Is This The Everything Rally?

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[00:00:41]Heat. Heat.

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[00:01:22]Dude, what's going on? All right, everybody. We are back. We got some news for all of you. I'll wait a little bit for people for people to get on. It seems like W rebranded W music. Well, we've we've always had the W music.

[00:01:38]That's always been courtesy of our music producer Jonah Vanberg.

[00:01:46]>> Sorry. Can I just Can I talk about what we just saw for a second?

[00:01:50]>> Yeah. Yeah. No. No. What What What did you >> Before we talk about the news, like the like traveling through the diamonds to like during the final 10-second countdown to start the podcast, I seriously felt like Jodie Foster at the end of contact where she goes through the wormhole to see the aliens where she's traveling through the Sh. You know what I'm talking about. Of course you don't. You're freaking years old.

[00:02:12]>> I don't know anything. I don't know anything about movies. I literally know nothing.

[00:02:15]>> Have you seen Interstellar? Have you seen Interstellar?

[00:02:18]>> Yes. Everyone's seen Interstellar.

[00:02:20]>> Okay. So, it's like the scene where Matthew McConna goes through the wormhole with the, you know, like the crazy visuals at the end of Interstellar when he's like entering the parallel universe where he talks to his child from behind the bookshelf like going through the wormhole. I know that. I know that because there's a really great meme where he's like bang and he's like no don't do it like >> that's what just happened to us new intro video >> watching watching your son choose to do ballet as his hobby and it's like no >> no you are Matthew McConna I am Jodie Foster we just went through the cosmic >> you are you are not that cute Jonah I mean you're [laughter] >> we just went through the >> if if Jonah looked like Jodie Foster and had the same takes Our podcast would be 18 times as big. I just wanted >> huge.

[00:03:10]>> It would be so big. It [laughter] would be It would be a tremendous podcast.

[00:03:15]>> Yeah. What if I were like Julia Roberts?

[00:03:18]Actually, let's not go there. Anyway, so basically we have a new intro video. We have a new intro uh everything. And I was just digging it, man. So, should we should we spread the news here? Should we talk about it or should we >> Yeah. No, we can we can talk about it.

[00:03:33]Look, we've got we we got 200 views from me. We got You're always slacking. I like cuz cuz when you when I look at the views, I always see that I have like five times as many views as you, Jonah.

[00:03:43]Come on. You got to put it out there.

[00:03:44]Retweet some stuff. Get get some get some people going.

[00:03:47]>> Well, this thing auto tweets the stream, right?

[00:03:50]>> Does it?

[00:03:51]>> Yeah. Go check your Twitter. You're You tweeted something.

[00:03:55]>> Yeah, I did. You're right. I did tweet something. I tweeted it twice because I didn't realize it auto tweeted. You know what? This is This is great. Is this the everything rally?

[00:04:02]>> I'm going to pin that.

[00:04:04]I'm going to pin that to the profile.

[00:04:06]But, you know, we need to we need we need more clickbait titles. I think what we need to do is we need to say things like uh you know, former former oil trader at large oil trading shop has take on oil. No, that was terrible that we [laughter] hop in hop in hop in the comments right now and help us come up with better hooks. exe basically it's like retired king of oil the executive chairman >> of oil has a take on oil.

[00:04:36]>> Yeah. Anyway, it is it is now 101 p.m.

[00:04:41]Markets are ripping. NASDAQ up 1.43 S&P up 1%. The panicans are on suicide watch as they always are. people. This is this is what I like to call Jonah a lockout rally and >> everything except socialism. Avi, what is a lockout rally?

[00:05:01]>> A lockout rally is when people get bareold and they decide to sell everything at the bottom and psychologically they've sold it for a good reason.

[00:05:13]So sometimes you sell just because of price action. And if you sell just because of price action, it's pretty easy to get back in. This is this is a very this is common trader psychology which is why I will offer a suggestion for how to fix this and not get bareold in about 2 minutes.

[00:05:31]The way that you succeed is by forgetting things and forgetting what you've done in the past and making sure that every day when you wake up you make a decision based on the current data. A lot of people can't do that. I can't do it effectively all the time. Duck and Miller can't do it. Jonah can't do it.

[00:05:47]None of us can do it. you really need to try because what ends up happening is if you sell based on price action and price action alone you can get back in. So like okay well the price the price reverted but if you sell for what you believe is a fundamental reason the fundamental reason being the Iran war will escalate the United States is losing the war the straight of hormuz is blocked and this will cause a global recession when your story that you've created in your head doesn't play out most people just double down most people say okay well it will happen and this rally is a bare market rally.

[00:06:29]This is just a blip. But the reality is we're at all-time highs now. And so now you have a double whammy Jonah. Not only do you have people that sold because of what they call a quote unquote fundamental reason, which is the Iran war. You also have the psychological pain of buying all-time highs. Nobody likes to buy all-time highs.

[00:06:51]But it is very important to remember that buying all-time highs and buying strength is one of the best most repeatable strategies that you can make in the markets over and over and over and over. So while and one of the reasons that it works is because it's so psychologically difficult for most people to take advantage of that. That's really the whole reason is that if you can find you can find edge betting against people's psychological biases and this is a big psychological minus.

[00:07:23]So when I when I'm I'm looking at the markets and I'm seeing a few things here.

[00:07:28]I'm seeing finally Bitcoin's above 80 81k which we want to talk about.

[00:07:34]Altcoins are ripping left and right. I mean look at TAN up 24% today. It's probably going to keep going and and we're going to talk about that later later in the podcast.

[00:07:45]But everything is looking pretty rosy.

[00:07:49]We're getting incredible moves, incredible moves from Intel, from AMD.

[00:07:56]AMD crushed earnings. SanDisk was an amazing buy post their earnings because it went down 10% and then rebounded and is now up 35% in a week.

[00:08:07]>> [clears throat] >> And what we're seeing across the board is we are seeing the narrative of the ble bubble the narrative of the bubble getting pricricked and popped because revenues are catching up.

[00:08:22]Bubbles tend to form when when perception outpaces fundamentals. That's when bubbles form. when the perception of reality far is far ahead of what's actually happening and what we have right now is a situation where the perception and the dreams are actually behind what's happening.

[00:08:46]1% I think it was 1.5% of the population actively pays $20 a month for an AI subscription. It's like point >> like everybody I know pays for an AI subscription or three or five >> because we are in a bubble. We're in a tiny little bubble in a tiny little world and there's a big world out there.

[00:09:08]So >> yeah, >> I'm I'm feeling I'm feeling quite good about the markets. I mean just in general this is not this has not been a normal week Jonah. This has been this has been a crazy week. I mean everything I mean if I look at my portfolio I think this week this week alone let me let me check that let me check I think that's up like 15% in my stock portfolio let's see one week okay 10% not 15 but still up 10% in a week I mean this is this this tells you that people are still massively sidelined and that you as a prudent investor uh need need to need need to start looking at what's happening you need to probably if you're if you're sidelined because of the Iran war. Um, you know, we did we actually just >> we just announced >> uh that we have a 14.1 pager courtesy of Jared Kushner and Witoff.

[00:10:10]I like that the Iranians finally agreed to negotiate with the Jews. We sent JD.

[00:10:13]You know what they said? They said >> he's not Jewish enough.

[00:10:17]>> Not this guy. No, bring back the Jews.

[00:10:20]Bring back >> then I said the Jews. A lot of people say I'm the best friend to the Jews. And the Jews crazy to me.

[00:10:27]>> JD was JD was too ugly and fat to get anything done.

[00:10:30]>> You know what was not in my bingo card, Avi?

[00:10:33]>> Tell me.

[00:10:33]>> When I was younger was Jared Kushner uh becoming like arguably one of the greatest like peacemakers like Nobel Peace Prize candidates of our time. I always thought of that family as just sort of like Nepo, real estate, New York wealth, a little bit smarmy, good good at deals, good at venture capital, maybe good at buying skyscrapers.

[00:10:59]Not the crew I would have expected to like bring together the Abraham Accords and Lebanon and possibly possibly Iran. Like this is it's pretty wild. I just want to make a couple comments on what you just said though because you had a lot of very very valuable content in there.

[00:11:16][clears throat] The first thing is um being sidelined because of fundamental risk to your capital. A very rational reason to lighten up. Um you know my portfolio is also on all-time highs. I'm feeling pretty proud of myself which you know usually precedes a slap in the face. But for now, I'm going to going to celebrate here in my room with the Flamingo wallpaper, feeling, you know, whatever, happy. I think basically what's going on is what I've been hammering on on this podcast for quite some time, which is fade everything except socialism. Um, why? Well, uh, let's take it back to, as I usually do on this pod, a commodities analogy.

[00:12:00]Whenever there's a complex situation with a, you know, an open-ended formula, the the equation whose output is the price of oil has many inputs. Obby, same with gas, same with power. You know, you could become overwhelmed by it or you could just become reductionist and try to say like what's the pivot point under which this whole question I have about my position really becomes binary. And for me the question is like in in terms of the current market and this goes back exactly to what you're saying is are the causes of the selloff temporary eancent or are they structural fundamental long-term? And in commodity speak usually you want to think of things as being like a supply shock, a demand shock or a structural supply trend or a structural demand trend.

[00:12:50]Trends you can ride shocks you fade, right? You can get absolutely carded out on a stretcher fading a shock if you get in too early or if you fade it with the wrong trade expression which is why it's so dangerous. And also why you know people people like the best expressors of trades and the best timers of trades end up becoming you know sent to millionaires or billionaires in commodities markets because that's where all the money is. Um and then just surviving and riding trends over time amplifies that money. But, you know, basically like I looked at Iran as did you and we're like, "This is not going to matter forever, right? This isn't World War III." Okay, it's a shock. It's not a trend. Fade it. Did I fade it a little too early? Sure. But did I fade it with the right trade expression? Hell yes. No, I didn't sell a bunch of like $90 calls on crude oil. I went and bought assets I like, including SPY and computer chip stocks and all this other stuff. And now we're they're all just like blasting through all-time highs. Um even the stuff that I didn't do so well on buying, you know, like is still pretty close to all-time highs. So I'm I'm sort of like at this point, you know, at the risk of sounding, you know, obnoxious, I I would like to do a victory lap and say fade the blips, ride the trends. Now, what what does a supply shock look like? Uh in commodities, it looks like Ukraine, like a bunch of oil disappears for a temporary amount of time. Iran is just another temporary disappearance of oil. What does a trend look like? Um a increase in supply trend would be like 2014 when shale technology really really brought a lot of oil to the market in a way that wasn't temporary. It's like this oil is here to stay. It kind of broke OPEC. Prices went from, you know, $110 Brent during the Libya era down to, you know, $30 Brent in 2016, $27 Brent. Um, a demand trend would be like China suddenly lifting a billion people out of poverty in the early 2000s and there was a lot of new fresh demand that wasn't going to go away associated with that trend. So to me the only like bearish trend for risk assets mega trend would be a sort of global sweep of you know political political mandates for redistribution.

[00:15:03]Political mandates that say it's okay for governments to take people's money and give it to people who are needier than the people who have the money.

[00:15:10]Right? That would be that'd be pretty bearish assets. I don't see that coming for a while. And I can't think of any other like really bearish trends to ride. All I can think of are bullish trends to ride like okay 1% of the world's population pays for uh you know a constant never never resting PhD intern to work for them all the time.

[00:15:30]What if that number goes to 5% 10%. What does that do to spy? What does that do to Micron stock? You know like what does it do to Nvidia stock? That's a that's a bullish trend, right? And so all of these things are sort of like you just you just ask yourself like is this a way I you know imagine yourself as a surfer, right? You is this a wave where I'm just going to paddle in and stand up on the board and ride it or is this wave look a little like kind of unridable and temporary and maybe I'll just duck through it. You know, Iran is one of those ones where you duck dive and AI and all the other sort of like turbo capitalist trends in the backdrop. Feels like you paddle in, stand on the board, and and have have the time of your life.

[00:16:12]What do you think?

[00:16:13]>> No, I I I 100% agree with everything that you just said, and I think it's it's important as a trader to always understand that you need to set your time horizons effectively in order to trade well. And a lot of discussions in trading where somebody disagrees with another person often just at the end of the day, what does it come down to? It comes down to horizon difference. It's I can say to somebody, well, what do you mean? You know, I'm not I'm not bearish on the Iran war at all. And the market goes down 8% or whatever it went down uh from from peak from peak to tro 10% whatever it went down from from peak to tro and >> trough, right?

[00:16:56]>> Trough. Sorry. Trough. trough. [snorts] >> It's like the trough where the >> I feel like I feel like Owen is gonna be clipped. Somebody clip that. I feel like Candace Owens somebody somebody's going to compile all the times that I've said words incorrectly.

[00:17:12]It's >> okay. I'm here to spellch checkck you.

[00:17:14]That's what that's what older people do.

[00:17:17]>> Yeah. No, I I I app you know I'm just I'm so young and silly, Jonah. You know, you can't you can't uh you can't expect me to get everything right all the time.

[00:17:24]Peak to trough question.

[00:17:26]We I was going somewhere. Don't distract me. I have ADHD. If you distract me, like I'm going to completely forget my point. [snorts] >> And it's all it's all time. It's all time horizon, right? So, you can say, "Yes, I'm I'm bearish right now." And this is what a lot of people on Twitter don't get. Uh which is why they they'll often come after traders. Um they'll be like, "Oh, you said you were bullish."

[00:17:44]I'm like, "Yes, I was bullish. I'm sorry that I didn't tell you exactly, you know, what time period." Which, by the way, we did say, you know, four to six weeks was a was a time period at which the Iran war would probably be over.

[00:17:55]That wasn't any like that wasn't really any meaningful insight there other than just believing that Trump probably had a plan and it turned out that he did and it was reasonably concluded within within 4 to6 weeks. Obviously there some loose ends to to tie up. Um but long story short is you have to set your time horizons and right now we are in a moment of exponential change. The entire world is shifting and in two to three years the world is going to look very different than it looks today. The amount of AI tooling that we're going to have, the amount of compute that is going to be built out, the energy demands and the global economy is going to be very different in 3 years than it is today. And so my take on this is that you just need to ride that mega trend and find opportunities to come in. Now at some point I do believe very wholeheartedly that this does turn into a bubble.

[00:18:53]We are both practical individuals. We know that when you have new technology there's a great book called technological revolutions and and and financial capital great book there is always a period of time where the financial capital lags behind the technological revolution and doesn't invest enough in it. Right now for example we are seeing every single memory stock every single CPU stock GPU stock Nvidia Intel AMD all of them SanDisk they're all crushing earnings like crushing earnings >> want to know why >> and the reason is that the street doesn't understand or doesn't appreciate exactly what's happening and they don't have a good grasp on it people are underestimating the impact of AI eye on the economy. Still, even today, you and me and probably most of the listeners in this show, we all live in a bubble where everyone around us is well aware of what's happening and they understand that we're at what Andrew Kang coined the exponential horizon, which is that things are going to change very quickly, very fast. But the rest of the world hasn't caught up there yet. So, I want to get to a very concrete point, and you can get out your notebook and write this down.

[00:20:10]The first time that there is an earnings miss from one of these companies will mark a massive downturn in this sector.

[00:20:21]And that's because that means that we finally overinvested or we finally become overly optimistic relative to the fundamentals. So you have to look at really three things that could end this rally. One is that inflation comes roaring back, that oil does stay elevated high enough and that we we're going to have to raise rates. Uh, you know, wors is going to have to come in there and I mean, that would suck. I don't think it's I I I feel like it's very unlikely for that to happen on a short time, but let's say oil oil stays elevated for the next two months.

[00:20:50]Inflation starts creeping up. I think we are at 3.3%. Maybe we go if we go to 4%, we're [ __ ] in my personal opinion.

[00:20:58]consumer spending in the top 10% collapses, which is not happening because the stock market's going up, which means consumer spending is probably going to go up.

[00:21:06]The rich, contrary to popular belief, do not have that much of a high higher savings rate than than the general public. Uh this is this is a misconception that was that was that was debunked.

[00:21:20]And then the third thing is that let's say we we finally get overinvested in the market. things go up 2x from here.

[00:21:28]Suddenly Sandis grows at 10% but the street has bet on it growing 20% and we finally get that pullback because that is an indication that we've overinvested in the market. Until then you're probably supposed to be long AI everything [clears throat] related to AI and you're supposed to be long you know you're supposed to be long energy and supposed to be long crypto but we we'll get to that. There's so many things happening in the crypto market that are just incredible right now, including Tawn ripping, Bitcoin not selling off on this sale on this sale or news, >> some big VC uh >> and then and then I want to talk about the Korean market, too, but go ahead. I want I want to hear your take.

[00:22:08]>> Yeah, I was just going to say one quick point on your earnings blowouts. Um you're saying it's because, you know, things are getting white hot and crazy and they're going to stay that way for a while and people just don't understand, etc., etc., which I agree with. But I think the more important feature is that like who when when earnings miss or beat, they're beating something or missing something. What is that something? It's the projection of a human who works for a very old school legacy tradi institution. So like when it's like, "Oh my god, Micron stocks beat earnings." It's like they're beating the published prediction of CJ Muse at Caner Fitzgerald.

[00:22:54]Timothy Aruri at UBS. I didn't even know that UBS still was a bank after the [ __ ] crazy blow up that they had.

[00:23:01]Blaine Curtis at Jeff. Who are these people? Why [laughter] do their opinions matter?

[00:23:06]>> UBS.

[00:23:08]>> I mean, basically my point here, Obby, is like these guys, they have an incentive structure, right? These these dudes earn, you know, six to seven figures a year to sit at these old banks. They live in Connecticut. They commute into the city. They go into Grand Central Station. They walk to work with the rest of the haircuts and they do their their life and they do their predictions. And their predictions are not like there's no in there's no reward for bold moves here. Like if you're at the top of the pro projections for the earning pack and you miss, you know, if you're like an outlier and you're wrong, you get fired because your investors hate you. If you're just middle of the road, middle of the pack and Micron stock like drastically outperforms the pack, then you know those guys who I just referenced and their colleagues and gals get to collectively come out and say, "Wow, what a crazy market we're in.

[00:24:03]This is wild. Unbelievable. You know, we were we were overweight. Um you know, you can be overweight uh you know, and and be wrong by like 50% and you can still claim you're right. So that's how research analysts work. They have this like really weird perverse incentive structure. And the opportunity that that sets up for you and me as retail investors is that the big passive pools of trillions of dollars that listen to these guys because those passive pools are controlled by people who also get fired if they're wrong, but don't get fired if they're wrong as part of the pack. It's like they get fired if they're wrong for being an outlier, not fired if they're wrong as part of a pack. you know, that incentive structure basically creates this mega opportunity for people who actually have, you know, a little bit of risk tolerance and can think outside the box and can be outliers and have outlier projections. Um, and I also think that to your point about like the first time one of these things misses, then it's, you know, you should start lightening up pretty quickly. I completely agree with that because the the the army of suits that I just referenced earlier who who create these sort of earnings uh projections that get, you know, beaten or missed every quarter by these big semiconductor companies. Like they're they're gonna the the herd. It's just Group Think Inc. That herd is just going to be >> Group I like that. Can Can we Can we Can we clip that? It's just It's just Group Think Inc.

[00:25:31]>> Yeah, Group Think Inc. is going to be >> join Group Think Inc.

[00:25:35]>> It Group Think Inc. is going to be riding the trend and betting that earnings continue to crush long after they shouldn't be crushing anymore. That may be years from now, but like you you can bet that they're not doing creative [laughter] >> creative corp that like Group Think Inc.

[00:25:52]is not going to be the first to get bearish, Obby. That's my point. So, I think it's like a really uh that that is like one mega pocket of opportunity for guys like you and me and uh and other people out there. um just just like an earnings beat, a crazy earnings crush is more the analyst industry's fault and less like some wild transformational thing about uh you know, human society consuming computer chips more than they used to. You know, the the estimates should be a lot higher, but nobody wants to be an outlier is is what I'm trying to say in >> Yeah. And and so I think I think that entire psychology you articulated extremely well. That is why I'm using that as a barometer for when the bubble is going to quote unquote pop, right?

[00:26:38]And that actually is very important. And I do think >> that you probably can't wait for it to get exactly there. You probably need to wait for them to only beat earnings by a little bit.

[00:26:53]And then in a bubble, my personal philosophy is it's always better to sell early than to sell late.

[00:27:01]Because one day you wake up and the reason that it's easier to sell early than this to sell late is both psychological and also just general market technicals. It's always it's always staircase up, elevator down. And I know what you're about to say. I know what everyone's about to say. Avi, this feels like an elevator up. What are you talking about? Trust me, when you see what happens on the way down, you're going to realize that we're on the stairs. [laughter] >> Escalator up, elevator down.

[00:27:29]>> That's it's like, you know, okay, maybe elevator up, skydive down, whatever. Use whatever analogy you want. All I can tell you is it's not going to be pretty and so >> it's going to be extremely ugly and you're not going to like it. You're going to get you're not going to sleep well. Your hair is going to start falling out, you know. So, I just think it's better early.

[00:27:53]>> I, you know, somehow I got really lucky.

[00:27:56]I'm 31 years old. I just turned 31 a few weeks ago, guess two weeks ago, and I still got some hair. It's not, you know, it's real. It's real. It's not a wig.

[00:28:04]>> Nice.

[00:28:04]>> Um, >> I got I got fake hair up top. I got a hair transplant when I was 36.

[00:28:09]>> You got a hair trans Wait, you you went to Turkey?

[00:28:12]>> No, just south of France where uh where we spend summers.

[00:28:17]>> It's the best six grand you can get. Who gets a hair transplant in the south of France? What are you?

[00:28:23]>> I'm I'm I'm a guy with a French wife and a connection to France. Put it this way, dude. You could die completely bald or die with all your hair and $6,000 less dollars. Like to me, it seemed like the most obvious trade. I didn't I didn't factor in the 10 minutes of like excruciating dire agony at the beginning of it when they like put novocaane into a thousand shots of novocaane into your scalp. That was pretty terrifying and unexpected. I was like we have hair. Oh my god, this is the worst moment of my life. But after that I just fell asleep, woke up, watched Netflix. They just sort of harvest and then plants. It's like agriculture basically. But my point here and then you look like a child for a month. I don't know how we got I don't know how we got on this topic, but the point here >> sorry >> the the point the point here very specifically is >> what I'm seeing right now I'm not seeing massive signs of froth.

[00:29:16]>> Yeah, >> I am seeing I'm starting to see some bubble like behavior in the markets very specifically the Korean market and I want to talk about the Korean market.

[00:29:30]I don't know if you saw, but I through Interactive Brokers, you can now trade Korean tickers. Korean tickers are effectively a string of numbers. So, when you go and you look at the Korean market, you'll go look at Samsung and Samsung will be something like 1834267.

[00:29:46]Like you're buying stock 1834267.

[00:29:49]Very silly.

[00:29:50]Now, >> how how Korean?

[00:29:53]>> Yeah. Very very Korean. And I think they do it to, you know, stop you from having tribal associations with these companies and and all that and like >> basically want you to go Gangnam style.

[00:30:05]That's what they don't want.

[00:30:07]>> Samsung's up 14%. SK Highix is 10 10.6%.

[00:30:12]Uh we are looking right now at a market that is going absolutely bananas. And the question is why? If you go back one month, everyone was very bullish on or be bearish on Korea. And the reason that they were bearish on Korea is because Korea was uniquely affected by the shutting of the story of Hormuz. All of their energy costs were going to go were going to go through the roof. But what does Korea have? Uh Korea has memory. It has it produces drram packaging. It produces racks. It produces all of the un I guess what we'll call um unglamorous infrastructure that makes the AI turn.

[00:30:55]Now SKH Highix just recently said that chip demand is exceeding manufacturing capacity. These people are making a lot of money. Q1 revenue rose, let me get this, I just want to get this right. Q1 revenue rose 198% to 52.6 6 trillion one and operating profit reached 37.61.

[00:31:18]Now this is because the AI trade is taking off and people are realizing that all these Korean companies which I mean basically the the the Korean market like 44% of the Cosby is related in value 44% of the Cosby is are these types of stocks that are producing all this memory apparatus all the infrastructure apparatus for AI. Now, I started this rant by saying I'm seeing signs of froth.

[00:31:47]Why am I why am I saying that? We have seen leverage margin loans in the Korean market double over the last year. That's a little scary. It's the same way that when you trade Bitcoin, if a move is driven exclusively by open interest, then you start to get really nervous. Is there real buying or is it just gambling? Are these people long-term holders of this asset or are they just going to chuck at the first sign of weakness?

[00:32:15]>> Is it a shock or a trend?

[00:32:17]>> Right? And the thing is that you when you have a lot of leverage in the system, you can have massive divergence between fundamentals and price both ways.

[00:32:32]And so if we far outstrip price to the upside, you know, if revenue raises 198% but the stock goes up 500%. 600% because of leverage on the way down obviously you're going to you're going to lose a lot. So I'm watching the leverage in Korea as sort of a barometer for how to approach trading in general in the US stock market as well. If they get over their skis, you might see because of the leverage that is contained in that market, that might be a leading indicator. And I'm not saying if the Korean market comes down, get out of every position that you have in the US market, but I'm watching that market for a leverage unwind. if we get know 15 20% down day in the Korean market maybe that is equivalent to saying hey that's a good proxy for people in the US also being over their skis and you have to you have to watch out and so I'm really I'm really looking at the I'm really looking at the Korean market what's what's kind of what's kind of funny is that the CT got into trading the Korean market like uh at the beginning of this year and everyone's like oh when CT gets into thing that means it's over.

[00:33:43]>> Not true.

[00:33:44]>> Not anymore. Used to be true. Not anymore. And the reason is because everyone else is slow. CT catches trends and narratives. Crypto traders, memecoin traders, you're trench guys. You are talented at chasing narratives. And unfortunately, that is the way that this market is going. This market is just all about reading headlines, reacting to headlines, and then allocating capital based on short-term trends. If you're if you're actively trading, that that has been a phenomenal phenomenal phenomenal strategy. And the reality is that the rest of the world is not used to doing this. We're used to doing this. We're used to punting near because they put AI, they released a blog post that said we're going to really like ramp up AI and it doesn't mean anything and it's total nonsense, but we buy it anyway and we sell it 4 days later. Right? So, this is this is kind of what's happening in this in in this market now. And it's it's really it's really incredible.

[00:34:48]>> I have a slightly different angle on the Korean market. Um I like you brought up the two main points like Korea [clears throat] is basically overweight you know oil 2.0 which is semiconductor stocks highix Samsung etc. um and they're short oil, right? Oil ripped.

[00:35:11]Semiconductor stocks are ripping. So, the oil shock is temporary. So, that's going to subside. The memory rally, will it subside or not? And you know, we talked a lot a little bit about this on uh MTS, but I'll just reiterate it here for our listeners and then we should probably give an update on what happened with our podcast and why everything looks different. But like basically when you know this is sort of a rule of thumb in the memory market [clears throat] when forward 12 months of physical chip demand is let's call it unmet meaning the market's under supplied by 5 to 10% the price of memory doubles. When it's under supplied by 15 to 20% price of memory triples. When it's under supplied uh by 25 to 30% memory price quadruples. Right now the memory price and forward sorry memory supply and demand balance for the forward 12 months that are about to happen it's under supplied by somewhere between 45 and 50%. So this is like a who knows this is like a five five plus I would say like four to 700% return that we're expecting in profits for these things in within the chip market.

[00:36:25][clears throat] And to me, um, I think that Samsung and Heinix are ridiculously underpriced. Even though Highix is already up 500% off of the lows of last year, I think it will rally another 500%. Or could um, I think you're safe for at least the first 50 to 100% rally from here. Like I think it's an easy two backer. So I'm not worried about the Korean stock market. Also, I think this Iran situation, which may be >> Yeah, I'm not I'm not necessarily ju just just to clarify, I'm not worried about the market at [snorts] all in any way, shape, or form right now. In fact, I'm so bullish I can't see straight to use a term that Jonah used to say all the time before Bitcoin went down 70%.

[00:37:11]>> 50%.

[00:37:15]>> I'm still bullish.

[00:37:16]>> Anyway, >> just wounded.

[00:37:17]>> So bullish. I can't see straight.

[00:37:18]>> I'm so wounded.

[00:37:20]If if you're if you're an OG listener, you know that term, raise your hand in the chat. If you're if you're an OG and you remember that. Uh but anyway, what where was I going with this? I'm not I'm not bearish. I'm saying I'm so bullish that I am constantly on the lookout for reasons to not be bullish because I actually I personally find it very uncomfortable to be this bullish constantly. Uh, I'm trying to generate a list for our listeners of things that they should keep in mind and they should look at when they're thinking about how to exit these positions because the reality is you haven't made money until you've sold. And I feel this way with Intel. I'll give you a story. I've been talking about Intel for a long time.

[00:38:03]Very bullish on Intel. I put a substantial amount of my portfolio into it, which is why this year has been so good for me. Uh, Baroo Hashem, thank you for that. Uh, I bought Intel at an average at an average price of $42 and I sold half of my position at 70 because 70 was my original >> uh target >> for Intel. Uh, and I had set that target and this is more of a trading discipline thing. I had set that target when I when I bought it um a lot because I I've been I've been holding Intel since before the Iran war. I held it through the Iran war and I had said it prior to the rise of agents and I knew that agents were a thing. I understood the concept that agents would like the the rise in agents is going to lead to a massive amount of CPU demand.

[00:38:59]And for those that don't know, I'll give a very quick overview on the difference between GPU and CPU. CPU good generalpurpose machine cheaper than GPU.

[00:39:09]Uh GPUs perform specialized tasks much better than CPUs. Now >> that's wrong. Can I clarify?

[00:39:16]>> Yeah, go ahead.

[00:39:16]>> GPUs are generalized for the task of parallel computing, whether that's rendering graphics or inference or training. A specialized chip is called an ASIC or a TPU that Google uses. But GPUs are still quite generous.

[00:39:32]>> They're they're they're in the middle.

[00:39:34]They're in the middle. There's A6 which which are [clears throat] specialized.

[00:39:36]There's GPUs in the middle and then there's CPUs. I I didn't we we we we could get really into this. I didn't want to >> um really go down, but basically GPUs are the best for a lot of the matrix multiplication that you need in order to run the models. So the models live on GPUs. So like your chat GPTs and your uh clouds of the world, the model itself is running on these GPUs and that's why there's demand for GPUs. That's why there's more demand for compute when you're actually like running the model itself. But agents are just taking the output of the model and formatting it and sending it back and forth and communicating with you. So an agent kind of sits in the middle where it gets an output from the model that's running on the GPUs and then it has to perform a bunch of things like send you the output through telegram or make an API call to your to your email and format the text in the right way. And that all of that is most costefficient when done with CPUs. And so when when you when you look at the world of agents blowing up, you look at the world of CPUs blowing up.

[00:40:32]And obviously Intel produces CPUs. That made major major major major line of business for them. And I didn't necessarily update my priors. And that's why I sold half the position at 70 because there was this explosion of AI agents and I hadn't really factored that in. So it's very important to like constantly uh be reunderwriting your positions. I think if I had fully grasped that before, I probably wouldn't have sold half at 70. Um, I'm just sharing an L with you guys. You know, not everybody trades perfectly. I still kept half and I I still hold half my position today, which by the way is now equivalent like in size to the position that I held at uh 70 because it it went up so much. But I I did want to share that with you guys.

[00:41:14]>> That was a great call. I wouldn't call that an L. It was just um maybe it wasn't as much of a W as you would have wanted. I you called that early. You called it dead right. And you called it publicly. And so I think you deserve your your flowers for that one. Um, you know what else?

[00:41:28]>> You know what else is ripping though, Jav?

[00:41:30]>> You know what else is ripping? We got 2,340 >> viewers live right now. Should we The Thousand Expot is ripping. Should we talk about what happened there briefly?

[00:41:40]>> Yeah, I guess now that we have you guys held hostage and we're we're 41 minutes in, the the people that are here probably want to probably want to know.

[00:41:48]Basically, we used to be part of Block Works. We are no longer part of Block Works. We love them. They did a great job producing for us for many years. But basically, we have decided in conjunction with them that it's best for us to go strike out on our own. And what we are going to try to do for you is produce far more content.

[00:42:09]We're working on something with MTS which we can talk about where we might end up hosting on Mondays with them.

[00:42:15]We'll host a thousandx show on their platform.

[00:42:19]I think it might be a good collaboration. But Wednesdays and Fridays, we are going to host live streams. We're going to have more content for you. And the goal is that we're going to try to turn this into a network. So Joan and I both have a thesis that we've had for a long time.

[00:42:35]And we kind of got our asses kicked and butt into motion when we saw that TBPN pulled this off really well.

[00:42:42]And we were thinking there is a massive opportunity to create the new age CNBC that is social media native live streaming through Twitter. We're going to be live streaming on LinkedIn and Instagram and Tik Tok and we're going to be clipping and we're going to be pushing ourselves out there a little bit more and we are going to be introducing new shows over the course of the next year. We're hopeful that in a year from now, we'll be able to stream from 8:00 a.m. the on the 1000X network, which we will be updating to a different name soon, which we will keep you a breast on. Uh we will be streaming from 8:00 a.m. to 400 p.m. every day with different topics, bringing on the best of the best in the world to talk about whether they're top hedge fund managers, whether they are top Pokemon card traders. I met a great Spongebob trader, like Spongebob collectible trader. You might you might >> I know a magic card trader. magic. Like basically anything that >> he does 30 million a year.

[00:43:38]>> Anything that has to do with investing, finance, really, we're going to try to produce three types of content for you guys. What do you guys do with your time? What do you guys do with your money? And hey, here's a really good story. That's really what we're working on. And we're we're super excited about it. We're very grateful that you guys are listening to all those that are online, that you guys are along for the ride. Uh we are super bullish on this.

[00:44:06]Um you can't get upside on it because uh >> we're not raising money. We're bootstrapping it. Um I guess uh you know we can we can talk about uh we do have a we do have a we do have a token called the thousandx token that is going to end up getting revenues associated with this project and also our new terminal that we've launched. Um so you can you can you can take a look at that. We're going to be we're going to be funding revenues there. Uh but more importantly, uh we're just really excited to actually start producing more content for you and being consistent with this. Uh you know, we're I'm I'm turning this into a full-time job for myself and we're going to be a lot more active with the community and just we're going to we're going to blow this show up.

[00:44:48]>> Watch this show, 1000X. Basically, where I'm at with this show is, you know, we watch TVPN, these sort of like two lowris milk toast guys. Oh, come on.

[00:45:00]Actually, I I like I like the TVPN guys.

[00:45:02]I think >> the most importantly, Jonah, most importantly, they're not ugly. You can't be ugly in this business.

[00:45:10]>> Can't be ugly.

[00:45:11]>> You can't be ugly in this business.

[00:45:12]>> Got to have a nice face.

[00:45:13]>> You got You gota You got to have a nice face. You got to have a little bit. So, you know, I I will say they did a great job. So, I don't I don't want to I don't want to talk him down, but Okay. No, you know.

[00:45:20]>> Okay. These two medium ribs, sort of handsome guys, they got great guests.

[00:45:26]They were great at clipping. on their average live stream there were like six viewers but they their clips went crazy viral and they sold to OpenAI not sure why uh OpenAI bought that but you know it was like kind of a wakeup call for us [clears throat] everything you've seen on the thousandx pot up until this point like I've listened to every episode because I'm here I love every episode um but I think we can do a lot better um you know when we're actually like all in on it the way that we are now and basically what we're pioneering here is the idea that practitioners talking up is a better way to learn how how to spend your time and invest your money than, you know, the TVPN guys who don't give me the feeling that they're actually in the arena, right? They're journalists interviewing people who are in the arena, which is cool. You know, you can watch uh the sideline reporters, NFL inter interview NFL players after the game and be like, "What were you thinking before you made that big touchdown pass?"

[00:46:19]>> You know, I was just thinking about the team, right? Like you don't get interesting uh just thinking about the past, trying to isolate the moment, you you don't get the you don't get the real like indepth um insight into the game versus like when the two Kelsey brothers are talking to each other you do right and that's kind of what we're doing for for finance and for trading uh and for trading related you know trading adjacent things investing um you know I I I hope I can get Greg Parker on the show the guy who makes you know 30 million a year trading Magic cards out of a warehouse somewhere you know south of the Mason Dixon line.

[00:46:56]Like I I want to get people on the show who who trade other stuff, not just crypto or stocks, but you know, it's basically there's just this wide open universe of content that the world wants to consume. It's just so rare uh to find just traders having trading calls on a recorded line, you know.

[00:47:13]>> And so we're going to we're going to be expanding the content also to more not just talking about generalized what's happening in the market, but also our frameworks and how we approach trading and how that maybe will help you approach trading in the future and frameworks for actually making money as opposed to just gambling it away.

[00:47:30]Because one thing that really bothers me personally, this really gets under my skin, Jonah, is that as the world is getting financialized, it's actually harder to get good information on how to allocate your capital effectively. It's getting harder, not easier. And the reason that it's getting harder is because there is so much noise. It is so easy for somebody to go out there and pretend like they know something and tell you how you should invest your money. And they might sound authoritative, but reality is that they're leading you astray. you probably shouldn't be betting on the Bills or what, I don't know, betting on the Yankees every day, right? You probably have no edge. So, how can you figure out how to generate edge? Well, listen to people that have actually generated edge in the past. There are a lot there are a lot of very good podcasts out there.

[00:48:14]There are uh there are podcasts that I listen to. Uh, you know, one of my favorites, Forward Guidance, hosted by by Felix that that's a great it's a great podcast. I really like this Ethan Coy who's been interviewing all these top hedge fund people. There are some good podcasts out there, but there aren't enough and I don't think they produce enough content and I'm not sure that they're as active as we will be in trying to help guide you through the through the process. So, that that's the update with the pod. Two housekeeping items before I move on to talking about crypto, which we do need to talk about. Very important. One, join our Telegram group t.0xpod.

[00:48:55]We talk a lot in there. Uh we would love for you guys to be part of the conversation. We will also in that chat be dropping a ton of updates related to our new terminal that we launched which if you type in thousandx1000x.money into your browser bar, you will be directed to a great website. What's on this website? It's our terminal. It's our new terminal that we've launched to help you basically think of our the terminal as Jonah and Avi in your pocket at any moment, but also a quant. It can also run back tests. It can do technical analysis. It is a great phenomenal tool.

[00:49:35]I highly suggest signing up for it. It is 50% off. It's also very cheap.

[00:49:39]Candidly, we've priced it very cheaply for you guys at $10 a month um for the low tier. Although the high tier, that's how you get access to Mac. We're going to constantly be updating it uh over the next month. I think it's just going to keep getting better. Uh the high tier is how you get it's basically claw Yeah.

[00:49:55]Claw clawed for markets but with specific proprietary data attached to it and in the voice of in the voice of me and Jonah. So I highly suggest taking it out the high tier. It's how you get access to all the macro data that we that we've put in there. So join the telegram chat and then sign up for the terminal and get in there because then you can talk to us directly at all moments. You can tag me and say, "Hey, Avi, what do you think about this?" And I'll come actually respond to you because I don't have anything else to do with my time.

[00:50:22]>> One thing I like about the terminal in the age of AI slop, there's a lot of AI rapper products out there because we've built a community painstakingly via this media presence and sort of channel Telegram rooms over three years, three and a half years. Um, you know, we have a lot of early adoption of this terminal, a lot of great user feedback and a lot of ways that people are saying, "Hey, this isn't differentiated.

[00:50:45]This is for me. The most differentiated thing is that it's just looking instead of just looking at the entire internet and web searching kind of and then speaking to you in a generic voice that it sort of references the marketplaces and data sources first and foremost that any trader would care about. Then it distills the fire hose of information into signal and tells you kind of what it thinks the same way that Avi or I would in our voice because it's literally trained on our podcast transcripts and it's not speaking to you. Like great question. Here's a totally neuter generic answer that doesn't actually reference any of the data you care about. So, I don't know.

[00:51:21]It's I think we're getting good feedback from our community and honestly in the age of AI where content is infinite because bots are generating it now and you can't tell whether something is human or or inhuman um the feedback loop of a human community and you know I think media becomes more valuable in that world which is uh it's not a consensus view.

[00:51:43]>> Yeah. The last thing that I'll point out before we get to talking about crypto because I want to cover Zcash, I want to cover Ton and I want to cover Bitcoin and then we can probably wrap the stream. The last thing that I want to cover is that if you are listening and you want to help us out, uh, get in the Telegram chat, DM us, talk to us. We're we are hiring right now for marketing, for clipping, for all sorts of different roles. The ThousandX Media Group is going to win big. And so, please uh note that you can reach us in the Telegram chat right here. T.m me,000XPod.

[00:52:20]It's It's up here. t.m me-000xpod.

[00:52:25]It's on It's on the screen. If you look at the If you look at the screen, it's it's thous. So, the the terminal is 1000x.money.

[00:52:33]This one is t.met husd.

[00:52:37]So, little nuance there.

[00:52:40]>> It's okay, Dylan. I'm We're all [ __ ] here. That's how we all made money.

[00:52:45]>> Yep. No, don't overthink. Thanks.

[00:52:47]>> Don't talk about the >> It's [ __ ] It's It's [ __ ] maxing time. So, I want to talk maybe maybe we can go talk about crypto for a second.

[00:52:55]Um I don't know if you guys saw, but Zcash is absolutely ripping.

[00:53:02]Pawn is absolutely ripping. Fartcoin, which I actually only real ones will know this if you're like if you have me in notifications. I actually did tweet that I bought Fartcoin and then I deleted it because I I didn't want that on my timeline. And I was like, you know what? I I deleted it after like 3 seconds. I was like, no, no, no. I can't have this on my time. I am very, very, very, very, very bullish on alts right now. And the reason that I'm very bullish on alts is because they they basically have no sellers left in in in the market. But what specific alts am I am I am I bullish on? Uh I'm very bullish on Zcash because I'm actually seeing a lot of whales rotate to Zcash right now and we're seeing a lot of interest. And if you remember from the beginning of this year, what Jonah and I said was we're bullish on privacy versus memes. And that's been pretty true. I think Pepe is basically at zero relative to when we talked about it. And Zcash is only off 20% 30% from the highs. Monero in in the same way. I mean, privacy that narrative is not going to go away. And while Zcash is very extended right now, and I wouldn't necessarily say, you know, go all in here, um, Zcash is always one of those things that I think you want to accumulate. Like if we see if we see a reversal back down to 400 or something like that, I would definitely be a big buyer. Uh, additionally, >> here's something I'm struggling with with alts. I want to ask you a question.

[00:54:33]I want to get your take. I don't know what the hell to do here. Uh, A16Z just raised $2 billion. Han Ventures just raised, sorry, A6Z crypto raised two billion. Han, which is like a crypto fund, raised 1 billion. Does that matter for alts? like are we VC related projects are kind of they've historically been pump and dumps. Are we going to see just this influx of capital hit a bunch of alts and I I don't know what I don't know what to make of this.

[00:55:01]I I tend to think >> it's I mean that's probably going to be mostly growth rounds. It's probably not going to have anything to do with with alts in general.

[00:55:09]>> Why did they do that? Why did they raise now? This is it feels like crypto is like not it hasn't produced somebody tweeted that crypto like billions have been poured into VC dollars been poured into crypto and it hasn't produced a single useful product >> because they can. It's simply because they can like that really honestly and I don't I don't know if I'm going to lose sponsors because of this and future sponsors but the reality is that the vast majority of crypto products are completely useless.

[00:55:38]And when I talk about buying these things, I'm talking about buying them as a trade, except for Zcash and potentially Ta. And we'll get to Ton in a second. Ton's doing very well. And Pavle is very motivated to to get this thing done. But the the the majority of products out there are completely useless. And so I'm not really sure where they're going to allocate this money. I mean, I think the biggest exit that A6Z had was Bridge. That was financial infrastructure that sold to Stripe for a billion dollars. doesn't even cover 20% of their fund. I mean, it's like I don't know how they I don't know how they keep raising this money. To me, it's like they're just lighting it on fire. Um, but you know, by all means, I guess if they want to use that money to buy if they want to use that money to buy things in the public markets, if they want to use it to buy Bitcoin and Ethereum and Taon or something like that or Forkcoin or whatever, whatever, by all means, go for it. But I I don't necessarily think that they are going to be I mean, they're they're not going to be allocating to altcoins. I don't think it's good for altcoins. So, I think that what >> Tar tweeted that Multicoin has been long Zcash since uh >> since February.

[00:56:44]>> He probably conveniently didn't tweet about all the things they've been long since February that went down. But I'm just curious like is this what since there I think there's nothing for those that $3 billion that just got raised to go into and so I think they're just going to buy secondary market tokens.

[00:56:59]No. Like what am I missing?

[00:57:01]>> No, they're pro they're probably going to do growth rounds. I mean, there there's there there are companies out there that are probably, you know, if uh >> if like Ripple wants to go public or something like that. Maybe they put in like $4 billion into the into the Ripple ICO. Like I I would be shocked if they are doing seed deals with this. Um yeah, maybe they're buying maybe they end up buying ZEC. Actually, you know what we're going to do? We're gonna get an A16Z crypto founder uh crypto uh partner on here and we're gonna ask them what the hell they're doing with that money because they need they need to answer our questions.

[00:57:37]>> Yes, they do >> because because right now I'm very confused what they think they can deploy a billion two.

[00:57:44]I mean that's just silly. Now >> Dixon posted a very articulate um rationale for the fund. who's like, you know, uh, the infrastructure is better than ever before. It's less fragile than it looks on the lows. And this is, you know, in historical tech cycles when things usually started to get really interesting. And but that doesn't explain why you would want to deploy $2 billion into this market with literally zero apps and zero uptake. And I I don't know, it's you're right, we got to talk to somebody. We to me this is if if the header of our segment here is alt season can't ignore that literally three yards just got raised to fund new altcoins and I don't I don't know what's going to happen with that.

[00:58:26]>> Yeah I don't I I don't think that it is going to be creative to the alt market but I do think that it might end up pumping valuations of public companies that incorporate crypto. I mean, may maybe that's where they're going to allocate is, you know, maybe some series A raises a series B and they're using they're using crypto and finance like stable coins on the back end or something like that and A16Z gives them money cuz, you know, I mean, for for for all their for all their nonsense, they're not dumb. I mean, you know, they do they do probably need to try to make money and they know that the the token market is not necessarily the best market for long-term VC investing. It's a phenomenal market for trading. Um, one thing that I I did want to talk about, I mean, this is really really good for crypto that Zcash just went up so much in such a short period of time.

[00:59:23]I mean, one of it just went up 80% in like a few days. This is really good for crypto.

[00:59:31]Everyone has been looking to equities to provide returns because crypto has not been doing anything for a very long time. We have not had pumps like this in a very long time. Ton doubling in the last two days, 3 days is a very good thing for crypto. This is going to bring attention back to the industry. So, I'm very bullish now on this money from the stock market potentially leaking back in if we get a calm down in the in the markets. Like if if the markets stop ripping so much, I think people might actually come back to trade crypto very specifically because we're finally getting the moves that we've been waiting for for a long time. I don't think so, man.

[01:00:17]>> And and more and more importantly, Jonah, there fundamental reasons for these moves. So, Pavle Durov coming back. I mean, this was crazy. This was like one of the easiest trades I've ever seen. And I still think it's a good trade today. Maybe it'll eat my eat my words, but Pavle coming back and basically shunt like shunting the Talon Town Foundation to the side is exactly what basically everyone needs to do right now.

[01:00:45]Foundations are a relic of the past.

[01:00:47]Mike Dudis said it best. Foundations were built to give plausible deniability and legal cover to the people that are running the projects. We don't need that anymore. Trump literally runs world. I mean like there are you can directly run tokens as companies now. There's no reason for TAN to be under a foundation.

[01:01:06]The reason that it's under a foundation is because when they tried to raise in 2019, there was a legal issue with it.

[01:01:11]They couldn't isn't issue the token in the United States. blah blah this blah blah that it was always supposed to be the Telegram token. The Ton Foundation was horribly mismanaged. Sorry to everybody that worked there. Horribly mismanaged Foundation. Pissed money out the window.

[01:01:24]And Pavle said, "Look, I'm going to take this over and I'm going to actually make Ton useful and good." And if Ton can trade to $7 when Pavle is not even able to directly work on it, it can probably trade to $7 again now that it's directly working with Telegram. So, I'm actually very very very bullish on on Telegram because of this. And >> I think I think all of these pops and altcoins are, you know, like trade them for sure, but none of this is going to create sustainable investment vehicles, right? Like I think yes, like there will be alpha in crypto, but you know, nobody said it better than one Avi Felman who I know. Like basically what you said was that crypto will be a a valve for excess liquidity. I agree with that. I don't know if there's a ton of excess liquidity right now. Rates are still a bit high. There's an affordability crisis in the, you know, the Western world. I don't know if we're going to see rampant speculation in crypto that lasts the way that we have in the past.

[01:02:25]And to me, that's it's a little too short term for me to profit from, but yeah, like if you're watching the screens and you see that Pavle comes back to Telegram, by all means, profit from, you know, try to make 100% in seven days. That not not throwing any shade there. I just think it's kind of it's it's not I don't think we're going to see I'm still so bullish Bitcoin over the long haul. I can't see straight. I sound like a broken record there. I think that's completely exogenous. But the rest of crypto, maybe Zcash, definitely hyperlquid, but any of this other stuff like I I I think it's like buy it for a trade, but don't set it and forget it. Uh I don't I don't expect a wave of people to come back to crypto.

[01:03:05]>> Yeah, for sure. for for most of these things. But I am I'm [clears throat] the last thing that I'm constructed on very constructive on is uh VVV. Dylan really wants us to talk about this. I was going to talk about it anyway. Okay. I'm not talking about it because you I'm not talking about it because of you, Dylan.

[01:03:21]I'm talking about it because I want to talk about it, but I'll talk about it for you, too. So, I really like I really like VVV because for those of you that don't know >> effectively think about it as a private chat GPT um you know that that that's really that's really what it is and that is so ridiculously important. I mean like like ridiculously important. It's actually very important infrastructure.

[01:03:47]Uh I think that it's a good product. I think that the token has done extremely well and they're they're actually driving value back to the token. And for me, I am just really on the lookout really on the lookout for good companies that are building important products for the world that just happen to be associated with crypto. That's what hyperlquid is. That's what ton is now because it's associated with telegram and that's what I think VVV is. I mean, imagine you can use chat. don't have to be nervous about that data getting leaked. I mean, there hundreds of things that I've probably asked Chad GBT that if they leaked, I'd have to move to Cambodia and assume life is a monk and ink or what. I mean, like I uh probably shouldn't have asked those questions to to chat GPT and I should probably be using VVV for all my sensitive stuff.

[01:04:42]And as and as things scale, I mean, that's going to become far more important. How do I build a biological weapon to my my neighbor? Um, >> your neighbor.

[01:04:56]>> No, no, she's great.

[01:04:58]>> Dylan, Dylan is a Russian Jew. God, kill me.

[01:05:02]>> He's got Dylan Donigan. He sounds like a an IRA combatant.

[01:05:08]>> To be fair, I love Russian Jews. Like, I love them. I've had some tough situations with a few of them, but in in aggregate, wonderful people. Uh, good good good people.

[01:05:20]>> Your podcast co-host is a Russian Jew, incidentally.

[01:05:24]>> What? You're a Russian Jew?

[01:05:27]>> What do you think I was?

[01:05:28]>> I thought you were like Polish. Like a Polish Ashkanaz.

[01:05:31]>> Nope. Russia. Now, the part of Russia where my family goes back to is now Ukraine, but back then it was all Russia.

[01:05:39]>> Vanberg. How'd you get a van in your name?

[01:05:42]>> Uh, when my grandfather Yona Weinberg immigrated here as a house painter, he had some issues getting hired because his name was Yona Weinberg. So, he changed to John Vanborg and then started getting jobs.

[01:05:58]>> I did not know I was working with a Russian Jew this whole time.

[01:06:01]>> Anti-semitism is not a new thing, Avi.

[01:06:04]It's been around.

[01:06:06]>> What are we talking about? I got to go in a second. Um, I think that's I think that's all, brother. I think uh this was this was great. We Wow, we hit 3,000 views between the between us.

[01:06:18]>> Yeah, baby.

[01:06:19]>> What if I just stay on? You can you can leave and I'll I'll feel Hey, okay. Last last part that I want if if you're still if you're still watching this show, hop in the chat and YouTube and let us know what you think we should change this color scheme to. And if we pick your color, I will reach out to you and I will pay you $1,000. [laughter] I'll give I'll give you guys three minutes.

[01:06:47]>> Love it.

[01:06:48]>> All right, I'm going to jump. Bobby, it was great talking to you. That was an epic episode.

[01:06:52]>> Yeah.

[01:06:54]>> All right, >> that was that was that was great. Adios, Jonah.

[01:06:58]>> Later.

[01:06:58]>> I'm I'm gonna I'm gonna stay on to field these comments. Let's see.

[01:07:03]All right. Now it's Now it's just me.

[01:07:06]Oh, wow. Wow, look at this. Wow. Look, look at look at all these people that come out of the What are you guys doing?

[01:07:10]You just You just hang out there and you just hang out there and you say nothing the whole time and suddenly I say there's money on the line and you guys are here. I don't know. I don't know about this. This is very seems fake to me. You fakies, man. No, this is great. Uh I love doing this. I love doing this pod. Something that I've been looking at recently is the fact that after Sailor said, Yeah, we're only here for money. After Sailor said that he sold, this is this is sort of my this is sort of my thesis here. Uh, one reason why I'm super super constructive on the market is that Sailor came out and said that he's going to potentially be selling Bitcoin to fund Stretch.

[01:07:59]This is very important. Why? Because for a long time, one of the reasons that people are nervous about allocating to Bitcoin, actually a big reason that people are nervous about allocating to Bitcoin is they're nervous that Sailor is the only marginal buyer of this asset and that he's really drive the driving force and that if he stops buying or if he ever sold then the market would immediately fall apart. It keeps people away when there's concentration risk like that.

[01:08:27]So what I see when Sailor says, "I'm going to inoculate the market against us selling is really it's that it's he's genuinely inoculating." And what does inoculation mean? It's like it's a vaccination. He's saying I if I sell a little bit now and I prove to you that the market doesn't fall apart, then the market actually becomes much stronger.

[01:08:52]the market generates an antibbody defense to the concept of me selling and Bitcoin can go much higher than it would have gone previously.

[01:09:01]So, I think that this could end up being a very good thing. I know I sent out some tweets that were a little bit tongue and cheek. As long as Bitcoin doesn't sell off massively, like if we don't go back, I'm going to classify this by going below 78. You know, if we don't go below 78 in the next few days, I'm very bullish. I mean, I think we can see 9095 very quickly. So, I'm I'm I'm very I'm very constructive on this. Uh so that that's that's I guess what we'll we'll we'll leave you with today. I hope you guys enjoyed the show. Uh we will we will see you soon. Take care.

[01:09:38][music] >> [music] >> Nothing said on the ThousandX podcast is a recommendation to buy or sell any investments or products. This podcast is forformational purposes only [music] and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of 1KX Media. Our hosts, guests, and the 1KX team may hold positions in the company's funds or projects discussed.