Wall Street Is Pumping SpaceX — So Why Is It Falling?

29:45Yes, it's fewer IPOs than we saw before, but the size of the IPOs are gigantic. And what do you know, the ones where the size of the IPO is gigantic, those are the ones where all of Wall Street is unanimous in its view that this is a buy. And not just IPOs, also like secondary offerings, right? Because even I think Google issued a huge amount of stock recently raising more capital than SpaceX raised in their IPO. So there's a bunch of big technology firms at the moment that it's probably wise to keep happy if you're hoping to participate in those flows. To what extent do you worry that this is causing like a real systemic risk in terms of overvaluations across the stock market?

30:33In other words, that it is causing a bubble? It's an interesting thing because I think that while, you know, there's a lot of crazy stuff. I also think there's a lot of people talking about it. You know, it's not, I don't know, like any sophisticated investor I speak to, like they're not really suckered into sort of thinking that these things have been issued at bargain basement prices. And, you know, the FT and the Wall Street Journal are filled with opinion pieces of people worrying about, you know, concentration in technology and high prices and, you know, what if all of this stuff goes wrong.

31:09So I'm torn. Like, I do think there's possibly a retail audience who haven't sort of been through this already, and they don't recognize, you know, what a really hot market sometimes looks like. But, you know, I'm torn. Like, I do think, and especially nowadays, you know, where people get their information, like back in the 90s, you know, those analysts were all over CNBC all day long. And also everyone, like the dot-com bubble had everyone involved, like you'd be down at your dentist's office and they'd be talking about stocks, you know. It's not really the same today. And I think also the analysts don't have the power they used to have.

31:53So to a certain extent, I view it as embarrassing. Like I always think like for these guys, like in, you know, maybe you get big enough bonuses that who cares, but I just sort of I think, gosh, wouldn't it be embarrassing? Like in years time, you know, you're at parties and the people are like, you're the guy who said 300. Is that what you said?

32:16It's a really interesting change where it's like they're saying the same things that they said back in 99. But this time around, people are informed enough to say, well, that's a fucking joke. That doesn't make any sense. I do wonder if maybe we're seeing almost like a bifurcation of the suckers versus the non-suckers. Maybe there's one part of the market where the bubble's really working because people are actually listening to the$800 price target and they're really believing it. And maybe there's another part of the market who listens to Patrick Boyle and watches Patrick Boyle's YouTube videos.

32:50They see those price targets and they say that doesn't make any sense. And that itself is an entirely different ecosystem. And it's a good point. maybe that is sort of the downside protection in this bubble. Maybe you're single-handedly preventing the bubble. Well, I don't know. I also think that people kind of do what they're going to do anyhow. Like, you know, you can tell people something's a bad financial, you know, you can hang big signs outside a casino telling people, you know, you'll lose all of your money here and they kind of go, oh, that's other people, not me. You know, I feel lucky today.

33:31We'll be right back after the break. And if you're enjoying the show so far, send it to a friend and please follow us on YouTube, Spotify, or wherever you get your podcasts.

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37:29We're back with Prof G Markets. There is an interesting trend that we have been monitoring and which I wrote about a couple of weeks ago in my newsletter, simply put. We're starting to see a rotation out of crypto, which has been hit very hard over the past year. Ethereum is down 33 percent. Bitcoin's down 42 percent. And some of the people driving that rotation are the crypto bros themselves. Meanwhile, AI has become the new frontier. It is the technology people are most excited about, and it has captured the same sense of disruption and possibility that crypto once represented, and it has been on a tear.

38:06The Roundhill Generative AI ETF is up 48 % year-to-date. The Philadelphia Semiconductor ETF is up 75 % year-to-date. So here's the thesis. The same investors who once chased crypto as the groundbreaking technology are now moving towards AI as the next big thing. And perhaps that may explain why crypto is performing so badly. Patrick, I mentioned Ethereum and Bitcoin, which are not doing well. Bitcoin's been cut in half since its peak. Also, the meme coins are way down. I should just point out Dogecoin, which was all the rage right past COVID. It's down 47 % in the past year. Trump coin is, of course, down 81 % in the past year, it's down, I think, almost 99 % from its highs.

38:55What do you make of how crypto is performing, the once very hot asset class, which is now looking not so hot? Well, it's my opinion that the only, you know, there's no analysis you can do on crypto, right? You can't sort of sit down and build any sort of pricing model on it because it just sort of has It's a price driven by what people will pay for it. And basically, its only selling point is that the line is going up, you know. And basically, what gets people excited, people want to buy crypto because they know someone who bought it for, you know, a dollar. And now it's worth 50 or$60 ,000. And they sort of say, you know, that will happen again.

39:36But for me, and so it's really just a very trend based asset. You know, now you look at it and, you know, over the last few years, I mean, you know, an index tracker that your grandfather invests in is outperforming Bitcoin. It's no longer exciting. Because even I think some of these investments are things that people want to talk about when they're at a bar or at a party. You know, oh, I bought this thing and it's up huge. Well, now, you know, you say you own Bitcoin, you're not really exciting. It's also it was like an anti-establishment thing. It's not anti-establishment. And, you know, we've got like politicians all involved in it.

40:12The SEC guy is a crypto bro. You know, it's, what's his name? Howard Lutnick is a crypto bro. Like, I mean, you know, this is not, all of Epstein Island were involved, you know. So it's just not, it's not exciting to say that you're doing this, you know. And so, you know, I don't know if you want to be exciting, you're now probably saying that you're making exciting bets on polymarket, on, you know, when the Strait of Hormuz will reopen or whatever. But it's, you know, to say that you're a crypto investor today is going to put people to sleep. And so I wonder if there just is, you know, I think a few people have been calling it the great bro-tation, you know, where if you're a crypto bro, you're moving into AI, into prediction markets, into just something that kind of seems exciting to you.

41:04Yeah, I think the anti-establishment point is a very important point because, I mean, crypto was the cool kid. It was the cool kid in town. And part of why it was cool was because, one, its price was going up, so everyone wanted it, so it felt exciting. um two it had sort of like a technological like financially forward feel to it and three it was anti-establishment it was punk rock it was sort of sticking it to the man now it's the teacher's pet because president trump loves it and president trump is the crypto president so all of that punk rock feel has evaporated and at the same time if you have no fundamentals, the only thing that makes it cool, and I think cool is the right word here, is the price.

42:01And so now it's lost the one thing that made it cool, which was the line going up. It also lost the anti-establishment thing. And if you have no fundamentals, if you have no underlying cash flows, then there is no floor of value. Yeah. And all the claims of use cases have evaporated as well. Like it just, you know, no one is really telling me that I'm going to throw, you know, Chamath a few years ago was saying that Visa was going to go to zero because of crypto. And it's like, well, I think Visa has done just fine. You know, crypto has performed like one of Chamath's SPACs, unfortunately. Just looking at like what's actually happened.

42:40So I went through the Bitcoin numbers. Bitcoin ETFs have seen $8 billion in outflows in the past eight weeks alone. crypto since its peak has lost 2.3 trillion dollars in market value the entire crypto industry has essentially been cut in half and it does seem like the new hot thing now if you're a crypto bro if you're looking for those crazy lines going up is ai specifically kind of these more niche ai names these semiconductor names western digital bloom energy up almost 200 percent year-to-date Seagate, Sandisk. These are sort of the sexy new trades. And in addition, what we are starting to see is a huge amount of leverage being taken on to buy these stocks.

43:28And we're seeing a massive uptick. Yeah, the levered ETFs, exactly. Yeah. Levered ETFs, which are becoming very, very hot right now. More than 200 levered ETFs have been launched over the past six months, now worth more than$150 billion. I mean, this has a perfect analogy to Bitcoin because, of course, we also know about Bitcoin that almost 70 % of the Bitcoin trading volume last year were these perpetual futures, these kind of levered up options contracts. It seems like now they've just switched over to the other side. I guess, what does that say about the investment community that we're basically just YOLOing into these stocks without, I assume, really looking at what they're even doing or what the fundamentals even are.

44:18I guess this is always life, though, is that people are always excited about whatever they... The average investor hugely underperforms the stock market, and this is well known because they always buy the wrong stuff at the top, they liquidate at the bottom, They, you know, it's the switches that kind of kill them. But this is just like your emotions as an investor are your enemy. Like the more emotion, the more strongly you feel, whether it's fear or excitement, these are emotions that are leading you in the wrong direction. But this is just the oldest story in markets is just that most investors, it's not just that they underperform, but that they lose more money than is even naturally explainable by the returns in the market.

45:10You were mentioning when we were speaking offline this term, I forget who came up with it, but this term financial nihilism that is becoming kind of pervasive. Oh, yes, that's Dimitri Kofinas, the guy who came up with that idea. He's a very interesting guy. Yeah, what does that mean? Well, it's based around this idea that there's a lot of young disillusioned people and they sort of feel they can't afford a house. They, you know, are not getting the kind of jobs they wanted. A list of difficulties, you know, and they basically want to reach escape velocity. You know, they're on Instagram and whatever, and they see these people who've made masses of money through basically an all-in gamble on something, be it meme stocks, be it crypto, be it, you know, NVIDIA.

45:56Doesn't matter what it is. But it's just this yellow idea where they've decided that nothing matters, all the numbers are made up, it's all a con, and you just have to look after yourself. You have to make a big bet on something, hopefully make a massive, massive amount of money, and then you're out. That's kind of the idea. And I think that is an idea that has been building really over the last decade or so, and I think really picked up during the COVID period when people were locked at home. It's sort of an interesting thing because I think it really took off then as well because a lot of people, they had no money to spend on stuff.

46:39Some people were getting stimulus checks and so on. So they had, you know, a couple of thousand dollars. Many people, if you're sort of working at Walmart or something like that, you probably never had as much savings as you had at that point. And you're sitting there looking at this thousand dollar check and you kind of think, well, you know, while I do buy clothes with it or go all in on something and try and turn$1 ,000 into a million dollars. And that's sort of the financial nihilism mindset. It seems like this awful combination of economic opportunity for young people, in America at least, has really never been lower, at least relative to other generations.

47:19Just look at housing prices today as an example, and we'll get into this. But housing prices relative to income have never been higher. housing prices have 7x'd over the past 50 years. They've way outpaced wage growth. Costs of college have tripled since 1980. That's adjusted for inflation. Combined with, I think, as you say, social media and the fact that we're constantly on our phones looking at all of these rich people who supposedly made their money on Dogecoin, on Trumpcoin, Pepecoin, Cum Rocket, you name it. Andrew Tate is out there, you know, driving his seven, either rented or not, Lamborghinis that he supposedly got because he went all in on crypto.

48:13I mean, this culture of levering up, borrowing money, trading options, trading crypto, getting into gambling, and then the illusion that that is actually going to lead you to a place of financial success and well-being really seems pervasive. And it seems like it is having a substantial impact on the structure of equity markets. I mean, and all you can assume is that we're going to see crypto over and over again in different types of asset classes. It goes up, everyone gets excited, then it just, boom, goes down as soon as the excitement fades. Which makes me think we've got to see the same thing again in some of these AI names and these semiconductor names, perhaps we're already seeing it.

48:56We have already seen that at the past week, it's been pretty bad for the semiconductor stocks. At least there are some cash flows there, and at least there's actually a thesis fundamentally behind those trades. But you have to think this is just going to keep going over and over again now. Well, the only thing is once people get, in fact, the worst thing about this bubble bus cycle is that a lot of people, their introduction to investing is sort of putting their money into some crazy thing that their friend told them was a good idea. It gets totally wiped out. And then they're sort of scared for life.

49:29And there were a lot of people I knew, because I sort of, I was in my 20s during the dot-com bubble. And so many people I know were really, really excited about all these internet names piled into them. They wiped out. And then, you know, I'll talk to these guys, you know, 30 years later, 25 years later, and they all say, no, no, I never invest. It's all a con like and and the thing is had you had you put your money in the s &p 500 or even actually held on to the nasdaq or whatever from back then you would have done quite well while you know you put your money all in government bonds um you know you'll have looked smart for about three years at that you know because stock market fell for three years after the bubble burst but then in the long run, you don't.

50:15And so the real, the problem sort of is financial education. It's that people don't understand sort of what normal expected returns are. Like it's not, you know, it's not like, you know, a 300 % return in a year or whatever. That can happen. You can buy a thing and that can happen. But you should recognize that you were probably lucky and you didn't necessarily predict it. And that in the long run, like, you know, if you're 20 years old right now and you're going to retire in, you know, 40, 45 years time, you should hopefully just harvest the general market return, you know, because for every, you know, lucky win you'll have, you'll probably have another unlucky loss.

50:57And it probably balances out to giving you about the return of the S &P, assuming you don't go too crazy and like lever up at the wrong time or, you know, cut all of your losses at the bottom or whatever. Yeah, it seems as though the financial education point is basically the entire fix to this thing because, I mean, it's not just that these essentially gambling products are out there. It's the fact that we're kind of convincing people that those gambling products are not gambling products, that they are investment products. I mean, if you look at the way we talk about, you know, zero day options and how that has exploded among young people and perpetual futures, these options contracts that have basically no leverage cap, no expiration date.

51:48It's just a bet on whether it goes up or down. I mean, the prediction markets, what you're buying is called an events contract, and it's regulated by the CFTC as if it isn't gambling, as if you're actually trading, not even training, investing in an actual commodity when you bet on whether the New York Knicks are going to win. That's even the thing is that the whole argument behind, like if you listen to people defend prediction markets, they say, well, you know, what's happening here is that it's sort of providing information. It's, you know, it's kind of real economic events been bet on, but I believe some like 90 % of the gambling is just on sports.

52:30Like it's just sports betting, And it's wild, the idea that the CFTC is now a sports regulator of sorts. Regulating sports betting in states where sports betting is illegal. I mean, it has to crumble at some point. My view is I like the events contracts on the financial and economic events. I find it interesting and useful to look at that data. But then to make the argument that that should also be a venue to be betting on the outcome of sports games and World Cup games, That's just taking everything a step too far. But even one of the problems, even about using it to bet on events, like if you want to bet on a smaller election or something like that, is it possibly becomes worthwhile for a marginal candidate to sort of put their, you know, to put a bit of money behind it.

53:20And suddenly the journalists all get on the air and kind of go like, oh, and this guy is really coming up from behind. No one expected this. But the prediction markets say that he's now the leading candidate. And it's like, or did he just drop a million bucks on a contract, you know? Yes. If the insider trading on those platforms isn't addressed, then the entire thing is compromised. The entire thing has no place. So that's, again, more reason for strong regulation related to what we talked about with the SEC and how the regulation preventing the equity research and the investment banking guys from collaborating.

53:57That's evaporated. The SEC has essentially been gutted over the past year. I mean, you look at the amount of enforcement actions. It was an all-time low, at least for a transition year. 15 % of the workforce has left. I mean, the reason you need all these things is so that people can believe in markets and not become financially nihilistic, because that's where we're headed. It's worth noting there's a requirement for balance. Like I felt a few years ago there was, I think, what was it? The FTC blocked a merger between two handbag brands by claiming that there would be sort of a monopoly in mid-priced, I don't know, I forget it was Coach and Michael Kors or something like that.

54:41And they said, no, this would be a monopoly. And it's like, I'm sorry, but there's no such thing as a monopoly in the fashion industry. Like there's always someone willing to make a bag at a different price point. So there's arguments. The regulation thing I'm always on the fence about because there can be too much regulation and there can be not enough. And the problem is that both of these things can be harmful. We'll be right back. And for even more markets content, sign up for our newsletter at profgmarkets.com.

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58:09We're back with ProfG Markets. The U.S. housing market is showing new signs of strain. Last month, the median price of a home in the U.S. hit a record high at$408 ,838, and the median U.S. housing payment saw its first year-over-year increase since October. This is part of a broader trend we've been tracking on the show. Home ownership is becoming increasingly out of reach for the average American. In fact, 75 % of homes currently on the market are unaffordable for the typical household. Patrick, you've been talking about this, researching the housing market, explaining it over on your channel.

58:52It's always something that's just befuddling to me, like how it continues to go up every year, despite the previous year being a crazy record. It still keeps happening. What's the deal with housing? Why does it keep going up? Yeah, I mean, it's a big problem in big parts of the Western world. It's interesting because it's not, there's certain parts of the United States, like if you look in Texas, there's not really the same problem as you'll see in, you know, New York City and Massachusetts and whatever. And it's because it's just easy to build in Texas. And, you know, essentially a home there's price is more tied to the cost of building materials and, you know, interest rates than anything else.

59:35While everywhere else you go, it's often sort of the land value is the core value. And, you know, some of it, it's things like, you know, growing populations, which are, you know, starting now to reverse. But it's, you know, an interest rates coming down will have made houses more expensive because people typically buy what borrowed money. but you know in the very long run if you look at a very long history of housing prices there's no reason to think they should go up but it's it's become sort of an investment class you know years ago if you speak to your grandparents they'll never talk about the concept of real estate investing they they bought a home that they needed to live in once it became an investment and we'll say in places like the UK where it is by far the biggest investment, like it's what people do with their savings is sort of either buy their own home or buy to let a property.

1:00:37You end up with this situation where the government have, you know, incentivized people to buy homes. They want prices to go up or at least stay steady. And so, you know, in an election year or whatever, you know, are you going to sort of permit a load of new building that'll hit house prices? Are you going to allow, you know, changes that would make it affordable to young people? And for the last 20, 25 years, the answer has been no. And so we've seen prices go up and up. And, you know, the political motives are all there. And you see politicians saying, you know, we want affordable housing for young people, but we don't want to hit the, you know, the home values of retirees who are relying on it.

1:01:28And it's like, well, you get one or the other. Yes. You said in your video, I think this quote really sums it up. You said, quote, once a country decides its houses are supposed to make everyone rich, it has to keep prices rising forever, which means restricting supply, blocking development, and quietly pricing out each new generation which works until it doesn't. And I think what I appreciate about that view, I think is right, is the fact that it is a choice. I mean, it is an intentional policy decision to decide that if you're starting from a place of people expect the value of their homes to go up, then we have to do whatever we can to make that happen.

1:02:13And I think this was really crystallized for me earlier this year when the president who had sort of said that he wanted it, wanted housing to become affordable, I thought we had all agreed that that was something we all wanted to figure out. He said the following, and we'll just play this clip and get your reaction. There's so much talk about, oh, we're going to drive housing prices down. I don't want to drive housing prices down. I want to drive housing prices up for people that own their homes and they can be assured that's what's going to happen. This is the problem, right? Because that's who votes, right?

1:02:46Like, that's who votes. You know, homeowners, the elderly vote. Young people don't vote, so they don't get a say. Something you were saying is that we shouldn't necessarily expect the price of a house to go up. That's not a given. Which I thought was an interesting comment because I've been trained to think that it should. Why do you believe that? Well, if we just look at a regular home, you know, the example I was saying to you yesterday was if we look at a home near a hospital that a doctor lives in, right? And we've got to assume that when the doctor bought that home, it was affordable for someone on a doctor's salary.

1:03:24If we move forward 50 years, the hospital is still there. That home should probably be filled by another doctor. It's not going to be a Russian oligarch, you know, a crypto billionaire or whatever. It's going to be a regular person who works at the hospital. And thus, it must be priced such that a doctor can afford it. And the rate at which wages go up is roughly in line with the rate of inflation. So to believe that house prices should go up significantly more than inflation in the long run doesn't really make much sense. It's, you know, we can't live in a world. There's a lot of scaremongering even, you know, where you see people out there and they say, well, no one will ever own homes again.

1:04:04They'll all be owned by billionaires and blah, blah, blah. It's like, well, even if billionaires own them, they have to rent them out and they have to rent them out at a price that we can afford. And if they overpaid for them and are renting them out at a low price, they're losing money on that. So, you know, if you're buying an asset at an all time high and it seems really unaffordable to a regular person like you, it might mean that that's not a great investment. We seem to take it as a given, especially in America, that if you buy a home, it's going to go up. Like, it is an investment. That is the way people see it.

1:04:40And it's sort of like, have your cake and eat it too. I get to live in this home, I get to have a roof over my head, and at the same time, I am making like a financially responsible decision that's going to pay out over the long term. And I guess you've made it clear to me that there's no reason we should assume that or why anyone should assume that. Like, the only reason you should assume that your house is more valuable five years from now than it is today is if you invest in renovation and make it nicer, or if you believe that the specific locale that you have bought your house in, the neighborhood, is going to become a hot neighborhood and everyone's going to want to live there.

1:05:24To me, those are the only two reasons. Yeah, if it suddenly boomed because a very profitable business opened down the road or something like that. But yeah, there's no reason to think that a regular person's house should explode in value, that it should go up like the stock market does. The stock market is companies who are making and selling goods at a markup. Your home is just sitting there. And in fact, it needs a roof repair every once in a while, a new siding, and the kitchen wears out. Also, if you just look at a long-term return on housing versus the stock market, housing grossly underperforms the stock market.

1:06:03Like, it's not the best. I understand the emotional urge to own the place you live, but an emotional urge is different to an investment decision, you know, and the investment decision is, you know, is this going to go up at a higher rate or with a lower risk than other assets I can invest in? It almost has parallels to our conversation about the crypto, where the reason the price of crypto is staying up or was staying up was because people just fundamentally believed that it would keep going up. And that was the proposition. And when I look at the price of housing today, I would imagine that a large reason why, I mean, of course, there's the supply problem, which we obviously have to get fixed.

1:06:49But I think it may be an addition. There is the fundamental belief among Americans and current non-homeowners that the price will go up. And if you believe that, then there's more incentive to go out and buy a home as opposed to investing in anything else. And I wonder if your point, if we were to philosophically change that mindset in America and in the Western world, and it does seem to be kind of a Western world thing, this doesn't really exist in Singapore, as an example, it doesn't really exist in Japan. They don't think of these houses as investments per se. If we were to eliminate that mindset and treat it as this is a place where I live and it's a cost.

1:07:31And if I want to invest, then I go and I invest in stocks and I invest in businesses, I invest in the S &P. Perhaps that would solve the problem. Maybe that would shift things. I mean, what would it take to get prices in a reasonable place? It's so interesting, though, because even, you know, we've seen in New Zealand, there's been a fall in house prices. And what ends up, and even in the United States, home affordability has collapsed in recent years, even though house price haven't gone up that much. But because, you know, a few years ago, you could borrow at, you know, under 3 % to buy a home.

1:08:07And then when it goes up to, you know, 7 % or something like that to buy the same home, the same cash flow does not buy that home at that price. Like it's almost like the house price is up, you know, 60, 70%, or at least the cost of funding the purchase is up a lot. Now you would say, well, who are all the people who can suddenly afford to pay this much more, like they haven't had pay raises or anything. And the answer is they don't exist. But the sellers are not willing to mark down their homes, right? They've locked in at a low mortgage rate. And so you see in the United States, just transactions have collapsed, you know, like sellers aren't willing to mark it down and take a massive loss.

1:08:48And it's totally unaffordable to buyers. So you just end up with this frozen housing market. In other parts of the world, In England, where your interest rate is usually variable, you can only lock it for a few years, you actually feel the pain. Like when interest rates go up, your mortgage bill goes up and you have to ask yourself, you know, can I afford to keep paying this? And so you're more likely to see a squeeze on homeowners in places with variable interest rate mortgages. But in the United States, you just see the market freeze up. And that also, it's worth noting, like, it's kind of lucky, but it's not always.

1:09:25Because, for example, if you had, I don't know, a great job and you're offered a promotion, but you have to move across the country, you know, you think, well, gosh, you know, if I sell my house now and I get$500 ,000 and I buy a home in this other place for$500 ,000, the mortgage, you know, the cash flow, I can't do that. Like I'd have to buy a$300 ,000 home in order to, you know, to finance it with the same cash flow. And so I won't take that job promotion. And so it sort of harms people, you know, worker mobility and careers and things like that, all just sort of clinging on to this investment.

1:10:06Let's take a look at the week ahead. Next week, we'll see inflation data from the consumer and producer price indices for June. Earnings season will kick off with the big banks reporting. We'll hear from JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, Citigroup, and Morgan Stanley. We'll also see earnings from ASML, TSMC, Johnson & Johnson, United Airlines, United Health, and Netflix. Pretty big earnings week. This is the part of the show, Patrick, where I usually ask Scott for a prediction. So if you have one, I will ask you, do you have a prediction for us for the week ahead or for otherwise?

1:10:44Well, mine is a controversial prediction. I'm predicting that Count Binface is going to win the by-election in the UK against Nigel Farage. You know, it's sort of Nigel Farage, you know, kind of brought about this by-election. You know, he was hoping to sort of be able to run as someone running against elites. But the only person running against him is a man who claims to be from space and he wears a trash can on his head. And he's running on, I think, one of the best election proposals I've ever heard, which is to reduce your taxes but raise them for everyone else. I love that prediction. and our uk listeners i'm sure will love it too my prediction goes back to uh the spacex story i think we're gonna uncover something very ugly with these wall street analyst reports i'm not saying i'm not indicting anyone or accusing anyone of anything but if i had to make a prediction uh i think it would be that we will see a situation similar to what we saw with the Henry Blodgett case, I think we're going to uncover that some very funky stuff has been happening with these price targets specifically for SpaceX.

1:12:03Patrick, this was wonderful. Thank you so much. Really appreciate your time. Patrick is a professor at King's College London and a portfolio manager with more than 20 years of experience at hedge funds, investment banks, and private wealth management firms. He is also the author of several books on finance and hosts the podcast, Patrick Boyle on finance, which I highly recommend. You should all go check it out. We really appreciate your time, Patrick. Thank you for having me on. This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer. Our video editor is Jorge Carty.

1:12:40Our research team is Dan Chalon, Kristen O'Donoghue, and Mia Silverio. Jake McPherson is our social producer. Drew Burrows is our technical director. And And Catherine Dillon is our executive producer. Thank you for listening to Prof G Markets from Prof G Media. If you liked what you heard, give us a follow and tune in tomorrow for a fresh take on the markets.

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