The Wolf Of All Streets - Bitcoin Faces Warsh's First FOMC Today - Should We Be Concerned?

Episode Date: June 17, 2026

Bitcoin's relief rally faces its first real test today as Warsh's first FOMC meeting lands — markets are pricing 50-65% odds of at least one 2026 rate HIKE after May CPI ripped to 4.2%, and Warsh is expected to scrap Powell's forward guidance entirely. The on-chain backdrop is bullish: Bitcoin's Sharpe ratio just hit -20 (the same signal that marked every cycle low since 2015), holders absorbed 125,000 BTC in the first half of June, and whales pulled 11,000 BTC off exchanges yesterday. We break down whether the bottom signal holds, what Warsh's first dot plot means for Bitcoin, and which catalysts could extend or kill the relief rally. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin faces Warsh's first FOMC today. Should we be concerned? I, for one, am shaking in my shoes, terrified that Bitcoin might exit its $500 range and go down a little bit for 12 minutes if Kevin Warsh says the wrong thing. But maybe my guest today is more concerned. I think we have probably more interesting things to talk about than the Fed. I've got Kyle Reedhead from Milk Road. Let's get into it right now. Good morning, everybody.

Happy Wednesday. and welcome to my tranquil lakesides estate with a nice casual breeze that's blowing the trees in opposite directions. It's not AI is my actual place. Kyle, what's up, man? How are you? I never know what the background's going to be. It's a surprise to me when it pops up. Quite a surprise to me. It looks great, though. I wish I was there. But I'm great, man. It's good to be. I wish we're here, man. Wish you were here in person. So, yeah, first of all, I guess we can unpack beginning here, the Fed, right? We've got Kevin Warsh's first, F.1, He's sort of made a lot of comments over the past few months about how he would likely handle these as far as, you know, not giving out as much information.

Maybe he would get rid of the pressers entirely. I mean, have you been doing any deep dive at to what, you know, we might see from Warsh today? I guess we can talk about what it will mean for Bitcoin price, but I think he does nothing and it won't mean much personally. So I was just about to say the exact same thing. Yeah, I don't really think much is going to happen here. I know that we're pricing in rate hikes for this year. There's no way, in my opinion, he's going to do it today. I just, I don't see it.

The economy looks good. Unemployment looks fine. You know, it's nothing too crazy. I just, I don't see. And inflation is the only thing that is a little bit high. But, you know, I think that's because of the price of oil, which appears to be coming down. I think it's at like $75 today. So we're seeing some easing on that side of things.

So ultimately, I don't see the reason for him to hike. So I think he's going to just remain positive. Yeah, I think that I kind of tend to agree. I mean, here, you know, I have markets. Markets turn their focus to the Fed as oil returned to pre-war levels. So I think that he has a lot of cover here to say that inflation was because of oil and now oil's coming down. So let's see what happens, right? That seems like the most obvious thing.

And that eventually he'll probably just cut because he's got, you know, sock puppet, whatever they call him. That's the hope. I mean, it would be a nice shock to the market because, again, the market's pricing in a hike. So if all of a sudden we got cuts, and again, I don't think he'll do it today. But maybe, you know, in Q4 or something, if we do get some cuts, I think they'd be a good surprise to the market. Yeah, I agree.

I'm trying to find my good Kevin Warsh memes. I've got a bunch. This one's kind of fire. We made this for one of our other shows. This is the Kevin Warsh as a sock puppet. Love that. Love that. Yeah, I think, though, it speaks to the fact that he's likely, maybe not today, but he's probably going to end up doing what he was put in the job to do, right?

Do you think he's going to be Trump's puppet? Is that your take? Yes. Yes. Easy as that. I take that at 100%. Yeah, but I think that even if markets are pricing in hikes, when has the Fed not plot or markets been right over the past four or five years? Like, remember we were the recession that we were supposed to have and all the, uh, all the hikes and cuts we're supposed to have that never happened, right? So it's a, I don't think anybody knows anything. And I think that eventually they just need easy money, especially if they want to win an election.

I think economists are more like weathermen, basically. Yeah. I absolutely agree with that. Maybe worse. Yeah. Yeah. So listen, let's, I think the more interesting conversation, obviously, you know, Bitcoin is kind of, I think a lot of people viewing it as languishing here at 65,000.

and I think it's just totally fine. There just hasn't been a massive narrative to carry it right now. And that seems to be the sentiment with every guest that I bring on right now. Like we've actually had some altcoins that are moving decently well, you know, like the hyperliquids. Anything with an AI narrative, I think Uniswap got like a $100 target from standard chartered and popped a little bit. Yeah. But, you know, what do you make in the market right now in general? Look, I think there's just not a lot of catalyst for Bitcoin or for crypto in general.

I think I've been saying buy compute, sell Bitcoin for the last little while. It doesn't mean I'm necessarily bearish on Bitcoin long term. But there's just, I think corporations have decided that, hey, if I'm going to store my value, I'm not going to store it in Bitcoin. I'm going to store it in compute because compute is productive. And we've seen that with a bunch of the big corporations over the last few years, is if they can get their hands on compute, they can find a way to, to make that productive within their company,

making their ads better in Meta's case, or in something like SpaceX's case, is I can go rent out that compute to Anthropic into Google for billions of dollars a month. So it feels like the capital's just going into the AI CapEx right now, and it's not going into storing it in Bitcoin. Now, that'll change at some point. I don't know when, but it will change at some point.

And so I still remain long-term bullish on Bitcoin. But until something changes there, I just think capital doesn't care to go into Bitcoin the moment, you know? And it's, it's kind of as easy as that. Yeah, it's funny. I, I tweeted something yesterday and you made me think of Kyle Samani from, you know, Ford industry and multi-coins response. I said, fasts path to a million dollar bitcoins convince Elon must, but 10% of his net worth into Bitcoin. That was a joke. I said Elon likes productive assets. That was what his response. Right? To be fair, SpaceX does have some Bitcoin on its balance sheets.

We've got another public company. So, so that's a nice thing. But otherwise, I mean, the clarity act would be a nice thing if we can get that there's maybe a catalyst catalyst that would help us but again there's just nothing really that exciting in bitcoin or in crypto because the thing that that i always look at is you know what what is going good in crypto in general right now it's like okay stable coins tokenization perps right uh you talked about hyperliquid is the one thing that's kind of performed well but then when you look at the growth of that it's not even growing that fast anyway like stable coins is up like 50% year over year which sure that's good but have you seen how fast like anthropics revenues are growing. It's like 50x year over year, you know. And so it's like

the things that are going really well in crypto are really not even that good compared to what's happening in the equities market and stock. So it's just, it's tough to compare to right now. Again, that'll change. And I don't know if it takes the clarity act to change, but we just, we don't have the exciting growth like you have in other industries right now. Yeah. Well, since we brought up Elon Musk, the most exciting topic is SpaceX. I think it's trading at 20, it's closed at 201.80. So that put him slightly less as his net worth than the value of the entire Bitcoin network. But he had passed Bitcoin, Microsoft. Okay, SpaceX had passed Microsoft and Amazon for a while.

By the way, it's up pre-market. So it's going to do it again. It's a 210. And his personal net worth, I rattled off like the numbers on my Yahoo show yesterday. It's so astounding when you like put it into context. But his personal net worth was worth more than all the Bitcoin combined. Right. So the entire Bitcoin network with like 1.3, 1.4.

I think he added a Bill Gates in one day, like an entire Bill Gates. He made more than Warren Buffett's made in his entire career in one day. I think he was worth more than the, you know, all but 12 publicly traded companies, 25% of the GDP of India, 50% of the GDP. I mean, this is so insane. And by the way, I'm super happy he's a trillionaire, gives me something to aspire to. I'm not like unhappy with his trillions.

I think it's kind of irrelevant. But, I mean, this thing is way out of control. Yeah. Well, have you, so first of all, the reason why it's way out of control is, and this goes back to the crypto people, I understand this. It's a low flow high FDV shick. Well, it's not a shit coin. It's actually an incredible company, but 4.2% of the of the stock is able to be traded right now, right? So like nothing compared to the entire supply of SpaceX. And so I had a feeling, well, I kind of knew it was like when this thing is IPO, it's going to go through the roof because literally the only thing you do is buy. No one's selling this thing because no one is able to yet. It's not till August 5th, I think. is when the first, like, tranche unlocks and it's like 11%. Unless I think if SpaceX stays 30% higher than its IPO price for like more than 5 to 10 days, then it'll move to like July 20th. So we've got over a month before any of the funds, employees, et cetera, can even start

to sell their shares. So even worse than that because, you know, obviously because of that structurally, the people who did buy and have our part of that float bought at 135. Right. So everybody who bought that first day is deciding now, like, they're in that normal retail phoma where it's like, okay, it's 200. Do I sell or do I hold? But the only sellers are people who bought at 135. All the 96% that's going to unlock that you discussed are people who literally bought this a thousand X ago. Not people who are 40 or 50%. But people who bought at a billion dollar valuation and it's trading at a trillion. I don't remember the exact. I actually pulled it up, but I don't remember

the exact yeah pre the founders bought pre one billion valuation and in 2023 they did a secondary at 77 to 81 bucks which was still like 140 billion or something so those people are a 10x yeah that's who this unlock happens though it's going to be added to i think the s&p uh i forget when that is in a couple weeks yeah so there's even more demand and buying pressure on this tiny little supply um so i actually think that there is a chance that's basic is going to become the highest value company in the world in the next week or two or the next couple weeks. Now, I don't think it deserves to be that. But I think it might happen just because of the structure of how the equity is right now. But then I do think it's going to sell off like crazy.

It's going to kind of be similar to like Circle last year, right? Circle, I think I peoped it like, was it $30 something, $300, went all the way to like 300 or maybe even $600. I can't remember. And then just sold off like crazy. I think we'll see that with SpaceX as well. Although, to be fair, I am very excited about the company, SpaceX. And I'm going to do with the company. It's, yeah, I mean, meta did the same thing, right? I think they structurally had this. I think Palantir, I think all of them structurally had this same thing where, like,

extremely low flowed came into the market. And then as people unlocked, you saw that kind of 50%. Exactly. Now, here's what's funny. You talk about how rich Elon is. Have you seen what he actually has to achieve in order to access his shares for Yeah, I mean, I like, you like he's got to put us on Mars. It's like, so I have it here.

So SpaceSense. has to reach $7.5 trillion dollar valuation. Okay, that seems reasonable. We're almost there. Establishes a permanent human colony on Mars with at least one million people. And then on top of that, SpaceX operates data centers in space that draws at least 100 terawatts of power, which is more than 1,000x, the consumption of every data center on Earth today. So he has to do all three of those things, not just one of them, which is absolutely incredible. That's the guy's goals. It's crazy. I'm just hoping to make it through the day. Right?

Like, oh, man. Right now he's making $54,000 a year on his salary. That's all he gets. Yeah, I mean, it's great. That's why it's kind of, it's funny to say all these stats, but it's not like you can access that capital. I love when people are like, you know, he could end world hunger. Yeah.

No, actually, you don't have access to any of it. And even if he did crash the market so bad, we'd be in a great depression. Exactly. Exactly. But it's a lot of companies. Yeah, I think it plays well for a narrative. So I think the other kind of big story of the day that's worth unpacked, I mean, you mentioned how sort of hyperliquid is going up on its own narrative, right?

I think people sort of established that maybe we'll need utility, that it's an actual exchange. You can see how the value accrues. Well, I think that the centralized exchanges are taking notice and maybe the big story today, and I don't think it's specific to hyperliquid, but as Coinbase has kind of made some massive strides here towards that everything app narrative that we've seen. I mean, as it says here, I think they're adding pre-IP. So they got pre-IPO perps, right? So you'll be able to trade SpaceX open AI Anthropic as they come out.

Options on crypto inequities 24-7 with perps. And I think they're doing up to 20x leverage, which the others right now in the market are 5.8, I think, is the high on like Calci. Commission-free stocks, ETS, and then it gets really crazy. because they're launching the first are basically SEC registered AI powered investment advisor. So an RIA that's actually registered with the SEC but is powered by AI instead of a human with autonomous agents that can trade for you. Okay, that's like a mouthful.

But they clearly want to do everything. And this seems to be the direction that things are going for all these companies. Yeah. And tokenized stocks as well, which are actually backed one to one, which we haven't really seen, so that's also a big thing. I mean, yeah, Coinbase is, I've always been bullish on Coinbase for a long time. I'm really excited about what they're doing. I think they're an incredible company.

They ship so much. Obviously, they're trying to compete with Robin Hood here. But I think Purps is, as much as, I don't know, people might think this is bearish for hyperliquid. I think there's so much pie to grow on perpetuals right now that I think we've got plenty. And so, you know, Coinbase will provide perps in the U.S. And then Hyperliquid will do it everywhere else that Coinbase isn't available. And then the other thing is like Hyperliquid is not really under the regulation of the U.S. And so they can ship a lot faster and try different things and do more.

So I think there's a world for Hyperliquid still. And then there's a world for what Coinbase will, you know, we'll see how much market share they can eat up in the U.S. But I think they're shipping out a crazy rate right right now. And so it's exciting to see. And, you know, hopefully it all goes well. Yeah, I think, yeah, I had Haseeb Qureshi from Dragonfly on yesterday, and he was kind of pointing out how unpopular perps have been so far in the United States.

It's like the open interest on Taufi Bitcoin PURP was like $2 million. There's anything right. I think it's $9 billion on any given day on Hyper Liquid. So I actually assume that it's kind of building the pipes right now and that people are not addicted in the United States and trading Bitcoin PURPS, but they're going to be very interested in trading SpaceX PIRPs. Yeah. Oh, yeah.

When they find perps for all the non-Bitcoin things in the United States, it's going to go. I think the big thing that I've been saying for crypto for a long time here is we need, so we've built this incredible infrastructure. We need good assets that that infrastructure uses, right? And so, you know, we need stocks on chain. We need, you know, oil and silver and, you know, the commodities on chain. We need, you know, all the different assets that we care about in the real world, they need to come on chain because all the things that we've built like perp, we need to be able to do that on the world's best assets. And I think that's the one thing that Hyperliquid is kind of led on and actually done quite well on is, you know, when when oil became this like crazy thing that everyone was trading, they put it into Hyperliquid.

When, you know, Micron and a bunch of other these like AI plays became a big thing. They put into hyperliquid. Now SpaceX, you know, everyone was training that on Hyperliquid. And so the more that we can put the infrastructure that we're building in crypto onto, you know, the world's best assets, that's really where we're going to get a. option. And that's why hyperliquid has done so well is they've really been able to nail it on all the things that people want to trade. So I think that that trend will continue and that's what Coinbase needs to do as well. Yeah, I think everybody's going to offer everything one way or another. And your Hyperliquid point is one that I continue to make. Hyperliquid isn't actually popular because

people are trading crypto and hyperliquid. It's because they opened up, as I said, kind of, I'm alluding to with Coinbase, the other markets that were much more interesting, volatile and popular than crypto. And that probably contributed to the death. It's a vicious cycle of contributing to that altcoin death that's been much advertised because they were casino chips and now there's a better casino. Well, exactly. And this is, I mean, I think if you're looking at the D5 space or any of these altcoins, it's like, who are the ones that are actually onboarding the world's best assets? And they're trying to integrate what they're doing into the world's best assets. If they're doing that, they tend to do quite well. This is why hyperliquins done well. Sky has done quite well over the last

year as a result of that same thing. And so USDAI, their token is not done well because it's just TGE, but their revenues are doing quite well because, again, what are they doing? They're tying stable coins into compute. So it's been an interesting thing that they've built out as well. And so all I'm looking for is in crypto anyway is what infrastructure rebuilding that actually does things for the real world. And if we do that, I think, you know, we're on the right track because I think this industry is tired of just re-hypropocating E. You know, there's only so much we can do with this one asset. We need other assets. That's the whole point here. Now, I want to go, I literally hit chat GPT for the Musk thing because I find it so interesting.

Like, do you have any idea how much, I know he has existing shares in SpaceX regardless of those? Like, do you know how much of it is the bonuses? Like, what, what's the, like, is he literally not a, I really don't know. Is he literally like not a trillionaire today without hitting those? or does he become a deca giga-gillionaire by hitting his... I'm pretty sure he doesn't get anything until he achieves those, but I could be wrong. I have not looked into the exact details. That's just what I've read on Twitter.

So it could be right, could be wrong. Yeah, it's all over. I'm actually looking and people kind of answer. Well, the thing is, even with Tesla, he doesn't own a ton of the share or he owns them, but he can't unlock a bunch of the shares on Tesla either until he has, I know, there's like six different goals he has to do on Tesla,

which is like a million humanoid robots, however many robotaxies. Again, he's many, many years away from achieving what he needs to achieve just to get the unlock on Tesla. So I would say a good chunk of his net worth is actually not accessible to him. Yeah, it says his remaining stocks, unvested shares are forfeited. He never received them is what the AI is telling me.

I should probably check rock, though, for this one. Let's be honest. And he's many decades, probably two decades, probably two, decades away minimum to be getting a million people on Mars, at least two decades away, right? Like it was their main goal for SpaceX. Now they've changed it. And their like short term focus is to build like a manufacturing plant on the moon.

And so like that's his like big focus for the next few years, which he thinks he can get down in the next couple years. It's no longer Mars. And so that's like a, that's a very far thing. So he's, he's probably 20 years plus before he's going to get access to any of these shares. Yeah. How wild.

Just wild. I love it. Like, how old is he? Because he's going to be what? He's a couple years old. I'm 49. He's got to be in his kind of early to mid-50s because he went to my school actually before me.

And so I think he went to your school. He went to University of Pennsylvania, which is where I went to college. Okay, okay. I think he's probably five years older than if I had to guess. I think he was a, I think he graduated two years before I became a freshman. So he's going to be like 75, 80 years old plus. before he gets any of this. Yeah, I don't think he needs it.

Yeah, he graduated in 97 and I, yeah, I graduated. Did you trade SpaceX at all? Did you buy any of it at Apeo? No, should have, probably. But I don't know, man. I guess in hindsight, the very early price action is very obvious because of that low float, right? Anyone go sellers and a bunch of buyers. But knowing where it goes from here based on that, I literally know.

Yeah, I agree. I agree. It's the first day. You know what I mean? Yeah, I agree. Yeah, I think is how I would approach it. I mean, there's just so little news right now. I mean, is there anything else that you're specifically watching or it's on your mind? Oh, man. I mean, so SpaceX obviously has been the big thing over the last week. I think the other thing we're looking at is just what's happening with Anthropic and in Open AI, right? Are there, you know, the big discussion right now is, is everyone going to, start using the cheaper models instead of using Anthropic and Open AI. Is that going to hurt the revenues? If that does, that's basically going to hurt the entire CapEx and bottleneck trade, which is what most of the stock market is kind of priced on right now. So that's like the big, I guess, sort of fear in the stock market.

But I don't know, I think there's kind of infinite demand at the moment for intelligence. So I don't think that's going anywhere. But that's like the main thing that we're at least our analysts at Milk Road are keeping their eye and just trying to figure out and understand how that's all going to play So are you're at all of course you've got the IPOs coming. Yeah, exactly. Are you an analyst trading crypto? I think I see it always on your updates that there's a few things they've been interested in.

I mean, what are they looking at? Yeah. So we've got five analysts at Milk Road in Milk Road Pro right now. And I think two or three of them actually hold some crypto. Hyperliquid was a big one that some of them had bought. Most of them have sold it at this point. And so that was one. Sky is a big one that a few of us have.

invested in. And then in terms of like alts, honestly, there's there's not that much interest at the moment. Really where they've been investing on the crypto side is in the equities. So they're looking at either, you know, your coin base, your Robin Hoods of the world. And then and then Galaxy has been a big one that most of them have invested in more for the AI play than the crypto side of things. And then really what they're looking at is which companies are going to integrate stable coins, integrate blockchain and sort of like hollow out there. their expenses. So one of our analysts actually bought Western Union because he sees a big opportunity in their business. Yeah, in their business, I think right now in order for them to

move capital around around the world, they have to like have, I think it's like four or five billion dollars kind of sitting in different in different markets so that they have the liquidity to move currencies from one country the next. Stable coins will completely get rid of that need and so they can take that $5 billion and they can do something else with it, whether it's like invest in their own stock or you know do whatever and so it frees up a lot of liquidity for for western union so that's been a big thesis of one of our analysts that they're kind of excited about um how long it takes from to actually do that and integrate that i don't know but uh it's pretty cool to see that if that happens otherwise though it's mainly looking at the equity side

because the problem with altcoins right now is there's just because there's no legal rights in any of these tokens no one wants to buy them no one wants to hold these things and so it's tough to invest in them and so really we look more on the equity side these days. So sad. We just have such a nice, shiny casino. Yeah. Once. Yeah. And again, maybe the, maybe the Clarity Act is going to, is going to help with this. I don't know if it'll change things like immediately, but obviously, you know, getting some sort of rules around this is going to help to figure out what these tokens actually are and how they should be traded and how they, you know, can they be held and all that kind of stuff. And so I think some sort

regulation is going to is going to probably help the market, but ultimately it's a tough time to be a token, I feel like at the moment. I saw someone in the comments who said, is this milk road. And I think that would be a really nice. It's an eye. I don't have to say, if you guys needed a rebrand. Yeah, that'd be the way to do it. Work together. Help road. That's nice. Everybody called me the milkman when I was a kid. It was like the slander. my last name was milk jokes. Right, right. A lot of milk jokes.

The other thing to talk about, which you haven't mentioned yet, is stretch. I haven't looked this morning on where it's at, but it was, what, $91 yesterday, I think? Yeah. So down pretty bad. Yeah, 91.79. So.

Yeah, what do you make of it? Well, I don't really understand, honestly, why it's down that bad. It actually is in pre-market. I'm just seeing it's at 93. So it's someone, someone's buying it up a little bit. Obviously, that's a tough thing for the market to swallow and would be a bad, a bad situation if it continued to go lower. But we've been down this low before a few times.

So my assumption is it's going to go back. I don't see why it wouldn't, you know, Michael Saylor's still got a ton of money. He's got so much Bitcoin. He's got a ton of cash. He's got ways to, I think, to fix this. I think the market's just kind of scared. you know, obviously Bitcoin not performing well. And then a lot of fears around him selling 32 Bitcoin, which was nothing, has kind of

cascaded this. But I don't see this being a long-term issue. I do think it will get itself figured out. Yeah. Last week I bought at this same price, STRC, right? When it was kind of down 92-ish. I agree with you, even if it floats for a while below that it eventually gets back to par.

I think actually maybe the bigger elephant in the room is that there's another offering in the market that's arguably better. Like if you don't, you know, data with strive, obviously, they have no debt. So you see strategy paying off their convertible notes and all these things. Strives already closed their debt and basically said, listen, SETA is our one product. So it's like if strategy only had STRC and none of the other obligations and it's paying 12 and a half or 13 percent and it's daily dividends. So I think that maybe a lot of people are just like, hey, you know, there seems to be like this negative sentiment on strategy at this moment. If I'm going to take risk, I might as well go do this other one. Yeah, except for the fact that you get, was it 12% or something right now,

a stretch? And then you get an extra 10% if it goes back to, back to 100%. Yeah, I mean, that's the beauty of it is that if you believe it ever goes back to par, you've got basically a 10% gain built it. Yeah, yeah, which is a nice little touch. So we'll see how long it takes to go back. But I do imagine it'll swing back at some point soon. You're not particularly worried about Saylor. I'm not either, by the way. No. No, I don't think it makes any sense to be too worried about him.

He's just, I think he's done a great job with everything. He's continued to innovate and he's done it in a smart way. So I think he knows what he's doing for the most part. And he's extremely well capitalized. So I think he'll be fine. Awesome. Where can people check you out after this conversation and obviously see what you guys are doing over at Milk Road?

Yeah. So you can follow me. at my name, Kyle Reedhead on Twitter. But the best thing you can do is check out Milk Road Pro. This is the analyst that we were talking about. You can see exactly what they're trading. You can follow their portfolios. You can see their research.

And it's just a dollar. You can sign up for a dollar for a trial and check out all their portfolios. So that's what I'd recommend everyone do. Just started as a newsletter, right? It's straight out. It was just a newsletter and then it's expanded to many different things. The big thing being Milkroad Pro, which by the way is milkroad.com slash pro. But that was where we just hired analysts to give more in-depth research than our daily newsletter.

The daily newsletter was more like, just keep up on the news, but in a simple kind of fun way. And now we have three newsletters. So we've expanded outside of crypto. We also cover AI markets, just stocks in general. And then we cover macro markets as well. And then we have three podcasts. So we cover, you know, crypto, AI, and macro across our podcast as well. Yeah, you guys are great.

I've been on that show a lot. You have. Great set of hosts. It's amazing, so really glad we could get you on here. Yeah, I appreciate it. Love your show. It's been good to be on here. Too bad there wasn't more to talk about today.

We nailed the time. It's perfect. We covered it. We did the thing. I mean, some days, you know, you rattle on for an hour, and some days a great 10-minute show full of high alpha or something in between is better. And, you know, I think we covered everything.

It was definitely worth covering, man. So thank you very much. Appreciate it. All right, everybody. I'll see you tomorrow at 9 a.m. Eastern Standard Time, of course, today at noon. the Daily World on Yahoo. Peace.

Thanks, Kyle.