The Roaring Twenties (EP.353)

25:58They pretty much are, actually. You've got the produce on the outside and the meat on the outside. They are all the same. You know what? Don't act like you shop. You don't grocery shop. You probably get delivery. Admit it. You don't step foot in a grocery store. You're a snob. I do do personal, but I'll get like five things. For our big ones, we do, yes, we get it delivered, but my wife also does a lot of the Costco shopping for us. Although I will be honest. I think that over the next six to 12 months, I think I'm going to retire from the grocery shopping game. I'm going to go out on top. It's not worth it.

26:32Why am I even doing it? You just got to deliver it, no? Exactly. It saves you so much time. Yeah. Okay. Good chart from Derek Thompson. I've been talking a lot about the 20s stuff. Let's fast forward a little bit to the 40s. America's most affluent metropolitan areas in 1949. A bunch of people tagged us on this. Do you ever see that on Twitter? Because people tag me and you on stuff all the time. I feel like you don't ever see it. I see – no, I see sometimes when you favorite stuff. Okay. By the way, so Cleveland's on this list. We flew over Cleveland on the way out here. I didn't realize that the stadium is right on the water on the Erie – is that the Erie River?

27:09Erie Lake? Yeah, Lake Erie. Lake – You don't hear Grey Lakes very well, huh? Lake Erie. Erie Lake. That one. That – yeah. You just totally, that was a coastal elitist trying to talk about the flyover states and just nothing. I can name the Great Lakes. Butchered it. Wait, hold on. Huron, Ontario, Michigan, Erie. Wait, what did you say? How do you pronounce that first one again? Huron? How do you spell it? Yeah, you say Huron. Huron. I said Huron. All right, the H is silent. Did I miss that? Huron. No, you say that, yeah. All right, Huron. What did you say? Huron, Erie. I think I said Huron. Yeah, you did.

27:57Ontario, Erie. You missed one. Nailed it. Superior. Ah, that's a good one. Big superior. I'm telling you, in 30 years, when it's 120 degrees down south, everyone's going to be moving to the Great Lakes. That's going to be my number one financial asset over the long term is real estate in Michigan. Mark it down now. But anyway, so he – median household income in the top metro areas were Detroit, Cleveland, Milwaukee, Chicago, Toledo, Dayton, Akron. A lot of those in San Francisco is on the list. It's all Midwest. But it's also – look at the numbers again. People always talk about like – I remember when you get a candy bar for a nickel.

28:37Look at what the median – for the most affluent metropolitan area, the average wage was$3 ,600 a year. This is the whole thing behind people thinking about stuff being cheaper in the past. Wait, hang on, hang on. Is this inflation-adjusted? People made less money. Is this inflation-adjusted? Why are we using non-inflation-adjusted numbers? How am I supposed to— The point of it is— Oh, I thought this was monthly. I'm sorry. Yeah, no, the point of it is just wages were so small back in the day. I asked if$3 ,600 a year was inflation-adjusted. Yeah. All right. Why are we using non-inflation-adjusted numbers?

29:12This doesn't tell me anything. I don't know how much money this is. It does tell you something. It tells you that people used to not make very much money at all. That's why everything was so cheap, because people didn't make as much money. People now make more money. That's why stuff is more expensive. It goes hand in hand. I'm already sold. I don't want to go back to pre-deodorant days. I'm smelly enough. I don't want to go back. All right. Good one from Nick Majuli. Some people said this was kind of fun with numbers, but I thought this was good. He said, do you want to know what the median credit card debt is among U.S.

29:38households? Zero dollars. Really? Which is a true... So I looked. So if you look at the credit card balance by all families, people who have credit card balances in households, it's like 45 % of all households have credit card balances, meaning the median family in the United States does not have credit card balance. Does that mean that they don't have credit cards or does that mean that they pay them off? I'm not sure what this means. I think that means that they pay them off. Like I pay mine off every month, so I would not consider myself holding a credit card balance. Except for my 0 % credit cards.

30:09I don't pay those off. life hacks with ben what what percentage of credit card holders spenders pay off their balance every month do we have that information what would you guess i would say it's probably 20 to 30 percent and then another 20 doesn't utilize credit cards very often i don't know no no i'm asking you of people that use credit cards what percentage pay off the monthly balance every month that's what i'm saying if if 50 of people carry a balance another 30 probably pay them off every month, another 20 % probably don't use credit cards. Is that fair? No, it's not fair because I'm saying of the people that do use credit cards.

30:45Yeah, so I'm saying let's say 80 % of the population uses credit cards. Oh, so you're saying that 20 % of people that have credit cards don't use them? Or just don't use credit cards very often. But I'm excluding those people. Okay. I'm saying take the total pie. 80 % of people probably use credit cards. 30 % of the total uses, pays them off every month, 50 % carries a balance. You know, I was in the butcher shop the other day, and I saw a gentleman pay with cash. Hmm. Those people still exist. Hard to believe, right? I think that cash definitely helps you to moderate your spending. There's no way that you're as liberal with your spending using cash as you are with the credit card.

31:32It's way easier to spend money. It's harder to see it going out. Yeah. But a lot of people don't do that, obviously, because it's so much easier to spend your credit card or spend with all your information stored on your computer. Yeah. The majority of my spending happens on a computer where my credit card is saved. I still want those numbers adjusted for inflation, by the way. Okay. Don't bring me nominal numbers from the 1920s. I can't contextualize that. You sound like a comment guy right now, telling me to adjust for inflation. I mean, yeah, if you're using 1920s numbers. The whole point of it was to show how low wages were back then.

32:07it puts it in context of how much stuff cost back then. It doesn't put it in context. I need context. Inflation adjusted puts it into context. Anyway, what's next? Black Friday savings are here at the Home Depot, which means it's time to add new cordless power to your collection. Right now, when you buy a select battery kit from one of our top brands like Ryobi or Milwaukee, you'll get a select tool from that same brand for free. Click into one of our best deals of the season and stock up on tools for all your upcoming projects. Get Black Friday savings happening now at The Home Depot. Limit one per transaction.

32:47Exclusion supply full eligible tool list in-store and online. When you walk into a Burlington, you're walking into amazing prices and great gifts. That's main character energy. Because at Burlington, the holiday savings aren't the only things turning heads. Discover quality finds and perfect presents for everyone on your list, even those who are hard to shop for. Toys and jewelry to new beauty brands and styles, these gifts go seamlessly from our stores to under your tree. Seriously, with these savings, why shop anywhere else? Burlington Deals Brands, wow. Okay, so Chris Sims at the Wall Street Journal wrote about AI.

33:25He said, for the past two weeks, I've used cutting-edge artificial intelligence tools in every aspect of my day-to-day existence. From my job to my personal life, here's my verdict. Like the last time I had an experience this eye-opening and transformative was after I bought my first smartphone. For most of us, these tools will enhance our productivity on tedious and time-consuming tasks. We'll be able to hand them off to generative AI, then easily check for errors. Regardless of your profession, the sooner you gain experience with using AI, the better off you will be. There's an estimate from McKinsey.

33:54By 2030, tasks that represent up to 30 % of all hours currently worked in the U.S. could be automated by AI. is the four-hour work week coming? Like, are we just going to be super productive? No. People will find other stuff to do. Think about how much stuff that has been automated now that people used to do in the past, that we just fill it with other stuff. Yeah, that's true. That's true. I think you're right. We fill the time. If you think about it, take away your smartphone and email and internet and all that stuff, and people literally used to go to the office for eight hours a day. What did they do back then?

34:32If they didn't have email or internet or any of that stuff, Slack. Water cooler. What do they do? Water cooler talk. They, you know, how's your family? I know that meetings and faxes. Hey, Bill, how was your weekend? Yeah. Family good? Yeah, a lot of back patting. We fill the space. So you got me onto the mid-journey thing for AI. And it is still funny how some of the stuff you create there is amazing, but how there's still minor holes that it hasn't figured out yet. Like I tried to do, I read a piece about real estate. and I said, create a picture for me of a realtor standing in front of a house with a for sale sign, or a couple standing in front of a house in front of a for sale sign with more money in their pocket, right?

35:18And it could create the couple, but for whatever reason, every iteration, it could not create a for sale sign. Like the for sale sign just, it didn't work. It wouldn't say for sale. No matter what I said, it could not create a for sale sign. That's interesting. Just like minor little, anyway. What a good ironed out. It's pretty wild that you could do that. It's pretty cool. Talk to image or text to image? Yes, just, yes, create this for me. And then five seconds later, here's a crazy image. All right. I bid, from Balchunas, I bid and FBTC have now taken it in cash for 49 straight days. And I think it went up to 50.

35:51Something only 30 other ETS have ever done. And none of them did it right out of the gate. Pretty wild. I think people are like, well, what happens if and when the inflows slow down or, heaven forbid, reverse? Prices will go down. That's what will happen. If we get a crash in Bitcoin, because obviously there's going to be a crash at some point, will it be like index funds where there'll actually be more money flooding in saying, okay, I was waiting for this to happen. I was going to put it in, but now it took off. I'll wait for it to crash. Or do you think we'll actually see a decent exodus of money from these things?

36:26It depends where the flows are coming from. If they're coming from advisors, and that's where I believe they're coming from, I think that they will gobble them up. I don't think that advisors are going to panic sell their Bitcoin for their clients, do you? They're not total donkeys. I hope not. It would be really nice to see a breakdown of where this money is coming from. Is it model portfolios at all RAs? Bitcoin had a pretty nice correction last week. Got back most of the gains, but it got as low as, I don't know,$61 ,000. and MicroStrategy. What a wild levered bet on Bitcoin this is. Did you have to move some money around again to try to buy it again?

37:04No comment. I had to move money from this account to that account. You know, blockchain does solve that for you. So I forgot to update this chart, but as of last week, one of the Bitcoin ETFs fell 15%. MicroStrategy fell 30%. Just wild. getting back to the point that it really is a levered bet on Bitcoin. I still don't get it. Ben, any update on your Zillow? On your Zillow trade? Oh, someone... By the way, that's an example. Zillow's a great example. I think I made 70 % on the stock and I sold it. I made a lot of money. It's good. I'm not looking to... I'm not a 10-banger guy. I'm in, I'm out.

37:46Someone sent me this. It says, so Nick L. Tawil is his name. Here's a more detailed take I think Zillow loses based on the NAR battle. So he says 50 % of Zillow's revenues come from selling leads to buyer's agents. Zillow is a public company. You can verify this. Their buyer lead program is called Premier Agent. Premier Agent, yeah. That's their business. Yeah, Zillow has been trying to capture listing leads to sell them to agents for years, but their listing leads are limited compared to buyer leads. People who think tech will replace real estate agents are missing this. Agents are tech's main source of income, not consumers.

38:15Specifically, buyer agents are the main source of income, not listing agents. So I guess this is the assumption that Zillow is a changing model. Lower commissions, lower commissions, lower revenue for Zillow. Yes. So I actually heard from a bunch of realtors about this. We talked about this last week, saying, look, we're asking questions. We didn't have any answers yet because no one has any answers. And I heard from a – I got some really long emails from people saying, listen, you guys are idiots. You don't know what you're talking about. Nothing's going to change. No one was being forced to split commissions before.

38:44This is just the way things worked. Consumers could have negotiated before. That's fine. and I agree with that. No one is forcing you, but now that consumers know they can negotiate and the genie's out of the bottle and there's going to be different fee models, I think just that knowledge is going to change things. The fact that people know, like, wait, wait, wait, we don't have to do it this way anymore. I think a lot of people thought they had to. They knew no other way. So that's the whole thing with me, is that just the fact that people know, I think that's going to be the impetus for change.

39:18Ben, speaking of us being idiots, so I get like an automated email from, I think it's from Chartable. And sometimes it includes like a few comments. So this one, this one made me LOL. One star. The title is Uneducated and Dangerous. Did you see this? Mm-mm. Couldn't get through two episodes. Can't believe the rating's here. Thanks for the review. Oh, for us.

39:46Uneducated? Sir, I, excuse me. Queens College graduate. Thank you very much. That's true. And dangerous. How are we dangerous? Just a couple of guys. You went to Indiana twice. Yeah, Queens College, Indiana, Indiana, Nassau Community College. Quite educated. Dangerous, please. Can't win them all. All right, here's some good, more good news for first-time homebuyers. Mike Simonson said 500 ,000 single-family homes on the market across the U.S., 21 % more than last year. He says at this pace, we expect 40 % more homes on the market in peak July than in 2023, unless mortgage rates fall soon. So the fact that rates have stayed higher has slowly but surely increased inventory.

40:25Now, it's coming off of a really, really low base. So it's nowhere close to what it was pre-pandemic, but it's heading in the right direction. So can we get some price declines? That's the thing. Well, at least the gains are going to stall out. That's the at the very least. If prices decline off their peaks, modestly, I don't think anybody loses. No. No, there's so much of a margin of safety built in for current homeowners. Yeah. I agree. All right, that would be wonderful. Just in time for, you'll have it for four months and then mortgage rates will fall. All right, can we do some private market stuff?

41:01Let's do it. So Logan Bartlett at Redpoint Ventures put out a presentation on how the private market might be troughing. See, got that one right. I'm going to talk over some slides. If you're on YouTube, you'll be able to see this. And if you want to check out the show notes to see these charts, you can do that too. All right. So there are signs that we've bottomed out. This chart shows the software universe median net new AOR year over year growth. So we know that the price of these stocks got killed. We know that their multiples got compressed. Guess what? It weren't growing as quickly as they did.

41:37So in 2021, there was 37 % year-over-year growth, and it jumped to 71%, 57%, 45%, and it kept going lower and lower and lower until the first quarter of 2021, I'm sorry, 2023, you had negative 27 % year-over-year growth. That has bottomed and is heading now higher in the right direction. There's another chart - These are public or private companies you're talking about here? These are publicly traded companies, I believe. I can't see the disclosure on the bottom left because my eyes aren't great, but I'm pretty sure these are public stocks. This is private. So months since prior round. So in 2021, when rounds were happening, it's like, all right, cool.

42:19We did a B. Let's start preparing for our C. There was nine months in between the B round and the C round, which is a record low. That's crazy. That's super, super fast. So that has grown to 22 months. So needless to say, the funding environment looks wildly different than it did in 2021 when money was abundant. Here's another chart that says it's also getting better for selling software. So there's a chart that shows the quota attainment by quarter for software sales reps. So did sales reps hit their quota? In the fourth quarter of 2021, 53 % were doing it, which is super high. That bottomed out at only 23%.

43:02So there's a total wipeout. So that bottomed in the fourth quarter of 2022 is 23%. A year later is 29%. Year to date, it's 41%. So that's going in the right direction. As far as tech goes, like usually the tech booms are bigger and the busts are bigger and last longer. This was a relatively short tech recession. That's what we're calling it. I don't know. It was what? Three years? 18 to 24 months? No, it's three years. I think things peaked. No, because it was November 2021 was when things peaked. That's peaked. Yeah, so it's almost three years. Yeah, it's two years. Down rounds as a percentage of total rounds.

43:44This got abnormally low. So this chart goes back to the late 90s, and we've really never seen anything like this. It bottomed out at 7%. So 93 % of rounds were at a higher valuation than previous one. So that's going up. It was 15 % most recently, which is not even close to what previous bottoms looked like. Because no one had to – barely anyone had to actually raise money because they all raised money. They raised so much money. Right. Right? Like the rounds were – the size of the rounds were ridiculous. So they were overfunded. the yearly startup shutdowns with significant capital invested. So this is companies that have raised over$10 million.

44:2940 shutdown in 2020, 33 and 21, 47 and 22. Last year, boom, 122%. So we're getting a lot of this, a lot of this stuff out of our system. And then of course, there's a chart of showing total venture dollars invested. And that has come all the way down. Tours are leaving the market. So there's a great chart. It shows traditional venture investors and how much money they've raised. And that's a little bit off the highs. But non-traditional venture investors like the Tigers of the world, which were a huge player in the bubble of 2021, that is down – Ben, what does that say? Is that negative 30 % CAGR over the last three years?

45:0735, yeah. Okay. Down over a third. Lastly, and this is a phenomenal chart. Do you think a lot of those funds just went into public – just fully public stocks more or less? well yeah if you can get a similar valuation between public and private companies so public stocks are probably cheaper than the private stocks yes uh so the spread between public and private markets have tightened so he's showing public high growth software multiples series b and c and the difference so in 2022 at its the height of the nonsensical silliness it was a 6x premium. That's absurd. 6x. In 2019, for example, it's just 2.1.

45:51So now in 2024, we're back to 2.7. So this is good. The multiples in private markets were six times higher than public market multiples. So we got the washout. Reddit, for example, Reddit just IPO'd. I think that their high watermark valuation in 21, I think it was$10 billion. And they came public at like a$3 billion valuation. And the markets had a phenomenal run. So appetite is back. This is another good thing. This is a good thing, Ben. So Reddit, it's going to be just like the other meme stocks, right? People are going to meme it and then it's going to crash 80 %? Too soon to tell. But if we're following that same pattern, it's probably going to happen.

46:29You're getting more headlines like this. So this is from the information. Hey, Jen, a three-year-old startup that uses artificial intelligence to generate avatars and voice for videos is raising$60 million at a pre-investment valuation of$440 million. six times higher than the startup's valuation four months ago. So things are moving fast there. But the business is moving fast. Listen to this. Hey, Jen is generating more than$20 million in annualized revenue, which is up from$3 million in July and$1 million a year ago. That's wild. You know, Jen or Jennifer is a name you don't hear much anymore.

47:05There's no new Jennys or Jennifers. That was 80s and 90s. So many girls were named Jenny or Jennifer. Nothing anymore like that. True. But hey, Jen is with a G. True. I see that. It's G-E-N. It sounds like, hey, Jen. Yeah. Oh. You don't see a lot of Richards anymore. It's true. There's a lot of names that – We did this when we were having – Remember you said Todd? No Todds. There's no Todds anymore. Jeff probably is one – But there was actually a website for this. When we had our kids and we were looking for names, there's a website you can look where you type in a name and you see the popularity by year.

47:43and we were looking for, I was going against the grain, being a contrarian. I guess I'm a value investor at heart. We were looking for names that aren't popular today. So I used that tool to find it anyway. All right, where are we going? Okay, Ben, you want to talk to me about tailors? What's on your mind? Oh, okay. So one thing I forgot with my Italy thing last week, one of the things I noticed at the conference were every gentleman's suit at this conference fit perfectly. and if you, you know, if you go to a conference in the States, now most of our conferences, we're not wearing suits. We're a little more laid back, but if you have a suit and sport coat, most of the time you see guys with the sleeves are too long, hanging down over their thumbs or something, or the pants are all bunched up at the bottom.

48:29Guys, if you get past college age, find yourself a tailor. I go to Sue Alterations right down the street from me here. They do good work. You can take a pair of pants for 15 bucks. Can I ask you an absurd question? If you're wearing a button-up shirt, can you get the sleeves, the length of the sleeves altered? Of course. They can take them out for you. How do they do that? How do they do that? I don't really know. But any – yeah. Find yourself a good tailor if you want stuff to fit good. I mean pants. Pants, I get it, right? You fold it up. You sew it, whatever. How do they shorten sleeves? AI?

49:04That I don't know. But there's probably – I don't know. I guess you could say robots, but it's so – you have to know what you're doing so well to tailor stuff that that's the kind of business that's never going to go out, right? It's never going to be taken over by technology. So, Ben, you were just in Italy, as you mentioned, and I'm pretty sure I know the answer to this. When you're in a hotel, do you wear the robes and the slippers that they give? I actually did wear the slippers this time. I didn't wear the robe. Really? Yeah. Why? You don't think I'm a slipper guy? Tell me more. Why did you put it on the slippers?

49:40Because you don't want to walk around barefoot? Yeah, you don't want to walk barefoot in a hotel. It's gross. You don't know what's been on that floor. I'm not like a world traveler. I think this was my third time to Europe in my life. And one of the other times was also for business like this. But I was just blown away by the ability to get work done across another part of the world. It was so easy to stay connected. I'm an idiot. because I haven't traveled in a while. I called my credit card company. I'm like, hey, I'm traveling overseas just in case my credit card shows up. They're like, sir, sir, no, you don't need to do that anymore.

50:16Like, oh, okay, I didn't know. They're like, if it's a travel card, trust me, you don't need to let us know anymore. Oh, okay, I'm a noob here. I don't know these things. But it just, it was so easy to stay connected through Slack and email and Wi-Fi and my phone. And way back, I had an eight-hour flight, and I watched a lot of movies, but I also got work done on the Wi-Fi on the plane. and it's just, it's, it's blows my mind how easy and seamless that was. When I was in college, we went to Europe, it was 2001, maybe 2002. And we would have to rent time at internet cafe to use a computer for internet.

50:50We'd pay by like 15 minute increments. And the only way I could get ahold of my parents was their email through that time or a prepaid phone card. I'd call them on a, on a pay phone. And I maybe talked to my parents once a week when I was gone for two months and now you can text people all day it doesn't feel like you're gone do you remember traveler checks with the Q oh yes I had some of those yeah that was a real thing and you spell check with a QU instead of it right CK yeah yeah Ben the reason why I asked about the robes is because Chris my partner was telling me that he's a this is the least surprising thing ever he's a huge robe guy well I could see that I guess yeah no I don't do the I don't find robes comfortable do you?

51:37robes are strange it's a it's a weird since I yeah doesn't do it for me Chris also wears smocks which are robe like okay they're kitchen robes that's true alright Ben what do you got? okay I got a bunch of stuff because first of all we watched Anyone But You this weekend with Glenn Powell and Sidney Sweeney that's the new rom-com I think it actually did really well at the theaters. It felt like a 1990s rom-com. It was a throwback because it was over the top where it's like, will they, won't they? Will they, won't they? But it was very cheesy and corny at times, but they almost leaned into the cheesiness and kind of wink, wink.

52:19And the ending was just way over the top. But I liked it. It was like a throwback to the 90s, and I've always been a huge Glenn Powell fan. He's just very good at playing the a-hole who also kind of smiles, and you get it, and you like him still. What was he besides? I only know him from Top Gun. Well, I think one of the most underrated movies of the last 15 years is Everybody Wants Some for a Comedy. He was in that, and he was fantastic in it. Never heard of it. It's the follow-up to Dazed and Confused. They made a follow-up? Yes. Richard Linklater did this. it's kind of like Days and Confused is high school everybody wants him as college it's a different set of people and actors but it's essentially his story in both of those movies what year is this?

53:04recently? no probably like early 2010s mid 2010s okay I'm sure I've I'm sure I've mentioned on here before nope I'm sure you haven't alright a few over I'm gonna just go through a few checklists because I watched a ton of movies on my flights alright let's go hit me okay I re-watched The Holdovers already? it's a good movie. Here's my thing. Josh watched The Holdovers. He said it was a, I think he said it was a 7.5 or 7. It's good. He said it was good, but good, but. All right, so go ahead. Why'd you rewatch it? I liked the movie. There wasn't that many options on Delta. They don't have the greatest movie selection.

53:40And here's my thinking for the Oscars. Hold on, don't you just, don't you dispatch my Delta. I'm a shareholder and a flyer and my Delta flight had tons of movies. Yeah, but they're just okay. So here's my thinking for the Oscars. Paul Giamatti, like Killian Murphy, he deserved the Oscar for Oppenheimer. Paul Giamatti, they should have medals at the Olympics. Paul Giamatti deserved a silver medal at the Oscars for his performance in The Holdovers. They should do a gold, silver, bronze for the best actor, best actress, best movie. They should rank him. He deserved a silver. Okay, I rewatched Michael Clayton.

54:14Finally stuck on the third time. I know a lot of people think this is a masterpiece of a movie. It never clicked with me. I watched it. I finally get it. I don't think it's like the greatest thing in the world, but it's a seven. I mean, it's a very good movie. Nobody says it's There Will Be Blood, but it's a very good movie. And you poo-pooed it, and now you saw The Light. It's a good movie. I finally get it. The American, another Clooney one. I watched this because I was in a Clooney fix, and he goes to a small town in Italy. One of his most underrated movies. It's a slower burn, but he plays an assassin, and the greatest, this one always works for me.

54:48The assassin who falls in love with a normie, who doesn't know they're an assassin and they know they shouldn't do it, but they still do. Of course. Usual Suspects. All right, if you could get a shot in your arm and you would forget one movie so you could experience it for the first time again, what would that movie be? Because Usual Suspects has to be up there. It's a totally different watch movie and you know what's going to happen. There's a nostalgia element to what I'm about to say because I remember watching it in fifth grade or sixth grade. The Sixth Sense. Ah, yes. I had a friend ruin the ending for me.

55:20I didn't see it in the theaters and a friend ruined me I was there day one and couldn't mind blown The Sixth Sense is definitely up there so I've been watching the last couple of years and it's a perfect movie it's pretty good Shawshank will be up there too for me finally I rewatched Pulp Fiction again I probably watch it once a year here's the thing I feel like Travolta and Samuel L. Jackson get like street credit for doing Pulp Fiction I feel like Bruce Willis doesn't get enough credit for doing Pulp Fiction he was very good in it as like a street credit thing It feels old. Right? The last time I watched it, I was like, it felt...

55:53It is old. It's 94. It does look... It's very episodic. Here's my hot take on Pulp Fiction. You could take out the first and the last scene at the breakfast place. Those are my least favorite parts of the movie. No, you can't. I just want the middle. No, you cannot. I don't like those parts. It's my least favorite part of the movie. Huh. Okay. Personal preference. Anything for you? Are you watching the movies on the flights? No. Well, yes and no. I don't know why we took such an early flight. Our flight was at 7.30. It's absurd. I was up at 4.30. I don't know why we did that. So I did rewatch Beetlejuice, which I haven't seen in 30 years.

56:39How does that hold up? I was dozing in and out of consciousness. It does hold up. Believe it or not. Is anyone coming out? So to that point. Michael Keaton was on Fly on the Wall podcast a couple weeks ago, and he was excellent. I love that guy. I watched the, not the remake, I guess. Is Roadhouse a sequel? It's a remake. What do we call that? It's a remake, yeah. Okay. So I watched Roadhouse. Horrendous, but also amazing. Like it was a deliberate. They know what they do. It's a terrible movie. but violence fighting the Caribbean are you kidding? I'm all in that being said it was not a good movie so I was thinking about it a lot of 80s remakes a lot of 80s so there's a Beetlejuice coming out alright so they did it right?

57:32they're doing Beetlejuice they're making another Happy Gilmore which I'm I don't know how I feel about that Happy Gilmore is a 90s movie obviously Beverly Hills Cop I don't think I'm going to watch the movie Roadhouse there's no way it's going to be good Top Gun so they're making movies for us. It's the nostalgia play. And I am definitely here for it. Did you see, are you up to date on Curb? Yes. No, didn't watch the last one. Okay. It is so good. It's very good. Credit to LD. But anyway, just getting back to the airplane, so that's my happy spot. Not at 730 in the morning, but where would I like to be in the air watching a movie?

58:14It's a great feeling. My wife is like, man, that stinks. You have to be in an airplane for so long. And I thought, you know what? I'm going to watch so many movies. It's going to be great. I loved it. Yeah. Yeah. What else are you going to get a chance to rewatch those movies? All right. What else is on our mind? I think that's about it. Okay. The Roaring Twenties is here until it's not. There we go. Animal Spirits at The Compound News. Personal emails, personal responses. Thank you for listening. We'll see you next time.

58:47Thank you.