You Do Your Thing, I Will Do Mine

Greetings and welcome to Inside. with old chestnut. I am Liam Allen with my friend Morris Sacks. How you doing, M B? It's so good to see you. This is really the best part of my week. And I look forward to not listening. I hope Cheryl's not listening. But yeah, it's been a thank you. Thank you. You know, um

There was a little chink in the armor with Cheryl. Stop. It's two weeks in a row. No, no, no, no. I I I I think I made a little little progress. I but I don't wanna I don't wanna jinx it, so I'll save it for Another show in a couple of weeks. Let's see if this continues. But um yeah, so uh I was up in Canada playing grandfather, a role I I'm sorry, you commuted to Canada this week? Да, я в Канаде.

All right. You just what? You're going what? Westchester to Regina on s on Monday morning and coming back Friday, four o'clock, Regina Westchester? It was last week. Okay, all right, okay. You didn't see I put in for the days off? Okay, all right. No, I can't it was a busy week. And by the way, that was a working trip. I I I put together our whole new fall show lineup, which I will go through with you shortly.

You think I jest? No. This is our baby, man. You know, people who've come to rely on us. I mean, look, you called the election, right? Yeah. Yeah. Yeah. We saw that. No low contendere. Right, right. Gary Gensler, yeah, I won't see him around here no more. See ya. I mean, you know, it's basically two simple guys riding bikes, calling balls and strikes. I'd like to put that up against Edward R. Murrow or any anybody, literally anybody. Um, but to

To just wet your whistle with the new fall schedule. Um, so we're gonna start with the iconic IBWAC inside baseball with old chestnuts.

We're gonna follow that up with the discussion between Liam and the Life Coach. That's our new show. Okay. Then the another show, because the fan response was effusive, it's called Liam Unhinged. So you're gonna get a half an hour to go uh any direction you want, completely unedited. Yeah. And um what was the third one? Oh, this one I came up with myself. So if there's hate mail directed to me, you're familiar there's this show called The Great British Baking Show? Yes, yes.

Well, we're gonna put together one called The Great British Dental Office Show. All right. There's something with the British in their teeth. They take it very personally.

There was a um a repo trader at at Babo Bobo's place. Okay. Who seemed like a pretty decent guy. Sure. But he was out. Driving around a track in a Lamborghini. Turned off the traction control switch. Nice. Now. Yeah, that didn't go so well. That's one of those life lessons I learned riding in a car with Edward George Fisher the Third. Yeah, when you put it in expert mode, you need to know how to use it. Yeah, yeah.

I remember getting in that Porsche Tikan. Oh yeah. I said, this is the traction control switch. I said, get rid of it. I don't ever want to Can I talk about that car right now? Forty-nine grand with 20,000 miles. Well. Would you pay for it? Would you pay out the door? One twenty five? Probably, but I I I but I hit a you know, an eighty bit or something. You got eighty for it. Oh yeah.

They have cratered. So and yeah. So more Morris is talking about the electric Porsche. Um that was going now. This is a 2023 Porsche Taycan, taikan, whatever it is. And they stickered for w a buck and a quarter and they're going on Carvana now for forty nine thousand dollars. Okay. So

Anyway, I thought that was interesting and I thought of you when I saw that that you got out of that really bad. In in fact, I don't want to jinx it, but some of the biggest losses I've ever taken have been on cars. One was og Aston Martin. What? You had an Aston Martin? Huh? You had an Aston Martin? Oh yeah. What? What? Hey, you know, I've said I made every mistake.

That every young punk does who gets a lot of cash. All right, walk me through all right, uh we're gonna do car talk, folks. You didn't come here for if you came for election coverage, you're gonna sit and wait because we're gonna talk about the Aston Martin. Give me the year and what you paid for it and how old you were. Cheryl let you buy an Aston Martin? It was her fucking idea. I I I I set you up. Okay, good. Okay, so there she was pushing

It was on Car and Driver magazine. This Aston Martin is beautiful. And and I had a good year. She says, What will you think about getting an Aston Martin? I yeah, sure. Yeah, sure. So I got and I have a letter somewhere. It was the first Aston Martin delivered into the United States. Amazing. The thing was in the shop more than I'd first of all Anytime you hit a bump, the the rims went out of true. So I go back to the shop.

It was bought by Ford. Okay. And so you had all these plastic pieces in this car and it was so poorly designed. Remember the days of cassette tapes? Of course. You had to stop the car. And put it in reverse to get the fucking cassette tape out. I love it. I love it. What a piece of shit, Car. So I paid I don't know a hundred. I s I lost like seventy thousand dollars. In the nineties. What year y what year do you think it was? Give you a big one. Back when before I learned the value of a dollar.

Right. Yeah. Yeah. But uh, you know, it's talking about the traction control, I wanted to mention our good friend E. G. Fisher. Yeah, yeah. Because I I was thinking about the uh election results and just realizing how this country lacks any leadership. And I started thinking about my own situation where I met people who had an incredible gift to motivate other people. And so the names that come to mind were E.G. Fisher, Mike Gregoire. Um Jason Thomas. And uh Ken Clauber.

So talk about E.G. first. Um Growing up in the Midwest, you never learn how to ski, right? Because there's nowhere to ski. I know in your younger days you used to head out west and couch surf, so I'm sure you're quite a good snowboarder. Um anyway, IG said he could teach me how to snowboard. I'm like, come on. He goes, no, no, he says, trust me. So we go up to the Green Mountain and he teaches me how to snowboard. I'm like, this is fun. He goes, Doc. We're going out west. Okay. So I pick him up.

in Westchester. Our friend Henson joins us with two cups of coffee from Starbucks. Never give E. G. caffeinated drink if he's gonna be in a confined area. For a brief period of time. The high energy, high energy individual. Oh, he was just bouncing off the walls. That was only Beaten by the time we got a can of Monster Cola or something. Yeah, yeah. And we tried it at the office. Oh.

Blunder. Okay. So we go out and so you've skied all over the West. So okay. So EG's got a hanker and to go to Jackson Hall, which debatably the hardest place to ski in the United States. Now, there's this whole group of people that say Alta. is harder snowboard this or that. But being Jewish in a snowboarder, you're not allowed to go to Alta. Nope. So we go to Jackson. And you're queuing up in Jackson to get on the gondola to go to the top. And there's a sign that says something like.

You have never experienced a mountain like this in your life. Weather can change, yup, but death possible. Imminent death. Imminent. Yeah, I know the yeah, I know the warning. I love it. Yeah. So I look at Easy and I'm like. what am i doing here you sure you sure it was doc trust me you're gonna love it So we go through the queue and there's a guide with us, which is unusual because we don't normally need a guide, but I thought, well, maybe skip the line kind of thing. So you get on the gondola.

of the mountain. And it's a bunch of stinky people because they don't bother washing the clothes and And the doors to the gondola shut and they start cranking. I won't get fooled again by the hoo. And by the time you're two thirds of the way up the mountain, you can just feel the fucking testosterone. You're like jumping up and down in place. The thing's shaking, right? So Eegee says, Doc, when the doors open.

We're gonna want to go to the left because that's the easiest way down. I'm like, thank you, Lord. So you get off the gondola. He might as well be on the moon. It's like just nothing but wind blowing sideways. You can't see a fucking thing. Anyway, you know, they're on skis, so they're snapped in, they're going. I'm trying to get my thing buckled up. Anyway, I I kind of track them down.

And I and I I'm hanging in. You know, I'm not killing it, but I'm I'm not getting left for dead. Then we kind of get to the side of the first run. And there's a gate. And the gate says This is your decision point. And I I'm not digging this all of a sudden. I'm not going down there, dude. Yeah. So all of a sudden I'm looking at E.G., I'm like, You sure he goes, listen, Doc.

The first pitch is a little steep, but it's no steeper than organ grinder back at Kellington or whatever. He goes, so the first two turns. Hang tough, you're gonna be fine. Then I realized why there's a guide there, because you can't go off piece, you can't go through the gate without a guide. Where they give you the avalanche training, which is merely a body recovery system. Yeah. So anyway, there's a bunch of us. I'm clearly the least competent of the group.

And so I don't want to get left behind. So I'm like, I'm I'm I'm going first. Right. And So I point it and you start and you know that moment when you hit the fall line and you go from zero to a million miles an hour. Well so I hit that and I feel that bottom gut wrenching feeling and I just said just Look right, you'll turn. And I look right, then I turn. And then I drop down. I get over the thing.

You know, not it was not elegant, but you know There's just nothing but snow, and on a snow bar when there's a lot of snow. It's like water skiing. It's fun, right? So I get about two thirds of the way down to the LZ, which is what the guide called it, where we're all gonna gather. Okay. This will sound terrible, but to my relief, now I'm in a safe spot and I see one of the guys, big tall guy, not very fond of him, but he

Viewed himself as a double black diamond skier, right? Alta, snowbird, the whole thing. But he's a little bit afraid of heights. So he comes over that lip. hits that, you know, that acceleration. It's a fucking yard sale, not to be believed. And all I can think of is had I seen this before. I was never going down. You would have sat on the back b on on the back edge and s and snow plowed down the hill, dude. I've done that. Okay. I've done that. Dude there's no f dude, there's hills out west.

that like you and I are East Coast guys. We're city guys. You get to that like the to the edge of that drop and you're looking at branches of the trees. Like I can remember there's spots at like Beaver Creek. Like I went I taught myself to ride because I had the I went with buddies and I didn't know how to ride and I like snow plowed down the hill. But I went out to Colorado and I went to El Dora, which is a little tiny mountain outside a boulder.

And I got a powder day and like then I when I could fall then I learned to ride but I'll never forget it was the name of the the name of the run is mule shoe mule shoe And I was following two friends and they were like, You'll be fine. It's just like such and such at Killington. And I was like, right on. And again, like you get to the edge and and I don't love heights. And and I remember the butterflies. And then I heard like Scrape underneath like it had been like scraped off.

And like the my gut dropped and I just To this day, this is twenty years ago. Mikey says mule shoe and I and I can see the run and I can feel that ice on my ass when you fall down and sit and I said, Look, I'm not I'm this is gonna be my run of the day. But at the end of the day, look, I went down a double black, okay, as an as an amateur and it was, you know? I managed to get down a double black at Jackson. It's called Paint Brush. There you go. Not the longest, not the hardest.

Um that's amazing. But I did it. You know, I it's up there with, you know, the rest of my, you know, famous Jewish athlete stuff. But um

Yeah, and and so, you know, the other thing was Leadville. Like I really, there was something about Leadville with me that like You know, my I grew up playing all the typical suburban sports, golf, tennis, baseball, little league, basketball. But I never did like the outdoor stuff. And so there was an element of me that really felt like I wanted to have some experience in that. And that's when I met Marty Molotoris of Alpine Endeavors. And he he's just one of these guys like

He says you can do it. You can do it. And we've climbed shit to. Uh I mean I I couldn't do it anymore, but you know, and and I'm wondering how can people like these exist in real life? And we get these toadstools of shit in Washington. You know, it's just so just and I thought I had a little insight, but apparently it's become mainstream thinking. You know, again, as you predicted the election, I correctly diagnosed as Joe Biden of having a neurological disorder. Just so in case you don't know.

sixty four old Jewish guy automatically gets a degree in medicine. Which is why from time to time you'll hear people call me Doc. Yeah, yeah, yeah. Okay. So How fucking stupid are these Democrats, right? And in a further Extension of the concept we created here, cocktail party bullshit. The number of people who told me they hated Trump, yada yada, yada, you know many, how many of them went out and did work for Cammy or donated money to Cammy? None.

None. Zero. Again, it's the same thing. Talk, talk, talk, talk, talk, talk, talk. You know, you like something, show me your position. It's just that simple. And it it propagates through life.

No. Anyway, that's my soapbox. I apologize for that. Oh no, it's fine. Um I enjoyed the the story about the f the French guy that predicted it and how he ga and and using the neighbor poll. There so th there was a allegedly this is all allegedly, I don't know if any of this has been confirmed, but there's the French guy that bet I don't know. I like call it thirty million to for Trump to win and he won fifty mil, he cleared eighty.

And they asked, you know, he said, I used what's called a neighbor poll. And the idea is that they call up Mr. Jones and they ask Mr. Jones, which who do you think your neighbor, Mr. Smith, is gonna vote for? And he says, Ah, it's easy. Smith is voting for Trump. And the thought is that the individual being asked is reticent to admit or be honest who they're gonna vote for, but they'll tell you about their neighbor with almost certainty.

Um which which goes back to this to again like the idea that these polls, poll any all right, folks, any poll, any statistic. Any employment number, any inflation number, any number that can be cooked or tinkered with or spun to fit a narrative, throw it in the garbage. It's noise. Absolutely. Absolutely. So now I don't think the Democrats. appreciate how badly they fucked us. Cause now You got Trump for four more years. And then it's likely they'll have the Congress, right?

And now they're the party of liars because they hid the whole Joe Biden thing from the American people. So tell me. Ex Vice President Harris. When did you know Joe was incompetent? And you didn't feel the oath you took to defend the Constitution of the United States came into play there? Yeah. You know, you're not you're not fixing that party to you get rid of Nancy. You gotta get rid of it from the head down. We know You gotta cut off the head of the monster, right?

Bring me the broomstick of the wicked witch of the West. D the stories of the of the of the backstabbing and the process, if they are to be if it's true, where they talked about All right, Joe's not running and we're gonna have a f a legit convention and get a legit candidate. And Joe said, uh uh, I endorse Kamala. Yeah. And rug pulled the notion of an open

uh an open convention and another candidate. And that why and that's why Pelosi and Obama were slow to endorse her. And that, you know, and joking. I know again, this is all like, you know, Joe came out and looked fresh as a daisy the other day where he was sharp as a tack, you know. Yeah. Wife came out wearing the head-to-toe red pant suit. as if to send the message, hey, you fucked up, you screwed my husband, you you you dirtbag, I voted for Trump. Yeah. Yeah, it's crazy. Crazy.

It's it's it's political theater. It's it's it was great. It was v it's dude, it provided endless entertainment. OPK. It's political theater. It it's the it's theater, they're characters. I cannot devote my life I cannot I cannot pick fights with friends anymore. I'm so glad that it's behind us now. Um

Because yeah, yeah, I'm just I'm just glad it's over. I'm glad it's over. And there was a like all I wanted was an orderly transition. Yeah. I'll pay off your campaign debts to the Democrats in the name of unity. Okay. I mean like he's just Hilarious. Okay. It's just hilarious. Okay. So, like, that's next level trolling. Here, you broke clown.

You paid Oprah, you paid Beyonce, you paid George Clooning, and now you can't you can't write the checks, okay? I'm waiting to go to the cocktail party where the person says I'm moving out of the country. Oh the list. Oh please, the list is long and distinguished of the clowns that have said that. It's it's embarrassing.

Um but dude, you know what? A lot of I like how the celebrities damage their brand. Okay, there's again, like I I don't like doing this because we're I'll piss off half of the people. Um, but you the celebrities should know better. You're pissing off half of the people. You damaged your brand. It doesn't it never help. to c to endorse a candidate. You look foolish, okay? Um but yeah it's it's

It's just it's been it's been political theater and it's been very entertaining. I found there was I got a lot of laughs, dude. Like now in the in the world that we live in, like the memes and the jokes the the satire it's

I enjoyed so um apparently no one's gonna offer me Gary Gensler's job. Boy, I would pay. For that job. You have to work. You can't say I did something and have it and cleaned it up like you used to do at your old job where you just whistle things around all day and then leave the office at four o'clock and say take care of this folks. Um why not? Well maybe you could. Maybe that is how he does it. I don't know. I worked. It's starting to work around here. Okay. Okay.

Um but uh can we talk about the market reaction to the election? Speaking of stuff that got that was wrong. Um Yeah. Well I I did wanna actually talk about the market. Um This is not investment advice. I mean, I I guess it is, but I'm not gonna admit it in court. But I think there was a point. We were discussing the Fed was going to ease and I was uncomfortable owning long dated paper because of that. So I sold all of my long dated paper.

And the Fed is eased a couple times. They got a couple of eases baked in the cake. And so now you got the curves deepening, which is why I sold my long paper. So I don't want to be too clever by a half. Thank you. But I think when I was getting out of the long paper, I had this kind of narrative in my mind that the Fed would ease and ease and ease. And the curve would steepen, and I could go and rebuy what I sold on the back end. Now

That's what I'm gonna do. But just to give you a little bit of insight into how someone who thinks he's smart is doing this. This trade is going to be here for a while because it's what we call the TED trade, Ted being your average run-of-the-mill trader. So he's going to go, oh, the Fed's easing. Textbook says curve should steepen. So Ted's gonna be in there putting this trade on every step of the way as he's losing money because it's going right. So what I think I'll do is wait a while until

Uh you get a lot of guys deep down the rabbit hole along the curve, along the front and short the back end. And when I feel like it's gone far enough, I'm gonna move Back into the long end of the curve. And get this thing back. that the uh generals called the pincher movement. where the the far right kind of circles around and catches everyone. And I think that after a few months of this thing percolating. It'll all come together because it's a little bit more than a little

It the Fed is hell bent on lowering rates. I I I don't know exactly why, but you do your thing, I'll do mine. But at some point they're gonna get to the area where they're gonna be like, yeah, no more. And all of a sudden you got these guys are going to be long a lot of the front end and they're going to be, wait a minute, why earn four when I curn earn six? And that's when it'll it'll really

torque and that's kind of my play so I'm not putting timer levels on it, but just as some retired old guys thinking of things, that's that's sort of my play. And uh Yeah. Yeah. So you you could are you are can you turn your screen so I can see you? I lost you uh uh yeah, there you go. There you go. Perfect, perfect, thank you. Um They c cut rates twenty five basis points on Thursday and J and J Powell was interpreted as being

forceful anabit, yeah like you know, apparently the reception to his words and the comments about like like he's there for f he's staying till twenty six. Um, you know, he looked down over his reading glasses and answered some questions. Um With with backbone, I guess. I didn't see that, but he's done a good job, I think. You give them good grades. I yeah. Okay. Okay. I'm asking. I'm not I'm not Yeah, I I you know look, I understand price of food's higher.

You know, there may be some guys looking for work, but we came out of an epic unprecedented situation, and they kept society Functioning. And part of that is they threw too much money at too many people. Well, you know. Any port in a storm. And so if you want to go back and clean up, maybe you gave this guy a little too much, or maybe you gave that guy a little too much, you know, I'd like them to do that with uh

Uh Maxine Waters. All right. We're not doing that. So stop it. Don't start with Maxine Waters. Go back to Jay Powell. Okay. Can we stay positive? Um so you're gonna give you give him a thumbs up. And you said and and easing rates. Now he they got a lot of rate they got a lot of easing priced in and I know Yeah. That's why I like this plan of letting the curves steepen out.

And then get your stuff. And then they'll realize, wait, this is too much. And they start taking those easings out and they suck that long end paper in. That's kind of my my thinking on that. This is not a policy error. This is not a Fed policy error. This is this is good. This is this is them being stable and communicating and no surprises and the market's doing well.

What about the neutral rate? Like what is the neutral rate? I know that, like, you know. Is that the is that the is that what they're targeting now? Is that what is that the number that we should be focused on? Is their their their neutral I haven't I I need more time. I haven't had a chance to dissect this. I did make the point last week. How?

Everyone's always getting the payroll numbers wrong. Yet the Fed's looking at the payroll numbers to make decisions which seem kind of strange to me. I still feel that way. But I think You know, for people like you, boots on the ground, right? That's where I'm going to be looking. Uh you know, um life coach Leslie Harris was nice enough to send me an interview with Stanley Druckermuller, and I watched that and uh I was quite taken with that in several ways. One was

I was just so disappointed. I never had a chance to work with a guy like that. And you know, I think As someone commented to me, a lot of the things I or we did were similar to what he did, which is why we were successful, not as successful, but He commented how he had an office with a bunch of analysts and the analysts were young kids and they'd be bringing up new ideas and and and then he would get a lot of his economic information.

from the companies they invested in. So they owned Caterpillar Tractor. He'd call Mr. Caterpillar and say, how's it going? And Mr. Caterpillar would say, it's not going so well. So he would know the real economy was okay. So you're not relying on as much as we like them, you're not relying on Dr. Slock. You got boots on the ground, and then that's That's what you want. You want the real data. You know, back and you do it like do you have a problem with the way Steve Cohen got his data?

The criminal Stephen Cohn? I mean, I I believe I don't know what was ad admitted in court. I don't know if you can see it. But he was famous, wasn't he famous for buying and paying and getting data in in nefarious ways? I can't answer that question. Ah, bullshit. Okay. All right, go. Let's go back to Stan. Well, I I No no, let's go back to Stan. I don't wanna ba I I apologize for turning it. I don't wanna bash Stan. I wanna f I don't wanna bash Cohen. I'd rather I'd rather

Go back to Stan. Were you surprised that Stan wakes up at four thirty and stares at the Bloomberg and reads the paper? Because a lot of people were fucking surprised that Druck does this. Okay. There were people on Twitter. I'm no Stanley Druckmiller. But I got up at four thirty in the morning, I rolled out of bed, I sat down in front of the fucking bloomer. For thirty years, dude, you were always a bird. You were up with the birds at four thirty, four o'clock.

three forty five I get emails like hey did you s Are you getting up? Did you go to bed? And he was up. So like I I' aga again, like people on Twitter were like, God, if you want to be a good trader, you gotta wake up at four thirty and read the Bloomberg and like read the journal and the FT and the New York Times. I was like, this is this is breaking news to people?

I was like like that's what it that's what the pros do. That's what MB did for thirty years was wake up and re and hit the terminal. You're fucking immersed. I I used to joke. that I got I felt like I got one day off a year. I know that sounds crazy. New Year's something, right? It was, yeah. It was like New Year's Day because the books were closed, the bonuses were paid. The year was over and the new year hadn't started. So I had a whole day where I didn't have to worry about anything.

And the best part was the night before we went to some friends' house, I had a bottle of Domain, Romani County. And the next day I woke up with a fucking headache throwing up all day. So I wrecked I wrecked my day off. But and anyways, that was a choice. Which I was getting similar to the choice I'm starting to think I'm moving towards.

I'm embracing this notion that um I'm gonna spend a good portion of every day on the couch. I'm gonna attempt to gain 50 pounds. Cause Cheryl thinks I'm too skinny. I've said that for years. Go on. Okay. You know. Coach Jason Tellas will agree with this. It's hard to eat when you're not hungry. And our friend uh Peter McGarry, who's gonna be doing the Ladville run, is gonna

He better be practicing his nutrition. Um can I go can I can I take a little bit away from can I take a little wind out of the sails of that? I've been thinking a lot about that. And I'm I don't think it's as challenging anywhere near as much as the bicycle. I think it's far easier. Uh well we'll see. We're just running here, okay? There's no technical skills required. Okay. There's no break.

There's no turning. There's no uh there's just there's no pedaling. It's just we're just gonna run. Okay. So like you know, I I've come I've come to the conclusion that I'm not impressed by that. Um, you know that's I wanna be on the record as as just like downplaying that. I wanna I just wanna put that I wanna plant that seed that like you're just calm balls and strikes. Like if he does it, great. But if like if he doesn't, I'm gonna be like, come on, this is really embarrassing.

I want to mention something to you. I I have a special situation. I was talking to my friend Joao Correa. The owner and proprietor of Ngamba, which does these fancy, fancy trips. To Europe, and he has become a religious listener of our show. No, he has not. Serious? I'm so serious. He said send him Liam's address and he will send you a complete engamba kit. You tell him when he wants to set up the Ireland in Gamba, I'll give him the date. And I'll get him 20 well healed. Morris Saxes.

to ride around in Ireland. All right. I know Ngamba does lovely, glorious cycling locations. For anyone that doesn't know it, all right, you want to go for a nice bike ride, you want to go to the cream of the crop, you go to Ngamba. Okay. And they'll take you to Italy and you'll go on your bike ride.

And you'll be you'll have a bodyguard of pros around you that'll push you up the hill and then you'll finish at at a five star restaurant and drink the best wine and eat food. Somebody'll wash your kit, give you a new one the next day.

So in gambitors, right? So now we have a sponsor that all right. So we're gonna put it together. So in the spirit of our new election and our new president, we're gonna do a lot of pro pro here. So like this section and for the foreseeable future will be sponsored by Ingamba Tours, okay? The I the Ireland version. Incredible. All right. Um

Yeah. Wow. Okay. That's that's just uh that's incredible. I am honored. I'm blushing. I am warm with excitement. No, I get I get texts from him. He uh if I didn't want to blow the Blow the shot at at the uh at the um at the uh fucking the the recording up. He sent me a text. See if I can find it. But it was it was definitely he had just got done. you know, listening to the show and

You know, I spoke to him, he said, I can't thank you enough. Yeah, yeah. Now I know who Nancy uh Wood is and And he goes, you know, I don't I don't get all the financial stuff, but You know, the stories are great and um Yeah. Oh that's really impressive. I I I'm really I'm really that that's just Yeah, so send me your address and the

You're gonna like this kit, Castelli. Oh yeah, of course I know. You know me. I I've only ever worn black Castelli bibs. There's rules in cycling and the rules state that your bibs should be black and they should be Castelli's. Okay. I mean it's really simple stuff.

All right. So anyway, th you know there's ru I think black Castelli bibs are hard to find, frankly. No, no. You go to Castelli dot com and you spend two hundred and seventy five dollars and you get a nice pair of black bibs, okay? Listen

Um, all right. So you you're happy with J Powell, okay? You're just you you're not happy that we don't have a leader. I would put the I don't want to do the present stuff. Let's do the market stuff. Okay. Did you talk to Zervos? Is Zervos going to be once once Jay Powell is out, is Zervos in? I I don't know, but he's got a better chance now than he did Six weeks ago. Okay. All right. Could you imagine we get Zervos? As Fed Chairman. That's going to launch us up there with like Joe Rogan.

Dude, it's not out of the question! I mean like statistically he's got like a he's got a good percentage. Like his name's in the conversation. Well, we can put it there, okay? I I am glad that Jamie Diamond said no, thank you. And I as predicted by IB Well. And I didn't predict it, but I begged that he would say no to it. So you can go back and listen to where I talked about that. That's where my president, James Diamond, okay, who runs the fortress of JP Morgan.

Okay, I am glad that he declined the overture for any sort of public office and he is gonna stay at headquarters. Okay. That is very What about Billy Ackman? Is he still open to running for president? Dude, nobody has done more damage. Nobody has done more Bill, I love you, bro, and I've tried. I've tried.

You just won't stop, dude. Um, you've you no, I really do think that I don't I don't think of anybody that has damaged their brand more than him via Twitter because he just won't stop with it. And I know that

It's it It's unfortunate. It's it's unfortunate. Oh it's been great content for the show, dude. Dude, how about Bitcoin? Do you want to talk about Bitcoin? Because Bitcoin hit eighty thousand this morning. All right. Do you have a do you have do you have a take on that? Well, uh conventional wisdom was that uh the Trump administration's gonna be crypto-friendly. I I I don't know. Yeah. I I can't get my arms around. I know I won't spend any time on it, but you know.

A country that means a lot to me in the Middle East is under constant threat. And a lot of those funds are being provided through cryptocurrencies. And I just It just it just seems like wrong. I you know why make it a little bit more than that? Is that the la is that your last gripe with it? You think that's your last gripe, and do you think you could let that gripe go at some point? No, because it facilitates But so does cash.

Yeah, but you can refresh the cash. Like you can say any bill that's older than this, you have to exchange. I don't I'm not I'll be honest, dude. I'm not Allow me to bash Hamas for a second, but I don't think these guys are exactly crypto gurus right here. I don't think these guys are tech support wizards. I don't think they're I I wonder. Again, I'm not dismissing your concern. I just want to understand I'd like to make the point that like these guys are living in tunnels in the desert.

I know they got like a they've got the internet and all, but like I don't think they're and all that support from the United Nations. That's what I'm saying. They're getting more they're more they're getting more money handled. They got enough money coming in from the UN, okay? They got enough money coming from the UN and from Washington.

via the UN and whatever however else they're doing it, okay? Like crypto. Well let me ask you, let me let me pose a question to you. What's the benefit of cryptocurrency? The govern uh you want I I'll make the case, dude. Like the government can't get it from me and the government I I I wanna let me think about it and I and I've I wanna make a case to to to rebut that I wanna say that the government can't touch it, but I don't know if that's true. Is it is it

What's uh crypto uh decentralized? Is it decentralized? Like if If you a if the American dollar went to shit, okay, and I would I still would my Bitcoin still work? Like that's a doomsday prophecy. But is the appeal of it the decentralized and like you can't like you know Michael Saylor, you can't tax it, tax that you're gonna get it taxed eventually. Um the Michael Saylor you can't tax it, that's obtuse. I'm starting to like Michael Saylor.

That's okay. I've been sniffing around micro strategy because I've been dude the the The the coin the bitcoin is tough, dude. I I have FOMO about the Bitcoin. I'm not gonna lie, bro. Um There's been times where I've been like, absolutely not. It's a fraud, Tether. And I've been and I've been staunchly in your camp, but there have been days.

where like I'm like maybe Saylor was right. You know, like there's there's parts of like lunatics like John McAfee w that that I'm like, uh maybe McAfee was right. Maybe Sailor's right, you know. So one of my technology friends called me a year ago. And he's giving me the whole Bitcoin thing and the government thing. And he goes, you know, if I was sending money overseas. via the Swift system. It's like a$30 charge. You know, I did on Bitcoin, it's next to nothing. That's a great example.

So let's say you send your Bitcoin to your friend, the Swift guy, and it goes missing. Who you call? Sous-titrage ST' 501 I don't know dude. Um What's the appeal of it? I don't know. Because you can't say you wanna say store of value, no. Okay. Inflation hedge, no. Anonymity. I I don't think it's anonymity. I think it you know, you're you're you're recorded on the blockchain. I'm not savvy enough to know, but I just dude, I've I I've watched it go from X to Y to Z.

Um I get that. And I've watched gold go from one thirty to a billion, you know. Um one thing I'll tell you. I'm getting more and more convinced unlevered real estate. is where you want to be because they making any more of it. If you buy it in the right area, meaning not Chicago. It holds its value. It tends to do well in times of inflation. And if the what people miss out on is they go, Well, you know, if the dollar goes to shit and I have Bitcoin, I'll be okay. Well

If the dollar goes to shit and you own anything that's not in dollars, it's going up. So buy some uh you know, IBM. I don't, you know, just. This whole concept that you can wake up one morning I told you this. I couldn't look myself in the mirror. If I went and bought a million dollars worth of Bitcoin, anyone missing, I I'd I I don't know what I would say to my wife. Like I spent my life being disciplined and thorough.

And I bought a million dollars worth of something that I knew was bad and now it's gone. I don't know. You'll get you'll get a you'll get a Bitcoin nerd that'll tell you that's not a concern. Of course. And I think he'll tell you, okay, well you Morris Sachs, you bought your Bitcoin was one, two, three, ABC and your code was XYZ four five six.

And no one can ever touch it, no one can ever take it, it's yours. The value will change, but you've mine it and you've got it. So then, like, you've got to ask yourself, like, what if You know, if you had a hundred of those and now they're worth forty billion dollars, w wh which one do you want to tell Cheryl? Like I lost the bitcoin, I like to me that's kinda like no big deal. I'll see you later. We didn't need those anyway. Whereas like if you were like, Hey, I lost forty billion'cause I

'Cause I didn't I urged caution. This'll this will sound awful. Put the screen back. Stop moving the screen. Put the screen back so I can see Look me in the eye, young man. So this will sound awful, but you know, back when I was training for Leadville, you know as well as anyone, my technical skills on a mountain bike aren't great, right? So I had a pretty bad crash.

And there was a point, you know, I didn't know if I was gonna like walk again. And I'm in the hospital and you know they got the catheter and the whole nine yards. And I started kind of thinking about what are you going to do with your life if you can't ride your bike or if you can't walk. And I started thinking about what's important to me. My wife, my kids. I like listening to fish. I like drinking coffee. I got plenty of friends. None of it

Devolved in the money. Now, don't get me wrong, I understand. If it's troublemaking ends meet, you don't need to hear another rich guy tell you about how unimportant money is. But you know. You know, there's this disease the one percenters get. I had it for a very brief period of time. It's ubiquitous. It's pervasive. It's very dangerous. But there is a cure.

This disease is called ramp envy. Are you familiar with this? Yeah, it goes with affluenza. So it's when you're getting on your private jet or more accurately, off your private jet. And you see across the tarmac a plane that's three times bigger than yours. MJ. They got a nice big one. Michael Jordan's got a big, beautiful. Yeah. Yeah. And and so all of a sudden you're thinking, well, I, you know, I got this tiny little thing, you know, like, eh, plenty good. No. So, um

I was able to get cured. I saw the light. But that's what happens to a lot of these Wall Street guys. And um, you know, Cheryl has this friend. was exactly a friend, but there are you know, women join these book club things. I I don't quite get it, but um and um Um, yeah. I think he'd be like, I didn't like it. Next book. Next book. Like, the women will read the whole book. Oh, look. Look, pizza. What's going on? I don't know, it's a whole new world. I'm like it. Yeah. So this one guy.

I can't feel my left foot. It's okay. Don't mind. I gotta get that light that says recording. Thank you for the pizza. The husband works nonstop. And he's like proud of the fact that it doesn't take vacation and I got all these investors I have to worry about. And I'm thinking, yeah. Yeah. It's like wake up. Yeah. Wake up. So I don't know. You weren't happy when I sent you that article about the anti Semitism amongst the

Realtors and I c I couldn't believe that that was real. I couldn't believe that that was real. That that a real estate agent would put down on paper. In in the year 2025. No, no, no, it wasn't twenty twenty four. This was from the nineteen thirties forties and fifties. Oh, oh, oh, oh, oh, oh, oh. I didn't read Now we got an associate producer credit. But there was a whole exhibit at the Greenwich Historical Society many years ago about

And they weren't trying to hide it. They they there were dozens of people who felt exactly the same way. Yeah. They would still exactly pamphlet, how to identify a Jewish client. Like, like you need a fucking pamphlet? Big nose, lot of jewelry. They they said stuff like if um if somebody with a Jewish sounding name would call that that they were to tell'em there were no homes available. Oh, okay. Yeah. Yeah. Don't worry, they were more than help it have the Irish.

No, it was it White Anglo it was a Wa Greenwich was a waspy town. There was the White Anglo Saxon Protestants, right? It was all wasps back then. Who was it? Who was it who was keeping you out? Who was Who was perpetrating this? It was just a real estate um it was the real estate consortium? I don't know. Probably weren't really that many offices. Yeah, yeah. I just think it was is coming straight from the churches.

Yeah. Yeah. But you know, a long time ago, well you know, hundreds of years ago, Greenwich was the naughty place and the people from Stanford would come over and beat them up every so often just to keep'em in line. Seeing this is now a family podcast, we had one of our kids had a teacher. Black men. Really smart, excellent teacher. Everyone loved him.

He would talk about how he'd get off the merit, drive towards the parkway school, and he'd get followed by a police car. Oh, he got stopped several times. Like, what are you doing here? Finally they knew it was Mr. Thomas. Now he's um principal of a school in Norwalk. Incredible. Oh yeah. I I consider him a very dear friend. He was at the girls bought mitzvah's Lisa's wedding. Yep. Yeah. Good men. Yeah. So Yeah, you you can't make this shit up. Still. Oh, I know.

Crazy. How about he came for dinner one night and our next door neighbor, when we were still still speaking, called over. There's a black man coming to your house. What the fuck is wrong with you? First of all I said he's he's a friend of mine. Wow. Yeah. Yeah. Yeah, he can still be my friend. Yeah. Unfortunately believable. Um

I see now we're calling for commercial interruption here. Hi. Goodbye, Amy. No, no. Oh, yeah, no. Thinking about uh coming west for a visit? Um we're yeah, absolutely trust me, it's it's dark and cold at four o'clock. Um yes, that is that there is hope for that. Yes. All right, well I'm getting the house all set up for infants.

Oh, that's right. You're gonna have kids running around out there. Are they gonna No, not running? Oh, it's coming. It's coming. Um Yeah, right now. I have a bunch of stuff in the Amazon card. I think we have$1,500 worth of things that Lisa needed. All right. Well we're gonna um we're gonna wrap the show up then since we're gonna do the family.

for the show. I took the kids, let me tell you, for all the all the the dads out there Say hi to Amy. I will. All right. For all the dads that are that have little kids um that don't have a um a a a West Coast getaway for the winter. I took mine to uh to Bass Pro Shop last night. Okay. Let me tell ya. I killed a good ninety minutes in there. They've got uh they've got four wheelers the kids can sit on. They've got a giant fish tank with real fish in there.

Yeah, it's like yeah, dude. Up in Bridgeport. Yeah. All sorts of fun stuff for the kids, side by sides, four-wheelers, all sorts of of uh You know, uh what is it called? Taxidermed animals. The Eamon was terrified by the giant bear. Okay, oh big, big, scary bear. Yeah. Yeah. So any dads. Like'cause I know the lot of the dads there's there's dads out there that listen that with the kids'cause they uh they they've started watching the outdoor boys. Um

Take the kids to Bass Pro Shops. The ki the place is great. You cannot have the once you can watch the you can let the kids watch a little bit of TV, but like on Saturday night, Bass Pro Shop was again If we're gonna do sponsors, I'm gonna I'm gonna pick the the brands and maybe I'll re reach out to Bass Pro.

And I think I'm gonna hold them hostage because I think they they sell a lot of like off-brand shit, like their own in-house brand. Oh, can can I get this? And I was like, nah, it looks like junk, no, I don't want that. Um and I think a serious sportsman is going to like Orvis or Cabellas. But for the kids, it was great. So if Bass Pro wants to, like, you know, cut me a check, I'll do a Bass Pro Shop spot.

As a sponsor, since Morris wants to get the sponsorized. And I'm so sick of him nagging me about getting a sponsor. All right, so Bass Pro. All right, I'm gonna bad mouth you every week until you get the check. Um and then once you send me the check, I'll put fast pro shops. Um

So yeah, that was a lot of fun. The kids had a ball. Um but yeah, I I did have a tough week. Now that your wife is gone, I do have to I have a I have a a father question for you. I have a father question about my daughter. Okay.'Cause I thought I had time on this. I thought I thought that I had until like Аліс сек, терд, форт, і летер. Okay, I I pick up my daughter from school on Friday, preschool, and I use the term school loosely. I pick her up from playtime with the kids at the nature.

Um, and the teacher is like, Oh, you know, little little so and so is so cute. He asked Fiona to go home with him today. I said, Excuse me? She goes, Oh yeah, yeah, so and so asked Fiona to go home with him. But Fiona said no, and he said, But I'm a really nice boy. So not so he had a line and then he had a he had a follow-up to his to his invite to my daughter. So I stood there and all the blood drained from my head, okay? And I felt cold and sick and I and I said,

That's nice. I said you have a lovely weekend. Give me my kid. Why why did you feel cold and sick? Because I thought I would have until the kid was like in third or fourth grade before these predators Okay. Targeted her. Okay. That's why I went to Bass Pro Shop to get more guns. Okay. It doesn't sound like the predators like Come home with me, I have a bunch of candy. I have a little bit I mean he didn't use the candy. He said he was a nice guy. So I if I can give you a similar story.

One that happened to me. Please. So we have daughters. And you know, I'm on the trading floor sitting next to E. G. Fisher. And he's hey hey doc, what are you gonna do when the boys come around? And I'm like, I'm thinking about it for a minute because that's the first question, right? And of course. Being a very intelligent man, I said

Hang on, what happens if they don't? How do you fix the conversation when your daughter comes to you and says, Daddy, none of the boys like me because I'm ugly? You want that conversation? You know, go to your room, give me your phone, lock the door. You know, that that that you can deal with. The the no interest. Yeah. I mean, you know, maybe this is misogynistic. But having had daughters, I've attended many tea parties where they've wanted to dress up as princesses.

Uh uh you know, I of course went along just for shit's No, but but women want to appear attractive. Yeah. And the way to validate that is to have Some guy take an interest in him. I don't want that. I I w that's fine when she's like a freshman in high school, dude. I don't need it at preschool.

Because I can remember dude like like like do you remember like first or second grade the first girl you had a crush on? You remember her, right? Um there's no way you don't. You remember your first crush. And I can remember mine in like by first grade. In first grade, there were 50 kids in first grade, two classrooms, and I was in the class with the little cute blonde girl that I and by second grade I knew I wanted to be.

sit next to her. So by second grade, I've been programmed to s to follow and seek the attention and I've got a crush on this girl. So now I'm like I I'm I'm already worried about this'cause my daughter is My m my daughter's tall, blonde, and blue eyed, and she's got a mouth on her like me, okay? So she's the ma she's mayor of cla she's the mayor of class, okay? She's like the Pied Piper with all her little minions behind her.

Um, so I thought I had more time by before I had to concern myself with these little boys. Um, but then my another question to all the dads out there. Your girl's fence. But I need her to go to either like I know a lot of guys send their kids to like karate. or jujitsu or one of the other martial arts because of the discipline and the ex like the exercise. And I want her to be able to crack a kid in the mouth and be self sustainable, uh self sufficient. I I suspect

being the offspring of you and Amy, they already possess those skills. I liked my kids being in competitive sports for two reasons. One is Life is competitive. And when you learn it in a controlled situation, you learn you're going to win sometimes. You okay? The whole thing, right? The second thing is. When kids are in high school You gotta keep him busy.

And busy is not sitting in front of fucking TikTok Facebook. Because if they got nothing to do and their homework's done, they're going to go find trouble. And I'm not saying my kids would have done that, but all I know was I I liken my kids growing up to the movie Full Metal Jacket. It was either studying or fencing. There was nothing between. And uh, you know, I they may differ, but I think they turned out okay.

So gotta keep them busy. The middle one. We still gotta work on the middle one. You know the blowback I got on that. Just wait. The world is round. All right. Well this was this was lovely. Um thank you. I appreciate it. Thank you everyone for participating in my election poll. Um Yeah, that was a lot and that was fun. The market was the market was interesting, man. The market stuff just across the board just It's gonna stay interesting. You think so? You think interesting? Yeah.

SPX six thousand. That's just incredible. Imagine saying that. Imagine it seems like yesterday we were talking about Robbie ticking it at three fifty. You imagine that? It's it was it three fifty. I'll I'll never forget that number, you know? Fucking Robbie Wall. Genius. I'm all right, so I want to thank our sponsors in Gamba, Bass Pro Shops. Um and who else? Who else do we want to thank? The um the uh Realtor Association of Grant Channel again.

That's incredible. Dude, I'll tell you what, to to tell ya, I thought that was a current article and it wouldn't have surprised me. It's believable that that would happen today. Um MB sent me an article. We'll we'll discuss it next week, but that's that's Things will get better, my friend. Things are getting better. Things will get better. Okay. And are you ready to stop urging caution? Because I thought that like you you know, you were I feel like I think I think

Things are okay. There's a newfound optimism and the sun will will rise again. Okay. Yes. Yes. I'm taking away the skull and crossbones flag off the mast of the Jolly Roger ship. Okay. Wow. Uh yeah. Yeah. Why not? Why not? Investment advice, folks.

All right, let's go. What else? Um let me just run through Twitter and uh make sure that there's nothing serious on there that I missed because somebody said that uh Twitter is actually reality now. I think it was Bill Maher came out and'cause somebody made a comment that was like

Somebody was talking to Bill Maher, one of these political strategists, and was like, I don't care about the idiots on Twitter. And Bill Maher was like, Maybe you should, because that's where the reality is. Because I'll be honest, dude, you get

If you want to take the the you know, if you wanna throw away the you've you've done this for years. One you haven't watched NBC News or Fox News or ABC News in 25 years, but the majority of America does, and a lot of people get their news from mainstream mu from the mainstream media. And those two and they have gone like Bezos said about the Washington Post, like America doesn't trust those as news

sources anyway. So my wife rolls my eyes and I have buddies that rolls my eyes that'll that she's like, What are you doing? And I'm like, I'm reading the news. And she'll be like, Are you scrolling Twitter? And I'll be like, Yeah, but I'm reading the news. Okay. Like I'm re I'm getting the news in an unfiltered And it's not it I'm getting it from where I want and I can aggregate my sources the way I want to do it. That's why I'm so excited about our new fall lineup.

Okay. Liam Allen and the life coach and the great British dental office. One stop shopping. Okay. Maybe I got a meeting with Handler next week. Maybe we'll get him on. We'll get Zervos, Handler, Leslie. Maybe we'll have a round table. I would love to have the big E at that table. We could get a we could maybe a nice holiday show. Maybe that's in the cards.

Yeah, I thought that's what was happening when Cheryl jumped in. But uh Goodbye. All right, folks. Uh inside baseball cast at Gmail and we'll see you next week. All right. Later, buddy. Take care, pal.