The Bitcoiners Won (EP.386)

23:23Where are you taking this money from to put it into the stock market? Yeah, that's a great - On exit polling. That's a great thought. Speaking of ETFs, I had a conversation with Meb Faber over at advisorunlock.com. That's advisorunlock.com. We are going to be creating, as I think we mentioned this last week, we're going to be creating a lot more content for advisors. and Meb Faber and Cambria have this new really cool idea that's being launched with the good folks over at ETF Architect. And it's a way for investors to seed an ETF. Yes, seed an ETF with existing securities that ostensibly have appreciated a lot.

24:04And you own it because for the most part, who wants to pay taxes, right? It's like, oh, I've owned stock XYZ and I'm up 900%. And would I put all my money in it today or temp set my portfolio today? No, but I also don't want to pay the taxes. So the ways that you were able to get out of those and into a more diversified basket, like with something like called an exchange fund, not great. So Meb and ETF Architect built this thing where you swap your existing securities for shares in an ETF. The tax bill doesn't go away, but you get much more diversification. Yeah, you're deferring. And we've had this from so many people coming to us saying, I've got huge gains in these stocks.

24:47I know I need to diversify, but how do I do it without triggering a big tax bill? This is the, I think there's so many cool things that investors have access to today that people in the past could only dream of. Yes. Right? The fact that there's so many ways to solve problems for financial problems for investors these days that they have. And obviously, having huge gains in your portfolio, like, oh, that's a problem. But it is if you know you need to diversify and lay off some of that risk. And this is such a cool way to do it. And Meb was saying that he has never gotten more interest in something in his life working in the fund industry.

25:24And it makes sense. This is an amazing financial planning tool. Yes, it's really, really cool. All right. I want to talk about this real quick. Speaking of Alpha Architect, Larry Swedger wrote a piece and he was highlighting a study by Robin Greenwood and Marco Salmon called the disappearing index effect. And this is a summary of their findings. This blew my face. It's one of these things where we talk about how stocks tend to go up in anticipation of being added to the index and fall when they're removed. And I think historically that was true. And it's just one of the things that unite your head.

25:55Yeah, it makes sense. Apparently that's not true anymore. So they say, what was your Mandelbrot quote? Oh, hold on. The trend has vanished, killed by its discovery. They say the impact from additions grew from an average total return of 3.4 % in the 1980s to 7.4 % in the 1990s. Despite the increase in indexing assets, the average price impact decreased in the 2000s to 5.2%. And then it fell further to below 1 % in the most recent decade. And they say a similar pattern has occurred, Logan, come here, with index deletions. The average effect of being removed was negative 4.6 % in the 80s, negative 16.0 % in the 90s, down to negative 12 % from 2000 to 2009, and a statistically indistinguishable event from zero to negative 0 .6 % from 2010 to 2020.

26:47So stocks getting removed from the index doesn't kill them anymore. Look at this little guy. What's up, big man? we went to stop the Botanical Gardens yesterday for like a Nightmare Before Christmas type of event you know I saw that movie in the theater that I'm positive of this is not a Field of Dreams type thing I did too actually and it was a little bit scary for me when I saw it but I'm a little bit surprised that it's become such like an iconic classic no I didn't love it I remember not loving it we watched it with my kids a couple weeks ago and they loved it it was like I think it was too sophisticated for us but it's weird that our kids love it cause yeah love it that movie is my kids die hard.

27:25They got in an argument about, is this a Halloween movie or a Christmas movie? It's both. Yes. And I don't know. There's a song in it called This Is Halloween. So my son stuck his guns on that and the girl said it's Christmas. You know, speaking of Halloween, Robin secretly loves scary movies. Anytime I turn them on, she's right there with me. We were watching Rob Zombie's Halloween in bed on Sunday morning. And she's like, what is this? So stupid. What a beautiful way to start a Sunday morning. And yeah, that movie's a bit demented. But she liked it. She said this is so dumb. She was trying to like poke holes in the plot.

28:00How did he get back home? Listen, this is Halloween. This is not Shakespeare. Yeah, you have to turn your brain off for the plots for these movies. Okay. But I didn't realize this index stuff existed. That is a surprise to me. Yeah. All right. So this last week has been a whole like risk on love fest for anything. Connorsen tried to look at the other side of the economy. And I guess I think I mentioned like we're at the sweet spot of unemployment and inflation and all these things. And the question is, like, does it last? And he said, Trump took over a stable labor market in 2017 with the unemployment rate falling throughout the previous year and payroll growth steadily rising at roughly 200 ,000 a month.

28:41That's not true this time around. The jobless rate has been on a rise. Hiring is below normal and payroll growth has slowed since the first quarter. You wonder if the sentiment numbers actually change that if hiring picks up again. That remains to be seen. And he mentions the fact that mortgage rates are higher and they are moving even higher because of Trump's ideas. And he says, Trump's ideas on tariffs and immigration restrictions may be what voters want, but they represent a risk to the economy next year at a time when consumers are feeling the sting of higher borrowing costs and important aspects of the economy are cooling.

29:06It's possible this all works out fine. Trump is famously unpredictable when it comes to his promises. And we don't know exactly what the future holds for Biden's programs or for Trump's proposed tariff or tax cuts. What is clear now is that Trump has inherited an economy that isn't easy to manage and his campaign promises may only make it harder. So this is where I think a lot of people don't know what to think because does he actually follow through with what he said he's going to do? Or does he rip up that playbook and just start fresh and see what happens? That's where the handicapping is impossible right now.

29:36Did you, but did you know that, so the S &P 500 just crossed 6 ,000? Okay. Do you know where it was at the lows in March, 2020? Oh, you swacked us this the other day. What was it? 20-something? 2 ,200. Wow. That was a generational buying opportunity, right? And remember, like, maybe for a year, we were asking, like, will we ever retest those lows? And ever is a long time, but I don't know. I hope not. I mean, at this point. So we were at 666 was the intraday low, I think, on March 2009. And so we've gone from 600s to 6 ,000. I think the Dow went from five something to 44 ,000. Unbelievable. What a run.

30:22All right, so everyone is in on the reflation trade, right? Rates going higher, worried about inflation. CBS News tweeted this out. If Donald Trump readies to return to Oval Office, U.S. retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed import tariffs to consumers, potentially leading to higher prices for a range of products. Now, I had someone in my family this weekend say, hey, what's the deal with this tariff stuff? I don't know what these are. I've never heard of them. If you had to put a percentage on it, what percentage of the election knows what this is or what it does?

30:54Oh, 2%. Pretty low, right? Yeah. But once people learn what they are, they're going to be pissed, obviously. So that's what I... Will he actually do it? Well, I think from a financial lens, the good news is this man is a narcissist and he cares deeply about the scoreboard. And the scoreboard is the stock market. And so I do think that his goal is not to do any harm to the economy or the stock market. And his economic policies perhaps may be misguided. And if they do damage to the stock market or the economy, I think he'll back off. I do think that if he says, I'm going to put a 30 % tariff on all products coming in from Mexico, I think the stock market would hold his feet to the fire and say, all right.

31:37And I think you did get a sell-off. Yeah, and then I think he says, oh, no, nevermind. yeah but we don't know he's not like an ideologue with these ideas i don't think that why does you know what i mean i think he thinks that's what i think he thinks that's what people want to hear and if the people via the market tell him bad idea i would hope that he listens although we did this we we did the tariffs in his in his last term and the market didn't like it and he still did it so i don't know we'll see but speaking of like interest rates again this is a real estate guy. You think he's going to, you don't think he's going to put pressure on the Fed to lower rates?

32:15I said this in our little, on our election show last week, that if he's dealing with seven, seven and a half percent mortgage rates, I can't imagine that he won't be trying to pressure the Fed into buying mortgage bonds or something or buying treasuries to lower those long-term rates because the Fed can't control those, right? The Fed is lowering short-term rates now, but long-term rates are rising. The long-term rates are the ones for consumers that really matter because now you're going to get lower rates in your cash and you're paying higher borrowing costs. That's not a great, that's not a great trade-off.

32:43Yeah. Um, all right, Ben, so Bitcoin is at 82 ,000. Um, it's up, I don't know, 20 % of the last week, you know, just been on a stupid, crazy run and you got to give it up. I'm a bit flabbergasted is the wrong word because I was, I was and am a believer in higher Bitcoin prices and I have been for a decently long time, but I almost can't believe it. Like they did it. They won. Think back to 2017 or 2015 when we were really like laughing about Bitcoin as a concept, right? And they kept plugging away and they kept plugging away and yeah, they said some crazy shit but they won. I mean, this idea of digital currency and a new form of money and potentially a new financial system which we're not there yet But holy shit, they did it.

33:37They won. I mean, if you are still screaming about Bitcoin, just stop. Like, just find something else to do. I was talking to someone about this last week, and he was anti. And he was saying, listen, everything they've said about crypto didn't come to fruition. It doesn't matter. And that was my point. My point is it doesn't matter. Yeah. It's the adoption piece and it's the fact that people think it's worth something and that's all that matters. You know, what kept me on track with Bitcoin, and I've used this quote in the past, so I owe him a debt of gratitude for this one, is – holy shit. Oh, Bill Miller.

34:18My gosh. From Leg Mason. Well, he used to be at Leg Mason. Bill Miller gave an interview in Barron's years ago and he said something like, Bitcoin supply is increasing at 2 % a year. do you think demand will increase faster or slower than that? And that was it for me. That was it. It was an adoption thing. It always was for me and it always, you know, and they won. Like it's now being discussed on a serious level. Of course, the institutions are there. BlackRock and everybody else is coming through. And now you've got the president is bullish on Bitcoin. And if the central banks legitimately start buying Bitcoin, it's wild.

34:58Like they did it. So someone sent us this meme that was going around, and it's a guy holding a coffee with a vest on, a finance bro, saying, I don't understand Bitcoin, but you're wrong about it. And someone sent us the take was, the fundamental issue is that Ben is a Glass Staff full guy. No one like that will ever get Bitcoin or why people buy it. It's a Glass Staff empty asset. And I don't necessarily agree with this. This is a technological—I mean, I know that people who are in crypto have a lot of Glass Staff empty views about the economy and the dollar and these things. But this is a technological asset.

35:28To me, that's a glass half full asset. It's both. I think the ideological principles of where Bitcoin came from was glass half empty. But I need to defend Ben's honor here because Ben owns probably a lot more Bitcoin than – well, not probably. Ben owns a lot more Bitcoin than this emailer thinks. So credit to Ben. And I bought it in 2017 because I didn't want to be this guy. I didn't want to be the guy beating my head against the wall going, no one understands. I bought it because I wanted it as a hedge. Like some people call it schmuck insurance. That's what I wanted. I didn't want to be a schmuck screaming about it.

36:02And the funny thing to me about crypto is every boom and bust, like when the bust happens, it's like this thing is over with the SBF stuff. It wasn't that long ago. Like this crypto is done. It's over. It's never coming back. And then every time there's a boom, like right now, it's like this thing is never going down again. There is no end. Well, but wait, I feel like check the tape because I think that I think that not that you and I were bullish enough. November 2022. But we did say, why isn't it much lower than$50 ,000? Yes, we were saying it should be at$5 ,000 right now. The fact that it's not going there is like, huh.

36:32All right. So you and I have spoken about this a lot. Not a lot. We've spoken about it recently, more recently. When do we sell? So for me personally, I've always said, I didn't ride Bitcoin from$70 ,000 down to$15 ,000 just to sell when it got back to even. And it's the only asset that I could think about owning that has asymmetric upside. So for me personally, I think I'd rather sell late than sell early. But at 100 ,000, I will be forced to lighten up a little bit. That's my line in the sand because it's already gone nuts. And again, it's going to feel it. You're going to feel it. So here's my plan.

37:10I will not feel like an idiot at 100 ,000. I will have way more money in Bitcoin than I ever thought I would. The only time I've ever sold is to do tax-offs harvesting. So I have more money than I would have ever thought. And when it hits 100 ,000, I'm going to sell half of my position. I'm going to do the regretmentization thing. I'm going to follow my own advice. I'm selling half. That's the Grand Rapids hedge. Yes. But either way, if I go to the extreme, I'm going to probably feel like an idiot. So this is the way that this takes away the feeling of being an idiot. So I still have some on the table, but I'm also locking some in.

37:40And then guess what? When it inevitably crashes in the future, because it will, it'll crash at some point again. Then I'll probably buy some more back. Anyway, just like stepping back, they really did it. And listen, it pains me to say it. I don't know if it pains me to say it because I do own it. Credit where credit is due. Yeah, credit where credit is due. It doesn't pay me to say it. They won. It's just, it is wild to think about, right? Like they had this idea of a digital currency and it sounded like, it sounded like insane. I've told this story. They willed it into existence. And so credit to them.

38:17I've told this story before, but I was at a speech and Muhammad Ilarian was talking about it. This is like 2009. So Bitcoin was still, you know, the white papers out and stuff, but no one owned it. And they asked him like, do you think that we could ever create another asset class? And he kind of said, well, no, everything's just a derivative of what's already out there. And crypto literally is a new asset class. I'm not like throwing shade at him for saying this, But like no one thought that this was going to be an asset class like this back then. Yeah. Yeah. All right. So Michael Saylor is still going at it.

38:45This beautiful maniac is buying. He bought 27 ,000 – between October 31st and November 10th, he bought 27 ,000 Bitcoin for$2 billion at an average price of$74 ,000. So I don't know if this man is a genius or a maniac or both, but they have$12 billion worth of Bitcoin right now. That is kind of scary. Like, is this guy going to become the richest man in the world? It is nuts. I mean, the stock office is going crazy. Someone, the reason that I'm going to be okay selling a little bit is because the crypto people are getting very cocky again. And they should be. But someone did a, pulled what we were saying about Michael Saylor last week and put it in a video and sent it around a bunch of crypto places.

39:26And people tagged me on it. And they always use the word TradFi. Like, look at these two TradFi analysts talking about Saylor. And then they, I sent you this and they compared Michael Saylor to Nikola Tesla and the Wright brothers, which, again, it's worked out for him. But that's why I'm going to be okay because people are getting really cocky again. But they deserve to be cocky. They won like the biggest prize of all. They do. But the Wright brothers, that's a little far. All right. So flows are going nuts. Nate Karasi tweeted, iShares Bitcoin ETF has now surpassed iShares Gold ETF. ETF in assets.

40:05It did this in 10 months. IAU launched in January 2005. Look at this chart, Ben. Wait, so what does GLD have for assets? Are we still a ways away from that? Yeah, I think so. BlackRock took in$4.1 billion of trading volume on Wednesday, not flows. Okay, so GLD has$75 billion in assets. Yeah. But if you put all the ETFs together for Bitcoin against all the gold ETFs together, it's closer than you think probably, right? Yeah, so I guess, is this advisors? Like, where is this money coming from again? At this point? I mean, the people who are just getting in now, and this has to be more hedge fund, institutional trading momentum plays, right?

40:51I would think. I can't imagine that advisors are now en masse. You know what I mean? I'm not speaking for every – all 30 ,000 advisors, whatever it is. I'm sure there are some that are putting their clients in today, obviously. But like a wave of advisors all of a sudden chasing – that's not how advisors behave. Right. Yeah, I don't think so either. I mean, yes. But this obviously feels like a momentum thing to me. You want to talk about this? What is this? Oh, Sean sent us this, which by the way, a lot of people pointed out that Sean is actually an Irish word. and somehow the, listen, we know that words come from different dialects and that's what makes words that don't look right to pronounce, but I'm just saying, let's just start over.

41:34Every word has to look like it sounds. That's all I want. I get it. There's some history there and, but Sean is seen. Well, there's an alternate spelling, of course. It's, you know, Sean Kemp. That's true. All right, so Julie Chang tweeted this out. This is a top-selling Lenar home community north of Houston. And the house is currently listed for$163 ,000. It's two bed, two and a half bath, a thousand square feet roughly. And saying like these things are selling like gangbusters. And I think we need to make more of these. I don't think people realize that the houses our grandparents were buying in the 1950s when they came home from the war, they were this size.

42:16They weren't two story. They were flatter, but that's how big they were. Like a thousand square feet. Where do you put the boiler in this house? I'd miss that room for a bucket. Did you get it fixed yet? Yeah, of course. Okay. But I can see the appeal of this if you want to become a homeowner. Yeah. It makes sense. I looked at the pictures too. It's pretty nice. All right, a bunch of people sent us this after I said, where's our private credit index? And they said, it's been here for a while. Cliffwater Direct Lending Index. This thing exists. Covers$315 billion of assets and 15 ,000 loan holdings.

42:52It's gone back a while away as two, I guess. Middle market corporate loans. Okay. I'm not going to lie. I've been involved in some way with private investments for the last 15 years, maybe longer than that. And I still like the middle market mezzanine, like some of these phrases. Well, I think middle market is just like, it's like mid caps, right? It's like a size thing. Yes. But I feel like they made those terms up to like mezzanine. Yeah. Sorry, mezzanine, that's a balcony. Right? Yeah. Just speak English, damn it. Yeah. All right. I listened to a call this week for great quarter guys, Zillow.

43:38And Zillow was up like 20 % the day they reported. And how do I know this? Because I still own the stock. One of the very few individual stocks I still own. They've had a great year or so. There's a gap up at 84. So more room to run. That gap's not going to get filled? Or we're filling the gap? We're filling the gap. But how does the 20 % gap up get filled down? Or that's a different gap? Perhaps. Okay. I'd have later did. The interesting thing to me was how much their whole presentation was about the rental market. And I think they just see the writing on the wall that housing activity is probably just going to be low for a while.

44:17they're like it's hard to see housing activity all of a sudden just come roaring back oh is it the seven percent mortgage like what gave that away that might be it so they they talk about the rental market and they talk about how there's i don't know 26 million units and that are single units 22 million that are multi-family and they look at kind of their their tam of this um but i I thought the interesting thing was the amount of turnover that occurs in these. What was it? Oh, average turnover is like 35 % of online listings. So it's like they call these long tail multifamily units. So less than 25 units, more than 25 units.

44:58And it's 30 % for the long tail, 40 % for multifamily. Are those numbers higher than you would have thought for rental turnover? That's very high to me. I don't think so. How long do the people stay in the rental for? I don't know. Yeah, I guess so. I mean, I guess that's the whole point. It's more flexible. 40 % turnover every year? It seems like a lot. I guess it happens. All right. Duncan is none too pleased with DoorDash. Welcome to the club. New DoorDash nightmare for everyone to be aware of. They allow restaurants to recharge your credit card after an order is placed if they need to adjust the price.

45:35So I just ordered two entrees that were$19.99 on the menu. 20 minutes later after placing the order, I saw an additional charge pop up. they adjusted the price from$19.99 to$28 per item. Is this just a New York thing? No, he doesn't live in New York anymore. DoorDash told me there's nothing they can do. Yeah, this is nonsense. He's mad at his private burrito taxi. All right, Scott Galloway had this. He talked about how this was another hindsight bias thing. Everyone said, okay, podcasting was the thing that really swung the election. And he looks at the median age of audiences by cable news and primetime TV news and newspapers and talk radio and magazines.

46:09and all of those are 50 plus. Cable news is 70, the median age. Primetime TV is 65, it's median age. Podcasting is 34 for the median age. And I think that from our experience of talking to our audience, there's obviously a wide range, but that seems to make sense to me. But what happens to cable news when a generation dies off? Do we graduate into it? It goes like this. And then like eventually it'll peak and then just whoop, right? It'll just go all the way down. I mean, like when that generation dies off, does cable news die off with it? Like, or do we just graduate into it? Do we become our parents?

46:53Well, we do become our parents. That is a rule of the show. So that's what I'm wondering. But can you see yourself ever watching cable news? This is different. We're never watching cable news. This is different. I tend to agree. By the way, one thing that we can all rejoice on is the fact that there's no more election commercials. Oh, thank God. I appreciate that. Bill Burr made a good point. He's like, why do we drag this election out for a year? It did seem way too long. I think it should be like two months. That's it. Yeah, nobody changes their mind. You know, I'm not going to say what I was going to say.

47:28Let's keep going. I saw the wheels turning. I'm not going to say anything I want to say. That's okay. All right. Wine cork. I got a few good tips on this. Take the bottle and tip it on its side and have some sort of receptacle underneath as some wine will come out. Take something long and feel like a fondue fork. You definitely have a fondue fork in all your drawers, right? I'm sure you have. I don't know what, I don't even, I don't even, is fondue? It's like the cheese, the melted cheese, then you dip stuff in it. Oh. You've never been to a melting pot restaurant before? Uh-uh. What's the meat that you cook in a liquid?

48:01I thought that was fondue. No, fondue is cheese. what's the meat that you cook? I am not very cultured or worldly. I don't know about these things. Okay. So, solid pressure. But it sounds like basically there's no good way to do this. Okay. All right. Someone also says, if your iPhone isn't handy, you need to hang up after a call. Double click either of your AirPods. It'll hang up. Yeah. What if my hands are full? That's the problem. You know what? I felt like a hypocrite. And I think I told them myself. Like, how would I know that the other person doesn't hang up? I guess because I don't hang up.

48:34Exactly. I told you this happened with us the other day. It was like a six minute call and we just had a standoff. No one had to hang up. I finally had to hang up. We talked last week and neither of us hung up and it just kept going. Really? Yeah. All right. So guilty. You know, my mom used to always say a phrase, you can notice an ant at somebody else, but not an elephant at yourself. Guilty as charged. I guess I don't hang up either. all right kept this one relatively quick I have to go to Kobe's got an all day lacrosse tournament like we're off for Veterans Day so a thank you to the veterans who serve this country and who served this country I think I don't know how many percent of people like have a family member or ancestor that was a veteran we were talking about this today for most of us it was yeah and we have a handful of veterans on staff at Rituals Wealth shout out to our veterans All right.

49:30Recommendations? Are you caught up on the Penguin? No, I'm still a little behind. What have I been doing lately? I don't know. I will watch it, though. I'm going to binge it. I thought the ending was spectacular. Okay, but it was a one-season show? It's not coming back or it is? Oh, no, no, no. It's coming back. Oh, yeah. Okay, I thought it was a miniseries. All right. Really good. All right, so my wife and I watched My Old Ass on Prime this weekend. We started it. Was it good? Okay. 90-minute movie, which is great to me. This is the kind of movie that you want to watch on your couch, not in the theater.

50:06It's a coming of age. You know the premise, obviously. Yeah, yeah. The older version, the middle-aged version of herself comes to an 18-year-old to talk to her and give her advice. And I loved the setup. I thought it was, I don't think it's a Michael movie. I could be wrong, but I really enjoyed it. And there was, the weird thing is, is that I'm now seeing this movie through the middle-aged version or the parent, as opposed to the younger person. There was a moment where it's a daughter who's 18 going away to college and she's having a conversation with her mother. And the mom is talking about like, I feel like I was just rocking you to sleep as a baby.

50:38And I'm thinking about my kids going away to school. And I had the same, like I got choked up at this point where they're talking about the daughter leaving for school. And I thought the ending was very well done. It was, my wife kind of guessed it. I didn't guess it, but it was really good coming of age movie. You know what? I think it is a Michael movie. How about that? Okay. You know, somebody, somebody, somebody, because I know coming of age movies are more your thing than mine. Somebody said to me recently, can't remember who it was. I love how everyone in bed's recommendations, it's like, I don't think you're going to like this.

51:10That's true. No, give it a try. I really like, but again, I'm viewing it now instead of the young person, I'm viewing it through the lens of the older person, the middle-aged person, and that's a weird change for me. I don't know. I was just reminded of this. I was out to dinner last night with friends. We went to the thing in the Bronx, So we went to Arthur Avenue for Italian food. And they have an eight-year-old, nine-year-old who's in a stock picking contest. And he said, oh, talk to Michael. He loves talking to kids about stocks. And my friend was joking. And not that he was making a joke to the son because how would the son know, right?

51:43But he was – in his mind, he was like laughing when he said that. And his eight-year-old said, he doesn't give me those vibes. All right. That's really young for a stock picking contest, right? Smart eight-year-old. I'm glad they're getting them in early. All right, one more. We watched Mighty Ducks and Mighty Ducks 2 this weekend for our family 90s revival. And the thing I told you, I texted you, I forgot, Emilio Estevez is a terrible actor. Horrendous. Just really bad. All right, what's more impressive? What's more impressive? The Bitcoiners willing a currency and asset class into existence or the Mighty Ducks getting an NHL team?

52:23I was telling my kids this. I'm like, you realize that this movie spawned an NHL team. What's more improbable? It is pretty crazy. I don't know. I think Adam Banks having his wrist be fine just in time for the last game was more improbable for D2. My kids were cheering at the end of both of the games. It's so good. It's so good. All right, Ben. We've got Gladiator coming up. you're not seeing that in theater are you oh of course I am oh you are oh yes but here's the thing would you allow your son to watch Gladiator 1 because we went to see a movie yesterday with our family and we saw the Gladiator 2 poster and my son goes I want to watch number 1 so bad and I said eh fine and my wife said absolutely not I'd let him watch it although I'm such a hypocrite like I you know I saw Nightmare on Elm Street when I was 8 yeah but no Gladiator is definitely not appropriate for our kids of course it's not but I don't care.

53:20No. All right. Okay. Oh, thanks to everyone who signed up for our Chicago live event. I think we basically sold out the venue. Oh, yeah, yeah, yeah. Yeah, so the venue was at capacity. A lot of people were disappointed that they couldn't come, but we have good news. We've got, how many employees do we have in Chicago? 10? More? A lot. We have a big presence in Chicago. All right, so we're getting phenomenal office space. I can't wait to get it. It's being built out as we speak. And it's got a venue attached to it that is going to be great for podcasting. Yeah. We'll do more stuff there in the future.

53:57Hosting. So, yes, we will certainly be doing that in the future. All right. Thank you to everyone for listening. Thank you to the veterans. Thank you to Duncan and Squad. As always, animal spirits at the compound news.com. We'll see you next time.

54:18We'll be right back.