Iran's Strait of Hormuz THREATS + McDonald’s CEO Gets ROASTED | PBD #752

Patrick Bet-David & Tom Ellsworth are joined by Jeff Snider and Mark Moss as they break down Iran’s threat to close the Strait of Hormuz and the potential global oil supply and oil price shock, Bill and Hillary Clinton’s deposition tied to the Jeffrey Epstein investigation and Epstein files, and Paramount’s legal victory over Warner Bros. in the escalating Hollywood media battle. ------ ♟️ SALES LEADERSHIP SUMMIT 2026: https://bit.ly/45Evtj4 📺 SUBSCRIBE TO JEFF SNIDER'S YOUTUBE CHANNEL: https://bit.ly/4i5uz3W 📺 SUBSCRIBE TO MARK MOSS' YOUTUBE CHANNEL: https://bit.ly/4qiakmR Ⓜ️ MINNECT WITH JEFF SNIDER: https://bit.ly/4c27s9x Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4kSVkso ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4mAWQAP⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4lzQph2 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4pzLEXj⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4pzLEXj 📉 KALSHI IRAN MARKET: https://bit.ly/4u0TMlE 💬 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.

• 0:13Speaker 00

  My handshake is better than anything I ever signed, right here.

• 0:17Patrick Bet-David?

  You are a one of one?

• 0:18Speaker 00

  My son's right there. I don't think I've ever said this before.

• 0:25Speaker 02

  So risk averse.

• 0:26Patrick Bet-David?

  Okay, another great business show with brilliant minds in the house. Mark Moss, Snyder and Ellsworth, all in the house. Gentlemen, great to have you back. There's a lot that's going on right now. Obviously, we will cover some business stories, probably on the second half of it. But anything and everything that's going on in Iran right now is tied back to business. You got the Iranian commander threatening to fire, to set fire to ships crossing Strait of Hormuz, which is going to directly impact oil prices. We're going to look at oil prices. I'm curious to know where you guys think it's going to be going to. There's a story that came out from Bloomberg talking about Iran's missile math, $20,000 drones to take out $4 million patriots. There's a guy that made a clip making a prediction, I think two years ago.

• 1:11Patrick Bet-David?

  I don't know if you saw this Asian guy who said, you know, Trump's going to win in November. US is going to go to war with Iran and US is going to lose to Iran. Okay, he made these three claims. So he got two of them right. Listen, even if he gets two out of three right, that's 66%. But some are saying, what are they talking about? Is it the fact that they produce smaller drones like Ukraine did against Russia? Maybe we'll talk about that. Qatar shot down two Iranian planes. Can you imagine Qatar that's supposed to be somewhat of a neutral ally is now shooting down Iranian planes? And then China, there's some stories with China. I know Jeff and Mark were talking about some thoughts about China. China could face some real problems within two months of Strait of Hormuz.

• 1:53Patrick Bet-David?

  Crisis drags on because I think if I'm not mistaken, 70% of their crude oil, I believe, comes from Iran. So their relying comes from that entire area, specifically Iran. So they have to make sure Iran's going to be okay. What that means, we don't know. Will China get involved? Will they not get involved? There's some stories online that are spreading about what is going on, what is not going on. And then I want to show you a clip from BBC that shows. How many of these videos that are AI-driven videos are confusing the crap out of people? And people don't know who to believe. One of them got 17 million views. Oh my God, look what's going on. So we'll show you some of these clips from BBC.

• 2:32Patrick Bet-David?

  Which BBC, we know is not a pro-Trump organization. BBC is probably getting sued if they haven't already by Trump for what they did with that documentary where they kind of changed and cut apart of the clip. And Trump obliterates Iran's navy by sinking 11 ships, including the mothership, as Tehran's brazen lies are exposed. At the same time, while all this stuff is going on, a massive crisis, folks. I'm talking devastating crisis happened to the CEO of McDonald's. This guy chose to eat this big burger in a bite smaller than my four-year-old daughter. And Burger King's marketing team said, "Mr. CEO of Burger King, do me a favor." And by the way, I used to work at Burger King, so I don't know which one you worked at, fast food?

• 3:17Patrick Bet-David?

  I worked at BK. Did you guys work at any of these places or no, no fast food? He went and took a big bite of their double whopper, whatever it was. And everyone's taking shots at McDonald's right now. Mr. CEO Chris Kibelski, if you're gonna take a bite, take a real bite, buddy. Maybe redo the video and take a real bite of it. But anyways, that's called marketing and they capitalized. Miami Heat, apparently their phones are ringing off the hook as California billionaires look to drop nine figures on homes in 305. I believe, if I'm not mistaken,

• 3:50Patrick Bet-David?

  Mark Zuckerberg, Rob, if I'm not mistaken, just closed on his $175 million home. Small little place he got, but 175 million, 170 million dollar home in Miami. And they're moving here, guys. It's just happening. There's not much you can do about it right now. They're moving down here. Pete Hex at Snapside Reporter impressed on Trump's four-week Iran war timeline. Marco Rubio, there's clips saying, "Well, you said this. Well, you said that with Israel. Well, you said..." What do you really mean? What really happened? Maybe we'll react to that as well. And then Jamie Dimon. Typically Jamie Dimon, you never know how Jamie's gonna react. Jamie Dimon, there could be a, you know, rain coming El Nino. This is the end of times, be careful with your assets. But then there's a war going on with Iran.

• 4:35Patrick Bet-David?

  And Jamie Dimon says, this is not a big deal. Iran conflict won't be major inflationary hit. You gotta love his poise when it's a real massive crisis. And then when it's something else, he'll, he'll bring up the fear porn. Iran war prediction market bet, draw heat. And saying that this is legal. I think Khashoggi had to do something with the Khamenei as well as both of them. I think they had to do it. But we'll talk about that story. Bill Clinton was shown footage and asked questions about the massage from the girls he got and he answered. And when they said Hillary Clinton really got angry, apparently she really did get angry inside. When questioned on a few things and I'm surprised because Hillary seems like this

• 5:18Patrick Bet-David?

  major sweetheart, I can't see her getting angry, but apparently the rumors are true. She has a temper and we gotta give credit to her.

• 5:26Tom Ellsworth?

  Took time out of charity work to be in Congress.

• 5:28Patrick Bet-David?

  Cannot believe. And then Michael Saylor is probably the biggest gambler in the world. To be able to do what he does and keep his poise, this guy's either gonna end up being a trillionaire or he's gonna be a barista working at Starbucks one of these days. He wants one of those two, he's not going for the middle.

• 5:46Tom Ellsworth?

  He has to wear extra baggy pants.

• 5:48Patrick Bet-David?

  He, he, yeah, that's right. But listen, he's got brass and then maybe we'll talk about some of the stuff that's going on with Paramount. And the new leader in Iran with Ayatollah Khamenei's son emergence as a leading choice to be a successor. Some people are saying his days are numbered at any time, something could happen to this man. Okay, with that being said, I said we get right into it, guys.

• 6:12Patrick Bet-David?

  Number one is Iran's commander threatens to set fire to ships crossing Strait of Hormuz. Okay. So what are they talking about here and how much of an impact will this have on the economy? As Iranian commander threatened, an Iranian commander threatened Monday, Rob, do you have a clip of this?

• 6:32Tom Ellsworth?

  I do, it's in Farsi, just so you know.

• 6:34Patrick Bet-David?

  But does it show translation in English or no?

• 6:36Tom Ellsworth?

  I don't believe so.

• 6:37Patrick Bet-David?

  Okay, then Rob, unless if you're gonna translate it to us, we can't go to it, Rob. So I appreciate your effort. Threatened Monday to attack any ship crossing the Strait of Hormuz on a move that could choke. About a fifth of global oil supplies that will send oil prices soaring. The Strait of Hormuz is closed. If anyone tries to pass, the heroes of the Revolutionary Guard and the regular Navy will set those ships ablaze. Ibrahim Jabari, a senior advisor of the Guard's commander in chief, said in remarks carried by state media, "The waterway is the world's most important oil route connecting the Gulf." Biggest oil producers like Saudi Arabia, Iraq, Iran, Qatar, UAE.

• 7:20Patrick Bet-David?

  One of, one way for Iran to block it is to lay mines, but there hasn't been any such moves so far. The reason why this matters so much is because

• 7:33Patrick Bet-David?

  of one country, which we're gonna get to. China's the biggest buyer of crude oil from Iran, 80 to 90% of it. If they shut down a Strait of Hormuz, this is 20 million barrels a day, 1.2, 1.3 billion dollars a day, 20% of the world's oil supply. Jeff, how concerned are you about this, or is this just a bunch of tough talk?

• 7:54Speaker 02

  No, there's definitely a reason to be concerned, but you gotta realize this is Iran's only weapon. The only thing they have left is the price of oil and the leverage that they have over China.

• 8:03Patrick Bet-David?

  Nothing else?

• 8:03Speaker 02

  They really don't have, I mean...

• 8:04Patrick Bet-David?

  Not even drones?

• 8:05Speaker 02

  No, drones are a little bit, you know, of a nuisance annoyance here, but what they really have, the only pressure point that they can really use is the Strait of Hormuz. Close the gap, close the sea way, send the oil price, send oil prices higher, press China on, you know, "You gotta help us out here, man. We're really, really stuck here." It's really the only thing that they have. And the Trump administration knew that, which is why Israel went after the regime. The Trump administration went after Iranian capabilities to do this. That's why Trump keeps talking about, you know, "We sent their navy to the bottom of the sea." It's why there was news earlier, just, I mean, we were just talking about this, it just, it just broke.

• 8:49Speaker 02

  Apparently some, something off a Sri Lanka sunk a Iranian warship that was over in Sri Lanka. That is another, it's another part of the Trump administration's strategy to counter the only leverage that the Iranians have. It's, your threat is to get the price of oil to go up. By closing the Strait of Hormuz, we're gonna make sure that you can't do that. So the US, the entire US war effort, or the vast majority of it right now is to counter that one threat, because that's really the only threat Iranians have.

• 9:14Patrick Bet-David?

  Yeah, and this is the story we were talking about earlier. US submarines sinks Iranian warship off Sri Lanka, killing at least 80 and leaving dozens more injured. Tom, what are your thoughts on this?

• 9:24Tom Ellsworth?

  Well, this is the coast of India, literally one quarter of the world away. You have to go from the Middle East, all, as people look at me, all over here to India, and then you go off the side of India, and there you have it.

• 9:38Patrick Bet-David?

  Why does this matter, though? Why does it matter?

• 9:39Tom Ellsworth?

  Well, what it matters, it means, why would an Iranian-

• 9:42Patrick Bet-David?

  Can you pull up the map, Rob? Just to look at the map of what this location would be exactly?

• 9:46Tom Ellsworth?

  Yeah.

• 9:46Patrick Bet-David?

  To see strategically what incentives are.

• 9:48Tom Ellsworth?

  Why would an Iranian warship be off the coast of Sri Lanka? To escort oil tankers, to be a patrol in the area, to be there at a certain time. Now, if you zoom out on this, you're gonna see there's a channel there at India. Keep going. Now, Middle East is way over there, so you have to go all the way down here. So the fighting is way up here, and you have Iranian warship, and now take a look where you go, you're not far, you go down, and now you end up finally at China-

• 10:14Patrick Bet-David?

  The other side, Rob, the other side, the other side, the other way, yeah.

• 10:17Tom Ellsworth?

  So you could see how putting a military patrol navy boat there, Pat, could help passage of the oil you're trying to send over to China.

• 10:26Speaker 02

  Or menace it, right? You could menace any, uh-

• 10:30Tom Ellsworth?

  Or you could menace anybody else that's in the area. Instead, the US warship off the coast of India, padoop, you know, and you sink the ship. And what's interesting, what's related to this? West Texas intermedia is down a dollar today. It's holding steady. That's the oil, when Trump said, "Drill, baby, drill," that's domestic oil holding steady, 74.05. See there? Down 51%. So it was down a dollar in early trading, now it's-

• 10:57Speaker 02

  0.51%.

• 10:59Tom Ellsworth?

  There it is.

• 10:59Speaker 02

  Yeah.

• 11:00Tom Ellsworth?

  And so, guess what?

• 11:01Speaker 02

  0.68%.

• 11:01Tom Ellsworth?

  Our oil over here is staying steady. So inflationary response, big response. Oil is a global market, and there's a lot of different types of oil, as we know, the heavy crude from Venezuela, but the oil market is staying stable. And to Jeff's point, that's the only card they have, but the card, they're not playing at a table where all the world is sitting there-

• 11:20Patrick Bet-David?

  Right.

• 11:20Tom Ellsworth?

  -with a hand.

• 11:20Patrick Bet-David?

  Right.

• 11:21Tom Ellsworth?

  They're only playing with China and others. 60% of the natural gas that goes to Europe- Comes from us, United States. So it's become a much more balanced energy market. Because now that becomes sort of your sixth fleet. If you think of the five branches of the military. Your sixth fleet is energy independence and ability to be an exporter on the world stage.

• 11:41Patrick Bet-David?

  So they're saying this is the first time a US submarine shot down a, an enemy's ship since World War II. So this hasn't happened for quite some time. And uh.

• 11:53Speaker 02

  And you're talking since.

• 11:54Speaker 04

  What it shows is that, again, this is a message. Is we are taking this threat very seriously. So the reason why oil prices are down is because the oil market is saying the US is going to do everything it can to make sure that this worst case scenario.

• 12:05Patrick Bet-David?

  So they are optimistic. So that is a form of showing confidence in the fact that the White House is gonna get.

• 12:11Speaker 04

  We're sinking Iranian ships over in India. That's how, that's how serious we're taking this. We are taking this so seriously. We will take that threat to the end.

• 12:18Patrick Bet-David?

  And by the way, Rubio said it was gonna get, is this Hexa talking about it? And then Mark, I'm coming to you right afterwards.

• 12:22Tom Ellsworth?

  Yeah, he said it right at the end of that speech.

• 12:23Patrick Bet-David?

  Okay, let me hear this and I'm gonna go to Mark. Go for it.

• 12:27Speaker 05

  Their navy not a factor. Pick your adjective. It is no more. In fact, yesterday in the Indian Ocean, and we'll play it on the screen there. An American submarine sunk an Iranian warship that thought it was safe in international waters. Instead, it was sunk by a torpedo. Quiet death. The first sinking of an enemy ship by a torpedo since World War II.

• 12:52Patrick Bet-David?

  Bingo.

• 12:54Speaker 05

  Like in that war, back when we were still the War Department, we are fighting to win.

• 13:00Patrick Bet-David?

  Mark, thoughts?

• 13:02Speaker 04

  Yeah, I mean, this is high stakes poker. It's not even poker. I mean, this is real life. This is war. Um, it's, there's, there's a lot that hangs in the balance. Number one, I think about what he just said there and the stakes. I mean, sinking a ship, right? Hasn't been done since World War II. You look at what Trump said on True Social about the straits. And he said, hey, we're gonna back the ships. We'll put the insurance up, which is a whole different topic. But we will not allow the straits to be closed. That, that's like, that's, that's strong words. So, so they've, they've put the line in the sand, so to speak. But I think it's really interesting. And I think about this poker chip that he's trying to play here because as the point that you made, Patrick, China is the one that suffers the most if this oil doesn't flow to them. So the US is sort of insulated because we're the number one producer of oil in the world.

• 13:46Speaker 04

  We've got Venezuela coming online, the output has doubled down there. And we could almost just, hey, let that pain be felt by China and maybe they could influence Iran a little bit in some of these negotiations. But if we're going to open up the straits and keep the oil flowing and China doesn't suffer, then whose side are they really on, where's that pain? It's interesting. I think also, you know, to the point that he said, we're not going to allow them to slow this down, it also shows why there's a war in Iran in the first place. Because all they constantly do is threaten global markets. And Jeff and I were talking earlier before we came up here, where Trump wants to make a deal, most of the Middle East, Saudi Arabia, the UAE, they just want to make a deal, they're just business people. But Iran constantly wants to threaten global markets by shutting down the straits. You can't have that, you can't ever have peace.

• 14:31Speaker 04

  And so I think that's what's at stake here, and I think it's a bold move. If a US ship goes down over it, then it's World War III.

• 14:39Tom Ellsworth?

  Yeah. If you look over there, right before this started, the Saudis met with Iran and gave them limited assurances for certain situations. Then Iran starts lobbing semi-accurate missiles, low-grade payloads, over onto these Arab states. And now the smaller Arab states are saying, what the hell are you doing? And you've actually hit with a drone, one of the iconic hotels that's supposed to be bringing the West to the Middle East, it's safe to do business here, vacation here from Europe, you know what we're talking about, right? Doha. And so they're like, what the hell are you doing? So now the Saudis are backing the small Arab states now after giving assurances.

• 15:24Tom Ellsworth?

  So frequently, there's people that are no longer at the card table, there's very few people at the card table with Iran, and I'd like to know how they're going to keep the straits closed for an extended period of time, and I'll tell you why. On February 28th, you had American B-2 Spirit. We only have 20 of these aircraft. It's supersonic, it's lethal, and it flies in areas where there's extreme danger because it's fully stealth. On March 2nd, they were reporting that B-1 Lancers were now flying deep into Iran, deeper than we had flown, Pat, since 2003. Now, why do you fly that? It's not as stealth, but it is supersonic and has a big payload. If the B-1s are flying, it means you've degraded the defense systems on the ground that are surface-to-air.

• 16:09Tom Ellsworth?

  So, okay, and then yesterday, March 3rd, we're hearing the B-52s. It's a 50-year-old aircraft.

• 16:16Speaker 02

  Seventy-year-old.

• 16:17Tom Ellsworth?

  Seventy-year-old.

• 16:18Speaker 02

  Yeah, it's 1950.

• 16:19Tom Ellsworth?

  It's over 50 years old, Pat, and it has the radar signature of a barn door, and you can hear it before you can see it. So if the B-52s are flying, you know what that means? The skies are safe. So I'd like to know how and how long is Iran going to keep the strait closed, given what we're seeing with American air superiority right now, and what has been cleared out, and what's happened to the Navy? Exactly what are you using to keep the strait closed?

• 16:50Speaker 02

  That was yesterday. Yesterday was Iran's... They played their card. The card isn't necessarily the military. It's the threat that we're going to set some tankers on fire. Any tankers that flow through the Strait of Hormuz, we're going to hit it with a drone. The insurance carriers are going to drop anybody who tries to go through.

• 17:06Tom Ellsworth?

  Lloyd's put a 72-hour suspension.

• 17:08Speaker 02

  Right, and then there was news that other insurance carriers...

• 17:11Tom Ellsworth?

  Trump said, "Wait a minute, I'll cover it."

• 17:13Speaker 02

  So Iran played their card. Their card was, "We're going to close the Straits of Hormuz with asymmetric warfare," and just a threat of it. What Trump did, again, they had this ready. They knew this was going to be an eventuality. So Trump, at 12, was it 12:15 PM, as oil prices were skyrocketing because of the lack of insurance.

• 17:30Tom Ellsworth?

  European international prices.

• 17:32Speaker 02

  Right, so oil prices are skyrocketing. Trump comes out and says, "You know what? If insurance carriers are not going to write insurance on tankers going through Hormuz, we'll do it." The US government using, I forget the name of the program.

• 17:42Patrick Bet-David?

  Can you imagine the boldness and the confidence to say that? We'll underwrite it, don't worry about it, we got it, why? The only way you underwrite is why? Because you know what you're gonna do. And you're controlling the air. That's unbelievable to be able to say that. And like, where you were going, if you want to finish your thought, and then I'm gonna show the clip, go ahead and finish your thought.

• 17:59Speaker 02

  The thought is the Trump administration understands their role here is to guarantee that this is going to work, that they can continue to keep the straight off of moves open. We don't have to worry about the fallout, which is all you ever heard about attacking Iran with, they're gonna straight, they're gonna close the straits, and oil prices are gonna go to $500 a barrel.

• 18:18Speaker 04

  But Jeff, again, what I was saying earlier about, but China suffers the most, so why would Trump want to keep the oil flowing instead of putting some pressure on China to help them in this situation?

• 18:27Patrick Bet-David?

  You remember, he's meeting with them, I think they're having a meeting sometime this week, is it this week or next week?

• 18:32Speaker 02

  It's also, it's, you're putting pressure on China, but also at the same time, you're not directly harming China.

• 18:37Speaker 04

  Right.

• 18:37Speaker 02

  You're not directly.

• 18:38Speaker 04

  But I'm saying by guaranteeing, you're sort of helping China, so he could say, hey, we got plenty of oil, we don't need, go ahead, shut it down.

• 18:44Patrick Bet-David?

  There's two things, so the consequences, you have two things in my opinion. One is, if this is a prolonged war, which Iran can do, like it's a negotiation, the other side's like, I got time, me too, let's go.

• 18:54Speaker 04

  Yeah.

• 18:54Patrick Bet-David?

  Say the other guy only has six months left, I got 22 months left. By the fifth month, he's panicking, then he says, hey, let's do a deal, alright, let's do a deal. I think if he, if this drags on, if you got China or American voters at midterms, he's gonna go here. He's gonna choose this one. So to me, I don't think they want to prolong war, although, while this is taking place, you guys saw what JD said yesterday, he says, look, he can go months, this can be a six-month war, this can be a 12-month war, this can be, the president has the ability to go as long as they want. And then, Hexet was being pushed on, you guys said this is gonna be four weeks, this is gonna be four weeks, so well, listen, can you go to that, Rob? Is this the one about the four weeks? Yes, sir. Where he jumps in? Yep. Okay, go for it.

• 19:36Speaker 05

  Question about about four weeks. It's the typical typical NBC sort of gotcha type question. President Trump has all the latitude in the world to talk about how long it may or may not take. Four weeks, two weeks, six weeks.

• 19:47Patrick Bet-David?

  Yeah.

• 19:47Speaker 05

  It could move up, it could move back.

• 19:49Patrick Bet-David?

  Good job.

• 19:50Speaker 05

  We're going to execute at his command the objectives we've set out to achieve. And what he has shown ability to do that other presidents can't quite seem to have the aperture to do. I mean, Joe Biden didn't even know what he was doing. Is to look for opportunities and off ramps and escalations for the United States that creates new opportunities to execute what we need on our own timeline. So you can play games about four weeks, five weeks. He has all the latitude and I'm glad he does because there's no better communicator than our president expressing those things. I've been in meetings with the president for the last two and a half days. We know exactly where his headspace is and he will communicate as he should exactly what he would like and we will follow those orders. And I think he everything he said on that is right down the middle.

• 20:34Patrick Bet-David?

  There you go. So the concern becomes how long it goes. They argue, there's a part of me that says they have to say, we'll go three months, six months, 12 months. I think they're only talking to, they're talking to two people when they say that. They're talking to Iran and they're talking to China.

• 20:48Speaker 05

  Yep.

• 20:48Patrick Bet-David?

  I don't think they're talking to the voters. They know the voters are going to get angry on Twitter, on YouTube, on X and all. I cannot believe this is going to be another Iraq. They're like, that's noise. We'll handle you, you know, folks and media that are going to bitch and moan all this. My mindset on what they're thinking.

• 21:04Speaker 05

  Yeah.

• 21:04Patrick Bet-David?

  But they're like, let us make Iran and China think we can go a minute. Now, watch this. Story about US sinking Iranian, 11 Iranian Navy ships. Rob, is this the story?

• 21:13Speaker 05

  Yes, sir.

• 21:14Patrick Bet-David?

  Go for it.

• 21:16Speaker 06

  Now stands at six. US Central Command shared this video as well of an Iranian ship being absolutely obliterated. The US has sunk 11 Iranian ships. Defense officials tell Fox Iran only has small boats left, but still could mine the Strait of Hormuz. Iran says it's closed. The US says it isn't. Meanwhile, three American fighter jets got shot down accidentally by Kuwaiti air defense today. All six American pilots are okay. The incident is under investigation. Iran also continues firing on American bases all across the region. The smoke you see here though, Sean, is rising from the US Embassy in Kuwait today. Also tonight, the US Embassy in Saudi Arabia got hit by two Iranian Shahed drones.

• 22:00Speaker 06

  Thankfully, nobody was injured as Iran not only targets civilian infrastructure, but now also oil and gas infrastructure, Sean.

• 22:08Patrick Bet-David?

  Yeah.

• 22:09Speaker 06

  Send it back to you.

• 22:09Patrick Bet-David?

  Tom, if you wanna, if you wanna give some thoughts on what happened with Kuwaiti.

• 22:12Tom Ellsworth?

  The Kuwaiti thing is really annoying. Uh, let me remind everybody that Iraq invaded Kuwait and basically pillaged it of all resources. Saddam Hussein did. And who came over there was the USA and George Bush Senior to re-liberate Kuwait. Say what you will about the ancillary activity, but we went over and liberated Kuwait after that. And so the Kuwaitis carelessly, remember, if we're flying over Kuwait, we are now flying back toward the Gulf area away from the engaged conflict. So you're coming back, you're empty, you've dropped your payload, which is bombs. You're coming back in and you're not expecting radar signature to be coming over Kuwait, which is supposed to be a friendly place while you go back to the carrier or the base.

• 22:55Tom Ellsworth?

  And the clumsy Kuwaitis shoot down three of it. Praise God, our six pilots are okay, but come on, guys, we saved your ass. You gotta be a little more careful.

• 23:04Patrick Bet-David?

  So how do you do that, though? What, how do you?

• 23:06Tom Ellsworth?

  You're just.

• 23:07Patrick Bet-David?

  You're not training them to say, guys, what are you doing? This wasn't, by the way, do you have the clip of one of the pilots being approached? It's like, no, no, no, I'm American, I'm American. Have you guys seen this clip?

• 23:14Tom Ellsworth?

  Then the people backed off, thank God.

• 23:15Patrick Bet-David?

  The people did back off, but it was an interesting scene to say, how do you make a mistake like that? You can't, thank God, those guys, nothing happened to them. Rob, is that it?

• 23:23Speaker 06

  Yes, sir.

• 23:23Patrick Bet-David?

  Go for it.

• 23:24Speaker 07

  You're fine? Really? You need something to help you? No problem, you're safe. You're safe, you're safe. Everything good? No problem. Thank you for helping us. Everything.

• 23:42Patrick Bet-David?

  Is this the female pilot? Who?

• 23:45Tom Ellsworth?

  Yeah, I think that's a female.

• 23:47Patrick Bet-David?

  Is that not amazing? Can we give her credit? Like, what's her name, Rob? What is her name? I mean, we gotta recognize people like this. What a freaking amazing...

• 23:58Tom Ellsworth?

  She's carrying-

• 23:58Patrick Bet-David?

  Did you see how poised she was? Hey, let me explain to you guys. Think about the worst thing that happened to you last 12 months. Imagine you're on a jet. You're in enemy territory. They shoot you down accidentally. You land and you're smiling. "Hey, no, I'm good. Can I get some coffee?" Like, what an attitude to have. What is her name, Rob?

• 24:14Tom Ellsworth?

  I don't know if they've released her name.

• 24:16Patrick Bet-David?

  Wow. I mean, whoever you are, hey, thank you for your service. What an honor to have women like this that are this tough, that are willing to serve. Great example.

• 24:26Tom Ellsworth?

  And restraint. She's carrying a 9mm with 2 or 3 magazines.

• 24:31Patrick Bet-David?

  Didn't do anything with it to come out.

• 24:32Tom Ellsworth?

  Nope.

• 24:33Patrick Bet-David?

  So, so let me, let me go to another part. Let me, let me go to another part about what we're seeing, because one of the clips that is, you know, going viral on X, and I'm curious to get all your thoughts, is Marco Rubio and a comment some of the media members are asking. The 2 clips, Rob. The, the, the one that shows him saying, uh, um, "Do you know which one I'm talking about? Hey, is this because of Netanyahu? Is this because of Israel?" And then, you know, there's a, they're, they're both on the same... What I'm trying to say is like, they're, they're on the same page, Rob. Okay, so if this is one of them, uh, let me see if this is one of them. No, Rob. This is not one of them. Their place, refuse to listen. You can play this clip. You can play this clip. Because Rubio right now is on fire.

• 25:16Speaker 08

  I'll explain to you guys this in simple English, okay? Iran is run by lunatics, religious fanatic lunatics. They have an ambition to have nuclear weapons. They intend to develop those nuclear weapons behind a program of missiles and drones and terrorism that the world will not be able to touch them for fear of those things. And this is the weakest they've ever been. Now is the time to go after them. The president made the decision to go after them, take away their missiles, take away their navy, take away their drones, take away their ability to make those things, so that they can never have a nuclear weapon. That's why the president made this decision. It was the right decision, and the world will be a safer place when these radical clerics no longer have access to these weapons. Imagine how they would use them a year from now if they had more of these.

• 25:58Patrick Bet-David?

  So Rubio is front and center right now. And by the way, yes, two days ago, when he did the 12-minute message that everybody was talking about, at the end of it, he says, if you think this was bad, wait till you see, go to the last 30 seconds of that, the one you just had, Rob. I actually have that. I pulled that separately. Okay, wait till you see the hardest part is coming. Is this it? Yes, sir. Go ahead, Rob.

• 26:21Speaker 08

  No, not at this time. I mean, look, we always have people that reach out from inside of governments. You don't know if they're authorized to reach out or not. They're suffering a tremendous amount of damage. Honestly, again, I'm not going to give away the details of our tactical efforts, but the hardest hits are yet to come from the US military. The next phase will be even more punishing on Iran than it is right now. Someone was screaming, how long will it take? I don't know how long it'll take. We have objectives. We will do this as long as it takes to achieve those objectives, and we will achieve those objectives. The world will be a safer place when we're done with this operation.

• 26:52Speaker 09

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• 28:23Patrick Bet-David?

  Yeah, that's crazy when you're hearing that, but how are you thinking, Mark? I'm gonna show that clip on what you just showed, Rob. Mark just showed me something about Iranians' missile stockpile versus US interceptor capacity. If you can post that, I think Rubio posted that. Mark, where are you at with what Rubio is doing right now?

• 28:41Speaker 04

  Yeah, I mean, what Rubio is talking about is just a preemptive move to take somebody out when they're weak. And what he's talking about is religious fanatics. And so, you know, Trump wants to make a deal, most of the Middle East wants to make a deal, the UAE wants to make a deal, Dubai, obviously Saudi Arabia, but then we have in Iran these religious fanatics who don't want to make a deal and they're irrational actors. The problem that he's talking about is they're the weakest that they've ever been because of some of the pre-strikes that we saw from Israel already. But even bigger than that, you know, talks of the enriched uranium, 60% already getting close to the 90%, way above the 20% threshold they would ever need. But the chart I was just showing you, Patrick, is their ability or their production of ballistic missiles, and it's going up in a parabolic, like hockey stick type move.

• 29:25Speaker 04

  And our ability to intercept those missiles is not going up at that same rate. And so the problem is, right now, we're like, sort of matched, but they're in the hockey stick growth, if we can pull that chart up.

• 29:36Patrick Bet-David?

  Iran is.

• 29:37Speaker 04

  Iran is. And the problem is, if we don't go now, then every day...

• 29:41Patrick Bet-David?

  Can you text that to me, I'll send it to Rob.

• 29:42Speaker 04

  Yeah, every day we wait, we get further and further behind. So it's like, if we see this as a significant threat down in the future, you know, would we rather get them today or try to have a much bigger war in the future?

• 29:56Speaker 02

  Well, they keep referencing missiles. I mean, everybody wants to focus on nuclear weapons, but what I hear constantly is missiles, ballistic missiles, ballistic missiles, ballistic missiles. So that's exactly what the administration is thinking. It's not necessarily about nuclear weapons. And the other part about the weakness, too, is the Iranian government is probably at the weakest it's ever been, too, given the uprising.

• 30:14Patrick Bet-David?

  But are you saying that the longer it goes, it's worse for US? Mark, is that what you're saying?

• 30:20Speaker 04

  Well, yeah, definitely, because like what this chart is showing, I just sent it to you right here, is that their Iranian missile stockpile capacity is going up in a hockey stick, but our ability to intercept these, so we talk about this asymmetric warfare where they have the cheap drones, $20,000 drone, we have to send a $4 million missile at it. And so the problem, there we go, there's the chart right there. You can see here we are 2025, 2026, but look if we wait till 2027 or 2028, we're way off sides on this. And so right now, we are somewhat evenly matched, maybe a little bit behind based off of this chart right here. But you could see every year we wait, it just gets harder and harder and harder. That's not even counting the enriched uranium that they have. And so if they do get that uranium from 60% to 90% or whatever that level has to be, I mean, then we're really behind.

• 31:02Patrick Bet-David?

  Tom?

• 31:03Tom Ellsworth?

  Yeah, you have to, you have to look at the, you're exactly right, Mark. And so this was the time to do it, and here's why. As this stockpile of increasingly lethal, increasingly accurate missiles for Iran grows up, now you have, you cannot checkmate them in a ground situation, and they neutralize your ability to sanction them, and they neutralize your ability to stop them. While in the background, they're wrenching the uranium, and then they become a nuclear power. And when that, so the missiles here creates a checkmate, and then they're able to become a nuclear power in the background. You can't let it happen. And what Rubio said is we're going after their missiles and their ability to manufacture them.

• 31:45Tom Ellsworth?

  So that's why you have all these secondary and tertiary sites, and people say, wait, there's no base there. There's no base here. That's armchair quarterbacking by Reuters and BBC, because they don't understand that what's being hit is manufacturing facilities, Pat. They're hitting surface-to-air missile locations, radar locations, actually in order, radar, surface-to-air, airstrips, aircraft, then military bases, and finally, now you get into the manufacturing. And then you also... You know, you you hit the boat over there by Sri Lanka to remove the Navy. But this is the problem. If those missile stockpiles have been allowed to increase, they hold the cards and it's harder to get them to stop.

• 32:25Patrick Bet-David?

  I want to show this. I want to show this and get your reaction, Jeff. So shout out to Breaking Points. They did a great interview with Professor Jung. Those guys do a great job. Crystal and Sagar, they won the bigger podcasts out there in the world. They interviewed Professor Jung. This is a prediction he made in 2024 that everybody's talking about right now. This interview got a few million views. And everyone's saying, why would he make a prediction like this? Go ahead, Rob.

• 32:54Speaker 12

  So in this class this semester, I'm making three big predictions, right? First is that Trump will win in November. Second is that

• 33:05Patrick Bet-David?

  This is 2024.

• 33:07Speaker 12

  The United States will go to war against Iran. And the third big prediction is that the United States will lose this war, which will forever change the global order.

• 33:21Patrick Bet-David?

  So what do you think about what he's saying? For him to say, why would somebody in 2024 make a prediction? Does it go back to the stockpile? Is he is he talking about? Because his his argument, I believe, what he's saying is they're going to use the small little drones to destroy multi multi million dollar properties versus their drones cost them $1,000 to make. Tom, are you concerned as much as what he's saying here, the professor?

• 33:43Tom Ellsworth?

  Well, I I think many people made those three predictions. Yeah. And I think what you're seeing here is a multi-point effort against Iran. Also, in the midst of this, so US will lose the war in Iran. Who's moving an aircraft carrier to the coast this morning? France. Why?

• 34:04Patrick Bet-David?

  I saw that.

• 34:05Tom Ellsworth?

  Because if our bases are hit and our assets are hit, regardless of who started it, we've never invoked the NATO article. We've never gone to the podium and saying, we hereby call you to support and respond according to the NATO article. And the article is, one attacked, all attacked. And so Europe is very, the NATO players in Europe are very, very nervous right now. That even though, well, sort of you and Israel started it, but they're attacking you. Ugh, gosh, don't pull us into this. So Macron, no friend to Trump's right now.

• 34:41Patrick Bet-David?

  No.

• 34:42Tom Ellsworth?

  An ally economically, but certainly not a buddy of Trump's, orders France's nuclear-powered aircraft carrier to move to the Mediterranean. And so you're seeing the rest of the world here, and I think this is well orchestrated. I don't think point three is going to come true at all, because I think everybody knew the risk of point three coming true, and that's what you're seeing here.

• 35:04Speaker 04

  I would say that those three predictions were not that hard to make. And the reason why I say that, number one, I mean, after we had President Biden here and we saw who was running against Trump, Kamala, I mean, Trump seemed to be a pretty easy pick. I think the deep state was maybe throwing a little bit into the mix, but I mean, Trump winning was obvious, number one. Number two, would he attack Iran? Well, I mean, Hillary Clinton, you saw that news or that video clip surface in 2008. She said, if I'm elected, I'll attack Iran. And we understand in his first term, he put heavy pressure in Iran. So Obama had given him pallets of money and had eased the negotiations on nuclear weapons. Trump went full court press on them, of course, then when Biden came in, he pulled all that back again. So you would realize that if Trump came back in, the first thing he's going to do is go back after them again. So I think prediction number two.

• 35:47Speaker 04

  As far as prediction number three, what I would say is because during the Ukraine-Russia war, many commentators that I follow were talking constantly about the US's losing that war against Russia. We couldn't produce the munitions for Ukraine to fight back against Russia. And so the world just saw the US lose. A lot of people said that. So I'd say those three predictions, as you said, a lot of people made those predictions. They weren't that hard to make at that time. But what does losing to Iran even mean? And so I think what happens, again, Trump wants to make a deal. This is going to be negotiated out. Some deal, looks like this morning Iran's already floating the deal out there, which is why markets are up this morning. We haven't talked about that. But I think there's going to be a deal made. Both sides are going to say they won. And so his prediction is gonna come true. Oh, Iran won. Yeah, from what lens?

• 36:33Speaker 02

  That's really the important point, isn't it? What are we actually talking about here? What is it the US is actually trying to accomplish?

• 36:39Speaker 04

  Right.

• 36:39Speaker 02

  You know, how can we lose a war if we don't really know what we're trying to do?

• 36:42Tom Ellsworth?

  What do you think they're trying to accomplish?

• 36:43Speaker 02

  Well, they're trying to accomplish here is, as I keep saying, this is Cold War II. This is bigger than just Iran.

• 36:48Speaker 04

  Yeah.

• 36:48Speaker 02

  Not that Iran is not a big thing, but this is bigger than just Iran.

• 36:51Speaker 04

  That's the point right there.

• 36:52Speaker 02

  You know, we've talked about this before, Pat. Panama, Venezuela, Iran, Cuba is next. Greenland. The Trump administration is executing a strategy. They're doing it exactly, one by one, and it has to do with China encountering China. And by the way, where are the Chinese? Where are they in all this?

• 37:11Speaker 04

  Yeah.

• 37:11Speaker 02

  I think the Chinese are stunned. They are absolutely stunned by the fact that the Trump administration had the cojones to do all these things, and they don't know how to effectively counter it, because what is Trump really doing? He's going to all these Chinese allies and saying, "I'll take you out. Beijing ain't gonna help you. You're on your own here."

• 37:27Speaker 04

  Yeah. And you brought up the point about NATO and bringing NATO into this, but Iran has a deal with Russia. And Russia's supposed to be defending Iran.

• 37:36Speaker 02

  So did Venezuela, right?

• 37:37Speaker 04

  But they're standing down.

• 37:38Tom Ellsworth?

  Comrade, I'm busy at the moment.

• 37:39Speaker 04

  Yeah, they're standing down. And so we're seeing that their potential allies are standing down. NATO allies will stand up, and so, yeah, I think Jeff has the bigger picture, right? I think a lot of people just say Israel, Israel, Israel, but they don't understand the bigger picture. Lock down the Western Hemisphere. If you look at the sequence of orders, first, close the borders, then get the dangerous criminals out of the US. Secure the homeland, number one.

• 38:03Speaker 02

  Yep.

• 38:03Speaker 04

  Then go after Venezuela, which was a big piece, not just for oil, of course, but obviously with Trent Diagua and all of that that we have potentially there. Then you move over to Iran. It's very sequential. If you look back, right, we're really in a, also, we're in a technology race with China, right? So they keep threatening the rare earth elements. And so this is like the bargaining chip. So Trump wants to cut them off from our high-powered chips. They want to come back and they want to take away our rare earth elements, which of course we need. And as much as we need technology in the race to AI...

• 38:33Speaker 02

  You need oil at the end of the day and China is dependent on the world for oil. So if we can restrict the oil, we have the biggest bargaining chip. And now we have a level playing field and I think Jeff is right with that.

• 38:45Patrick Bet-David?

  And by the way, what a great move for them to go take out Venezuela. Like imagine if they did it the other way around.

• 38:51Speaker 02

  Yeah.

• 38:51Patrick Bet-David?

  So imagine they go Iran first and Venezuela second. No, let's take out Maduro first. We have control the oil here. Now let's go there. So if China wants oil, you got to come through us. And if you don't get it through Iran, because I think it's like 80% of the oil that they get, they get from Iran, puts them in a tough place. But the part I do want to show you, because online social media guys are reacting to it. This was the clip of Rubio that they're saying, look what happened. The messaging changed within 24 hours. One is March 3rd, the other one is March 2nd. Go ahead, Rob. And this is Midas Tuck.

• 39:21Speaker 13

  You told us that Israel was going to strike Iran and that that's why we needed to get involved. Today, the president said that Iran was going to get.

• 39:29Speaker 08

  Yeah, your statement is false. So that's not what he... I was asked very specifically, were you there yesterday?

• 39:32Speaker 13

  Yes, I asked a question.

• 39:34Speaker 08

  And so the president made the very wise decision. We knew that there was going to be an Israeli action. We knew that that would precipitate an attack against American forces. And we knew that if we didn't preemptively go after them before they launched those attacks, we would suffer higher casualties and perhaps even higher those killed. And then we would all be here answering questions about why we knew that indeed.

• 39:54Patrick Bet-David?

  Jeff, how do you react to this?

• 39:56Speaker 02

  Yeah, I... Look, there's more going on here than people keep giving them credit for. You know, it's tough to make statements like that to begin with when you're under pressure. I mean, he's responding to a specific question. Again, I think, you know, as Mark and I were talking about, it's somewhat of a distraction. This is not really about Israel. Israel and the US have a strategy that they're developing and they're a game plan that they're following specifically to deal with the Iranian threat. And the US is using that as leverage in their bigger Cold War strategy against the counter China, Russia and the other side. So, you know, focusing on Israel here and making it seem like we're just falling along with Israel is just missing the point, totally missing the point.

• 40:38Patrick Bet-David?

  Yeah, and it's interesting you say this because there's an old clip of MBS being interviewed where she asks him about Khamenei. Have you guys ever seen this clip? Here's a clip of MBS being interviewed and she asks and makes a comment. She says, "Wait a minute, is this really how you view Khamenei? Look what he says about Khamenei." Go ahead, Rab.

• 40:59Speaker 14

  Seen that you called the Ayatollah Khamenei the new Hitler of the Middle East.

• 41:03Speaker 15

  Absolutely.

• 41:05Speaker 14

  Why?

• 41:07Speaker 15

  Because he wants to expand. He wants to create his own project in the Middle East, very much like Hitler, who wanted to expand at the time. Many countries around the world and in Europe did not realize how dangerous Hitler was until what happened, happened. I don't want to see the same events happening in the Middle East.

• 41:21Speaker 14

  Does Saudi Arabia need nuclear weapons to counter Iran?

• 41:25Speaker 15

  Saudi Arabia does not want to acquire any nuclear bomb. But without a doubt, if Iran developed a nuclear bomb, we will follow suit as soon as possible.

• 41:33Speaker 14

  Seen that you called...

• 41:35Patrick Bet-David?

  It's crazy when you think about it because Saudi, pre-79, had a decent relationship with Iran. Under Mohammed Azza Shapali. And now, who knows them better? Who knows Khamenei better? Who knows the IRGC better? Social media influencers? Mainstream media folks? Or MBS? Right. Who do you think knows them better? Of course, a guy like this does. So why do you think they're sitting there saying, "They're not allies. We're not working with them. We're not gonna..." And by the way, FYI. Just so everybody knows. This is the part that, for some, it's like, "Well, you don't even know that it's because of this. He's bad. He's this. It's a business deal. It's that deal." By the way. If Iran is set free and the sanctions are lifted and they can do business with the world,

• 42:20Patrick Bet-David?

  Saudi takes a hit from business. Because there's a new competitor in town. I don't know if you understand what I'm saying. The bearing... Now you have a massive oil supplier that can sell to everybody. You think Saudi wants Iran economically? They're now... And so imagine if Iran opens up, it becomes free. They start building towers. They start doing concerts. They start doing events. You know, people start going there for vacation like they used to in the 70s, way before Dubai. What does that do to Saudi? That's a new competitor. Why would he want the regime to fall? He wouldn't want the regime to fall. Yet he still does? Yet they're still supporting? Why are they still supporting? There's a lot of questions that comes up when you think about what's going on there. But what are your thoughts when you see what MBS said about Khamenei? Survival.

• 43:05Speaker 02

  Like you said, Saudi Arabia doesn't lose everything, but they lose quite a bit with Iran being a functioning state and a competitor. However, survival comes first. And he understands the threat more than anybody else does because he's got to live next door to them. He's seen it up close and personal. I mean, we've seen it before. So it really is a matter of this is just way too friggin' dangerous to just not, to just sit here and do nothing. And as Mark, that chart was absolutely fantastic, by the way, because it actually does put everything into the right context. Everybody said, "We gotta do this and we gotta do this now because if we wait any longer, it gets to the point where action becomes catastrophic."

• 43:45Speaker 04

  I think a bigger piece that has to be taken into consideration is that we, a lot of us, sit here and think about this from a rational mindset. And so the whole thought during the Cold War, Jeff referenced Cold War 2.0, but in the Cold War, it was mutually assured destruction. It was rational thought. If you can kill me and I can kill you, then we have a standoff and we have peace. But that only works with a rational actor. When you have an ideological actor whose actual goal is to die in war, they would rather die in war.

• 44:15Speaker 02

  And take as many people with them as he can.

• 44:16Speaker 04

  Then it changes the whole thing and you have to take that into consideration.

• 44:19Tom Ellsworth?

  You're so right because they do not have a constitution or something they want to stand on. They have a suicide pact with an ideology. And their ultimate outcome is the destruction of anything that is not aligned with that. And then ultimately, they believe in this end game. And so you look at it, you wait a minute, you don't really believe in a happily ever after. Your form of world domination tightens the noose until the, until the Shiite question is eventually solved. Because the Sunni Shiite question is the last question and that is the last war of Islam. When everyone else, but remember, it's first the Christians, then it's the Jews, then it's the neutral, then it's the people that stayed even more neutral.

• 45:04Tom Ellsworth?

  It's like the old poem that was, that talked about Germany. "These people did something and I did nothing. Then these people did something, finally at the end they came for me and I did nothing." That is exactly the path they're on. It's a suicide pact with the future. And then at the very end, what most of us don't know, the Sunnis and Shiite fight the final war to see who wins. Right? Which if you want to go back and look at, that was, how many years was that? Between Iraq and Iran, the 10-year war, wasn't it?

• 45:33Patrick Bet-David?

  10-year war.

• 45:33Speaker 04

  80 to 80.

• 45:34Tom Ellsworth?

  Yeah. It's like, you, why, so this, this is such a great point about the rational actor. So what do you have to do? You have to defang every part of the rational actor and put them in check. And the way you put it in check is you somehow have to move the clerics out and then move others in. Remember the subway bombings? The young men that died in those subway bombings were radicalized to the point of committing suicide by the radical clerics that were north of London. That is, look at it. That's the way it works.

• 46:09Patrick Bet-David?

  That page, the one that once I give you, that's my denim, yeah.

• 46:12Speaker 02

  Well, I think, the other thing too, Tom, is, um, you know, we were talking about this too a little bit, Mark. You know, Maduro, Venezuela was pretty easy, relatively easy, because it was not an ideological state. It was basically a criminal organization. You take out the top, everybody's mercenary, who am I going to get paid by? That's done. The point you're making is-

• 46:30Tom Ellsworth?

  And they were nearly bankrupt, they didn't have a modern army.

• 46:32Speaker 02

  They didn't have anybody to pay them anyway. Iran is different because, um, there was this Israeli, I think it was an intelligence operative, I can't remember where I saw the clip, he's talking about, "We're not interested in regime change in Iran. We're interested in collapsing the regime."

• 46:45Tom Ellsworth?

  Right.

• 46:46Speaker 02

  Which is a huge statement, it's exactly what you're saying. You can't just change the Ayatollah, because the next Ayatollah, like you're talking about with Khomeini's son, he's going to be probably worse than the last one. You have to collapse the entire regime because you're rooting out an ideology-

• 47:00Patrick Bet-David?

  What's the difference? The average person that's asking, Jeff, what do you mean? It's still a regime change, what's the difference?

• 47:05Speaker 02

  Well, collapsing the regime means taking out the ideology and handing it over to somebody who's outside of that ideology. So you can't just get the next guy in line, like in Venezuela, because they're, they're, they're acting irrationally, as Mark's saying, because they're, they're, they're a full believer in this Islamic takeover, the Islamic, you know, end state.

• 47:24Speaker 04

  What I would say, there's a little nuance to that, though, because I feel the Trump administration's been pretty deliberate by saying, "We're not going for regime change." If we get regime change, great, but we're not going for that. Of course, he's saying, "Hey, you know, Iranian people, rise up and take your country back" and things like that. But, uh, what Tom said is defang the regime. So, hey, if we get regime change, okay, we get regime change, but how about we just defang them? How about we take away their ability to go attack the world and have these nuclear weapons? And if they stay, they stay. If they, if they change, they change. That's not the goal, the goal is the defanging.

• 47:56Speaker 02

  Don't you think, deep down, though, they're on board with the Israelis? If the Israelis... The way I see it is, the partnership here is, Israelis are going after the regime, trying to collapse the regime, and the US is, first of all, trying to protect their economic interests, but also supporting Israel by saying, "Look, you guys take care of the regime, you know, you target where the clerics are meeting to pick the next Ayatollah. We'll take care of all the rest of the stuff, so that you guys can do that, and we'll do this." And, in the end, if it works, it works really well.

• 48:25Patrick Bet-David?

  The chart you show is very important. The reason why the chart is important that you show with the missiles and the interceptors, Rob, if you can send that to me as well, so I have it. Reason why it's important is, if you don't, it's like, you know, it's like when, Tom, when you guys sold, jammed that for $680 million in '04, right? And you were there, and you remember the negotiation is like, "So why are you paying $680 for it now?" The answer was what?

• 48:47Tom Ellsworth?

  Mary Probst said, "I don't want to pay a billion next year."

• 48:49Patrick Bet-David?

  That's right. "I don't want to pay a billion next year, so I'll pay $680 now versus a billion next year." So if you don't attack now, and this keeps climbing, the longer you delay to do this, eventually, you're gonna be like, "We can't do nothing, so we have to just tolerate them." So there's an element of urgency for getting that done now, rather than waiting for what could happen next. I do want to go to a couple of things, and then we can get off the topic and go to a different topic. Here's what the president was asked about, the next president, right, on what's gonna happen with Iran. There's two clips I want to play. This is about whoever becomes next is gonna get killed, and then we'll go what he said about Rezab Alavi. Go ahead, Rob.

• 49:27Speaker 16

  ...right, that could happen. We don't want that to happen. It would probably be the worst. You go through this, and then, in five years, you realize you put somebody in who is no better. So we'd like to see somebody in there that's gonna bring it back for the people. And we'll see what happens with the people, you know? They have their chance, and we've said, "Don't do it yet. If you're gonna go out and protest, don't do it yet. It's very dangerous out there. A lot of bombs are being dropped." But I always say that would be about the worst.

• 49:56Speaker 17

  Do you have someone in mind right now? Because you've said all the people you did have in mind have been taken out. What do you think about...

• 50:02Speaker 16

  Well, most of the people we had in mind are dead. So, you know, we had some in mind from that group that is dead. And now, we have another group, they may be dead also.

• 50:14Speaker 16

  Based on reports.

• 50:15Patrick Bet-David?

  Can you go to the Reza Pahlavi question? He loves saying that. They're dead. The way he says it, it's lots of enthusiasm. Go ahead. My daddy is dead.

• 50:28Speaker 16

  I guess he is. Some people like him, and we haven't been thinking about too much about that. It would seem to me that somebody from within might, maybe would be more appropriate. I've said that. He looks like a very nice person. Uh, but it would seem to me that somebody that's there, that's currently popular, if there's such a person. But we have people like that. We have people that were more moderate. You know, these were radical lunatics. And you know what they get? They get nothing. All they do is kill people.

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• 52:33Patrick Bet-David?

  Jeff, what do you think about what he said here?

• 52:34Speaker 02

  I think, look, it goes back to what we're talking about here is that if we're gonna do this, let's do this, right? If we're gonna do this, you know, let's not do a bunch of missile strikes and take out some capacity, then have to do this four or five years from now. That was the lesson from the Gulf Wars. You know, if we're gonna do this, let's do it right. I have to believe that he has something in mind. This is not just, hey, let's just hope that Iran, the Iranian regime collapses on its own, under its own weight, and that somebody just magically shows up, you know, a Cicero or Washington or something just shows up and everything works out. I have to believe because they are executing a strategy, both a big-picture strategy as well as a smaller-picture strategy, that they have something in mind for what comes next.

• 53:19Speaker 02

  I believe it has to do with a popular uprising too, because they keep saying, look, now's not the time to protest. Wait. Wait for what? They have something in mind. We'll tell you when the time comes, that the regime is on its last legs, you guys rise up and take it. That's the optimistic scenario. I hope that's the case, and I think that there's probably a reasonable chance that it is.

• 53:39Tom Ellsworth?

  You know, for most people that don't know their history, they know that we had the Cuban Missile Crisis. What most Americans don't know is from about 1940 to 1950, there was 10 years that there was a democratic government and system in Cuba. Was it corrupt? Yes. Were there problems? Yes. Were there assassinations? Yes. But it wasn't Castro. And then this guy shows up, I think it was 1950 to 1959, Batista. And it was even more corrupt, and it got weird. And it opened the door for the revolution in 1952. And what do we get? Fidel Castro, forever. And that's exactly the lesson here. The lesson here is that, you know,

• 54:21Tom Ellsworth?

  think of that time in Cuba, 1940, 1950, as Iran before 1979. And if you're not careful... During like Batista with the Ayatollah, you get what you get and it goes a hell of a lot longer than you think. So if we're gonna do this, we need to do it. And it's not just regime change, it's regime collapse. What happened was Cuba's government, even though it was corrupt and cumbersome, it collapsed. And now you had a long-term military dictatorship with no economic help for the people. And we all know how it ends. So right now, you can't just, you know, as Clinton did, throw a couple cruise missiles into Bosnia and say, see? What do you think of that? You gotta go in there and you gotta remember that? Yeah. Yeah, we dropped cruise missiles in Bosnia.

• 55:05Tom Ellsworth?

  That did what? How many barns were destroyed? You didn't change anything. And Bosnia and Herzegovina and all the horrible genocide that was going there continued. You have to finish the job and open the door for the people to establish new, not regime change, I like what you're saying, regime collapse, to bring back the glory. And by the way, people are gonna think I'm crazy. Look at the pictures, look at the film. Bring back the glory of Iran from 50 years ago that stopped 47 years ago. Go look at that. That could be brought back.

• 55:38Speaker 02

  Maybe loss in all this is that there is that optimistic scenario. Again, the Trump administration to me seems to be playing like a trader. We talked about this, Mark. Asymmetric bets. Asymmetric bets.

• 55:48Patrick Bet-David?

  Trade, trade, not trader.

• 55:50Speaker 02

  Yes, a trader, not traitor.

• 55:52Patrick Bet-David?

  D. And I wanna make sure the audience gets to it.

• 55:54Speaker 02

  Thank you for clarifying that.

• 55:55Patrick Bet-David?

  Both have been, yeah.

• 55:56Tom Ellsworth?

  There are those two.

• 55:57Speaker 02

  Yeah, but no, a trader, which, a trader, a good trader looks for asymmetric bets. They hate, they, they'll take risk if the upside is absolutely huge. And a free Iran is an absolute, it is worth the gamble, I think. I think that's what the calculation, look, it's, the downside is really bad, the upside is really good, we think we can do it with, Israel's a partner, and I think that's what's taking place.

• 56:19Patrick Bet-David?

  Yeah, and I, and I think the temperatures are gonna go even higher as this extends. Noise is gonna get higher as it extends.

• 56:24Speaker 02

  Markets are gonna be volatile.

• 56:25Patrick Bet-David?

  Markets are gonna be volatile, you know, be, be, and we'll get into that here as well.

• 56:30Tom Ellsworth?

  This morning, they're green.

• 56:31Patrick Bet-David?

  What, what Joe Lonsdale.

• 56:32Speaker 02

  Big time red.

• 56:33Patrick Bet-David?

  I had Joe Lonsdale on last week from Palantir, and he said something very interesting about do it the way the Romans did it. Okay? On what to do with Iran. And by the way, he said this two days before the war, before we attacked Iran. So watch this clip here. Billionaire, co-founder of Palantir, he hired the first few hundred employees at Palantir. Watch this, go for it. You hear the two arguments. I think they're gonna do a surgical mission the way they did Venezuela. This is two days before. And here's what's gonna happen. And then the other side is like, how do we know that for a fact?

• 57:02Speaker 19

  So if I was in charge, I'd be very Roman about it. So, and I know this is not appropriate, but I'd be very Roman. So the Romans would do, you'd go and you wipe out the leadership class, you're all dead. And you say, okay, you guys are now in charge. We're gonna make a deal, or we're gonna kill all of you too. It's up to you. Because you'll have the IRGC who's in charge again, probably, right? Because those are the guys with the guns. And say, okay, now here's what we're gonna do. We're gonna make a deal. Here's what's gonna happen. Here's how your public's gonna work and to be free people. And if you don't do that, then we'll kill you all in six months too. And we'll give you another chance. But I don't think we should be occupying ourselves as a bullshit. I think Iraq was terribly run. I think trying to go and have people over there is ridiculous. But should these guys who have acted like they've had, who spread terrorism around the region, who have tried to kill Trump, who have killed so many people, should they be allowed to get away with that? No way. I wouldn't let them be able to get away with it. I'll tell you that.

• 57:44Patrick Bet-David?

  How much you think the attack's gonna be a collaboration with Israel? Or you think it's gonna be?

• 57:48Speaker 19

  Well, Israel has really good intelligence there in the region. And so obviously, if you're doing something, you need to work with your allies to do as quickly as possible.

• 57:54Patrick Bet-David?

  So I assume that's happening right now. Okay, I assume it's like, hey, you're gonna be the next leader? You're next. You're gonna be the next supreme leader? You're next. This morning, I was reading an article or watching something that said the president of Iran, Peshchian, right now has decentralized power in decision-making, and has put it on the governors. Where it's like, rather than waiting for us to make the decision, what do you think is right? Make the decision. And I think the reason why they're doing that, because they don't know who's gonna be alive, who's not. So rather than waiting and say, what do you want me to do? What would you like me? Should I attack? Should I now? What do we do next? Listen, what do you think is right? Go do it. They have gotten to the point that they have to do that because,

• 58:36Patrick Bet-David?

  you know, you'll typically have a general to call, you'll typically have the commander to call. It's a very different approach now they're taking when it's decentralized. And we'll see what happens with this as it's going. Jamie Dimon was asked about how this affects the economy. Here's what Jamie had to say. He says Iran's conflict won't be major inflationary hit. Rob, I don't know if you have a clip on this. I think you do. Go for it.

• 59:03Speaker 20

  As people kind of think about the potential ripple effects of higher oil prices, for example, obviously today's move is just one day. Do you see a risk that this could lead to sustained inflation over the long run?

• 59:14Speaker 21

  Not, I don't think this thing in an isolated way will. You know, I think there's some risk that more inflation than people think, and that could be like a skunk in a party if that ever happens. Hopefully it doesn't happen and, you know, no one actually knows. But this, right now, will increase, you know, gas prices a little bit. And again, if it's not prolonged, it's not going to be a major inflationary hit. Again, if it went on for a long time, that would be different.

• 59:36Speaker 20

  Another concern that I've seen mentioned out there is the risk of retaliatory cyber attacks, banks being a potential target there. How concerned are you about that? I know that's something that you mentioned in your, your letter about a year ago.

• 59:51Speaker 21

  I think the most important thing is that we keep the Western world free and safe and democracy, you know, and people like this have gotten away, literally with murder, for 50 years. So that's far more important. But, you know, as a corollary to that, you got to expect there'll be cyber attacks or terrorist attacks either here or around the world. You know, banks may be targeted, so may, you know, plenty of other people. And we always try to be prepared for that. We never try to predict when, why, where. We spend a lot of money protecting ourselves for cyber. We think it's part of our job. But I've always said, I would consider that one of the highest risk banks bear, not just the cycle, cyber.

• 1:00:25Speaker 20

  Yes, I remember that from your, your letter last year. And of course, we are here at the Leveraged Finance.

• 1:00:31Patrick Bet-David?

  Tom, thoughts?

• 1:00:32Tom Ellsworth?

  So Jamie Dimon is speaking at the Global Leveraged Finance Conference. Translation, this is where they have their butt hung out with billions and billions and billions of global leverage. Translations, loans to the rest of the world. The only thing he's going to do is be a Secretary of State and try to, to talk about calmness. Especially he's sitting there at his own conference on global leveraged finance. The last thing he wants would be to make some spook comments because Jamie is probably one of the few voices in America outside the Fed that can move a market like radically, because a lot of people fall behind him.

• 1:01:17Speaker 02

  Yeah, Jamie and inflation, there's a tortured history there. I mean, last year, he talked about how tariffs were going to create much more inflation than people were expecting. At the same time, JP Morgan was buying US Treasury bonds hand over fist. So you never know what he's actually... But you're right, he is more of a politician... Exactly, he's more of a politician than anything. And so, his whole point here is to maintain calm. He realizes that if oil prices go higher, it's going to create a bunch of trouble. There's already trouble percolating up in the credit markets to begin with, especially in private credit and leveraged credit, leveraged loans in particular. So, he is... Yeah,

• 1:01:59Speaker 02

  let's keep this at the absolute minimum so that people don't get too upset about what's taking place.

• 1:02:05Patrick Bet-David?

  Mark?

• 1:02:05Speaker 04

  Well, I think, as you said, I mean, when Jamie talks, you have to listen. He's one of the few people that can move markets, as you said. He understands what's going on. Now, of course, he has to talk his own book, and his job is to calm the market, so to speak. But I would say, you know, as far as is he right or wrong, of course, he's right. It's pretty obvious. If this is a prolonged conflict, we're going to have inflation for any number of reasons, and we can go through the list of what those are. If this is relatively short, it gets wrapped up in four or five weeks, as Trump said, maybe it will, then probably it's just a little blip, and it's not a big deal. But certainly, we already see a little bit of uptick in oil prices, a little bit of uptick in gas. I think not only about prices going up because of supply chains and oil prices, etc., but also because of the sheer amount of debt and monetary stimulus we're going to need

• 1:02:50Speaker 04

  to fight this war as well. So, if it's prolonged, yes, we're going to have inflation. And I think, you know, Trump ran on a couple of main points. Number one, bringing inflation down. Two, having markets do very, very well. And three, peace, no wars. And so, a sustained conflict takes away all three of those points. But two, anyway, to Jamie's points, if this is sustained, yeah, inflation's going to be a problem.

• 1:03:11Patrick Bet-David?

  Okay. All right, we'll see. I mean, last time, Rob, we ran a poll. The poll was, how long you think this is going to last? And what was the number? 57% said less than four weeks? Some 50 to 60% said less than four weeks. Are you guys in the same spot?

• 1:03:27Patrick Bet-David?

  You're not?

• 1:03:27Speaker 02

  I, I

• 1:03:27Patrick Bet-David?

  Okay, why don't we do this, Rob?

• 1:03:29Speaker 02

  I think it lasts longer.

• 1:03:30Patrick Bet-David?

  Don't say anything, Rob. Run another poll, identical. Because now it's been how long? It's been five days, right? Saturday, Sunday, Monday, Tuesday. We're now, today's Wednesday or Thursday? I think today's Wednesday.

• 1:03:41Speaker 02

  Wednesday.

• 1:03:41Patrick Bet-David?

  Five days.

• 1:03:42Speaker 02

  They all blend together.

• 1:03:44Patrick Bet-David?

  Ask the same exact question, and I'm curious to know what the audience is saying, on how long they think it's gonna last now.

• 1:03:51Speaker 04

  And pull it up on Polymarket, too. The Polymarket has it up.

• 1:03:54Patrick Bet-David?

  Calcium Polymarket, they have it, so okay. We'll take a look at that as well. Rob, if you wanna pull that, uh, post that, I'm curious, because...

• 1:04:01Speaker 02

  I'm sure there's a calcium on that.

• 1:04:03Patrick Bet-David?

  A hundred percent, there's gonna be calcium. Rob, did you post it or not yet?

• 1:04:06Speaker 02

  I'm posting it right now.

• 1:04:07Speaker 04

  The other day, Polymarket had like fifty percent, uh, ending in like twelve weeks.

• 1:04:12Patrick Bet-David?

  Ending in twelve weeks?

• 1:04:13Speaker 04

  Yeah, fifty percent. A couple days ago, I don't know where it's at as of today.

• 1:04:16Patrick Bet-David?

  Where do you think it's going, Jeff?

• 1:04:18Speaker 02

  I think this is more complex than people wanna give it credit. Four weeks, I think, is overly optimistic. This is a very complex operation that takes time. And unlike previous administrations, I mean, they're absolutely right talking about this. I mean, think about the first Gulf War. Um, as soon as they got, uh, into the complex part of it, the Bush administration said, "Oh, we're done." They stopped way short of where they probably should have, and I think it was a realization that, to, to, to go to the final lengths that they wanted to go to, the final lengths that the Trump administration wants to go to, this is not a four-week operation. This is a complex operation, it's going to take time, it's gonna take an investment. I think they're laying the groundwork for that to take place. That's why they're saying four weeks, maybe five. We'll see how it goes. Um, but that doesn't mean it's going wrong.

• 1:05:01Speaker 02

  It just means it takes time to do what they're trying to do, because what they're trying to do is not have to do this every couple of years.

• 1:05:10Patrick Bet-David?

  Yeah, it's funny, right now, if you look at the poll, Rob, if you wanna pull it up, is that it?

• 1:05:14Speaker 02

  Yes, sir.

• 1:05:14Patrick Bet-David?

  Okay, it's two thousand sample size, a little over two thousand, twenty-five percent less than a month, one to three months, forty-four percent, three to six months, twelve, six months plus nineteen. Now, when we did the same exact poll on Saturday, look what Saturdays look like. You have a picture of it, Rob, if you just wanna... It's gonna be a little bit pixelated. Um, how long you think it'll, uh, last? Six thousand votes? Forty-seven percent less than a month. And that is now flipped from less than a month to one to three months in five days. So.

• 1:05:45Speaker 04

  I'll take the one to three.

• 1:05:46Patrick Bet-David?

  You'll take the one to three?

• 1:05:47Speaker 04

  I'll take the one to three and I, and I say that based off of, uh, Trump seems to have this pattern. So if you look at, uh, this pattern that he has where, uh, if we look at, uh, the tariff negotiations, for example, right? He has this pattern where he comes in and says, hey, if, uh, we're gonna make a deal and, uh, I'm gonna take everything from you. Really, really strong. And then he sort of like backs off like, let's make a deal. Then he started moving warships over, started staging them. So we saw it happening with Maduro as well. Started staging the ships, started applying pressure. And then he backs it off. He starts kind of seeding the news stories like, hey, there's probably a deal coming. Then no deal happens. And so you see these waves of power. And so when we look at, uh, the tariffs, when we look at, uh, Maduro, uh, Venezuela, et cetera, I, I think about six to 12 weeks

• 1:06:31Speaker 04

  seems to be about the timeframe that it takes to go from like that, that sort of first pressure to getting the deal done.

• 1:06:38Patrick Bet-David?

  Is, do you have the Kalshi numbers, Rob?

• 1:06:40Speaker 04

  And we'd have to say what done looks like.

• 1:06:42Speaker 02

  Yeah.

• 1:06:42Speaker 04

  And so when I say done, obviously to your point, this is probably gonna take a long time. But what I would say what done looks like is, is where the war de-escalates.

• 1:06:50Speaker 02

  Yes.

• 1:06:51Patrick Bet-David?

  What, what is this?

• 1:06:52Speaker 02

  To me, it's done when the Straits of Hormuz is no under, no longer any threat. And then they can still do whatever it is they need to do. It's really the active conflict that leads to potentially escalating, uh, escalating branches. I mean, that's, that's really done.

• 1:07:03Patrick Bet-David?

  Well, we'll, we'll see that part. Go back to that Kalshi, Rob. Is that the one that we're looking at? US-Iran nuclear deal? Oh, that's a whole different thing. I think that part, uh, I don't, again, if it's regime change versus regime collapse, who the hell is negotiating nuclear deal? If it's about regime collapse, there is no nuclear deal. We're not doing no nuclear deal with you. It's just, there is no conversation similar to how, uh, and this says what? This says who the next leaders are going to be?

• 1:07:29Speaker 02

  Yes, sir.

• 1:07:31Patrick Bet-David?

  Well, they have this one figured out.

• 1:07:33Speaker 02

  Seven million.

• 1:07:35Patrick Bet-David?

  Seven million dollars waged on this one? Interesting. By the way, you know who's quietly coming up, Tom? Who's getting more press than JD? If, if you were to right now go and look, you look at minutes on TV, okay? The last 90 days, who has more? Is it Hexet or Rubio? I'm sorry, Hexet or JD?

• 1:07:59Speaker 04

  Yeah.

• 1:08:00Patrick Bet-David?

  Uh, Paul.

• 1:08:01Tom Ellsworth?

  Ruby.

• 1:08:01Patrick Bet-David?

  Ninety days.

• 1:08:02Tom Ellsworth?

  Oh, I've, it's Hexit and Rubio over JD.

• 1:08:07Patrick Bet-David?

  So you realize.

• 1:08:07Tom Ellsworth?

  Any way you want to look at it.

• 1:08:09Speaker 02

  As they should right now.

• 1:08:10Patrick Bet-David?

  It is as they should right now, but that's also, you know, a lot of these Kalshis have JD at the top. Now Hexit's coming up. So imagine this ends good for Hexit. Now you have a three-way race of who's going to be running for 2028. You have JD, you have Rubio, and you have, you know, Hexit wanting to put his hat in.

• 1:08:28Speaker 02

  Didn't Rubio say if JD runs, I'm not going to run?

• 1:08:31Patrick Bet-David?

  He did, but let me tell you, the people that are in his ear, they have a lot of work to do to kind of shift his mindset to be like, look, you know, you don't get, think about how hot DeSantis was in 2020, 2021. Remember how hot he was at one point? And he won by 34,000 votes first time, second time he won by a million and a half. So how many chances, everybody forgot already what DeSantis did. DeSantis's news is yesterday, right? If this is happening right now, Hexit may want to get involved, uh, and, and participate in some of the stuff that's going on.

• 1:09:03Tom Ellsworth?

  How quickly we forget because remember that we were talking about that for three days on a national level, not just this podcast.

• 1:09:08Patrick Bet-David?

  Which one?

• 1:09:09Tom Ellsworth?

  On a national level, when, um, the reelection of DeSantis. Oh my gosh, he won Dade County. Remember that a Republican won Dade County. It was only Orange County, a small, you know, part of Orlando he lost. Oh my gosh, he's on a roll. And guess what? One season later. There you go.

• 1:09:28Patrick Bet-David?

  Yep, yep. So that, that's why we don't know fully what happened next. Real quick, I have to touch on this story because it's something that happened. Bill Clinton, Rob. Bill Clinton, you, you know, him and his wife have had an interesting week. It is funny when his lawyer's like, stop looking at picture, give it back to me. And then Bill kept texting, I don't know if you caught that or not. It is so funny, Rob. What do you have here?

• 1:09:47Speaker 02

  It was like smiling and nodding.

• 1:09:49Tom Ellsworth?

  It was creepy. Didn't you guys find that creepy?

• 1:09:51Patrick Bet-David?

  Are you, are you kidding me? Of course it's creepy.

• 1:09:53Tom Ellsworth?

  Oh, God.

• 1:09:54Patrick Bet-David?

  You know, some of the answers he gave, which ones do you have, Rob? You have quite a few of them?

• 1:09:57Tom Ellsworth?

  Uh, yes, I have, um, asked why Epstein said that Bill Clinton liked them young.

• 1:10:04Speaker 22

  I have Bill Clinton talking about President Trump and if he was involved in anything improper with Epstein as well.

• 1:10:10Patrick Bet-David?

  I guess one of the ones you can show, you can show that one. Did we show that last week or not yet?

• 1:10:15Speaker 22

  No, we talked about it, but the clips did not get.

• 1:10:17Patrick Bet-David?

  Do you have the one when they're showing a picture of a girl and a lawyer takes it from him and then he takes it back?

• 1:10:23Speaker 22

  I'll find that.

• 1:10:23Patrick Bet-David?

  Do you know which one I'm talking about?

• 1:10:24Speaker 22

  Yep.

• 1:10:25Patrick Bet-David?

  Start with one of them right now so we can look at, because Hillary Clinton was definitely furious, but let's start off with Bill first.

• 1:10:33Speaker 23

  I hate this, because I don't believe I should inject anything, but I do not want to leave the impression.

• 1:10:42Speaker 23

  Since there was no follow-up question.

• 1:10:46Speaker 23

  He never, the President, never, this is 20 something years ago, never said anything to me to make me think he was involved in anything improper with regard to Epstein either. He just didn't. That's the truth, you know.

• 1:11:06Speaker 23

  As I said earlier.

• 1:11:11Speaker 23

  The only conversation I had with President Trump about this was in the early 2000s. And I have no information that he did anything wrong. I just want it all out there. I want everybody to get it all out there and let everybody see where we are.

• 1:11:30Patrick Bet-David?

  What do you think about that, Jeff?

• 1:11:34Speaker 02

  Where do you start with all this stuff?

• 1:11:37Speaker 02

  It's, look, Clinton is Clinton, but is he being lawyerly here? You know, I didn't hear Jeffrey Epstein say he had anything, I mean, the context, Bill, right? The context, what were you doing?

• 1:11:52Speaker 02

  But I think the bigger question about all of this is, did they get anything out of him? Did they get anything out of Hillary? Did they get anything out of Bill? And I'm not sure that they did, which is why I think Hillary was upset, and not to defend Hillary here, but what she was upset about was the fact that Congressman Boebert leaked a photo, which. Why leak a photo if you're getting somewhere? It's to create sensationalism in the absence of finding something that you were looking for. So that's why, I mean, at the end of the day, is this another waste of our time? I mean, because, look, the Clintons made a huge deal out of this. They threatened to not show up to Congress. So it's like they had something to hide. Did Congress actually find out what they had to hide? And if they did, what is it?

• 1:12:35Speaker 02

  Because this is another one of those that looks like another dead end.

• 1:12:38Patrick Bet-David?

  So I want to show you three clips. Rob, go to the first one. I send you three of them and then we'll go to the next story. The first one is not this one. It's the other one where the girl pulled the lawyer to the left, swipes the paper. I text that one to you as well. I texted three clips to you. Is this it? This is funny. Watch this.

• 1:12:54Speaker 09

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• 1:13:24Speaker 10

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• 1:13:54Speaker 24

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• 1:14:23Speaker 25

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• 1:14:32Speaker 26

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• 1:14:46Patrick Bet-David?

  Watch this.

• 1:14:51Patrick Bet-David?

  He's smiling.

• 1:14:57Speaker 23

  Okay.

• 1:15:02Speaker 27

  Mr. President, we have about five minutes remaining in the majority's first hour, so I just want to ask you some questions related to the crimes committed by Mr.

• 1:15:14Patrick Bet-David?

  You can go to the next one about the painting, because the painting story is funny. And I'll tell you why this is funny. Go ahead.

• 1:15:20Speaker 28

  It's submitted to the record. We have a painting that seems to be of you, Mr. President, found in one of Jeffrey Epstein's residences, wearing a, I would categorize it as a famous blue dress worn by White House, the White House intern, Monica Lewinsky. And I have this image here. This image is being passed around. So, Mr. President, we are looking at an image of a portrait that is, looks to be you, Mr. President, in this blue dress. Can you describe this painting and?

• 1:16:00Speaker 29

  He doesn't need to describe the painting. You just gave him a picture. What's your question?

• 1:16:03Speaker 28

  My question is, are you familiar with this painting? Have you ever seen it in person?

• 1:16:07Speaker 23

  I've never seen it in person.

• 1:16:09Speaker 28

  Do you know why someone would paint this?

• 1:16:12Speaker 29

  Are you asking me to speculate?

• 1:16:13Patrick Bet-David?

  Objection. That's cause for speculation. You can ask the artist.

• 1:16:15Speaker 23

  And if I had known Jeffrey Epstein had this painting, it would have saved me this whole day.

• 1:16:22Patrick Bet-David?

  It's funny with that blue painting. He says he hasn't seen it, right? Well, this is the tricky part. I had Michael Wolff on. Michael Wolff had been at Epstein's place interviewing him for 100 hours. And I asked Michael Wolff, Rob, if you go to minute 20...

• 1:16:36Speaker 22

  2130.

• 1:16:37Patrick Bet-David?

  There you go. Go to 2130. I said, hey, what do you know about this painting? Did you ever see this painting in his place? Which, by the way, we know that the president has been to Epstein's... Rob, we know that president has been to Epstein's house multiple times, right?

• 1:16:53Speaker 22

  According to the president, he said he's never been to the Zorro Ranch property.

• 1:16:57Patrick Bet-David?

  Not the Zorro Ranch, I'm talking about the Manhattan one.

• 1:16:59Speaker 22

  I'm not sure about the Manhattan. The only things I saw him talk about in the deposition was the island which he claimed he was never to and the New Zeal- the New Mexico Ranch, he claims he never went to as well.

• 1:17:10Patrick Bet-David?

  Okay, play this clip, go for it. Talked into this private residence, you know how they say that painting of President Bush and Clinton? Did you ever see those two paintings in the, in the property?

• 1:17:20Speaker 30

  I, I, I don't know, the President Bush, I saw, I saw that one, it was in a little, a little, it was in a, basically in a closet off the main entrance.

• 1:17:31Patrick Bet-David?

  Did you ever ask him why he has that? That's a very weird painting for you to have of a president in a dress in a painting, in a, in a, in a painting, that's kinda weird.

• 1:17:42Speaker 30

  Yeah, I think it was a joke painting, you know, at, at one point, I, I never saw that painting. So, I, I don't, I don't know where, where the Bush painting is from. I have seen the Clinton painting and, you know, it was a, a joke, the nature of the joke.

• 1:18:00Patrick Bet-David?

  You can pause.

• 1:18:00Speaker 30

  Not exactly.

• 1:18:01Patrick Bet-David?

  You gotta keep in mind, Michael Wolff is not necessarily the biggest Trump fan himself, so he is a guy that is, is probably more Clinton than it is, but, you know, to say that painting didn't exist, a, a lot of people know about that painting, who knows whether he's seen it or not. You know, we know what the painting means, the blue dress.

• 1:18:18Speaker 22

  He, he did say it was in a closet.

• 1:18:20Patrick Bet-David?

  He did say it's-

• 1:18:21Speaker 22

  I mean, I'm no fan of the Clintons, but he did say it was in a closet.

• 1:18:24Patrick Bet-David?

  Yeah, he said right next to a closet that you could see. If it wasn't a closet, then what is Michael Wolff doing in the closet?

• 1:18:31Speaker 22

  Yeah.

• 1:18:32Patrick Bet-David?

  You know what I'm saying?

• 1:18:33Speaker 22

  But didn't Bill kinda chuckle when he saw the painting? It kinda looked like he knew the painting and it was like, this is an inside joke between him and Epstein. That's what, I mean, that's the reaction I-

• 1:18:40Patrick Bet-David?

  You know what, you know what the blue dress is?

• 1:18:42Speaker 22

  Yeah.

• 1:18:42Patrick Bet-David?

  It's Monica Lewinsky's dress, yeah, so.

• 1:18:45Speaker 22

  That's why he was chuckling.

• 1:18:46Patrick Bet-David?

  Yeah. And by the way, even the lawyer was chuckling, the lawyer was chuckling like, I can't believe my client's such a big playboy, but I gotta defend him here today. But then go to the Hillary one and we can move on with this because here's the amazing Hillary Clinton, go ahead.

• 1:19:01Speaker 29

  There are photos that are being released.

• 1:19:05Speaker 29

  of the secretary as she is testifying from inside this room. Can you please advise me as to whether or not that's permissible and consistent with the rules, particularly given that we have asked for a public hearing? If there are photos that are being released of the secretary as she is testifying, can you please explain how that can occur?

• 1:19:21Speaker 31

  I'm done with this. If you guys are doing that, I am done. You can hold me in contempt from now until the cows come home. This is just typical behavior.

• 1:19:28Speaker 25

  We will go off the record.

• 1:19:30Speaker 31

  Oh, for heaven's sake.

• 1:19:31Speaker 29

  So I would like to understand how that's permissible.

• 1:19:34Speaker 28

  It was before the hearing was...

• 1:19:35Speaker 31

  It doesn't matter. We all are abiding by the same rules.

• 1:19:39Speaker 28

  I will take that down.

• 1:19:40Speaker 31

  Yeah, well.

• 1:19:41Speaker 29

  I would like to take a break at this moment.

• 1:19:42Speaker 31

  Yeah, I'm done for now.

• 1:19:44Speaker 25

  Go off the record.

• 1:19:46Patrick Bet-David?

  It's pretty bad on whose end?

• 1:19:49Speaker 04

  That's pretty bad. For Bobar who posted that, I mean, why would you do that?

• 1:19:53Patrick Bet-David?

  I'm with you there.

• 1:19:54Speaker 02

  I'm with Hillary on that one. Sorry, I, it's, it's, there's no reason to do that.

• 1:19:59Patrick Bet-David?

  I always knew you were a big Hillary supporter. You gave me the vibe.

• 1:20:02Speaker 02

  Come on, now, you're killing me here.

• 1:20:03Patrick Bet-David?

  I mean, you're forcing you to support Hillary.

• 1:20:06Speaker 02

  You're forcing me to support her. No, the Republicans are forcing me to support her.

• 1:20:09Patrick Bet-David?

  I agree. I agree. You can't do that.

• 1:20:12Tom Ellsworth?

  If you want decorum and power, you need to corner the witness with this and you need to avoid, avoid the sideshow, and this created a sideshow. I will say this, Clinton looked old.

• 1:20:22Patrick Bet-David?

  Bill or Hillary?

• 1:20:24Tom Ellsworth?

  It like...

• 1:20:25Patrick Bet-David?

  The hand shaking?

• 1:20:26Tom Ellsworth?

  Yeah, I mean, he looked older than I remember just from recent media and stuff. And it's really shocking because you remember, he and Trump are exactly two months apart. Trump is in the middle of June, I think Clinton's middle of August or something.

• 1:20:38Patrick Bet-David?

  You're right.

• 1:20:39Tom Ellsworth?

  But I've heard that they were two months apart in age, but which one of them looks more vibrant right now?

• 1:20:44Patrick Bet-David?

  It's not even close. It's not even close. There's a red thing that they're talking about with the president. There's still some stuff that's going on that they're talking about the president, but you're right, it's not even close, the energy. And by the way, imagine how, when have you gone a day or two that you haven't seen the president on the screen talking to somebody?

• 1:20:59Speaker 04

  Yeah.

• 1:21:00Patrick Bet-David?

  Every day.

• 1:21:01Speaker 04

  And all hours of the day.

• 1:21:02Patrick Bet-David?

  Yeah, all hours of the day.

• 1:21:03Speaker 04

  I'll go back to something that Jeff said, though, like, why would they post that? Like, if they had something, they probably wouldn't be trying to cause that uproar. Maybe, maybe not. I think probably all of us, not to speak for everybody, but I think we're all pretty disappointed in how slow the government's been going through this Epstein stuff. Like, where's the arrest? Like, I think a lot of us maybe thought we knew it was in Epstein files, but to see it confirmed, I mean, it's shocking how terrible it is. And so where, where are the arrests?

• 1:21:28Speaker 22

  Where's the list?

• 1:21:28Speaker 04

  Where's the action? However, however, I'm no attorney, obviously, but like, these cases do take time to get built up. So I wouldn't jump to the conclusion that they didn't find anything. To your point, they did make a deal to show up, so that meant that they probably did have something there. Otherwise, why would they have asked for a deal? Um, there is maybe something that came out, maybe I'm, maybe I'm hopeful here.

• 1:21:47Patrick Bet-David?

  You know who's next? Latnick is next.

• 1:21:49Speaker 04

  Yeah.

• 1:21:50Patrick Bet-David?

  And they want Malani and they want Trump.

• 1:21:51Speaker 04

  He's voluntarily coming in.

• 1:21:52Patrick Bet-David?

  He's voluntarily coming in, which is great. By the way, this is great. Do it, that's, you know.

• 1:21:55Speaker 04

  It doesn't look good for him.

• 1:21:56Patrick Bet-David?

  It doesn't look good for.

• 1:21:57Speaker 04

  I'm a fan of Latnick, but it doesn't look good for him.

• 1:21:59Patrick Bet-David?

  Well, yeah, it doesn't. When you come in multiple times saying nothing the one time, it's a bad look. And the constant smiling, like, what's the big deal? I think that's also a, a bigger thing that frustrates some people. But let's get to the next story. A, a massive story broke, guys. You have to see this. This is massive. This is heartbreaking. Some people are saying this is bigger than the Iran story. It's not getting enough credit, but low key, a lot of people are paying attention to this of what the CEO of McDonald's just did. Okay? The CEO of McDonald's tried to do a publicity stunt to introduce the new burger that they're launching, which is called what? The Big Arch? Rob, is it already out or not yet?

• 1:22:38Speaker 22

  Uh, I'm not sure if it's out. I'll check.

• 1:22:40Patrick Bet-David?

  Jake, is it out? Do you know if it's out or no?

• 1:22:42Speaker 32

  I think this is the PR tour. It's supposed to be part of it.

• 1:22:45Patrick Bet-David?

  So.

• 1:22:45Speaker 22

  Oh, uh, it came out today.

• 1:22:47Patrick Bet-David?

  Beautiful. I'd say, let's cancel the podcast. Let's go, guys. So here's.

• 1:22:51Speaker 04

  We're going for lunch.

• 1:22:51Patrick Bet-David?

  Him eating the McDonald's, uh, a new Big Arch burger. And then obviously right afterwards Burger King's like, this is a massive opportunity for us. Rob, maybe don't go from the beginning because people will, it's a cure for insomnia. But if you can play it from the, go for it from right there, that's fine.

• 1:23:09Speaker 32

  At two quarter pound patties, a delicious Big Arch sauce, and of course some lettuce. So, oh, there's so much going on with this. First of all, let's try to get this thing. I don't even know how to attack it. Got so much to it. Oh, there's also some crispy onions on here as well. I see those kind of coming out.

• 1:23:29Speaker 04

  He looks like a vegetarian.

• 1:23:29Speaker 32

  All right. The moment of truth.

• 1:23:34Patrick Bet-David?

  Come on buddy, take the bite.

• 1:23:36Speaker 32

  That is so good. That's a big bite for a big arc. It's distinctively McDonald's. Only McDonald's could do this type of burger, but it also is unlike anything else on our menu.

• 1:23:47Patrick Bet-David?

  Okay.

• 1:23:47Speaker 32

  It's a delicious product.

• 1:23:48Patrick Bet-David?

  Sounds like a nice guy. Do me a favor, go to the Burger King CEO and watch what he does here. He doesn't even say anything. He just puts on a kitchen, what do you call it? A chef's apron and then takes a bite out of it. And go ahead, Rob.

• 1:24:04Patrick Bet-David?

  That's a bite.

• 1:24:07Speaker 31

  Not bad, right?

• 1:24:09Speaker 32

  Only one thing missing. A napkin. Yeah.

• 1:24:15Patrick Bet-David?

  So what do you do when you look at this? What do you say? Do you say, Mr. CEO, respectfully, you're not a personality?

• 1:24:21Speaker 02

  That, yes.

• 1:24:21Speaker 32

  Yeah.

• 1:24:21Speaker 02

  Yes, that somebody in marketing should have said, you're not the guy to be out in front of this.

• 1:24:25Patrick Bet-David?

  Yeah.

• 1:24:25Speaker 02

  You're kind of robotic. You don't look like a human in some cases.

• 1:24:28Speaker 32

  You look like a vegetarian.

• 1:24:30Speaker 02

  The Burger King guy looked like he should be eating Burger King.

• 1:24:33Speaker 32

  Yeah.

• 1:24:33Speaker 02

  Al's guy does not look like a McDonald's.

• 1:24:35Speaker 04

  If I put my marketing hat on for a second, it looks like what he was trying to do is show how big it was. And he's like, oh, look at this, two patties he's gotten. And it's like, it's so big. Let's see, and what do you say? Let me see if I can get my mouth around this.

• 1:24:46Speaker 02

  But isn't that even overthinking it? It's just...

• 1:24:48Speaker 04

  It is, and so he's robotic and they coached him. And so then he's trying to make it look big by taking a small bite. It's probably what they told him, something. It was a marketing thing. It was, it was bad.

• 1:24:57Patrick Bet-David?

  It was horrible.

• 1:24:58Tom Ellsworth?

  Burger wars have been going on for a while. By the way, we have a, ValueTainment has a case study that's going to drop this week on the burger wars. Coincidentally enough, we shot it last week. And what's amazing, you think about it, McDonald's, if you took the top 10 burger chains, Pat, what percent of the total revenue of all top 10 combined is McDonald's?

• 1:25:17Patrick Bet-David?

  Which, how much? Which one?

• 1:25:18Tom Ellsworth?

  55%.

• 1:25:19Patrick Bet-David?

  Really?

• 1:25:20Tom Ellsworth?

  Of all the top 10. They are, last year, they were $57 billion. They grew 6% last year when most, nobody else grew. And Wendy's has been rumbling, stumbling. Burger King is about to leapfrog and place 11 billion bucks.

• 1:25:33Speaker 04

  They're going to leapfrog Wendy's?

• 1:25:34Tom Ellsworth?

  So it's 57 billion versus 11 billion. And the boutiques are doing great. In-N-Out's doing great. Whataburger's doing great. Those are the boutiques. But what's really interesting is McDonald's on a roll. Remember what happened. Just a couple of years ago, McDonald's was kind of flat with growth and they had this guy, Steve Easterbrook was their CEO. Do you remember what happened to him? He was caught dipping the french fry with a member of his staff and he suddenly resigned and they had this big settlement and because he lied to the board, the board sued him and for the one of the first times in US history, a exiting CEO that had this big parachute package had to give the parachute back. Hundred million dollars. So now McDonald's-

• 1:26:16Patrick Bet-David?

  What parachute, Tom? What do you mean parachute? Like-

• 1:26:19Tom Ellsworth?

  They gave him a-

• 1:26:20Patrick Bet-David?

  His parachute is like a couple of different meanings.

• 1:26:22Tom Ellsworth?

  Well, when he, when he was dismissed, they gave him a hundred million dollars to go away as part of his contract.

• 1:26:27Patrick Bet-David?

  Yeah.

• 1:26:28Tom Ellsworth?

  But then the board realized just how much this Steve Easterbrook guy apparently had deceived the board and they actually sued to get it back and that's rare. Usually you have America sitting there slack-jawed saying, "So a CEO gets fired and he gets 25 million dollars to retire?"

• 1:26:43Patrick Bet-David?

  Well, I don't know if this guy would talk dirty the right way, so they don't have to worry about that. This is CEO.

• 1:26:48Tom Ellsworth?

  No, this guy, this guy-

• 1:26:49Patrick Bet-David?

  Because he's gonna say, "Wow, look how big this burger is."

• 1:26:53Tom Ellsworth?

  That's right. He's a good CEO, but he's not a commercial model.

• 1:26:55Patrick Bet-David?

  "Are you ready to go for it? Right now, you're about to get it." Okay, I don't, I don't know if I see that happen. So the board is pretty fine with him. By the way, I looked up his board, uh, his background. He's been the president and CEO since 19. Uh, he was the chairman of the board since 2024, Duke University grad, Harvard, he got his MBA. He was at Procter and Gamble, started in brand management, then went to Boston Consulting Group, BCG. So he's a consultant, then went to PepsiCo, corporate strategy and later VP of Marketing, then went to Kraft Foods, EVP of Growth Initiatives, President of Kraft International. Then he joined McDonald's as the EVP of Strategy, then he became President of McDonald's USA, running 14,000 restaurants, then he became the CEO. So he's a guy that's a corporate guy that's moved around a few different places, but he's been at McDonald's for a few years.

• 1:27:40Tom Ellsworth?

  Regarding shareholder, you like this guy, cause-

• 1:27:43Patrick Bet-David?

  Yeah, you do.

• 1:27:43Tom Ellsworth?

  The transition of Steve Easterbrook, he's done a great job.

• 1:27:46Patrick Bet-David?

  Yeah.

• 1:27:47Tom Ellsworth?

  He's just not a guy for the commercial.

• 1:27:48Patrick Bet-David?

  But you won't see him at the nightclub. You, you're not gonna see him at the party in hardcore.

• 1:27:52Speaker 04

  I was gonna say regarding regarding McDonald's, I have a friend who owns about a dozen McDonald's franchises. He's second generation. His father owned a bunch of franchises. He was able to buy some of those from him. And he is, he's about my age, and he's trying to exit all of his franchises as quickly as he can. He said that lots of people are doing that. He said that the D E I policies have gotten so bad inside McDonald's that what's happened is they don't allow them to now buy and sell McDonald's franchises freely. And so now they have to be sold to D E I candidates. And so what that's done is it's lowered the value of his franchises now. Wow. So now he's not able to sell them for the value that he would have before. And he said it's just getting worse and worse. So he's trying to exit all of them. And he has kids. Like, I'm like, why wouldn't you get your kids like you got him? He's like,

• 1:28:37Speaker 04

  no, no, no. The value is going down so fast. I'm exiting all of them right now. Unbelievable. Thought that was kind of interesting.

• 1:28:42Patrick Bet-David?

  We had a call with the chief expansion officer of McDonald's, probably about eight months ago, was a Zoom seven months ago, about opening up in a McDonald's in Armenia. And by the time we were done with the conversation, it wasn't something they were interested in at the time because of risk, protection, military, they have a certain program, a structure they use on expanding into different countries. And they said, not right now, maybe later on. But fun fact, this guy doesn't attend Coldplay concerts. I don't know if that matters anything or not. I just want to put that out there. Good, good. That he's safe. Okay, let's go to the next story. Next story we got here is Miami Heat. Why does this matter? Okay, this is not a sports podcast, but the Miami Heat's phones are ringing off

• 1:29:26Patrick Bet-David?

  the hook as California billionaires look to drop nine figures on homes in the 305. And we're seeing the wealth tax conversation that is taking place. So Sadie Abunza Delgado has sold luxury real estate in South Florida for over three decades, typically to doctors or family business owners, ready to spend as much as $8 million on a home in the Miami area. Almost overnight, that changed her phone started ringing with billionaires, titans of tech and finance, looking to drop nine figures on waterfront properties. I got a flurry of requests and inquiries. Delgado has landed two billionaire clients recently told Business Insider, had a lot of Zoom calls with people coming in January after

• 1:30:10Patrick Bet-David?

  the holidays, while the Florida migration among everyday people may have cooled following a pandemic era. Boom billionaires are fueling the spree of. Massive purchases, they are largely looking to avoid a property California well tax, which Delgado said led to the busiest January she's ever experienced. Three other agents told business on Saturday that inquiries picked up at the end of 2025 and into 2026. We know Mark Zuckerberg just bought a $170 million home, if you want to pull that up, Rob. I think if I'm not mistaken, there is a Ken Griffin that's building a billion dollar home in compound in Palm Beach, and it's going to be the most expensive private residence

• 1:30:51Patrick Bet-David?

  in America with what he's building. And then you got Sergey Brin and...

• 1:30:56Tom Ellsworth?

  Citadel's building a massive building in Miami.

• 1:30:59Patrick Bet-David?

  Yeah, and by the way, Palantir also announced that they're moving to Miami as well. So Jeff, what are your thoughts on this story here?

• 1:31:06Speaker 02

  Can we stop calling it a tax? It's not a tax. It's confiscation. You know, what they're proposing.

• 1:31:11Patrick Bet-David?

  California.

• 1:31:12Tom Ellsworth?

  Thank you.

• 1:31:13Speaker 02

  It's not a tax. It is not a tax. Whatever you think about billionaires, and we should not be demonizing billionaires, whatever you think about billionaires, it's inherently unfair, and I'm going to use the word, it's un-American. You don't confiscate somebody's wealth just because they're wealthy. So you can understand why they're fleeing California and other places, not just California, Illinois. That's where Citadel was, they're in Chicago.

• 1:31:33Patrick Bet-David?

  Correct.

• 1:31:34Speaker 02

  So they're fleeing these blue states, and somebody who's done that before, I mean, I used to live in upstate New York, I moved to Florida for basically the same reasons, certainly not on that level. But you can understand where they're coming from, because it's not a tax, it's not a matter of policy disagreements, it's a matter of philosophical disagreements. The government in California philosophically has shifted. It's shifted to the point that it demonizes success, it demonizes people who are able to create wealth, essentially, which is what an economy actually needs, is wealth creation. It's no longer just about, hey, we need to raise some revenue for the government. There's a different element to it. And I think finally, some of these people who may have supported that in the past have

• 1:32:18Speaker 02

  realized that the worm has changed here, and this is something completely, this is categorically different. This is not a tax. This is something completely different.

• 1:32:27Patrick Bet-David?

  Yeah.

• 1:32:27Tom Ellsworth?

  Yeah, I love the word. It is confiscation. It's confiscation. It's not what you earned, it's what you have. There's a big difference. You have a big year, you earn a lot, you pay taxes on that. We have a tax code.

• 1:32:38Speaker 02

  Damn right.

• 1:32:38Tom Ellsworth?

  And it's progressive. The higher it goes, the higher it goes. And all of a sudden, you hit a million dollars, and every dollar above that is 39% to the federal government, and plus whatever is in your state. This is, I don't like what you have after you've paid your taxes. And people need to think about it that way. This so-called billionaire tax is confiscation after they have paid taxes, after they have paid it. So the only thing is jealousy, oh, well, they've made too much, you want to take it. Or it's socialist confiscation. There's another word here, attraction, you know, and leadership. So attraction and leadership go hand in hand together in Florida. Attraction. Francis Suarez has probably one

• 1:33:22Tom Ellsworth?

  of the most economically changing tweets in American history, wouldn't you say, Pat? How can I help?

• 1:33:27Patrick Bet-David?

  Yeah.

• 1:33:28Tom Ellsworth?

  And all of a sudden, there's a crypto conference in Miami, and people realizing, wow, this is what you have to offer. Traffic's not perfect, things aren't perfect, but you know what? You offer no income taxes, you offer a lot of other things. And Francis Suarez worked to cultivate that. So it was attraction and leadership. Then, look what DeSantis did, leading during COVID. So now Florida's attractive to people, and somehow that's a bad thing, and now you're shocked that millionaires are coming down here to buy, millionaires and billionaires are coming down to buy incredible places in an incredible state? It's the law of attraction, and leadership set it up. And so, but please, please, correct all your friends.

• 1:34:11Speaker 04

  Mark, you're the only one that lives in California. Yeah, I'm the only one that lives in California. So tell us what's going on. You know, I would say to the point that you both made, it's absolutely right, and I just want to hit on that point. It's confiscation of property, but I think there's a big misconception by the public to how billionaires hold their wealth. Because what it's really doing is it's forced liquidation of assets. And so, when you look at, you know, a Jeff Bezos or an Elon Musk, you know, they don't just have billions of dollars of cash in a bank. They can just like cut a check for. They have it in their stock of their company. Paper. And so, yeah, but not just paper, in ownership. And so, what they're really being forced to do is they're being forced to give up ownership of their company. And then that ownership is going to go to who?

• 1:34:51Speaker 04

  And so then that ownership gets democratized, or it goes to people who don't know how to run or manage that ownership of those properties. So I think that's a, that's a really big problem. To your point though, Pat, yeah, billionaires are leaving. Friends of mine that are not billionaires, but even millionaires, make millions per year, they're leaving right now as well. And the reason why is because it's very easy for the state of California to just turn a dial and bring it down to lower income people without even having to go back through another vote. And so, I think that's really bad. And the last thing I'd say is kind of to the point that you said about attracting people. It's a carrot or a stick, right? We look at Dubai. I went to Dubai for the first time two years ago, and I was blown away coming from California, like how nice the streets were and how new the buildings were. And they've done that by attracting talent, by giving you a good business climate, low taxes, things like that.

• 1:35:36Speaker 04

  Things like, things like Florida has done. And so, it's catastrophic. Florida's lucky, I guess. New York and California are pushing the best of the best to them.

• 1:35:47Speaker 09

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• 1:37:15Patrick Bet-David?

  I want to say this to some of you guys that are buyers of big homes. You'll minac me and you'll say, "Pat, I'm looking at a $12 million home in Boca. I'm looking at a $22 million home in Manalapan." If you're a bigger buyer, just keep this part in mind, a tip for you. When you're negotiating commissions, it is a different conversation to have versus, "Well, listen, I normally charge 5% and 6%, but for you, because we really like you, 4% and 5%." No, no. The way you negotiate if you're buying a house that's above $10 million, or above $20 million, or above $100 million, whatever the number may be, is you say, "Look, I don't know." Let's just say you want to buy a $50 million house. Don't negotiate rate. Because 4% on $50 million is what? $2 million commission. Rather say, "I don't know how big of a house I'm buying.

• 1:38:00Patrick Bet-David?

  Are you willing to work with a flat fee of $0.5 million?" They don't like that. So remember the difference. You know how big of a house you want to buy. Don't tell them how big of a house you want to buy. Say, "I'm talking to a handful of different realtors and have a very simple agreement. If you're open to it, you helped me find a property, it's a $0.5 million flat fee." So this is not a $700,000 house where it's 5% or 6% or $1.8 million house that's 4.5%, 5%. No. Talk about a flat fee. And some of these guys will agree. Some of them won't agree. Some of them will agree to be able to say, "I sold the house to Sergey Brin. I sold the house." So if you're somebody that's in that market.

• 1:38:38Speaker 02

  So the only question that is a bar.

• 1:38:39Tom Ellsworth?

  And if you are Sergey Brin, don't let him trade on your name.

• 1:38:42Speaker 02

  The only question for Mark then is, would you like me to bring the U-Haul?

• 1:38:46Speaker 04

  Yeah, well, I'm thankful for Pat giving us some free consulting here because now I know I have to negotiate my deal. No, but in all honesty, I mean, I grew up there and I love it there. And like my lifestyle is built there. But my daughter, my youngest daughter is going to graduate high school in a year. And there's a good chance we're probably going to move our tax residence. I have a ranch in Texas. I got a beautiful house in Mexico. Like I could just move my tax residence and there's probably a pretty good chance I might do that. And I don't want to.

• 1:39:10Patrick Bet-David?

  What are you looking at in Texas?

• 1:39:12Speaker 04

  Well, I have a ranch property in Dripping Springs outside of Austin. It's beautiful. Like I said, I have my house in Mexico that we could just go live at on the beach down there.

• 1:39:20Patrick Bet-David?

  You have choices. You make the right decisions where you and your family have a choice on what to do with that.

• 1:39:23Speaker 04

  And I don't want to. And I'm willing to pay a premium. I'm willing to pay a premium to stay there. I don't eat at McDonald's, going back to me. I don't eat at McDonald's. I'd rather go get a steak. So I'm willing to pay a premium to live there, but there's only so much for premium that you're willing to pay.

• 1:39:36Patrick Bet-David?

  See, you shouldn't lose a person like this. This is a good citizen, good for society, family. Why not keep them instead of pushing them to a different place? Well, if you think about Florida as one of your options, let us know. I have a Realtor that charges 7%, but it'll be a deal for you. It's only 6%. Hey, by the way, for those guys that are watching.

• 1:39:54Speaker 04

  That family member?

• 1:39:55Patrick Bet-David?

  No, no, no. For those of you guys that are watching this and you're tuning in, I've got two more stories to do before we wrap up. Remember, this is the biggest request I have from you. 51% of you watch our podcast who are not subscribed to it. You just watch it, consume it regularly, but you haven't pressed that subscribe button. That's very important to us on the algorithm. If you enjoyed the big, this last week, our team has done a great job, a lot of interviews, a lot of different shows. It's a cost. I don't take any money off the table. It's all being invested back into the company because of what vision we have long term. If you like what we do with PBD Podcasts and the guests that we bring and the conversations that we have, smash that subscribe button. It helps us out a lot when you're doing that. So 51% of you enjoy watching it, but it would

• 1:40:38Patrick Bet-David?

  mean a lot to us if you pressed that subscribe button. Okay, let's get to the next story. Next story I want to go to. I got so many direction to go with this next one, but I'm trying to see is there a specific story for us to go to? Yeah, let's talk about this one here. So, uh, Michael Saylor's strategy steps up Bitcoins buys by using common shares. There are a lot of people that are sitting around saying what is gonna happen with these guys if all of a sudden you get that famous movie that we've all seen in the financial industry, margin call. Is there such a thing that this guy's gonna get a margin call? Because either this guy has the biggest brass in the world, he's the biggest

• 1:41:21Patrick Bet-David?

  gambler in the world. One of two stories are gonna be told about him in the next five to 10 years. He's either gonna be one of the top five, top 10 biggest richest people in the world, or he's a name you'll never hear about. It's kinda like if you've ever read the book, uh, Virgin, I don't know what it was called, uh, with Branson, his mother said- Losing my virginity. Losing my virginity. Talking about his virgin empire. His mother or his teacher said, either my son's gonna be in prison, or he's gonna be a very famous man in the world. So, Michael Saylor's kinda going for that. He bought more than $200 million of Bitcoin, turning to common stock to finance the bulk of its acquisition, despite promises to lean on its perpetual preferred shares. The company formed loans on

• 1:42:01Patrick Bet-David?

  MicroStrategy bought 3,015 Bitcoins between February 23rd and March 1st, according to regulatory filing Monday. Roughly $230 million of the purchase was funded through class, uh, sales of Class A common stock. The remaining 7 million bought 3% of total, came from at-the-market sales of its stretch preferred shares. Rob, if you can pull up, uh, what prices are on, by the way, previous week was, um, 40 million. Where's Bitcoin right now? 72,000. So, can you go to, uh, six months? 6% today. Go to six months? Six months? Down 50% off the tie. So, what do you think about what Michael is doing here? Yeah. Mark?

• 1:42:38Speaker 04

  I'd love to answer this. Uh, if, if we could, pull up strategy.com, pull up their website and just look at some of these stats right here. Most people, it's so new and groundbreaking, most people don't understand Bitcoin. Of course, Jeff does, we've talked about it for hours and hours and hours. But because you don't understand Bitcoin, you can't really understand what strategy is doing. And so, you're looking at it through the wrong lens. And what do I mean by that? First of all, the whole world, the financial world is built off discounted future cash flows. So, we buy stocks based off of a PE ratio, and we hope that in the future, they're gonna borrow money- And in the future, they're going to invest it into their data center. And hopefully in the future, that'll make enough money where they can pay me back. Or I do it through a bond and I'll loan them money and I hope they pay me back. So, you know, the MAG7 is trading at a 30, 40, 50 times P/E ratio. Hopefully they have the cash flow.

• 1:43:22Speaker 04

  What strategy is doing is something completely different. You give them money and they buy the asset. They're not hoping to have cash flow in the future. They have the asset. So, look at these charts right here. What we can see right now, 2.2 million dollars in cash. But more importantly, net leverage 11%. Debt low is very low. They have 30 months of dividend coverage, but they have 58 years of assets to cover what they owe. Now, if you don't believe in Bitcoin, none of this makes any sense to you. If you believe Bitcoin is going to zero, then this is the stupidest thing in the world. So, that being said, I don't think that's the case. Now, some people want to look at either extreme. Either Bitcoin is going to be a million or it's going to be zero. No, it doesn't have to be. Bitcoin could also just be 200,000. I don't believe it's going to zero.

• 1:44:06Speaker 04

  The chance, as Jeff said, asymmetric bets, the chance of it going to zero is barely zero. So, if you don't believe Bitcoin is going to zero, then look at this company from a different lens. 58 years of assets to cover the dividend, 2.2 million. So, that's the first underlying thing. Now, secondly, why would he be selling common stock to buy more Bitcoin? Number one, Bitcoin is down 50%. It's an amazing buying opportunity. Anytime it's around the 200 weekly moving average, it's a historic buy. Number two, what he does is you can look here, it says MNAV on the right there, 1.2%. So, the company is being valued at a 1.2 times book value, price to book, if you'll call it that, right? So, what that means is if he sells common stock to buy more Bitcoin at that price,

• 1:44:50Speaker 04

  it's accretive to what he's doing. And MicroStrategy, people need to understand what they're buying at MicroStrategy is they're buying a ratio of Bitcoin per share. So, the goal of MicroStrategy is to get the Bitcoin per share higher. So, if I buy MicroStrategy, I want exposure to Bitcoin's price. And so, I'm expecting him to get the amount of Bitcoin per share higher. That's what I'm buying it for. And anytime he sells common stock above 1, it's accretive for me. So I can kind of stop there.

• 1:45:19Patrick Bet-David?

  So it's a smart move on what he's doing.

• 1:45:21Speaker 04

  I think it's a very smart move. And now if you're a common stockholder and you don't understand this, you go, oh, I'm being diluted.

• 1:45:25Patrick Bet-David?

  Now, what's the risk, though? What's the worst thing that can happen to Michael?

• 1:45:28Speaker 04

  Yeah, well, the risk would be Bitcoin going to zero and staying there forever. I think the risk of that is very low, you know, almost zero. What a lot of people don't understand is the way that he's built this debt. So what people say is, oh, if Bitcoin drops below 30,000, he'll get liquidated. If it drops below 10,000, he'll get liquidated. None of that is true.

• 1:45:46Speaker 02

  No.

• 1:45:47Speaker 04

  None of the Bitcoin is pledged as collateral. None of it is callable. So he can allow the stock to crater at five bucks or 10 bucks, and he can just sit there. And so what? As long as you believe Bitcoin's going to go back higher again. So again, if Bitcoin goes to zero, that is the risk. But he can withstand the storm. He's built up multiple layers of protection. Again, 2.2 billion in cash or million in cash. And so the greatest risk is Bitcoin goes to zero. As long as Bitcoin doesn't go to zero, there's really no risk. Now, one of the things that he did when he converted MicroStrategy into strategy, when he started doing this about five years ago in 2020, he sort of, he bought out all the people that weren't aligned with this. If you don't believe in what we're doing, get out, here's your money.

• 1:46:28Patrick Bet-David?

  I love that.

• 1:46:29Speaker 02

  All the institutions, what are you doing?

• 1:46:31Speaker 04

  Right.

• 1:46:31Speaker 02

  Your business is over here, why are you buying all this?

• 1:46:33Speaker 04

  He has control of the company.

• 1:46:35Patrick Bet-David?

  Good for him.

• 1:46:35Speaker 04

  He's bought out everyone who doesn't believe in it. And all the shareholders have bought in believing in this MNAV number and the accretive function of what he's doing. And so there's not really a lot of risk unless Bitcoin goes to zero, which, you know, Jeff, you could give probabilities on that. I think it's a

• 1:46:50Speaker 02

  I'm with you.

• 1:46:51Speaker 04

  It's a non-zero chance.

• 1:46:52Speaker 02

  No, it's Bitcoin going to zero is never, not going to happen.

• 1:46:55Speaker 04

  Right.

• 1:46:55Speaker 02

  Not going to happen. And you're right, it's the MNAV that people are, what the market is saying, the stock market is saying is we believe in Michael Saylor. We're willing to pay a premium for Bitcoin stock, which he's leveraging to buy more Bitcoin. And unlike, I have no problem with what he's doing. He's got 2.2 billion in cash, which The biggest mistake that people in finance make is being forced to sell. Because they're overly leveraged and then something happens in the market, an adverse reaction. They're forced to liquidate and that's where bad things start to happen.

• 1:47:21Speaker 04

  Forced liquidation, that's.

• 1:47:22Speaker 02

  That's not, that's not gonna happen with strategy. I'm more concerned about it happening with some of the other copycats.

• 1:47:27Speaker 04

  Sure.

• 1:47:27Speaker 02

  They're probably not in the same situation. But all that's gonna do is create a buying opportunity. And. Let's say Bitcoin continues to go lower, which is, frankly, it's really possible. I'm gonna buy a ton of Bitcoin if it gets under 50,000. You're gonna buy a ton of Bitcoin. So as far as strategy is concerned, they're not the one to be focused on.

• 1:47:46Speaker 04

  Because this is sort of in my wheelhouse and Jeff and I have talked hours on Bitcoin. I'd love to just point out if I, if I can, take a second. I think this may be one of the most undervalued stocks that you could buy today.

• 1:47:57Speaker 02

  I was about to say that exactly.

• 1:47:59Speaker 04

  And here, and here's why, and it's a Bitcoin lens. Okay, it's a Bitcoin lens, so bear with me on this for a second. Look at the price to book, 1.2 times. So what, what Jeff is saying, that the market is paying a premium for this, so.

• 1:48:10Speaker 02

  A big one, 20% is big.

• 1:48:12Speaker 04

  Asset, asset heavy businesses trade on a price to book, not a P/E ratio, but a price to book. So banks, insurance companies, oil companies.

• 1:48:20Speaker 02

  Cable companies.

• 1:48:21Speaker 04

  Gold mining companies, right? So if you look at banks, for example, they'll probably trade in about a one to two times price to book. And it bases, it comes down to their operational efficiency and what they have. If you look at oil companies, they may trade in a two to three times. A gold company might, like a Barrett Gold or Newmont, might trade in a three times price to book. Why? Because they have gold in the ground, gold will be worth more in the future. And then they have operational efficiency. So the value of this company should probably be at least a three times book value. Because Bitcoin is more explosive than, than gold is, number one. But also you can back it down into a mathematical formula based off the leverage that they're, that they have. And he has it on the sheet there. So I've had a, many conversations with Michael Saylor. He believes three should be the floor, the price to book rate, should be about a three.

• 1:49:06Speaker 04

  And we can get into the math of as that, as why that is. So right now it's at 1.2. MicroStrategy or, or strategy is on pace to have a million Bitcoin. They're on pace to have that. I'm guessing before the end of the decade, they'll have a million Bitcoin. And I believe within the next six.

• 1:49:21Speaker 02

  That's a fifth.

• 1:49:22Speaker 04

  Right, and I believe in the next six to seven years Bitcoin's a million dollars. So you take a million dollar Bitcoin times a million Bitcoin. That's 5% of all Bitcoin. That's a trillion dollars of book value, a trillion. And you put a 1.2 times on a trillion. Put a 2 times on a $1 trillion price to book value and then see what that does to the stock. Are you yourself in strategy? Yeah, and I guess I'm talking my book, but really I'm a Bitcoin guy. But, um, so we don't know how much the stock will be diluted up until that point. So that's a question mark, but we could.

• 1:49:53Tom Ellsworth?

  But that's for strategy, not for Bitcoin.

• 1:49:54Speaker 04

  That's for strategy, right?

• 1:49:55Tom Ellsworth?

  Yeah, there's 19.9 million Bitcoin right now. We're about to have the 20 millionth Bitcoin mined. And there's a cap of 21 million. So therefore, strategy, think of it this way. There's only 21 pristine Michael Jordan rookie cards. They're gonna own one of them. And so now, when the mining stops and you're at 21, at least in this crypto, suddenly you now have the supply side pressure on Bitcoin demand. When Bitcoin is more broadly demand, which only helps, which only helps strategy. You know, I'm on the same page on what they're doing. One out of 21 will be owned by Michael Saylor.

• 1:50:37Speaker 04

  And what he said there is that they told shareholders they would lean on the preferreds. And I think that's just worth touching on for a second, if you don't mind. So the preferreds, they've launched Strike, Strife, Stride, and now Stretch, S-T-R-C. It's the newest addition that they have. And I believe it's the most revolutionary product that's ever hit the market. And nobody can, most people can't really comprehend what it is. So what he's doing is you're taking a high vol asset like Bitcoin, a high beta asset. Uh, over the last three years, it's about a 75% CAGR, compound annual growth rate. Now, it's very volatile, right? It's very extremely volatile. It's down 50% right now. But what he's saying, sort of like a bank, give me money and I'll give you a dividend off of that. And I'll invest the money and I'll make the difference. That's what he's saying, right? So he's saying, hey, you give me money, I'll buy Bitcoin.

• 1:51:21Speaker 04

  I expect it to do a 21% CAGR over the next 20 years. That's his projection, 21% over the next 20 years. You give me money, I'll give you 10.

• 1:51:30Speaker 04

  All hold through the volatility. So, right now, Stretch is paying 11% or 11.5%. It's a, so it's a stable yield, I don't know if you know about this, but it's pegged at 100, okay? So, the goal is, is they can manipulate the, the supply and the yield to keep it pegged at 100. So, it's like a money market account. I put $100 in, it's always $100, but I'm earning 11.5% on it. And he's doing that by, again, scrapping the, scraping the top off of the high vol. Is he keeping 8.5%? Well, he's keeping the difference. So, he expects Bitcoin to do 50%. He's gonna give you 10, he's gonna keep 40. 39 of it goes. 39 of it, right? And so, what he's doing is, right, obviously, the, the CAGR is going down over time, but he believes it's gonna be higher than 11, but he can also lower that yield. But just think about this for one second.

• 1:52:15Speaker 04

  In the United States, and Jeff probably knows these numbers better than I do, in the United States, there's about $28 trillion earning yield. I think there's, what, $7 trillion in money market accounts alone. The fixed income market is the largest market in the world. $350 trillion. And he just asked a simple question. How many people have a bank account? Of course, everybody does. How many people would like to earn 10% in their bank account? Of course, everybody would. And he's basically paying 11.5% on a bank account, on a stable yield.

• 1:52:44Tom Ellsworth?

  And why is that the largest sector for people that don't understand the underlying demographics? The boomers. The boomers are older, they don't have time to recover from a market crash, and fixed income is their friend. In the 1970s and 80s, they used to call it the widows and orphan stocks. GE, Coca-Cola, IBM, Hilton were like paying the best dividends.

• 1:53:02Speaker 04

  The nifty.

• 1:53:03Tom Ellsworth?

  So, when you had a life insurance payout on your father, the broker would say to your mom, "We're just gonna put these in the dividend stocks, and then you're gonna keep getting, you know, this back." And that was a form, that was like early fixed income thinking, but now, fixed income is massive.

• 1:53:18Speaker 04

  Massive.

• 1:53:19Tom Ellsworth?

  All these boomers.

• 1:53:20Speaker 04

  Yeah.

• 1:53:21Patrick Bet-David?

  Let's do one last story and then wrap up. So Paramount merger could create streaming behemoth with 200 million subscribers. And if they combine HBO Max Paramount to challenge Netflix, which would be the plan. Rob, is this the update of the news?

• 1:53:38Speaker 22

  Yes, sir.

• 1:53:39Patrick Bet-David?

  Go for it.

• 1:53:39Speaker 33

  Paramount Skydance announcing plans to combine Paramount plus an HBO Max. Just three days ago, HBO's parent company Warner Brothers Discovery agreed to be acquired by Paramount. CEO David Ellison says the combination will boost their subscriber base to 200 million. Federal regulators still need to approve that merger.

• 1:54:00Patrick Bet-David?

  That's a real number right there while this is taking place. And Paramount debt to its $79 billion after Warner Brothers deal. No plan to sell cable assets. And Warner Brothers Discovery CEO Zaslav calls Paramount pivot whiplashy as $110 billion deal takes shape. So which clip is this, Rob?

• 1:54:18Speaker 22

  This is about the $79 billion debt.

• 1:54:21Patrick Bet-David?

  That's okay. So Tom, as we're going through this next phase, do you think there's going to be anything that's going to prevent this from happening? Or it's pretty much Paramount's property, that's it?

• 1:54:30Tom Ellsworth?

  Well, if you hear, if you listen to Netflix and Ted Sarandos, well, I didn't end up meeting at the White House. And I think the president had his thumb on the scale. Come on, Ted. You know, that's loser talk. That you didn't get the deal. You didn't get it done.

• 1:54:42Patrick Bet-David?

  Ted said that?

• 1:54:43Tom Ellsworth?

  Yeah. He didn't say thumb on the scale. He said they had favor with the White House. They're meeting with the White House. I don't know what you want me to do. We were always had our number. This is what we had to do. But Ted is exactly, you look at his quotes and tell me, does that sound like a guy who is a little bitter and maybe lost the deal? Yes, it does.

• 1:55:01Patrick Bet-David?

  I haven't seen it to make a real judgment on it. Can you see, is it a clip or is that an article?

• 1:55:06Tom Ellsworth?

  It was articles. You just look at Ted's quote, look at Ted Sarandos quotes in the last 96 hours. He didn't meet with the president. He actually went to the president and was told, I'm sorry, sir, your meeting has been canceled.

• 1:55:18Patrick Bet-David?

  Really? So the president canceled the meeting last minute? Interesting.

• 1:55:23Speaker 22

  He's got a few other bigger things on it.

• 1:55:25Tom Ellsworth?

  Shortly after arriving at the White House, this meeting was canceled. He's in the waiting room. I'm sorry, sir, would you like a coffee? Yeah, you can go.

• 1:55:33Speaker 22

  Trump's in the war room, sorry.

• 1:55:35Tom Ellsworth?

  And so, things like this, he was saying, was I ever gonna meet with Trump? No, he had a... You know who they had set him up with?

• 1:55:42Patrick Bet-David?

  Huh.

• 1:55:42Tom Ellsworth?

  Susie Wiles and Pam Bondi. Well, why don't you talk about your concerns in the Federal Trade Commission with the Attorney General and Susie Wiles? That's what they told him. And he wasn't gonna get the meeting with the President. And all the media was saying, he's going to the White House.

• 1:55:55Patrick Bet-David?

  But what does this say, though? What does this say to you, Tom?

• 1:55:57Tom Ellsworth?

  It says that Trump had no, no desire to really listen, give ear to Netflix. You can talk about desires and intentions later. But there was, the President was busy with Iran and planning, and, no, I'm not giving you my ear.

• 1:56:13Patrick Bet-David?

  Mark, where are you at with this?

• 1:56:15Speaker 04

  Yeah, I mean, I would agree with that. I mean, Trump made it pretty apparent that he didn't wanna be involved in this deal. Um, you know, it's easy, I loved what you said, that's loser talk. You know, you wanna make excuses for why you didn't get the deal, right? You're always trying to find the blame. Um, and so I think that's really what it comes down to, you know, from a... An interesting lens, Jeff Park put out this paper, and he called it "The End of the Value Investor, The Death of the Value Investor and the Rise of the Ideological Investor." And he talked about how the Benjamin Graham world, the Warren Buffett world is gone. Nobody invests on value anymore, they invest on their ideology. So Bud Light puts Dylan Mavini, Stock Rites goes down, and Cracker Barrel, right? Um, yeah, pro crap, Jeff Park's amazing.

• 1:56:57Speaker 04

  Um, and so, he's talked about like, Sidney talks about Great Genes, and then American Eagle goes up.

• 1:57:03Patrick Bet-David?

  Well, meat and stocks.

• 1:57:03Speaker 04

  Um, and so, when I, when I, when I look at this, I like some of the shows on Paramount. I don't like what Netflix has done. So from an ideological side, to me, you know, it's like, wow, I'm kinda glad that deal happened. But I would just say, I would say it's loser talk. The deal, they were outbid, and that's kinda all there was to it.

• 1:57:22Patrick Bet-David?

  Well, I mean, if you look at the history of Netflix, Obama's, you know, politics, Susan Rice, you know, you kinda know, no matter how much they try to play politics... By the way, didn't Netflix give a million dollars for the inauguration? I don't know if Netflix was part of it, I know Amazon did, I know Meta did, I know quite a few people did. But did Netflix participate in that, or no? Can you say the Netflix inauguration, I don't know if they were...

• 1:57:48Tom Ellsworth?

  Remember the time of the inauguration? It's like, everybody went to a bar mitzvah where you didn't like the kid, but you gave his dad an envelope anyway.

• 1:57:54Patrick Bet-David?

  Sure, yeah.

• 1:57:55Tom Ellsworth?

  So that was kinda like the inauguration.

• 1:57:58Patrick Bet-David?

  So inauguration, there's no evidence that Netflix donated a million dollars. Reports confirm that other major tech companies, including Amazon, Meta, OpenAI, all gave a million dollar contribution.

• 1:58:06Speaker 04

  They should have donated.

• 1:58:08Patrick Bet-David?

  Well, I mean, you have to realize, as crazy as it sounds, these things matter. They pay attention to it. They're watching to see, hey, are you gonna be a, because it was like, well, no, we want to play neutral. We don't want to say that we're on this side or this or that. Amazon did, Meta did, Facebook did, Altman did. And I know it's like, well, Pat, that's exactly the problem. Pay for play and get rid of it. Until you get rid of it, both sides are going to be doing it. Then what do you do? You sit on the sidelines and not say anything? By the way, Jake Tapper came out and said the following about, you know, CNN will be affected by Paramount's looming takeover of the network. Rob, is this the clip?

• 1:58:44Speaker 34

  Yes, sir.

• 1:58:44Patrick Bet-David?

  Go for it.

• 1:58:45Speaker 34

  Moments ago, Netflix said it is declining to raise its offer for the purchase of Warner Brothers Studios and HBO, following the Warner Brothers Discovery Board's determination that Paramount, which is not just going for Warner Brothers Studios and HBO, but also the whole enchilada, including us here at CNN, Paramount has submitted a superior offer, according to Warner Brothers Discovery's board. As I've noted, Warner Brothers Discovery is the parent company of CNN. So let's get right to CNN chief media analyst, Brian Stelter. So let's start with the question.

• 1:59:21Patrick Bet-David?

  He's fired up.

• 1:59:22Speaker 34

  Why did Netflix walk away? Ted Sarandos and others at Netflix made it very clear. They really wanted Warner Brothers Studios and they really wanted HBO.

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• 2:01:15Speaker 35

  They didn't want you.

• 2:01:16Speaker 36

  In this corporate tug-of-war, it seems Netflix has suddenly let go of the rope. There's a lot, of course, that could still happen here, but the big news this afternoon is that Paramount, suddenly, is in a much stronger position to take over CNN and the rest of the Warner Business Discovery Company, which includes HBO and the Warner Business.

• 2:01:34Patrick Bet-David?

  Pause it right there, Rob. So they asked insiders at CNN. CNN insider told Fox News Digital, which is kind of weird, but CNN insider told Fox News Digital, "The mood is horrific. People are very upset." A second CNN insider staffer said, "A mix of despair, apprehension, and curiosity." "Look, I think this is a place that has gone through a lot, a lot of mergers in the past decade, a lot of fresh starts." The insider said, "I think there's an underlying fear of mixing two news divisions. Who is going to get canned?" Of course, they're going to be worried about it, Tom. Do you think there is going to be a massive restructure of getting rid of certain people, like stelters? I thought Stelter got fired. I don't know how he's back now.

• 2:02:14Tom Ellsworth?

  I keep forgetting he's still employed. So it's the, and then all of a sudden he pops up on the news. Look, here's what you have. You have to look at these as assets. Look at those as divisions. Look at this as product lines. That is the way the Ellison's look at this. They've, look, read all the things when they have talked deep. Puck has covered it. Information has covered it. You can read some of the things that they've said. And they're looking at this. They didn't buy this not to do anything with it. Netflix didn't want the cable nets. They were going to be left so that ZAZ could put them together in a tracking stock, throw it to the dogs on the, um, on the market, and watch it like a cheap SPAC, start at 10 and slowly drift to 5. Cause there's nothing there. And there was not a lot of,

• 2:02:59Tom Ellsworth?

  there's no cash being formed. There's no valuing form. Cable subs are going down. The Ellison's look at it differently. They're going to say, okay, CNN plus didn't work because old school tried to build an OTT channel and they just mishandled it. They went out and paid all this money to Chris Wallace. I mean, you and I talked about this, Pat, remember? And I'm like, Pat, if you were running this, this wouldn't be happening like this. CNN plus wouldn't have been doing it this way. There would have been so many other ways to make money on this. The Ellison's know that. And guess what? They have been cutting contracts at CNN for two years and ZAZ has been going to the Allen Conference. We've talked to people. We've seen the quotes. And at the Allen Conference, it's like ZAZ walking up and opening his jacket.

• 2:03:42Tom Ellsworth?

  You're walking down the street in New York, want to buy a copy watch? You know, it's like he's trying to sell CNN. And he hasn't been able to get any buyers. They were trying to spin it off. And strong reports indicated he was reminding people that like Caitlin Collins was on a rookie deal. She wasn't on one of these legacy 20 year, super expensive deals. Trying to sell it. And so what are the Ellison's going to do? I think the old guys like what we're hearing here, Brian and, and our friend Tepper. You know what? I think that they've had their time. I think they're going to reconstitute it and they're like a product.

• 2:04:17Patrick Bet-David?

  I think Tepper still has a place. I don't think, I don't, I think the people you have to get, if you're, if you're building a news station. You don't get rid of center-left, center-right, middle. You don't, you get rid of the... There was a girl on CNN the other day, I was watching this, and I think she works for CNN. Rob, I don't know if you've seen this or not. She said a convicted rapist. Did you see this one? That they tried to correct her over and over, and she eventually was like, she lost her shit. And CNN's like, listen, you can't talk like that. Um, I'll find it to show you. You have to get rid of the people that are saying stuff that makes absolute

• 2:04:54Patrick Bet-David?

  no sense. But Jeff, what do you think's gonna happen with this? You think CNN's gonna go through a massive... If the deal closes, how nasty do you think it's gonna be for CNN?

• 2:05:02Speaker 02

  I think Paramount is gonna shut CNN down.

• 2:05:04Patrick Bet-David?

  Shut CNN down?

• 2:05:05Speaker 02

  Yeah, there's no value in it. I mean, Tom, you just spent five minutes talking about how CNN is valueless. It has no value. Um, it's, and it's, the value's not gonna suddenly rise in the future. Everybody's moving away from cable television and cable news, so you milk what you can out of it. You take whatever parts are good enough to move to other parts of the division. And then CNN as a brand, let's face it, completely tarnished. Um, that's never coming back. Certainly to people on the right. Somebody on the right is never gonna watch CNN again. Uh, other than maybe, you know...

• 2:05:33Patrick Bet-David?

  Scott Jennings is a, is a stud. Scott does a good job.

• 2:05:36Speaker 02

  He's not gonna stay there, let's be honest, he's not gonna stay.

• 2:05:38Patrick Bet-David?

  He just resigned his contract. I think six months ago, he signed a new contract with them.

• 2:05:41Speaker 02

  Perhaps, but I...

• 2:05:42Patrick Bet-David?

  No, he did, he was here on the show and he told us.

• 2:05:44Speaker 02

  So, I, I think eventually what happens is Paramount says, we're done with CNN.

• 2:05:48Patrick Bet-David?

  Okay, so let me push back.

• 2:05:49Speaker 02

  It's not really about, it's not really about CNN anymore.

• 2:05:50Patrick Bet-David?

  Do you think a Paramount takes a guy like Scott and says, why don't you run it and do what they did to CBS by bringing Barry Weissens and Barry from Free Press? You run it. Do you think something like that is possible?

• 2:06:02Speaker 02

  Except not in the old legacy media format. You take somebody like Scott and make him do what you're doing. You say, oh, we're gonna build a social media new, new empire around. You take the talent and build up the infrastructure around it.

• 2:06:15Patrick Bet-David?

  Got it.

• 2:06:15Speaker 02

  You don't use the old legacy framework, which is, it's no longer viable. Let's be honest, it's no longer viable.

• 2:06:21Patrick Bet-David?

  No, I, I agree. I agree, you know, for me, I get invited to shows. I'm having dinner with a couple guys, they're like, hey, how come you don't come back to our Fox anymore? I said, dude.

• 2:06:28Speaker 04

  Why would you?

• 2:06:30Patrick Bet-David?

  But no, no, let me tell you what I said to them. I don't mind going to these shows. But here was my problem. I said, look, I don't live on TV. I come to your show, I know who the audience is, and you guys don't cut the clip on YouTube or X. Why am I coming to your show?

• 2:06:43Speaker 04

  Right.

• 2:06:44Patrick Bet-David?

  It's a waste of my time to sit till 9:30 to do a four-minute clip, and then all of a sudden, you're not posting the clip for two or three days. I have no interest.

• 2:06:51Speaker 04

  Yeah.

• 2:06:51Patrick Bet-David?

  I have better things to do. So they have to also realize what they need to do to attract the younger people to come on.

• 2:06:56Speaker 04

  Yep.

• 2:06:57Patrick Bet-David?

  That you need to get to their audience, where their audience is at. Some that do, great, let's roll. Some that don't, why would it continue coming back on?

• 2:07:04Speaker 04

  Well, I would say the point that Jeff made. I mean, that model is dead, the rails are gone. And what I think about specifically is the network model. And so where it lives supreme is at the airport.

• 2:07:14Patrick Bet-David?

  Yeah.

• 2:07:14Speaker 04

  Or, you know, where it just...

• 2:07:16Speaker 02

  The doctor's office.

• 2:07:16Speaker 04

  In the hotel lobby.

• 2:07:18Speaker 02

  Right.

• 2:07:18Speaker 04

  I was, you know, I had to go get some passport stuff. I'm sitting in the office, and it sits there all day, and it just runs. But the network model is mostly dead. Today, it's on-demand. I see a show I want, I watch the show, I turn it back off.

• 2:07:29Patrick Bet-David?

  Or save it for later.

• 2:07:30Speaker 04

  Just-in-time information, right? And so I watch what I want to watch. And then the day of having a network that just runs 24/7, and I sit there and watch the program, and it's over. Yeah, like I said, the old people, they have their TV on all day, or at the airport. That's coming to an end, the model's dead.

• 2:07:44Speaker 02

  That's the only value that's left, is pharmaceutical ads to boomers.

• 2:07:47Speaker 04

  Yeah.

• 2:07:48Speaker 02

  As soon as the, you know, demographic shift, boomers start to die off, and it...

• 2:07:52Patrick Bet-David?

  Who need the pharmaceuticals.

• 2:07:53Speaker 02

  Exactly. So then the whole model is just dead. So you milk what you count as CNN.

• 2:07:57Speaker 04

  Not to mention the cost. I mean, look at this production here, it's probably a fraction of what CNN would cost to run.

• 2:08:01Speaker 02

  Absolutely.

• 2:08:03Patrick Bet-David?

  No, business-wise, it doesn't make sense on what they're doing. But it is what it is. I'm curious if they're actually gonna do what you're talking about, which is shutting the whole thing down. And if they do, obviously, you know, it'd be a statement to the entire marketplace. What the hell do they do next? Where do I go next? What happens to the business model? You know, do I have to go be independent? Do you know how hard it is to be independent? Do you know how many people like these guys? So today at 6 o'clock news, we found out that a

• 2:08:35Patrick Bet-David?

  I'm being a teleprompter host. Yeah. And then go do it like this, you're live. Oh, my God, comment section. Did you hear what they said about me? They said this. Fix your type. Oh, my God, I don't want to read the comments. And then you go to all these tough guys, Ilhan Omar and Dear and Mehdi Hassan, and they go on Twitter. They post a bunch of stuff. What do they do? Cut the comments. Hide the comment section. Turn the comment section on. What are you afraid of? People get called out all the time. But they hide the comment section. I don't want people to say anything. Just my friends say nice things about me. This business is nasty. Yeah. It is so nasty. And the part I'm excited about is how that transition is going to take place and how many of them are going to make it. Like you guys, independently, you're on your own shows. You have a few hundred thousand listeners that follow you. Both of you got almost a million people that follow you.

• 2:09:19Patrick Bet-David?

  Your channel, Wealth is Engineered, Mark Moss, Reasonable, we had you on before. And I like his taste. This morning, we texted each other. I said, you better wear a gray suit today. And he followed. He followed suit, so. But I wanted a dark shirt.

• 2:09:33Patrick Bet-David?

  We had a differentiator. And then Jeff Snider's channel, Euro Dollar University. Can you imagine independently? We're just doing our own thing. And people are showing up from around the world saying, hey, what does he have to say? What does she have to say? What are they talking about? So if you enjoy what Mark and Jeff had to say, we're going to put the link below. Go support them, subscribe to their channels. And Tom's got a burger episode that's coming up that I keep being taught. It's being posted everywhere at the office. So when it does come out, folks, we're going to share it with you as well. With that being said, God bless everybody. Rob, who's tomorrow for the podcast? Terrence Howard. We have the intro if you want to play it. Oh, my God, guys, you have to watch. Do not miss. This is the funniest podcast I've done. And some of the stuff he said, I can't even repeat. I'll just let him tell you. Go ahead, Rob.

• 2:10:17Speaker 37

  Say you're walking down an alley. And there's somebody at the end of the alley talking about, I'm gonna kill you, you mother.

• 2:10:23Patrick Bet-David?

  This is Denzel giving him this advice.

• 2:10:24Speaker 37

  Someone comes up to you and they say, I'm gonna cut your throat. Which one are you more afraid of?

• 2:10:31Patrick Bet-David?

  Did you enjoy doing Iron Man?

• 2:10:32Speaker 37

  I've never seen somebody own a set the way that Robert owned that character. So I started making calls and then it's like, you're not the star of this day. If you ever talk to me in that way again, I'm gonna knock your teeth out your mouth.

• 2:10:45Patrick Bet-David?

  You said that.

• 2:10:46Speaker 37

  Eight months later, I lose Iron Man.

• 2:10:48Patrick Bet-David?

  How could you have done it differently?

• 2:10:49Speaker 37

  Just let it pass. Shouldn't you be above the titles? Well, if I should be above the titles, I would be. Shouldn't you be with that girl right there? Yeah, if that was my girl, should I wither in despair because a woman be so fair?

• 2:10:59Patrick Bet-David?

  Hmm.

• 2:11:00Speaker 37

  Denzel, he told me, get your hands, man, you're always like this. All these producers want to do is they're trying to open your hand and so they can put money in it. But you won't do it.

• 2:11:09Patrick Bet-David?

  You're in Hollywood. It's a hookup culture.

• 2:11:11Speaker 37

  I've dated them, but I never slept with anybody inside.

• 2:11:14Patrick Bet-David?

  And never slept with anybody?

• 2:11:15Speaker 37

  Nobody inside of this. A healthy male still produce about 1,500 sperm per heartbeat. So that desire to empty the storehouse is always there.

• 2:11:25Patrick Bet-David?

  The lines you use, I love it. I'd love to empty my storehouse with you today. Can you imagine? How different is it raising boys versus girls?

• 2:11:32Speaker 37

  Girls are the hardest because men have game. I watch my daughters now and I'm scared to death because of the karma. Because I know the things that I did to women. So I have to make sure none of this stuff is around. And mind you, I didn't masturbate until I was 25 years old. I had them remove the television out of the room of the hotel. Because I couldn't stop. I couldn't stop. I kept watching it.

• 2:11:57Speaker 04

  Wow, I'm gonna have to watch.

• 2:11:58Patrick Bet-David?

  No, no, by the way, this is... I couldn't stop laughing with the stuff he was saying. It was none of the typical math stuff and the stuff that we talked about last time. Extremely entertaining with stories he's never shared before. We talked about Diddy, we talked about Epstein. We talked about a bunch of different things. So that comes out tomorrow 9 a.m. With that being said, take care, everybody. We'll see you guys on Friday. God bless. Bye bye.

• 2:12:19Speaker 10

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' healthcare to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee.

• 2:12:49Speaker 18

  Build your front end and back end together on Base44. Describe the product logic with a managed database, authentication, and hosting included. Spend less time assembling infrastructure and more time getting your product live. Go to base44.com.