$DJT: The Modern-Day Bowie Bond
00:00:00.000 | In 1997, David Bowie issued what was then famously called the Bowie Bond.
00:00:04.880 | It was $55 million that yielded 7.5%, which is about 80 bips above the tenure at the time.
00:00:11.520 | The bond payments were linked to 20 albums that Bowie had released before 1990.
00:00:18.120 | And what he basically said was, "You're essentially buying a piece of me, and I'm going to take
00:00:22.360 | this $55 million up front, and you're going to get paid this interest based on the royalties
00:00:27.600 | that I generate off that historic library for a 10-year period."
00:00:31.200 | And it turned out that it was an incredible bet.
00:00:33.320 | This was the first example, I think, of people monetizing themselves, their name and their
00:00:38.000 | likeness.
00:00:39.000 | Today, what's happening is a more sophisticated version of that movement, but at much larger
00:00:43.880 | scale.
00:00:44.880 | And I think what the DJT company, what it represents is effectively a trading coin,
00:00:49.620 | a baseball card, if you will, a trading card via a stock on the value of Donald Trump's
00:00:54.960 | name, his recognition, and his likeness.