Crypto Expert Explains Tokenization To Us

Hinzugefügt: 2026-05-30

[00:00:00]Alonso still then Florida.

[00:00:01]>> What the heck?

[00:00:06]>> Is Alfonso still in Florida?

[00:00:09]>> Yeah, he leaves today.

[00:00:11]>> Alonso.

[00:00:13]>> Yeah, we had a great time.

[00:00:14]>> Good hang last week. Great crew. Do we have a great crew or what?

[00:00:17]>> The best crew. It's the best crew. I loved your tweet below the tweet where you acknowledged how amazing it is that really that whole room of people met on Twitter. It's just crazy. Um, so good for us, >> you know, because the way I learned it from, you know, my predecessors was that Facebook was for people who, you know, who you have nothing in common with >> and Twitter is for people who you don't know that you have a lot in common with.

[00:00:45]>> That's >> Facebook is for friends that you don't want to be friends with, and Twitter is for strangers that you want to be friends with.

[00:00:51]>> You know, I ever had a Facebook account?

[00:00:52]>> Yeah. Yeah. Facebook is for your high school friends and your grandparents.

[00:00:56]Facebook came out when I was graduating college and my friends were getting Facebook so they can meet girls, right?

[00:01:01]Because we were 22 years old. So that's >> Well, that's what Facebook was. That's what Facebook was originally. People don't remember this. You had to have a college email to sign up for Facebook back in the day. It was just for young people.

[00:01:12]>> Dude, I'll do you one better. When I was a freshman in college, right, they used to hand out these things at the beginning of the year to all the freshman called a Facebook. And it was all the freshman in the class and their name and like, "Oh, I like baseball."

[00:01:25]and weightlifting or I like flowers and basket weaving and I'm from Ridgefield, Connecticut or whatever. And that was called the Facebook. And I remember vividly the first week of freshman year, one of the pitchers on the baseball team is a senior, creepy little closer.

[00:01:41]>> And he's like, "Listen, we're having a party tonight. The only way you guys can come is to bring us one of your Facebooks, right? Like you're going to donate one to the seniors."

[00:01:51]>> Oh, cuz only the freshman got it. They wanted to study, right?

[00:01:55]>> Of course. See what you know what, you know, new, right? I mean, it is what it is. It's just science. There's nothing wrong with that. So, I remember that vividly and it was called a Facebook. It was like the Fairfield freshman Facebook. And then >> I had a girlfriend senior year. So, the last thing I wanted was other girls finding me. So, I didn't use Facebook.

[00:02:12]And then all I heard were horror stories about Facebook. I'm like, I'm not touching that [ __ ] So, that was it. I never had one.

[00:02:18]>> Cool story. All right, let's do this. We got a lot We had a lot to discuss today.

[00:02:22]Uh, we We're going to talk about uh animal stocks apparently, but I want to talk about uh tokenization. I want to talk about blowing up rockets. I want to talk about Dell. Uh so that those are all things on my list here. I don't know where we're going to end up, but that's that's what that's what we got. So, we got Louis working somewhere. We got Kenny here. We got Larry here. Let's go.

[00:02:41]You guys ready? Drop me a like on YouTube. Thank you. Let's go.

[00:03:09]Right. All right. Happy Friday, y'all.

[00:03:12]>> Happy Friday, guys.

[00:03:13]>> Happy happy monthly candles eve. I guess not eve. Today would be the the day. So it would be >> today we get stocks today and commodities.

[00:03:23]>> Yay.

[00:03:24]>> And we get crypto in a couple days.

[00:03:26]>> This week was a big bull market week.

[00:03:29]Really in many ways more >> hot stocks are running again, dude. You got to buy everything. I I'm, you know, one of those moments where I just want to buy everything. Everything looks so good. Speculative growth looks fantastic. See the action in the ARY stocks yesterday. It's not just space and exploration. Um it's all working out there. And so you said that you had uh you you wanted to talk about animal stocks. What is an animal stock?

[00:03:53]>> Yes. So we have a custom index that we can throw up. But we have found that in the best rally phases of bull markets, there is a special situation that occurs whereby stocks that have animals in their names tend to moon.

[00:04:16]So, a couple of them in this index here.

[00:04:17]This is a custom index of a couple animal name stocks because because when the animal spirits are out, they buy the animal stocks. I think it's really as simple as that, right? These are animal stocks for the animal spirits. Big Bear AI, you might see it um in your travels in airports.

[00:04:32]>> I did see it. I did. I like seeing the stocks in the wild. I get excited.

[00:04:37]>> Totally. Yep. You You'll see that uh in airports. Soundhound, another AI name, Nvidia Equity Investment. the GR, which is a gorilla something. How cool is that? Pony. Don't forget the pony boy. I think that's Chinese AI. The dog. Data dog. Back from the dead.

[00:04:53]>> Yeah. But how do you scan for these? How do you scan? Like is there like an algorithm that is the stock has a name in it? Like you don't just go one by one looking for animals, do you?

[00:05:02]>> It's the same way we find every memory pocket in the market. We are literally looking at every chart in the market consistently day by day so we don't miss anything. So, we just we just did this this morning. I literally came up with eight of these 10 names of my own and some of the guys kicked in other ones, but we just know we're familiar with these names. Weeble e Toro because Toro means bull. Toro means bull in Spanish.

[00:05:22]A lot of people >> I thought Toro was fish.

[00:05:26]>> That's that too.

[00:05:27]>> Oh, that's Japanese, Spencer. But I like where your head's at, Spencer. I see you, dog. I see you.

[00:05:32]>> All right, >> the wolf. We need to add the other wolf.

[00:05:34]There's name There are not There are names missing from here. Whoever made this fans, get with Rick. He took names out. Uh, we need the other wolf in here, but we got the terra wolf. We got the hippo, the hip hop hopus, uh, the J frog, frog, Israel, bit deer, BTDR, a little bit of crypto, right? So, well represented among different hot stock sectors here. And as you can see, >> the reversal is in animal stocks. Are you buyers?

[00:05:59]>> Spencer, what animal stock What animal stock will you be adding to your portfolio >> today?

[00:06:04]>> Oh my god. I've had a whole 30 seconds to consider this theme. So, >> I mean, you got to go with the cat, right?

[00:06:10]>> I don't know.

[00:06:11]>> Why isn't the red cat in here, Rick?

[00:06:14]Terrible job.

[00:06:14]>> Yeah, this is not This is incomplete.

[00:06:17]>> Caterpillar.

[00:06:18]>> God.

[00:06:19]>> Red cat.

[00:06:20]>> Um, Spencer, I'd like the Sound Hound.

[00:06:23]>> Where's the Red Holdings? That's the one I want. I want the Hound. Yeah.

[00:06:27]>> Oh, that's >> I like the BBAI for you, Spencer. We're going to help you. We're going to help you pick some hot stocks for your portfolio.

[00:06:32]>> All right. You guys want to play a fun game?

[00:06:34]>> Jeez.

[00:06:34]>> Yes, please.

[00:06:35]>> All right. Let's play a fun game. All right, throw up uh throw up slide two.

[00:06:41]Uh sorry, slide three.

[00:06:43]All right, so let me take you back. Let me take you way back to a time in the early 70s. Crude oil is rising.

[00:06:50]Inflation is starting to worry. People don't trust the government.

[00:06:56]Uh a one um I am not a crook, right?

[00:07:00]Richard Nixon uh takes uh the United States off the gold standard. We have the new fiat system officially in 1971 and gold goes wild straza >> from 30 to 200. No big deal.

[00:07:16]>> 30 to 200 early 70s, right?

[00:07:19]>> But then here's what people forget about the 70s. Go to the next one. You had a massive correction. This was a 20month correction from December of 1974 down to the lows in August of 76.

[00:07:33]My parents are graduating from high school, >> right? We're celebrating the 200y year anniversary of America and gold is putting IN ITS BOTTOM, LADIES AND GENTLEMEN. 20 months later, 47% decline, 48% depending on how you calculate it.

[00:07:48]Basically cut in half in 20 months after going from 30 to 200, right? cut in half 20 months. But wait, there's more. And then so what happens after August the 76? You go on to rally 750% Mr. Strazza over the next couple of years. Right.

[00:08:07]>> Right.

[00:08:08]>> So here's the s play a little game. What if what if the it happened exactly like that? Right. What if? Now >> won't be exactly like that. It might be nothing like that. Right? That's not the point. The point is, let's pretend that this time is exactly like that. How does it work out? Well, how it works out is by next September, uh, you're looking at about $2,700 gold, $2,800 gold by next September, September of 27.

[00:08:40]But if it plays out exactly the way it did in the 70s, then by the end of this decade, you're looking at gold above 23,000.

[00:08:51]by the end of the decade. So that's how it works. If it was exactly the same, which we know it won't be. So that's not right. We know for a fact. I guarantee you that that it won't be exactly the same. So that that we know. Just playing the game, right? Just playing the game.

[00:09:05]How do you uh how do you think about that?

[00:09:10]>> The truth is I don't think much about gold at all these days as you know.

[00:09:14]>> I know you and everybody else you see macro charts macro charts was pointing to that same sentiment. A lot of people share your sentiment there, Mr. Strazza.

[00:09:24]>> Are you a buyer?

[00:09:25]>> No.

[00:09:26]>> Based on this historic Richard Nixon analog? No.

[00:09:30]>> No. I'll be a buyer uh next summer.

[00:09:33]>> Okay.

[00:09:34]>> I'm with you, bro.

[00:09:35]>> I'm with you. But >> but uh >> Well, it just needs time.

[00:09:40]>> We got a great We got a great chart from Macro. Uh throw up the new slide two here. New slide two. So just to be clear, the point you're making is not 1776 2026 America big anniversary round number. That's not the point there.

[00:09:57]Right.

[00:09:57]>> No, the point is the environment. If you believe that this is like the 70s and that's what happened in the 70s, right?

[00:10:02]>> Right.

[00:10:04]>> So uh macro coming out great Bob Ferrell quote. Uh I've had the pleasure of meeting Bob Frell. It was unbelievable.

[00:10:11]True legend. Uh one of the great technical analysts ever. uh the public buys the most at the top and the least at the bottom. Bob Frell, rule number five. And so here we're looking at net flows, right? Great opportunities to be buying gold in the past. This is what So Straza sentiment, I don't think about gold at all. Well, guess what? Nobody else is either, right? So Strazza, you're in good company, my friend. Good company.

[00:10:36]>> So great big shout out to MacroCharge, friend of the show.

[00:10:39]>> This is a great chart. I love this is this I'm gonna save this one. This is a great great chart.

[00:10:46]>> So, what do you think? You have you have a ton of respect for Mr. Macro charts as well there, Mr. Strasa. How do you feel?

[00:10:51]You still don't give a [ __ ] about gold.

[00:10:54]>> You know, it's it's a good chart, you know, good analysis here. That's fine.

[00:10:59]>> Yeah.

[00:11:00]>> Who's doing better work? My 1970s look or uh macro here? Who's doing better work?

[00:11:05]>> I like them both. I think they're both great. Really good stuff.

[00:11:09]>> Yeah. Very different. A little positioning situation here. What? What is the indicator down here?

[00:11:15]>> That's net flows.

[00:11:16]>> Net flows and all of the ETFs GDX, GDXJ, SLV pretty. What?

[00:11:23]>> Oh, yeah. Yeah. Oh, yeah. He said he is looking at those five. Yeah. Right.

[00:11:26]>> It's all of them. You read the bottom, >> right? Uh, by the way, if you remember in 1974 before the ultimate peak, you know, you were already seeing massive corrections and massive rallies while it was topping out. So, you could very well see a rally in gold while it's doing this topping in process, right?

[00:11:47]Totally. And then, you know, you get maybe one more rally up and then I'll see you down at the lows next summer. I >> mean, already had such an incredible run, right? Like, wasn't it like the best rally in the history of gold or something?

[00:12:00]>> Yeah, kind of like the early 70s.

[00:12:02]>> I I get it.

[00:12:04]>> You know what's funny is is that silver rally that was this calendar year. That was this year.

[00:12:09]>> Feels like Feels like 10 years ago.

[00:12:10]Nope.

[00:12:11]>> Listen, check the tape.

[00:12:12]>> Months ago.

[00:12:12]>> Check the tape. What was I saying at the time?

[00:12:17]>> I was saying this is a historic moment, guys. It's a historic moment. Silver going absolutely parabolic.

[00:12:24]>> Pay attention. Remember where you were.

[00:12:26]Breathe the air. Hug your family.

[00:12:29]Remember where you were when silver was doing that because you're going to be telling your kids about it in the future. Guess what?

[00:12:35]And then I still feel that way. That was a big moment in market history. How about Korea and what's going on right now in Korea? Micron turning into a trill trillion dollar company. You got the Highix turning into a trillion dollar company. South Korea going literally parabolic. There's going to be a time in the future where somebody's going to say, "JC or Steve, you know, I only buy American stocks." Da da da da da. It's like, well, let me tell you something about South Korea, my friend. You know, like, let me tell you a little story about, you know, what's going on there overseas, you know? So, like, I don't know. I think this is a pretty historic moment as well.

[00:13:14]>> I think this has been a really fun active market. Um, look, there's a comment in the chat says, "I keep getting excited for these markets and nothing really happens. Get this man some breakout multiplier. We're selling doubles out here every day, redeploying cash. Stocks are ripping. You just got to be in the right areas. I mean, there's a lot to do out here." I thought me and Fans would be hanging out, feeding our ducks, eating caviar by the pool. No, we have been as busy as we've been all year for the last three, four days.

[00:13:41]>> So, no caviar by the pool. You got a zero caviar at the pool.

[00:13:45]>> We had caviar in the office. We were so busy. We I think we sent 20 trays.

[00:13:49]>> That's some market [ __ ] right there.

[00:13:51]It's got [ __ ] guys eating caviar.

[00:13:54]>> We couldn't get away with.

[00:13:56]>> So you're doing caviar for a little afternoon snack or is that your breakfast?

[00:14:00]>> We We had it with lunch yesterday.

[00:14:03]>> Caviar sandwiches. You could just dollop it right on the sandwich.

[00:14:06]>> Jeez.

[00:14:07]>> Perfect bite.

[00:14:08]>> And how often are you ordering? So you order it in, right? You're not going to buy it. You order it.

[00:14:13]>> Yeah.

[00:14:14]>> All right. Send me that website that you use. Can you send me that website? Cuz I I don't do that.

[00:14:18]>> I use Marky's, but like you could like if you needed caviar in a day, >> but what about what about all the schmutz? What about you got to get the the chives and you got to get the the cream. What about all that?

[00:14:29]>> I'm such a purist. I get the creme fresh and the caviar and we just do it that way. I I don't need the rest. I do love egg salad with caviar.

[00:14:36]>> You know, I kind of come around to the egg. I gotta tell you, I'm not gonna lie. Adds a little viscosity. You know how I like that? You know, to add to that viscosity, >> JC, make some deled eggs. Make them small if you can.

[00:14:48]>> I know. Not >> and dollop the caviar right on top. Oh my god. Nothing better. Nothing better.

[00:14:54]>> If you put hot sauce on that [ __ ] I'm going to smack you.

[00:14:57]>> Now I'm hungry. Never. Never. What? No.

[00:15:01]>> Uh, do they say the markets and bring Lou on? What do you say?

[00:15:04]>> Sure.

[00:15:05]>> Yeah.

[00:15:16]All right.

[00:15:18]Dow up a 100 50,850.

[00:15:22]Do I have that right? Am I see I got to like double check sometimes. Is that Am I seeing that right? 50,850.

[00:15:28]Holy [ __ ] I've never been able to say that in my life ever, you know.

[00:15:33]Wow. 50 We're almost at Dow 51,000.

[00:15:37]Jesus. Um, man, oh man, what a time to be alive. S&Ps pushing 7,600.

[00:15:44]Something else I've never been able to say before. Uh, pretty flat this morning. Also, the NASDAQ flat this morning. 30,3 and a quarter. The NASDAQ 100 futures. Wow. 30-year bond futures relatively flat at 112. You got crude oil down another 1% on the day below 88.

[00:15:59]You got copper uh down half a percent, 640. You got gold flat at 45 a half. You got uh silver pretty flat at uh 7570 and you got the VIX pretty flat back finally below 60 uh below 16 for the um for the VIX. Wow. When was the last time the VIX was below 16? The VIX has not been below 16 >> January.

[00:16:22]>> Since January. Wow. Wow. I can't believe that VIX below 16. That's been a minute.

[00:16:28]Been a minute. Uh we got the Bitcoin 73,000 and change uh flat this morning.

[00:16:34]Ethereum uh slightly below 2,000 flat this morning. Salana uh 81 and a half doing nothing this morning. And the total crypto market cap Mr. Spencer is real at 2.43 trillion.

[00:16:47]>> I have to ask maybe this is sentiment but like at what point do we just stop reading off those crypto numbers every or Ethereum and Salana and the MARKET CAP?

[00:16:57]>> NEVER.

[00:16:59]>> OKAY.

[00:16:59]>> AND CERTAINLY not on a crypto Friday.

[00:17:02]>> That's fair. That was fair. Right. Come on.

[00:17:05]>> Okay. You're good call there. Uh but yeah. Gosh. Every day. Same story. Uh can we talk about Dell before we bring Louis?

[00:17:11]>> It's the same story, Spencer. That it's not doing anything.

[00:17:13]>> Yeah. Yeah.

[00:17:15]>> Um can we talk about Dell before we bring Louie out here? This is this is just this is unreal. Yesterday we're talking about how there was a you know Snowflake $60 billion company up 30% in one day. You don't see that every day.

[00:17:29]Well, actually, actually you kind of do because now we have Dell, which is a $200 billion company up 30, what is that? 35%. This morning, I think it wasn't more. Let me show Let me look at my chart over and see what the >> listen one for the good guys, you know, when there was a time where technology stocks were selling off and these hardware stocks were not.

[00:17:54]And um so you know when you see relative strength like that, you know the idea is to buy the relative strength. And I got to tell you, I was right here on the show. You guys thought I was crazy. You guys were killing me. You guys, oh technology sucks and blah blah blah. I'm like, what about hardware stocks? And then, you know, I loved bringing up the fact that they delisted that hardware ETF, so you can't even buy hardware as an ETF, which is hilarious. And so um when they start they they got after this run they got to be listing these tech hardware ETFs right >> they will they will >> guaranteed the the the revenue growth uh due to the AI spend is just it's unbelievable. I mean if you just look at Dell's annual like full year revenue growth going back to like COVID this company was growing revenue like 2% a year 7% a year. Uh last year they grew revenue 14% uh for the year. This year they're gonna they're guiding for like 60% revenue growth, right? This we're talking about Dell, talking about PCs, right? Hardware. To JC's point, this is it boggles the mind. It really does boggle the mind. So the AI spend is not slowing down. Um and we should stop trying to guess that because who knows when that's going to happen. Um this is the story of the day as far as I'm concerned is Dell, right? I mean, it's $425 right now. Stock was 100 bucks a year ago, you know?

[00:19:25]It's insane.

[00:19:28]I just >> I'm probably >> Go ahead. Go ahead.

[00:19:30]>> Go ahead.

[00:19:32]>> I just think people need to like pay attention to relative strength when it's there, right? Like the everybody was talking about semiconductors and software was getting killed and blah blah blah. I was like, "Anybody talking about hardware?"

[00:19:49]>> During while stocks were getting crushed in the month of March, Dell was quietly breaking out to new all-time highs. You go back and look at that Dell chart.

[00:19:58]Look at what Dell did in the month of March. And you can look at the relative trend, too, and you'll see it there.

[00:20:03]Dell was absolutely crushing, kicking ass on a relative strength basis. Right?

[00:20:07]Then late March, what March 25th, you got a textbook retest. We're pulled right back. retested those highs from last October and November and then off to the races. I bought this thing on April 6th or 7th and I'm up like 140% now. I'm done. I'm selling it today.

[00:20:23]>> Like this is you some sometimes they just go a little too crazy to get ahead of themselves. You could always buy things back.

[00:20:28]>> Um but that's enough for me. What two months about 150%.

[00:20:35]>> I'm going to take that.

[00:20:36]>> I'm going to do that.

[00:20:37]>> You're going to sell your D.

[00:20:39]>> Yeah. saying was breaking by balls about selling Ardell, too.

[00:20:45]>> I just, you know, why why why stick around when you when you're in a daily RSI 14 reading of 90? I don't think we've ever been this high in the history of the stock. So, that's, you know, good time to >> why not just raise stops? You just feed the ducks this morning, call it a day, call it a trade.

[00:21:02]>> There's so many there's so many fresh breakouts. I don't want to own something that looks like this.

[00:21:06]>> I mean, we've had a hell of a trade.

[00:21:07]We're up a ton. Uh Sam wants to sell it.

[00:21:10]We'll see.

[00:21:11]>> I'm with him. I agree with you, Sam.

[00:21:14]>> I'll be out of mind today. Buy something fresh. Buy a freshy, JC. You know, >> uh I did. I bought some freshies this week. Uh can you can you throw up uh the new slide, too?

[00:21:25]>> Yeah. And then we got Louis in the house. I want to talk to him.

[00:21:28]>> There's so many profits, so little time.

[00:21:32]Oh my goodness. S&P 500 hardware.

[00:21:37]So, there's the S&P 500 technology hardware index making new all-time highs.

[00:21:42]>> Wait, it actually delisted at the COVID low. Is that what you're saying?

[00:21:45]>> Yep. June of uh 2020.

[00:21:48]>> Uh in their infinite wisdom, uh State Street Global Advisors decided to delist and liquidate on June the 1st of 2020.

[00:21:55]They had already announced it prior, so they really nailed that bottom. But nevertheless, just what a what a time to be alive when when the the ETF that American investors need the most. OH, THEY SAY NO, NO, NO, NOT SO FAST. NOT so fast.

[00:22:12]>> I wouldn't say we needed the most. And they were bigger. They were bigger fish to fry.

[00:22:15]>> Oh, were there Spencer? Oh, there.

[00:22:18]>> There were bigger fish to fry the summer 2020. Yeah, I think.

[00:22:21]>> All right.

[00:22:22]>> Yeah.

[00:22:24]>> Let's see. This thing is up. Uh, >> this thing's up almost this thing's up almost 30x off those lows since they delisted it. This thing's up 30x. Yeah.

[00:22:34]All right.

[00:22:35]>> Yeah.

[00:22:35]>> Bigger fish to fry. Spencer is a [ __ ] 30x in half a decade. Come on.

[00:22:40]>> Index. An index.

[00:22:42]>> I think this goes back to the point I was making yesterday on software, right?

[00:22:48]Which looks nothing like this index.

[00:22:51]hardware, semiconductors, uh, all these like electronics, um, industry groups and indexes. Everybody knows the story about the memory stocks.

[00:22:59]They look fantastic. They've had a hell of a run. How about the base in IGV large?

[00:23:05]>> This is a good This is a good comment.

[00:23:07]Jay Hampton, I have I have my Dell computer in five years, so I haven't touched my Dell computer in five years, so sell. Yeah. Ain't the customer, buddy. You are not who they're selling these things to. Or how about the equal weight software index?

[00:23:23]How about stocks like Microsoft breaking out? Service Now breaking out. Poundier up off the mat. Um there's a lot to do in this space. I spent a couple minutes yesterday on our what PA meeting just trying to reason with everybody and say do not wait another second to build your software exposure. Look, if you waited a day, now you're going to pay an extra 10% for service.

[00:23:47]Go choose your fighters. Get your software exposure. Now, this will be the single biggest best theme and trade of the year. Software stocks have been treated in in such a terribly unfair way. Okay? They will be the biggest winners of AI. The SAS apocalypse is absolute [ __ ] Go pick the good ones. And these are the best stocks that you could buy right here today with your money.

[00:24:10]>> It's probably a SAS apocalypse for some companies.

[00:24:13]>> Great. Don't buy those. The relative trends will tee you off to that.

[00:24:16]>> Got it. All right. You hear that advice, guys? The goal is to buy the stocks that are going up and to not own the stocks that are going to go down.

[00:24:23]>> Do do I spy >> Oracle by Microsoft? What >> do I spy a little volume pocket in the IGV that we're at right now? Do I spy that?

[00:24:32]>> You know, I I SPENCER IS REAL. I GOT TO TELL YOU, HE'S been paying attention.

[00:24:37]>> I was paying attention.

[00:24:38]>> I don't see it.

[00:24:39]>> No, I I said I said I said little. I said little. It's a little I see you, dog. I see you.

[00:24:45]>> Little one.

[00:24:46]>> Um, you can go you can go find some some really nice volume pockets in the individual components, too.

[00:24:53]>> Uh, they are out there. They do exist.

[00:24:54]>> Can you find them? Can you find them for me and send them over?

[00:24:59]>> Can we talk crypto? It's crypto Friday.

[00:25:01]>> Bring them out. Bring them out. We got Louis in the house.

[00:25:14]>> Hey, guys. Lovely to be joining you.

[00:25:15]>> What's up? What's up, >> dude? Good hanging.

[00:25:19]>> It's It's always a pleasure to to be here.

[00:25:23]>> Did we eat a lot? Did we eat more than you thought? Everybody always thinks we eat too much.

[00:25:27]>> How was Nashville for a great steak in Nashville? I enjoyed I enjoyed the steak.

[00:25:33]>> What? That last night, that Friday night steak.

[00:25:36]>> Oh, yeah. That was great. That was perfect. You know, a lot a lot of the guys got these big fat ribe eyes and I knew it was going to be too much for them and everybody was gorge. And so I got the nice small elegant uh uh um I'm blanking. What's >> you had the fillet, dude? That was the best piece of meat I ever seen in my life. I was like, "Yo, where's the rest of it?" Remember, >> it was it was definitely the move.

[00:26:00]Beautiful piece.

[00:26:01]>> Nice. Like a nice 4 oz fillet. Nice.

[00:26:03]>> This fillet was like this big. I was like, what is this? A fillet for ants?

[00:26:09]>> What was that all about?

[00:26:11]>> You order from the kids menu, Louis?

[00:26:13]>> Lou, what was your impression of Nashville?

[00:26:17]>> It was nice. I liked it. It was uh it was nice and clean. Uh I liked it had a lot of character. I love the country music. I loved the cowboy hats and the and the cowboy boots. It was it was it was a lot of fun.

[00:26:29]>> You know, I like I like Nashville so much more than Austin. So much more.

[00:26:33]Like you said it yourself, it's a clean place. You go to Austin Place is a dump.

[00:26:37]They got bums everywhere. Just homeless people all over the place. Place is not nice. Uh Nashville so clean and nice.

[00:26:45]You're just so right. You're spot on, Louis. Good call. Good call. We'll skip Austin.

[00:26:50]>> I I mean to be such a hater of Austin.

[00:26:51]Austin's fine, but Nashville's way better.

[00:26:54]>> Mhm. and you get the country music. And then then I went over to the east side as well. I need to go get my haircut.

[00:26:59]You know, my my hair is very important to me. And, you know, the the east side, it was, you know, really nice and quirky. It had a bit of a different vibe. More of like a hip hipster kind of vibe. Uh, I liked it.

[00:27:10]>> Yeah.

[00:27:12]Awesome. I'm glad you had fun. I feel I feel a little bad because it rained a lot and we I don't feel like we got the true like Broadway experience cuz >> Dude, it could have been worse. It It didn't rain that much, man. It could have been so much worse.

[00:27:23]>> All right, Louie. Um, I know people ask >> Hyperlquid goes up every day. Louie, >> no. I I was going to ask Lou if you could explain this tokenization mega trend like I'm five cuz I've had him do this several times now and I still need it reinforced in my brain.

[00:27:39]>> Of course. Should we uh do we do we have any slides? I I see we've got some slides in the deck here.

[00:27:44]>> Yeah, drop.

[00:27:45]>> This hyperlid goes up every day, bro.

[00:27:49]>> Telling you right now.

[00:27:51]Well, when when I went over to Nashville, right, I I had to go and then I had to, you know, check into the hotel and I had to put my credit card and the hotel puts a hold on my card and that's, you know, $1,000 or however much it was that I couldn't spend during the trip, right? And that $1,000 isn't doing anything productive. I can't spend it. I can't go to a concert or buy cowboy boots with with with that $1,000 because that $1,000 is essentially just sitting there in case I absolutely trash the room. Right.

[00:28:22]>> Right.

[00:28:23]>> And you think about what's happening across the financial system. And that's that that setup is essentially happening across the board where these financial institutions need to set aside not $1,000 but literally trillions of dollars every single year just in the rare case that they go out of business in the day that it takes the transaction to go through. And so there is so much money on the table that is being wasted.

[00:28:48]And I call it a tax on humanity and you pay it with your fees. And so we've seen past shifts happen in the market before where we move from electronic trading records in the 1960s to the 1970s. Uh you saw Visa and Mastercard becoming the standard for electronic payments. And there have been major upgrades to the financial system every few decades. And in each of those times, those who really got in early had the best opportunity to make money. And so that's what this whole tokenization mega trend is about.

[00:29:18]That is what the tokenization report is about. We're covering the opportunities in this entire tokenization trend where Wall Street and financial institutions are integrating this blockchain technology into their into their operations.

[00:29:35]>> So how how exactly is that going to work then?

[00:29:40]>> So it's it all really begins in July with the DTCC's pilot. So, if you're not familiar with the DTCC, this is an organization that holds over hundred trillion of assets, right? It's not small. Uh, it's probably the most important organization in all of finance. They're responsible for the clearing and settlement of equities and fixed income and the United States and options, by the way. And so, in July, they're going to be beginning their tokenization service. So, this is going to allow every participant of the DTCC, which are financial institutions, it's going to be your broker, uh, custodian banks to take their existing security entitlements and turn them into what we call tokenized entitlements. So, they're going to be tokenizing this hundred trillion dollars of assets every single day. And you're seeing this, it's like headline after headline. Every every day I wake up, there's a new headline. Just today, literally beginning today, uh the CME is going to be launching uh 247 trading of all crypto products on on the exchange. Paxos has become the very first blockchain native clearing uh clearing house in the world. They've got authorization from the SEC today. Every single day there's all these headlines coming out. Then this is where we're going.

[00:30:57]What what are the implications for like the stock market or are or or are there any?

[00:31:07]>> The first the first and most important of which is that we're going to be moving to 24/7 trading that's coming >> like I've been telling everybody for how long?

[00:31:16]>> Well, we've already we we've already kind of been there depending on the platform and and the stock for a couple years.

[00:31:23]>> More and more every day, Spencer. More and more every day.

[00:31:25]>> Right. So, and but but I mean that that market is is a that's not not a real market overnight, right? Uh you're trading with like Citadel. Um but you're saying that's going to happen for everything now.

[00:31:39]>> Yeah, it's going to happen. And think about it this way. When you press buy on your brokerage and you buy shares in Nvidia, you buy shares of Dell or in the case of JC, he's selling shares of Dell and you see you see the shares pop up in your account and you see the cash get removed from your account and it all seems so flawless, but then you go behind the scenes and it doesn't actually work like that. You don't actually get the share for a whole another day. Your your cash doesn't settle for an entire another day. And in that time, your broker needs to put up a tremendous amount of capital in the case that they go out of business in the time it takes for that transaction to go through. And so we just have literally trillions of dollars just sitting there in the system that's not doing anything productive. That's literally just sitting there. It can't be deployed productively uh just to hedge against catastrophe.

[00:32:32]just to hedge because there's a 1-day settlement window for all these transactions to land. And so the amount of opportunity cost that is currently being uh uh enabled by how the system operates is tremendous. And I I take it that the financial system is going to be leveraging a handful of specific uh platforms or networks, whatever you want to call it, right? I I I would assume that there's there there is a trade here.

[00:33:06]>> Yeah, absolutely. And so, you know, there's there's different layers to this, right? You know, this is going to be uh it's going to be good for the asset managers and all the financial companies. That's why if you go into the career website of all of these banks, you know, you go have a look at JP Morgan, you'll see they're hiring for a director and VP of crypto strategy, a director for digital assets, a a director for tokenization services. And so the the amount of that it's clear that all of these big institutions are clearly putting forward a pretty significant budget to enable this shift to happen. But then you've got all of these new companies, right? because this needs to be compliant. It's not the wild west anymore, right? It's not the wild west where we can just trade and we can uh use companies where we've got anonymous founders that we don't know where they are. They're probably in the Cayman, you know, that that's just not going to fly, right? So, we're going to need regulated quality custodians, uh, exchanges, networks to actually process all of this. And so, in all of that, there's a major opportunity. And so that's precisely what the tokenization report is about focus on those >> why won't they be using like the Bitcoin network or the Ethereum network.

[00:34:19]>> That's a great question. And so, well, the fir the first big issue with with all of this, and this is why I think that Ethereum is a big sucker's bet, right? Uh, you you see these headlines that uh JP Morgan's launched this new money market fund on on Ethereum and and and Block and Black Rockck has done the same thing, but when it comes to the scale that I'm talking about, it's just not going to fly because one, everything is completely public. And so let's say that JP Morgan was running their bond trading on on Ethereum uh on Salana.

[00:34:50]Everything that they're doing, every collateral movement, every trade, every payroll, every systems upgrade would be sent to the world. It'd be advertised to the world, which that's just a complete non-starter first and foremost. And then secondly, and this is really important, if they're going to do anything on all of these existing networks, then they essentially need to fit into the mold of what that network is. And so, let's say they wanted a little bit more privacy.

[00:35:15]Let's say they wanted to set up their system in a way to enable a little bit more compliance. Uh let's say that a bank in New Zealand wanted to set up their system on Ethereum. their their needs, their regulatory needs are going to be really different to JP Morgan's needs on Wall Street, right? A little old New Zealand bank is going to be very different to a big American bank. And so there's all this complexity, but these networks, they don't allow for that.

[00:35:41]They don't allow for optionality. They don't allow uh users and institutions.

[00:35:46]>> Why not? I thought like these were the future. Like why not, right?

[00:35:50]>> And and that's that's that's a really good misconception, right? because people think that these are decentralized technologies. Uh this is going to be the future. But the fact of the matter is is that decentralization and removing middlemen, removing intermediaries isn't really the goal here. And so these networks were set up in a way with a very specific use case to be decentralized, to be open, to be trustless, to be permissionless.

[00:36:18]That's >> wait. When you when you say decentralization is not the goal here, you're referring to this tokenization trend. That's decentralization is not the goal of that.

[00:36:30]>> Exactly.

[00:36:31]>> Okay.

[00:36:35]>> But that is Yeah. But >> for me, you know, I like I mean I have seen I've had a front row seat to this for 23 years. Like literally a front row seat. And and to me just that like the common denominator is if the companies are going to uh make a lot of money and benefit from that then that's probably the outcome that we should be betting on, right? Like follow the money. What's what's the best outcome for these guys, right? And let's let's put our chips on the table there and and bet that they're probably going to make a lot of money from it and, you know, do what they got to do to make that happen. I I like aligning my incentives uh you know with those with power a lot more power than me right those things you know what I'm saying >> so that's kind of like how I look at it like you know who are the big w who are going to be the biggest winners and then who you know below that who is the second derivative of that you see it in technology you know you see it across the chain hardware and you know all the memory and all that stuff same thing in finance right there's different players they're all winning right you're seeing it and so it's like all right well these should win these could win but at the end of the day the market is the one that's going to prove these are the ones winning right so shouldn't we just you know particularly from a trady standpoint like if you're a trady investor and you're investing in stocks and ETFs and stuff like that and options on equities that's you who it's mostly me I mean I trade crypto too obviously but you know I'm I'm an equities guy at the end of the day a lot of people are you know just make a list of all of the things related to the you tokenization of the financial markets and then just kind of sort by relative strength and then just see the winners popping up.

[00:38:23]What's wrong with that?

[00:38:24]>> Absolutely. Yeah, I love I love that approach. Um and you know the >> admitting that you don't I mean you know a lot more than I do and and more than really anybody else I know. Nobody else I know reads these goddamn white papers.

[00:38:35]So God bless you. Uh I ain't going to do it. Right. So for for me like I'm willing to admit that I don't know anything. So for me like let the market prove that and I'll just follow those.

[00:38:45]So like hyperlquid we own it's like just goes up every day.

[00:38:49]>> Yeah. Absolutely. And so this whole crypto theme is maturing into something a lot bigger where now it's it's not just trying to build an alternative system and slinging all these random meme coins like you say and it's actually getting a list together of all the companies, all the stocks, all the assets that are going to be impacted >> more AND MORE EVERY DAY, LOUIE. MORE AND MORE.

[00:39:08]>> EXACTLY. More and more every day. And so the opportunity here is is widening.

[00:39:12]It's it's not just crypto. It's you're seeing all of these traditional financial companies being brought into the fold as well. And so all the companies adopting this are now in our universe. We're now trading them. We're now putting out ideas and research on them because the the opportunity is broadening in this and it's maturing into something a lot larger than just crypto.

[00:39:34]>> I I think that's a good conclusion, right? is that it's no longer just traditional finance, decentralized finance, aka crypto, right? The tokenization has merged those two together. And that's that's the mega trend you're talking about, right? Is we shouldn't look at them as being separate anymore because they're really not.

[00:39:53]>> Cryptos built the rails for the future of finance. I've been saying it for years. It's very obvious.

[00:39:59]>> That's what they were saying, but it took a it took a decade.

[00:40:03]>> Who's they who was saying that? the all the crypto maxis they Louie he was there 10 years ago he knows that's what they were saying 10 years ago >> yeah but they didn't know they didn't know what that meant what that meant >> I maybe I don't know maybe they didn't maybe but they didn't but that's what they were saying I was there >> dude it's so it's been so obvious the transparency the the the how cheap it is how fast it is duh >> okay uh all right listen more detail on this uh this mega trend yesterday. Uh he crushed it. If you missed the live event, uh you probably got an email about it, but if you didn't get an email about it, I'll put the link up on the screen. I'll put the link up also in the chat right now. Uh, let me just drop it in the chat real fast. And you can check out Louie going into so much more detail on what the hell any of this actually means and the implications of it uh for all of us and uh what he's doing about it because uh this is sort of the beginning of uh I guess the next paradigm, right, Lou? So, um, you you did a great job, uh, explaining. It's a complicated thing and I and and it takes a while to to to kind of walk through the steps and and what it all means, but you put the pieces together. So, watch that replay. The link is in the chat.

[00:41:22]I'll pin it. It's also on the screen.

[00:41:25]And, uh, Louie, great job.

[00:41:28]>> Yeah. Thank you, Louis. Enjoy your Saturday. It's already Saturday over there.

[00:41:31]>> Cheers, guys. Appreciate it. I would encourage you that you watch that webinar. I think it's the most important story uh that you're not being told right now. So that's why I've been pounding the table on this. So appreciate you guys. Enjoy your weekend.

[00:41:42]>> You have no excuse not to know cuz Louis's been pounding the table. True.

[00:41:45]>> Literally pounding the table. All right.

[00:41:47]True.

[00:41:48]>> Um what time is it?

[00:41:50]>> I wonder how Saturday's going so far for Louis.

[00:41:53]>> Uh fine. I hope. Uh it's 9 What time is it? It's 9:14. Let me just look at the uh the dock here. Uh so there there is the Dell which we talked about. We didn't talk about Sentinel 1. Speaking of SAS Apocalypse, uh down 15% this morning. Uh not all MA stocks are great.

[00:42:13]American Eagle down 16% today. That's going to be at the top of my uh loser board this morning. Uh we got ASTS is down with the I think that was due to the Blue Origin Kaboom, right? Um so >> man, we were just talking about that yesterday. That's crazy, right?

[00:42:32]>> But how how rockets how space >> there's going to be a rocket exploding at some point and you know people are going to be freaking out and I literally have it on the same day. That's nuts.

[00:42:39]>> Well, the real scary thing I mean not to not to get morbid here, but like if some if people actually died, which thankfully they didn't last >> nobody died. That's great.

[00:42:48]>> No, nobody no one was even hurt, I think.

[00:42:50]>> Oh, thank God.

[00:42:51]>> I know. But yeah, I know. But imagine if people actually died. That would be >> I I I don't know. I I don't want to think about the market implications of that, but it would be probably bad. All right. So, we blew up some machines.

[00:43:01]That's not the end of the world.

[00:43:02]>> No, exactly. All right. Or or is it down 50% this morning for AS? Um, what else did I have here? Oh, more a lot of hardware up on my on my leaderboard this morning. Shout out Shout out to Hullet Packard. Wow. Oh, man. Um, I don't know. That's kind of it. Uh, we'll get new monthly candles today.

[00:43:25]We'll talk about it more next week.

[00:43:28]And yeah, that's what I got. Oh, you know what we did not talk about yesterday was that that mega merger in uh in in casino land. Not that we care about casino stocks anymore, but uh >> Caesar's Caesar's getting bought out >> by who?

[00:43:43]>> Uh Tilman Fertitta, the guy who owns, >> you know him. He owns uh the Houston Rockets. And what is his big uh his big resort guys that he owns? Um he he's uh uh is it was it Bally's? What was his thing? Um >> uh the golden nugget.

[00:44:03]>> Golden nugget. Thank you.

[00:44:04]>> You know the golden nugget acquiring Caesars. How about that? Huh?

[00:44:08]>> That was his thing. So >> all right.

[00:44:11]>> Um >> and then what's her face is going to let this happen? What's the communist in Massachusetts who closes all these deals? What's her name?

[00:44:18]>> I don't I don't know if Elizabeth Warren. I don't know if >> Elizabeth Warren. I I I don't think >> you think she's gonna get she's gonna have a problem with this one. The Spirit Airlines, [ __ ] them. Fire everybody, you know, let everybody lose their jobs.

[00:44:30]Don't let them save the company. What about >> No, probably not. Although, in fairness, it's not as if airlines literally go defunct every day. It almost never happens in this country. So, uh get rid of thousands of employees because deal happen.

[00:44:44]>> I think if they could do it again, they would they would do it differently probably. You think?

[00:44:49]>> Why don't you just let the people do business instead of get in everybody's way?

[00:44:53]>> I'm ju I'm just guessing.

[00:44:55]>> So, are they gonna let this one happen?

[00:44:57]>> Oh, yeah. I mean, probably.

[00:44:59]>> Um.

[00:44:59]>> All right.

[00:45:00]>> All right. Uh, well, we have Larry Thompson. Let's bring him out in in a sec. Um, Larry uh does a great end of week review every Friday. Uh, he goes live at five on this channel for Thompson's Two Cents. Uh, but we like to have him on this show. G give a little teaser, share a few of his favorite charts. Uh Larry, are are we all good?

[00:45:19]Should we bring you out?

[00:45:20]>> Larry the legend. Bring him out.

[00:45:22]>> Great. Let's do it.

[00:45:37]>> Eric, >> what up?

[00:45:39]>> What's the deal, my man?

[00:45:40]>> How we doing, fellas?

[00:45:41]>> You know, just doing the thing. Doing the thing. think we buying software or what, Larry?

[00:45:46]>> Yeah, man. It's uh it's funny. I was talking with Spencer. He could probably tell you. Two weeks ago, I was talking with Spencer and I was like, "Hey, I'm building this report that I want to send out to members and then the past two weeks software has gone crazy. Sometimes the you you try to build too much research and in the meantime, the stocks are ripping." I own them, so I'm thankful. But I'm like, "Now, do I release the reports? Stocks are up 30% since I was talking about them, you know, two weeks ago.

[00:46:14]>> Let's do Let's do the VWAP shuffle. Show Show me the VWAP shuffle there. Doing the thing. Classic shuffle.

[00:46:20]>> Funny thing. Yeah. Like Steve said, "F the reports." Exactly. Exactly. So, yeah. I mean, we've everyone says we've been talking about it, right? because we talk about a lot of stuff. But I think if you didn't zoom out and just look at this as an opportunity in a market tape where people are calling bubbles uh and just you know focused on semis and kind of stocks that are going to the moon and some valuations and not looking at the fact that the people who actually understand how to use AI are going to be these software companies and they're going to figure out how to utilize it within the software that already exists.

[00:46:56]And so just picking out and that's the thing with a bull market. I think this is less about uh relative strength or you know this one's standing out. It's like it's a bull market, right? Whether you like catch-up trades or you like relative strength, eventually they're both going to work. Uh and right now we're seeing a lot of you can see it within consumer discretionary. We're seeing a lot of failed breakdowns. Uh consumer discretionary is up like six, seven days in a row. You're seeing similar here in charts within software.

[00:47:26]Uh if we go to 25, I think this is an interesting chart. This was some of the data I was building out, which once again, the data isn't what makes us money. It's the trades. So don't think because I have this like you got to get in the trades. But the point of this data is this is the past three weeks since I started working on some stuff is they're just getting started. So you can see here simple moving averages in the top panel. All of them are above, right?

[00:47:53]The majority of these stocks >> the universe here, Larry, >> IGV. So, this is >> just software stocks.

[00:47:58]>> Yeah. So, the hundred stocks within IGV, this is me looking at it from a zoomed out perspective. And then from there, I've built out some things where it's like you can do the mean reversion catchup or you can do the relative strength. I sprinkle both, which Steve I think does a lot too, which is why he say he's been busy. Like the past three days, past week and a half, all I've been doing is buying stocks. I wasn't buying stocks for two and a half weeks.

[00:48:21]Uh so what you see here, look at that median median RSI. Look at the RSI above 70. You only have 12% of stocks with an RSI above 70. So what like you have so much room here to take advantage of and I I just think it's a space I just think it's a space that continues to be ripe for opportunity. I think you're just you're missing it if you're not not within these names.

[00:48:46]I'd be I'd be very curious to see who those 12% in stocks are because that would be uh >> give me 30 seconds.

[00:48:53]>> That would be impressive to be overbought and and also be a software stock in the year of our lord 2026.

[00:49:00]>> Yeah, give me that list too. Nice call, Spencer. Yeah, give me that list too.

[00:49:03]>> That would be quite a feat, wouldn't it?

[00:49:05]>> It's um Palo Alto, AppLoving.

[00:49:07]>> Oh, cyber security. Okay.

[00:49:08]>> Crowd Strike, Crowd Strike, Data Dog.

[00:49:12]>> Okay. FICO, Fair Isaac Corporation, Gen Digital, and Hut 8. What's interesting is within this space, I didn't know this, but a lot of the leaders within IGV was the um beat up Bitcoin miners in the Bitcoin were actually the leaders and then it's kind of expanded. The cyber security was an area that expanded. And I think cyber security makes sense because it's just high consequence businesses. So, if you think about a bureaucratic business model, I talked about it on the show about banks, but you think about industrial companies, these chief compliance officers are making three $400,000 a year plus bonus, right? Why are they going to go out and say, you know what, I want to cut our cyber security staff and I just want to use AI. Who are they going to fire if AI fails?

[00:49:57]Their paycheck isn't going to go up because of that.

[00:50:00]>> That's that's an interesting thought.

[00:50:01]Sure. Okay.

[00:50:02]That's how humans think, brother.

[00:50:05]A lot of people are just protecting their jobs in inside of large corporations. So why would a CCO lay off all his cyber security staff and then say, "Yeah, put all the burden on me because I cut costs within cyber security. What audit board, what board of directors is going to say, that's a good idea where we should start with AI." So I think we've seen that now.

[00:50:25]Crowd Strike was one of maybe my best trade of the year so far, but that was an easy one to kind of pick out. So now it's just go through those names, look at the ones that this data is not that hard to get and um you see a lot of winners within.

[00:50:38]>> Uh cyber security is just one of those like mega trends that I just don't just don't question it. Just just assume it'll it'll be more important every year for the rest of our lives, right? Uh I just I probably need more I need more exposure in my long-term account. I don't have enough cyber security exposure. And I get frustrated when, you know, you go through periods like like I'm looking at the the CIBR, the the the NASDAQ, uh, ETF, uh, cyber security, and like, you know, it went nowhere for a couple years there, and I was like, what the hell cyber security, but yeah, now now it broke out, of course. So, um, just just a mega trend. Um, and you're right, people people think in terms of their their jobs and career risk that that that is uh that that is totally right, >> which is no fault that there I mean I think we all kind of think that way whether you're a business owner, you're thinking about your business, the mode that you have. When you're an individual employee, your business is your service that you're offering. So, you're thinking about that also. But, um, yeah, I think I mean we got a bunch of charts here, but we can look at >> the pharma. I want to talk about pharma.

[00:51:39]Everybody, all they want to do is talk about tech. Oh, tech, TECH, TECH. YEAH, I'M MAKING MONEY IN TECH, TOO. There's other [ __ ] going on. Sean made a great point yesterday in the meeting. Sean was talking about. He's like, "Dude, >> look at the stocks I've been buying. I bought a healthcare stock. I bought a material stock. I bought an industrial stock." He's going down the list of stocks he's been buying. That's what I like to hear. Shout out to Sean.

[00:51:59]>> Yeah. Yeah. No, I I totally agree. I think uh especially if you just if you're just indiscriminate to what price is doing. I think pharmaceuticals is just an area of the market that continues to look amazing. I >> heavily shorted. All these biotech, pharma, healthc care services, they're all the ones with the highest short interest. It's crazy.

[00:52:20]>> Yeah. I don't I don't know if I love health care services as much as I just love straight up pharmaceutical companies. I think right if it has therapeutics in the name and it's up 20% in the past three months right run a little scan for that up 20% the past three months in the pharma space >> it's going to be doing well >> and a lot of this too is >> and this is where I think nuance can be given and I think a lot of people allow themselves and this is what the show is about tonight >> the third most the third highest short ratio of all the ETFs is S&P Pharmaceuticals.

[00:52:56]>> Yeah. And isn't that normal?

[00:52:59]>> Yeah, sometimes it's hedging against their other position is say delta neutral, but I don't >> I mean these things biotech all the >> bio isn't the short the short interest is always high in pharma biotech land compared to >> No, that's not true. Fake news.

[00:53:12]>> All right, fine.

[00:53:13]>> It's very It's fake news. Spencer, go do the test. It's not It's threeear hike.

[00:53:18]>> Larry, talk keep going. Sorry we interrupt you.

[00:53:20]>> Sorry. I'm very annoying, but it's true.

[00:53:22]That's a That's a tailwind for Larry.

[00:53:24]>> Yeah. And I think I think JC's right. I think part of this is right, it's easy to come on here right now and the market's doing well and pretend to be a genius. And I think we're all guilty of that to a degree. But the genius is in trusting the market. And it's in trusting what price is doing instead of getting caught up in the problems that exist. Because I'll tell you, CPA background, skeptic, the whole reason half the people that are involved with the market got involved is because of a lack of trust in some type of system. So then they think because they lack trust, they don't trust anything. And the one thing you should trust is price. And so I think you can easily talk away everything you see in uh price. You could talk away, oh, pharmaceuticals are doing well just because of AI. It's the same trade as AI. Cool. My broker has never asked me, "Hey, Larry, is that because of AI?" I'm going to put an asterk next to your profits because it's because of AI. Did you know other healthc care stocks are struggling, Larry? there's going to be an asterric next to your profits because of that.

[00:54:21]So, I think just don't outsmart the bull market. It just it just never pays dividends. I've tried it. I'm sure Steve's tried it. I'm sure JC's tried it. I'm sure Spencer's tried it. It just trust what you see underneath the surface. If something is 50/50 and we're in a bull market, give benefit to the fact that it's probably going to be good versus bad. I think that's just that's what you have to look at these charts as. If it's about to break down, it's in a bull market. It's probably going to be a failed breakdown until you see confirmation. Don't get overhyped about it. Um yeah, like pharmaceuticals.

[00:54:55]>> Uh yeah. So anyway, tonight uh well, every Friday really, but uh yeah, I can bring up uh five o'clock Eastern time, >> Thompson's two cents.

[00:55:06]>> Uh should you uh should you trust the bull market? That's the question.

[00:55:12]>> Little little little AI face got me looking a little more Middle Eastern.

[00:55:16]That's okay, though.

[00:55:16]>> That's all right. That's all right. Uh, every Friday at 5, Larry goes live on our channel and it is quickly becoming um one of our most popular shows here on the network. So, if you haven't seen it, you're missing out.

[00:55:30]>> Yeah, appreciate the love.

[00:55:31]>> Yeah, I do recommend that. Uh, all right, Larry, thanks for joining us, man. We will I'll see you uh I'll see you at five.

[00:55:36]>> Yeah, you can you throw up the new slide, too, just quick. Yeah, Larry, let's show Let's show Spencer. Audience, let's show Spencer. This is not always short interest is really high, Spencer.

[00:55:48]>> No, no, that's not the point I was making. I was making I was m I said relative to other sectors or industry groups. That's >> Yeah, maybe. But on an absolute basis, which is what matters and pays here, Spencer, short interest in the biotech off the charts.

[00:56:04]>> You just admitted you just admitted that I was right. We We're going to end that and >> you do get it right sometimes. I give you that.

[00:56:09]>> You just said You just said I was right.

[00:56:11]Okay.

[00:56:11]>> All right. I got to recess. Bad news.

[00:56:13]Bad news for the Knicks. recess.

[00:56:15]>> I got a recess, too.

[00:56:25]>> Hang out with us.

[00:56:26]>> Throw up that slide 37. Yeah, Larry, hang out.

[00:56:29]>> Yeah.

[00:56:29]>> Yeah.

[00:56:30]>> You know me. I'm an astute observer of the magazine covers.

[00:56:35]>> Get out of here. Come on with this.

[00:56:37]>> I'm an astute observer. I see that. I'm like, "Oh [ __ ] Do we fade the Knicks or is it literally called the New Yorker and the Knicks are a big deal in New York obviously, right? So, I hate to be a hater, but >> uh I I can proudly say I can name every I think everybody on that cover. I think >> just the coolest >> just just about. Who's the coolest?

[00:57:03]>> Uh I mean probably Clyde number 10 in the middle.

[00:57:06]>> Yeah.

[00:57:06]>> But uh you know you got uh you got you got Patrick Ewing there. You got Pearl Monroe, you got you got you got Melo, got John Starks all the way to the Is that John Starks all the way to the right?

[00:57:17]>> Yeah, John Starks making the cut. I like it. I like it.

[00:57:20]>> Ah. All right. Um, no, I'm not I'm not fading this cover. Definitely not.

[00:57:25]>> All right. It's It's the New Yorker and it's the New York Knicks. So, I I I think it's a wash. I think it's a wash.

[00:57:31]>> That's like Bill the Busher. You got John Starks over there. Patrick Dave name every one of these guys.

[00:57:38]>> Dave Dave the Busher. Uh, Bill Bradley.

[00:57:40]But >> what did I say?

[00:57:41]>> Yeah. Dave de Bush. Throw it back up.

[00:57:44]>> Throw it back up.

[00:57:44]>> Such a good silver.

[00:57:46]>> You like that one, Stra? You want me to get it for you?

[00:57:48]>> I saw this.

[00:57:49]>> I already saw this. Who's that? Willis Reed.

[00:57:53]>> Yeah. Yeah.

[00:57:54]>> Hello. That's the Oakman all the way on the left. That's >> Yeah. Where's Linsanity?

[00:57:59]>> You know, I wasn't sure who I wasn't sure who that was all the way to the left. That's Charles Oakley.

[00:58:02]>> Is that Bernard King? Right.

[00:58:04]>> Great call. Where's Linsanity? Remember that? Remember that one week in New York where Linsanity was like the next Michael Jordan? I was in New York. I remember that.

[00:58:13]>> It was a lot of fun, but it was he was kind of overrated.

[00:58:16]>> You think?

[00:58:17]>> Uh here's uh here's my recess. Uh Kenny was kindly enough to bring stickers to Nashville with him. So I have a few stickers here on my desk. So my wife saw me yesterday. So she she saw this one.

[00:58:29]Uh this sticker says faux show bro. My my lovely wife thought it was for show bro. Uh, >> so now for this will not forever be for show bro.

[00:58:41]>> I just I can't wait to tell Kenny.

[00:58:42]>> Shout out to Spencer's wife. Yeah, fo bro.

[00:58:44]>> Shout out to for show bro. It's it's not >> I think it's a restaurant, isn't it? A a coffee shop in Thailand or something.

[00:58:50]>> Yeah, we found a we found a coffee shop called uh F Show Bro in somewhere in Thailand. So >> crazy. Who knew?

[00:58:58]>> Yeah, it's fun.

[00:58:59]>> Larry, what do you got >> tonight? Hopefully the final game in the series for the Hurricanes. Carolina Hurricanes and the Montreal Canadians.

[00:59:07]So, NHL playoff hockey. I love hockey.

[00:59:10]It's just always on one too late. So, I really only stay up. It only deserves my attention during the playoffs just because it's simply on at like 9:00 p.m.

[00:59:17]and I'm in bed by 9:30. So, yeah, I was actually up in Montreal last week while you guys were in Nashville. And yeah, them people love their hockey. Little known. It seems like it's like the Green Bay Packers and Lambo where they don't have a lot of other sports and so there's a ticket hold and people people love their hockey. So yeah, go go Hurricanes. Hopefully they can get a win again tonight and win out the series.

[00:59:41]>> I think things are looking up for you and and and you got an easier opponent in the finals. So you guys are I think uh easy monies on the Hurricanes for this one.

[00:59:50]>> We'll see. I mean that's what was said about the Avalanche. Avalanche got whooped, you know, 40-0. They looked they just looked bad and that happens.

[00:59:57]But it's four games in a row, man. Seven game series.

[01:00:01]>> You don't have excuses, right? The NFL, I get it. One bad game, but four in a row.

[01:00:07]So, we shall see. Rooting for Canes.

[01:00:10]>> That is what's going on. So, we got Larry live at uh 5:00 PM Eastern time today for Thompson's Two Cents. Never forget the Eastern time. We'll be back on Monday.

[01:00:23]Fun guest. uh uh on the show. Well, S Gilbert will be talking commodities. S he runs Tukrium. He's got all those commodity ETFs. And then we'll have uh the one and only chief Aussie officer Ran Hawkridge.com for a few minutes.

[01:00:38]>> I heard you got OddLots on the show coming up soon.

[01:00:42]>> Not OddLots. Uh how how did you hear that?

[01:00:47]>> What?

[01:00:48]>> I hear things.

[01:00:49]>> There is no way you heard that.

[01:00:51]>> He told me >> Oh. Oh, I know how I know how you Okay, never He told me.

[01:00:54]>> No, he Oh, no, he didn't.

[01:00:55]>> Yes, he did.

[01:00:56]>> All right. Well, whatever. Yeah. Uh, that's not for a month, though. So, >> yeah. Okay. Cool.

[01:01:01]>> Uh, that's it. Thanks for watching. Have a great rest of your day. Go make some money. All right.

[01:01:06]>> Cheers.

[01:01:08]>> Oh, and then always yolo. Uh, what's the word? Responsibly.

[01:01:12]>> Have to.

[01:01:13]>> Yeah.

[01:01:14]>> Have to. But yolo.

[01:01:22]Yeah. Hit the ground then it go off.

[01:01:24]Yeah. I can't take no loss. I don't even know what it cost. Yeah. I hit the ground then it go off. Yeah. Hit the ground and it go