Transcription
You had 23 was a really strong 20 plus percent uh stock market returns. 24 20 plus% stock market returns. We've never had three 20 plus stock market returns back years ever. Uh this would be the potentially the third one. I don't think we're going to get 20%, but I think we're going to have a solid year. Now, if you have 20 plus, 20 plus, and let's call it 10 plus, it's really shapes up to be a concerning 26 from a stock market perspective.
GM. Good morning. Welcome to the Milkroach Show, the daily crypto show where we're the seat belt that keeps you from flying through the windshield when the market is on a roller coaster. I'm your host Jay Hamilton. It's Monday, September 29th. Q4 is typically the best quarter for crypto. Everybody is wondering as we head into Q4, which starts in just a few days, will history repeat itself this year? We're going to talk about that. Also, we're going to talk about why today's guest believes that you should focus on the top 50 crypto tokens, not the thousands, tens of thousands, millions to be honest, that go further down the riff risk curve. And finally, we're going to talk about how to invest in AI, how to get access to these preIPO opportunities. There's so much fundraising happening in AI right now.
Today, we are joined by Slava Rubin, managing partner at Humb, which is a preede and seed early stage fund with 75 million AUM. He also built Indiegogo, which has over 38 million users, and he's an angel investor multiple times over. Before we jump in, wherever you guys are listening, it's Monday, and I know you're feeling good coming into the week. So, do me a quick favor. Give us a like, a subscribe, or even a review. It really helps the show grow.
Today's episode is brought to you by Nexo, the platform that grows your crypto without locking it away. It's also brought to you by Figure Markets. Grow your cash like a bank. No lockups, just real returns.
With that, Slavoc, welcome back to the Milk Road Show.
>> Thanks for having me, Jay. Excited to be here.
>> Always a pleasure. Okay, let's start. We're heading into Q4. Uh what's what's your outlook? You bullish, neutral, bearish. How you feeling?
>> I think the economy is looking okay. I think obviously the stock market, we're at all-time highs. Uh crypto is doing pretty well. Um and we're like at Bitcoin 113 or something as we uh record. And I would say in general that I'm quite neutral to bullish for uh Q4. I think we have a setup for potentially a slow and steady all the way up to having the best ever, probably setting some records by uh by Christmas.
>> I like the sounds of that. Uh what what signals or indicators are you going to be watching uh or events? What matters most to you when you look at like catalysts or downside risk throughout this this quarter?
>> I feel like you're really seeing a lot of consolidation for Bitcoin around 108. Uh seeing a real floor. I think we want to see a springboard there. I think really have the potential to then break through to 125. And if that happens, who knows what's going to happen next with all of crypto. I feel that between crypto, AI, preIPO, some meme stocks, uh even some of the collectibles like sports cards and others, you're really seeing the risk on trade uh really happening and there's just a lot of support for there being some momentum. Combine that with the fact that the Fed just started cutting rates first time 25 basis points recently. it might happen again uh before end of year. If you really see a trajectory there of another 100 basis points by the end of next year down, I think that could really be a risk on catalyst. Now, on the flip side, if it was a head fake and the Fed is just going to cut rates once and then we're done, I wouldn't be surprised if we get a little bit of a challenge uh to the market, whether that's public, private, crypto, etc. But I feel that um inflation is going to stay sticky which is a little rough uh to be dropping rates in that environment. But I do think that sets up quite well for uh Bitcoin and some risk on assets.
>> One one thing that is very clear when we talk about crypto is more access, more vehicles coming online with ETPs. There's going to be I think Q4 is going to be probably the biggest quarter we've ever seen with ETPs. like we've got just the first time the regulation is set up. We had the listing standard uh come out a few was it like a few weeks ago, a month ago maybe. The one question though I have is everybody loves to talk about all these new crypto ETPs or ETFs coming online, but I'm not sure if they're actually going to be demand for them. And then also there's the DATs which are getting have gotten a lot of attention, but seem to have they're not it's not in the same bubble or same euphoric moment that it was in when really were getting a lot of attention in uh in July, July, August. When when you look at flows from coming from like public markets, not from within crypto and you look at like the ETFs and DATs, do you think that we're where do you think we are? Do you think we're going to see increased flows? What's your thoughts there?
>> I definitely think we're going to have increased flows. The question is which ones are going to survive and which ones are going to do well versus not. That definitely feels like it's been like the word of the day for a little while. I still think it's uh quite trendy. the ETPs. I mean, we just had uh Grayscale actually on our show for for Vincent with Smart Humans. So, you know, they're doing lots of great work there. I do think that there's a lot of cash on the sidelines and they're all trying to figure out how to get into crypto and a lot of people or institutions are nervous to go native and to really hold their own keys and to figure out all the security themselves. So, you can call this kind of regulatory or user design, user experience rappers. And I do think these rappers aren't are going to be helpful for some folks. That said, just because you throw your money into a DAT or an ETP doesn't mean it's just going to go up. Uh there's a decent chance it's going to go down or it's going to trade below NAV. And I think there's been a recent stat that like one in four DATs are now trading below NAV. I wouldn't be surprised if that goes above 50%. But just because there's a bad a bunch of bad DATs performing poorly does not mean it's all poor DATs. There's obviously some winners that can really perform well. And it's really up to the investors and to the listeners to figure out, you know, what they like versus what they don't like. And I definitely do think there's going to be not winner take all, but some winner takemost DAP plays. And I do think that the ETPs will be a draw for cash from the sidelines.
>> Yeah, it's a great point. I think for most of our listeners, they already know how to access crypto. So the the ETPs don't provide them with any any extra value or any reason that they would go by those. But the flows that could come from these as a result of as you said a lot of cash on the sideline that doesn't want to figure out self custody and doesn't want to control their own keys that there is a big opportunity there. And then on the DAT side, it's so interesting because I'm I I I hesitate to tell anybody to invest in DATs right now because it is very it is such a it is such a hot moment where there's so many people trying to take advantage of this and trying to financially engineer this that unless you really want to get into reading a lot of documentation and really understand what they're doing with their with their stocks and how they are raising this capital and who's behind the team and is this a spa or is this an another company that they took over that has liabilities that you don't even know about. Like there's so many factors. But it but at the same time, I don't think debts are anywhere close to being done. Like I think we've got a while to go.
>> Yeah. It kind of reminds me of spaxs or ICOs. Not exactly the best words to use now in retrospect, but there's a lot of garbage in those days, but there was also some massive winners. Some I wish I was in that one uh sort of takes. And I think you'll have the exact same thing with the DATs. I'm making up numbers here, but there'll be 250 of them in Q126, and 10 of them will be performing really well,
>> and you're going to wish you're in those 10. I wish I could tell you exactly which those 10 they are. I have some opinions, but uh it's really about trying to avoid the 240.
>> Just since you you me give us some of those opinions. What are your opinions on DATs? I think you probably need to stick to a top 50 token to have the liquidity and more importantly I don't know if you could go much further than five or 10 deep. Uh you really have to pick what you like in Bitcoin, what you like in Ethereum. Is there going to be a Salana winner? Is there going to be, you know, a winner across a few more of the names? Uh, I think you're going to see dats across all the names, but because of lack of liquidity and because of just some engineering, I think you might want to be really careful about how low on the market cap uh spectrum you go in term yours in terms of your exposure. I think what Tom Lee's doing is interesting. I think the uh the new American Bitcoin BTC is interesting, you know, strategy is interesting, but they're kind of the OG. Mhm. Yeah. I I I fully fully agree with that take. It is it is very if you stick to the to the large players here, but even that even if you just stick even if you said, "Hey, I want to stick to Ethereum or stick to a salon or stick to Bitcoin." You have to be very selective within that which
>> Absolutely. You have to pick the right one within those 30 options.
>> Exactly. Exactly. Which makes it not it makes it not easy. which is why I think I would advise listeners to steer clear of DATs but pay attention uh because I do think that they will they they are going to be a big flow driver for the crypto market in the coming quarter and and honestly for for years to come. I don't think there I don't think this is a one-time thing. I think DATs have a place to stay as we've seen with strategy which has proven that over many years
>> like strategy I think most people listening don't have to be the first money. They don't have to be the quoteunquote IPO. I think you're allowed to have it be out for a week or two or a few quarters before you see how it's trading and the sort of momentum it's getting. Obviously, you might have lost on some of the upside, but then I think you also lose out avoiding a lot of the downside.
>> Mhm. Okay. Hey, I want to chat about uh you were uh you gave a talk recently where you you were breaking down crypto beyond Bitcoin and how you think about having a crypto portfolio beyond Bitcoin. Uh with stable coins and tokenization and RWAs and DeFi and so many sectors in crypto getting a lot of a lot of uh product market fit and a lot of attention. How do how do you think about building your crypto portfolio?
>> I think this is uh maybe a little basic for your audience. You know, we were doing a very 101 kind of webinar for our audience. Everybody kind of hears Bitcoin, Bitcoin, Bitcoin all the time. And uh for a lot of folks out there, they just want to know how can I get something in crypto beyond Bitcoin. So, we really had a great conversation about, you know, the fact that there is those L1s to look at, the fact that you're seeing some really interesting things happening with stablecoin. Stable coins really having a moment. The fact that you can navigate uh like you said, the the DATs uh or the ETPs, these are somewhat new concepts for beginners. Now, most of the people listening here, they're like, "Oh my gosh, this is so basic. We move on." But, um it was really helpful to that kind of one-on-one audience. I do think that for a lot of folks, they hear all these different words, all these different terms, you know, token number 641 on the market cap. You know, it's really, really, really hard to be dealing with $10 million token market caps or hund00 million token market caps or even $500 million token market caps for most people. That's not to say that if you're an aggressive trader that you can't make a quick flip and 10x your money in a week, but wherever you could 10x your money in a week, you also might lose 99% of your money, which most of us as listeners or participants are not looking for that much riskreward. Uh it's funny because in the normal world or as a normie, you know, I'm considered quite risky, but in the DJ world, I am like grandpa. So it's like money uh trying to put this all on a spectrum, right? So yeah, some of the advice we were providing is, you know, try to stick to the top 50 market cap. I think some people are throwing up right now as they're listening. Top 50, where is there to make money in the top 50? Um but that's where it's a little bit more stable and even that can move quite volatile, you know, like can really move. But again, you're hitting a little bit more of a foundation of liquidity and kind of know what you're talking about and hopefully sadly it's a little bit less scam arts going on and pump and dumps.
>> Well, I think there's a question of riskreward here, right? And this is a question that only only you can answer yourself, right? Which is how much risk are you willing to take on for the reward? And I think that the challenge is that the people overstate the reward of going deep into the DGEN. I mean to use the term DGEN, it's a such a broad term, but going beyond the top tokens. I mean the good example recently was, you know, all of a sudden perplexes was all everyone was talking about because hype has been the d the doll of the ball so to speak this year. And then all of a sudden we had Aster and we had uh what's the one on base? AV Avant I think it's called Avanti I can't remember. Uh and so there was all of a sudden everyone wants wants a piece of perplexes and oh lighter was the other one and everyone's going and betting on those but that doesn't mean that that doesn't mean that they're all going to perform well. I would not be I would not be buying perexes right now because I don't think that there is unless it's hype. I believe in hype right now, but the others it's it's just too risky. And the thing that you have to remember and I mean you you know you have decades of experience as an investor the objective of investing is is to ensure that you do not lower your capital base, right? And there's such a big risk and I feel like a lot of people don't see that risk. They just see the upside. They just see the reward and they forget about the risk. Uh I don't know what your thoughts are on how to balance that riskreward as an investor.
>> Look, like I said, in a normal world, I'm pretty risky. I don't really use leverage, so I like to invest $10 and the most I could lose is $10. But if it's a higher risk, higher reward play, my $10 might turn into $100, which is 100xing my money, but I can only lose $10. So, it's an asymmetric uh kind of riskreward. That said, I still want to feel I hope I'm not lying to myself that I know something that I'm logically intelligently investing this $10 as opposed to just going to the casino and betting on red and hoping that red comes up. And if it doesn't, oh well. Now, that's fine if that's what people want to do. That's not really how I think. And I tend to have time be my friend and trying to get compounded returns. So, you know, I've been in a bunch of this stuff over time, and I ride the ups and downs hopefully to have a continuous up over time, but yeah, I do like the idea of asymmetric growth and upside versus a 1x downside. Um, but I don't like doing it in a cavalier just like, you know, bet on black sort of thing. I'd like to believe I think Hyper Liquid is a great example. I mean, that has been around now for a little while, been performing since its original offering, continues to just find more of a base, find more find more investors, and I wouldn't be surprised if you know that finds a hundred billion dollar market cap and keeps going up in the years to come. Can I tell you it's going to 2x or 50% in the next week? I cannot tell you. Do I think Q4 direction is going to be good? I do think that. Do I think hyper hype will be able to ride that as part of Q4 to a record high? Probably. That's my opinion. But I'm much more confident in my long-term outlook than in my short-term outlook.
>> Which is which is such a it's it's such a simple statement, but so important as an investor to remember is you're not a trader, you're an investor. And if you want to go be a full-time trader, yeah, sure, do it. Do that. But that's a completely different way to manage your money. And I think for most of our listeners, investing is the best path. Uh I want to chat about tokenization because
>> sorry before you go there, one of the hardest things for most smart people to do is nothing.
>> You invest your money because you had a smart idea and it starts going up and down and really it might go up and the hardest thing for people to do again is nothing. Because smart people think that they are smarter than the market. And often being smarter than the market means you need to keep doing stuff. And doing stuff means you need to figure out when to sell and sell high. And God bless you. I understand the adage, buy low, sell high sounds great. And if you could time the market perfectly all the time, I don't even know why you need to listen to anything anymore. You might as well just go live on an island. But I'm not so great at that. So I just kind of let it ride and let time be my friend.
>> Yeah. Yeah. Completely. If long meetings and judgmental bankers are your thing, Nexo is probably not. Nexo is a premier wealth platform built for people who value their time and money. It's built for people who have idle cash lying around and want it to grow fast. Whether it's Bitcoin, Ethereum, or even forex pegged assets like USDT or USDC, Nexo offers up to 14% annual interest and access to cryptoback credit in under 24 hours. Your assets need a platform built for growth. Join Nexo. Why do people invest in real estate? Because it spits off cash flow. But I'm not here to manage rental properties. That's why I'm looking at Figure Markets. Their new democratized prime product backs your money with real cash flowing assets and returns up to 9% APY. It's the first real world asset borrow lend pool built for everyone, not just institutions. Ready to lend like a bank and get more than the 5% A is offering you? Download the Figure Markets app today and get 9% on your idle funds. Go to milcro.com/figure markets. Let's talk about tokenization because one thing that our I think our audience everybody wants access to private market stuff. Everybody wants access especially with AI right now. Every day there's a new headline of another AI company raising billions getting valued at, you know, 500 billion. Some of these some of the largest private companies in the world today are all AI companies, but we can't access them, right? Most of our listeners don't have access to them. And there is a view that tokenization might be the way to access them. that we're going to have tokenized preipo available and Robin Hood sort of teased that and there was you know back in June there was a bit of a kufflele where they said oh yeah you can get uh preipo open AI and then open AI came out and said no you can't this is we do not approve this and so is tokenization going to be the way that we open open access to private markets or is there other vehicles that people should be looking for and paying attention to?
So I do think tokenization of private assets as individual offerings is our future. I don't really consider it our present because I think there's too much back and forth from a regulatory perspective. If there is a company that is trying to spearhead that I do think Robin Hood is on the cutting edge. Uh I believe they're already starting to offer that in Europe because of some of the regulations available there. But in the US they're having challenges. Close your eyes, take a nap. five years from now. Is that totally normal? Absolutely. Is that normal today? It's not. And I still think it's quite challenging. But I do think that preIPO is where there's a ton of opportunity to make money. 20 years ago, the average public company went public at about $500 million of market cap. Now it's average of 5 billion. That's an average. The real major private companies are way above that. And they already trade like public companies. they just happen to be private. This includes SpaceX, OpenAI, Anthropic, Andreal, Datab Bricks, Stripe, and more. And I do think that there's a ton of opportunity to be investing into those. The question is how and how do you get in at the right fees and the right carry and not getting gouged. So, you need to be careful. But, I do think tokenization is our future. I think there's a number of different other packages packaging ways of getting into it. There's some public vehicles where there's some rappers that they have some funds that are wrapped into a public vehicle. You have obviously the private investments where you go through VC funds or you just try to go straight into an SPV. Be careful how you do that because you want to get good terms and not being taken advantage of. But yeah, I mean I would highly recommend the audience to try to get into some of these private companies. Since we last spoke alone, which is like a couple months ago, you have SpaceX getting 17 billion dollars of of spectrum, which means that at some point soon in the next few years, we might have SpaceX cell phones right across the United States and the world. You have Anthropic going from a $60 billion post money to 183 billion post money. This is actually a 20 billion post money just a year and a half ago. You have data bricks raising at over a hundred billion market cap after just a $50 billion market cap not too long before that. You have open AAI trading at sorry getting investment at a 300 billion and then getting its own shares out uh for employees at a 500 billion. I mean this is just in the last couple months right and you have the IPO markets on fire left and right you see IPO IPO IPO right um I think that's going to continue for a little while especially as we talk about a nice Q4 I wouldn't be surprised if it lasts into Q1 of next year. So yeah, I just think that if you find the right preo company to invest into, if you could get the right terms, I I would recommend uh trying to get into it.
>> Yeah, I think and and I completely agree what everyone listening and myself included is is ask is trying to figure out is is the how. What would be your advice on trying on on how to get to that how? If if somebody is interested in this preIPO, where should they be looking? what should they where should they direct their attention and direct their time in order to find those those vehicles?
>> I mean, this is a selfless plug, but obviously uh at Vincent uh with our alternative investment report, people can sign up to get a daily email about the alternative investment world and we share about everything that's happening with these preipo companies as well as crypto or real estate, private credit, art or collectibles. We hold regular webinars where we talk about specific conversations around specific names whether it was Android or CLA or OpenAI. We do one-off conversations or where we cover the entire gamut of all of AI or all of crypto or all of Elon's companies. So really people want to figure out how to get exposure. We then have great broker dealers on there and different uh preIPO type brokers who are talking about how to get into these, what are the terms, what are the access points. So, we're just constantly touching on this and we actually offer some of these opportunities uh through our own platform as well. So, that was a selfless plug, but people should constantly be looking at the opportunities. What are the options? Because it's one of those things where it's a pretty opaque market. It's not massively liquid. So, you can't just take the first deal usually that comes across your desk and you have to be really careful about understanding all the terms and the details as to what you're getting involved with because they're not usually very liquid and you're going to be stuck with this for a while.
>> Yeah, we we'll put a link uh in the show notes to Vincent. Everybody should check it out. Great newsletter and incredible stuff that you guys are putting out. So, uh I will back up your uh your plug there. It's uh it's well well timed and well positioned for sure. uh if investors are looking at AI, how would you how would you think about framing AI investment? AI is, you know, there's that's that's a massive category of which there is so much happening right now. Is there particular sectors within AI that you are looking at? Is it more that you're focused on specific companies? How do you think about building out an AI portfolio? or is it just hey go buy some public stocks that have some that have that have some sort of beta to to AI?
>> I think you have to decide if you want to go to the public markets or if you want to go to the private markets. Uh public markets are obviously much easier in terms of the user experience. The private markets is probably where there's the more interesting stuff and it's much more innovative. I think you should think about it as layers of the stack. um you have the the data centers, you have the chips, you have the LLMs, you then have uh the software providers, you have vertical specific players. So you know everything there is from uh I think you have opportunities across the board whether it's the uh the core weaves the NVIDIA the open AIS and then on top of that um you can start getting into the palunteers or um also the uh the oracles and others. So I I think there's a ton of opportunity in the public markets. You have your Mag 7. You have your more AI specific plays like the uh the Reddits of the world or the Axons or the Coreaves, but please don't sleep on just the huge companies, the the Amazons, the Microsofts, the all the Oracles have been on fire. Meta's been doing great work. I just think that um those companies are just going to keep on eating up market share. I do think beyond Nvidia, uh there's opportunities for other chip companies to continue to do well. I think you're seeing that with Broadcom and others. Palunteer is obviously on fire in the software space arguably too on fire. That's for you, the audience, to decide. But I think there's a ton of opportunity for uh sub hundred billion dollar market cap companies that are AI native to really have significant growth in the fi next five years. And in the private markets, I think we've covered a lot of these companies already, but I think there's just a ton of opportunity. H how do you think about we talked earlier about riskreward in crypto and the way to balance that is simply to focus on the top 50 tokens or no maybe it's not exactly 50 but the bigger tokens uh obviously gets you um less risk although you know what quite honestly within those bigger tokens in the crypto space there's a lot of ghost chains now that might have high risk associated with them but what about on the AI side how do you think about portfolio how do you think about like sizing your portfolio How do you think about risks on the AI side?
>> I mean, the MAX 7, the hyperscalers as they call them, that's really kind of your BTC, right? It's kind of your anchor, less risky, probably going to be less reward over time comparatively, but still really nice reward, really great uh risk adjusted return. So, I would definitely have a good chunk there. If you want to get into some higher risk, higher reward, like I mentioned, you could start looking at, you know, uh, let's call it five billion to hundred billion dollar market cap companies. This is either public or private. Obviously, with public, you have lower fees and lower carry on, no carry. So you should just factor all that in on a risk adjusted basis as to what you expect your returns to be and compare that between trying to get into anthropic uh you know at 180 billion post private asset with fees and carry or do you want to get into a uh Reddit which is going to be sub$und00 billion public company. two completely different companies, but just ways to think about the trade-offs.
>> Mhm.
>> And both potentially could perform quite well.
>> As we head into Q4, you're obviously bullish on Q4, but what about beyond Q4? How do you think about 2026? There's a lot of a lot of different opinions right now on where we are and where we're going. The bulls are loud, the bears are loud. It feels like a time when it is difficult to understand where we're headed because the really we're we're in a ever since co and the amount of money printing that's happened we're just in a different different game than we've ever been in a lot of the models and the frameworks just aren't working anymore. How do you think about 2026?
>> 2026 is a long time from now even though it's not. Uh you're going to have an election year which is a big deal. I think you're gonna have Trump and the administration trying to juice the market and the sentiment. I think you're gonna have potential laying out of tax cuts which could really fuel some positive energy, but it might be a required positive energy because of some u you know market softening. I think that for now I think it could be bullish through Q1 and then I'm kind of uncertain about what happens as of Memorial Day uh into the election. But I think that from a very macro perspective, you had 23 was a really strong 20 plus% uh stock market returns. 24 20 plus% stock market returns. We've never had three 20 plus stock market returns uh in a year back years ever. Uh this would be the potentially the third one. I don't think we're going to get 20%, but I think we're going to have a solid year. Now, if you have 20 plus, 20 plus, and let's call it 10 plus, it's really shapes up to be a concerning 26 from a stock market perspective. So, I would not be surprised if we see some pullbacks and some softening at a macro level. Do I think we might see the 497 start to get a little bit of pickup? Uh, if the economy stays strong, then I think you could see gains across the board, but otherwise, I'd be sticking much more to the hyperscalers. So that was like a roundabout way of saying that uh we have to see what happens with the market and the economy. I don't think we're talking recession, but I could see softening in 26, but I do think it'll stay positive at least through Q1. Uh especially with uh everything that needs to happen for the election. The part that we don't know, which is kind of the uncertainty is what happens with potential tax cuts and the implications around there. I do think that inflation will stay a little stickier than expected, which I do think will be good for gold and will be good for Bitcoin. So, those are my thoughts on 26. Then again, uh we all have opinions. I have mine. I just prefer just hold for a decade.
>> Yeah, it's I mean, it it shows we we got to get you back on the show again at the end of the year, the early early of next year because who knows what happens between now and then and where we could be headed. There is it is really a market where you have to stay tuned in right now or as you said pick a few of the plays that you know will be around from a decade from now and then take time offline but nobody can do that. I mean, it's a very like very simple way to think but it actually works well because if you can close your eyes and say will this investment be a strong investment 10 years from now that is hard to say for a lot of things right can I say that for Bitcoin the answer is yes can I say that for Nvidia the answer is yes can I say that for some of the things I mentioned like anthropic in my opinion I think the answer is yes but can I say it for everything we just talked about in terms of the top 50 or these datab hats or whatever. Absolutely not. Like if you ask me confidently, so do you think this will be a strong play 10 years from now? The answer is I'm not sure. And I'm not sure means no, which means it's not one of those things I just want to set it and forget it.
>> Yeah, it's it's so true. It's so true. And I think it it all comes back to you as an investor deciding the way that you want to spend your time as an investor and how you want to be how you want to be an investor because it's not enough to just say oh I'm going to invest. It's no no no no you need to think about like what your goals are when you want to make financial decisions in your life when you need money how much money you have to risk like all these things which sounds so uh uh basic in a way but not invest not enough investors sit down and think about their plan in that manner and then you get caught down the road wondering why did I invest in this and what is my plan and how's what's my exit strategy on this and you need you need to you need to think that way first especially when you're allocating your capital because if think about it at the beginning. It's so much easier than thinking about it later on.
>> Absolutely. And one of the things that since this is coming out today, we actually to give one more plug, we have an awesome conversation tomorrow with Kathy Wood, which a lot of people are familiar with Kathy.
>> Oh, nice.
>> Both from the preipo or in the public markets with the risk on types investments. So, we're going to be talking preipo with our team at Vincent. You know, we're going to be talking about all the things that are possible in terms of the sleepers that are out there in the private markets or where to look in the public markets. That's actually happening tomorrow. The Vincent team is pulling that together. Happening on Tuesday.
>> Awesome. Can't wait to see that. Slava, as always, really appreciate your time today. Thanks for joining us.
>> Absolutely. Always fun to talk risk on.
>> I love it. As always, I got to remind you guys that today's episode is financial advice. I'm not your financial advisor. Slav's not your financial advisor. If you need help with your investments, you should speak to a professional. Today's episode is for educationalformational purposes only. And one more time, wherever you're listening, do me a quick favor. Give us a like, a subscribe, or a review. It's much appreciated. It really helps the show grow and ensure that we can get in front of more investors and help them get into the investment world in a safe way. Have a wicked awesome day everybody. We'll see you again tomorrow. We're sending Kyle Reedhead, our head of research to the UK's largest web 3 summit. I'm talking about Zebu Live happening October 21st and 22nd in London. Want to join? Use our code milk to get 20% off your tickets. hit the link in the show notes and say hi to Kyle for us. As always, if you liked today's episode, please hit subscribe and make sure you follow us so you don't miss out on the next one. There's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh. And if you're willing to step up your crypto investing game, we're going to also leave a link for Milk Road Pro. You get access to our portfolio where you can see exactly what we are buying. This is your number one resource to help you invest successfully in crypto. One final note, this show is for educational purposes only and nothing we say is financial advice. Investing in crypto or any asset is risky and you should never invest more than you can afford to lose. Thanks so much for listening in my friends. Have a wicked awesome