WEBVTT 00:02.130 --> 00:09.150 Okay, here we are. Well, you caught me. Yeah, here we are in Montevideo, Uruguay. 00:09.530 --> 00:17.630 We just came across the mighty plate river from Buenos Aires, and you flew down here last week from Ripley, 00:17.650 --> 00:20.910 some Florida, and and you're here to play tennis. 00:22.630 --> 00:24.830 Be careful where you invite me. 00:24.930 --> 00:31.350 I had a guy that that I played with last year that said come play a new like a club they have and 00:32.130 --> 00:37.730 I love red clay tennis and you have red clay tennis here all over which is a great way to play tennis. 00:37.890 --> 00:43.770 It's totally different from hard court and I said he invited me. I came and I said be careful. 00:44.770 --> 00:46.970 Invited me somewhere because I might show up. 00:47.190 --> 00:51.650 Well, this is good. I don't presumably play much tennis in 00:55.890 --> 00:59.610 Kyrgyzstan or the Congo. So I think you're in the right place. 01:00.170 --> 01:06.430 Actually, this is and you're close to Punta del Este, which is the jet set capital of South America. 01:07.990 --> 01:11.910 So right man in the right place. So that's what you're doing here. 01:11.990 --> 01:14.710 But people don't want to hear about that. People want to hear about 01:15.350 --> 01:19.190 the markets and things of that nature. So we've all got opinions. 01:19.850 --> 01:22.150 What's your opinion? Where are we right now, EV? 01:22.590 --> 01:25.370 Yeah, well, so we've had radical change. 01:25.370 --> 01:30.930 As you know, the people were expecting a different outcome and I think the most interesting thing 01:30.930 --> 01:36.890 that's happened is the gold price radically reset after the election, which tells you that the world 01:36.890 --> 01:41.590 was afraid that there would be no adults in charge and the gold price is going to shoot 01:41.590 --> 01:47.670 much higher. And then as soon as we had the outcome we had, it's back to 2650 and probably 01:47.670 --> 01:52.810 stays there resumes and resumes and up climb. But it shows you that the 01:52.810 --> 01:59.450 markets think there's going to be less chaotic turmoil than prior, maybe different type of turmoil, 01:59.810 --> 02:02.210 not what it was expecting. 02:02.690 --> 02:11.350 Well, I am so happy that Kamala lost. I didn't say that Trump won, but that Kamala lost and 02:11.350 --> 02:17.430 actually cost me some money that she lost because I bet 100 ounces of silver 02:17.430 --> 02:22.650 with the friend that she was going to win. It's pretty confident that Democrats were going to 02:22.650 --> 02:27.790 engineer a storm election. It looks that way. In my newsletter I wrote, I went to DC this summer 02:27.790 --> 02:32.830 and wrote about the scene in Washington and I can tell you that people were 100 percent convinced 02:32.830 --> 02:38.710 that they were the regime that stays. So I think there's a lot of very upset people 02:39.450 --> 02:46.650 and the town is flipping. So the arrogance is unbelievable there. As you know, as you know, 02:46.690 --> 02:51.670 being from there, but it's an establishment. It really is an establishment and there's no 02:51.670 --> 02:57.990 awareness that there's a country attached to the establishment. But the thing I want to 02:58.720 --> 03:03.470 tell you is that my take on this really is that these numbers are all going to get bigger. 03:04.010 --> 03:11.690 If you and I were working together eight years ago and we said that the debt doubles every eight 03:11.690 --> 03:17.810 years, you go back to basically Nixon. You can take any eight-year period and it doubles and 03:18.430 --> 03:22.630 $18 trillion. It's something like $38 an hour or something. It doesn't even really matter. 03:23.590 --> 03:28.710 You'll go to 80 and people say they can't conceive of that, but the numbers have to get 03:28.710 --> 03:33.310 bigger. I mean, what we have, this system that we have, it's kind of like, I don't think you 03:33.310 --> 03:38.890 probably have ever slept on an air mattress, but you have it. I rather like them. It says 03:38.890 --> 03:44.750 inflate with care. And so that's what these guys try to do is they inflate, but they try 03:44.750 --> 03:50.290 to do it in a way that doesn't bust the seams, put too much air too fast or not enough air. 03:50.590 --> 03:56.530 And this is the game that they play. And so let's expect that they'll keep trying to play the game 03:56.530 --> 04:02.190 and they'll do what's necessary to fix. If they get too much air here, not enough here, 04:02.310 --> 04:06.390 they'll make these adjustments. Are they going to be able to ring one more cycle 04:06.870 --> 04:12.790 out of all this? Or is it all going to fall apart, either with runaway inflation or a 04:12.790 --> 04:17.990 catastrophic deflation? Probably both. If you think back to last four years, we had both of those 04:17.990 --> 04:22.690 things. And then they tried to manage their way around it. It caused a bunch of distortions, 04:22.690 --> 04:27.910 but the system keeps moving. And so I think the way to see this is that it's a game. 04:28.690 --> 04:32.810 Instead of looking at it like an ideological thing, this should be this way and this should be 04:32.810 --> 04:37.330 that way, is it's a game and you flow along with the game and it becomes much easier to 04:37.330 --> 04:46.650 see what they're going to do. Well, so we have at least morning in America for another six months 04:46.650 --> 04:52.210 or actually morning only lasts for six hours, but we'll get bored in six hours. We'll maybe get 04:52.210 --> 04:57.590 six months. So how do you think things are going to play out over the next four years 04:57.590 --> 05:02.350 and the next eight years? And incidentally, I've got to mention to our watchers, 05:03.070 --> 05:10.970 E.B. writes an excellent newsletter. It costs $300 a year. I ought to know because I pay for it 05:10.970 --> 05:19.030 myself. I don't get a cop from E.B. or I simply pay for it and it's good value. Also, I want to 05:19.030 --> 05:26.830 mention because some of you don't know E.B. He wrote a book called Why Gold? Why Now? 05:26.830 --> 05:34.610 about a year and something ago and it was prescient and well written and he's got a new one which is 05:34.610 --> 05:40.350 about to hit the stands. So we'll talk about that too. And I think I'm going to like the second 05:40.350 --> 05:49.370 book more than the first one because it's more kind of life-centric. It's a sensitive book as well. 05:49.550 --> 05:54.410 I mean, it's some of the stories that people say I can't believe you wrote that. I mean, 05:54.850 --> 05:59.870 I'm in what hopefully is the middle of life. So you're in this middle and you look back and you 05:59.870 --> 06:05.070 think what are we doing? And how did we get here? And what's the point of all this? And so that's 06:05.070 --> 06:12.370 when you think things start making more sense. And for me, my career has been, it's been like 06:12.370 --> 06:17.350 a stock chart. And the transition periods have been where all the growth occurs, but they've 06:17.350 --> 06:22.210 also been the hardest. And this has been a transition period now. And so I sat down this 06:22.210 --> 06:28.130 year and wrote this book to kind of say to people, I don't have all the answers when I'm in these 06:28.130 --> 06:34.810 periods, but this is what I do. And this is what happened in the past. And I think there's, 06:34.990 --> 06:40.410 I think people need things like that now because they're in this world of advertisements coming 06:40.410 --> 06:44.810 to them about instant success and all these different things. That's right. Yeah. I mean, 06:44.830 --> 06:49.590 I met the CEO of a rally auto parts this year. This is like, he's like a country guy from 06:49.590 --> 06:55.050 Texas named Brad. And he told, I was asking him about the competitors because they're quite a bit 06:55.050 --> 06:59.370 better than the, that we talked about them in the newsletter. And he said hard times make good habits. 06:59.750 --> 07:04.650 And he explained to me how their entire company mantra is that like nobody learns anything 07:05.190 --> 07:10.850 during the upswings. It's always these like swings. And if these swings are so important 07:10.850 --> 07:15.870 and so critical to your future success, then why are they so hard? You know, and so that 07:15.870 --> 07:21.590 that was kind of like the genesis, but why gold was really successful because people wanted to know 07:21.590 --> 07:26.530 how do I make money in the gold market. It's like, you know, it's not that hard to do, you know, 07:26.670 --> 07:31.770 but this is more fun. This type of stuff is the things I'll tell my kids. I mean, 07:32.430 --> 07:37.790 these are the things I think that help you spot the next thing, you know, and you know that 07:37.790 --> 07:42.170 and I know that. And it's, but most people just want the answer. But it's the question 07:42.170 --> 07:48.570 that usually is what you need to focus on. Yeah, the questions are much more important actually 07:49.410 --> 07:59.150 than the answers in many ways. So what is this next book about? It's about just what you said. 07:59.670 --> 08:04.430 The subtitle is how to survive and thrive in a world that wants to control you. So the world 08:04.430 --> 08:08.110 wants you to sit down here and do this and don't do this and do all these things. But 08:08.110 --> 08:13.390 the reality is, is that you have a little compass in you and it's all the time kind of going around. 08:13.610 --> 08:18.710 It's getting curious about things and meeting people and pursuing different things and the teachers 08:18.710 --> 08:23.770 tell you don't do that and everyone's trying to control you for their convenience. Companies 08:23.770 --> 08:27.370 are trying to do this. It's very understandable. You know, it's not personal. It takes a while 08:27.370 --> 08:33.030 to learn that. But this little voice within knows what you need to do. And the more you 08:33.030 --> 08:38.550 listen to it, the more you integrate into life and the better things get. And I think everybody 08:38.550 --> 08:45.410 recognizes that little thing. It's not just like a success thing. It's part of your overall journey 08:45.410 --> 08:50.610 through life. And so for me, I had some difficult times when I was younger. I went to reform school, 08:50.730 --> 08:56.930 as you know, and chopped wood for three years. It was weird. And so I tell those stories too 08:56.930 --> 09:01.670 and what it was like to go through that. And I didn't really make much sense to me. And then 09:01.670 --> 09:07.150 this time goes on and you make sense of these things. And then you go into the corporate world 09:07.150 --> 09:13.470 and I'm not really a corporate material. And so that was hard to figure out. I mean, 09:13.490 --> 09:17.830 you enter this thing and you think, here we go. We're going to do this or that or whatever. 09:18.130 --> 09:21.750 I'm going to succeed. And then you just, you know, constantly you're trying to be the people 09:21.750 --> 09:27.550 are mangling. You know, it's very difficult. And so that all starts to make sense because 09:27.550 --> 09:32.790 I have a journey that's a path that's kind of autonomous. And when you talk about the newsletter, 09:33.110 --> 09:39.070 the Tucker letter at ebtucker.com, the thing is, the reason why you like it is because it's almost 09:39.070 --> 09:43.430 like the old days of supporting the arts or something. You know, you would, you would, 09:43.630 --> 09:48.190 there's only a new thing that people sell art for $50 million. It wasn't that way before. 09:48.430 --> 09:51.870 And he would say to have someone that can paint, you would give them enough money to live. 09:52.010 --> 09:56.250 And then they would paint stuff. And it would just be fun. That's what we did for centuries. 09:56.250 --> 10:01.110 And so with my letter, there's no advertising and there's no nothing. I mean, it's like, 10:01.190 --> 10:08.790 it's me every two weeks writing to you and people support that almost as an art form. It's very 10:08.790 --> 10:14.050 direct. Whereas a lot of the letters you and I used to write would have all these banner ads and, 10:14.190 --> 10:19.030 you know, promises of instant riches. That wasn't, that wasn't my fault or your fault. 10:19.630 --> 10:24.230 We, we fell into bad hands. We fell in among thieves. 10:24.930 --> 10:30.830 It happens. Yeah, but we, we emerged. And that's interesting what you say about art being $50 million 10:31.950 --> 10:37.930 because of course it was just a couple of weeks ago that some fool, well he's not a fool actually, 10:38.090 --> 10:46.370 he's probably very, so the banana that's taped up to a wall for $6 million and somebody ordered. 10:46.370 --> 10:50.330 I can't believe it actually. You probably remember in the newsletter, 10:50.490 --> 10:55.530 I wrote about a piece of art I bought this year. This girl in New York uses colored pencils and 10:55.530 --> 11:01.610 takes two or 300 hours to draw lifelike, basically looks like a photograph of various things. And, 11:01.610 --> 11:06.870 and so I met her through a friend and bought an original piece that she did of Japanese. 11:07.250 --> 11:12.630 It's a Marilyn Monroe magazine cover and then a tabby shoe that's worn out from rebuilding 11:12.630 --> 11:19.690 after the war. It's a juxtaposition. Anyway, so the $6 million banana is fairly useless. It's 11:19.690 --> 11:24.610 kind of good marketing, but it's fun to find things where someone has an unbelievable talent. 11:24.990 --> 11:31.610 When you buy that, it's not notable. You know, it's $15,000 or something, but it's like 11:31.610 --> 11:39.210 300 hours to sketch that. It's wild. So to me, I'm fascinated by people that have a skill 11:39.670 --> 11:46.430 and then watching them use the skill and then being able to support that is very circular. It's 11:46.430 --> 11:53.110 very fun. Yeah, technical excellence is one of the things that you need and art is worth having. 11:54.170 --> 11:58.010 Of course, there are millions and millions and millions of paintings. 11:58.730 --> 12:04.350 All the museums have basements that are cluttered with paintings that paintings everywhere 12:04.350 --> 12:12.110 that are being turned out more and more. I go on auction sites where you can find tremendous 12:12.110 --> 12:17.670 bargains where people just have to get rid of it. They don't want to burn it. You can get these 12:17.670 --> 12:22.770 things for a few dollars or whatever. Yeah, it's not always money. It's people to understand 12:22.770 --> 12:26.730 that it's not always like you spending to collect all these different things. It's the 12:26.730 --> 12:32.390 character in these pieces. It's not the thing that costs the most. You can find these 12:32.390 --> 12:36.750 little things and that's what's fun about life is you go around finding these things instead of 12:37.210 --> 12:42.130 aspiring to do things that people think are popular. It's like that's why I like it down here. 12:42.390 --> 12:47.450 This is not like going to East Hampton. It's kind of more fun than East Hampton. 12:47.850 --> 12:50.230 And then people in East Hampton will say, well, why would you go down there? 12:50.550 --> 12:54.130 Or does they're just serving burritos down there? They don't know what's happening, 12:54.210 --> 12:58.130 but this is one of the hippest places where I've just come from. I'm playing 12:58.130 --> 13:02.370 tennis and reg clay every morning and then eating octopus at the beach 13:02.930 --> 13:07.650 place or whatever with all these Argentine billionaires or whatever. 13:08.090 --> 13:15.190 And it's unbelievable and there's no gringos. Yeah, and because they're not the East Hampton, 13:15.350 --> 13:20.330 they are less pretentious than the people that are in the East Hamptons. 13:21.610 --> 13:28.330 The fun of life. I mean, that's kind of like the journey is the fun. It keeps getting better, 13:28.530 --> 13:34.990 actually. Yeah. Well, unless we have a global thermonuclear war. 13:35.190 --> 13:41.470 That's a problem. Yeah, it is a problem. Just yesterday I was on a Zoom call with 13:42.010 --> 13:47.910 Scott Ritter for an hour and a half and it was absolutely fantastic doom porn 13:49.170 --> 13:55.350 about how serious the situation is and the way these weapons are going to be used and what 13:55.350 --> 14:03.630 happens when they're used and blah, blah, blah. So I feel better being down here up there for that 14:03.630 --> 14:10.950 reason. Also, I've got to say. Well, you're in a geographic position that makes strike 14:10.950 --> 14:17.270 unlikely. I remember when there was news that a lot of ex US president types won't name the name, 14:17.270 --> 14:22.210 but bought places in Paraguay. And this is very popular. There's an aquifer there and there's 14:22.210 --> 14:26.170 all these different reasons why you would want to do that. But it's also not a strategic 14:26.170 --> 14:31.690 cross point. I mean, the problem with Portugal would be if New York is whacked, then the wind 14:31.690 --> 14:38.210 pretty much takes you right out. It's second order effect. But not really, 14:38.410 --> 14:43.570 I mean, here no one is really going to hit like Easter Island and then it's not going to blow 14:43.570 --> 14:49.250 over. No, there's absolutely no strategic targets out here. You don't want to waste a 14:49.250 --> 14:55.250 perfectly good nuclear bomb on some place. Well, so one thing I'm sure you read this last week in 14:55.250 --> 15:02.370 my newsletter is that I'm totally fascinated right now by the AI race. And it's not really about 15:02.370 --> 15:08.290 chips. It's about power. And so you there's a silly Bloomberg headline where where Biden is 15:08.290 --> 15:13.970 shaking hands with Xi Jinping and saying we've agreed that we're not going to let computers 15:13.970 --> 15:21.530 control the launch codes. And if you really, if you know what's up, which which you know which 15:21.530 --> 15:27.550 way the wind is blowing, what that means is just if our computer was towering over yours, 15:27.670 --> 15:32.890 we probably would let it, you know, whoever wins that race, you know, will will control 15:32.890 --> 15:39.250 the launch codes. I mean, it's it's it's we're in this Cold War type race, and it's all about 15:39.250 --> 15:45.550 power and whoever can achieve the power scale, you know, first is going to win. I mean, you can't 15:45.550 --> 15:50.270 power the AI. It's not the chips, you know, it's it's it's literally the electricity. And 15:50.270 --> 15:54.310 and I think people this is just lost on people, you know, they think like, well, what's the 15:54.310 --> 15:59.250 next Nvidia, you know, it's like, well, the chip is not really the thing. And it's not 15:59.250 --> 16:04.550 really like the problem. They kind of know what the chip, you know, issue is and how to deal with 16:04.550 --> 16:09.090 it. Right. And they know all this works. But the power, it's like, you need the amount of power 16:09.090 --> 16:14.230 that powers the state of Texas to run these advanced facilities and the faster they run, 16:14.570 --> 16:20.090 the faster they grow. And if you don't get launch speed, you know, you're never going to 16:20.090 --> 16:25.730 you're never going to get there. Well, that's a good observation because going back to this 16:25.730 --> 16:33.230 conversation I had with Scott Ritter yesterday, he was he started it off talking about what's 16:33.230 --> 16:38.790 going to happen when all these nuclear bombs are set off. And I said, well, that's serious. But 16:40.610 --> 16:47.330 secondary effects are what these governments were all doing lots and lots of research on 16:47.330 --> 16:54.090 biological weapons. Won't they also do that to kind of clean up some of the strands around. 16:54.090 --> 17:00.030 And then of course, there's cyber weapons, which really weren't an element 20 or 30 years ago. 17:00.110 --> 17:05.150 Also space space take out the the global positioning systems, which by the way, 17:05.170 --> 17:12.610 are almost useless now for military. There's new systems that work on the earth's magnetic fields 17:13.110 --> 17:24.070 so that they can fly and operate with no GPS. You can see the GPS is totally vulnerable. And 17:24.070 --> 17:28.990 when you look at this, you think, I mean, what a complicated game. It's very complicated play. 17:29.310 --> 17:35.570 I mean, it's, well, it's like from the movie. The only way to win is by not playing. But one 17:35.570 --> 17:41.490 point, I'll just make this apropos what you just said. Scott said, well, after the nuclear 17:41.490 --> 17:50.470 weapons, actually, it's the collapse of computers and power grid that will be the most deadly 17:50.470 --> 17:56.970 thing. So the so the so the what I've learned in the research is that the grid actually will not 17:56.970 --> 18:05.330 power the the AI race, because the so the fast forward 10 years and the grid will be how we 18:05.330 --> 18:11.050 turn the lights on and we charge the Tesla and all these different things. But the AI systems 18:11.050 --> 18:17.770 will run on power that's dropped into the facility that's the equivalent of, you know, 18:17.770 --> 18:23.630 like millions of homes usage in a year that's running only for the facility. Because as you 18:23.630 --> 18:30.790 notice, like Amazon tried to use three mile island to get it restarted and and you've seen 18:30.790 --> 18:36.430 this and the federal the federal regulatory would said, no, you can't do it. It's too 18:36.430 --> 18:42.610 complicated. Dominion Energy says there's too many systems now pulling in the mid Atlantic 18:42.610 --> 18:47.110 and we can't put anyone else online and you know, the grid can't the grid is meant for 18:47.110 --> 18:54.110 light switches and dimmers and these things. Are you recommending small research companies with 18:55.050 --> 19:03.250 fifth generation reactors? Yes. There is technology now that is safe, that is compact, 19:03.670 --> 19:08.490 and you can the thing that's cool is see the last boom in the data centers, you had to be 19:08.490 --> 19:13.910 locationally close to to whatever you were connected to for latency. You know, if you 19:13.910 --> 19:19.110 wanted to trade in front of the Citadel wants to be in front of every retail trader and take an eighth 19:19.110 --> 19:24.050 of a penny or something. It's all about the distance to the exchange, but that's finished now. So you 19:24.050 --> 19:28.990 have all these data center stocks, you know, are really not where the action is. You'll be able 19:28.990 --> 19:34.370 to put the AI center in the middle of Eastern Oregon or something and drop the power in and 19:34.370 --> 19:40.410 secure the place. And it doesn't need any so real estate costs goes to zero. You know, 19:40.410 --> 19:44.430 the county out there will be so thrilled that you want to be there to give it to you. 19:44.950 --> 19:50.910 So I think that's what's happening. You notice Gates is in there and the Amazon guys have things 19:50.910 --> 19:56.510 going on and everybody's in this race. And there's there's a couple of public companies that we 19:56.510 --> 20:00.930 put two of them in the letter, which I think are I think it's better than the mining stuff. 20:01.550 --> 20:06.190 The mining thing, if you think about it like you and I have extensive experience in this 20:06.190 --> 20:12.350 business, but the mining business doesn't work anymore. And the thing people can't quite understand 20:12.350 --> 20:16.630 is that it doesn't get the operating leverage that it used to get. And I think it'll be the 20:16.630 --> 20:24.090 same for uranium. It's like the energy space is so hot and there will be so much uranium used. 20:24.330 --> 20:28.730 And I'm not sure that the mining company is the right way to play it, which is kind of like 20:28.730 --> 20:34.410 against all what we used to think, we would think operating leverage to the rising 20:34.410 --> 20:40.310 commodity price, but it doesn't work. I hope we just to get one more kick at the mining cat, 20:40.370 --> 20:48.030 because it is a crappy 19th century chuchu trade. It really is. Scott, if you had to pick a crappy 20:48.030 --> 20:52.950 business that you shouldn't get into, mining would be very high. Very high. Yeah, very high. 20:53.130 --> 21:00.450 And the end and it goes down during the downswings and it goes not that far up during the 21:00.450 --> 21:07.530 upswings, which is like the worst of both outcomes. I hope I'm not living in the cat in the past, 21:07.590 --> 21:13.330 but I think we'll get one more kick at the cat, but those could be famous last words or wishful 21:13.330 --> 21:18.430 thinking. And the thing that's crazy, I mean, I'm in New York all the time and you when you 21:18.430 --> 21:23.070 socialize there in the finance scene, I mean, there's not one person that you'll meet that 21:23.070 --> 21:30.770 has any equity exposure to anything related to any commodity related thing. Of course, that's good 21:30.770 --> 21:38.830 news. Zero. I mean, and it's almost like a no fly zone. It's kind of like you just forget about it. 21:39.130 --> 21:47.650 So you would say to yourself, well, that's how much upside is it? But it's not really the case 21:47.650 --> 21:53.870 because you look at what they are doing and the amount of momentum and money that's coming in 21:53.870 --> 22:01.450 would swallow the entire mining world with one goal. I mean, so it's almost like the world 22:01.450 --> 22:08.550 is left behind, which is which is hard to understand in a way, but it's the facts. I mean, it's 22:08.550 --> 22:15.270 like if you've played in that sandbox, the last five or six years, you've missed gigantic rallies 22:15.830 --> 22:21.990 and other things. And at some point, you're becoming much poorer. So I, you know, it's funny 22:21.990 --> 22:27.990 because I think now this one of the things that I'm really big on is I think during this Trump era, 22:28.190 --> 22:34.770 I mean, assuming he is inaugurated, you know, we actually are still in the red zone here. 22:36.050 --> 22:41.890 Real, but assuming that he's in there, I think that there's yesterday I had a call with an idea 22:41.890 --> 22:47.930 that I've been cooking up that I just getting a lot of buy-in, you know, business that I'm going to try 22:47.930 --> 22:53.470 to put together, we'll see if it works. But I think there's going to be a lot of mainstreamed 22:53.470 --> 23:00.690 Bitcoin activity that people are really having a hard time conceptualizing because when I pitch 23:00.690 --> 23:05.770 the idea, they go right back to like 2018 or something. And I'm saying to you, no, 23:06.690 --> 23:10.750 JP Morgan will be making a market. There'll be futures, there'll be options, 23:10.750 --> 23:16.030 there'll be prime brokers, there'll be lending, there'll be, I mean, this is like, this is a big, 23:17.390 --> 23:22.750 this is a new chapter. This is not Mt. Gox and, you know, people that are ideological, 23:22.770 --> 23:25.750 walking around with thumb drives and all these different things. I mean, 23:26.150 --> 23:31.990 you've got an entirely new asset class that providing some of the plumbing mechanisms in 23:31.990 --> 23:36.450 that business, it's going to be a new thing and you're going to see more and more of it. And I 23:36.450 --> 23:43.150 think you want to be around that. I mean, I think you want to be generally kind of exposed to things 23:43.150 --> 23:51.710 that are new industries that are coming of age. And it's, for the next couple of years, I mean, 23:51.770 --> 23:55.090 I think it's a mistake to kind of look the other way on that. 23:56.590 --> 24:01.570 So what would you suggest that readers, how should they position themselves 24:02.890 --> 24:09.250 generally over the next few years? So two weeks ago, I get this question all the time. And I, 24:09.430 --> 24:14.670 so what I did is I designed the portfolio you would give Aunt Lucy if she won 100 grand 24:14.670 --> 24:20.770 in the lotto or something. I mean, you would not tell her to do alternative esoteric deals and, 24:20.990 --> 24:25.810 you know, you would kind of give her something to come out a little ahead and have exposure to 24:25.810 --> 24:29.750 different things. And so I put that in the newsletter as like a pie chart. You know, I'm 24:29.750 --> 24:34.070 like this is if this my aunt came to me with that problem, this is what I would give her. 24:34.270 --> 24:39.770 And I would feel really good about this advice. And so part of the issue is you have to know what 24:39.770 --> 24:45.150 you're capable of. You know, and so I manage a trust, you know, and in the trust, you know, 24:45.150 --> 24:51.070 we're not really like treading out into, you know, like micro cap placements and these things, 24:51.090 --> 24:55.970 because it's just not really something we don't sum, you know, but it's not really the kind 24:55.970 --> 25:00.970 of thing that typically is what we want to do. So you have to look at your system, your situation 25:00.970 --> 25:05.170 and say, you know, what am I capable of? If you have a day job somewhere, and you know, 25:05.190 --> 25:09.450 you want to do like bond arbitrage, you know, you work at the target or something, it's not 25:09.450 --> 25:13.430 really, you're not really set up for this. You know, so I think for the average person, 25:13.510 --> 25:17.530 it's a matter of saying, what are the industries that are going to have the wind at their back, 25:18.050 --> 25:23.170 and let me just own those. And I think when you do that nowadays, I mean, the Fed wants 25:23.650 --> 25:28.510 you to make money. That's what people have a hard, people are talking about, we need to audit the Fed 25:28.510 --> 25:33.050 and shut it down. But it's like, maybe, maybe you're right. But the Fed wants you to make money 25:33.050 --> 25:38.230 and to pay capital gains tax, and then to spend the profit. That's what they want you to do. 25:38.390 --> 25:43.550 And you should indulge them. Because, you know, Scott Besant and all these guys are gonna, 25:43.850 --> 25:47.890 that's all they're trying to do, keep this thing, this thing moving and keep their mattress 25:48.410 --> 25:52.650 inflating. So you can help them do that. And I think there's some industries that are 25:52.650 --> 25:56.630 going to fare better than others. I mean, some of the industries that have done well, 25:56.770 --> 26:00.650 you know, under the last regime, I think you're going to stall a little bit. You know, 26:00.670 --> 26:03.950 I don't think they're collapsing, but you want to own things that are moving 26:03.950 --> 26:11.610 bottom left to top right. Well, that makes sense. You probably wouldn't want to buy 26:12.170 --> 26:18.030 Jaguar at this point, for instance. Someone showed me, by the way, a guy I played tennis 26:18.030 --> 26:24.690 with told me about this Jaguar advertisement. I don't have a television and I don't have 26:25.350 --> 26:30.870 Facebook or Instagram. I also spend a lot of time by myself. It's no surprise, you know, 26:30.910 --> 26:34.710 because you to meet people, you have to be constantly looking at your foot. You know, 26:34.770 --> 26:39.070 one thing, by the way, you know how people would say, you know, you called someone and they would 26:39.070 --> 26:42.510 say, Oh, I didn't see the call. I mean, it's you know, it's a lie now because everyone is 26:42.510 --> 26:46.110 walking with the phone. I mean, they didn't want to talk to you. 26:46.150 --> 26:51.330 Except me. I have a cell phone, but it's on charge. Yeah. 90% of the time. 26:51.330 --> 26:55.570 Yeah. Yeah. So it's a real blow. You know, if I were to text someone and they were saying, 26:55.630 --> 27:00.430 I didn't see the text, you know, it's a total lie. You know, the American is glued to the 27:00.430 --> 27:05.010 but I didn't know what this Jaguar thing was. And this guy I played tennis with 27:05.010 --> 27:10.830 showed me the commercial and I couldn't really understand what was going on there 27:10.830 --> 27:15.330 because I feel like I'm pretty open-minded and pretty, pretty like, you know, a little more 27:16.030 --> 27:19.110 classically liberal than people would assume, like a bit of a paradox. 27:19.650 --> 27:22.830 And I couldn't figure out what they're doing. I mean, it doesn't really make 27:24.350 --> 27:31.990 What's your point? The chairman of the company has his pronouns after his name. 27:32.270 --> 27:36.030 I don't know if you've noticed that. No, no. Oh yeah, there's all kinds of pronouns. 27:36.590 --> 27:44.150 He and him in his case. I like when it's a day, you know, because the reason I like when it's day 27:44.150 --> 27:50.510 is that I'm a writer. And so I have a thing with words, you know, and how you use them. 27:50.630 --> 27:54.690 And it's very fun to once you start getting into that, you know, I mean, I have a big 27:54.690 --> 28:00.190 dictionary physical and my kids, when they don't know a word, will look it up, you know. 28:00.190 --> 28:06.730 So when you use they to address someone, it's the sentence structure becomes very, 28:06.750 --> 28:11.670 very fun, you know, because you then have to maneuver around the thing. So I like to 28:11.670 --> 28:17.690 see if people say to call me day, please, when you just see if they can because a lot of people 28:17.690 --> 28:22.770 don't have the reading and writing kind of capabilities that you would think. I mean, 28:22.810 --> 28:28.290 they've been texting so long that they don't they can't the sentence structure, you know, 28:28.290 --> 28:33.030 is kind of lost on them. Well, that's right with auto corrupt correct and all this type of thing. 28:33.490 --> 28:40.930 Yeah, you're quite quite right. So we don't want to own Jaguar. But 28:43.270 --> 28:48.630 you recommended a company called sweet greens. I did. Yeah, I like sweet greens. And I think 28:48.630 --> 28:53.130 there's been a food craze in the US. You know, people know that Kava has shot up and sweet 28:53.130 --> 29:00.890 green is cheaper per store. You know, Kava was trading at 40 million per store front, 29:00.970 --> 29:05.450 sweet green at 20 million per store. I mean, imagine that it's a salad. I don't know if you've 29:05.450 --> 29:10.430 had the product, but it's quite good. I mean, when I recorded the audio book of my new book, 29:10.830 --> 29:15.910 I ordered sweet green three days. You recorded it yourself. Yeah, it's going to be out like 29:15.910 --> 29:21.970 this weekend. So I ordered sweet green for the entire studio crew. You know, 29:21.970 --> 29:24.670 they have like all these sound engineers and people they couldn't believe it. I mean, 29:24.690 --> 29:30.930 they never had it. So it's actually quite good. It's very good. That's feel that's boots on the ground 29:30.930 --> 29:36.490 feel tested. It's a qualified business expense as well. You know, you say, you know, audio 29:36.490 --> 29:41.430 recording lunch in the office, you know, and so I think you want to maximize these types of 29:41.430 --> 29:46.110 things and might as well be our company. But look, I mean, the Chipotle is the 29:46.570 --> 29:52.090 Kava's I mean, what's dead is the casual dining. That's what's dead. You need all the people to 29:52.090 --> 29:57.910 come and say, would you like, you know, more roles or whatever, they're feeding you like bread, 29:58.230 --> 30:02.310 big, you know, this is the old the old way of serving. We've made fun of red lobster. 30:02.670 --> 30:06.550 If you remember, we did a big red lobster thing. This is going back some time. 30:06.810 --> 30:12.710 One of the subscribers started his career. He sent me like a note about how during the 30:12.710 --> 30:18.130 endless shrimp promotion, they would they would push as many cheese rolls as possible 30:18.130 --> 30:23.970 out to the tables because then you would eat less shrimp. That's right. That's right. 30:24.190 --> 30:27.510 So anyway, I thought this was very funny. So they would they would have a pep talk 30:27.510 --> 30:31.590 before the night started. And they would the manager would say, I want to see roles on 30:31.590 --> 30:36.650 every table, full basketball. But which is kind of basic economics, right? I mean, 30:36.670 --> 30:39.670 this is what people don't understand is that you don't need to go to school. 30:39.670 --> 30:43.410 You could just work at a red lobster and essentially learn everything you need to 30:43.410 --> 30:50.350 know about how people make choices. So you live in southern Florida now. 30:50.910 --> 30:58.650 We just got mulled by multiple hurricanes in a row this year, which was quite quite an event. 30:59.050 --> 31:03.510 And you're looks like a FEMA camp. But you're kind of contemplating 31:04.130 --> 31:06.610 getting the second crib down in this part of the world. 31:07.230 --> 31:12.450 This is a nice place to be. And when I try to explain to people what I'm doing down there, 31:12.610 --> 31:17.510 it doesn't it sounds like I must be a spy or something. I'm traveling around with a small 31:17.510 --> 31:23.290 carry on like a little tiny overnight bag and two tennis rackets and clay court shoes. And 31:23.990 --> 31:28.370 that's about it. You know, and so I send out the laundry. I think people in the US travel 31:28.370 --> 31:34.730 way too much. Way, way, way, way too much. There are so many laundry places that are 31:34.730 --> 31:38.590 real, you know, to do the laundry for five, six dollars, you know, it's like, 31:39.290 --> 31:46.610 well, not only that, but if you do travel and you need something, it's actually cheaper many times 31:46.610 --> 31:54.350 to buy something that new than it is to do the laundry in a hotel. Sure. Yeah. And so I'm always 31:54.350 --> 31:59.150 taking as little as possible. But I'm so I'm walking my point is I'm walking around when I 31:59.150 --> 32:05.410 got to be a the I went to have a cigar and the the pilots, the captain and the first officer and the 32:05.410 --> 32:11.830 flight engineer were in the cigar place and they shouted one alpha at me and I came over and 32:11.830 --> 32:18.350 they said they recognize me because I had such a small bag and all the tennis gear they thought 32:18.350 --> 32:23.990 truly your professional tennis player, you know, but we said we hung out for a while super 32:23.990 --> 32:30.830 interesting guys, you know, and they make that big JFK to to be a route all the time. But anyway, 32:30.910 --> 32:36.050 but so yeah, I mean, I come down I play and the weather's good. It's opposite, 32:36.750 --> 32:41.970 opposite weather. And I don't mind flying. It's two hours difference, you know, 32:42.090 --> 32:48.690 your body is a little easier on the change. And so I would come down a lot more. And 32:49.850 --> 32:56.770 it's nice. I mean, it's there's a reason why smart people are hanging out down here. Well, 32:56.790 --> 33:04.750 that's right. And talking about clothes, it's that the world has become much, much more informal, 33:05.050 --> 33:09.590 so that you don't have to. It's not like the 19th century. We have to be a Victorian 33:09.590 --> 33:14.330 dragging around steamer trunks. That's right. With all of your clothes. Yeah, you don't 33:14.330 --> 33:19.330 really wear suits anymore. And you don't. It just doesn't it doesn't. In fact, it's the opposite. If 33:19.330 --> 33:25.470 you go into the bank to the private bank, you know, with a suit, they are skeptical. If you go in 33:25.470 --> 33:31.830 looking to shovel, they think you must be a tech millionaire. Well, or just wearing a t-shirt or a 33:31.830 --> 33:36.650 polo shirt. You might be a friend of Mark Zuckerberg. Exactly. Yeah. Yeah. So it's it's 33:36.650 --> 33:41.030 everything has gone opposite. You don't really need that much. But people have too much stuff, 33:41.030 --> 33:45.590 you know, as it is. And I was telling you, I've been apartment in New York, you know, 33:45.630 --> 33:49.710 that I'm spending more time in New York. And the whole thing there is they was not much storage. 33:49.950 --> 33:54.570 And I'm trying to explain to people when I was buying the place that, you know, I'm not only 33:54.570 --> 33:59.950 I'm a minimalist. I mean, I don't have more than two of anything, you know, and people are, 34:00.010 --> 34:04.870 they think that's strange, but you don't use any of this stuff. No. And it helps you to 34:04.870 --> 34:10.770 cultivate the proper attitude, which is that of a Taoist monk, actually, in the world, 34:10.770 --> 34:15.430 but not of it. And you don't need a lot of physical crap to make you. 34:15.870 --> 34:20.410 So on this topic, one quick thing that I have been writing about is, is that I'm 34:20.410 --> 34:25.830 fascinated in the US by people's attitude towards money. Okay. Because everyone has this, 34:26.070 --> 34:30.270 I'm going to hoard up all this money. And then I'll start enjoying myself. Right. But it's not, 34:30.430 --> 34:35.370 it's actually not how things work. You know, I noticed they, they are willing to stab people in 34:35.370 --> 34:41.810 the back and, you know, betray friends and sacrifice smart employees to get this money that 34:41.810 --> 34:46.510 they're afraid to spend. It's really when you back up a little bit, it's, it's interesting. And so 34:46.510 --> 34:51.490 I've been having a lot of conversations this year with people about what is the purpose of money. 34:51.730 --> 34:56.190 And it's become clear to me that money is like energy or something. You kind of like, 34:56.470 --> 35:02.250 you spot it when your mind is open, you tap into it, pretty much you can get as much 35:02.250 --> 35:07.610 of it as you need to do whatever it is you need to do. And there is no, you know, piling it up, 35:07.790 --> 35:13.170 you know, it erodes anyway. You never really use it all. And so what's the point? I mean, 35:13.190 --> 35:18.330 we've never really missed any meals. I mean, in the US, if you know this, but the homeless 35:19.170 --> 35:23.450 feeding arrangement is they've got stacks of meals. I mean, they, you know, you can, 35:23.970 --> 35:27.550 they don't want the meals, right? I mean, it's like, so no one is really starving, 35:27.550 --> 35:33.750 but we have this thing of like, we can't enjoy ourselves until we get to this amount. 35:34.110 --> 35:38.350 You know, and so in a couple of, several years ago, I decided I didn't want to do that anymore. 35:38.510 --> 35:42.630 And so, you know, a lot of my friends thought I was crazy because they thought, you know, 35:42.670 --> 35:47.430 you could be earning 10 times what you're earning. You know, and my, my newsletter is 35:47.430 --> 35:52.190 like our art we talked about. And so it's, it's, it's, I just was sick of it, you know, 35:52.190 --> 35:57.470 and, and, and I'm not like anti money. I'd say I like, I like, you know, nice Japanese tennis 35:57.470 --> 36:03.650 rackets or whatever the whole thing. And, and it's been fine. Like my report back to people is, 36:04.300 --> 36:10.430 so far that there hasn't really been any problem crossing whatever bridge 36:11.650 --> 36:17.130 showed up and it's highlighted how crazy people are about money. You know, it's like, 36:17.690 --> 36:22.190 and I think it doesn't even work their attitude, you know, they're, they're, they're, they're zero 36:22.190 --> 36:29.230 some approach to, to getting this thing that they're afraid to use. And then by the time they're 36:29.230 --> 36:33.730 ready to use it, their body is falling apart and, you know, they're like, it's over. 36:34.030 --> 36:40.470 It's totally perverse. You're in some ways following the path of Paul Terhorst, 36:40.610 --> 36:43.830 who's an old friend of mine. Have you heard about him? Does that name ring a bell? 36:43.830 --> 36:51.430 Well, he used to be a up and coming top accountant for one of the big eight back when 36:51.430 --> 36:58.530 they had them and had to have two cars and five suits and a gardener because he had to 36:58.530 --> 37:03.530 show that he was hip to the other partners and the clients. And he finally decided, 37:03.690 --> 37:12.150 I don't like this. So we sold everything, everything went to cash and lives in BNBs 37:12.150 --> 37:20.790 and plays chess and reads books. And he's much happier and healthier than he would be if he was in that. 37:21.090 --> 37:26.630 And he wrote a book called, um, how to retire under age 35 or something on that order. 37:26.970 --> 37:32.110 And people need to understand it's not the, see, they always say, easy for you to say, 37:32.190 --> 37:36.890 because you're rich and you don't have the same, but it's, it is exactly the same. 37:36.890 --> 37:43.670 I mean, you have all of the, the same issues at whatever level. It's just magnified. 37:43.990 --> 37:48.490 And so when you shift your thinking, all of a sudden it looks easy. Like, 37:49.210 --> 37:54.530 there was a guy wakeboarding out here when we were talking, you saw, but it's like smooth and 37:54.530 --> 38:00.270 easy and, and you just go and like it, instead of fighting it, you know, it works. So 38:00.270 --> 38:05.490 it's a lot of times you'll end up having a much more fun, like much more interesting 38:05.490 --> 38:11.910 experiences. And, um, you look back and you think it actually, it was a paradox. You know, 38:12.010 --> 38:15.050 it, it got better when I quit beating it to death. 38:15.310 --> 38:21.950 Well, I think that's why you tend, you in particular tend to make good recommendations 38:22.770 --> 38:31.030 because you're not attached to money. You like it. You realize there are methods of getting 38:31.030 --> 38:35.990 more of it when you need it, but you're not attached to it. 38:36.050 --> 38:40.910 It's not a, it's not a, there's no level or something. I mean, it's not like you entered 38:40.910 --> 38:45.910 into some other realm. It's kind of coming and going. And the more you let it go, 38:45.990 --> 38:51.930 the more it comes. People think it's focus, focus. But if they read my new book, they'll 38:51.930 --> 38:57.410 see it's not, when you do the things you like to do, you know, do you remember you and I 38:57.410 --> 39:03.550 used to go drive around Alberta and like do all these wacky things. And then the publisher would 39:03.550 --> 39:08.990 say, like, why are you wasting your time doing that? You should be filming a promotion so we can sell 39:08.990 --> 39:15.930 more. And what they understand was that, you know, people would read the, the essay from Alberta 39:15.930 --> 39:22.970 and they would, they would just be like, they couldn't stop reading it. You know, and it's 39:22.970 --> 39:28.550 the magic of the magic of that. That's exactly right. Remember, remember the fires? We went to 39:28.550 --> 39:33.330 2016, there was the fires and we went to Earl's and the guy was explaining that the Louis the 39:33.330 --> 39:39.390 13th consumption from the oil field workers was so high that Remi Martin sent a representative 39:39.390 --> 39:47.250 from France to ask what is Earl's and where is Fort McMurray because it's our highest consuming 39:48.050 --> 39:54.530 establishment in the world for Cognac. And it was unbelievable. Like the guys said, 39:54.550 --> 39:58.530 these workers would come out and they would take shots of this stuff, you know, from the 40:00.130 --> 40:05.870 Baccarat crystal boss and the French were mortified. I mean, I thought it was like the 40:05.870 --> 40:09.990 funniest thing I'd ever heard. I mean, I just never, this is people that know Earl's is 40:09.990 --> 40:14.130 like a TGI Fridays or something. Well, it's interesting, but it also helps you 40:14.130 --> 40:21.510 hear a bell ringing at the top of the market perhaps. Yeah. So, you know, it can actually be 40:21.510 --> 40:28.330 it was the top then up there. That was the that was the the it never really has kind of resumed its 40:29.430 --> 40:37.130 peak oil greatness. Yeah. Yeah, I love observing this stuff as people will just tell you they'll 40:37.130 --> 40:43.830 just tell you the craziest things with absolute certainty. And then you listen to them and 40:43.830 --> 40:49.430 you just think I mean, if you only knew what you were absolutely absolute certainty is so 40:49.430 --> 40:54.950 dangerous. Yeah. Yeah. So I think now like we were saying in the beginning going into the next 40:54.950 --> 40:59.790 period, what is the you kind of need to think what is the thing that would get the most people 40:59.790 --> 41:06.570 confused? You know, that that's and sometimes just asking that question is the you know, is the 41:06.570 --> 41:19.050 the magic, right? Yeah. Well, I just wanted to say that there are few newsletters that I read and 41:19.050 --> 41:28.970 subscribe to and read. And EBS is one of the I'd say three. And you shouldn't really have more 41:28.970 --> 41:38.130 than three because that means that you're you're way too involved getting conflicting and confusing 41:38.130 --> 41:48.850 information and so forth. So I recommend that all you guys go on Amazon and look up EBS last book 41:48.850 --> 41:54.110 and his current book. And if you subscribe to his newsletter, I'm not getting anything from this. 41:54.110 --> 41:59.510 I just like you be in the way. Thanks. I think you want to subscribe to it. And I think you'll 41:59.510 --> 42:07.670 benefit from it. I enjoy reading it, which is helpful. Next week, we'll probably talk about 42:07.670 --> 42:14.190 Argentina depends, you know, I've gone back to my favorite Parisian, see what the scene is like 42:14.190 --> 42:20.790 and the pricing and, you know, we'll see if something comes together. I'll be there for 42:20.790 --> 42:25.470 the next couple of days. The city feels better, though. Last year, I was there. If you remember 42:25.470 --> 42:32.250 when me late was elected. Yes, literally the day after something. It was like I landed it was, 42:32.330 --> 42:40.590 it was, you know, boom, he was. Well, I'm still making a bet that within by the end of this 42:41.170 --> 42:45.910 election cycle in Argentina, he'll be in office another three years, I think he'll be reelected. 42:45.910 --> 42:51.710 And unless something very bad goes wrong, Argentina will be well on its way to being 42:51.710 --> 42:57.330 one of the most free and most prosperous and pleasant countries in the world. So I'm very 42:57.330 --> 43:01.770 happy to be down here. And what about the difference between mockery? Because if you remember, 43:01.970 --> 43:07.570 we were here when mockery was running. I met mockery with the Raymond James junket that 43:07.570 --> 43:11.830 came down, you know, when he was a candidate and everybody was optimistic, but he didn't, 43:11.830 --> 43:18.830 he didn't get it done. You have to be absolutely a wild man. You have to be radical. You have to be 43:18.830 --> 43:26.550 an end cap, which is what Millie is. That's why I'm optimistic about him. It was like mockery was 43:27.710 --> 43:34.090 kind of like hoping that, like a society guy. Exactly. I'm not going to say he's not like 43:34.090 --> 43:41.190 George Bush was a horrible person, but you can't have a conservative who conserves things 43:41.190 --> 43:46.650 when the system itself is rotten and shouldn't be conserved. What surprised me about Millie is that 43:46.650 --> 43:52.450 he's fixed some of the arrangements with other parts of the world. If you notice, he's gone and 43:52.450 --> 43:59.950 done things with certain key partners and strategic interests. And then he, what I thought was a sign 43:59.950 --> 44:04.450 that things were going to work was he shipped all the country's gold to the LBMA, which means 44:04.450 --> 44:11.570 they can loan it out to people. Usually it's a sign that you understand how things work. Did you 44:11.570 --> 44:19.630 notice this? I can't figure that. Well, that's the deal is that you put it in London. It's still 44:19.630 --> 44:24.470 yours, but then they're allowed to hypothesize it and do all the tricks and everything like that. 44:24.630 --> 44:30.810 And it means that you understand that you're either in the game with a jersey on or you're 44:30.810 --> 44:36.910 not. Yeah, well, one thing. It's an odd, it's, but things have smoothed out. If you notice 44:37.410 --> 44:44.410 since then, I mean, the inflation is going down, down, down every month. But listen, if I was, 44:44.430 --> 44:50.110 if I was Millie, at this point, I would default on Argentina's debt for all kinds of reasons. 44:50.350 --> 44:54.770 Sure, of course. I do other things are even more radical, but he's not, 44:55.150 --> 45:00.510 he's not a military dictator like he knows that to really, to make the thing fly. 45:01.330 --> 45:04.590 There's a combination of radical things and 45:07.450 --> 45:13.930 somewhat unpleasant, like things that are a tip of the hat to the bigger system that everything 45:13.930 --> 45:17.750 has to work. And it's working. I mean, it's that you can feel it when you're in the city. 45:18.190 --> 45:23.550 You can. Money's coming in, you know, it's, it's, yeah. Well, I think he said he wants 45:23.550 --> 45:27.970 to join NATO. And I hope that was just a tip of the hat as opposed to a serious proposal. 45:27.970 --> 45:32.630 Right. At least you understand how things work. I mean, you had prior, you know, 45:33.350 --> 45:37.950 groups that were, were rogue and you've got boxed out of the capital markets entirely.