NYSE's Polymarket Bet, Gold & Bitcoin Skyrocket, Candace Owens Texts & Wall Street Woos Trump | PBD Podcast | Ep. 662

Patrick Bet-David, Eric Bolling, Tom Ellsworth, and Brandon Aceto break down the NYSE’s $2 billion Polymarket investment, gold and Bitcoin’s explosive rally, Bari Weiss’s groundbreaking CBS News deal, and how Fannie Mae, Freddie Mac, and Wall Street are all working to court Trump. ------- Ⓜ️ PBD ENTREPRENEUR CIRCLES: https://bit.ly/46U4DTM 👕 THE VT GENTLEMAN'S COLLECTION: https://bit.ly/3L026zX 🎧 LISTEN TO ERIC BOLLING'S 'THE EDGE': https://apple.co/4h4N3RG 🍋 ZEST IT FORWARD: ⁠⁠⁠⁠https://bit.ly/4kJ71lc⁠⁠⁠⁠ https://bit.ly/4kJ71lc 📕 PBD'S BOOK "THE ACADEMY": ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/41rtEV4⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/41rtEV4 🎙️ FOLLOW THE PODCAST ON SPOTIFY: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g57zR2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g57zR2 🎙️ FOLLOW THE PODCAST ON ITUNES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g1bXAh⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g1bXAh 🎙️ FOLLOW THE PODCAST ON ALL PLATFORMS: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4eXQl6A⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4eXQl6A 📱 CONNECT ON MINNECT: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4ikyEkC⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4ikyEkC 👔 BET-DAVID CONSULTING: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/3ZjWhB7⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3ZjWhB7 📰 VTNEWS. AI: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/3OExClZ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3OExClZ 🎓 VALUETAINMENT UNIVERSITY: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/3BfA5Qw⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3BfA5Qw 📺 JOIN THE CHANNEL: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g5C6Or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g5C6Or 💬 TEXT US: Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! ABOUT US: Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

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• 0:30Speaker 01

  LinkedIn is pretty amazing at helping you grow your small business. We cannot stop your new clients from emailing you at 3 a.m. We can help you sell, market, and hire in one place. We cannot help you be in three places at once. And while we can't help you organize your calendar, LinkedIn can help you land more clients so you have a calendar to organize. Grow your small business on LinkedIn. Learn more at LinkedIn.com/smallbusiness.

• 1:26Patrick Bet-David?

  Okay, so then we will. Gang, it's great to be with you here today. Moving forward, our plan is once a week for us to do a podcast purely on business stories, and we're doing that today. Brandon here, quick shout out, was here at 8 a.m. Normally, the seat, someone's not sitting there till 8:59. Rob told me at 8 a.m. he was sitting here. We have Eric back here with us, Eric Bowling, with his business background that he has, and then obviously Tom Ellsworth to go through stories. Quick shout out to Aaron Judge. What a flipping homerun you hit yesterday. Off the pole, three inches from being fouled. When you hit that homerun, Tom was furious. I heard things are being thrown around at his house. I was getting some footage from a guy I hired.

• 2:10Patrick Bet-David?

  brought you outside to see how Tom was reacting to the Yankees winning.

• 2:12Speaker 03

  It's not a foul poll, it's a fair poll.

• 2:14Patrick Bet-David?

  What a great game it was yesterday. We were screaming so loud in our house. We got complaints in the entire Fort Lauderdale community and we'll gladly do it again and they're back at it again tonight. Anyway, let me get that out of my system because it was a nerve wrack in the first two games. Anyways, a lot of business stories to go through. I brought a bar of gold with me here today. You know why? Because when I, I, I bought a bunch of these. These, when I bought them, I'm like, let me just set this out in case Armageddon happens and I gotta go buy pizza or something like that. I gotta melt it. Here's for a large pizza, right? I got a bunch of these. I bought it for like 50 some thousand dollars. They're apparently 128,000 dollars right now, these guys right now. And Ken Griffin from Citadel is worried why the prices of gold is going up, which we'll talk about that, right?

• 2:58Patrick Bet-David?

  The whole gold story. And you have a whole different perspective of what's happened the last three years on how the US dollar has done to gold. I won't give it away. He's going to give you that stat. You'll be blown away by it. Aside from that, Saudi is trying to compete and they're not trying to compete. They're trying to buy up anything they can. And recently, a Saudi led deal. Uh, went to an enormous deal to acquire EA Sports, okay? Whether you play the games or not, they bought him out. Brandon's got a list of other companies Saudis bought over the last few years and then what else they want to buy. Why is this so important?

• 3:38Patrick Bet-David?

  Tom was a part of a company that they started that they sold to EA Sports in 2004. For 680 mil- 80 million dollars. It was called Jam Dad. So Tom's going to give some insight on that as well. Gig drivers, you ready for this one? Gig drivers win the right to unionize in California. What? Few hundred thousand, we're talking Uber, we're talking Lyft. We're talking these guys that are going to be now unionized? Is that a good thing? Who's going to pay a price for it? We will see. New York Stock Exchange owner to invest 2 billion dollars in betting platform, Polymarket. Tom loves that story. Anxiety and uncertainty pushed gold to 4,000 dollars an ounce. First time ever.

• 4:20Patrick Bet-David?

  Saying some of the guys that are pro goal people, they're confused themselves. We will cover that. Paramount buys the Free Press, ushering a new era at CBS with Barry Weiss. There's been a bunch of clips resurfacing with Barry Weiss. But she is now directly reporting, I believe, to Larry Ellison's son, who is pretty much running that whole deal that

• 4:41Patrick Bet-David?

  the Ellison family purchased. She's not reporting to anybody else. She's reporting directly to him. Rumor has it, we'll talk about that. Sharpies, if you use Sharpies, Sharpie found a way to make pens more cheaply. By manufacturing them where? Not in El Salvador, not in China, not anywhere else, in America. How are they doing it? We're gonna talk about it.

• 5:01Tom Ellsworth?

  Well done.

• 5:01Patrick Bet-David?

  Yeah, well done. Woke Gym, ready for this one, folks? We're gonna put the link below for those of you guys that wanna go become members at this place. Woke Gym proudly charges white customers double the rate they offer. Bi, uh, what is it? B I P O C exercises? What is that, Rob? Bi, uh, BIPOC exercises? I don't wanna, you know, butcher this one.

• 5:24Tom Ellsworth?

  I think it's black interracial people of color.

• 5:26Patrick Bet-David?

  Okay, so that's what it is. Now, let me ask you, like, do I get even a lower discount than BIPOC? Because I'm from Iran? Like, I'd love to go there and say, I'd like to get a discount. I think I gotta get lesser than BIPOC. And I don't know how they're gonna react to me. Maybe we'll make a phone call live on the podcast at this place. Can we find the number to this place, Rob? Fine, actually, I wouldn't mind calling these guys on speaker on the podcast and see if they'll give me a membership.

• 5:49Tom Ellsworth?

  Could you say you identify? I'm sorry, I identify as Manute Bol's nephew.

• 5:55Patrick Bet-David?

  I feel like I've had a more difficult life than the people are that are part of the BIPOC community. Can I get even a lesser discount? Let's see what they'll say to me. Um, young people are richer than Boomers were. This is a recent story. Brandon doesn't like this story. Matter of fact, Brandon wants to go, you know, like, he's upset at Boomers. He's not happy about Boomers. We're gonna have to hold Brandon back today a little bit when he comes up with the story.

• 6:19Tom Ellsworth?

  Crash housing market, prices come down.

• 6:21Patrick Bet-David?

  Yeah.

• 6:21Tom Ellsworth?

  Grandparents are penniless, but you get your first house.

• 6:24Patrick Bet-David?

  S and P 500, NASDAQ, reach all-time closing highs on AI deal-making boost. Uh, Bitcoin hits a new all-time high. So while we're talking about this, you know what's the tough thing about this? You wanna know how it sounds if I, that's how it sounds when you drop. This thing is so heavy, it's not even funny. So let's just say if I wanna move a million dollar of these things and I'm going through the airport, you know what it's gonna feel like? You know what happens if you want to move a million dollars of Bitcoin, you're going through the airport? Nobody knows. It's with you and your phone over here that you're tracking. So that's the argument for...

• 6:55Tom Ellsworth?

  26 letters in your head.

• 6:57Patrick Bet-David?

  Yeah, that's the crypto community for you. $6 billion floods crypto in one week. Institutions going all in. Wait till you see who just bought $120 million of Bitcoin.

• 7:07Tom Ellsworth?

  I guess they like it now.

• 7:08Patrick Bet-David?

  Yeah, now they do. Now they do.

• 7:11Speaker 05

  It's mainstream.

• 7:11Patrick Bet-David?

  Yeah.

• 7:12Speaker 05

  Yeah, it's gonna compete with gold at some point.

• 7:14Patrick Bet-David?

  I think it's gonna get ahead of gold. I think it already probably has. I think gold's gonna have a hard time competing with Bitcoin. Long term. We'll talk about it.

• 7:21Tom Ellsworth?

  Charlie Munger, God rest his soul, called it rat poison.

• 7:23Patrick Bet-David?

  Yeah. Sam Altman warns that AI industry is due for a spectacular implosion. Not explosion, implosion.

• 7:32Speaker 05

  Correction.

• 7:33Patrick Bet-David?

  Correction, yeah. Big banks woo Trump for roles on blockbuster IPOs. Remember Freddie Mac and all these other companies? It's kind of coming up right now. And then we got a couple other stories that just came out, folks.

• 7:47Patrick Bet-David?

  This is why you gotta love Trump. You ready? So you can check this out. So you know when you think about the program WIC? What does WIC stand for? Rob, what does WIC stand for?

• 7:57Speaker 06

  Women, Infant and Children's, uh, children, I believe.

• 8:00Patrick Bet-David?

  I think you actually got it. I think you actually got it on what it stands for. I think it is...

• 8:04Speaker 06

  Women, infants and children.

• 8:05Patrick Bet-David?

  Yeah, I think you got it. So WIC typically is for folks who are having a hard time financially and sometimes for certain communities, most, biggest percentage of getting these, some would say is African-American. Statistically, it's been written about. So what does Trump do? Trump says with the government shutdown, we're gonna use the tariff revenue that came in to fund WIC programs during the shutdown. Tell me you know a better marketer than this guy on doing something like this, but he threatens no back pay for some of the federal workers who are going through the shutdown and he's blaming the Democrats. We will cover that. And then Tesla reveals cheaper version of its cars. Rob told me this morning, the Tesla that he bought many years ago for $50,000.

• 8:50Patrick Bet-David?

  The new Tesla is not only cheaper by $11,000, but it also gives you 70 more miles per charge than the one that Rob got. So, and Rob's gonna give his affiliate code at the end. If you guys want to buy Tesla, please use his affiliate code to make sure he gets credit for it. We want to make sure he becomes the number one Tesla salesperson that's on the PBD Podcast here. Compensational culture. I actually love this story with Wall Street Journal. The best managed companies, which one is more important? How much you pay people or the culture they create? And then Nvidia decides to give just a, you know, somewhere like 20 billion dollars to Elon's XAI company. And then Trump met with Canada, Mark Carney, and they're having a bunch of conversations together. Anyways, gang, before we get into it, two things.

• 9:32Patrick Bet-David?

  Number one, see this shirt I'm wearing with the Vitamine logo here on the future looks bright? I have probably 30 shirts in my closet. My wife says, babe, these shirts are my favorites. When you wear them once, okay? You're gonna see how it feels, how smooth it is. You're gonna feel like someone's hugging you all day, telling you how awesome you are, okay? If you haven't yet ordered, I think some of the sizes are gone, but we do still have some left. This is the business show that we're talking about here. You got them in white with the gold logo, future looks bright on the, on the bottom of the shirt. You got them in black, which looks great, and you got them in blue. Black goes with gold, and we have the blue as well. You may as well order all three of them if you are somebody that's in business and you're regularly wearing business shirts.

• 10:15Patrick Bet-David?

  And then we got some of that blue jacket that's left and the whole business, business series that's gonna be there. Now, you can go to vtmerch.com to place your order. Number two, if you're with us right now and you're an entrepreneur, small business owner, we have a circle on Manac dedicated to just business owners. Okay, it's gonna be called the PBD, it's called the PBD Entrepreneur Circle. There is a ton of networking going on there. If you haven't yet joined the circle, download the app, go to PBD Entrepreneur Circle, get in there. We're talking ideas, notes, PDFs, different things that I do. I post all this stuff in here and you can join for free to see what we're talking about.

• 10:57Patrick Bet-David?

  And if you want to be able to network and message each other, it's five bucks a month for you guys to be able to talk to each other in that circle that we have. Rob, do we have, do we have a QR code for that or not?

• 11:05Speaker 06

  We do, there's a lower third and the link is in the description and pinned to the chat.

• 11:08Patrick Bet-David?

  Fantastic, thank you. Okay, so let's get right into the story. Ah, which story do we want to get into? Let's get into the gig drivers who win the right to unionize in California, Eric. Now, here's what the story is telling us. Rob, I think you got a video on this. Before you got the video, let me just read a couple of things here and we'll go to the video. Um, drivers for gig companies like Uber, Lyft gained the right to unionize in California on Friday, thanks to a bill signed by Governor Newsom. The bill allows unions representing drivers to bargain for better wages and benefits and could serve as a model for other states, given the size of California's ride hailing industry. You ready? You want to know how many drivers have in California for Uber and Lyft? You think it's 50,000? It's a lot.

• 11:53Patrick Bet-David?

  100,000? That's a lot of people. 800,000 drivers that use Uber and Lyft. According to the bill's backers, only Massachusetts had a similar law which was passed through a ballot measure last year. The bill could help resolve a year-long fight in which drivers' group have pushed for employee status, which confers protection like a wage floor and a right to unionize while gig companies resisted. Rob, go ahead and play this clip.

• 12:20Speaker 07

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• 12:47Speaker 07

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• 12:51Speaker 08

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• 13:21Speaker 09

  Well, more than 800,000 drivers for ride-hailing companies in California will soon be able to join a union and bargain collectively for better wages and benefits. Governor Newsom signed the new measure into law yesterday. The governor and state lawmakers struck a deal with Uber and Lyft in September. The agreement also includes a measure that would reduce Uber and Lyft's insurance requirements for accidents caused by underinsured drivers.

• 13:45Tom Ellsworth?

  There we go. Okay, Tom, your thoughts on this story? Well, this is what, all the gig economy have been fighting over a beachhead that's very important, and it's the contractor W-2 beachhead. Because if they're declared to be W-2, then you have to pay the matching part of FICA. It's about 6%. That's also known as the self-employment tax. Where if you self-employ and you're a contractor, or 1099, you have to pay both sides of it. And so, they've been fighting it on that basis, also because there's insurance reasons and, and control reasons. So, they want the contractors. They want everybody to be 1099 contractors. It reduces costs for the company, gives the company more flexibility with the drivers.

• 14:29Tom Ellsworth?

  The drivers want to be, usually, they push for W-2. Well, what this bill did is gives them to ability to collective bargaining as contractors. It doesn't give up W-2. And what's really interesting, Uber and Lyft dropped their opposition after the preservation of the contractor W-2 Gulf was preserved. In other words, this maintains 1099 status, so Uber and Lyft just say, "Look, as long as they're 1099s, I'm good. I'll deal with them, collectively bargaining on the hourly rate or the percent." It's not really an hourly rate, it's the percent of the fare.

• 15:08Tom Ellsworth?

  And so, but it's also, you know, commifornia strikes again, and it's a populist drive that...

• 15:17Speaker 05

  You know, that Gavin Newsom is putting in, and if you want to be an Uber driver and you want to make a little more, drive at busier times, you know, and, you know, um, stage yourself as an XL or a Comfort driver and get a little bit more percent out of it. And so, it's a gig, it's a side hustle.

• 15:34Patrick Bet-David?

  Are you surprised that this happened, Eric? Are you surprised that this is a 1099 independent contractor? This is, I may do Uber for an hour a week, two hours a week. This is maybe I do Uber full-time, 40, 50 hours a week. You want to now move them to W2? Were you surprised by this decision?

• 15:50Speaker 05

  I'm not surprised because it's California, or there's time to say Cami- Camifonia, but it strikes me, um, a fool's play on the driver's part, because the more you push, you want to unionize, you're obviously going to cost the company more money because there will be some that aren't 1099. There'll be a push, or maybe someday there'll be a push to go away from a percentage of fares into a guaranteed number, a minimum wage, so to speak. It's California, anything can happen there. It strikes me that the same way, remember about five, seven years ago, you go into a Publix, or you go into a CVS, and they're teaching you how to self, uh, check yourself out, express, you know, just self-checkout. And I'm, I'm thinking, do you realize you're putting yourself out of business?

• 16:34Speaker 05

  You're teaching me how to do this so they don't have to hire you anymore, and they didn't really realize it, and now we see it, there's, you know, 12 self-checkouts and one, one actual human being checking people out. The same thing's going to happen with the gig economies. If people are forcing these companies to, that, accept them as a union, you're going to drive the cost up, and that technology of driverless auto, autopilot cars is right around the corner. They will be out of business as human beings. There's no question, they, they don't have to pay them anything if, if the- If it's a computer, if it's technology that's driving the car.

• 17:11Tom Ellsworth?

  Waymo is close.

• 17:12Speaker 05

  By the way, Patrick, if you say 800,000 of these folks.

• 17:15Patrick Bet-David?

  800,000 just in California.

• 17:16Speaker 05

  What are they going to do when they go to autopilot cars? What are those 800,000?

• 17:20Patrick Bet-David?

  And by the way, that's a good point because those cars are being made in California, in Silicon Valley. So it's not like they're, it's a different state. It's being built over there.

• 17:29Tom Ellsworth?

  Waymo got through some early missteps and are on a phased approach to mainstream in Arizona, I believe, I believe in Phoenix. There's a human, there's a human that sits there, you know, reading an ebook or something or texting.

• 17:45Patrick Bet-David?

  Yeah.

• 17:45Tom Ellsworth?

  Uh, that has to be in there, but that's just part of the program. But what do you do when the human, remember that human, Arizona said, you have to have an emergency human there, but they're not driving.

• 17:55Patrick Bet-David?

  Yeah.

• 17:55Tom Ellsworth?

  The car is driving. What happens when that's completely automated? And then they go back and said, you won this battle here, but then you lost the war.

• 18:03Patrick Bet-David?

  So Brandon, your thoughts? Cause I, I got a question for you guys on this topic because just last week, we had the Teamster president, fourth generation president of Teamster, fourth president Teamster member, now he's the youngest president, Sean O'Brien, who spoke at the RNC, he was here last week. And while I'm pushing back on union, I'm going to share with you what he did in the middle of it, and how he looked at Rob and asked four questions from Rob, just to see the business model, how unions work, but I'm going to come back to this. I got a question for you guys. Go ahead, Brandon, your thoughts on this?

• 18:35Speaker 10

  Yeah, I just, I dislike this so much and I dislike this mindset so much. I was really annoyed when I was listening to that guy speak. And I can, you know, I did Uber for a little bit when I was in college and I considered it a privilege to have the access to software that allowed me to make some money whenever I wanted to. If I wanted to take a couple of hours here and there to drive people around. I, I don't think that these people should feel entitled to like having a set wage. Like I think that they should be thankful to have the access to the software that gives them the ability to make money when they want to. And you know, you could say that lobbying that Uber does makes it more difficult for a competitor to come along and offer a better offer. Like, I mean, Lyft did that for a little bit. So, you know, normally the market takes care of this type of thing. Like if it was really that bad of a rate or that bad of a deal, or you couldn't function with it, then they wouldn't do it anymore. But there's still 800,000 people doing it.

• 19:20Speaker 10

  So obviously they're able to get what they want out of it for the most part. Um, but yeah, Uber shouldn't be a thing you're doing full time anyway. It should be something you're doing to bridge yourself to something else, but the. Pareto principle applies to this, I think, where 80% of people are, you know, probably not exceptional people, not willing to do whatever it takes to get what they want, and 20% of people are in that category, so I think that does-

• 19:43Patrick Bet-David?

  You know what Sean O'Brien said?

• 19:44Speaker 10

  What's that?

• 19:45Patrick Bet-David?

  He said 95, I see audio, Tom. It said 95% of people, he believes, are exceptional people, but this is the question, no, no, and by the way, that's their view, because they represent-

• 19:58Speaker 10

  Right.

• 19:59Patrick Bet-David?

  The workers, so he has to have that mindset, right? But here's a question I got for you guys, two things. One, when he was here, the team's president was here, I'm watching the mindset of a union community. So, I'm pushing back on him, I'm asking him questions on certain things, and obviously, he played a very important role for 2024 election. Kamala Harris was the only candidate that went there, and every year, every time there's an election, they ask 16 questions of the candidates. Kamala was the only person that refused to answer all the 16 questions, and only answered three. Kamala. Even Biden showed up. Trump answered all the questions. So they can't stand Kamala disrespected these guys in a highest way, but I want to learn more about union.

• 20:42Patrick Bet-David?

  So when I'm pushing back on union, all of a sudden, he looks at Rob. He says, "Rob, did Pat text you after work yesterday?" "Yes." "Pat said he texted you earlier today, what time did he text you?" Rob says, "9:01." Did you get it? Like he's saying, you know, 9:01. And then he says, "Well, few things. If you're watching this, and you want to be a part of a union, number one, how would you like a guaranteed raise every year? Number two, how would you like to make sure your health insurance premium never goes up? Number three, how would you like to have a, what was it, a retirement plan or something like that, Rob, that he said, pension plan?"

• 21:19Speaker 10

  Pension.

• 21:20Patrick Bet-David?

  And then number four, there was one other thing that took place on what it was, right? But, but he, he put it in a funny way that we were doing it, but there was a part of it that was serious. The employee against the employer, right? That was the, the method that was going on. So the question becomes two things that I want to address. Number one, Tom, and Eric.

• 21:42Patrick Bet-David?

  Who takes a hit here the most? One, you said drivers, the 800,000 because of Waymo comes up, we got that one. But how about the guy that's Ubering? So if you're spending $10 to go somewhere, if they raise the wages on them, Uber has to pass it to you. Cause Uber's still gotta make sure they're getting their 20, 30, 40% of their EBIT or whatever margins they got. So that means people in California, if you were going from A to Z and it was costing you 12 bucks, now it could be 18 bucks. That's one. So the consumer is gonna take a hit. So that's one question. But the second part of the question I want to ask you guys is, what is the process of being a union? What is the process? So when they go about getting these 800,000 people, who prompts the conversation of union before a company gets unionized? Before an industry gets unionized?

• 22:27Patrick Bet-David?

  What is the procedure? Do you know?

• 22:29Tom Ellsworth?

  Well, I think you'll hear about these things, and Eric, I love your perspective too. You'll hear that there were union organizers. These are ambassadors from some main union. You've got United Auto Workers, you've got the giant one that's in Las Vegas, SEIU.

• 22:45Patrick Bet-David?

  SEIU.

• 22:46Tom Ellsworth?

  Yeah, service employees that are all the maids and people working at hotels. So let's say I've got a hotel and I don't have union workers. They send ambassadors to talk to my people. It's legal to walk across my parking lot when those people walk out at 5 o'clock and say, hi, I'm in the union over here, I think you need representation. Come visit us one evening and we're gonna have a meeting to tell you about it. That's how they start the organization. And they create, get people coming over and says, you guys could vote to unionize and then join us and then we will be the mouthpiece for you. So that's usually what happens. You get people to evangelize, then they come to meetings, then they agree,

• 23:26Tom Ellsworth?

  hey, all of us at Pat and Tom's Independent Hotel, we should be in this because we can make $11 an hour, not $8 an hour, or whatever it is, and we get all these things. Let's go have a meeting over here. And they meet at Denny's, they meet places, and suddenly they're meeting in crowds. And suddenly we get a knock on the door and says, I got signatures from 200 of your 300 people that want to join this union. I'd like to know what you're gonna do about it because we think your hotel, just like everybody else, should be a union shop. And you kinda get pinched. That's kinda how it works. What have I missed?

• 23:54Patrick Bet-David?

  Nothing, nothing at all. And/or someone will say, hey, we're not unionized, that hotel over there is unionized. They pick up a phone, call SEIU and say, send someone over. They start the negotiation and at that point...

• 24:07Speaker 05

  The managers, the management of the company starts to panic because they realize if there is a unionization, if it becomes a union shop, their costs are going up, period, full stop. He can ask Rob, "Hey, Rob, how would you like, how would you like a free Tesla every year too, on top of it? How'd you like, you know, to be sunny every day? That's great, but someone's got to pay for that." And it does, by the way, Sean O'Brien is under the same gun that these workers are in California. Teamsters, trucks are going to be driverless too, eventually. Eventually, you're going to eliminate the human aspect of moving a vehicle from one place to the other. Airline pilots as well. They can unionize all you want, try and suck the last few drops of blood out of the turnip, so to speak, because they're on their way out. And

• 24:52Speaker 05

  that's, that's the reality. So I guess if I'm in the Teamsters or trucking or transportation industry, or, or, you know, the gig economies, you wait, you just wait and you go, "Okay, we'll play this game with you until we see how things play out." It will be a drastically reduced union membership across the board. And on an ideal that's done nothing but slide, it's the way cable news used to be a monster, and it evaporates eight percent, eight and a half percent per year of its viewership to digital, right? Same thing will happen over time to all these unions, Teamsters especially, because they're all physically driven, drivers and whatnot. They're on their way out.

• 25:35Tom Ellsworth?

  All this stuff accelerates the problem for the worker. Do you remember when Bloomberg announced that the, the minimum wage? He was the first one with the big minimum wage speech. We covered this on the podcast, you and I talked about it. So he got all upset about fast food in New York. "What's this, what we're going to do, the wage for fast food in New York?" And you know what? Within six months, McDonald's was trialing kiosks. Why? Because if you push capitalism against the wall, it's going to respond.

• 26:00Speaker 05

  It's going to find away.

• 26:01Tom Ellsworth?

  So Gavin Newsom and these things, it doesn't, it doesn't help the workers very long because it accelerates the response by a business, because Uber is on the stock market. Their pressure is, "Hey buddy, you know, your P/E ratio's down, and now your stock price is down." So they have to respond to it.

• 26:18Speaker 05

  Let's get to the next story. Let's get to the next story. I think we, we got plenty of this story. Let's get to the next one. So President Trump.

• 26:24Patrick Bet-David?

  Besides, due to the government shutdown, he will use tariff revenue to fund WIC programs during the shutdown. Think about how creative of a thinking this is. Rob, is this the clip of him saying that?

• 26:35Speaker 06

  It's actually just a quick news update about it.

• 26:38Patrick Bet-David?

  Go for it.

• 26:39Speaker 03

  ... moments ago, more than 200 billion coming into the coffers in tariffs, and now we're learning where some of that money will go. The White House has just announced that the Women and Children Food Program will not be cut off while the government is shut down. Some of the money-

• 26:55Patrick Bet-David?

  Yeah, when you're looking at this, Trump, the tariff used to keep afloat a federal food assistance program for nearly 7 million pregnant women, new moms, and young children during the government shutdown. The program known as WIC was expected to run out of money soon because Congress has yet to approve a federal spending package, the fiscal 2026, which started on October 1st. The National WIC Association has predicted that the program funding would last only a week or two into the shutdown. White House Press Secretary Caroline Levitt announced the tariff idea in a post on X. "Democrats are so cruel in their continual votes to shut down a government that they force WIC program for their most vulnerable women and children to run out this week." She wrote, "Thankfully, President

• 27:38Patrick Bet-David?

  Trump and the White House have identified a creative solution to transfer resources from Section 232 tariff revenue to this critical program." Eric, your thoughts on this?

• 27:47Speaker 05

  I may take a different tack on this than maybe a lot of people at the table. I think it's great, um, politics on Trump's part. It's great politics and horrible policy. Here's why. I'm never, ever going to be a fan of this tariff situation that he's, he's, he's decided to put into play. I, I, I'm a free marketer. I'm straight up libertarian. I think we leave our, our equity markets, all our markets, our financial markets alone. They're the, the, the crown jewel of financial markets around the world. They've created insane wealth for, for the American people. Stop playing with the free market. It would take care of itself. The tariff changes the dynamic. But I know why he's doing it.

• 28:28Speaker 05

  Because Trump likes the, um, he likes the power of having that tariff over foreign leaders. Like, he's using it for just about everything. To negotiate peace with wars, to negotiate deals, to negotiate almost anything he wants. Now, he's gonna use this tariff revenue, which $200 billion is not a lot of money, given what he's actually doing. It's too much interruption into the markets. We'll talk about why gold prices are exceeding $4,000. I believe it has a lot to do with tariffs. I think he's using it to say, hey, look at this beautiful, um, this beautiful opportunity to take care of women and underprivileged people and children with the money that the Democrats are holding back because of the shutdown.

• 29:10Speaker 05

  He's using it as a political, um, I guess, a gun to the Democrats' head. Like, you wanna mess with women and children and minorities? Well, keep the government shut down. We'll throw them some money from tariffs. He also said, at one point, he was gonna use the money to send back to American households, $2,000 to some households. He's using it as a political ploy, a tool, which I just, it leaves a bad taste in my mouth. Tom, you agree with Eric?

• 29:40Tom Ellsworth?

  Um, yes and no. I understand the headline. It's great politics, a horrible policy. I'm also free market, but the tariff situation, I agree with it from the standpoint of let's lever and correct unfair counter tariffs that are around the world. I agree with that as a political threat. But then get them off, turn them off, and let, get everybody to the table and get everybody to cooperate, and then back off. That's what I feel about it. Now, I happen to think I agree with Eric in that the President's doing a very good job of what the Democrats usually do. Oh, thanks to you and the shutdown, and the shutdown's all because of your guys. Guess what? You know, because of this program, people won't get their EBT cards in Boston, and

• 30:24Tom Ellsworth?

  they're, then they'll be going hungry as we approach Thanksgiving. That's always the Democrat line. You shut down the government, and then pick victim group here, in this part of the sentence, and then this part of the sentence put, "Don't get something." There's two blanks, victim, and what don't you get? And then say, "It's Trump fault, Trump bad, Trump bad, Trump bad." He's preempting that and saying, you know what, thank goodness I'm such a genius with tariffs. Cause I've got all this money now to keep the WIC money going to these people. And that's one of your programs, but I'm making sure these kids don't lose out.

• 30:55Patrick Bet-David?

  Tom, he didn't have to use the tariff money to have the same policy though, right?

• 31:00Tom Ellsworth?

  Right.

• 31:00Patrick Bet-David?

  There's, there's plenty of money sloshing around. There's a $7 trillion.

• 31:04Tom Ellsworth?

  And he's got the EO pen.

• 31:05Patrick Bet-David?

  And he's got, he could have, he could have signed an executive order or just pushed the money out to the WIC people without saying, oh, this tariff program I have is so good, we're gonna help.

• 31:16Speaker 10

  Plenty of money is a stretch though.

• 31:17Tom Ellsworth?

  He's kinda patting himself on the back and then using the check.

• 31:20Patrick Bet-David?

  Of course, like, wouldn't you, like, anybody that's in that position? If one of your main things, what, what did he keep saying? He says, man, I think the sexiest word in the dictionary is tariffs. Right? If that's what he kept running on, it's like, it's probably love and maybe God. I don't know, maybe religion. A tariff has to be there. Remember when he was kinda toying with everybody? So of course he has to do this and use it this way because this is a way of doing, taking the weight off. And saying the Democrats, because, okay, Rob, can you do me a favor? And do you have that clip of Trump calling out the Democrats in the House for, you know, this is a Democrat shutdown? This is a Democrat shutdown. This is a Democrat shutdown.

• 32:01Patrick Bet-David?

  He is playing politics because the other guys are playing politics. So what is he gonna do? Just sit there and take it? Go ahead, Rob.

• 32:08Speaker 11

  Well, they're, I call them Democrat layoffs. They're Democrat layoffs. They're causing it. We're ready to go back. You know, we have a record-setting economy. We have a record-setting country. Prices are way down. We're doing better than the country's ever done. And the Democrats hate seeing that. It's up to them. Anybody laid off, that's because of the Democrats.

• 32:29Patrick Bet-David?

  Okay, so Brandon, your thoughts on this?

• 32:31Speaker 10

  Yeah, I, I disagree with both you guys on tariffs, but the, for the WIC payments, that's 600 million a month. So I guess out of, if we've raised 60 billion, that's not that bad. I mean, but there's probably a lot too many people on WIC. That program's been abused a lot. But, I mean, I would ask you guys, is it important to have a strong industrial base? And is it important to have a strong middle class? Because the goal of tariffs is to strengthen both of those things. And I think without a strong middle class and without a strong industrial base, we're vulnerable in an economic sense and in a national security sense.

• 33:00Patrick Bet-David?

  How, how does, how do tariffs strengthen the middle class?

• 33:04Speaker 10

  Because it creates better middle-class jobs. Like, do you think it's a good thing that we have hollowed out factories in the middle of America?

• 33:10Patrick Bet-David?

  I'm still trying to.

• 33:12Speaker 10

  Alright, so high paying.

• 33:12Speaker 05

  The leap is that you believe creating this tariff, using this tariff threat, will have, will force companies back to the United States.

• 33:21Speaker 10

  I, I actually don't think it goes far enough to, now, this is a.

• 33:25Speaker 05

  Do you believe all these people who are pledging $500 billion, or Apple, you know, a trillion dollars, and various companies, you believe they're actually gonna break ground on these plants that they're promising?

• 33:36Speaker 10

  Yeah, I think Nvidia is going to, I, I think Meta, or not, Microsoft pulled out of what they said they were gonna do, but I think that it, at the very least, it's gonna encourage some of them to do it.

• 33:44Speaker 05

  So you're, you're, you're big corporate guys, CEOs, right? Patrick, you talk, you guys talk to them all the time. Their outlook isn't the next year, year and a half, their outlook is generally, yeah, what we doing this year, but we wanna do 10 years down the road, right? Is anyway, would a great CEO, pick any CEO, Tim Cook, fine, Apple, isn't it his best interest to tell Trump, yes, we're gonna, we're gonna earmark a trillion dollars over the next five, 10 years to build plants here and build iPhones here? And then you just wait and see, Trump is moving the target with these tariffs all the time, he just dropped an auto tariff. Why, it would cost these companies a lot of money to do it, it's cheaper to do business

• 34:24Speaker 05

  overseas, that labor's cheaper, the construction costs, cap, cap, capital expenditure costs are much lower overseas than here, why don't you just wait? Why don't you just say, yeah, yes, we're gonna do that, yes, yes, yeah, we're gonna do that, and wait and see if, if, if there's a MAGA president after that? Otherwise, you're making major, major investments based on something that could go, if Trump wakes up and says, you know what, tariffs are off, now you've made all this investment here when it could be done cheaper, and your competitor goes right to Taiwan and builds the stuff that they're, they're gonna be forced to build here at higher cost.

• 35:01Speaker 10

  Yeah, it's a valid point that they could put that up, but it's never gonna be a good thing for America that you're hiring other countries to build your products, because that's taking away middle-class jobs in America, and taking away leverage and power from us from having our own supply line here, like, look at all the things that we were short on during COVID, like pharmaceuticals and critical things for defense, so I don't ever see a good situation where we're. Building offshore and that's going to help the middle class like that's a big reason why the wealth gap has expanded so much because companies saved like 90% of manufacturing costs and you know that cost a lot like look at all the old factories that have been hollowed out.

• 35:34Speaker 05

  What's wrong with the wealth gap?

• 35:35Speaker 10

  What's wrong with the wealth gap? I mean, the middle class has gotten hammered and the in the top 1% has gone up more.

• 35:42Speaker 05

  It's it's it's free market, baby. You know, you you want to work hard, you want to.

• 35:46Speaker 10

  But we're not in the free market though.

• 35:47Speaker 05

  You want to innovate better and stronger. Yeah, that's the goal. I think.

• 35:50Speaker 10

  I know it's the goal, but we're not in a free market.

• 35:52Speaker 05

  Well, we're less free today than we were April 1st, the day before the tariffs went into play, but generally it's been pretty good run for America and our markets.

• 36:02Speaker 10

  So what do you think peak America was? I would say probably the 1950s was peak America economy.

• 36:06Speaker 05

  I don't even know what that means. What do you mean?

• 36:07Speaker 10

  I would say like in terms of the strongest middle class that we've had, I'd say the 1950s is probably peak America where the middle.

• 36:13Speaker 05

  They're way wealthier now than they were in the 50s.

• 36:16Speaker 10

  Right now?

• 36:16Speaker 05

  Hell, yeah.

• 36:17Speaker 10

  It was all right. So one person could work and support an entire family?

• 36:21Speaker 05

  I'm just saying, I'm saying the middle class, the the standard of living in the middle class is substantially higher now than it wasn't in the 50s.

• 36:28Speaker 10

  No, it's not. Two people have to work for it to support a family and even rent a house, let alone buy a house.

• 36:33Speaker 05

  And their net worth is is higher and they're living longer.

• 36:37Speaker 10

  Yeah, against deflation, their net worth is much smaller, though.

• 36:41Speaker 05

  I the the numbers are going up and up and up. And yes, it's going up faster for the top 1%, but so what? Rising tide raises all boats.

• 36:51Speaker 10

  No, it doesn't. The cost to buy a house, it took an average of two and a half years of an average salary to buy an average priced house in the 70s. Today, it costs, it takes nine years of an average salary to buy an average priced house. So, no, the middle class is getting decimated and that's not good. Like, the biggest barrier against socialism is a strong middle class and the worse off our middle class is the closer we get towards socialist tendencies. That's why these college kids are freaking out about socialism today because they're.

• 37:13Speaker 05

  Brendan, you got people on EBT cards walking around with iPhones. I think the standard of living in America is is is highest in the war.

• 37:20Speaker 10

  But the lower class has actually been benefiting and going up in standard of living more than the middle class because of all the subsidies and all the welfare. So that's a bad thing, too, is that the middle class works harder than the lower class and gets less.

• 37:32Speaker 05

  I hear what you're saying and these are all economic terms when you go into school you hear about the what's your economic wealth versus you know the median versus the mean right and and there is a difference in that I get that versus inflation or what in today's dollars but the reality is we're living in bigger homes drive driving more expensive cars have more money we're

• 37:53Patrick Bet-David?

  There's an issue though there's an issue there with the the one leak that uh I'm why I'm listening to both libertarian fully we're on the same page politically when it comes on to economy as a libertarian but you also have a very good point because in my opinion Rob can you put how many houses were we building 50 years ago per year we were building 500,000 houses a year right now we're building 50,000 houses per year so now these bigger companies are coming and buying up existing things nobody is building why the business of being in the building industry sucks today it is not a good industry to be in the margins are smaller you used to be able to make more money back in the

• 38:38Patrick Bet-David?

  days you're making less money to build you used to be able to profit a good amount now you can't it's a very very different situation on how many houses we were building then than today Rob I what is the data that we looked at Brandon Yeah let me grab that chart We have that we'll show it to you here in a minute when you when you're looking at that and there may be some correction on the numbers that I'm given but we'll get it for you and and the average house we used to build 1200 square foot homes now we're not now it's the averages we're trying to build 1800 to 2400 square foot homes but there's no more starter homes like it's kind of like you know when when you know you want to uh uh end up having a nice car you start off with maybe a Ford Focus my first car was

• 39:19Patrick Bet-David?

  a used car 1979 Honda Accord then I bought a 1983 Chevy S10 long bed then I went to Mitsubishi Eclipse 1990 Turbo then I went to an Expedition Then I had a setback and I went back to Ford Focus. Then I went to S600 Mercedes, then I went to an Escalade. Then I went to Corvette, then I went to Ferrari. But it's like stepping stone to go. Right here, look at this. Number of new homes constructed under 1400 square feet. Look how many we used to do. We used to do 500,000 of them 50 years ago. Right now, we're doing 50,000 of these. So, and, and this home isn't for people like you and I. We have bedrooms that are 1400 square feet. But this is for a starter family that's coming in that needs a property that's 25 years old.

• 40:03Patrick Bet-David?

  I do think there's some challenges when we're looking at numbers like this. And let me just get into the gold conversation because you made a point about the gold. So I want to get into that and maybe there's a ties with the gold part. So gold, gold officially is at roughly $4,000 an ounce. Rob, can you go pull up how much a gold?

• 40:20Speaker 05

  4054 today, this morning.

• 40:21Patrick Bet-David?

  4054.

• 40:22Speaker 05

  $4,054.

• 40:23Patrick Bet-David?

  And by the way, I have a ton of gold.

• 40:25Speaker 05

  Yes.

• 40:26Patrick Bet-David?

  Myself, I'm a fan of it. I have a ton of gold and I would buy them and I would set them aside. 4,060 today. So this right here, can you look at what the price of a kilo of gold is? Price of kilo gold is to right, the kilo gold bar today. See right there, okay, there you go. What is it today? Holy shit, it just hit 130,000. It was 128 yesterday. So this thing right here made $2,000 in a day. Okay. I bought this at 50,000 just a few years ago. And I set them aside. $130,000 now today. And when you're reading this, even gold experts are kind of confused of why this thing's going up. Let me read this. Citadel's Griffin calls rush to gold a safer asset concerning.

• 41:10Patrick Bet-David?

  Now Ken Griffin is a Decca billionaire, not a Decca millionaire. He's a Decca billionaire. When he left Chicago, people were frightened. I was at a meeting at a Goldman Sachs meeting at St. Regis in Chicago, right on the water. And literally, everybody who was on the stage, whether it was the Walsh family, or the Reinsdorf, or the Crow family, the name Ken Golden kept coming up of why they're leaving Chicago. Here's what Ken had to say about gold. Go for it, Rob.

• 41:38Speaker 12

  Gold is at record highs. And the appreciation in other dollar substitutes, to use that word loosely, in items like crypto, for example, is unbelievable. So, we're seeing substantial asset inflation away from the dollar, as people are looking for ways to effectively de-dollarize or de-risk their portfolios vis a vis US sovereign risk.

• 42:06Speaker 13

  Are you really seeing that?

• 42:07Speaker 12

  No, just check the price of gold. I mean, I don't have to look very hard.

• 42:12Speaker 13

  That's like a life of its own.

• 42:13Speaker 12

  What?

• 42:14Speaker 13

  It's a life of its own, gold.

• 42:15Speaker 12

  No, but it's a life of its own, as you see sovereigns around the world, as you see central banks around the world, as you see individual investors around the world go, you know what, I now view gold as a safe harbor asset, in a way that the dollar used to be viewed. That's what's really concerning to me.

• 42:36Patrick Bet-David?

  Do you agree with him, Eric?

• 42:38Speaker 05

  Even more so. And I think what he's actually doing is making a case for crypto by accident, not even realizing what he's doing. I've done this a long time, Patrick. I started trading on the COMEX. I started trading gold in 1985. I've never seen a market where the equity market is rallying to all-time highs. We've made all-time highs in all three of the major indices. At the same time, breaking records, gold's up 50% year-over-year, incredible. And cryptocurrency making new highs as well. And there's one theory I have, and I just have to feel like there's a lot of liquidity sloshing out there. That's why people felt they missed this whole AI move up, and now we're hearing it might be a bubble.

• 43:22Speaker 05

  By the way, Jensen Huang was just on CNBC a couple hours ago, an hour ago, saying that we're just in the beginning phases of the AI rally, which is very promising.

• 43:31Patrick Bet-David?

  The Nvidia CEO.

• 43:32Speaker 05

  Nvidia CEO, four and a half trillion. Get this, Nvidia's the most, highest market cap company on the planet. It's worth four and a half trillion dollars. The first time any company exceeded one trillion dollars was Apple. Seven years ago only, and now Nvidia is four and a half trillion dollars in that's in three in in seven years. Very quick, I think the point he's making is yes, the US dollar is being abandoned. It's all it's it's always had weakness. I've been doing trading for 40 years, 35 years. It's always been a week. It started here and it's never really rallied long. It rallied a little bit coming out of COVID, but this is the continuation of a weaker US dollar for whatever reason geopolitics is as as Fisher just said, central

• 44:15Speaker 05

  banks are buying gold and crypto. That's why we're seeing brand new highs because they're worried about, I believe, what the tariff situation could end up being if it becomes even more exacerbated by Trump.

• 44:27Patrick Bet-David?

  Yeah, so Bitcoin hits an all time high of 123,000.

• 44:32Speaker 05

  126.

• 44:33Patrick Bet-David?

  126 yesterday, right now it's at 123,000 dollars. Brandon, your thoughts on this? You had some comments to make earlier when you said, you know, gold going up, the the way it it what what it's compared to the dollar the last few years, what number did you?

• 44:47Speaker 10

  Yeah.

• 44:48Patrick Bet-David?

  You state earlier.

• 44:48Speaker 10

  So it's crazy. If I mean, there's been a marketing campaign to not look at gold as a form of money because I don't think that the government likes when you own gold or when the consensus is for is for people to obtain gold. But the value of the dollar versus gold, the dollar has lost 50% of its value against gold over the last three years. And I agree with Eric that it could be for the terrorists because gold is a good indicator of future inflation. Gold actually started rising quickly in 2019. So it almost predicted the money printing in 2020, very interestingly. So it could be for the tariffs. But also, I think this is interesting that for the first time since 1996, the central banks have more gold on their balance sheet than treasuries. And I almost see it as like a

• 45:30Speaker 10

  credit default swap situation where they didn't let the price of the bonds move until they got their themselves positioned to where they had enough of them to where it wouldn't hurt them if they let the market do what it did. So if you see right here, the net balance of gold owned by central banks has got gone crazy over the last 10 years. So I think maybe now they're in a position where they're comfortable letting it go to its natural price because they will have gotten hurt before if they if they let it go to its natural price because there's a lot of short selling suppressing the price. So there's a lot here.

• 45:58Speaker 05

  If I may just quickly jump in, agree with all that. Probably the reason why I will continue for the for the time being, especially geopolitics remain at least somewhat unstable.

• 46:09Speaker 05

  The market capitalization of all the gold in the world is about $27 trillion. Crypto right now, Bitcoin right now is about a $2 trillion number. It's got a lot, the crypto versus gold has a lot of upside is my point. And as the banks and central banks around the world get more comfortable with owning Bitcoin and, you know, making sure that the government doesn't get involved in regulating Bitcoin, right? That's the whole, the whole beauty. Patrick says, you want to walk through the airport with $4 million of Bitcoin, no one's going to stop you. Try and do that with five of those gold bars, you're stopped. So it, the more people get comfortable with it, the more it's going to increase versus, and you may see the trade go from sell gold, buy Bitcoin.

• 46:52Speaker 05

  That could be, it could be the hedge against, you know, whatever bad things are happening in the general economy. Maybe they just move the hedge from gold into crypto. I'm a big buyer of both, but, but right now. Tom, your thoughts?

• 47:03Tom Ellsworth?

  To the average person, they say, whoa, what is de-dollarize? What is going on? Look, when you have something that's scarce, like a baseball card, there's only one of them, the price goes up when many people want to buy that baseball card. That's the way to think about gold and to think about Bitcoin. And it's no mistake when we talk about the creation of more gold is mining and the creation of more Bitcoin is mining. Both are, are scarce by definition or control. The definition that's tied to gold is the ability to extract it from the earth and from streams and places where you can mine it. And then Bitcoin specifically, there is a limit. So that scarcity helps create the value. Why is it important to de-dollarize?

• 47:45Tom Ellsworth?

  Why did all, why do we have $4 trillion companies? We don't. We have $2 trillion companies, but we printed a bunch of money and the price became an illusion. So when you say de-dollarize, it's also de-risk from a socialist government policy if the next socialist president we have chooses, as Biden did, to print the hell out of money to just crop dust the American people with relief payments. That's what happened. So when you say de-dollarize, what you're really saying is stepping away from the inflationary risk of the dollar that a lunatic president on the socialist side could just decide to print the hell out of it. Why is this also tied to geopolitics?

• 48:29Tom Ellsworth?

  Well, why do you have to print when you have when you had covid? Or if you have great global wars where a whole bunch of equipment is needed, you two countries beat the crap out of each other and then you need all this relief to rebuild the countries. Guess what? The US usually steps in, prints a bunch of money, gives it to the defense contractors. All the equipment is used for these two guys to destroy themselves and then we rebuild the economy. So when you say de-dollarize, Ken Griffin is right. The risk to the dollar, it's it's not a constrained supply the way gold and crypto is. They can just print the hell out of it based on an administration and then it inflates. We don't have four trillion dollar companies. We have two trillion dollar companies based on 2015

• 49:14Tom Ellsworth?

  value of the dollar and we then we printed it to death. Sorry for the speech.

• 49:17Patrick Bet-David?

  Yeah, no, this this is a this is a part. So now the conversation becomes a lot of people are sitting there saying, man, should I be buying more? Should I just kind of maybe? Maybe it's the peak. Maybe I missed it. Well, let me tell you what happened this week. Six billion dollars floods crypto in one week. Instructions going all in. Institutions going all in on Bitcoin, Ethereum and Solano. Let me read this to you. So this is just this week that we're talking about, Rob. I don't know if you got a clip on this one or not. I don't know if you do. I don't think you do. Okay, so let me read it to you and then this kind of addresses one of the questions. Digital asset investment products attracted a record breaking 5.95 billion dollars inflows. This week, the largest weekly total record on record driven by delayed responses

• 50:02Patrick Bet-David?

  to weak US employment data and concerns over government stability following the shutdown that began on October 1st. According to CoinShares, Bitcoin led an unprecedented 3.55 billion dollars in weekly inflows, while Ethereum got 1.48 billion and Solano broke its weekly record of 706 million dollars. A surge pushed total assets under management to an all time high of 254 billion dollars. The United States dominates regional inflows with a record of 5 billion dollars on weekly flows, while Switzerland broke its own record of 560, interesting, 563 million Switzerland. Germany posted its second largest weekly inflow of 312 million. XRP also saw substantial inflows of 219 million dollars, though other altcoins.

• 50:45Speaker 05

  Attracted minimal capital Bitcoin spot ETF alone recorded 3.24 billion dollars. So the question for what's on a lot of people's minds is, am I, am I behind? Did I miss the mark? I know you said earlier, you know, gold is a 27 trillion dollar, you know, total gold worldwide market caps 27 trillion. Bitcoin is roughly 2 trillion. It's got about 14 X to go to catch up to Bitcoin to gold. Does that mean gold 14 X think 120 today means that it could potentially go to 1.6 million dollars per Bitcoin?

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• 52:22Speaker 05

  Yes, yes, it could. All things remaining equal, I just don't think all things will remain equal. I think the bid in Bitcoin will continue. Here's, here's why, Patrick. For the vast majority, I've been trading cryptocurrency since around 2015 or so. For the vast majority of that time up until What's the lowest you ever bought a Bitcoin? 12,000. Nice. 12,000 dollars. 12,000 dollars, yeah. But I've also sold 17,000 dollar Bitcoins, which I'm not so thrilled about. But what I, what I, I will tell you that, that up until about two years, maybe even a year and a half ago, you were only able to buy Bitcoin. It was very hard. It was hard. You have the Coinbase account or Robinhood, one of the others, and it gets convoluted. You need this long, you know, your, your wallet ID, you lose your wallet.

• 53:07Speaker 05

  There's a famous story of a guy who had $10 billion value today in a Bitcoin on a laptop. He threw it away in the garbage and he's suing the town to get access to the garbage and they the dump and they won't give it to him. And he's willing to spend $50 million to dig up the dump. To dig up and they won't do it probably because they want the 10 billion in Bitcoin. My point is this. Thanks for letting us know it's in there. About a year and a half ago, they got the regulatory approval to turn Bitcoin and it cryptos into ETFs, exchange traded funds. I'm a heavy investor in IBIT. That's that's BlackRock's Bitcoin fund. It trades penny for penny with the actual Bitcoin price because they're so massive. They're they're huge and they just have to have the same amount of risk on it. Own the Bitcoin versus what they have risk with me.

• 53:52Speaker 05

  So it tracks it perfectly, but it allows anyone with a stock account to start trading cryptocurrencies and not have to worry about, am I going to get hacked with? I can't tell you how many times coin some fake Coinbase hacker has tried to hit me up saying, oh, you know, thank you for your, you know, your blah, blah, blah of Coinbase. I'm like, I didn't give you anything from Coinbase, you know, and they just try and hook you. If you didn't do this, click here. Right, right, yeah. Or call us now and it's always an Indian call center somewhere, right? But now you can do it with a legitimate stockbroker, any stock house, you do it yourself with Shrob and you're trading Bitcoin and others. Ethereum has them as well. I think that liquidity, that money pool going in will continue to drive Bitcoin up.

• 54:33Speaker 05

  I would say rather than, again, the way to trade these trade these things, I think Mark Cuban said it best, take 2% of your net worth, something that you're not going to miss, God forbid it all goes south, buy Bitcoin, buy crypto and just put it away. Don't even look at it. Don't look at it day to day. Don't look at the price. And I believe over time, I think you will see a million dollar Bitcoin eventually. How long you think? I, you know, Pat, it depends. Give me short term, give me long term. So if the market stays good, maybe 10 years. If the market gets really bad, like if things start to get hairy, you know, you'll know when the market is turning, when there's a really good news story about a stock, Apple, Nvidia, somewhere, and it goes up a little bit and

• 55:16Speaker 05

  then it crashes afterwards, that means good news, bad action. That's the time where the market inflection happens. We've had a massive run up, massive run up in the markets. It's due for correction. I think if the market does start to turn south, things, the stories will follow the market. They always do. From euphoria all the way up on the way down, it's horrible. When that happens, I think you can see a million dollar bitcoin in three to five years. In three to five years? Yeah. Time of your thoughts?

• 55:45Tom Ellsworth?

  Um, I'm with that, and I'll give it, I'll give it to you right here. If midterms are not particularly good, and there's risk at 28, um, in 2028, and if we go back to a Democrat Socialist, uh, president in 28, I think you could see million dollar bitcoin by 2032. That's my estimate, six years.

• 56:05Speaker 05

  Uh, Brandon?

• 56:06Speaker 10

  Estimate or just consensus? So, I'm not gonna lie. So, um, I definitely see the future for crypto. I see the use cases for it. I think it's gonna be really interesting to see what replaces the SWIFT system because it's a really antiquated way that we trade money from country to country or person to person. So that needs to be replaced. But I can't help but be a little bit creeped out about bitcoin because of the fact that the, we've never seen the creator of it before, and the creator's name literally means that central intelligence. Satoshi Nakamoto means that center, central intelligence. So that's a little bit weird. Uh, maybe I'm just being paranoid, but, um, I think the fact that, uh, BlackRock and everybody is adopting it shows that it could be legitimate. Um, I think central banks will start putting on their reserves. If, and when that happens, then it'll be just like similar to cash. But I

• 56:51Speaker 10

  I wonder what the winner's gonna be in terms of like what's used for the global payment system. So whatever technology is best.

• 56:56Speaker 05

  It may be none of that. You know, it may not be a payment system. It may be just an asset to hold. I mean, literally, you can't.

• 57:02Speaker 10

  Store of value.

• 57:03Speaker 05

  Lop off a corner of that gold bar and go buy a cup of coffee. It it it could be, it could be that every company, every country and every company will need a Bitcoin treasury, will need to just have it in their treasury somewhere. That's massive amount of buying. The way every company, if you're not starting the AI program right now, you're way behind, you're way, you're gonna be left behind.

• 57:24Speaker 10

  Yeah, I do, I do think we should do a gold standard type of thing with an asset that is able to grow, like faster than gold is able to grow. So like to restrain our money supply in some way. Like, I get the reason for getting off the gold standard, but I think Bitcoin or something like that can serve as a way to somewhat restrain or keep the money supply under control.

• 57:41Patrick Bet-David?

  Yeah, so so then the question becomes, do you think SWIFT eventually is gonna get replaced?

• 57:47Speaker 10

  It has to.

• 57:48Patrick Bet-David?

  What do you think, Tom?

• 57:50Tom Ellsworth?

  So we're, yes, I do. We're, a lot of things are evolving, you know, you just, and they're, they're being replaced by, you know, modern systems. I mean, you look, I think we're on the two-year anniversary of LIBOR went away and we replaced it with SOFR. So there's a lot of things that just naturally evolving in the financial services industry and SWIFT is one, was one transport system and I, and thanks to blockchain and other things you can put together, you're gonna have different transfer systems. I mean, look at, look at right now. It's very, very interesting. ACH is younger than wire, right? Yet wire is still faster. So sometimes modern things get in their own way.

• 58:32Patrick Bet-David?

  What a great point, Tom. What a great point. ACH is younger than wire, yet wire is faster. So you're saying this-

• 58:41Tom Ellsworth?

  With 10 warnings on it. You, when you click here, the other bank's gonna get it. Be sure it's a bank.

• 58:45Patrick Bet-David?

  Yeah, but you, you got guys, you hear Ripple, XRP, SWIFT, what that could do, and you saw how much money was put into Ripple just in the last couple of days. Record breaking for them as well, XRP. So what is your thoughts with that?

• 58:58Speaker 10

  Yeah, I think that um Swift is very antiquated system and it's funny how like it's actually like a messaging device where you say, hey, we're sending you over XML money like, okay, then the bank adjusts accordingly. So it doesn't actually send money as far as I understand it. But um all the stats I've seen on how fast Ripple could do it or any of the others that are competitors for that. They could do it much faster, much more cheaply. And that's really the pain point of replacing that system is because you can't send money, a large amount of money to somebody in another place in the world instantly right now.

• 59:27Patrick Bet-David?

  You're not alone. A lot of people are thinking that. A lot of people are saying that. We had a meeting last week, Tom, you and I at Casa di Angelo with a guy that's uh working with a different uh coin that uh that people are talking about. But uh that's the discussion. What is eventually going to replace that? By the way, to validate what you were talking about with ETF, Bitcoin today fidelity buys $112 million in Bitcoin as ETFs see $1.19 billion in inflows. Okay, so let's go to next door here.

• 59:56Speaker 05

  By the way, Patrick, very quickly, very liquid trading as well, right? So you you have the tight bid and offer. You want to move size, you can move size with with tight bids and offer. That the ETF is is a great way to trade.

• 1:00:09Patrick Bet-David?

  Fantastic. Rob ran a poll. Rob, can you pull up that poll? I actually like that poll that you ran. If you had $100,000 to invest, where are you going to put your money? Is it going to be gold and precious metals, crypto or stock market? Look what people said. Very interesting. Zoom in, Rob. 5,500 people voted. Gold and other precious metals, 38%.

• 1:00:26Speaker 10

  See what Jeff Gunlock?

• 1:00:27Patrick Bet-David?

  Crypto 26, stock market 23. Huh. Interesting how the audience voted.

• 1:00:32Speaker 10

  I kind of agree because you see what Jeff Gunlock said the other day. He said 25% of your portfolio in gold is not unreasonable right now.

• 1:00:39Patrick Bet-David?

  25% in gold today is not unreasonable.

• 1:00:42Speaker 05

  Incredible. The amount of the trillions in our in our portfolio.

• 1:00:45Patrick Bet-David?

  By the way, but you have to tell who Jeff Gunlock is.

• 1:00:48Speaker 10

  Yeah, he's a heavy hitter.

• 1:00:50Patrick Bet-David?

  But he's a bond guy.

• 1:00:51Speaker 05

  Don't buy stocks.

• 1:00:53Patrick Bet-David?

  So so meaning you have to know who he is and where he's coming from. He's a 1.6 billion. We've had him on uh by Timon before with Daniel De Martino Booth. Uh we did that interview, I don't know, four or five years ago.

• 1:01:05Speaker 05

  Throw something in here real quick, you mentioned the bond guys, right? Another, another win in the sales to these alternate assets, gold, crypto, even oil for that matter, is interest rates. They're clearly, there's a push to reduce interest rates. That frees up a lot of, you know, risk capital, and they won't flow into Nvidia at four and a half trillion dollars. I don't even know what the valuation is. I'm guessing it's going to go towards gold and crypto. That's where it's, it's the hype right now. It's, it's the feel-good, and it's bailing everyone out. You buy it, it goes down, just hold, wait for a while. I'm not suggesting you buy and be blindly hold it, but I do think there's really good upside to crypto and gold.

• 1:01:46Patrick Bet-David?

  Well, we'll see. Let's go to the next story. New York City, uh, uh, NYC, uh, Stock Exchange owner to invest $2 billion in betting platform called Polymarket, okay? Very interesting story because Tom says, you know, a gambler is buying a gambling website, right? But let me, let me look at this up here and go through with you. Intercontinental Exchange, Inc., owner of the New York Stock Exchange, plans to invest as much as $2 billion in cash in Polymarket, a crypto-based betting platform. The transaction values the company, which lets traders, wagers, wager on the outcome of real-world events such as elections and sports at roughly $8 billion.

• 1:02:27Patrick Bet-David?

  ICE said in a statement Tuesday, it'll become a globe, ICE is a global distributor of Polymarket's events that have driven data, providing customers with sentiments. Here's a video, Rob, if you want to play this clip.

• 1:02:38Speaker 14

  Intercontinental Exchange, the owner of the New York Stock Exchange, is getting into prediction markets. The company said on Tuesday it will invest as much as $2 billion in Polymarket, a platform that allows users to profit from predicting outcomes across topics, ranging from sports and entertainment to politics and the economy. The move would help the exchange operator expand beyond its traditional trading avenue.

• 1:03:04Patrick Bet-David?

  Tom, your thoughts on this? Because this is a story that you were interested in.

• 1:03:07Tom Ellsworth?

  Very, very, very, very, very, very, very, very interesting. So you, there's two big predictive markets out there that are really, really giant. One is Kalshi, K A L S H I, and the other is Polymarket. Polymarket is global access.

• 1:03:20Tom Ellsworth?

  They they have a lack of censorship. In other words, they don't allow certain influences to come in there. And you have to be comfortable with crypto on that. Whereas Kalshi is primarily regulated US and it's like it's cash based. But both of them are these predictive markets. And what's interesting, whenever you go to buy a stock, you can go in there and say, what do the analysts thinks? And you go down the list of analysts. And here's Jeffries, here's Merrill Lynch, all this stuff. And there's three buy ratings, two neutral ratings, and one guy out there says hold. So those are analysts. So those help you make decisions. Well, in the same way, when we go to Las Vegas, we say, what's the line right now? The line will move. It gets set by Vegas, but then the line moves with the money. Oh,

• 1:04:03Tom Ellsworth?

  you know, Patriots are now only a three and a half point, now a three point, now a two, and then somebody gets hurt. They're only one and a half point. So the lines move. And that line is moved by the crowd of gamblers. So first it gets set, then it moves. What you have here is Polymarket, now ICE, it's kind of funny. ICE owns the New York Stock Exchange. People who don't know what that that means are going to freak out. The Intercontinental Exchange Company. So what's what's very interesting about this is they're now going to NYSE will have access to the Polymarket data to distribute it to its members. So now you could have five analysts, and then what does Polymarket say, which is a neutralized,

• 1:04:45Tom Ellsworth?

  centralized gathering of what the of what the public thinks. And so now you see that. And I think this is really interesting.

• 1:04:53Speaker 05

  Is this a good bet? Like, would you do it if you were them? Can you understand this purchase?

• 1:04:56Tom Ellsworth?

  I completely understand what they're doing. Because Kalshi opened its doors about six months ago and said, here, go look at all of our predictions, our final predictions, and go look what happened afterwards. And Kalshi's correlation is very high. So people are like, well, wait a minute. You know, they pick favorites and underdogs based on gambling because they want to make money in gambling. So there's a certain part of what the house is doing. But in Kalshi, it was what the what the the overall market was doing, and it's pretty accurate. And so Polymarket, that data will now be available. And you will also say, analyst, analyst, what do you think?

• 1:05:33Speaker 05

  I want to stand up. I'm texting Jeff Sprecher right now. He's the CEO of of the Intercontinental Exchange, which owns the New York Stock Exchange. Full disclosure, years ago, I've known Jeff a long time. Great guy, great CEO. I think this is a

• 1:05:47Speaker 05

  I just told him we were on right now, told him it was a brilliant move. He said, "Thank you. It's likely the largest private investment ever made in crypto." And that is a little twist to it because, you know, he's pushing everything forward. The reason why I love this trade, this bet, a $2 billion bet, which is not a lot of money for a company like ICE or New York Stock Exchange. They're smart, they see their competition. You don't want to... I don't care what you say. Part of investing, if you're a day trader, you're a trader, a long-term trader, part of investing, there's a little gambling feel to it, right? If I make money, I feel great. If I lose money, I feel horrible. There's a gamble to it. The poly markets, you bet on everything, whether it's an election, the outcome of a sporting

• 1:06:29Speaker 05

  event. And by the way, the beauty of the markets like this is you continue to bet as not only the money flows, but as the game changes. Ravens throw the ball down the field and, you know, the guy catches it on the five, all of a sudden it goes, you know, swings towards Ravens, you want to bet. So there's constant activity. Exchanges want that. Exchanges want buys and sells in and out. The more they take a piece of, you know, they wet their beak with every single transaction. Brilliant move, Jeff Sprecher. Brilliant move. Bravo. He's watching now.

• 1:06:58Patrick Bet-David?

  Brandon, your thoughts?

• 1:06:59Speaker 10

  Yeah, no, I concur. I mean, it's probably the best predictive data gathering tool out there. I mean, data is the, what the future economy is going to be built on. And if you're in the business of making predictions, you want to access as much data as possible. I saw that they are 90 to 94% accurate with the predictions they make on poly markets. I mean, think of the power of that applied to the stock market and investments in the stock market.

• 1:07:21Speaker 05

  Better than Kramer?

• 1:07:22Speaker 10

  Nah, yeah, like the opposite of Kramer.

• 1:07:27Patrick Bet-David?

  Yeah, this reminds me of, do you remember that one movie back in the days, Rob? You may remember this, where these rich people are sitting in a hotel room and they're trying to find anything and everything to bet on. You know, the cleaning crew comes in, who can hang on the curtains the longest? Next person, it was just anything and everything. I want to see, is it Trading Places? I think, is it Trading Places?

• 1:07:46Speaker 05

  No, I was, I remember.

• 1:07:47Patrick Bet-David?

  Is it Rat Race? It's Rat Race. No, no, it's Rat Race. Anyways, it's, oh, it's one of those movies where they're literally betting on anything and everything they can get on, and that's kind of what poly market is. Pick something you want to bet on, they're going to come up with it. All right, next story I want to get to is you and I spoke last time when we were on the podcast. Uh, we talked about Candace Owens, if you remember, when the Candace Owens conversation came about. And then I called you and I say, hey, Eric, people are asking questions about two items. One, the comment you made about being on the board, and the other one was a comment made about that Candace hadn't spoken at Turning Point USA for two years. I think you said that.

• 1:08:27Patrick Bet-David?

  And then, uh, the audience on Extend the Message, which was June of 2024, you know, 18 months or 14 months prior to you speaking. I know you responded to it on your channel, but people want to see on you responding to yours as well. What do you have to say to the audience?

• 1:08:41Speaker 05

  So it remains 2019. I was going from a show I was hosting in DC to a restaurant outside, just outside the DC area, get a phone call. It's Charlie Kirk. He said, Eric, I'd love to have you on the board of Turning Point USA. It just, you know, it wasn't maybe a year or two of its real gusto at the time. It said, Charlie, I love your vision and love to do that. I've spoken and I was an advisory board member from 2019 to 2024, 2024 ballpark, early 24. And then I moved over to the honorary board. I'm still on their honorary board. So anyone who says like, oh, he's not on the, no, I'm not on the actual day-to-day business of the board board, but I'm an honorary board member after spending five years as an advisory board member. Clear that up, walk past it.

• 1:09:24Speaker 05

  As far as the comment on Candace, I could have, I think I said, I hadn't seen her or she hadn't been a speaker at TPUSA for a couple of years. And I was, I guess I was mistaken because it was 18 months and I had forgotten about the 2024 event as I think she was pregnant. Anyway, they, Candace Owens Army let me know it. They were very upset. And this was all stemming from kind of a back and forth I had with Adam about she was blaming Israel for Charlie Kirk's assassination. I just didn't think that was a fair assessment. And then turns out the next day, she said it was the US government who assassinated Charlie Kirk. I had no axe to grind with Candace Owens or her fan base. That's fine.

• 1:10:06Speaker 05

  I'm just living in the real world a little bit, little bit more reality based. I believe there are forces behind Charlie Kirk's assassination, but I don't think it's Israel. I'm pretty sure it's not, and I'm pretty sure it's not the US government.

• 1:10:19Patrick Bet-David?

  Who do you think it is? I mean, you.

• 1:10:20Speaker 05

  I think it's the trans activist group funded by the Soros network of liberal progressive lunatics. And whether it's directly funded, or they just fund these Antifa groups and these, it's riles up their base and their base is anti-Trump. Anything pro-Trump gets in the way. Because of Charlie's success, reaching into young people, he became a target to this whole Antifa, trans, progressive left cabal.

• 1:10:51Patrick Bet-David?

  Did you see the text that Candace showed a couple of days ago? Have you seen the text you showed?

• 1:10:56Speaker 05

  I don't think I've seen it.

• 1:10:57Patrick Bet-David?

  Rob, do you have the text? I don't know if you do or not. If you do, pull it up, I'll read it. Is that a, it's gonna be too long to go through for three minutes. But if you, is there, okay, Charlie Kirk, right, go to the text part, okay. So Charlie Kirk just lost another huge Jewish donor, $2 million here because we won't cancel Tucker Carlson. I'm thinking of inviting Candace. 3:49 PM. Oh, Charlie Kirk, Jewish donors playing to all the stereotypes, I cannot and will not be bullied like this. This is Charlie Kirk saying this, leaving me no choice but to leave the pro-Israel cause. Please don't invite Candace. This might feel good short term, but it's not good long term in my opinion. Like all groups, you're going to get wide variety of opinions.

• 1:11:36Patrick Bet-David?

  That nasty free will thing that God bestowed on us, make life frustrating at times. Can you go a little bit right to see what the next exchange is?

• 1:11:45Speaker 06

  I don't believe there is.

• 1:11:47Patrick Bet-David?

  Is that it?

• 1:11:48Speaker 06

  I think that's it. And then Andrew Colvett from Turning Point USA came out yesterday. I do have that clip as well, where he confirms that those text messages are real.

• 1:11:57Patrick Bet-David?

  Okay, you want to play that clip?

• 1:11:59Speaker 06

  Yes.

• 1:12:00Patrick Bet-David?

  So Andrew is, Andrew's the good-looking guy that spoke at.

• 1:12:07Patrick Bet-David?

  He's the executive producer of Charlie Kirk's show. Yeah, he's been around Charlie since the very Yes, yes, yes, absolutely.

• 1:12:12Speaker 15

  Started this show to address some of the things that have been going around on public, namely about a text, a group text chain that has been made known and released by Candace Owens. And I just want to address it head on because, you know, that was a text grab, a screen grab, that I had shared with people. So it is authentic. And I want to go into it because I actually am really excited that the truth is out there. I first started this show to address some of the things that have been going around on public, namely about a text, a group text chain that has been made known and released by Candace Owens.

• 1:12:53Speaker 15

  And I just want to address it head on because, you know, that was a text grab, a screen grab, that I had shared.

• 1:13:00Patrick Bet-David?

  Oh, you're postponing again, okay.

• 1:13:01Speaker 06

  But he's confirming that that screen grab of that text message did happen. So what Candace was showing is accurate.

• 1:13:08Patrick Bet-David?

  Did he say because he shared it with somebody?

• 1:13:09Speaker 06

  Yes.

• 1:13:10Patrick Bet-David?

  And then, no, no, he's saying he shared it with somebody and then that somebody shared it with Candace.

• 1:13:15Speaker 06

  Yes.

• 1:13:16Patrick Bet-David?

  Why are you sharing it yourself? I, I, I don't know. I, I, I understand like, you know, look, at the end of the day, here's what I'm interested in. I don't care who was behind it. I just want to know who was. I literally could careless who's behind it. I just want to know who was. When you're going back, Brandon, what do you think about when you hear these stories? Because you follow this stuff a lot closer than I do. Where are you at with this?

• 1:13:39Speaker 10

  Yeah, I mean, I'm at 99% certainty that there was a, some sort of organized force behind it. I mean, I don't, I think it'd be reckless to say that we know for sure who it was, but there's overwhelming evidence that there's foul play afoot and there's evidence destruction, evidence hiding, evidence tampering. And I, all like, when you can't answer simple questions, that just raises all kinds of red flags. And there's that, the lack of answering simple questions with direct answers as far as the eye could see. So, I mean, it's sad to think about, I mean, especially when we had a

• 1:14:11Patrick Bet-David?

  Can you see the pressures happening from people that have given money? Can you see that happening?

• 1:14:17Speaker 10

  Me? Yeah, absolutely.

• 1:14:18Patrick Bet-David?

  I absolutely see that happening.

• 1:14:20Tom Ellsworth?

  I could see donors saying, hey, I gave to you and I'm coming from this angle and these are my, my Preferences, the things that I support, and I'm giving you on that and because I think you're in line with that. Donors put pressures on colleges, donors put pressure on the new zoo that's being built. Donor pressure, especially mega donor pressure on recipients is very, very real. And I'm with Brandon. There's a lot of things I just don't like about this. And, you know, the, you know, from the, from, there's an Oswald type feeling of this when, you know, the governor of Utah goes in, "We got him." You know, that's not how these cases

• 1:15:03Tom Ellsworth?

  happen. We have made an arrest in this case, and we have high confidence that the suspect we've arrested, it will be proven, is guilty. That's the way you say it. And remember with Oswald, they held up the gun immediately. They held up the gun here. I see these parallels. It was like, wow, that was fast. And I just, a lot of it just bothers me. And I want to hear, and I don't speculate, I don't go further, I just say, I see these things, and this bothers me as a fair-minded individual just looking at it. And I just want to know who, like you, I just want to know.

• 1:15:34Patrick Bet-David?

  Yeah. I will tell you firsthand, I was at an event of Turning Point USA, Mar-a-Lago. You may have gone with me, you may have not, I don't remember. Maybe we spoke about it outside, Tom. He raised $41 million that night, okay? It was an incredible night. But let me tell you when this was. This is when Biden had won, and the Republican Party, a group of it that voted for Trump, had stepped away from him and become more pro DeSantis. This is probably 22-ish, at the end of whenever he does the last thing of the year where he's raising the most money, December, maybe it's like, you know, some kind of, I'm sure you would know which one this is.

• 1:16:17Tom Ellsworth?

  December, that's their big event.

• 1:16:18Patrick Bet-David?

  Okay, so that's the big.

• 1:16:19Tom Ellsworth?

  Student Action Summit.

• 1:16:20Patrick Bet-David?

  So I'm just, I'm just an outsider. I'm not an insider with Turning Point USA. I have a relationship with Charlie Kirk, him and I have spent a lot of time together. And one of our last conversations, if you remember, Tom, when we had at the dinner, at the lunch we had at the mansions at MGM, where he wanted to have a meeting with me, you, and him, long term, what he said about our relationship with, and him with us long term. Maybe one day we'll talk about that. But When I'm at that charity event, I'm sizing everybody up and I'm just kinda seeing who's giving the money. Where people, "I'd like to pledge a hundred thousand dollars." "I'd like to pledge five hundred thousand dollars." And they kept a big one for the end. And we'd like to pledge, you know, family money, offices, everybody's at two million dollars, four million dollars. Total was forty-one million dollars.

• 1:17:05Patrick Bet-David?

  One lady got up and she said something. And she said, "Some of you here are hesitating to pledge because you're worried if Charlie is gonna be behind only Trump and not DeSantis, if DeSantis were to be the lead and not Trump." And he says, "Here's one thing we know, Charlie's gonna do the right thing." This lady is saying this. She was probably in her late sixties, early seventies. Very gentle way she spoke. But I'm in the back and all I'm thinking about is, man, if you get into business like this where you're raising money, you, you have to know that these guys are giving a million, two million dollars

• 1:17:49Patrick Bet-David?

  and they're not just asking for a better table and a better seat. They're probably gonna be pressuring you to do different things as well. What does that look like? Back in the days I watched Dudley was doing a charity, we went to it and we raised a bunch of money. And I'm like, "Wow, what a great professional fundraiser." He recommended a book I read about raising money. It was a guy that had raised 2.1 billion dollars. It was called "The Greatest Beggar of All Time." He joked about, "I'm the greatest beggar of all time." And I read the book and I said, "Man, this is, uh, this is, uh, this is not for everybody." To be in the business of raising money, especially politically like this, I can for sure see how it can be annoying. So when I'm reading that text, I do believe that a person like Charlie Kirk would be like, "I'm so sick and tired of you guys not letting me have who I wanna have."

• 1:18:34Patrick Bet-David?

  Like I remember one time, you remember this, Tom, when we're in a board meeting and my board sits down and says, "You have to, you have to get every one of your salespeople vaccinated." Like, "No, I don't." "Yeah, you do." "No, I don't. I'm not gonna get anybody." "You have to get every insurance guy to get vaccinated." And we had a tough meeting. I said, "Guys, I'm just telling you right now, it's not gonna happen." We started this company for people that have a free choice. But the board will try to do that, especially, thank God, we kept eighty percent of the company where we had control and they couldn't make us do anything. And, uh, but this is a different situation. I'll give you the final words here on, on, on this topic here.

• 1:19:09Speaker 05

  I, listen. Where do we go from here? Yeah, yes, I, I, I would agree with everything.

• 1:19:15Patrick Bet-David?

  Do you want to know who killed Charlie? Would you like to know who killed Charlie?

• 1:19:18Speaker 05

  I, I would like to get confirmation of who I believe killed Charlie. I did like, Patrick, we were sitting here, what, less than a week after Charlie was assassinated and that, that text message between the, the alleged assassin and his boyfriend or his lover spelled out exactly the detail of why he did it, where he did it, how long he's been planning it.

• 1:19:39Patrick Bet-David?

  That was the biggest bullshit text message ever.

• 1:19:41Speaker 05

  Right, because it was, it was, it just laid it out to, to slam the door on this guy for murder conviction, firing squad, so, so that the bigger, you know, brains and money behind the operation would never be discovered. I believe that to the bottom of my heart. And I'm not generally a conspiracy guy. I just, there, the guy, the old guy that goes down and says, I shot him immediately. Like, who has the wherewithal to do that? And then the, the clown up front, jumping around, making himself, there was just too many things that fell into place for it to be.

• 1:20:13Tom Ellsworth?

  Yeah, the only guy that doesn't jump under a table when gunshots happen.

• 1:20:16Speaker 05

  Yeah.

• 1:20:17Tom Ellsworth?

  It's an old man.

• 1:20:18Speaker 05

  Well, and the other idiot up front, you know, guy waving like this, seconds after Charlie's assassin.

• 1:20:23Patrick Bet-David?

  And then you do construction on the site. And then it's just too many, and then, too many, and then, and, and I'll stop on the end then.

• 1:20:32Tom Ellsworth?

  Then you send the limo back to Ford Motor Company within 48 hours and it's on, yeah, oh, yeah.

• 1:20:37Speaker 05

  May I just tie this up with Kansas? Yeah, okay, so there were emails, text messages going back where Charlie may have been disillusioned. That doesn't make the case for Israel assassinating Charlie.

• 1:20:48Patrick Bet-David?

  Oh, is that what she's, because I don't think that was what.

• 1:20:50Speaker 05

  I'm guessing that was the leave.

• 1:20:51Patrick Bet-David?

  Is that what's being insinuated?

• 1:20:52Tom Ellsworth?

  To be fair to Kansas, I don't think she ever said, I blame Israel. I don't think at all. I think she had concerns about BB.

• 1:20:59Speaker 05

  No, she didn't. In fact, Bill Ackman said, she's way off, she's, she, she accused Bill Ackman of going to a party in the Hamptons.

• 1:21:06Patrick Bet-David?

  No, those are two different things, Tom. So, so if I, if I may, the one area where I had a challenge with. Is the, uh, the, what do you call it? The Bill Ackman thing exchanged where Bill Ackman like, I really don't want to respond to this, but let me go with one of my long, you know, Bible quality type of a respond that he writes 50,000 words. And he responds to it, right? And then he shared a text message of afterwards, they talked about getting the ladies to go out to dinner together. And Charlie validated, yeah, look, it seemed like a very cordial. The 150 million dollars, I don't know about the 150 million dollar offer that was made by Netanyahu or whoever to help Turning Point USA. That was one of the claims that was made. My problem is if it's zero to here's who did it.

• 1:21:52Patrick Bet-David?

  And you can have texts, you can have other things, great, that's fantastic, let's read it and let's speculate. But to go zero to, I think this is who was behind it. I think it's too early to do so. Let's put all the people, you know, all the, what do you call it? Uh, uh, like the movie, was it Usual Suspects with Kaiser Soze? You got all the guys in like, who do you think it is? I think it's this guy. I think it's that guy. I think it's this guy. And sometimes it is Kaiser Soze. But sometimes it takes to the end of the movie to find out it was Kaiser Soze. And he tells a whole joke and he walks away and the limp is gone and then boom, you know, Kevin Spacey walks away and everything changed. So we don't know, all I'm saying, and I, by the way, I appreciate you for being straight up about it. And, uh, and, um, addressing this.

• 1:22:35Patrick Bet-David?

  And by the way, just so you guys know, he addressed it within 48 hours or 72 hours when I, I made the phone call. He talked about it at his show while you were doing it with at Turning Point USA property with Andrew, if I'm not mistaken.

• 1:22:45Speaker 05

  Andrew and I, we were inside the compound the day after the memorial, it was a Monday after the Sunday memorial. And I, I did the show, I taped the show from inside the TP USA compound, there was massive, you know, uh, celebrating of, of Charlie's life outside the walls. And we were invited in, I did it with, with Andrew, I mean, the, the, the. The suggestion that I wasn't or am not involved with TPUSA is asinine.

• 1:23:09Patrick Bet-David?

  Yeah, and I made the call to Candace Owens. Candace and I had a 30-minute conversation that day as well. I say Candace. And we spoke about it and we had a very, very good conversation together about this specific issue. And yeah, listen, anybody that's interested on finding out what happened here, I want to know. Because I love Charlie Kirk. Charlie to me was one of a kind. He was somebody that my kids looked up to, my boys looked up to. And there's a lot of guys right now that's like, "Hi, I'm the new Charlie Kirk." No, you're not. It takes 10-plus years. It takes 31 years to be a Charlie Kirk. A lot of work and you have to be multifaceted like Charlie.

• 1:23:51Patrick Bet-David?

  And God willing, I think others will rise up in their own way. But just like everybody was waiting for Reagan, nothing happened. God gave us a Trump. And Trump was able to go against evil maybe in ways that others couldn't. Alright, let's get to next story here. Folks, if you're watching this and you're thinking about being part of a woke gym, I have a company for you to consider here. This woke gym, this is a Daily Mail story. Proudly charges white customers double the rate they offer BIPOC. Which B-I-P-O-C stands for black. Rob, do you want to tell us what?

• 1:24:27Speaker 06

  Black, indigenous, and people of color.

• 1:24:29Patrick Bet-David?

  Would I qualify for that, Rob? I'm actually being serious. Would I qualify for that? Can I please get that discount? Did you get the number to the gym? I want to call them right now while we're on the phone together. Our studios, I hope they're open at a time like this. If it's California, 723. Hopefully they're open. Do you have a number there?

• 1:24:49Speaker 06

  Yes, I do. I'll text it to you.

• 1:24:50Patrick Bet-David?

  And is it based out of Canada?

• 1:24:51Speaker 06

  Yes, Canada.

• 1:24:52Patrick Bet-David?

  Oh shit.

• 1:24:53Speaker 05

  Maybe Toronto, you could be on our time zone.

• 1:24:56Patrick Bet-David?

  I call them right now.

• 1:24:56Speaker 06

  Always the frickin' Canadians.

• 1:24:58Patrick Bet-David?

  So let me read this to you, Tom. Can you make a phone call to your family, Tom, with all these Canadians making decisions like this? So, "A Canadian boutique fitness studio has sparked outrage after proudly advertising race-based pricing that charges white clients twice as much as non-whites. Our studio, a trendy wellness gym based in Halifax, Nova Scotia, openly promoted a $30 drop-in rate for white visitors while offering heavily discounted $15."

• 1:25:26Patrick Bet-David?

  For exclusively for black indigenous and people of color customers. Such a policy would violate Canada's own anti discrimination laws and amounts of race based economic segregation, but Auto Studios Nova Scotia charges double for white people. Anyways, there are screenshots of this. Brandon, your thoughts on this story here?

• 1:25:45Speaker 10

  Yeah, I mean, so what would happen if the reverse was happening? If it was a discount for white people, but double for black people or people that are of a different ethnicity, would that be okay? Like, why is it impossible to be racist against white people today? Like, I see that said all the time, that it's impossible to be racist against white people. So, why is it that white people today are being treated badly for what white people of the past did to people of a different ethnicity? That's how, that's what I think about it.

• 1:26:17Patrick Bet-David?

  Tom, how do you see this?

• 1:26:18Tom Ellsworth?

  First of all, I see it, you know, politically in Canada. The further east you go, the weirder it gets. So, as soon as you get really east of, you know, Montreal, it starts to get even more weird. And I think you have that. And Nova Scotia is Halifax, Nova Scotia is, you got this island right next to Prince Edward Island, PEI. Good oysters out of PEI, by the way. There's something good coming out of Canada. And then, you've got this extreme left that's out of there. Extreme left. And so, it doesn't surprise me in a world that is so extreme left, that you have extreme things happening, such as this, that you could actually look in the mirror and think that it is fair minded?

• 1:27:01Tom Ellsworth?

  Well, what they think is it's equalizing, or in its retaliation, it is equalizing. They don't think of equality today, they think of equalizing. And so, something you do is far left to, like this, is in equalizing, even if it doesn't, if it's not equal and fair at the moment. But you're so far left in your thinking, that they think it's perfectly okay to do it. I just called them right now and...

• 1:27:28Patrick Bet-David?

  They don't pick up phone calls. They said, "We're so busy." The gym is so packed right now with Middle Easterns and brown and Hispanics and African Americans. They just, they just can't answer the call. Eric, your thoughts on the story?

• 1:27:41Speaker 05

  Affirmative action failed at the Supreme Court years ago. This is, this is their way of grabbing some headlines and, and, you know, again, being a free market person, you're free to charge whatever you want to whoever you want, but I agree with Brendan. If it, if it were reversed, the races were reversed, there you go. Minorities, you're gonna have to pay more because we just don't like you. I guess that's the reason. They have a reason why white people are being charged more other than they're racist themselves. They'll drive themselves. Here's my concern though, Patrick, is that the world right now is in a, has been in the last 10 months or so. It's been in a pushback against the cancel culture, against the woke mob and whatnot. My concern is they're just laying in wait until Trump's not in office anymore. And they just push this stuff right back to the forefront.

• 1:28:26Speaker 05

  And it scares me because

• 1:28:27Patrick Bet-David?

  I agree.

• 1:28:28Speaker 05

  That's why he needs to, well, as some of our friends would say, win the 2020 election himself or put someone in who can take the torch, the Trump torch and go for, which is a very tall ask.

• 1:28:39Patrick Bet-David?

  Nah, very, very tall ask for something like that, but, but we'll see. We'll see what's gonna happen. Now, next story I want to get to is Paramount buys The Free Press, ushering a new era of CBS News. And this is with Barry Weiss. Rob, I think you got a clip on this one here if you want to pull up. So Barry Weiss, everybody's going back and forth, is this really gonna happen? Is the purchase gonna take place? But the announcement's been made. Here you go, Rob. Go for it.

• 1:29:04Speaker 16

  This news has a new editor in chief today, and that has attracted some attention in journalism circles. She's Barry Weiss, who's the founder of a very successful website called The Free Press. She started The Free Press about five years ago after leaving as an opinion editor at The New York Times, complaining that some people there were angry at her because she didn't necessarily always reflect a liberal point of view there. She has crusaded against anti-woke culture at The Free Press. Her hiring at CBS has led some people to wonder if it's a friendly move in the direction of President Donald Trump. But CBS, in her hiring, says that they are trying to

• 1:29:43Speaker 16

  Get at a more fair and balanced approach in its journalism and not always be enthralled to orthodoxies of both sides. Weiss began her job today at CBS News and wrote a memo to her new staff members saying she believes in these same core journalism philosophies that most of them have.

• 1:30:05Tom Ellsworth?

  Tom, thoughts on this? Well, what most people don't remember was that there was a time in America, if you look back in history, where there was a very trusted news voice. And he was on CBS and people tuned in to hear what he was saying. He looked like a kind old uncle or a young grandfather and his name was Walter Cronkite. And at that time, people had a degree of trust. What is Uncle Walter going to say tonight? And that was CBS. And it used to be called the Tiffany Network back in the day. And there's a tremendous history with it. And my, how far it has fallen. It is dead last. I mean, it's not just last, it's last by a lot.

• 1:30:47Tom Ellsworth?

  When you look at the Q3 YouTube views, where people on the YouTube platform going to these brands to get their news. It is dead, dead last. And they need a hail Mary and they also just got bought because the Ellison's and the Skydance transaction now own it. And so Barry Weiss is going to report directly to David Ellison, who's hired her and- David Ellison's the CEO of Skydance and Paramount, so- Correct. And that's Ellison's son, who is spearheading the investment, the acquisition that's made. But also, she's going to be right next to sidelines with a guy named Tom Sabrowski, who is a very liberal president of CBS News. And I don't know how liberal, I'll just say, he is written as the very liberal president

• 1:31:32Tom Ellsworth?

  of CBS News. How this is going to work, that she is, you know, I always look at it this way. You have a, you have a big mug of hot coffee. You drop one ice cube in it, you just drop it a couple of degrees. And I kind of feel like that's kind of what they're doing here, dropping Barry Weiss in. It feels to me a little bit like a hail Mary or a real attempt- Unless there is a wholesale change for some true moderate thinkers and good luck finding a large batch of moderate thinkers that you could sweep into CBS News.

• 1:32:02Patrick Bet-David?

  And remember, by the way, those numbers that we showed a couple of days ago, Rob, of the media company, where did CBS rank on YouTube views the last quarter? If you go to it, we shared this a couple of days ago. I think CBS was the last on that entire list.

• 1:32:14Tom Ellsworth?

  It was.

• 1:32:15Patrick Bet-David?

  Yeah, CBS was last on that entire list.

• 1:32:16Tom Ellsworth?

  Not just last, go look at last in their numbers.

• 1:32:18Patrick Bet-David?

  So, so, and, and, and you brought this up. You said, maybe this is the reason why they are getting a Barry Weiss, to get somebody younger that knows how to get these eyeballs. And Barry Weiss maybe used this as a negotiation to say, if you want me, you have to pay $150 million right there. CBS News was last at 163 million views, then it's ABS 359, then it's NBC 424.

• 1:32:39Tom Ellsworth?

  Not even half of ABC.

• 1:32:40Patrick Bet-David?

  That is pretty wild how bad it is. So, and, and we, we had 692 million views between V800 and PBD Podcast last quarter. That's 4Xing, more than 4Xing what CBS did the last quarter. So, good move, bad move, buying the free press.

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• 1:33:57Speaker 05

  Hail Mary, I agree with Tom. So Barry Weiss started a career at New York Times and she was perceived as left of center and then she tried to push to the middle, trying to report fairly on Trump and whatnot, felt unwelcome at New York Times. Goes off on her own, puts together the free press. She's a wildly talented reporter. She's brilliant. She's a great writer. And to sell her free press, which she built from the ground up, that quickly, it was probably only, what, two years or so? It's been five years, yeah. Oh, five years? Okay, well, she started with a Substack, I think, or she built her own, but a quick turnaround to make 150 large. Here's the question, though. So she gets dropped into CBS News. CBS is one of the broadcast networks that are clearly leaning left. I used to work at a

• 1:34:41Speaker 05

  Sinclair, which owned 200 stations across the country, separate stations, ABC, NBC, CBS, a couple of Foxes and a few CNNs. Every news director, with the vast majority of news directors, are left-leaning people. So she's going to get dropped into CBS, which has maybe 1,000 affiliates or so, and change the whole dynamic? Maybe. But I just found out that Trump is right now in talks with CBS to do a sit-down with 60 Minutes, which if you remember, in 2020, Leslie Stahl, you know, basically called him out live on 60 Minutes, saying that the Hunter Biden laptop story was misinformation, Russian disinformation. He was livid. I interviewed him right after,

• 1:35:26Speaker 05

  Patrick, right after he left. Leslie Stahl, as the White House was doing a town hall, and he was lit up, pissed off. I mean, he was, it was supposed to be an hour town hall. About 20 minutes into it, he leans, in commercial breaks, like, I'm gonna go. I'm like, Mr. President, can you just, we blocked an hour for it. To his credit, he finished the full hour, but he was lit up. He's never forgotten that. He's sued CBS, sued 60 Minutes, and now they're in talks to have a sit-down with Trump, maybe because of- Who will be doing it? Will it be Leslie Stahl?

• 1:35:56Speaker 05

  Probably not.

• 1:35:57Patrick Bet-David?

  She's seventy-eight.

• 1:35:58Speaker 05

  Yeah, I don't think he wants to sit with, he was, he was batshit.

• 1:36:02Patrick Bet-David?

  I actually would think she would, he would want to sit with her.

• 1:36:05Speaker 05

  My point is maybe, maybe, maybe Barry Weiss greased the, the table.

• 1:36:10Patrick Bet-David?

  I see what you're saying.

• 1:36:10Speaker 05

  To get to Trump in the.

• 1:36:11Patrick Bet-David?

  To create an opening to go there. Brandon, your thoughts on this?

• 1:36:14Speaker 10

  Yeah, so I think we're missing one of the scariest parts of this. So I think that the kid here, Larry Ellison's kid, is somebody we have to keep an eye on over the next couple of years. Cause think about the power of, I guess, Oracle and Skydance now. So Larry Ellison gives his son the money for Skydance. And Skydance goes and gets Paramount and CBS. And now Oracle's getting TikTok. So, you know, Larry Ellison's eighty-three, I think. So he's, I don't know, say he has ten years left. His kid's gonna have all those media assets like when Larry Ellison's gone. And Larry Ellison, sorry, he doesn't give me the best vibes when he's somebody who gleefully talks about how his employees have to wear body cameras and they're always recording him when they're in the bathroom or on lunch. They're

• 1:36:55Speaker 10

  always recording in case they need to access that information. And he talks about a future where everything's being recorded all the time and that's.

• 1:37:01Patrick Bet-David?

  Did you pull up that video? Actually, there's a video of him saying that in an interview. Please continue.

• 1:37:05Speaker 10

  Yeah. And so I just think it's something to keep an eye on that people that think this way have so much control over media assets that shape the youth and the old people. Cause you know, CBS Paramount's more old people, TikTok's the youth. So they are kinda hitting it from every angle.

• 1:37:20Tom Ellsworth?

  Or kinda like Lachlan Murdoch. He's not the old man and we don't really know what we're getting yet.

• 1:37:24Speaker 10

  Right.

• 1:37:25Tom Ellsworth?

  But we can see it changing.

• 1:37:26Speaker 10

  Right. So yeah, the kid here is somebody to definitely pay attention to and keep an eye on. I don't know too much about him. I know that Larry Ellison creeped me out a lot when he says things like this. If Rob's.

• 1:37:36Patrick Bet-David?

  Do you have it, Rob?

• 1:37:37Speaker 10

  I'm looking right now.

• 1:37:38Patrick Bet-David?

  Yeah, it's actually, it's, it's all over YouTube. But anyways, yeah. So, look, I mean, there's no question Larry Ellison's son's gonna be a power player on the opposing side, just the same way as Alex Soros is gonna be a power player on the other side. This is kinda what happens when generational wealth and influence passes to the next person. And what that other person is gonna be doing. You know, we may, every year in December, we rank the top fifty power players in media. Every year, we make this, and it's based on a very interesting ranking. Takes us few days to do it. It's not something that we do within five minutes or five hours. Takes a long time to do, it's a golf score, all this other stuff that we do.

• 1:38:18Patrick Bet-David?

  And you know what's one of the things that we look at when we give people a power player last name that's even higher? It's based on how many kids they have that they're gonna pass down the influence that they currently have. Does that make sense? You have to kinda look and see, like, some of the people don't have kids. You got some guys that are super wealthy, but they don't have any kids, and some of the guys do have kids. Some of them have young girls that just wanna get into art. I think Bezos' kids, if you go to Jeff Bezos' kids, Jeff Bezos' kids, uh, uh, uh, I wanna say he's got three sons and one adopted daughter. Yeah, I don't know who it was, that they only had girls and they were only in art and had no interest in business. But you have to look at it.

• 1:38:58Speaker 05

  Sanchez's kids, maybe?

• 1:38:59Patrick Bet-David?

  Maybe, I don't know. I don't know which one it was, but play that clip by Larry Ellison and let's see what he has to say here. Go for it.

• 1:39:06Speaker 17

  The police will be on their best behavior because we're constantly recording, watching and recording everything that's going on. Citizens will be on their best behavior because we're constantly recording and reporting everything that's going on. Uh, and it's unimpeachable. The cars, the cars have camera, you know, cameras on them. All right, we have, I think we have a squad car here someplace. Uh, but those kind of applications using AI, if we can use AI, and we're using AI to monitor the video. So if that altercation had occurred, that occurred in Memphis, the chief of police would be immediately notified. It's not people that are looking at those cameras, it's AI that's looking at the camera. No, no, no, you can't do this.

• 1:39:51Speaker 17

  It would be like a shooting. That's gonna be immediately, that's gonna be an event that's immediately...

• 1:39:56Patrick Bet-David?

  I'm not sure, Brandon.

• 1:39:57Speaker 17

  An alarm's gonna go off, it's gonna be, and we're gonna...

• 1:40:00Patrick Bet-David?

  Fast forward a little bit to see if he says it.

• 1:40:06Patrick Bet-David?

  Okay, all right, so I think one of the things he did say, that you're working and you're doing the kinda stuff that you're doing. You know what this reminds me? You ever seen the movie Horrible Bosses?

• 1:40:14Speaker 05

  Yeah.

• 1:40:15Patrick Bet-David?

  You remember at the end how Kevin Spacey gets caught? While the uh, the car, whatever, what's the car that talks to somebody? Is it Siri? Siri's excellent, no it's not, what is it when the car? On, OnStar? OnStar. So Kevin Spacey's saying what he's saying. And OnStar is recording the whole thing. And he's like, "We heard everything you had to say. Here's what you have to say. You are under arrest." And the cop shows up and the whole night, so. I don't know. Believe it or not, some people afford. This creeps me out for somebody to be able to watch every single thing that you're doing. But you know, Palantir. You know, some of these guys, you know, we had a guy on that he can detect anybody.

• 1:40:57Patrick Bet-David?

  Where they're from, based on the camera, they put the camera on you, you're from here, you're from there, so. We're headed in that direction. This is what, how the government decides to use this. When back in the days TSA was trying to do it, and you look at the history of the CIA funding Palantir. CIA wanted to do it themselves, and then Palantir's like, "We'll do it ourselves." And then gradually, within 23, 24 years. There are a lot of people that are uncomfortable, but the average Joe is like. Well, if we can get the criminal like this, this is awesome, right? We'll see, we'll see what's gonna happen. In the name of safety, freedom was lost. That's right. In the name of safety, freedom is lost. Let's get into a couple of other stories here and then we'll wrap it up. Sharpie found a way to make pens more cheaply by manufacturing them in the US.

• 1:41:41Patrick Bet-David?

  So if you ever use Sharpie. Here's what Sharpie is doing now, okay? And they're making a lot of money, by the way, doing this. Tuckton Foothills of Tennessee. Tennessee Smoky Mountain is a factory that has figured out to manufacture. In America, that's cheaper, quicker, and better. It's the home of a famous American writing implement, the Sharpie marker. Pen barrels whirl along automated assembly lines that rapidly fill them in ink. At least a half a billion Sharpie markers are churned out here every year. Each one, each one made of six parts. Only the felt tip is important from Japan. Uh, it didn't use to be this way back in 2018, many Sharpies were made abroad.

• 1:42:22Patrick Bet-David?

  That's when Chris Peterson, who was the CFO of Sharpie maker, uh, Newell Brands. Team to answer a question, how could they keep Newell from becoming obsolete compared with factories in Asia? I felt like we had an opportunity to dramatically improve our US manufacturing. He said Peterson is now the CEO and these days, most Sharpies in all 93 colors are made at this 37 year old factory. Tom, your thoughts on the story?

• 1:42:50Tom Ellsworth?

  This is an example of what happens when leadership says, you know what? I want the jobs to be here. Why shouldn't wait? Can we do it right here? It's easy to outsource, it's easy to do that, and the free market says you can do that. But he gave him a challenge. Can we do it here? Can we do it? Can we put American ingenuity to work and make it happen? And now he's done it. And now they're in the process of bringing back, because he did some of it overseas. There is a type of highlighter that is that Smirgard, we got them right here, which are coming back. This one's, this one's gonna come back to the US. And I think it's a great example of when you decide, or you, you may not always be able to do it.

• 1:43:34Tom Ellsworth?

  But this is a leader that says, here we are in this factory. I don't want to be a hollowed out factory in this little country town to say, hey, man, they used to make Sharpies over there. Now they're in Vietnam. He says, I want to challenge us to do it. And along the way, they started making a custom Sharpie about six years ago for some guy named Donald Trump. So you see those longer than they have a certain width tip. Do you know what that is? That's a custom Sharpie. When he was here and he signed the wall, he gave it to Pat. And it's, so I think it's a great story of, of leadership. And it turned out that they were able to do it. I don't think every industry is going to be able to say, hey, let's just do it here. I think there's certain realities of cost or sourcing, certain components that just will fight against you. You're not going to be able to do it.

• 1:44:18Tom Ellsworth?

  But I think this is really cool to see an American company say, hey, we're gonna do it.

• 1:44:24Patrick Bet-David?

  Eric, your thoughts?

• 1:44:25Speaker 05

  It's terrific. It's what every responsible CEO should be doing. He should be petitioning his workforce, saying, how can we become more efficient? I don't know the, the details of how they did it, but I'm guessing they're automating. Patrick, I'm guessing they're eliminating human beings and they're making, having, you know, AI driven machine manufacturing, which, you know, it, you can call it a job, Brandon, here in the United States. But if a human being isn't actually performing the job, I'm not sure you, you should count it as a job. Look, I'm all for technology moving forward. I just, when the free market gets messed with, and I think part of this may be in response to Trump's tariffs, I don't know, but everyone should be doing it anyway to reduce their costs.

• 1:45:08Speaker 05

  It doesn't strike me as something that everyone can do if they have the capital to do it, they should do it anyway, I guess. And you want to be the biggest boost to US economy, manufacturing wise? Just bring down, bring it to zero, the corporate repatriation of funds. You're a big international company, it's overseas. It had gotten as high as 35%. So you earn your profit overseas and it's sitting in an England bank account because that's where you do a lot of your sales in Europe. To bring it back to the United States, even if you're domiciled in the United States, they were charging companies 35%. Trump has gotten it down some, but if it's, you're going to pay taxes over there already, you bring it back here if tax paid already. You want to see upside there is where manufacturing plants get purchased.

• 1:45:53Tom Ellsworth?

  Check me on this, I thought Apple's largest bank account was Ireland or in the UK related to the Ireland deal that they did on manufacturing over there. But Apple had a, to your point, didn't Apple have like this massive Ireland deal?

• 1:46:06Speaker 05

  They all do, they have trillions, there's something like $5 trillion of US domiciled corporations with that $5 trillion sitting in foreign bank accounts and they can't bring it back because they've been taxed on it already as a company, wherever they were, wherever the sales were happening, and to bring it back another 35% at some price. So it's playing games with the tax code, really, it doesn't sit well with me personally.

• 1:46:31Speaker 10

  Yeah, I'm with you there and I guess the problem is that with the jobs overseas is that like the natural cycle of things. Ray Dalio made this great video, got like 40 million views about the cycles that goes and where when your country gets richer, your citizens require higher wages, so naturally you offshore your jobs to be able to build things more cheaply and affordably. But that ends up growing that country, making that country the next powerhouse. So the way, like, how do we offset that or slow that down? I do think automation is a good thing in that regard. If we could offset the amount of jobs that we send overseas or the jobs that we create overseas, like in China, like we create a superpower in China because of that cycle, but China shot itself in the foot because of messing with the market.

• 1:47:13Speaker 10

  Yeah, to your point, like they stopped people from having kids, so I think they delayed taking the superpower status.

• 1:47:18Speaker 05

  Can you imagine if? Trump, or who am I, by the way, I have zero faith in Howard Lutnick, I don't think he could come up with this, I don't think he would rub two brain cells together to figure this out, but Tom, if you're, you're a corporate CEO with, you know, $10 billion in a form, in a German bank, right? Costs you 35%, maybe it's down to 25% under Trump right now, what if Trump were to come to you and say, hey, Tom, Damas, bring that $10 billion, $20 billion back to the United States, zero cost to do it, no tax on it whatsoever, as long as you earmark half of it for capital investment in a US-based entity, hiring, hiring Americans?

• 1:47:58Tom Ellsworth?

  So if I've got no international, you're saying that it's trapped over there because of my international sales?

• 1:48:04Speaker 05

  Correct.

• 1:48:05Tom Ellsworth?

  Got it, yeah.

• 1:48:06Speaker 05

  And you pay taxes on it in that foreign country already?

• 1:48:08Tom Ellsworth?

  Yeah, I paid taxes on it in, in Germany, so I sell a bunch of stuff in Germany, pay my taxes on the money, money's sitting in the bank, but if I bring it back over here, the US government says, oh, wait a minute, I'm gonna tax 35% of that, so it's almost like, it's a toll charge just to bring the money back. If you let me bring it back to zero, I'm gonna, I'm gonna, and you say, I have to earmark so much of it for capital, guess what?

• 1:48:31Speaker 05

  I do it.

• 1:48:32Tom Ellsworth?

  It's coming back.

• 1:48:33Speaker 05

  Yeah.

• 1:48:34Tom Ellsworth?

  And now I'm, and I'm gonna invest back here in the US with it.

• 1:48:37Speaker 05

  Capital, capital investment and, and human investment too, because likely you're gonna need people, unless you come back here and think the robotics.

• 1:48:42Tom Ellsworth?

  It's one of those things people don't know about, how money gets trapped around the world and it could come back and do good, but the, the individual jurisdictions, countries, and, you know, her name, Vanderleien, who wants to keep all the money in Europe.

• 1:48:56Speaker 10

  Yeah, I, I agree with that, and I, I do think that would be a good use of capital rather than going to the government, going to jobs, but I mean, I would wanna make sure that they, they stay true to that, like, you know, when the government bailed out the banks in 2008, they said, yeah, with contingent upon you, you giving that out and lending it to, you know, stimulate the economy, they didn't lend it, they gave it to themselves, so I would wanna make sure that we upheld that, but I- Yeah, I um, I just think that to maintain superpower status and to maintain a strong middle class that we have to be mindful and put a lot of thought and energy into keeping jobs here and not offshoring jobs because that helps large companies, that doesn't help the middle class and it doesn't put America in a position of strength.

• 1:49:35Patrick Bet-David?

  You know what I like, here's what I like. I like the fact that there's case studies like this that could inspire somebody else to say, "Let's see if we could do something better here." That's what I like. It's a case study. You got it. Sharpie, phenomenal. I'm online looking at their headquarters, looking at a bunch of different stuff. You go on their website, it tells the history of what Sharpie did and how it got started. I love it. I love hearing stories like this of other business owners that this, can you imagine you built a marker company? Can you go to Sharpie's website? If you just go to Sharpie.com, and, are you on Sharpie.com?

• 1:50:08Speaker 10

  Yeah.

• 1:50:08Patrick Bet-David?

  I went to Sharpie.com, and then on Sharpie.com, this is by far why I love. Go to the About Us if you could, Rob. There's a page here that says About Us. I don't know if you have it or not.

• 1:50:21Speaker 10

  About Sharpie.

• 1:50:22Patrick Bet-David?

  Look at this. Brief history, 1857. Guy, what's his name? Let's give him a shout out real quick.

• 1:50:28Speaker 10

  Frederick Reddington.

• 1:50:29Patrick Bet-David?

  Reddington.

• 1:50:30Speaker 10

  And William Sanford.

• 1:50:31Patrick Bet-David?

  Okay, so go lower, open up a factory, then it grows a little bit, keep going a little bit lower, and keeps growing, whatever that product is, then you got the additional stuff they do in 1899, then the ink company that comes out, then the Sharpies that they come out 1930 to 1964, then it gets more colorful, then all of a sudden all over the place, and then today, it's a company that sold a half a billion of these Sharpies per year. How sick is capitalism? Don't you love it? I absolutely love it. Imagine how many people this guy employed in the foothills of, you know, Tennessee, Smoky Mountains. It's great. I love it. Good story. All right, let's get to the next one here.

• 1:51:12Patrick Bet-David?

  Next story I'd like to get to is, I'd like to do a little bit of a, do we go into that one, we can go into that one, but yeah, let's do this one here. So a little bit of business, cultural things to talk about. Wall Street Journal does a article titled, "Compensation or Culture? The Best Managed Companies Lean Into Both." But I think one can probably be better than the other one. So let me read it to you and then let's have a little bit of a discourse here. In the 1940s, as Peter Drucker got a close-up look at General Motors, he was struck by how unmotivated many of the company's employees were, especially considering that were, that most were making decent money. For the great majority of automobile workers,

• 1:51:55Patrick Bet-David?

  the only meaning of a job is in the paycheck, not in anything connected with the work or the product. Drucker observed in his landmark study of GM, "Concept of the Corporation, no wonder that this result is an unhappy and discontented worker," he wrote. "Eight decades later, these words ring as true as ever. If a company wants to attract and retain the talent, it needs to thrive. It can skimp on compensation, but neither can it neglect culture." This is the key finding from new research conducted by a team at the University of Bern in Switzerland, using a massive, using a measure of corporate effectiveness created by Peter Drucker Institute, Graduate University, Peter Drucker Institute, on 35 different indicators

• 1:52:37Patrick Bet-David?

  of assessing five essential factors, customer satisfaction, innovation, social responsibility, employee engagement and development, and financial strength. Companies compared in each of these five areas, as well as their general effectiveness, through standardized scores with a range of 0 to 100, and a mean of 50, Drucker-defined effectiveness, as doing the right things well. Tom, what's more important, culture or comp?

• 1:53:02Tom Ellsworth?

  Well, I'll give you two examples, and people say, "Well, compensation is more important, that'll help the culture." Well, then explain certain charities, and I'm not talking about Greenpeace or liberal ones that are out there, you know, activist charities. I'm talking just straight charities. Explain how charities where everybody's either volunteering or making next to nothing, have these amazing cultures, and that the people, you know, love working together, and there's such a great vibe of what's going on, and they don't have compensation. Then, go look at, I read a thing about the... The highest above market compensation was an investment bank, and I'm trying to remember the name. I'm going to get this wrong. I'm going to say I think, but folks, if you look it up and you say that's not right,

• 1:53:47Tom Ellsworth?

  I think it was Piper Jeffrey, Jeffrey I was reading about, like in 2005, and that they were the most above median throughout the company. So in other words, this bank, people were making a lot of money and they were making more than the average, but they described the culture as so competitive and so toxic that the tenure rate there was very low. It's like three years. And so there's an example, you can have all the compensation in the world and it's just so toxic, nobody stays there three years, and yet you can make a bunch of money. And then you've got charities where you make nothing at all, and there's some of these charities where the culture is just unbelievable and you give everything to work there. You have to have a blend and it starts at the top.

• 1:54:31Tom Ellsworth?

  You look at Tom's Shoes or you look at Zappos. And even though we read about Zappos and the tragic story of their CEO and what ultimately happened to him, he created this unbelievable culture that was really good and positive that was there. So I think you have to have a blend, you have to have a blend of both. And it starts at the top with the leader. And I've seen it. And you know, the reference points I had, the data shows you can have all the money in the world and you can have all the culture in the world, you know, it doesn't have to be one or the other.

• 1:55:00Speaker 00

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• 1:56:01Speaker 05

  I think it's both. I I I'm leaning towards the, you know, if you're going to compensate people better, they'll generally accept a little bit less of the the comforts of, let's say, a Silicon Valley company where you go in and there's free lunch and there's a massage over there after work and there's a wine bar. I I've experienced companies where it's the opposite, where there's literally none of that. It's it's bare bones and you go in there for one reason, one reason only, to make money, to get better. I would hire people on the trading floor. It's a disaster of a place. I mean, it's horrible. It's overcrowded at the time. Overcrowded. People would be sweating, pulling. There was no order. It's chaos. It was controlled chaos. But guys would come up to me, you sure you want to

• 1:56:44Speaker 05

  do this? Yeah, well, there's, you know, there's no, there's no corporate free lunch over here. You're just going to work with me and for me on the floor, but you're going to learn how I do this. And you're going to learn that you can put yourself up, go into those trading pits every day, risk your own capital, walk out, and someday you'll have a 5,000 square foot home or or beautiful car. So the aspiration of success, I think that that, let's call it a carrot, I think is a lot better than the soft little nudge of the stick of of culture.

• 1:57:17Speaker 10

  Yeah, no, I think.

• 1:57:18Speaker 05

  Rob, I'm going to come to you as well. Go ahead, Brandon.

• 1:57:19Speaker 10

  I think it's unsustainable to have long term people if you don't have both, because I think that if you, you know, you could be making plenty of money, but if it's not an enjoyable place to be at, I think you're going to burn out and resent it. I mean, the corporate America culture is just so poisonous and unpleasant to be around. I was at a big giant pharma company for a couple of years and, you know, like, super nice building, super nice amenities and all that, but everybody just acts like a total weirdo in those places. Like, it's like everybody's walking on eggshells, being politically correct. You know, you're afraid to say something slightly controversial because, you know, HR reports are flying around left and right. So that's no fun. And you know, the right culture, like the startup type of culture is so enjoyable and fun.

• 1:58:00Speaker 10

  And you create memories and everything. So of course money is, you know, you have to make a good amount of money to be happy at a job, but also the culture, you can't have enjoyable workplace.

• 1:58:11Speaker 05

  Is this shifting, Patrick? I mean, maybe people my age who remember stock market crashes, I had parents who experienced the economic recessions, depressions. So we kind of ingrained in our childhood as well, you know, it's important to be successful. And I think over the last 40 or 50 years, young people, 30 years, young people have grown up without a lot of fear of the dark side because they've never seen it, right? They've never seen, you know, walking, is my account going to be zero today? Are we going into a recession in 2007? Is this going to be the end of life as we know it in America? At one point, people were talking about you can't put your money in banks because banks were failing,

• 1:58:55Speaker 05

  boom, boom, boom. Let me get my cash and stick it under my mattress. Those things stay in your mind. So if, you know, if you're 20 or 25 years old, maybe you don't have that risk of, hey, I could be broke. Or I don't know what it's like to be broke. I'm not going to ever be broke. Life is never. And so you, you push for the more cultural things surrounding you when you go to work rather than the, I want to make sure I have enough money so I never go back to broke world.

• 1:59:21Speaker 10

  There hasn't been a job shortage lately. It feels like there hasn't been a big situation where there's like a high unemployment rate. People couldn't get jobs, right? So I think that was a point.

• 1:59:28Patrick Bet-David?

  Yeah. So the fear of that existing isn't there, especially during COVID. If you remember, guys are like, if you don't give me this, I'm going to go to, I want to work from home two times a week and you need to give me three times and I'll open the, if you don't, I'm going to leave you to this. So that kind of happened, but then it's back to normalcy a little bit right now. But Rob, what would you say about this?

• 1:59:49Speaker 06

  I think culture is more important because if you guys are all pushing towards the same idea, the same, then eventually the money will come, but it starts with culture.

• 1:59:58Patrick Bet-David?

  I tend to agree with you because, you know, I've ran a 1099 company only and a W2 company only. Like right now, everything in line, holding is W2, benefits, 401ks, you know, all this stuff that we're having, we're going to make some big announcements on the first week of January. Culture versus comp. Comp is very important. You, you gotta, you gotta make sure guys are making the right kind of money to be happy about it. But if, if, if I worked, like I went to a company one time, Iron Mountain, it was an office in Newport Beach or some Anaheim. And I went in and they brought me in as a speaker and I'm going around, I'm just looking at everybody. I'm like, the energy was so off. Everybody coming in late, leaving early, casual.

• 2:00:42Patrick Bet-David?

  I start asking questions. What is the vision of the company? Where do you guys want to go? What are you guys gonna take over? Give me what the, you know, competition is. Who is the enemy? No, we're just a very collaborative type of place. Where are leaders bulletin in the office? Who is seventh place? Who is 12th place? We don't want to be competitive because competitiveness leads to combativeness. No, it doesn't. How do you run a sales office without a leader's bulletin? Who is number two? Tell me who didn't make the top 10? Tell me who's number one for the last three months in a row? Tell me who's whooping everyone's ass? Who is the person that's kicking everyone's tail? That maybe doesn't have the biggest personality? That works the hardest, comes in the latest, leaves the, comes in the earliest, leaves the latest,

• 2:01:26Patrick Bet-David?

  comes in and works on the weekends for themselves because they're running their own business? Who has got the best story? No, no, no, that's two month competition. I said, listen, you guys don't need me. I, I can't help you. There's nothing I can do with this environment. And then you saw a couple of guys are like, well, what do we do? I said, sell me the vision. You come up here, sell me the vision why I should work here. Right now, if you were hiring somebody like, I would never want to work for your company. I would never want to be here. I would never want to do anything here. They would, I go to lunch break and I see what's in their kitchen. And all the stuff that they have, I'm like, what a boring flipping place to be. Then you go work at a company or for a group of people that you know they're going places. The energy is just, it's a little edgy, not for everybody.

• 2:02:09Patrick Bet-David?

  It's like, oh my God, something's going on over here. These people are up to something very, very unique. And then you have that in place. And then the company starts making money. And then when the company starts making money, then you get salary, bonus, L tip, equity, dividends. Then all of a sudden, five, 10, 15 years later. A guy that maybe wasn't as qualified as the other 18 people you hired. He's now running a business unit. He's a multimillionaire, got a great life. Hasn't thought about money for a long time. And how did that happen? So if you can find a way to mix the two together, but I do agree with Rob. I think culture comes first. And culture will attract the right people to be with you long term. And there's something very, very special if you can pull off both of them together.

• 2:02:52Patrick Bet-David?

  Let's do, is it 1059? Let's do one last. Is there a story you really, really want to do before we wrap up? Tom, Bren, is there a story we really, really want to do? Moody's IPO? You want to do the Moody's IPO, the one with the big banks? What do you think, Tom? Let's do that one. Let's do the big banks woo Trump for roles on Blockbuster IPO. And this is a Wall Street Journal story. This is a very, very good story. Tom, I'm coming to you first. Okay, dope. And so here's, here's what's going on here. Goldman Sachs chief David Solomon was at the White House this summer pitching President Trump on why his bank should lead a huge coming deal, the initial public offering of mortgage giants. Freddie Mac and Fannie Mae. Midway through the presentation, Trump invited a group of athletes from his council on sports

• 2:03:35Patrick Bet-David?

  and fitness. Solomon continued speaking as President Trump wrestler Triple H and golfer Bryson de Chambault looked on it, looked on. It was surreal, meaning befitting what is perhaps the strongest IPO back off ever. All the major banks have been working to land roles on what could be one of the largest stock offerings in history. In, in doing so, the banks are wrestling with a host of novel, novel issues. Thanks to the unpredictability of Trump and the complicated nature of taking government-backed entities public. The winners stand to earn not only hefty fees, but bragging rights for having worked on a deal that could reap the government billions of dollars.

• 2:04:19Patrick Bet-David?

  Everyone wants to be on this. One top bank executive said the CEOs of the country's six largest banks, Goldman Sachs, Citigroup, Bank of America, JP Morgan, Chase, Morgan Stanley, and Wells Fargo have all made pilgrimages to the White House. They have countered Trump and others involved. They have courted Trump and others involved, including Treasury Secretary Scott Besant, Federal Housing Finance Agent Chief Bill Paultier, and Commerce Secretary Howard Lutnick. Trump officials have fielded calls from smaller investment banks too. Tom, what is going on here?

• 2:04:53Tom Ellsworth?

  Fannie Mae and Freddie Mac are the two, basically mortgage purchasers, and they're part of the federal government. One was created in 1938, that was Fannie Mae, and then in 1970s Freddie Mac was created to give competition to Fannie Mae, and they also wanted some help for thrifts and SNLs. And then shortly thereafter, we had this whole debacle with the SNLs. We all know how that, that party ended. Not that Freddie was part of it, but it was a wild time, Wild West. So you have these two entities that are out there, and when you, you hear about a mortgage, you say, "Well, that's a conforming mortgage or a jumbo mortgage." These are the ones that help set those standards for those mortgage sizes.

• 2:05:35Tom Ellsworth?

  But they're out there, and they want to take them public. And there's a question of, do they go public independently? Which is like what the National Mortgage Association, I think, Mortgage, National, N-M-B-S, I think, National Mortgage Association wants. And then there's people saying, "Put them together." Like Bill Ackman, he's a big proponent of the Great American Mortgage Corporation. "Put them both together, take them public." Here's the prize. Do you know what the fees are for this? I added up the fees based on a 3.5% all-in banking fee. It's over a billion dollars in fees for a single IPO, and the math on the IPO is 300 billion dollars.

• 2:06:16Speaker 05

  At least, at least. That's the low end of the range.

• 2:06:19Tom Ellsworth?

  That's the low end of it. And so basically, you have, I think they're called, what does GES stand for? It's a, the government, something?

• 2:06:27Patrick Bet-David?

  It's right there, Rob. You, you just had it. If you go back to where you were.

• 2:06:32Tom Ellsworth?

  Government-sponsored enterprise.

• 2:06:34Speaker 05

  Yeah, sponsored. Yeah, the operative word there, yep.

• 2:06:37Tom Ellsworth?

  And so now it's going to be an independent corporation that is on the stock market. So you could see the rise and fall of its stock prices, going to be rising and falling with the mortgage market. So right now, you would assume, in the future, with what's going on right now with interest rates and a number of mortgages, number of refis going on, probably a flat, probably a flat, you know, stock price right now. But what's really interesting about this is this is a bunch of money that goes to federal government, and then this GES, government-sponsored enterprise, becomes this public

• 2:07:11Tom Ellsworth?

  Public company. I think what's going to win, in my opinion, I think what'll ultimately probably just rolling them into one and doing it because the legacy one was created so long ago, 1938, one in 1970, and they don't really do things different. I think they've both adopted, Eric, I think they've both adopted the same like mortgage limits now. I think they use the same, the same limits on what's a jumbo and not a jumbo. But this is pretty interesting. And so everybody's running to the trough to, to get a piece of it. And it's kind of funny. David Solomon, Goldman Sachs should be the one, Mr. President, that takes this thing public. I got a little respect for David Solomon, but can you imagine him sitting in a White House?

• 2:07:52Patrick Bet-David?

  Triple H walks in.

• 2:07:53Tom Ellsworth?

  Hey, I got some friends here, too. Hey, come listen to what we're doing with mortgages. Triple H, Bryson, David. David's also a DJ at night. Okay, continue. What were you saying? To me, that'd be kind of funny to be like, wait, what am I doing here?

• 2:08:05Patrick Bet-David?

  It's honesty. It's a way of saying, look, man, I'm meeting with a lot of powerful people. Okay, like pump the brakes, but go ahead, Triple H. What do you got? Okay, what do you want to do? I think Trump is doing what Trump does. Eric, your thoughts on this?

• 2:08:18Speaker 05

  My thoughts are it probably will be closer to $500 billion IPO. I think anytime we can get any entity off the government books is, I love the idea. I just, I'm concerned that Solomon petitioning the Trump administration for the probably a billion, maybe closer to a billion and a half dollars in fees to bring this entity public, which, you know, on a $500 billion IPO, not a lot, but someone's going to get paid. My concern is that Trump wants to take a piece of this, too. Right? So he wants the, the government to somehow stay involved, not unlike he did with Intel, where he took 10, government, like it or not, US government, taxpayers own 10% of Intel. I don't love this because you're, it's a slippery slope. I understand what he's doing, but there, you're not always going

• 2:09:03Speaker 05

  to have a President Trump, and you just might get a liberal president one day.

• 2:09:06Patrick Bet-David?

  You will.

• 2:09:07Speaker 05

  And if they start playing, picking winners and losers, solar, water and clean air.

• 2:09:15Tom Ellsworth?

  Lithium mines last week.

• 2:09:16Speaker 05

  If you start getting government involved in private industry, you're going to. Hurt the industry, you're also likely going to take it on the chin someday. And what's, what's a, an, a liberal president invests, I don't know, $20 billion in a company, it starts going south, what are they going to do? Of course, they're going to turn around, and if, if a bunch of them, and just raise their taxes. Less control over the, the free market, the better for me. So yeah, get Fannie and Freddie off the government books.

• 2:09:43Patrick Bet-David?

  Brandon.

• 2:09:44Speaker 10

  Yes, this is another disaster created by FDR and the New Deal. Under FDR, the thing is created, and now they own 50% of the mortgages in the United States. And since 2008, when they got bailed out, the Treasury owns 80% of the common stock of Freddie and Fannie. So yeah, I agree, I definitely think it's a good thing to get that off the government's books on, on the private market. But it reminds me of how the government started subsidizing student loans, because they want everybody to have the ability to get a student loan. So I am just getting into this whole thing now, but I'm wondering if this pushed up the entire housing market artificially, because it's giving access to mortgages to people who wouldn't other, otherwise qualify if it was just standard banks giving these mortgages. So I don't even know if these are good, necessary institutions, because since it was created

• 2:10:29Speaker 10

  by FDR, and everything that FDR created, I question. So, good, good thing that, um, Trump is getting it off their books. I agree, it's bad for the government to own things, so I hope he doesn't do that. But I, I'm questioning, questioning the existence of these institutions, uh, from the, from the beginning.

• 2:10:44Patrick Bet-David?

  Yeah, so folks, if you have an FDR shirt, please send it to Brandon. You can manect him and give him some love. Eric is also on manect, uh, uh, himself, uh, based on the conversation we had here. Are you taking that gold home?

• 2:10:58Speaker 05

  Oh, no, I, I, I won't steal, but the weight of it, Patrick, it's just incredible.

• 2:11:02Patrick Bet-David?

  It is ridiculous what it feels like.

• 2:11:04Speaker 05

  Wow, it's, it's beautiful.

• 2:11:05Patrick Bet-David?

  When you look at it, it doesn't feel like it's that heavy.

• 2:11:07Speaker 05

  It's so beautiful. No, no, it doesn't.

• 2:11:10Patrick Bet-David?

  That's a key? Tom, grab it, see how heavy it is. It's unreal how heavy that one, that's a kilo, yes.

• 2:11:18Tom Ellsworth?

  So this is 2.2 pounds. But it feel, if you say 2.2 pounds, it shouldn't-

• 2:11:24Patrick Bet-David?

  If you go like this 100 times, you're gonna get a pump. You're gonna get a pump. Anyways, gang, great to be with you.

• 2:11:30Tom Ellsworth?

  Serial number-

• 2:11:31Patrick Bet-David?

  We will do this again Friday. Tomorrow, podcast will be going out with Gerald. We have probably one of my favorite conversations of the year. We talked about the big pharma. We talked about how Merck used to use cocaine in their products. We talked about the OxyContin King family. That's the wealthiest private business, $14 billion net worth. The Sacklers, I believe, if I'm not mistaken. We talked about why traditional Catholics and Jews have a feud. Because he is a Catholic, married to a Jew for 45 years. They've been together. And then we talked about a bunch of different things. I think you're gonna enjoy this conversation. Tomorrow's gonna go out at 9 a.m. Take care, everybody. God bless. Bye bye, bye bye.

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