George Kailas is giving away Wall Street's playbook

George Kailas got his first hedge fund job at 17. He taught himself accounting to qualify. He spent the years after on the buy side, building his own algorithms, and eventually ran an AI-as-a-service business for financial firms. The pattern he kept seeing: retail investors operating at a serious data disadvantage. Even smaller hedge funds couldn't keep up with the largest institutions.

He founded Prospero.ai in 2019 to close that gap.

"Initially, our goal was actually pretty modest," Kailas said on the CEO.com Podcast. "We wanted to help people stay out of the way of institutions and reduce costly investing mistakes. But the signals we developed ended up performing incredibly well."

The numbers he cited on the podcast: picks in Prospero's newsletter have outperformed the market by an average of 63% over the last four years. About 15,000 people use the app each month. Another 10,000 read the newsletter every week.

Alibaba changed his sense of what he'd built. Around 2022 or 2023, two of Prospero's most important signals spiked far above normal, so the company bought the stock. Ant Financial announced a funding round shortly after, and shares jumped. The signals cooled, and Prospero sold. Then the same pattern appeared again. Users noticed it themselves and started asking questions. Alibaba announced a major corporate reorganization and the stock surged.

"Maybe we've built something bigger than simply helping people avoid mistakes," Kailas remembers thinking.

The signal doing the heaviest lifting is net option sentiment, which isolates institutional behavior on the theory that institutions have better information and stronger incentives. That theory is also why he's cool on prediction markets, which people ask him about constantly. The odds usually favor the market maker, he said, and "you often can't distinguish between informed participants and uninformed participants."

Prospero stayed largely free for years. Investors wanted him to charge sooner. He refused, because he believes trust will be the scarcest asset in an AI-saturated world. "If enough people trust it, the information becomes more valuable, which creates a virtuous cycle," he said.

The company runs on two full-time employees. More than 50 people have contributed through equity arrangements, advisory roles, and part-time work. Total raised: a little over $1.5 million, about $538,000 of it through crowdfunding. The five-year plan is wealth management, sold to users who already have years of evidence the system works.

Kailas doesn't think AI is propping up the stock market, and he does think bubbles are forming. He just doesn't find that observation useful. "A bubble can continue expanding for years," he said. "If you become overly focused on timing the collapse, you can miss substantial gains." His questions are about exit criteria and risk controls, not timing.

He's less sure about the compute buildout. Communities are pushing back against data centers that consume enormous power and water while creating few long-term jobs. Smaller, specialized models are already challenging the assumption that AI requires ever more compute. And Google has set 2029 as its target for migrating to post-quantum cryptography. If quantum computing progresses the way many expect, Kailas said, it could change the economics of the infrastructure being built today.

So why are companies spending hundreds of billions on data centers? "Honestly, because that's how capitalism works," he said. "If someone is willing to write the checks, someone else will build the infrastructure."

On the frontier labs, he sees two different companies. OpenAI's talk of advertising and its media acquisitions suggest to him a bet on distribution over product. Anthropic is the opposite case. "I've never seen demand for a private company like I've seen with Anthropic," he said. "People are desperate to invest."

The signals now have a second life. In July, Kailas launched Aethon Fund, a hedge fund that opened with $50 million in capital and a signal library refined through four years of live calls with Prospero's community. He moved to chairman of Prospero.ai, longtime CTO Adam Plante took over as CEO, and a percentage of Aethon's proceeds goes back to the platform.

CEO.com asks every guest the same final question, on the belief that the chances one gives are just as important as the chances one takes. Kailas named Bruce Greenwald, the longtime head of Columbia Business School's value investing program. Greenwald took an interest when Kailas was 16, introduced him to the people who gave him his first hedge fund opportunities, and vouched for a teenager with almost no experience.

"There's no question I wouldn't be where I am today without that support," Kailas said.

00:00:00 Introduction and Background
00:00:09 Founding of Prospero AI
00:00:42 Retail Investors' Data Disadvantage
00:01:02 Simplifying Investment Signals
00:01:46 Democratizing Investing
00:02:11 Building a Community
00:03:02 Trust in AI and Community-Based Research
00:04:08 Future Vision: Public Utility of Data
00:05:12 Predicting News Events
00:07:16 User Base and Growth
00:07:40 Beyond Stock Market: Betting Markets
00:09:08 Institutional vs. Retail Behavior in Markets
00:12:11 AI's Impact on the Stock Market
00:16:10 Overbuilding Compute and Data Centers
00:20:31 Incentives Behind Building Data Centers
00:23:13 Future of AI Companies Going Public
00:27:09 Staying Ahead with Prospero's Algorithms
00:30:57 Typical Day of a CEO
00:33:43 Team Size and Structure
00:34:42 Funding and Investment
00:35:08 Long-Term Vision for Prospero
00:38:30 Acknowledging Mentors and Opportunities

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So,<00:03:20.040> part<00:03:20.320> of<00:03:20.480> how<00:03:20.600> we<00:03:20.760> want<00:03:20.959> to<00:03:21.080> add<00:03:21.320> value<00:03:21.800> long-term<00:03:22.560> and<00:03:22.760> as<00:03:23.160> as,<00:03:23.360> you<00:03:23.440> know,<00:03:23.560> more<00:03:23.840> and<00:03:23.959> more<00:03:24.280> AI<00:03:24.600> gets<00:03:25.040> in<00:03:25.200> is<00:03:25.440> is<00:03:26.360> um<00:03:26.440> in<00:03:26.800> a<00:03:26.840> community-based<00:03:27.640> way.

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So,<00:03:28.360> you<00:03:28.440> know,<00:03:28.560> one<00:03:28.720> of<00:03:28.800> the<00:03:28.880> things<00:03:29.120> we're<00:03:29.239> trying<00:03:29.519> to<00:03:29.600> do<00:03:30.280> is<00:03:31.000> create<00:03:31.480> sort<00:03:31.680> of<00:03:31.840> modern<00:03:32.320> sell-side<00:03:33.000> research<00:03:33.480> that<00:03:33.720> retail<00:03:34.080> investors<00:03:34.680> actually<00:03:35.160> trust.

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Um<00:03:37.160> that<00:03:37.400> can<00:03:37.560> become<00:03:38.519> a<00:03:38.600> bit<00:03:38.840> of<00:03:39.040> a<00:03:39.400> a<00:03:39.480> virtuous<00:03:40.000> cycle,<00:03:40.600> right?

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The<00:03:41.239> more<00:03:41.680> people<00:03:42.080> that<00:03:42.320> trust<00:03:42.800> it,<00:03:43.280> the<00:03:43.440> more<00:03:43.880> accurate<00:03:44.440> the<00:03:44.560> information<00:03:45.560> becomes,<00:03:46.160> and<00:03:46.320> the<00:03:46.400> more<00:03:46.720> people<00:03:47.120> that<00:03:47.280> will<00:03:47.440> take<00:03:47.680> notice.

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So,<00:03:48.760> that's<00:03:49.040> one<00:03:49.239> of<00:03:49.280> the<00:03:49.400> things<00:03:49.880> our<00:03:50.040> very<00:03:50.360> like<00:03:50.880> long-term<00:03:51.560> community-focused<00:03:52.520> endeavor.

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And<00:03:53.480> then<00:03:53.600> the<00:03:53.760> other<00:03:54.000> thing<00:03:54.680> is,<00:03:55.360> you<00:03:55.400> know,<00:03:55.520> for<00:03:55.680> a<00:03:55.760> long<00:03:56.080> time,<00:03:56.600> and<00:03:56.800> we<00:03:56.920> haven't<00:03:57.160> started<00:03:57.480> doing<00:03:57.720> this<00:03:57.880> yet<00:03:58.080> because<00:03:58.680> trust<00:03:59.120> is<00:03:59.320> step<00:03:59.680> one<00:04:00.680> in<00:04:00.880> this,<00:04:01.600> which

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is<00:04:02.000> that<00:04:02.760> um<00:04:03.680> we<00:04:03.840> want<00:04:04.040> to<00:04:04.120> someday,<00:04:05.160> you<00:04:05.240> know,<00:04:05.920> ask<00:04:06.400> our<00:04:06.600> users<00:04:07.000> questions<00:04:07.400> like<00:04:07.560> what's<00:04:07.760> your<00:04:07.880> temperature<00:04:08.680> and<00:04:08.840> model<00:04:09.160> say<00:04:09.320> a<00:04:09.400> pandemic<00:04:10.040> in

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real<00:04:10.400> time<00:04:10.760> and<00:04:10.840> essentially<00:04:11.320> do<00:04:11.560> what<00:04:11.680> the<00:04:11.800> Centurions<00:04:12.280> were<00:04:12.400> doing<00:04:12.920> when<00:04:13.040> they<00:04:13.120> were<00:04:13.240> looking<00:04:13.520> at<00:04:13.600> hospital<00:04:14.000> data,<00:04:14.280> reassuring<00:04:14.840> the<00:04:14.920> public,<00:04:15.360> shorting<00:04:15.680> the<00:04:15.760> market.

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But<00:04:16.640> instead<00:04:16.880> of<00:04:16.920> that<00:04:17.079> private<00:04:17.400> arbitrage,<00:04:18.239> we<00:04:18.359> can<00:04:18.519> make<00:04:18.680> that<00:04:18.840> more<00:04:19.000> of<00:04:19.079> a<00:04:19.160> public<00:04:19.560> utility,<00:04:20.440> which<00:04:20.680> incentivizes<00:04:21.359> more<00:04:21.680> data<00:04:21.959> sharing.

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So<00:04:22.800> this<00:04:23.160> idea<00:04:24.280> of,<00:04:25.000> you<00:04:25.120> know,<00:04:25.280> the<00:04:25.480> val<00:04:25.919> the<00:04:26.120> high<00:04:26.520> value<00:04:27.000> that<00:04:27.200> could<00:04:27.320> be<00:04:27.480> built,<00:04:28.200> even<00:04:28.480> if<00:04:28.600> we<00:04:28.680> have<00:04:28.800> to<00:04:28.880> sacrifice<00:04:29.440> a<00:04:29.480> little<00:04:29.720> revenue<00:04:30.240> in<00:04:30.360> the<00:04:30.440> short<00:04:30.800> term,

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um<00:04:32.880> with<00:04:33.160> trust<00:04:34.080> and<00:04:34.280> kind<00:04:34.520> of<00:04:34.640> monetizing<00:04:35.360> that<00:04:35.560> trust<00:04:35.919> where<00:04:36.880> us<00:04:37.320> and<00:04:37.480> the<00:04:37.560> public<00:04:38.320> are<00:04:38.480> beneficiaries,<00:04:40.040> um

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has<00:04:40.760> always<00:04:41.080> been<00:04:41.240> a<00:04:41.280> huge<00:04:41.600> part<00:04:41.760> of<00:04:41.840> the<00:04:41.919> long-term<00:04:42.360> plan.

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Okay,<00:04:43.640> I<00:04:43.680> have<00:04:43.840> so<00:04:43.919> many<00:04:44.080> questions<00:04:44.440> from<00:04:44.600> that<00:04:44.880> just<00:04:45.160> just<00:04:45.320> based<00:04:45.560> off<00:04:45.680> what<00:04:45.760> you<00:04:45.840> said<00:04:46.120> and<00:04:46.440> in<00:04:46.480> particular<00:04:46.919> like<00:04:47.320> how<00:04:47.520> is<00:04:47.680> it<00:04:47.800> legal<00:04:48.160> for<00:04:48.400> our<00:04:49.240> uh<00:04:49.720> people<00:04:50.000> who<00:04:50.200> are

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in<00:04:50.400> Congress<00:04:50.960> to<00:04:51.320> trade<00:04:51.840> based<00:04:52.160> off<00:04:52.360> of<00:04:52.480> events<00:04:52.880> that<00:04:53.000> they<00:04:53.160> have<00:04:53.360> foreknowledge<00:04:53.960> of,<00:04:54.160> but<00:04:54.480> I<00:04:54.560> won't<00:04:54.800> ask<00:04:55.080> you<00:04:55.200> that<00:04:55.440> because<00:04:56.200> neither<00:04:56.480> of<00:04:56.600> us<00:04:56.720> have<00:04:56.919> any<00:04:57.040> control<00:04:57.520> over

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that,<00:04:58.600> but<00:04:58.760> I<00:04:58.800> do<00:04:59.000> wonder<00:04:59.760> going<00:04:59.880> to<00:04:59.960> be<00:05:00.080> excited<00:05:00.480> about<00:05:00.720> answering<00:05:01.120> that.

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[laughter]<00:05:03.800> Yeah,<00:05:04.360> I<00:05:04.400> mean<00:05:04.800> uh<00:05:05.400> but<00:05:05.560> I<00:05:05.640> do<00:05:05.760> want<00:05:05.880> to<00:05:05.960> ask<00:05:06.080> you<00:05:06.120> you<00:05:06.200> said<00:05:06.360> something<00:05:06.560> really<00:05:06.760> interesting<00:05:07.240> actually<00:05:07.600> that<00:05:07.800> you<00:05:08.040> you<00:05:08.160> got<00:05:08.360> to<00:05:08.440> a<00:05:08.480> point<00:05:08.680> where<00:05:08.800> you

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could<00:05:09.000> maybe<00:05:09.240> even<00:05:09.440> predict<00:05:10.040> news<00:05:10.360> events.<00:05:10.720> What<00:05:10.800> did<00:05:10.919> you<00:05:11.040> mean<00:05:11.200> by<00:05:11.360> that?

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So<00:05:13.440> um<00:05:14.800> it<00:05:14.880> kind<00:05:15.120> of<00:05:15.200> happens<00:05:15.520> all<00:05:15.640> the<00:05:15.760> time.

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And<00:05:17.680> the<00:05:17.800> first<00:05:18.120> time<00:05:18.360> I<00:05:18.440> really<00:05:18.760> saw<00:05:19.080> it<00:05:19.600> and<00:05:19.720> the<00:05:19.800> first<00:05:20.040> time<00:05:20.200> I<00:05:20.280> was<00:05:20.480> like,<00:05:21.160> "Whoa,<00:05:21.480> I<00:05:21.560> might<00:05:21.760> have<00:05:21.880> invented<00:05:22.400> something<00:05:23.720> uh<00:05:23.880> that's<00:05:24.400> that's<00:05:24.760> bigger<00:05:25.080> than

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just<00:05:25.440> keeping<00:05:25.760> people<00:05:26.080> out<00:05:26.160> of<00:05:26.200> the<00:05:26.280> way<00:05:26.440> of<00:05:26.560> institutions."<00:05:27.640> It<00:05:27.760> was<00:05:27.960> 2022,<00:05:28.840> 2023.

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Um<00:05:31.040> we<00:05:31.280> were<00:05:31.400> looking<00:05:31.960> at<00:05:32.800> um<00:05:33.040> Alibaba<00:05:34.360> and<00:05:35.240> we<00:05:35.440> saw<00:05:35.680> in<00:05:35.840> like<00:05:36.000> our<00:05:36.120> most<00:05:36.400> important<00:05:36.800> short-term,<00:05:37.240> most<00:05:37.480> important<00:05:37.800> long-term<00:05:38.200> signal

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it<00:05:38.680> really<00:05:38.880> like<00:05:39.080> spiking<00:05:39.760> way<00:05:39.960> above<00:05:40.440> levels<00:05:40.880> and<00:05:40.960> we're<00:05:41.080> like,<00:05:41.280> "Okay,<00:05:41.960> time<00:05:42.200> to<00:05:42.320> add<00:05:42.720> Alibaba."

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And<00:05:43.880> that<00:05:44.120> was<00:05:44.320> right<00:05:44.560> before<00:05:45.520> um<00:05:45.919> Alibaba<00:05:47.240> uh<00:05:47.360> or<00:05:47.680> Ant<00:05:47.960> Financial<00:05:48.840> like<00:05:49.120> announced<00:05:49.520> a<00:05:49.560> new<00:05:49.840> round<00:05:50.320> and<00:05:50.480> the<00:05:50.560> stock,<00:05:51.440> you<00:05:51.560> know,<00:05:51.680> went

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up.<00:05:52.600> Um<00:05:53.680> then<00:05:54.760> uh<00:05:55.560> there<00:05:55.880> was<00:05:57.040> uh<00:05:57.440> a<00:05:57.560> second<00:05:59.000> we<00:05:59.160> got<00:05:59.400> out<00:05:59.520> of<00:05:59.640> it<00:05:59.760> cuz<00:05:59.920> the

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signals<00:06:00.360> went<00:06:00.480> back<00:06:00.680> down.<00:06:00.880> Then<00:06:01.000> we<00:06:01.120> saw<00:06:01.320> the<00:06:01.440> exact<00:06:01.840> same<00:06:02.040> behavior<00:06:02.400> and<00:06:02.520> this<00:06:02.640> is<00:06:02.720> what's<00:06:02.880> kind<00:06:03.040> of<00:06:03.120> cool.

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A<00:06:03.600> lot<00:06:03.760> of<00:06:03.840> the<00:06:03.920> times<00:06:04.120> our<00:06:04.280> users<00:06:04.720> can<00:06:04.840> even<00:06:05.040> be<00:06:05.160> like,<00:06:05.360> "Whoa,<00:06:05.600> is<00:06:05.720> that<00:06:05.960> happening<00:06:06.400> again?"

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Um<00:06:08.120> and<00:06:08.320> then<00:06:08.480> we<00:06:08.640> got<00:06:08.960> in<00:06:09.520> before,<00:06:10.320> you<00:06:10.440> know,<00:06:10.560> a<00:06:10.640> major<00:06:11.160> Alibaba<00:06:11.800> re-<00:06:12.120> company<00:06:12.520> reorg<00:06:13.160> was<00:06:13.360> announced<00:06:13.840> and<00:06:13.960> the<00:06:14.040> stock,<00:06:14.680> you<00:06:14.800> know,<00:06:14.960> went<00:06:15.160> up<00:06:15.440> again

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um<00:06:16.640> a<00:06:16.720> lot.<00:06:17.040> And<00:06:17.200> that<00:06:17.400> was<00:06:17.560> the<00:06:17.680> first<00:06:18.000> time,<00:06:19.080> um<00:06:19.840> you<00:06:19.960> know,<00:06:20.480> A<00:06:20.760> that<00:06:20.960> I<00:06:21.080> was<00:06:21.280> like,<00:06:21.760> "Wow,<00:06:22.280> like<00:06:22.640> there's<00:06:23.040> there's<00:06:23.320> really<00:06:23.520> something<00:06:23.880> to<00:06:24.040> this."

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Um<00:06:25.520> but<00:06:25.760> also<00:06:26.120> like<00:06:26.360> I<00:06:26.480> have<00:06:26.760> a<00:06:27.280> I<00:06:27.400> kind<00:06:27.640> of<00:06:27.760> have<00:06:27.919> like<00:06:28.160> a<00:06:28.960> a<00:06:29.080> grizzled<00:06:30.440> uh<00:06:30.600> Stern<00:06:31.120> business<00:06:31.480> school<00:06:31.960> professor<00:06:33.000> um

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who's<00:06:33.440> one<00:06:33.600> of<00:06:33.720> the<00:06:33.840> like<00:06:34.560> leading<00:06:35.080> derivative<00:06:35.600> experts<00:06:36.600> in<00:06:36.680> the<00:06:36.800> world.

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And<00:06:38.360> he<00:06:38.560> was<00:06:38.760> always<00:06:39.080> just<00:06:39.280> like,<00:06:39.640> "Ah,<00:06:40.080> you<00:06:40.240> know,<00:06:40.440> I<00:06:40.520> don't<00:06:40.720> know.

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Like<00:06:41.720> I<00:06:41.800> don't<00:06:42.000> know<00:06:42.120> if<00:06:42.240> this<00:06:42.400> stuff<00:06:42.640> is<00:06:42.760> working,<00:06:43.480> you<00:06:43.560> know,<00:06:43.680> nobody<00:06:44.200> nobody<00:06:44.560> can<00:06:44.760> really<00:06:45.040> beat<00:06:45.240> the<00:06:45.320> market,<00:06:45.840> blah<00:06:46.000> blah<00:06:46.160> blah."

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And<00:06:46.960> then<00:06:47.200> when<00:06:47.400> he<00:06:47.600> saw<00:06:47.840> that<00:06:48.919> he<00:06:49.040> was<00:06:49.240> convinced<00:06:50.400> too.

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But<00:06:52.000> there's<00:06:52.320> tons<00:06:52.680> of<00:06:52.800> examples<00:06:53.440> other<00:06:53.640> than<00:06:53.800> that.

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That<00:06:54.720> was<00:06:54.880> just<00:06:55.080> the<00:06:55.160> first<00:06:55.480> time<00:06:55.720> where<00:06:55.880> I<00:06:55.960> was<00:06:56.120> like,<00:06:56.360> "Whoa,<00:06:57.120> you<00:06:57.200> know,<00:06:57.400> by,<00:06:58.360> you<00:06:58.480> know,<00:06:58.640> kind<00:06:58.960> of<00:06:59.080> trying<00:06:59.560> to<00:07:00.360> aggregate<00:07:01.480> all<00:07:01.760> of<00:07:01.880> this<00:07:02.200> aggregate<00:07:02.800> and

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visualize<00:07:04.040> all<00:07:04.280> of<00:07:04.360> this<00:07:04.560> information<00:07:05.160> in<00:07:05.240> very<00:07:05.520> clear<00:07:05.919> ways,<00:07:06.919> uh<00:07:07.000> that's<00:07:07.240> kind<00:07:07.480> of<00:07:07.560> what<00:07:07.680> we<00:07:07.800> stumbled<00:07:08.200> upon."

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And<00:07:10.240> how<00:07:10.360> many<00:07:10.520> how<00:07:10.600> many<00:07:10.760> people<00:07:11.000> are<00:07:11.160> using<00:07:11.520> it<00:07:11.640> now?

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Like<00:07:12.200> give<00:07:12.360> us<00:07:12.520> a<00:07:12.560> sense<00:07:12.880> for<00:07:13.000> just<00:07:13.200> kind<00:07:13.440> of<00:07:13.680> the<00:07:14.440> uh<00:07:14.560> how<00:07:14.680> big<00:07:15.000> this<00:07:15.160> thing<00:07:15.360> has<00:07:15.480> gotten.

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Um<00:07:16.919> we<00:07:17.160> have<00:07:17.320> about<00:07:17.919> 15,000<00:07:19.960> uh<00:07:20.120> weekly<00:07:20.720> actives.

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I<00:07:21.800> mean,<00:07:21.960> sorry,<00:07:22.200> 50,000<00:07:22.720> monthly<00:07:23.120> actives<00:07:23.760> on<00:07:24.120> the<00:07:24.400> app<00:07:25.200> and<00:07:25.280> about<00:07:25.640> 10,000<00:07:26.320> weekly<00:07:26.680> actives<00:07:27.200> on<00:07:27.400> the<00:07:27.480> newsletter.

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And<00:07:29.440> do<00:07:29.560> you<00:07:29.760> do<00:07:30.360> ever<00:07:30.640> see<00:07:30.800> yourself<00:07:31.160> getting<00:07:31.400> into<00:07:31.680> like<00:07:31.880> even<00:07:32.120> beyond<00:07:32.480> the<00:07:32.560> market?

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I<00:07:32.880> mean,<00:07:33.040> obviously<00:07:33.280> have<00:07:33.400> these<00:07:33.680> predicted<00:07:34.120> platforms<00:07:34.600> like<00:07:34.760> Polymarket,<00:07:35.440> Kalshi.

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One<00:07:36.280> would<00:07:36.440> love<00:07:36.600> your<00:07:36.760> opinion<00:07:37.120> on<00:07:37.240> those.<00:07:38.320> And<00:07:38.800> two,<00:07:39.280> like<00:07:39.600> obviously<00:07:39.960> they<00:07:40.080> do<00:07:40.280> more<00:07:40.560> than<00:07:40.760> just<00:07:41.520> um<00:07:41.680> stock<00:07:42.040> investing<00:07:42.480> and<00:07:42.640> things<00:07:42.840> like<00:07:42.960> that.

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They<00:07:43.760> do<00:07:43.920> sports<00:07:44.480> and<00:07:44.800> politics.<00:07:45.280> You<00:07:45.360> can<00:07:45.480> bet<00:07:45.640> on<00:07:45.760> anything<00:07:46.080> basically<00:07:46.520> in<00:07:46.600> there.

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Are<00:07:48.920> you<00:07:49.000> guys<00:07:49.160> already<00:07:49.400> doing<00:07:49.600> stuff<00:07:49.840> like<00:07:50.040> that?

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Give<00:07:51.520> me<00:07:51.640> a<00:07:51.720> sense<00:07:51.960> for<00:07:52.080> just<00:07:52.320> how<00:07:52.440> you're<00:07:52.600> seeing<00:07:52.960> all<00:07:53.120> of<00:07:53.200> that.

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So,<00:07:54.600> a<00:07:54.720> lot<00:07:55.040> of<00:07:55.160> people<00:07:57.440> a<00:07:57.480> lot<00:07:57.720> of<00:07:57.800> people<00:07:58.080> actually<00:07:58.440> ask<00:07:59.200> this<00:07:59.440> question<00:07:59.880> lately.

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And<00:08:03.400> there's<00:08:03.760> a<00:08:03.840> few<00:08:04.160> things<00:08:04.720> about<00:08:05.200> it<00:08:05.480> where<00:08:05.800> it's<00:08:05.920> just<00:08:06.160> like<00:08:06.760> one<00:08:08.440> do<00:08:08.640> we<00:08:08.840> really<00:08:09.200> want<00:08:09.640> people<00:08:10.040> playing

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in<00:08:10.560> those<00:08:10.800> markets<00:08:11.320> or<00:08:11.440> anything<00:08:11.840> like<00:08:12.040> that?

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No.<00:08:13.440> Do<00:08:14.640> we<00:08:14.840> would<00:08:15.000> we<00:08:15.120> recommend<00:08:15.600> anyone<00:08:16.080> investing<00:08:16.840> in<00:08:17.000> those<00:08:17.160> markets?

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Yeah,<00:08:17.760> like<00:08:18.040> I<00:08:18.160> actually<00:08:18.520> have<00:08:18.840> heard<00:08:20.040> um<00:08:20.840> you<00:08:20.960> know,<00:08:21.160> people<00:08:21.840> with<00:08:22.080> open<00:08:22.360> claw<00:08:22.720> that<00:08:22.880> can<00:08:23.040> you<00:08:23.120> know,<00:08:23.280> find<00:08:23.640> these<00:08:23.919> kind<00:08:24.120> of<00:08:24.240> opportunities<00:08:24.919> to<00:08:25.040> invest<00:08:25.360> in<00:08:25.440> them,<00:08:25.880> but

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there<00:08:26.280> are<00:08:26.400> liquidity<00:08:27.400> problems<00:08:28.320> in<00:08:28.480> it.

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And<00:08:29.520> especially<00:08:30.040> if<00:08:30.160> you're<00:08:30.280> just<00:08:30.480> kind<00:08:30.720> of<00:08:31.280> you<00:08:31.360> know,<00:08:31.520> guessing<00:08:31.960> at<00:08:32.080> these<00:08:32.320> things,<00:08:33.240> these<00:08:33.479> things<00:08:33.719> are<00:08:33.880> really<00:08:34.240> terrible.

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Odds<00:08:36.000> really<00:08:36.280> terrible<00:08:37.080> expected<00:08:37.640> values,<00:08:38.120> right?

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And<00:08:38.719> I'll<00:08:38.880> break<00:08:39.120> it<00:08:39.200> down<00:08:39.440> a<00:08:39.479> really<00:08:39.760> simple<00:08:40.039> way,<00:08:40.400> right?

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Generally,<00:08:41.680> if<00:08:41.840> you<00:08:42.000> invest<00:08:42.560> in<00:08:42.760> a<00:08:42.840> stock,<00:08:43.719> like<00:08:43.960> the<00:08:44.080> market<00:08:44.560> goes<00:08:44.839> up<00:08:45.000> a<00:08:45.080> lot<00:08:45.320> more<00:08:45.520> than<00:08:45.680> it<00:08:45.800> goes<00:08:46.080> down.

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Right?<00:08:47.240> So,<00:08:47.839> you're<00:08:48.040> probably<00:08:48.480> looking<00:08:48.880> at<00:08:50.120> at<00:08:50.400> least<00:08:50.800> a<00:08:50.880> 60%<00:08:51.800> chance<00:08:52.800> of<00:08:53.160> making<00:08:53.560> money.

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If<00:08:54.440> you're<00:08:54.600> looking<00:08:54.920> at<00:08:55.040> these<00:08:55.360> betting<00:08:55.800> markets,<00:08:57.560> even<00:08:57.839> if<00:08:57.960> everybody<00:08:58.320> has<00:08:58.480> the<00:08:58.560> same<00:08:59.080> amount<00:08:59.360> of<00:08:59.440> information<00:08:59.920> which<00:09:00.080> we've<00:09:00.240> seen<00:09:00.520> many<00:09:00.800> times,<00:09:01.520> some<00:09:01.800> people<00:09:02.120> seem

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to<00:09:02.400> have<00:09:02.520> better<00:09:02.760> information<00:09:03.160> than<00:09:03.280> others,<00:09:03.839> but<00:09:04.080> that's<00:09:04.280> not<00:09:04.520> all<00:09:04.720> that<00:09:04.880> different<00:09:05.200> from<00:09:05.320> the<00:09:05.400> stock<00:09:05.680> market,<00:09:06.000> but<00:09:06.120> I<00:09:06.200> do<00:09:06.400> think<00:09:06.560> when<00:09:06.680> you're<00:09:06.839> betting<00:09:07.160> on<00:09:07.440> events,

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it's<00:09:08.800> also<00:09:09.200> a<00:09:09.240> little<00:09:09.560> different<00:09:10.040> than<00:09:10.520> just<00:09:10.800> price.

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But<00:09:11.600> if<00:09:11.720> there's<00:09:12.000> like,<00:09:12.600> you<00:09:12.720> know,<00:09:13.360> 10<00:09:13.839> 20<00:09:14.240> different<00:09:14.600> outcomes<00:09:15.040> you<00:09:15.160> can<00:09:15.320> bet<00:09:15.600> on,<00:09:16.839> um<00:09:17.800> you<00:09:17.880> know,<00:09:18.080> a<00:09:18.160> lot<00:09:18.480> of<00:09:18.560> the<00:09:18.680> times<00:09:20.080> that's

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really<00:09:20.640> just<00:09:20.839> designed<00:09:21.360> for<00:09:21.640> the<00:09:22.200> for<00:09:22.360> the<00:09:22.480> market<00:09:22.920> maker<00:09:23.480> to<00:09:23.600> make<00:09:23.800> money.

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Like<00:09:24.280> you're<00:09:24.480> probably<00:09:24.920> not<00:09:25.200> dealing<00:09:25.520> with<00:09:25.640> like<00:09:26.120> a<00:09:26.200> 60%<00:09:26.920> chance<00:09:27.160> of<00:09:27.280> winning,<00:09:27.880> and<00:09:28.000> if<00:09:28.120> you<00:09:28.320> are<00:09:28.560> dealing<00:09:28.920> with<00:09:29.080> that,<00:09:29.600> the<00:09:29.760> payoff<00:09:30.280> is<00:09:30.440> going<00:09:30.560> to<00:09:30.640> be<00:09:30.800> a<00:09:30.880> lot<00:09:31.200> lower<00:09:31.960> than

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if<00:09:32.240> you<00:09:32.400> just<00:09:32.600> had<00:09:32.800> the<00:09:33.040> upside<00:09:33.960> of<00:09:34.200> a<00:09:34.320> of<00:09:34.480> a<00:09:34.520> stock<00:09:35.520> going<00:09:35.800> up.

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So,<00:09:36.600> it's<00:09:36.800> really<00:09:37.120> not<00:09:37.440> it<00:09:37.600> it<00:09:37.760> like<00:09:38.280> the<00:09:38.560> odds<00:09:39.120> are<00:09:39.320> actually<00:09:39.840> much<00:09:40.400> better<00:09:40.720> set<00:09:41.000> up<00:09:41.200> for,<00:09:41.840> you<00:09:41.960> know,<00:09:42.480> the<00:09:42.600> Polymarkets<00:09:43.320> of<00:09:43.440> the<00:09:43.520> world<00:09:43.880> than,<00:09:44.280> you<00:09:44.360> know,<00:09:44.480> anyone

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investing<00:09:45.240> in<00:09:45.320> stock<00:09:45.560> market.<00:09:46.160> And<00:09:46.640> let's<00:09:46.880> not<00:09:47.040> get<00:09:47.160> anything<00:09:47.400> twisted.

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The<00:09:48.160> stock<00:09:48.520> market<00:09:48.840> from<00:09:49.000> a<00:09:49.040> probabilistic<00:09:49.640> standpoint<00:09:50.040> is<00:09:50.120> not<00:09:50.320> a<00:09:50.400> great<00:09:50.800> place<00:09:51.080> for<00:09:51.240> people<00:09:51.520> to<00:09:51.600> make<00:09:51.800> money.

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Um<00:09:53.160> but<00:09:53.440> the<00:09:53.880> the<00:09:54.080> odds<00:09:54.840> are<00:09:55.000> better<00:09:55.320> for<00:09:55.440> the<00:09:55.560> reasons<00:09:55.920> that<00:09:56.080> I<00:09:56.160> just<00:09:56.400> laid<00:09:56.640> out.

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Um<00:09:59.080> then<00:09:59.680> when<00:09:59.920> you<00:10:00.040> start<00:10:00.360> to<00:10:00.480> get<00:10:00.680> into,<00:10:01.560> you<00:10:01.680> know,<00:10:01.880> people<00:10:02.280> having<00:10:02.560> questions<00:10:03.240> about<00:10:03.680> like,<00:10:03.920> "Oh,<00:10:04.120> is<00:10:04.240> this<00:10:04.440> a<00:10:04.520> good<00:10:04.720> place<00:10:05.160> to<00:10:05.320> see

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if<00:10:06.080> a<00:10:06.160> stock<00:10:06.640> is<00:10:06.840> going<00:10:07.120> to<00:10:07.240> go<00:10:07.520> up?"

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Right?<00:10:08.160> If<00:10:08.320> people<00:10:08.640> are<00:10:08.760> predicting<00:10:09.320> it<00:10:09.840> on<00:10:10.120> the<00:10:10.200> Polymarket<00:10:10.840> earning,<00:10:11.360> say<00:10:11.640> things<00:10:11.880> like<00:10:12.040> that.

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Um<00:10:13.360> and<00:10:13.960> no<00:10:14.760> is<00:10:14.960> the<00:10:15.120> answer.

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Um<00:10:16.520> and<00:10:16.680> that's<00:10:16.840> just<00:10:17.000> because<00:10:17.280> like<00:10:17.480> one<00:10:17.640> of<00:10:17.720> the<00:10:17.800> things<00:10:18.120> we<00:10:18.360> really<00:10:18.680> focus<00:10:19.120> on<00:10:19.440> at<00:10:19.640> Prospero<00:10:20.240> like<00:10:20.440> net<00:10:20.640> option<00:10:20.960> sentiment,<00:10:21.360> our<00:10:21.480> most<00:10:22.240> um<00:10:22.480> popular<00:10:22.960> metric.

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Like<00:10:23.880> one<00:10:24.040> of<00:10:24.080> the<00:10:24.200> things<00:10:24.480> that<00:10:24.640> we're<00:10:24.800> actually<00:10:25.240> doing<00:10:25.680> there<00:10:26.320> is<00:10:27.120> we<00:10:27.560> are<00:10:28.640> um<00:10:29.960> we're<00:10:30.440> isolating<00:10:31.200> institutional<00:10:32.040> options

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behavior.<00:10:32.960> And,<00:10:33.240> you<00:10:33.320> know,<00:10:33.480> as<00:10:33.680> a<00:10:33.720> result,<00:10:34.160> like<00:10:34.320> getting<00:10:34.680> retail<00:10:35.080> behavior<00:10:35.600> out<00:10:35.760> of<00:10:35.840> there,<00:10:36.120> right?

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So,<00:10:36.800> we<00:10:37.040> are<00:10:37.160> actually<00:10:37.560> very<00:10:37.880> specifically<00:10:38.480> trying<00:10:38.720> to<00:10:38.840> say,<00:10:39.560> "What<00:10:39.880> is<00:10:40.040> the<00:10:40.160> smart<00:10:40.640> money<00:10:41.360> doing<00:10:41.960> here?"

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And<00:10:42.640> and,<00:10:43.120> you<00:10:43.200> know,<00:10:43.360> the<00:10:43.480> traces<00:10:44.120> that<00:10:44.320> they<00:10:44.480> leave<00:10:44.760> in<00:10:44.839> the<00:10:45.000> options<00:10:45.360> markets<00:10:46.120> because<00:10:46.560> of<00:10:46.680> how<00:10:46.839> expensive<00:10:47.480> it<00:10:47.680> is<00:10:48.200> to<00:10:48.320> bet,<00:10:48.839> it's<00:10:49.000> a<00:10:49.080> lot<00:10:49.440> harder<00:10:49.800> to<00:10:49.920> use<00:10:50.200> the<00:10:50.360> options

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markets<00:10:51.640> um<00:10:52.320> to<00:10:52.480> manipulate<00:10:53.440> a<00:10:53.640> a<00:10:53.720> price<00:10:54.160> or<00:10:54.280> whatever.

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Like<00:10:54.920> it<00:10:55.400> it's<00:10:55.640> it's<00:10:55.839> it's<00:10:56.000> a<00:10:56.040> lot<00:10:56.720> it's<00:10:56.880> just<00:10:57.120> there's<00:10:57.320> too<00:10:57.480> much<00:10:57.680> on<00:10:57.800> the<00:10:57.920> line<00:10:58.320> to<00:10:58.440> really<00:10:58.640> do<00:10:58.760> that.

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There<00:10:59.040> is<00:10:59.160> some<00:10:59.320> of<00:10:59.400> that<00:10:59.520> behavior.<00:11:00.360> Um<00:11:00.960> but<00:11:02.240> um<00:11:03.839> if<00:11:04.360> you're<00:11:04.520> talking<00:11:04.880> about<00:11:05.040> the<00:11:05.120> betting<00:11:05.360> markets,<00:11:05.960> A,<00:11:06.200> there's<00:11:06.440> probably<00:11:06.720> a<00:11:06.800> lot<00:11:07.000> of

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dumb<00:11:07.400> money<00:11:08.280> in<00:11:08.480> there.<00:11:09.040> So,<00:11:09.280> if<00:11:09.400> you<00:11:09.600> have<00:11:10.280> a<00:11:10.320> percentage<00:11:10.800> chance<00:11:11.080> of<00:11:11.160> going<00:11:11.480> up,<00:11:11.720> like<00:11:12.200> if<00:11:12.360> a<00:11:12.400> bunch<00:11:12.720> of<00:11:12.800> people<00:11:13.080> that<00:11:13.240> know<00:11:13.360> nothing<00:11:13.760> are<00:11:13.880> betting<00:11:14.160> on<00:11:14.280> something,<00:11:14.640> you

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Don't<00:11:14.839> care<00:11:15.080> and<00:11:15.160> you<00:11:15.280> can't<00:11:15.560> qualify<00:11:16.040> 'cause<00:11:16.280> you<00:11:16.360> don't<00:11:16.600> know<00:11:16.760> who's<00:11:16.960> betting,<00:11:17.520> right?

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Then<00:11:19.200> you<00:11:19.400> get<00:11:19.880> into<00:11:20.240> the<00:11:20.440> other<00:11:21.200> part<00:11:21.640> of<00:11:21.839> like,<00:11:22.360> also,<00:11:22.760> it's<00:11:22.920> a<00:11:22.960> lot<00:11:23.400> easier<00:11:23.760> to<00:11:23.880> manipulate.

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And<00:11:24.720> because<00:11:25.360> of<00:11:26.160> the<00:11:26.480> lower<00:11:27.000> liquidity,<00:11:27.720> right?

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If<00:11:28.495> you<00:11:28.950> say<00:11:29.405> want<00:11:29.860> to,<00:11:30.315> um,<00:11:30.770> move<00:11:31.225> a<00:11:31.680> mega-cap<00:11:32.135> stock<00:11:32.590> as<00:11:33.045> a<00:11:33.500> hedge<00:11:33.955> fund,<00:11:34.410> that's<00:11:34.865> pretty<00:11:35.320> difficult.

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Like,<00:11:36.360> you're<00:11:36.480> going<00:11:36.600> to<00:11:36.680> have<00:11:36.760> to<00:11:36.840> throw<00:11:37.080> a<00:11:37.120> lot<00:11:37.480> of<00:11:37.560> money<00:11:37.840> behind<00:11:38.280> it,<00:11:38.760> and<00:11:39.280> the<00:11:39.400> juice<00:11:39.760> isn't<00:11:40.000> probably<00:11:40.360> going<00:11:40.480> to<00:11:40.520> be<00:11:40.640> worth<00:11:40.880> the<00:11:40.960> squeeze.

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But,<00:11:42.840> if<00:11:43.040> you're<00:11:43.280> say<00:11:44.400> what<00:11:44.720> already<00:11:45.320> short<00:11:45.840> a<00:11:45.920> mega-cap,<00:11:46.640> right?

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And<00:11:47.280> you<00:11:47.360> want<00:11:47.520> to<00:11:47.640> throw<00:11:48.000> a<00:11:48.080> bunch<00:11:48.360> of<00:11:48.440> money<00:11:48.760> in<00:11:48.880> the<00:11:49.000> betting<00:11:49.360> markets<00:11:50.440> to<00:11:51.160> show<00:11:51.440> that<00:11:51.640> you<00:11:51.800> expect<00:11:52.760> Nvidia<00:11:53.400> to<00:11:53.520> go<00:11:53.720> down,<00:11:54.760> that's<00:11:55.200> a

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lot<00:11:55.800> easier<00:11:56.720> than,<00:11:57.520> you<00:11:57.640> know,<00:11:57.920> being<00:11:58.440> able<00:11:59.280> to,<00:12:00.120> uh,<00:12:00.520> then<00:12:00.680> being<00:12:00.920> able<00:12:01.120> to<00:12:01.200> actually<00:12:01.520> like<00:12:01.680> affect<00:12:02.040> the<00:12:02.120> stock<00:12:02.440> through<00:12:02.680> shorting.

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How<00:12:04.880> worried<00:12:05.160> are<00:12:05.280> you<00:12:05.520> like<00:12:05.800> the<00:12:06.080> AI<00:12:06.480> is<00:12:06.680> propping<00:12:07.160> up<00:12:07.680> the<00:12:07.800> stock<00:12:08.120> market<00:12:08.520> to<00:12:08.680> like<00:12:08.880> an<00:12:08.960> insane<00:12:09.360> degree?

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Um,<00:12:13.040> well,<00:12:13.240> there's<00:12:13.400> a<00:12:13.440> lot<00:12:13.760> to<00:12:14.000> there's<00:12:14.200> a<00:12:14.240> lot<00:12:14.480> to<00:12:14.560> go<00:12:14.720> through<00:12:15.280> in<00:12:15.480> that.

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I<00:12:15.880> mean,<00:12:16.160> the<00:12:16.240> first<00:12:16.520> thing<00:12:16.720> I<00:12:16.760> would<00:12:16.960> say<00:12:17.200> is,<00:12:17.600> um,<00:12:18.880> I<00:12:18.960> don't<00:12:19.360> really<00:12:19.640> think<00:12:19.840> it's<00:12:20.040> like<00:12:20.480> propping<00:12:21.000> up<00:12:21.600> the<00:12:21.720> market.

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I<00:12:22.160> think<00:12:22.400> there's<00:12:22.560> a<00:12:22.640> lot<00:12:22.960> of<00:12:23.280> real<00:12:23.800> value<00:12:24.360> there.

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I<00:12:25.080> mean,<00:12:25.360> I<00:12:25.440> do<00:12:25.720> think<00:12:26.000> that<00:12:26.280> like,<00:12:27.160> um,<00:12:27.840> it's<00:12:28.080> pushing<00:12:28.480> the<00:12:28.600> returns<00:12:29.720> higher.

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Um,<00:12:31.400> but<00:12:32.080> I<00:12:32.240> think<00:12:32.600> that<00:12:33.280> there's<00:12:33.600> a<00:12:33.720> lot<00:12:34.200> of<00:12:34.400> meat<00:12:34.839> to<00:12:34.960> that,<00:12:35.800> and<00:12:35.960> like,<00:12:36.760> we<00:12:36.960> don't<00:12:37.240> typically<00:12:37.720> get<00:12:37.920> that<00:12:38.120> kind<00:12:38.400> of<00:12:38.560> language.

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Like,<00:12:39.640> I<00:12:39.720> think<00:12:39.960> because<00:12:40.240> it's<00:12:40.480> that<00:12:40.720> that's<00:12:40.960> language<00:12:41.320> around<00:12:41.680> like<00:12:42.320> AI<00:12:42.680> is<00:12:42.800> a<00:12:42.880> bubble<00:12:43.600> kind<00:12:43.839> of<00:12:43.920> thing.

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Like,<00:12:44.720> we<00:12:44.880> weren't<00:12:45.240> saying<00:12:45.480> a<00:12:45.560> couple<00:12:45.880> years<00:12:46.160> ago<00:12:46.920> that<00:12:47.520> semiconductors<00:12:48.720> were<00:12:48.920> prob-<00:12:49.280> were<00:12:49.440> propping<00:12:49.839> up<00:12:49.920> the<00:12:50.000> market,<00:12:50.480> right?

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Um,<00:12:51.680> the<00:12:51.920> similar<00:12:52.480> overvaluation<00:12:53.360> problems,<00:12:53.960> I<00:12:54.040> mean,<00:12:54.200> although<00:12:54.440> that<00:12:54.600> didn't<00:12:54.800> really<00:12:55.000> prove<00:12:55.200> out.

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So,<00:12:56.040> um,<00:12:56.280> I<00:12:56.400> think<00:12:56.839> some<00:12:57.080> of<00:12:57.200> that<00:12:57.440> is<00:12:57.640> rooted<00:12:57.920> in<00:12:58.000> the<00:12:58.160> idea<00:12:58.520> that<00:12:58.800> AI<00:12:59.160> is<00:12:59.360> a<00:12:59.400> bubble.

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And,<00:13:01.000> um,<00:13:02.560> I<00:13:02.680> think<00:13:03.040> not<00:13:03.360> enough<00:13:03.920> like<00:13:04.320> I<00:13:04.360> I<00:13:04.400> I<00:13:04.440> I<00:13:04.640> don't<00:13:04.880> think<00:13:05.040> not<00:13:05.200> enough<00:13:05.640> people<00:13:06.000> realize,<00:13:06.920> you<00:13:07.040> know,<00:13:07.200> what's<00:13:07.839> coming.

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And<00:13:08.880> that's,<00:13:09.320> I<00:13:09.440> think,<00:13:09.800> a<00:13:09.880> lot<00:13:10.520> more<00:13:11.520> profits<00:13:12.240> around<00:13:12.800> AI,<00:13:13.120> especially<00:13:13.720> from<00:13:13.960> the<00:13:14.080> large<00:13:14.520> companies<00:13:15.480> that<00:13:15.920> are<00:13:16.520> beneficiaries<00:13:17.520> beneficiaries

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of<00:13:18.600> there.<00:13:19.080> That<00:13:19.720> being<00:13:20.080> said,<00:13:20.880> um,<00:13:22.280> I<00:13:22.320> think<00:13:22.520> the<00:13:22.640> whole<00:13:22.920> market<00:13:24.160> is<00:13:25.320> like<00:13:25.920> kind<00:13:26.200> of<00:13:26.320> a<00:13:26.440> bubble.

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Right<00:13:27.840> now.<00:13:28.440> But,<00:13:29.160> like,<00:13:29.800> what<00:13:30.000> I<00:13:30.120> always<00:13:30.480> tell<00:13:30.720> people<00:13:31.040> about<00:13:31.440> markets<00:13:32.000> and<00:13:32.240> bubbles<00:13:33.040> are<00:13:33.640> you<00:13:33.840> really<00:13:34.120> just<00:13:34.280> have<00:13:34.440> to<00:13:34.560> be<00:13:34.680> careful<00:13:35.080> and<00:13:35.200> keep<00:13:35.360> your<00:13:35.520> wits<00:13:35.720> about

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you.<00:13:36.120> And<00:13:36.240> like,<00:13:36.440> our<00:13:36.640> signals<00:13:37.040> are<00:13:37.160> a<00:13:37.200> good<00:13:37.440> way<00:13:37.560> to<00:13:37.680> do<00:13:37.880> that,<00:13:38.200> right?

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Because<00:13:39.000> what<00:13:39.200> I<00:13:39.280> always<00:13:39.520> say<00:13:39.680> is<00:13:39.840> like<00:13:40.560> Yeah,<00:13:41.000> we're<00:13:41.120> probably<00:13:41.640> in<00:13:42.120> a<00:13:42.200> bubble.

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It's<00:13:42.800> probably<00:13:43.080> going<00:13:43.200> to<00:13:43.280> pop<00:13:43.480> eventually.<00:13:44.240> So<00:13:44.520> what,<00:13:44.960> right?

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I've<00:13:45.680> seen<00:13:45.960> bubbles<00:13:46.400> in<00:13:46.520> the<00:13:46.800> in<00:13:46.960> the<00:13:47.080> past<00:13:47.840> where<00:13:48.000> they're<00:13:48.120> going<00:13:48.240> to<00:13:48.360> run<00:13:48.680> for<00:13:48.880> another<00:13:49.240> 2<00:13:49.480> years<00:13:50.280> and<00:13:50.440> you<00:13:50.560> might<00:13:50.800> be<00:13:51.000> so<00:13:51.480> afraid<00:13:52.520> of<00:13:52.840> the<00:13:52.960> bubble<00:13:53.680> bursting

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that<00:13:54.840> you're<00:13:54.960> going<00:13:55.080> to<00:13:55.160> miss<00:13:55.880> a<00:13:56.000> lot<00:13:56.320> of<00:13:56.400> the<00:13:56.600> upside.

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Um,<00:13:58.480> and<00:13:58.680> so<00:13:58.840> that's<00:13:59.160> a<00:13:59.200> legitimate<00:13:59.640> question.

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When<00:14:00.600> is<00:14:00.720> it<00:14:00.840> going<00:14:00.960> to<00:14:01.040> pop?<00:14:01.400> I<00:14:01.480> don't<00:14:01.680> know.<00:14:01.920> Is<00:14:02.080> it<00:14:02.200> going<00:14:02.320> to<00:14:02.360> pop?

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Absolutely.<00:14:04.040> So<00:14:04.200> it's<00:14:04.360> really<00:14:04.600> just<00:14:04.800> a<00:14:04.840> question<00:14:05.240> of<00:14:05.640> can<00:14:06.040> you<00:14:06.240> take<00:14:06.600> calculated<00:14:07.400> risks?

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And<00:14:09.080> and<00:14:09.320> I<00:14:09.440> think<00:14:10.000> the<00:14:10.160> one<00:14:10.480> question<00:14:11.360> that<00:14:11.680> everybody<00:14:12.200> should<00:14:12.400> have<00:14:12.560> an<00:14:12.680> answer<00:14:13.000> to<00:14:13.240> as<00:14:13.480> a<00:14:13.520> retail<00:14:13.920> investor<00:14:14.360> is,<00:14:14.840> how<00:14:15.240> would<00:14:15.600> I<00:14:15.760> know<00:14:16.720> if

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the<00:14:17.040> bubble<00:14:17.400> was<00:14:17.600> popping,<00:14:18.400> if<00:14:18.560> the<00:14:18.640> bubble<00:14:19.040> is<00:14:19.360> popping?

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Because<00:14:20.960> I<00:14:21.080> would<00:14:21.320> absolutely<00:14:22.560> have<00:14:22.800> your<00:14:23.040> own<00:14:23.400> idea<00:14:24.360> of<00:14:24.560> how<00:14:25.320> to<00:14:25.480> evaluate<00:14:26.200> that.

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And<00:14:27.520> I<00:14:27.680> absolutely<00:14:28.560> think<00:14:29.200> compute<00:14:30.480> is<00:14:30.680> getting<00:14:31.000> built<00:14:31.400> out<00:14:32.120> way<00:14:32.600> too<00:14:32.880> much.

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And<00:14:33.800> you<00:14:33.880> know,<00:14:34.000> there's<00:14:34.240> the<00:14:34.360> Michael<00:14:34.680> Burry<00:14:35.000> thing<00:14:35.680> about<00:14:36.120> like<00:14:36.760> how<00:14:36.960> he<00:14:37.120> thinks,<00:14:38.200> um,<00:14:38.880> you<00:14:38.960> know,<00:14:39.120> a<00:14:39.160> lot<00:14:39.480> of<00:14:39.560> the<00:14:39.720> existing<00:14:40.240> compute,<00:14:40.839> especially<00:14:41.400> at<00:14:41.520> the<00:14:41.640> mega

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cap<00:14:42.200> companies,<00:14:43.000> needs<00:14:43.280> to<00:14:43.400> be<00:14:43.520> properly<00:14:44.040> depreciated.

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It's<00:14:45.000> not<00:14:45.240> being<00:14:45.600> properly<00:14:46.040> depreciated<00:14:46.720> yet.

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And<00:14:47.920> I<00:14:48.080> could<00:14:48.280> agree<00:14:48.640> with<00:14:48.839> that,<00:14:49.520> but<00:14:50.200> we're<00:14:50.400> kind<00:14:50.880> of<00:14:51.040> back<00:14:51.400> to<00:14:51.520> the<00:14:51.640> same<00:14:52.080> thing,<00:14:52.800> right?

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And<00:14:53.839> we're<00:14:53.960> kind<00:14:54.160> of<00:14:54.240> back<00:14:54.400> to<00:14:54.480> the<00:14:54.560> same<00:14:54.800> thing<00:14:55.000> is<00:14:55.080> like,<00:14:55.720> well,<00:14:56.040> when<00:14:56.320> is<00:14:56.520> it<00:14:56.640> going<00:14:56.760> to<00:14:56.800> be?

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Like,<00:14:57.400> when<00:14:57.640> is<00:14:57.760> it<00:14:57.839> going<00:14:57.960> to<00:14:58.040> be<00:14:58.200> depreciated,<00:14:59.360> right?

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When<00:15:00.920> when<00:15:01.440> are<00:15:01.760> we<00:15:02.040> going<00:15:02.520> to<00:15:03.440> accept<00:15:04.720> that,<00:15:05.440> you<00:15:05.560> know,<00:15:05.760> maybe<00:15:06.160> we've<00:15:06.480> overbuilt<00:15:07.160> the<00:15:07.280> compute?

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Like,<00:15:08.600> when<00:15:09.560> when<00:15:09.960> will<00:15:10.240> shareholders<00:15:11.040> start<00:15:11.440> demanding<00:15:12.600> that<00:15:12.800> the<00:15:13.040> ROI<00:15:14.040> is<00:15:14.200> there<00:15:14.400> on<00:15:14.480> the<00:15:14.560> compute?

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Because<00:15:15.360> I'd<00:15:15.520> argue<00:15:15.800> that<00:15:15.960> they<00:15:16.080> already<00:15:16.400> should<00:15:16.680> be<00:15:16.800> demanding<00:15:17.560> that<00:15:17.720> the<00:15:17.880> ROI<00:15:18.280> is<00:15:18.440> there<00:15:18.600> on<00:15:18.720> the<00:15:18.800> compute.

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And<00:15:19.720> they're<00:15:19.839> not.<00:15:20.480> So<00:15:20.760> all<00:15:21.080> of<00:15:21.200> these<00:15:21.480> are<00:15:21.680> just<00:15:21.960> different<00:15:22.400> ways<00:15:22.720> of<00:15:22.840> saying<00:15:23.680> that,<00:15:24.600> you<00:15:24.720> know,<00:15:25.720> there<00:15:25.960> are<00:15:26.200> concerns,<00:15:27.560> but

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you're<00:15:28.880> going<00:15:29.000> to<00:15:29.120> leave<00:15:29.360> a<00:15:29.440> lot<00:15:29.680> of<00:15:29.760> money<00:15:30.040> on<00:15:30.200> the<00:15:30.320> table<00:15:31.160> if<00:15:31.360> you<00:15:31.480> let<00:15:31.680> yourself<00:15:32.040> be<00:15:32.240> overly<00:15:32.720> concerned<00:15:33.680> with<00:15:34.880> it<00:15:35.120> being<00:15:36.000> the<00:15:36.120> bubble<00:15:36.440> popping<00:15:36.800> now

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versus<00:15:37.800> like,<00:15:38.240> can<00:15:38.480> I<00:15:38.600> set<00:15:38.880> the<00:15:38.960> right<00:15:39.240> stop<00:15:39.640> losses?

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Can<00:15:40.640> I<00:15:40.760> figure<00:15:41.120> out<00:15:41.240> what<00:15:41.400> my<00:15:41.560> methodology<00:15:42.440> is<00:15:42.720> for<00:15:42.880> getting<00:15:43.280> out?

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Like,<00:15:44.200> you<00:15:44.320> know,<00:15:45.360> I<00:15:45.600> I<00:15:45.640> I<00:15:46.160> if<00:15:46.360> I<00:15:46.480> sat<00:15:46.720> around<00:15:47.040> here<00:15:47.280> saying<00:15:47.560> people<00:15:48.360> should<00:15:48.600> sell<00:15:48.840> their<00:15:49.040> stocks<00:15:49.440> now<00:15:50.400> um<00:15:51.080> because,<00:15:52.080> you

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know,<00:15:52.920> the<00:15:53.080> bubble's<00:15:53.520> going<00:15:53.640> to<00:15:53.720> pop<00:15:54.080> eventually,<00:15:55.160> uh<00:15:55.360> I'd<00:15:55.600> make<00:15:55.840> a<00:15:55.880> lot<00:15:56.080> of<00:15:56.200> enemies<00:15:56.600> in<00:15:56.680> the<00:15:56.760> next<00:15:57.120> year,<00:15:57.400> I<00:15:57.480> think.

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[laughter]<00:15:59.800> Yeah,<00:16:00.000> for<00:16:00.200> sure.<00:16:00.560> No<00:16:00.760> question.

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Can<00:16:01.680> you<00:16:01.760> go<00:16:01.880> deeper<00:16:02.160> on<00:16:02.280> what<00:16:02.400> you<00:16:02.480> mean<00:16:02.680> by<00:16:02.840> we're<00:16:03.040> overbuilding<00:16:03.680> compute?

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Cuz<00:16:04.320> obviously<00:16:04.640> you're<00:16:04.760> seeing<00:16:05.000> throughout<00:16:05.280> the<00:16:05.360> country<00:16:06.160> uh<00:16:06.320> protest,<00:16:06.880> people<00:16:07.120> trying<00:16:07.280> to<00:16:07.360> shut<00:16:07.560> down<00:16:07.800> the<00:16:07.880> building<00:16:08.200> of<00:16:08.280> more<00:16:08.440> data<00:16:08.720> centers,<00:16:09.000> all<00:16:09.120> that<00:16:09.280> type<00:16:09.440> of

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stuff.<00:16:10.080> It<00:16:10.240> is<00:16:10.360> like<00:16:10.560> the<00:16:10.800> issue.<00:16:11.120> I<00:16:11.200> live<00:16:11.400> in<00:16:11.480> the<00:16:11.520> state<00:16:11.760> of<00:16:11.880> Utah.

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It<00:16:12.560> is<00:16:12.720> the<00:16:12.920> issue<00:16:13.280> here<00:16:13.560> in<00:16:13.680> the<00:16:13.760> state<00:16:14.000> of<00:16:14.120> Utah.

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I<00:16:14.400> don't<00:16:14.520> know<00:16:14.600> if<00:16:14.680> you've<00:16:14.840> heard<00:16:15.680> that<00:16:15.920> that<00:16:16.160> Kevin<00:16:16.440> O'Leary<00:16:16.920> from<00:16:17.080> Shark<00:16:17.400> Tank<00:16:18.200> uh<00:16:18.280> is<00:16:18.440> going<00:16:18.560> to<00:16:18.640> build<00:16:18.800> the<00:16:18.880> biggest<00:16:19.400> data<00:16:19.680> center<00:16:20.320> in<00:16:20.520> the<00:16:20.640> world<00:16:21.240> in<00:16:21.440> Utah,<00:16:22.000> supposedly.

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So,<00:16:23.280> obviously<00:16:23.600> it's<00:16:23.720> a<00:16:23.760> big<00:16:23.920> topic<00:16:24.280> for<00:16:24.440> us,<00:16:24.600> but<00:16:24.720> it's<00:16:24.800> a<00:16:24.839> big<00:16:24.960> topic<00:16:25.280> for<00:16:25.839> um<00:16:26.280> communities<00:16:26.839> around<00:16:27.640> the<00:16:27.800> country.

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Tell<00:16:29.360> us<00:16:29.480> what<00:16:29.600> you<00:16:29.680> mean<00:16:29.839> by<00:16:29.960> that.<00:16:30.120> Like,<00:16:30.320> what<00:16:30.560> what<00:16:30.640> do<00:16:30.720> you<00:16:30.760> mean<00:16:30.920> by<00:16:31.040> we're<00:16:31.280> overbuilding<00:16:31.920> commute?

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compute,<00:16:33.400> sorry.<00:16:33.560> Well,<00:16:33.760> you<00:16:34.120> yeah,<00:16:34.440> you<00:16:34.720> hit<00:16:34.880> on<00:16:35.040> the<00:16:35.120> first<00:16:35.440> thing,<00:16:36.040> right?

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Like,<00:16:36.921> [laughter]<00:16:37.520> it<00:16:37.720> is<00:16:37.920> definitely<00:16:39.120> that,<00:16:40.040> you<00:16:40.120> know,<00:16:41.320> people,<00:16:42.080> you<00:16:42.240> know,<00:16:43.320> nobody<00:16:43.800> got<00:16:44.040> to<00:16:44.160> vote<00:16:45.000> for

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these<00:16:45.320> data<00:16:45.600> centers,<00:16:46.200> right?<00:16:46.920> And,<00:16:47.800> you<00:16:47.920> know,<00:16:48.480> it's<00:16:48.720> one<00:16:49.000> thing<00:16:49.520> in,<00:16:50.160> you<00:16:50.280> know,<00:16:50.440> more<00:16:50.760> classic<00:16:51.440> industrialization,<00:16:52.480> right?

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A<00:16:53.560> factory<00:16:54.040> comes<00:16:54.320> to<00:16:54.440> town<00:16:54.720> and<00:16:54.800> it<00:16:54.880> creates<00:16:55.280> jobs.

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So,<00:16:56.400> it's<00:16:56.560> a<00:16:56.600> little<00:16:56.880> bit<00:16:57.080> like,<00:16:57.320> well,<00:16:57.680> you<00:16:57.800> know,<00:16:58.000> whether<00:16:58.280> you<00:16:58.400> not<00:16:58.600> you<00:16:58.720> like<00:16:58.960> this,<00:16:59.200> like<00:16:59.400> we're<00:16:59.520> employing<00:16:59.960> people<00:17:00.280> in<00:17:00.360> the<00:17:00.440> community.

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A<00:17:01.800> data<00:17:02.080> center's<00:17:02.360> not<00:17:02.520> employ,<00:17:02.800> you<00:17:02.880> know,<00:17:03.240> maybe<00:17:03.600> some<00:17:03.800> initial<00:17:04.199> construction,<00:17:05.280> right?

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But,<00:17:06.120> after<00:17:06.360> that<00:17:06.680> point,<00:17:07.280> like,<00:17:07.880> the<00:17:07.959> people<00:17:08.240> that<00:17:08.360> work<00:17:08.520> in<00:17:08.600> a<00:17:08.640> data<00:17:08.920> center<00:17:09.160> are<00:17:09.240> pretty<00:17:09.520> specialized<00:17:10.079> in<00:17:10.240> what?

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There<00:17:10.560> might<00:17:10.760> be<00:17:10.880> like<00:17:11.240> 10<00:17:11.600> or<00:17:11.720> 20?<00:17:12.120> Like,<00:17:12.319> I<00:17:12.400> don't<00:17:12.520> know<00:17:12.640> how<00:17:12.760> many,<00:17:12.920> but<00:17:13.079> it's<00:17:13.240> like<00:17:13.680> it's<00:17:13.839> probably<00:17:14.160> not<00:17:15.160> any<00:17:15.400> locals<00:17:16.079> that<00:17:16.199> are<00:17:16.319> getting<00:17:16.560> employed<00:17:16.959> on<00:17:17.079> the<00:17:17.240> on<00:17:17.720> on

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that<00:17:18.839> level<00:17:19.160> and<00:17:19.240> even<00:17:19.400> if<00:17:19.520> it<00:17:19.600> is<00:17:19.720> it's<00:17:19.839> not<00:17:20.000> met<00:17:21.000> right?

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Then<00:17:22.880> you<00:17:23.079> know,<00:17:23.560> you<00:17:23.720> hear<00:17:23.920> about<00:17:24.199> how<00:17:24.319> much<00:17:24.640> water<00:17:25.560> these<00:17:25.839> things<00:17:26.120> are<00:17:26.199> drawing.

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You<00:17:26.800> hear<00:17:27.000> about<00:17:27.400> it,<00:17:27.760> you<00:17:27.839> know,<00:17:27.959> basically<00:17:28.439> driving<00:17:29.000> up<00:17:29.440> the<00:17:29.560> price<00:17:30.280> of<00:17:30.480> utilities.

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So<00:17:31.600> now<00:17:31.840> you're<00:17:31.960> talking<00:17:32.320> about<00:17:32.640> like<00:17:33.120> no<00:17:33.520> benefit<00:17:34.640> to<00:17:36.000> uh<00:17:36.400> to<00:17:36.960> the<00:17:37.640> the<00:17:37.760> neighborhoods<00:17:38.280> around<00:17:38.680> them<00:17:38.840> or<00:17:38.920> the<00:17:39.000> people<00:17:39.320> around<00:17:39.640> them

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and<00:17:40.720> actually<00:17:41.240> a<00:17:41.360> cost,<00:17:42.320> right?

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So<00:17:43.040> I<00:17:43.160> think<00:17:43.360> that's<00:17:43.560> something<00:17:43.920> that,<00:17:44.400> you<00:17:44.480> know,<00:17:44.640> people<00:17:45.000> are<00:17:45.080> going<00:17:45.200> to<00:17:45.280> have<00:17:45.600> to<00:17:46.240> figure<00:17:46.640> out.

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Like<00:17:47.560> I<00:17:47.640> mean,<00:17:48.600> I<00:17:49.000> I'm<00:17:49.200> not<00:17:49.480> saying<00:17:49.840> I<00:17:49.920> condone<00:17:50.520> this<00:17:51.520> or<00:17:52.840> uh<00:17:53.320> you<00:17:53.560> know,<00:17:53.800> anything<00:17:54.880> uh<00:17:54.960> uh

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along<00:17:55.440> those<00:17:55.720> lines,<00:17:56.120> but<00:17:56.360> you<00:17:56.440> know,<00:17:56.600> we've<00:17:56.920> started<00:17:57.320> to<00:17:57.440> see<00:17:57.800> people,<00:17:58.720> you<00:17:58.840> know,<00:17:59.520> burn<00:17:59.920> down<00:18:00.320> warehouses.

00:18:01.720 --> 00:18:10.360
Um<00:18:02.560> and<00:18:02.800> I<00:18:03.000> I<00:18:03.240> I<00:18:03.440> I<00:18:03.600> I<00:18:03.720> think<00:18:04.960> that's<00:18:05.400> probably<00:18:05.880> what's<00:18:06.120> going<00:18:06.240> to<00:18:06.320> happen<00:18:06.680> here<00:18:06.920> if<00:18:07.040> people<00:18:07.360> don't<00:18:07.760> figure<00:18:08.160> out<00:18:09.160> um<00:18:10.000> how

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to<00:18:10.720> balance<00:18:11.280> this<00:18:11.600> more.<00:18:11.880> So<00:18:12.000> that's<00:18:12.240> just<00:18:12.480> the<00:18:12.560> first<00:18:12.880> thing<00:18:13.480> where<00:18:13.640> it's<00:18:13.840> just<00:18:14.040> like<00:18:14.800> like<00:18:15.120> we're<00:18:15.280> just<00:18:15.560> talking<00:18:15.800> about<00:18:16.040> the<00:18:16.120> construction.

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Um<00:18:18.080> the<00:18:18.360> other<00:18:18.680> thing<00:18:19.480> that,<00:18:20.240> you<00:18:20.360> know,<00:18:20.520> is<00:18:20.640> not<00:18:20.880> being<00:18:21.080> talked<00:18:21.360> about<00:18:22.000> in<00:18:22.200> any<00:18:22.440> of<00:18:22.560> this<00:18:23.120> is<00:18:23.360> we've<00:18:23.600> kind<00:18:23.840> of<00:18:23.920> seen<00:18:24.200> this<00:18:24.440> trend<00:18:25.480> of

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like<00:18:26.600> larger<00:18:27.120> and<00:18:27.200> larger<00:18:27.600> models,<00:18:28.600> larger<00:18:29.080> and<00:18:29.200> larger<00:18:29.560> data<00:18:29.880> sets.

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Um<00:18:31.480> and<00:18:31.720> already<00:18:32.280> like<00:18:32.600> I<00:18:32.760> see<00:18:33.000> these<00:18:33.320> niche<00:18:33.680> businesses<00:18:35.400> of<00:18:36.000> um<00:18:37.960> uh<00:18:39.400> small

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like<00:18:41.040> small<00:18:41.400> models<00:18:42.200> that<00:18:42.320> are<00:18:42.360> basically<00:18:42.800> saying<00:18:43.120> like,<00:18:43.400> "Oh,<00:18:44.000> if<00:18:44.200> you<00:18:44.360> want<00:18:44.640> to<00:18:44.800> build<00:18:45.720> like<00:18:45.960> a<00:18:46.040> customer<00:18:46.600> service<00:18:47.680> app,<00:18:48.480> like<00:18:49.440> we

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can<00:18:49.880> give<00:18:50.080> you<00:18:50.200> like<00:18:50.440> a<00:18:50.520> small<00:18:51.120> LM<00:18:51.720> trained<00:18:52.040> on<00:18:52.200> many<00:18:52.440> different<00:18:52.760> parameters<00:18:53.360> to<00:18:53.840> many<00:18:54.120> less<00:18:54.400> parameters<00:18:54.800> just<00:18:55.040> for<00:18:55.120> this<00:18:55.280> problem."

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Right?<00:18:56.280> I<00:18:56.400> think<00:18:56.640> that's<00:18:57.240> thing<00:18:57.480> one<00:18:58.200> where<00:18:58.400> it's<00:18:58.560> just<00:18:58.800> like<00:18:59.520> I<00:18:59.640> actually<00:19:00.120> don't<00:19:00.560> think<00:19:00.880> things<00:19:01.160> are<00:19:01.240> going<00:19:01.360> to<00:19:01.440> continue<00:19:02.320> where<00:19:02.480> it's<00:19:02.600> just<00:19:02.840> larger<00:19:03.240> and<00:19:03.360> larger<00:19:03.680> models,

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larger<00:19:04.360> and<00:19:04.440> larger<00:19:04.680> data<00:19:04.960> sets.<00:19:05.200> I<00:19:05.480> I<00:19:05.560> actually<00:19:05.920> already<00:19:06.280> see<00:19:06.920> a<00:19:07.000> trend<00:19:07.880> to<00:19:08.080> slimming<00:19:08.520> the<00:19:08.600> models,<00:19:09.520> slimming<00:19:09.960> the<00:19:10.080> data<00:19:10.360> sets,<00:19:11.080> and<00:19:11.240> I<00:19:11.320> think<00:19:11.640> all<00:19:11.880> of<00:19:12.000> this<00:19:12.160> compute

00:19:13.280 --> 00:19:21.720
is<00:19:13.560> being<00:19:13.960> built<00:19:14.360> under<00:19:14.640> the<00:19:14.800> assumption<00:19:15.920> that<00:19:16.520> the<00:19:16.720> trajectory<00:19:17.600> of<00:19:18.760> of<00:19:18.920> compute<00:19:19.440> needed<00:19:19.680> by<00:19:19.800> these<00:19:20.000> models,<00:19:20.480> businesses,<00:19:20.880> etc.

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going<00:19:21.840> to<00:19:21.880> keep<00:19:22.080> going<00:19:22.360> up.<00:19:22.720> And<00:19:22.840> I<00:19:22.920> think<00:19:23.160> there's<00:19:23.360> some<00:19:23.520> faulty<00:19:24.400> um<00:19:25.320> modeling<00:19:25.720> expectations<00:19:26.960> um<00:19:27.680> in<00:19:27.880> that<00:19:28.680> um<00:19:29.320> and<00:19:29.560> then<00:19:29.880> there's

00:19:30.160 --> 00:19:38.480
like<00:19:30.960> the<00:19:31.440> the<00:19:31.640> quantum<00:19:32.680> computing<00:19:34.280> um<00:19:34.640> issue<00:19:35.040> as<00:19:35.240> well<00:19:36.200> where<00:19:36.360> you're<00:19:36.520> just<00:19:36.800> like<00:19:37.560> you<00:19:37.720> had<00:19:37.920> Google<00:19:38.280> come

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out<00:19:38.640> and<00:19:38.760> say<00:19:38.920> that<00:19:39.120> they<00:19:39.280> were<00:19:39.400> going<00:19:39.520> to<00:19:39.640> be<00:19:39.760> prepared<00:19:40.680> for<00:19:40.880> quantum<00:19:41.360> level<00:19:41.720> encryption<00:19:42.720> by<00:19:43.000> 2029,<00:19:44.080> right?

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And<00:19:44.760> you<00:19:44.840> know,<00:19:45.000> anybody<00:19:45.520> that<00:19:45.720> watches<00:19:46.120> the<00:19:46.240> stock<00:19:46.600> market<00:19:47.360> knows<00:19:47.800> that<00:19:47.960> it's<00:19:48.160> like<00:19:48.880> um<00:19:49.840> you<00:19:49.880> know,<00:19:50.080> years<00:19:51.440> before<00:19:52.240> the<00:19:52.360> technology<00:19:53.080> already

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arrive<00:19:54.360> actually<00:19:54.800> arrives,<00:19:55.640> the<00:19:55.760> stock<00:19:56.080> market<00:19:56.440> is<00:19:56.560> preparing<00:19:57.040> for<00:19:57.160> that.

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So,<00:19:57.960> what<00:19:58.120> does<00:19:58.280> that<00:19:58.480> put<00:19:58.640> us<00:19:58.800> on?<00:19:59.200> You<00:19:59.320> know,<00:19:59.400> maybe<00:19:59.760> one,<00:20:00.320> two<00:20:00.760> years<00:20:01.720> before<00:20:02.200> we're<00:20:02.360> going<00:20:02.480> to<00:20:02.560> start<00:20:03.240> seeing<00:20:03.600> the<00:20:03.760> impact<00:20:04.480> of<00:20:04.680> that.

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And<00:20:06.200> and<00:20:06.600> all<00:20:07.000> of<00:20:07.160> that<00:20:08.240> is<00:20:08.520> like<00:20:09.560> kind<00:20:09.880> of<00:20:10.040> obsolete<00:20:11.560> in<00:20:11.760> the<00:20:11.840> quantum<00:20:12.360> world.

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Like,<00:20:13.040> well,<00:20:13.640> I<00:20:13.760> mean,<00:20:13.920> it's<00:20:14.080> obsolete<00:20:14.520> in<00:20:14.600> the<00:20:14.680> sense<00:20:14.920> that<00:20:15.080> like<00:20:15.560> the<00:20:15.840> biggest,<00:20:16.480> you<00:20:16.560> know,<00:20:16.680> the<00:20:17.000> the<00:20:17.520> the<00:20:17.640> large<00:20:18.040> caps,<00:20:18.440> the<00:20:18.560> mega<00:20:18.800> caps,<00:20:19.200> they're<00:20:19.360> probably<00:20:19.800> going

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to<00:20:20.360> have<00:20:20.600> access<00:20:21.000> to<00:20:21.120> quantum,<00:20:22.000> and<00:20:22.160> then<00:20:22.320> maybe<00:20:22.640> everybody<00:20:23.080> that<00:20:23.240> needs<00:20:23.480> the<00:20:23.560> rest<00:20:23.840> of<00:20:23.920> the<00:20:24.040> compute,<00:20:24.760> they're<00:20:24.920> probably<00:20:25.280> not<00:20:25.440> going<00:20:25.560> to<00:20:25.640> need<00:20:25.760> all<00:20:25.880> of<00:20:25.960> them<00:20:26.120> because

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the<00:20:26.880> the<00:20:27.000> biggest<00:20:27.520> users<00:20:28.120> of<00:20:28.480> it<00:20:29.040> are<00:20:29.280> the<00:20:29.440> largest<00:20:29.880> companies.

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So,<00:20:31.920> why<00:20:32.160> are<00:20:32.320> they<00:20:32.480> building<00:20:32.840> these<00:20:33.000> data<00:20:33.240> centers<00:20:33.520> then?

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I<00:20:33.680> mean,<00:20:33.880> we're<00:20:34.040> they're<00:20:34.160> talking<00:20:34.400> like<00:20:34.520> a<00:20:34.600> hundred<00:20:34.920> billion-dollar<00:20:35.720> investment<00:20:36.400> in<00:20:36.680> just<00:20:36.960> the<00:20:37.040> state<00:20:37.280> of<00:20:37.400> Utah.

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Like,<00:20:38.640> what<00:20:39.200> what<00:20:39.400> is<00:20:39.640> the<00:20:39.800> incentive<00:20:40.240> behind<00:20:40.480> this?

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How<00:20:40.760> are<00:20:40.880> they<00:20:41.040> raising<00:20:41.400> this<00:20:41.600> money?<00:20:41.920> What<00:20:42.120> is<00:20:42.240> this?

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How<00:20:42.560> does<00:20:42.680> this<00:20:42.840> make<00:20:43.040> sense?<00:20:44.880> I<00:20:44.960> mean,<00:20:45.560> why<00:20:45.760> does<00:20:45.920> anything<00:20:46.320> happen<00:20:46.720> in<00:20:46.800> capitalism,<00:20:47.560> you<00:20:47.600> know?

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Like,<00:20:49.040> if<00:20:49.200> someone's<00:20:49.680> paying<00:20:50.040> the<00:20:50.120> bills<00:20:50.840> answer,<00:20:51.120> actually.

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[laughter]<00:20:52.840> If<00:20:53.080> someone's<00:20:53.640> paying<00:20:54.240> Someone's<00:20:54.760> writing<00:20:55.080> the<00:20:55.200> checks.

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Someone's<00:20:56.720> building<00:20:57.120> the<00:20:57.240> stuff,<00:20:57.920> right?

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I<00:20:58.720> actually<00:20:59.160> think<00:20:59.960> uh<00:21:00.160> like<00:21:00.840> that's<00:21:01.200> kind<00:21:01.480> of<00:21:01.600> the<00:21:01.720> tongue-in-cheek<00:21:03.080> answer<00:21:03.600> to<00:21:03.840> it.

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Um<00:21:05.400> but<00:21:06.200> it's<00:21:06.560> it's<00:21:06.880> also<00:21:07.240> like<00:21:07.840> the<00:21:07.960> truth<00:21:08.760> when<00:21:09.000> you<00:21:09.120> see<00:21:09.760> the<00:21:10.040> this<00:21:10.280> like<00:21:10.520> I<00:21:10.560> don't<00:21:10.720> know<00:21:10.800> if<00:21:10.920> you've<00:21:11.040> seen<00:21:11.240> the<00:21:11.320> graph<00:21:11.680> of<00:21:11.840> like,<00:21:12.480> you<00:21:12.600> know,<00:21:13.720> um

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OpenAI,<00:21:15.640> right?<00:21:15.960> So,<00:21:16.080> check<00:21:16.480> to,<00:21:17.200> you<00:21:17.280> know,<00:21:17.480> CoreWeave.

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CoreWeave<00:21:19.400> writes<00:21:19.680> a<00:21:19.720> check<00:21:20.080> to<00:21:20.240> Nvidia.<00:21:21.320> Like<00:21:21.560> that<00:21:21.880> makes<00:21:22.120> a<00:21:22.200> larger<00:21:22.560> commitment.

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I<00:21:23.200> mean,<00:21:23.400> that's<00:21:24.160> that's<00:21:24.520> the<00:21:24.640> underlying<00:21:25.280> reason,<00:21:26.000> right?

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Cuz<00:21:26.760> all<00:21:27.280> you<00:21:27.400> know,<00:21:28.200> uh<00:21:28.280> and<00:21:28.440> then<00:21:28.640> it's<00:21:28.800> like<00:21:29.560> uh<00:21:29.840> you<00:21:29.960> know,<00:21:30.360> OpenAI<00:21:31.040> Nvidia<00:21:31.640> gets<00:21:31.880> a<00:21:31.920> stake<00:21:32.240> in<00:21:32.360> CoreWeave.

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Like<00:21:33.680> and<00:21:33.760> they're<00:21:33.960> all<00:21:34.480> you<00:21:34.600> know,<00:21:35.000> they're<00:21:35.200> they're<00:21:35.400> all<00:21:35.600> just<00:21:35.760> like<00:21:35.960> getting<00:21:36.200> this<00:21:36.880> um<00:21:37.600> upside.

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And<00:21:38.720> I<00:21:38.800> think<00:21:39.040> that<00:21:39.200> that's<00:21:39.920> just<00:21:40.360> it<00:21:40.680> and<00:21:40.840> the<00:21:40.920> way<00:21:41.080> the<00:21:41.200> stock<00:21:41.600> market<00:21:42.200> is<00:21:42.360> going,<00:21:42.720> right?

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Cuz<00:21:43.480> all<00:21:43.800> of<00:21:43.960> this<00:21:44.200> comes<00:21:44.560> back<00:21:44.840> to<00:21:44.960> the<00:21:45.080> stock<00:21:45.400> market.

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Like<00:21:46.240> you<00:21:46.360> wouldn't<00:21:46.600> have<00:21:46.760> these<00:21:47.000> weird<00:21:47.480> transactions<00:21:48.960> if<00:21:49.680> the<00:21:49.800> stock<00:21:50.200> market<00:21:50.920> also<00:21:51.360> put<00:21:51.640> some<00:21:51.920> multiple<00:21:52.960> on<00:21:53.240> whatever<00:21:53.600> these<00:21:53.800> transactions<00:21:54.480> were.

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You<00:21:55.120> know,<00:21:55.280> every<00:21:55.560> time<00:21:55.880> like<00:21:56.120> the<00:21:56.320> a<00:21:56.400> new<00:21:56.600> CoreWeave<00:21:57.240> Nvidia<00:21:57.720> thing,<00:21:58.360> you<00:21:58.480> know,<00:21:59.040> CoreWeave<00:21:59.560> rises<00:22:00.040> more.

00:22:00.760 --> 00:22:07.920
Like<00:22:01.000> so,<00:22:01.160> of<00:22:01.280> course,<00:22:01.680> you<00:22:01.800> know,<00:22:02.240> they're<00:22:02.400> going<00:22:02.520> to<00:22:02.600> keep<00:22:02.840> ordering<00:22:03.280> these<00:22:03.520> Nvidia,<00:22:04.440> you<00:22:04.560> know,<00:22:05.040> they're<00:22:05.200> going<00:22:05.320> to<00:22:05.400> keep<00:22:05.600> pre-ordering<00:22:06.360> the<00:22:06.480> GPUs.

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Um<00:22:08.720> and<00:22:09.560> you<00:22:09.680> know,<00:22:09.800> then<00:22:10.000> you<00:22:10.080> just<00:22:10.280> can't<00:22:10.520> take<00:22:10.800> that<00:22:11.000> you<00:22:11.080> know,<00:22:11.200> CoreWeave<00:22:11.640> just<00:22:11.840> can't<00:22:12.080> like<00:22:12.760> take<00:22:13.040> those,<00:22:13.720> you<00:22:13.840> know,<00:22:14.000> they'll<00:22:14.120> be<00:22:14.280> like<00:22:14.520> get<00:22:14.720> those<00:22:14.880> commitments

00:22:15.440 --> 00:22:18.040
from<00:22:15.760> OpenAI<00:22:16.440> that<00:22:16.560> they're<00:22:16.680> going<00:22:16.800> to<00:22:16.880> need<00:22:17.120> the<00:22:17.200> compute.

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They<00:22:18.200> need<00:22:18.640> then<00:22:19.280> that's<00:22:19.560> where<00:22:19.720> you're<00:22:19.840> building<00:22:20.200> the<00:22:20.280> data<00:22:20.560> centers,<00:22:20.960> right?

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Cuz<00:22:21.640> they<00:22:21.800> need<00:22:22.000> to<00:22:22.080> be<00:22:22.200> prepared<00:22:23.240> to<00:22:23.440> fulfill<00:22:23.840> that<00:22:24.080> contract.

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And<00:22:25.280> I<00:22:25.360> mean,<00:22:26.560> I<00:22:26.840> like<00:22:27.760> I'm<00:22:29.320> I'm<00:22:29.760> sure<00:22:31.000> that<00:22:31.280> like<00:22:31.560> some<00:22:32.200> of<00:22:32.600> these<00:22:33.520> like,

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you<00:22:34.360> know,<00:22:34.480> the<00:22:34.600> CoreWeaves<00:22:35.280> of<00:22:35.360> the<00:22:35.480> world,<00:22:36.360> you<00:22:36.520> know,<00:22:36.760> gun<00:22:37.080> to<00:22:37.200> the<00:22:37.320> head<00:22:37.520> of<00:22:37.600> the<00:22:37.720> CEO,<00:22:38.760> if<00:22:38.960> you're<00:22:39.080> just<00:22:39.320> like,<00:22:40.000> do<00:22:40.160> you<00:22:40.320> really<00:22:40.600> think,<00:22:41.280> you<00:22:41.360> know,<00:22:41.520> you're<00:22:41.680> going

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to<00:22:41.960> use<00:22:42.800> all<00:22:43.040> of<00:22:43.160> this?<00:22:43.800> I<00:22:43.880> don't<00:22:44.120> think<00:22:44.320> they'd<00:22:44.560> like,<00:22:44.800> I'm<00:22:44.960> not<00:22:45.160> sure<00:22:45.280> they'd<00:22:45.520> say<00:22:45.720> no.

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I,<00:22:46.680> I,<00:22:46.840> I<00:22:46.920> don't<00:22:47.200> think<00:22:47.400> they'd<00:22:47.640> say<00:22:47.800> that<00:22:47.960> they<00:22:48.080> were<00:22:48.480> like<00:22:48.760> confident<00:22:49.240> 100%<00:22:49.960> yes,<00:22:50.640> but<00:22:51.720> that's<00:22:51.960> what's<00:22:52.120> going<00:22:52.240> to<00:22:52.320> move,<00:22:53.040> that's<00:22:53.280> what's<00:22:53.440> going<00:22:53.560> to<00:22:53.600> move<00:22:53.760> their<00:22:53.920> stock.

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If<00:22:54.440> they<00:22:54.720> don't<00:22:55.040> take<00:22:55.320> those<00:22:55.640> orders,<00:22:56.480> someone<00:22:56.920> else<00:22:57.320> will.

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And<00:22:58.400> that's<00:22:58.720> the<00:22:58.840> stock<00:22:59.120> that's<00:22:59.360> going<00:22:59.480> to<00:22:59.560> go<00:22:59.720> up.

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Yeah,<00:23:02.200> what<00:23:02.440> a,<00:23:02.680> what<00:23:02.840> a<00:23:02.960> wild,<00:23:04.360> wild<00:23:04.685> [laughter]<00:23:04.840> market.

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Like<00:23:07.040> that<00:23:07.240> is<00:23:07.360> kind<00:23:07.520> of,<00:23:07.600> that's<00:23:07.760> kind<00:23:07.880> of<00:23:07.960> scary<00:23:08.400> actually,<00:23:08.720> but<00:23:09.160> um,<00:23:09.880> going,<00:23:10.200> going<00:23:10.480> beyond<00:23:10.840> that,<00:23:11.080> give<00:23:11.240> me<00:23:11.360> a<00:23:11.440> sense<00:23:11.720> for<00:23:11.840> what<00:23:12.040> you<00:23:12.120> think<00:23:12.440> like<00:23:13.440> uh<00:23:13.760> happens<00:23:14.200> when<00:23:14.400> Anthropic

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or<00:23:15.400> OpenAI<00:23:15.960> goes<00:23:16.240> public.<00:23:16.680> I<00:23:16.720> mean,<00:23:16.960> Anthropic's<00:23:17.520> on<00:23:17.680> this<00:23:17.880> trajectory<00:23:18.400> that<00:23:18.600> they<00:23:18.720> could<00:23:18.840> be<00:23:18.960> the<00:23:19.040> most<00:23:19.280> valuable<00:23:19.680> company<00:23:20.000> in<00:23:20.080> the<00:23:20.160> history<00:23:20.440> of<00:23:20.520> the<00:23:20.600> world<00:23:20.960> in<00:23:21.000> like

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a<00:23:21.240> year<00:23:21.600> if<00:23:21.760> they<00:23:21.880> continue,<00:23:22.240> like<00:23:22.440> it's,<00:23:22.680> it's<00:23:22.800> just<00:23:22.960> crazy.

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So,<00:23:23.480> like<00:23:24.200> if<00:23:24.320> these<00:23:24.480> guys<00:23:24.640> go<00:23:24.760> public,<00:23:25.240> do<00:23:25.320> they<00:23:25.480> come<00:23:25.760> to<00:23:25.920> reality<00:23:26.560> or<00:23:26.720> what<00:23:26.880> happens<00:23:27.320> here?

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Cuz<00:23:28.000> you<00:23:28.120> have<00:23:28.280> seen<00:23:28.480> all<00:23:28.640> of<00:23:28.760> these<00:23:29.000> sorts<00:23:29.280> of<00:23:29.400> deals<00:23:29.800> that<00:23:30.760> kind<00:23:31.080> of<00:23:31.160> on<00:23:31.280> paper<00:23:31.520> don't<00:23:31.680> make<00:23:31.840> a<00:23:31.880> ton<00:23:32.080> of<00:23:32.160> sense,<00:23:32.400> but<00:23:32.560> when<00:23:32.720> you<00:23:32.800> go<00:23:32.960> public,<00:23:33.880> um,<00:23:34.200> you<00:23:34.280> know,<00:23:34.400> kind<00:23:34.600> of<00:23:35.440> you're

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you're<00:23:36.000> laid<00:23:36.280> bare.<00:23:38.360> Those<00:23:38.600> are<00:23:38.760> two<00:23:39.280> different<00:23:39.760> things.

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Yeah.<00:23:40.920> Right?<00:23:42.000> Um,<00:23:42.880> I<00:23:43.000> think<00:23:43.240> if<00:23:43.360> you're<00:23:43.520> talking<00:23:44.240> about,<00:23:45.360> um,<00:23:46.720> I<00:23:46.800> think<00:23:47.000> if<00:23:47.080> you're<00:23:47.200> talking<00:23:47.600> about<00:23:48.040> OpenAI,<00:23:49.520> like

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I'm<00:23:50.080> not<00:23:50.360> loving,<00:23:52.080> I'm<00:23:52.200> not<00:23:52.400> loving<00:23:52.720> the<00:23:52.840> trajectory<00:23:53.400> of<00:23:53.520> them<00:23:53.760> for<00:23:53.880> a<00:23:53.960> few<00:23:54.200> reasons.

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Um,<00:23:55.880> the<00:23:56.000> first<00:23:56.440> is<00:23:57.480> like<00:23:58.920> to<00:23:59.040> kind<00:23:59.320> of<00:23:59.400> catch<00:23:59.720> up<00:23:59.840> on<00:23:59.960> the<00:24:00.040> revenue,<00:24:00.440> it<00:24:00.560> does<00:24:00.840> kind<00:24:01.040> of<00:24:01.160> look<00:24:01.360> like<00:24:01.560> they<00:24:01.680> might<00:24:01.920> need<00:24:02.040> to<00:24:02.160> do<00:24:02.320> ads.

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They're<00:24:02.760> talking<00:24:03.040> about<00:24:03.280> ads<00:24:03.560> more,<00:24:03.760> and<00:24:03.840> I<00:24:03.880> don't<00:24:04.080> think<00:24:04.240> that's<00:24:04.440> going<00:24:04.560> to<00:24:04.640> do<00:24:04.760> them<00:24:05.400> a<00:24:05.480> favor.

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Um,<00:24:07.040> then<00:24:07.280> you<00:24:07.440> see<00:24:07.640> them<00:24:07.960> like,<00:24:08.520> you<00:24:08.640> see<00:24:08.800> them<00:24:09.080> make<00:24:09.360> like<00:24:09.600> media<00:24:10.080> acquisitions.

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They,<00:24:11.160> they<00:24:11.360> acquired<00:24:11.760> that<00:24:11.960> podcast.<00:24:12.920> Um,<00:24:13.680> and<00:24:13.840> to<00:24:13.960> me,<00:24:14.320> like<00:24:14.920> as<00:24:15.160> someone<00:24:15.480> that's<00:24:15.720> analyzed<00:24:16.200> public<00:24:16.560> companies<00:24:17.040> for<00:24:17.160> a<00:24:17.240> long<00:24:17.520> time,<00:24:18.360> that<00:24:18.760> is<00:24:18.920> kind

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of<00:24:19.440> categorically<00:24:20.440> concerning<00:24:21.720> because<00:24:22.880> they're<00:24:23.080> basically<00:24:23.600> saying<00:24:24.040> that,<00:24:24.840> uh,<00:24:25.520> I<00:24:25.600> don't,<00:24:26.600> they<00:24:26.760> don't<00:24:26.960> think<00:24:27.120> they<00:24:27.240> can

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beat<00:24:27.880> Anthropic<00:24:28.560> on<00:24:28.760> product<00:24:29.880> anymore.

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So,<00:24:31.000> they're<00:24:31.120> going<00:24:31.240> to<00:24:31.320> have<00:24:31.520> to<00:24:31.640> beat<00:24:31.840> them<00:24:32.360> on<00:24:32.640> messaging.

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I<00:24:33.280> think<00:24:33.520> that's<00:24:33.760> the<00:24:33.880> only<00:24:34.120> reason<00:24:34.440> you<00:24:34.520> make<00:24:34.760> something<00:24:35.160> like<00:24:35.360> that.

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Um,<00:24:37.400> all<00:24:37.720> that<00:24:37.840> being<00:24:38.080> said,<00:24:38.960> I<00:24:39.080> still<00:24:39.320> think<00:24:39.520> they<00:24:39.640> probably<00:24:39.960> have<00:24:40.080> a<00:24:40.160> pretty<00:24:40.400> good<00:24:41.160> IPO,<00:24:41.920> yeah,<00:24:42.160> with<00:24:42.320> those<00:24:42.560> concerns.

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Now,<00:24:43.880> let's<00:24:44.080> talk<00:24:44.320> about<00:24:44.800> Anthropic,<00:24:45.960> who<00:24:46.320> I<00:24:46.480> was<00:24:46.680> like<00:24:46.920> looking<00:24:47.400> at,<00:24:48.240> um,<00:24:48.560> a<00:24:48.640> projection<00:24:49.880> that<00:24:50.160> said<00:24:50.400> like<00:24:50.600> by<00:24:50.760> 2028<00:24:52.480> they

00:24:52.640 --> 00:24:59.320
would<00:24:53.000> be<00:24:53.480> ahead<00:24:53.800> of<00:24:53.960> Google<00:24:55.280> in<00:24:55.440> revenue,<00:24:56.600> um,<00:24:57.640> which<00:24:57.800> I<00:24:57.880> think<00:24:58.080> is<00:24:58.200> possible.

00:24:59.320 --> 00:25:12.680
Um,<00:25:00.760> but<00:25:02.680> what<00:25:03.200> I<00:25:03.360> have<00:25:03.640> never<00:25:04.160> seen<00:25:05.160> this<00:25:05.560> equivalent,<00:25:06.240> an<00:25:06.360> equivalent<00:25:07.080> of<00:25:08.120> is

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I've<00:25:13.040> never<00:25:13.320> heard<00:25:13.640> more<00:25:13.800> people<00:25:14.120> talking<00:25:14.440> about<00:25:14.680> a<00:25:14.720> private<00:25:15.160> deal.

00:25:16.280 --> 00:25:20.040
Yeah.<00:25:16.600> Than<00:25:16.720> Anthropic.<00:25:17.680> Yeah.<00:25:18.040> Like<00:25:18.120> it's,<00:25:18.800> it's<00:25:19.080> crazy.

00:25:20.040 --> 00:25:28.600
Like<00:25:20.920> people<00:25:21.320> are<00:25:21.480> like<00:25:21.960> foaming<00:25:22.440> at<00:25:22.560> the<00:25:22.640> mouth<00:25:22.960> to<00:25:23.080> get<00:25:23.240> in<00:25:23.360> and<00:25:23.520> I've<00:25:24.080> heard<00:25:24.280> people<00:25:24.560> that<00:25:24.680> have<00:25:24.760> like,<00:25:25.000> hey,<00:25:25.160> we<00:25:25.280> got<00:25:25.440> a<00:25:25.520> syndicate<00:25:26.440> that<00:25:27.920> put<00:25:28.240> together

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half<00:25:28.800> a<00:25:28.880> billion,<00:25:29.520> a<00:25:29.600> billion<00:25:29.920> dollars<00:25:30.360> and<00:25:30.440> we<00:25:30.560> can't<00:25:30.800> even<00:25:31.000> get<00:25:31.160> in<00:25:31.880> this<00:25:32.080> deal.

00:25:32.840 --> 00:25:39.240
Like<00:25:34.080> it's,<00:25:34.880> I've<00:25:35.200> never,<00:25:36.360> never<00:25:36.840> heard<00:25:37.760> anything<00:25:38.320> like<00:25:38.560> that.

00:25:39.240 --> 00:25:44.400
There's<00:25:39.480> like<00:25:39.720> no<00:25:40.360> equivalent<00:25:41.600> in<00:25:41.800> my<00:25:42.000> mind.

00:25:44.400 --> 00:25:47.320
Yeah,<00:25:44.920> it's,<00:25:45.280> it's<00:25:45.520> kind<00:25:45.840> of,<00:25:46.160> it's<00:25:46.320> kind<00:25:46.560> of<00:25:46.640> nuts.

00:25:47.320 --> 00:25:51.720
But<00:25:47.560> I<00:25:47.720> actually<00:25:48.200> do<00:25:48.480> think<00:25:48.840> Anthropic<00:25:49.880> is<00:25:50.200> that<00:25:50.600> good,<00:25:51.160> right?

00:25:51.720 --> 00:25:54.200
If<00:25:51.880> you<00:25:52.000> go<00:25:52.240> a<00:25:52.280> little<00:25:52.560> bit<00:25:53.240> for<00:25:53.360> their<00:25:53.520> history,<00:25:53.960> right?

00:25:54.200 --> 00:25:57.720
They<00:25:54.465> were<00:25:54.731> OpenAI<00:25:54.996> people<00:25:55.262> and<00:25:55.527> like<00:25:55.793> some<00:25:56.058> of<00:25:56.324> the<00:25:56.589> best<00:25:56.855> engineers<00:25:57.120> left.

00:25:57.720 --> 00:26:06.680
They've<00:25:58.000> been<00:25:58.240> operating<00:25:59.560> with<00:26:00.520> like<00:26:01.320> a<00:26:01.440> fraction<00:26:02.720> of<00:26:03.000> the<00:26:03.120> capital<00:26:04.080> and<00:26:04.440> growing<00:26:04.800> at<00:26:04.920> a<00:26:05.000> much<00:26:06.160> faster

00:26:06.680 --> 00:26:15.200
rate.<00:26:07.400> Um,<00:26:08.560> and<00:26:08.840> that's<00:26:09.400> kind<00:26:09.800> of<00:26:09.960> incredible<00:26:12.400> if<00:26:12.600> you<00:26:12.720> think<00:26:12.960> about<00:26:13.280> like<00:26:14.280> one<00:26:14.840> of

00:26:15.200 --> 00:26:18.080
the<00:26:15.440> people<00:26:15.840> they've<00:26:16.040> accelerated<00:26:16.600> past<00:26:16.920> is<00:26:17.120> Google.

00:26:18.080 --> 00:26:26.560
Right?<00:26:18.920> Which<00:26:19.160> has<00:26:19.560> DeepMind,<00:26:20.280> which<00:26:20.560> you<00:26:20.680> know,<00:26:21.040> until<00:26:22.000> Anthropic<00:26:22.560> came<00:26:22.800> along<00:26:23.640> was<00:26:24.080> known<00:26:24.440> as<00:26:24.720> the,<00:26:25.200> you<00:26:25.360> know,<00:26:26.400> you

00:26:26.560 --> 00:26:30.920
know,<00:26:26.680> kind<00:26:26.880> of<00:26:27.000> gold<00:26:27.360> star<00:26:27.800> world's<00:26:28.200> best<00:26:28.520> like<00:26:28.760> general<00:26:29.160> purpose<00:26:29.640> AI<00:26:30.000> system.

00:26:30.920 --> 00:26:39.480
And<00:26:31.080> Anthropic<00:26:31.680> is<00:26:31.840> just<00:26:32.560> growing<00:26:32.960> at<00:26:33.120> this<00:26:33.360> rate<00:26:33.760> and<00:26:33.920> I<00:26:34.000> mean,<00:26:35.000> I<00:26:36.000> use<00:26:36.440> it<00:26:37.080> for<00:26:38.040> a<00:26:38.120> number<00:26:38.560> of<00:26:38.680> things.

00:26:39.480 --> 00:26:47.800
I'm<00:26:39.720> so<00:26:40.280> impressed<00:26:41.480> with<00:26:41.800> how<00:26:42.000> it's,<00:26:42.840> with<00:26:43.040> how<00:26:43.200> it's<00:26:43.400> progressing<00:26:44.040> and<00:26:44.200> they're<00:26:44.560> like,<00:26:45.200> they're<00:26:45.400> prepared<00:26:45.960> to,<00:26:46.600> you<00:26:46.720> know,<00:26:47.160> eat<00:26:47.680> the

00:26:47.800 --> 00:26:55.480
legal<00:26:48.160> industry,<00:26:49.040> eat<00:26:49.240> the<00:26:49.360> consulting<00:26:49.960> industry,<00:26:50.960> eat,<00:26:51.640> you<00:26:51.760> know,<00:26:52.440> junior,<00:26:53.560> you<00:26:53.680> know,<00:26:53.920> finance<00:26:54.560> people.

00:26:55.480 --> 00:27:04.640
Like,<00:26:56.520> so<00:26:57.320> it's<00:26:57.560> one<00:26:57.680> of<00:26:57.760> those<00:26:58.000> things<00:26:58.360> where<00:26:58.480> it's<00:26:58.640> like<00:26:58.920> I,<00:26:59.120> I<00:26:59.200> actually<00:26:59.560> think<00:26:59.800> they<00:26:59.960> could<00:27:00.800> do<00:27:00.960> that<00:27:01.320> and,<00:27:01.600> and,<00:27:01.800> and,<00:27:02.040> and,<00:27:03.000> you<00:27:03.080> know,<00:27:03.200> if<00:27:03.280> they<00:27:03.440> can,<00:27:04.520> you

00:27:04.640 --> 00:27:09.040
almost<00:27:04.880> have<00:27:05.000> to<00:27:05.120> look<00:27:05.280> at<00:27:05.360> some<00:27:05.520> of<00:27:05.600> these<00:27:06.160> revenue<00:27:06.600> projections<00:27:07.200> as<00:27:07.360> conservative.

00:27:09.040 --> 00:27:12.000
Yeah.<00:27:09.480> No,<00:27:09.680> it<00:27:09.800> gets,<00:27:10.040> it<00:27:10.160> gets<00:27:10.360> pretty<00:27:10.560> wild<00:27:10.880> pretty<00:27:11.080> quick.

00:27:12.000 --> 00:27:15.400
Um,<00:27:12.440> how<00:27:12.600> do<00:27:12.720> you<00:27:13.040> stay<00:27:13.520> ahead<00:27:14.080> and<00:27:14.360> on<00:27:14.520> Prospero,<00:27:15.120> right?

00:27:15.400 --> 00:27:20.920
Like,<00:27:16.200> um,<00:27:17.400> are<00:27:17.520> you,<00:27:17.680> are<00:27:17.800> you<00:27:17.960> coding<00:27:18.400> in<00:27:18.840> like,<00:27:19.040> give<00:27:19.160> us<00:27:19.280> a<00:27:19.360> sense<00:27:19.520> for<00:27:19.600> your<00:27:19.720> algorithm<00:27:20.240> with<00:27:20.360> the<00:27:20.440> product?

00:27:20.920 --> 00:27:27.720
Like<00:27:21.120> how<00:27:21.280> it's<00:27:21.640> differentiated?<00:27:22.480> Like<00:27:23.120> what's<00:27:23.360> your<00:27:23.480> moat<00:27:23.960> for<00:27:24.160> like<00:27:24.400> Claude<00:27:24.760> just<00:27:25.120> releasing<00:27:25.600> this<00:27:25.760> as<00:27:25.880> a<00:27:25.960> feature,<00:27:26.320> I<00:27:26.400> guess?

00:27:27.720 --> 00:27:34.000
Oh,<00:27:28.160> I<00:27:28.240> mean,<00:27:29.520> I've<00:27:29.680> been<00:27:29.840> thinking<00:27:30.160> about<00:27:30.440> this,<00:27:31.400> um,<00:27:32.640> for<00:27:32.880> a<00:27:32.920> long<00:27:33.280> time.

00:27:34.000 --> 00:27:37.200
And<00:27:34.160> that's<00:27:34.440> why<00:27:34.640> we've<00:27:34.840> built<00:27:35.360> the<00:27:35.480> signals,<00:27:36.360> right?

00:27:37.200 --> 00:27:41.920
Like,<00:27:37.600> I,<00:27:38.480> I<00:27:38.640> had<00:27:38.840> some<00:27:39.040> like<00:27:39.280> joint<00:27:39.640> IP<00:27:39.960> with<00:27:40.120> NYU<00:27:40.720> evolving<00:27:41.120> neural<00:27:41.360> networks.

00:27:41.920 --> 00:27:46.840
We<00:27:42.080> had<00:27:42.280> some,<00:27:42.720> you<00:27:42.800> know,<00:27:42.960> other<00:27:43.200> interesting<00:27:43.760> non-linear<00:27:44.320> technologies<00:27:44.960> like<00:27:45.160> 10<00:27:45.560> years<00:27:45.800> ago.

00:27:46.840 --> 00:27:57.480
Um,<00:27:47.520> and<00:27:47.800> what<00:27:48.080> dealing<00:27:48.480> with<00:27:48.640> those<00:27:48.920> non-linear<00:27:49.520> technologies<00:27:50.120> in<00:27:50.200> the<00:27:50.320> stock<00:27:50.720> market<00:27:51.280> mean,<00:27:51.840> made<00:27:52.080> me<00:27:52.240> realize<00:27:53.360> is<00:27:53.640> that,<00:27:54.560> um,<00:27:56.240> structuring

00:27:57.480 --> 00:28:02.760
a<00:27:57.560> problem,<00:27:58.800> um,<00:28:00.320> by,<00:28:00.720> you<00:28:00.840> know,<00:28:01.040> condensing<00:28:01.960> these<00:28:02.280> signals.

00:28:02.760 --> 00:28:05.800
And<00:28:02.880> I'll,<00:28:03.080> I'll,<00:28:03.240> I'll<00:28:03.360> give<00:28:03.520> you<00:28:03.600> example<00:28:04.040> of<00:28:04.120> like<00:28:04.280> one<00:28:04.440> of<00:28:04.480> the<00:28:04.640> easier<00:28:05.040> ones.

00:28:05.800 --> 00:28:11.000
Like<00:28:06.680> when<00:28:06.880> we<00:28:07.040> look<00:28:07.280> at<00:28:07.600> profitability,<00:28:09.120> we're<00:28:09.280> looking<00:28:09.600> at<00:28:09.800> one<00:28:09.920> of<00:28:10.040> our<00:28:10.120> 10<00:28:10.360> signals.

00:28:11.000 --> 00:28:18.680
We're<00:28:11.200> looking<00:28:11.520> at<00:28:11.600> things<00:28:12.000> like,<00:28:12.840> um,<00:28:13.640> EBITDA,<00:28:15.040> EPS,<00:28:16.720> um,<00:28:17.280> the<00:28:17.400> forward<00:28:17.760> projections<00:28:18.280> on<00:28:18.440> that.

00:28:18.680 --> 00:28:26.280
We're<00:28:18.880> running<00:28:19.200> some<00:28:19.400> economic<00:28:19.960> simulations.<00:28:21.000> All<00:28:21.240> of<00:28:21.360> those<00:28:21.600> results<00:28:22.000> into<00:28:22.320> a<00:28:22.440> zero<00:28:22.840> to<00:28:22.960> 100<00:28:23.880> profitability<00:28:24.920> number,<00:28:25.400> right?

00:28:26.280 --> 00:28:32.200
Way<00:28:26.760> more<00:28:27.120> easy<00:28:27.400> to<00:28:27.600> interpret,<00:28:28.960> um,<00:28:29.440> for<00:28:29.560> a<00:28:29.640> person,<00:28:30.720> also<00:28:31.120> a<00:28:31.200> computer.

00:28:32.200 --> 00:28:41.000
Um,<00:28:33.120> so<00:28:33.920> that's<00:28:34.240> one<00:28:34.360> of<00:28:34.440> the<00:28:34.560> things<00:28:34.880> that<00:28:35.120> we<00:28:35.400> bet<00:28:35.920> on<00:28:36.400> and<00:28:36.640> that,<00:28:36.880> like,<00:28:37.760> you<00:28:37.880> know,<00:28:39.600> you<00:28:39.960> could<00:28:40.160> probably<00:28:40.640> make

00:28:41.000 --> 00:28:49.360
some<00:28:42.080> very<00:28:42.480> specific<00:28:43.160> prompts<00:28:44.400> that<00:28:44.600> could<00:28:44.800> duplicate<00:28:45.480> and<00:28:45.760> test<00:28:46.520> around<00:28:46.880> those<00:28:47.120> things,<00:28:47.960> but<00:28:48.720> at<00:28:48.920> the<00:28:49.000> same

00:28:49.360 --> 00:28:58.240
time,<00:28:50.320> like<00:28:51.400> part<00:28:51.720> of<00:28:51.840> what<00:28:52.040> makes<00:28:52.280> our<00:28:52.440> system<00:28:52.840> good<00:28:53.040> is<00:28:53.200> we're<00:28:53.360> doing<00:28:53.680> this<00:28:53.880> base<00:28:54.280> level<00:28:54.640> of<00:28:54.800> structuring<00:28:55.880> that<00:28:56.080> I<00:28:56.160> think<00:28:56.400> is<00:28:56.520> kind<00:28:56.800> of<00:28:57.040> finding,<00:28:58.080> you

00:28:58.240 --> 00:29:07.760
know,<00:28:59.120> more,<00:29:00.720> um,<00:29:02.000> giving<00:29:02.680> machines<00:29:03.280> more<00:29:03.560> to<00:29:03.720> start<00:29:04.080> with<00:29:04.280> and<00:29:04.440> learn<00:29:04.720> from<00:29:04.960> than<00:29:05.080> if<00:29:05.200> you<00:29:05.280> just<00:29:05.520> throw<00:29:05.960> the<00:29:06.080> whole<00:29:06.760> problem

00:29:07.760 --> 00:29:16.680
at<00:29:07.960> them.<00:29:08.680> And<00:29:08.840> like<00:29:09.000> a<00:29:09.120> really<00:29:09.440> good<00:29:09.560> example<00:29:10.240> of<00:29:10.400> how<00:29:10.520> our<00:29:10.720> system<00:29:11.600> works<00:29:12.080> that<00:29:12.360> it's<00:29:12.600> just<00:29:12.880> like<00:29:13.720> that<00:29:14.520> can<00:29:14.800> only<00:29:15.200> be<00:29:15.400> done<00:29:16.440> with

00:29:16.680 --> 00:29:20.000
testing.<00:29:17.600> Is<00:29:17.760> like<00:29:18.280> net<00:29:18.480> option<00:29:18.800> sentiment,<00:29:19.200> I<00:29:19.240> mentioned<00:29:19.640> it.

00:29:20.000 --> 00:29:27.800
For<00:29:20.120> a<00:29:20.160> long<00:29:20.440> time,<00:29:21.240> you<00:29:21.360> know,<00:29:21.800> we<00:29:21.920> were<00:29:22.040> looking<00:29:22.400> at,<00:29:22.880> you<00:29:23.000> know,<00:29:23.080> mainly<00:29:23.520> price<00:29:23.920> queue,<00:29:24.240> like<00:29:24.400> the<00:29:24.480> difference<00:29:24.760> between<00:29:25.120> calls<00:29:25.480> above<00:29:25.840> and<00:29:25.960> puts<00:29:26.240> below,<00:29:27.160> um,<00:29:27.640> where

00:29:27.800 --> 00:29:35.760
a<00:29:27.840> stock<00:29:28.160> is<00:29:28.280> trading,<00:29:29.200> um,<00:29:29.760> some<00:29:30.160> open<00:29:30.480> interest,<00:29:31.240> looking<00:29:31.560> at<00:29:31.680> like<00:29:31.840> dollars,<00:29:32.680> raw<00:29:32.920> dollars<00:29:33.320> trading<00:29:33.640> above<00:29:33.920> and<00:29:34.000> below<00:29:34.320> and<00:29:34.400> not<00:29:34.560> just<00:29:34.720> contracts.

00:29:35.760 --> 00:29:39.360
Um,<00:29:36.640> originally<00:29:37.120> it<00:29:37.200> didn't<00:29:37.440> have<00:29:38.320> volume.

00:29:39.360 --> 00:29:47.760
Um,<00:29:40.480> but<00:29:41.880> we<00:29:42.840> over<00:29:43.200> time<00:29:44.400> created<00:29:45.000> a<00:29:45.080> structure<00:29:45.640> for<00:29:45.920> it<00:29:46.160> to<00:29:46.880> test<00:29:47.200> itself.

00:29:47.760 --> 00:29:56.040
It's,<00:29:48.120> it's,<00:29:48.640> you<00:29:48.800> know,<00:29:49.640> it's<00:29:50.800> expected,<00:29:51.640> it's,<00:29:51.880> it's<00:29:52.040> trained<00:29:52.400> test<00:29:52.720> accuracy,<00:29:53.400> it's<00:29:53.560> expected<00:29:54.120> accuracy<00:29:54.760> and<00:29:54.880> it<00:29:55.000> had<00:29:55.200> to<00:29:55.280> be<00:29:55.440> pretty<00:29:55.680> much<00:29:55.920> be

00:29:56.040 --> 00:29:58.000
able<00:29:56.200> to<00:29:56.280> match<00:29:56.640> that<00:29:57.320> to<00:29:57.520> get<00:29:57.720> more.

00:29:58.000 --> 00:30:06.280
And<00:29:58.120> now<00:29:58.840> around<00:29:59.240> options<00:29:59.720> expiration<00:30:00.360> dates,<00:30:01.240> um,<00:30:02.000> we've<00:30:02.240> seen<00:30:02.480> volume<00:30:02.920> make<00:30:03.120> up<00:30:03.280> 10<00:30:03.480> or<00:30:03.600> 15%<00:30:04.880> of<00:30:05.000> the<00:30:05.120> calculation.

00:30:06.280 --> 00:30:14.680
It<00:30:06.480> started<00:30:07.440> at<00:30:07.680> 1%<00:30:09.360> and<00:30:09.520> just<00:30:09.720> over<00:30:10.000> time<00:30:10.680> it<00:30:10.880> learned<00:30:11.200> that<00:30:11.520> situationally<00:30:13.240> it<00:30:13.520> could<00:30:14.280> make

00:30:14.680 --> 00:30:19.040
these<00:30:15.360> adjustments<00:30:15.960> and<00:30:16.080> we<00:30:16.240> could<00:30:16.440> watch<00:30:16.760> it<00:30:17.400> learn,<00:30:18.200> right?

00:30:19.040 --> 00:30:26.840
I<00:30:19.160> think<00:30:19.400> without<00:30:20.360> that<00:30:20.680> kind<00:30:20.920> of<00:30:21.000> process<00:30:21.520> and<00:30:21.640> we've<00:30:21.880> done<00:30:22.080> that<00:30:22.280> for<00:30:22.400> a<00:30:22.440> lot<00:30:22.760> of<00:30:22.840> different<00:30:23.160> signals<00:30:23.600> in<00:30:23.720> order<00:30:23.920> to<00:30:24.040> like<00:30:24.240> create<00:30:24.720> them,<00:30:25.440> evolve<00:30:26.000> them.

00:30:26.840 --> 00:30:35.360
Um,<00:30:28.720> that's<00:30:29.360> something<00:30:29.840> that,<00:30:30.120> you<00:30:30.200> know,<00:30:32.000> it<00:30:32.160> would<00:30:32.320> take<00:30:32.520> a<00:30:32.600> very<00:30:33.040> detailed<00:30:33.680> prompt<00:30:34.160> to<00:30:34.320> do<00:30:35.160> and

00:30:35.360 --> 00:30:43.720
you<00:30:35.480> wouldn't<00:30:35.760> have<00:30:36.040> data<00:30:36.400> like<00:30:36.720> we<00:30:37.000> had,<00:30:37.720> which<00:30:37.960> is<00:30:38.080> just<00:30:38.280> like<00:30:39.600> when<00:30:40.000> you<00:30:40.240> give<00:30:40.480> this<00:30:40.720> to<00:30:40.920> people<00:30:41.840> in<00:30:42.000> a<00:30:42.120> live<00:30:42.560> market,<00:30:43.440> does

00:30:43.720 --> 00:30:52.760
it<00:30:43.920> work?<00:30:44.360> What<00:30:44.560> is<00:30:44.720> their<00:30:44.960> feedback?<00:30:46.000> So,<00:30:46.880> that's<00:30:47.200> a,<00:30:47.520> that's<00:30:47.760> a<00:30:47.880> good<00:30:48.600> moat<00:30:49.520> as<00:30:49.680> far<00:30:49.880> as<00:30:50.040> I'm<00:30:50.360> concerned<00:30:50.920> in<00:30:51.000> this<00:30:51.200> world.

00:30:52.760 --> 00:31:01.400
What<00:30:52.880> does<00:30:53.000> a<00:30:53.040> typical<00:30:53.480> day<00:30:53.680> look<00:30:53.880> like<00:30:54.080> for<00:30:54.240> you?<00:30:56.080> Um,<00:30:57.600> it's,<00:30:58.040> it's<00:30:59.880> looking<00:31:00.320> at<00:31:00.440> the<00:31:00.840> everyday

00:31:01.400 --> 00:31:05.040
I'm<00:31:01.520> looking<00:31:01.760> at<00:31:01.880> the<00:31:01.960> market.<00:31:02.680> I'm<00:31:02.840> talking<00:31:03.240> to<00:31:03.360> retail<00:31:03.760> investors.

00:31:05.040 --> 00:31:07.480
Um,<00:31:05.200> I<00:31:05.320> live<00:31:05.640> stream<00:31:05.960> a<00:31:06.000> couple<00:31:06.320> times<00:31:06.600> a<00:31:06.680> week.

00:31:07.480 --> 00:31:13.440
Um,<00:31:09.000> that's<00:31:10.000> the<00:31:10.360> typical<00:31:11.400> part<00:31:12.280> of<00:31:12.440> my<00:31:12.600> job.

00:31:13.440 --> 00:31:20.960
Everything<00:31:14.040> else<00:31:15.000> is<00:31:15.240> really<00:31:15.600> just,<00:31:16.600> you<00:31:16.680> know,<00:31:16.840> I<00:31:16.920> have<00:31:17.160> to<00:31:17.280> invent<00:31:18.560> a<00:31:18.640> lot<00:31:18.880> of<00:31:18.960> stuff<00:31:20.040> still.

00:31:20.960 --> 00:31:29.280
So,<00:31:21.200> like<00:31:21.520> one<00:31:21.680> of<00:31:21.720> the<00:31:21.840> things,<00:31:22.560> you<00:31:22.680> know,<00:31:22.840> I<00:31:22.920> think<00:31:23.120> if<00:31:23.240> you<00:31:23.360> need<00:31:23.560> to<00:31:23.680> invent<00:31:24.040> things,<00:31:24.760> if<00:31:24.920> you<00:31:25.040> need<00:31:25.320> to,<00:31:26.120> you<00:31:26.240> know,<00:31:27.080> kind<00:31:27.400> of,<00:31:28.000> you<00:31:28.120> know,<00:31:28.320> abstract<00:31:29.120> an

00:31:29.280 --> 00:31:34.320
idea,<00:31:29.920> you<00:31:30.040> know,<00:31:30.240> even<00:31:30.440> if<00:31:30.560> I'm<00:31:30.680> thinking<00:31:31.000> of<00:31:31.080> like<00:31:31.240> a<00:31:31.280> newsletter<00:31:31.840> topic<00:31:32.200> that<00:31:32.360> I'm<00:31:32.480> going<00:31:32.600> to<00:31:32.680> write<00:31:32.840> around<00:31:33.440> on<00:31:33.640> Sunday.

00:31:34.320 --> 00:31:40.920
Like<00:31:34.480> a<00:31:34.560> lot<00:31:34.760> of<00:31:34.840> that<00:31:35.040> I<00:31:35.080> think<00:31:35.280> is<00:31:35.400> just<00:31:35.600> giving<00:31:35.880> yourself<00:31:36.640> like<00:31:36.840> the<00:31:36.960> freedom<00:31:37.400> to<00:31:37.520> consume<00:31:38.000> information,<00:31:39.040> to<00:31:39.160> think<00:31:39.400> about<00:31:39.640> that<00:31:39.840> information.

00:31:40.920 --> 00:31:50.720
So,<00:31:41.720> yeah,<00:31:42.080> I<00:31:42.200> really<00:31:42.520> operate<00:31:43.080> from<00:31:43.400> a,<00:31:44.040> like<00:31:44.360> a,<00:31:44.600> a<00:31:44.680> kind<00:31:45.000> of<00:31:45.160> like<00:31:45.400> I,<00:31:45.440> I<00:31:45.880> studied<00:31:46.280> the<00:31:46.360> philosophy<00:31:46.880> of<00:31:47.000> creativity<00:31:47.960> a<00:31:48.040> lot<00:31:48.360> when<00:31:48.480> I<00:31:48.560> was<00:31:48.720> starting,<00:31:50.040> um

00:31:50.720 --> 00:31:59.920
my<00:31:51.440> first<00:31:51.800> company.<00:31:53.040> Uh,<00:31:53.200> and,<00:31:54.000> you<00:31:54.120> know,<00:31:54.200> what<00:31:54.360> that<00:31:54.560> basically<00:31:54.960> tells<00:31:55.280> you<00:31:55.560> is,<00:31:56.360> you<00:31:56.480> know,<00:31:56.600> that's<00:31:56.880> kind<00:31:57.160> of<00:31:57.240> a<00:31:57.280> lot<00:31:57.520> of<00:31:57.680> like,<00:31:58.400> you<00:31:58.520> know,<00:31:59.840> you

00:31:59.920 --> 00:32:09.040
know,<00:32:00.040> mental<00:32:00.600> peace,<00:32:02.000> uh,<00:32:02.480> you<00:32:02.560> know,<00:32:02.720> giving<00:32:03.080> yourself<00:32:03.560> the<00:32:03.680> space<00:32:04.320> to<00:32:05.200> consume,<00:32:06.480> consider<00:32:07.600> information,<00:32:08.840> and

00:32:09.040 --> 00:32:13.840
like<00:32:09.240> never<00:32:09.520> really<00:32:09.800> forcing<00:32:10.240> yourself<00:32:11.160> to<00:32:11.280> work<00:32:12.240> on<00:32:12.840> on<00:32:13.120> anything.

00:32:13.840 --> 00:32:17.800
Like<00:32:14.080> if<00:32:14.160> it's<00:32:14.320> not<00:32:14.800> feeling<00:32:15.160> right,<00:32:16.080> probably<00:32:16.400> step<00:32:16.640> away.

00:32:17.800 --> 00:32:23.040
Um,<00:32:18.400> so,<00:32:18.560> yeah,<00:32:18.800> I<00:32:18.880> have<00:32:19.080> a<00:32:19.160> lot<00:32:19.440> of<00:32:19.600> day-to-day,<00:32:21.240> um,<00:32:21.320> market<00:32:21.720> things.

00:32:23.040 --> 00:32:31.520
Um,<00:32:23.760> I<00:32:23.880> kind<00:32:24.240> of,<00:32:24.520> you<00:32:24.600> know,<00:32:24.760> one<00:32:24.920> of<00:32:24.960> the<00:32:25.080> things<00:32:25.360> that<00:32:25.520> I<00:32:25.600> really<00:32:25.920> believe<00:32:26.280> in<00:32:26.920> is<00:32:27.120> like<00:32:27.440> if<00:32:27.680> anyone<00:32:29.200> needs<00:32:29.560> my<00:32:29.760> help<00:32:30.120> to<00:32:30.240> be<00:32:30.480> unblocked,<00:32:31.400> they

00:32:31.520 --> 00:32:34.520
should<00:32:31.760> bother<00:32:32.160> me<00:32:32.760> at<00:32:33.040> any<00:32:33.320> time.

00:32:34.520 --> 00:32:40.480
And,<00:32:36.120> um,<00:32:36.840> and<00:32:37.040> I,<00:32:37.160> and<00:32:37.320> I<00:32:37.440> will,<00:32:37.840> you<00:32:37.960> know,<00:32:38.080> I'll<00:32:38.240> pick<00:32:38.440> up<00:32:38.600> the<00:32:38.680> phone,<00:32:39.040> you<00:32:39.120> know,<00:32:39.240> I<00:32:39.280> have<00:32:39.400> some<00:32:39.520> people<00:32:39.760> on<00:32:39.880> Pacific<00:32:40.240> time.

00:32:40.480 --> 00:32:44.360
I'll<00:32:40.600> pick<00:32:40.800> up<00:32:40.920> the<00:32:41.000> phone<00:32:41.360> at,<00:32:41.560> you<00:32:41.680> know,<00:32:42.520> 10:00,<00:32:42.840> 11:00<00:32:43.240> p.m.

00:32:44.360 --> 00:32:49.800
to<00:32:44.520> unblock<00:32:45.080> someone.<00:32:45.760> But<00:32:45.920> on<00:32:46.040> the<00:32:46.160> other<00:32:46.360> side<00:32:46.640> of<00:32:46.720> that,<00:32:47.320> you<00:32:47.400> know,<00:32:47.560> I<00:32:47.640> like<00:32:47.880> to<00:32:48.000> take<00:32:48.720> a<00:32:48.760> lot<00:32:49.000> of<00:32:49.080> my<00:32:49.200> day.

00:32:49.800 --> 00:32:56.480
I<00:32:49.920> like<00:32:50.120> to<00:32:50.240> go<00:32:50.400> on<00:32:50.600> walks.<00:32:51.080> I<00:32:51.160> like<00:32:51.400> to<00:32:51.520> do<00:32:51.920> things<00:32:52.360> that<00:32:52.520> I'm<00:32:52.680> offered<00:32:53.040> to<00:32:53.160> do<00:32:53.400> that,<00:32:53.840> you<00:32:53.960> know,<00:32:54.120> might<00:32:54.440> not<00:32:54.680> be<00:32:55.320> work.

00:32:56.480 --> 00:33:05.080
I'm<00:32:56.600> never<00:32:56.840> really<00:32:57.080> like<00:32:57.280> shirking<00:32:57.720> my<00:32:57.920> responsibilities,<00:33:00.200> but<00:33:00.400> I<00:33:00.480> think,<00:33:01.360> you<00:33:01.480> know,<00:33:02.640> I<00:33:02.760> think<00:33:03.240> as<00:33:03.720> a<00:33:03.800> CEO,<00:33:04.880> like

00:33:05.080 --> 00:33:12.360
the<00:33:05.200> most<00:33:05.480> important<00:33:05.920> things<00:33:06.200> to<00:33:06.320> do<00:33:07.040> are<00:33:07.200> like<00:33:07.480> first<00:33:07.920> being<00:33:08.360> a<00:33:08.480> good,<00:33:09.320> you<00:33:09.440> know,<00:33:09.560> being<00:33:09.920> a<00:33:10.000> good<00:33:10.280> leader,<00:33:10.640> being<00:33:11.000> there<00:33:11.240> for<00:33:11.360> the<00:33:11.480> people<00:33:11.800> that<00:33:11.920> you're<00:33:12.040> leading.

00:33:12.360 --> 00:33:17.040
And<00:33:12.480> that's<00:33:12.720> where<00:33:12.880> it's<00:33:13.040> just<00:33:13.240> like,<00:33:13.800> you<00:33:13.880> know,<00:33:14.000> whenever<00:33:14.360> you<00:33:14.480> need<00:33:14.720> me,<00:33:15.240> I'm<00:33:15.480> here.

00:33:17.040 --> 00:33:26.200
But<00:33:17.240> I<00:33:17.360> also<00:33:17.760> think<00:33:18.440> if<00:33:18.640> you're<00:33:18.800> like<00:33:19.040> bogging<00:33:19.440> yourself<00:33:19.880> down<00:33:20.200> in<00:33:20.440> too<00:33:20.640> many<00:33:20.880> tasks<00:33:21.760> and,<00:33:22.120> you<00:33:22.200> know,<00:33:22.360> too<00:33:22.600> much<00:33:22.880> stress,<00:33:24.800> you're<00:33:24.960> not<00:33:25.320> doing,

00:33:26.200 --> 00:33:35.160
you<00:33:26.280> know,<00:33:26.480> probably<00:33:27.680> the<00:33:29.640> primary<00:33:30.240> job<00:33:31.040> of<00:33:31.200> a<00:33:31.280> CEO,<00:33:32.520> which<00:33:33.520> is<00:33:34.640> generate

00:33:35.160 --> 00:33:40.200
differentiated<00:33:35.920> ideas<00:33:36.440> and<00:33:36.640> and<00:33:36.760> inspire<00:33:37.400> people<00:33:37.720> to<00:33:37.800> do<00:33:37.960> their<00:33:38.080> best<00:33:38.320> work.

00:33:40.200 --> 00:33:48.960
How<00:33:40.280> big<00:33:40.480> is<00:33:40.560> your<00:33:40.680> team<00:33:40.920> now?<00:33:42.520> Oh,<00:33:42.720> I<00:33:42.800> mean,<00:33:43.320> we<00:33:43.440> actually<00:33:43.840> only<00:33:44.160> have,<00:33:45.680> uh,<00:33:46.480> one<00:33:46.920> full-time<00:33:47.480> person<00:33:48.680> other

00:33:48.960 --> 00:33:51.560
than<00:33:49.200> me.<00:33:50.320> That's<00:33:50.720> awesome.

00:33:51.560 --> 00:33:56.600
We've<00:33:51.800> had<00:33:52.720> over<00:33:53.120> 50<00:33:53.480> people<00:33:53.920> work<00:33:54.200> for<00:33:54.480> equity<00:33:55.280> only.

00:33:56.600 --> 00:34:02.240
A<00:33:56.720> lot<00:33:57.040> of<00:33:57.120> the,<00:33:57.440> a<00:33:57.480> lot<00:33:57.760> of<00:33:57.840> those<00:33:58.000> people<00:33:58.320> kind<00:33:58.480> of<00:33:58.600> work,<00:33:58.880> do<00:33:59.040> little<00:33:59.280> things<00:34:00.040> on,<00:34:00.520> on<00:34:00.680> a<00:34:00.720> day-to-day<00:34:01.760> basis.

00:34:02.240 --> 00:34:08.280
Have<00:34:02.440> some<00:34:02.600> co-founders<00:34:03.400> that,<00:34:03.880> you<00:34:03.960> know,<00:34:04.080> it's<00:34:04.240> none<00:34:04.440> of<00:34:04.520> their,<00:34:06.320> it's<00:34:06.480> not<00:34:06.720> their<00:34:07.040> only<00:34:07.440> job.

00:34:08.280 --> 00:34:13.879
I<00:34:08.360> mean,<00:34:08.600> they<00:34:08.760> have<00:34:08.960> different<00:34:09.360> jobs,<00:34:09.840> but,<00:34:10.399> you<00:34:10.520> know,<00:34:10.639> there's<00:34:11.480> huge<00:34:11.840> contributors<00:34:13.040> still.

00:34:13.879 --> 00:34:18.440
So,<00:34:14.080> yeah,<00:34:14.440> I<00:34:14.520> mean,<00:34:14.840> that<00:34:15.040> was,<00:34:15.840> that<00:34:16.080> was<00:34:16.280> always<00:34:16.639> like<00:34:16.840> we<00:34:17.000> had<00:34:17.240> to<00:34:17.280> have<00:34:17.440> an<00:34:17.560> other<00:34:17.800> side<00:34:18.080> of<00:34:18.159> this.

00:34:18.440 --> 00:34:27.440
Like<00:34:18.919> a<00:34:19.000> lot<00:34:19.360> of<00:34:19.480> the,<00:34:20.560> a<00:34:20.600> lot<00:34:20.960> of<00:34:21.040> the<00:34:21.520> venture<00:34:21.879> investors<00:34:22.360> we<00:34:22.480> talked<00:34:22.840> to<00:34:23.639> wanted<00:34:24.040> us<00:34:24.280> to<00:34:25.639> charge<00:34:26.639> more

00:34:27.440 --> 00:34:32.399
for<00:34:27.639> our<00:34:27.760> products.<00:34:28.320> And<00:34:28.480> like<00:34:28.720> you<00:34:28.840> kind<00:34:29.080> of<00:34:29.120> heard<00:34:29.320> our<00:34:29.440> long-term<00:34:29.960> goals,<00:34:31.000> that<00:34:31.159> just<00:34:31.360> wasn't<00:34:31.639> going<00:34:31.760> to<00:34:31.840> work<00:34:32.080> with<00:34:32.200> that.

00:34:32.399 --> 00:34:34.919
We<00:34:32.480> needed<00:34:32.800> to<00:34:32.879> be<00:34:32.960> a<00:34:33.000> user<00:34:33.360> growth<00:34:34.080> company.

00:34:34.919 --> 00:34:38.800
So,<00:34:35.200> we<00:34:35.399> had<00:34:35.639> to<00:34:35.760> be<00:34:35.919> a<00:34:36.000> lot<00:34:36.280> scrappier<00:34:36.919> in<00:34:37.000> how<00:34:37.159> we<00:34:37.280> built.

00:34:38.800 --> 00:34:41.040
So,<00:34:39.000> how<00:34:39.159> have<00:34:39.320> you<00:34:39.440> funded<00:34:39.760> the<00:34:39.800> business<00:34:40.159> so<00:34:40.360> far?

00:34:41.040 --> 00:34:49.320
Have<00:34:41.159> you<00:34:41.280> raised<00:34:41.560> money?<00:34:42.320> Yeah,<00:34:42.800> we've,<00:34:43.360> we've<00:34:43.600> raised<00:34:43.919> like,<00:34:44.720> uh,<00:34:44.960> you<00:34:45.080> know,<00:34:45.960> close<00:34:46.240> to<00:34:46.639> 1.5<00:34:47.280> million<00:34:47.679> about<00:34:48.000> like,<00:34:48.320> like,<00:34:48.720> like<00:34:49.000> more<00:34:49.280> a

00:34:49.320 --> 00:34:55.360
little<00:34:49.520> more<00:34:49.720> than<00:34:50.360> like<00:34:50.560> we<00:34:50.720> raised<00:34:50.960> like<00:34:51.120> 538,000,<00:34:53.120> um,<00:34:54.040> on<00:34:54.200> a<00:34:54.240> crowdfunding.

00:34:55.360 --> 00:35:01.520
Um,<00:34:55.480> and<00:34:55.600> other<00:34:55.760> than<00:34:55.879> that<00:34:56.040> was<00:34:56.200> just<00:34:56.360> like<00:34:56.560> angels<00:34:57.000> and<00:34:57.120> we<00:34:57.240> have<00:34:57.400> one<00:34:57.600> angel<00:34:57.920> that's,<00:34:58.200> you<00:34:58.280> know,<00:34:58.400> kind<00:34:58.560> of<00:34:58.680> our<00:34:58.800> largest<00:34:59.200> investor,<00:35:00.120> um,<00:35:00.440> that<00:35:00.560> has<00:35:00.680> been<00:35:00.800> very<00:35:01.040> supportive

00:35:01.520 --> 00:35:04.920
of<00:35:01.600> the<00:35:01.680> business.<00:35:03.040> So,<00:35:03.200> where<00:35:03.320> do<00:35:03.440> you<00:35:03.560> see<00:35:03.720> this<00:35:03.960> in<00:35:04.080> like<00:35:04.320> 5<00:35:04.600> years?

00:35:04.920 --> 00:35:08.120
Give<00:35:05.080> us<00:35:05.200> a<00:35:05.240> sense<00:35:05.520> for<00:35:05.640> like<00:35:05.800> the<00:35:06.120> overall<00:35:06.600> outlook.

00:35:08.120 --> 00:35:13.360
Oh,<00:35:08.320> I<00:35:08.400> mean,<00:35:09.040> where<00:35:09.240> we<00:35:09.440> plan<00:35:09.800> to<00:35:09.920> be<00:35:10.200> is<00:35:10.560> like<00:35:10.800> this<00:35:11.000> is<00:35:11.200> this<00:35:11.360> is<00:35:11.520> just<00:35:11.720> like<00:35:11.880> the<00:35:12.000> signals<00:35:12.360> everything<00:35:12.680> is<00:35:12.800> just<00:35:12.960> a<00:35:13.000> start.

00:35:13.360 --> 00:35:16.280
We<00:35:13.480> want<00:35:13.640> to<00:35:13.680> be<00:35:13.800> a<00:35:13.880> massive<00:35:14.440> wealth<00:35:15.440> manager.

00:35:16.280 --> 00:35:19.880
Like<00:35:16.520> this<00:35:16.760> is<00:35:16.920> just<00:35:17.160> I<00:35:17.240> think<00:35:17.440> the<00:35:17.560> proper<00:35:18.040> way<00:35:18.240> to<00:35:18.440> build<00:35:18.680> a<00:35:18.720> base.

00:35:19.880 --> 00:35:24.200
And<00:35:20.080> like<00:35:20.640> that's<00:35:20.920> where<00:35:21.040> we<00:35:21.160> really<00:35:21.440> differentiate<00:35:22.520> like<00:35:23.120> in<00:35:23.240> terms<00:35:23.480> of<00:35:23.560> how<00:35:23.680> we're<00:35:23.800> building<00:35:24.080> this.

00:35:24.200 --> 00:35:28.560
When<00:35:24.320> we're<00:35:24.440> raising<00:35:24.720> a<00:35:24.760> crowdfunding,<00:35:25.200> there<00:35:25.280> was<00:35:25.400> a<00:35:25.440> question<00:35:25.760> of<00:35:25.880> like<00:35:26.040> what's<00:35:26.200> the<00:35:26.280> difference<00:35:26.600> between<00:35:26.880> you<00:35:27.040> and<00:35:27.240> Wealthfront<00:35:27.480> Finance?

00:35:28.560 --> 00:35:31.720
And<00:35:28.680> they're<00:35:28.800> a<00:35:28.880> wealth<00:35:29.160> manager.<00:35:29.960> And<00:35:30.080> I'm<00:35:30.240> like,<00:35:30.440> well,<00:35:30.720> here's<00:35:30.960> the<00:35:31.040> difference.

00:35:31.720 --> 00:35:37.440
Like<00:35:31.920> Wealthfront,<00:35:32.480> Betterment,<00:35:33.160> they<00:35:33.280> paid<00:35:33.520> about<00:35:33.760> a<00:35:33.800> thousand<00:35:34.280> dollars<00:35:35.200> a<00:35:35.320> user<00:35:36.320> to<00:35:36.440> grow.

00:35:37.440 --> 00:35:43.600
And<00:35:38.320> you<00:35:38.440> know,<00:35:38.680> right<00:35:39.040> now<00:35:39.960> we<00:35:40.240> get<00:35:40.440> our<00:35:40.760> we<00:35:40.880> get<00:35:41.080> users<00:35:41.400> into<00:35:41.640> our<00:35:41.760> system<00:35:42.160> at<00:35:42.280> about<00:35:42.600> a<00:35:42.640> dollar.

00:35:43.600 --> 00:35:51.280
Um<00:35:44.440> we<00:35:44.600> retain<00:35:45.560> we<00:35:45.680> retained<00:35:46.040> about<00:35:46.280> 15%<00:35:46.960> of<00:35:47.080> our<00:35:47.200> users<00:35:47.680> all<00:35:47.960> time<00:35:48.520> from<00:35:48.640> the<00:35:48.720> people<00:35:49.000> that<00:35:49.120> have<00:35:49.240> come<00:35:49.440> into<00:35:49.760> our<00:35:50.280> system,<00:35:50.760> right?

00:35:51.280 --> 00:35:56.040
So,<00:35:51.480> these<00:35:51.760> are<00:35:51.840> the<00:35:51.960> kind<00:35:52.280> of<00:35:52.400> metrics<00:35:52.960> that<00:35:53.240> as<00:35:53.440> we<00:35:53.560> start<00:35:53.880> to<00:35:53.960> build<00:35:54.200> out<00:35:54.440> wealth<00:35:54.760> management,<00:35:55.400> right?

00:35:56.040 --> 00:36:04.840
We<00:35:56.280> are<00:35:56.400> going<00:35:56.680> to<00:35:56.760> be<00:35:56.880> able<00:35:57.120> to<00:35:57.240> have<00:35:57.520> a<00:35:57.600> user<00:35:57.920> base<00:35:58.760> that<00:35:59.280> it<00:35:59.400> doesn't<00:35:59.760> cost<00:36:00.240> so<00:36:00.400> much<00:36:01.120> to<00:36:01.280> get<00:36:01.520> them<00:36:01.680> into<00:36:01.880> these<00:36:02.080> higher<00:36:02.360> margin<00:36:02.720> products<00:36:04.000> because<00:36:04.680> they

00:36:04.840 --> 00:36:09.280
already<00:36:05.200> trust<00:36:05.520> our<00:36:05.680> brand.<00:36:06.360> And<00:36:06.520> beyond<00:36:06.800> that,<00:36:06.960> they've<00:36:07.160> seen<00:36:07.440> the<00:36:07.560> signals<00:36:08.600> work.

00:36:09.280 --> 00:36:16.520
So,<00:36:09.480> it's<00:36:09.640> not<00:36:09.880> like,<00:36:10.120> you<00:36:10.200> know,<00:36:10.400> what<00:36:10.640> I<00:36:10.800> always<00:36:11.760> um<00:36:12.040> what<00:36:12.200> I<00:36:12.280> always<00:36:12.560> tell<00:36:12.760> people<00:36:13.520> who<00:36:13.640> like<00:36:13.880> ask<00:36:14.080> me<00:36:14.200> they're<00:36:14.360> like,<00:36:14.640> "Hey<00:36:14.840> George,<00:36:15.280> what<00:36:15.560> what<00:36:15.680> about<00:36:15.920> this<00:36:16.080> startup

00:36:16.520 --> 00:36:21.560
wealth<00:36:16.760> manager<00:36:17.200> that<00:36:17.480> that?"<00:36:17.720> And<00:36:17.800> I<00:36:17.880> go<00:36:18.000> and<00:36:18.080> look<00:36:18.240> at<00:36:18.320> them<00:36:18.400> and<00:36:18.520> I<00:36:18.560> was<00:36:18.680> like,<00:36:19.080> "Doesn't<00:36:19.320> really<00:36:19.480> say<00:36:19.680> anything<00:36:20.040> that<00:36:20.160> would<00:36:20.280> tell<00:36:20.440> me<00:36:20.560> anything<00:36:20.840> about<00:36:21.040> their<00:36:21.160> website,

00:36:21.560 --> 00:36:24.520
but<00:36:22.080> I'll<00:36:22.280> ask<00:36:22.680> on<00:36:22.800> the<00:36:22.880> website,<00:36:23.200> but<00:36:23.320> I'll<00:36:23.440> ask<00:36:23.640> you<00:36:23.680> this<00:36:23.840> question."

00:36:24.520 --> 00:36:32.360
I<00:36:24.560> was<00:36:24.720> like,<00:36:25.160> "I<00:36:25.280> looked<00:36:25.560> at<00:36:25.640> their<00:36:25.800> Crunchbase.<00:36:26.640> They<00:36:26.800> haven't<00:36:27.120> raised<00:36:27.360> a<00:36:27.400> hundred<00:36:27.720> million<00:36:28.000> dollars<00:36:28.880> uh<00:36:29.480> Bridgewater<00:36:30.120> could<00:36:30.320> lose<00:36:30.520> that<00:36:30.760> in<00:36:30.840> a<00:36:30.920> day<00:36:31.760> and<00:36:31.920> not<00:36:32.160> bat

00:36:32.360 --> 00:36:35.880
an<00:36:32.560> eye.<00:36:33.080> So,<00:36:33.320> why<00:36:33.600> would<00:36:33.760> they<00:36:33.880> be<00:36:34.040> better<00:36:34.440> than<00:36:34.680> Bridgewater?

00:36:35.880 --> 00:36:44.160
And<00:36:37.440> you<00:36:37.520> know,<00:36:37.640> no<00:36:37.800> one<00:36:37.960> ever<00:36:38.160> gives<00:36:38.400> me<00:36:38.560> a<00:36:38.920> like<00:36:39.480> a<00:36:39.560> very<00:36:39.840> good<00:36:40.000> answer<00:36:40.320> for<00:36:40.440> that,<00:36:40.800> but<00:36:41.280> you<00:36:41.400> know,<00:36:42.160> I'm<00:36:43.160> we<00:36:43.560> won't<00:36:44.000> be

00:36:44.160 --> 00:36:51.000
a<00:36:44.240> wealth<00:36:44.560> manager<00:36:45.280> until<00:36:46.200> we<00:36:46.520> have<00:36:47.320> a<00:36:47.400> better<00:36:47.760> answer<00:36:48.040> to<00:36:48.160> that<00:36:48.400> and<00:36:48.520> that's<00:36:48.760> what<00:36:48.920> we're<00:36:49.040> building<00:36:49.360> in<00:36:49.440> that<00:36:49.600> first<00:36:49.840> part<00:36:50.000> of<00:36:50.080> what<00:36:50.240> I<00:36:50.280> told<00:36:50.600> you.

00:36:51.000 --> 00:36:59.600
Where<00:36:51.120> it's<00:36:51.240> just<00:36:51.480> like<00:36:52.280> we're<00:36:52.600> not<00:36:52.840> Bridgewater<00:36:53.720> because<00:36:54.720> people<00:36:55.200> don't<00:36:55.400> have<00:36:55.560> access<00:36:55.880> to<00:36:55.960> what<00:36:56.120> Bridgewater<00:36:56.800> is<00:36:56.920> investing<00:36:57.400> in<00:36:58.000> and<00:36:58.680> you<00:36:58.800> know,<00:36:59.040> when

00:36:59.600 --> 00:37:04.200
you<00:36:59.720> know,<00:36:59.880> so<00:37:00.400> when<00:37:00.640> we<00:37:00.800> say<00:37:01.440> we're<00:37:01.640> invested<00:37:02.000> in<00:37:02.120> something<00:37:02.480> or<00:37:02.560> we<00:37:02.680> like<00:37:02.960> something,<00:37:03.680> right?

00:37:04.200 --> 00:37:06.680
There's<00:37:04.440> going<00:37:04.560> to<00:37:04.640> be<00:37:04.720> a<00:37:04.760> different<00:37:05.040> response<00:37:05.800> in<00:37:05.920> the<00:37:06.000> market.

00:37:06.680 --> 00:37:13.080
And<00:37:07.000> we're<00:37:07.120> going<00:37:07.240> to<00:37:07.320> be<00:37:07.440> getting<00:37:07.800> you<00:37:07.840> know,<00:37:07.960> the<00:37:08.160> in<00:37:08.280> this<00:37:08.680> like<00:37:09.360> world<00:37:09.760> where<00:37:10.240> you<00:37:10.320> know,<00:37:10.440> alternative<00:37:10.920> data<00:37:11.160> is<00:37:11.240> more<00:37:11.440> and<00:37:11.720> more<00:37:11.880> important,<00:37:12.360> we<00:37:12.480> are<00:37:12.560> going<00:37:12.840> to<00:37:12.920> have

00:37:13.080 --> 00:37:20.640
a<00:37:13.160> unique<00:37:13.960> you<00:37:14.080> know,<00:37:14.200> evergreen<00:37:14.920> pipe<00:37:15.600> to<00:37:15.720> this<00:37:15.840> data<00:37:16.160> where<00:37:16.360> we<00:37:16.480> can<00:37:16.680> have<00:37:16.960> AIs<00:37:17.440> ask<00:37:18.160> you<00:37:18.280> know,<00:37:18.800> whatever<00:37:19.160> they<00:37:19.320> need<00:37:19.520> to<00:37:19.600> make<00:37:19.760> them<00:37:19.920> more<00:37:20.120> accurate.

00:37:20.640 --> 00:37:29.240
So,<00:37:21.320> we're<00:37:21.560> kind<00:37:21.920> of<00:37:22.120> building<00:37:23.080> you<00:37:23.200> know,<00:37:24.240> I<00:37:24.560> always<00:37:24.920> like<00:37:25.160> to<00:37:25.280> say<00:37:25.480> that<00:37:25.640> any<00:37:25.800> advice<00:37:26.280> that<00:37:26.480> I<00:37:26.560> give<00:37:26.840> people<00:37:27.640> like<00:37:28.400> is<00:37:28.600> advice<00:37:29.040> that

00:37:29.240 --> 00:37:32.360
I<00:37:29.360> would<00:37:29.520> like<00:37:29.720> to<00:37:29.840> be<00:37:30.000> able<00:37:30.240> to<00:37:30.360> answer<00:37:31.120> myself,<00:37:31.840> right?

00:37:32.360 --> 00:37:37.600
So,<00:37:32.960> when<00:37:33.160> we<00:37:33.280> can<00:37:33.480> answer<00:37:33.800> that<00:37:34.000> question,<00:37:35.000> then<00:37:35.280> we<00:37:35.400> will<00:37:35.560> launch<00:37:36.280> our<00:37:36.520> wealth<00:37:36.800> manager.

00:37:37.600 --> 00:37:46.440
And<00:37:37.760> also<00:37:38.040> the<00:37:38.200> other<00:37:38.360> thing<00:37:38.560> beyond<00:37:38.920> that<00:37:39.200> is<00:37:39.840> when<00:37:40.160> you'd<00:37:40.400> invest<00:37:40.800> in<00:37:40.920> like<00:37:41.080> a<00:37:41.160> Prospero<00:37:42.280> ETF,<00:37:43.200> these<00:37:43.520> people<00:37:44.320> are<00:37:44.560> all<00:37:44.880> going<00:37:45.200> to<00:37:45.320> have<00:37:46.040> used

00:37:46.440 --> 00:37:49.040
our<00:37:46.600> signals<00:37:47.240> themselves<00:37:48.360> for<00:37:48.520> a<00:37:48.560> long<00:37:48.840> time.

00:37:49.040 --> 00:37:52.520
So,<00:37:49.160> there's<00:37:49.360> that<00:37:49.560> other<00:37:49.760> thing<00:37:50.000> where<00:37:50.120> there<00:37:50.320> isn't<00:37:50.640> that<00:37:50.880> same<00:37:51.240> leap<00:37:51.520> of<00:37:51.680> faith.

00:37:52.520 --> 00:37:59.040
Where<00:37:52.760> you're<00:37:52.880> like,<00:37:53.120> I<00:37:53.240> like<00:37:53.840> you<00:37:54.480> the<00:37:54.600> people<00:37:54.920> that<00:37:55.000> have<00:37:55.120> used<00:37:55.280> our<00:37:55.400> signals,<00:37:55.720> they're<00:37:55.840> not<00:37:56.000> going<00:37:56.120> to<00:37:56.200> be<00:37:56.280> having<00:37:56.600> to<00:37:56.680> talk<00:37:56.920> about<00:37:57.440> that<00:37:57.840> if<00:37:57.920> that's<00:37:58.560> if<00:37:58.680> it<00:37:58.800> works.

00:37:59.040 --> 00:38:00.960
They'll<00:37:59.120> be<00:37:59.200> like,<00:37:59.360> I<00:37:59.440> it's<00:37:59.600> worked<00:37:59.840> for<00:37:59.960> me,<00:38:00.600> right?

00:38:00.960 --> 00:38:05.480
I<00:38:01.080> these<00:38:01.280> signals<00:38:01.560> worked<00:38:01.720> for<00:38:01.800> me.<00:38:01.960> I<00:38:02.000> believe<00:38:02.320> that<00:38:02.440> you<00:38:02.520> know,<00:38:02.640> Prospero<00:38:03.120> could<00:38:03.240> obviously<00:38:03.640> do<00:38:03.760> it<00:38:04.160> on<00:38:04.320> a<00:38:04.360> different<00:38:04.720> level.

00:38:05.480 --> 00:38:12.680
Um,<00:38:06.160> and<00:38:06.280> I<00:38:06.360> think<00:38:06.560> the<00:38:06.680> other<00:38:06.920> part<00:38:07.120> of<00:38:07.200> that<00:38:07.920> is<00:38:08.720> you<00:38:08.840> know,<00:38:09.000> when<00:38:09.200> you're<00:38:09.320> recommending<00:38:09.880> it<00:38:10.000> to<00:38:10.120> a<00:38:10.200> friend<00:38:11.200> and<00:38:11.480> they're<00:38:11.560> just<00:38:11.960> it's<00:38:12.120> the<00:38:12.200> same<00:38:12.440> thing.

00:38:12.680 --> 00:38:21.000
Just<00:38:12.840> be<00:38:12.960> like,<00:38:13.240> you<00:38:13.360> know,<00:38:14.080> it's<00:38:14.320> not<00:38:14.600> the<00:38:14.680> same<00:38:15.000> answer<00:38:15.520> as<00:38:15.840> like,<00:38:16.360> you<00:38:16.480> know,<00:38:16.880> you<00:38:17.000> don't<00:38:17.240> have<00:38:17.480> to<00:38:17.600> be<00:38:17.720> like,<00:38:18.000> well,<00:38:18.160> this<00:38:18.360> has<00:38:18.480> made<00:38:18.720> us<00:38:19.240> like<00:38:19.920> 30%<00:38:20.560> in<00:38:20.640> the<00:38:20.680> last

00:38:21.000 --> 00:38:24.400
year<00:38:21.360> or<00:38:21.440> you<00:38:21.560> know,<00:38:21.680> I<00:38:21.760> think<00:38:21.960> that's<00:38:22.080> the<00:38:22.240> kind<00:38:22.400> of<00:38:22.480> answer<00:38:22.760> that<00:38:22.880> you<00:38:23.000> have<00:38:23.120> to<00:38:23.240> have<00:38:23.920> before.

00:38:24.400 --> 00:38:30.320
But<00:38:24.560> like<00:38:24.840> on<00:38:25.080> day<00:38:25.320> one,<00:38:26.040> we<00:38:26.200> can<00:38:26.320> have<00:38:26.520> a<00:38:26.560> customer<00:38:27.080> base<00:38:27.360> that<00:38:27.480> can<00:38:27.640> vouch<00:38:28.000> for<00:38:28.120> our<00:38:28.200> methodology.

00:38:30.320 --> 00:38:37.000
Finally,<00:38:30.680> we<00:38:30.920> end<00:38:31.160> every<00:38:31.440> interview<00:38:31.800> with<00:38:31.920> the<00:38:32.000> same<00:38:32.240> question,<00:38:32.760> and<00:38:32.920> that<00:38:33.080> is<00:38:33.240> at<00:38:33.400> ceo.com,<00:38:34.120> we<00:38:34.280> believe<00:38:34.520> the<00:38:34.640> chances<00:38:35.120> one<00:38:35.400> gives<00:38:36.000> is<00:38:36.160> just<00:38:36.360> as<00:38:36.480> important<00:38:36.800> as<00:38:36.880> the

00:38:37.000 --> 00:38:42.640
chances<00:38:37.400> one<00:38:37.600> takes.<00:38:38.640> When<00:38:38.880> you<00:38:39.040> hear<00:38:39.200> that,<00:38:39.440> who<00:38:39.600> gave<00:38:39.800> you<00:38:39.920> a<00:38:40.000> chance<00:38:40.280> to<00:38:40.400> get<00:38:40.560> you<00:38:40.680> to<00:38:40.760> where<00:38:40.960> you<00:38:41.080> are<00:38:41.240> today?

00:38:42.640 --> 00:38:45.920
Oh,<00:38:43.000> I<00:38:43.080> mean,<00:38:43.640> there<00:38:43.800> was<00:38:44.000> a<00:38:44.040> number<00:38:44.440> of<00:38:44.560> people.

00:38:45.920 --> 00:38:54.840
Um<00:38:46.314> but<00:38:46.709> I<00:38:47.103> I<00:38:47.497> got<00:38:47.891> to<00:38:48.286> go<00:38:48.680> I<00:38:49.074> I<00:38:49.469> always<00:38:49.863> have<00:38:50.257> uh<00:38:50.651> a<00:38:51.046> fondness<00:38:51.440> for<00:38:51.834> Bruce<00:38:52.229> Greenwald<00:38:52.623> at<00:38:53.017> Columbia<00:38:53.411> Business<00:38:53.806> School<00:38:54.200> who

00:38:54.840 --> 00:39:00.720
uh<00:38:54.920> you<00:38:55.000> know,<00:38:55.120> he<00:38:55.240> runs<00:38:55.480> the<00:38:55.560> Value<00:38:55.840> Investing<00:38:56.240> Center.<00:38:57.280> Uh<00:38:57.640> he<00:38:57.800> gave<00:38:58.040> me<00:38:58.160> my<00:38:58.360> first<00:38:58.800> job<00:38:59.200> when<00:38:59.360> I<00:38:59.480> was<00:38:59.760> 16.

00:39:00.720 --> 00:39:09.400
And<00:39:00.920> he,<00:39:01.640> you<00:39:01.760> know,<00:39:02.560> he<00:39:02.720> not<00:39:02.960> only,<00:39:03.920> you<00:39:04.000> know,<00:39:04.160> taught<00:39:04.440> me<00:39:04.600> things,<00:39:05.120> he<00:39:05.240> helped,<00:39:05.760> you<00:39:05.880> know,<00:39:06.000> introduce<00:39:06.560> me<00:39:06.760> to<00:39:06.880> the<00:39:07.000> person<00:39:07.520> that,<00:39:07.760> you<00:39:07.840> know,<00:39:07.960> gave<00:39:08.200> me<00:39:08.320> my<00:39:08.480> first<00:39:09.160> hedge

00:39:09.400 --> 00:39:16.760
fund<00:39:09.640> job,<00:39:10.320> another<00:39:10.680> job<00:39:10.960> along<00:39:11.240> the<00:39:11.320> way,<00:39:12.520> um<00:39:13.280> you<00:39:13.320> know,<00:39:13.720> the<00:39:13.840> first<00:39:14.160> kind<00:39:14.320> of<00:39:14.400> larger<00:39:14.760> value<00:39:15.080> fund<00:39:15.360> I<00:39:15.440> worked<00:39:15.760> at.

00:39:16.760 --> 00:39:24.160
Uh<00:39:17.000> I<00:39:17.120> know<00:39:17.360> that<00:39:17.520> they<00:39:17.600> just<00:39:17.840> looked<00:39:18.040> at<00:39:18.120> my<00:39:18.240> resume<00:39:19.160> because<00:39:19.440> they<00:39:19.560> saw<00:39:19.840> him<00:39:21.000> uh<00:39:21.120> on<00:39:21.400> there,<00:39:21.680> and<00:39:21.800> then<00:39:21.960> they<00:39:22.080> gave<00:39:22.240> him<00:39:22.320> a<00:39:22.360> call,<00:39:22.680> and<00:39:22.800> I<00:39:22.840> think<00:39:23.080> they<00:39:23.160> were<00:39:23.320> actually

00:39:24.160 --> 00:39:32.920
I<00:39:24.240> think<00:39:24.440> they<00:39:24.520> were<00:39:24.640> actually<00:39:24.960> kind<00:39:25.160> of<00:39:25.240> surprised<00:39:26.360> that<00:39:26.600> they<00:39:26.720> got<00:39:26.920> a<00:39:26.960> call<00:39:27.240> back<00:39:28.040> from<00:39:28.280> Bruce<00:39:29.120> for<00:39:29.280> this<00:39:29.520> like,<00:39:30.320> you<00:39:30.440> know,<00:39:30.760> 17-year-old<00:39:32.720> that

00:39:32.920 --> 00:39:39.760
Oh,<00:39:33.000> no,<00:39:33.240> I<00:39:33.320> was<00:39:33.600> uh<00:39:33.880> I<00:39:34.000> was<00:39:34.360> I<00:39:34.480> was<00:39:34.880> 20<00:39:35.680> at<00:39:35.840> that<00:39:36.080> time<00:39:37.200> um<00:39:37.880> that<00:39:38.120> just<00:39:38.320> like<00:39:38.480> walked<00:39:38.840> into<00:39:39.040> their<00:39:39.280> office.

00:39:39.760 --> 00:39:48.080
Like<00:39:40.080> I<00:39:40.200> like<00:39:40.560> that<00:39:40.840> that,<00:39:41.440> you<00:39:41.520> know,<00:39:41.720> cuz<00:39:42.520> you<00:39:42.680> get<00:39:42.920> these<00:39:43.120> MBA<00:39:43.520> students<00:39:44.360> all<00:39:44.560> the<00:39:44.640> time<00:39:45.040> that<00:39:45.200> like<00:39:45.360> maybe<00:39:45.640> they're<00:39:45.840> a<00:39:45.880> student,<00:39:46.320> but<00:39:46.480> I<00:39:46.560> hadn't<00:39:46.880> even<00:39:47.080> graduated<00:39:47.640> college

00:39:48.080 --> 00:39:51.760
yet.<00:39:48.640> So,<00:39:48.840> I<00:39:48.920> think<00:39:49.120> they,<00:39:49.480> you<00:39:49.600> know,<00:39:49.800> I<00:39:49.880> think<00:39:50.040> they<00:39:50.120> were<00:39:50.600> surprised<00:39:51.000> to<00:39:51.080> get<00:39:51.200> that<00:39:51.400> call.

00:39:51.760 --> 00:40:00.080
I,<00:39:52.200> you<00:39:52.320> know,<00:39:52.440> I<00:39:52.480> got<00:39:52.760> that<00:39:52.960> job.<00:39:54.040> Um<00:39:54.680> so,<00:39:54.880> yeah,<00:39:55.160> I<00:39:55.240> mean,<00:39:56.280> there's<00:39:56.560> no<00:39:56.760> way<00:39:57.040> I'd<00:39:57.160> be<00:39:57.320> where<00:39:57.520> I<00:39:57.600> was<00:39:57.840> today<00:39:58.120> if<00:39:58.240> Bruce<00:39:58.520> didn't<00:39:58.880> kind<00:39:59.040> of<00:39:59.120> take<00:39:59.280> a<00:39:59.360> shot<00:39:59.640> on<00:39:59.960> at

00:40:00.080 --> 00:40:04.560
at<00:40:00.760> uh<00:40:01.280> on<00:40:01.520> me<00:40:01.760> as<00:40:01.960> like<00:40:02.120> a<00:40:02.160> 16-year-old<00:40:03.120> kid.

00:40:04.560 --> 00:40:07.520
George,<00:40:04.840> thanks<00:40:05.040> so<00:40:05.120> much<00:40:05.280> for<00:40:05.360> coming<00:40:05.640> on.<00:40:05.800> Seriously,<00:40:06.120> it's<00:40:06.240> incredible<00:40:06.760> what<00:40:06.880> you're<00:40:07.000> building.

00:40:07.520 --> 00:40:10.520
Really,<00:40:07.840> it's<00:40:08.040> it's<00:40:08.200> remarkable.<00:40:08.840> Well<00:40:09.000> done.<00:40:10.040> Thank<00:40:10.240> you.

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It's<00:40:10.680> been<00:40:10.920> It's<00:40:11.040> been<00:40:11.200> great,<00:40:11.400> Clint.