#1004 Julia La Roche Consumer Trends During Economic Downturn

In this episode, Julia La Roche joins us to talk about consumer trends over the last few months, and how big chain stores such as Target & Walmart are struggling with excess supply as consumer demand shrinks. Julia joined us live on "The Best Business Show" in our Miami studio. To see the video of the segment, go to "The Best Business Show: LIVE" YouTube Channel ======================= LMAX Digital - the market-leading solution for institutional crypto trading & custodial services - offers clients a regulated, transparent and secure trading environment, together with the deepest pool of crypto liquidity. LMAX Digital is also a primary price discovery venue, streaming real-time market data to the industry’s leading analytics platforms. LMAX Digital - secure, liquid, trusted. Learn more at LMAXdigital.com/pomp ======================= The Pod Pro Cover by Eight Sleep is the most advanced solution on the market for thermoregulation. It pairs dynamic cooling and heating with biometric tracking. Go to https://www.eightsleep.com/Pomp to check out the Pod Pro Cover and save $150 at checkout. Eight Sleep currently ships within the USA, Canada, and the UK. ======================= DeFi Technologies represents what’s next in the digital economy -- providing simplified, trusted access to crypto, decentralized finance and Web 3.0 investment opportunities. Institutions and investors can gain diversified, secure, compliant, and easily tradable access to a diversified set of industry-leading equity products and protocols, through a single stock purchase on a regulated exchange. Currently listed on U. S. (OTC: DEFTF) and Canadian (NEO:DEFI) exchanges. For more information or to subscribe to receive company updates and financial information, visit our website at http://defi.tech =======================

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• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Julia LaRoche joins us today to talk about consumer spending and many of the large box retailers. We get into inventory, sales growth, consumer sentiment shift, airlines, travel, and much more. I really enjoyed this conversation with Julia and I hope that you guys enjoy it as well. Before we get into this episode though, I first want to talk about our sponsors. First up is LMAX Digital, the number one institutional crypto exchange. They offer clients the deepest pool of crypto liquidity on the planet, underscored by 100% uptime track record through volatility spikes. They leverage LMAX Group's liquidity relationships and ultra-low

• 0:45Anthony Pompliano?

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• 1:30Anthony Pompliano?

  most advanced solution on the market for thermal regulation. It pairs dynamic cooling and heating with biometric tracking. You can go to eightsleep.com/pomp to check out the Pod Pro cover and you save $150 at checkout. They currently ship within the United States, Canada, and the UK. And I told you, it changed my life. It helps me sleep deeper, helps me sleep longer. I feel much more refreshed and I have better energy. You want to know how I have relentless energy every single day? Because I sleep on an Eight Sleep. Seriously, go check it out, eightsleep.com/pomp today. This episode is brought to you by DeFi Technologies. DeFi Technologies represents what's next in the digital economy. They're providing simplified, trusted access To crypto, decentralized finance and web three investment opportunities.

• 2:14Anthony Pompliano?

  Institutions and investors can gain diversified, secure, compliant and easily tradable access to a diversified set of industry-leading equity products and protocols through a single stock purchase on a regulated exchange. DeFi Technologies is currently listed on the US exchange at DEF TF Stock ticker and the Canadian NEO exchange at DEFI. For more information or to subscribe to receive company updates and financial information, visit their website at defi.tech. I'm really excited about what these guys are doing. I've become an advisor to the business and I highly suggest you go check them out. Go to their website at defi.tech today.

• 2:52Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:16Anthony Pompliano?

  Our next guest, I'm very excited about. First time she's ever been on the show. Julia LaRoche is joining us and she's going to break down all sorts of differences in consumer spending, big box retailers, etc. How are you?

• 3:28Speaker 02

  I'm really excited.

• 3:31Anthony Pompliano?

  Well, I'm excited too.

• 3:32Speaker 02

  I've wanted this to happen for a long time, especially living here in Miami.

• 3:36Anthony Pompliano?

  This is, this is gonna be fun. What's going on with consumers right now? Obviously, we are entering into bad times, economic downturn, some sort of recessionary period potentially. How do you think about like what they're doing differently?

• 3:50Speaker 02

  Well, I mean, there's, there's a lot going on. You can talk about consumer confidence. Inflation is probably the biggest story right now. And then also when you just kind of look at the retail landscape, a lot has changed in the last two years and we can start to dive in a bit more there of how, you know, these consumer trends are really shifting away from the goods that we were all buying during the pandemic, more toward allocating that wallet share, more toward services, folks starting to travel again. So what you're seeing in the retail world is a lot of excess inventory and we can also dig into like how we got there. But yeah.

• 4:27Anthony Pompliano?

  What are the biggest changes? Like what were people buying and now what are they buying?

• 4:30Speaker 02

  So going back to the pandemic, when you had the stimulus checks, a lot of folks were buying things to kind of fix up their home or, you know, at-home workout equipment, those sorts of things. Athleisure was huge. And now, remember, again, like, we had all of these supply chain bottlenecks. And I just want to kind of preface this that inventory, planning for inventory takes months. So like, when you're making those orders, the consumer behavior can shift very quickly. And then suddenly, you have bloated inventory, which that messes with your margins. You have to find ways to get rid of that inventory, a lot of markdowns. So I guess what you're looking at is, people aren't doing the whole athleisure thing. Like, when they're buying clothes, you can look at, like, Macy's, for

• 5:14Speaker 02

  example, they pointed this out on their earnings call, is that people are buying more occasion-based clothes. They're buying, like, a dress, or they're buying some men's wear. They're going back to the office. Like, I'm not, I'm personally, like, I'm probably not buying as much athletic wear as I was maybe two years ago. But then, yeah, you can just think of, like, tick through the categories. Maybe you already bought your patio furniture. But there was so much demand at the time that, you know, when you go back to the beginning of the pandemic, I think a lot of retailers were thinking, wow, this is going to be like a full-on recession. But then found that, you know, people had these, this extra money, they were putting it to work, they weren't, they weren't really going out to eat, they weren't traveling. So they're buying a bunch of stuff.

• 5:48Anthony Pompliano?

  Yeah.

• 5:48Speaker 02

  And then that sudden little shift, combined with the backlog we saw at the ports, it kind of creates this effect of, wow, now you have too much.

• 5:57Anthony Pompliano?

  Yep. Well, we were talking yesterday, and the thing that I was blown away, I didn't realize this until I actually saw the numbers. Who did this? Ryan Peterson from Flexport.

• 6:09Speaker 02

  Flexport, yeah.

• 6:10Anthony Pompliano?

  He tweeted this out, and it said things like, I'll just use two examples. So Walmart, their inventory from Q1 2021 to Q1 2022, a year later, is up 32%. Sales are only up 4%. And then if you look at something like, I don't know, if we go to Best Buy, their inventory is up 9.3%. Sales were down 8%.

• 6:30Speaker 02

  Yeah.

• 6:30Anthony Pompliano?

  And so it seems like across the entire retail space, this is a common trend, where inventories have exploded in anticipation of further spending.

• 6:40Speaker 02

  To talk about what that means. So you're just referencing Ryan Peterson from Flexport, the CEO there. He was at the All In Summit here in Miami and it's like, that guy is so interesting to me. The way he breaks down what's happening in supply chain. One of the things he did mention was like, and I had to look it up later, was the bullwhip effect, which was, I guess it came out in the, maybe the 60s. Jay Forrester was, I guess, PhD, came up with this. Again, I mentioned like the little fluctuations in consumers. That goes down the supply chain and just like when you crack a whip, it goes up and down. And so it has these kind of, I guess, outsized effects and it can go the other way. As well. But yeah, you're just referencing Walmart, that 32% increase in inventories.

• 7:24Speaker 02

  They had their annual meeting recently in Bentonville. So the CEO, Doug McMillan, also the US CEO, John Ferner, they did address this and I do want to bring up a couple of things. They said if they could like snap their fingers, they would want 20% of that overage to just go away. And so I think what you're going to see at Walmart is they're going to do tons of markdowns this summer. Like a lot of rollbacks. So I guess if you-

• 7:47Anthony Pompliano?

  Just offload it. Just whatever the price is, as long as we don't lose money, just get rid of it.

• 7:50Speaker 02

  Target pointed this out too. It's expensive when it comes to like storage for this like excess capacity. I guess especially when you're talking about, I mean, maybe some bigger things. I'm just thinking like off the top of my head, but I'd imagine like patio furniture. I bought patio furniture from Target last fall. Those are things that take up a lot of space. So you'll probably find some deals. And even like Target came out recently with their own kind of plan. They said they're going to do more markdowns. They're going to remove excess inventory. They're going to cancel some orders. They even had to change, they cut their profit outlook as well. Cause as mentioned, just like the margins, they cut their profit outlook to about 2% of sales.

• 8:28Anthony Pompliano?

  So what basically happens is there was a resurgence of consumer demand.

• 8:35Anthony Pompliano?

  People are buying stuff like crazy like, oh shit, we don't have enough inventory. Order double, order.

• 8:39Speaker 02

  And you didn't know how long it was going to take because like on the Costco call, they said like the Christmas stuff from last year came in too late. And if you miss the season, that's huge. It's a huge loss. So like what you kind of heard on the Costco calls, they're going to have like deals this fall on like, what would have been like last year's Christmas inventory? Cause I mentioned it takes months of planning. And you remember like with the, the whole port issue last year, you probably just didn't know. And these are very sophisticated retailers and like people might sit there like, well, how did Target? How did Walmart? How did these others like miss it? But it's like hard to criticize because I can only imagine the forecasting that how detailed that is. And look, we also, the inflation story is back. Um, gas prices, I filled up my gas tank this morning.

• 9:22Speaker 02

  Five 79 a gallon, just like, it's insane. Cause you're starting to think like, even I'm starting to think, where am I going to be allocating my own wallet share?

• 9:31Anthony Pompliano?

  And when they inventory sitting there, your point is basically they want to get rid of it. And the only thing they really can do is use price as a incentive for people to come buy it. And so that's where you start to cut the price. If you cut the price, then obviously you're not making as much money on it as you thought you had forecasted. And so it has this chain reaction throughout the business as well, where you're going to make less profit on the same inventory, but you've got to get rid of the inventory because it's actually screwing you up.

• 9:57Speaker 02

  Yeah. I guess it's like the fine balance when it comes to retail is you don't want to be understocked. When there's that, it's like the supply, demand, you, you don't want to be understocked on anything. And then you don't want to have so much where suddenly you have to, to cut it. It's all about getting your margins just right on this stuff. And I also, I mentioned earlier, but it is important to just like the storage for this stuff.

• 10:21Anthony Pompliano?

  Yeah. When you think about the shifting consumer confidence, what are you seeing there?

• 10:27Speaker 02

  Well, I think this is still something to watch because you had the latest like sentiment data come out and I know your prior guest had referenced that he had a really good chart recently on this exact thing, but US consumer sentiment like plunging to the lowest record. I guess like if I had to think about it, I'm just thinking about from my own perspective, when you're filling up at the tank 579, that definitely starts to bite. I think when you look at the retailers, what they're already saying is a move away from discretionary things. You'll start, you're starting to see the grocery prices. So like Walmart has seen more folks turn to their private label when it comes to like groceries because you're

• 11:11Speaker 02

  talking about lower prices. And then Walmart CEO was also just kind of talking about during their annual meeting that yeah, they're, they're focused on inflation. They want to keep prices low. And he was talking about keeping a basket of goods like low for shoppers, like things like macaroni and cheese, beans, tuna, like things like trying to get groceries. This is definitely a concern for American consumers. I mean, I'm sure you probably think about this as well.

• 11:37Anthony Pompliano?

  I think the good shift, I also think people, one of the things that the CPI metric that they're trying to get at, so up until 1980, they literally looked and said, you know, I don't know, mozzarella cheese, the grocery store, they went, they found the exact type and every single month or every single quarter, they would go and look and what's the price change? And that's how they measured inflation. But eventually they came up with a couple of different nuances to it. And one of them that is hilarious, but also understandable as to what they're trying to get at is this idea of people swapping high priced goods for low priced goods. So in this example, maybe if the mozzarella cheese doubles in price, I'm going to stop buying mozzarella cheese and maybe I will buy a quote unquote

• 12:19Anthony Pompliano?

  substitute of either lower quality or something that is similar. Now, I don't think that means, hey, I'm not going to buy mozzarella cheese, I'm buying cheddar cheese. Like when you get into that stuff, like it feels like they're more so just like manipulating it. Then if people just say, hey, look, I'm not going to make that dish anymore. I'm not going to cook that food. I mean, instead going to go buy something else. And that is obviously a more complex calculation for them. And so they, whether you agree or not, they think that occurs. People change their consumer behaviors based on price of individual goods. And they're trying to get at it in the CPI metric. I think the question just becomes like, does everyone do that? And then also like, how do you predict what somebody shifts to? So if the mozzarella cheese is too

• 13:00Speaker 02

  They just need to rethink how they do the whole CPI to begin with. Like, yeah.

• 13:04Anthony Pompliano?

  I mean, I, listen, they're trying their best. They're working hard. But it does beg the question of like, do people do that? And I absolutely think it now, what they don't do is your gas goes up, right? And it's, you know, $5.80, whatever it was a gallon. You don't all of a sudden like, oh, uh, let me go buy diesel, right? Like, no, like you, like you just buy regular.

• 13:26Speaker 02

  To be clear, my 579 is diesel because I have a diesel engine.

• 13:29Anthony Pompliano?

  Okay, all right. But, but like, if you have a diesel engine, you also, it's not like, oh, I have 10 options. Let me just switch to something else at the pump. Right? And so there's certain goods where there isn't going to be the switching back and forth. But there are goods where there are substitutes. And I think that's where people say, you know, do people really actually change? I think in downturns, they do change at times.

• 13:50Speaker 02

  Yeah. And I think, again, I would say it's the private label brands that are probably going to benefit. Like, um, Target gave a shout out to Good and Gather, which is their in-store brand. I mentioned Walmart. I mean, when you think of Costco, like, I always think of Kirkland. It's like their private label brand. These are, they're a great brand.

• 14:07Anthony Pompliano?

  They'll have a tailwind.

• 14:08Speaker 02

  Than what you'd get from the, yeah, your typical CPGs.

• 14:13Anthony Pompliano?

  And when you think about Wall Street's response to this, do we have any data points or like any insights into like, does Wall Street give them a pass for having so much inventory? Or is this part of why so many of the stocks are down? And they're kind of getting punished for it.

• 14:28Speaker 02

  Probably explain why they're down, but you're starting to get a bit more color as to like how it's being dealt with. So like, um, Walmart CEO, the US CEO, John Furner said, you know, over the like next two quarters, they'll basically, I think it was two quarters. I do want to check, but, um, that'll get like worked out over like two quarters. I guess you'll start to get more color as to how long is this going to be an issue? Like, how big of an issue is it? Um, those sorts of things.

• 14:56Anthony Pompliano?

  Yeah. Um, what's the biggest surprise to you in all of this?

• 15:00Speaker 02

  Well, I guess for me, it's like, I think it's easy to say like, how did you guys get this so wrong? But what I'm realizing is like, how complex these things are. It's, you know, you're talking about these are people's jobs that they have to like forecast and plan months in ahead and like how fast things change. I think that was what I think most people probably expected, you know, consumer behavior isn't just going to be focused on buying goods. It is going to go back to services, travel, those sorts of things. I think it was just the speed at which it all happened. It's probably like the biggest surprise here.

• 15:35Anthony Pompliano?

  And when you think about how this is playing out, is, are they preparing for this to be like a 12 month, 18, 24 month type thing? Or are they more so taking just quarter by quarter? Let's see how this, how this goes?

• 15:48Speaker 02

  My impression is like the next probably couple of quarters. I mean, the holiday season will be here before we know it. That's important to get that right. Maybe it's probably, I imagine like it's probably just making people really that much more focused on the supply chain. Cause I think it's definitely shed a lot of light on it as to just how critical this is like the lifeblood of retail and just how small little fluctuations can have, you know, pretty huge impact.

• 16:17Anthony Pompliano?

  Yeah. It also feels like, yes, the retailers are experts at this. Yes, the supply chain, you know, companies are experts at this, but investors may not actually understand a lot of these nuances. Like one of the things, a young person, I was talking to him recently and he was like, hey, I don't know, maybe 23, 24 years old, just got out of school. And he's like, what should I be doing right now? And one of the things I said to him was like, pay attention, learn. Like, one of the greatest things you can do right now is literally every single day, take notes, pay attention, learn, try to keep track of what's happening. Because similar to our generation in the 2008, 2009 crisis, like, we learned some things.

• 16:59Speaker 02

  Yeah.

• 16:59Anthony Pompliano?

  It wasn't the same exact type of issue, but there was a hell of a lot of people learned a lot about the housing market.

• 17:04Speaker 02

  Yeah.

• 17:04Anthony Pompliano?

  They learned a lot about quantitative easing. They learned a lot about interest rate, kind of as a central bank tool. And so it's like, you almost kind of have to get the education by paying attention and the osmosis. And sure, you could hear about it from a professor or watch a YouTube video or whatever, but like, It's more so as you live through it, trying to document what's happening so that when you face this opportunity or crisis in the future, you're like, hey, I remember.

• 17:33Speaker 02

  Exactly. And just to that point, like just remaining super curious, learning does not end when you get a degree. Actually, that's, it starts probably even after, because you just have to maintain that lifelong learning mindset, ask people questions. There are a lot of people in this space. Like I've actually, when I mentioned Walmart, I spent time down there a couple of years ago and just got to meet so many different folks there. But I was like, just asking them questions, like, how does this work? Like, walking through, like, the warehouses and just getting a better understanding into the inner workings. And I mean, things are, there's a lot of complexity out there. You can certainly dive in and learn.

• 18:11Anthony Pompliano?

  Yeah. The last thing I would say is, when it comes to the retailers, like, they're fighting on multiple fronts, right? So like, you've got like the whole e-commerce thing. I think Walmart's actually probably done a pretty good job of fighting off Amazon. You've got the physical stores. You then had inflations. You're trying to figure out, like, how should we price these goods, given that inflation's rising? You've got employees who are asking you for raises, and you're dealing with all kind of the wage growth stuff. And then, oh, by the way, like, let's throw another curveball with supply chains and inventory growth.

• 18:41Speaker 02

  The ultimate, like, microcosmos to everything that's happening in our world right now. Because you hit, like, basically every big business story right there. Yeah.

• 18:50Anthony Pompliano?

  And you're basically trying to figure out, like, what is the relationship between our inventory, our supply chain operations, and like, the Fed's interest rate decisions?

• 19:00Speaker 02

  All interconnected, yeah.

• 19:01Anthony Pompliano?

  I think it's nearly impossible for them to figure it out perfectly.

• 19:04Speaker 02

  I mean, we can't even figure it out. I mean, I don't know, no one can figure it out, right?

• 19:08Anthony Pompliano?

  No. But I also think that that's part of, uh, part of where you're going to see value created, is we'll look back five years from now, and it won't be obvious right now, but we will identify one or two retailers that, like, were better. And better could be, they're 5%, 10% better than other retailers, but that will end up playing out in value creation for the next, you know, half decade, decade. And it's Decisions being made right now that lead to that value creation.

• 19:35Speaker 02

  Retail is actually, it's actually a much more interesting space than you might imagine. Like.

• 19:41Anthony Pompliano?

  I think that it is this, if you had to ask me, what is the single greatest indicator for economic environment today? I do think that it's these like major retailers.

• 19:55Speaker 02

  Yeah.

• 19:55Anthony Pompliano?

  And it's because there are exact same household decisions that are playing out and small business decisions that are playing out, they're just playing out on a grander scale. And because they're publicly traded companies, they have to release the data. And so we get to see, well, what was your inventory growth versus your sales growth? Right? And like Best Buy to me, it's one thing for Walmart to have like, I don't know, 30 plus percent, you know, inventory growth and nine or 10% sales growth. Like, okay, you just grew at different rates. Best Buy is like, hey, we actually grew inventory 10% and we contracted. We're down 8% in sales.

• 20:28Speaker 02

  Yeah.

• 20:28Anthony Pompliano?

  And so you almost get this like complete divergence, which that is like a whole different problem, right? Cause basically you were planning for growth, but you got contraction. It's very similar to Q1 economic data. Economists thought it was going to be Q1 growth in GDP and ended up being a contraction. And so there's been some surprises and the question is now looking forward, what's going to happen?

• 20:50Speaker 02

  It's a great question. Yeah. No one knows.

• 20:53Anthony Pompliano?

  I don't have the answer. All right. Where can we send people to, to find you on Twitter or anywhere on the internet?

• 20:57Speaker 02

  Yeah, you can find me on Twitter. My handle is Julia LaRoche. That's probably the best place to find me on the internet. There you go. Look at that.

• 21:06Anthony Pompliano?

  You, you in Buffett right there, huh?

• 21:07Speaker 02

  Oh, that's a, yeah, I got in that scrum. That was actually a good story how I got in there.

• 21:11Anthony Pompliano?

  Do you have a, a good Buffett story? Buffett or Munger?

• 21:16Anthony Pompliano?

  Like what's your, what's your best Buffett or Munger story?

• 21:19Speaker 02

  I can tell a couple. Well, can I just tell you how I got in that scrum right there?

• 21:22Anthony Pompliano?

  Sure.

• 21:22Speaker 02

  That was a good story. So, um, if you've been to the Berkshire meeting, Buffett walks around the kind of exhibition hall, like the day before, and he's like surrounded by reporters. And then there's obviously security around him. And then like people are like, oh, Mr. Buffett, Mr. Buffett. So then my first year there was 2018 and I did not get in that scrum, even though I was like a press person and I was kind of like really bummed out. But the year after 2019, I saw his security guard the day before. So the day before the meeting, I saw a security guard and I like went up to him and like started, you know, very nice friendly conversation, introduced myself. And the next morning, the scrum had begun and I was thinking, okay, I'm going to try to get in here, but there's probably, I'm probably not getting in here. It'll be the same thing as the year before. But the security guard looked at me guys like this and he's like, if you, as long as you don't block

• 22:06Speaker 02

  Mr. Buffett's backside, you can be in the scrum and it was awesome. And I'm actually going to give a person a shout out because they, they're someone like that I find to be a role model in this business and that is CNN's Poppy Harlow. So I'll never forget like being in that scrum and I'm a little nervous because I'm like, oh my gosh, I'm here and I have my microphone and your microphone's not even plugged anything. It's more for the pictures.

• 22:26Anthony Pompliano?

  No way. The microphones aren't even plugged in?

• 22:28Speaker 02

  Mine was for the pictures, but I had my cell phone. So I was like live streaming on Instagram or something and I get this like nudge and she's like, get your question in. And because like you're going up against a lot of like really high profile anchors. And she just like nudged me to get my question. So I like asked him a question about the economy, but I'll never forget that because that really meant a lot to me. Another woman like encouraging me in that business.

• 22:49Anthony Pompliano?

  The microphones aren't plugged in?

• 22:51Speaker 02

  Mine wasn't plugged in. I don't know if anybody else's are plugged in, but I don't know. Mine definitely wasn't.

• 22:56Anthony Pompliano?

  Because what they have the sound, they had the sound booms?

• 22:59Speaker 02

  Mine had the, I don't know about theirs. I'm just telling you mine wasn't plugged in.

• 23:02Anthony Pompliano?

  Yeah. But how do they get the sound? Because they have like a thing over the top?

• 23:06Speaker 02

  It was for the pictures, you know? I was just recording on my phone for, it wasn't broadcast anywhere. It was just more like my social media at that point. Cause you're really, you're not really broadcasting that part of the meeting. You just kind of recap, like, why ask them about this in the scrum?

• 23:19Anthony Pompliano?

  You think Buffett knows that some of the microphones aren't plugged in?

• 23:22Speaker 02

  Well, I mean, theirs might be plugged in. I don't want to speak for everyone else.

• 23:25Anthony Pompliano?

  Nah, they didn't got theirs plugged in either.

• 23:26Speaker 02

  It's all about the pictures and I'm probably giving away secrets.

• 23:30Anthony Pompliano?

  Well, but it's kind of like a billboard, like a lot of companies advertise on a billboard for a day. And the reason they do it for one day is because they just want the photos and try to make them go viral online.

• 23:39Anthony Pompliano?

  All right, so @julia larosh on Twitter is where people can find you. We're going to be doing a lot more. Julia is going to be joining us on a more consistent basis. I'm very excited about this.

• 23:49Speaker 02

  I'm really excited to know.

• 23:50Anthony Pompliano?

  And I think people will learn a ton. So thanks so much for coming on.

• 23:53Speaker 02

  Thanks for having me.

• 23:54Anthony Pompliano?

  Of course. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you subscribe on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to pompscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period. Go to pompscryptocourse.com to learn more, and I'll meet you guys for the next episode.