The Coming Banking & Economic Collapse: Confronting Ross Gerber.

welcome back to another episode of the

meet Kevin show today we have the honor

for the first time ever out of like 10

shows we've done of having Ross Gerber

in person in studio in the flesh we even

split a okay we may we don't go into

that just yet talk about our lunch you

know so at lunch you mentioned that you

want to step on Elon what is going on

with you and Elon oh you're gonna start

with that yeah you're such a YouTuber

you know I come in here you know it's

like I want to want to do an in-person

show you know it's like in the old days

you'd go into Studios like NBC or

whatever and do shows and now because of

Zoom virtual yeah it's all virtual so

and then you got the lag right and then

you're always like staring at a camera

basically um so I was thank you for

inviting me I did want to actually see

you in person today and I actually think

shows are better when they're in person

personally um no you know I you know I

think a lot of people misinterpret like

my love for Tesla and my dis love of

what elon's doing right now the whole

reason I'm upset with Elon is because of

what he's doing to Tesla because I love

Tesla see I don't love Elon it's not

like like I invest in companies and

Tesla's been one of the best investments

of my career I love the products and

services I love the people who work at

Tesla and I just don't think it's fair

what he's doing to the people who work

at Tesla and the brand and I I

understand that he's obsessed with

Twitter and that's his passion and he

thinks his uh approach to the world's

problems of somehow making the world

better but it's certainly not making it

better for Tesla so that's really where

I'm coming from I'm coming from a Tesla

shareholder perspective that I want the

CEO of the company to go out there and

sell cars every day and I just don't

think he's doing that so you think it's

more just that he's almost insulting

maybe the Tesla investor who's believed

in him and the company and sort of

helped him build up Tesla because he's

distracted yeah I think he's almost like

shoving the dirt in our face like it's

it's like not fair to us and that's what

makes me so angry it's like like we've

like I've supported Elon for a decade I

can't even tell you how many interviews

I've done against people who simply

wanted Tesla to fail forget Elon they

wanted Tesla to fail for various reasons

and Tesla succeeded and and it's done a

a remarkable job making wonderful

vehicles and I think that the CEO and

the founder of the company should spend

all of his time promoting

this wonderful brand and Company but he

is working at Twitter and that is his

focus and with that comes a lot of I

would say unnecessary noise distraction

and unfortunately it's hurt Tesla sales

and I just don't think there's any doubt

about it and and because of that it's

hurt Tesla shareholders and we haven't

made money in three years and and it

kind of sucks in a bull market when

everything's taking off and Tesla's

actually an AI company it actually

pretty much invented a modern AI driving

system and like we're seeing none of the

benefit of this and and I just think at

some point that's what leadership is is

taking responsibility for what's

happening and Elon needs to take

responsibility for what's happening I'm

sorry that's that's where I'm out fting

you can not like me because of it that's

fine that's my opinion you can have

yours it's it's almost like the other

software companies that have bolted on

the AI features that are nominal they're

all doubling or taking off like Sound

Hound you know like oh I got a double in

SoundHound I got service now I got this

I got that everything's up except

Tesla it was based on AI from the from

the GetGo do you think elon's time at

Twitter is has contributed to his losing

of this pay package in Delaware and

should he have left Delaware I don't

think that has anything to do with it

okay what I think is that corporate

governance and the way companies run um

anywhere from HR to

uh you know compensation in in

particular compensation at public

companies is a really you know quite a

complex and painful process for most

companies because CEOs are highly paid

and there's a process that companies go

through when they create pay packages um

that's quite intensive and and so what

happens in Delaware was Tesla only has

eight people on the board which is very

uncommon for such a large company

usually companies have at least 10 12

you know 13 director at the size but

then on top of it all of the directors

have some close relationship with Elon

and that's not per se as problematic is

the fact that those directors are

presenting themselves as independent

this is what Delaware said and this is

what I think a lot of people in the

Tesla Community don't understand it's

not about what he deserves I actually

think he deserved it too and I was fine

with the V package and I voted for it

what I think is that that

elon's um how would I say

this was elon's mistake knowing that if

he succeeded he would have to defend the

pay package he should have taken the

steps from the beginning to have this be

an independent process but instead he

brought a pay package to the board and

the board said that sounds gry you hit

these numbers no problem but there was

never any push back or debate ever

documented and that's just required by

law so even though the shareholders

voted for it they didn't go as far as

they could have in terms of making it

Ironclad this was negotiated and debated

Delware saying that the shareholders

voted on a proxy that was misleading

because we were voted under the

assumption that this pay package was

actually debated upon and approved by

the board like there was some give and

take that's how they're arguing that

voting almost didn't matter because what

people were voting on was potentially

misleading 100% that's what they're

saying is the vote didn't matter because

you actually didn't have all the

information Delaware is trying to

protect the shareholders who would be

paying Elon $50 billion now why this

should matter to Tesla shareholders is

that if the pay package was legit and it

was completed Elon would owe $25 billion

in taxes okay and the only place he

could get that money would be to be

selling $25 billion worth of Tesla stock

okay and so people have to understand

that this is massive delusion to Tesla

this pay package whether he deserves it

or not sure so the idea that it didn't

go through an independent process before

shareholders voted on it that's the

issue that's what Delaware is saying so

it's very simple if Tesla wants to do a

pay package they need to get board

members who are truly independent so

that there's a compensation committee

that could have pushed back for example

if they would have said something like

well Elon the upside on this is 50

billion that's extreme maybe we should

change it so the upside to this is 10

billion mhm and then they negotiate and

they decide the upside to this is 20

billion some settle negotiated sett

right at least they could have gone back

and said there was a process but they

can't even do that now here's one of the

wealthiest supposedly smartest people in

the world and he doesn't know basic

corporate governance wow so there's

nobody to blame for this other than Elon

building almost the Optics of it so uh

what about uh the the idea of a new pay

package now going forward a lot of

people say maybe he doesn't deserve what

he had uh because of the performance of

the stock over the last 3 years what's

your take of that other people say no

give him everything he had and give him

even more at levels where Tesla is now

where do it go from here

well Tesla could do two things I think

to give Elon a massive pay package when

he basically works at Twitter doesn't

make any sense for for Tesla

shareholders what he wants is another

12% of the company and what I would

offer him is exactly that I'd say I'll

pay you 12 % of the company over the

next 12 years but you must sell Twitter

oh wow okay you must work at Tesla as

CEO full-time wow okay and you can have

1% of the company each year for the next

12 years until you're 65 years old and

you retire wow okay you don't even have

to do anything it'll just vest over 12

years just sell the damn Twitter just

sell it so that's been so bad and if he

never tweets again I would give him

another three % of the company okay 15%

just to shut your mouth yeah 100% but

that's censorship Ross it's not

censorship it's called capitalism tell

me about that if you want to give me 3%

of Tesla I'll never tweet again because

a lot of people will say well Elon

should be free to say whatever he wants

but you take issue isn't he of course

but you take issue with with him being

well saying whatever he wants right I'm

also free to say whatever I want and I

run a company with lots of my friends

who work there why do I want them all

mad at me every day okay you don't want

to hear everything that I think trust me

okay and so there is a very deep filter

system that I that I have actually and

it's amazing after 10 years of being on

television I have not screwed this up

too badly I've made a few mistakes

everybody makes mistakes it's okay oh no

I made them oh boy and boy but I learned

my lessons and but my goal is to build

my company you know Gerber Kawasaki is

the most important thing to me and my

co-workers are the most important thing

to me I do care about building my

business and so if I'm doing things that

are detrimental to the business and my

friends and co-workers are bringing that

up to me and I'm trying to be a

cognizant leader you know I have to take

this into account it's not about freedom

of speech it's about capitalism it's

what's best for my business and some of

my opinions are not palatable to

everybody and so it just doesn't need to

be public well it's almost like what we

say is what do we not talk about at the

dinner table politics and religion

because you can't pleas it's impossible

to please all sides well I used to they

used to say that like you never want to

talk about these things on dates so I

would always start off with politics

religions and sex like right off the bat

you know and you know like let's just

get this done so we can not waste one

more minute dating you know oh because

if you weren't comp compatible you

wanted to end that right away why waste

any more

time so let's just dive into the worst

things now that's actually funny do you

think that there's a problem with the

Jud judicial system and that is it

possible that elon's pay package was

taken away by a democratic judge uh same

thing with Trump losing his $450 million

uh uh fine appeal by a democratic judge

is is how impartial can the judicial

system be if they do have labels as well

well you can look at it this way you

know America was founded off you know

our system and our system has a Judicial

System that's separate from the

legislative and the executive and

there's a reason for that the separation

of powers allows the judicial system to

operate fre

from politics okay so when you're a

judge whether you're a Democrat or

Republican it doesn't matter okay you

you are a you're you have one of the

three corners of power in the United

States Supreme Court being the top

judicial body so they don't give a crap

about politics judges are trying to

apply the law as best as possible as

they see fit okay so to imply like like

the Trump verdict I mean Trump lying on

financial documents to get better loan

rates is a competive Advantage because I

was let's say bidding on the same

building As Trump was bidding on but my

rate was 3% higher okay so it's a worse

deal for me but if Trump's just lying on

financials then it's just

anti-competitive Behavior it's illegal

you're not allowed to do it and he made

money because of this some people say

though that's on the bank to verify what

you put on your financial statements how

many loans have you gotten in your life

Lots how many have you lied on none okay

that should answer the question okay

okay you don't lie on financial

documents for banks or for anybody and

it's just a simple thing like your net

worth is a variable number oh yeah okay

so I could say this house is worth 2

million this house is worth 1 million I

mean it's a variable number but there's

a way to do things as I said where you

can say well this is why I got this

number and this is how um like here are

three other homes in the neighborhood

that all sold for 9501 and 150 so we

took the average it's a mill like at

least there's a way to explain it that's

what you're arguing yeah 100% And it's

like valuing things so wildly off you

know just for profit you know which

Trump did is anti-competitive illegal in

New York now I think in Trump's case he

almost does everything possible to make

things worse for himself oh wow you know

it just seems like you know half the

stuff is because his own lawyers and his

own people are turning in the evidence

to the government oh interesting there

like Michael Cohen all these people you

know we wouldn't have any of these cases

it weren't for his people wow you know

wow so so sort of the idea like uh the

upper level of Trump Tower was 10,000

sare ft but reported on Trump financials

as being 30,000 yeah and that's a

massive difference at 2,000 a foot in

New York or 5,000 a foot in New York you

know you're talking massive difference

in valuations but you know once again if

I need a loan right now and I put I have

assets of 300 million when I really have

assets of five you know it's completely

different profile for the bank you know

right somebody might actually do a deal

with you versus not right and just the

same I'm competing to buy a building

worth you know let's say 200 million

it's a big building New York this is a

big competitive Advantage if I'm

borrowing at two and a half% and the

other guys are getting five what do you

think about people who say again it's

it's the bank's problem to underwrite

and verify that nobody was harmed in

this that Deutsche Bank was paid off

love I love harmless crimes nobody's

harmed with prostitution nobody's harmed

with drug use you know it's like no

people are hared arms and it's the other

people who wanted to buy the building

okay cuz they got

screwed so if we live in America where

it's supposed to be like capitalism and

it's fair playing field and one guy lies

on all the documents and beats you to

the deal is that capitalism is that fair

interesting so it's sort of like they

were robbed of their reasonable

opportunity because maybe their their

forms were perfect as right remember the

college Scandal that happened where all

those rich people were like buying their

kids into us from Full House

to jail for this she literally went to

jail for buying her kid into USC right

and you could argue who was harmed who

was harmed right right who was harmed

that's a good comparison well it was the

kid who applied to USC who didn't get in

and it's bull crap it's bull capap

because that kid was smarter and sharper

and worked his butt off and didn't have

his mom on some horrible show okay and

and Dad no and and dad makes like crappy

you know like crappy surf clothing you

know and they live at a belir country

club this is like their life you know

and they're buying off everybody to get

their kids into school well my kid's

working really hard and I'm not buying

anybody off you see what I'm saying so

somebody is harmed and it's a sort of

like oh it's esoteric it's like who who

was that person but it was somebody and

we know that lloy Laughlin's kid didn't

deserve to be there wow wow uh so how do

you think this then relates to Elon when

it comes to I mean should should he just

shut his mouth or should he just leave

Tesla what what's the solution for him

like where is he going to be happy and

what changed or has he always been like

this well I don't think he's ever been

happy and I think if you read his book

it's pretty clear that he's you know I

think everybody should read the book If

you really want to understand Elon I

think it's pretty clear he's an

extremely difficult childhood you know

extremely difficult one that I can't

relate to in any way yeah like in any

way I don't even want to get into his

father I mean it's it couldn't be worse

so I do have sympathy for him I mean in

the sense of like he grew up in a really

really bad place you know but I think as

a result of that I think he has some

blocking in his emotional connections

you know with people and because of that

I think oh he's callous to like feeling

empathy maybe yeah I don't think he

feels empathy for people at all and I

[Music]

think engineers in general tend to be a

little bit different breed too um much

more analytical than emotional um but he

doesn't seem very in touch with his

emotion so I think the real question is

what does Elon want to do you know

because the idea that he's actually

running seven companies isn't real he's

one person the idea that he's not a

human isn't real okay I know he lives in

pain he has back problems and such you

know so the question is what does he

want he I think really the best thing

Elon could do for himself is actually

take time off oh wow okay he has never

stopped working ever and when you see

his schedule it's not sustainable long

term and that's my biggest concern being

an apple investor and watching Steve do

Jobs die and watching that whole process

is my biggest concern is for his health

I mean if you really care about Elon you

should be telling him not to work

anywhere geez wow wow he should take

three months off he should really try

this like it would be it would change

his life if he could just go

to Kawaii where I go with Mark Zuck no

cuz I Don't Go Near Zuck cuz he doesn't

actually leave his compound he he

doesn't hang out with ha waiian you know

um hey quick note mark your calendar for

June 21st to 23rd we are doing a 3-day

make money wealth become a millionaire

Symposium we haven't figured out the

name yet by the time you watch this

video we will have go to meet kevin.com

Ross Gerber will be there we're going to

have an event with a lot of speakers

it's going to be great we're we're going

to learn real estate we're going to

learn Finance stocks investing taxes you

name it so mark your calendar in person

none of the zoom stuff in person meet

the people ask the questions learn the

stuff finally get on the right path so

go to meet kevin.com to learn how to

sign up and the sooner you sign up the

better deal you get on the tickets and

you'll be there and it's in Vegas and

it's in Vegas and Ross will be there

let's go no but you go to these places

and you spend time with yourself and you

just try to decompress you know the

stress you deal with your life you know

and it's just an important part of

living and I think he needs that really

badly why do you think uh Tesla stop

providing guidance on delivery system

because I have no idea they have no idea

yeah I don't think is Zack left the only

person with an idea no I think losing

Zach sucked um I I was a big Zach fan

yeah

um I think it's because

forecasting demand is a really tough

thing with changing rates different

economies and things like that globally

he deals with three markets globally

China being probably one of the biggest

markets in the world that's in real

trouble right now and it's a big market

for Tesla so I think it's really hard to

forecast on three continents with

multiple economies you know you've got

Supply coming on on in three continents

you got demand in three continents you

got to line that up so Tesla has a

challenge and I think it is hard to

forecast but I think the issue is what's

the capacity of production and I think

that's probably closer to 2 and a half

million cars now and can they actually

sell two and a half million cars without

lowering prices and that's the bigger

issue do you think China presents a buy

the Dipa opportunity you g to pull a

Michael bur and go all in on Alibaba no

no I I fundamentally think

China a doesn't care about capitalism

they're Communists so shareholders in

China already started on the wrong foot

cuz you actually don't own equity in

those Securities most people don't

understand that like you don't own the

equity in a Chinese company you just

have like a shadow share or something

you know and then like the whole Chinese

economy is built on like match sticks

and it's completely falling apart wow

and we've actually supported the Chinese

for the last 20 years through exports

and so their best customer they decided

to attack and piss off and so I think

the Chinese are finally realizing Maybe

the West is important to us and Russia

isn't going to buy all our Goods oh wow

you know and so now China's in trouble

she's put himself into a corner and that

hurts Tesla though because Tesla's

biggest Market is in China and now the

econom is going to heck and there's

plenty of competition in EVS in China

you know why do you think that is why is

there so much competition for electric

vehicles in China uh where it feels like

there really isn't in America you know

Ford scaling back Mercedes I know that's

European obviously GM scaling back uh

rivan and lucid are becom less

profitable right and you're not growing

you're becoming less profitable on top

of that whereas if we look at China it's

it's just the support of the government

there I mean you've got uh Neo I mean

they're certainly doing better than the

American versions of of the companies

you've got byd you got a lot of you've

got a lot of them out there well part of

it is the government supports it so the

government's saying we want EVS we don't

want to be relying on oil well China

doesn't produce oil really they they

they import most of their oil so they

want away from EV especially maybe I'm

sorry from from gas so they so right so

they got to get gas from from us the

Arabs are the Russians right so and so

like Russia's been providing them a lot

of gas cheap right now and and she sort

of saw that as an opportunity but what

he didn't assess was the damage it would

do to the other side of his business

which is selling Goods to people and so

China has no incentive to want gas and

and also I think China does want to be

green for not just for economic reasons

but because the pollution is so bad in

the cities you can't even walk around

Beijing many times so I don't know if

you remember it was about I think it was

like four years ago five years ago where

the pollution was so bad in Beijing they

had to shut everything down and so what

happened was they had to shut down all

the factories around Beijing because it

was just like you couldn't go outside

let it clear up a little bit so it's not

like oh climate change we just care

about Earth for everybody it was like

it's so bad here we can't breathe so so

they I mean you know oh you can't

breathe you got to do something

right um and then so they've just gone

all in so unlike the United States China

supports all these companies and

partially owns all these companies so

when they decide we're going to be an EV

country that's what it's going to be and

that's what China's going to be and it's

super smart that you know it's smart for

them um in America being a capitalistic

country we don't support we do support

the EV industry so I'll take that back

um we created supports under Biden for

the EV industry there's wonderful

incentives to buy EVS today there's more

wonderful EVS in America today but I

think that Americans don't understand

the value of an EV because the Chinese

government spent a lot of time educating

people on why they want an EV and the US

government spends all its time not

educating people about energy okay does

how much does the government really

educate out here remember when I ran

against Nome should we run again if he

gets recalled again I can't do it I

can't do it again but that was one of

the big things is we need schools out

here future schools you remember that I

think you should start a local

government I think you I'm not doing

that I'm not do I like I think you can

win a bunch of stuff and work your way

up thanks man but boy I was confused

when you got into

politics thank you well thanks for for

uh for being there for me during that

time anyway you know I supported and

voted for you and and you know I thought

it was a good lesson for you too about

how how the world works you know it's a

little bit weird what about Bitcoin so

you guys still hold Bitcoin oh yeah you

know so these are good days for us being

long-term Bitcoin owners and and we have

a crypto program at my firm and and we

didn't bail out you know when things get

bad with Bitcoin because you know we're

just going to own it forever um you know

we stopped growing our Bitcoin program

because Gemini ran into problems and

they basically like kind of cut us off

because they were like teetering and

then we were like holy crap they're

teetering and it looks like they're

going to get over the hump but we've

basically been on hold with building our

program because basically the whole

crypto Industries and shambles right so

what's happened with Bitcoin which I

knew was going to happen and and it just

like all kind of just happened after the

SEC lost that case I think it was with

grac Dale or somebody which was

essentially when we started our ETF when

we were at the New York Stock Exchange

in 21 I was asking the guys there like

why isn't there a Bitcoin ETF a lot of

it was the custodians weren't playing in

it so there was no way to accumulate you

know Bitcoin every time there were

inflows and then there was a valuation

system that was broken because most

people didn't understand the way Bitcoin

was valued was taking the average of

several exchanges okay so that didn't

work for the New York Stock Exchange so

what they were telling me is it just

depends how long it takes till this

industry grows up you know and so what

happened was Fidelity was really the

leader in the traditional Finance

industry in Bitcoin building a Bitcoin

mining operation and an Institutional

Bitcoin practice early um and they kind

of went all in where Vanguard is like Fu

f still like I mean now you've got even

Morgan Stanley Bank of America hey we

want this on our platform you know

totally and and so um we originally felt

the best way to deal with Bitcoin would

be to open up you know wallets for each

client so they could actually use their

Bitcoin but what ended up happening

which it's still an issue is nobody can

trust these exchanges and so the idea of

a Bitcoin ETF was stupid to me because I

was like well I can't use my Bitcoin why

would I buy this it's like just sits

there and brokerage account but then

things kind of change because if you

can't trust any of the custodians maybe

an ETF is the best way to do this

especially yeah especially because most

people don't actually use their Bitcoin

right right right it's a an investment

or for speculative purposes in crypto or

whatever it might be or maybe you want

to own crypto but you just don't know

where I can do this safely right and

have insurance on it right and so you

know Bitcoin ETFs come out you know me

knowing the numbers I knew inflows would

be quite good and most people don't

understand that most Bitcoin ETFs are

not for sale at most broker dealers

today because most ETFs have to be at

least a year old before they're added to

platforms you should know that right and

so right now at my firm you cannot buy

ibit at LPL because it hasn't been

approved yet oh my gosh and this is

Black Rock we're talking about right so

what I did was I went out and bought it

in my ETF so my ETF actually owns about

1% in Bitcoin oh wow yeah I'm the only

ETF in the world that actually has

AI cannabis and Bitcoin in the same

place it's pretty cool I think but but

that said and that's ticker GK GK and so

um so our Bitcoin were up on like right

away and I and and and I immediately you

know wrote to the advisor show guys like

what do I have to do to add this to my

ETF and and they're like we just have to

file the SEC a couple forms and and you

know do it and you know so my my clients

are getting a benefit to this Bitcoin

now without having to do this so the ETF

all of a sudden serves a purpose if we

can

trust custodians right so in the next

year these Bitcoin ETFs will be added to

all the platforms wow and then it's just

a matter of time till some goof at like

Merl Lynch says we should have a 1%

allocation to bitcoin oh then everybody

does it and then it's like the trillion

dollar firms start buying 10 billion

each wow and then it's all done and then

Bitcoin goes to I don't know doubles you

know oh and by the way it's the having

right now oh right and on top of that I

to use the half number uh I want to say

about half of Bitcoin hasn't been traded

in the last 2 years at least some

Bitcoin hasn't been traded in 5 10 years

yeah I think a lot of Bitcoin will never

be traded quite Poss be I sell myit I've

never sold a Bitcoin I think there's

probably a good chunk that's also just

lost originally created I would think

that a lot of it is lost just gone you

know it's just like in some computer

somewhere yeah yeah so the supply is

probably lower than it actually uh well

and then there's the Shoshi coins or

ever that is whoever owns that you know

I like that part of Bitcoin that was

always the part I was like everything

was good in the story till you got to

Satoshi and that's when you lost me you

know I was like what this and I think

that's what people love about not

knowing really who the true identity is

of the person who created bitcoin

because of this yeah because if you knew

it' be like well that person's a scam

yeah and that person never taking the

money out ex untouched coins but I think

for people in general

and they're like why do I need to own

Bitcoin and I say look at the US

government okay it literally printed

trillions of dollars on a dime then

jacks up all this rates to suck it all

back in right it's like how much money

now you look at the Chinese government

just falling apart there's one solution

for China you know what it is printing

more money okay it is true and they're

not their stimulus soomal they didn't

study the Great Depression in the United

States wow they didn't study it because

in the Great Depression the United

States they did what China was doing

which is not stimulus when things are

bad austerity right and that we need to

actually not go into deficits and we

need to not print money because we want

to be like financially solvent but what

I'm doing is putting everybody out of

business right okay America we never had

any problem printing money okay we've

been printing money like crazy people

since I was born so so the idea that you

could have a Global Currency that isn't

printed all the time is actually pretty

you know nice and then my dad who's you

know in his 80s is like why why does

anybody need Bitcoin and I I was like

well Dad you know let he likes to go to

Germany I go let's say you go to Germany

you know and and you need money you like

how do you get money you know how do you

pay for things it's like you know you

got to get euros and or use a credit

card or something like that pay fees but

Bitcoin works the same way it's just on

your phone and you could pay anybody in

Europe or anybody in Africa or anybody

in Asia with Bitcoin anywhere you go and

I go to a lot of places you go with a

$100 bill in the United States you can't

even use it yeah okay so imagine if

you're stuck I don't know you're on a

vacation and you're in some random place

in Latin America and they're not taking

$100 bills they'll take Bitcoin a lot of

places take Bitcoin and and I think a

lot of people don't understand that that

it does work actually really well when

you're outside the United States what

about uh Javier Malay is a slashing of

government spending apparently now he's

balanced the budget qualifying for IMF

loans again is this is this like uh you

know are they cooking the books they

actually able to turn this around

because people seem to love what mle is

doing well I mean he also got cloned

dogs do you see the Clone dogs uh-uh oh

you didn't see this he loved his dog so

much he cloned it three times he's got

four he's like you except with kids he's

got he's got four dogs okay so being a

capitalist and understanding the pain

that countries like Argentina have to go

through to fix their finances I really

like what he's doing wow I think it's

it's really good for the Argentine

people you know Argentina's a phenomenal

country that's literally for as long as

I've been alive been mismanaged by the

government all they ask that's stolen by

the government the the poor people of

Argentina have had to deal with this

forever or they come to America and this

is the same problem everybody goes well

we have a border crisis well it's

because in Latin America all these

countries suck if you were down there

You' want to go to 100% 100% I would

yeah cross the I'll take my chances in

the real Grande right and and so like

Argentina is a perfect example of this

this beautiful wonderful country with

all the potential in the world just

completely mismanaged since the Avita

days right and so um so there's an

opportunity here but what happens is

that and this is what happened like in

the United States in like 1982 83 with

hyperinflation is you have to go through

a period of time that's extremely

difficult because you have to get the

government spending under control so so

you go through a a deep recession that's

very painful with the understanding that

when we come out the other side the

country's finances will be balanced and

the next 10 years will be amazing but

the next two years might be extremely

difficult for people in Argentina so

when you jack up rates and you get on

inflation under control and you stop

printing money you know the people live

off this printed money that's the

problem but also the price of goods is

going up just as fast right so it's

going to be a tough time in Argentina on

the short term but if they stick with it

I think he'll be wildly successful

better for the long term okay that's

good what about in America where's our

recession we're supposed to be in

recession by now

um I think we're learning about human

behavior a lot you know I was talking to

our economists at uscl about the the

human psychological things that most the

economists got wrong over the last year

which is that people want to go out and

spend money yep okay and so like there's

a A vibe that didn't exist during the

Obama years post financial crisis where

people were just it was kind of like the

Great Depression kind of like holding

back a little bit paying off their debts

not really aggressively spending because

people went through such a hard time

during recession right and then when

Trump came into office he cut tax and he

was like spend spend spend America's

great go out and spend money and people

started doing that and by cutting taxes

it created more money in the economy and

and that kind of worked and then and

then um you just said something that

Trump did worked yeah cutting taxes

works if you cut taxes the economy does

better because some people say you won't

say anything well the other problem is

we have bigger deficits because of this

but yeah that was sort of the talk this

morning was like well we're going to

have to raise taxes more and I was like

yeah that that'll slow down the economy

I mean you know because Trump's tax cuts

spurred the economy but it also created

a bigger deficit so so that said Biden

comes into office and could have taken

steps but instead he printed even more

money and gave it to people right in the

recession Act of 2021 or whatever they

called this and and that's really what

caused the

inflation um so now that we've kind of

sucked it all back what's left is that

people still want to spend and people

still have jobs and because we've on

shorted so much uh manufacturing and

this is also because of Biden and Trump

um there's a lot of good paying jobs now

you know for uh what I would we used to

call lower income workers you know now

in McDonald's here in Los Angeles you

make $20 an hour you know uh and then it

just goes up from there so so we've seen

strong wage growth and and with people

wanting to spend it's kept the economy

much stronger despite real estate being

dead you know like the traditional

Believers of the economy are are not

good and so it's kind of a weird economy

and and you can see it where the prices

of services keep going up but the prices

of goods are now starting to go down

yeah negative you're deflation yeah so

in one area you have deflation the other

area you still have inflation like in

hiring um but that's starting to

moderate too so I think what we get out

of this is a really good economy and the

FED starts flowing rates middle of this

year they do it slowly you've got kind

of the best of all worlds that's why

we're really bullish ring think we're

going to stick us off Landing no no I

don't think there's any Landing we've

never landed we're still at 3% growth

you see what I'm saying it's like there

was never a landing why bother we're

having a good time here what it was was

the we just rechanged the Paradigm of

rates okay from zero to let's say four

to per. for now yeah for now but the

idea being for 25 years we all expect to

get money for free we all lived in a

free money world it was great your real

estate is great buy whatever you want

prices go higher okay well now who's

suffering real estate right why well

they took all that free money well now

it's not free anymore and the loans come

due yep okay uh good opportunities yeah

like Trump's hotel in DC I don't know if

you saw this deal so Trump sold his

hotel in DC in 21 cuz he was kind of

forced to and he made good money on this

hotel and the guy who bought it took a

$286 million loan to buy the hotel from

Trump one of Trump's buddies actually

from Florida and so the guy has a loan

loan matures or whatever or needs to be

refi and he can't afford it it's now in

default and the Trump Hotel in DC is now

in default wow okay so people who

borrowed at two the math doesn't make

sense at seven no of course not you know

it just doesn't and so this is going to

be a very hard period of time for a long

period of time as every company's debts

and every person's debts come due and

have to be refinanced at higher rates

and that's like a forever slowing on the

economy that will exist that can be

offset by letting the economy run you

know so let the economy grow to offset

the fact that rates are higher do you

think we're going back to zero no I

don't want to go back to zero oh wow I

don't want to go back to zero that means

we're in trouble it means that the

government has to print money for us to

get growth and what we really want is

interest rates at like 3 4% where it

costs money mean remember I'm a guy with

capital I lend money I want to make

money on my money m I don't want to have

to buy equities to make money and that's

what happened for so long so Equity

valuations you know we had the S&P with

2324 PES in in 2021 you know today it's

it's getting back up there again you

know um but we have growth but we have

growth where I can loan money to

somebody and make money on the loan too

so it's a great time to buy bonds and

it's a great time to buy stocks but now

the earnings in stocks is real but where

this is painful or companies like AMC

let's say aha high debt high debt grow

well they got to refy debts and they got

to get capital and you know and and all

of a sudden it's like well a company

like AMC isn't going to borrow for

anything less than 15% or Cruise Lines

you're seeing that as well with them 15%

is a pretty normal rate for a high-risk

B today wow you know and uh you can see

that in the BDC Business Development

loans um you know it's if you're bad

credit right now it's hard to get money

so how does that relate to the consumer

who might be using like Flex like buy

now pay later to pay your rent these

days and that's probably the worst idea

I've ever heard yeah yeah it's really

popular now it's like a top 200 app on

the App Store like I'm blown away every

time I mention it I just it it seems

like it's higher and higher every time I

look at it I mean whoever buying that

debt is really dumb like are they

because what if what if they what if

they're lending at 20% and they're like

we're going to assume 25% of these

default they're still left with a 15%

yield yeah I I know what you're saying

so here's my thing and we talked about

this before where rent is your biggest

cost right okay so if you can't afford

rent it's a problem it's a massive

problem it's 30% 25% of your income yeah

is is your rent sure so like if you're

buying out pay later in your rent like

where are you going to get the money

later where's the later part where's the

later do every month if 100% of the

debts bad how does it get how does the

debt get paid off that's a good point

because yeah if you have a uh you know

you buy a pelaton bike like one time or

whatever and you buy now pay later you

could stop buying pelaton bikes you're

not buying a pelaton every month but

with rent you are literally and you owe

it every month so if you buy the pelaton

once and you buy now pay later even if

it's a 10year loan eventually you'll pay

it off yeah there isn't an ongoing

expense right it's once but that's the

idea of buying a product this way you

pay it off over time you don't need that

many code hangers but rent you pay every

month yeah so it's basically saying you

can't pay your rent this month somehow

you're going to have twice the rent next

month plus interest it's problematic so

I think 100% of it goes bad okay so so

you would stay away from that sort of

debt so stay away I mean I would rather

get hit by a club in the head than than

take your bad rent debt oh wow so the

does that create risk for uh you know

even maybe personal lending companies

like a Sofi for example a lot of people

love Sofi stock very very big on

personal loans 15 18 a lot are bad a lot

of them are bad you know so s is

actually a good company and they serve a

good Market your friend Kathy Wood loves

them um I I like Sofi too I you know I I

don't have issues with sofa I think they

they do a good job the issue is is the

way they book The loans on their books

so we started doing this research

because one of the things I learned was

that the way Banks book loans on their

books is all a lie okay so we started

this study when rates went up because

what we wanted to figure out was if I'm

a bank like Bank of America and I own

all these loans at 2 3% like what

happens now that these loans are at 6%

yeah the loan value is plummeted so it's

40% down or 50% down so then you go look

at Bank of America's books right now and

it's the none of them are marked down

and you go well why not and they go oh

well these are loans to maturity so

loans that you hold to maturity you

don't have to mark down in the meantime

right I go you know what I wish I could

do that with all my my bad Investments

none of these stocks are down because

they go up again yeah because they're

held so we won't right so we won't count

the losses this year because it's

because I'm I'm never going to sell my

Tesla I'm never going to sell it so

there's no l it's Tim maturity there's

no loss that's funny that's it's not

funny it's a trillion dollars de this

way it's true but what's what's funny

about it is that as you're saying it

literally just as we're recording this

New York Community Bank which just had a

write down on their real estate like a

half billion dollars started another

banking crisis fear New York Community

Bank just what 15 minutes to an hour ago

delays their annual filing citing

material weakness in internal controls

right that's probably exactly what

you're talking about the debt the

internal controls on the valuation

remember they bought the signature bank

loans oh yeah there they they got

aggressive bought signature bank loans

which were garbage and then the FDIC

makes you buy them very quickly there's

no way you analyze all you can't do DD

on cuz real estate is it's time

consuming you know and so like oh we're

big now we got all these loans and

they're like ah material weakness and

blah blah blah it means we have no idea

what this crap is wor okay so they're

going down it's a $4 stock and it's a

hundred billion doll Banking and it's

got big enough so it's systemically

important okay so now the FED got

themselves into a little bit of a pickle

with this dog well because they're

closing the bank term funding program

too where you can take your fed bail out

so so think about it this way in the

sense of right now there's a trillion

dollar of losses that the banks have

that they have not reported is it down

after it's down 18% and after hours well

down to four 479 391 stock it's zero I

mean you know I'm saying it's like if

you're a $ four bank with with bad

financials it's zero yeah that is the

lowest so this is going to be the thing

that causes the correction Banks yeah

that issue is still going are you

serious yeah it's it never ended for

bailed it out no the only way he can

bail these Banks out is by lowering

rates oh well that would make the loan

values go up again hello oh so he has to

lower rates he has to lower rates the

purpose of the FED is what well maximum

uh employment and price stability yeah

but why was the FED created though oh to

print money and make us feel like it was

okay no no no that's not why they were

created they were created to Monitor and

control the banking system right that's

why you're a member of the FED Banks

different fed Banks their goal is

stability of the banking system because

they're a byproduct of the Great

Depression oh so you're saying the real

mandate is the banking system and then

after that you have the Mandate of

stable prices and stable employment

correct but banking first that's right

and that's why did you realize last

month the same day that they did their

fomc presser it was like j31 or whatever

New York Community Bank like plummet it

was like down substantially that day and

they remove from their statement uh the

banking system is sounding resilient

that's right but then they didn't say a

word about it and not a single of the

folks in the media asks about it 100%

what is going on I'm telling you what's

going on okay so this is what we looked

at so how do you value a loan on your

books okay so I I asked my kids this if

I loan you a million dollars what's the

value of the loan well I'll play million

doll right but they thought it was like

a trick question you know what I mean

and I like no I loan you a million

dollars what's the value of the loan a

million doll right okay so how does a

bank book this loan right well it

depends the way Sofi books their loans

and I'm not sure if this is actually

100% right because it's super esoteric

but supposedly when they book their

loans on on the books they're booking

the Val the future value of that loan's

gains oh with all of what they expect to

collect yeah so they'll say the loan

that's a billion loan is really $1.1

billion loan on the book because they're

going to collect another hundred million

over because it's an asset that

generates income over time so so there's

some esoteric way they're counting their

loans it's not payback value it's

payback Plus some discounted version of

what they expect to earn right something

like that and so like so like I'm like

okay I'm going to do analysis of a

company like Sofi so the only way to do

that is you got to look at what loans

they have on the books which it's really

hard to find this information you know

you got to like dig deep into the

proxies and and the 10 q's and all this

kind of stuff and it's like so it's like

in their loan books and each bank is

different depending on how risky or

conservative they risks they took and

how much commercial real estate they own

but somewhere there's a trillion dollars

in losses from interest rate and

somewhere there's a trillion dollars in

losses from commercial real estate wow

and so these losses exist they're real

but they're hidden they're not realized

and they're all right so if you

liquidated like every Bank in America

today there would be a negative nav

that's what I think wow that's what you

think the banking system's upside down

no I know it's upside down the whole

thing yeah but Jamie Diamond is bailed

out by a drum well he just sold 150

million of stock

too now why would Jamie Diamond sell JP

Morgan's

stock why would he do that for

philanthropic purposes yeah I'm sure

he's known for that right um no what I

think is it's a very bad time to own

financials wow and I think that the only

solution is the Fed to lower rates and

every day that they wait it puts the

banking system more at

risk Capital gets tighter right right

and like all these loans start maturing

and people are going to go bankrupt oh

wow and you're going to see more

bankruptcies coming when when is the big

crash the big big painful banking crisis

is over the bank term funding could be

this it could be New York Community

bankor right1 billion B and that

facility closes in a couple weeks here

on on like the what the 12th I think it

is or the 11th the FED term funding

program ads so they can't borrow from

them they'd have to go to the discount

window or borrow at a different bank but

who's going to lend to them there's

nobody to lend so once go under that's

great news because that'll Force the

fed's hand to lower rates so that so the

banks also have what we call negative

interest margin so right now bank has on

their books two and a half 3% loans but

that you go into the bank and they're

giving you four and a half% on your

money right okay well how does that work

so you're actually losing every day

you're in existence banks are not

supposed to have negative interest

margins in fact I can guarantee you a

bank will go bankrupt if it has a

negative interest R Ling long enough wow

so think about this you have negative

interest rate margins a trillion dollars

of bad real estate okay and a trillion

dollars of loans that should be worth

40% less just because of rates wow so

how does this affect a normal person do

you just just stay away from the

financials or could this be broader term

systemic or just could it could end up

being broader term systemic If the Fed

doesn't get moving you know um I think

for the average person where it hurts is

when you're trying to get along yeah

okay because what's happening is Banks

make credit harder and rates are already

super high equity lines are 10%

mortgages are 6 and a half% and then

you're going in to get the loan and

they're running you through the ringer

because it's like the the credit has to

be good so it's very hard for homeowners

to buy homes and we're seeing that in

the numbers just this morning there was

this piece put out here autol loan

access declines the ability of consumers

to get car financing is at the lowest

level since during the pandemic yeah

it's crazy so so you're actually seeing

credit tightening right but eventually

that just that going to kill the economy

that's what it does right and so

fortunately we haven't had too much of a

negative impact on the economy unless

you're trying to buy a home or car right

so you're looking at Car Sales like a

Tesla down um if you're a real estate

broker you haven't sold a house all year

you know home sales are here I have that

it's funny have that chart right here

we'll have to throw these up on screen

uh Christian but this right here total

existing home sales the blue line on the

right side shows you where we are and we

Trace that back back to 2010 and 11

that's bad this yeah the bottom

basically after the financial crisis

that's how bad it is with volume of

sales right now you know what the

craziest part about it is in post

financial crisis there were no banks

like you know like it was a nightmare

and it took like a year or two for

credit to really come back right now

there's plenty of Banks and whatever and

yet we're seeing the same result wow

okay but but they were talking about

like why there's such a Negative opinion

in the economy even though everybody has

good jobs and it was like well until you

try to buy a house but when you're

paying 6 and a half on a mortgage and a

house at all alltime high price and

you've had no price decline because of

higher rates you know actually you're

pretty unhappy because you can't afford

the house and then house hack comes in

and buys the house for cash but then

people get mad and then they got to rent

it from you we what do you say to people

who who say you know because we like to

look at what we do at house Haack is

buying you know which we're fundraising

by the way go to house hack.com 2024 but

we like to buy you know house that's in

like forclosure somebody can't

functionally live in so we help the

seller and then we remodel it and create

a house that somebody can functionally

live in but there seems to be this anti-

likee you know people or landlords

buying homes thing don't people remember

we have to rent homes somewhere this is

a tough one because and I always say to

Real Estate Investors you can't look at

real estate investing like the stock

market because people live there yeah

okay so when people live in the home

there's humans involved and families and

children and it's not like you just I

mean a lot of landlords don't care they

just kick people out on the street but

they're still people you know but the

idea oh we should ban companies from

buying single family homes that's not

fair no it's really simple we need to

build way more homes build more homes

hey you know there's a lot of land in

Texas you know did you know somebody ran

for governor in California and suggested

just build more damn homes and I voted

for that person and he lost and I don't

know why okay no but like why aren't we

building more homes well California

politics duh that's why it's worse than

politics right but do you know where the

best place to buy a home is California

because they won't build more homes

that's why our prices don't

it's the greatest hedge you know we were

we were looking at uh this happened we

were in um it was Austin Texas this was

in uh October I want to say it was we

were in escro on a property great deal

all the sold comps were like 550 six and

we're in this sucker for like four we're

like okay 50k in nobody can live in it

you know the plumbing shot whatever it's

going to take money and somebody with

experience to fix it up but we'd be in

at five maybe and it's you know we're

we're up 50 to 100K on it okay great

easy for us to do uh and we get there

during our inspection period uh I'm

going oh so how's the business going the

agent looks at me goes it's yeah

and and I'm

like haha good joke so so how's it

really go no it's it's horrible yeah and

so then we started looking at not just

the sold comps but the active comps you

have to always do this so as we're there

we're looking at the Active comps

everybody's Plum slashing their prices

because what's happening is there's so

much building that's possible in an area

like Texas because so easy to build

relative to like California you get a

permit there in 3 to 6 months here it's

2 to 3 years that's right so there's so

much new construction so much of a flood

of new construction that why would

people buy even a remodeled 1970s home

when you could just go get new

construction at a cheaper price right so

prices have just been plummeting in

certain Pockets C Market yeah and it's

it's Sun Bel where everybody though it's

where you're stabilizing the market is

what you're saying and and and I would

even make a further argument I've had

some horrible landlords I've rented a

lot of houses in my life yeah because I

like renting actually um my ownership

experience has been very painful so far

because I've been in construction since

the day I bought my house for no this

was your fault okay I'm doing a big

house act but I'm very happy with my

house it's almost done but it's been a

year and a half construction your your

wedge deal no but I I had bad landlords

and I had good landlords and one of the

things when we when you start a house

hack and I and I'm involved you know I

said you know we have the opportunity to

be a great landlord yep and there's so

much to that and so that's my argument

against the haters who are saying oh

you're just taking houses away from

people I don't agree I think those

people wouldn't have gotten this house I

agree with you 100% the houses we're

buying are crappy and we're fixing them

up and we're making them nice but we're

going to be good landlords and that's so

important and that's really what I would

say is like it's you can't judge

Everybody by the same you know brush or

whatever they paint everybody with the

same brush I think what you're trying to

do is capitalistic but you've opened

that investment opportunity up to

everybody it's not some exclusive

investment but it's also about improving

properties and renting them and being a

great landlord and giving people the

opportunity to even buy these properties

down the line and I think um I think

that's a different business model than a

lot of these companies and and that's

what I would say yeah that's a good

point I mean if let's say you you give

people an opportunity to own a share as

a tenant of of the property that

somebody else is managing you know you

actually make real estate more like they

could actually buy house hack stock and

they're paying their landlord and they

have an investment right which you

really can't do with most landlords if

you think about it um there's a few

publicly traded landlords but mive get a

free slice of the stock of the home you

live in and I think it's also about

dealing with people who want to do

what's best for tenants and and build

cre a win-win relationship then too with

your tenants if they no you guys have

done such a nice job with the houses

that you fixed up already and and I can

tell you as as a person who rented

houses the the difference between a good

landlord and a bad landlord I'm sure

everybody listening to this will agree

is like day and night in your life and

experience and I had a bad one this last

one I had before I bought my house and

it sucked sucked that's how I ended up

buying my house he wouldn't fix anything

and we were just after him every day and

finally I was like sell the US the damn

house like if you're not going to do it

you know and then finally cuz rates went

up and he kind of got nervous he sold us

the house and I'm like thank God and I

thought there would be way more

inventory now and there's

less you know not to jump you off track

but I really wanted to talk about this

today um is taxes oh yeah okay I wanted

to bring up taxes cuz it's it's time to

start doing your taxes and you got a ton

of viewers and one of the things that I

wanted to bring up are ways that people

could save money like right now through

making smart tax moves and a lot of

these are in real estate for example so

like you know real estate is a really

great tax investment in general and you

get these tax advantages but it only

counts if you own your home right but

what happens if you rent your home okay

well you know that most people work from

home now right so there's like part of

your rent is actually like going to an

office it's office expense but you can't

really write that off so it's like how

do you create a situation where you can

write off these expenses so most people

don't understand the value of an LLC aha

so you're the master of llc's aren't you

there are a few llc's around I bet well

this is something that somebody should

spend some time thinking about

especially if you're renting and you're

working from home it's starting an LLC

because then you can start taking

deductions for your expenses from

working from home now most people don't

even understand this at all well you

actually have a cost that's yours for

work but if you work as an employee you

can't deduct those costs interesting but

if you have an LLC and you have income

going through it you can okay now this

is complicated what should I do you

should talk to a tax person well the

best news is gerba Kawasaki has a GK tax

and accounting division now and if you

contact if you go to Gerber kawasaki.com

will help you figure out ways to save

money on taxes now the second greatest

thing ever is the 401K or the IRA plan I

wanted to talk about that because most

people don't take advantage of their IRA

and one of the best trades I ever did

for a client one of the best investments

ever was I bought them their shares of

Tesla in their Roth IRA nice okay this

was lucky too because he had multiple

accounts with me and I was buying stocks

for them in different accounts and I

just happened to put the Tesla in Ira

okay and they had something like $10,000

that they put in Tesla 10 years ago wow

what do you think that's worth today

300K yeah something like that right so

that's amazing so now okay in real life

if you just did in a regular account

what's your tax consequence on the 300K

well long term if you're in California

30% at least 100K is gone you know right

so 100K is gone but what happens if it's

in your Roth IRA zero zero taxes now

most people have no idea how awesome the

Roth IRA is the Roth IRA has zero taxes

okay ever and the best part about it is

when you die your kids inherit it

taxfree and it's taxfree for them

forever you literally take money it can

never be taxed again that's all it's

it's really a wonderful plan it's it's

it's just like if you're a young

investor and you don't have a ro8 you

need to call us right away see if if you

qualify now you can do this in your 401k

or they have Roth 401ks as well M but

the 401K is another incredible vehicle

for saving for the long term and

building up money tax defer okay why

aren't people doing this because we talk

about investment stuff all the time but

we're not talking about that you can

actually increase your returns

dramatically by not paying taxes how

much well it's typically for average

person 2 to 3% of their returns are lost

because of taxes huh so just by using

tax make clear that's two or three% % of

the the yield so like if you had a 7%

return you're saying 2 or 3% is lost

well yields a little different but yes

okay but let's say you just have a

traditional mutual fund or ETF and you

make 10% a year and you realize some of

these profits you have 100K and you make

$110,000 right A lot of people you're

saying are are spending 3,000 in taxes

taxes CU yeah and and so just a good

chunk it well think about it if you can

increase your returns by 1 or 2% over

the next 20 or 30 years the amount of

money you have in that account doubles I

like what you that's crazy I like what

you said earlier you said something

about it most people uh it's not that

they uh they make bad Investments it's

that they make bad choices around their

Investments or something like that we

were talking about behavioral Finance

yeah well we were talking about the fact

that the market has gone straight up for

the last 50 years so you know if you

invested in the S&P or the NASDAQ NASDAQ

was actually created when I was born and

if you just did that for the long term

you know you you're rich as hell okay so

why isn't everybody rich as hell in

America right well it's behavioral right

so you know if you buy the S&P you can't

really lose over time if you hold it for

10 years so why isn't everybody doing

that and the problem is behavioral right

because it's like when markets are high

what do people want to do I want buy

more buy more and when markets are low

what do they want to do they want to

sell and this is just behavioral like

Finance 101 and and there's no way for

people to avoid those emotions and so

that's why financial advisers play such

an important role a lot of people think

oh it's about picking stocks and stuff

no a lot of times it's just saying no

just fighting yourself yeah and so they

call us up oh the markets are down I

don't know you know it's like in 22 you

know oh Nvidia was down 50% yep yeah it

was down like 120 bucks or something

there Nvidia was down 50%

2022 oh why do I own this dog yeah right

that's crazy it went from like I

remember now it went from like people

were buying it in like 320 and then it

went all the way down to like 120 and it

was like this is the worst stock ever

what an idiot what a loser to buy Nvidia

you know that's right that's right and

and so it's like buying low and selling

high is extremely difficult because

you're actually fighting all your

emotions like now so now we've got all

this Nvidia and do I sell some it's

really hard some so you just got to sell

a little just Tri just a little trim and

you know it's funny because then people

give you a hard time because it goes

higher and you're like I still own so

much in video well the social aspect of

it almost amplifies the emotion 100% so

the more public you are about what

you're doing with your portfolio the

more Amplified what you're doing is

because if you make the wrong move

everybody makes fun of you well you know

this whole idea of posting all this

stuff definitely doesn't help your

returns you know one of the things that

most people don't want to accept that

good investing is actually quite boring

you know like if you just buy good stock

like apple and you just hold it there's

nothing to do where's the daily trade

right right and I think most people are

looking for like the dopamine you know

like you go on a coinbase and all the

all the numbers are moving and it's like

very slot machiney you know and Robin

Hood's like a big slot machine and

that's actually the worst way to invest

the best way to invest is like in your

401k where you put money in monthly and

it's a system called dollar cost

averaging most people don't even know

what this is and it's super powerful

it's one of the simplest like investment

philosophies ever and it's been around

forever and it's just investing money on

a systematic basis monthly and that's

what you do in your 401k it turns out

that's the best way to invest money

where you take any emotion out of buying

so let's say you like a stock like

Nvidia and you want to buy it but it's

800 bucks so what do I do well you just

buy a little at a time for the next year

because it's going to move all around

and if you think you're going to time it

right you're wrong so what do you think

about the AI is the the AI

the AI is it is it all going to come

crashing down no oh no it's the

opposite it's not a bubble right now in

the last week or two I have physically

used three of the most incredible

technology inventions I have ever seen

in my life the first being AI there's

very little I do that I don't run

through chat now oo very little okay

okay is great for a lot of things okay

you should try it but when you start

extrapolating out all the different

Services we use from Airbnb to Uber to

Apple to Netflix and what knowledge can

do to all the data that they've

collected on us this is very powerful

very very uh huge opportunity to

increase productivity especially among

you know educated workers um you know

things like Microsoft co-pilot uh

already uh being integrated into our

business we've already integrated uh

Zoom notes into all of our Zoom so how

are you doing that like give me some

real example so like you're in a zoom

meeting and it just transcribes it for

you or summarizes it for it doesn't it

does it's not a transcription it's a

it's a summary oh it's like minutes it's

minutes so we used to have a person's

job like so we're doing a meeting with

you and one person's taking notes my

whatever but it's also like you know

action steps what we didn't need to do

with each client things like that taking

in information and then we're doing the

appointment with them and so on and so

forth now since the pandemic most of our

appointments are done on zoom and so

what happened when Zoom AI came out we

signed up for it immediately and what it

does is it summarizes your meetings now

each meeting with a client um actually

legally speaking we need to document and

so on and so forth so it sends me these

notes now and they're just so well done

it's really well done so it breaks down

each topic and paragraph and then

summarize is everything that you've

talked about with those clients and now

we're cutting and pacing that into our

Salesforce wow okay now I've been saying

this all week Salesforce should buy Zoom

for sure okay okay for sure so it has a

video platform I set my appointments

through Salesforce and then my video

just pops up just like what teams is

doing with Microsoft um so we'll take

that we'll cut and paste into our

Salesforce so that we have our notes so

now Zoom AI is taking notes now where

that also helps us is in management

because now I can oversee all the

appointments all of my teams are doing

we can see exactly what they're doing in

their appointments and then help those

advisers get better at what they do for

training purposes 100% And also

compliance when they say this call will

be monitored for training purposes or

whatever like you guys can actually

check now it's not just something that

people say because I always wonder like

are they is anybody actually going to

listen to this phone call but you have

ai that can help you well that and also

in the phone call thing they're just

Taping that so if you get in trouble

they can go back you know they don't

actually check it in real time but it's

Mo it's mostly documentation for us part

of it is compliance but we don't have

issues with that it's mostly the idea

that if you have younger advisers or

they're working with certain cases you

can see what they're talking about in

the order of their conversations and

where things could have been improved

improve sales or whatever totally so so

we're using that extensively now the

other place we're using it is in

research so now when I want to look up a

stock or an industry or whatever I start

with chat oh so I'll say tell me

everything about this industry um like

for example uh heat pumps air and heat

pumps we invested a company called train

technology it's done phenomenal for us I

put some heat pups in my house they're

amazing I don't use natural gas anymore

my natural gas bill went to zero um it's

really cool uh great for the environment

and such but I knew nothing about heat

pumps you know it's like nothing so it's

like I go in a chat tell me everything

about heat pumps how do they work

explain to me this process and it's just

like here you go

and then you can ask it questions you

know and now it's also for my writing I

like writing and one of the things I

hate about writing is having people

proofread it because everybody who

proofs reads does it a little bit

differently and then they mark up what

you're writing and some people are

really good at it but most people are

not so you you're having your assistant

proofread something then I repr

proofread it again because I don't like

all the changes and then I'll submit

something and I'm always never 100%

happy with it because it just takes so

long to really write something good okay

so now

10 minutes okay I write same thing I'm

going to write whatever cut and paste in

the chat make this better it rewrites it

for me just like the proofreader it's

still my article it's literally the same

exact thing but when I read it I go this

is perfect this is perfect I've never

written so good in my life and they're

like is it you yes I'm still writing it

I'm putting all the content in but it's

rewriting it just subtly but with much

better grammar wow and it's just I mean

it's just really good so how at what

point do we start seeing real profits

from this is it the open AI charging you

the 20 bucks a month 20 bucks a month

yeah it's just everybody in Mass paying

that basically yeah so the idea is like

we spend a lot of money on Salesforce

every year it's a very expensive program

but it's very very efficient for my firm

and and we've worked very hard with it

and it has no AI in it right now it

doesn't suggest anything so it gives you

list it gives you data like you need to

do this and checklists and stuff but it

doesn't do any mind you can't teach it

anything so Salesforce is a company that

could just dramatically improve through

using AI so would we pay an extra $20 a

user for that 100% oh wow okay so if I

could get the AI add-on I'll pay more

per seat you're already paying so much

per seat it's like why would I not do

this it's just like Microsoft paying $20

more for the co-pilot when you're

already paying Microsoft 365 it's like

why wouldn't I do that you know so

that's sort of what's going to happen

you're going to see these 10 and $20 a

month or they're just going to Ric the

packages that you see in Tech packages

to sign up for stuff you know like Adobe

or whatever entrance costs go up yeah

it'll be like Adobe basic Adobe basic AI

you know and and so essentially

everybody will just charge more for the

same programs but you'll say well why

would I pay more but if they're three

times more efficient yeah for sure

you're going to pay now you mentioned

that there's one worker group that would

be most at risk of being replaced by AI

was while we were driving back from

lunch by the Farms what what can explain

that a little bit and and is this a

warning to people which worker group is

most likely to get replaced by yeah you

know you love these topics don't you

fascinating well we were talking about

the demand for labor yeah and so like if

you're talking about redoing your roof

or gardening or building something or

any labor the the you know house

cleaners at the hotels what the demand

is off the charts and the pay is going

up okay but there's a lot of people

especially college educated people who

don't want to do those jobs right okay

they went to college they don't want to

work you know mowing lawns or whatever

so those people go to work most of the

time at bigger companies now so you have

all these big companies people work at

and in a lot of cases they're in the

cities and they're got these work from

home things going now and they make

pretty good incomes and a lot of their

jobs are sort of like not easily defined

I guess you know you're in marketing and

you kind of do this and you kind of do

that and I think what we're going to see

as company

drive to increase profits is where can

we create efficiencies and where AI

creates a lot of efficiency is where

there's inefficiency and one of the most

inefficient things I think that exists

today is work from home and the sort of

like oh so you don't like that work from

home um no not really I think

flexibility is great and I'm all for

that actually but I don't think you're

going to be a better employee make more

money collaborate better like where's

the upside other than to you MH Okay so

like from if you're trying to build your

career and you're working from home

you're not going to build much of a

career because you need to be around the

people who are actually building the

company passed up how do you learn

anything at home wow like at my company

it's a constant learning process you

start off you're 25 you're 30 years old

you want to move up you got to learn

stuff so if you're home what are you

learning but you come into our office

you got 50 people working you got

accountants you got insurance people we

got advisors we got all these people

working so you got question about this

you got to do that oh I want to talk

about these stocks or you know there

there's always something going on it's

fun actually you know and I'm all for

flexibility and work from home as an

option but what we've got our companies

now where people just work from home and

it's an

entitlement and as the economy gets

tougher as the rates bite as companies

get leaner and now companies have to

show more profits we're now seeing the

layoffs at every single tech company

interesting every single five 10% you

think the AI is going to contribute to

that absolutely so you're thinking I

think 10% of the current like Tech

entertainment Workforce will be laid off

because of AI and then it might be hard

why do you think they're having these

strikes in the unions because they know

and so you think that could be

accelerated by AI but then also it's

harder for you to actually get a job

because maybe you don't have experience

in actually the manual work or uh

whatever it might take to get to start

like fix cars even though it's very

lucrative because you just don't have

that skill set or desire you know so you

were working in marketing at Amazon you

know actually we just had a client

unfortunately get laid off from Amazon

very very high paid job in the

entertainment industry really yeah and

you're sort of like well where does she

go from here you know Amazon's laying

off yeah well it's MGM yeah okay um the

entertainment business is laying off

that's what happens when you have

strikes so I I said this every time

strikes are the worst thing for

Industries because what happens is the

people get what they want eventually

somewhere or another and then the

companies need to make money so they

fire people so you you gain here and you

lose there sure you know and then you're

on strike for five months you didn't get

paid the industry now has nothing coming

out you know it's

just so people are losing their jobs

thanks to the strike yeah wow yeah and

so what happens is if those people don't

really have great Tech skills or really

employable skills there's not going to

be new jobs created what do you do right

you have to so then you either e have to

rely on social services or what you've

earned so far or a combination of those

or you have to change your skill set

which is hard change your skill set or

work for less money wow um so I think

that

there's this Reckoning coming from so I

was telling the story when I graduated

from college how desperate people were

to get a job yeah okay this younger

generation has never experienced this

but this was how it always was hard to

get a job yeah so when I graduated from

college people would apply to like eight

Financial firms like Goldman and JP and

this and that and they would all get

rejected you know and that was like the

thing at pen was you'd like put all your

rejection letters on your on your door I

never did that because I never applied

to those firms I actually worked at

Disney briefly and so you know I got

hired out a out of college to work for

Mike Eisner at Disney and and I I lasted

there for about 3 months because like

they didn't actually have the job so

they had me like doing nothing and I was

like what the hell is this it's just

some big company I'm like stuck doing

nothing until the supposed job I'm

supposed to have actually happens and so

I ended up leaving Disney um and went to

a couple other record that's a whole

another story but I think the idea was

it was really hard to get a job you

would do like 10 interviews you would

dress up you would do anything to get a

job okay and I remember hiring when I

was an advisor a young adviser we were

hiring for our company and we would have

like literally like hundreds of people

apply every week oh wow yeah yeah this

was

1995

today you can put a hat out in the paper

I'm hiring I'm paying 85 Grand and get

nobody even

applying you see what I'm saying and so

the demand for labor has been so strong

that everybody's gotten complacent and

everybody's gotten comfortable and they

think that they deserve this and they

should get this benefit and that and

that's completely thrown the entire work

uh employee relationship upside down and

work from home is the most extreme

example of that okay nobody's working

from home at Blackstone they're 5 days a

week in the office okay we were just out

there talking to them and you know what

they go we make a lot of money here okay

you want to make money you come into the

office wow you don't want to come in the

office you don't work at

Blackstone okay so the people working at

Blackstone want to make money and I

think that's what the younger generation

is going to have to come to terms with

in the next 5 years wow is that the the

labor thing is going to come back in

balance and jobs won't be as plentiful

just making 180 Grand kind of doing

whatever isn't going to be there anymore

as companies need to show Growing

profits so you better get some skills

wow now on the other hand if you have

skills they're going to get paid you're

going to get paid more than ever because

that's what we were talking even more

opportun that's right so the halves and

the Have Nots are going to get way

bigger so what do you think I told my

kids this week I go we're sitting down

on the AI and you're learning AI we're

you're going to learn this stuff and

they go well the teachers aren't going

to let us it and I laughed and they go

why are you laughing and I go because

I'm going to teach you how to use it and

they'll never even know you're using it

I go you think the teachers are going to

be the the on the Forefront of

AI I go listen you're going to write the

paper and I'm going to show you how to

use AI because this is what's going to

shape your world whether you like it or

teachers like it this is the world of

the future and I'm preparing my kids for

the future so the best thing you can do

is start teaching your kids chat and

teaching your kids how to use these

tools because they'll be behind

if they don't know these things but if

they do the opportunities could be

Limitless that's incredible what about

um what about uh all the work from home

over at Twitter is that going to lead

them to

bankruptcy I don't know what they're GNA

do at

Twitter I don't know I I I money's got

to go into this business some from

somewhere I I don't I think they need

money so it's where elon's going to get

the money test stock unfortunately yeah

unfor you think that's coming it's

liquid yeah he said that he sold some

SpaceX recently but did that was that

last offering oh interesting um he owns

a lot of SpaceX oh yeah but it's not as

liquid he's got to do the offering thing

but he promised me that he wouldn't sell

Tesla for a year remember that was like

last December that was 2023 all of 2023

he said one to two years I think he said

maybe not 2024 but he so it's he sort of

left that open well I think there's the

B biggest risk for Tesla stock is him

selling yeah yeah for sure sure yeah

yeah I I think that's a risk and and

it's reality and that's the upside of

the pay package was him losing the pay

package prevented him from selling a lot

of Tesla stock oh interesting for taxes

I mean I was surprised the stock didn't

go up yeah well it's anti-dilutive right

actually shareholders made $50 billion

doar that day yeah I mean I mean it was

actually Bas people like Elon deserves

it nobody's debating that but Tesla

shareholders got back 55 billion whether

they realized it or not you know but the

stock went down you know that's

incredible yeah so you know I think the

reason is Tesla has a very dysfunctional

board as as I learned when I thought

about running for the board which I

learned very quickly how dysfunctional

that was and decided not to do that was

just so much pressure or what happened

well I started doing research into the

board and like what really caught me was

the comp thing uh which now they all

have to give back you know they got sued

for the comp thing there's never been a

board paid 200 million each to be be on

a board oh wow so that alone is a

conflict of interest because if you pay

somebody so much money to be on a board

then they're biased the whole purpose of

being on a board is you're independent

you get paid at Disney or wherever three

400 Grand now these are rich people so

it's not a ton of money but it takes a

lot of time being on a board of Disney

you know so you get 300 Grand you get

30,000 in options that's being on a

board that's always been being on a

board so how do you go on a board of

Tesla and you make 200 mil wow you know

so I started looking into that stuff and

I go oh God this is going to be a

nightmare and then sure enough that

lawsuit was going on and then they lost

so the board of Tesla has to give back

750 million okay actually Tesla

shareholders have done pretty good

things to the courts actually huh see

that's kind of the odd thing about this

whole thing is they've actually done the

courts have actually helped Tesla

shareholders a lot whe you know whether

anybody likes it or not is not the issue

but you know trying to like taking Elon

out as chairman of the board you know

having somebody supposed to be Twitter

sitting him these were all steps for

shareholders you know but I don't think

he does that no he doesn't nobody's

Twitter sitting him he doesn't even want

to show up at the SEC hearings which

he's being forced to go to yeah well

according to our laws here in the United

States is when you're subpoena you kind

of have to go yeah yeah why do those not

apply to Elon they do actually and so he

doesn't think so well he's an immigrant

it turns out maybe even an illegal

immigrant it turns out and I maybe he

never learned that in our Judicial

System you have to actually go oh

wow I'm sure he knows that he has a very

good lawyer are you going to buy a cyber

truck I just did O tell me about it I'll

tell you it was it was kind of a

conflicted decision I actually posted it

on Twitter you like should I buy it or

not and 65% said yes um I'm surprised

only 65% said yes well I said I have the

Plaid so I replace it with the Cyber

truck and so there's a certain amount of

people who were like no you know

um because I don't think the truck

serves a lot of purposes other than fun

okay which is why I bought it okay

because I was like you know truthfully I

don't need this and I'm kind of bored of

my plat I've had it for a few years so I

was like but I don't even know if I can

trade in my plaid and get back money so

I'm like that sucks thanks Elon and so

um keep both yeah that's what people say

you know and they go why don't you keep

both and I go well it's kind of not in

my nature to just waste money you know

like it's just not who I am even though

I can afford it people you can afford it

but you got to have the Cyber truck less

100K no it's not that I I got to have it

um Twitter said so no Twitter helped

push me over there I think what it was

was there's technology in the cybertruck

that's incredibly cool and it's new and

I've always had the newest vehicle of

Tesla to test these

Technologies and I don't think that I'll

know as much about Tesla if I'm not

driving a cybertruck okay because the

cybertruck needs a lot of work still

like software we were talking about full

self-driving doesn't work and things

like that so I think we're going to see

a lot of the Innovations from cyber trck

then like move on to the other vehicles

so I actually feel it's kind of my duty

to do this because I'm an investor in

Tesla I still have you know 60 plus

million in Tesla for our clients and and

I still love the company and I want to

see it be successful and so I just feel

my Edge as an investor is knowing more

than other people and if I'm not driving

the vehicle I won't know more than other

people are you an apple investor 100%

did you get the yeah I I have how was it

how was it how is it oh okay all right I

mean so you weren't one of the so I'm

saying I I I saw three of the greatest

invention ever so cybertruck is one AI

is two and apple Vision Pro is three

really yeah 100% so I'm having this

really weird experience with the Vision

Pro because it's everything I ever

wanted out of a VR headset but more and

Oculus was constantly disappointing I

would spend so much time getting it to

work and the hardware and the software

and the games and this and it was just

so clunky and heavy and junky and and I

hated it and every Oculus went in the

trash oh wow yeah it's just I I heard

the new Oculus is great but I I gave up

on Oculus okay but I always felt there

was not a good ecosystem so I get apple

Vision Pro I put this thing on

irrelevant of the hardware side it

immediately opens right into your Apple

ecosystem so that alone just makes the

whole process way better way easier my

photos are there all the apps are the

same and it's kind of like here are the

apps that we've made for this now you

know download these which aren't many

actually

and that alone the setup being so easy

which is one of Apple's you know

Specialties made it

nice so then there's the hardware so I

put on this thing and I I got it fit at

Apple so it fits right it has to be fit

it has to be what do you mean it has to

be custom fit well because it's it's a

headset so your face is different shape

than mine so what Apple did was this has

they want it to stick right so there's

not light okay but if you're if it's not

one size F at all so there's different

sizes so they just have like two

different sizes it's not two they have

many different sizes oh they have many

yeah and you can just snap it in to the

oh they give you a different one yeah CU

see I just ordered it online and and I'm

constantly like trying to adjust the

damn thing right so you got to go into

the store and then they'll fit you for

it and they'll say you're a 21 W or 22 W

and then you get it um and and then they

also have custom inserts for

prescriptions which I got those yeah but

mine are still messed up I got to get

this to work still but my eyes aren't so

bad so it's fine oh sorry um

so so I put on the hardware and I find

it to be completely immersive and

amazing right like right right off the

bat

um so the the one criticism I have of it

is it's so wonderful and enjoyable but

it's a little bit

heavy and just enough so that it's like

it's pushing on your your face like this

and then what happens is when you take

it off you look like a crumpled person

like my wife was like what the hell

happened to you you know then like you

just smash your face into a wall like 12

times I looked really weird you know

like eyes were puffy and this and

that because I was trying to watch a

movie and you can't so basically you can

wear for 30 to 45 minutes comfortably

and then it's heavy okay

um when this thing gets lighter game

over really game over so the experience

I've been having with it which has been

most interesting to me was when I

started playing my own videos and and

and uh pictures from my childhood I me

my kid childhood um I was they didn't

have that then um you know how Apple

does these memories and they put the

music to it and and I was saying this in

an interview this morning um last night

I I I it was like Coachella through the

years and it was with my wife because we

used to go every year until recently and

it got bad and so like it starts showing

me these videos and and and pictures

with the music but it's like massive

like better than an IMAX theater and and

and you start to get emotional it's it's

really weird you're almost reliving the

moments like and I did I almost cried

cuz like they were such good memories

like when my wife and I were going to

Coachella 2014 15 16 17 18 19 20 you

know until Co it it was so great and and

then I was like I got to shoot these

spatial videos with my children before

they get older because and you'll be

able to relive these experiences in a

way that I've never had so it's it's

really cool it's really cool cuz I think

now that I'm

older these memories are so important to

me and you have them in your head and

that's great but the way this is so

imersive it's almost like you're opening

up your memory up into a whole new level

wow so so that's just photos I haven't

got talk into gaming I was watching

Avatar way of the water it's insane it's

insane on this thing and I'm not even

talking Sports yet and not to mention

the illicit things you can do on this so

like Microsoft Word yeah yeah

so Apple Vision

bro okay so would you buy more Apple

stock after that um if it wasn't so

expensive yes oh you think apple is

expensive or the headset is expensive no

uh both both um I don't think this

headset this version is the version that

they sell 10 million a year Masset

although I they're selling a lot of them

it's very expensive um what I think is

version two I I'm really thinking two

years from now so two years from now

Tech gets twice as good it's a little

bit lighter you know it's a less of a

form factor this is a GameChanger

product they sell 10 20 50 million of so

I think for long-term investors is the

best thing that could happened for apple

apple trades at a a pretty high multiple

for Apple right now in the mid 20s

applea traditionally used to trade

around 20 times earnings you know so

Apple's trading a little bit of a

premium they don't have a lot of stuff

right here that looks so exciting but I

think as a long-term Apple shareholder

you should be very excited because not

only is a new hardware ecosystem it's a

new software ecosystem wow wow what am I

missing Ross I mean is is drone Powell

GNA come save us or or save us from what

yeah from himself from from The Landing

yeah you know I've been very critical of

Po because he's so reactive and he's

continuing to be reactive would you take

him to dinner do you like him I would

love to take him to dinner I you know

like a date yeah like I I'm always

fascinated like by people like them and

trying to understand their viewpoints

and and his perspective but I I've hung

out with plenty of academics like him

and I get their Viewpoint and you know

they just don't have enough real world

understanding um so they look at data

points and data is always in hindsight

like the CPI yeah any data you look at

is old right because it's data so if I

wrote it down it's something that

already happened so my job is not to

analyze what already happened what my

job is to try analyze what's going to

happen and the FED doesn't do that okay

the fed's saying here's my data points

and this is what should happen the

problem is the 3 months behind they've

been three months behind for two years

so now they need to be lowering rates

and they're still you know Jammer about

you know blah blah blah you know and I'm

like they should be very clear what's

going on here okay the banking system

has some cracks rates we've had to keep

a little bit higher to make sure

inflation's dead but they're still

talking like it could reemerge and this

this is nonsense the risk is the other

way too much deflation yes we have an

aging Society I mean there's so much

long-term data points if they need data

to show the disinflationary effects of

Technology of EVS of mortgages for 20

years at 2 and a half% that nobody's got

nobody has shelter

inflation you know I don't have shelter

inflation do you 30e mortgage no so

what's this freaking number shelter

inflation lagging rent increases yeah

lagging owner equivalent rent increases

like nobody has a mortgage like your

rent for your house goes up every month

no it's just nonsense so pce comes in

today at 28 that's what inflation is

inflation is the PC because it doesn't

include shelter gotcha as much yeah know

it's not in there it's personal

consumption you know and expenditure so

there's no shelter so that's why it's

2.8 you know it's like oh well we throw

shelter and we get to 3.1 you see but

real inflation is between 2 and 3% right

now that's exactly where we need to be

I'd rather have closer to 3% inflation

with 3% growth that's how you get a

roaring stock market you know that's how

you have a great economy you know if

you're really going to push uh inflation

out at 2% and it involves us going to 0%

growth then we have the risk of

recession and all these things the stock

market doesn't like so all Jerome has to

do is just lower rates to four and a

half four and go away and boy things

will be good real good for this country

like really good is Michelle Obama gonna

win I mean she definitely won already oh

yeah you know isn't she

[Laughter]

president um okay so um so so somebody

else running the sh today Republicans

mad

huh okay um what would Elon do with a

African-American woman president you

know that would be interesting what do

you do you think deep down inside he's

anti-semitic or racist actually no

that's the worst part about it that is

the absolute worst part of the situation

yeah I don't actually think he is I

think he's just

such a bad communicator and I think the

way he sees the world comes off

wrong so it's creating issues he's

misunderstood right the other side of it

I do think that he has a lack of

emotions towards humans and this lack of

understanding of the emotion puts you

know Tesla and him at risk of doing

things that offend people you know and

that's part of it too you know I don't

think he fully gets how offensive the

things he does are I just don't think he

does and then like I'm sure Tusa is

telling him you know his sister's great

you know she's real smart great woman I

they're liberal you know like I don't

know what the dinner at the bu house is

like can you imagine a dinner with

Kimble the the chef and Tusa the

intellectual liberal and then Elon and

they're like uh Elon um you know this

isn't going well you know and they're

like leave me alone you know I can't

even imagine wow yeah my gosh all right

Ross anything else wrap up did I miss

hey I wish Elon the best you know I I am

appreciative of what his contribution

has been but I'm also a big believer

that leaders need to lead by example and

be an example of of what's good in

society and I'd love to see Elon get

back to that um and so as I said if he

sold Twitter and just focus on Tesla

that would be the best thing ever and I

would be thrilled and Tesla would go

back up to 300 and everybody would be

happy again um I just don't know if

that's what he wants to do and that's

what makes me sad kind of because I

think Tesla's a beautiful thing and and

I'm you know support Tesla and I'm not

selling all my stock you know it's I

like Tesla and I think they're going to

do great things in the future and and

this is hopefully just a soier Jour for

hopefully not too long that they'll get

back on track you know not too much

longer yeah thanks for having me yeah

thank you so how do people get in touch

with you yeah Gerber kawasaki.com we

talked a lot you know about taxes and

and saving money and stuff like that as

well as investing today and you know

that's what we do at ger Kawasaki is we

help you build your financial plan we've

got a great tax and accounting division

that really it's a great time to look at

opportunities to save money and make

money through uh tax plans and investing

I'm very bullish on the future so you're

IRA and these things we were talking

about now is such a good time to do

these things so we'll set this all up

for you see I think this whole

do-it-yourself thing it sounds great

until you try to do it and then you get

scared or then you're not sure if you

filled out the application right or

you're not sure if this accounts right

for you or how much money you can put

into it and that's what financial

advisers do and we're one of the only

firms in the entire country that work

with people of all ages and all wealth

levels and that's one of the things I

really have to stress to people is that

my firm it doesn't matter how much money

you have to work with us and that's why

we have so many clients and we've grown

so so big because what we care about are

the people we're working with not the

amount of assets they come in with so so

please reach out Gerber kawasaki.com

happy to help you um great time to be an

investor and also as well house hack um

I'm involved with house hack and full

disclosure um on the board of directors

of house hack and um I'm a big fan of

real estate and what Kevin's doing with

house hack so that's also I think an

opportunity for investors that should do

their own work and and go to the house

hack website and make sure it's

appropriate for you or work with an

advisor like at our firm so that we can

help build a plan that includes

investing in in the stock market real

estate and other areas so so that's

Gerber kawasaki.com go check it out

awesome thanks so much for coming yeah

thanks for having me it's great to come

to ventur County I know it's not so bad

when there's no traffic full

self-driving Ross I wanted to ask you

you talked about AI uh the Cyber truck

is there any other industries that

you've been seeing and you've been doing

your boots on the ground research other

Industries or Innovations Industries

Innovations anything well yeah you know

I think it's about extrapolating

technology into other Industries so one

area for example is biotech you know

we're seeing this in healthcare U and

all the opportunities that technology is

bringing to health care and what the

potential is for that you know so and

like one area we're looking is

construction for example how companies

like you know you were showing me the

matter ports um and we're looking at a