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Remember, $8,000. That's how much a ticket from New York to lend a cost for a dog and its owner on bark air. A boutique, dogs first airline. What is the worst dog breed? There are no bad dog breeds. Okay, Chihuahua. Chihuahua. That's not a great breed. Welcome to PropG Markets. Add a little dog humor. A dog humor from the dog. Really, really going PG now. I keep meeting these people with their kids saying they're listening. Very different vibe.
Anyways, today we're discussing OpenAI's content deal with Vox and Latin America's new top bank. Here with the news is PropG Media Analyst and not a dog. Ed, did you grow up with dogs? I did. I had one dog. I had a border terrier growing up. A border terrier. What was your border terriers name? It's the name is Leo. Leo. So first stop, just a little word to the wise. Never own one dog. Dogs need to have another dog. They need a buddy.
He was a kind of a socially weird dog. Actually wasn't close to him. Really? That's such a moving story of a dog and a boy and his dysfunctional dog. Any more heartwarming stories? Let me get this. You're not that close to their siblings and don't like your parents despite them working really hard to a step. Who's your good relationship with you? Jesus Christ. Get to the headlines. You so soon.
Before that, I just want to remind listeners again, go subscribe to the new ProfG markets feed. We're soon going to be moving this market's podcast entirely off of the ProfG Pod feed. So if you're listening on the ProfG Pod, stop what you're doing. Go subscribe to the new feed, ProfG markets. We're number one in business right now. We're top 13 all categories. You can't miss it. Go subscribe. ProfG markets. And with that, let's start with our weekly review of market vitals.
The S&P 500 fell. The dollar climbed. Bitcoin jumped and the yield on 10 year treasuries rose. Shifting to the headlines. Saudi Aramco has announced a more than $10 billion stock sale. Currently just 1.5% of the company is publicly traded and Saudi Arabia and its investment fund owned the rest. This follow-on sale is one of the largest of all time. Kenoco Phillips is acquiring marathon oil and an all stock deal valued at $22.5 billion including debt.
That news came just a day after the shareholders of another oil company HESS voted to sell to Chevron for $53 billion. And finally, Salesforce reported weaker than expected first quarter revenue growth of 11% from last year. That's the first time the company has fallen short of revenue projections in 18 years. It also lowered its expectations for subscription sales growth for the full year and shares plunged 20%. Scott, thoughts.
The Saudi Aramco thing, it sounds basic but it sort of indicates the broader strategy of what is the fastest growing big economy other than India, I think. And that is, you know, here's the good news. They have infinite capital. The bad news is it's running out. I think there's somewhere between 40 and 70 years of oil underneath that ocean or that ocean of oil does run out. They're smart people. They need to transition to another economy. Another type of economy. So what are they doing?
They're selling a stake in their oil based company and using it to try and fund the transition to tourism, education, technology and other things. So I just think this makes a lot of sense for them. Any thoughts on Saudi Aramco? The background context on that story is that the sovereign wealth fund has been struggling with liquidity recently. So four years ago, they had around $130 billion in cash and in cash equivalents and now it's down to around 20 billion.
So they've spent almost 90% of the pot and now they need to go find cash somewhere else. And there are two ways to do that. One, they can borrow, which is what they have been doing. And two, they can liquidate their position in Aramco, which is, as you're saying, that's what's happening here. Here's the part I don't understand. This is all meant to fund their new investment plan.
Vision 2030, the stuff that you're talking about, transitioning the economy, which is projected to cost in total, not tens of billions, not hundreds of billions, but trillions of dollars. Like it's the most capital intensive project, basically in history. And just as an example, they're building this city and the desert, which we've talked about before this city called Neo. Neo is going to have its own artificial ski resort and its own moon, literally a moon, or official moon made out of drones.
And that project alone is going to cost half a trillion. So I'm starting to think that all of these forward looking national investment plans are at least a little bit unserious, because it just doesn't make much sense to me to be talking about building this solar powered city that's going to cost half a trillion dollars and have a moon made out of drones. Well, at the same time, you're struggling with liquidity issues and then announcing this follow on offering of wait for it, $10 billion.
So just a couple things, my father used to say that rich people live hand to mouth, just on a higher level. And wealthy people are smart and they always have their money invested. They sometimes keep some money in cash, but you want to be in the markets. You want to be full invested. You want to be diversified. And if you get a big chunk of money, you want to put it into an ETF, you should dollar cost in case you're investing in highs.
But wealthy people, wealthy nations have their money at work for them, which creates situations where oftentimes they're in cash crunches or they have less liquidity than they like this happens to me all the time. I'm I have tuition payments to and I'm like, wait, I don't have any cash. So I got to find shit to sell. And I never thought having this level of economic security, I would still have, you know, not the not liquidity problems.
But I have to think about this stuff and I have to look at it and say, okay, is all my stuff short term. Anyways, it does, I don't care how rich you are. There's always liquidity. You're always going to run it liquidity issues. And these guys as rich as they are are finding that, okay, maybe we're out a little bit over our schemes or eyes were bigger than our stomach.
But I bet, you know, there's going to be a lot of debt involved. They're going to buy, you know, more glass from South Korean glass manufacturers, but some of the manufacturers will finance some of the money. They will start getting revenues from these companies. They will issue bonds when they build Neom and they build this one area that they are fairly confident is going to spend off a couple billion dollars a year in taxes or or resort fees or whatever they'll be able to secure it.
So that's the equity component here. That's a big headline number and it's a staggering number. But that doesn't mean they need to come up with that equity capital all at once. And so much of this is out of their control because of oil goes to $300 a barrel. They're fine. They're fine. They're probably going to announce that they're spending more.
But if oil goes to $15 a barrel, they're going to have to scale back projects. They're going to have to cancel some projects. But to give you a scale of this stuff, you know, I think the infrastructure act was $700,800 billion from the largest economy in the world that's supposed to give the entire infrastructure in the United States of facelift, they have seven projects that are that scale or greater. All of this comes down to one thing. What is the price of oil in three, five, 10 years?
I want to pivot to the oil news, Kenoko Phillips buying marathon oil. Kenoko, it's conoco. Jesus, you and your bread. Put that shit in the boot. Yeah. Kenoko. Mispronunciation aside, there's been a huge amount of consolidation in the oil and gas industry in the past year. We've covered some of these deals in the previous episodes, but I just want to remind you of what's happened here. Back in October, ExxonMobil agreed to buy pioneer natural resources for $60 billion.
That same month, Chevron agreed to buy Hess for $53 billion. Two months later, Occidental bought Crown Rock for $12 billion. Two months after that, Diamondback bought Endeavor for $26 billion. Now, Conoco Phillips is buying marathon for $22.5 billion. What is going on here? If you let the economy just run unfettered, what happens is one company through innovation and great execution develops starter earnings growth and investors pile into that company because it's a safer bet.
They have access to cheaper capital and then they use that cheaper capital to go make acquisitions and forward-laning investments to no one else can match and they kind of run away with the show. People like Enigle Naturally, they'll be disruptors. Some of that is true, but what you end up with with unfettered capitalism with no regulatory intervention specifically DOJ or antitrust action is you end up with the following.
That is, four companies control at least 80% share in the following sectors, drug stores, home improvements, cars, airplanes, oil, computer hardware, computer software, food retail, internet retail, medical distributors, air freight carriers, telecom, cable satellite TV. Essentially, the world is controlled by a small number of concentrated companies that have incredible advantage.
I think the fastest way to oxygenate the economy is if we were to go on and break up Lala, Paloza, and that is going to all of these industries and create fertilizer in the shit would be instead of having Google or Alphabet, you'd have search, you'd have YouTube, and you'd have Google Cloud. That's three companies right there. It's just too concentrated. What happens when these companies get concentrated is you have cartel pricing power.
You can see the else look at each other and raise prices equivalently. There aren't that many suitors bidding to rent labor. On, wash, rents, and repeat. The myth is that competition is self-sustaining and eventually these companies get disrupted. In some instances, that's true, but not until these companies have created a tectonic shift in capital from labor to corporations and shareholders, which again, entrenches and enriches the incumbent.
Tripple the budget of the DOJ and the FTC and go through and oxygenate all parts of the economy and create more innovation and more taxes and more employment, more leverage on the part of labor by going and breaking these companies up. I think that's right. To be clear, the Exxon Pioneer Acquisition has been completed. It was subject to review, as you'd expect, $60 billion deal.
At the beginning of last month, Exxon announced that they closed the deal. Now we've got several other deals under review, but I don't fully see how, if that's the precedent that's been set, that you could break up, I don't know, a $12 billion deal for Crown Rock. Thoughts on these Salesforce earnings pretty dismal for the stock. Down 17% were stock dropped for Salesforce since I believe the financial crisis.
Wow, it's off 21%. It's five years, it's up 41%. Over the last one year, it's flat. People who look like geniuses are Elliott who came in, and I think late 2022 or early 2023, and said you need to get your costs in line and took the stock from 200 to about 300.
And then I think they accidentally did their position. That was like the perfect activist investment. Stock has up 50% since then, and now it is checked back because of slower growth. Did you get any color on the earnings call? Is it a function of competition? Is it a function of their customers with scaling back? What do you think is going on here?
I personally think that this sell off was a little unfair. I mean, yes, they missed, but these were very marginal misses. I mean, literally they were a fraction of a percentage off on both metrics. What I think is going on, I think the trouble that they're having is that Wall Street is getting used to these Nvidia-like beats as we discussed last week where you sort of blow your expectations out of the water.
I think investors are looking at Salesforce, and they're like, well, you're a tech company. Why can't you be like Microsoft or Amazon or Google or Nvidia, all of which have built in these huge expectations for AI, and which Salesforce hasn't really accomplished. And I think it's that story. It's the AI story that investors are really looking for with Salesforce right now, and which Salesforce and Mark Benioff haven't really delivered on.
I think what they're overlooking, though, is just the fact that the fundamental business for Salesforce is still incredibly strong. I mean, more than $9 billion on revenue, 11% revenue growth, which apparently is a problem, but that's double digit growth, $1.5 billion in profit.
It's still a juggernaut. Is it going to take over the world with world-class Gen AI? Probably not, but I don't think it has to. I don't even think it necessarily should. So, I don't know, it just feels like an over-punishment. I love that. Why can't you be in Nvidia? True story, I'd used to have a girlfriend and she would scream out during sex. Why can't you be more like David Hasselhoff? And I'd be like, I don't mind you imagining other men, but David Hasselhoff?
We'll be right back off to the break with a look at the latest news from OpenAI. Support for ProfT comes from JustWorks. Every small business starts with a lot of enthusiasm. And you need that if you're going to get your idea off the ground, because doing this stuff is really hard. It takes a lot of work, work that catches a lot of entrepreneurs off guard.
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We're back with Prof.T. Markets. OpenAI signed two more content licensing agreements with the Atlantic and with Vox Media. As we've discussed previously, OpenAI has been striking deals across media, most recently signing a contract with NewsCorp worth an estimated $250 million.
Terms of the deals with the Atlantic and with Vox have not been disclosed, but we do know a few details about their arrangements. For example, Vox will allow its content to be displayed on chat GPT, but the platform must include attribution links to the source material. Vox will use OpenAI's technology to enhance its ad platform and its commerce product called the Gift Scout, which offers shopping suggestions based on users' products. Vox Media is our distribution partner.
We're about to get fed into the chat GPT. I typed into chat GPT. How do I study? It's going to help you on the hard parts. It's making penis jokes. Coincidence? Coincidence? I don't think so. I think they're crawling to dog. That was good.
We said one of our predictions was that a lot of, I won't comment second tier, but smaller media companies would find a new incremental high margin revenue source bidding or renting out their content or entering into exclusive or licensed deals with LLMs who are all trying to, I don't know how much of this is they need the content or they're just trying to placate these people and pretend that they're good for the entire ecosystem.
It's like when Google would occasionally run ads to say, oh, we're a good partner. No, we're not just sucking the oxygen out of the room with every media company and advertising company in the world. We advertise because you are partners. You're our partners. They run their fingers to their hair before they shot them in the fucking face.
I think if you really pull it under the hood, these deals are smaller on a top line level, but it's all gross margin revenue. What'll be interesting is this will go one of two ways. As it becomes normalized, you have to pay for the license for this content. I'm sure that the media coming themselves will come up with their own LLMs to detect whether or not they're crawling our podcast. And by the way, the agreement says they are not crawling podcasts, but the content they own. I didn't see that.
I would be like, calm back off and say, this shit is gold. You don't get to with gold. And you don't get to have a new gold tooth without paying to dog and the canoco Brit on my podcast. But they're not doing that. Especially they're just doing the content they own, which I think is like New York Magazine and all the blogs they have. And they produce a decent amount of content.
The question is whether this sets off a bidding war for good content and creates the incremental revenue stream that all media has been waiting for from big tech.
Or if it's just going to be used to train other LLMs that will begin producing their own New York magazine like content for the LLMs to to crawl themselves. And my where I went into sort of a rabbit hole mentally was the notion that I think at some point with these voice front ends on AI that I'll be able to say when I wake up in the morning, give me today's business news.
In the voice of George Carlin, but with the fact driven nature of Reuters and I'm not going to need to go to HBO Max. I don't know where I would go for George Colin content, but I wouldn't I don't need to go to the Reuters side or I don't need to go to the sand outside.
You know, my my content, the analogy I would use, I was at Santa and bros yesterday and they all that place makes money and everything it's such a rip off. But but most restaurants try to break even on the food and where they make the money on the alcohol.
And I wonder, I mean, the ideal model with content companies are hoping for is that they break even on their actual content, but they make money off of things like, I don't know, events or or renting their renting and leasing their data out to LLMs that that becomes their high margin.
Because when daddy orders that third makers and ginger with his catch up pet bay and prosciutto barata, you know, the margin on those makers and gingers that they're charging me, I think $22 for I think the drink costs $55 or 70 cents. That's how these places make money is based off of my addiction and wanting me to like me more. But I don't know, I think I could see this going one or two way. I don't know if this is a big head fake or jazz hands.
It's going to just result in training these LLMs such in a year to years in on you know, or if we're at the very early days of what ultimately will be a bidding war and an increase in this very small but high margin revenue. I mean, I know that you're I would say friends, I think with Jim bank off CEO, I am box media.
Nice. This guy in media. Have you ever have you had any conversations with him about this not necessarily about this deal specifically, but you know licensing deals with AI companies. So really there isn't a move that a big move that involves strategy or technology that Jim doesn't the gym makes without checking in with me first and getting the benefit of my wisdom.
Everything I've said is a lie. He never that bitch never calls me literally never calls me never says, hey, what do you think about this deal with open AI? I mean, for God's sakes, I got all these AI people crawling up my ass inviting me to their headquarters to try and give talks and pay me a lot of money. So I'll say nice things about them.
Jim bank off doesn't call me no, no, no, no, no, he doesn't want to get my view on this stuff. No, he has not said a word to me. He's probably worried I'm going to go well, I want a bigger deal or something. It's like when I sometimes I'm a little remiss to tell the team of PropG how well we're doing for they're going to be like, well, I want more pet bereavement deal for fluffy, fluffy past away and I need three weeks off.
Anyways, where are we? We're still on open AI. So, you know, we've seen a lot of these licensing agreements and we've been discussing them a lot recently. I just want to go over all of the announcements that open AI has really so far. So so far we have deals with the associated press, axle springer dot dash merideth financial times, LeMonde, Priza media, news court and now, vox media and the Atlantic.
So, nine contracts, none of them have disclosed any of the deal terms specifically how much the contracts are worth. Now, we've seen rumors, the axle springer deal supposedly worth tens of millions. That's how it's been reported in the media. The news court deal is supposedly north of 250 million dollars, but no one actually knows it's all just sort of rumors or according to people familiar with the matter kind of reporting.
So why aren't any of these companies disclosing that information? I mean, as you say, if this is going to be the profit maker, especially for a public company, why aren't they saying how much money they're going to make? I would bet that the numbers are pretty mediocre. So, even that 250 million dollar deal, I don't know if it's four years or five years, but that comes down to 50 million a year. Now, granted 47 of it will hit the bottom line.
But when you talk about news court, you're talking about some really robust content and it's a great deal. It's a great press release for OpenAI and yet they only came up with 50 million a year. So, I bet the vox deal is millions, not even tens of millions. And so, they don't want to announce that OpenAI wants credit for trying to work plain ice and have, you know, be thinking about different changing its content and being partners with this ecosystem and being a good citizen.
My guess is bank office struck a deal for millions. And it's great because it all hit the bottom line, but it's not like it's a hundred million bucks. And so they both parties decide to keep it confidential for fear that it's just going to be a lot of heckling from the cheap seats. Like, oh, you're letting almonds putting a gag ball on you and telling you to grab your ankles and giving you, you know, 50 bucks and bus fare.
You ask why Jim Bankoff doesn't call me. Can you imagine why he wouldn't want to call me? Get us out of that one, Ed. Can no go out of that one. So, two, two final news items concerning OpenAI. One is that they are creating a safety and security committee, which is quote, responsible for making recommendations on critical safety and security
discussions for all open AI projects. This is coming less than a month after they dissolved the super alignment team, which we discussed. And that team was essentially tasked with the exact same thing safety and security. The second news item is that Jan Leica, who is a former leader of that super alignment team at OpenAI, who as we discussed, resigned. He is now joining Anthropic, which is one of the leading competitors to OpenAI, reactions to either of those headlines.
The world is going through in 10 months, what took them 10 years to discover a meta. And that is they don't give a flank fuck about your well-being. And they're not going to take care of you when you're older. And despite their hush tones and concerns about the future of AI, they are there to make profit. And they're really good at that and shouldn't be trusted to do anything else.
And this goes to a bigger issue. And that is all of this stuff around corporate social responsibility and making the world a better place. I can't go to a conference for a beauty company or a technology company where some very hopeful 20-something stands up and says, you know, we believe here our role is an empowering women or creating a more sustainable future.
And I'm like, no, it's not. Your job is to make more fucking money for the shareholders. And that's what you're going to do. And a few people will care that are not their heads that you're changing the world for to be a better place. But the way you make a world a better place is you create more value than your inputs. You create economic security. If you and your family, you're a good citizen, you vote, you give some money away.
And we regulate the company and tax it at a fair rate. So if we, the electric can elect people who will vote on things like food stamps and protect a woman's bodily autonomy. And just because you paint a fucking air pod red does not mean you are doing anything for the world. And all of this corporate social responsibility and DEI bullshit has done nothing but distract the populace from the need to regulate these companies.
And all of this kind of notion that we keep hoping the capitalism can serve as an engine of change for social good. We've had 40 years to try and do that. Ben and Jerry's is still a very small company. R.E.I. is a cute little company. Good for them. The majority of companies will do whatever they need to do to make more money.
Full stop Ford would still be pouring mercury into the river if we allow them to do that. The trust and safety team of open AI should be in Washington DC and have the ability to tax prosecute and imprison enough with this notion that we have a new generation of corporate leaders to give a flying fuck spoiler alert they don't. And I'm so interested in because you're describing that actually the main goal for Sam outman from opening eyes to create shareholder value.
But this is a nonprofit company and I know if you remember that exchange between Sam outman and sanity Kennedy during the Senate hearing where he's like, oh, do you make a lot of money? Sam's like, no, I don't make any money. I don't have any equity in in open AI, which would go against your point until I just learned this week that apparently the board is discussing granting. Sam equity in a new more traditional corporation in open AI to incentivize him.
I remember that exchange where everyone was where Sam said I'm not making any money with that. Oh, that must mean he's doing good thing. I remember thinking just trust me on us. He's going to make billions. I mean, how could Sam not make bill if he has the ability even personally to invest in AI companies and as influence over their ability to announce a partnership with open AI.
Now granted the board should be able to set out conflicts like that, but it probably won't just this is the easiest prediction ever. Sam outman directly or indirectly is going to make billions of dollars from open AI.
Sam is doing exactly what he should be doing who's not doing what they're supposed to be doing is us. We're supposed to elect people that see through this bullshit put in place some sort of compute tax put in place attacks of progressive tax structures such as the six wealthiest or the 25 wealthiest people in America. Don't pay an effective tax rate of eight fucking percent really really. Oh, Jesus Christ. Anyways, God, I sound especially get off my lawn today.
Don't I thank you for my TED talk. We'll be right back off to the break with a look at the new most valuable bank in North America. Support for the show comes from ServiceNow, the AI platform for business transformation. You've heard the big high brown AI. The truth is AI is only as powerful as a platform it's built into.
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We're back with profty markets. Brazilian FinTech new bank has just become Latin America's most valuable financial institution by market cap. It shares of rally more than 40% this year to give the company a market cap of roughly 58 billion dollars that puts it ahead of it's our Brazil's largest bank which has been around since 1945.
Behind that rally is a story of tremendous market expansion when new bank launched in 2013 roughly 40% of Brazilians were unbanked and an oligopoly controlled roughly 80% of the market. Now just over a decade later 54% of Brazilian adults are new bank customers. The company is also expanded to Mexico and Columbia and it has also surpassed 100 million customers making it the first digital banking platform outside of Asia to hit that metric.
Scott you interviewed the new banks CEO David Vellas back in 2022. I think you also invested in the IPO in 2021 if I'm correct. What do you make of this company and its performance since then. It's been an okay performer has been a great performer. I think I either sold eventually sold a break even or even a loss but stocks up 80% in the last year.
And it really tapped into an incredible need and that is a dramatic number of people in Latin America are unbanked and they end up paying these honoris fees to get banked and also they pay enormous fees in terms of their time to ability to you have to go down to the utility to pay their electric bill or what have you also.
And this has been fixed I think but in Rio if you were a male under the age of 40 you had to go into a bank you had to go into a room with cameras and take your shirt off because they were so worried about crime. And they recognize they can skip the branch network it's like when India skipped landline and went straight from kind of no found to cell phone large parts of Latin America and Central America they're skipping from the unbanked to digital banking.
The company is really well run reported five consecutive quarters of profitability and over 20% revenue growth. And the other thing that I love about this company is it's an asset light business model that these branches I think you have to have at least 30 million or 60 million deposits just to support the real estate and the human personnel of that operating system of a branch.
Yeah, the number I've seen is 50 million 50 million to generate a retire on a bank branch and when you build the make the fixed investment which you capital which they've access to to build the technology and you don't have to have assets you don't have to have real estate and things in the windows saying you know catch your mortgage here for a percent.
And at the end of the day people absolutely love this the NPS levels are get this two to three times greater than their competitors which means their cost of customer acquisition is much lower and they don't have the same churn. This is a great company.
You'd like to see this in Latin America there's Mercado Libre but there hasn't been a ton of digital big winners here and that's what they need they need to have you know they need some companies and make a bunch of people billions of dollars which inspires venture capital. I hope David starts a VC firm in Brazil because that's what you need you need a Michael Dell to make billions of dollars and then start a VC ecosystem in Austin.
So I hope it happens here I'm really fond of Latin America if you globally think about what's happened to the economy over the last 40 or 50 years America's held its own we control the same amount of GDP. Great growth we're killing it China Southeast Asia they're the big winners the big losers in the global race for economic dominance have been Europe and Latin America.
The saying in Brazil is that no country has a brighter future than Brazil but it's meant as a bit of an insult and that is Brazil is always a little engine that supposedly can but never does. And so I hope you know I I hope this does really well good for good for new bank good for Brazil good for the planet.
It's now turning into a banking meets insurance meets stock market investing meets travel meets telco product kind of everything in one which reminds me of this idea of the super app which we discussed a long time ago which is basically.
Turn for an app that acts as a portal for everything from banking communicating right here it's basically what we chat is in China so it feels like new bank is getting into super app territory here do you think that's the ideas that the strategy they're going for do you think every company has the same aspiration every company wants to control your interface we're in attention economy if I can figure out a way to control more of your time on screen.
I can monetize it eventually and so everybody wants to iOS wants to control everything they want to be in your car right Android wants to be the opera Alexa are basically Amazon's Alexa was an attempt to control more the interface your digital world we're interacting through their. Through their voice devices every company wants to leverage their custody the consumer to grab more and more of their attention such that they can monetize it that's the same thing here.
And the biggest the obviously the biggest threats or the biggest barriers to super app status are iOS and Android that do not want anyone I mean ultimately iOS is the premier super app for rich people and Android is the super app for everybody else and that is that's what you go through to access Uber and everything else they figured out a way to tax them or tax the consumer for more a legal way.
To access those apps which is which is Apple once an ad model one is a subscription model but those guys have invested interest in sticking their elbows out and not letting anybody develop their own super app status the essentially the fight between apple and epic is it epic essentially wanted to be a super app for gaming they wanted to put other games on its platform and start charging from similar way the app store works at apple and apple said no we're going to disable this technology we're not going to let you do it.
The new bank it'll be really interesting if the stock were to go to 50 it's because they would be able to show that they can launch adjacent categories and immediately get market share and then say OK even if we break even on the banking which they don't make money but we now have as you call the super app power to start taking people into different verticals the term that people used to describe this.
This kind of bank which is a digital bank is me oh bank no they call it a canoko bank it's a canoko bank. Jesus Christ what do you a stripper to Brazilian nightclub next up big hand for a cano go get out there get out there and shake your money maker ad get out there.
Oh my god but I didn't get along with my dog what the fuck is wrong with you what is wrong with you my god why did you hate your dog ad he was just weird man he was weird I think he thought he was a human it a try and heard you those are hurting dogs no actually he hurt other dogs he would always bite other dogs and whenever I take him for war it was always smush face dogs like pugs and bulldogs he would always bite them and I was at a pure bread I think so that's problem.
That's problem always get a month I was get a month what much my it's as if much know that they're about to be shipped off to be executed so they are so thrilled when you bring him home and start feeding him like lamb organic lamb food their little like I'll tell you what is that you're feeding your dogs organic lamb.
My dogs even much better than we do literally I'll come home to know I'm gonna come with 3 am there's gonna be nothing for me like the little of you nothing like no one will even like a daddy to the fuck cares. But if the dog makes a whimper in the middle of the night will get up and will microwave it's some sort of like organic sheep intestine thing that's good for its coat.
And that's a ton of fun although I didn't get a I might my birthday present to myself when I turned 45 55 was I bought a great day and boy is she stupid oh my gosh. The village it eat of dogs and so sweet and loving oh god love that can't wait to see that dog can't wait kids sort of excited can't wait to see layup.
Yeah exactly she'll get up in the middle of the night she'll come over and it's really good I don't know if you've noticed this because you probably have notices because you hate dogs. But she'll come over great to answer this weird thing they as a means of affection they shout they're like hind torso window that's how they express love I go it's good to see you how about a little of my back and butt just to just to welcome you home.
Is that how you express love that's yeah that's that's where you learned it from you know how I express love I express love one white Benjamin so I give people money. It's the best kind of love. Trifts to say what's which is a good way to yeah it's a good love language it's the nearest one for every relationship I tell people that I'm like this is how I express the affection I'm anyway so I want to give specifics but.
Alright my supposed to make a prediction where are we at yeah fuck it let's just wrap up the show before we do that let's take a look at the week ahead. We'll see the unemployment rate for me will also see earnings from Lulu lemon Dollar Tree and Crowd Strike everything do you have any predictions my prediction is and this is financial advice but I bet within 30 days sales forces recovered most of its losses I was just as you were talking I like
we said I looked at the numbers it barely missed the company still doing really well they've cut some costs I don't I don't see any evidence here that the company should be worth a lot less and while the stock was up it wasn't up so substantially that this was just air coming out I think this was to your point everyone saying why aren't you in video and I okay they're not but they're still an amazing company so anyways my prediction is that there's 22% stock decline we're looking at today that sales force recovers most are all of it within.
The next 30 days. This episode was produced by Claire Miller and engineered by Benjamin Spencer or seriously producer is Allison Weiss or executive producers of Jason Stavras and Catherine Dylan me as well various our research lead and Drew Burrows is our technical director thank you for listening to Profty Markets from the Vox Media podcast network join us on Thursday for our conversation with Morgan House or only on Profty Markets. Live time. You have me in time. Reunion as one time.
And the drive.