Transcription
So, I don't know if you know, but I uh I was on a Twitter spaces with you like four months ago and we were we were talking about Micro Strategy and it was pretty cool. We were just talking about your thoughts on Bitcoin, but I've been I've been a fan for a while and I'm, you know, happy you're joining the stream.
>> Awesome, man. Yeah. Thanks. Nice to have with you.
>> All right. So, a bunch of How much time? What? 30 minutes? You got 30 minutes?
>> Whatever you want. Yeah.
>> Okay, cool. Here we go. Uh, first of all, big fan of Goodell. I actually paid for it, so
>> Oh, thank you. Great.
>> Yeah. I I got into that $60 a month tier a while ago.
>> Now I have to be nice to you. I have to be nice and good. I I have your Bloomberg competitor right here.
>> I I can't I I can't I can't say anything nasty at this point. You're a customer, so I I work for you.
>> There we go. Um Okay. So, my audience has really been interested in your thoughts in a variety of different areas. Pounder, Nvidia, Bitcoin, Quantum. So, I think we can take those one by one, but uh I think we'll start off with the elephant in the room. Everyone has been wondering why you are short Quantum and how Quantum is going up four, five. Is it just retail hype momentum or do you the guy who has done pretty well for himself in life in terms of managing money not understand the quantum thesis? So I'll just lay it out there. Are you right or are the shorts going to get burned on quantum?
>> Yeah. So I mean I think this is going to be one of the biggest trades in my in my career. I think that um and and my career is is not as you know it's it's not in trading. My career is in in being an entrepreneur. I built drug companies. I'm building a software company now. So, it's not really one of these things where I, you know, have wanted to or or I'm going to, you know, be a hedge fund manager. I've never really wanted to do that. And, um, you know, nevertheless, I find myself compelled because this is this is one of the craziest things I've ever seen. It it's, uh, you know, there really hasn't been anything like this. I don't know if ever is the right term, but it's it's it's really a remarkable thing that's going on in the market. And it's it's it's wrapping a lot of people who are new to the market into it. And I think it's it's, you know, there's there's something like this happens, you know, every few years. We had the cannabis rally, we had NFTTS, we had, you know, 3D printing, we had there's a lot of little mini bubbles, but this one's pretty preposterous. I mean, 3D printing could have been a thing. Cannabis could have been a thing, you know, and you just have to sort of wait and see. And then when all the cannabis companies reported earnings, they were really bad. Gross margins were negative. You can't build a business on negative gross margins. And um you know, you sort of watch and and kind of like decide that okay, you know, this is a cool and exciting idea, but the business just isn't there. Quantum is sort of like that. There's just no possible way that these companies could be successful. Um my girlfriend,
>> there's no way they could be successful.
>> No way. Yeah. So, so my girlfriend's a, you know, we're a lot of people are experts and we've we talked to all the same experts everyone else does. You know, all the big names in the field, but the big names in the field are telling you that it's not possible. Scott Aronson, again, my girlfriend worked with him uh at MIT and at OpenAI, and in essence, you know, Scott just doesn't believe that quantum's coming anytime soon. But worse than that, there's four quantum stocks. Regetti, D-Wave, IONQ, and Quantum uh Computing Inc.,
>> correct?
>> Two of those are frauds. So, Ion Q and Regetti are actually trying to build a quantum computer. Now, I think that's 30 years away. Even if you do build it, there's nothing there. But D-Wave and Quantum Computing Inc., in my opinion, you know, and I know other people disagree, they are complete scams. So D-Wave has been around 20 years. They've never they made six computers, six generations of their computers. They've never worked. You can't find a customer who says they work. You can't find a customer who actually uses the machines in production in software we call production live setting, the real deal. Not just, you know, trying it out, see if this thing could work someday, but actually like no, this is a part of our business, right? No, not a single one that I'm aware of. And again, if the company could could show one, I I I challenge them to do so. But, you know, so I'm shorting these stocks. QCI was a beverage company. They're under investigation by the SEC. Not that I love the SEC, but you know, I think that, you know, this is a company that basically didn't exist before. They had $30,000 of revenue last quarter. 30,000. You know, your stream and my stream do more than that. And I think that, you know, for this to be a $2 billion publicly traded company that has a, you know, a quantum is is just silly. Again,
>> why in your in your professional opinion, how did we get to two billion off 30,000 in revenue?
>> Liquidity. So, it's it's it's liquidity. I I love your you stream, your viewers. I love my viewers. Not all of our viewers are the sharpest tools in the shed. There are a few of amongst us who are not great at investing. you're you're excited, you want to buy the next Nvidia, so do I. But you have to look through thousands of stocks to find the one gem. And that's not what people do. People are lazy. They they don't want to do that. They want to read Reddit. They want to watch a YouTube. They see one thing that sounds exciting. Oh, that sounds like the future. I'm going to buy that. And you know, that's typically what happens. NFTTS were the same way. Cannabis was the same way. How could you deny the sexiness of cannabis? You got a hundred-y old tobacco industry in the US, hundred billion dollar companies, and now you have weed. Oh my god, this is going to be huge. Well, it turns out the business fundamentals just weren't that good. And the till rays went down 95%, Aurora cannabis down 95%, etc. And the reality just hits you sometimes. And we all want to buy growth stocks. We all want to buy exciting stocks that could be the future, but you also have to do your homework. and and you know the CEO of uh Ion Q, former CEO and founder had this very esoteric podcast uh a physics podcast. I thought he was tweeting about it yesterday.
>> Yeah. 629 nanometer. It's it's like the nerdiest thing you can imagine, but this is where you find alpha. And he went on there and he said quantum computing is not going to be around for another 30 years and there's no application. We don't know what they're good for literally. and even NSA. So, the one thing I can see in quantum is that they would be extremely good for uh for hacking and and encryption breaking, you know, and this is like a hobby of mine on the side, specifically with Bitcoin.
>> And so, I've played with quantum computers. I've bought every single commercial quantum computer. I'm a major user of their cloud uh cloud time. Spent thousands of dollars of my own money on quantum computing. And I can tell you these machines don't work. you know, they they can't factor even the number like a million, which a child could factor with pen and paper, right? These quantum computers can't do that. And it doesn't look like, oh, we're just around the corner, we're going to get a breakthrough. In fact, if anything, it looks like we may be at a log jam. Now, technology does progress. And sometimes you get these discontinuous jumps where it's like, oh, wow, okay, it didn't work before. It didn't work before. And all of a sudden, boom, it works. Kind of like AI. But the problem is, what are we going for? What is it that we're going to do when the magic machine shows up? And nobody can answer this question. And factoring numbers is fun. I like doing it. But the only thing it's good for is encryption. We've already have postquantum encryption. In fact, the this the former the guy whose name is Chris Monroe. He's a genius. He's an idol of mine.
>> Yep.
>> He's probably going to win the Nobel Prize. Chris said that even the NSA doesn't want a quantum computer, which shocked me. Actually, that's way more bearish than I ever was. Um he said that they just want to know when quantum uh quantum computers are coming so they could prepare for it. And I thought that was fascinating because a lot of people think the NSA has a quantum computer or they're they're really interested in it. But that impression from the from the founder of Ionq was really surprising to me. I I wouldn't have characterized it that way. And again, he's sort of explaining that even the big companies like Google and IBM don't have uh quantum computers that will work. He thinks they're wasting their money. I I want to talk about Google and IBM, but here's the question. If you were the biggest quantum bull on the planet, what is the use case that you are the most excited about because of quantum?
>> I think it's people who are these people are confused. They they don't understand what these computers can or can't do. So, if you think about computing in general, Nvidia is the biggest computing company, right?
>> And XAI, OpenAI, these are the companies that buy these machines and they want to train models and run inference. These are hard to do computationally, right? Quantum could never do those. It can't do those. Why? There's no memory. There's no RAM. There's no way to load the data into the machine. The machine has 100 cubits. You could you can how much can you can store your name in 100 cubits maybe, but you can't store the corpus of the internet at 100 cubits. It doesn't do that. I think there's this confusion that like these are normal computers. You can the the late I just watched this interview with John Prescll. Prescll was one of the fathers of quantum computing. He worked with Richard Fe fineman uh at Caltech. He who invented quantum computers. The idea of them at least. Prescll said the interview said Prescll can this make me post on Instagram faster. And this is like this is not what these machines do. These are scientific machines and the only people really interested in them are scientists. You know
>> if you had to come up with a use case that is uber bullish. What would it be?
>> I mean there is this idea that you could and listen I have a vivid imagination. you know, I can I can try to come up with one and the best I could give you maybe would be simulating physics. So like a really good physics engine. But this gets back to the to to one really interesting point that Jensen Wong said. He said he had the 10 quantum CEOs up on the stage and he said we don't need a better solution to the traveling salesman problem. So anybody who knows computing in the house uh knows this is the NP hard problem that traditional computers struggle with. You cannot if I give you 70 cities to, you know, or 70 blocks of a city where you have to drop off, you know, mail all 70 blocks. What is the optimal route? That's a really hard question. Combinatorilially, it kind of explodes on you. It's like two to the 70th power or something crazy like that. But what's funny is that a regular old computer, a stupid ass laptop can do this equation
>> close enough. It gets like a 99% approximate of the perfect answer. And in fact, quantum computers, it's proven that they don't have a complexity speed up for uh for traveling salesmen. They probably could do it faster. But the point is getting a shaving a, you know, a millionth of a second to get the optimal mathematical answer. This is something scientists are interested in. This isn't something Uber is interested in or or they would be investing. FedEx would be investing in quantum computing. UPS would be investing in quantum computing. This is a lot of money. They would be doing it. They're not.
>> Why did Jensen Why did Jensen have them on stage? So it's interesting you know you know this is really fascinating uh my girlfriend's dad was a senior guy at Nvidia and one of the funny things here not that that gives me any insight but you know I've been following Nvidia my whole life and you know it's the greatest company in the world the the question is you know so he goes on stage before that and he says quantum's 30 years away it doesn't work it's not interesting right
>> and the quantum stocks you know fall I made like $2 million that day and I am sitting there watching this like oh this is great, you know, and he shits on him over and over again. And the problem becomes these quantum companies call him and say, "Hey, man, you know, you really did a number on us. You know, this is, you know, what the hell, you know, and I think Jensen just in that moment had this flashback to like when he was, you know, making GPUs and everyone was laughing at him saying, "Ah, GPUs don't matter. GPUs will never make a difference." And he was obviously right in the long run. And he basically said, "I I can't be that guy, you know? I can't be the guy [ __ ] on entrepreneurs, crapping on their dreams, telling them they're never going to work. I have to at least hear these guys out. This is the guy who knows the most about computing on planet Earth. And he said in his heart of hearts, he said, "30 years away."
>> You know, he didn't change his mind. He didn't say, "Ah, you know what? Actually, it's next year." He he still thinks it's 30 years away.
>> And I feel like again, you know, we all want to be bullish on something. We all want to get the next hundred bagger. But just be careful what you wish for because there's a lot of people that quit the stock market after they bought wheat stocks and they dropped 90%. People who quit the stock market or or quit quit financial life when they bought board apes at a million dollars. I know a guy who had to sell his private jet, you know, he bought a ton of board apes and NFTs. This is real life, you know. He literally was a private jet guy. Jet's gone. So he sells a board ape.
>> I mean that guy. There was a guy who bought Bele's NFT for 69 million. I think it's worth 20,000 from the last projections I saw.
>> I mean, if you want to be that guy, knock yourself out, you know, but I I feel like you're paying.
>> Do you think there is so much momentum in terms of liquidity for re like retail's buying Palanteer, Tesla, Nvidia? Is there that much free money out there even with rates that that money is going into quantum and and these types of stocks?
>> I think we're in a we're almost in a post money world. And I think the way this sounds this is a little philosophical, but we're we're getting to a point where where money in essence is worthless, you know, and things like um attention is is a new uh a new currency, right? When you you know, it's it's it's kind of anecdotal here, but again, you know, hang philosophically for a second. 20 years ago in New York City, the average beautiful woman cared about what job you had, how much money you had,
>> right?
>> You know, nowadays they might say, "How many followers does he have?" You know, and it's one of these things that's a really a shift because what can money buy you? You know, I had lunch with uh Peter Teal like uh 20 years ago and he had this iPhone and I'm sitting there saying, "Man, this guy's worth like hundred zillion times what I'm worth. I got nothing." And you know, I'm just starting my first drug company and he's got the same phone I do. There's no luxury. We're eating the same meal. You know, what does being rich really get you? And the top the inflation's been the top the highest. the higher the price the asset is. So sports teams have gone up 20x. Picassos have gone up 10x. The stuff that you know the bevelyn goods have gone up. The rest of us live the same life as even the wealthiest people. So money becomes one of these things that's that's really not that important. When COVID happened, our economy didn't go to zero. Everyone kind of threw a party. You know, it was a very bizarre like, you know, thing. Unemployment's the lowest it's ever been. I'm not sure. And then finally, people use real money to chase crazy assets. a fartcoin, Ethereum, you know, Bitcoin, etc. These are interesting projects, but they're probably not worth trillions of dollars. And I think the fact that people have disposable income. Look, this is a market. This is a cycle. You know, at the bottom of the cycle, you know, it'll be different. And there's always a bottom of the cycle. And it doesn't feel like if I had to pick, it feels like we're closer to the top than the bottom.
>> Okay. So, I have a couple more questions on quantum and then I then I want to get into some thoughts around Bitcoin, pounder, uh, Nvidia, broader market. First of all, Martin, we thank you for taking your time, bro. appreciate it. Uh Martin's Twitter, I'm putting it right here in the chat. He's doing some awesome stuff, building a nice Bloomberg competitor, so you guys can check that out. Uh there's his Twitter right there. Okay, so here's a question. Are you accusing the quantum CEOs of fraud?
>> Um, you know, yes and no. So I think that I think that they're you know, fra fraud, the definition of fraud is something I'm very familiar with. Um, are they knowingly it's a very technical thing. Uh sometimes I've beaten it and I've also lost it. Um
>> the the technical definition usually is are you knowingly misleading others? Are you knowingly saying false things? And I think the answer to that is unequivocally yes.
>> Um but you know to other people it means other things. If you have a safe harbor statement you wrap yourself around it and say well you know these these are subject to forward-looking statements and you know you know you can kind of do that and say you know I we may not build a quantum computer tomorrow. you don't know. So, I think there's like
>> it's kind it's kind of like you saying not financial advice, even though you don't believe in saying that, right?
>> Yeah. I don't believe I personally don't believe in saying that, but but I do think it's one of these disclaimers where if you you know, if you really pin down the quantum computing companies, they would never do an interview with me because I'd say, "What date? What date is it coming? And what will it do? And what what's it going to do better? And who is going to buy it?" And they won't be able to answer these questions because they're hard questions. And the reality is these companies are built on imaginations that are wilder than possibility. Again, like you know, it's okay to have a great imagination. Like I have to do that as a business person. I dream one day that I can bring quantitative investing to the masses and you can trade like Jane Street and Citadel. That's my dream. Is it realistic? Maybe, maybe not. But it's possible. The quantum stuff is just not possible. You know, the the laws of physics and computing prohibit what they're talking about. Now again, could there one day be computers made by INQ or Regetti, not by D-Wave or Quantum Computing Inc. because I don't think they have anything at all and nobody even pays those companies any attention in the community. Prescll said Prescll said that Dwave is a fraud. Um, this is a theoretical physics professor. He doesn't normally go out and call companies fraud. Scott Aaron said Dwave is a fraud. Um, but the real two companies ion Q and Regetti you know which are the also rans these are the runs of the litter right so the big quantum companies are IBM number one I'd say Google number two quantinium number three uh scantum number four there's six more privates and then Ionq and then we're getting so like these are the runs of the litter these aren't even the good pups and you know uh so they have a shot at maybe making a quantum computer someday, but there's no obvious thing they can do. So, to me, fraud means, you know, we know we don't know what the application is. We know that we we don't know if we can make these or not, but we're going to still stoke excitement about it. Now, these companies almost went bankrupt. So, they've had feast and they've had famine. They were two years ago D-Wave is this close to bankruptcy because they couldn't get people excited. So, as an entrepreneur, I kind of understand it's great when people are excited, but I do think some of these have been really responsible. I'll give credit real quick to answer your question definitively. The Regetti CEO has been superb at saying, don't expect revenue, right? Don't expect us to make a machine anytime soon. We are a research company. Stop thinking this is a near-term thing. And he's done that. And I have to applaud him for doing that because the other guys are trying to tell you quantum is now. Be excited today. And look, five years can a lot can happen in five years, but as of right now, these machines are completely useless.
>> The D-Wave came out with some advanced hardware a week ago. What are your thoughts on that?
>> Yeah, so they won't let anybody try it, you know, and I think that's very telling because IMQ lets me use their machine, you know, despite I'm the biggest, you know, I'm the biggest, you know, skeptic. IBM lets me use their machine. Uh, Brigetti lets me use their machine. New era lets me use their machine. All of these other companies that have
>> Have you reached out? Did you wave?
>> I have. Yeah.
>> And they said, "No,
>> you you cannot get this machine without them banging you over the head trying to sell upsell you consulting services." So many people have published there's a website called archive arxiv. It's a scientific website. Many many many people who have access to dwave machine have published and showed that there is no speed up with the D-Wave machine. And in fact, you know, I'm friends with a hedge fund called Carousel. They put a short report out. Um Carousel does real work. They're not, you know, you know, uh, scammers. They they've been in the hedge fun business a really long time. They don't get everything right. But in essence, you know, um, they they they found that mostly what D-Wave does is they take their quantum computer, they attach it to a real computer, they give you the result, and they say, you know, that that they're doing something, but really the quantum part's not doing anything. And a former D-Wave employee said that the quantum part's just for show. So this company's been around 20 years. They've had six generations of this computer. They have the latest generation out now. Can't find anybody that says, "I use this computer and it helps me." Can't find a single person. Have you looked into any of the partnerships they have? Any of I think Toyota, Mastercard, stuff like that?
>> Yeah, we have. So, so, so all the people we've talked to have said Carisdale and we have talked to almost everybody they've pointed out. Everybody says quietly behind closed doors, it was a research agreement. It was an attemp It was an attempt. Look, Mastercard is a $500 billion company. It was an attempt to think about possibly maybe improving one process at Mastercard and it failed. And there's a reason if if any of these companies like the D-Wave machine, they would have a hundred million in revenue. They would have a billion in revenue if these machines were useful. They don't have any revenue. Nobody's buying these [ __ ] things.
>> Well, that's what's been confusing to me. Obviously, I've got some people that have been excited about quantum and you know, I saw these stocks at three. My kind of value investor hat said I can't buy them. Then I see them go to 20 and I'm like, am I the idiot or is there, you know, like what's going on here? And I think you would say, yeah, you're kind of dumb for not buying at three because it could have gone to 20. But realistically, chasing it at 20 here is is a little scary.
>> Oh yeah, it's nuts. It's nuts to even think about buying them here. But I would say look at three you know part part of you know there there was a technology in biotech um called RNAI and and people are skeptical about RNAi including myself and RNA RNAi came through it came it happened it really transpired and it I wouldn't say it changed the face of medicine but it was a real thing and it worked um so it doesn't mean that technology can't work but when you're pricing in the industry become actually not just working but becoming huge right very very that that's where the value investor has to say, "No, there's a chance it doesn't work, right?
>> That chance is actually pretty decent. There's a chance that even if it works, you're not the company that wins." And then there's a chance commercializing it's not going to be great. And then there's a chance that, you know, if you discount all these cash flows, nothing's happening. It's terrible investment. So, I feel like, you know, lotto tickets are out there. Fartcoin is worth a billion. Uh NFTTS are are not really having a comeback, but there's memecoins are the new form of NFTs. So, those have been out of a bubble. There's other bubbles in um like some of these aviation stocks, nuclear, you know, a bunch of stuff. People want the big bull win. And I get that. You know, everybody wants the 100x, but you know, this this is exactly what cannabis felt like. It's exactly what NFTTS felt like. And every you look, people will literally tell you to your face, you're stupid for not owning Fartcoin, and you're stupid for not owning board ape at $1 million. Well, board ape's $10,000 now. And you know, there there were people that were bamboozled, basically tricked into buying board apes for millions of dollars. And you know that that's what this is. Yeah. You know, it's dazzling. What do you look at the board ape? It went from zero to a million. Yeah. And at a million, a bunch of people said, "I can't take it anymore. I have to buy it." You know, and the price action's too good. What if it goes to 10 million? This is going to be like a Picasso. Picasso's at 100 million. This might be bigger than Picasso. So, it's a it's a steal at a million.
>> Well, just listen to common sense. That's what's been confusing me because you got amazing companies like an Nvidia and pounder that fell damn near 40 50% over the past two months, right? People went into the most speculative parts of the market and that's where I'm like what stage of a cycle is this or is this
>> I think I think it's the capum frontier. So the capum frontier you know it it basically just says the more risk you take the more reward you get
>> right
>> that is true. So, who looks the best when the when there's high beta? When the market's going up, the highest risk stuff looks the most attractive. And you sit there having FOMO saying, "Oo, I really want that Fcoin. It went up 30% in a day. Imagine if my portfolio went up 30% a day. I'd be rich." And then you realize that, wait a second, no, there it doesn't make sense to buy something called Fartcoin. It doesn't really make sense to buy something in quantum computing. Maybe I should buy Coca-Cola. You buy Coca-Cola, it doesn't move. In fact, it might go down. And so, it's it's frustrating being an investor. It's not easy. But the answer is not buy the riskiest asset that you can find. Options, for example, a lot of people love to trade options. Uh they wipe out their account, they put more money in their account when they have when they have it, and they wipe it out again. And I I just really think there's a better way to invest that is exciting but not stupid. And um, you know, of course, there's no easy easy way to do it. The quant funds are basically just running rough shot over the whole market. They're making so much money that you know, it's it's sick. And um, you know if you can't beat them, join them in a way. And I think that you know trading as a human is extremely difficult and I I just wouldn't advise it. And and again I can't believe I'm saying this but you're it's like playing chess against a machine.
>> You know no not even Magnus Carlson can beat the chess machine but you want to try? You know I I don't think you can beat Citadel and Jane Street. I think the only way to do it is to sort of play the game on their level which
>> it's hard. Last question on quantum, then I want to move on. Uh, how leveraged are you into these shorts and could you blow up your entire net worth if this goes against you?
>> Yeah, so I've been in this situation a million times. Um, you know, I I am not worried about that. You know, unlike other people, I do have access to capital outside of just my own.
>> So, I've been making the rounds to various billionaires. As this trade goes up, I have more confidence to go to the people I used to work with, to go to the people I met in my travels over the years and say, "Listen, I got a deal for you. This is this is the greatest trade I've ever seen. Do you want to short these stocks?" It's an unbelievable opportunity. And if they go up higher, I just raise more capital and find more capital and and short more of it because
>> And what are these conversations with the billionaires like? Are they like, "Holy crap, this is a bubble. Take as much money as you want."
>> It's pretty exciting. You know, they they a lot of these guys are long stuff, so finding shorts is is something they're interested in. They don't have mark tomarket. The hedge funds can't short right now,
>> right?
>> That's why these stocks are popping as well. GameStop just put a kibos on shorting.
>> And the hedge funds, if a short goes against them, even 10%, they're out. They're chicken.
>> In my day, Tiger Soros, I worked at a Tiger Cub. We had we were fearless. The fund I was working for literally was called Intrepid. We had no fear. We were short a stock if it went up 10x on us. doesn't matter. We're short more. And you know, Melvin was was a Tiger Cup, too. A lot of people don't know this. And when our funds interacted a lot and
>> you know, Melvin should have stuck through the GameStop short. They should have just kept piling in. And he had the capital. I think he didn't want to do it for business reasons because he had um, you know, his firm, he didn't want to sort of continue with that firm and owe investors more money. And it was like a technical reason, but he absolutely could have gotten five billion from here, five billion from there, and said, "Game on. I raise you. I re raise you in poker." And I think that, you know, he should have done that. But, you know, I think that he had his own reasons. He's still a billionaire. You know, he's not sitting there crying. Um, and I think, you know, it's the same way. You know, I'm a professional. I'm not worried about, you know, uh, these stocks going up. They could go up more. They could go up 50x. You know, anything could happen. but we will find a way to pop the bubble and make money on the trade. Now, Tiger and Soros, two of the biggest firms in the world in 2000, they quit at the top shorting. Right at the top, they said, "I can't take it anymore. Get me out. Cover these shorts." And guess what happened? It was over.
>> That was the literal top of the NASDAQ. It took 15 years to come back. So,
>> you know, you have supreme confidence on this.
>> What's that?
>> You have supreme confidence on this trade.
>> Yeah. I mean, I you know, I I try to be sober, but if I look at the the history of all the stuff I've shorted over 25 years, this is up there. I mean, I remember shorting internet stocks in 2000, and you know, it was it was hard to fight that narrative. Martin, don't you know, the internet's going to be the biggest thing ever? Of course. Yeah, I use it. I'm a kid. And uh, you know, people tell me, you know, you're playing with fire. The economy is changing. All the rules are going to be rewritten, etc., etc. And you know, it didn't bother me. It didn't phase me. You know, quantum isn't anything like that. You know, quantum is not going to change the world uh like the internet did. Quantum is not change the world like AI is is doing as we speak. It's it's really a farce. And it's a me tooism. It's a it's a FOMO. You know, I missed AI. I missed Nvidia. I need the next thing. What's the next big thing? Well, look, I mean, you know, there's stocks that are privately held. I think one of the biggest problems you and my communities are going to have is that these stocks like SpaceX privately held. You and I can't buy them.
>> Yeah. You know, you need you need millions to hard spot at least. And SpaceX went from five billion to 350 billion. Sucks for you. Sucks for me.
>> You're saying retail investors see the big guys make money by getting in early because they're accredited and then they flock to Fartcoin to make up for that. But that
>> you're you're you're chasing that. You you want the SpaceX. You want the Open AI, but guess what? You're not in that club and you'll never be in that club. And I really like Palmer Lucky at Anderole. I'm proud to call a friend. He wants to take his company public because he doesn't he wants the average Joe to be able to buy his stock. And Palanteer did did the same thing.