TDI Podcast: ParaSocial Scaramucci (#930)

26:55And guess what? You don't provide any space for your children. You don't provide any space for failure. And I think it's very sad, by the way. And I think I would rather have my kids see me fail. I'd rather have my kids see me get my ass kicked and pick myself up because hopefully it'll send a signal to them. Take the risk. Get your ass kicked. Who cares? Pick yourself back up. See what I mean? I think we have some of the same friends, by the way. No question. You know these people. You know these people. I know these people. Of course. So you're a podcast host. You have a couple. You do the open book podcast.

27:33You do the The rest is politics, U.S. version. That's fast ripping and all that. What is the most surprising things you've learned maybe from your guests? Maybe not anything specific per se, but, I mean, you've had on recently. Lawrence Rees, the Nazi mind. Jake Tapper, the Biden cover-up. Rom Rosby, the AI will cure cancer. You've had some amazing guests. You read a lot of books. You're a big reader, I know. But what's kind of, maybe not one guess, but what have you learned from the totality of all this that's really something you could impart? Such a good question. I mean, I would say to you that I'm a big book reader because I think the books extend your experience.

28:16I think you can live, I think Mark Twain said it way better than I can, and I'm paraphrasing, you can have multiple lives through the vicarious experience of reading books, both fiction and nonfiction. I think from the nonfiction world, if you get a great nonfiction historian, you can get steeped into things that have happened and you can have that relate to you in your, you know, in your current contemporary world. If you're getting a fiction writer, some of the best fiction writers are actually the best humanists. They're the best psychologists. Back in the day, I used to tell people for$10 and 10 hours, you can get 10 years of experience from an author.

28:58We've got inflation now, so it's probably$30. But you get the point that I'm making. And so I want to interview these authors because they've done a tremendous amount of research. You're going to learn some insight from them that maybe you didn't garner from the book. It gives people an idea of some cool books. We sell a lot of books. You know, we have maybe on that podcast, we're probably getting a half a million downloads a month. And we have 200 ,000 subscribers to our channel, if you will. And so we end up selling a lot of books. And so we're getting reverse inquiry now from the authors, which is very flattering.

29:32Perfect, perfect. On the rest is politics, different situation. It's more an explanation of the political economy, also what's going on in the world of politics. I know Donald Trump very well, having worked for him for over a year, got fired in the White House after 11 days, but worked for him for a year on the campaign. Know him well, can tell you a lot about his personality, which I think people find interesting in the context of what he's doing right now in his second term. So those, you asked me what I'm learning. I guess, first of all, I'm flattered by the response to that one. There's seven and a half million downloads for that a month.

30:09So that's an extraordinary amount. And I would say that what I'm learning is that people want, in fact, I would say they crave authenticity. What I'm learning is they don't want the sanitized corporate news to tell them the story because they know there's some lines that are being fed in there and it doesn't feel, feels artificial. The word that's used in the podcast community, and I'm sure your listeners will feel this, is parasocial. So what does that mean, parasocial? It means that right now there's a person listening to this podcast. And so it's you, me, and that third party listening in. And that's quite intimate.

30:52Andrew, if we were doing this on television, we could have the exact same conversation. But in the person's mind, there's 5 million people listening or 500 ,000 people listening. If we did this on radio, the same thing. It's a public listen. But in the podcast space, parasocial means the person feels close to you and me because it's a third person listening into a bilateral conversation. And that's the reason why these podcasts have really taken off. And so what do those people want? They want you and I to talk straight to each other. They don't want me to give you a, you know, let me call my comms director.

31:30You're asking me a question. and let them give me this boring, homogenized answer to your question. They don't want that. They want, okay, yeah, I was flat on my back after the humiliation of the White House firing. I was so hurt and stunned by that that even my kids were worried about me. That's what they want. And by the way, that's true. So why sugarcoat it or pretend it didn't happen? It's interesting because when I first started this, you know, doing this podcasting back in 07, I guess it was, 06, 07 when I started this up, I guess we come on like, what are we what are we supposed to do? I said, just pretend there's two guys on a gal, whatever, two people on a bar stool hanging out talking.

32:09That's it. Audience is peering over, listening in. And it's just us. It's just us hanging out talking and we'll get through it. So you mentioned some politics stuff and then I'm going to get into a whole round of discussion about Bitcoin and asset allocation models. the current state of political discourse in America. It's, well, personally, I think it's horrible. It's gross. But, you know, you talk about this parasocial, two people talking about authenticity, but yet there's people that bring up things like alternative facts and things like, you know, fake news and things of that nature. Anytime somebody says something that someone else doesn't like, it's fake news.

32:50It's not right. And the trust factor has kind of gone out the window a bit. And this is all, I think, has been deliberate. But what role do you think maybe business leaders and others, I'm leaving out politicians because I've given up, should play in shaping kind of this whole thing that's going on? And you could wrap in there the whole new Musk theoretical possible party edition of, what is it called? America's Party something? Going at America Party, yeah. So should business leaders be involved in this? Who should take over the reins of this? Is this going to be the continuation in the future or is it this is kind of just what it is now?

33:39Well, I mean, I don't think so. I think we're heading for a very big change, and I think it's a perilous period of time, if you don't mind me saying so, because I think that we don't know which direction we're going to go in. And so we had a very big change in the 1930s. We had massive crisis, 29 to 33, steep global depression. And then it led to this horrific situation politically where most of Europe turned to fascism. Some of Asia turned to fascism. Remember, the real fight between General Kai-shek and Mao Tse-tung started in the 30s. And so there was a massive political transformation. some of it good, some of it really bad.

34:25You know, if you listen to Lawrence Rees talk about this, Lawrence said to me, and I quote, he said, yeah, the post-World War II order was good for certain people like America and parts of the West, but it was really bad for Poland. It wasn't so great for the Chinese people who went into the scourge of communism. So you can get outcomes that vary, but we're in for another seismic change. There's a great book by Neil Howell called The Fourth Turning, where he basically just describes that every 80 years, whether you like it or not, we lose the institutional living memory of why we have structures in place in institutions.

35:06And so this happened leading into the First World War. We're now 80 years out from the Second World War. So there are 40-year-old bureaucrats and diplomats around the world that are like, well, Why do we have the IMF? The UN isn't workable. This is not right. That's not right. Even though these systems were put in place to prevent more wars, they've become dated. And now people want change. And so as they get to change, the question is, are we going to get positive change or are we going to get negative change? And so that's the problem. And so you have this unfortunate situation in America during the 1930s.

35:43He had a very adept, skillful politician, Franklin Roosevelt. He was on our side. He was on the side of the angels of democracy and plurality and freedom. And so he fended off the rising specter of dictatorship in the U.S. You know, you had the first America First movement, Charles Lindbergh, Huey Long, Father Coughlin. He put all of that down. But now you have this systemic rise of populism now, which is very dangerous. You could read the Guns of August. You could read anything like you could read The Rise and Fall of the Third Reich by William Shire. Populists, usually the populist movements usually end in violence.

36:22And so you have to be very, very careful with these movements. And so, yes, I think we can fix things, but I think we've got to explain to the American people where we are. We have to provide historical context. And then we have to give the American people a solution that's workable for them. And when an American president or political candidate says we're going to balance the budget in four years, that's a direct lie. It's not even possible. So, you know, and people buy into the lies, of course, but you can't. You got to say, look. It all depends. There's that slippery slope of finding somebody saying something and it's not a complete sentence like no tax on tips.

36:59Well, there are no tax on tips with a caveat, right, that it's maximum of$25 ,000 and you can't make over a certain amount, et cetera. et cetera. So it's like word usage and twisting, no tax on social security. Well, that's not true either, et cetera. You go through that whole thing. It's going to actually reduce the deficit. It may do it for one area, but the totality of it isn't. So it's an interesting time that I think people have given up. I think a lot of people have given up on following the information flow that goes on because nobody believes it. Let's just focus on the fact that the terrorists are a moving target, Besant, which who, who, uh, a guy who looks like, you know, he's serious all the time because he doesn't move his face at all.

37:39And, and, and he smart guy, not taking anything away from him, you know, seems to be drinking all the Kool-Aid right now and backing up this in terms of trying to be, uh, the financial, uh, approval meister of all this. And we have, we have all these, uh, tariffs that have come in that we have this date, we have that date. Now we have this date and we have August 1st and it's who knows where it's going. It's a moving target. You know, the market knows where it's going. It's going nowhere. That's exactly my point, though. He's not going to be able to do any of that shit. And he's a buffoon. You know, so, I mean, let's just call him what he is.

38:12None of that shit's going to happen. And the market's telling you that. It's almost laughable because, you know, the bond market will quake. The shit will go badly. And he'll reverse course like he always does. Now, people say, oh, no, he dropped bunker buster bombs. Okay, the bunker buster bombs are very different from the stock. and bomb market. He saw an opportunity, saw lots of victorious success for his buddy Netanyahu. So he wanted to do a little bit of a pile on and he made the decision, the correct one, where there wasn't going to be a lot of flack coming back to him. Now, you know, maybe there'll be an exogenous terror event that will hurt American citizens a year or two from now and they'll cite back that bunker buster bombing.

38:54I don't know. You know, we're living in a tough world. These are tough people in a tough world. I wouldn't have done it. I don't think it was necessary to do it. It didn't really set their nuclear program back. They moved all the uranium. Of course, the Americans tipped off the Russians that were working at the facilities. All the uranium got moved anyway. So I don't know. It was like an exercise in stagecraft as opposed to statecraft. That's what it is. It also happens on a Saturday so that doesn't disrupt the markets. It's, you know, this is a very standard playbook of, you know, we do things that are resolved by Sunday at 6 p.m.

39:34Eastern time so the futures don't get whacked. You know, that's the general concept, it seems to me, that there is a playbook. There is a person that is orchestrating this. Let's kind of move beyond this. I want to talk about one of your favorite. Well, I know when I say one of your favorite, I know you like talking about Bitcoin. You're very outspoken and you are actually extremely involved in this movement. As a matter of fact, if I recall, the last time we talked, you said, I have to be off by X time. And I said, why? He said, well, I have a call with the DNC right before the election. And I said, oh.

40:11And I said to myself, well, the DNC is now going to adopt Bitcoin as a platform because Anthony is going to do a pretty good job at doing that. And as did the Republicans, right? Both sides said. Well, I mean, they've moved. They've moved. You know what I mean? Yeah. Impressively. So what's your thesis on Bitcoin? I mean, we've talked about this. We talked about the 18 million. We talked about, you know, the potential of a store of value, alternative currencies, you know, and all that. But where are you these days? I mean, the longer it goes on, I'm assuming your thesis evolves. Yeah. Well, I mean, listen.

40:44I mean, I wrote a book about this. I'm happy to send it to you. It's called The Little Book of Bitcoin. It's basically my odyssey into Bitcoin and others, including Michael Saylor, who wrote the forward. Hey, may I ask you, what do you think of Saylor? Genius or just extremely aggressive? Both. I think he's a genius and extremely aggressive. aggressive. I think he has, well, again, let me preface this because you're in the wealth management business and I want people to be wealthy and I want them to be safe. And so if they don't understand Bitcoin, I want to caution them. When I was writing this book, I got to the end of the book.

41:30I said, it's one of the best investment ideas I've seen in my life. Saylor called me and said, I love the book, learned a lot about Bitcoin stories and things I reinforce my view of Bitcoin. But at the end of the book, you say, and I quote, you say that an investor should put 2 % of their money in Bitcoin. I said, yes, I do. He said, well, let me ask you something. You said it was the best investment idea you ever came up with. Do you have 49 other great ideas like this? I said, well, no, I don't. He said, well, how much of your money do you have in Bitcoin? Well, at that time, Andrew, I had 40 % of my money in Bitcoin.

42:03But guess what's happened? I have 70 % of my net worth in Bitcoin now. because this is what happens with Bitcoin. It's a, you know, it eats the pizza. Right. If you start out with this and Bitcoin triples, it ends up like this. You know, it keeps moving in the pizza, eats up the pizza. And so he said to me, you got to tell people that you're more aggressive in Bitcoin than what they are. And therefore I say, yeah, I hear you, but I stayed, I did tell that story, but I stay in the 2 % zone for people because it's Bitcoin. I can't predict. I can't predict where it's going to go. I know it's going to be very volatile.

42:41I bought Bitcoin at 20 ,000. It went to 69 ,000. My clients thought I was a genius. It went from 69 ,000 to 16 ,000. My clients thought I was a dummy. It's gone from 16 ,000 to 111 ,000. And I don't know if my clients think I'm a dummy or a genius, or they just think that I got lucky. It doesn't matter to me. I did the homework. I believe in the long-term success of Bitcoin. and I would say that Saylor sees something. And he would tell you if he was on this podcast with you that he sees the operating software of the future of money. And if that is the case, this will be a$1 to$2 million per coin asset.

43:24And remember, at a million dollars a coin, Bitcoin is the market capitalization of gold. So let me just say that again. If you think Bitcoin is digital gold, and it's not just an investment like an NVIDIA or Microsoft, at$1 million a coin, its market capitalization is identical to gold. And so a lot of people think Bitcoin could be even better than gold. So again, I'm just here to tell you that I love it. I love the asset long term. I have most of my money tied into it. But I'm not overconfident. I'm not a smuggy person. I've been humbled by life. I've been humbled by markets. But I would just tell people, learn about Bitcoin, do the work, get off of zero.

44:11You don't have to own as much as I own or somebody like Saylor, but get off zero. I think you'll benefit from that. So I think you've talked about this whole wave of companies adopting cryptocurrency treasury strategies, right? I think, if I'm not mistaken, the first one was Saylor. I mean, GameStop recently, like, oh, look what we're going to do. We're going to issue bonds and we're going to buy this. I mean, basically what Saylor has done is he's done convertibles and he's issued debt, just generally speaking, just debt. The convertible is interesting because you get a piece of the stock also, which then is a leveraged play on Bitcoin.

44:42So you get it both ways there. But you get some kind of a way of borrowing money of some sort, bringing it in, buying it on the treasury of the companies. Elon Musk did it with Tesla. I don't know if he still owns it. Does he still own that? Because I think he talked about selling it at one point. No, he owns it. He still owns it. He has that on his balance sheet. He has that balance sheet. All right, so there's a bunch of other ones. But I think there was somewhere that you said that this was likely to fade. Is that true? That the idea of pushing all this money into crypto treasury strategies?

45:13What I said is that I think that the strategy being deployed by strategy, formerly known as micro strategy, is unique. These other guys are just buying Bitcoin and they're holding it on their balance sheet. And so Michael's getting a premium to the Bitcoin that he holds on his balance sheet because of the arbitrage that he's created and the mechanisms, the way he's buying Bitcoin. That's a unique strategy. It's related to his financial sophistication, his sort of financial technology instruments that he's deploying inside the company. These other guys are not doing that. They're just buying Bitcoin and holding it on their balance sheet, but they're taking fees.

45:58So you're getting, you know, 0.8 or 0.9 of a Bitcoin. In Michael's case, you're getting like a 1.3, 1.4, which is why it's trading at a premium. So if they adopt the identical strategy to Michael, I don't even think they'll get the same premium because they have, you know, more volume with Michael. Michael's more well-known. He's the first mover. He's more liquid. So I just think these treasury strategies, which will work because I think Bitcoin's going up, but I think it would be just better for people just to own the Bitcoin outright. That would be my opinion. I would own strategy, which, frankly, I do.

46:35And we have a great little ETF called CRPT, probably one of the best performing ETFs the last three years. A lot of strategy is in that. And so I own a lot of strategy. But I'm not in love with the copycats because I don't think they do it as well as him. And I think he would just be better served owning the Bitcoin directly. So, again, no offense to any of these guys. So I've been asked on more than one occasion to do this, you know, and I've decided not to. Well, I mean, when you say no offense, I mean, the fact is that you're going to look for the best opportunity for yourself. Obviously, with the strategy formerly known as Prince MicroStrategy, it's also leveraged to Bitcoin up and down, both sides, right?

47:22Exactly, exactly, exactly. So, again, you got to be careful. I have, you know, when you have 70 % of your money in Bitcoin, if it gets cut in half, you know, your net worth gets cut by 35%. And now you got 30 % of your money in Bitcoin. So you got to be careful. You got to be careful. So what about the altcoin market? Your conversation about that, your thoughts on that, maybe some example of good versus bad. I mean, there's been some weird stuff that's gone on in these meme coins and all these other kinds of things that are going on. Do you stay away from that? Do people who are involved in Bitcoin, like that are real Bitcoin maximalists to a point, well, maybe it won't be the maximalists, but Bitcoin lovers, let's say that, right?

48:07Is it necessary to have other coins too just for the hell of it? because like I own some Bitcoin. My chunk is in Ethereum, which is not done as well, but it's done its thing. And I got 40 million shares, 40 million of, what do I have now? Shiba Inu, I think, or something stupid like that. I figured if it goes to a buck, I'm in good shape, which is a long way off, by the way. I mean, I have tremendous way off. But what's your thoughts on the altcoin side? Listen, I'm as close to being a Bitcoin maximalist without being a Bitcoin maximalist, meaning I have almost all my money in Bitcoin. But I do own, because remember, I'm a long-term Wall Street trade-fi traditional finance guy.

48:55And so I see the stock and bond market, to quote Larry Fink, the CEO of BlackRock, I see the stock and bond market converting into the world of tokenization. I see us going from, remember, when I started in the industry, it was T plus five. That means you could execute a trade. It took five days for it to end up in your account. And it became T plus three. Now it's T plus one. But you and I both know that over the blockchain, it could be T plus a few minutes. And so I think that's coming. I think anytime a good technology works, a good technology gets adopted. And so there are layer one protocols, also known as altcoins like SUI, Aptos, Avalanche, and Solana that are going to provide that rail system to trade stocks and bonds on.

49:44And I think the leader of those is Solana. And so I'm writing a book right now about Solana, which will come out in December. And so I am a Bitcoin enthusiast. I'm as close to being a Bitcoin maximalist as possible. and I own a few of these other coins that I think are going to have use cases and utility. I don't own the mean coins. I don't own the Shibu coins. Again, I don't have an opinion on them one way or another. I hope it goes to a dollar. That was just a joke. I own it, but it was just a, ah, throw five grand in there. Let's just leave it, let it go. I don't own those. I don't own those.

50:18And it's for no other reason that I don't really understand them. And so I would rather not own something I don't understand. And again, this is also true about Bitcoin. Don't buy Bitcoin if you're not doing the homework on it. Or if you have a trusted advisor, you're a trusted advisor to your clients. If you like it and you're recommending it to your clients, they should own a little bit of it. But don't just buy it. Oh, other people are buying it. Because when it drops, you're going to sell it. Right. And then you'll be all mad at yourself for doing that. You've got to buy it and say, OK, I'm buying that.

50:50I'm not looking at it for five years. And so I bought it five years ago. I bought it for$20 ,000. Didn't look at it. It went up and down, up and down. It's$111 ,000 right now. So holding that for five years was a good idea for me. Right. Just quickly. And by the way, I'm going to tell you that over the next five years, holding it is going to be a good idea. And so here's a lesson I will share with all of your listeners. I'm 61 years old. It took me a very long time to learn this lesson. And I had to get my ass kicked. I had to get very humbled, like I said, by life in markets. Buy high-quality stuff, hold high-quality stuff.

51:31Peter Lynch, who wrote the very famous book, One Up on Wall Street, 36 years ago, biggest mistake in his life, he sold winners too early. Warren Buffett, the great genius, what's his holding period? Well, Warren Buffett says his holding period is forever. How about that? How's forever? That's long. And so the point being is the geniuses in the world of investing buy great assets and they hold great assets. So I believe Bitcoin is a great asset. I'm not selling the asset. I'm patient with it. If it goes down 30 % from here, I will be buying it. After the Trump tariff fiasco in April, it went to$74 ,000.

52:13I bought some more. I didn't catch it at$74 ,000. I think I bought some at$80 ,000 or something like that. That's good. And you're holding. And I'm holding. Yeah, I'm not letting go. We only have a few minutes. I want to kind of talk about two different topics. I want to make sure you know what we're going to talk about so we can squeeze this in. I want to talk about, real quickly, stable coins. I want to talk about tokenization. I'm going to get back to that in a second. And I want to talk about private equity and private markets. But Robinhood, they're doing tokenization of stocks. Although the SEC came out, I think, very clearly and said, that is not ownership in the stock.

52:43And beware of that. And they're just starting. I think they're the first, I guess, of the tokenization of equity companies, right? Is that utilizing the underlying technology of Solana or Avalanche?

53:02Yeah. I mean, listen, I understand what they're doing and I understand the SEC's concerns. I'm not thinking about what they're doing, okay? I'm not thinking about that. It's really a derivative overlay on a stock. I'm actually thinking about the actual contract, the actual certificate of the stock embedded into the token. And then it gets traded. So it's like an NFT style. Yes, exactly. That's what I'm thinking of. I'm thinking of my Starbucks stock is on my phone. It's in my digital wallet. It's been tokenized on Solana. Right. And when I go to the barista, she says to me, hey, we're having a share repurchase here.

53:45If you want to give me the stock on your phone, we'll give you a 20 % discount on the drink that we're going to serve you right now. And that's what I'm thinking about. Maybe there'll be a Walmart stock like that or a Disney stock. And maybe we'll see a resurgence in the usage case, not stupid artwork with NFTs. But I've always thought like a mortgage would be a house ownership within a mortgage wrapper of a tokenization, if you will, somehow, however exactly it works. It's the smartest thing in the world. And when you sell the house, it just goes in one block to somebody else with the title and everything like that and cut out the expensive process that goes along with home ownership.

54:22Yeah, exactly. So, you know, that's that. Stablecoin is different. Stablecoins, I think, are going to be with us. They'll be with us forever, frankly. So let's talk about stablecoin for a second. So stablecoin will be a digital dollar. I think it's very smart for the U.S. to get the regulation right on this because if we have a digital dollar known as a stablecoin, it will strengthen the U.S. dollar. It will further dollar supremacy. Companies like Tether and Circle, they have more treasuries on their balance sheet than sovereigns like Japan or Germany. So if we can get stablecoins, which is basically exactly what it is, it's a stablecoin.

55:00It's fixed to a fiat currency, in this case, a US dollar. And so I just have US dollars on my phone. And so I go to the restaurant and I pay with my stable coins. Me and the restaurateur avoid the 3.5 % service charge from MasterCard or Visa or American Express. So stable coins are going to grow. It's going to proliferate. We have guidance now from the SEC and from the US government on how they're going to be regulated. And I think that's going to be beneficial. So for those reasons, I think that's very, very good for the industry. You wanted to mention private equity. Well, let me just mention one thing.

55:37What's the question there? I have one question about going back to stablecoin and Circle. Do you see a paradox or an irony with Circle, a stablecoin outside the traditional finance, being publicly traded? I just thought that was kind of like a strange bedfellow. How do you mean? Well, the public circle is a stable coin company, right? Yeah. And it's kind of like that. I see sides, right? Traditional finance and new finance, right? And somehow they came to traditional finance to capitalize themselves, which maybe you say is smart and all that, but I just found it kind of funny. Yeah, I mean, yeah.

56:18So I guess what I would say to you is that they're the bridge, if you will. They're the intersection between traditional finance and the future of finance. So yeah, I mean, they're coming. And by the way, I would also say, it's funny, our name bar firm is Skybridge. I like to think of myself as a bridge. I'm trying to bring people into the digital asset space, into the future. And so, yeah, I mean, I predict that there'll be a lot of traditional investors that will be investors in circle, will buy into SkyBridge-based funds because they want to participate in this. And, you know, I thought the thing you were saying, I'm going to share it anyway, was for a period of time, they had$60 billion on their balance sheet and they were worth $60 billion.

57:04So that was like, I mean, it was trading like a meme coin. So it's corrected since then, thank God. I thought that was a ridiculous valuation, if you will. So let's just kind of boogie over to that for a second. Everybody that is in, I went to an event down, Barry Redholtz and the gang had a event down in Miami. And I don't usually go to these events, but Med Faber, if you know him, I was down there and I wanted to have a drink with him. So I got down there and I was surrounded by everybody just yapping to me about private equity that you have to have it now in your portfolio. Like didn't matter.

57:38Just you have, whatever it is, it doesn't matter what it does. You have to have it. And now we're talking about 401ks have to have it. Right. And, and it's interesting because it sounds great. Right. Um, and we manage a bunch of portfolios for clients that have chunks of private equity all over the place that, uh, you know, have less regulation to be honest, and, uh, don't have the transparency much of them. Um, you know, what's your kind of thoughts on this? Cause you're, you're, you're embedded in this pretty well. And you know a lot about this. I know. I have positive thoughts on, I think, I think, again, it, it depends on your timeframe.

58:13You know, if you're telling me you have a long timeframe and you're telling me that you're, you're, you're committed to a five and sometimes in venture, they say 10, but you gotta be at least 15 years of my mind in venture. But if you tell me, look, I got a 10-year timeframe. I have private equity in my portfolio and I don't look at it. And the goal is you invest it over 10 years and you hope you get some type of return in excess of the S &P. And a lot of good private equity firms have actually been capable of doing that. And you're just trying to take advantage of the different anomalies that are out there in the marketplace and the skill set of the private equity people.

58:53So, you know, should you have it in your portfolio? Yes. But should you also measure it and balance it relative to your liquidity and the constraints that you may have in your living and things like that? Sure. So, you know, one thing about Bitcoin is super liquid. If I had 70 % of my net worth in Bitcoin, I needed to sell the entire position today. I could get it off today. No problem. Right. You know, and private equity, though, you got to make sure you're careful with that because whatever you own, you may get stuck in it, if that makes sense. Yeah, I hear you. And this Garamucci, host of the Open Book Podcast, and of course the founder of Skybridge, and great stuff there.

59:32Appreciate all the things you've done and that you're going to do, my friend. Well, it's also great to be on with you. I'm very appreciative, and hopefully you'll invite me back, brother. In the meantime, I know you're going to Alaska. Go enjoy yourself. Thanks, appreciate it. I'll see you soon. Thanks. All right, God bless, man. Have a great weekend. Thanks. That was a great interview, I thought. some good insights on a personal basis, as well as just some great aspects of the investing world, focusing on cryptocurrency. Anthony Scaramucci, a great guest to have at any time. Listen, thanks for joining me this week.

1:00:05And every week we have some great guests still coming up over the next few weeks that I think you're going to be really interested in hearing. We've talked about it before. Go to thedisciplinedinvestor.com and check out all that we have to offer from the Matters Growth Strategy, which is an equity-oriented, long, short type of strategy that is a bit towards the alternative side if you're looking for something different in your portfolio, as well as Investology and our global allocations. Over on thedisciplinedinvestor.com. Thanks for joining me this week and every week, and I'll see you again real soon.

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