Tariffs (Finally) Wreck the Stock Market, Ackman’s Buffett Bid, April “Tax Drain” Sell-Offs

28:53Right. Okay, let's spend some time on this. Let's really double click here. So what I'm talking about is this idea that around tax season, there is weakness in the market, particularly after a really positive year in the market. So Warren Pies brings some data. Try it on, please. So he's showing this is the cumulative US treasury deposits of individual income and employment taxes not withheld in January through May. And what he's showing is that every year, but especially after really strong years, this ramps up like bigly. So this is, again, this is the Treasury collecting individual income and employment taxes.

29:30So what impact does that have on the market? Well, Warren says, we compare the S &P 500's average calendar year performance following 20 % up years versus all other years. And sure enough, in the years following monster stock market rallies, the S &P 500 corrects during the tax season. This is a chef's kiss of a chart. And on the next chart, he zooms in. Next chart, please. How f***ing great is this? So again, what we're looking at is there is - This should be like part of our permanent collection. So there is real weakness in the market in April and May following a strong year in the market when people have to pay taxes.

30:14It's a real phenomenon and all credit to Warren and Francisco. It's very pronounced. Show the chart before. Show the chart before. Yeah. So can I ask you a question? I don't remember the argument that we had. Did you agree or did you disagree? Were we arguing? Well, there was some weakness and you were like, yeah, taxes. So the only reason, so I've never seen this data before and I've never seen any data confirming it. I just, I'm doing this a long time and I do like have specific memories. And I understand this is not data, it's anecdotes, but it's also not fake. Like I have specific memories of like people saying, all right, just hold it through the end of the year and then we'll figure out when to get out of it because I don't want to pay the taxes this year.

31:04And I know that that's especially when you have a year where you're up like, you know, 25 percent. You have a lot of stocks that have doubled. Like people are going to pull the money out and pay taxes and they're going to wait before they sell it to do that. So it was just like an instinct thing. I don't really think it's that controversial of an idea. I don't know. Do you? Even if you hadn't seen the data, it's not that controversial. No, I'm a data guy. So I like data seeing what you qualitatively thought to be true. Yeah, I'm like a feel guy. Like at the end of Star Wars when Obi-Wan was like, put the shield down, like close your eyes.

31:44I would have been like, I already did close my eyes. You didn't have to tell me. I'm all feel, Michael. You know this. I want to look inside the market before we hop off to this topic. Let's look at a chart of the percentage of stocks in the S &P making new four-week close and new 52-week close. So for the new 52-week close, it's been a minute. We haven't really had a spike because it's been a bull market for the past couple of years. But a new four-week close, we got a spike, not like a crazy washout, but we did the thing. And breadth is looking junky. only 49 % of stocks are above their 200 day, which is the lowest level since the end of 23.

32:21Josh, what's your take on the market? Where do we go from here? Um, I think lower, but not as low as, not as low as people want it to. I know it's, I know it's a lukewarm, it's a mid take, but, uh, I think we just drift lower until like we get close in the middle of April. And, um, then we're back into the banks reporting earnings and the earnings are going to be good. And, you know, we'll have to navigate like some of these industrial companies earnings reports and the autos. And it's going to be a little it's going to be a little messy. But I just don't think we're like in for as horrible of an earnings season as some of the worst fears that people have.

33:03But like it almost makes no sense to have a short term outlook because to your earlier point, you got people like Howard Lutnick, who is arguably one of the three closest people to the president on the economy saying, hey guys, we might just cancel all this tomorrow. So like whatever my opinion is today, it's like, honestly, it's like a joke. It's like asking me, it's like asking me what's the next card I'm gonna pull out of the deck. All right, let me ask it this way. Let me ask it this way. Do we get a new all-time high in the S &P 500 this year? Yeah. I agree. I think so too. Because I already explained this pattern on the compound and friends on Thursday.

33:46You were right. You were right. He's going to save us from the tariffs. Yeah. We're not going to go back to the February highs. We're going to rip through them because this is just how it works. And anybody who has a problem with that, I get it. It's really frustrating. If you're anything but a buy and hold investor, I know it makes you nuts. But that's how this will ultimately resolve. All right. So what the hell is Bill Ackman up to, Josh? I want to do this Ackman thing because he's like one of the most interesting people on Wall Street. And I don't hate the idea, although people have like really strong opinions about this.

34:26But basically, he is now saying out loud that he wants to build the next Berkshire Hathaway. he's not like hinting at the Buffett that Buffett's his idol or you know there's nothing obtuse about it at this point it's like I want to build new Berkshire Hathaway and he wants to do it with a publicly traded company that he is already a large shareholder in called Howard Hughes Corp and basically what he's saying is this company can continue to manage real estate they own South Street Seaport by the way oh no shit I didn't know that they're the only That is the only neighborhood in Manhattan that is, or I think in all five boroughs that is privately owned.

35:10Huh? They own the whole thing. And they own like a bunch of stuff in California. Basically, it's like literally Howard Hughes, this real estate empire he cobbled together while he was pissing in mason jars. And they turned it into a publicly traded, like managed real estate company. And Ackman's been on the board before. He's been a big investor in this name. It's a small cap. And he basically, he made an offer to the board where he goes from 30 something to percent to 48%. He, by buying stock at a big premium to the current share price, they pay him 1.5 % of the company's market cap. And in exchange, he manages the cash that the real estate portfolio is throwing off as though it's Berkshire Hathaway making public and private investments to boost the, I guess, the book value of the company.

36:07So I'll pause there just to get your sense on like, what do you think of the idea? Just on its surface. Like, I think it's why this company - But if you're a huge Warren Buffett fan, is it weird to want to follow in his footsteps and do something similar? I also don't understand where this all fits into his hedge fund. Pershing Square gets paid the management fee for running the assets of Howard Hughes. So what is he asking for? He's asking for 1.5 % management fee? At the current market cap, he would be getting$55 million a year, which Pershing Square would be paid for buying and selling stocks and other things on behalf of the Howard Hughes Corp.

36:51So basically he comes in, he becomes CEO. He tells the existing management, keep running the real estate. Like you guys are, keep doing what you're doing. It's fine. And then he's like buying Nike and Chipotle and maybe taking companies, you know, better private companies under the umbrella. I don't know. Is that worth paying them one and a half percent? The stock doesn't go anywhere, by the way. We should point out this is basically like not a stock that like people are making tons of money in. Yeah, it's a real estate company. They do multifamily and commercial and – Yeah, it's nothing special.

37:30Yeah. He just – he's looking at this as a vehicle because I guess the – Right, so he wanted to do a SPAC. The window closed. Then he wanted to do a really weird version of a SPAC called the Spark where – I forget how it works, but like it doesn't matter. The SEC didn't love it. He did a publicly traded vehicle, Pershing Square Holdings, which I think trades in Amsterdam. That is trading below its NAV and nobody wants to own it. Like he's been dying to get retail money and like mom and pop money outside of the hedge fund structure to get like a bigger pool of capital paying him fees. this is like a really big thing for for his own personal ambitions and i really do believe that he wants to build like not just more money but like legacy like i think he wants to create his own berkshire and i think it's i think it's a cool idea um i'd probably throw a couple of bucks in um but the shareholders aren't the shareholders aren't having it they keep rejecting his offers Well, wait, they rejected it, but they were in a 13 or 14, I forget the number, like a two-week standstill, which means he stops buying stock and saying things publicly, and that gives the two sides room to negotiate.

38:52either the$90 per share offer that he made is not enough or they don't want to pay 1.5 % for the management or they want to carve out some like voting rights for – I don't know. But like it could happen. He's also putting in – willing to put in like a massive amount of his own personal money, like a lot, like a not bullshit amount. Persian Square is money, but yes. A lot of it is his money. All right, two things. Let's put up these magazine covers. So originally, after referring to him as Baby Buffett, Eddie Lampert is the hedge fund manager from Connecticut who drove the once greatest retailer in America to zero, bankrupted Kmart Sears.

39:37So smashed them together and then bankrupted the combined thing. So that didn't work out well. This cover was sort of embarrassing for Ackman at one point because immediately after – this was May 2015, Michael. He got demolished in this billion-dollar short bet against Herbalife. The stock ran up 50 % in a year, and he had to basically cover his short and run away licking his wounds. That's when he was against Carl Icahn. I mean that was crazy. That was crazy arrogant. And he said – when he put a short, he said he'll donate all proceeds to charity. Like he was so arrogant about the thing. He thought that he was so influential and powerful that all he had to do was say a company was a fraud and the Justice Department would immediately shut the company down and the stock would go to zero.

40:26I don't even know that he was necessarily wrong. It was a multilevel marketing scheme. It is. Yeah. But there are a lot of companies that probably shouldn't exist and they do. and just because you say something is bad doesn't mean everyone has to agree with you. Well, you know what it was? He said, I'm going to show this company. Carl Icahn said, oh yeah? I'm going to buy every share that I can. Yeah, I'm going to ram it up your ass. And he did. Although karma came for Carl after. But also after the Buffett cover, the Valiant pharmaceuticals thing happened. He had a monster long position in Valiant.

40:59He was on the circuit like at Irisone and all these things promoting that position. And I mean, that didn't go to zero, but like that's one of the all time biggest unraveling frauds in the history of the stock market. And, you know, he just he got annihilated there, too. And he's to his credit, like he did four hours or nine hours with Lex Friedman or whatever, like whatever that whatever that podcast structure is. And he went deep on these losses and how wrong he was. Yeah, that was good. But that's like what happens when you post for a magazine cover and they call you the next Buffett. Like that's the karma that you're inviting in.

41:40He's done much better recently. He's made money, big money in the Chipotle turnaround. I think Netflix and Nike. No, no, no, no, no, no, no, no, no, no. He sold Netflix at the bottom. Oh, he screwed up. All right. Anyway, he's back to his knitting. He's investing in good companies now and he's not doing these 200 slides, short presentations. I like the idea. I don't think real estate is going to have the same benefits as what Buffett was able to do building around insurance. And I'm going to leave it at this. But with insurance, you have people paying premiums for their policies no matter what the economy is doing.

42:22In many cases, like auto, Geico, it's mandated by law. You literally cannot legally drive without car insurance. So people in a recession, in a stock market crash, don't stop sending in insurance premiums, which is part of the secret of Berkshire's success. He always has permanent capital, the float coming in that he can put to work when other asset managers have outflows because they don't have insurance money. They have mutual fund money. And that shit ain't sticky. So I don't think real estate is going to be the same kind of permanent capital that insurance has been for Berkshire Hathaway. So maybe like the first move, if you buy, if you take control of Howard Hughes, you find a small insurance company to buy.

43:12But like to me, it's like not starting with the same. The other big advantage Berkshire had in the early days for Buffett was huge net operating loss because it was a textile mill, which was a dying industry. And they were able to shield profits for not having to pay taxes because of big NOLs, which you're not going to have here with this. But anyway, I'm curious to hear what your thoughts are about the potential structure. I thought we did this. I have nothing else to say. You're done? Yeah, I don't know. You've got nothing left? Would you buy it? No. Are there any hedge fund managers who – Can you buy shares in his company?

43:53No. Why? Well, you can, but it's not his company. Like his – you could buy Pershing Square Holdings, but it doesn't work. It doesn't rise and fall with the fortunes of the investments that he holds. Are there any hedge fund managers who if they manage to have a publicly traded company under their wing that they were doing all the investing for that you would be like, I want in? Millennium. Could you buy into Citadel's market thinking thing? That's printing money. Yeah. I didn't think of that one. No, I thought of a few of them. And all the names I thought of, they're like out of the business now.

44:34They're not like – I thought of David – if David Tepper was like, I'm buying this small cap stock. And from now on, I'm going to invest their whole treasury. I'd be like, oh, I'm fucking buying it too. You're all in on Julian Robertson. I think he's passed away, sir. Exactly. Okay. Julian Robertson's ghost. So this is good. There's an article in Bloomberg. There's an article in Bloomberg. The headline is, hedge funds face new watchdog scrutiny over huge macro bets. And here's the takeaways. The Financial Stability Board is setting up a task force to identify areas where shadow banks could spark a broader crisis, focusing on areas with high leverage and rapid buildup, such as the carry trade and basis trade.

45:18The task force aims to gather more data on non-bank financial institutions. So I guess my question is, this doesn't exist? This doesn't exist? I was going to say this sounds remarkably like what the SEC does. But this is for - Or what a lot of people assume they do? But this is like for shadow banks, for not JP Morgan. This doesn't exist?

45:45I don't know. Maybe this was an FDIC thing or Office of Thrift Supervision. I don't even know who would have jurisdiction over. But part of this is talking about hedge fund macro bets, but then you're saying shadow banks. It's like two different problems. It says the world's top financial stability watchdog is setting up a dedicated task force to unmask areas where shadow banks could spark a broader crisis. Here's a quote from - Oh, yeah, yeah, yeah. I get it. I'm trying to figure out the hedge fund angle. I understand it. Look, you have a lot - Basically, when - Who's the dude that blew up Credit Suisse?

46:24I forget his last name. He had all these bets on that none of the banks knew. Yeah, Bill Wang. Bill Wang. Goldman bailed first, then - And nobody knew what was going on. So I - All right, I think it's - All these swaps and stuff that you can't really see. I think it's more about the hedge funds that are acting as lenders. And a relatively recent phenomenon is like a lot of hedge funds have these like loan books now, and they've gotten into private credit. And like they're doing like shadow, they're doing bank like activities, but unregulated. But they're putting, you know, they're putting like credit out there into the real economy.

47:05and they don't get overseen by traditional banking regulators because they aren't banking regulators. I think that that's what this is really about. How about this? All right, so a report earlier this month by the European Securities and Markets Authority found that a group of hedge funds were using 18 times leverage on market bets totaling$220 billion, highlighting the risk that they could pose to financial stability. Wait, how much leverage? 18 times? Only 18. Only 18. Why not 50? Well, in my day, it was 40. All right, let's get serious. Let's talk about the strategic Bitcoin reserve. Some more Trump stuff.

47:41All right, over the weekend, by the way, this didn't get much of a response. I thought it would be bigger. So it tells you - Much of a response what, from who? From Bitcoin. Like I thought, like I was like, oh shit, Monday is gonna, Monday this whole thing is gonna go crazy. Dude, it ran from 84 to 95. It gave it all back, but. Yeah, it's not. But my point is, let me say my piece. Trump made a surprise announcement that the crypto strategic reserve is not just going to be Bitcoin. It's going to include some of the most controversial coins. And that surprised even people in the crypto crowd over the weekend.

48:25Like a lot of crypto people are like, wait, wait, wait, what's included? So we don't actually know in the end what will be included. but immediately like the anti-Trump people were like, you see, he's bailing out all these pump and dump artists, all these Ripple people and David Sachs' Ethereum bags are being pumped and blah, blah, blah, blah, blah. But it was surprising to even people that are pro crypto. But you also now have a lot of people like, wait, why are my tax dollars? So let me get this straight. We don't have enough money to keep social security going, according to Elon Musk. But we have enough money to buy Ponzi schemes and hold on to them for some reason.

49:07So like that's kind of the vibes around this being not just a Bitcoin reserve, but like an everything kind of pool of capital. A lot of people are assuming now that this means they'll use it as like a slush fund to give money to people without anyone realizing it because it's in crypto. So, but I just noticed each time he tweets or sends a truth about crypto, the effect seems to last for less time and it's less high impact. Well, I would also say that if the market was not such a risk off day yesterday and today, like it could have, it could have had a different reaction. We don't know. You think we'd be over a hundred thousand if the market was not selling off for other reasons?

49:48Yeah, maybe. I don't know. I hate it. I hate it. I think it's – I don't – I can't – what's the defense for this? Well, these are the people that got him elected and by and large backed Republicans in a lot of really important races like Ohio and its payback. This is what he promised to do. What about a strategic – what about a strategic power? The Democrats do this shit too. The Democrats do this shit too, but they do it in the form of NGOs. and they fund like a lot of programs that are just really employment systems for people coming out of academia to get jobs in DC and New York. Like every, both parties are guilty of this thing where it's like, all right, I mobilized, you know, these people to come out and swing this election for you.

50:34Now give me the shit we talked about. So I'm not like, I'm not coming at it from that standpoint. The next catalyst here is the Trump crypto summit. at the White House. I'm going to keep an open mind. This could either be a total freak show filled with, you know, the Twitter influencers and the pump and dump scumbags that we all know, or it could be Larry Fink and Matt Hogan and like legitimate people that we respect. I don't know about this. Friday, it's the first ever White House crypto summit. Like Biden wouldn't even talk to these people, which was probably a huge mistake in hindsight. Kamala, they refused to give any of this any kind of serious attention.

51:19This White House is going the other way. I think that's smart. I feel like Satoshi would be rolling over. But I don't know who's going to be there. Satoshi would be rolling over in his grave, creating a decentralized self-sovereign store of currency that is now being, come on, give me a break. So what I really wanted to say about this is basically be careful what you wish for because this is not a non-correlated asset anymore. This acts like a big NASDAQ stock. Bitcoin is a trillion dollars and it goes up and down with NVIDIA and Tesla. And that's fine. There's nothing wrong with that. But you wanted this thing to get financialized and politically acceptable.

52:04and those things have just happened in the last 12 months. And now, all right, let's put these charts up. Shout out to ChartKid Matt. So I'm showing you on the chart where the strategic crypto reserve was announced. I mean, like no offense. A lot of people have been waiting their whole lives for this. So I'm just, like, I'm just saying. Now, if they actually start accumulating hundreds of billions of dollars worth of Bitcoin. Dude, they better not, honestly. The line goes up, but that's it? All right, next chart. We're cutting government spending and we're buying cryptocurrencies. I mean, can you even?

52:47Next chart, here's some other bullshit. XRP, Cardano, whatever the f*** that is. Solana, which I actually like, which I'll talk about why in a minute. But these were like super disappointing. just limp rallies that went nowhere. There was no follow through, no like short covering in any of this stuff. I guess nobody was betting against it. And, you know, just very, look, very anticlimactic. But again, if the federal government and other central banks in the world, like follow their lead and really buy, maybe we'll, all right, the chat's yelling at us. They don't want to hear more about Bitcoin.

53:28I want to throw one more chart up, guys. To my earlier point, the green line is the GlobalX blockchain ETF. That doesn't hold crypto. It holds companies that are involved in crypto, okay? Like stocks. The pink line is the MAG7 ETF. The purple line is the iShares Bitcoin Trust, which is spot Bitcoin price. Orange is the tech sector XLK. Blue is the triple Qs. This is all the same thing, okay? So the crypto sleeve in your portfolio is now acting like semiconductor stocks. Maybe not always. Obviously, I'm showing you year to date and things change, but this is where we are. All right. Make the case.

54:19Somebody asked why Solana. Solana is the best way you can invest directly in financial literacy. I have this opinion that can't be shaken. I'm doing this 27 years. You could take my word for it. Nobody learns anything without losing money. Nobody becomes a great investor without blowing themselves up or getting scammed or some combination of the two. Solana is the base layer for fraud. So if you believe in financial literacy and you want to help people get that education, all of these meme coins are based on the Solana blockchain. So I support Solana. I support crypto scams, teaching people at a young age what to believe, what not to believe, how this shit really works, how their emotions mess with them.

55:09Like, I think you need to learn these lessons young. And if you learn them in meme coins, which, by the way, have been designated as not securities by the SEC, which means there is literally zero oversight, you'll learn really fast, faster even than penny stocks. So I highly, highly recommend if you're going to blow up, don't do it at 45 years old when your kids are counting on college education and you have a mortgage to pay. By all means, do it at 22 and do it in a meme coin. And so Solana, I feel, is a really important tool toward fostering that education. Am I explaining that in a respectful way?

55:50Yes. Is that like the worst take I've ever had on crypto or are you okay with it? Lose money so Josh can make money. I like it. No, I won't make any money either. I want the ecosystem to have enough liquidity that everybody gets scammed. You see? I don't do me. You know I'm not. I'm not in the trenches. All right. Can I make the case? Please. I have a small cap stock that I think could 5X in the next 10 years. Not my intention. Okay. I don't give investment advice on YouTube, so please don't buy this ticker. And if you do, don't tell me about it. I don't get paid for you buying it. I'm not interested in the result.

56:26Kinsale Capital, KNSL. Are you familiar with the company, Mr. Batnick? No, I'm not. Okay. The founder is still there. He's the chairman and CEO. His name is Michael Kehoe. Founded this company in 2009. The reason you're not familiar with it, it's a$10 billion market cap, and it came public in 2016. Basically, Kehoe had this brilliant insight about the insurance industry, which is if you just focus on a niche market that the large insurance players don't care about, you can dominate that market and build one of the fastest growing, most profitable insurance companies in the world. And that's exactly what they are currently doing.

57:10They're in this corner of the insurance market called excess and surplus. Excess and surplus is like companies that cannot get insured by a huge carrier because they're too non-traditional and nobody really knows how to price the risk. What these guys are doing is a very conservative data-driven approach to pricing the risk for companies that would otherwise just not get good pricing from a large carrier. So for example, a paintball range, how do you price the risk of what could happen at paint? Like it's minute. We're talking about thousands and thousands of customers. So they have one of the best combined ratios in the industry, 72 % versus an industry average of 92%.

57:58The way to think of that combined ratio, it's how good of an insurance company are you? It's all the premiums coming in from people paying for their insurance policy minus all the money that you have to pay out during the life of those policies. So the lower number like golf is better. 72 % is incredible. They're also growing revenue by like 38 % a year. So it's one of the fastest growing companies and one of the best combined ratios in the space. And you just don't see that combination basically ever, anywhere. And that might explain why the stock's been such a huge home run. So let's go to the charts.

58:41This is the stock price since inception. it's annualizing at 45 % a year. The stock is basically up, let's go to the next table. Stock is up 2 ,900 % since coming public versus the S &P 500 up 200%. And this is coming directly from the company's own presentation. So very Berkshire-esque to be measuring yourself against the S &P the way that Warren Buffett always has. I found that to be really interesting. Um, it's a mid cap 400 index constituent. And in a couple of years, I could see this entering the S and P 500. I want to show you one more chart showing you earnings growth. Um, I'm showing you stock price above.

59:31I'm showing you cashflow below. This is not a hype stock. Look at the rate of growth,$500 million in EBIT on an annual basis. and that's up from under 100 million just like four years ago. So they've quintupled the cash flow here. Last one, here's market cap and book value. Like Berkshire, they measure the growth. They used to tell shareholders the growth of the book value is like how you know that they're really creating value. It's very early to the story here. So I own the stock, I'm not trading it and I'll take any questions that you have. How'd you find it? It's a great question. I was looking at insurance companies that might make for good candidates for Bill Ackman to make an investment in, to do his Berkshire Hathaway plan.

1:00:31And this thing just jumped out at me on the technicals and the fundamentals. And I went into this like manic deep dive to try to learn more about it. I watched like four interviews the CEO has given and the last two conference calls. And when the market opened Monday, I said, I got to be involved with this name. So I don't do a lot of small caps. Like I might have three small caps in my whole portfolio personally. But this is the kind of stock that when I found these historically, they've worked out really well for me if I've been patient. Credit to you. Okay. How many shares can I put you down for, sir?

1:01:12Not this time. What would it take to get you into a story like this? It's not AI, although they do use more technology than most insurance companies to price risk. But what would I have to do to get you excited about E &S insurance? Be pretty tough, right? There's nothing you can do. Sorry. Nothing. This is below your line? Way below my line. Shout out to Tramath. Okay. All right. Still a mystery chart. But I do like it for you. I love it for you. All right. mystery chart. Let's go, Daniel. Chart on, please. So Josh, what we're looking at here, it's a ratio. And the ratio, I'll even tell you what ratio it is.

1:01:50It's a market cap ratio. So you could see that one company was, what does that say? 23 times bigger than another company. Wait, wait. I'm sorry. So it's a ratio of one stock versus another stock. The market cap of one, yeah. And it's declining. So the stock that you're using as the numerator is falling. Relative to the denominator. So this ratio peaked. Company A was 23 times bigger than Company B. And now it's only three times bigger than Company B. And I don't know if Company A should be worried, but they're definitely paying attention. These are financial services companies. Oh, OK. Company A was how much bigger?

1:02:3523 times. 23 times and now it's only 3X? Yeah, so you think company A or company B has company A's attention? I think so. I know so. Part of me wants to say credit card, but that doesn't make sense. Because there are no credit card companies that have closed the gap to this degree. These are companies that have closed the gap. Oh, I got it. I got it. Dude, I'm so smart. before I even tell you that I know it I'm going to tell you that I'm really really smart you know what I would bet Schwab Robin Hood Schwab Robin Hood

1:03:12I mean I'm like it's like chart off eyes on me it's almost supernatural my ability to do this week after week I mean it's got to be exciting for you to try to stump me right you know I'm giving you clues right you know these are like I'm giving you an alley-oop and you're dunking it. You understand that? Fine, but can I just have the illusion that I'm really bright? Michael Badnik, ladies and gentlemen. All right, guys, this has been so much - Hold on, that's a great mystery chart. It's only three times bigger than Robin now. I like it, and I'm actually surprised by it because if you had told me to guess, I would have still guessed that Schwab is like 5X at least.

1:03:49Yeah. Yeah. Yeah. So that is a good one. Hey, guys, tomorrow is Wednesday, which means an all-new edition of my favorite podcast, Animal Spirits with Michael and Ben. We'll do a new Ask the Compound on Thursday. And this Friday, we have a very special guest on The Compound and Friends. And if you want to know who it is, the easiest way to get ahead of the rest of the audience is to join Compound Insider. It costs nothing. Subscribe to The Compound Insider and we will literally tell you who's coming up on the show in advance in addition to lots of other background information. And that link is below if you are watching or listening.

1:04:31All right, guys. Thanks so much for tuning in. We love you. We'll talk to you soon.

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