The Trillionaire Mindset - 8: What Are the Billionaires Doing?

Episode Date: November 22, 2021

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I saw something that would have driven you crazy. What? Um, on TikTok? No. In real life, this happened to IRL. What, what was it? Uh-huh. I was at the climbing gym.

Uh-huh. And there was, you know the foam rollers? Yeah, I know the foam rollers. Well, I was working out and this guy comes out of the sauna. He's so wet and sweaty. Uh-huh. Like, you could see like the wet stains all over his shorts. Okay.

And he just started. He was so gross. He was just like dripping everywhere and then he grabbed a foam roller He's shirtless and he just started rolling out his back on the foam roller and being like really loud about it And he was telling his friend he should do it And his friends like oh what why what's all about his friend wasn't telling him that he was breaking. No, no one was, dude, I was literally gonna like tell the front desk, I was like, this is so narrowly. And then someone from the front desk walked by and they like made a joke with him and stuff. And I was like, but then he got his friend on it.

And his friend was like, oh, my shirt's catching on it. And so he took his shirt off and the role just... Oh man, that, yeah, I don't use foam roller, so. I do, I thought it was the only one there who used them yeah no I think I'll foam roll at home from now on yeah you better wow Well, welcome to episode 8 of the Trillion Your Minds. at check the disclaimer in the description before we get started. Oh boy, that foam roller talk really got me angry. Yeah, I know.

I knew it would piss you off. There was a guy at the gym the other day, we go to the same gym. There was a guy there the other day who was so sweaty. He was just like dripping and going and climbing and then coming and doing pull ups and going and climbing. And I almost wanted to be like, but just dab off. You can do that. You don't have to sweat everywhere.

That's kind of one of the problems with the climbing gym. There's some kind of gnarly. Yeah, there's some crazy guys who love to take off their shirt and sweat everywhere. At the one downtown though, they put up a sign. No more shirtless climbing. Yes. Good.

It makes me feel bad about my body. It's just, yeah. Speaking of, speaking of bodies Man, are we glad that Williams not here anymore? Oh, I honestly I feel so relaxed But I have been like nervous that he was I was out to dinner this week I've been like I'm like he's gonna pop up somewhere. Yeah, he seems like the type to just pop up somewhere Especially now that he knows I don't know where, everyone keeps asking where he came from. All I know is he went to Stanford School.

Yeah, he came from Stanford, he just popped up. And he just popped up. He just appeared, he's like Beetlejuice. Yeah. We said Stanford Business School too many times. Yeah, don't say it again. He said literally one more time, he will pop up. He's not gonna be here today.

We had some people wanted to get your story still, I don't know why. We're gonna get to it. Well, yeah, we'll get to it. If we story still. I don't know why. We're gonna get to it. Yeah, we'll get to it. If we have time, I don't know if we have time yet. Because we're already running out of time. Right. But we got this new set.

Look at this. We got shared. We didn't even get to talk about it. I know, last time. Last time. We had him last time. I have it. I'm so relaxed.

Check this out, man. There's a recline. There's a recline feature somewhere. Oh, you pull it out. I don't know how to do it. I don't either. It reclines. But it is more comfortable.

It's so much more comfortable than you can do this. We have these cool arms. I'll try to touch my Mike Les. I can't promise anything. I can do this. I can do this. Check this out.

Check this out. Oh, that's good. You can go like this. I can put my feet up on the Check this out, check this out. Oh, that's good. I can go like this. I can put my feet up on the desk right now. Oh, man. Yeah, isn't this enjoyable? Look at this. Oh, yeah.

Oh, I feel so good after all those profits I made, flipping Rivian. When we're in Rivian, IPO'd, and I traded it all the way up to $180. Did you get out before it? No, I didn't even trade it, because I'm not going to participate in that in Mayhem, that's chaos. Oh. I will say this

There's someone someone I forgot who it might have been Chamef Palahapatia The billionaire guy who I don't like but he made a good point He said that a lot of people hate on Rivion because of because of how it's being traded and he's like that's wrong You don't hate the company because of what the market is doing to the stock. It's not the company's fault, which is certainly a good point. Like it's not, it's not Rivians fault,

that it doesn't, it doesn't say anything about them or their business plan or business model because- Yeah, I guess it depends though. I've like, I also read, I think it was on market watch somewhere. They were basically calling all these like CEOs, like Carnival Barkers, just like trying to pump their company. A lot of these companies have never even was Rivian CEO doing it? No GMs

was. Yeah. Yeah. Everybody's that's the thing is the thing about the stock market game is you've constantly got to beat and raise expectations. You're you're constantly trying to outperform the previous. Yeah, I don't know if I'd feel super comfortable being in Rivians position right now of trying to live with the... Oh, you've got, you've got at their height, they were sporting $140 billion mark cap valuation on a million dollars in revenue.

Right, a million, one single million. Insane, yeah. It's, and. Yeah, it's And everyone is everyone's gonna be coming form we were just talking about Pole star. Yeah, pole star. I yeah that pole star So pole star is an interesting one because they actually have like a business next to like Tesla On the ranking of them, you know, what's the thing got like Tesla and GM and Volkswagen, everybody's making an electric car, but one that's been under the radar is yeah, Polestar, which is an offshoot of Volvo.

Yeah, do you like them? Because they're a little Volvo sub-brand. Do I like them because they're a Volvo? Yeah, I'm, I only like old Volvo's, because then when they got sold to like some, Yeah, but you know what the problem with old Volvo's is? They break down. And they leak all your oil out.

They leak all my oil out, because that's what happened to me. Maybe. No, but Pol know what the problem with old volvos is they break down and they leak all your oil out They leak home my oil out cuz that's what happened to me. Maybe no, but bullstar is interesting cuz they uh it's a SPAC right now Yeah, yeah, ggp i.g.p.i. is the current symbol I Flipped some good guys put in good guy. No, it's like googan. It's goers googanheim something Company, but they're trading for like 13 and change. I bought some this week. With the Polestar 2, the Polestar 1, I don't even really, it's like $150,000. Are you serious? Yeah, I think it's like a collector's item at this point.

That's insane. There's only like $15,000 or something. But the Polestar 2 is going to be a model 3's a I think without rebates and like Tax refunds and stuff. It's like close to 60K, but it's With all that it's in the 40s. Do all electric cars still get rebates. Yeah, I think so That's one thing that knew that's one of the many things that's oh yeah pull start to the way electric cars should be starting at 38 for they're actually like doing okay, and, you know, I don't like that rear. Like 15 different markets.

I think they've beat. It kind of looks volvish. Yeah, it does. I think it beat the model three in a couple different markets like. Oh, wow. In terms of like not performance, but okay. Yeah, just sold it more.

One thing I like about Volvo the old cars and someone said it somewhere at some point it was a car company run by engineers But then it shifted to being run by accountant Yeah Like I wouldn't trust a newer I drove a newer Volvo in s90 I rented it and I hated it It was terrible. Why? Because it just felt like there's just to me, computer things. Give me the cassette deck.

Yeah, I think your problem is just that you haven't driven a car that is above 1990. Yeah, it's so long, yeah. My car's in 1989. It's so weird. It's got screens in here. Yeah. People hit their head on my surf rack all the time, cut off a piece of scalp. That's mine. That's what I take Yeah, gotta give a little tease for the next

Maybe not this next episode, but the one after man. I think we're shooting for next the next episode We're gonna do a credit card a lot of a lot of people credit cards. I'm the credit card guy. I'm like big into I've collected hundreds of thousands probably well over a million or two million Points yeah across multiple cards and there's a lot of things that a lot of friends have asked over the years that It's heartbreaking where they're like doesn't that hurt your credit score and There's just a lot of rookie questions that I would love to just get out in one definitive place So we're gonna be doing that and there's gonna be some special stuff. Yeah, we'll pull all of Ben's credit card knowledge Just in time for the holidays. Yeah

There's drama. There's controversy. There's nudity. There's nudity. Yeah, there's nudity. There's nudity involved in this episode. I'm not kidding So we're we're gonna just teasing that out. I guess What am I doing? Come back to it It's exciting this week. You know why yeah or the last couple weeks. Yeah, I know why why? What no, what did you say? or the last couple weeks. Yeah, I know why. Why? What? No, what did you say?

13 F filings are out. They're due. 13 F. 13 F filing for the uninitiated is a required form for institutional investors with assets over $100 million. And they're required to be filed with the SEC 45 days after every, within 45 days after every quarter.

And what is a quarter, you know, the year is divided into four quarters. January, February, March, April, May, June, July, August, September. My man is out here explaining years. You guys, you guys ever heard of months? Yeah, I'll ever heard of months. Some people might not know, you never know, you get the random person who's like, okay, you started talking about chords, but I don't know what quarters are. I think we could leave the quarters behind.

Yeah, yeah, you're right. You're right. We should leave them behind. The discord is going fucking crazy. We don't have a discord. No, we do. One guy says says what's the F stand for fuck? The I don't know what the F stands for. I don't think it stands for anything or why the 13 it's just it's just code Yeah, they've got all sorts of 13 a B 13 D's G's

but What's exciting is you get to see what a lot of these hedge fund people and and deciding is you get to see what a lot of these hedge fund people and hedge funds and just big, what the big boys, what the big cats are doing. So the recent ones that came out are for the quarter ending September 30th of this year. And we wanted to go through a bunch of them. The first is. Do you find these helpful as a trader? Because you're getting them late, right?

You're getting them 45. Yeah, you're getting them 45 days later. Later, them late, right? You're getting them 45 feet later. So we're all you know. Moves. Yeah, for all you know, a lot of these people have changed their positions. You really can't tell. But, and there are, I think there are services.

That's one thing about Kathy Woods, who we mentioned last week, the Tesla hyper super bowl. Yeah, the Arc Lady. You can sign up for ARCs daily. They send out a daily email blast of all of their positions That they've bought and sold that day. But it's after they send it after market like after the extended hours So that you can't trade on it, but nobody really trades on that information But yeah, it's helpful because you get to kind of see

Right you can start to track the performance of certain funds and you can copy their moves if you're so inclined. It's not a guarantee of any kind of performance, but I just thought it'd be interesting to look through. The first is the largest... Yeah, we'll find out. The stocks with the largest percent increase in shares held. Let's pull that up. Oh boy. So number one on the list is Lucid, which is the, it's another Tesla competitor. Those cars look kinda cool. I would buy Lucid. Also, I think it was Lucid.

They have, was it Lucid? I think they've got a crazy long battery. Really? I think they, or they claim to have said that their tech has like, they could do like a four or 500 mile. Oh, yeah. I think I, yeah.

Because they're the pole star. They were like, they were like, we did it. No more worrying about rechargers. And they were like, we bow step to 250 miles. I was like, that's not that much. Yeah. It's just, it's interesting that more and more it seems like people are closing the, the, the moat that Tesla has, so to speak.

That's what, moat is a term that you all know from like medieval times and whatnot It's not just a it's not just a swamp with all the gears anymore It's the it's the thing that differentiates a company from its competitors and gives it space and and Tesla used to be like the the one and oh, yeah five. What is it? and Tesla used to be like the one. And oh yeah, what is it? The Lucid Air has 517 miles, but EPS- It made it crazy. From test of a prototype.

So they're just, they haven't actually delivered on that. No, yeah. But that's wild. Yeah. And as of today actually, as of this recording, Apple, it's kind of, it's basically official that they're coming out with a car. They're making an electric car.

They're making an electric car. They're making, well, we don't know what the car looks like yet, but in 2025, they're going to have their own. And Tesla stock took a hit on it, a small hit, but it makes you wonder, like, did Elon Musk know before somebody always knows? There was stuff going on in the options market for Apple leading up to it,

and it's at all time highs now. It's just, well, they've been talking in the options market for Apple leading up to it, and it said all time highs now. It's just... Well, they've been talking about the Apple car for a long time. Yeah, but it's always just been rumors. And now it's actually... No, they were partnered with Kia for a while. They've been...

They did make and move on it. But then they terminated that part. They terminated it, and then they were like, we're doing just... Automated. What is it called? Self-driving cars. Self-driving, yeah. But they've been talking about it forever.

Yeah, well, that rumor now is apparently a reality, because I think at one point Tim Cook the CEO like dispelled it by saying, we're not, we're just kind of, you know, we file patents all the time for things and just in case, but it makes sense. But anyway, these lucid is the number one stock that had an increase in 13 F filers. There's now two as of September 30th, 248 qualified institutions with over $100 million in assets hold this thing. They had a 6,443% increase in ownership and the aggregate market value of that is $28.8 billion. Next one is something called CCC Intelligent Solutions Holdings.

It's a finance company. I don't know what the hell that is. Ginkgo Bioworks. You got to get it on Ginkgo. You got to get it on Ginkgo, baby. DNA. Oh, I bet they're proud to own that. And wait, what do you see below that?

Pinterest. Pinterest, baby. Pinterest always bounces back. But I don't know why that became a meme with you. This Pinterest. I got all my shit tied up in Pinterest. I don't understand how Pinterest even works. I just know that when I Google something

and do image searches, sometimes it shows me Pinterest, and that's because you're not a 31 year old woman who works in PR, who's planning a wedding. Too shate. But it's a pretty lucrative market or cornering. It sounds like it. The aggregate market value of those shares is $21.1 billion, $710 people, groups, whatever funds hold that thing. The next one is the Vanguard S&P 500 ETF. I love this symbol, VOO, VOO. And the next one is the spy, everybody owns the spy, 2,588 funds on the spy, shocking. Palantir is the next one, which is such a weird one a bunch of reddit dorks like that thing And I just think it's a piece of crap. I personally don't like it. Why cuz it's got such a when it's just everybody's like hyping it Oh, it's gonna be the next game stop and it's blah blah blah, but it's got like a I don't know

It's such a bloated valuation relative to what their growth trajectory is and I don't know, I screw Peter Teal, and isn't it like a weird one? Isn't it dumb? Isn't the name of the game bloated valuations right now, though? It sure is. I just, I actually saw on, it was, well, when it last week, you were saying,

like, I don't see how this is ever coming down. And I was joking about, like, I'm sure there's a lot of people who said that, I was on some Reddit post, someone had said, like like basically what you said, like how is this ever gonna come down? Like it just keeps going up and up. And then some guy was like, I don't know how old you are, but I'm 63 and you probably weren't investing

and he listed all these years like 1973, 19, down, down, 19. And he was like, you know what happened in all those years, a correction. And he's just like, I don't know when it's coming if I did. I'd have a lot more money, but it always comes. Those guys say that, but the thing is, the market is so, it's worlds apart from the 70s,

the 80s, the dot com boom. And part of it is the derivatives market, the options market. And we'll get, there's a thing I wanna share with you later, but it's all a lot of it is driven by options market. And we'll get there's a thing I want to share with you later, but it's all a lot of it is driven by options now. Like back then it was barely a blip out there, but now it's like bigger than the market itself. It's all It's all option stuff and it just becomes this feedback loop. It's annoying. It pisses me off. We'll see. Then rounding out the list is something I don't know Kimco Realty Group. The chart actually looked pretty good on that one. I liked it. K. We'll see. Then rounding out the list is something, I don't know, Kimco Realty Group. The chart actually looked pretty good on that one.

I liked it. K.I.M. Then an oil energy thing and then another real estate. I think it's a real estate. No, it's not. It's a real estate management and development company called Veechi Properties. I hope it's not a Veechi. That guy's dead.

Jesus. I think it's not of Vichy. That guy's dead. Jesus. I think it's his family. They put all of his, all of his royalties into real estate. A bunch of friends made fun of me in my Twitter chat because the day he died, I just wrote damn of Vichy died. And then one guy repeated it and then everybody just said damn of Vichy died. Then someone renamed the chat to damn a VG died. Wow.

I didn't know anything about him. I just knew that he like... Remember when Tiesto that, that vibe here? Did he die? No. That, I mean, maybe by the time this comes out, wait, was it the George Floyd thing? Yeah.

Oh, where he's like, okay, we'll go ahead and re-talk. He's like, this one goes out to George Floyd's family. And then, it's like, yeah we're going to Rift Huff. He's like this one goes out to George Floyd's family and then It's like yeah, it was so tone deaf. It's like the height of COVID so nobody's there and he's gonna lift up Okay, this one goes out to George Floyd family. We care about you so much It's not like he's playing like can on the wind. It's just like This one's for George Floyd I was totally just channeling my favorite Noelle bit ever, which is him doing the impression of the Dutch flight attendant

when he was like flying to Amsterdam. I love it so much. It's in the part of the intro credits to the TMG show. Fasten your seat belt and get ready for the base. This is a new segment we call Noells fan club. I love you Noell. Okay, then the next one we had the top 10 holdings by value. I wanted to go over this real quick because it's exactly what you would expect.

You got Microsoft, Apple, Amazon, Facebook, Google, Visa, JP Morgan, Nvidia, and Tesla. Shocking. But look how much at Microsoft they hold. All these 3,800 funds own Microsoft at an aggregate market value of $1.44 trillion. Damn, they own like all of it. Which is at once like cool if you're in it. It's like this, alphabetphabet Class A and Class B. I mean, all I know is that it used to just be Google

and then they changed to Alphabet as like a holding company as a way to like segregate their businesses because they're regressive. They're not progressive at all. And so now they've got two different, they've got, I think three different class, because there's Class A and class C, which I mean I would think that there's a class B. I should really be more knowledgeable about this, but

yeah. You got the different classes because each one does a different thing, but they're roughly the same. I put you on the spot. They're roughly the same thing. Yeah, I don't know what it tells you. Did you hear the thing about Amazon and the UK is not going to take Mastercard? No, Visa. Really? Yeah, because of their high fees just the credit cards you can still use debit and Visa has high visa doesn't know American Express is the one with the notoriously high fees on the We should save it for the credit card stuff anyway, okay, yeah, but on the like chase Sapphire and stuff They've got pretty high. Oh We got a little

Thing pulled up here about understanding Google versus Google. There's a third type of share class B that is true, which are held by founders and insiders that grant 10 votes per share. Class B shares cannot be published. The class A is their common stuff. Yeah. And the class C, meaning that these share are all class A. Yeah, the class A shares, GO-O-G-L as a symbol has typical one share, one vote structure. So you're a Goog, you get no vote. Yeah, if you're Goog, which is the class C, G-O-O-G, you got no voting rights, man.

You can't vote for anything, but honestly, you're not gonna have any say. You're right. What, your two shares are gonna, excuse me. I don't think that we, what are you gonna be voting on do you see the article about Like 89 or yeah, you spit it out, man, well fucking try and you're looking at me to see the Hey, did you see the did you see the article about hang on a good take a sip Did you see the article about hang on a good take a sip?

Just give it a look. It was it's crazy. Give me one second. I'm I hate for one second to get it out. All right. I'm looking at my watch again Well, I see the article the top 10% Of stockholders like the richest top 10% own 89% of the stock of Google no of all the stocks. Oh, yeah, that tracks Yeah, the rich get rich your man. No, yeah, It's just funny when it's like to think like oh damn, I won't be able to vote. Yeah, you're gonna know Great. Yeah voting really matters for you JP Morgan's they're just a beast. I love my chase Sapphire card Save it. Yeah, I'll save it. All right The next the next one we want wanna look at the losers next.

Here are all the, these are the stocks that were dumped the most. Number one is, do you, international? Do you wanna dump this stock? Yeah. It's a Chinese stock. The Chinese companies got hit hard this year, because the Chinese, okay, so here's the thing.

And I know that this is gonna sound kind of messed up, but it's not, it's a fact. Chinese companies that list on American exchanges have notoriously had a credibility issue where some of them just don't, just willfully like don't file audited financial. You're saying Chinese people famously don't follow the rule. I did not say that. That's where I'm here. I said that there are, so you'll,

you'll find companies that have like a hundred million dollar market cap and then you look at their revenues and it's like 5050 billion in revenues, no debt and like $200 billion in cash and you're like, okay, clearly something is afoot here. That it's a fact, it happens. It's a fact. And so the Chinese government used to be cool with it. They were just like, yeah, they turned the other cheek, but they recently were cracking down on all this and are really tightening the requirements

and whatnot for filing and anyway, but do you is a sticker symbol. What? The dicker symbol is DO, why you? And they are an edge. No, DO, why you? DO, you, no, DO, why you? DO, why you? No, the ticker symbol. No, the ticker symbol. Jesus Christ, this is like the fucking Lord.

My brain hurts. So I believe they're an educational company. There's a lot of controversy with Chinese education stocks, because a lot of Chinese parents and just students, college students, go to these tutoring services to supplement their education. And it's big business over there, and that's one of the big ones that they crack down on. And I believe that do you what is one, but it dropped, it had a 97.82% drop in portfolio's holding it. Now only 1.65% of portfolios out there hold it. And the stock took an absolute ass weapon from like, I don't know, 50s down to just a buck or two.

Next one is some health biotech company. That's why biotechs are dangerous, because you never know. That one had an 88% drop. Doc Simity, I don't know what the hell that is. Here's another one, this GSEX tech education go to, G-O-T-U was another one, another Chinese one. Next one, I owned this stock, and I'm pissed off, because I made a bunch of money on it,

and then I gave back a good chunk. It was called Mohawk Group, and they changed their name to Aterian, ATER, and they had a big drop from 11.84% holders to 2.23. Stock just got absolutely beat. They're like an Amazon aggregator. They buy brands that sell well on Amazon, and then they like automate the entire supply chain, and then just keep buying companies,

and it's weird. But it's an interesting business model, and they're not alone in it. Does Amazon kind of do that? They do. But they can only do it to an extent, because a lot of their marketplace is reliant on third party sellers and that's what a Terran is. And there's one called Thrasio TH. Yeah, but does Amazon just find what? Yeah, but they don't they do, but it's to a much smaller extent than you would think. Because it actually good it can hurt them if they keep doing that because third party business

is like 80% or something of their sales. Like they did, it's not in their best interest to just eat everybody's lunch. I went to a restaurant the other day and I was so shocked. I picked up my knife and it just said Amazon basics on it. I was like, this is wild.

That's depressing. Oh, it's just weird. Jeffy B, man, get out of my restaurants. You had another year ago, I don't know what the hell year go is, but the ticker symbol is ear. Fiber gin is one, I'm familiar with that one. I don't know what they do, and then a couple other ones, who cares?

People dump them. Stock the dogs. They're losers. Stay away from the losers. The big losers. And I will say this, I want to say this about losers say it go off so many people Buy stocks that are on their way down because people don't want to buy stocks that are going up because it feels

Weird to them because you're like I'm already I'd rather buy the cheap one. They're losing for a reason They're dumping for a reason. Yeah, but then every time I tell you, I'm going to buy this stock going up. You're buying the top. You're buying the top. That's a different one. That Trump one you're talking about. And yeah, get in with Dottie boy. Wait, you're $17 or something. You were going to buy like half a share. Yeah. And you would have made money. I was going to get in, get out, buy some mother stuff. I got a plan. I got something to say about losers. Put it back in Pinterest. Put it all in Pinterest.

Here's the thing about losing stocks. They consume you. If you do not have a plan to dump your losers, you are gonna end up stuck in a codependent toxic relationship which we've all been in. We've all had that boyfriend or girlfriend that we should have broken up with a long time ago and the same thing holds true with stocks,

where they're like, I'm gonna change, I'm gonna change, and you believe them, and then the stock starts to go up and you're like, oh, I believe them, and then the rug gets pulled and it makes a new low and you're like, oh, but you said that you were gonna change, and they don't and you lose more, and they just take from you and they take and they take. I feel like you're like, oh, but you said that you were gonna change. And they don't and you lose more. And they just take from you and they take and they take. I feel like you're working through something.

And they don't, they, and maybe, they cheat on you, we don't have a brother. To put through the listeners through this. It honestly feels very like crypto. You ever like go on crypto Reddit and they're always just like,

it's always just by the dip, by the dip, by the dip. And they've been right. Right. You were talking about Ethereum and Bitcoin. And so on, how to funny, like, what happens if it goes always just like, it's always just by the dip, by the dip, by the dip. It's too, and they've been right. Right. You were talking about Ethereum and Bitcoin. And so on how to funny, like, what happens if it goes down to like, whatever, and they were like, just keep buying the dip? Well, I mean, they're not wrong. They only tell anyone.

No, it only works. It works. A popular refrain I see is that, oh, if every single billionaire, or every millionaire bought one Bitcoin, it maybe it is billionaire work it out There's not enough for there's not enough bitcoins out there for even just every millionaire to own just one So I don't know what they're doing. I don't know what's taking them so long set up a wallet and buy one of the damn things

If you like it so much, why don't you marry? Yeah, Michael sailor come on the podcast Tyler Winklevaugh. Yeah, Tyler Winklevaugh and your weird brother. Yeah, you think they kiss? I bet they kiss each other. What's his brother's name? Cam Cameron. Cameron. I'm Cameron Winklevaugh. Do you think Bitcoin's gonna hit a hundred K by the end of the year?

I think Bitcoin, look. We only got a good way to a good thought exercises. In five years, do you think it's gonna be worth less or more than it is now? I'm asking, I asked you a question. No, but I'm asking you now. Answer my question. Yes.

You think you're having a hot day before the end of the year? No, I don't think it's gonna be a hundred K before the end of the year. Okay. Remember that guy who died? John, not Evichi, but John McAfee. Yeah. He died. And he-

Well, they say he killed himself, but before he died, he said, if they say I killed myself, I didn't come back. No, no. Well, yeah, but a few years ago, he died and he killed himself, but before he died, he said if they say I killed myself, I didn't come No, no, well yeah, but a few years ago he had predicted that Bitcoin that year would hit a hundred grand And if it didn't he would eat his penis on live television And it didn't happen and of course he was like whoa That guy's insane. He was totally insane. He had a great voice though. Did you ever hear him talk? That man, he screwed up.

At the Libertarian National Convention. Oh yeah, the Libertarians. God bless you Libertarians. So we got some honorable mentions just to go back to the stocks, Roblox just hit all time highs, pissing me off. 60% of institutions were buyers in the third quarter. The top five buyers alone, about 22 million shares.

Jesus Christ. Jesus, H. Honorable mentions the metaverse winners, also Unity, which doubled since August. Nvidia, AMD, these things just keep going up. how she buy cuz I don't want you like winners I like winners. We all like winners and we hate the losers. We curse the losers. These are the chads of The stock world. They're just yoked and going to the gym and stealing your girl Rolling out on a foam roller with no sure no sweat and all over the damn place thinking up the joint getting a sprinting on it. It's annoying to me though because like

the metaverse is still so far out there and I know that the the temptation is strong to buy a lot of these stocks now but it remains to be seen a what the metaverse is going to even look like be who the actual winners are going to be and see how that's going to actually affect their bottom line. So I'm just happy to like I gonna be and see how that's gonna actually affect their bottom line. So I'm just happy to like, oh wait and see how things shake out. I'm not gonna chase it. Yeah, I saw people were talking about buying, you know how people are buying land in the metaverse? Yes, decentral land. Yeah, yeah. And someone was just like, is it incredibly stupid for me to spend all this money on this like, virtual land? And this guy read this like response and was just like,

basically wrote like how incredibly stupid it would be for him to not buy it. No, for him to buy it. And then he was like, but because of how stupid it is, I would say it's probably going to rock it to the moon. You should buy it. That's the thing. Everything, say it's probably gonna rock it to the moon. You should buy it. That's the thing. Everything, everything that's the dumbest thing. The stupidest thing is what happened.

Like remember, come rock it. Come rock it. That what's that? There was a cryptocurrency called Comrocket. And the currency was called Cummys. It rocketed. It just shot up. People are bored, man.

People need something to do, and they're just, they're degenerate gambles. Airbnb was another one that touched all time highs with like $124 billion market cap and just under 40 million shares bought in the third quarter. I'm so mixed on Airbnb. I've only had lu Luke warm to bad experiences. With actual Airbnb.

With actual Airbnb. Yeah, I haven't touched the stock. You know the very, you wanna hear the story of my very first? Well, Airbnb used to be, honestly, I used to like, if you did it in the early days, it was like very, at least it felt like it was like people who had like one rental and they would put it up there

and they were super involved and like in the whole process. Yeah, and you would meet them and they would like let you into their house. And I was like, this is great, this was so nice. Yeah. And now pretty much like any Airbnb I've done in the past like a couple years, like you don't even see the person, there's just like a weird lock, it's just this weird like.

It's a business. Empty, yeah. It almost makes me want like a hotel. Hotels are better and in many cases now they're cheaper. My first experience with Airbnb was awful. It was in Brooklyn. I was going there for a week long trip and I found this woman's, she was a brand new listing.

She had like one review and it was five stars and it was like 60 bucks a night and I thought, hot diggery, okay, I'll take this. I meet her at night. We walk, we like met on the street and she walked me back to her place. She's like in her 40s, nice lady. And this is like, I don't know, seven years ago now.

But we get to the place. She shows me the apartment. She says, all right, she had like, it was one of those apartments where it's broken up. Like one hall had, you go up the stairs in the building and it's like, I had the one apartment and then outside was like an auxiliary room that she had, but I had the whole thing to myself.

She leaves and I'm like, God, I got a pee. I got a pee so bad. So I go into the bathroom, I open up the toilet seat, and in the toilet, just by itself was a turd. And it was striking to me, I was like, what's off about this? Oh, there's no toilet paper in the toilet with the turd.

It's just the poop by itself. So I'm thinking, okay, someone pooped, didn't wipe, and didn't flush, and just got up and left. Is it this woman? Like, am I in a freak's house? So I just took it upon myself to pee onto the poop and then I flushed it. And that's not the worst part.

No, the worst part. I then go into the bed. Well, get to it already. The bedroom had no windows, which is also very jarring. So I was scared to death because it's a room without windows. And I, there was a lamp and I just like put a t-shirt over the lamp to give it just enough light for me to feel safe and secure. But then the door, the bedroom door, had a little like cat door hole, just a hole in it. And I was mortified sleeping

there because every time I'd hear the slightest thing, I would open my eyes and my vision would shoot straight to the hole in the bottom of the door. And I kept expecting to just see a little face in there. It was just all around bad experience. So I left the next day and I just didn't, yeah, I just told her, I'm gonna stay with a friend.

Can I have a refund and she said, no, you can't. It did not give me a refund. I didn't even bring up the turd. I should have said, lady there was a piece of crap. That doesn't seem refundable. The turd? No, well kind of none of it. It doesn't seem horrible.

Yeah. She didn't disclose that there were no windows and that's a big no no. You have to disclose that. That's like a rule. Is it? Yeah, absolutely. You can't say that,

hey we got a bedroom here and there's no F and windows. I don't know that hey, we got a bedroom here. There's no effing windows. I Don't know. Yeah, we got a movie that's not legally a room Ah That's a room. I'm not gonna off. Let's look at the top funds. Shall we let's start with Michael We can't go through all these no, but well, I want to look at the further the sion is you know who sion is That's Mike Barry. That's Mr. Glass-I. He- Call him that?

Well, that's what he's known for. He's not known for that. He lost, he lost like 35% or something on his Tesla short. He also lost on his arc short. And he just holds a bunch of boring crap. Exactly. That's not the whole point. Lockheed Martin, G.O.

He owns prisons? No, Lockheed Martin is a... No, but G.O. He owns G.O. Group and CXW, I think is... Damn. What's he thinking? I think he's seeing the way the world is going.

He's like, we're going gonna need more prisons, more bombs. He's a freak, but he had a bunch, he had 11% of his portfolio and Google calls, which very smart, but anyway, screw him. All right, well not screw him, he's probably a very fine person. What else we got? Citadel, everybody hates Citadel,

and unsurprisingly, a lot of their stuff is just options positions. Where I wanna just focus on like right up, yeah, those three, the top buys, the top sells. They dumped Nvidia calls and puts, so they probably had like spreads, which is where you buy one at a certain strike price and sell one at another.

You don't care, who cares? Spy, they own a bunch of that crap in Google. Everybody owns the same stuff. It's all AMD, Tesla, Spy. Right, I think that was the looking through them. You kind of, these are like the top funds, and you're like, oh man, these guys are really watching everything, they know the T-lips,

but they're just holding them, it's so boring. It really is, Apple, it's CVS, it'sS its Google and if you own book and you're just like oh Yeah, Berkshire Hathaway is killing it. They own 6% of Apple. Yeah, and if you own yeah 10 billion dollars worth of something a 2% bump in it gives you how much is that 10 2% of 10 billion? So that like how helpful can these be when you know? It's like what are you gonna do Get in on fucking Apple and Amazon? Well, it still pays a dividend. Scroll up just a little please.

I wanna see how much, how many assets under management to Citadel have $244 billion under management from these schmucks? Or is that trillion? No, that's billion. Who's next? Bailey Gifford. Bailey Gifford. Bailey Gifford is, they're like a really famous one that people follow.

So like, these are the top 10, not the top, some of these are the top 10, but some of them are just ones that I want to see. They got Dexcom, which is a diabetes stock. Not a bad bet if you're betting on like the future of America if if if Jesus if diabetes. Hey, a lot of people are diabetic. Yeah, I didn't realize how I saw like a global map of diabetes. No obesity. Oh, we're so fat. Yeah, well, you know, we got we got a lot of crap out there. Yeah, a lot of bad crap. It's crazy. Have you had a Big Mac? Yeah, I have.

It's, I haven't had one in a long time. But I'm crazy. I'm fiendin' for one of them. Right now? Yeah, right now. I don't know why they're not wanting a Big Mac. Bailey Gifford's cool. I think that they're interesting.

They just, they're not that, I don't know if they're aggressive. I can't remember who's aggressive. Some of these people are very aggressive. They own a bunch of Moderna though. Tesla, Illumina, I don't know what that, Mercado Libre is an interesting one that they own. That's like the Brazilian South American Amazon. Not like the Amazon jungle, which is in Brazil. Yeah, that's the Brazilian Amazon jungle.

Yeah, that's the real Brazilian Amazon. For now, Mercado Libre is a, that thing's like 1700 bucks a share or something and just a few years ago it was like, you know, 20 bucks. What's it? I didn't know what the hell it was. What's Amazon at? Amazon's at, as of now, like 36, 50 or something like that, pisses me off.

I had some call options in it this week and I didn't hold on long enough and I left like 10 grand out there because I'm a stupid idiot. What's next? Tiger Global. Eh, who cares about him? What's...

Soros. Ooh, let's see what the puppet master's doing. George Soros. I wanted to pull this up because he's only managing $5.4 billion. And I say only because relative, that's a but a, but a pittance compared to it. Yeah, but he's got managing $5.4 billion and I say only because relative that's But uh, but a pittance compared to yeah, but he's got other things to do. He's running

Democratic ops. He's he's got to get everybody their bus. He's doing fake Pro-school shootings and yeah, yeah, what what nefarious things to see on ooh Nuance communications. Ooh, he's got GM call options, ooh, spooky, D.H. Horton, ooh, spooky. He's got Liberty broadband corporation, that's to control the media, that's to control the media and tell them, I'm a, I'm, she's old.

Have you seen this guy? Yeah, he's not looking great. He's like, yeah. You would think with some of that that money you would pay a cosmetic surgeon to fix his little eye test the gold no there's something nice about being so rich that it's just like okay to be grotesque is that that that's nice yeah like the guy like that rich cowboy guy who is at every like Laker game and basketball game I don't know know. You don't know who that is? There is a billionaire. This guy dresses like he's always gone on a cowboy hat.

He's a really, he says, here's George Zorro, it's the picture of him, we just pulled up. He is such a ghoul. He's knocking on that door. He's, you can't look at that guy's door he's he you can't look at that guy and tell me that he doesn't drink the blood he's so old though I know

I feel bad just dunking on her old dude of course he looks like that yeah it's true you gotta see this other guy can we google like google young George Soros let's see what he's going on hot George sexy George Soros busty George Soros google George Soros baddieusty George Soros. Google George Soros, baddie. I am curious what he looks like.

Oh, he looks the same. That looks like it's about 1975 and he looks exactly the same. Do you know how George Soros really like, the big thing that he did that really like put him out there? He shorted the British pound, I believe, and made like a billion, a billion dollars in like a day. Him and one of the guys that will get to,

who's my favorite trader, personally, Stan Druckenmiller, I think Druckenmiller called him up. It was Druckenmiller's idea, and he said, hey, I noticed something about this British pound, man. It's not looking too good. I think it's about the tank. And he said, I think I'm going to do X number of dollars. And George Sois said, why would you stop there? Let's max this thing out. Let's do like, you know,

triple that thing, baby. And Stan Druckenmiller said, well, okay. And then they did. And now they control the global elite or whatever. Now look at him. Can we see the cowboy you got? I got a show in me old is cowboy. He's a bit just Google move on to other stuff What do you want? You don't want to see the cowboy? He wears it He wears like he wears like if it's just a guy in a cowboy hat No, no, no, he wears like be jeweled cowboy hats And really high pants he's got he's got long legs and long gray hair and he looks like you know who he looks like Who's the other dead guy? Running down a dream Tom petty. He looks like Tom petty know who he looks like? Who's the other dead guy? Um, running down a dream.

Tom Petty? He looks like Tom Petty, but if Tom Petty were a ghost, let's go, let's move on. Fuck. You can show me after. Oh, show you after. He's really something. He's always hanging out with models.

We got audio listeners. They don't want to spend five minutes of your... I wish you could see it. I wish you guys could see this album. And then there's just no payoff for that. I go, oh, yeah. There he is. There's a photo of Betty with a jeweled hat.

Yeah, what are the other funds that we've got? Just I want to see the list. Oh, Ducane. Here's Druck in Miller. So, Stan Druck in Miller is now pretty much retired and he just runs this family office i don't know if it's just his money or i don't know but um... i i i like his style because he's he keeps it really simple and he of course

bought a ton of google something called kupang ink i think that's like an amazon competitor in southeesthesia i want to say, Expedia, Amazon, and booking.com, which owns price line. He dumped GE, dumped Cummins, dumped Netflix, dumped a firm holdings, dumped some Microsoft. And I think coupon, he really loaded the hell up on that thing and he owns 14% of his portfolio of his, how big is his portfolio? 3.07 billion dollar portfolio was in this thing so he believes in it but the stock hadn't

been doing too good, I'll stay in. This is your favorite guy. Yeah, I like him. Because he started from nothing. He worked in and he started in some investment firm's office. Like you crying in a fucking bathroom, but you're losing your brother's money. Yeah, he was crying in a bathroom and they said,

Hey, kid, you got something with these, with these tears. Same thing that happened to you. Someone walked in and said, same thing that happened to me. Buck up. You could be the next Stan Druckenmiller. Plus he's got a cool name drunken Miller That reminds me of fudruckers

Neither of those are that cool I mean, I don't think fudruckers is cool, but it's just that it makes me want to eat I don't know fudge or something Drunken Miller. Don't you hungry for fudge now. No, man. You're always hungry. Yeah, I know I'm a boy. I ate right before you. Do you see me? No, man, you're always hungry. Yeah, I know. Well, I'm a good boy. I ate red peppers. I'm huge. Have you seen me? You are huge.

Yeah. For the audio only, he's a gigantic man. Baker brothers, these guys are famous. They're a biotech investment firm. So you can see all the stuff that they've got. I mean, if you're gonna follow any kind of biotech, it's all a crap shoot because you never... I've seen so many biotech stocks open, they're just suddenly down 80% in a day, 90%.

And just, especially if it's so convoluted these things, they're all on patents and like, what do you call those trials from the FDA that you just never know, leave it to the experts, but if you are so inclined, you know, check out some of the things that some- You gotta check out the Baker Bros. They own, I don't even know what the healthy things are. Legend, biotech, in VTA, I know they do diagnostics,

DNA, diagnostic stuff. What else we got? I think that might be it. Black rock, yeah, who cares screw them? Berkshire Hathaway, let's get into the real what everybody really cares about is pop a Bernie no, what's his name? Berm Warren Warren I got him confused with Bernie. Badoff. No Bernie Sanders could not be more opposite

No Bernie Sanders could not be more opposite There are bricks are half the ways managing $293 billion and they own just all the All the things that every company you've ever heard of they got a little bit of right he owns a tough damn 42% of their portfolio is an app. Yeah, and you probably you know why because it pays a dividend and he loves dividends The whole thing with him is freaking dividends. Bank of America. American Express. Coca-Cola. This suit is so boring. He loves Coca-Cola. Craft Hines. Yeah. Oh, I love ketchup. Man, just subsides and ketchup and Coca-Cola. He bought Coca-Cola in like the 60s or the 70s when it was a buck a share, however much and just kept buying it. And it pays a dividend and guess what? He reinvests the dividend so that the shares keep rising and he just makes more money off the dividends.

Coca-Cola must pay this guy, I don't know, it's publicly available information, billions of dollars, hundreds of millions of dollars, and just in dividends. Off that sweet, sweet sugar water. Good for him. Good for him. You know he drinks a cherry coke every day? Damn, that must be the key to staying so... Yeah. He's one of those annoying billionaires. A disgusting old man.

Yeah, he goes to McDonald's, he drives himself to McDonald's. Why is he an annoying billionaire cuz he goes to McDonald's and pays in exact change with cash Jesus at McDonald's I'll have a sausage McMuffin and then he pays. It's 275 God just he's cool. He's fine. Whatever, but don't do that Do you know how annoying that is? Let him have a little fun. Is that fun paying in the exact change? For some change. I mean, when you're telling me an annoying billionaire, I'm thinking of like Elon Musk.

That's an annoying billionaire. You know how much more? As far as a guy just using exact change at McDonald's, I say, take that. It's a knock. To me, that's like rubbing your nose in his big wet turd. Look how rich I am.

I can pay for exact change. But that does. I don't know how that tracks. Yeah, that track invite. I read a thing that Warren Buffett guided Bill Gates years ago, because they're like best friends. That's how he got Bill Gates so rich. Well, no, he advised Bill Gates to diversify his holdings,

because the majority of what he owned some Microsoft shares And if Bill Gates had not listened to him and just held on to his Microsoft shares He'd be worth like $900 billion now or something like that something insane instead of a Meager 120 or 150 whatever he's at now. That's a thing with these guys I'm like I'm looking at it's like this guy's just got the most basic stock portfolio. It works. Maybe he doesn't know shit. You know how much one share of Frick's Share Halfway goes for? Yeah. How much? It's like 400 grand. 400,430,000 per share. And that's because he's never done a split. Explain what a split is. A split is when you got, let's say you got one pizza, and there's no slices in it.

In the pizza's worth, I don't know, 50 bucks, 100 bucks. The whole pizza's 100 bucks. Well, I'm gonna do a 10 for one split. So instead of just one big pizza, I'm gonna slice up 10 slices and now each one each slice is worth 10 dollars. Yeah, so the overall value of the pie doesn't change but each slice so if I then do like a two for one. But let's say that pizza value keeps going up and up and up and up and up and no one can afford a slice anymore. Yeah, that's what happens with

virtue. Yeah, look at that damn thing. Market cap is $631 billion. $425,386. I think in the 70s they were going for like 25 bucks or something, 60s or 70s. So if you'd bought with him, and that's this whole thing, is he doesn't want, he only wants people who are sticking around for the long haul.

And that's why he didn't do any splits. But they did introduce, so this is Berkshire Hathaway class A shares. They introduced class B shares, I think in the early 90s, so that average people could afford to participate in this. But you don't get to vote probably. I don't know anything about the voting rights, but it's, you know, a couple hundred bucks and those do split and have split before. So those are ones that the average lad can

participate in. Amazon is another one. So, well ones that the average lad can participate in. Amazon is another one. So real fast, I just wanna say, companies do splits to make their stock more appealing, because if it gets too expensive, they do a forward split. It's not easy for retail investors to just drop. Yeah, to buy. A bunch on one share.

$300, $600. Yeah, right. They can also do what. $300, $600. Yeah. Right. They can also do what's called a reverse split, where if your stock gets too low, it can become equally unappealing to people because it's too cheap. Right. So they do a reverse split where instead of 10 slices, you cut it down to five and each slice is now worth more.

It's the opposite thing. And typically, if you're in a stock that's about to do a reverse split, more often than not, the stock just keeps going down after that, just because it speaks to how weak. If you get reverse split, get the fuck out. Yeah. Ditch that toxic relationship. That's not coming back.

Trillionaire mindset. Lesson. Yeah. It works sometimes though. Sometimes they come back. Can't wait till we get tweets being like, I did and it fucking rocketed dude. I freaking did after come rocketed.

It's back up. There was one that I was in a while ago called Lithium America's Corp, LAC. They did a reverse split and now it's doing fine. Okay, so take that back. Don't take that advice. Don't take that advice. Don't take any advice. Amazon doesn't do a split.

Everybody wants them to do a split, but they won't. And that's partly because Jeff Bezos had the same philosophy as Warren Buffett. Why am I gonna- They've never done a split? I think they have, but it's been a long time. And now it's like, yeah, 36, 3700, closing in on 3700 per share. I'm sure it's up there right now as I speak 36 65

ah oh I have a little poll how are we founder Jeffrey Bezos Jeffrey kisses so funny that his last name means kisses in Spanish does it yes based off yeah but it's spelled differently. Yeah, but it's close enough. You're just like throwing shit out today like yeah, I am. So what up? It's time for crypto corner Jeffrey kisses doesn't own an NFT Maybe he does for all we know 13. I'm spitting a lot over here too You can't see it, but I'm just seeing it fly off of my numb little. Is it okay if before we do this FIP, I'm dying over here. Yeah, go pee.

There he goes. You know what, I'm gonna keep talking. We don't need to edit this out. Sometimes this is part of the action. This is part of what makes a podcast great. Is the real life stuff. Emiles in there, you're in flowing from his bladder through his urethra into the toilet,

splashing hitherto and there for, he's probably not gonna wash his hands because he didn't have time. His penis is clean. Staples Center changed their name to crypto.com center. It's funny because you know that's the people we were talking about last week with Matt Damon, right? Yeah, of course.

Yeah, yeah. I went and checked out the website. So as you can guess, it's a website where you can buy and sell crypto. Cool, they paid like $400 million, $7 million. But I think they're like just making a huge push to be the crypto. Yeah.

They're spending huge. They got the Matt Damon commercial. They got staple center. They also have their own coin. They do. Yes. Yes. Someone DM'd me and asked if they should sell their crypto.com coin.

And I said, I don't know. They also have a hold on to it. Why not? Who cares? They also have an enticing credit card. Oh, I saw that that earns like, is there like 13% up to 13% sales back? You gotta look at them, because they're like low one.

I think you need like 200 bucks in or something, and there's like five different tiers. If you want the cool black one with all of the stuff, I think you have to have like 400 grand. Wow. Oh yeah, okay, so, oh grand. Wow. Oh, yeah, okay. So oh, yeah You got a steak for a thousand dollars to earn 8% but you get a lot of shit look at this you get fucking Spotify Netflix Amazon Prime. Oh you get you get a 15 dollars a month covered. Oh, all right. No need to be a jerk

Honestly, we're talking perks. Oh, you get a private jet partnership. Whatever. Yeah. Okay. Now he's excited. I've always wanted to partner with a partner. No, it's a crypto.com making a huge push Make a big push also crypto.com arena is such trash. You should just said crypto arena or something. I don't know crypto.com arena Well, I don't know you got to know it's them otherwise. It's just I think everybody's gonna know Yeah, and they're saying they're gonna integrate crypto into the stadium. Oh, they're probably gonna have oh they have to I don't know cash only I Just can't imagine

They're gonna have tickers. I'm sure like a live ticker tape of the top 10 cryptos just constantly streaming during games. And just have you ever gone to buy a beer at a fucking event? Sure. You wait in line. You wait in line. Now you got people using all different types of crypto. Oh yeah, well, all we have to do is wait 10 minutes for this transaction to be verified by 35 different block. Listen, also.

I mean, have a card sometimes, you ever have the guy who's like, I can take cash people. Yeah. I'm one of those guys He's ready. I will say this just for all the crypto guys and and gals out there crypto bros Listen, we're not hating on crypto. It's fine. We I get it. Okay. I'm just it's fun to call we we poop on everything here All right, no I I don't know what's gonna happen. I just know this current iteration. There is a valid thing I saw that's a valid concern out there is that if the SEC decides to treat them as securities and a security is a stock for lack of a better word.

And because for all intents and purposes, cryptos are securities. And if they were to start regulating them as such. Right, right now they're super unregulated. Yeah, they would be required to post quarterly earnings and balance sheets and all that stuff. And there could be, I mean, the, my guess is that a lot of these crypto companies and not companies, I don't know what the hell you'd call them, projects would have a real hard time showing exactly what they're doing with all the cash that they've raised,

if they still have any of it, how much debt they've got, like nobody has any idea, you just kinda take them at their word. Also, I might not know, I don't know, I'm sure that someone's gonna be like, you're an idiot, you're so stupid and ugly. And if there you, there you, there you, there you, there you, there you, there you. Guys, the crypto bros are getting to Ben clearly. Idiot you're so stupid and ugly and Ethereum is a Erriteria is every day guys the crypto bros are getting to Ben clearly there out there speaking of cryptic

We're lukewarm on crypto. I'm I'm neutral to Bullets see what's gonna happen with it other than just this like huge speculation. Yeah, it's thing Have you ever seen the creator of of Ethereum? No, we to... I've seen him, I think. He is... He looks like a video game. How do I phrase this? He looks like if you were in a video game and you came across like a mission where you had to talk to a nerd and this is like...

Welcome to my Vitalik Boutrin. His name is Vitalik Buterin and this is a video from 2014 of him explaining, I just want you to hear a little bit of what he sounds like, explaining what Ethereum is. When communication, we have the ability to create technologies that are decentralized, removing middlemen and allowing users to interact with each other directly to a global network. Decentralized applications have been. Decentralized applications have been engaged. Decentralized applications are...

This is the problem with all these, like, it's funny when with like all the billionaires being tech guys now, like, these poor, they're all, you know, not the most socially adept people. And I feel so, like, did you see Iceland, like, basically dunked on Mark Zuckerberg the video? No. Oh, it's great. You just look it up. They did this basically come to Iceland thing.

They basically made fun of the metaverse. Like, because you know, Mark Zuckerberg is like going around being like, you know, you can do this on the metaverse. And it's like, look at nature or something. Yeah. Iceland was basically like, had someone who looks kind of like Mark Zuckerberg, do his weird intonations and like cadence, but talking about... advertising for the real thing. Iceland, yeah. But yeah, all these guys, even Elon Musk, he's not a very like, there's no charisma, it's

this like... Yeah, well you gotta be a certain... You've got to be a certain type of freak. Yeah. Be able to... And what's funny is even in watching, we're not gonna play the whole thing because why would we?

It's three more minutes of this. But he goes on to explain what it is. And I'm listening to this thinking, okay, I'm a smart person. I'm capable of understanding what he's talking about. But then he just says like, these are smart contracts that enable people to have contracts.

And it's like, what kind of contract? An option contract? And actual like, hey, I'm gonna buy this house from you. And it's like, why does that need to be on the blockchain? Will someone please explain to me why that needs to exist on the blockchain? We've gotten through everything just fine until then. And up till now, I can go buy a house

and have it be notarized and a lawyer goes over. Well, actually, that's not that I disagree. Shut up. No, like, part of the huge problem with the financial crash of 2008, with the bankruptcy and foreclosures and everything. Yeah.

The tracking of mortgages was an absolute fucking mess. You should read me. I mean, you look like an idiot. Well, no, well, that's, I'm sorry, but like, there is a lot of good tech here. And you should, look at you. Well, there's a great book called Chain of Title

by David Dayan, and he goes through, basically it's like these three people figured out that, Christ, I haven't read it. And so, but it's like, basically these mortgages were traded between so many different people. People would get a mortgage with Chase, get a mortgage with Bank of America, get a mortgage with who. And then all of a sudden, they're getting foreclosed on

by some companies they never even heard of. And then mortgages got ponded off to a third party or something? So many times and resold, they were, dude, it's this insane mess. There's no way to track it. And even the only, courts were still throwing out the cases, but they were getting a little jammed up because people started whizing up and going,

you guys gotta find my deed. Like, these people, I never had any dealings with these people. Sure. And all of a sudden, you guys are saying, they're foreclosing on my house. Ethereum solves this. And so it was a complete mess. No, but all of a sudden you guys are saying they're foreclosing on my health. Ethereum solves this and so it was a complete mess No, but there is a yeah, there is a utility to having a public and Accessible permanent record totally of

Your deed and mortgage and then the other thing that Ethereum apparently does that he explains that I kind of get is it It's things can be built on it. Like things that are, it's almost, I guess akin to it being its own programming language or something where you can build applications and whatnot on there. What is this old letterman clip? Oh, well, that's just, you know,

when we talk about crypto and stuff, it's like, we don't know exactly where it's going. And we're going to, we want to talk about NFTs a little bit, but we could play it. It's basically a lot of people, it sums up like all of this new tech and stuff feels fucking silly in the beginning, right? And so this is Bill Gates talking about the internet on Letterman. It's only from like 1990. 1995, I think. It's like, so you could just play it. It's like 40 seconds.

A couple of months ago, there was like a big breakthrough announcement that on the internet or on some computer deal, they were going to broadcast a baseball game. You could listen to a baseball game on your computer. And I just thought to myself does radio ring a bell. So true Dave. Well I was at 1995 but probably seeing the fucking so stupid to listen to. And look at how patient Bill Gates is.

It probably seemed so stupid to listen to a baseball game on your computer in 1995. Well and then here keep playing. But you can listen to the baseball game whenever you computer in 1995. Well, and then here, keep playing. The difference. But you can listen to the baseball game whenever you want. All right. Two. Oh, I see. So it's stored in one of your memory deals. Exactly.

And back to your later talk about earlier. Yeah. Do tape recorders ring a bell? Ha, ha, ha. You get it. Oh, man. But that's the thing. Like, no one can really see what's coming.

There's a lot of good tech here. I mean, we wanted to talk about NFTs a little bit. Yeah, can you explain to me what an NFT is? Yeah, I think people try to just over, because it is complicated when you start getting into the tech and everything, but it's, it exhausts. But you could simplify it.

So I mean, you have to understand what the blockchain is, which is just decentralized, peer-to-peer network, that's basically a database. Yeah. And it's public and anyone can access it. It's permanent. It keeps record of every transaction that ever happened on that blockchain. It's obviously way more complicated than that, but all you need to know is it's this database.

Okay. It's a way of keeping records. And then NFTs, I think they started with Ethereum. On the Ethereum blockchain. Yeah. And they, it stands for, you know, it's the non-fungible token. Honestly, the best way to understand it, do you know what fungible means? Yes.

You can touch it. This cup of water is so fungible. Tangible. Oops. Okay. No, I don't know what fungible means. I, haha. Hahaha.

Hahaha. Hahaha. Yeah. Okay, so fungible, it just means you can, look, I have two pennies right here. These are fungible because if I gave you one of these pennies, Give me. And you owed me a penny, you could give me a different penny back, right? Because they're fungible. They're exchangeable.

Yeah, they're exchangeable. Right. It doesn't matter if you give me back the same penny. Yeah. Non-fungible, just means one, but not. Exactly. They're right. You can't exchange it for something. Right. And so, good explanation. Thanks.

And it's a way to commoditize anything. Kind of, but so the non-fungible token is this unique... Ownership, right, basically. That will get recorded on the blockchain, and it will show that you own it, and it's always available, the record of who owns it. And they are...

NFTs are getting a lot of... They've become kind of like a punchline, right? Yeah, because people... Joe, much like David Letterman, people will say, Oh, I'm just gonna right click and save it. And it's like, yeah, but they... But it is a little silly right now, right? Yes.

It wouldn't be so silly. They're very... Like a lot of them can be very expensive. Yeah, that's what annoys me But honestly there I think there is some like exciting Aspects of it like the the ability to Build in royalties like so when an artist makes one. Oh, you mean like a dividend Yeah, but this is I know I'm being David Letterman in this case. Oh right, right. I'm being a idiot

But like yeah, there's royalties involved because like Gary V did one where he but now you can it can be it can be forever, right? Like you ever buy used books? I buy a lot of used books when I buy a used book on like thrift books or whatever. Kurt Vonnegut doesn't see any of that money or his publishing his estate, right? They don't even know it got sold. But now you can put on that non-fundrable token forever. It'll recognize who's who the artist is and they can get, they can get a little portion of the proceeds every time. Yeah.

That's pretty cool. One thing about NFTs that I think is annoying on both sides, both the haters and the people who are the maximalists is that we're still in such early stages that yet there is obviously a lot of excess out there and I think a lot of the these things getting bid to high heaven is a product of wash sales meaning people like out there with multiple wallets just trading with themselves to create the illusion of high prices and demand when there really isn't, it's all artificial. And I think frankly a lot of boredom, a lot of people are just like addicts and this is a form

of gambling for them and they just enjoy the thrill of buying a new thing. It's they're just collectors. Yeah, I think there's a little bit of wrong with that. But then the haters too are being ridiculous and reductive to just say, oh, it's just a picture. I'm going to right click save. I own it. No, you don't. Right. To say it's just a picture is wrong. But yes, there is like, you know, we were talking briefly about the NFT. New York NYC, the like the board ape.

Well, it's not just board ape. I think it's all, oh yeah, it's all like NFT people. But yes, the board ape yacht club was like a big. It was a big NFT party. People might have seen stuff online. There was in New York, like 5,000 or more NFT bros descended on New York and had weird little parties, but I mean, it's gotten crazy.

These guys, so yeah, the Bordei Piaque Club is basically a club that you have to buy one of the NFTs of these weird apes to be in it and then you get to go to these parties and stuff but they had like... I wouldn't want to go to one of those parties. Well okay so it's stuff for me. Yeah but on paper like there was like a Zezanzari, Chris Rock, the Strokes played, like it was crazy.

But then I looked at some of the pictures and stuff and it's just like kind of a bunch of weird dudes milling around. Yeah of course it's. Looking at their phone. Like, so you hear exclusive party and you're like, damn, that's not sick, but then it's just kind of like a bunch of dudes being awkward around each other. It's like the first time you hear someone say memes

in real life, like, that moment when, when you, that feel what, like, it doesn't, some things just don't translate to real life. But then there was sort. We want to talk about Gary Vee a little bit with his, yeah, we'll touch on that. He created a series of NFTs wherein he receives a royalty on which he, like so thereafter,

after he hand drew these things. Yeah, but so this one is one that feels a little off. So he has, he already had V friends, which was, I guess, almost his kind of board API club where it's like Gary V fans, which already, what is that? It's just the guy who enjoys Gary V. Can be a part of his, sorry to anyone,

he is Gary V. Bam, I don't. He had. But it's like, yeah, you could be in on V friends. It's his little club. Yeah. And he felt bad for people who couldn't get, this is his story. He said he felt bad for people who couldn't get in

on the V friends. So he created an opportunity with his new book coming out. If you bought a dozen copies of his book, like 12 and a half ways to be a fucking idiot, you get to... No, I don't know about the books. It's 12 and a half times. It's 12 and a half somethings. And so if you bought 12 of his NFTs, his books. Oh no, 12 of his books, yeah, you get an NFT.

He handrew. Yeah, yeah. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized.

And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized.

And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. And then they digitized. you have honorable, honorable almas, the one that we're looking at. This token is collectible, it lives on the Ethereum blockchain. It's literally just a crappy doodle that he does. I mean, that's the thing.

He's got a sharpie and just like white printer paper. And he's just drawn this little snake thing. It looks like something that a child drew. And then he titles it something. Here he is. Gary Vee just like super kind of like Tweet. I don't know what his deal is. He said like he likes to draw things with like, because they all have these adjectives of like, it'll be like, and it sold, this one sold for 44. Honest elephant or something. And he's like, it's just like, I like to sell things that people can aspire to. There's so much to unpack with Gary Vee.

He's probably got a lot of trauma. So, 20. Yeah, the current price for the honorable home is 21 grand. 121 grand? 121 grand. Good for good for good. It's, so it's, I do feel caught in the middle because I can see how this tech would,

it's mania, this is a form of mania. Would have like awesome benefits and could be using really cool ways, but then you see this stuff and it's like, oh, you guys are talking about beanie babies. Yeah. That's what we're doing here, right? Yeah, it's basically beanie babies.

So in mail, before we wrap up, I wanted to bring up the options thing that I mentioned earlier, how they're just totally out of control. Right. And they are the... And this is in reference to us talking about, you know, why we won't have a correction. I mean, I'm not saying that we won't like... No, no, I'm just for the list. Yeah, yeah. That was a while ago. So there's this thing from zerohedge.com. And if you're a new, if you're a newbie out here, don't get too suckered into the zero hedge because this guy's a maniac perma bear

who thinks that like you, you, you, you, you, look at this guy's website and you would swear the society is going to face imminent collapse. And he's been doing this for like 15 years. But this, yeah, he, he goes by the pen name Tyler Durdon. That tells you everything you need to know as of so so there was 904 billion dollars in total option

Notional volumes that means that 904 notional means how much it actually controls So if you have one option contract that costs a hundred bucks That's how much the contract costs, but the amount that it technically controls is what's the noional volume, right? Because each option contract controls 100 shares. So you're technically in control of significantly more money. And as of Friday, November 5th, there was $904 billion in total option,

notional volume, which is a record. What is this? The single stock optional notional volume now exceeds single stock shares, notional. So the derivatives of the actual thing is worth more than the thing itself. The options are worth more than the stocks that they control, which is just absolutely bananas. So these contracts out there are worth more.

Yeah, and they're all like super short term contracts that expire within just a few days. It's just gambling like the market has never seen before. So if we scroll down just a little bit on this, there's a few highlights. Do we have what? Do do we have? No, I was curious because you were talking about how how little an impact that stuff had, you know, decades ago, I was curious because we have a bit of a short term. But I would be curious to see. So on Monday, October 25th, $657 billion in Notional volume trade on Tesla alone That's how much? 657 billion That's so insane. That's so much effing money just in options contracts and how much they control

And then the next it was just a week of records Tuesday the 26th of October was a single stock option, notional trade, the largest on a Tuesday, then on a Wednesday. Let's see. What the biggest one though was on, yeah, on Thursday, November 4th, this Goldman Sachs derivatives guy, his guy named Rocky Fishman. Cool name. Rocky Fish. That's cool. He did an in-depth analysis on the recent record option volumes in the form of a Q&A, which assesses the impact of these growing volumes, which culminated with a record, 2.6 trillion notional volume in options traded on November 5th. That's indexes and stocks combined. And it's just absolutely it's absolutely insane.

So there was just a quick, he makes the following findings. If we scroll down just a little bit, I wanted to, yeah, just basically the summary here is that a lot of this is short-term options trading. The majority is being done by retail, small investors, like you or me. It's's insane. What does it mean?

Who knows? It just means that there's a lot of way, like exponentially more people both in the market and playing options than ever before. I think in the last year or two years or something like that, it's like there've been 10 million people who have joined Robinhood and online trading apps. Michael Burry and people like him think that that's indicative of a top in the market,

because the, like, but that's just them being guardians, I think, being like, no, you can't. It's only the professionals that can do this and you're wrong. It's like, well, now more than ever, there's information available for people to make informed decisions. They're still gambling but they still know more and have access to more than ever before. So why can't they do it? We don't need you Michael Burry. You've been wrong so many times. You big dark?

Yeah but he was right once. He was right one big time and multiple times since then. Anyway, I just wanted to share that real fast because I thought it was fascinating. Be careful out there folks. Leave a comment. Please subscribe if you haven't. If you've made it this far, smash that like button. Kill your parents. Get on all socials, TrillionairePod. I'm going to have to do a dance. I'm a man of my word. Yeah, because we're about to hit a thousand followers on TikTok and you're going to do a dance. Follow us on stuff. Yeah, follow us individually if you so choose.

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