The Wolf Of All Streets - Bitcoin ETFs Bleed $630M As The CLARITY Act Vote Begins l Mark Yusko

Episode Date: May 14, 2026

Bitcoin ETFs just bled $630.4 million in a single day — the biggest outflow in over three months — as BTC broke below $80K to $79,200, Solana cratered 5.6%, and BlackRock's IBIT led the redemptions on the back of hot inflation data and Xi's Taiwan warning to Trump. The macro shakeout collides with the most pivotal crypto policy moment of the year: the Senate Banking Committee is marking up the 309-page CLARITY Act today with over 100 amendments on the table, while Coinbase's Brian Armstrong calls it a "true compromise" that could transform US finance. Add Metaplanet's $725M Q1 loss on its 40,177 BTC stack and Anthony Scaramucci doubling down on his S-curve adoption thesis, and the question becomes: is this the bottom — or just the beginning of the shakeout? Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin ETFs bleed $630 million in one single day. That is the worst day in three months. We love to track these inflows and outflows as if they're actually what's driving the market. Spoiler, they're not. But either way, what may be driving some of the market to sentiment around the Clarity Act, which is getting marked up today at 10.30 a.m. Eastern Standard time. I'm going to talk about all this and more with the one. The only, the magnificent, Mark Eusco. Let's go.

Good morning, everybody. Welcome to Cloud City. Oh, those are trees. Those are trees. Sorry. Mark, you are magnificent as almost as magnificent as my landscape. Almost as magnificent as the backdrop. I appreciate the magnificent level, although I am no longer the one and only, although it doesn't have the same last name, but there is another mark. my newest grand baby, Mark Henebree Madden, his last name of Madden. Okay. Congrats.

When? Today? Yesterday? Oh, no, no, no. A few months ago. But I said that on my desk and one and only. I'm like, you know, now I'm not, now I'm actually not even the most important mark in my family in Chapel Hill.

Yeah, I'm the only Scott. I'm still not even remotely the most important somehow in my family. Today is my son's birthday, though. He's seven. So I was wondering if you had a baby. Happy. Happy. Happy.

birthday. My birthday was last Saturday, so Torians rule. Happy birthday, Torians. I have my platinum birthday, Scott. I turn 63, born in 63. So, you know, you have the golden birthday, where if you have your birthday on the day of your birthday, that's your golden birthday, well, I made up platinum. So congratulations. Big day. Also a big day in the Senate. You know, we're getting the markup of the old Yeold Clarity Act here, 10.30. I don't know if you saw this, by the way. So they obviously they announced, I guess it was 12.01 a.m. Tuesday. They came out with the language, 390 pages, the last nine of which were a housing bill, but we, 309 pages, the last nine were, but we won't talk about that. So then the senators get 24 hours to file amendments, you know,

like what's going to be discussed. Generous of it, 24 to read, you know, so many pages. Elizabeth Warren hits them with 40 individual amendments 24 hours. So either she's the fastest reader and think her on the planet, or I'm just going to throw it out there. My experience is that the banks wrote these 40 in advance for her, and she threw them out there. But shocking. They now have to sit there today and vote on every single one of those individually. Can you imagine how bad you want to fight her if you're sitting in that room and being

tortured with the vote and discussion of 40 amendments? There were 100 total. 40 of them were hers. Yeah, no, look, the process has always been broken. It's always, you know, the bills are written by the lobbyists that run the certain industries that they're trying to protect. And like the name of the bill is antithetical to what the bill is. So, you know, if you want to talk, if what you call it the Patriot Act, it has nothing to do with patriotism. If you call it the Inflation Reduction Act, it has nothing to do with reducing inflation.

clarity, it's the most obtuse, obscure, obfuscated thing. And let's call it what it is, right? This is a bank protection bill. And Ms. Warren is the, you know, pawn of the banks. So, yeah, it's, and I guess the thing that bothers me most about it is its tack on to the Genius Act, which was not very genius. But the genius Act basically said, all right, if you don't back your stable coin with dollars, then we won't acknowledge you and you can't really do business. Well, why would they do that? Well, no one else is buying dollars. In fact, dollars have become the lowest weighting in central bank coffers in the last 50 years. And people aren't buying our debt because China is selling our debt to buy gold because they want the rem and B to be gold back. And so, oh, we have this new, new thing that we can use to buy our debt, which is unsustainable and why money supply growth is 17%. And why, ultimate, what we're going to end up talking about is why Bitcoin is going to continue to

rise in value. I would say go up in price because the price of Bitcoin never changes. One Bitcoin is one Bitcoin. What changes is the number of dollars. we need to buy it. Just like everything else we buy in our life. I'm sure you have gone out to eat lately. And you get the bill and you're like, I didn't eat that much food. In fact, I saw a funny meme about that.

The woman said, man, I am getting strong in my old age. I can now lift $100 of groceries with one hand. I went on a rant yesterday about Warsh being, you know, obviously named Fed chair to the government. and then chairman yesterday and how I in a million years and for all the S. Daylater money he has behind him would never want that job. Can you imagine right now what he's walking into? I mean, CPI's hot, PPI's hot. That's 39 trillion. We got 1.27, I think, now in debt service a year. And he has one guy telling him to cut and make it worse, which they need to do to reduce the debt.

And now you've got a 30% chance they're going to hike. And he's, I mean, it's the worst job in the world. He's just going to get bullied and he can't be right. It's a... No, no, it is the worst job in the world. And it's kind of sad because he... As much as I think he'll probably end up going down as one of the worst Fed chairs just because of the situation he's in, he's actually maybe the most qualified Fed chair we've had in a while.

Now, what's funny about that is none of the chairs of the Fed have really been qualified and earned the position, right? they are political appointees and they serve a purpose of the independent, you know, administration at the time. But this one's different. Like he's coming from a different path of coordination and control. And he's part of a larger group of people that that really, you know, run the government while Trump is just, you know, a showman. But I, I do struggle with all of the challenge that he, to your point, is up against. If you look at the economic activity, leading economic indicators and all of those things,

oh, shoot, I don't know how to stop. The market is calling. Yeah, the market is. Now, actually, you know what that is? I joke that, you know, usually when I start going down one of my rants, like someone calls the black hats to come get me. And I was actually on a show years ago with one of the other people I can remember who was. And I was talking really deeply about the things that led up to SPX happening.

Like, you know, most people don't know that it was Robert Maxwell's money through Jeffrey Epstein that set up FTX and that there was this whole network of lies that was concocted to basically launder money. and literally my lights went out, went black, and people were texting me like, did, did they come get you? Like, so I won't go down that. We have the best comments here that I just happen to say it was a margin call. Ah. You've been the point. Actually, I'll never get to march. We are going to talk about margin calls.

I'm never going to because I don't use debt because you've, you've ranted about this. Like, why would anyone buy an 80-va asset? with leverage. It doesn't make sense. If you want to avoid getting margin calls, then don't do that. Now, you know, you want to borrow against STRC or something and lever it up one time, that's fine. There's basically no vol. But borrowing against, you know, stocks. And so I saw in the comment, when you announced that I was coming on this morning, you know, some people said, hey, I'll be there. Another person said, no, I sold on my Bitcoin. And I'm going to buy it back in the summer under 50. And I almost replied, well, no, no, you're not because we're not. But here's the thing.

I don't claim to have any particular knowledge, but here's the thing. We are in crypto winner. We're about halfway through. I think it ends in September, October. But I actually am willing to say that absent an unraveling of margin, which I'll come back to in a second, we have. have seen the bottom. That that 63 print and the 59 touch intraday was the bottom. Now, why do I, why do I say it? Well, if you look at the Metcalf's law value, Tim Peterson, you know, has this great model that kind of tells us the value of the Bitcoin blockchain network. And that was starting to dip sub 80,000 because of a bunch of factors. Part of it was the shutdown of the hash rate. Part of it was the war and uncertainty. Long story short, it got there.

And we got pretty well below it at 60. And so if that kept going down, the impetus for investors. Remember, investors are my favorite one of the four participants in markets. There are investors, there are traders, there are speculators and hedgers, and there are gamblers. The problem is the gamblers cause the pain because they lever up and then they get the margin calls. That's happening in the traditional markets right now, right? We've got these parabolic moves, like literally almost going back in time in semiconductors and chips. And we've got valuations that make no sense. And we've got the highest level of margin debt in history.

As a percentage, it's not the highest, but it is in terms of total dollars. So the only thing to me that could take us to a new low so that this guy could actually buy under 50, which I feel bad for him. I don't think it's going to happen. I should have said it. I mean, I don't think it's going to happen. Is if we don't get a peace plan, which I think we're going to get one sometime, not until, you know, Trump puts on some calls. if we don't get that. And this skirmish takes a funky turn, whatever that turn is.

And if the disruption in the oil markets and the fertilizer markets and the helium market suddenly get so acute that the GDP numbers, remember in Q4 when they promised us we were going to have 5% GDP because we're going to have this productivity miracle because we're going to grow our way right out of that baby we're going to grow it right and and the first estimate was 5% and then no I'm sorry not the first estimate the GDP now was 5% but then the first estimate came in at like 3.4 like oh it's close 3.4 is close and then the second estimate came in at like 1.7 and then the final estimate came in at like 1.4. So we were sub 2% again last year. Shocking, I know, but nominal GDP growth is working age population growth plus productivity. Working age population growth is sub 1% is going to be sub 1% for the next 20 years. And there's nothing we can do about it. And productivity is sub 1%.

And AI doesn't improve productivity the way we measure productivity. It may make you faster cleaning up your inbox like that woman at meta who said, hey, fix my email and said, I'm going to delete your inbox. She said, no, don't do that. She's like, I'm going to do it anyway. So you could fix it that way. But all of this says, we're not going to grow our way out. And so if GDP starts to tank because of the disruption in global oil and particularly helium,

and we get like the lockdown knock on supply chain effects, that could trigger a market drop. And if we get a market drop and an unwinding of leverage in stocks, Bitcoin will fall. Not because Bitcoin should fall, but because when you get a margin call, you don't get to sell what just fell. Like, you know, people who own the trade desk, and I don't even know what the trade desk does, actually, but the trade desk, right, it went down 40 percent yesterday. So if it's down 40 percent and you owe somebody money, you can't sell that asset. set to pay. So you have to sell what didn't go down. Gold, bonds, cash, Bitcoin. And so that's what happens. Remember 2020, we had that big, you know, what was it, March 11th or March 12th,

I think, yeah, Black Thursday. March 12th drop. And, you know, Bitcoin went down 45% in 12 hours, not because Bitcoin was bad. And that was a great buying opportunity, by the way, obviously. My favorite story. Oh, yeah, go ahead. No, go ahead. No, I was just saying it was my favorite story because, like, days before that, I put stink bids at 4,000. You know, it was at 6,000. Oh, I remember this.

Yeah, and I woke up to me with 6,000 because it happened in 12 hours and I hadn't checked price. It took me like four hours to realize I had bought Bitcoin at 50% discount to the current price or whatever, you know. I do. I don't know 50%. Right. I bought it at 4 and it had bounced back to 6 and I didn't even know it for hours. I know. I know.

It's, but. that's the only thing I can see that would take BTC off of its track like you know I I didn't wear my um uh roller coaster socks today but I you know I wear Bitcoin socks every day I get them from my friends at Mount Sox I love that name by the way it's that's like one of the greatest names of a company ever um but Mount Sox sends me this this you know bunch of socks on it and I had these roller coaster ones and I wear them pretty frequently because you know we We are. You know, coin.

And the, exactly. It's the, yeah. And, but part of the roller coaster ride, remember, is when you lock in the track and you go up the hill. We're kind of in that right now. And I'm not saying we're going up forever and we will have more whoopty do's. But I do think the relentless money printing. And it's not so much the U.S. The U.S. money supply is growing.

an eight-ish percent. Great. That's an 8 percent tail win to Bitcoin, gold, platinum, whatever. But where the real growth has happened is China, China's growing their money supply at 17 percent. And, you know, people don't really appreciate the impact of global monetary surges. I mean, they do in the sense that they see things getting more expensive. We've all seen the pictures of There was the 7-Eleven out in California with gas $7.11, right? $7.11 for a gallon of gas. You know, buddy of mine is in Italy. I guess everyone's in Italy. In fact, I'm going to Italy for my 40th anniversary. But he's in Lake Como when he said he paid $10 euro equivalent for a gallon of gas the other day. So, or petrol, I guess. But you do see it that way. But it's that boiling a frog thing.

and you get slow and steady and you don't really feel it until you realize you really can't afford anything. The craziest part of it is what it does to income and wealth inequality, which is partly why Ms. Warren is on the take of the banksters, right? The banksters really like $300 million a day of free money. I mean, think about that. That's a lot of money to make for doing nothing. Like literally, people deposit their money. They give it to the bank. The bank says, okay, thank you. It's my money now. And I'll give you a token of appreciation, 50 basis points, 75 basis points. And then I'm going to lend it out. I'm going to re-hypothecate it at 5, 6, 7%. Those nims, those net interest, margins are about as high as they've ever been. And that is a great business.

And then loan it again. And then loan it again. And then load it again. Yeah, nine times. Yeah, exactly. And look, I'm not actually not. I love fractional reserve banking. I know people hate it when I say that. I actually do. I think fractures or banking created the prosperity that we all love. I say it all the time. Name a country with no fractures or banking system that you would live in. I'll wait, right? Can't do it. So I think that the problem is the stable coin companies are like, well, we could actually pay yield on depositors. And we can still make a nice spread. We can make a, you know, maybe 2% spread or, or, you know, and we'll pay people four or five percent and are hell to the no. So I get it. Now, I think the one, the thing that's disappointed me most

And this actually is pretty disappointing. You know, I used to think, I shouldn't name names, but I will. I used to think Brian Armstrong was a champion of us, right? I thought he was fighting the good fight to try to get stable coins to pay yield. And it turns out he's right there. You can hear you. I know. But he's not.

He likes being told. that he has to have high net interest margins. So I don't have to pay my depositors anything. So I'm kind of saddened by that. Because I do like and admire. And look, we made a lot of money investing in Coinbase early on. And so I have a lot of respect for what he's built. But I don't like selling out.

It's interesting. He's the one who's fighting for yield in theory. But it's also fighting for Coinbase's ability to keep their customers getting their yield. which I get that. And it's also actually, I mean, if you look under the hood, and listen, he has a fiduciary duty. He's a CEO of a publicly traded company, right? He has to do its best for his shareholders.

Yes. Coinbase is in a very unique place, just looking at it from the outside end, where they're kind of the only ones who can do it right now. Right. Actually, you think that they wouldn't want this bill at all. Because then the banks can't do anything. Because they can't do anything.

The other companies aren't really doing it, and Coinbase can just keep, you know, kind of owning the yield thing. So it's interesting. And it's possible. Is possible Brian's playing 3D chess and he's just looking nefarious to end up being the innocent one? Maybe. But I look, regulation, regulatory capture has never been for us, for the people.

It's just not, right? It's for the few. And again, it is why, if you look at the number of regulations since, you know, 1900, and you look at the number of, you know, lobbyists, both are straight lines up. And the other thing that straight line up is income inequality and wealth inequality. So we have the largest gap between the haves and the have-nots in history. And 2020 was the largest transfer of wealth from the masses to the rich in history. Trillions and trillions of dollars engineered by a fake,

scam-demic, right? But this new set of IPOs is going to be worse. Oh, my God. I'm so worried about this. valuation of AI companies that aren't intelligent in any way, shape, or form. I mean, they're good tools, but they're not intelligent and we're not on the brink of AGI. And it's very disconcerting to see how much money is going to be transferred from the poor to the rich. Scott, it's a good to be, again, trillions of dollars. I think that's a huge part of it, poor to rich. But I also wonder the just effects on the market, because where does that money come from to buy those IPOs?

I feel like everybody's going to sell every other MAG7 stock and everything else they have to fomow into it. It's going to be the top. Oh, yeah. I'm, well, I mean, full disclosure to that point. I don't manage this account. I have somebody managed it for me because I don't really. really have time and compliance doesn't like when I trade.

So I have a financial advisor. And literally, we were talking yesterday, he is selling calls for me on Tesla because, not because I am anti-E-Lon. I've been wrong on Tesla for a long time. But the point here is that you're going to have to sell something to buy SpaceX. Yep. And how much Elon risk do you want? Now, maybe I'm wrong.

Maybe they'll sell some of the other mag sevens. Or they'll merge. Now, or they'll merge. One company and, yeah. Well, remember, we're going to put, you know, we're going to put a roadster on, on Mars. The problem is we don't have roadsters. That's a problem. How long have we been promised to roadster?

10 years? 11 years. I mean, it's a long time. Semis, robotaxis. I mean, we've been promised a lot of stuff that we don't have. And yet, the stock just relentlessly climbed. and look, it's a 400 times earnings stock. So people say, oh, this bubble's not as bad as 2000.

Cisco was $286. You had to pay $286 for a dollar earnings. Tesla, $413. I'm going to argue that's worse. I mean, in my math class, 413 is higher than $286. I mean, every stat you see supports that the market should have topped long ago, but markets can remain irrational longer than you're going to borrow. And that's why you don't borrow. And that's why I didn't get a margin call because I'm not crazy enough to, even though I believe it strongly, that we are on the verge. Look, I'm old enough to remember, like getting the letter at my desk in March.

of 2000 from Julian Robertson saying, I'm shutting down the fund. I don't understand anymore. I used to think I knew how to invest. And so I'm giving you all the money back. And the funny part of that story is it was at the time the largest position in UNC's portfolio, mostly just because of appreciation. I mean, he was an incredible manager. But he was having a bad year, right? U.S. Airways was down and all the value stuff was down and he was short, you know, some of the internet go-go names. So he was down in the low 20s, right, with the market up, I remember what was like maybe mid-teens. And he's like, I'm done, I'm out. And we had the option because we were super tight with them to stay in the kind of stub. It was. It was

kind of turned into a family off. He said, if you guys want, you can stay in because I actually think this is going to be really good. And like, Julie and I, I will follow you into battle every time. And, you know, by the end of the year, the S&P, because 2000 wasn't the worst year. You know, we ended up down like 11 percent. And then we were down like 14, 15 and 01. And the bad year was really 02 when the when the debt blew up. We were down 20 something. So it was a 50 plus percent peak to trough, but 2000 wasn't horrible, but we ended up in our stub of Tiger up 54% by the end of December in 2000. And, you know, Tiger Global and a bunch of others were, I mean, it was, glorious. The best thing, by the way, of the guy who you said was going to buy below 50

is the part nobody talks about, which is that even if you're wrong and the bottom's not in and it goes there, he's not going to buy it because he's going to want to buy it at 30 when it hits 50. And that's true. I'm not buying this thing. It's dropping like a stone. It's dropping like a stone. And it is, it's just like people who say, oh, if I could have bought it, you know, at three cents, you know, like all of the OGs, I'd be so rich.

I'm like, well, no, because most people would have sold when it went to a dollar. I mean, think about that. Three cents to a dollar. You're like, oh, my God, I'm a genius. And there's lots. I mean, there's the post all the time of, hey, I bought it a dollar and it's $8 and I'm out. Even that is an amazing return. The idea mentally, and look, you and I, we were there, not at the beginning, like not

at 2009, but at a point where the idea of 80,000, 100, because the Metcalfe, because the Metcalfe, law value now is 130,000. That was my point earlier. Tim's model has rebounded. And so now I feel comfortable that the gap between the Metcalf value and the current price is wide enough that people like me who invest for a living, we like to buy things, two things, two things, either as a value where the price is below the fair value or something that's close to fair value, but that's growing really fast. Like, I will do that. Like, I've done a bunch of AI investments and I will do that if I think the growth is high enough and the price isn't too crazy. If we didn't do, bad on me, didn't do Open AI, didn't do Anthropic, but have done a bunch of other things that have worked out.

But I do believe that the gap right now is wide enough that you should be accumulating. So in our fund for the last, I don't know, eight or nine weeks, we've been buying every week. just routinely to get to the position that we want, it's going to be smart enough to know when the bottom is. Yeah. Did you see, by the way, you were talking about AI? Did you see the story? Now, people got this totally wrong,

but I think this is so cool, that this guy lost his Bitcoin for years. Yes. And he plucked. So people are like, it cracked Bitcoin, it cracked his wallet. No, I mean, he just gave it its computer and it, like, found his keys on there. Yeah.

He had lost it to put it back. Or his password, I think it was actually what it was. It was password. And it was past. And it's not genius, right? And look, I said, these are amazing tools. I mean, again, the ability of a human to go in and try to comb through the computer, it just takes time because, you know, we got fingers.

But a machine can go in and it understands the syntax of the, you know, what's in the computer and the filing system. And so, yeah, it found an old note that had a link to the password. But no, it didn't crack Bitcoin. It's not, it, it didn't guess his password out of thin air. And actually, it's only the password to get into an account. It's not the seed phrase. That needs to be very clear, too.

Because the ability to guess a seed phrase, I think I have this right. you know, 24 words to guess randomly the odds are like equal to the number of atoms in the universe. It's probably doable. So it's like dumb and dumber. So you're saying there's a chance. There's a chance. There's a chance.

I mean, I know you don't watch flows, inflows and outflows of the UTFs. I do. I do, but they're not real. This was a big one. They're not real because of the. the carry trade. Exactly. No, they're not real because everyone looks at these numbers like there's something and the little flows are something, right? If there's lots of little flows from Morgan Stanley or some, that is real. But these, when someone takes 600 million or that's

not real what that is. Because oh, look, millennium, but two billion of Ibit. Yes, they did. And they shorted $2 billion of Bitcoin. That is an arbitrage trade. That is what they do. That is what Jane Street does. It's what this new firm that I hadn't even heard of that you had 10%. They're the new Stevie Cohen. Stevie Cohen used to be 10% of daily volume. And there's this new firm, I can't even remember the name of it. They're 10% of NASDAQ volume every day. It's insane. It's insane. And those people buy and sell, ETFs in size, but there's no information content in that. That is not, if they sold their Bitcoin ETF, it just means that, well, it's what we are. We're coming up on options expiration date. And so the spread narrowed and they're out.

And it's next month. There's much ado. I mean, even Jeff Park, who I deeply respect, you know, Jane Street slash its Bitcoin ETF exposure in Q1, 2026, cutting ib by 71% and FBTC by according to its latest 13-net filing price discoveries back on the menu. I don't describe to the Jane Street conspirator theory personally, but maybe that was a lot of selling. They could have been holding price down here if they were actually exiting these positions. But I think what you're talking about 13-Fs. I'm sorry, if 13-Fs are dumb.

They're old news. They're not real-time. So it has nothing to- So it's 45 days ago. Yes, somebody did something 45-fes. days ago, but you have no idea what they did in this 45 days. The other problem with 13Fs, they don't have to report shorts, they don't have to report options, they don't have to report futures. So yes, on the 13F, it could say this super investor owns a million shares of Intel. Oh, they're long semis. Awesome. No, they're short a million shares of AMD against it.

Oh, they're market neutral. They're an arbitrage from it. Oh, yeah, but then they've got these options positions because it's really a gamma or a Vega or some other Greek trade. And so it's one piece of the information. It's stale. It's not useful. And in fact, you know, we actually run a fund and we've run it since 2013. So we have 13 years where we take the 10 best idea. I'm sorry, the 20 best ideas of the 10 underlying hedge funds that we invest with.

and we supersized their best ideas. And that portfolio has doubled the return of the market over the 13 years. And everybody says, no, you can't do that. Like, why? Because I could have done that. I could just got the 13Fs. Like, well, they tried that. There was an ETF that said, we're going to read the 13Fs of the great investors.

And we're going to try this. It underperform the market. Because again, you're buying old news. And by the time the 45 days elapses, that big investor is probably selling to you. And here's the other problem. Just because it's the biggest position doesn't mean it's their best idea. That could be an old idea that's gone up a lot. And they are getting ready to sell.

What we do is we just talk to the managers every month and they give us a couple ideas. It's really interesting. And I pitched this to hundreds of people. And most of them say, no, no, I could do it myself. I'm like, okay, go do it. But to your point on the guy who won't buy under 50, no one ever does. But we've actually been doing it a long time. And so there's one family called bullshit.

They're like, we don't believe you. And they called one of the managers behind our back and said, hey, Morgan Creek claims that you talk to them every month. No way. Like, well, yeah, we actually do. And come to think, but, you know, they're the only client. we talk to every month. He says, well, why would you do that? He says, well, we get more from them than they get from us. He said, what are you talking about? He says, well, I'll give me an example.

So we were talking to them last month, and they were asking us about this oil company. And we said, what else you see in? He said, well, our guy had been to Hong Kong, this firm called Tyborn. And they were the guys that coined the term Amazon Roadkill, where you went long, Amazon and short all the other retailers. And one of the companies was under Armour and so we put it on in size short and we made a lot of money. So yeah, we'll talk to them a lot. And so again, it's not that we're so smart. It's we work with a lot of smart people and we were smart enough to say, you know, their best three ideas will outperform. But no one will ever run a three stock portfolio. I mean, Chris Hahn runs eight, nine, ten. But no one.

won't run three because the vol's too high. So you can't raise money. But if you have 10 two stock portfolios, the vol actually equals the market vol, but you get two times the alpha. I mean, is there anything else on your radar at the moment that you think could be a catalyst in either direction? I mean, obviously we know that the Black Swan is one. By the way, everybody hates us. I found this out today. I didn't know this, but they hate us again. They don't care. The poll shows Congress crypto push isn't catching on with voters. people, I mean, it's like the numbers are astounding. They don't care. Buy Bitcoin at lowest level in past 12 months. I mean, I love this stuff. Yeah. I mean, I think, I think there are number

cast. So, so the Clarity Act being done, good, bad or indifferent, I'm going to lean that it's going to end up bad, but it'll be done. That'll be a positive catalyst. Anything of, of definitive end of, you know, Iran and the straight. Now, the fact that the times I've heard straighter Hormuz in the last three weeks has gone down to almost zero. Awesome. Right? So I do like that.

But we need closure on that. That would be a positive. Look, if Warsh comes in and tightens dramatically, which again, I don't think he's going to do, but if he were to say, you know what, inflation's out of control. But it's not. It's not inflation. It's devaluation. And there's a difference. There is a difference. Now, you could argue, well, no, oil, that's real inflation. It's temporal. I remember oil is excluded from CPI. So the CPI part is really more about real estate and owner's equivalent rent. And that's sticky down. But if you've seen it, have you seen the gap between home sellers and home

largest it's been, I didn't see in how long. And, and I give you, I'll tell you why, right? So live in Chapel Hill, North Carolina. And, you know, I live on this, they call it a lake. It's, it's a big retention pond. I mean, it's a nice thing. And I live across the street. I don't live on the lake, right? And there's a house around the lake for sale. I'll look. I'm curious. And I looked at it. And they were asking $3.6 million. Wow. In Chapel Hill, North Carolina, okay. And it's a decent size house, but it's not worth $3.6 million. I said, all right, how much did it sell for last time? So five years ago, right after lockdown, it sold for $1.5.5 five. And the time before that, two years before that, it sold for one. So in seven years,

in theory, this house, which didn't grow, didn't get more efficient. It's the same bricks and mortar and stuff. Worse, actually. It's on a pretty steep cliff and it's got this driveway that's starting to crack. You're right. It is worse. So you're going to have to put some money into it. Long story short, it'll be interesting to see how far they have to reduce that price to get a bid. And, you know, people say, well, but in my neighborhood, houses are selling like that. Yeah, I'm sure there are certain places. Like if you're in Nashville, Tennessee, yeah, houses are going like that because everybody wants to move to no tax dates. Or if you're in parts of Florida, probably. But I don't know. We'll see. I could be wrong.

be good ugly out there mark i always appreciate you spending your time with me then thank you very much that you know here we haven't done this for a while but um you know i think it's time to howl i think we're going to we're going to say the bear market's over and we're going to celebrate it with with a how we're not going to say the bull market's here yet but on three the first time you made me how by the way really quick before we do it well i still didn't have video it was just audio oh my gosh That's right. All right. All right.

Three, two, one. In a while. Felt good. All right, man. That's all we got for you guys today. See you on the daily one. Thank you, Mark. Have a good one, man.

Bye.