. Everyone's talking about it. You're not going to acknowledge what I just did because even I'm like that was fucking weird Tell me about HKD. Okay, well, so if you've been if you were at all following the stock market You've probably seen headlines about this company called HKD. It's ticker symbol is HKD Probably stands for hunk. Yeah, my Twitter was blowing up. I was everyone was talking about the next AMC or GME game stuff. The next, you know, this will make Wall Street better.

Cry and shit their pants. Yeah, well, it I don't know who it made. I don't know anybody who made money on this thing. But basically, HKD is a brand new Hong Kong based IPO. They were trying to raise, they raised $10000, like $10000. And the only IPO'd like two weeks ago, right? Yeah. Like two or three weeks ago, they raised $125 million. And quote, they provide investment banking and asset management services to clients. Straight forward enough.

I think it's kind of like a, it's a fintech play, but they have a parent company. So the name of the company is AMTD digital and they're based out of Hong Kong like I said, but there's also So AMD digital also has its own ticker symbol AMDD right And I got lucky I bought it at like two bucks and I flipped some to 10 and I woke up and was like whoa This is the that one also just IPO. No that one's been around okay But hkd IPO'd and it went from about $15 per share

to I think a height of like $2,500 per share. But here's the catch. Like it was so illiquid. It was not the spread between the bid and the ask, the bid being the lowest price anyone's willing to pay, and the ask being the lowest anyone's willing to sell, or the highest someone's willing to bid, sorry, to pay, and the lowest someone's willing to sell. And usually you want to see the spread between those two be like a penny or a buck,

depending on how much the stock is, but the spread here was like two three hundred bucks. Okay. It's like the lowest the highest bid was like you know $2,000 and then the lowest ask was $2,200 and that's that sucks. That's super illiquid. Okay, so why was this happening? Nobody really knows Right. That's super sketchy the oddest Obviously, it's it's what they call a low float play. You know what the float is, right? So the float is how many shares are freely tradable that are floating, so to speak.

Okay. So with something like this, the float was probably, I don't even know, the float might have been 500, it's probably out by now, but the float was probably 500,000 shares and a million shares. And when there's only that many shares, it's very easy for it to just go to high heaven because lower supply

Low supply high demand combined is like fireworks But it was also I mean this thing went up. That's why I'm speculating that it's super low float because it was suit It went up on super low volume Volume being how many shares are getting traded and churned and stuff. Well, I was gonna say it's just so odd because so I've been looking into it.

And they even talked to the company. And the company said to our knowledge, there are no material circumstances, events, nor other matters relating to our company's business and operating activity since the IPO date. So they're just like, we don't know why this fucking happened. That happens a lot. Whenever a stock just sometimes when a stock goes absolutely crazy, the company will oftentimes

come out and say, we don't really, nothing has materially changed to, we don't know why this is happening, but you know, it's great. And I don't think you said this, but I think briefly it was like the 11th or 13th largest company for yeah. I don't know how long it was sporting a market cap of 425 billion dollars. Right. So I mean, it was bigger than it beat out Costco, Walmart, Shell, Exxon. Yeah.

And it only has 25 million dollars in revenue. So it's just a it's a fucking joke. And it's an embarrassment. I think it's an embarrassment to the United States stock market that like in Hong Kong, this AMTD company is known. They're like, they've got a reputation for being super sketchy. But hey, if you got the money to list here and you satisfy the basic requirements, yeah, we'll take your money. We'll take your listing fees. We'll list your stock. No problem. Like, give me a fucking break. Where's the, where's the, not regulation, but this is the problem with doing this early in the morning is my brain, not. Right. So vocabulary limited. So it seems like it's obviously going to go back down pretty quickly.

So should we all be shorting each case or what? That's a great question. Shorting a stock like this is next to impossible. Why is that? Okay. So first of all, there's no options traded on this thing. So if you wanted to buy put options, for example, you should add a look because nobody's, there's no options traded on this thing. So if you wanted to buy put options, for example, you should add a look, because nobody's, there's no options market for it yet.

Second, so this is a stock that's, it's called hard to borrow, and because shorting, as you remember, is borrowing shares, selling them first, and then buying them back to close out the trade. Well, HKD was really hard to borrow, meaning not a whole lot of brokerages had shares available to borrow to short it. Fine. So what you do in that situation, a trader like me,

you try to locate shares. So there's like a specific thing in my little trade terminal where I go to the short locate window. And I have you tried? Yes. So I tried yesterday, or two days ago, three days ago for you guys. Because you actually wanted to short it?

I did. I was like, okay, this is because by then, on Tuesday, everybody was talking about how, like everybody started to kind of do their own research and then on Fin Twit, on Finance Twitter, it was just, yeah, this is a total scam, it's bullshit, nobody really knows why it's up, yeah, this is a total scam, it's bullshit, nobody really knows why it's up,

and it's gonna come back down to Earth. Like this is ridiculous. So I pull up my thing to locate shares and the minimum that I was able to locate was 100 shares. And I thought, all right, yeah, fuck yeah, I'll do that. The borrow cost. So with a high risk stock like this, the brokerage to sort of cover their own

ass, because this is a stock that would bankrupt you. If you get caught short and it squeezes on you, you could be so fucked. And if you don't have the assets to cover, you know, the brokerage is also on the line, right? Around the hook. Like, because they think it could shoot up even more, You just never know. I guess. Well, because then it could also get halted. It could get halted for a month. And if you're, so the borrow cost for a hundred shares

was like $7,300. That's how much I would have to pay just for the privilege of borrowing those shares. Right. And if it gets halted, that's $7,300 every day until it opens. At which point, yeah, it would likely open down 80% and then I would clean up. But still, it's just, it's, it's so risky. You just never know what's going to happen. So, well, and at my firm, I'm capped at a $500 borrow rate. So it was way beyond the scope of what I'm, the parameters of my risk stuff.

But so I even emailed my like risk manager guy, this guy Derek, I traded a place called T3, by the way. I don't know if I've ever really talked about it. I think you've talked about it a little bit. T3, yeah, they're great. Because we've had Glennon. Yeah, oh right, right, yeah. But so I had my risk manager guy, Derek,

and I emailed him and said, hey, can I, I want a short HKD, can I, can I get like my, oh damn, you really want to do this? Yeah, I will, I was curious. I'm like, can I, cause I could locate the 100 shares, but I was maybe only gonna actually short 50. And he goes, why would you want to do that?

The spread is like $200, and the borrow cost is like over $7,000. And you were like, Derek, you want to do that? The spread is like $200, and the borrow cost is like over $7,000. And you were like, Derek, shut the fuck up. I said, Derek, shut up for a minute, and can you please just let me do my thing? You can't fuck up. No, but he, cause I was like,

ah man, I got a short time fucking day man. I was like on Beetlejuice mode, just like, hey babe, come on man. And he talked some sense into me very easily. I just rolled over like a fucking or folded like a cheap suit as they say I've never heard that but you've never heard that expression folded like a cheap suit Folded like a cheap suit, huh? Derek talked me out of it. I didn't do it. It dropped. I think can we see what it's at today? I think it's probably down to like $800. 570. Holy shit. Holy shit. Like 1100. Babu. Yeah. What's the, how much is it down just today if you hit the one day? 50% fuck. Derek, you

piece of shit. Now, call Derek right now. Derek could kick my ass. Derek is like a, is like a jujitsu champion. I don't care. He just lost me lunch money. Well, that's so that was the thing. I was like, uh, well, because that's also the thing. You short it. But then if the stock spikes 20% you're you're getting a margin call. That's that's like 20% or so. I don't really short that off in straight up stock. I usually buy puts but if it were to jump, if one dipshit out there where it is, slap the ask and have the price go up. Could Wall Street better start fucking with it? Or is this? Yeah, but you'd be fucking stupid too. Like there was one guy

who bought, I think he posted on Wall Street, but that he bought it at the top. And now he's down because he was hoping for a double you fucking bore on. But there was a lot of weird. I was on reddit. And I saw Wall Street bet they were they were kind of shitting all over it. They were like this isn't what we're about. This is a Chinese scam. Damn. Well, I mean, good for them. And I guess, yeah, I think they, cause now the guy, the guy who started Wall Street bets, I guess goes on to mainstream media outlets. He's no longer really associated with it.

Yeah, I think they get rides that he had pissed at him. I think they're like, we don't fuck with traditional media. Yeah, we're bigger than that. So AMD D though, this guy, um, I think so we've talked about Citron on the show who is a famous short seller. There are there are these famous short selling groups whose entire MO is researching companies, compiling just all sorts of damning. Oh, are they the ones who basically blew up during GameStop? And then basically kind of like bowed out of the whole,

or who was that? That was Citron. Citron said that they were no longer going to be like openly, publicly shorting stuff. But there's Citron, there's muddy waters, there's another one called Hindenburg Research, but this guy's what? These are just like, is that a joke? No.

Hindenburg? Yeah, no, because Hindenburg crashed and burned. Yeah, yeah, you know, famously. They're making a joke. I don't know if they're making a joke by naming themselves that, they're just referencing a disaster. That would be like in 50 years calling your research company 9-11 research, you know? But so anyway.

But it's got to be somewhat tongue in cheek. Of course it is. Yeah. It's called Hinden. Right, right, right. Yeah. But you're like, I don't know if they're making, imagine 50 years from now, you're walking into my 9-11 research and someone's like, this is like kind of a joke, right? You're like, no.

Well, I just wouldn't go as far. It's 9-11 research group. I wouldn't say it's calling it a joke, right? You're like, no. Well, I just wouldn't go as far. It's not an research group. I wouldn't say it's calling it a joke because then that implies that they're just fucking around and like, hey, we're in Hindenburg. No, they're making a joke though. Okay, sure, they're making a joke. We're getting caught up on some anthics here.

One of the guys, one of the guys from Hindenburg, I believe it was Hindenburg, pointed out that. Which is famously a joke name. Pointed out that AMD has a past. If you click the link there, AMDD is sketchy and every IPO they've underwritten has collapsed. Yeah, and this, his, this guy's at his clarity toast. Every IPO we could find that was underwritten by AMTD has collapsed.

Its new issues have regularly been accused of serious fraud. In several instances IPO proceeds were routed back to AMTD through suspicious bond deals. So here are some of the ticker symbols that they have taken public. Oh, man, I remember Tiger. I got my money at the bottom.

I got my money tied up in a lot of these. I'm just seeing this for the first time. Well, it's interesting. I mean, HKIB is only down 1.3% since the title. Oh, thank God. Qfin is only down 15%. Okay, but I don't have any of those. I'm kind of, I'm more in WII.

Yeah, 98%. I got a lot in Moho. Moho is down 98% sorry about that dude. Duo is down 81% Lizzy. Down 90% yeah so it's pretty it looks pretty bad if you go what's the first tweet in this thread? Yeah it's blah blah blah blah yeah the company is 88.7% owned by AMD, a sketchy Hong Kong based underwriter that Hindenburg, yeah, it is Hindenburg.

If you scroll down, let's see what other tweets he had said. I'm just curious. Oh yeah, so yeah, here we go. They've been regularly repeatedly accused of serious fraud domestically in Hong Kong. And then like you said, as is all too common, and the firm has found a welcome home in the US where it continues to list absolute trash on our quote premiere exchanges. So here's this guy.

This the Calvin Choi. So it looks like this is an ad on a street somewhere in Hong Kong, maybe. Yeah. Accusing Calvin Choi of defaulting on his debts. And the banner reads, Calvin Choi, father and son work together to steal massive amount of capital from stock investors. Ironclad evidence shows Calvin Choi scammed my money. Investors lost everything.

US listed HKIB, Singapore listed HKB, stock fraud. Please confess to securities and futures commission, an independent commission against corruption Wow, yeah, look at that That is the chairman. Hey, we got to teach these guys about word economy. I'm not gonna stop and read that You know what I'm saying just say like Lire or something So who the fuck know it's like those guys on the street in New York who like

They've got like something they need you to see, and it's this, this sign. I can't grab. With like, yeah, tiny writing, and it's like, you know, the CIA scrambled my brain, and now they're taking my dog to the, wait, but so is this something that could continue to happen? Is this something that could keep happening?

Yeah, absolutely. And stuff, shit like this happens regularly. There will be just one, there will be one stock that just goes further than anybody thought it could. I wish I had ticker symbols at the ready to give you because there were a few that I even played. Do people essentially figure out why? Well, it's usually a combination of shorts getting squeezed because they step in too early to try to short it. And then it just, just you know fucking takes off

Sometimes it happens over a longer period of time like NIO, NIO went from two bucks That is the Chinese EV Manufacturer it went from like two bucks and it took months But then it finally got up to like five and then it got up to like 10 and then it just fucking broke out for like two bucks and it took months, but then it finally got up to like five and then it got up to like 10. And then it just fucking broke out for like two months. It just made its way up to, I wanna say 70 bucks or something like that.

So, but that seems like nothing compared to this. Yeah, there you go. After two weeks of just, yeah, look at that. It's squeezed in 2020. I mean, everything squeezed in 2020, but yeah, so it happens and then usually what you get is people, pumpers in Wall Street Bet types trying to find similar tickers and then banding together and buying them so that it gives the impression that there's sudden buying volume and then so their hope is that everybody else thinks, oh this is the next HKD.

This is the next whichever one. And that can happen, but just I would say be careful if you're doing that because if you're trying to chase, because sometimes they do run in like sectors. So like if you get, for example, some random solar stock that goes nuts, that's a low float solar stock, people will start to look for other low float solar stocks that might have a similar. Everyone's chasing the next one. Everybody's chasing the next one. Absolutely. It happens. So yeah, other low floaters, low float, squeezy stocks like that happens regularly. It's just a matter of getting lucky enough to catch one. There was, um, is that a technical term low float, squeezy stocks? Yeah, that's the official tech. Come on down for low float,

squeezy stocks. Wait, come on down to what's the, what's the firm's name? Come on down to 9-11 security. Come on down, we're down here at 9-11 research. We got low-float, skew easy stocks. 9-11 security is the only, wait, wait, wait. There used to be, there was this, there was this, there was this card dealership in Long Beach. No relation to that 9-11, but come on down to 9-11, Squeezy stocks. There was this guy named Cal Worthington.

He had Worthington forward in Long Beach and he used to have these commercials where Cal Boy Hat and the music don't think, I was trying to do that. Come on down to 9-11 stocks where we got stock, we got low float, we got Squeezy stocks, we got call option stocks where that's not a good thing. The lowest floatiest Squeezy stocks you ever seen We got floats those lowest 500,000 200,000 100,000 Yeah, here we go. Yeah Cal Worthington

Ooh 1984 that's the year my Volvo There he is looking are you kidding? There he is looking are you The OG the fucking 19 oh just Rucks through the middle of this it's he was really cool. I don't know if I'd say cool, but yep Come on down after 405 at Belfast L.O. Bullard Jesus yeah, let's play a little bit of a monosie. I want to hear this guy Jesus yeah, let's play a little bit of a monosie. I want to hear this guy Amazing friends, let me tell you something dude. I'm fucking they don't make them like that anymore man Just like a slick all use car dealer look up crazy giddy and real fast

There was this guy who who also was local um he had a he had Just like a slick oh use car dealer look up crazy giddy in real fast There was this guy who who also was local um he had a he had these commercials. I'm crazy He's a electronics guy. Was this long beach. I think it was long beach or Hawaiian gardens or something. Yeah fuck yes dude fuck yes dude yes dude, this guy rocks dude, this is what people don't realize and crazy but maybe crazy but we're not stupid. And crazy. We're maybe crazy but we're not stupid. Oh yeah, what?

This is what we lost. We're in LA. We're in LA. This is what we've lost with all of the monopolization and consolidation of everything. You used to have crazy, just insane small businesses. You used to have Armenian immigrants

who found the American dream with electronic stores. Can you, how many of you? Did that happen? Now you just get, all right. That's how you know it's good when it's got less than a hundred thousand. And now you just get best by. Yeah. And you gotta talk to some high school kid

on summer break who doesn't wanna be there. That's right, dude. I used to scam. You're like, is this a good speaker? I, when I was a kid I would scam. It was, I think at the time, Circuit City, or the wow store it was called. Did you guys have the Wiz?

Nobody beats the Wiz. No, but I've heard of that. Yeah. So, I used to love buying the Sony Walkman, the CD player. You used to love buying it? How many times would you buy it? Well, so I bought one.

I bought one, and I bought the, bought the like one year warranty that covered everything. And the warranty was like 50 bucks or whatever. And I read the warranty and it was just, it said if it stops working for any reason. So I would wait till the newer flash you bought. So you were just always a little freak reading fine print. Let me tell you what it did. So I would wait until the new model would come out. And then I would just like take a knife and scratch the laser. Jesus. I think on the thing.

And then I would go into the store and say, my CD player stopped working. Here's my warranty. And then they would naturally say they can't the warranty dictates that they can't give me a lesser version. They have to give me the better version. So then they would give me the new nice one. And then check the warranty, sir. Hey, crazy, get in. You're going to go, you're going to want to go ahead and do it. Oh, you never do it to an independent store like that. But yeah, then I did it, I think I did it two more times.

But then the joke was on me because I upgraded to a mini disc player and then those just became obsolete. Yeah, you were scratching them and they're like, sir, we don't make another model. I think it's also it's funny because they weren't like iPhones where like the upgrades were like, you know, we moved the buttons to the side. No, they were tight. They had these little remote controls that were long to and it felt like a bomb detonator. It was so cool. I felt like a bomb detonator.

It was so cool. It felt like a blub. Yeah, so I'd be sitting there listening to a limp biscuit just going, I'm about to blow. Also, I just would never know when the new models drop. Oh, every Sunday, you get the color ads in the newspaper and it would be like, no, Sony Walkman. Yeah, I wasn't reading the newspaper. And it would be like, new Sony Walkman. Yeah, I wasn't reading the new software.

Oh man. And Sony was just, they had the sexiest hardware. They were just so cool, these old Walkmans. One time I remember, so I Steve Jobs loved him so much. He wanted to emulate Sony hardware because they had really beautiful industrial designers or like design.

I don't know if their designers were hot. That's what he was going for. Yeah. He loved Sony stuff. Interesting. Yeah. Steve Jobs. What's that? This is Steve Jobs what he does on his book cover.

Just like gripping his chin in the tiniest way. One would say when you do this, you're on Steve Jobs mode. What are you gonna say? Make it look like I'm, I don't know, I forget. Anyway. Make it look like I'm thinking. Hey, crypto corner, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, The more, it's either horrible sad stories, which will- Well, that's fun.

We'll get to that, too. But- Elmer, Fud. I found this story of Vitalik Buterin, the founder of ETH, and calling Michael Saylor a clown very funny, and Michael Saylor is like a Bitcoin Maximuths. And so he basically retweets this tweet about, Calling Michael Seller a clown very funny because who and Michael Seller's like a Bitcoin Maximus and so

He basically retweets this tweet about note Vitalik says why do Maximalists oh wait go back real quick Why do Maxless keep picking heroes that turn out to be total clowns and I was like oh shit like fucking drama I got to see what's going on. Yeah, I truly can't even tell noted cipher punk Michael Seller on why ETH is inherentlyethical because it's existence violates securities laws which have their basis in the ten commandments what the fuck does that mean and there's a man i'm like no way i'm watching this fucking video and some nail is all four of these guys talking with their fucking lady they all have laser eyes and it's just like god but you guys are breaking down the fucking old testament. Wait, let's try to understand this. So Cypher Punk, first of all, is what, what like, want to be Neo Matrix guys in the 90s

used to call themselves. They were Cypher Punk's like, that's what a Cypher Punk is. Yeah. Michael Sailor is a noted Cypher Punk. Yeah, I mean, he was a, yeah, it's any individual advocating widespread use of strong cryptography and privacy and enhancing technologies. The old school internet guys were all about privacy. They were hardcore, like libertarian,

do whatever you want. The internet is gonna change everything. But so, wait, what did that, oh yeah, Michael's sale, you see you on there? Cipher punks, Mark and Dreson, Julian Assange, you know, wow, there's a lot of cypher punks. Damn dude, this is what I would call noted cypher punks. Yeah, wow, they are certainly noted. So what is, so on why Ethereum is it inherently unethical

because its existence violates securities laws and those laws have their basis in the 10 Commandments. But has Michael Taylor been on the hook for like huge violations of securities laws? I don't even know why for like misappropriation of funds. Like way back in the day like in the early two Oh, yeah, yeah, yeah when micro strategy was but maybe he's a born again or something and now he's like you cannot violate the 10 commandments I violate them all the time. I I be coveting

Just uh god bless you guys. I hope you guys won't figure out whether the 10 command was where actually Guidelines on how to be cool. Nobody really knows this, nobody talks about this. You're supposed to lie, you're supposed to cover it. You're supposed to dishonor your parents. I don't remember a lot of them. You're supposed to, okay. Don't kill.

Dowshell not murder. Why? You supposed to do that one? Uh, well yeah, you're supposed to kill your parents. Right. That's like, we got two covered wrapped in one. Well, yeah, you're supposed to kill your parents. Right. That's like, we got two covered wrapped in one. Are you supposed to steal? What was Moses the one who brought him down?

Yeah, okay. So lying. So it's old stealing. Fuck, I don't want to look. You're not supposed to, they quiz me on this in Hebrew school, I remember. No false gods, I knew that one, but I'm just looking, all right here, you look,

and I'll do it. No false gods, gods. Ethereum totally. Yeah, but I'm just looking. All right, here you look and I'll do it. No false gods, gods. Ethereum totally. Yeah, that's what's great. Like how does that have anything to do with time? All right, but anyway, you shall not take the Lord, name of the Lord, you're God in vain. Watch me. God damn it. I forget the Sabbath all the time. So yeah, crypto's having a bit of a weird moment, but the other, the big one is we haven't really gotten to, I've been wanting to talk about this. Well, Michael Saler also stepped down for Microstrategy.

Did he? Yeah, and Microstrategy stock went up as a result. Interesting. Which is always funny and it's got to hurt him when you step down and then everybody basically goes, woo, good job. Great, let's get the fucking stock up. Yeah, Vlad.

Because they want anybody else. Yeah, Vlad, we'll get to you in a second. Friend of the block. We know he watches every week. Yeah. Yeah. Um, no, ha ha ha. Uh, uh, ha ha.

I did just, uh, fart in my trousers. He definitely calls pants trousers. Flat. He was a sweet man, he was nice guy. What is this anti-fud coin? No, no, no, but I just wanted to, because the Celsius bankruptcy proceedings have been going on for a while.

And for those of you who don't know, they, for weeks when it looked like it was going bad, people who were investing in Celsius, their funds were locked. They weren't able to access them. This is why we use Fahrenheit. Ha ha ha ha ha ha ha ha ha ha ha ha ha. I'm going.

Their funds were locked. And now they're going through bankruptcy proceeding chapter 11 and they they are customers, or customers are wondering if they'll ever either get partially made hole or fully made hole or get nothing at all. And it's absolutely heartbreaking because these customers, there's, I think there's over a million of them.

They are writing into, they're writing letters to the judge. And they're just, they're so sad. Like, you know, because the problem was Celsius, I mean, it was so shady. Even once they're not only be, they're not only going through bankruptcy proceedings, they're also being sued by one of their investment managers for being a Ponzi scheme. So, I mean, I'm really curious what's going to happen there. But once they froze funds for weeks, they were still advertising, getting people to buy in. And where people putting money in.

Yeah, and they were getting it locked out. So, you know, people are talking about, you know, Celsius continued to tell people they were better than a bank, safer with better returns, as well as tell us that they had billions in liquid cash. They severely impacted both financial, both my financial and mental health. I mean, some of this is really sad, you know, Gene Sevelle who described herself as a little retired old lady living on a fixed income said she turned to Celsius and searched her way to supplement her monthly social security check to stretch her dollar and record a mid record levels of inflation.

I am 75 years old at retired research scientists and have been investing for well over 50 years. Yeah, it's really tragic. California resident Stephen Brauvers said he has less than $1,000 left in his Wells Fargo checking account. Now his only source of funds to provide for his family since Celsius has spend it all with draws. There is absolutely no way that I can continue to provide without access to my assets itself, C.S. This is an emergency situation, simply to keep a roof over my head, family,

and food on their table. I need that money. I mean, I feel terribly for someone like that, but at the same time, part of my brain goes to, you were so irresponsible, you should not have put all of your eggs into this one basket. What do you think and do? Sure. But I mean, and that's the thing. They were going on and combating all of this,

fun, you know, the guy I'm, I'm breaking out his name now. Moran Adam something moron. He basically, he would do like weekly AMAs. So, can't believe that they lied to us on the weekly AMA about not trusting banks while along, they were, they were wolves in sheep clothing, false promises and misleading information, a mentally unstable family or distraught with my decisions

of trusting Celsius and promising them a better future. So, as this is all going on, everyone, everyone's screaming like, what the hell are you guys doing with our money? They're doing all these things to be like, oh, don't worry about it. Like, we're safe for, yeah. And I guess, yeah, so I, to better understand where that person and a lot of these people's heads were at,

is these Celsius was advertised in a very sleek way. And it was backed by serious people. And it made you believe that everything was on the up and up. Yeah, I mean, there was a lot of money in these things. They looked like sherbet. And they were promising huge yields. Yeah, like things you can't. Yeah, I mean, again, it probably seemed too good to be true

If it's too good if it sounds too good to be true, it probably is Period, but for a time they were paying those out sure But it's just yeah the ride's gonna stop the ride eventually stops Good God, so I hope those people get everything I hope they get made whole and then I hope they get damages on top of it But who knows how long this will get drawn out? I don't think they will yeah, well they should just kill the guys responsible then Sure Maybe the judge will just order him killed You know what we're not gonna do this

Kill him kill Kill him. Kill him. Leave a comment if you know what movie that's from. Do you think people will get it? Yeah. Kill him. Kill him. Anybody back there now? They I think they'll get it because we we mentioned the movie constantly. There's a running joke that we do. Yeah. And I won't say no, no, because then we'll give away the movie. But There's a running joke that we do. Yeah. And I won't tell you what it is. No, no, no, no, no, no, no, no. Because then we'll give away the movie. But I don't want to see it up and we'll tell you.

Yeah, yeah. Yeah, yeah. Yeah, yeah, yeah. Just gave away the movie though. I don't remember that. But anyway, we've been meeting to talk about this for a while. No, no, the Celsius thing, and I just want to keep, we're going to keep our eye on it,

and we'll talk about it as things progress. I'm really curious what's going to happen. And not only this, but also the Ponzi scheme lawsuit. And then the last thing with Crypto Corner, you were talking about FUD. Yeah, someone put out, there's now an anti-FUD coin. And it's really beautiful.

Can we zoom in on this? So, Johnny Kukouin. And you guys should follow Molly White if you like Crypto Steph. She's great at pointing out all these insane things. But yeah, Johnny Kukouin. Johnny Kukou pointing out all these insane things. But yeah, Johnny Cucoin. Johnny Cucoin. So has we they're launching the Bud coin. Fud benefits. No one except the fudders. It misleads investors and harms the industry's image and market confidence

to build a crypto space with less fud. Cucoin is going to launch an anti-fud fund. Currently, the fund will mainly focus on, look at this fucking thing to it, it looks like a minor league hockey team. No, it looks like a, I was going to say a gaming and esports team, anti-fud fund. Firstly, implement anti-fud education online and offline. We will leverage our global community in over 20 languages to deliver knowledge, including what is fun and how to distinguish it. Secondly, motivate and acclaim industry leaders

and influencers who are always responsible, delivering trusted information to their audiences and helping them stay away from fun. Thirdly, effectively trace fudders who intentionally spread fun and take legal actions and send them. But this is what's so, like, our Fudders, people who are just like, like our people who are writing letters to the judge being like, I lost all my money in this fucking scheme.

This is just stupid. Yeah. I am certain that these initiatives can hardly erase all the Fud in our industry. It's basically this initiative is anybody who criticizes crypto in any way. Right. We're gonna just not do it and be snucked out. Because crypto is so imaginative, you could just invent a currency based on an idea. Yeah. Look at CUMCoin and ASCoin and BUT FUCKCoin and SHIT. Yeah, why don't instead of doing this, why don't you put your effort into making it a more

Just well this is it's getting rid of all the criticism so that it's only good by just having you buy into a new coin They should call it. It's like horse blinders. They should just call it horse blender coin. Don't look at that. Yeah, don't look at that Yeah, don't worry about that. Don't worry about that. This is the yeah, don't worry about that. Shut up for a minute Don't worry about that. God damn it. You want to get rich or not? I mean, I do as the owner of Bitcoin as an owner of Bitcoin. I do own it. But you are satoshi. I am Satoshi. I am satoshi. Did we want to let's skip over the pillow, but we all know that the Nancy Pelosi went to Taiwan. She basically just said that, hey, we are doing this because America is free and a democracy and Taiwan also is, and it's just a big, basically she showed her ass,

she showed her ass hole to China. And China showed some military strength. Yeah. Military, it was basically, if we're gonna use the ape terminology, Nancy pull it, well, because, you know, ape, ape strong, whatever, AMCs reporting their earnings today, good luck to the apes, that's yesterday for you guys today for us. Nancy Pelosi postured as an ape by like,

shitting in her hand and throwing it at China. That's what she did. In China would, like this and... And pretty soon we'll all have to enlist in the military. I'm still eating bananas the way that they ape's do it because that is just so smart. You know how they do it, right? Yes, you told me.

I've talked about it. That's how I eat bananas too. I'm a little monkey. Should we do the Trump thing real quick? Yeah, because this is beautiful. His ex-wife died if Ivana Trump his first wife the mother of one of his two of his children. I thought she was Eric Donald Trump junior and Ivana. Oh Ivanka. Ivanka? Yeah, that's his daughter's name. As a tax researcher this is from someone on Twitter named Brook Harrington.

I was skeptical of rumors Trump buried his ex-wife in the name. Well, yes, if you didn't see, Trump put a little burial plot on his New Jersey golf course and buried his ex-wife there. And at first people were like, God, he is a psycho, which he is. But some people started being like, I think this is actually a way to get around taxes. And this woman is a tax researcher and she was like, actually, they're fucking right. So

I was skeptical of rumors, Trump, period of sex wife, in that sad little plot of dirt on his bedmints to New Jersey golf course just for tax breaks. but I check the New Jersey tax code and folks, it's a trifecta of tax avoidance. Property, income, and sales tax, all eliminated. What tax they're associated with? Well, Cemetery's apparently are tax exempt. Cemetery company, oh, go down. Cemetery company means any individual corporation,

partnership association, or other public or private entity which owns, operates, operates controls or manages land or places used for or dedicated for use For burial of human room. Breathe so And it doesn't apparently it doesn't say how many you need so there's no real classification Other than just having a burial plot. Yeah on the land I see. So the act relieves cemetery companies from the payment of real property taxes on lands dedicated to cemetery purposes, income taxes, sales,

and use tax. So he's effectively able to turn his golf course into a cemetery. A cemetery company. Just by having one dead body. You would think that he would have other dead bodies to stick in that. I don't know if he'll actually get away with it,

but you gotta to love the effort. Well, maybe she also loved the Trump golf course. Yeah, I'm sure he said, bury me at Trump National. Also her pathetic little headstone just says Ivana Trump and two dates. Presumably the date she was born in the date she died. No, nothing about her big mother yet. Can we go, can we go, I just want to see what else she said in the thread. Well, tag, you know. Yeah, no stipulation regarding a minimum number of human remains necessary for the tax breaks to kick in.

Looks like one corpse will suffice. Fucking wild. It's so fucked up that we use so much land just to bury people. How narcissistic do you have to be? I feel like I'm gonna, no, I put me in a box and put me in the dirt. Like just fucking do whatever. You're not around anymore. I feel like more, more people will, uh, cremate. Yeah, I will let's do the, let's do the pods thing. What's the pods thing? Where you stick your body into a big egg and it turns into a tree. Yeah, yeah, I actually want to be turned into a tree.

What kind of tree? I don't know much about trees, but a nice one. Well, they got roots and they got leaves. I got that. Some of them bear fruit. But I could name trees, but I don't think I tell you, I could tell you what they looked like. I would be a peach tree.

Oh, well, I never thought about that. Cause peaches look like little butts. Okay. And I got little butt. Imagine you die. I'm imagining. Your psychopath ex-husband. You just a tax break for him.

Might I get to marry Ivanka Trump? I've seen the future. That gives me close access to you know who. Baron. What? What? What? Yeah, I just want to play catch with Baron.

That's my goal. I just want to, hey buddy, you want to go? He could teach me how to slam dunk. Oh man, all right. Well, we're pretty much wrapped up. Wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, wait, So they they boasted 122 million monthly active users. They claimed $382 million in free cash flow on $8.1 billion in revenues, which was 105% increase year over year, the revenues at least. So the interesting thing is the way that they calculate profits,

because they're not the only ones to do this. They're definition of EBITDA. Have you ever heard of EBITDA? I have, I've seen it everywhere. It's a new-ish concept. And I didn't know that's how you say it. EBITDA. It stands for earnings before interest taxes.

I should know this. I can't remember. Holy shit. D, D, something something an amortization For the audio listener bends noses bleeding we're gonna have to Evida is come on it is earnings before interest taxes depreciation depreciation and amortization excuse me, okay, so You good yeah, I'm good. I'm good. For example, in 2020, Uber lost $6.7 billion under normal accounting rules.

That's a pretty good year, right? Yeah, it's fantastic. Under normal accounting rules, but they cut it to $2.7 billion using their own special definition under the EBITDA thing. So EBITDA is basically, it's a measure of baseline profits without including any associated costs. It's a bit like art. Yeah, don't look at that. As the name says, yeah, it's kind of like that.

Yeah, don't look at that coin. It's earnings before interest taxes depreciation and... Yeah, of course. If you want to throw all that in, sure, I guess we had a pretty bad year, yeah Rick that's essentially what it is so it makes it can make a company look better than it actually is and have you ever thought about taking out the taxes depreciation and amortization yeah yeah and looking pretty good now yeah exactly that's what these companies are doing Tesla does it horrendously but so the big thing is it's not recognized

by the general accounting gap, it's the GAT principles, the general, well that's what we're done with. General, generally accepted accounting principles. So it's not working. Everyone knows those guys are fucking nerds. So they're huge doors. And they never let you cheat on your taxes. So companies are free to interpret

formulas allowing them to fail. Companies can just do however they it's their own made-up math. Right. It's like new age hippie schools. It's new math. However you think you should do it Byron. Yeah. There's no wrong answers here. Byron, you mean Baron? Baron? Yeah. There's no wrong answers here. You can make it's like that new school at NYU Or the you can major in whatever you want make up a major make up a major. It doesn't matter your parents are quite rich Yeah, buy a major in pizza Byron It's Baron So it allows companies to to veil their issues and so you know, it's just something to be aware of.

If you see a company bragging about huge earnings, just look for the EBITDA. Just look for the EBITDA thing. And if you meet a kid who made up a major at NYU, just look for the rich parents. Yeah. And then in other news, Mercado Libre, I'm fully just picking my nose, just picked out a little boogie. We don't care

Man, what are you doing? I had an itch and I wanted to get it out of there. All right. Wait. We're running out of time So what do we want to do? Do we want to do you want to do Robinhood and AMC real quick? Yeah, well I just wanted to say fuck fuck fuck or fuck which is what I put in the notes because I had the 850 strike calls on Mellie and meE-L-I, Mercado Libre, the South American Amazon and they reported earnings and I had sold my calls for about 27 bucks each and as of today they're oh probably about 150 dollars each so I left about I don't know 30 thousand dollars on the table because I had a couple of them Well, that's So that's fuck.

That's fuck. We can make that back with one podcast guest, DM us before. Yes, that's exactly right. We should have Vlad back on to explain why they had to fire 25% of their workforce, and they got fine $30 million for crypto, their crypto unit violating.

That dude does not quit. Yeah, their crypto unit violated into money laundering and cybersecurity regulations. You know who, you know, Yeah, they're crypto unit violated into money laundering and cyber security regulations. You know who, you know, I'd like that crypto unit to violate me if you don't know what I'm talking about. I know, what does that mean? That means I'd like, I don't know man. But anyway, Vlad, front of the show,

we're always thinking about you. We hope you know we hope you bounce back. Well, he should just quit, like I said, just quit, dude. Look at what happened with Michael, Michael Sailor and Michael Strat. Oh, you could be the next Michael Sailor where your company's happy you left. Seriously, like you literally have nothing to lose.

Everybody forgets about you. Your stock rises because everybody's going to be like, oh, the guy's gone. Now we can have someone running the company who might do things differently. All right, we're going to do the next step in after ours. Yeah, so coming up in after hours. Lots of stuff actually. We're gonna talk about the new Spotify profile we have because we made a little playlist,

which we'll tell you more about. And you guys don't even know about this shit we're talking about. Yeah, we're gonna be talking about Taylor Swift. We're gonna be talking about World War 3 company. Oh shit. Nuclear annihilation. We're gonna be talking about the War three company. Oh shit. Nuclear annihilation. We're gonna be talking about the UPS trucks. Being hot, hot, hot.

So that's it. If you want to go to TMGStudios.tv, sign up now. You get all this shit. Plus, if you sign up, you get not only access to the after hours, but you get ad- free versions of this show. So you don't have to hear us talking about shaving your balls and whatnot. So anyway, that's it for now.

Like, comment, subscribe, do all that shit. We're getting so close to the kiss. So close. I can taste it. I can smell his garlicky breath. Hell yes. It smells like garlic constantly. I won't stop eating Zeki ever, even before the kiss.

What is Zin Zeki? Zeki. Zeki? Zeki. I know how to pronounce it. Zeki. That's wrong, I think. We're at 36.5,000 subscribers.

You know, I looked at socialblade.com and it's projecting that we're gonna hit, it's actually kind of sad because it projects that we'll hit 100,000 subscribers in like a fucking year. That sucks. Don't let that happen. Yeah. It smashed that subscribe button, annihilate your computer, throw it into a river so that you can't unsubscribe from it.

Hit the bell button that will tell you, hey, dipshit, there's a new episode posted. None of you are even listening anymore because we are at the very end. We're not even here anymore. We're in After-House. What are you doing? Yeah. Over there. We love you. We love you.

Bye. Okay, so long. Bye. This week on After-House. Oral Roberts, is that like an anal Johnson? What are you doing? Oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh't there a famous, like, picture or video of an ape, like just taking a frog and fucking it? Hey, can we go over there? Sign up on TMGStudios.tv to watch the full bonus episode.