E84: Markets update, crypto collapse, Russia/Ukraine endgame, state of the podcast

00:00:00.320 | J. Cal, you look a little grifty.

00:00:01.920 | Feel okay?

00:00:02.720 | Yeah.

00:00:03.280 | Me?

00:00:03.760 | I'm great.

00:00:04.400 | I'm great.

00:00:04.880 | You look half a milli richer today.

00:00:06.400 | What's it like to be half a milli richer?

00:00:09.760 | J. Cal, you look like a failed hostage taker.

00:00:11.920 | Laugh it up, boys.

00:00:14.800 | Laugh it up, boys.

00:00:15.760 | Laugh it up, boys.

00:00:16.480 | When you see my other projects drop, you're going to be crying again, okay?

00:00:21.680 | I can't wait.

00:00:22.560 | Why don't you take yes for an answer, J. Cal?

00:00:24.400 | I've taken yes for an answer.

00:00:26.720 | Welcome to the All In Podcast with three miserable rich bastards

00:00:30.240 | who pull up the ladder behind him.

00:00:31.520 | Do you want to explain why it took us a month to produce a new episode, J. Cal?

00:00:36.400 | What about the-- hold on a second.

00:00:39.120 | Attorney.

00:00:40.080 | Let me give you guys the TL;DR.

00:00:41.520 | J. Cal thought the All In Pod was his, and then he realized it wasn't.

00:00:48.000 | No.

00:00:49.840 | If you guys want to go, there we go.

00:00:51.040 | There.

00:00:51.440 | I'm totally transparent.

00:00:53.120 | I requested, I requested to own 6% more of the

00:00:56.480 | All In Podcast.

00:00:56.720 | No, no, no.

00:00:58.000 | Back up to the summit.

00:00:59.120 | Back up to when you wanted to kick me off the show.

00:01:00.880 | No, back up before that where we--

00:01:02.800 | Oh my God.

00:01:03.280 | Are we really doing this?

00:01:04.240 | Yeah, we're going to do it.

00:01:05.360 | Okay.

00:01:06.240 | If you want to do it, we do it.

00:01:07.200 | We can't talk about this for 45 minutes because what happened then--

00:01:09.520 | It's so boring.

00:01:10.400 | So boring.

00:01:10.720 | We planned the summit.

00:01:11.120 | So boring.

00:01:12.000 | We planned the summit.

00:01:13.200 | J. Cal doesn't like how I was concerned about the summit, and I bitched at him, and you

00:01:16.720 | know, I was negative to him.

00:01:18.320 | Finished the summit, and J. Cal wants to kick me off the show.

00:01:21.760 | Yes.

00:01:22.560 | Brad Gerstner, Bill Gurley would have higher ratings.

00:01:25.120 | Here comes the bullying.

00:01:25.840 | People think it was me.

00:01:26.480 | It was me and J. Cal getting into it.

00:01:28.000 | It wasn't.

00:01:28.720 | It was actually, it started with Friedberg and J. Cal getting into it.

00:01:31.280 | J. Cal wanted me off the show.

00:01:32.400 | All right.

00:01:33.360 | Do I get to explain the series of events or no?

00:01:36.240 | Go ahead.

00:01:36.400 | You wanted me off the show.

00:01:37.280 | True or false, J. Cal?

00:01:40.560 | I felt that if Friedberg wasn't enjoying his time here and was going to constantly complain

00:01:51.200 | every week about every detail of why the show's not good, there was always the option for

00:01:56.240 | him to maybe do half the shows and have Brad Gerstner do half the shows or have Bill Gurley

00:02:01.200 | rotate in.

00:02:02.000 | And so if he was going to be miserable all the time and worried about the show, I gave

00:02:07.360 | him the option to have somebody else take his spot.

00:02:10.480 | Did you or did you not say that this is your show, you're the leader, and you wanted me

00:02:13.760 | off the show?

00:02:14.480 | I never said that.

00:02:15.200 | Nor would I say that.

00:02:16.560 | I don't need to say that.

00:02:17.280 | You said you could summarily replace any of us.

00:02:19.440 | Effectively, you acted like we all worked for you.

00:02:21.440 | I never said that.

00:02:22.400 | Sax, I don't think Schumat's replaceable, just for the record.

00:02:24.960 | So.

00:02:25.200 | That's true.

00:02:26.080 | He does think that.

00:02:27.520 | I do not think Schumat's replaceable.

00:02:30.000 | Friedberg, I do think, I mean, I could pull up the Brad Gerstner episodes.

00:02:33.360 | I think they have slightly more views.

00:02:34.480 | So, but people love you.

00:02:35.840 | So we keep you.

00:02:36.320 | But J. Cal told my mom and my wife that he thought I was replaceable on the show.

00:02:39.680 | Guys, I would like to jump in by just summarizing this so that we can move on.

00:02:42.880 | So basically what happened was we had an agreement that it was 25% each.

00:02:47.040 | There was a moment where J. Cal believed that he deserved more.

00:02:50.880 | We had to sort through a lot of the underlying issues that caused him to believe that we got to a

00:02:55.920 | good consensus.

00:02:57.360 | We now have a signed agreement that governs how the show and other things around the show and

00:03:02.400 | offshoots of the show will work.

00:03:04.960 | We are 25% equal partners and now we can move on.

00:03:08.640 | So enough for the bitching.

00:03:09.920 | Let's go.

00:03:10.480 | All good.

00:03:11.280 | And I love you all.

00:03:12.400 | I love you all too.

00:03:13.280 | I love you all too.

00:03:14.080 | To be clear, my position, I do feel like this needs to be out here was if we're going to

00:03:18.160 | make it into a media company, my request was, listen, I think I own, I should have 10% more

00:03:23.520 | equity and I'll go to work every day and do the work.

00:03:25.760 | You guys can just show up.

00:03:26.880 | You guys agreed to that.

00:03:28.000 | And then you guys said you don't want to do it.

00:03:30.000 | And I said, okay, fine.

00:03:31.280 | So here we are.

00:03:31.840 | We're back at square one.

00:03:32.960 | So let's just get to work.

00:03:34.000 | We just want to do a pod and we just want to talk.

00:03:36.080 | There's not going to be any more summits.

00:03:37.680 | There's not going to be any business here.

00:03:38.960 | It's just a pod.

00:03:39.760 | I have other events.

00:03:40.640 | I do.

00:03:40.880 | I have other pods.

00:03:41.600 | I do.

00:03:42.320 | If I want to get paid, I'll do them over there.

00:03:44.640 | And here it's just a pod that you see every week.

00:03:47.120 | So let's get into it.

00:03:48.000 | Everybody wants to talk about markets.

00:03:49.840 | Oh, by the way, if you guys want your intros, that's 1% each.

00:03:52.400 | Intros go do it.

00:03:53.680 | Those are 1% each.

00:03:54.960 | So when you guys are willing to pay me my 1% additional equity,

00:03:57.840 | you get the intros.

00:03:58.640 | And when you want the all in summit 2023, that's another one.

00:04:01.120 | We're going to get an invoice each week from J Cal now.

00:04:03.040 | You're going to get it's going to be prorated monthly.

00:04:04.800 | It's going to be 0.8% equity per month vested.

00:04:07.920 | I just think it's so fascinating that we went through all of this.

00:04:11.360 | You know, I don't know, storming wrong or whatever.

00:04:15.200 | This this like a month of non taping and you know, and this like all this turmoil in our

00:04:22.880 | relationship.

00:04:23.360 | So you.

00:04:23.520 | Could get an extra 1% from us.

00:04:25.200 | 2% each 31%.

00:04:26.880 | I believe I should just so you know, I do this for a living.

00:04:31.120 | And if I do extra work, I believe I should.

00:04:33.520 | Uh, and if you want me to be the de facto CEO of this, then I should get a little extra.

00:04:38.160 | We don't want that.

00:04:38.880 | And you don't want that.

00:04:39.520 | So that's fine.

00:04:40.080 | That's fine.

00:04:42.080 | This is just going to be a project.

00:04:43.280 | We do it every week.

00:04:44.480 | And then all your griffs, whatever, you know, you're spinning out from the production board

00:04:50.160 | or whatever copycat app you're making, you can fucking do.

00:04:53.360 | As an as a side grift.

00:04:56.160 | Here we go.

00:04:56.640 | Oh, do the intros.

00:04:57.760 | Let's get going.

00:04:58.480 | Come on.

00:04:58.720 | Let's go.

00:04:59.040 | No, there's no zero interest.

00:05:00.720 | No interest.

00:05:01.440 | Intros are out.

00:05:02.160 | Wait, what about hey, everybody?

00:05:03.440 | Hey, everybody.

00:05:04.240 | I'll do a hey, everybody.

00:05:05.520 | Hey, everybody on the house.

00:05:06.320 | Hey, everybody.

00:05:06.960 | Hey, everybody.

00:05:07.600 | Welcome to us.

00:05:08.160 | Is that free for you?

00:05:10.000 | Yeah, it's free for you.

00:05:12.160 | Let your winners ride.

00:05:14.960 | Rain man, David Sacks.

00:05:17.840 | And it said we open source it to the fans.

00:05:23.200 | And they've just gone crazy.

00:05:24.160 | Love you.

00:05:24.720 | I love you.

00:05:25.040 | Best.

00:05:25.280 | I love you.

00:05:25.680 | Queen of Kinwa.

00:05:26.880 | I'm going all in.

00:05:29.440 | Hey, everybody.

00:05:29.920 | Welcome to another episode of the All In Podcast.

00:05:32.400 | We're back for episode 84 with me, of course, the Sultan of Science, the Prince of Panic

00:05:37.280 | Attacks, the Queen of Kinwa himself, David Freedberg.

00:05:39.920 | How you doing, buddy?

00:05:40.640 | Great to be here.

00:05:42.320 | Great to be here.

00:05:42.960 | All right.

00:05:43.360 | I miss you.

00:05:43.680 | And?

00:05:44.000 | Can you feel the tension?

00:05:45.760 | There's still a lot of tension.

00:05:46.960 | There's still tension.

00:05:47.600 | There's still a little tension there.

00:05:49.600 | J.K.

00:05:49.840 | L and I will be hanging out tomorrow night.

00:05:51.280 | We'll make it.

00:05:52.400 | Have you guys resolved?

00:05:53.040 | I'm cool.

00:05:54.960 | I'm cool with Freedberg.

00:05:55.600 | I mean, I bought him dinner.

00:05:56.560 | I think he did buy me a wonderful dinner.

00:06:00.000 | Oh, my Lord.

00:06:00.640 | After the Warriors game.

00:06:01.440 | Shout out to the Warriors.

00:06:02.160 | All right.

00:06:03.120 | And of course, with us is the Rain Man himself, David Sachs.

00:06:07.520 | How you doing, buddy?

00:06:08.160 | Good.

00:06:09.280 | You ready to go?

00:06:10.000 | Don't try and deflect this thing onto me.

00:06:11.760 | I was only tangentially involved.

00:06:13.520 | Says the guy who spent 72 hours on...

00:06:16.480 | Oh, yeah.

00:06:16.640 | I wrote the contract.

00:06:17.920 | I wrote a very fair contract so that we can move forward.

00:06:20.800 | Yeah.

00:06:21.040 | And then you proceeded to break it in the first 15 minutes.

00:06:22.880 | By slandering me and disparaging me.

00:06:24.880 | But okay.

00:06:25.120 | Oh, come on.

00:06:26.080 | That was good for ratings.

00:06:27.440 | Good for ratings.

00:06:28.160 | Yes.

00:06:28.720 | I thought your meme was pretty great.

00:06:30.080 | He did the meme.

00:06:30.880 | The two buttons of the superhero.

00:06:32.960 | That was good.

00:06:33.760 | And I was like, Jason.

00:06:34.800 | That was good.

00:06:36.320 | Making jokes.

00:06:37.120 | Breaking the non-disparaging clause.

00:06:40.320 | And then, of course, the dictator himself.

00:06:42.160 | From some undisclosed location in a European city.

00:06:46.000 | I don't know if I'm allowed to say that.

00:06:47.920 | At Jomatha Palihapitiya.

00:06:49.360 | Welcome back, boys.

00:06:50.240 | Episode 84.

00:06:50.960 | What's up, boys?

00:06:51.680 | All right.

00:06:52.720 | Well, since we last convened.

00:06:54.320 | Let's get it on.

00:06:56.160 | Yes.

00:06:56.400 | The all-in summit is finished.

00:06:58.320 | All the episodes have been released, including Pomerolaki yesterday.

00:07:02.400 | And here we go.

00:07:03.920 | The markets are in complete turmoil.

00:07:06.000 | SPY down 21% year to date.

00:07:08.000 | Dow's down 17% year to date.

00:07:10.560 | As Saxis pointed out, that is not representative of what happened to growth stocks at the same

00:07:15.200 | time.

00:07:15.440 | And the May CPI went up and it was at 8.6.

00:07:21.760 | We also got to 70%.

00:07:22.560 | We're at 75 basis point rate hike.

00:07:24.880 | Who wants to start here?

00:07:27.040 | Jomatha, I mean, it's market.

00:07:28.480 | So maybe I'll just dump it to you first and then we'll go around the horn to Sax and then

00:07:32.000 | Friedberg.

00:07:32.400 | Well, there's a lot to say.

00:07:34.000 | So bear with me for a second.

00:07:35.680 | But the thing that you have to do before you talk about what is happening now, I think

00:07:43.040 | it's probably useful to go back and you have to really start at the end of the great financial

00:07:48.640 | crisis.

00:07:49.120 | And the reason is there was a bunch of people.

00:07:52.400 | People coming out of the GFC who confused what the US government and some European governments

00:07:59.360 | were doing.

00:08:00.320 | At the time, there was the risk of a huge financial contagion.

00:08:03.600 | So the US stepped in and the Federal Reserve started to use their balance sheet to buy

00:08:09.600 | toxic assets.

00:08:10.480 | The ECB did that.

00:08:12.880 | I think Japan did that as well.

00:08:14.080 | Anyways, a bunch of banks did it.

00:08:15.280 | I mean, a bunch of governments did it.

00:08:16.880 | Then there was this body of pseudoscientists.

00:08:21.280 | Tiffica.

00:08:22.240 | You know, a bunch of economists who coined this thing called modern monetary theory,

00:08:27.280 | which basically said, hey, you can keep printing money and introducing it into the economy

00:08:33.680 | to smooth things out and to actually drive long term growth.

00:08:37.840 | And it turns out that a bunch of government officials fell for it.

00:08:43.200 | And if you fast forward to 2022, so 14 years later, you know, governments around the world

00:08:50.080 | had printed something.

00:08:52.080 | They had printed something that was a huge, huge, huge, huge, huge, huge, huge, huge, huge,

00:08:52.800 | huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge,

00:08:53.360 | $35 trillion of money into the economy that should have never been there.

00:08:57.760 | So the thing to remember is like we have not necessarily just been obfuscating true supply

00:09:04.880 | demand in the last six or eight months when we've been talking about a recession or inflation.

00:09:09.760 | We've been actually doing it since 2008.

00:09:12.960 | It's just that it's been building up in the system.

00:09:14.960 | So one of the things that we have to realize is that all of that money somehow needs to

00:09:20.640 | get destroyed in some way.

00:09:21.920 | Shape or form.

00:09:22.960 | If the true economic equilibrium is meant to be found, what is true supply?

00:09:28.880 | What is true demand in the absence of government sloshing money around trying to prop up things

00:09:34.880 | that should not be propped up or buying votes or all the grifts that these folks have engaged

00:09:40.640 | in in the last decade and a half have to get undone.

00:09:43.920 | So that's the backdrop.

00:09:46.160 | So if you think about taking $30 trillion out of the global economy, you know, you're

00:09:51.280 | talking about.

00:09:51.760 | Almost, you know, I think it's 85 trillion is the world GDP.

00:09:56.720 | So like, you know, it's almost half of an entire year's worth of global GDP.

00:10:01.520 | It's going to take three years, probably of the slow, meticulous, you know, running off of money,

00:10:08.480 | you know, not reintroducing new money.

00:10:10.320 | So it seems like we're at the beginning of the beginning of something that's going to

00:10:13.760 | be long and drawn out.

00:10:14.800 | Now that's separate from and that's separate from whether we're in a recession or not.

00:10:18.640 | That's just the bear market that we're in.

00:10:20.400 | Right.

00:10:21.600 | And so you have to look at asset prices today as a microcosm of a much larger trend that

00:10:28.800 | has to be about fake money pushing asset prices up and now taking all that fake money out

00:10:34.800 | and finding out what the real price of something is.

00:10:37.440 | And I just don't think that takes six months.

00:10:40.000 | So for all the people that were, you know, fingers crossed, hoping that this would be

00:10:43.760 | the end of it.

00:10:44.720 | Fed raises 75.

00:10:45.840 | We're done with this.

00:10:46.640 | They're going to raise 75 more.

00:10:48.000 | I just think that's not how it's probably going to be.

00:10:51.040 | It's going to take.

00:10:51.440 | You know, 2436 months.

00:10:55.120 | That may mean the bottom doesn't happen for another 18 months.

00:10:58.480 | So I think it's a we're in for a lot of choppy market action.

00:11:04.400 | Sacks three asset bubbles, clearly all, you know, being impacted.

00:11:10.240 | We had stocks.

00:11:11.440 | Looks like that story was pretty violent.

00:11:13.440 | Then we had crypto this last two or three weeks have been absolutely insane in terms

00:11:20.480 | of.

00:11:20.640 | Yeah.

00:11:21.280 | That asset bubble and now record high inventories for homes record sales are now dipping below

00:11:29.360 | the average of the last 20 years and we're seeing mortgage origination just absolutely

00:11:35.760 | get crushed 6% mortgages just a couple of months ago.

00:11:38.960 | It was 2.x for some folks.

00:11:42.560 | So when you look at those three asset bubbles, do you buy chamats?

00:11:45.600 | Hey, we're going to see even more deprecation these for another 18 months possibly or do

00:11:50.320 | you think we've.

00:11:51.600 | Taken such crazy action.

00:11:52.880 | This has come down so violently that we're now bouncing along the bottom, bouncing along

00:11:56.480 | the bottom or 18 months of more pain.

00:11:58.160 | Well, the stock market, especially growth stocks may have taken the majority of the

00:12:02.640 | carnage, but you're right.

00:12:04.000 | There are other asset classes and I think we're going to see the carnage start to rotate

00:12:08.160 | into those.

00:12:08.800 | So you're right.

00:12:10.080 | If you look at residential real estate now, the prices are at the highest they've been

00:12:16.080 | relative to median income since something like 2006 2007 before.

00:12:20.800 | That sort of great real estate crash that precipitated the great recession of 2008.

00:12:24.800 | So I think there are going to be more shoes to drop.

00:12:28.320 | I just want to build on Chumash point about root causes here.

00:12:31.440 | Milton Friedman once said that there's nothing quite so permanent as a temporary government

00:12:35.920 | program.

00:12:36.320 | The temporary government program was quantitative easing.

00:12:39.440 | We had this great recession of 2008 that could have turned into a depression.

00:12:43.360 | They broke the glass in case of emergency.

00:12:45.520 | They started this QE, which is basically the government intervening to buy bonds in the

00:12:50.640 | market.

00:12:50.960 | They had never done that before and they loaded up their balance sheet.

00:12:54.240 | The crazy thing is that program was still continuing until last year.

00:12:58.240 | Why?

00:12:58.640 | I mean, it was like on cruise control.

00:13:00.480 | And so last year, it was continuing until last month and countries like Europe are still

00:13:06.160 | doing it.

00:13:07.120 | 9% inflation in Europe and they're still buying bonds.

00:13:10.240 | Right.

00:13:10.480 | So you go back to last year, the Fed bought 54% of the government's debt, despite the

00:13:16.000 | fact that the economy was growing at like 5% GDP, that it was bouncing back.

00:13:20.480 | The Fed was bouncing back really strongly from COVID that you had the stock market at

00:13:24.000 | all time highs and yet they were still intervening with this massive QE.

00:13:28.880 | And then when we got the surprise 5.1% inflation print last summer, they didn't stop QE till

00:13:34.720 | the end of Q1.

00:13:35.680 | So you're right.

00:13:36.960 | They kept basically printing money and it's still going on and that's created massive

00:13:41.520 | distortions in the economy.

00:13:42.640 | Now so the Fed, I would say, is the number one culprit here and Jay Powell is the number

00:13:47.280 | one culprit.

00:13:48.160 | But the number two culprit is the Biden administration.

00:13:50.320 | And I think Biden did three things very early on in the first few months of his presidency

00:13:55.840 | to effectively tank his presidency.

00:13:57.920 | Number one, he canceled our energy independence on his first day in office, canceling the

00:14:02.560 | Keystone pipeline and making it much harder to drill.

00:14:04.960 | And of course, energy inflation is the one factor in this sort of overall inflation.

00:14:09.520 | Number two, he pushed through that last $2 trillion of stimulus on straight party lines,

00:14:15.280 | the ARP, the American Rescue Plan, after Larry Summers said economists in his own

00:14:20.160 | party said this is going to create inflation, don't do it.

00:14:23.120 | And then the third thing is, and no one really talks about this, is that Biden could have

00:14:27.520 | used diplomacy in 2021 to basically find an off ramp to this Ukraine crisis before it

00:14:33.920 | turned into a full fledged war.

00:14:35.760 | And if you listen to the economists, the international development economists like Jeffrey Sachs,

00:14:41.280 | he basically says that Biden polled his cabinet and said, listen, should we negotiate and

00:14:46.240 | compromise with the Russians?

00:14:47.600 | They all said no.

00:14:48.480 | And Biden handed down the order.

00:14:50.000 | We will not compromise with the Russians.

00:14:52.720 | So now we have this massive war in Ukraine that's fueling food and energy inflation.

00:14:58.400 | It's going to take his presidency.

00:15:00.240 | And I don't even think there was any debate in his cabinet about this.

00:15:03.440 | We may not be negotiating against Russia, but we're enabling them to print enormous

00:15:08.880 | surpluses, meaning I don't know if you guys saw, but there was an article today.

00:15:14.000 | Janet Yellen is traveling around basically convincing folks to

00:15:19.840 | not include Russian oil from a bunch of import bans so that these Russian oil tankers can be

00:15:27.600 | insured.

00:15:28.640 | Why?

00:15:29.040 | So that they can sell this oil to places like China and India, et cetera.

00:15:33.120 | The rubles at a five time, five year high, the rubles at a five year high.

00:15:36.640 | We push for all these sanctions.

00:15:38.400 | Europe gets on board and says, we're going to do it and we're going to take the lumps.

00:15:42.000 | And then we go around Europe and basically say, well, we kind of want to fight this proxy war,

00:15:45.840 | but at the same time, we want to try to fix inflation.

00:15:48.480 | And we didn't mean to cause this.

00:15:49.680 | And it's completely disorganized what's happening.

00:15:53.120 | Okay.

00:15:53.440 | So if you had six minutes in the pool for when Sachs would blame Biden for the economy, you win.

00:15:59.120 | Well, who do you blame?

00:16:00.640 | Of course the president is responsible.

00:16:02.000 | We talked about quantitative easing starting in 2008.

00:16:04.480 | So that goes over a couple of presidents.

00:16:06.080 | And I guess the question I would have for you, Sachs, is how much of the spending,

00:16:09.440 | the free willing spending, you know, was from the previous administration?

00:16:13.760 | Overspending is a bipartisan problem.

00:16:15.760 | There's no question about it.

00:16:16.880 | I just want to make sure that we point that out.

00:16:18.640 | Yeah, for sure.

00:16:19.520 | And Republicans only seem to find their principles on spending

00:16:21.840 | when there's a Democrat in the White House.

00:16:23.040 | I totally get it.

00:16:24.160 | And I would like to see more fiscal responsibility, regardless of which party is in power.

00:16:29.120 | And I'd like to see the Republicans be less hypocritical in their principles on this.

00:16:33.760 | But look, here's the thing.

00:16:35.440 | The economy was bouncing back strongly last year.

00:16:38.080 | And Biden still pushed for this last $2 trillion of spending.

00:16:40.880 | And then $1.2 trillion more in infrastructure.

00:16:42.720 | Thank God we didn't do that.

00:16:44.240 | And then remember the $4 trillion of Build Back Better where Manchin saved them from themselves.

00:16:48.400 | Exactly.

00:16:48.960 | I mean, what would

00:16:49.360 | it have looked like?

00:16:51.360 | Freeberg, you haven't spoken yet.

00:16:52.640 | Thoughts on, you know, this, these asset bubbles, I guess, and then the buying of the bonds

00:17:01.200 | seemed completely unnecessary for some period of time.

00:17:03.200 | If we are acting as the 50% plus buyer of bonds, what kind of distortion does that create

00:17:09.440 | in the market?

00:17:10.000 | Because if the government's competing against other people in the marketplace to buy those

00:17:14.160 | bonds, how could they possibly be priced correctly?

00:17:16.800 | Let's just be very careful about our framing.

00:17:18.800 | There's

00:17:19.200 | the US Treasury, which issues bonds and raises capital on behalf of the US government for

00:17:26.720 | spending programs.

00:17:27.600 | Then there's the central bank, the Federal Reserve.

00:17:30.480 | And our central bank's job is to, number one, maintain liquidity in the capital markets

00:17:39.360 | so that businesses can invest in growing their products and growing their businesses and

00:17:45.200 | the economy grows while not providing too much.

00:17:49.040 | And the second thing is that the federal reserve is not the only one that's going to

00:17:51.040 | be able to do that.

00:17:51.600 | It's going to be the federal reserve that's going to be able to do that.

00:17:52.880 | And the third thing is that the federal reserve is going to be able to do that.

00:17:54.880 | And the fourth thing is that the federal reserve is going to be able to do that.

00:17:56.720 | And the fifth thing is that the federal reserve is going to be able to do that.

00:17:58.000 | And the sixth thing is that the federal reserve is going to be able to do that.

00:17:59.760 | And the sixth thing is that the federal reserve is going to be able to do that.

00:18:01.040 | And the seventh thing is that the federal reserve is going to be able to do that.

00:18:01.840 | And the eighth thing is that the federal reserve is going to be able to do that.

00:18:03.120 | And the sixth thing is that the federal reserve is going to be able to do that.

00:18:04.400 | is to provide a stated goal of Jerome Powell, in particular right now, this changes over time,

00:18:09.920 | but generally, the intention of the Federal Reserve is to make liquidity to make cash available

00:18:15.920 | to banks, who ultimately make it available to businesses, in such a way that there's enough

00:18:22.320 | cash in the system, that the businesses grow, and that people have capital to invest in growth,

00:18:27.840 | while keeping inflation at 2%. So their long term target is 2% inflation.

00:18:31.760 | And it's also correct me if I'm wrong, making sure that there's enough cash to support economic

00:18:36.720 | growth. So remember, last year, you'll remember Stan Druckenmiller was very public about how insane

00:18:43.040 | it was that the Federal Reserve was still buying bonds. And so there's one way to introduce cash

00:18:48.880 | into the system is to make cash available as a loan to banks. And then those, you know,

00:18:53.360 | banks use that money to loan to businesses, and it makes its way through the economy.

00:18:56.560 | Another way is for the Federal Reserve to step in and actually buy bonds,

00:19:00.160 | freeing up the money,

00:19:01.680 | John.

00:19:01.760 | that other people would be otherwise using to buy bonds to go and invest in other things. So they're

00:19:05.520 | effectively forcing liquidity into the market by taking bonds out of the market. And last summer,

00:19:10.720 | or Q2 of last year, Druckenmiller was pounding the table saying, guys,

00:19:15.440 | the economic indicators on how quickly the markets are how quickly the economy is growing, relative

00:19:22.560 | to how much inflation there is, indicates that we should stop buying bonds, and we should stop

00:19:27.120 | injecting liquidity into the markets. This makes no sense. It is nonsensical. And there

00:19:31.680 | was no strong point of view from the Fed at the time, other than there was uncertainty about the

00:19:36.240 | bounce back of the from the recession from COVID. There was uncertainty about what else was happening

00:19:40.160 | in the economy, and yada, yada. But the numbers, the economic indicators were showing very clearly,

00:19:45.360 | the economy is growing at a robust pace, low unemployment, and inflation is starting to pick

00:19:50.560 | up. Holy crap, it's time to cool it off. And the Fed made a judgment call and their judgment call

00:19:56.080 | really kind of was to keep going. And then we end up in this massive runaway inflationary problem,

00:20:01.040 | where if you keep too much liquidity in the system for too long, you have inflation,

00:20:04.400 | even if you have economic growth. And now by pulling the money out of the system super,

00:20:07.840 | super fast, we reduce the inflationary effects potentially. But we take the economy because now

00:20:14.880 | all this money coming out of the market means people are spending less and buying less and

00:20:17.920 | businesses have less to borrow, the borrowing costs are high. And then that that's that's the

00:20:21.600 | big vacuum. Hold on, let me go to Chamath and then Sachs. I just want to say one thing, the rate the

00:20:25.360 | rate at which we pull the money out, which has had to be really, really fast over the last few weeks,

00:20:29.760 | can cause a recession.

00:20:30.960 | And that's the biggest concern right now is will that actually trigger a massive recession

00:20:35.360 | or not that everyone's watching?

00:20:36.400 | So Chamath, I guess, one of the things we need to clarify here is the actual mandate of the Fed.

00:20:41.040 | I was under the understanding that the Fed really was there to make sure of maximum

00:20:46.960 | employment and that, you know, low interest loans were available. And price stability. These are the

00:20:52.240 | were the stated goals for a long time,

00:20:53.600 | not low interest rates, capital capital is available to grow without exceeding inflation of

00:21:00.480 | 2%.

00:21:00.880 | That's okay. So maximum employment, price stability was also in the original

00:21:05.680 | GDP growth, because remember, we can't ever pay our debt if our GDP is not growing,

00:21:08.880 | okay, while minimizing while keeping inflation below 2%.

00:21:11.520 | Chamath, whatever point you want to make, feel free to make but also I was just wanting to know

00:21:15.600 | from you, where did the Fed go wrong with their mandate, if at all here, because we do have maximum

00:21:21.040 | employment, we have out of control price stability.

00:21:24.000 | Look, here's the thing you I think we have to also be sensitive to the fact that the Fed operates on

00:21:30.800 | a certain class of data. And that data in the 21st century is pretty pathetic. Nick, you can probably

00:21:37.760 | find this, but there was an article, I think it was in the New York Times, that really walked

00:21:42.320 | through how CPI is calculated. And it's a bunch of people that work for the government that walk

00:21:46.640 | around with iPads, building relationships with local businesses and all these random places all

00:21:51.600 | around the country, and asking them to, you know, chit chat for 15 minutes and do these surveys.

00:21:56.320 | Now, you would have thought that in 2023, or 2020,

00:22:00.720 | what the government would have said to, you know, Visa, MasterCard, American Express, all the payment

00:22:07.360 | rails, the banks and stripe is send me a feed in the following structured way so that I can actually

00:22:12.800 | have an absolute precise sense of inflation, because inflation really only occurs when a good

00:22:18.160 | or a service trades hands for money, right? And you calculate what did that thing trade at the day

00:22:23.920 | before and what is a trade for today. So you could get an absolute precise sense of it. Instead, we

00:22:28.800 | do this random sampling.

00:22:30.640 | thing and subjective humans, etc.

00:22:33.280 | So if you read this article, your takeaway will be, oh my god, this is very rickety. And it drives

00:22:39.920 | an enormous hammer that we use to try to manage the economy. That's the first thing. I think you

00:22:44.960 | need to buckle your seatbelt because the next three, four or five months of CPI will probably

00:22:51.120 | be very, very bad. 789%. Why? There are a handful of components that have gotten completely runaway.

00:23:00.560 | The biggest one is rent. And so rent works on a three month lag, we're going to reintroduce what

00:23:04.960 | the true owners equivalent rent is into CPI. So we can already forecast that CPI going up.

00:23:11.440 | Oil is at 105 bucks a barrel. Russia is basically trying to break the bank

00:23:16.080 | of Europe by now messing with their nat gas supplies. The German energy minister yesterday

00:23:23.680 | said that if that happens, it could be a contagion equivalent to Lehman Brothers with respect to

00:23:28.880 | energy. When you look at the energy supply, you can see that the energy supply is going to be

00:23:30.480 | in the same position as the oil price. But when you play all of these things out, what you have is,

00:23:33.600 | unfortunately, rampant runaway costs that really have no mechanism to get back and check in the

00:23:41.200 | absence of some real governmental changes. Our policy on this Ukraine Russia war, you know,

00:23:46.800 | how we intend to sort of work or cooperate or fight with China. All of these things have to get

00:23:52.800 | solved. So in the absence of that, prices are going to continue to go up. And so what does the

00:23:58.480 | Fed do? How does it operate? How does it manage the economy? And what does it do? Well, the Fed

00:24:00.400 | is going to be doing a lot of work. And so what it's going to do is it's going to be doing a lot of

00:24:01.200 | work. And so what it's going to do is it's going to be doing a lot of work. And so what it's going to

00:24:02.000 | do is it's going to be doing a lot of work. And so what it's going to do is it's going to do a lot of work.

00:24:02.000 | little credibility it has left, when there's eight and 9% inflation prints, and saying we think we're

00:24:08.480 | done for right now, you can't do that. So they will overcorrect, because there's just going to be

00:24:14.960 | so much pressure for them to act. All roads, I think lead to lower equity prices. And I think

00:24:24.000 | what David said astutely is we've seen the first wave. But now it has to be done. And so what we're

00:24:30.320 | doing is we're doing a lot of work. And so what it's going to do is it's going to be doing a lot of

00:24:30.960 | work. And so what it's going to do is we're doing a lot of work. And so what it's going to do is we're

00:24:31.440 | going to do a lot of work. And so what it's going to do is we're doing a lot of work. And so what we're

00:24:31.760 | doing is we're doing a lot of work. And so what it's going to do is we're doing a lot of work. And so

00:24:33.360 | we have gotten totally drunk on debt as a country. One of the most obvious places where we've been

00:24:40.480 | serving alcohol far too late into the night is in the financing of all these private equity leverage

00:24:47.440 | buyouts. Right? These are dangerous, these are sketchy companies that are sort of like, you know,

00:24:53.040 | teetering on insolvency at times, where private equity comes in levers up the balance sheet with

00:24:59.200 | debt, they price it right to the edge of what's legally allowed or what's financeable, and then

00:25:04.400 | they go do it. But that's all assuming the economy continues to grow. And so if all of a sudden you

00:25:10.240 | have some recessionary forces or prices go up and earnings don't, you'll have you know, a contagion

00:25:16.560 | in the debt markets, you could have a contagion in the commodity market. So we're dealing with some

00:25:21.680 | really real boundary conditions. I mean, real estate,

00:25:25.200 | most of most Americans have most of their net worth tied up in real estate. And if we

00:25:29.120 | see a 30 30% correction in real estate, it could be a real problem, particularly with rising interest

00:25:33.680 | rates, inability to refinance

00:25:35.200 | sacks, the dual mandate is hey, keep inflation 2%. And then keep the unemployment rate reasonable,

00:25:41.280 | the unemployment rates amazing with still so many jobs out there, even with these layoffs. In fact,

00:25:46.400 | one might argue we made too many jobs available to the point at which people maybe aren't working as

00:25:52.080 | much or just, you know, under working and not taking advantage of these amazing jobs out there.

00:25:58.320 | Where do you see

00:25:59.040 | this going sacks now, that we can't seem to get inflation under control. And people are looking

00:26:05.680 | at their 401ks, they feel a lot poorer, but is the demand side gone yet? Have have consumers decided,

00:26:12.560 | I'm not going to buy the next house, I'm not going on this vacation. $6 gas makes no sense. $7 gas

00:26:18.560 | makes no sense. I'm not going to go on this weekend excursion. I'm staying home.

00:26:22.160 | Yeah, I mean, look, consumer confidence just had the biggest drop, I think in 40 or 50 years. We

00:26:28.960 | if you look at like, right track wrong track polling for the country, only something like 24%

00:26:34.560 | believes that the country's on the right track right now. If you pull people, are we in a

00:26:39.280 | recession? And they don't look at like, you know, the quarter over quarter growth, they just look at

00:26:43.280 | what they're feeling. 56% of the country says we're already in recession. It's about 70% Republicans,

00:26:48.880 | about 50% Democrats. So the country is already hurting people already feeling it. And this is

00:26:55.760 | psychological sacks, or are they actually making decisions?

00:26:58.880 | Now to spend less?

00:27:00.080 | Well, I think it's both. I mean, you start with the real inflation, and people feel it.

00:27:05.280 | And they also hear about it in the media. And then they start to adjust their,

00:27:08.560 | their decisions. And this is the problem with fixing. Yeah, this is a problem with fixing

00:27:12.320 | an inflation problem is that is based on expectations. So once people start to expect

00:27:17.040 | inflation, then businesses have to start operating as if there's gonna be an inflation

00:27:20.480 | rate next year. So they have to start raising prices. And it's actually very hard

00:27:24.880 | to put the horse back in the barn. And this is why I think,

00:27:28.800 | I think the Fed is probably more likely to overshoot on raising rates is because if they

00:27:33.680 | really want to stop inflation now, they really have to slam on the brakes. And then that's going

00:27:37.840 | to lead to a recession. And if they don't, then we end up with like a chronic sort of

00:27:42.480 | stagflationary situation where you get lower growth and inflation persists. So it's a bunch

00:27:48.240 | of bad options right now. And I think to the point Freeberg was making earlier, you know,

00:27:52.320 | this Ray Dalio piece that he just published as a blog on LinkedIn, he said, Look, what you want is

00:27:57.920 | a Fed that's going to be able to keep inflation going. And that's what I think is going to be

00:27:58.720 | the best way to do that. And I think that's what I think is going to be the best way to do that.

00:27:58.800 | That is alert at the wheel, and gently applies the accelerator or the brakes based on what's

00:28:05.040 | happening. And instead, what we had is the Fed was asleep at the wheel, they should have started

00:28:10.000 | reacting gently to inflation last summer. Instead, they waited nine months, and now they're slamming

00:28:16.240 | on the brakes. And this is a bunch of bad options. I think we you know, we are going to have a

00:28:21.200 | recession the way this can make one suggestion. I want to put this out there because I sent it

00:28:25.920 | on our text and I anyone that's listening,

00:28:28.640 | in DC, please think about how we can change the way the Federal Reserve operates. But it doesn't

00:28:35.680 | make sense to have humans with subjectivity, applying their subjectivity to a set of as

00:28:43.280 | Chamath pointed out infrequent data that comes in chunks and comes in spurts,

00:28:47.440 | and only having a mechanism of changing rates by 25% each month, or sorry, 25 basis points

00:28:53.360 | once a month, we should have continuous real time monitoring of

00:28:58.560 | economic data. And software or AI or some sort of informed set of models should then predict

00:29:06.000 | what inflation and economic growth rates will be as that data comes in react in real time.

00:29:11.440 | And on a daily basis, we should be adjusting the overnight rate in a one basis point increment.

00:29:16.960 | So we can have the ability to more quickly, more efficiently and in a higher resolution way.

00:29:22.320 | Yeah, smooth it out a smoother way in a higher resolution way make these adjustments.

00:29:25.600 | It's silly that we're still operating the way we did in a pre digital age,

00:29:28.480 | as it is with a lot of industries and a lot of bureaucracy. But in this case,

00:29:31.840 | it's particularly prudent, and it's becoming particularly important and relevant,

00:29:36.160 | as we're seeing right now with the stagflation risk that we're facing, where we could have

00:29:39.680 | massive inflation and recession at the same time. Because if we had made smaller adjustments

00:29:44.800 | every day for a period of time, as these economic data indicated that we should be making them more

00:29:49.600 | quickly, we would not be in this problem. And I don't think that having humans and their judgment

00:29:54.560 | should necessarily be the way that we drive. But listen, we don't need them making daily

00:29:58.400 | adjustments. I don't think the Fed can fine tune an outcome like that. I just think that they

00:30:02.480 | can't be asleep at the wheel for nine months. I mean, we should have AI running this

00:30:06.000 | friggin thing. I mean, what's listen, I don't I actually don't think when you when you said that,

00:30:09.600 | you know, Congress needs to somehow change that the way the Fed does business, I actually think

00:30:13.520 | that the Fed has the correct mandate, which is the dual mandate of considering inflation

00:30:19.040 | and unemployment. We shouldn't be basically junking that up by adding a bunch of mandates.

00:30:24.080 | And actually, the administration has been trying to add mandates, they basically gave the Fed

00:30:28.320 | a mandate around climate change, they gave them a mandate. Don't change the mandate.

00:30:33.280 | They have to try to change

00:30:35.040 | multivariable complex, the tools, the tools to change.

00:30:39.280 | Yeah, right. We really want to focus Fed and I think the administration has been politicizing

00:30:44.160 | the Fed by giving them a bunch of mandates. Look, if you want to pursue those policies,

00:30:48.240 | do it at HHS, do it in the Interior Department. Don't basically confuse the Fed and make them

00:30:53.680 | pursue climate change or equity or what have you. I mean, that is just bad. But that is not

00:30:58.240 | their remit, right? Their remit is controlling inflation. I really think this just comes down

00:31:03.360 | to the fact that for nine months, they sat on their hands and ignored the inflation evidence.

00:31:07.840 | Remember this word transitory? You know, we heard so much last year about inflation being

00:31:12.400 | transitory. How'd they know that? You know, why didn't they start rethinking this quantitative

00:31:17.520 | easing? The headline from the Wall Street Journal says it all how the inflation rate is measured.

00:31:21.440 | 477 government workers at grocery stores. Yeah, software should be taking

00:31:28.160 | data from different feeds and software can learn. I don't I don't really care. And what are the

00:31:32.720 | predictors of inflation? And what are the predictors of growth? And make a recommendation?

00:31:37.040 | I don't agree with you that it needs to be real time. In fact, I think it would do more harm than

00:31:41.040 | good. But I do think that we can know these things without sampling in such a porous way.

00:31:46.880 | And you know, you can work with private companies to give you the feed of data

00:31:51.520 | to allow you to do it. And now you know, we're going to look, we've had a system of overcorrect

00:31:58.080 | ing and undercorrecting for years. The problem is the stakes get higher and higher as the economy

00:32:03.360 | grows and becomes more complicated. And we have more leverage, and we have more leverage and we

00:32:07.840 | have more industries that are leveraged and more asset classes that are leveraged like housing.

00:32:12.880 | Because by even a few points, you could take everything.

00:32:16.960 | I also want to tell you guys a quick story. One of the most interesting canaries in the coal mine

00:32:22.720 | of all of this was two days ago. And what happened to Facebook,

00:32:28.000 | and this sort of ties a lot of this stuff together in terms of like economics, inflation,

00:32:35.040 | asset prices, equities, tech, we should we can try to talk about non sort of, you know, big tech.

00:32:41.920 | But the everybody was saying, Oh, gosh, the market's gonna rip on the open, you know,

00:32:47.120 | we were closed for Juneteenth. And then on Tuesday, the market, you know, the S&P was

00:32:51.840 | up like 250 basis points 2.5%. And the Nasdaq was also up, you know, call it maybe three

00:32:57.920 | hundred basis points, roughly. But Facebook was down like 400 points, right? So it's a big spread.

00:33:03.200 | And why is that? And I was like, this makes no sense to me what is going on with this price

00:33:08.320 | action. Everything was up, Apple was up, Google was up. And so I called around. And you know,

00:33:13.200 | I was like, why is this happening? And this is the best explanation I got.

00:33:16.720 | When you look at who the incremental buyer is, in the stock market,

00:33:22.880 | it tends to give you a sense of whether prices can go up, or will continue to go down.

00:33:27.840 | And the poorest informed buyer tends to be retail. And the most informed buyer tends to be these very

00:33:37.120 | large institutional hedge funds. Right? So there's a spectrum. And Facebook is an example of one of

00:33:44.320 | the big tech that is poorly owned by retail. So it's mostly owned by smart money. And the case

00:33:52.560 | that smart money makes for owning Facebook is that it's got an extremely cheap price to earnings

00:33:57.440 | ratio. And that's why it's so important to have a big tech. And that's why it's so important to have

00:33:57.760 | a big tech. And that's why it's so important to have a big tech. And that's why it's so important

00:33:58.000 | to have a big tech. And that's why it's so important to have a big tech. So you must own it.

00:33:59.280 | And what they said was that they, you know, looking at the tea leaves of consumer demand,

00:34:05.360 | what they actually re underwrote was that actually, it's not that the price to earnings

00:34:10.880 | was cheap, it's at the E in PE was just wrong. And if they pass through all of these increases in

00:34:17.040 | inflation, and you know, their earnings expectations into Facebook, it's actually

00:34:21.040 | more like fair value at a lower price. That's why they sold it so much on a day where the market was

00:34:25.840 | up. Now, why is that important?

00:34:27.680 | Well, eventually, you're going to touch all these other stocks as well that are going to go

00:34:32.720 | through earnings revisions in this recession. This is where I think Wall Street has done a very poor

00:34:38.160 | job on behalf of retail. If you look at the average estimates of earnings, you will be shocked

00:34:43.840 | to hear that Wall Street actually has this year being record earnings next year earnings continuing

00:34:50.160 | to go up. How is that possible? Well, how is that? How is it if we're sitting here? How do you see

00:34:57.600 | how do you see earnings continuing to go up into these prints like this when you cannot pass through

00:35:03.440 | you know, 80 90% increases in energy and cogs and whatnot? How does it I think the

00:35:09.520 | what people would say is maybe they're going to lower their costs. And so with layoffs,

00:35:14.160 | and lowering salaries and lowering spend on advertising, you know, the earn it the E could go

00:35:20.880 | up if people because start belt tightening, and then we start having companies that are being run,

00:35:26.080 | you know, just

00:35:27.520 | more, you'll have to sell, you'll have to sell fewer things, because there'll be fewer people

00:35:32.240 | with jobs to buy things. But we have 10 million job openings. So this is the weird thing about

00:35:37.040 | this recession is because we haven't let a lot of people immigrate into the country. But we have so

00:35:41.760 | many jobs. Is that what you think the consensus view on Wall Street is that basically a bunch of

00:35:46.480 | people get fired. And so that's why earnings continue to go up? Well, they stop hiring for two

00:35:51.120 | years in advance, right? Facebook said they were hiring for like 2024. Their hiring plans were

00:35:56.000 | looking at two years. And so they're going to stop hiring for two years in advance. And so they're

00:35:57.440 | going to stop hiring for two years in advance. And so they're going to stop hiring for two years in

00:35:59.440 | advance. And so they're going to stop hiring for two years in advance. And so they're going to

00:36:00.000 | stop hiring for two years in advance. And so they're going to stop hiring for two years in advance.

00:36:00.320 | You know, and that's their number one cost. I'm just putting out a theory.

00:36:02.800 | I'll give you the counterfactual. I think Wall Street's wrong. Okay. And I think that

00:36:06.320 | earnings are going to go down this year, and will definitely go down in 23. And so I think what

00:36:13.360 | probably happens is the entire world of equities needs to get repriced at a lower price. And in

00:36:19.920 | that, it's going to put enormous pressure on these cash burning non profitable tech companies.

00:36:24.880 | Well, that's for sure. But in the ones that are profitable, Chamath,

00:36:27.360 | they're aware of this Facebook just canceled like two of their prototypes they were working on to

00:36:31.760 | save money. So that whole $10 billion into, you know, VR, I think they're trying to make that

00:36:36.720 | number looks more smaller. Sacks, what do you think? Well, I think you're bringing up a really

00:36:42.000 | interesting point with this, the 10 million, you know, job openings. And now that that number is

00:36:47.440 | coming down really fast as companies close open racks, and they basically freeze hiring. So that

00:36:52.800 | number is going to come down very, very fast. But one of the major contributors to inflation

00:36:57.280 | is that the labor force participation has been very low, millions of people left the labor force

00:37:03.840 | during COVID as a result of the stimulus checks and the freezing of rent and evictions. I mean,

00:37:10.240 | look, rents the number of people's number one expense, if they don't have to pay rent for a

00:37:13.280 | couple of years, a lot of them may not work or may not work as much. So we've had this problem

00:37:18.240 | where we really need about 2 million people to re enter the labor force. And if you describe

00:37:24.240 | inflation as too much money, chasing too few people, it's going to be a lot of work. And if you

00:37:27.200 | look at the labor force, it's going to be a lot of work. And if you look at the labor force,

00:37:29.840 | it's going to be a lot of work. And if you look at the labor force, it's going to be a lot of work.

00:37:31.680 | And when you have millions of people dropping out of the labor force, you've got less goods

00:37:35.600 | and services being produced that people want. So just reducing the money supply is not going to get

00:37:41.760 | us out of this mess. We also need to improve productive capacity.

00:37:46.000 | Just to put a number on that we peaked in the 1999 era at 67% of

00:37:51.680 | participation in labor force. And then it's been down in this low 60 61 62.

00:37:57.120 | And it continues to be low. But that is the solution here we get that 7% that gap.

00:38:01.600 | You could change the demand side because if all you do is fix the demand side,

00:38:06.480 | what you're doing is you're killing the economy to reduce demand in order to bring it down prices.

00:38:11.680 | That's very painful. It's all pain. But what you also have to do is fix the supply side,

00:38:16.400 | you have to increase the availability of all the critical inputs into the economy. So

00:38:21.600 | labor obviously is one of them, but also critical resources, like energy,

00:38:27.040 | you know, oil, natural gas, and so on. And that goes back to fixing the supply chain,

00:38:31.040 | hopefully getting a resolution of the situation in Ukraine, the war. So if we could fix those things,

00:38:37.680 | it's a way to improve the economy without creating more pain.

00:38:40.320 | Freeberg, if the prices of just daily living of which transportation and housing and healthcare

00:38:46.160 | are now the top three, I believe, groceries and healthcare, I think have flip flopped a couple

00:38:51.280 | times in the last decade in terms of costs. If those things go up, would that make people want to

00:38:56.640 | go back to work to pay for those things? Or does it create capitulation where people say I'm moving

00:39:00.320 | in with my cousin, I'm going to lower my balance sheet? What is your prediction there? Are more

00:39:04.160 | people going to go to work? Or do we still have this, you know, call it 10 million people in the

00:39:08.480 | country who just don't want to go to work? I've mentioned this in the past,

00:39:11.200 | but I think there's more. There's another kind of interesting outcome of this,

00:39:16.400 | we've had several months in a row of pretty significant increase in consumer credit.

00:39:21.120 | And I think the reason is, things are getting more expensive.

00:39:26.560 | And I think that's because people generally do not like to reduce their spend on stuff or their

00:39:33.520 | living their lifestyle. Once you get used to a lifestyle, like going out to dinner once a week,

00:39:38.720 | or going to the movies every week, and you create a budget, you create a life experience around that

00:39:43.120 | a model around that, it's very hard to say, Okay, I got to cut budget now. And I got to reduce my

00:39:47.920 | life, I would rather say I'm going to keep doing that, or at least there's some inertia or some

00:39:51.120 | momentum to keep spending on the things that you've been spending on. And the way you do that in a model

00:39:56.480 | of a business is you take on more debt. And so there is a little bit of a nervousness that I have

00:40:01.360 | had, that people's response generally, the consumer response to inflation, and to a kind of

00:40:10.080 | a shifting income environment like this is not necessarily to cut as quickly but take on more

00:40:19.200 | debt and keep keep buying. And so I am a little nervous about that. But I think that's the way

00:40:26.400 | to do it. And I think that's the way that you can do it. I mean, I don't know if I'm going to be able to

00:40:29.280 | do that, but I do think obviously, at some point, everyone has to figure out ways to generate income,

00:40:33.520 | there have been a lot of these kind of ancillary markets that are typically the first to go these

00:40:38.160 | extra services markets where people, you know, have found other ways to make money side hustles and

00:40:43.440 | whatnot, that may or may not be as robust as they have been historically. And so people may need to

00:40:50.080 | go back for more secure, stable income. And and these jobs get filled. I like I mean, as we all

00:40:56.320 | know, this is the whole concept, I think behind build back better. It's not super thoughtful in

00:41:02.160 | terms of the approach, I think, based on my understanding of where that money is supposed

00:41:06.880 | to go, because it doesn't create long term jobs. But there is an opportunity to build new

00:41:12.240 | manufacturing and new infrastructure jobs in the US right now, that could enable a healthy transition

00:41:17.440 | here. But that legislation needs to be done smart. It can't be done with this, like, hey, let's build

00:41:21.920 | a bunch of bridges. And then a bunch of contractors make a bunch of money and no one has any long term jobs

00:41:26.240 | out of it. We've got to find ways to spend money on creating long term, sustainable, you know, new

00:41:31.760 | industry here. Yeah, job openings 11.4. It's come down about six or 7%. So you know, it's going to

00:41:39.040 | be trailing, but it's for sure we're seeing it in our industry with the hiring freezes that, you

00:41:44.240 | know, we're going to work through those open jobs, what are the chances that inflation gets under

00:41:49.760 | control in the next year? And should the Fed go for like the 1% slam on the brakes, there was some talk

00:41:56.160 | about that, obviously, they went from 50 to 75. Remember, a lot of the elements that we were

00:42:00.240 | kind of saying, Oh, my gosh, I can't believe the climate prices. So you know, wheat is down,

00:42:05.920 | I think 30%, lumber is down 50%. Gas prices are coming down. So you know, there are some of these,

00:42:13.760 | you know, commodity spikes that we've experienced over the past couple of quarters, particularly

00:42:19.920 | recently, that are really that have had a significant part of the fueling effect on the

00:42:24.320 | inflationary trickle down.

00:42:26.080 | into ultimately end products and whatnot. And those are coming down. You know, there's a real

00:42:33.520 | question of how quickly that flows through the economy and flows through to the price of goods

00:42:37.520 | that consumers ultimately end up paying for. The gas prices right now are the biggest concern,

00:42:44.320 | right? Like unless you can get gas prices under control, that always always has a massive impact

00:42:49.600 | on spending on consumer spending, which drives a recessionary cycle. And so if I'm the Biden admin

00:42:56.000 | I'm first and foremost

00:42:57.600 | I don't care about the general

00:42:59.480 | Inflationary indicators as much as I care about getting the price of gas down. That is a super super critical number to face

00:43:05.180 | Is this are these gas prices gonna change how Americans look at what car they buy because they're gonna get worse time

00:43:12.240 | We had that they're gonna know people started looking at not buying SUVs. We could have $7 gas

00:43:17.840 | Oh, I said there was a picture actually I tweeted in California

00:43:22.040 | There was a $7.11 gas broadly broadly

00:43:25.160 | We could have $7 gas all throughout the country

00:43:27.320 | But Jake out the you know, remember the average automotive automobile in the US lasts for 12 years

00:43:33.020 | That's how often people change out their cars. So that's 8% of the fleet being changed per year

00:43:37.700 | yep, and the interest rates for auto loans have spiked like crazy now with this change in the Fed rates and as a result the

00:43:44.840 | Delinquency on auto loan portfolios has spiked like crazy. Yeah, and so, you know, yes sure theoretically

00:43:51.940 | People will think about buying an electric car

00:43:53.560 | But most people aren't thinking about that on average

00:43:55.560 | For five or six years from now because that's the average of a 12-year cycle right five five years from now

00:43:59.860 | Wait till all these peloton bikes need to get repossessed

00:44:01.860 | well all these actually the the the weight for cars and the overpricing of cars has ended in the last two months and

00:44:08.080 | There are multiple cars now in the market 25 30 K for a 50 plus mile per gallon car

00:44:13.540 | I think this actually one of the silver linings coming out of this is people might actually

00:44:16.660 | Stop buying as many SUVs or you know, I think our average is in the low 20s right now in

00:44:21.840 | Europe's is in the high 40s. The problem is like, you know every other four miles per gallon

00:44:26.180 | part of the government

00:44:28.760 | Acknowledges that you have to really ring fence and protect consumers, right? Like if you look at the securities laws

00:44:35.620 | They're meant to protect them at all costs

00:44:38.240 | And Jason you've you know, you've been frustrated by some of the rules that haven't changed and when they change they change so slowly

00:44:44.460 | but the reason is because sometimes that you want people to make good decisions and if you

00:44:51.740 | You know give them a bunch of firepower. They're just gonna spend it and you know

00:44:55.840 | what we really did was we gave folks just a ton of money and

00:44:59.820 | What did they do they acted rationally they spent it. Yeah now we have to take it all back

00:45:05.880 | And that's that's I don't think that's gonna be as easy or as simple as people think

00:45:11.820 | What what percentage of the money supply do you think is in excess right now in the United States?

00:45:16.680 | Well, look I told you this because I wrote this in my annual letter, but it's it's stunning that you know

00:45:20.820 | The reason the stock market went up dollar for dollar was actually tied to the growth in the m2 money supply

00:45:26.520 | The correlation was 0.9 - so for every dollar that the Fed printed the stock market went up by 92 cents

00:45:35.100 | So, you know it stands to reason that if the Fed is going to take three to five trillion dollars of value out

00:45:42.320 | Then we have to rewrite the equity markets by three to five trillion dollars at a minimum

00:45:46.840 | and then you have to rewrite and rebase line for earnings and

00:45:50.720 | So that's probably another twenty or thirty. Let's skin. Yeah, let's talk about the endgame here

00:45:55.000 | the rates go up people stop buying homes people go back to work and

00:45:59.360 | Energy prices come back down because people are not buying as much of it

00:46:05.620 | Spending goes down and people rebalance and that takes a year the job openings could also disappear by the way

00:46:11.600 | I mean like they're going down four hundred thousand a month is

00:46:13.940 | You're assuming that all of a sudden like demand is stable, but it's not necessarily stable in it and it demand and in a demand

00:46:20.620 | Contraction yes people get fired but then also new job openings change, right?

00:46:25.660 | Yeah, there's fewer of them there. They're more specific in the way that people salaries go down, right? That's the salaries go down

00:46:31.920 | That's the piece I'm waiting for that to me. That would be I don't know if you guys have early warning signs

00:46:36.060 | But the two early warning signs I have in my you know

00:46:38.980 | job of investing in early stage companies is when people

00:46:42.680 | Well, what's the average salary for an engineer if that hasn't gone down by now, then it's a lagging indicator, right?

00:46:48.840 | It would be to me capitulation

00:46:50.520 | Salaries go down or people instead of laying people off sacks. They do salary cuts at a company. That is really hard to do, right?

00:46:58.220 | That's yeah, I don't think they do some references in deals, right?

00:47:02.000 | I think the way the salaries come down is that

00:47:04.420 | Startups freeze their hiring plans where they lay people off and all of a sudden the war for talent subsides easier to hire people

00:47:10.760 | And so there's no need to keep raising up. Are you seeing that?

00:47:13.580 | Yeah, I think we're seeing the beginning of it, but I gotta tell you I mean I think that startups have not fully

00:47:20.420 | Embraced or realized what what's happening? I just got back from the KOTU summit over the past couple of days

00:47:26.560 | This was an event that was hosted by KOTU

00:47:29.280 | You know whose founders are Philippe and Thomas Lafont very smart guys

00:47:34.680 | Very smart investors who've been public market sort of hedge fund investors for a long time

00:47:39.160 | But also have a large venture fund to do growth stage investing some of the takeaways from that conference

00:47:44.500 | some of the more vivid lines that stuck with me is that one of the speakers said

00:47:50.320 | That he said that when it comes to runway for startups three to four years is the new two years

00:47:56.760 | Because if you just have two years of runway, you're gonna need to raise in a year and in a year from now

00:48:02.880 | We're gonna be in the middle of a recession

00:48:04.500 | They're predicting they're forecasting that capital availability is gonna decline about 75% the amount of money

00:48:09.960 | That's venture money that's available the ecosystem down by three quarters

00:48:13.800 | so if you try to raise in that environment either you're not gonna be able to or investors are gonna you know,

00:48:20.220 | Have all the leverage you're not gonna get terms that you like so they were recommending three to four years of runway

00:48:25.760 | So that is not what I think a lot of companies are

00:48:29.040 | Possible the other thing that the other really vivid takeaway is that they did some polling of the startup founders who are in attendance

00:48:37.980 | okay, and

00:48:39.980 | What the numbers basically showed is a is a contradiction on the one hand the founders sort of understood that

00:48:46.320 | Intellectually that we're headed into a downturn. We're headed to a recession

00:48:50.120 | And so the polling reflected that on the other hand if you ask the founders how they're gonna react to it

00:48:55.240 | What are you gonna do about it?

00:48:56.560 | You're gonna cut a headcount or you're gonna accelerate your business to beat competitors. Everybody said well, we're gonna out accelerate our competitors

00:49:02.440 | So everybody thought that they're the exception in other words, everyone understood we're headed for this massive recession

00:49:08.320 | It's gonna be really bad, but we're gonna be the one company that doesn't need to cut. We're actually gonna grow

00:49:12.880 | We're gonna accelerate during the downturn. So there was a real

00:49:15.460 | contradiction in how founders are interpreting this

00:49:20.020 | Advice and I have to tell you when I talk to founders in our own portfolio

00:49:24.040 | What I see is, you know, we've now done multiple meetings where we lay out what's happening in the economy and they get it

00:49:29.900 | They understand it and when we do a board meeting, they're like, okay, we're gonna go look at our plan and we're gonna reevaluate

00:49:35.200 | We're gonna make major cuts

00:49:36.660 | We're gonna bring our burn multiple down to you know

00:49:39.400 | The where it should be but then you know when you check in with them a couple of months later and you're like

00:49:43.840 | Where are you on the plane haven't taken the medicine?

00:49:45.580 | It's or the medicine is like a 10% cut and I'm like guys like 10%

00:49:49.920 | It's a performance review. Yeah, like 10% you're doing every year

00:49:53.500 | Anyway, yeah, you get rid of the the bottom like the C performers you promote the A's and B's and you get rid of the C

00:49:58.600 | so

00:49:59.660 | no one really wants to take the medicine yet and

00:50:02.200 | You know, it's a problem

00:50:04.160 | I mean Sequoia has this great chart called survival of the quickest that we should put up on the screen and it shows two lines

00:50:10.640 | One company is the one that takes the medicine right away brings their burn down to where it should be and then they're able

00:50:16.120 | To grow from there and they really will out accelerate the competitors

00:50:19.820 | But then there's the company that basically delays and waits and what happens is by the time they finally get religion to make the cuts

00:50:27.020 | It's too late because even after they make the cuts they don't have enough runway on the other side burn the capital

00:50:32.180 | Yeah, they burn the capital and then they're in a death spiral

00:50:34.220 | So I think you know what what companies need to think about is this is a 75% reduction

00:50:38.600 | Imagine if you did a hundred million dollar round last year, right?

00:50:42.700 | If you go try to raise next year in the most recession that a hundred million dollar round might look like a twenty five million dollar

00:50:49.220 | round

00:50:49.720 | So imagine if you're burning an extra twenty five to fifty million more than you should be according to your burn multiple

00:50:56.100 | You're basically burning the next round forget about the fact that the last round gave you all this cushion

00:51:01.160 | Think about how much of the next round you're burning and if you re-orient your thinking around that it could lead to a change in behavior

00:51:08.160 | anecdotally, I'm seeing

00:51:11.060 | people come back from

00:51:13.060 | Rounds where they were expecting forty or fifty million dollars in some cases like with

00:51:19.620 | 150k in revenue five hundred K in revenue. They were living in a two hundred

00:51:23.420 | three hundred times revenue kind of world it was just insane and

00:51:28.000 | You know, they're now coming back with ten million dollar caps fifteen million dollar caps on their notes

00:51:33.920 | I was offered a hundred million dollars

00:51:35.920 | At a fifty percent discount and I said call me when you get to 65 and that's the best company

00:51:41.720 | That's literally the best company. That's the best and the best founders to bet on right of probably most private companies is them

00:51:48.200 | You don't like that valuation?

00:51:49.520 | What is that valuation forty at fifty percent off?

00:51:53.020 | It's less of a judgment on but it's just more an observation that we're at the beginning of the beginning

00:51:59.180 | And again, we're at the beginning of the beginning

00:52:02.120 | Okay for all of us that lived through the 2000. This was four years of sheer hell and a grind

00:52:09.980 | now we have thirty trillion dollars that we have to work through the economy a recession we have to overcome a war we need to end and

00:52:19.420 | People all of a sudden assume that two or three rate hikes and five or six months of headlines are enough

00:52:25.680 | And on the margin, maybe they're right, but from my perspective, you know, it's less a judgment on but it's just an observation that we're at

00:52:33.680 | the beginning of something that just fundamentally has to take some amount of time to work its way through the system and so I don't understand why

00:52:41.100 | anybody

00:52:42.240 | Would give up their liquidity in this moment right now. Why would you why would I why would I give up a hundred million dollars?

00:52:47.880 | I would not do that right now

00:52:49.880 | Because the cash the caps the cash gives you so much optionality. It's based so much optionality

00:52:55.240 | So you're gonna be looking for distress and this is the thing

00:52:58.500 | So you have a huge amount of capital leaving the ecosystem like we know tiger is basically out

00:53:03.060 | I mean they were the basically the default provider of growth stage capital over the last couple of years

00:53:07.880 | So you have a lot of liquidity leaving the system and then the liquidity that's in the system is waiting for distress

00:53:13.480 | So you're right in it. There's a quarter. I mean like we talked about there's a quarter

00:53:17.780 | A quarter trillion dollars of quote-unquote dry powder

00:53:20.300 | I mean, I know Chamath thinks that people are gonna give that money back, but there's never

00:53:23.540 | They're not gonna give it back

00:53:28.900 | Yeah, look at that that tiger fund tiger raised a new twelve billion dollar fund that was announced in March and tech crunch

00:53:35.800 | We covered it on the show a month ago. Yeah, the tech crunch on article saying was already deployed in six months

00:53:40.600 | So I wasn't on that show. Oh, that was the one where Jake I'll try to replace you with Brad Gerstner

00:53:45.780 | We should show weekly going forward

00:53:47.680 | It's not a monthly might be better to keep up with these trends

00:53:50.320 | Okay

00:53:50.800 | Jake how you make a good point there creates go back this for a second

00:53:53.820 | You said the founders were they're still anchored on this world of two to three hundred times ARR evaluations

00:53:59.160 | Let me just tell you where the new valuation levels are and this is obviously in flux

00:54:03.200 | But I'm pretty sure the valuation levels are at twenty to thirty times ARR. That's for a company

00:54:08.160 | That's growing 3x year-over-year. Yeah 3x year-over-year. That's the best of the best the reason

00:54:12.620 | How do you get there next year's?

00:54:14.620 | Yes, exactly and the way that you get there

00:54:17.580 | Is that if you look at like the the multiples for like the best public SAS companies that are like say a forty percent grower?

00:54:24.760 | Like a snowflake there at 8x. Yeah, so, you know, so basically giving more credit for

00:54:30.440 | The higher growth rate. Yeah, right, but they really have to have that 3x growth

00:54:35.140 | So, you know if you're a founder think about the fact that when you try to go raise next year

00:54:41.000 | Assuming you're the best of the best you'll get twenty to thirty times ARR now think about your spending not

00:54:47.480 | Last round's money you're spending the next round's money. If you could just reorient your thinking that way you'd burn a lot less money

00:54:53.680 | Yeah, the the I literally had a deal

00:54:57.400 | You know in the 30 and 40 range and angel investors who never early stage angel investors seed funds that did not look at

00:55:05.380 | multiples are now

00:55:08.160 | Asking me because when I send a deal memo to 10,000 people for my syndicate people hit reply

00:55:13.180 | People are hitting reply now and saying I did the math on this. This is the multiple

00:55:17.380 | This is this this is the burn multiple. They're actually doing the math

00:55:20.280 | So we all of a sudden have discipline that I have not seen in this investor class in the ten years

00:55:26.680 | I've been doing it. So that is to me one of the great silver linings here

00:55:31.420 | I think people are gonna do a better job with their personal balance sheets

00:55:34.600 | They're gonna invest less in speculative stuff and they're going to invest more in the actual builders who have discipline

00:55:41.180 | So we're gonna see this massive swing to discipline and we're gonna flush out all the people who don't have

00:55:47.280 | Market think about all those folks like what's happened in the last six months. It's like they've been long unprofitable tech

00:55:53.260 | It's got smoked by 75 to 85 percent. They've been long crypto that's gotten spoked by 65 percent more

00:56:00.840 | Yeah, I mean if they weren't using a calculator then they sure as hell should be using a calculator now to figure it out

00:56:06.800 | I mean people well you think about it. There's a whole group of investors who have only known the up market

00:56:12.120 | There's a whole group of founders who only know the growth market if you're under 40 years old, you don't understand what?

00:56:17.180 | You're about to experience and here we are. Let's that's a perfect time to segue into crypto bitcoins price is down

00:56:23.780 | 71 percent

00:56:26.400 | from the all-time high

00:56:28.400 | 69k in November of 2021 bottomed out at

00:56:31.340 | 17,000 or so on June 18th the theorems price down 78 percent

00:56:36.280 | And if you look at the craziness since the last all-in episode, you know this three AC three arrow capital

00:56:42.980 | They're a crypto hedge fund that was letting people

00:56:44.980 | Basically loan out

00:56:47.080 | They're crypto

00:56:48.440 | They are basically closing a 10 billion dollar

00:56:51.600 | crypto

00:56:53.520 | Hedge fund at its peak they're insolvent according to the reports Terra Luna collapsed the

00:56:59.200 | Founders and employees at that company are not being allowed to leave South Korea doesn't mean they're guilty, but it's certainly not looking good

00:57:06.600 | and

00:57:08.600 | There is a whole situation with Solana and a company built on top of it. So lend which is not Solana

00:57:14.800 | It's an application built on top of it. I talked to Vinnie Lingard

00:57:16.980 | My friend earlier this week about it. They had a whale who had

00:57:20.400 | Tried to loan out a hundred million and they had to freeze their account because they thought the downward pressure

00:57:26.840 | Since there's not many buyers in crypto right now could collapse Solana. So thoughts on crypto writ large. What is this gonna look like sacks?

00:57:34.540 | Over the means like a crash all over again

00:57:38.240 | I mean basically you had an extremely promising technology. I mean it is a promising technology, of course

00:57:44.180 | It is a future, you know technology platform

00:57:46.780 | but the

00:57:48.220 | price action got totally decoupled from the level of progress in the space and people were not valuing these things based on

00:57:55.440 | Real customers real usage and real use cases, but it was became, you know, very speculative

00:58:00.720 | And again, all this was fueled by the excess liquidity that was pumped into the system

00:58:04.940 | So, you know, we've said it before that crypto is like a liquidity sponge

00:58:08.820 | It sucks up when there's a lot of excess liquidity. It sucks up that liquidity, but now that sponge is getting wrung out and

00:58:16.180 | You know part of the problem is with interest rates going up

00:58:18.720 | you know, it's one thing when you have negative real interest rates and

00:58:21.600 | And and and you can't earn a return on your money

00:58:24.840 | then you start to get you basic people start to push the envelope and

00:58:28.380 | Invest in more more speculative things but as you can get a real return in

00:58:32.880 | Like they'll say there's like a real risk-free rate

00:58:36.000 | Now there's alternatives for all that cash and then you got the problem of leverage as well

00:58:40.560 | Which I think over the last few weeks the crypto space was heavily over levered and a lot of people got margin calls

00:58:46.080 | And wiped out that's the contagion that's occurred and people were levered up five ten times

00:58:50.760 | They're Bitcoin on these roads until these token sale things get litigated

00:58:55.340 | I mean the amount God the amount of grift by so many of these venture firms in running these

00:59:02.200 | Sketchy deals where they would put in some amount of money

00:59:06.120 | This is my understanding of the scam because it was explained to me you put in a little bit of equity at some crazy price

00:59:11.320 | And then you get these tokens and apparently there's no like you can just sell these tokens

00:59:15.960 | Day one and so what happens is like you you price the equity

00:59:20.100 | But it's meaningless because really what you're getting is the right to get some amount of these tokens

00:59:24.300 | The price is crazy you sell it and then you just kind of walk away and apparently, you know

00:59:29.400 | You do these deals where you just rinse and repeat this thing

00:59:32.060 | Well, wait, wait till that gets exposed. I mean, it seems like a turn the firm that did this the most is Andreessen Horowitz

00:59:39.400 | Chris Dixon, I think was considered like the best investor last year or the year before

00:59:45.840 | I mean, I think he's a great investor

00:59:47.840 | I mean, I think he's a great investor

00:59:49.840 | I mean, I think he's a great investor

00:59:51.840 | I mean, I think he's a great investor

00:59:53.840 | I mean, I think he's a great investor

00:59:55.840 | I mean, I think he's a great investor

00:59:57.840 | I mean, I think he's a great investor

00:59:59.840 | I mean, I think he's a great investor

01:00:01.840 | I mean, I think he's a great investor

01:00:03.840 | I mean, I think he's a great investor

01:00:05.840 | I mean, I think he's a great investor

01:00:07.840 | I mean, I think he's a great investor

01:00:09.840 | I mean, I think he's a great investor

01:00:11.840 | I mean, I think he's a great investor

01:00:13.840 | I mean, I think he's a great investor

01:00:15.720 | I mean, I think he's a great investor

01:00:17.720 | I mean, I think he's a great investor

01:00:19.720 | I mean, I think he's a great investor

01:00:21.720 | I mean, I think he's a great investor

01:00:23.720 | I mean, I think he's a great investor

01:00:25.720 | I mean, I think he's a great investor

01:00:27.720 | I mean, I think he's a great investor

01:00:29.720 | I mean, I think he's a great investor

01:00:31.720 | I mean, I think he's a great investor

01:00:33.720 | I mean, I think he's a great investor

01:00:35.720 | I mean, I think he's a great investor

01:00:37.720 | I mean, I think he's a great investor

01:00:39.720 | I mean, I think he's a great investor

01:00:41.720 | I mean, I think he's a great investor

01:00:43.720 | I mean, I think he's a great investor

01:00:45.600 | I mean, I think he's a great investor

01:00:47.600 | I mean, I think he's a great investor

01:00:49.600 | I mean, I think he's a great investor

01:00:51.600 | I mean, I think he's a great investor

01:00:53.600 | I mean, I think he's a great investor

01:00:55.600 | I mean, I think he's a great investor

01:00:57.600 | I mean, I think he's a great investor

01:00:59.600 | I mean, I think he's a great investor

01:01:01.600 | I mean, I think he's a great investor

01:01:03.600 | I mean, I think he's a great investor

01:01:05.600 | I mean, I think he's a great investor

01:01:07.600 | I mean, I think he's a great investor

01:01:09.600 | I mean, I think he's a great investor

01:01:11.600 | I mean, I think he's a great investor

01:01:13.600 | I mean, I think he's a great investor

01:01:15.480 | I mean, I think he's a great investor

01:01:17.480 | I mean, I think he's a great investor

01:01:19.480 | I mean, I think he's a great investor

01:01:21.480 | I mean, I think he's a great investor

01:01:23.480 | I mean, I think he's a great investor

01:01:25.480 | I mean, I think he's a great investor

01:01:27.480 | I mean, I think he's a great investor

01:01:29.480 | I mean, I think he's a great investor

01:01:31.480 | I mean, I think he's a great investor

01:01:33.480 | I mean, I think he's a great investor

01:01:35.480 | I mean, I think he's a great investor

01:01:37.480 | I mean, I think he's a great investor

01:01:39.480 | I mean, I think he's a great investor

01:01:41.480 | I mean, I think he's a great investor

01:01:43.480 | I mean, I think he's a great investor

01:01:45.360 | I mean, I think he's a great investor

01:01:47.360 | I mean, I think he's a great investor

01:01:49.360 | I mean, I think he's a great investor

01:01:51.360 | I mean, I think he's a great investor

01:01:53.360 | I mean, I think he's a great investor

01:01:55.360 | I mean, I think he's a great investor

01:01:57.360 | I mean, I think he's a great investor

01:01:59.360 | I mean, I think he's a great investor

01:02:01.360 | I mean, I think he's a great investor

01:02:03.360 | I mean, I think he's a great investor

01:02:05.360 | I mean, I think he's a great investor

01:02:07.360 | I mean, I think he's a great investor

01:02:09.360 | I mean, I think he's a great investor

01:02:11.360 | I mean, I think he's a great investor

01:02:13.360 | I mean, I think he's a great investor

01:02:15.240 | I mean, I think he's a great investor

01:02:17.240 | I mean, I think he's a great investor

01:02:19.240 | I mean, I think he's a great investor

01:02:21.240 | I mean, I think he's a great investor

01:02:23.240 | I mean, I think he's a great investor

01:02:25.240 | I mean, I think he's a great investor

01:02:27.240 | I mean, I think he's a great investor

01:02:29.240 | I mean, I think he's a great investor

01:02:31.240 | I mean, I think he's a great investor

01:02:33.240 | I mean, I think he's a great investor

01:02:35.240 | I mean, I think he's a great investor

01:02:37.240 | I mean, I think he's a great investor

01:02:39.240 | I mean, I think he's a great investor

01:02:41.240 | I mean, I think he's a great investor

01:02:43.240 | I mean, I think he's a great investor

01:02:45.120 | I mean, I think he's a great investor

01:02:47.120 | I mean, I think he's a great investor

01:02:49.120 | I mean, I think he's a great investor

01:02:51.120 | I mean, I think he's a great investor

01:02:53.120 | I mean, I think he's a great investor

01:02:55.120 | I mean, I think he's a great investor

01:02:57.120 | I mean, I think he's a great investor

01:02:59.120 | I mean, I think he's a great investor

01:03:01.120 | I mean, I think he's a great investor

01:03:03.120 | I mean, I think he's a great investor

01:03:05.120 | I mean, I think he's a great investor

01:03:07.120 | I mean, I think he's a great investor

01:03:09.120 | I mean, I think he's a great investor

01:03:11.120 | I mean, I think he's a great investor

01:03:13.120 | I mean, I think he's a great investor

01:03:15.000 | I mean, I think he's a great investor

01:03:17.000 | I mean, I think he's a great investor

01:03:19.000 | I mean, I think he's a great investor

01:03:21.000 | I mean, I think he's a great investor

01:03:23.000 | I mean, I think he's a great investor

01:03:25.000 | I mean, I think he's a great investor

01:03:27.000 | I mean, I think he's a great investor

01:03:29.000 | I mean, I think he's a great investor

01:03:31.000 | I mean, I think he's a great investor

01:03:33.000 | I mean, I think he's a great investor

01:03:35.000 | I mean, I think he's a great investor

01:03:37.000 | I mean, I think he's a great investor

01:03:39.000 | I mean, I think he's a great investor

01:03:41.000 | I mean, I think he's a great investor

01:03:43.000 | I mean, I think he's a great investor

01:03:44.880 | I mean, I think he's a great investor

01:03:46.880 | I mean, I think he's a great investor

01:03:48.880 | I mean, I think he's a great investor

01:03:50.880 | I mean, I think he's a great investor

01:03:52.880 | I mean, I think he's a great investor

01:03:54.880 | I mean, I think he's a great investor

01:03:56.880 | I mean, I think he's a great investor

01:03:58.880 | I mean, I think he's a great investor

01:04:00.880 | I mean, I think he's a great investor

01:04:02.880 | I mean, I think he's a great investor

01:04:04.880 | I mean, I think he's a great investor

01:04:06.880 | I mean, I think he's a great investor

01:04:08.880 | I mean, I think he's a great investor

01:04:10.880 | I mean, I think he's a great investor

01:04:12.880 | I mean, I think he's a great investor

01:04:14.760 | I mean, I think he's a great investor

01:04:16.760 | I mean, I think he's a great investor

01:04:18.760 | I mean, I think he's a great investor

01:04:20.760 | I mean, I think he's a great investor

01:04:22.760 | I mean, I think he's a great investor

01:04:24.760 | I mean, I think he's a great investor

01:04:26.760 | I mean, I think he's a great investor

01:04:28.760 | I mean, I think he's a great investor

01:04:30.760 | I mean, I think he's a great investor

01:04:32.760 | I mean, I think he's a great investor

01:04:34.760 | I mean, I think he's a great investor

01:04:36.760 | I mean, I think he's a great investor

01:04:38.760 | I mean, I think he's a great investor

01:04:40.760 | I mean, I think he's a great investor

01:04:42.760 | I mean, I think he's a great investor

01:04:44.640 | I mean, I think he's a great investor

01:04:46.640 | I mean, I think he's a great investor

01:04:48.640 | I mean, I think he's a great investor

01:04:50.640 | I mean, I think he's a great investor

01:04:52.640 | I mean, I think he's a great investor

01:04:54.640 | I mean, I think he's a great investor

01:04:56.640 | I mean, I think he's a great investor

01:04:58.640 | I mean, I think he's a great investor

01:05:00.640 | I mean, I think he's a great investor

01:05:02.640 | I mean, I think he's a great investor

01:05:04.640 | I mean, I think he's a great investor

01:05:06.640 | I mean, I think he's a great investor

01:05:08.640 | I mean, I think he's a great investor

01:05:10.640 | I mean, I think he's a great investor

01:05:12.640 | I mean, I think he's a great investor

01:05:14.520 | I mean, I think he's a great investor

01:05:16.520 | I mean, I think he's a great investor

01:05:18.520 | I mean, I think he's a great investor

01:05:20.520 | I mean, I think he's a great investor

01:05:22.520 | I mean, I think he's a great investor

01:05:24.520 | I mean, I think he's a great investor

01:05:26.520 | I mean, I think he's a great investor

01:05:28.520 | I mean, I think he's a great investor

01:05:30.520 | I mean, I think he's a great investor

01:05:32.520 | I mean, I think he's a great investor

01:05:34.520 | I mean, I think he's a great investor

01:05:36.520 | I mean, I think he's a great investor

01:05:38.520 | I mean, I think he's a great investor

01:05:40.520 | I mean, I think he's a great investor

01:05:42.520 | I mean, I think he's a great investor

01:05:44.400 | I mean, I think he's a great investor

01:05:46.400 | I mean, I think he's a great investor

01:05:48.400 | I mean, I think he's a great investor

01:05:50.400 | I mean, I think he's a great investor

01:05:52.400 | I mean, I think he's a great investor

01:05:54.400 | I mean, I think he's a great investor

01:05:56.400 | I mean, I think he's a great investor

01:05:58.400 | I mean, I think he's a great investor

01:06:00.400 | I mean, I think he's a great investor

01:06:02.400 | I mean, I think he's a great investor

01:06:04.400 | I mean, I think he's a great investor

01:06:06.400 | I mean, I think he's a great investor

01:06:08.400 | I mean, I think he's a great investor

01:06:10.400 | I mean, I think he's a great investor

01:06:12.400 | I mean, I think he's a great investor

01:06:14.280 | I mean, I think he's a great investor

01:06:16.280 | I mean, I think he's a great investor

01:06:18.280 | I mean, I think he's a great investor

01:06:20.280 | I mean, I think he's a great investor

01:06:22.280 | I mean, I think he's a great investor

01:06:24.280 | I mean, I think he's a great investor

01:06:26.280 | I mean, I think he's a great investor

01:06:28.280 | I mean, I think he's a great investor

01:06:30.280 | I mean, I think he's a great investor

01:06:32.280 | I mean, I think he's a great investor

01:06:34.280 | I mean, I think he's a great investor

01:06:36.280 | I mean, I think he's a great investor

01:06:38.280 | I mean, I think he's a great investor

01:06:40.280 | I mean, I think he's a great investor

01:06:42.280 | I mean, I think he's a great investor

01:06:44.160 | I mean, I think he's a great investor

01:06:46.160 | I mean, I think he's a great investor

01:06:48.160 | I mean, I think he's a great investor

01:06:50.160 | I mean, I think he's a great investor

01:06:52.160 | I mean, I think he's a great investor

01:06:54.160 | I mean, I think he's a great investor

01:06:56.160 | I mean, I think he's a great investor

01:06:58.160 | I mean, I think he's a great investor

01:07:00.160 | I mean, I think he's a great investor

01:07:02.160 | I mean, I think he's a great investor

01:07:04.160 | I mean, I think he's a great investor

01:07:06.160 | I mean, I think he's a great investor

01:07:08.160 | I mean, I think he's a great investor

01:07:10.160 | I mean, I think he's a great investor

01:07:12.160 | I mean, I think he's a great investor

01:07:14.040 | I mean, I think he's a great investor

01:07:16.040 | I mean, I think he's a great investor

01:07:18.040 | I mean, I think he's a great investor

01:07:20.040 | I mean, I think he's a great investor

01:07:22.040 | I mean, I think he's a great investor

01:07:24.040 | I mean, I think he's a great investor

01:07:26.040 | I mean, I think he's a great investor

01:07:28.040 | I mean, I think he's a great investor

01:07:30.040 | I mean, I think he's a great investor

01:07:32.040 | I mean, I think he's a great investor

01:07:34.040 | I mean, I think he's a great investor

01:07:36.040 | I mean, I think he's a great investor

01:07:38.040 | I mean, I think he's a great investor

01:07:40.040 | I mean, I think he's a great investor

01:07:42.040 | I mean, I think he's a great investor

01:07:43.920 | I mean, I think he's a great investor

01:07:45.920 | I mean, I think he's a great investor

01:07:47.920 | I mean, I think he's a great investor

01:07:49.920 | I mean, I think he's a great investor

01:07:51.920 | I mean, I think he's a great investor

01:07:53.920 | I mean, I think he's a great investor

01:07:55.920 | I mean, I think he's a great investor

01:07:57.920 | I mean, I think he's a great investor

01:07:59.920 | I mean, I think he's a great investor

01:08:01.920 | I mean, I think he's a great investor

01:08:03.920 | I mean, I think he's a great investor

01:08:05.920 | I mean, I think he's a great investor

01:08:07.920 | I mean, I think he's a great investor

01:08:09.920 | I mean, I think he's a great investor

01:08:11.920 | I mean, I think he's a great investor

01:08:13.800 | I mean, I think he's a great investor

01:08:15.800 | I mean, I think he's a great investor

01:08:17.800 | I mean, I think he's a great investor

01:08:19.800 | I mean, I think he's a great investor

01:08:21.800 | I mean, I think he's a great investor

01:08:23.800 | I mean, I think he's a great investor

01:08:25.800 | I mean, I think he's a great investor

01:08:27.800 | I mean, I think he's a great investor

01:08:29.800 | I mean, I think he's a great investor

01:08:31.800 | I mean, I think he's a great investor

01:08:33.800 | I mean, I think he's a great investor

01:08:35.800 | I mean, I think he's a great investor

01:08:37.800 | I mean, I think he's a great investor

01:08:39.800 | I mean, I think he's a great investor

01:08:41.800 | I mean, I think he's a great investor

01:08:43.680 | I mean, I think he's a great investor

01:08:45.680 | I mean, I think he's a great investor

01:08:47.680 | I mean, I think he's a great investor

01:08:49.680 | I mean, I think he's a great investor

01:08:51.680 | I mean, I think he's a great investor

01:08:53.680 | I mean, I think he's a great investor

01:08:55.680 | I mean, I think he's a great investor

01:08:57.680 | I mean, I think he's a great investor

01:08:59.680 | I mean, I think he's a great investor

01:09:01.680 | I mean, I think he's a great investor

01:09:03.680 | I mean, I think he's a great investor

01:09:05.680 | I mean, I think he's a great investor

01:09:07.680 | I mean, I think he's a great investor

01:09:09.680 | I mean, I think he's a great investor

01:09:11.680 | I mean, I think he's a great investor

01:09:13.560 | I mean, I think he's a great investor

01:09:15.560 | I mean, I think he's a great investor

01:09:17.560 | I mean, I think he's a great investor

01:09:19.560 | I mean, I think he's a great investor

01:09:21.560 | I mean, I think he's a great investor

01:09:23.560 | I mean, I think he's a great investor

01:09:25.560 | I mean, I think he's a great investor

01:09:27.560 | I mean, I think he's a great investor

01:09:29.560 | I mean, I think he's a great investor

01:09:31.560 | I mean, I think he's a great investor

01:09:33.560 | I mean, I think he's a great investor

01:09:35.560 | I mean, I think he's a great investor

01:09:37.560 | I mean, I think he's a great investor

01:09:39.560 | I mean, I think he's a great investor

01:09:41.560 | I mean, I think he's a great investor

01:09:43.440 | I mean, I think he's a great investor

01:09:45.440 | I mean, I think he's a great investor

01:09:47.440 | I mean, I think he's a great investor

01:09:49.440 | I mean, I think he's a great investor

01:09:51.440 | I mean, I think he's a great investor

01:09:53.440 | I mean, I think he's a great investor

01:09:55.440 | I mean, I think he's a great investor

01:09:57.440 | I mean, I think he's a great investor

01:09:59.440 | I mean, I think he's a great investor

01:10:01.440 | I mean, I think he's a great investor

01:10:03.440 | I mean, I think he's a great investor

01:10:05.440 | I mean, I think he's a great investor

01:10:07.440 | I mean, I think he's a great investor

01:10:09.440 | I mean, I think he's a great investor

01:10:11.440 | I mean, I think he's a great investor

01:10:13.320 | I mean, I think he's a great investor

01:10:15.320 | I mean, I think he's a great investor

01:10:17.320 | I mean, I think he's a great investor

01:10:19.320 | I mean, I think he's a great investor

01:10:21.320 | I mean, I think he's a great investor

01:10:23.320 | I mean, I think he's a great investor

01:10:25.320 | I mean, I think he's a great investor

01:10:27.320 | I mean, I think he's a great investor

01:10:29.320 | I mean, I think he's a great investor

01:10:31.320 | I mean, I think he's a great investor

01:10:33.320 | I mean, I think he's a great investor

01:10:35.320 | I mean, I think he's a great investor

01:10:37.320 | I mean, I think he's a great investor

01:10:39.320 | I mean, I think he's a great investor

01:10:41.320 | I mean, I think he's a great investor

01:10:43.200 | I mean, I think he's a great investor

01:10:45.200 | I mean, I think he's a great investor

01:10:47.200 | I mean, I think he's a great investor

01:10:49.200 | I mean, I think he's a great investor

01:10:51.200 | I mean, I think he's a great investor

01:10:53.200 | I mean, I think he's a great investor

01:10:55.200 | I mean, I think he's a great investor

01:10:57.200 | I mean, I think he's a great investor

01:10:59.200 | I mean, I think he's a great investor

01:11:01.200 | I mean, I think he's a great investor

01:11:03.200 | I mean, I think he's a great investor

01:11:05.200 | I mean, I think he's a great investor

01:11:07.200 | I mean, I think he's a great investor

01:11:09.200 | I mean, I think he's a great investor

01:11:11.200 | I mean, I think he's a great investor

01:11:13.080 | I mean, I think he's a great investor

01:11:15.080 | I mean, I think he's a great investor

01:11:17.080 | I mean, I think he's a great investor

01:11:19.080 | I mean, I think he's a great investor

01:11:21.080 | I mean, I think he's a great investor

01:11:23.080 | I mean, I think he's a great investor

01:11:25.080 | I mean, I think he's a great investor

01:11:27.080 | I mean, I think he's a great investor

01:11:29.080 | I mean, I think he's a great investor

01:11:31.080 | I mean, I think he's a great investor

01:11:33.080 | I mean, I think he's a great investor

01:11:35.080 | I mean, I think he's a great investor

01:11:37.080 | I mean, I think he's a great investor

01:11:39.080 | I mean, I think he's a great investor

01:11:41.080 | I mean, I think he's a great investor

01:11:42.960 | I mean, I think he's a great investor

01:11:44.960 | I mean, I think he's a great investor

01:11:46.960 | I mean, I think he's a great investor

01:11:48.960 | I mean, I think he's a great investor

01:11:50.960 | I mean, I think he's a great investor

01:11:52.960 | I mean, I think he's a great investor

01:11:54.960 | I mean, I think he's a great investor

01:11:56.960 | I mean, I think he's a great investor

01:11:58.960 | I mean, I think he's a great investor

01:12:00.960 | I mean, I think he's a great investor

01:12:02.960 | I mean, I think he's a great investor

01:12:04.960 | I mean, I think he's a great investor

01:12:06.960 | I mean, I think he's a great investor

01:12:08.960 | I mean, I think he's a great investor

01:12:10.960 | I mean, I think he's a great investor

01:12:12.840 | I mean, I think he's a great investor

01:12:14.840 | I mean, I think he's a great investor

01:12:16.840 | I mean, I think he's a great investor

01:12:18.840 | I mean, I think he's a great investor

01:12:20.840 | I mean, I think he's a great investor

01:12:22.840 | I mean, I think he's a great investor

01:12:24.840 | I mean, I think he's a great investor

01:12:26.840 | I mean, I think he's a great investor

01:12:28.840 | I mean, I think he's a great investor

01:12:30.840 | I mean, I think he's a great investor

01:12:32.840 | I mean, I think he's a great investor

01:12:34.840 | I mean, I think he's a great investor

01:12:36.840 | I mean, I think he's a great investor

01:12:38.840 | I mean, I think he's a great investor

01:12:40.840 | I mean, I think he's a great investor

01:12:42.720 | I mean, I think he's a great investor

01:12:44.720 | I mean, I think he's a great investor

01:12:46.720 | I mean, I think he's a great investor

01:12:48.720 | I mean, I think he's a great investor

01:12:50.720 | I mean, I think he's a great investor

01:12:52.720 | I mean, I think he's a great investor

01:12:54.720 | I mean, I think he's a great investor

01:12:56.720 | I mean, I think he's a great investor

01:12:58.720 | I mean, I think he's a great investor

01:13:00.720 | I mean, I think he's a great investor

01:13:02.720 | I mean, I think he's a great investor

01:13:04.720 | I mean, I think he's a great investor

01:13:06.720 | I mean, I think he's a great investor

01:13:08.720 | I mean, I think he's a great investor

01:13:10.720 | I mean, I think he's a great investor

01:13:12.600 | I mean, I think he's a great investor

01:13:14.600 | I mean, I think he's a great investor

01:13:16.600 | I mean, I think he's a great investor

01:13:18.600 | I mean, I think he's a great investor

01:13:20.600 | I mean, I think he's a great investor

01:13:22.600 | I mean, I think he's a great investor

01:13:24.600 | I mean, I think he's a great investor

01:13:26.600 | I mean, I think he's a great investor

01:13:28.600 | I mean, I think he's a great investor

01:13:30.600 | I mean, I think he's a great investor

01:13:32.600 | I mean, I think he's a great investor

01:13:34.600 | I mean, I think he's a great investor

01:13:36.600 | I mean, I think he's a great investor

01:13:38.600 | I mean, I think he's a great investor

01:13:40.600 | I mean, I think he's a great investor

01:13:42.480 | I mean, I think he's a great investor

01:13:44.480 | I mean, I think he's a great investor

01:13:46.480 | I mean, I think he's a great investor

01:13:48.480 | I mean, I think he's a great investor

01:13:50.480 | I mean, I think he's a great investor

01:13:52.480 | I mean, I think he's a great investor

01:13:54.480 | I mean, I think he's a great investor

01:13:56.480 | I mean, I think he's a great investor

01:13:58.480 | I mean, I think he's a great investor

01:14:00.480 | I mean, I think he's a great investor

01:14:02.480 | I mean, I think he's a great investor

01:14:04.480 | I mean, I think he's a great investor

01:14:06.480 | I mean, I think he's a great investor

01:14:08.480 | I mean, I think he's a great investor

01:14:10.480 | I mean, I think he's a great investor

01:14:12.360 | I mean, I think he's a great investor

01:14:14.360 | I mean, I think he's a great investor

01:14:16.360 | I mean, I think he's a great investor

01:14:18.360 | I mean, I think he's a great investor

01:14:20.360 | I mean, I think he's a great investor

01:14:22.360 | I mean, I think he's a great investor

01:14:24.360 | I mean, I think he's a great investor

01:14:26.360 | I mean, I think he's a great investor

01:14:28.360 | I mean, I think he's a great investor

01:14:30.360 | I mean, I think he's a great investor

01:14:32.360 | I mean, I think he's a great investor

01:14:34.360 | I mean, I think he's a great investor

01:14:36.360 | I mean, I think he's a great investor

01:14:38.360 | I mean, I think he's a great investor

01:14:40.360 | I mean, I think he's a great investor

01:14:42.240 | I mean, I think he's a great investor

01:14:44.240 | I mean, I think he's a great investor

01:14:46.240 | I mean, I think he's a great investor

01:14:48.240 | I mean, I think he's a great investor

01:14:50.240 | I mean, I think he's a great investor

01:14:52.240 | I mean, I think he's a great investor

01:14:54.240 | I mean, I think he's a great investor

01:14:56.240 | I mean, I think he's a great investor

01:14:58.240 | I mean, I think he's a great investor

01:15:00.240 | I mean, I think he's a great investor

01:15:02.240 | I mean, I think he's a great investor

01:15:04.240 | I mean, I think he's a great investor

01:15:06.240 | I mean, I think he's a great investor

01:15:08.240 | I mean, I think he's a great investor

01:15:10.240 | I mean, I think he's a great investor

01:15:12.120 | I mean, I think he's a great investor

01:15:14.120 | I mean, I think he's a great investor

01:15:16.120 | I mean, I think he's a great investor

01:15:18.120 | I mean, I think he's a great investor

01:15:20.120 | I mean, I think he's a great investor

01:15:22.120 | I mean, I think he's a great investor

01:15:24.120 | I mean, I think he's a great investor

01:15:26.120 | I mean, I think he's a great investor

01:15:28.120 | I mean, I think he's a great investor

01:15:30.120 | I mean, I think he's a great investor

01:15:32.120 | I mean, I think he's a great investor

01:15:34.120 | I mean, I think he's a great investor

01:15:36.120 | I mean, I think he's a great investor

01:15:38.120 | I mean, I think he's a great investor

01:15:40.120 | I mean, I think he's a great investor

01:15:42.000 | I mean, I think he's a great investor

01:15:44.000 | I mean, I think he's a great investor

01:15:46.000 | I mean, I think he's a great investor

01:15:48.000 | I mean, I think he's a great investor

01:15:50.000 | I mean, I think he's a great investor

01:15:52.000 | I mean, I think he's a great investor

01:15:54.000 | I mean, I think he's a great investor

01:15:56.000 | I mean, I think he's a great investor

01:15:58.000 | I mean, I think he's a great investor

01:16:00.000 | I mean, I think he's a great investor

01:16:02.000 | I mean, I think he's a great investor

01:16:04.000 | I mean, I think he's a great investor

01:16:06.000 | I mean, I think he's a great investor

01:16:08.000 | I mean, I think he's a great investor

01:16:10.000 | I mean, I think he's a great investor

01:16:11.880 | I mean, I think he's a great investor

01:16:13.880 | I mean, I think he's a great investor

01:16:15.880 | I mean, I think he's a great investor

01:16:17.880 | I mean, I think he's a great investor

01:16:19.880 | I mean, I think he's a great investor

01:16:21.880 | I mean, I think he's a great investor

01:16:23.880 | I mean, I think he's a great investor

01:16:25.880 | I mean, I think he's a great investor

01:16:27.880 | I mean, I think he's a great investor

01:16:29.880 | I mean, I think he's a great investor

01:16:31.880 | I mean, I think he's a great investor

01:16:33.880 | I mean, I think he's a great investor

01:16:35.880 | I mean, I think he's a great investor

01:16:37.880 | I mean, I think he's a great investor

01:16:39.880 | I mean, I think he's a great investor

01:16:41.760 | I mean, I think he's a great investor

01:16:43.760 | I mean, I think he's a great investor

01:16:45.760 | I mean, I think he's a great investor

01:16:47.760 | I mean, I think he's a great investor

01:16:49.760 | I mean, I think he's a great investor

01:16:51.760 | I mean, I think he's a great investor

01:16:53.760 | I mean, I think he's a great investor

01:16:55.760 | I mean, I think he's a great investor

01:16:57.760 | I mean, I think he's a great investor

01:16:59.760 | I mean, I think he's a great investor

01:17:01.760 | I mean, I think he's a great investor

01:17:03.760 | I mean, I think he's a great investor

01:17:05.760 | I mean, I think he's a great investor

01:17:07.760 | I mean, I think he's a great investor

01:17:09.760 | I mean, I think he's a great investor

01:17:11.640 | I mean, I think he's a great investor

01:17:13.640 | I mean, I think he's a great investor

01:17:15.640 | I mean, I think he's a great investor

01:17:17.640 | I mean, I think he's a great investor

01:17:19.640 | I mean, I think he's a great investor

01:17:21.640 | I mean, I think he's a great investor

01:17:23.640 | I mean, I think he's a great investor

01:17:25.640 | I mean, I think he's a great investor

01:17:27.640 | I mean, I think he's a great investor

01:17:29.640 | I mean, I think he's a great investor

01:17:31.640 | I mean, I think he's a great investor

01:17:33.640 | I mean, I think he's a great investor

01:17:35.640 | I mean, I think he's a great investor

01:17:37.640 | I mean, I think he's a great investor

01:17:39.640 | I mean, I think he's a great investor

01:17:41.520 | I mean, I think he's a great investor

01:17:43.520 | I mean, I think he's a great investor

01:17:45.520 | I mean, I think he's a great investor

01:17:47.520 | I mean, I think he's a great investor

01:17:49.520 | I mean, I think he's a great investor

01:17:51.520 | I mean, I think he's a great investor

01:17:53.520 | I mean, I think he's a great investor

01:17:55.520 | I mean, I think he's a great investor

01:17:57.520 | I mean, I think he's a great investor

01:17:59.520 | I mean, I think he's a great investor

01:18:01.520 | I mean, I think he's a great investor

01:18:03.520 | I mean, I think he's a great investor

01:18:05.520 | I mean, I think he's a great investor

01:18:07.520 | I mean, I think he's a great investor

01:18:09.520 | I mean, I think he's a great investor

01:18:11.400 | I mean, I think he's a great investor

01:18:13.400 | I mean, I think he's a great investor

01:18:15.400 | I mean, I think he's a great investor

01:18:17.400 | I mean, I think he's a great investor

01:18:19.400 | I mean, I think he's a great investor

01:18:21.400 | I mean, I think he's a great investor

01:18:23.400 | I mean, I think he's a great investor

01:18:25.400 | I mean, I think he's a great investor

01:18:27.400 | I mean, I think he's a great investor

01:18:29.400 | I mean, I think he's a great investor

01:18:31.400 | I mean, I think he's a great investor

01:18:33.400 | I mean, I think he's a great investor

01:18:35.400 | I mean, I think he's a great investor

01:18:37.400 | I mean, I think he's a great investor

01:18:39.400 | I mean, I think he's a great investor

01:18:41.280 | I mean, I think he's a great investor

01:18:43.280 | I mean, I think he's a great investor

01:18:45.280 | I mean, I think he's a great investor

01:18:47.280 | I mean, I think he's a great investor

01:18:49.280 | I mean, I think he's a great investor

01:18:51.280 | I mean, I think he's a great investor

01:18:53.280 | I mean, I think he's a great investor

01:18:55.280 | I mean, I think he's a great investor

01:18:57.280 | I mean, I think he's a great investor

01:18:59.280 | I mean, I think he's a great investor

01:19:01.280 | I mean, I think he's a great investor

01:19:03.280 | I mean, I think he's a great investor

01:19:05.280 | I mean, I think he's a great investor

01:19:07.280 | I mean, I think he's a great investor

01:19:09.280 | I mean, I think he's a great investor

01:19:11.160 | I mean, I think he's a great investor

01:19:13.160 | I mean, I think he's a great investor

01:19:15.160 | I mean, I think he's a great investor

01:19:17.160 | I mean, I think he's a great investor

01:19:19.160 | I mean, I think he's a great investor

01:19:21.160 | I mean, I think he's a great investor

01:19:23.160 | I mean, I think he's a great investor

01:19:25.160 | I mean, I think he's a great investor

01:19:27.160 | I mean, I think he's a great investor

01:19:29.160 | I mean, I think he's a great investor

01:19:31.160 | I mean, I think he's a great investor

01:19:33.160 | I mean, I think he's a great investor

01:19:35.160 | I mean, I think he's a great investor

01:19:37.160 | I mean, I think he's a great investor

01:19:39.160 | I mean, I think he's a great investor

01:19:41.040 | I mean, I think he's a great investor

01:19:43.040 | I mean, I think he's a great investor

01:19:45.040 | I mean, I think he's a great investor

01:19:47.040 | I mean, I think he's a great investor

01:19:49.040 | I mean, I think he's a great investor

01:19:51.040 | I mean, I think he's a great investor

01:19:53.040 | I mean, I think he's a great investor

01:19:55.040 | I mean, I think he's a great investor

01:19:57.040 | I mean, I think he's a great investor

01:19:59.040 | I mean, I think he's a great investor

01:20:01.040 | I mean, I think he's a great investor

01:20:03.040 | I mean, I think he's a great investor

01:20:05.040 | I mean, I think he's a great investor

01:20:07.040 | I mean, I think he's a great investor

01:20:09.040 | I mean, I think he's a great investor

01:20:10.920 | I mean, I think he's a great investor

01:20:12.920 | I mean, I think he's a great investor

01:20:14.920 | I mean, I think he's a great investor

01:20:16.920 | I mean, I think he's a great investor

01:20:18.920 | I mean, I think he's a great investor

01:20:20.920 | I mean, I think he's a great investor

01:20:22.920 | I mean, I think he's a great investor

01:20:24.920 | I mean, I think he's a great investor

01:20:26.920 | I mean, I think he's a great investor

01:20:28.920 | I mean, I think he's a great investor

01:20:30.920 | I mean, I think he's a great investor

01:20:32.920 | I mean, I think he's a great investor

01:20:34.920 | I mean, I think he's a great investor

01:20:36.920 | I mean, I think he's a great investor

01:20:38.920 | I mean, I think he's a great investor

01:20:40.800 | I mean, I think he's a great investor

01:20:42.800 | I mean, I think he's a great investor

01:20:44.800 | I mean, I think he's a great investor

01:20:46.800 | I mean, I think he's a great investor

01:20:48.800 | I mean, I think he's a great investor

01:20:50.800 | I mean, I think he's a great investor

01:20:52.800 | I mean, I think he's a great investor

01:20:54.800 | I mean, I think he's a great investor

01:20:56.800 | I mean, I think he's a great investor

01:20:58.800 | I mean, I think he's a great investor

01:21:00.800 | I mean, I think he's a great investor

01:21:02.800 | I mean, I think he's a great investor

01:21:04.800 | I mean, I think he's a great investor

01:21:06.800 | I mean, I think he's a great investor

01:21:08.800 | I mean, I think he's a great investor

01:21:10.680 | I mean, I think he's a great investor

01:21:12.680 | I mean, I think he's a great investor

01:21:14.680 | I mean, I think he's a great investor

01:21:16.680 | I mean, I think he's a great investor

01:21:18.680 | I mean, I think he's a great investor

01:21:20.680 | I mean, I think he's a great investor

01:21:22.680 | I mean, I think he's a great investor

01:21:24.680 | I mean, I think he's a great investor

01:21:26.680 | I mean, I think he's a great investor

01:21:28.680 | I mean, I think he's a great investor

01:21:30.680 | I mean, I think he's a great investor

01:21:32.680 | I mean, I think he's a great investor

01:21:34.680 | I mean, I think he's a great investor

01:21:36.680 | I mean, I think he's a great investor

01:21:38.680 | I mean, I think he's a great investor

01:21:40.560 | I mean, I think he's a great investor

01:21:42.560 | I mean, I think he's a great investor

01:21:44.560 | I mean, I think he's a great investor

01:21:46.560 | I mean, I think he's a great investor

01:21:48.560 | I mean, I think he's a great investor

01:21:50.560 | I mean, I think he's a great investor

01:21:52.560 | I mean, I think he's a great investor

01:21:54.560 | I mean, I think he's a great investor

01:21:56.560 | I mean, I think he's a great investor

01:21:58.560 | I mean, I think he's a great investor

01:22:00.560 | I mean, I think he's a great investor

01:22:02.560 | I mean, I think he's a great investor

01:22:04.560 | I mean, I think he's a great investor

01:22:06.560 | I mean, I think he's a great investor

01:22:08.560 | I mean, I think he's a great investor

01:22:10.440 | I mean, I think he's a great investor

01:22:12.440 | I mean, I think he's a great investor

01:22:14.440 | I mean, I think he's a great investor

01:22:16.440 | I mean, I think he's a great investor

01:22:18.440 | I mean, I think he's a great investor

01:22:20.440 | I mean, I think he's a great investor

01:22:22.440 | I mean, I think he's a great investor

01:22:24.440 | I mean, I think he's a great investor

01:22:26.440 | I mean, I think he's a great investor

01:22:28.440 | I mean, I think he's a great investor

01:22:30.440 | I mean, I think he's a great investor

01:22:32.440 | I mean, I think he's a great investor

01:22:34.440 | I mean, I think he's a great investor

01:22:36.440 | I mean, I think he's a great investor

01:22:38.440 | I mean, I think he's a great investor

01:22:40.320 | I mean, I think he's a great investor

01:22:42.320 | I mean, I think he's a great investor

01:22:44.320 | I mean, I think he's a great investor

01:22:46.320 | I mean, I think he's a great investor

01:22:48.320 | I mean, I think he's a great investor

01:22:50.320 | I mean, I think he's a great investor

01:22:52.320 | I mean, I think he's a great investor

01:22:54.320 | I mean, I think he's a great investor

01:22:56.320 | I mean, I think he's a great investor

01:22:58.320 | I mean, I think he's a great investor

01:23:00.320 | I mean, I think he's a great investor

01:23:02.320 | I mean, I think he's a great investor

01:23:04.320 | I mean, I think he's a great investor

01:23:06.320 | I mean, I think he's a great investor

01:23:08.320 | I mean, I think he's a great investor

01:23:10.200 | I mean, I think he's a great investor

01:23:12.200 | I mean, I think he's a great investor

01:23:14.200 | I mean, I think he's a great investor

01:23:16.200 | I mean, I think he's a great investor

01:23:18.200 | I mean, I think he's a great investor

01:23:20.200 | I mean, I think he's a great investor

01:23:22.200 | I mean, I think he's a great investor

01:23:24.200 | I mean, I think he's a great investor

01:23:26.200 | I mean, I think he's a great investor

01:23:28.200 | I mean, I think he's a great investor

01:23:30.200 | I mean, I think he's a great investor

01:23:32.200 | I mean, I think he's a great investor

01:23:34.200 | I mean, I think he's a great investor

01:23:36.200 | I mean, I think he's a great investor

01:23:38.200 | I mean, I think he's a great investor

01:23:40.080 | I mean, I think he's a great investor

01:23:42.080 | I mean, I think he's a great investor

01:23:44.080 | I mean, I think he's a great investor

01:23:46.080 | I mean, I think he's a great investor

01:23:48.080 | I mean, I think he's a great investor

01:23:50.080 | I mean, I think he's a great investor

01:23:52.080 | I mean, I think he's a great investor

01:23:54.080 | I mean, I think he's a great investor

01:23:56.080 | I mean, I think he's a great investor

01:23:58.080 | I mean, I think he's a great investor

01:24:00.080 | I mean, I think he's a great investor

01:24:02.080 | I mean, I think he's a great investor

01:24:04.080 | I mean, I think he's a great investor

01:24:06.080 | I mean, I think he's a great investor

01:24:08.080 | I mean, I think he's a great investor

01:24:10.080 | I mean, I think he's a great investor

01:24:12.080 | I mean, I think he's a great investor

01:24:14.080 | I mean, I think he's a great investor

01:24:16.080 | I mean, I think he's a great investor

01:24:18.080 | I mean, I think he's a great investor

01:24:20.080 | I mean, I think he's a great investor

01:24:22.080 | I mean, I think he's a great investor

01:24:24.080 | I mean, I think he's a great investor

01:24:26.080 | I mean, I think he's a great investor

01:24:28.080 | I mean, I think he's a great investor

01:24:30.080 | I mean, I think he's a great investor

01:24:32.080 | I mean, I think he's a great investor

01:24:34.080 | I mean, I think he's a great investor

01:24:36.080 | I mean, I think he's a great investor

01:24:38.080 | I mean, I think he's a great investor

01:24:39.960 | I mean, I think he's a great investor

01:24:41.960 | I mean, I think he's a great investor

01:24:43.960 | I mean, I think he's a great investor

01:24:45.960 | I mean, I think he's a great investor

01:24:47.960 | I mean, I think he's a great investor

01:24:49.960 | I mean, I think he's a great investor

01:24:51.960 | I mean, I think he's a great investor

01:24:53.960 | I mean, I think he's a great investor

01:24:55.960 | I mean, I think he's a great investor

01:24:57.960 | I mean, I think he's a great investor

01:24:59.960 | I mean, I think he's a great investor

01:25:01.960 | I mean, I think he's a great investor

01:25:03.960 | I mean, I think he's a great investor

01:25:05.960 | I mean, I think he's a great investor

01:25:07.960 | I mean, I think he's a great investor

01:25:09.840 | I mean, I think he's a great investor

01:25:11.840 | I mean, I think he's a great investor

01:25:13.840 | I mean, I think he's a great investor

01:25:15.840 | I mean, I think he's a great investor

01:25:17.840 | I mean, I think he's a great investor

01:25:19.840 | I mean, I think he's a great investor

01:25:21.840 | I mean, I think he's a great investor

01:25:23.840 | I mean, I think he's a great investor

01:25:25.840 | I mean, I think he's a great investor

01:25:27.840 | I mean, I think he's a great investor

01:25:29.840 | I mean, I think he's a great investor

01:25:31.840 | I mean, I think he's a great investor

01:25:33.840 | I mean, I think he's a great investor

01:25:35.840 | I mean, I think he's a great investor

01:25:37.840 | I mean, I think he's a great investor

01:25:39.720 | I mean, I think he's a great investor

01:25:41.720 | I mean, I think he's a great investor

01:25:43.720 | I mean, I think he's a great investor

01:25:45.720 | I mean, I think he's a great investor

01:25:47.720 | I mean, I think he's a great investor

01:25:49.720 | I mean, I think he's a great investor

01:25:51.720 | I mean, I think he's a great investor

01:25:53.720 | I mean, I think he's a great investor

01:25:55.720 | I mean, I think he's a great investor

01:25:57.720 | I mean, I think he's a great investor

01:25:59.720 | I mean, I think he's a great investor

01:26:01.720 | I mean, I think he's a great investor

01:26:03.720 | I mean, I think he's a great investor

01:26:05.720 | I mean, I think he's a great investor

01:26:07.720 | I mean, I think he's a great investor

01:26:09.600 | I mean, I think he's a great investor

01:26:11.600 | I mean, I think he's a great investor

01:26:13.600 | I mean, I think he's a great investor

01:26:15.600 | I mean, I think he's a great investor

01:26:17.600 | I mean, I think he's a great investor

01:26:19.600 | I mean, I think he's a great investor

01:26:21.600 | I mean, I think he's a great investor

01:26:23.600 | I mean, I think he's a great investor

01:26:25.600 | I mean, I think he's a great investor

01:26:27.600 | I mean, I think he's a great investor

01:26:29.600 | I mean, I think he's a great investor

01:26:31.600 | I mean, I think he's a great investor

01:26:33.600 | I mean, I think he's a great investor

01:26:35.600 | I mean, I think he's a great investor

01:26:37.600 | I mean, I think he's a great investor

01:26:39.480 | I mean, I think he's a great investor

01:26:41.480 | I mean, I think he's a great investor

01:26:43.480 | I mean, I think he's a great investor

01:26:45.480 | I mean, I think he's a great investor

01:26:47.480 | I mean, I think he's a great investor

01:26:49.480 | I mean, I think he's a great investor

01:26:51.480 | I mean, I think he's a great investor

01:26:53.480 | I mean, I think he's a great investor

01:26:55.480 | I mean, I think he's a great investor

01:26:57.480 | I mean, I think he's a great investor

01:26:59.480 | I mean, I think he's a great investor

01:27:01.480 | I mean, I think he's a great investor

01:27:03.480 | I mean, I think he's a great investor

01:27:05.480 | I mean, I think he's a great investor

01:27:07.480 | I mean, I think he's a great investor

01:27:09.360 | I mean, I think he's a great investor

01:27:11.360 | I mean, I think he's a great investor

01:27:13.360 | I mean, I think he's a great investor

01:27:15.360 | I mean, I think he's a great investor

01:27:17.360 | I mean, I think he's a great investor

01:27:19.360 | I mean, I think he's a great investor

01:27:21.360 | I mean, I think he's a great investor

01:27:23.360 | I mean, I think he's a great investor

01:27:25.360 | I mean, I think he's a great investor

01:27:27.360 | I mean, I think he's a great investor

01:27:29.360 | I mean, I think he's a great investor

01:27:31.360 | I mean, I think he's a great investor

01:27:33.360 | I mean, I think he's a great investor

01:27:35.360 | I mean, I think he's a great investor

01:27:37.360 | I mean, I think he's a great investor

01:27:39.360 | I mean, I think he's a great investor

01:27:41.360 | I mean, I think he's a great investor

01:27:43.360 | I mean, I think he's a great investor

01:27:45.360 | I mean, I think he's a great investor

01:27:47.360 | I mean, I think he's a great investor

01:27:49.360 | I mean, I think he's a great investor

01:27:51.360 | I mean, I think he's a great investor

01:27:53.360 | I mean, I think he's a great investor

01:27:55.360 | I mean, I think he's a great investor

01:27:57.360 | I mean, I think he's a great investor

01:27:59.360 | I mean, I think he's a great investor

01:28:01.360 | I mean, I think he's a great investor

01:28:03.360 | I mean, I think he's a great investor

01:28:05.360 | I mean, I think he's a great investor

01:28:07.360 | I mean, I think he's a great investor

01:28:09.360 | I mean, I think he's a great investor

01:28:11.360 | I mean, I think he's a great investor

01:28:13.360 | I mean, I think he's a great investor

01:28:15.360 | I mean, I think he's a great investor

01:28:17.360 | I mean, I think he's a great investor

01:28:19.360 | I mean, I think he's a great investor

01:28:21.360 | I mean, I think he's a great investor

01:28:23.360 | I mean, I think he's a great investor

01:28:25.360 | I mean, I think he's a great investor

01:28:27.360 | I mean, I think he's a great investor

01:28:29.360 | I mean, I think he's a great investor

01:28:31.360 | I mean, I think he's a great investor

01:28:33.360 | I mean, I think he's a great investor

01:28:35.360 | I mean, I think he's a great investor

01:28:37.360 | I mean, I think he's a great investor

01:28:39.360 | I mean, I think he's a great investor

01:28:41.360 | I mean, I think he's a great investor

01:28:43.360 | I mean, I think he's a great investor

01:28:45.360 | I mean, I think he's a great investor

01:28:47.360 | I mean, I think he's a great investor

01:28:49.360 | I mean, I think he's a great investor

01:28:51.360 | I mean, I think he's a great investor

01:28:53.360 | I mean, I think he's a great investor

01:28:55.360 | I mean, I think he's a great investor

01:28:57.360 | I mean, I think he's a great investor

01:28:59.360 | I mean, I think he's a great investor

01:29:01.360 | I mean, I think he's a great investor

01:29:03.360 | I mean, I think he's a great investor

01:29:05.360 | I mean, I think he's a great investor

01:29:07.360 | I mean, I think he's a great investor

01:29:09.360 | I mean, I think he's a great investor

01:29:11.360 | I mean, I think he's a great investor

01:29:13.360 | I mean, I think he's a great investor

01:29:15.360 | I mean, I think he's a great investor

01:29:17.360 | I mean, I think he's a great investor

01:29:19.360 | I mean, I think he's a great investor

01:29:21.360 | I mean, I think he's a great investor

01:29:23.360 | I mean, I think he's a great investor

01:29:25.360 | I mean, I think he's a great investor

01:29:27.360 | I mean, I think he's a great investor

01:29:29.360 | I mean, I think he's a great investor

01:29:31.360 | I mean, I think he's a great investor

01:29:33.360 | I mean, I think he's a great investor

01:29:35.360 | I mean, I think he's a great investor

01:29:37.360 | I mean, I think he's a great investor

01:29:39.360 | I mean, I think he's a great investor

01:29:41.360 | I mean, I think he's a great investor

01:29:43.360 | I mean, I think he's a great investor

01:29:45.360 | I mean, I think he's a great investor

01:29:47.360 | I mean, I think he's a great investor

01:29:49.360 | I mean, I think he's a great investor

01:29:51.360 | I mean, I think he's a great investor

01:29:53.360 | I mean, I think he's a great investor

01:29:55.360 | I mean, I think he's a great investor

01:29:57.360 | I mean, I think he's a great investor

01:29:59.360 | I mean, I think he's a great investor

01:30:01.360 | I mean, I think he's a great investor

01:30:03.360 | I mean, I think he's a great investor

01:30:05.360 | I mean, I think he's a great investor

01:30:07.360 | I mean, I think he's a great investor

01:30:09.360 | I mean, I think he's a great investor

01:30:11.360 | I mean, I think he's a great investor

01:30:13.360 | I mean, I think he's a great investor

01:30:15.360 | I mean, I think he's a great investor

01:30:17.360 | I mean, I think he's a great investor

01:30:19.360 | I mean, I think he's a great investor

01:30:21.360 | I mean, I think he's a great investor

01:30:23.360 | I mean, I think he's a great investor

01:30:25.360 | I mean, I think he's a great investor

01:30:27.360 | I mean, I think he's a great investor

01:30:29.360 | I mean, I think he's a great investor

01:30:31.360 | I mean, I think he's a great investor

01:30:33.360 | I mean, I think he's a great investor

01:30:35.360 | I mean, I think he's a great investor

01:30:37.360 | I mean, I think he's a great investor

01:30:39.360 | I mean, I think he's a great investor

01:30:41.360 | I mean, I think he's a great investor

01:30:43.360 | I mean, I think he's a great investor

01:30:45.360 | I mean, I think he's a great investor

01:30:47.360 | I mean, I think he's a great investor

01:30:49.360 | I mean, I think he's a great investor

01:30:51.360 | I mean, I think he's a great investor

01:30:53.360 | I mean, I think he's a great investor

01:30:55.360 | I mean, I think he's a great investor

01:30:57.360 | I mean, I think he's a great investor

01:30:59.360 | I mean, I think he's a great investor

01:31:01.360 | I mean, I think he's a great investor

01:31:03.360 | I mean, I think he's a great investor

01:31:05.360 | I mean, I think he's a great investor

01:31:07.360 | I mean, I think he's a great investor

01:31:09.360 | I mean, I think he's a great investor

01:31:11.360 | I mean, I think he's a great investor

01:31:13.360 | I mean, I think he's a great investor

01:31:15.360 | I mean, I think he's a great investor

01:31:17.360 | I mean, I think he's a great investor

01:31:19.360 | I mean, I think he's a great investor

01:31:21.360 | I mean, I think he's a great investor

01:31:23.360 | I mean, I think he's a great investor

01:31:25.360 | I mean, I think he's a great investor

01:31:27.360 | I mean, I think he's a great investor

01:31:29.360 | I mean, I think he's a great investor

01:31:31.360 | I mean, I think he's a great investor

01:31:33.360 | I mean, I think he's a great investor

01:31:35.360 | I mean, I think he's a great investor

01:31:37.360 | I mean, I think he's a great investor

01:31:39.360 | I mean, I think he's a great investor

01:31:41.360 | I mean, I think he's a great investor

01:31:43.360 | I mean, I think he's a great investor

01:31:45.360 | I mean, I think he's a great investor

01:31:47.360 | I mean, I think he's a great investor

01:31:49.360 | I mean, I think he's a great investor

01:31:51.360 | I mean, I think he's a great investor

01:31:53.360 | I mean, I think he's a great investor

01:31:55.360 | I mean, I think he's a great investor

01:31:57.360 | I mean, I think he's a great investor

01:31:59.360 | I mean, I think he's a great investor

01:32:01.360 | I mean, I think he's a great investor

01:32:03.360 | I mean, I think he's a great investor

01:32:05.360 | I mean, I think he's a great investor

01:32:07.360 | I mean, I think he's a great investor

01:32:09.360 | I mean, I think he's a great investor

01:32:11.360 | I mean, I think he's a great investor

01:32:13.360 | I mean, I think he's a great investor

01:32:15.360 | I mean, I think he's a great investor

01:32:17.360 | I mean, I think he's a great investor

01:32:19.360 | I mean, I think he's a great investor

01:32:21.360 | I mean, I think he's a great investor

01:32:23.360 | I mean, I think he's a great investor

01:32:25.360 | I mean, I think he's a great investor

01:32:27.360 | I mean, I think he's a great investor

01:32:29.360 | I mean, I think he's a great investor

01:32:31.360 | I mean, I think he's a great investor

01:32:33.360 | I mean, I think he's a great investor

01:32:35.360 | I mean, I think he's a great investor

01:32:37.360 | I mean, I think he's a great investor

01:32:39.360 | I mean, I think he's a great investor

01:32:41.360 | I mean, I think he's a great investor

01:32:43.360 | I mean, I think he's a great investor

01:32:45.360 | I mean, I think he's a great investor

01:32:47.360 | I mean, I think he's a great investor

01:32:49.360 | I mean, I think he's a great investor

01:32:51.360 | I mean, I think he's a great investor

01:32:53.360 | I mean, I think he's a great investor

01:32:55.360 | I mean, I think he's a great investor

01:32:57.360 | I mean, I think he's a great investor

01:32:59.360 | I mean, I think he's a great investor

01:33:01.360 | I mean, I think he's a great investor

01:33:03.360 | I mean, I think he's a great investor

01:33:05.360 | I mean, I think he's a great investor

01:33:07.360 | I mean, I think he's a great investor

01:33:09.360 | I mean, I think he's a great investor

01:33:11.360 | I mean, I think he's a great investor

01:33:13.360 | I mean, I think he's a great investor

01:33:15.360 | I mean, I think he's a great investor

01:33:17.360 | I mean, I think he's a great investor

01:33:19.360 | I mean, I think he's a great investor

01:33:21.360 | I mean, I think he's a great investor

01:33:23.360 | I mean, I think he's a great investor

01:33:25.360 | I mean, I think he's a great investor

01:33:27.360 | I mean, I think he's a great investor

01:33:29.360 | I mean, I think he's a great investor

01:33:31.360 | I mean, I think he's a great investor

01:33:33.360 | I mean, I think he's a great investor

01:33:35.360 | I mean, I think he's a great investor

01:33:37.360 | I mean, I think he's a great investor

01:33:39.360 | I mean, I think he's a great investor

01:33:41.360 | I mean, I think he's a great investor

01:33:43.360 | I mean, I think he's a great investor

01:33:45.360 | I mean, I think he's a great investor

01:33:47.360 | I mean, I think he's a great investor

01:33:49.360 | I mean, I think he's a great investor

01:33:51.360 | I mean, I think he's a great investor

01:33:53.360 | I mean, I think he's a great investor

01:33:55.360 | I mean, I think he's a great investor

01:33:57.360 | I mean, I think he's a great investor

01:33:59.360 | I mean, I think he's a great investor

01:34:01.360 | I mean, I think he's a great investor

01:34:03.360 | I mean, I think he's a great investor

01:34:05.360 | I mean, I think he's a great investor

01:34:07.360 | I mean, I think he's a great investor

01:34:09.360 | I mean, I think he's a great investor

01:34:11.360 | I mean, I think he's a great investor

01:34:13.360 | I mean, I think he's a great investor

01:34:15.360 | I mean, I think he's a great investor

01:34:17.360 | I mean, I think he's a great investor

01:34:19.360 | I mean, I think he's a great investor

01:34:21.360 | I mean, I think he's a great investor

01:34:23.360 | I mean, I think he's a great investor

01:34:25.360 | I mean, I think he's a great investor

01:34:27.360 | I mean, I think he's a great investor

01:34:29.360 | I mean, I think he's a great investor

01:34:31.360 | I mean, I think he's a great investor

01:34:33.360 | I mean, I think he's a great investor

01:34:35.360 | I mean, I think he's a great investor

01:34:37.360 | I mean, I think he's a great investor

01:34:39.360 | I mean, I think he's a great investor

01:34:41.360 | I mean, I think he's a great investor

01:34:43.360 | I mean, I think he's a great investor

01:34:45.360 | I mean, I think he's a great investor

01:34:47.360 | I mean, I think he's a great investor

01:34:49.360 | I mean, I think he's a great investor

01:34:51.360 | I mean, I think he's a great investor

01:34:53.360 | I mean, I think he's a great investor

01:34:55.360 | I mean, I think he's a great investor

01:34:57.360 | I mean, I think he's a great investor

01:34:59.360 | I mean, I think he's a great investor

01:35:01.360 | I mean, I think he's a great investor

01:35:03.360 | I mean, I think he's a great investor

01:35:05.360 | I mean, I think he's a great investor

01:35:07.360 | I mean, I think he's a great investor

01:35:09.360 | I mean, I think he's a great investor

01:35:11.360 | I mean, I think he's a great investor

01:35:13.360 | I mean, I think he's a great investor

01:35:15.360 | I mean, I think he's a great investor

01:35:17.360 | I mean, I think he's a great investor

01:35:19.360 | I mean, I think he's a great investor

01:35:21.360 | I mean, I think he's a great investor

01:35:23.360 | I mean, I think he's a great investor

01:35:25.360 | I mean, I think he's a great investor

01:35:27.360 | I mean, I think he's a great investor

01:35:29.360 | I mean, I think he's a great investor

01:35:31.360 | I mean, I think he's a great investor

01:35:33.360 | I mean, I think he's a great investor

01:35:35.360 | I mean, I think he's a great investor

01:35:37.360 | I mean, I think he's a great investor

01:35:39.360 | I mean, I think he's a great investor

01:35:41.360 | I mean, I think he's a great investor

01:35:43.360 | I mean, I think he's a great investor

01:35:45.360 | I mean, I think he's a great investor

01:35:47.360 | I mean, I think he's a great investor

01:35:49.360 | I mean, I think he's a great investor

01:35:51.360 | I mean, I think he's a great investor

01:35:53.360 | I mean, I think he's a great investor

01:35:55.360 | I mean, I think he's a great investor

01:35:57.360 | I mean, I think he's a great investor

01:35:59.360 | I mean, I think he's a great investor

01:36:01.360 | I mean, I think he's a great investor

01:36:03.360 | I mean, I think he's a great investor

01:36:05.360 | I mean, I think he's a great investor

01:36:07.360 | I mean, I think he's a great investor

01:36:09.360 | I mean, I think he's a great investor

01:36:11.360 | I mean, I think he's a great investor

01:36:13.360 | I mean, I think he's a great investor

01:36:15.360 | I mean, I think he's a great investor

01:36:17.360 | I mean, I think he's a great investor

01:36:19.360 | I mean, I think he's a great investor

01:36:21.360 | I mean, I think he's a great investor

01:36:23.360 | I mean, I think he's a great investor

01:36:25.360 | I mean, I think he's a great investor

01:36:27.360 | I mean, I think he's a great investor

01:36:29.360 | I mean, I think he's a great investor

01:36:31.360 | I mean, I think he's a great investor

01:36:33.360 | I mean, I think he's a great investor

01:36:35.360 | I mean, I think he's a great investor

01:36:37.360 | I mean, I think he's a great investor

01:36:39.360 | I mean, I think he's a great investor

01:36:41.360 | I mean, I think he's a great investor

01:36:43.360 | I mean, I think he's a great investor

01:36:45.360 | I mean, I think he's a great investor

01:36:47.360 | I mean, I think he's a great investor

01:36:49.360 | I mean, I think he's a great investor

01:36:51.360 | I mean, I think he's a great investor

01:36:53.360 | I mean, I think he's a great investor

01:36:55.360 | I mean, I think he's a great investor

01:36:57.360 | I mean, I think he's a great investor

01:36:59.360 | I mean, I think he's a great investor

01:37:01.360 | I mean, I think he's a great investor

01:37:03.360 | I mean, I think he's a great investor

01:37:05.360 | I mean, I think he's a great investor

01:37:07.360 | I mean, I think he's a great investor

01:37:09.360 | I mean, I think he's a great investor

01:37:11.360 | I mean, I think he's a great investor

01:37:13.360 | I mean, I think he's a great investor

01:37:15.360 | I mean, I think he's a great investor

01:37:17.360 | I mean, I think he's a great investor

01:37:19.360 | I mean, I think he's a great investor

01:37:21.360 | I mean, I think he's a great investor

01:37:23.360 | I mean, I think he's a great investor

01:37:25.360 | I mean, I think he's a great investor

01:37:27.360 | I mean, I think he's a great investor

01:37:29.360 | I mean, I think he's a great investor

01:37:31.360 | I mean, I think he's a great investor

01:37:33.360 | I mean, I think he's a great investor

01:37:35.360 | I mean, I think he's a great investor

01:37:37.360 | I mean, I think he's a great investor

01:37:39.360 | I mean, I think he's a great investor

01:37:41.360 | I mean, I think he's a great investor

01:37:43.360 | I mean, I think he's a great investor

01:37:45.360 | I mean, I think he's a great investor

01:37:47.360 | I mean, I think he's a great investor

01:37:49.360 | I mean, I think he's a great investor

01:37:51.360 | I mean, I think he's a great investor

01:37:53.360 | I mean, I think he's a great investor

01:37:55.360 | I mean, I think he's a great investor

01:37:57.360 | I mean, I think he's a great investor

01:37:59.360 | I mean, I think he's a great investor

01:38:01.360 | I mean, I think he's a great investor

01:38:03.360 | I mean, I think he's a great investor

01:38:05.360 | I mean, I think he's a great investor

01:38:07.360 | I mean, I think he's a great investor

01:38:09.360 | I mean, I think he's a great investor

01:38:11.360 | I mean, I think he's a great investor

01:38:13.360 | I mean, I think he's a great investor

01:38:15.360 | I mean, I think he's a great investor

01:38:17.360 | I mean, I think he's a great investor

01:38:19.360 | I mean, I think he's a great investor

01:38:21.360 | I mean, I think he's a great investor

01:38:23.360 | I mean, I think he's a great investor

01:38:25.360 | I mean, I think he's a great investor

01:38:27.360 | I mean, I think he's a great investor

01:38:29.360 | I mean, I think he's a great investor

01:38:31.360 | I mean, I think he's a great investor

01:38:33.360 | I mean, I think he's a great investor

01:38:35.360 | I mean, I think he's a great investor

01:38:37.360 | I mean, I think he's a great investor

01:38:39.360 | I mean, I think he's a great investor

01:38:41.360 | I mean, I think he's a great investor

01:38:43.360 | I mean, I think he's a great investor

01:38:45.360 | I mean, I think he's a great investor

01:38:47.360 | I mean, I think he's a great investor

01:38:49.360 | I mean, I think he's a great investor

01:38:51.360 | I mean, I think he's a great investor

01:38:53.360 | I mean, I think he's a great investor

01:38:55.360 | I mean, I think he's a great investor

01:38:57.360 | I mean, I think he's a great investor

01:38:59.360 | I mean, I think he's a great investor

01:39:01.360 | I mean, I think he's a great investor

01:39:03.360 | I mean, I think he's a great investor

01:39:05.360 | I mean, I think he's a great investor

01:39:07.360 | I mean, I think he's a great investor

01:39:09.360 | I mean, I think he's a great investor

01:39:11.360 | I mean, I think he's a great investor

01:39:13.360 | I mean, I think he's a great investor

01:39:15.360 | I mean, I think he's a great investor

01:39:17.360 | I mean, I think he's a great investor

01:39:19.360 | I mean, I think he's a great investor

01:39:21.360 | I mean, I think he's a great investor

01:39:23.360 | I mean, I think he's a great investor

01:39:25.360 | I mean, I think he's a great investor

01:39:27.360 | I mean, I think he's a great investor

01:39:29.360 | I mean, I think he's a great investor

01:39:31.360 | I mean, I think he's a great investor

01:39:33.360 | I mean, I think he's a great investor

01:39:35.360 | I mean, I think he's a great investor

01:39:37.360 | I mean, I think he's a great investor

01:39:39.360 | I mean, I think he's a great investor

01:39:41.360 | I mean, I think he's a great investor

01:39:43.360 | I mean, I think he's a great investor

01:39:45.360 | I mean, I think he's a great investor

01:39:47.360 | I mean, I think he's a great investor

01:39:49.360 | I mean, I think he's a great investor

01:39:51.360 | I mean, I think he's a great investor

01:39:53.360 | I mean, I think he's a great investor

01:39:55.360 | I mean, I think he's a great investor

01:39:57.360 | I mean, I think he's a great investor

01:39:59.360 | I mean, I think he's a great investor

01:40:01.360 | I mean, I think he's a great investor

01:40:03.360 | I mean, I think he's a great investor

01:40:05.360 | I mean, I think he's a great investor

01:40:07.360 | I mean, I think he's a great investor

01:40:09.360 | I mean, I think he's a great investor

01:40:11.360 | I mean, I think he's a great investor

01:40:13.360 | I mean, I think he's a great investor

01:40:15.360 | I mean, I think he's a great investor

01:40:17.360 | I mean, I think he's a great investor

01:40:19.360 | I mean, I think he's a great investor

01:40:21.360 | I mean, I think he's a great investor

01:40:23.360 | I mean, I think he's a great investor

01:40:25.360 | I mean, I think he's a great investor

01:40:27.360 | I mean, I think he's a great investor

01:40:29.360 | I mean, I think he's a great investor

01:40:31.360 | I mean, I think he's a great investor

01:40:33.360 | I mean, I think he's a great investor

01:40:35.360 | I mean, I think he's a great investor

01:40:37.360 | I mean, I think he's a great investor

01:40:39.360 | I mean, I think he's a great investor

01:40:41.360 | I mean, I think he's a great investor

01:40:43.360 | I mean, I think he's a great investor

01:40:45.360 | I mean, I think he's a great investor

01:40:47.360 | I mean, I think he's a great investor

01:40:49.360 | I mean, I think he's a great investor

01:40:51.360 | I mean, I think he's a great investor

01:40:53.360 | I mean, I think he's a great investor

01:40:55.360 | I mean, I think he's a great investor

01:40:57.360 | I mean, I think he's a great investor

01:40:59.360 | I mean, I think he's a great investor

01:41:01.360 | I mean, I think he's a great investor

01:41:03.360 | I mean, I think he's a great investor

01:41:05.360 | I mean, I think he's a great investor

01:41:07.360 | I mean, I think he's a great investor

01:41:09.360 | I mean, I think he's a great investor

01:41:11.360 | I mean, I think he's a great investor

01:41:13.360 | I mean, I think he's a great investor

01:41:15.360 | I mean, I think he's a great investor

01:41:17.360 | I mean, I think he's a great investor

01:41:19.360 | I mean, I think he's a great investor

01:41:21.360 | I mean, I think he's a great investor

01:41:23.360 | I mean, I think he's a great investor

01:41:25.360 | I mean, I think he's a great investor

01:41:27.360 | I mean, I think he's a great investor

01:41:29.360 | I mean, I think he's a great investor

01:41:31.360 | I mean, I think he's a great investor

01:41:33.360 | I mean, I think he's a great investor

01:41:35.360 | I mean, I think he's a great investor

01:41:37.360 | I mean, I think he's a great investor

01:41:39.360 | I mean, I think he's a great investor

01:41:41.360 | I mean, I think he's a great investor

01:41:43.360 | I mean, I think he's a great investor

01:41:45.360 | I mean, I think he's a great investor

01:41:47.360 | I mean, I think he's a great investor

01:41:49.360 | I mean, I think he's a great investor

01:41:51.360 | I mean, I think he's a great investor

01:41:53.360 | I mean, I think he's a great investor

01:41:55.360 | I mean, I think he's a great investor

E84: Markets update, crypto collapse, Russia/Ukraine endgame, state of the podcast

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