Buy-The-Dip Mindset Fuels Historic Quarter For Stock Trading

27:38Go to cmk.co.access to learn more about helping your members stay adherent. That's cmk.co.access. ESS. Every day, millions of customers engage with AI agents like me. We resolve queries fast. We work 24-7 and we're helpful, knowledgeable, and empathetic. We're built to be the voice of the brands we serve. Sierra is the platform for building better, more human customer experiences with AI. No hold music, no generic answers, no frustration. Visit sierra.ai to learn more.

28:28We're back with Prof G Markets. Retail investors traded a record$6.6 trillion worth of stocks in the first half of 2025. Massive volatility from tariffs and geopolitical conflict fueled a buy-the-dip mentality. Back in April, individuals bought a record$4.7 billion in stocks in one day alone as the initial tariff announcement sent markets plummeting. But second quarter earnings from the banks show institutional investors got in on the action as well. And it was a record-breaking quarter. JP Morgan stock traders posted their best Q2 ever, and Goldman Sachs delivered a historic trading revenue haul.

29:05So, Scott, let's just sort of start with, I think, the bank earnings here. which we were previewing in our episode last week. Most of the banks beat on expectations. And the strong point, as we thought it would be, was that the trading revenue exploded. And this is the money that the banks make when they execute the stock trades of their clients. So the numbers here, Goldman Sachs had its best ever quarter of a stock trading, $4.3 billion in equity trading revenue, exceeding estimates by$600 million. Morgan Stanley also had their best ever quarter trading revenue up 23 % year over year. Every major bank reported double digit year over year gains in trading revenue.

29:50In total, you put JP Morgan, Bank of America, Citi, Morgan Stanley, and Goldman Sachs, you put the trading revenue together. It was a cumulative$34 billion from executing these trades. And then you zoom out, you look at trading revenue worldwide. worldwide global trading volume hit an all-time high of$165 trillion, a daily average turnover of$2.6 trillion, up 32 % year over year. So I think the first point that I'd like to get your reaction to is just the explosion in trading that we saw not just in Q1, but in Q2 as well. and why was that happening? Because of the volatility that was being initiated by Trump and by the administration.

30:38And so I think it is quite remarkable how much of a boon that is for brokerages and for these Wall Street banks who make money every time someone makes a trade, every time someone buys or sells a stock. Any reactions to what we saw here? I think the way you become a billionaire or the way you create a massive amount of shareholder value is you invent a product that exploits a flaw in our instincts, or specifically the fact that our instincts have not cut up to institutional production of items or technology. And the flaw in the species here that's emerging is that people, smart people who pay, who want to believe that they deserve better money management, pay a bunch of smart people to try and find signal from the noise and make trades and hedge and get in a stock and out of a stock.

31:27And oh, there's opportunity and energy now and get in and out of crypto and, oh, definitely sell this stock and buy this stock. And the reality is there's a huge industry that has a vested interest in tapping into that flaw and that instinct and making you believe that if you hedge your exposure here, that's smart. If you buy this stock, that's smart. Or you should sell this stock because this is happening. And this is an industry that, similar to I would describe the industrial food complex, basically creates a ton of activity and almost no progress. I think if people just were taught at an early age, you invest.

32:03Investing means holding for a long time and not letting your returns be eaten up by fees. And be clear, nobody has any fucking idea. The basis of the markets is that with demographic growth and productivity gains from technology and democracy, that the markets will, over the medium and long term, go up into the right. So buy assets and then don't ever sell them. Don't ever trade them. But this trading volume is essentially the world freaking out about some very serious things and then believing that they can outmaneuver these shifts in the market. I think that's exactly right. And to your point, it emphasizes what a great thing it is to be the middleman.

32:41I mean, you look at the banks, you look at the brokerages. I mean, the banks have done phenomenally well off of this trading revenue. But you look at these brokerages, I mean, Schwab is up almost 30 % year-to-date. Robinhood is up 170 % year-to-date. I mean, all of this is so good for those companies. And I think it also highlights why being a bank is such a great business. Because on the one hand, when there's stability, you have a great business in terms of deposits and interest, and you can make nice money off of your net interest income. When there's volatility and people are going crazy, you make a bunch of money off of your trading revenue.

33:24And it's almost like what you want to do as a business, the idea, as you say, to become a billionaire is you want to put yourself in the position where you are necessary, despite everything. and that's sort of what we're seeing here with all of this all of this trading in terms of uh the retail point that we made at the beginning so retail trading is exploding and this is a big part of the story here retail investors bought 270 billion dollars worth of stocks and etfs in the first half of 2025 uh according to research that is the most in over a decade that is from vander research jp morgan also estimates that retail investors will buy even more stocks in the second half of this year.

34:07And if you look at just the share of retail investors in terms of overall market participation, get this, at the end of April, the share of retail participation in the market reached an all-time high, 36 % of total order flow. And that might sound like not that much, but for comparison, prior to the pandemic, the retail share of market trading volume rarely went higher than 10%. We're at 36%. So the institutional investors are still in charge of the market here. That's really the institutions, the ones that are driving most of these price increases or decreases. But it is increasingly becoming the retail investors market.

34:54We're seeing way more participation from retail, and it is increasingly having an effect on the price movement of the overall market. I'd be curious to get your reaction to that change, which is quite a systemic change in the way global markets work. It used to kind of just be, this is Wall Street's reaction. It is increasingly, this is Wall Street's reaction, and also the Reddit army's reaction and Robinhood traders' reaction, etc. I'm just wondering if you have any thoughts on how that changes things for investors going forward. Well, the traditional wisdom is that when retail investors pile into something, you go the other way.

35:34The term they use is dumb money. I don't know if that's as true anymore because the institutional investors have underperformed the S &P by the amount of their fees. So see above a giant scam. If you see anyone advertising on CNBC, it means you should not invest. The democratization of investing is actually a good thing. Bringing people into the markets and making it easy for them to start investing, that is a good thing. And I also think that our nation is becoming slowly but surely a little bit more financially literate because of the accessibility of these investment apps. And also just generally making it easier and less intimidating.

36:13What you also have here, which is sort of a negative effect, is that I think one of the reasons that America is investing more, retail investors are a greater percentage of the total trading volume, is the same reason that America is more depressed and more anxious. And that is it feels like everyone's making money but you. If you hear these stories, and you maybe know someone who bought crypto, who bought Bitcoin eight years ago and is now a multimillionaire, or you hear about someone who bought Netflix 10 years ago and they've made 120 times their money. And so you start thinking, wow, I need to get in on this game.

36:52And you get seduced when every piece of information is buy this, sell this, or you see these really compelling people on CNBC and they convince you, I'm constantly wanting to buy stocks. I hear about stuff. We talk about stuff. And I think, oh, I should be investing in nuclear. I should be doing that. So the feel that everyone's making money but you, the sense that you know better than the market, all leads to the same thing. people are deciding and also an instinct around a lack of free play on the savannah and risk aggressiveness, especially of the young male brain. A lot of people just love speculating.

37:29I mean, let's be honest, and I'm guilty of this. I know I should never do this. I buy and sell options. That's just fucking stupid. It goes against everything I'm telling everyone else to do. But I imagine it's the same thrill you get from, you know, betting on Chelsea, which by the way, brought home the trophy, Ed. Congratulations. That's right. Do you know what the trophy was called? It's the, what is it? The world, the American World Cup or the Team World Cup? Club, Club World Cup. Club World Cup. The most important moment, and then we're going to get back to the stock market, but the most important moment.

38:00Player of the match. Cole Palmer. But when he received the Player of the Match trophy from the President of the United States. That was my favorite image of the year is Cole Palmer shaking hands with Donald Trump in the middle of MetLife Stadium. I could not believe my eyes. Yeah, my favorite image was an audio image of the president being booed. It all comes back to the same thing. If these companies are exploiting a flaw in our instincts, and I'll end where I started. Buy assets. Don't believe you can beat the market. Work hard. Be disciplined. Spend less than you make. consistently put money into the market and never believe that you can outsource or you can outsmart or time the market.

38:46And that these bank earnings are a incorrect philosophy that you can respond to and protect yourself against the markets. Be clear, the market could give a shit about how smart you think you are. And I would not have bet that the market would be touching all-time highs right now. So I didn't bet. What I did was I keep investing in good companies that I want to hold for at least, at least a decade. It's so funny how the answer always comes back to Warren Buffett almost every time. It's all about value investing. It's all about staying in, buying at a good price and holding for the long term. That's always the answer.

39:29I mean, people are constantly trying to come up with the cheat code in investing. It's the only cheat code that has ever held up is the value investing, Benjamin Graham, Warren Buffett philosophy, which is why I'm still such a big fan of him. Just one note to your point, we often hear about the success stories. We rarely hear about all the people who lose money. And so that's something that I think probably needs more attention. But retail investors bought the dip. They bought$36 billion in March, then they bought$40 billion in April. Record buys. and the S &P is up nearly 30 % since we hit that bottom in April.

40:11So retail investors might have done pretty well so far. We'll see what happens over the next year or so. And just to look at what they are buying, this is according to Business Insider, the top three buys among retail investors right now are one, Nvidia, so they're crushing there, two, Tesla, not crushing, and three, and this is good news, the S &P 500. So I think right now most retail investors are actually sitting pretty. All-time highs. Exactly. We'll be right back after the break with a look at the biggest monopoly that no one is talking about. If you're enjoying the show so far, hit follow and leave us a review on ProfG Markets.

41:04From Pushkin Industries, I'm Jonathan Goldstein, and Heavyweight is back. The new season is bigger than ever. Bigger hopes. I keep waiting for this moment. When he says, Mom, I get it. I'm sorry. Bigger dreams. Tom Hanks wants to meet with you. This is a real chance. And bigger heartbreaks. I thought it would be my movie moment. And maybe he would even whisper in my ear, I've always been in love with you. Check out new episodes of Heavyweight on Apple Podcasts.

41:44They say an apple a day keeps the doctor away. Well, why not make it a limited edition Groonie Smith Apple Vitamin Snack Pack from Groon's? This isn't a multivitamin, a greens gummy, or a prebiotic. It's all of those things and then some. And bonus, it tastes great. All Groon's Daily Gummy Snack Packs are vegan, nut gluten dairy free and packed with more than 20 vitamins and minerals. Grab your limited edition Grooney Smith Apple Gruens available only through October. Stock up because they will sell out. Get up to 52 % off when you go to gruns.co and use the code Vox. Support for this show comes from Airbus.

42:20It took 100 years for electric vehicles to catch on. Modern solar panels? Half a century. battery. Lithium batteries? Decades to go from their debut to daily use. It's a pattern. Energy tech breaks through, stalls, and then something tips the scales. But for every success, there are even more almosts. So what if there was a breakthrough sitting at this crossroads right now? The potential to cut carbon emissions with sustainable aviation fuel, or SAF, is real. SAF works just like Jet A1, which is a standard jet fuel used worldwide. But the difference is its contribution to aviation emissions reduction.

43:04It could change the future of flight, and that's why several major U.S. carriers have already increased their commitments to fuel with SAF. But it's not just up to the airlines. What's needed is an industry-wide push to increase the supply to meet growing demand. You can learn more about how Airbus is contributing to accelerating this journey at fly.airbus.com slash the flight path.

43:38We're back with ProfG Markets. The next batch of Amazon's Project Kuiper satellites launched last week on SpaceX's Falcon 9. This move was crucial as Amazon must deploy half of its Kuiper satellite constellation by next summer to meet FCC requirements. The partnership follows a three launch deal struck in December 2023. And that agreement came together just weeks after Amazon shareholders filed a lawsuit alleging the company unfairly excluded SpaceX from its initial round of launch contracts. So, Scott, kind of an interesting partnership going on here. You've got Project Kuiper, which is Amazon's satellite project, which is using infrastructure that is built by SpaceX.

44:24And SpaceX obviously owns Starlink. And those are the two main competitors in the satellite space right now. So you have two competitors that are joining forces. So it's kind of a strange move for Amazon. you would think that they would be trying to avoid using SpaceX rockets to get their satellites up into space. And then on the SpaceX side, you would think that SpaceX would avoid shooting up those Amazon satellites into space because SpaceX wants to own the satellite network. So an interesting partnership between two fierce competitors in the space industry. Break down for us why this is happening so the best and the worst products of the last five years are both from the same person and that is i think the worst product of the last five years is the tesla cyber truck i think it is just so fucking stupid overprice it's like exceptionally expensive but bad almost like a parody it reminds me of that car that homer simpson designed in one of those episodes or something that's like a bad it's not like something you'd see at universal studios and they laugh.

45:31Remember Battlestar Galactica in the 80s? And the market has spoken, this thing is kind of over before it started. Maybe with the exception, maybe the worst product launch would be the Oculus or the mixed reality headset from Apple. But the best product you could argue is either Starlink or if you were going to be trying to sound smarter, the Falcon Heavy Rocket, the Falcon 9 because it can put shit into, it can, the ability to put stuff into space is incredibly important. There's a huge market and it's a growing market and it's really, really expensive. I mean, essentially you have what SpaceX, they're Falcon Heavy.

46:12They can put shit into the low earth orbit for$1 ,500 a kilogram. And the closest competitor, the Ariane 5G out of Europe is$9 ,000 per kilogram. So this is in terms of innovation, leadership, incredible vision, and a product that is just miles ahead of everybody else with huge moats. I would say, okay, it's Starlink, but maybe really it's the Falcon Heavy rocket that can just get shit into space faster than anyone. What happened here is that I believe both organizations saw good reasons to work together, despite the fact I think they hate each other. And that is, okay, Amazon is trying to build out the satellite network.

46:59SpaceX's ability to get those satellites into space is just far superior than any competitor. So their shareholders are saying, all right, if you need to put satellites into space, you have a fiduciary obligation to your shareholders to get them into space for the lowest cost possible, regardless of how distasteful you find the company or the person. At the same time, in 2024, SpaceX conducted 52 % of all global orbital launches and launched 84 % of all satellites by mass. So if you think that space or everything other than Earth in the entire universe might offer economic and geopolitical advantage at some point, and one company controlling this much of it is probably not a good idea.

47:38And my guess is that the good lawyers at SpaceX said, hey, Elon, you realize at some point the FTC and the DOJ, specifically now that you've decided to accuse the president of being a pedophile every seven minutes on Twitter, at some point the FTC and the DOJ are going to notice that we have the strongest monopoly in history on what may be actually, literally and figuratively, the final frontier. And so they said one way to avoid scrutiny or a good data point would be we are leasing this capacity out to other firms, including our competitors. And what it reminds me of is the, I don't know if it was a consent decree or DOJ, but basically the entire telco network in the United States, or at least the land-based network, is controlled by, it's either two or three companies, AT &T, Verizon, and I don't know if T-Mobile rents it or has their own.

48:28But the ability to cover the United States with cell towers is pretty expensive. And so they've granted them that kind of oligopoly power, duopoly power and said it's OK. But what you have to do is rent it or lease it out to other MVNOs that want to start a telco and you have to give it to them at a market price. So, for example, Mint Mobile, which is a sponsor of this podcast, they didn't make a, you know,$100 billion investment in cell towers and networks and routing equipment. They're renting the network under a consent decree where that said you have to rent this infrastructure out. Because I think that's what's going to happen potentially at SpaceX is there will be some sort of agreement where it says, OK, if you're going to control space, you have to offer other people the ability to have commercial applications in space.

49:18This whole story highlights exactly this point, which is probably the most dominant monopoly in the world right now is SpaceX. And, you know, you think about what happened here between Amazon and SpaceX. Amazon didn't want to use those SpaceX rockets. And so they were trying to go with Blue Origin and then the shareholders sue Amazon and say, this is ridiculous. You can do a Falcon Heavy for 20 % of the price. So Amazon has no choice but to go with SpaceX because of SpaceX's monopoly power and its ability to keep prices low. On the SpaceX side, SpaceX actually has to say yes to Amazon to sell those contracts, because while, yes, you can, as a seller of a service, you can choose who your customers are, you can't do it if it is to preserve monopoly power.

50:13And I think you're exactly right that the lawyers at SpaceX say, hey, we can't just say no to Amazon because the FTC is going to look at it and they're going to rightly confirm that the reason you're saying no to Amazon is because you are trying to preserve this monopoly that you have on the space industry. And I just want to go over some of those stats again. So there were 154 orbital launch attempts in the US last year. SpaceX made up 87 % of those, 134 launches. It's up from 96 in 2023. More launches than the rest of the world combined. Of the roughly 10 ,000 satellites that are actively orbiting the Earth right now, SpaceX owns 60 % of them.

50:54And they are planning to increase that to 30 ,000. You look at Amazon, which is the next best competitor. We talked about this on The Daily Show. It doesn't offer any internet service right now. So it appears that what we have right now and what this story is actually highlighting through the fact that they are being forced to kind of partner up with each other, this is like the most dominant monopoly we've seen in a really long time. And it's so dominant when you look at the relationship with the government, where it's not just that the government's buying from SpaceX, they actively depend on it.

51:29You've got the military, you've got NATO allies that are using Starlink to be connected for real-time connectivity, which is important for their military operations. We saw what happened when Elon threatened to turn off Starlink for Ukraine. And it makes me think that this is like, when we talk about what makes a great investment, a monopoly power that is essential for humanity. This to me looks like kind of the greatest investment in the world right now. We'd have to look at the pricing. It's selling for$400 billion market cap right now. But in terms of just pure monopoly power and pure utility and a human need to connect and use internet services and use satellites, I feel like SpaceX is an incredible investment.

52:22Yeah, so if you think about the two companies in the hottest categories that have just dominant share, the two you would zero in on would be OpenAI, which now controls about 90 % of... I mean, every day, despite the press releases and all the hires making$100 million to come work at Meta, every day the market seems to be rewarding more and more share to ChatGPT and OpenAI. It does feel like they're running away with it. And what's interesting is they have about the same value in the private markets as SpaceX. Yes. The differences, I would argue, is that SpaceX has bigger moats. I think that Claude, like I use Claude, whenever I have a question or I do, I use both Claude and ChatGPT.

53:05And I can see Llama or someone else coming out of nowhere with a vastly improved product or even a deep seek or what have you and starting to take share pretty quickly from ChatGPT. Whereas I don't see anybody right now coming for getting close to what the Falcon Heavy rocket can do in terms of launch to cost ratio right now. The way that Project Kuiper is trying to compete, they have to pay SpaceX to compete. I mean, it's unbelievable. What you're saying, just going a little bit more, Jason, is what you see is the most overvalued company in the world, I believe, is Tesla. And also arguably the most overvalued media company is X.

53:47And what he's trying to do is he realizes he could very easily lose$900 billion in market cap on Tesla. So what I think he's going to start to do is conglomerate them and put them all under this kind of AI umbrella of XAI and then maybe merge them or get them closer to SpaceX. because the only way to salvage that trillion-dollar valuation that Tesla has, which is about$950 billion overvalued, will be to confuse the marketplace and say, no, it's not an auto company. It's an AI slash space company that's in autonomous and collecting data and putting satellites, which collect data from my data farm of Twitter, which informs my autonomous driving, which is all based on this infrastructure of unique that space.

54:34I think he's going to create what Kira Swisher, my Pivot podcast co-host, a traducan here, and that is a multiple-headed hydra where he attempts to use the spin or the umbrella aspirational feel of AI around an amazing growing product that has unbelievable moats called SpaceX to prop up some shitty assets that are going to decline massively in value unless he does something specifically Twitter and SpaceX. and also his autonomous, which so far has gone nowhere. That point on Tesla isn't just a car company, it's something bigger. I don't buy, and I don't think we need to relitigate that. I think we all know why I don't buy it, and I don't think you buy it.

55:20But when you look at SpaceX, that's a company where you could argue this isn't just a space company. This is like, in my view, this is a telco company. The same way that you were pointing out how AT &T and how Verizon make money. I mean, this is the trajectory that SpaceX is on, and they are actively generating revenue from these businesses. They are actively becoming systemic to society in a way that it feels like it often doesn't get enough credit for. People try to make that point with Tesla. I don't think it holds. But if you were to make it with SpaceX, I think it's a lot more compelling.

55:58And you just look at the valuation now,$400 billion, dollars, more valuable than Johnson & Johnson, more valuable than Bank of America. It's still private, but this is among the top 25 most valuable companies in the world now. It is now the biggest source of Elon Musk's wealth, which I find just fascinating. And I think it makes sense because of how dominant they are. It's an incredible company. Of all the products I've used, you know, occasionally have those aha moments. And again, this goes back to being critical thinkers. I do not like the man. I think he's now no longer, I'm not, is he still a net positive?

56:34Probably, but anyways, I'm not a huge fan. He's, he's even. But if you're a critical thinker and you like, and you want to call balls and strikes, uh, I think Starlink is the most impressive product I've used in the last decade. I just can't, I just can't. When you're on a plane, I dialed in for one of my guest appearances on this show. You have said before that you do the FaceTime with your son from the Starlink in the plane and it's crystal clear. I was shocked by the footage when we called you from the plane. I mean, it was clearer than when you were on the ground by orders of magnitude. It's just striking.

57:21And then you drill down to an artillery or a drone's ability to zero in on the heat that's created by the firing of a shell from a piece of artillery and the ability to immediately zero in on that heat, upload it to data to a satellite, and then send it back to the guidance system of a drone, which has created this asymmetric warfare world where$300 drones are taking. taking out$3 million tanks. I mean, just the implications of that kind of broadband are, people can't even begin to imagine just the layers of economic opportunity and influence of having that kind of control or your hand on the windpipe of broadband and data transmission, and they have it.

58:12It's just, it's an incredible product. It's almost as amazing as the Cybertruck is fucking stupid. Calling balls and strikes, Ed. We got to figure out how to make you a SpaceX investor. I know that Kimball, Elon's brother, is a fan. Maybe that's the way in. Seems like a nice man. That trauma went the right way with Kimball. Yeah, no, something went right. I think he decided, no, I'm not going to do that. He went to therapy. But yeah, I like him. I don't know him well, but anyway, seems like a fun guy. I like to party with him. Maybe the three of us will go out. I'd love that. I can't wait. Kimball, call us.

58:49okay let's take a look at the week ahead we will see earnings from coca-cola sap google and tesla we'll also get a read on the housing market with new and existing home sales data for june uh scott any predictions this week i think that more than tariff policy more than economic policy more than focusing on trying to find a post-conflict peacekeeping force in Gaza and rebuild that region, more than thinking about what's going to happen to the 14 million people who are about to lose their health care. I think that the president and his top staff are spending more time on the following than any other issue.

59:35I think there's a group of some very intelligent, talented people in a room that with the use of AI are going, What can we put out into the news and media ecosystem tomorrow that will distract them from Epstein? All right, write a letter saying we're firing Chairman Powell and then wave the letter, knowing everyone, every media company will see it as catnip. And then when the markets freak out the next day, go on and say, no, just kidding. So we can occupy and distract for two days from Epstein. Oh, wait, I know. say that Rosie O'Donnell is a threat to humanity and we're revoking her citizenship.

1:00:13Okay, that would never work. You can't do that. That would be rejected. It doesn't matter. It'll get people talking about it and it is not Epstein. 85 % tariff. You are going to see every 24 hours for the next 7 to 14 days something ridiculous, hollow, and empty that will have absolutely no chance of being implemented, come out of the White House. It'll be ridiculous, incendiary, more the better, and the media will immediately go for it. It's like when a magician who is sawing his assistant in half yells out, Benghazi, or we're at the Nuremberg trials, and a witness that's about to get cross-examined starts playing the kazoo, hoping that we'll all forget why we are there.

1:00:59You are about to see the most ridiculous weapons of mass distraction come out of the White House every 24 hours for the next seven days, and I want to track them and talk about them. But my prediction is over the next three or four days, a bunch of unexpected weirdness every 24 hours that has absolutely no veracity, absolutely no possibility of being implemented, but is there for one reason, to get us to look away from the fact that the president, who's not only his MAGA fans, not only the country seemed to have forgave him for being found guilty of sexual abuse, is more worried about what these files say about him.

1:01:44I totally agree with you. I want to get another prediction from you. Will they look away? In other words, will that work? Or is this the end of the psyop from Trump. Every time I think this is the red line and he's crossed it, mocking the disabled, joking about grabbing a woman's genitals. Every time I thought he's crossed a red line, I was wrong. And so I'm sticking with that. And that is, this cult is so strong. I think he calls Dan Bongino and says, Dan, get in fucking line. And I think he says, yes, Mr. President. It's so interesting because you're exactly right. We always think this is the big one and then it never is.

1:02:30I think this is the big one. I mean, this Epstein thing is the entire culmination of the deep state narrative that the world and America is controlled by this small group of people who operate in these strange rings with pedophilia and blackmail. And that was really what this whole movement was all about. And it is just the perfect story. It is the perfect encapsulation of all of the hypocrisy. And it's so plain for everyone to see right here. It would have been different if he said nothing about this Epstein stuff. If he just sort of let it disintegrate and fall into nothingness. But the trouble is, he's gone out there and he has actively said, no, look away, we don't want to release these files.

1:03:19He literally, if a comms consultant said, we want to make you look as guilty as possible, this is the things you do, that's what he has done. He looks like my Great Dane Leia. When I walk into the kitchen and she's gotten in the trash, she won't even look me in the eye, and she turns around and she starts like sulking away. Like, if I don't make eye contact with him, I'm invisible. He's my Great Dane right now. He could not look more guilty. This episode was produced by Claire Miller and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Amir Silverio is our research lead.

1:03:56Our research associates are Isabella Kinsel and Dan Chalon. Drew Burrows is our technical director. And Catherine Dillon is our executive producer. Thank you for listening to Prof G Markets from the Vox Media Podcast Network. Tune in tomorrow for a fresh take on the markets.

1:04:20you help me in kind reunion as the world turns and the dark flies in love

1:04:49where are you headed ed msnbc

1:04:59who are you on with today i'm not gonna tell you oh that tell her i said hello Tell her I said hello. Oh, my God. I'm headed to MSNBC. Jesus Christ. You're literally a fucking cliche. And I got to give it to you. We should absolutely devote two or three minutes to reviewing your most recent MSNBC hit. Okay. I'm actually not surprised. I love you. You're really good on that show. Thank you. Have at it. Thank you, boss. Katie, I said hello. I will. And that I'm a bit jealous that you're now the side piece. And I'm literally at home cooking for our family, staying loyal to MSNBC as she's off taking you to the Bahamas and getting fucked up.

1:05:52And, you know, it's she needs to come back to the to the people who attracted all those seven year old white women. By the way, I hope we're recording this. This is comedy gold. It is company gold. Mercury knows that to an entrepreneur, every financial move means more. An international wire means working with the best contractors on any continent. A credit card on day one means creating an ad campaign on day two. And a business loan means loading up on inventory for Black Friday. That's why Mercury offers banking that does more, all in one place, so that doing just about anything with your money feels effortless.

1:06:30Visit mercury.com to learn more. Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust members FDIC.

1:06:44Listen. That's the sound of the fully electric Audi Q6 e-tron. The sound of captivating electric performance. Dynamic drive. And the quiet confidence of ultra-smooth handling. The elevated interior reminds you this is more than an EV. This is electric performance redefined. The fully electric Audi Q6 e-tron.