J. Cal, you look a little grifty. Feel okay? Yeah. Me? I'm great. I'm great. You look half a milli richer today. What's it like to be half a milli richer? J. Cal, you look like a failed hostage taker. Laugh it up, boys. Laugh it up, boys. Laugh it up, boys.

When you see my other projects drop, you're going to be crying again, okay? I can't wait. Why don't you take yes for an answer, J. Cal? I've taken yes for an answer. Welcome to the All In Podcast with three miserable rich bastards who pull up the ladder behind him.

Do you want to explain why it took us a month to produce a new episode, J. Cal? What about the-- hold on a second. Attorney. Let me give you guys the TL;DR. J. Cal thought the All In Pod was his, and then he realized it wasn't. No. If you guys want to go, there we go.

There. I'm totally transparent. I requested, I requested to own 6% more of the All In Podcast. No, no, no. Back up to the summit. Back up to when you wanted to kick me off the show. No, back up before that where we-- Oh my God. Are we really doing this?

Yeah, we're going to do it. Okay. If you want to do it, we do it. We can't talk about this for 45 minutes because what happened then-- It's so boring. So boring. We planned the summit. So boring. We planned the summit. J. Cal doesn't like how I was concerned about the summit, and I bitched at him, and you know, I was negative to him.

Finished the summit, and J. Cal wants to kick me off the show. Yes. Brad Gerstner, Bill Gurley would have higher ratings. Here comes the bullying. People think it was me. It was me and J. Cal getting into it. It wasn't. It was actually, it started with Friedberg and J.

Cal getting into it. J. Cal wanted me off the show. All right. Do I get to explain the series of events or no? Go ahead. You wanted me off the show. True or false, J. Cal? I felt that if Friedberg wasn't enjoying his time here and was going to constantly complain every week about every detail of why the show's not good, there was always the option for him to maybe do half the shows and have Brad Gerstner do half the shows or have Bill Gurley rotate in.

And so if he was going to be miserable all the time and worried about the show, I gave him the option to have somebody else take his spot. Did you or did you not say that this is your show, you're the leader, and you wanted me off the show?

I never said that. Nor would I say that. I don't need to say that. You said you could summarily replace any of us. Effectively, you acted like we all worked for you. I never said that. Sax, I don't think Schumat's replaceable, just for the record. So. That's true. He does think that.

I do not think Schumat's replaceable. Friedberg, I do think, I mean, I could pull up the Brad Gerstner episodes. I think they have slightly more views. So, but people love you. So we keep you. But J. Cal told my mom and my wife that he thought I was replaceable on the show.

Guys, I would like to jump in by just summarizing this so that we can move on. So basically what happened was we had an agreement that it was 25% each. There was a moment where J. Cal believed that he deserved more. We had to sort through a lot of the underlying issues that caused him to believe that we got to a good consensus.

We now have a signed agreement that governs how the show and other things around the show and offshoots of the show will work. We are 25% equal partners and now we can move on. So enough for the bitching. Let's go. All good. And I love you all. I love you all too.

I love you all too. To be clear, my position, I do feel like this needs to be out here was if we're going to make it into a media company, my request was, listen, I think I own, I should have 10% more equity and I'll go to work every day and do the work.

You guys can just show up. You guys agreed to that. And then you guys said you don't want to do it. And I said, okay, fine. So here we are. We're back at square one. So let's just get to work. We just want to do a pod and we just want to talk.

There's not going to be any more summits. There's not going to be any business here. It's just a pod. I have other events. I do. I have other pods. I do. If I want to get paid, I'll do them over there. And here it's just a pod that you see every week.

So let's get into it. Everybody wants to talk about markets. Oh, by the way, if you guys want your intros, that's 1% each. Intros go do it. Those are 1% each. So when you guys are willing to pay me my 1% additional equity, you get the intros. And when you want the all in summit 2023, that's another one.

We're going to get an invoice each week from J Cal now. You're going to get it's going to be prorated monthly. It's going to be 0.8% equity per month vested. I just think it's so fascinating that we went through all of this. You know, I don't know, storming wrong or whatever.

This this like a month of non taping and you know, and this like all this turmoil in our relationship. So you. Could get an extra 1% from us. 2% each 31%. I believe I should just so you know, I do this for a living. And if I do extra work, I believe I should.

Uh, and if you want me to be the de facto CEO of this, then I should get a little extra. We don't want that. And you don't want that. So that's fine. That's fine. This is just going to be a project. We do it every week. And then all your griffs, whatever, you know, you're spinning out from the production board or whatever copycat app you're making, you can fucking do.

As an as a side grift. Here we go. Oh, do the intros. Let's get going. Come on. Let's go. No, there's no zero interest. No interest. Intros are out. Wait, what about hey, everybody? Hey, everybody. I'll do a hey, everybody. Hey, everybody on the house. Hey, everybody. Hey, everybody.

Welcome to us. Is that free for you? Yeah, it's free for you. Let your winners ride. Rain man, David Sacks. And it said we open source it to the fans. And they've just gone crazy. Love you. I love you. Best. I love you. Queen of Kinwa. I'm going all in.

Hey, everybody. Welcome to another episode of the All In Podcast. We're back for episode 84 with me, of course, the Sultan of Science, the Prince of Panic Attacks, the Queen of Kinwa himself, David Freedberg. How you doing, buddy? Great to be here. Great to be here. All right. I miss you.

And? Can you feel the tension? There's still a lot of tension. There's still tension. There's still a little tension there. J.K. L and I will be hanging out tomorrow night. We'll make it. Have you guys resolved? I'm cool. I'm cool with Freedberg. I mean, I bought him dinner. I think he did buy me a wonderful dinner.

Oh, my Lord. After the Warriors game. Shout out to the Warriors. All right. And of course, with us is the Rain Man himself, David Sachs. How you doing, buddy? Good. You ready to go? Don't try and deflect this thing onto me. I was only tangentially involved. Says the guy who spent 72 hours on...

Oh, yeah. I wrote the contract. I wrote a very fair contract so that we can move forward. Yeah. And then you proceeded to break it in the first 15 minutes. By slandering me and disparaging me. But okay. Oh, come on. That was good for ratings. Good for ratings. Yes.

I thought your meme was pretty great. He did the meme. The two buttons of the superhero. That was good. And I was like, Jason. That was good. Making jokes. Breaking the non-disparaging clause. And then, of course, the dictator himself. From some undisclosed location in a European city. I don't know if I'm allowed to say that.

At Jomatha Palihapitiya. Welcome back, boys. Episode 84. What's up, boys? All right. Well, since we last convened. Let's get it on. Yes. The all-in summit is finished. All the episodes have been released, including Pomerolaki yesterday. And here we go. The markets are in complete turmoil. SPY down 21% year to date.

Dow's down 17% year to date. As Saxis pointed out, that is not representative of what happened to growth stocks at the same time. And the May CPI went up and it was at 8.6. We also got to 70%. We're at 75 basis point rate hike. Who wants to start here?

Jomatha, I mean, it's market. So maybe I'll just dump it to you first and then we'll go around the horn to Sax and then Friedberg. Well, there's a lot to say. So bear with me for a second. But the thing that you have to do before you talk about what is happening now, I think it's probably useful to go back and you have to really start at the end of the great financial crisis.

And the reason is there was a bunch of people. People coming out of the GFC who confused what the US government and some European governments were doing. At the time, there was the risk of a huge financial contagion. So the US stepped in and the Federal Reserve started to use their balance sheet to buy toxic assets.

The ECB did that. I think Japan did that as well. Anyways, a bunch of banks did it. I mean, a bunch of governments did it. Then there was this body of pseudoscientists. Tiffica. You know, a bunch of economists who coined this thing called modern monetary theory, which basically said, hey, you can keep printing money and introducing it into the economy to smooth things out and to actually drive long term growth.

And it turns out that a bunch of government officials fell for it. And if you fast forward to 2022, so 14 years later, you know, governments around the world had printed something. They had printed something that was a huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, huge, $35 trillion of money into the economy that should have never been there.

So the thing to remember is like we have not necessarily just been obfuscating true supply demand in the last six or eight months when we've been talking about a recession or inflation. We've been actually doing it since 2008. It's just that it's been building up in the system. So one of the things that we have to realize is that all of that money somehow needs to get destroyed in some way.

Shape or form. If the true economic equilibrium is meant to be found, what is true supply? What is true demand in the absence of government sloshing money around trying to prop up things that should not be propped up or buying votes or all the grifts that these folks have engaged in in the last decade and a half have to get undone.

So that's the backdrop. So if you think about taking $30 trillion out of the global economy, you know, you're talking about. Almost, you know, I think it's 85 trillion is the world GDP. So like, you know, it's almost half of an entire year's worth of global GDP. It's going to take three years, probably of the slow, meticulous, you know, running off of money, you know, not reintroducing new money.

So it seems like we're at the beginning of the beginning of something that's going to be long and drawn out. Now that's separate from and that's separate from whether we're in a recession or not. That's just the bear market that we're in. Right. And so you have to look at asset prices today as a microcosm of a much larger trend that has to be about fake money pushing asset prices up and now taking all that fake money out and finding out what the real price of something is.

And I just don't think that takes six months. So for all the people that were, you know, fingers crossed, hoping that this would be the end of it. Fed raises 75. We're done with this. They're going to raise 75 more. I just think that's not how it's probably going to be.

It's going to take. You know, 2436 months. That may mean the bottom doesn't happen for another 18 months. So I think it's a we're in for a lot of choppy market action. Sacks three asset bubbles, clearly all, you know, being impacted. We had stocks. Looks like that story was pretty violent.

Then we had crypto this last two or three weeks have been absolutely insane in terms of. Yeah. That asset bubble and now record high inventories for homes record sales are now dipping below the average of the last 20 years and we're seeing mortgage origination just absolutely get crushed 6% mortgages just a couple of months ago.

It was 2.x for some folks. So when you look at those three asset bubbles, do you buy chamats? Hey, we're going to see even more deprecation these for another 18 months possibly or do you think we've. Taken such crazy action. This has come down so violently that we're now bouncing along the bottom, bouncing along the bottom or 18 months of more pain.

Well, the stock market, especially growth stocks may have taken the majority of the carnage, but you're right. There are other asset classes and I think we're going to see the carnage start to rotate into those. So you're right. If you look at residential real estate now, the prices are at the highest they've been relative to median income since something like 2006 2007 before.

That sort of great real estate crash that precipitated the great recession of 2008. So I think there are going to be more shoes to drop. I just want to build on Chumash point about root causes here. Milton Friedman once said that there's nothing quite so permanent as a temporary government program.

The temporary government program was quantitative easing. We had this great recession of 2008 that could have turned into a depression. They broke the glass in case of emergency. They started this QE, which is basically the government intervening to buy bonds in the market. They had never done that before and they loaded up their balance sheet.

The crazy thing is that program was still continuing until last year. Why? I mean, it was like on cruise control. And so last year, it was continuing until last month and countries like Europe are still doing it. 9% inflation in Europe and they're still buying bonds. Right. So you go back to last year, the Fed bought 54% of the government's debt, despite the fact that the economy was growing at like 5% GDP, that it was bouncing back.

The Fed was bouncing back really strongly from COVID that you had the stock market at all time highs and yet they were still intervening with this massive QE. And then when we got the surprise 5.1% inflation print last summer, they didn't stop QE till the end of Q1. So you're right.

They kept basically printing money and it's still going on and that's created massive distortions in the economy. Now so the Fed, I would say, is the number one culprit here and Jay Powell is the number one culprit. But the number two culprit is the Biden administration. And I think Biden did three things very early on in the first few months of his presidency to effectively tank his presidency.

Number one, he canceled our energy independence on his first day in office, canceling the Keystone pipeline and making it much harder to drill. And of course, energy inflation is the one factor in this sort of overall inflation. Number two, he pushed through that last $2 trillion of stimulus on straight party lines, the ARP, the American Rescue Plan, after Larry Summers said economists in his own party said this is going to create inflation, don't do it.

And then the third thing is, and no one really talks about this, is that Biden could have used diplomacy in 2021 to basically find an off ramp to this Ukraine crisis before it turned into a full fledged war. And if you listen to the economists, the international development economists like Jeffrey Sachs, he basically says that Biden polled his cabinet and said, listen, should we negotiate and compromise with the Russians?

They all said no. And Biden handed down the order. We will not compromise with the Russians. So now we have this massive war in Ukraine that's fueling food and energy inflation. It's going to take his presidency. And I don't even think there was any debate in his cabinet about this.

We may not be negotiating against Russia, but we're enabling them to print enormous surpluses, meaning I don't know if you guys saw, but there was an article today. Janet Yellen is traveling around basically convincing folks to not include Russian oil from a bunch of import bans so that these Russian oil tankers can be insured.

Why? So that they can sell this oil to places like China and India, et cetera. The rubles at a five time, five year high, the rubles at a five year high. We push for all these sanctions. Europe gets on board and says, we're going to do it and we're going to take the lumps.

And then we go around Europe and basically say, well, we kind of want to fight this proxy war, but at the same time, we want to try to fix inflation. And we didn't mean to cause this. And it's completely disorganized what's happening. Okay. So if you had six minutes in the pool for when Sachs would blame Biden for the economy, you win.

Well, who do you blame? Of course the president is responsible. We talked about quantitative easing starting in 2008. So that goes over a couple of presidents. And I guess the question I would have for you, Sachs, is how much of the spending, the free willing spending, you know, was from the previous administration?

Overspending is a bipartisan problem. There's no question about it. I just want to make sure that we point that out. Yeah, for sure. And Republicans only seem to find their principles on spending when there's a Democrat in the White House. I totally get it. And I would like to see more fiscal responsibility, regardless of which party is in power.

And I'd like to see the Republicans be less hypocritical in their principles on this. But look, here's the thing. The economy was bouncing back strongly last year. And Biden still pushed for this last $2 trillion of spending. And then $1.2 trillion more in infrastructure. Thank God we didn't do that.

And then remember the $4 trillion of Build Back Better where Manchin saved them from themselves. Exactly. I mean, what would it have looked like? Freeberg, you haven't spoken yet. Thoughts on, you know, this, these asset bubbles, I guess, and then the buying of the bonds seemed completely unnecessary for some period of time.

If we are acting as the 50% plus buyer of bonds, what kind of distortion does that create in the market? Because if the government's competing against other people in the marketplace to buy those bonds, how could they possibly be priced correctly? Let's just be very careful about our framing.

There's the US Treasury, which issues bonds and raises capital on behalf of the US government for spending programs. Then there's the central bank, the Federal Reserve. And our central bank's job is to, number one, maintain liquidity in the capital markets so that businesses can invest in growing their products and growing their businesses and the economy grows while not providing too much.

And the second thing is that the federal reserve is not the only one that's going to be able to do that. It's going to be the federal reserve that's going to be able to do that. And the third thing is that the federal reserve is going to be able to do that.

And the fourth thing is that the federal reserve is going to be able to do that. And the fifth thing is that the federal reserve is going to be able to do that. And the sixth thing is that the federal reserve is going to be able to do that.

And the sixth thing is that the federal reserve is going to be able to do that. And the seventh thing is that the federal reserve is going to be able to do that. And the eighth thing is that the federal reserve is going to be able to do that.

And the sixth thing is that the federal reserve is going to be able to do that. is to provide a stated goal of Jerome Powell, in particular right now, this changes over time, but generally, the intention of the Federal Reserve is to make liquidity to make cash available to banks, who ultimately make it available to businesses, in such a way that there's enough cash in the system, that the businesses grow, and that people have capital to invest in growth, while keeping inflation at 2%.

So their long term target is 2% inflation. And it's also correct me if I'm wrong, making sure that there's enough cash to support economic growth. So remember, last year, you'll remember Stan Druckenmiller was very public about how insane it was that the Federal Reserve was still buying bonds. And so there's one way to introduce cash into the system is to make cash available as a loan to banks.

And then those, you know, banks use that money to loan to businesses, and it makes its way through the economy. Another way is for the Federal Reserve to step in and actually buy bonds, freeing up the money, John. that other people would be otherwise using to buy bonds to go and invest in other things.

So they're effectively forcing liquidity into the market by taking bonds out of the market. And last summer, or Q2 of last year, Druckenmiller was pounding the table saying, guys, the economic indicators on how quickly the markets are how quickly the economy is growing, relative to how much inflation there is, indicates that we should stop buying bonds, and we should stop injecting liquidity into the markets.

This makes no sense. It is nonsensical. And there was no strong point of view from the Fed at the time, other than there was uncertainty about the bounce back of the from the recession from COVID. There was uncertainty about what else was happening in the economy, and yada, yada.

But the numbers, the economic indicators were showing very clearly, the economy is growing at a robust pace, low unemployment, and inflation is starting to pick up. Holy crap, it's time to cool it off. And the Fed made a judgment call and their judgment call really kind of was to keep going.

And then we end up in this massive runaway inflationary problem, where if you keep too much liquidity in the system for too long, you have inflation, even if you have economic growth. And now by pulling the money out of the system super, super fast, we reduce the inflationary effects potentially.

But we take the economy because now all this money coming out of the market means people are spending less and buying less and businesses have less to borrow, the borrowing costs are high. And then that that's that's the big vacuum. Hold on, let me go to Chamath and then Sachs.

I just want to say one thing, the rate the rate at which we pull the money out, which has had to be really, really fast over the last few weeks, can cause a recession. And that's the biggest concern right now is will that actually trigger a massive recession or not that everyone's watching?

So Chamath, I guess, one of the things we need to clarify here is the actual mandate of the Fed. I was under the understanding that the Fed really was there to make sure of maximum employment and that, you know, low interest loans were available. And price stability. These are the were the stated goals for a long time, not low interest rates, capital capital is available to grow without exceeding inflation of 2%.

That's okay. So maximum employment, price stability was also in the original GDP growth, because remember, we can't ever pay our debt if our GDP is not growing, okay, while minimizing while keeping inflation below 2%. Chamath, whatever point you want to make, feel free to make but also I was just wanting to know from you, where did the Fed go wrong with their mandate, if at all here, because we do have maximum employment, we have out of control price stability.

Look, here's the thing you I think we have to also be sensitive to the fact that the Fed operates on a certain class of data. And that data in the 21st century is pretty pathetic. Nick, you can probably find this, but there was an article, I think it was in the New York Times, that really walked through how CPI is calculated.

And it's a bunch of people that work for the government that walk around with iPads, building relationships with local businesses and all these random places all around the country, and asking them to, you know, chit chat for 15 minutes and do these surveys. Now, you would have thought that in 2023, or 2020, what the government would have said to, you know, Visa, MasterCard, American Express, all the payment rails, the banks and stripe is send me a feed in the following structured way so that I can actually have an absolute precise sense of inflation, because inflation really only occurs when a good or a service trades hands for money, right?

And you calculate what did that thing trade at the day before and what is a trade for today. So you could get an absolute precise sense of it. Instead, we do this random sampling. thing and subjective humans, etc. So if you read this article, your takeaway will be, oh my god, this is very rickety.

And it drives an enormous hammer that we use to try to manage the economy. That's the first thing. I think you need to buckle your seatbelt because the next three, four or five months of CPI will probably be very, very bad. 789%. Why? There are a handful of components that have gotten completely runaway.

The biggest one is rent. And so rent works on a three month lag, we're going to reintroduce what the true owners equivalent rent is into CPI. So we can already forecast that CPI going up. Oil is at 105 bucks a barrel. Russia is basically trying to break the bank of Europe by now messing with their nat gas supplies.

The German energy minister yesterday said that if that happens, it could be a contagion equivalent to Lehman Brothers with respect to energy. When you look at the energy supply, you can see that the energy supply is going to be in the same position as the oil price. But when you play all of these things out, what you have is, unfortunately, rampant runaway costs that really have no mechanism to get back and check in the absence of some real governmental changes.

Our policy on this Ukraine Russia war, you know, how we intend to sort of work or cooperate or fight with China. All of these things have to get solved. So in the absence of that, prices are going to continue to go up. And so what does the Fed do?

How does it operate? How does it manage the economy? And what does it do? Well, the Fed 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 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 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. little credibility it has left, when there's eight and 9% inflation prints, and saying we think we're done for right now, you can't do that.

So they will overcorrect, because there's just going to be so much pressure for them to act. All roads, I think lead to lower equity prices. And I think what David said astutely is we've seen the first wave. But now it has to be done. And so what we're 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 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 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 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 we have gotten totally drunk on debt as a country. One of the most obvious places where we've been serving alcohol far too late into the night is in the financing of all these private equity leverage buyouts.

Right? These are dangerous, these are sketchy companies that are sort of like, you know, teetering on insolvency at times, where private equity comes in levers up the balance sheet with debt, they price it right to the edge of what's legally allowed or what's financeable, and then they go do it.

But that's all assuming the economy continues to grow. And so if all of a sudden you have some recessionary forces or prices go up and earnings don't, you'll have you know, a contagion in the debt markets, you could have a contagion in the commodity market. So we're dealing with some really real boundary conditions.

I mean, real estate, most of most Americans have most of their net worth tied up in real estate. And if we see a 30 30% correction in real estate, it could be a real problem, particularly with rising interest rates, inability to refinance sacks, the dual mandate is hey, keep inflation 2%.

And then keep the unemployment rate reasonable, the unemployment rates amazing with still so many jobs out there, even with these layoffs. In fact, one might argue we made too many jobs available to the point at which people maybe aren't working as much or just, you know, under working and not taking advantage of these amazing jobs out there.

Where do you see this going sacks now, that we can't seem to get inflation under control. And people are looking at their 401ks, they feel a lot poorer, but is the demand side gone yet? Have have consumers decided, I'm not going to buy the next house, I'm not going on this vacation.

$6 gas makes no sense. $7 gas makes no sense. I'm not going to go on this weekend excursion. I'm staying home. Yeah, I mean, look, consumer confidence just had the biggest drop, I think in 40 or 50 years. We if you look at like, right track wrong track polling for the country, only something like 24% believes that the country's on the right track right now.

If you pull people, are we in a recession? And they don't look at like, you know, the quarter over quarter growth, they just look at what they're feeling. 56% of the country says we're already in recession. It's about 70% Republicans, about 50% Democrats. So the country is already hurting people already feeling it.

And this is psychological sacks, or are they actually making decisions? Now to spend less? Well, I think it's both. I mean, you start with the real inflation, and people feel it. And they also hear about it in the media. And then they start to adjust their, their decisions. And this is the problem with fixing.

Yeah, this is a problem with fixing an inflation problem is that is based on expectations. So once people start to expect inflation, then businesses have to start operating as if there's gonna be an inflation rate next year. So they have to start raising prices. And it's actually very hard to put the horse back in the barn.

And this is why I think, I think the Fed is probably more likely to overshoot on raising rates is because if they really want to stop inflation now, they really have to slam on the brakes. And then that's going to lead to a recession. And if they don't, then we end up with like a chronic sort of stagflationary situation where you get lower growth and inflation persists.

So it's a bunch of bad options right now. And I think to the point Freeberg was making earlier, you know, this Ray Dalio piece that he just published as a blog on LinkedIn, he said, Look, what you want is a Fed that's going to be able to keep inflation going.

And that's what I think is going to be the best way to do that. And I think that's what I think is going to be the best way to do that. That is alert at the wheel, and gently applies the accelerator or the brakes based on what's happening. And instead, what we had is the Fed was asleep at the wheel, they should have started reacting gently to inflation last summer.

Instead, they waited nine months, and now they're slamming on the brakes. And this is a bunch of bad options. I think we you know, we are going to have a recession the way this can make one suggestion. I want to put this out there because I sent it on our text and I anyone that's listening, in DC, please think about how we can change the way the Federal Reserve operates.

But it doesn't make sense to have humans with subjectivity, applying their subjectivity to a set of as Chamath pointed out infrequent data that comes in chunks and comes in spurts, and only having a mechanism of changing rates by 25% each month, or sorry, 25 basis points once a month, we should have continuous real time monitoring of economic data.

And software or AI or some sort of informed set of models should then predict what inflation and economic growth rates will be as that data comes in react in real time. And on a daily basis, we should be adjusting the overnight rate in a one basis point increment. So we can have the ability to more quickly, more efficiently and in a higher resolution way.

Yeah, smooth it out a smoother way in a higher resolution way make these adjustments. It's silly that we're still operating the way we did in a pre digital age, as it is with a lot of industries and a lot of bureaucracy. But in this case, it's particularly prudent, and it's becoming particularly important and relevant, as we're seeing right now with the stagflation risk that we're facing, where we could have massive inflation and recession at the same time.

Because if we had made smaller adjustments every day for a period of time, as these economic data indicated that we should be making them more quickly, we would not be in this problem. And I don't think that having humans and their judgment should necessarily be the way that we drive.

But listen, we don't need them making daily adjustments. I don't think the Fed can fine tune an outcome like that. I just think that they can't be asleep at the wheel for nine months. I mean, we should have AI running this friggin thing. I mean, what's listen, I don't I actually don't think when you when you said that, you know, Congress needs to somehow change that the way the Fed does business, I actually think that the Fed has the correct mandate, which is the dual mandate of considering inflation and unemployment.

We shouldn't be basically junking that up by adding a bunch of mandates. And actually, the administration has been trying to add mandates, they basically gave the Fed a mandate around climate change, they gave them a mandate. Don't change the mandate. They have to try to change multivariable complex, the tools, the tools to change.

Yeah, right. We really want to focus Fed and I think the administration has been politicizing the Fed by giving them a bunch of mandates. Look, if you want to pursue those policies, do it at HHS, do it in the Interior Department. Don't basically confuse the Fed and make them pursue climate change or equity or what have you.

I mean, that is just bad. But that is not their remit, right? Their remit is controlling inflation. I really think this just comes down to the fact that for nine months, they sat on their hands and ignored the inflation evidence. Remember this word transitory? You know, we heard so much last year about inflation being transitory.

How'd they know that? You know, why didn't they start rethinking this quantitative easing? The headline from the Wall Street Journal says it all how the inflation rate is measured. 477 government workers at grocery stores. Yeah, software should be taking data from different feeds and software can learn. I don't I don't really care.

And what are the predictors of inflation? And what are the predictors of growth? And make a recommendation? I don't agree with you that it needs to be real time. In fact, I think it would do more harm than good. But I do think that we can know these things without sampling in such a porous way.

And you know, you can work with private companies to give you the feed of data to allow you to do it. And now you know, we're going to look, we've had a system of overcorrect ing and undercorrecting for years. The problem is the stakes get higher and higher as the economy grows and becomes more complicated.

And we have more leverage, and we have more leverage and we have more industries that are leveraged and more asset classes that are leveraged like housing. Because by even a few points, you could take everything. I also want to tell you guys a quick story. One of the most interesting canaries in the coal mine of all of this was two days ago.

And what happened to Facebook, and this sort of ties a lot of this stuff together in terms of like economics, inflation, asset prices, equities, tech, we should we can try to talk about non sort of, you know, big tech. But the everybody was saying, Oh, gosh, the market's gonna rip on the open, you know, we were closed for Juneteenth.

And then on Tuesday, the market, you know, the S&P was up like 250 basis points 2.5%. And the Nasdaq was also up, you know, call it maybe three hundred basis points, roughly. But Facebook was down like 400 points, right? So it's a big spread. And why is that? And I was like, this makes no sense to me what is going on with this price action.

Everything was up, Apple was up, Google was up. And so I called around. And you know, I was like, why is this happening? And this is the best explanation I got. When you look at who the incremental buyer is, in the stock market, it tends to give you a sense of whether prices can go up, or will continue to go down.

And the poorest informed buyer tends to be retail. And the most informed buyer tends to be these very large institutional hedge funds. Right? So there's a spectrum. And Facebook is an example of one of the big tech that is poorly owned by retail. So it's mostly owned by smart money.

And the case that smart money makes for owning Facebook is that it's got an extremely cheap price to earnings ratio. And that's why it's so important to have a big tech. And that's why it's so important to have a big tech. And that's why it's so important to have a big tech.

And that's why it's so important to have a big tech. And that's why it's so important to have a big tech. So you must own it. And what they said was that they, you know, looking at the tea leaves of consumer demand, what they actually re underwrote was that actually, it's not that the price to earnings was cheap, it's at the E in PE was just wrong.

And if they pass through all of these increases in inflation, and you know, their earnings expectations into Facebook, it's actually more like fair value at a lower price. That's why they sold it so much on a day where the market was up. Now, why is that important? Well, eventually, you're going to touch all these other stocks as well that are going to go through earnings revisions in this recession.

This is where I think Wall Street has done a very poor job on behalf of retail. If you look at the average estimates of earnings, you will be shocked to hear that Wall Street actually has this year being record earnings next year earnings continuing to go up. How is that possible?

Well, how is that? How is it if we're sitting here? How do you see how do you see earnings continuing to go up into these prints like this when you cannot pass through you know, 80 90% increases in energy and cogs and whatnot? How does it I think the what people would say is maybe they're going to lower their costs.

And so with layoffs, and lowering salaries and lowering spend on advertising, you know, the earn it the E could go up if people because start belt tightening, and then we start having companies that are being run, you know, just more, you'll have to sell, you'll have to sell fewer things, because there'll be fewer people with jobs to buy things.

But we have 10 million job openings. So this is the weird thing about this recession is because we haven't let a lot of people immigrate into the country. But we have so many jobs. Is that what you think the consensus view on Wall Street is that basically a bunch of people get fired.

And so that's why earnings continue to go up? Well, they stop hiring for two years in advance, right? Facebook said they were hiring for like 2024. Their hiring plans were looking at two years. And so they're going to stop hiring for two years in advance. And so they're going to stop hiring for two years in advance.

And so they're going to stop hiring for two years in advance. And so they're going to stop hiring for two years in advance. And so they're going to stop hiring for two years in advance. And so they're going to stop hiring for two years in advance. You know, and that's their number one cost.

I'm just putting out a theory. I'll give you the counterfactual. I think Wall Street's wrong. Okay. And I think that earnings are going to go down this year, and will definitely go down in 23. And so I think what probably happens is the entire world of equities needs to get repriced at a lower price.

And in that, it's going to put enormous pressure on these cash burning non profitable tech companies. Well, that's for sure. But in the ones that are profitable, Chamath, they're aware of this Facebook just canceled like two of their prototypes they were working on to save money. So that whole $10 billion into, you know, VR, I think they're trying to make that number looks more smaller.

Sacks, what do you think? Well, I think you're bringing up a really interesting point with this, the 10 million, you know, job openings. And now that that number is coming down really fast as companies close open racks, and they basically freeze hiring. So that number is going to come down very, very fast.

But one of the major contributors to inflation is that the labor force participation has been very low, millions of people left the labor force during COVID as a result of the stimulus checks and the freezing of rent and evictions. I mean, look, rents the number of people's number one expense, if they don't have to pay rent for a couple of years, a lot of them may not work or may not work as much.

So we've had this problem where we really need about 2 million people to re enter the labor force. And if you describe inflation as too much money, chasing too few people, 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.

And if you look at the labor force, 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. And when you have millions of people dropping out of the labor force, you've got less goods and services being produced that people want.

So just reducing the money supply is not going to get us out of this mess. We also need to improve productive capacity. Just to put a number on that we peaked in the 1999 era at 67% of participation in labor force. And then it's been down in this low 60 61 62.

And it continues to be low. But that is the solution here we get that 7% that gap. You could change the demand side because if all you do is fix the demand side, what you're doing is you're killing the economy to reduce demand in order to bring it down prices.

That's very painful. It's all pain. But what you also have to do is fix the supply side, you have to increase the availability of all the critical inputs into the economy. So labor obviously is one of them, but also critical resources, like energy, you know, oil, natural gas, and so on.

And that goes back to fixing the supply chain, hopefully getting a resolution of the situation in Ukraine, the war. So if we could fix those things, it's a way to improve the economy without creating more pain. Freeberg, if the prices of just daily living of which transportation and housing and healthcare are now the top three, I believe, groceries and healthcare, I think have flip flopped a couple times in the last decade in terms of costs.

If those things go up, would that make people want to go back to work to pay for those things? Or does it create capitulation where people say I'm moving in with my cousin, I'm going to lower my balance sheet? What is your prediction there? Are more people going to go to work?

Or do we still have this, you know, call it 10 million people in the country who just don't want to go to work? I've mentioned this in the past, but I think there's more. There's another kind of interesting outcome of this, we've had several months in a row of pretty significant increase in consumer credit.

And I think the reason is, things are getting more expensive. And I think that's because people generally do not like to reduce their spend on stuff or their living their lifestyle. Once you get used to a lifestyle, like going out to dinner once a week, or going to the movies every week, and you create a budget, you create a life experience around that a model around that, it's very hard to say, Okay, I got to cut budget now.

And I got to reduce my life, I would rather say I'm going to keep doing that, or at least there's some inertia or some momentum to keep spending on the things that you've been spending on. And the way you do that in a model of a business is you take on more debt.

And so there is a little bit of a nervousness that I have had, that people's response generally, the consumer response to inflation, and to a kind of a shifting income environment like this is not necessarily to cut as quickly but take on more debt and keep keep buying. And so I am a little nervous about that.

But I think that's the way 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 do that, but I do think obviously, at some point, everyone has to figure out ways to generate income, there have been a lot of these kind of ancillary markets that are typically the first to go these extra services markets where people, you know, have found other ways to make money side hustles and whatnot, that may or may not be as robust as they have been historically.

And so people may need to go back for more secure, stable income. And and these jobs get filled. I like I mean, as we all know, this is the whole concept, I think behind build back better. It's not super thoughtful in terms of the approach, I think, based on my understanding of where that money is supposed to go, because it doesn't create long term jobs.

But there is an opportunity to build new manufacturing and new infrastructure jobs in the US right now, that could enable a healthy transition here. But that legislation needs to be done smart. It can't be done with this, like, hey, let's build a bunch of bridges. And then a bunch of contractors make a bunch of money and no one has any long term jobs out of it.

We've got to find ways to spend money on creating long term, sustainable, you know, new industry here. Yeah, job openings 11.4. It's come down about six or 7%. So you know, it's going to be trailing, but it's for sure we're seeing it in our industry with the hiring freezes that, you know, we're going to work through those open jobs, what are the chances that inflation gets under control in the next year?

And should the Fed go for like the 1% slam on the brakes, there was some talk about that, obviously, they went from 50 to 75. Remember, a lot of the elements that we were kind of saying, Oh, my gosh, I can't believe the climate prices. So you know, wheat is down, I think 30%, lumber is down 50%.

Gas prices are coming down. So you know, there are some of these, you know, commodity spikes that we've experienced over the past couple of quarters, particularly recently, that are really that have had a significant part of the fueling effect on the inflationary trickle down. into ultimately end products and whatnot.

And those are coming down. You know, there's a real question of how quickly that flows through the economy and flows through to the price of goods that consumers ultimately end up paying for. The gas prices right now are the biggest concern, right? Like unless you can get gas prices under control, that always always has a massive impact on spending on consumer spending, which drives a recessionary cycle.

And so if I'm the Biden admin I'm first and foremost I don't care about the general Inflationary indicators as much as I care about getting the price of gas down. That is a super super critical number to face Is this are these gas prices gonna change how Americans look at what car they buy because they're gonna get worse time We had that they're gonna know people started looking at not buying SUVs.

We could have $7 gas Oh, I said there was a picture actually I tweeted in California There was a $7.11 gas broadly broadly We could have $7 gas all throughout the country But Jake out the you know, remember the average automotive automobile in the US lasts for 12 years That's how often people change out their cars.

So that's 8% of the fleet being changed per year 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 Delinquency on auto loan portfolios has spiked like crazy. Yeah, and so, you know, yes sure theoretically People will think about buying an electric car But most people aren't thinking about that on average For five or six years from now because that's the average of a 12-year cycle right five five years from now Wait till all these peloton bikes need to get repossessed well all these actually the the the weight for cars and the overpricing of cars has ended in the last two months and There are multiple cars now in the market 25 30 K for a 50 plus mile per gallon car I think this actually one of the silver linings coming out of this is people might actually Stop buying as many SUVs or you know, I think our average is in the low 20s right now in Europe's is in the high 40s.

The problem is like, you know every other four miles per gallon part of the government Acknowledges that you have to really ring fence and protect consumers, right? Like if you look at the securities laws They're meant to protect them at all costs 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 but the reason is because sometimes that you want people to make good decisions and if you You know give them a bunch of firepower.

They're just gonna spend it and you know what we really did was we gave folks just a ton of money and What did they do they acted rationally they spent it. Yeah now we have to take it all back And that's that's I don't think that's gonna be as easy or as simple as people think What what percentage of the money supply do you think is in excess right now in the United States?

Well, look I told you this because I wrote this in my annual letter, but it's it's stunning that you know The reason the stock market went up dollar for dollar was actually tied to the growth in the m2 money supply The correlation was 0.9 - so for every dollar that the Fed printed the stock market went up by 92 cents So, you know it stands to reason that if the Fed is going to take three to five trillion dollars of value out Then we have to rewrite the equity markets by three to five trillion dollars at a minimum and then you have to rewrite and rebase line for earnings and So that's probably another twenty or thirty.

Let's skin. Yeah, let's talk about the endgame here the rates go up people stop buying homes people go back to work and Energy prices come back down because people are not buying as much of it Spending goes down and people rebalance and that takes a year the job openings could also disappear by the way I mean like they're going down four hundred thousand a month is 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 Contraction yes people get fired but then also new job openings change, right?

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 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 But the two early warning signs I have in my you know job of investing in early stage companies is when people Well, what's the average salary for an engineer if that hasn't gone down by now, then it's a lagging indicator, right?

It would be to me capitulation 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? That's yeah, I don't think they do some references in deals, right? I think the way the salaries come down is that Startups freeze their hiring plans where they lay people off and all of a sudden the war for talent subsides easier to hire people And so there's no need to keep raising up.

Are you seeing that? Yeah, I think we're seeing the beginning of it, but I gotta tell you I mean I think that startups have not fully Embraced or realized what what's happening? I just got back from the KOTU summit over the past couple of days This was an event that was hosted by KOTU You know whose founders are Philippe and Thomas Lafont very smart guys Very smart investors who've been public market sort of hedge fund investors for a long time But also have a large venture fund to do growth stage investing some of the takeaways from that conference some of the more vivid lines that stuck with me is that one of the speakers said That he said that when it comes to runway for startups three to four years is the new two years Because if you just have two years of runway, you're gonna need to raise in a year and in a year from now We're gonna be in the middle of a recession They're predicting they're forecasting that capital availability is gonna decline about 75% the amount of money That's venture money that's available the ecosystem down by three quarters so if you try to raise in that environment either you're not gonna be able to or investors are gonna you know, Have all the leverage you're not gonna get terms that you like so they were recommending three to four years of runway So that is not what I think a lot of companies are Possible the other thing that the other really vivid takeaway is that they did some polling of the startup founders who are in attendance okay, and What the numbers basically showed is a is a contradiction on the one hand the founders sort of understood that Intellectually that we're headed into a downturn.

We're headed to a recession And so the polling reflected that on the other hand if you ask the founders how they're gonna react to it What are you gonna do about it? 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 So everybody thought that they're the exception in other words, everyone understood we're headed for this massive recession 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 We're gonna accelerate during the downturn. So there was a real contradiction in how founders are interpreting this Advice and I have to tell you when I talk to founders in our own portfolio 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 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 We're gonna make major cuts We're gonna bring our burn multiple down to you know The where it should be but then you know when you check in with them a couple of months later and you're like Where are you on the plane haven't taken the medicine?

It's or the medicine is like a 10% cut and I'm like guys like 10% It's a performance review. Yeah, like 10% you're doing every year 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 so no one really wants to take the medicine yet and You know, it's a problem 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 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 To grow from there and they really will out accelerate the competitors 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 It's too late because even after they make the cuts they don't have enough runway on the other side burn the capital Yeah, they burn the capital and then they're in a death spiral So I think you know what what companies need to think about is this is a 75% reduction Imagine if you did a hundred million dollar round last year, right?

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 round So imagine if you're burning an extra twenty five to fifty million more than you should be according to your burn multiple You're basically burning the next round forget about the fact that the last round gave you all this cushion 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 anecdotally, I'm seeing people come back from Rounds where they were expecting forty or fifty million dollars in some cases like with 150k in revenue five hundred K in revenue.

They were living in a two hundred three hundred times revenue kind of world it was just insane and You know, they're now coming back with ten million dollar caps fifteen million dollar caps on their notes I was offered a hundred million dollars At a fifty percent discount and I said call me when you get to 65 and that's the best company 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 You don't like that valuation? What is that valuation forty at fifty percent off? It's less of a judgment on but it's just more an observation that we're at the beginning of the beginning And again, we're at the beginning of the beginning Okay for all of us that lived through the 2000.

This was four years of sheer hell and a grind 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 People all of a sudden assume that two or three rate hikes and five or six months of headlines are enough 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 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 anybody 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? I would not do that right now Because the cash the caps the cash gives you so much optionality. It's based so much optionality So you're gonna be looking for distress and this is the thing So you have a huge amount of capital leaving the ecosystem like we know tiger is basically out I mean they were the basically the default provider of growth stage capital over the last couple of years So you have a lot of liquidity leaving the system and then the liquidity that's in the system is waiting for distress So you're right in it.

There's a quarter. I mean like we talked about there's a quarter A quarter trillion dollars of quote-unquote dry powder I mean, I know Chamath thinks that people are gonna give that money back, but there's never They're not gonna give it back Yeah, look at that that tiger fund tiger raised a new twelve billion dollar fund that was announced in March and tech crunch We covered it on the show a month ago.

Yeah, the tech crunch on article saying was already deployed in six months So I wasn't on that show. Oh, that was the one where Jake I'll try to replace you with Brad Gerstner We should show weekly going forward It's not a monthly might be better to keep up with these trends Okay Jake how you make a good point there creates go back this for a second You said the founders were they're still anchored on this world of two to three hundred times ARR evaluations Let me just tell you where the new valuation levels are and this is obviously in flux But I'm pretty sure the valuation levels are at twenty to thirty times ARR.

That's for a company That's growing 3x year-over-year. Yeah 3x year-over-year. That's the best of the best the reason How do you get there next year's? Yes, exactly and the way that you get there 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?

Like a snowflake there at 8x. Yeah, so, you know, so basically giving more credit for The higher growth rate. Yeah, right, but they really have to have that 3x growth So, you know if you're a founder think about the fact that when you try to go raise next year Assuming you're the best of the best you'll get twenty to thirty times ARR now think about your spending not 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 Yeah, the the I literally had a deal You know in the 30 and 40 range and angel investors who never early stage angel investors seed funds that did not look at multiples are now Asking me because when I send a deal memo to 10,000 people for my syndicate people hit reply People are hitting reply now and saying I did the math on this.

This is the multiple This is this this is the burn multiple. They're actually doing the math So we all of a sudden have discipline that I have not seen in this investor class in the ten years I've been doing it. So that is to me one of the great silver linings here I think people are gonna do a better job with their personal balance sheets They're gonna invest less in speculative stuff and they're going to invest more in the actual builders who have discipline So we're gonna see this massive swing to discipline and we're gonna flush out all the people who don't have Market think about all those folks like what's happened in the last six months.

It's like they've been long unprofitable tech It's got smoked by 75 to 85 percent. They've been long crypto that's gotten spoked by 65 percent more 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 I mean people well you think about it.

There's a whole group of investors who have only known the up market 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? You're about to experience and here we are. Let's that's a perfect time to segue into crypto bitcoins price is down 71 percent from the all-time high 69k in November of 2021 bottomed out at 17,000 or so on June 18th the theorems price down 78 percent And if you look at the craziness since the last all-in episode, you know this three AC three arrow capital They're a crypto hedge fund that was letting people Basically loan out They're crypto They are basically closing a 10 billion dollar crypto Hedge fund at its peak they're insolvent according to the reports Terra Luna collapsed the 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 and There is a whole situation with Solana and a company built on top of it.

So lend which is not Solana It's an application built on top of it. I talked to Vinnie Lingard My friend earlier this week about it. They had a whale who had Tried to loan out a hundred million and they had to freeze their account because they thought the downward pressure 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? Over the means like a crash all over again I mean basically you had an extremely promising technology. I mean it is a promising technology, of course It is a future, you know technology platform but the price action got totally decoupled from the level of progress in the space and people were not valuing these things based on Real customers real usage and real use cases, but it was became, you know, very speculative And again, all this was fueled by the excess liquidity that was pumped into the system So, you know, we've said it before that crypto is like a liquidity sponge 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 You know part of the problem is with interest rates going up you know, it's one thing when you have negative real interest rates and And and and you can't earn a return on your money then you start to get you basic people start to push the envelope and Invest in more more speculative things but as you can get a real return in Like they'll say there's like a real risk-free rate Now there's alternatives for all that cash and then you got the problem of leverage as well Which I think over the last few weeks the crypto space was heavily over levered and a lot of people got margin calls And wiped out that's the contagion that's occurred and people were levered up five ten times They're Bitcoin on these roads until these token sale things get litigated I mean the amount God the amount of grift by so many of these venture firms in running these Sketchy deals where they would put in some amount of money 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 And then you get these tokens and apparently there's no like you can just sell these tokens Day one and so what happens is like you you price the equity But it's meaningless because really what you're getting is the right to get some amount of these tokens The price is crazy you sell it and then you just kind of walk away and apparently, you know You do these deals where you just rinse and repeat this thing Well, wait, wait till that gets exposed.

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great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor I mean, I think he's a great investor