The Hunter Can Make Many Mistakes, The Hunted, Only One

Greetings and welcome to Inside Baseball with Old Chestnut. I'm Liam Allen with my friend Morris Sacks. How you doing, MB? Hey kid. Not seeing you right now, but I'll fly back. I'll get the sh I'll get the fish off the screen. How does Cheryl not hear the piano in that? How does she not hear the piano and say play it again, MB? Turn it up. I don't understand. I like I I it jumps out. It's it's the it's he's a piano wizard. There's a lot

That falls into the I don't understand category. Okay. Very good. All right. How you been? You look good. Yeah, no, I'm just so excited about the ceasefire and I made a million dollars on the Trump coin last night. So I have the great Saturday. Excellent. That's long term capital gain too. Dude, no nobody that bought the Trump coin Knows what long-term capital gains are. I have to assume that these are mouth-breathing.

Neck neck beard idiots in their mother's basement on their computer. Dude, the thing went from like a penny to thirty-two dollars. Like overnight. It's ridiculous. Yeah. Well it's ridiculous. Dude, maybe maybe maybe your compadre, David Einhorn, was right and there and it is fundamentally broken. What would it kick it? You wanna kick it off with David Einhard? No. No. I'm happy to. Okay. Just like the masters.

Yeah, please. Um, let me read the Einhorn comment because everybody listened last week. And nothing triggers MB more than a comment on the website. So anyone that's dusted off the website in the last six months, okay, can go to the comment section. And as usual, our commenters are then generally dead right, spot on, guilty as charged, raising fair points politely. And this one checked all those boxes, okay?

And but I will I will defend. Um I'll let MB talk and then I will defend my position on the Einhorn situation. But let me just read. for posterity. Let me just read the comment that that Morris wants to answer because we we we addressed Einhorn and, you know, blah blah blah blah blah. We we all right so the comment is this. From from Brian five days ago. You guys couldn't be more wrong on Ihorn. You did the old classic, read the headline, and didn't actually listen to the hour long podcast.

Okay. He's describing what's changing to the market structure and how he changed his investment strategy for the dominance of passing for the dominance of passive investing. I encourage you to actually listen to it. Okay, so I I read that the floor is yours. The floor is yours, Mr. Sachs.

Uh uh jump in any time you like, or if I get too far off of the rails. But I saw that comment and my heart dropped, because you know what? The guy was right. I realized I didn't I didn't listen to the podcast. Okay, so this is where we diverge. Um I said you know what? My bad, I'll listen. But I'm not gonna go d I'm not gonna go digging for a stinking podcast. It's like if you put the link up, I'll I'll listen. But there was no link. And then I read the comment about how he

changed his market position to take advantage. Well I i it's prima facie. So what what's he gonna say? Oh, I figured out the market had uh imbalancing and took advantage of it. Well that that's your job. You know, I I was thinking about kind of examples where things were dysfunctional. AKA broken. And I came to a few examples. So for instance There was a uh during one of the banking crises

Orange County, California. This is before your time. This is back when you were in high school banging cheerleaders. But um there is this guy, Robert Citron, who went to the Bankers Trust company and bought a lot of structured notes. which were nothing more than he was buying Forward, you know.

So you know, for instance, as a just a very general example, there's times you can buy a two, you know, with a spot yield of four, and maybe you buy a three or four or six and a half or seven, because the occurs real steep. So you can say oh I can buy two notes at seven, la de da, all you're doing is buying two years, four years, fours.

Which is nothing unusual, but they they bamboozled these Muppets into buying these notes, which are illiquid, huge sales credit, which we all love, and uh illiquid. And so what happened was they caused this massive dislocation. in the Euro dollar futures. And you got to a point Where there wasn't enough time between where you were and the number of Fed meetings between then and the end of the year for them to hike enough.

possibly lose money if you bought them. And so the problem was everybody I knew was already long out the ass. So what happened? What always happens in massively dislocated environments. capital from other areas got redeployed. So you had the the equity guys coming up with warrants or structured notes because the yields were too high and so they came in and bought Euros and then we got some more capital of the firm, so we bought some more Euros and eventually

They stopped going down. But was the market broke? Well, the Euro futures got real real cheap. My capital got redeployed. So I still would would claim that you know the argument that the market's broken, I I don't I don't see it. The market's job is to. Separate people from their capital. And there have been a lot of instances in my life where you've seen bizarre turns of events. For instance, And I'm speaking in broad strokes here, but there was a time.

When the Japanese just became aware of zero coupon treasuries. And there was some reason, tax reason, why. The Japanese had a reason to own these things and own'em You know, hoovering them in. Mm-hmm. And they got rich and the Americans sold more. And they got richer and they sold more. And then the next thing you know, the underlying bond bond the nine and a quarter. was failing every day and you know and the market was broken. Well, eventually it cleaned up and that's

Far from a broken market. And um, so to listen to him explain to me how he he saw an opportunity and monetized it. doesn't jive with the thought that the market's broken. But anyway, yeah, I uh whenever I see those comments, I take them seriously because if we make a mistake, Even though this is free, um, I do like to have, you know, the information.

So for listener, just be behind the scenes, just be a little behind the scenes. This is th this is how this works, and this is a little behind the show. Okay. This was just an email that Leslie sent to me and MB. And it was the link to the FT article, all right? And yeah, I didn't listen to the hour long podcast with Einhorn. I gotta be honest, there's no chance in hell I'm doing that.

I y I can barely get an hour to do this show with M B. Like the th the idea I'm gonna sit down with my my five year old, my two year old or at the end of the night after I put those two m m monsters to bed, I'm gonna listen to Einhorn for an hour. I'll be honest, I didn't listen to it, okay? And I just

Brian, we're just doing our show here. I know. So yeah, we did do the classic read the headline, and I skimmed the article. I'm not gonna push back against the fact. The the fact remains, yeah, you're right. But we're just chit-chatting here. You don't have to take a look at the personal offence to it and well, you know, I respect it and I was listening to it. But you know, I take those things, this is my baby, right? Um um but uh I think the um market uh by the way, I haven't been

talking much about the market recently'cause I I haven't been interested in it. I just to sit all day when it's blue s sunny sky here in Arizona and watch the Bloomberg is just a fool's errand. But there was enough uh information out there that I felt like we could put together a decent hour of unarrip uninterrupted. Well, I mean I gotta take ten mi I have to take at least ten minutes here to celebrate uh Okay. Can I take ten minutes?

Can I take 10 minutes? No, I need to kneel down and kiss the ring. All right, what's the address down there on West Street or 6th Avenue? Yeah, I gotta go down to 200 West. And take my hat off, okay? And turn my inside baseball hoodie on inside out, okay. And I need to go into Goldman Sachs and say, Mr. Solomon, I'm here to congratulate you on quitting DJing. Taking the advice of me and Old Chestnut, and look what it has done for you. Okay, you have restored Goldman Sachs.

To the crown jewel of the banking. Okay, you cleaned up the Apple mess, you cleaned up the Marcus mess. And you have brought it to an all time high. Dude, I wanna t I wanna say that I was taking shots at DJ D Saw with Goldman Sachs at like three hundred and fifty bucks. And I think it clocked like six fifty, six ninety-five at the end of the day, Friday, cranking off all-time high after all time This week, okay. Everybody's everybody's staying on board. He's keeping Waldron, okay.

So like it was just a absolute celebration. And I'm sorry that they buried it on Friday for you, Dave,'cause it would be great on Monday morning. I hope that you do the I hope you do CNBC, Bloomberg. I hope you make the rounds and they all apologize to you, me included, okay? Because I was really happy for you, like eighty million bucks or whatever the board gave.

And they said, you know, honey, um, I don't like talking about material that's gonna be on the podcast before the podcast. So I found this new trick. This is for all our married listeners. When your significant other is talking about something that you don't want to talk to her about, okay? Just bring up a picture of the newest baby in your family. And once they see that, it's like one of those northern pike. They see the spoon flash in the sun. They got a

So um because uh this ticks a lot of boxes for me. One is The immediate thing I thought about is we should do a we should do a a spin off. You know, like in um Uh Zoolander, the two models did that walk-off. Yeah, yeah, yeah, yeah. So we're gonna have Rich Handler against. David Solomon in a spin off in two categories, best CEO and best DJ.

Dude, I don't know. Solomon's got a lot of hours on the turntables in front of the crowd. I don't know if Handler can can spin records like like DJ D. He can he'd be better at spinning records. Then Solomon is a being the CEO. See okay. All right. All right. See, yeah. I mean I was happy. I I'm not gonna lie, dude. I I I

I was ha I'm can I be happy for the guy or no dice? I could never tell you how you're supposed to feel. I like a good red I like a good redemption story, especially when it's somebody that I picked on and it makes me look like a donkey. So I really I was happy for him, you know?

'Cause he's got a d you know, at the end of the day, you know, you know, he took a lot he took a lot of shit. Like not that he didn't not that it wasn't self inflicted and stuff, but dude, he didn't he weathered that storm, dude. He was I I was happy. I was happy for it.

So here's the problem I have with that, and it's pretty straightforward. The board of directors has a fiduciary responsibility to make as much money. for the shareholders in an ethical and legal and professional approach. They do not need to guy pay the guy eight hundred million dollars. I think it was eighty. I think it was eighty. I think it was eighty. Whatever it is. Whatever it is, you're not happy with it. It's the wrong number.

I'm not saying don't pay him anything, but he y if you paid him nothing, where is he gonna go? He starts his own thing. He goes and does his own thing, like everyone does. Yeah. Like most guys who leave Goldman and Solomon. end up not making anything of themselves. Which is

One of those conventional wisdoms, you know, you Oh here come here come the comments. Here come the incoming comments for the Solomon guys. Okay. Too many cats. Okay. Um So by the way, you uh y did you get the invitation to the wedding? Uh whose wedding? No, I didn't get a wedding in this. Who?

The youngest. No, no, I don't know. Did I check I got a box? I you sent me a box with 400 t-shirts. So everyone should email inside baseballcast at gmail. You and Amy have been invited to the money and why I bring it up here is You're the only one from the show invited, so I don't want you to mention it at the office. Okay. Got it. Got it. Understood. Under I don't um I don't uh wanna mention the date of the location because any you know, stalkers crashing the party. That's fine.

Yeah, but we got plenty of t shirts and hats. T shirts and hats, yeah. Anyone that hasn't gotten their hat yet, I just got a box. MB sent me a a barrage of refrigerator box size packages of merchandise, so Send me the emails inside baseball cats. If you've sent me one already, I've got it coming. Okay. The yeah, man. You would be kind enough to send a printing label. I'll be honest with you. It's not It's not the money. It's not the money. It's the money. It's writing out the fucking UPS label.

No, I've got a system. I've got a good system. Trust me. I I I've got I I'll handle it. Don't worry about it. I'll handle unless you live in China. If you're asking I got a bunch from like Singapore and China. You guys like I had to double check an email, a British email or an address. There was like letters and numbers and the zip code. It didn't make any sense. Um but yeah, I'll I'll handle that. Okay. Um so that yeah, that that that's fine. Okay. So

Um well we spent a lot less time on uh David Solomon, I thought, but if that's how you want it, that's fine. That's enough. Yeah, that's enough. We're not gonna get we're not gonna get delirious.

Okay. Um yeah. Okay. So um in other news I saw China hack The treasury? That's old news. That's old news. Nobody said anything about that. They buried it. They buried it. I'm an old school guy. Treasury. That's where treasury, treasure. That's where we keep the money, right? Dude, that's a big That to me is like a big deal. That is uh like uh dude.

Correct me if I'm wrong. Is that a hostile act from a hostile country? Um hundred percent. Okay, thank you. Like that's kind of a big deal. And the fact that it made the news they didn't remember that general portrayus. Yeah, of course. What what do you are we thumbs up or thumbs down to Petraeus? I'm a big thumbs up guy, but I'm good, because I because he's on Bloomberg a lot and he's good. I like him. So uh one of my colleagues

w was active in going down to Washington. She worked for the World Bank and got kind of connected to the real movers and shakers. That's how I met uh Nate Fick. It's through that friend of mine. Anyway, uh Uh she got me involved with this um bipartisan geopolitical uh Center for New American Security, CNAS. So I anti D up and became a member, and they had lunches with some interesting people. The General Petraeus was one of them. And what made me think of him was

The Treasury Department, right? So he talked about war. And he said, you know the thing about war? It comes down to two things, blood and treasure. Which really obviously stuck with him, but treasure as in the Treasury Department. So yeah, if our treasury is getting hacked, I you know, somebody Would routinely ask me what keeps me up at night? And I talked about how irritating that question is. I came up with the answer to that.

It's these fucking lithium batteries and cars. So I've got rental apartments. One of them in New York has. A parking garage. Ban em. Where people charge their Tesla. Ban em. Get'em out. Why are we why are we taking this fucking thing in? Well I I've I've thrown it

Everything I have against us and they don't care. I would send'em an article every single day about Tesla's burning buildings down. Every single day the board would your partners would get a fucking email about another parking garage catching fire. And uh get them out. If you ever see them, I would love to see them. Oh, I'll send them to you all the time from now on. Yeah, yeah, yeah. Yeah. So yeah, that's plus the Tesla in my house in Greenwich. Like the one in Arizona.

Burns down. It's okay. Dude, the one in t the one in Greenwich would concern me because that Tesla's gotta be four s five, six, seven years old now. Gonzo. Traded away. Okay. The red one's gone. That's but Yeah. Cause dude, that's like an old phone that like when you charge it, it probably gets hot. It's like guys walking around pagers in their pants. Exactly, dude. From the navel to the knees. You had a you had a Hamas pager in your garage, essentially.

So they got another bogus on the Peace going on there. What? Oh, I mean it you know, there's nothing it hasn't been in the news cycle for a little while and it's probably a little homage it's an homage to Trump, dude. It's window dressing for the inauguration, right? Where like he's gonna He's gonna come into office on Monday. Breaking news, breaking news. Um at the dinner table conversation about uh DJ Sal.

A former Trump hater said, you know, Trump could be the one to actually fix something like that. Aha. The enemy of my enemy is my friend. Exactly. Exactly. Exactly. Um I know we we um Don't like to poke the the bear, but you know what's really been troubling me lately is We could get on this podcast and talk about any religion we want, except for one. And if we talked about one, our lives would be in danger. How does that go on? Um, I think that that that f that that that is crumbling. Um

You know where the pushback to that is coming is coming from Ireland, dude. Um the Irish people do not have much of a filter and dude, they they they've been there's been an influx of Muslims into Ireland, okay, where they've been they've been mass i there's been an influx of refugees, asylum seekers, whatever you wanna say.

And the Irish people have been like, uh uh, this is not our culture. You're like you you d we have a culture here. You're not Irish. We don't do things like that that way. And there has been a A little bit and dude, you know what else is gonna bring that down? Is Trump, dude. Trump is gonna stop Trump is gonna says whatever he wants about whoever he wants.

Um and that is a delicate. What happened? He almost got shot in the head. I know, I know, I know. But yeah, you dude you have to t you have to do the whole the that all stems from like the Charlie Hebidot thing in France years ago with the cartoons. Um but I've seen a lot of stuff lately in Britain and Ireland of them pushing back against.

the cultural clash, however you want to put it. Um but yeah, I don't know. What do you want to do? You want to sit here and and bash the uh Muslim faith? Well I I uh far from it, but I I think this charade we're dancing through has to come to an end, you know. Yeah. Well can't go on forever. Won't and uh you know it just seems like you know, everyone's dancing around a problem. So there's a situation in Europe where it's similar to what

You're talking about in Ireland. And according to sources believed to be reliable but cannot be guaranteed, some northern European countries are thinking of paying people to leave. Yeah, no, it's um dude, France, uh if I mean if I just skim through the headlines of like where I've seen the uh the the cultural clashes and like the the They invented the carbecue.

Then yeah, the nations th yeah, ex the nations holding on to their cultural identities. I think like like Sweden, I think has been like s has really struggled. Um England, France obviously, it's uh

It's yeah, it's it's the global the w the global m I don't know how to I I don't even know how to describe it. The globalization of of uh like the global movement, like the the the ease of which people can move around now as is you know, you can you can move from you can get from Egypt or the Middle East to to France in two days and

and set up shop, you know, and then and some of the nations welcome you, um, because you're technically an asylum seeker or a refugee. Dude, our own dude, look at the you can go down you get off the train at Grand Central you walk one block is the Roosevelt Hotel or whatever that has you know, two hundred rooms sheltering migrants, asylum seekers, quote unquote. But that's created a lot of value for the hotel owner. Um

So Torsten Slock, I know you're a big fan, I am as well. He's been leaning towards the economies picking up. Mm-hmm. Mm-hmm. You know, I From the view from ten thousand feet in the expensive seats, the rich people stuff you can tell is getting tighter. So for example, you know, we were trying to get some hotel rooms in New York City. Uh the stuff's tired in a frog's ass.

I don't understand that, dude. I don't understand. We're gonna have to get uh we're gonna have to get Big E on the show for a for an insight. The read the reader's digest version for Big E, I spoke to him yesterday, um, was that the unions had put up so many barriers. to the hotels that it's almost prohibited anyone from making new new investment. And then you take all those rooms off the market that they've got the homeless living in and yeah. And you know, even in the depths of the the

hotel problem. You were still getting eighty, eighty five percent. You know, occupancy. Yeah, yeah. So but New York's always been tough. So uh I looked at them recently and they were astronomical for like a random like winter weekend. Like a hundred and ninety bucks a night or something. No two seventy nine for a market.

And then they rip it up with the taxes, right? Oh dude, two seventy nine, two ninety nine, then by the time you're done you play fees, the city fee it becomes three fifty. And like that's like a suspect hotel. If you wanted to stay somewhere decent, like I'll I'll just use k you know, the Kimton event year what three seventy five. You wanna go to the Ned, which is a nice old hotel, it's like a thousand dollars a night, you know? I I'd be curious to see

Um what's the one? The the Chelsea. I'd be serious if you see if you wanted to do the Chelsea I heard they're making money there. So I'm not sure. I did too. I did too. I heard that that's that's a thing again. And uh best part for me is I was maxed long at the low in that business and ended up losing money. Sorry. I don't know how I've made it this far.

So but back to Torsten and the economy. So the hotel, what is what do you read out of that, you know? Well, he made something that really caught my eye, point out the the household consumers in good shape.

So people are comfortable spending money. So I wanted to book a flight from White Plains to Leadville in uh Uh February or something. Commercial? No. I just had to ask. I just had to ask. Ask anything you want. I may not answer you, but no, I'm no. I'm very delicate. Yeah, yeah. Okay. So you want to go from HPN to Leadville. To Leadville. And it was I think gonna be in February. Okay. The NetJet person wrote me back, we're not quoting anything past December. Which tells me that

There's a lot of demand for the private aircraft. Now that's not Joe Consumer, but if the people who have their finger on businesses, which is the wealthy people, are spending money going to hotels and f you know, then I'm not gonna try and create an index. There's plenty of those, but um yeah. You know I think anyone that has how about this? How about if you're a homeowner in America? If you bought your house and

in I don't know, pick when whatever before the rates skyrocketed. If you're locked in to your two percent mortgage for the house that you bought, and let's just put let's go back, it's 20, let's go back 10 years. Like let's just go or even eight years. Fifty percent. Fifty percent probably in some s eighty percent your home value has gone up while your mortgage on your location it could be anywhere. Could be it's in ev everywhere it's gone.

though in some places astronomical while your mortgage payment has stayed at a thousand dollars a month. Okay, for your for your six hundred thousand dollar house that you bought that's now worth you know, nine seventy now you're stuck, right? Now, you pay tax, you get a bit of a break. So you're stuck, but that's great because now you've got your thousand dollar a month mortgage payment, your 401k has gone up, your home value's gone up.

Your kids aren't little anymore and they're not buying toys, all right. So you've got money, all right. So you people have surplus money left over from they didn't spend money during COVID. There is don't put it don't put it in the treasury. You think our treasuries are safe?

Yes. Maybe we should move everything to Bitcoin. Dude, how does that how did they I I don't know, I don't I mean technically I told you my one experience. I don't I don't Uh you got a bunch of people in Asia who are smart, they're motivated by the whip on the hand, and you know Well they say the hunter can make many mistakes, the prey only one. Yeah. That that's a keeper, huh? Yeah. Wow. Yeah. No kidding. But Mark Twain said

Um um a mine is a hole in the ground with a wire on top. Wow, yeah. You should have said broker, but Yeah, it's for time for period adjustment, it's a broker, you know. Um Yeah, that's um

Dude, I'm surprised number one, I'm surprised it made the n it made the news and then I was surprised it wasn't of like nobody really talked about it. It was kinda like, Oh, by the way, over the weekend the Treasury Department was hacked by China. And uh let's check in on GM, which reached an all time. It was just like that.

And when I understand the aspect of it, I guess what are you gonna do? You're not gonna amplify it and raise the alarm. Or do you raise the alarm and put everyone's, you know, get everyone's back arch yeah, take it to eleven. Yeah, yeah. I mean that to me is highly concerned. It's eleven bit on that side of the pit. Yeah, yeah, I know, I know. Um I don't know, dude. I think the um I think the it will be an exciting time the beginning of of his of Trump's

Uh presidency. I heard they're gonna do big raids in Chicago. Even if it's not true, I enjoy the story that he's sending a thousand ICE agents to Chicago on like Monday morning with like door knock, no no no warrants. They're just going and they're gonna Yeah, I heard they're gonna sweep Chicago Monday morning. That was the news that I heard, okay. I told you the day I'm waiting for is the day of the inauguration. See what goes on in the Middle East.

Well they've already said we're gonna have what they're gonna out of respect for the inauguration, we're gonna do a ceasefire, and I think everyone's gonna be lovey dovey over there. Yeah, I don't know. They dude he already got his hostage deal worked out. Um yeah, it's it's

It's it's gonna be interesting to say the least. It's it's a what a time to be alive. But dude, since we brought that up, um The fact that you and I didn't make an old chestnut coin in like two thousand nineteen And you were so fucking right. That was so right, dude. And we had the people. Big E was like, yeah, I'll give you the guy. It costs nothing. It's a- Yeah, here's the here's the difficulty for somebody like me. Okay.

Having at one point every securities registration required to run a Wall Street firm. I'm I feel like I'm a danger for stepping my toe on the line because we have this podcast. So for instance, one of my cycling buddies. It was early into the spec stuff. But he was back in my mind when it was like a real business. It didn't turn into the

Yeah. So chamoths in the world. Yeah, yeah. Yeah. So I had a breakfast meeting at that shitty diner on the Post Road in Greenwich. Okay, yeah, yeah. Anyway, so I was having breakfast with two spat guys. And they were explaining the spec structure to me. And you know, I'm granted is uh uh one of my former colleagues who we teased with the nickname evil, but it really counted kid.

He called me a hater. Like we'd all go see a movie, I come in, I don't like it. Why? I didn't. Good for him. Good for him for labeling you that. Dude, good job. You total hater. I don't remember what I was gonna say now. Nothing about I just hate everything. The spaces. You hated the specs. The spaces So but they use the phrase, listen, you can't lose money.

And the thing that immediately popped my mind is you've never made money on a trade you can't lose. And I had a history of this stuff. So I didn't invest, so I dodged that bullet. But Uh anyway, my friend I'm talking about is in the business. You know, I I keep in touch with him. And he spent a lot of time in the um the uh medical care space and apparently I didn't really realize this. But apparently a lot of these small companies were getting loans from private equity.

So there's a lot of these companies out there that have very, very good products. I've read about two or three of them that it seems obtuse that somebody hasn't bought them. But I am afraid to talk about it because number one, I don't have a financial position in it. One day I might like to. Two, you know, what happens when I get sued because I was promoting it, you know, blah blah blah. I don't wanna I can't run that risk, which is which is too bad'cause

There's some pretty cool shit out there. And when you're retired and you have the time to kind of follow your thoughts on the internet. Which is something I did a lot. Um I did a lot when I was working at home. You know, be late at night. There's nothing more charming than two in the morning in New England when it's thirty degrees and snowing and it's pitch black at four p.m.

So yeah, I did a lot of searching on the internet and I found some great bloggers. Uh there was one that called the subprime so good. We used to have a nickname for her on the desk called the Oracle. Wow. Wow. So we made X millions. On the subprime. Solely'cause I was chumming the internet one night and I clicked on a link and it took me to this website called Maxed Out Mama. Yep. And she was reading another blog from this woman named Tanta.

who was like a mortgage originaire aficionado and she went through the whole math why the whole thing was gonna blow up.

So the gut is credit default swaps to levels where you could lose money, but the amount was definable. Yeah. So we shorted all these structures and CMOs and you know, made fifty hundred, two hundred basis points on them. I bought a personal default swap on Fannie Mae. I put up ten grand and it paid off at like ten to one or fifty to one. Yeah. Well so I was going to bed at night owning all these munis which were backed by Fannie Mae. And I'm like, well, Fannie Mae goes out.

I got, you know, a loan against the sewer. Yeah, so I I went and talked to one of my bankers to write me a credit to fault swap. Yeah. And I I got lucky. because of the nuances of the credit default swap. See not everything works up bad for me, but he settled the credit default swaps on a basket of deliverables. And we're one of the deliverables trades. And at that point there had been a lot of high coupon fan maze issued and rates had backed up. So the price of these

Bonds had dropped a lot. And so my bond settled against the cheapest deliver, which strained at 93 cents, and it settled against. Part because they had defaulted. So that one worked out okay. Uh dude, Bill Ackman's involved in Fannie Mae, dude. Um of that stuff. A shit ton. Like he could be the single largest holder. Yeah, dude. He was talking it up last week or the day like the last day of the the He might have he might have a hundred billion shares. I don't know.

He's been on that like jucks on ducks on a June bug. It's up a hundred and fifty-five percent in the past month. Yeah, uh it's probably'cause of him buying more. Three seven three seventy three three hundred and seventy three percent over the six months, year to date, a hundred and ten percent, year to date, a year, five hundred and forty percent over.

Dude, don't why do you why do people do this to me, dude? So I was just gonna say you being up at night, I like to think of myself in your in your mold when I'm scrolling Twitter reading the Carvana fraud being exposed to me like part by part. I'm like, ah, this is just like MB with the mortgage, uh dah da da da.

Dude, the Carvana thing haunts me. Number one, they send me an email daily trying to buy my truck, which I'm I'm going to sell them my truck, okay? Because they Does it have a lithium battery? No. It's got a gas motor, but that's why I want to buy it. Dude, I owe sixteen nine. They want to give me sixteen six on the truck. Take the truck. Take the truck of the colour. Exactly. Exactly. Dude, I cannot it they are just sure one and I'll find one. Dude, it is in

Incredible, dude. They send me an email every Monday and Friday being like, we still want your truck. It's yeah, it's incredible. And dude, the stock, dude, there's a couple things that this that dude that that Heisenberg short shop. Closed up this week. Did you see that? No. They announced that they were gonna they were done. Like Leslie Harris said, it's a tough way to make a living.

Yeah, they they to they lead they were the tip of the spear against Carvana. Do they also they speaking of um Leslie Harris. Is there any truth to the rumor floating around that Liam Allen Enterprin Entertainment Enterprises is thinking a spin-off of Inside Baseball Wall Chats called Inside baseball with old chestnut and life coach Leslie Harris? I don't know. No. I want to do a music show. I'll do a music show with Leslie. Okay. We can do we can spin records, me and Leslie. Okay.

I'm still I was thinking about that T shirt Pennerprise. I wish we could I wonder if we could sub that out. Uh sure, dude. There's a some t-shirt has a website. Does. No. No. We're not outsourcing us. Although that they might be part of the team soon, according to you know, that cocktail party bullshit, I think that philosophy has legs. I really do. Yeah. You know, it's how you want to live your life.

Um that's just one man's opinion. Um what else um but again, dude, the news the news this week was I saw Heisenberg the short shop was was closing down. I see Carvana will refuses The stock refuses to go down. It's still on an upward trajectory every single day. It just boggles my mind. Um, but um Yeah, I did I I thought of Leslie when I when he when that Heisenberg shop went out and they said look we you know we've

We've been right about all of these things. And they they had a great track record. They had a nice list uh, you know, a hundred firms that where they they wrote the note and the stock went down eighty percent from the note and yada yada yada. But at the end of the day I was like Where's the where's the money? Where's the money? Where's all the money? You know? The Fannie Mae thing, I owned a lot at one point.

I mean, I owned some and it went down and I bought a lot because it was like a dollar share. But that thing was close to being resuscitated, which would make it at some incredibly high dollar price. So um you know I got news for you. If uh if you do your own research. I'll bet at two bucks a share. If Ackman gets the thing back up on its feet, it'll be worth a lot more than that. You know, I wanna say he mentioned like

Trump Trump getting involved and them doing something with it. Whatever he whatever he entirely possible. Whatever h whatever idea he f he floated made made the the chart fly. Um but not shorter.

Yeah. Yeah. Uh in terms of Billy Ackman's coming up with trade ideas and then taking them public, there was that one where He was gonna like with J C Penny, he was gonna like have lapel labels or something with discounts and please, please.

The whole thing. You weren't around. So back when I was at Grunge Capital, we traded some foreign exchange. Mm Leslie was pretty much in charge of it. Um Uh but uh uh I try to keep an eye on it because that would be the you know, the Euro Yun cross, which is affectionally known as the Death Cross. would be a harbinger for bad times. Mhm. And so you know, you try and keep your finger on different markets and um somehow I say this innocently, but it was right in my w area of weakness.

The Hong Kong dollar was perpetually rich. And so there was always rumors that they were gonna devalue it. And the guys who were the movers and shakers would look at people like me that would come in, because we'd be hoovering up these out-of-the-money.

Hong Kong dollar puts cause they would trade for pennies. And the payoff was like five hundred or one. I don't know, something crazy. And uh this is the genesis of the famous quote, we're doing something stupid. You want in 'Cause we were buying millions of dollars with this premium Robbie Walls across the trading floor.

And I didn't want anyone to feel left out. So I'm like, hey, we're doing something stupid. You want in? Anyway, um, Billy Ackman got on CNBC and talked about how he did this whole big pitch book and why they were gonna for sure devalue the Hong Kong dollar. And uh of course we had a bunch of these. And they went up in vague because they pushed the ball around. So I, you know, they went to they went to is they are now affectionately known as um option heaven.

You know where all the the zero premium options. Of course. Yeah, yeah. Um I sent Bill a note a while ago. This is years ago. And I said, you still got those Hong Kong dollar puts? Total asshole comment, right? But they started to percolate and then he writes back, yeah, I do. Anyway, he's been the same way with this Fanny Maystock. He just has got his teeth bit into it. And you know, I get it.

But what he does, which I'd like to see is a page out of my book, but it's just being common sense, he'll go and spend a million bucks on lawyers. And take the government to court and prove why they should have to give up their ownership, stuff like that. So he can actually make History. Yeah. No. So I'm giving you a shot here. Okay. I'm not recommending this, but In the world of full accountability and cocktail party bullshit, if we come in in a week and that stocks at twenty.

I'm whining. Yeah, yeah, yeah. You can buy all you want. Just because that's how my life works. And uh um Yeah, Fannie Mae and Freddie Mac, right? Fannie Mae and Freddie Mac or is it just Fannie Mae is is the issue? I would look at both of'em. Yeah. I'd get a little um tasting menu. Interesting.

God damn it,'cause I I don't know, like I wanna say five days ago it's must have how long ago was it? It was like Dude, it's up a hundred and fifty five percent last year, Leslie and I were joking about this the other day. That's probably from a one lot that traded. It out of the range of the day. Dude, so in in two thousand in two thousand and four it went from eighty six or something.

To 20 cents. Yeah. And you know how many you could have bought there? None. Certainly not a million shares or 10,000 shares. So you okay, good, you got a hundred shares for a hundred dollars. Now you mean two hundred dollars. That's fucking awesome. Tell that at your next cocktail party. You behind Rich Handler having a spicy market. Dude, why didn't Jeffries get clobbered on Monday? I don't know what happened. I have no a I don't watch it day to day, but so how much money did uh

The Goldman guy at 80 million? I want to say 80. Okay. So last week you told me Jeffries was up a hundred percent of the year, right? The stock? Yeah, ninety eight. So congratulation to our friend Rich Chandler, because he got paid a billion dollars. How how do I know that? Because at the end of the year he had a billion dollars worth of Jeffrey stock and it went up a hundred percent. You know, I'm not good with math, but that sounds like a hundred percent. Right. Um

Or as I like to say, 50% of something is better than 100% of nothing. So now why am I good with that? I'm good with that. Because the guy's had one job since college principally. He's taken all his comp and Jeffrey stock. He's never sold a share. Never sold a share, right? And he's all in. How can you not be behind the guy? Um dude, he is he is the template of a successful CEO leader the has gone from

Dude, he could be he could be a a a boomer'cause he's technically at the age of he could be total dad nerd. He is so cool and so hip. Oh here's a guy if I went to work with, okay? I'll tell you right now, for the first six months, we'd be pulling each other's hair out in frustration. And six months later, the money would be coming in faster than water off of Niagara Falls. Just'cause he's one of those people. Yeah.

Yeah. I'll tell you why he and he's he's got his daughter, dude. He's got a daughter that he's got like a whatever, a tw call a a twenty year or twenty-five year old daughter, and he has a clearly has a relationship with his kids, and that is what has kept him in touch. And that's why he can do it. He goes out to dinner with the juniors. He can talk to a junior banker at Jeffries.

about anything, like he's their dad, but also like he's the CEO. So he gives back to the University of Rochester. He's deeply involved in his school, if not like the most involved alumni. I just to me he just checks all the boxes, dude. He's gotta be careful. He can't fuck it up though. He's he's done it all it's almost too good to be true. Okay. Let's not fuck this up? Yeah, exactly.

Did I ever tell that story? Yeah, dude, it's one of the best. Yeah. What the what was the tribe Indian? Crete? A Crete Indian? Crete. Yeah. Yeah. Crete. That's one of the old time great lines. Yeah, it is. Yeah, yeah, yeah. What you would you would gone you were out at the uh a fishing camp? And me and my friend Buck who are total fucking And Rory, the fishing guide, every time you caught a trophy, he got like$50 tip. So there was a hundred bucks on these lines. He did not want these fish to do.

Get him off the line. That's what he said. After not speaking a word of English. He said, let's not fuck this up in person. He hadn't said a word until the fish were on. But he did say in English, hey, can I have a beer? Yeah, yeah. He was looking for beers.

It's okay with Brett. You're such a hater. That's'cause you're a fucking hater. Brad officially told me no beer for Indians. I thought that was like one of those urban legend things. Apparently they don't have an enzyme, so they get they get very drunk on the bear. Um there's a there's a great ride in Arizona called uh Kipps Observatory. I think it's Kipps Observatory. Okay, yeah, yeah. Interesting. Yeah. So there's a huge climb and we ride out on highway whatever. And

There's twenty five or fifty crosses on the side of the road. I'm like, the fuck is that? Apparently if someone gets in a car accident. and dies, they'll bury a cross on the side. Okay. So I'm like, that's odd. And they're like, well it's not really odd because We were just leaving Indian land on this highway. And between where those crosses are, there's nothing but Dead Street Highway and a liquor store. So these Indians were going getting all liquored up on Friday. Yeah. Yeah. Yeah.

Yeah. That observatory ride, there's nothing so mental mentally penet punishing that when you get on a climb and you can't see the fucking top. Ugh. It's like um Stevens is just, and you make that, you know what I'm talking about. The listeners are probably bored when we talk about this, but you make that right turn. And all of a sudden you see the top of Kievans. Which is a mine. Yeah, yeah, yeah. There's nothing between you and that just

12,000 feet. It's just it's like jaws where the shark jumps out of the water. Wait, wait, whoa. You're trying to go to Leadville? What are you going to Leadville in February for? Well, so One of our friends, Peter McGary, I invited to become part of the Ludville family. So he's gonna do the run. Sort.

Sort of. He's running. He's not riding. He's not doing it on a bike. He's it's different. He's like he's like the hand he's like the he's like the nice handicapped kid that like, you know, he He's run a ma he's run a a marathon on every continent, including like Yeah, or get out of the plane and ran around the plane three hundred times. So I he said he would do it if I was there to support him. We do, we do.

So I line up the support staff. I've rent an Airbnb, which by the way, I booked for the wrong dates. Perfect. Yeah. I didn't even bother trying to get the money back. Give me the dates, I'll go. You want it? When I get the reminder link, I'll send it to you. Not if NetJets wants 30 grand to get round tripped, okay?

So that was my plan to go to Ludville. But uh What are you gonna you haven't answered my question? What are you gonna do there in February? What are you going to do in at 10,000 feet in the winter? I'm gonna shiver. Yeah, yeah, that's like uh you're gonna it's it's unwell for you. They g is he gonna go run and train? What's happening? He's training, I don't know, he's running like 300 miles a week, I don't know. All I know is he's up at the level of U and E. Gee's in terms of athleticism.

I know. I know. I just like to break his balls about the running thing, because I I just I can't I can't I cannot support running in any fashion under any circumstances. I I I hate runners. I hate running. Okay. Running is I don't want I don't like making fun of her on the show but Cheryl had the epiphany she could do the walk. Because she does all these long walks. And I'm I'm like, okay, talk to Jason. Whoa, whoa, whoa, whoa, whoa, what's the walk?

Well you can't walk it, okay? Cause you have to run a hundred miles in like two hours or something. Okay, yeah, yeah. Yeah. So walking is three miles an hour. So it's designed so you have to run. Apparently last year one guy had ten miles to go and he said to Cli Ken I can walk it, I got it. He goes, No, you can't walk it. He goes, what do you mean? He goes, the checkoff points

are far enough away that if you don't run, you miss the cutoff time and you get pulled from the course. Yeah. So that's a cage old caj you got in your hand. Yeah, yeah, yeah, yeah. Yeah. Um but uh yeah, I was gonna go. I was gonna wear my, you know, Arc Terix, you know, puffer. And uh my smart wall socks, my uh uh La Sportiva mountaineering boots, and I was gonna shiver. I don't know.

Dude, they're not landing a plane at Leadville at in February. The problem landing isn't cold. I think it's heat. I think it's the altitude, isn't it? Twelve thousand feet. It's this but the higher you go, the bigger the temperature becomes okay.

It also taken off at altitude. As I know many times you've flown out of Vale at Private Airport and asked you not to bring all your luggage'cause the plane would be too heavy. Yeah, yeah, yeah. Um no, I thought you I picked up my wife at Westchester uh the other night and I uh I drove past the old uh you know, your your your hangar there and I just I reminisced on the good old days of uh when rolling into the airport and you being like

Oh, there's my other plane over there. I was like I was like, excuse me? And you pointed over to the to the turboprop. It's funny you mention that, because I was just pining about old times yesterday. Particularly Airports, which is one of those airport companies I own. I remember buying this from um Macquarie during the height of the banking crisis at a price I uh I thought was just dead, not possible. But they kept insisting, they kept lowering the price. I'm like, listen.

I'll take the whole thing. I forget what it was, but uh it was a lot, but not not billions, but I just said like and and we bought it and um We got access to all these airports and I bring it up because it was a moment in my life where my ego just kind of hit the high. So one of the airports. the AFCOS managed was in like Menlo Park and we managed the airport for Google. And Google's NASA shit. And so I flew out to Cupertino to go bike riding with Macy. And so here's the high.

the you know, the the master of the universe high. We land at my airport on my jet. Well Air Force Two is on the runway because the Vice President's even I got off the plane and I looked for the sell button. Like this is the high. Like there's gotta be a cell button. That was on the jet. That was after the that was not the turbo prop. That was the jet.

Dude, I love dude, I wanna thank you again for because now I have uh I have s I have gone under the hood of private aviation and I know more than the average Joe. But there's these guys now there's because now it's a big business. Or maybe no, I shouldn't say maybe it's a big business, but now it's It's more accessible or it's more promoted.

They're always I'm always getting uh promotions for like empty leg returns. Like there's a guy on Twitter that's like I got empty legs, I got empty you know, you wanna fly back from the Bahamas to Miami, it's I got an empty plane, you wanna get on it, you get good. But then there's guys that are like that are there are shillin' flights and shillin' planes and they go into like

Shawgame. Dude, it's better than cars, dude. It's better than cars because it it's like cars, it's like high-end cars and real estate mixed in. You get the slimest You're like it just I love it too. Oh, whatever. They talk about like he he had all the f the stuff added up, but he didn't have de icing and I was like, dude, you're gonna fly into Chicago in February? You better factor in seventy five thousand dollars for that de icing. Yeah.

It's like for instance, I went to all these construction meetings, you learn stuff like you're allowed to pump thirty-five gallons of groundwater into the street sewer system a day without a fine. It's amazing. Yeah. I c I got a permit. You know what? That comes up at cocktail parties. Yeah, exactly. Along with how you bought

You know, loosened or whatever the fucking thing was. Oh no, that was great. No, I did I rolled up to the airport and it was just like it was dark and cold and I I was going I was picking up at the uh you know like incoming flights at the at the commercial hangar. This is where I learned one of my little tricks. Years ago my business partner

was who had this little habit. He couldn't spend the money fast enough. I love him like a brother. I owe my career to him, but he just had this habit. Like he had to have like he couldn't get a regular mattress. He had to get one of those Duxianas kind of thing. Yeah, yeah, Duxiana, yeah, of course. He built his uh house in Conyers farm. And I'll never remember the name, but he had to get those German wind Tisler windows.

He changed the price of the house by like thirty percent. Those guys are good for the economy, dude. They're great for the economy. They're good for America. So he was flying private to Necker Island and you know the whole and I'm like

Don't you feel funny about spending$35,000 for a plane ride? He goes, Where where are you flying to this weekend? As we're flying to Milwaukee. And he worked through the legs with And he said, um, he got a quote and it was like seven thousand bucks to fly to Milwaukee directly. And I'm going back and forth and I got Cheryl and the kids and stop fly to Milwaukee, drive to here and And he says, Look.

I guarantee you if you don't think it was fantastic, I I'll give you the money. Mm-hmm. He says, How can you refuse that? That was the seminal moment of Cocktail party bullshit. Wow. Because the guy is telling you he'll stop you out on it. And you know what? I've not turned back. It was

Fucking as advertised. Dude, that was the that is one of the best endorsements that you've ever taught me. Um, where I'd be like, all right, you know, like was it good? You you we used to do restaurants and you were like look. If you don't like it, I'll pay for the fucking dinner and just go eat. And I was like, okay, that's enough. I've heard enough. If if he vouches for it like that, okay, then it it's gotta be legit, you know?

Yeah. So that's why I'm so big on when people say things. Like, you know, uh at Greenwich Capital, if you said something stupid, like I could do 500 push-ups. Yeah. Okay. There was a time, this is pretty funny, depending, the zero coupon trader, also the inventor of bimble drink. Oh yeah. Um said or somebody off from

Five grand to shave his head. And he'll never do it. He'll never do it. And he's like, five grand? They shave his head. He goes home. His wife loses it. Apparently it's a total meltdown. He comes back to work. He's got no place to get. The building guard wouldn't let him back in the building? Never seen you before. Yeah. So you learned about, you know, you wanna be known as a total douche and shoot your mouth off, fine. But You want to back your money up then

Yeah, I even scolded my daughter about something the other day. She said it was the best ever. And I was like, whoa, whoa, whoa. I was like, we don't we don't do best ever. Okay. I was like she's like, why not? I was like, well Morris taught me that if you say this is the best ever, you're eliminating the potential. You're like we we just don't do hyperbole. Yeah, don't write You know calls. Okay, all right. But yeah, I just I just laughed at that. Um

So yeah, dude, that's funny that the um that the the market just ripped on Friday, you know, inflation came in low. What's better than nice Friday where m you know SP's up one percent, Nasdaq up? point and a half, you're s you're around six thousand. You know if you remember the episode where I said, you know, I'm surprised the market You know, yada yada yada and tear'cause'cause all the good news, right? You got low inflation, you got a benign fed.

It's sort of wet dream for equities. Yeah. Yeah. Households are in good shape. I guess banks are lending. I haven't checked. Um I know they're lending because I just refinanced a property and uh a couple of my real estate friends have refinanced. So Okay. And these are good credits. They're not you know triple A credit. Yeah. So you know I I I think the risk appetite is up.

Yeah, looks like the Middle East isn't gone up in a flash. Yeah. Apparently we've had a change of power and there wasn't a a coup. Right. We even have Trump haters in this house talking about hey Trump might even be able to do something good there. Dude, over a long enough time horizon, okay? Give it time, dude. How could they hold out how could they hold out animosity in that household when he has

single handedly brought the hostages home, okay? Like that was you had a job, you did you you you got that you checked that box. You got you put the fire out temporarily. I would I would throw my a guy that's had breakfast with people that said There isn't one thing Trump ever did. Not one thing. No, not one. Give it time.

Giving it time, okay. Um speaking of giving it time, dude tether has not gone away. I still see the tether haters or the tether haters that that I still Uh that one cut me to the bum. It's not over. It's not over. Okay. They're still doing funny business. I don't know what goes on over there, but the people that that that like um whatever maxed out mama that identify and they show facts about that that are like indisputable facts.

that are purely criminal, okay? That don't stand any sort of test, let alone an accountant looking at'em. It's just fascinating to me, but just the the days go by and nothing happens. Um and then you get the Trump thing on Friday night where It's I I just it's just a mania of Is it too late to start a lame MB coin? It can't be. Trump no, it can't be. Um it c it can't be. I just think I don't understand. Somebody will send us. We we've got I've got some guys on the uh on the email.

Oh man. All right. Well, this has been fun. I wanna thank you. I don't ha I can't do another ninety minutes. I've got a a snowstorm on the way and kids that need to uh Ninety minutes. That's what we did last week. Yeah, exactly. Ninety minutes is a holl yeah, an extravaganza. Yeah. Thank you for listening. I I was talking to the missus before I figured out the trick about showing pictures of babies. And um I was thinking Imagine talking for an hour without having a script.

Without having the ability to go back and edit something. And without sounding like a total fucking idiot. Well maybe that's my error. Yeah. What's that guy's name? Who sent us a note? Brian? Brian, yeah. Maybe we sound like idiots, but I think it's a pretty cohesive So basically because I got enough people without a filter that it'd be like, Dad. Got up already. Yeah, we got Bob Cobb. Bob Cobb keeps us in line. I get plenty of emails inside basic.

More joy to your day than any email from Rupert. Listen, all right. Where have you guys been? I miss you guys. Other side of the world, dude. The other side of the world. Yeah. What's that? Saturday? I love Rupert. Rupert will check in Rupert Mitchell Blind Squirrel. Okay. Go go sign up for the Blind Squirrel. Dude, he does like a 10-minute podcast. It's phenomenal. Okay. Rupert's on the other side of the world.

So I get the uh I get the the m the I get Monday's news on Sunday afternoon, I'm all ready for the week with Rupert. You dialed in there in Stanford, that little office you got there. Oh yeah, yeah, yeah. We do it we do it.

The home the home is successful, yes. Are you taking the this is gonna hurt, I have to ask. Are you taking the kids and teaching them how to snowboard ski? Are you are you doing that? I've taken no not yet. Okay. I haven't I will, yes, I will. See, I'm so jealous of it. I tried really hard to be one of those Greenwich Going couples where they took their kids and went on the ski holidays.

to all those cheesy places like I really wanted to go to Deer Valley and pay a hundred dollars to roast marshmallows over the dude Beaver Creek Beaver Creek you get a a warm blanket and warm chocolate chip cookies. What if that I said Beaver Creek or Deer Valley? Deer Valley. I thought I'm sh I think Deer Valley's the same way, but Beaver Creek is like

But there with your f boots in the warmer. Yes, yes. My little kids sitting, you know, with chocolate everyone. Take a couple of turns. No, I fucked that up. I I since I was a snowboarder, I thought It'd be better that I teach him to snowboard'cause I understand the equipment, I under no. Kids can learn how to ski right away. Snowboarding's hard. And had I taught them to ski, they would have fallen in love with the whole thing. And we'd be

Like the rich Goyam family that I hate so much. Yeah, y dude, it's um the kids the kids are better in ski school. My theory is you're better off g sending'em to ski school because you're gonna get someone like Cheryl that's gonna teach Cher that's gonna teach ski school

And you're gonna get like E.G. for snowboard school. So like I'm gonna go with Cheryl for the kids. I don't need the kids straight lining down the hill at three years old following Eegee. Okay. I need them going pizza french fries with Cheryl, you know, nine. Yeah, pizza french fries, a little hot chocolate after it. Dad, that was so much fun. You know? Not the uh arder of the backside into the hill. Yeah, hiking Tuckerman's and like no breaks down the hill. Okay.

Yeah, no, I know. Um but dude, Vale Resorts, um let me take two minutes to bash Vail Resorts because they have ruined the skiing experience for America. Period stop. They have made little tickets room for five hundred bucks a night, non refundable. Yeah, we're not done here. I got five minutes to do on veil, okay? They they they botched Park City, dude. All right.

They embarrass themselves. Okay. This is the cr one this is the crown jewel of Utah skiing. I maybe Alta, whatever it is. But parking Fortress? What's that? Aren't they owned by Fortress? Uhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

It and it was Apollo. I think Apollo bought them. Apollo flipped them. But anyway, they're back to the res Anyway, they wouldn't pay the fucking ski patrol at Park City. Ski Patrol went on strike and they said, Okay, we're not gonna work your mountain. They had lift lines a mile long from Christmas Eve until New Year's. They worked it out afterwards. They ruined thousands of people's

winter ski vacations at Park City because of that. Um they've driven the lift ticket cost up. Like I wouldn't go ski Vale. I would get the pass, so I would. But if I wanted to take the kids, dude, it's like two fifty nine or something. Yeah, and you get half that back if you sell it at the end of the day to something. You used to be able to do that in the parking lot, you could sell the ticket. I don't think you could do it anymore. Um No.

Dude, it is it has become criminally prohibitively expensive. Um, but there's still good mountains around here in New York where you can go to Bel Air or Hunter or something like that. I would I I take that back. Those are about pointing the skis downhill. In blue jeans. I take it back. I take it back. You're not going to hunt it, dude. You get killed on that mountain.

70,000 people there straight lining it. Okay. You're not going to Hunter. Okay. You maybe go up to J Peak or Sugar Bush in Vermont or Loon and you take your family skiing there. Those nice little quiet mountains. But but Vale has Yeah, but Vale his wreck. All the big mountains, they've come in and they've bought all the mountains, they've jacked up the prices, they've they've reduced the overall quality of the experience by getting rid of the

of the old local ski patrols and the people that ran the mountain, um and it just leaves a bad taste and it's just a bad vibe. Like if I wanted to go Ski Vale. If I was like, all right, I'm gonna fly to I gotta l I gotta fly to Denver. It it's it's ten grand it could be to get all the kids up there to get a night a couple nights in Vale. It's bon. Yeah, ultimately it makes the plane ride on your private jet seem cheap. really does. It makes it seem like a logical thing to do.

She was a good sport. She tried she tried the cross country and oh wow. You know, some places are better than others, but you know, telluride, my favorite, had a really shitty cross country. Yeah, you're not going to tell your ride for cross country. You're going to tell your ride to ski the beautiful She didn't you know, she wasn't a skier. Yeah, yeah, yeah, yeah. She was trying to find a way to make it work, so she were cross country.

and come home and read and we have nice dinners together. Cross countries did like it figure eight for like three hours and it was like, okay, I'm brain done. Okay. Our good friend Jason Tullis is coach of Colorado mountain biking team. And he has uh an impossible task to find affordable housing. Oh. Because all the Tom Cruise has bought up all the Especially during the um the banking crisis. Mm-hmm. COVID. Yeah. There's a house we stayed at where I went with uh E. G and Shoney.

In uh JM. We rented a house. We flew, I took them on the jet. And this house I just fell in love with. You could sit in the bathtub, look out your window, and there was a beautiful view of that Box Canyon. And you could have bought that house for five million bucks. It's probably 50 now. Dude, bananas. Um, when was this? How long ago were you there?

I wanna say ninety-seven. Oh dude, it's gotta be. Dude, the proper the the stuff in the numbers in aspen and veil because It wasn't that big of a d it wasn't I don't think like the ski community and like I don't think money and wealth was that abundant in the late nineties uh amongst like people that were that embraced the outdoors, you know. You heard a lot of people got hooked into that Western thing.

like Ralph Loren and Jackson Hall in the summer is every bit as fun as Jackson Hall in the winter. So I mean we even looked at buying stuff. It was like everything in my life, it was a It was a complicated transaction where we were to donate land to the government in a land swap, blah blah blah blah blah by the end we realized to get to the place You have to in the dead of winter ride a snowmobile like 50 miles. I'm thinking, let's put this to the reality test. The long haul.

I'm well for me it was a deal breaker, but uh Some people like those stone mid bills. Oh dude, they're the most fun I've ever had. Um it's a cottage industry in Jackson in um Yellowstone. That would be a great trip for you. Take the kids To do snowmobiling in Yellowstone? I've I've I've ever I can't take the kids on the sledge yet. Uh they're too little. Um I'm gonna wait.

And when they're big enough, I'm gonna take'em. But now I gotta play my cards right. I cannot jump the gun on the snowmobiles. I cannot I dude I've I'll go up to Maine. I'll go I was up at Maine last winter. I would have taken them last winter, but I thought I said, look, you gotta be smart about this. The kid my daughter's five. She's n she's she's ready. Like this winter I could I could take her.

Um but I don't want her to have a bad experience. It's it could be a little overwhelming. They're noisy. They're fast. Um but when the boy is five and the girl will be eight We are going to Maine and we are gonna take the sleds and we're gonna go out all day. Dude, there's hundreds of miles of groom trails. There's a full chops about the cult.

No. No. Oh, please. Dude, my daughter Yeah, but we're we are these these are my children. That cold does not bother me. Yeah, exactly. They are immune to that. Um but yeah, they will go to Maine and they have You you rent a sled, they have a farm in the middle of the woods with a huge restaurant where you go, you ride all day, you go eat lunch.

You put the kids back on the sled, you go back to the cabin with a fireplace. Trust me, I've got it dialed in. The kids will be on snowmobiles when I get w when when the time is I need to why weren't we?

close when my kids were little. You could have fucking concierge this whole thing. For lest you lest you forget lest you forget that initially there was a time where you were like, Ah, I wish you would date would have dated my daughters. And I luckily kept we kept that s we kept those.

separated. Okay. That was a brilliant maneuver. Okay. That that didn't happen. Because now we have able to maintain our focus and friendship and spawn this thing. Okay. But yeah, I was always honored. Um that's the highest remark which you'd be like How come you're not dating Maddie? It's like Well, so um I was on one of these group rides here at the bicycle house. And so, you know, I'm a chatty guy. I'm chatting this nice young kid.

really very polite and his father lives in Stamford. Oh wow and he's a henchman guy. So we have this very pleasant conversation. And I said, you know, you'd be perfect for my middle daughter. It's like, well, that's very nice of you, but uh I'm married. I said, oh lucky girl. I'm a minister anyway.

Um Well no that's no it's truly it's um the snow the the winter sports um dude I'm we're getting snow here. We're gonna get snow here in the next couple of days and I will take the kids out. They will be in the snow. But again, I have to I have to balance my my What's the word I'm looking for?

Again, your template of coming home from work and going upstairs and eating at the computer. I have to balance that template with being like their best friend, which I don't want to be their best friend. I need to be their father. But there's a ton of stuff. That like I talk to my buddies all the time and I'm like, Could you imagine your our dads taking us mountain biking when we were four? And like our dads were like serious businessmen, like suits and ties, came home and like like watched.

I was like, no chance. I was like, here I am. I've taken the kid snowboarding, mountain biking, all over the east coast. Because I grew up feeling like there was a huge segment of my life that was missing. Next thing I know, I'm tramping. Through the round deck with a fucking Kevlar canoe eating Pop Tarts. Did you know what portage meant before you went? Yeah, but I was fit, so I thought I was invincible. Dude and like Black Friday I survived. But it's only through the kindness of strangers.

A tale as old as time. Um, all right. Well, thank you to all the strangers that that are out there that listen to this. Um We haven't really provided a lot of market to run. We didn't even urge caution last week, which was good that we didn't urge caution because the the stocks ripped. I don't know what the bonds did. Look, I've been in the markets a lot of time. I seem to have an unusual habit.

Of being around when you need to be around. Yeah. Felt like I needed to be around. I would probably find things to talk about. Um you had you had said you liked the bonds. You had said you liked the bonds and Monday morning the bonds just went skyrocketed. Yeah, I got I got emails. Yeah, I got emails. Morris likes the bonds, the bonds are on a heater Monday morning.

Well, you know, that was hope more than analysis,'cause my interest rate whisperer thinks rates are going higher, which of course fucks my real estate stuff. So I I bought a bunch of bond books, but uh You know, if Torsten Slack is right, those long rates can't go up. They have to go down. But uh a lot of disclaimers. Yeah. Yeah. Well we'll find out. And that's uh that's the beauty of the show. We'll be back to next week to break down Doc Slock's missing.

Thank you, Doc. Thank you, Dr. Slock. Hey, thanks for getting me up out of bed on Yeah, enjoy! Yeah, I i I hear I hear nothing from my children. It's suspiciously quiet. So that usually I still keep thinking I dude again, I'm gonna I'll repeat this every week until the audience like emails me and tells me to stop.

But you whacking that kid with the plane at five years old and saying, I don't know. Okay. I live that story every single day. And I think about it. Dude, somehow my son, my son's two. He he's adopted. I don't know. Like if I ask him something, he says,

I don't know. I'll be like, what are you crying about? I don't know. I'll be like, what do you want? It's just become like in the last two weeks, it's his answer for a lot of stuff. And every time he says it, I can just see you sitting there with it. Yeah, don't get pinned down. I was trying to explain to somebody the other day what a corner solution is. Mm-hmm.

And uh you can if you're listening, you're bright enough to figure it out. But I'm like, that is the one thing you never want to get put into with the solution. The ultimate dilemma, meaning like the dilemma is not a bad decision. It's like you have nothing but bad truth. Yes. It's a you lose. All right. Your connection's choppy. Let me get out before we lose this. All right, boys. Great to see you. I'll see you soon.