What's up, everyone? This is Anthony papiano. Most of you know me
as pomp. You're listening to the
podcast. Simply the best podcast out there. Let's kick this thing off. Jim Cramer's the host of Mad Money on CNBC his a former hedge fund manager as well as an author and a co-founder of history.com in this conversation. We discussed Jim's early days in the business how he views the current economic environment and then we go really in depth on bitcoin gold and inflation hedge assets.
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Anthony pump Leon. Oh is a partner at Morgan Creek digital all opinions expressed by pomp or his guests on this podcast for solely their opinions and do not reflect the opinions of Morgan Creek digital or more concrete Capital Management. You should not treat any opinion expressed by pomp as a specific inducement to make a particular investment or follow a particular strategy. But only as an expression of his opinion this podcast is for informational purposes only. All right guys, bang bang. I have the one and only mr. Jim Cramer.
What's going on, man? Pop? I gotta tell you it's one of those exciting times of my life because why we have an intersection of sports and of stocks like I've ever seen I it just seemed like every game is a championship game and every stock day is a day where people reconfigure and say, you know what? This is the worst day ever. This is the best day ever. So when you get this level of excitement when you get this level of schizophrenia, what do you want to do? You want to call the be a schizophrenic in the world? That's me.
All
right, you know what month is most important
month which one may brush
it on mental health month who hears
before we get into what you're doing. Now. You have a whole life before CNBC media Etc. Let's just start with kind of your background. You went to Harvard you spend as much time as a reporter then at some point you manage a hedge fund. Just tell us that story real quick for those that
don't know so I get
Harvard I don't get my degree, of course because I criticize the guy who gives you the diploma. He just waved me off the stage my folks, you know, first generation of it. My folks are there and they're crying it didn't get my diploma for a month. So, I mean, I got a late start then I went home and I was determined to try to get a job. I was rejected by 57 newspapers. I kept every rejection most of those around business. I'm still here. What I think was really important was that the Phillies were having a great year and I was determined to watch every single game.
I forgot that you have to work. So my mom turn my bedroom into a den and told me to get the hell out. So I moved to Washington with my aunt work for Congressional quarterly where I was the key operator meaning that I had to break the Xerox machine then I that's true. That was my job. I applied a million papers ended up getting hired by the Tallahassee Democrat because I don't know it was for $19,000 a year that seemed like a great amount and which it wasn't by the way even in.
Cassie and I get down there and I'm covering Sports and I'm covering the FSU Bauman just gotten down there. I tried to do an investigation of the NCAA and how they were handling the grade degradation of the football team. They weren't doing as well as you think and I realized that the be a car a be a bomb under my car. So I very quickly debited and wrote about Florida A&M and Florida State and then I had a terrible break. I say terrible because I ended up living down the block from where Ted Bundy killed.
All those girls and I did some reporting that got some notoriety that got not a priority. They got me hired by the LA whole examiner or like like really for a long time covered homicide not a great beat and when you're too cynical about it's time to move on then I move back to New York. I have as having some health problems that were indirectly check that directly related to yuge amount of drinking because I say that because I had a gigantic size of Greenland.
Projector yellow stain, which I thought could wash off but my doctor who is a Farm Workers Clinic doctor. He explained to me no gym in order to get rid of that. You have to do something that you may not want a decent you drink I said occasionally and I used to wake me up with that said occasionally in the morning occasionally afternoon occasion, you didn't so I got my life together and then the rest is kind of good history went to Harvard Law got hired by Goldman left to be hedge fund manager and then started the street cam in 1995.
All right. So let's start with hedge fund World while you were doing that. What was that environment? Like this is like late 90s into the early 2000s, I think right? Yeah. I
left there were only about a hundred hedge funds my left Goldman. I left Goldman in February baby 7 got it started had alot of you know, how I don't know. How about like maybe 40 million under management, but there's a lot then had a partner. We had a tremendous dispute. He left my my
Then I'll go friend will be became my way to then all became is what there's a journey for you started work with me and told me right before the crash of 87 that this Market was going to crash and we went to all the great beers and they all loved it said no, no. No, it's great organs pull back down by but we sold everything and because I was in cash for the crash. I had a head start on everybody else for years because people get give me money saying well you can you just get out of class and I end up doing pretty well made a lot of money who's fun gave up most of it to my wife.
Wife and in the divorce did want to have a big fight. What can you do? I mean that's real life and started over it got it.
And so when you say you started over was this you went and did another hedge fund or this way. You started the street.
That's well. I can't you 15 the street have been going on for a while. It's when I did start making money, but look I mean divorce is something people don't talk about because it's very tough and I felt very sad about it and I speak.
Cam's book an account yet today spoke to yesterday, but it is it's very very it's very very jarring because there's no handbook and ended up marrying someone that I met on a blind date about eight months after I broke up. There's a terrific article if you Google the New York Times, it was number one your time for two straight days about how amazing Lisa Detweiler is. It was the our wedding announcement and wedding announcement got a lot of attention. I'm very proud of that even as I'm not proud.
At all about the course, obviously,
absolutely and so tell us the story of starting the street.com because I think that you've been way ahead of a bunch of these different trends that never wins talking about and by the way ahead, I mean literally in some cases 20 years. So tell us that story of why you started it and how and how you guys kind of built it. Okay. So
in 1991, I helped start smart money.
And smart money then immediately became wasn't because of Jim Stewart the great writers be Stewart and we just had an unbelievably good time. It was one of those things where
I realized that Steve Swartz as to be RTC was Visionary and he got us together and said listen I want to do a magazine that is about making money in stocks are first covers like finding the X Amgen. It had a submarine. We're very single stock oriented as opposed to all these idiots. Now do all these ETFs and say it's dangerous on single stocks. Those people are charlatans. We'll get to them later. So we were coming at once a month.
And I want you to editor and I said, you know what there's this thing called the web this is after four years and we can come out every day. We don't need to come out in the month and we don't need any delivery people for we can go up against even the Wall Street Journal to help me trucks. You don't need dead trees, you know this and they says credit video will buy it from you for 400,000. I said no, I mean if you're getting by before and I'll just go do it myself. So I quit smart money. I took the money. I was making it to hedge.
One and I started the street with my friend Marty parrots in the first thing we did was I said me and Marcy let's get the best guy in the world. So I went to Michael Lewis The Great writer. He came out to my Farm in Pennsylvania. We had a handshake deal and never heard from again and auspicious but then what I did was I went to I happen to believe in young journalist. So I went to the editors of a I just hook them all up of every single major.
Old paper in the country and I offered them stock and all of them today. They're all working a great places. Like it. Alex Burns is doing great things and I oh I've got I've got from Reuters and DOW Jones people all over the place who are high level and there are doing great things now that where they really got to start and I was very proud of the fact that even Dan Kaoru so who's our editor-in-chief work there?
Are we had some amazing people over the years came public in 1999 one of those ridiculous moments where our stock opened its 60 and then went to one with occasional moments where it stopped before Paul Allen put some money in got to stock up to four five. We had a series of CEO changes and kind of went to hell got some money again from tcv which is the first and best for Netflix. They're fantastic guys.
And that really didn't work out because it came in at 14. That was the level Stockton went all the way back down again because we kept being advertising oriented ultimately became subscription oriented and that's where the money is people didn't realize that a lot of rank or a lot of ugliness not good lot of Heartache. Was it worth it?
Here's what I say. I gave hundreds of people Health Care insurance.
And so therefore it was worth that's what I did and I'm proud of that anything else. I am proud that a lot of people get health care insurance and that that is the best thing pomp that I can
that's awesome. And so obviously you've been ahead of teachers, right? So one is the subscription kind of media Trend where you guys recognize that fairly early and then the second is kind of this personality or what is now being called Creator driven content. So let's start with the subscription first.
You really it sounds like came up with the subscription Revenue out of necessity because the advertising Revenue just kept being so kind of lumpy and so much fluctuation
right? Amen. I mean, it went from like 26 million to 12 million. We were desperate. I quit the hedge fund again rancorous sadly premedication a lot of Wrangler and then I realized look if we don't have a subscription Revenue based on personality. She said we're not going to make it so I started
Doing we're doing real money, which people paid for none of the Venture capitalists want us to do that, but it was only real revenue and I realized I was writing on real money and people kept reading this one column where I was offering action alerts you get an action alert on real money be a red arrow and people then say Tim. I wish we knew more about those. So I started actually as plus.com which is are by far the biggest moneymaker that we have. I fought a lot of the CEOs over having a subscription model.
All I want I'm even tried to buy the subscription business from a CEO who will remain nameless and it all times there was tremendous tension at all times and it was kind of like a jail. It was a jail where I end up making a lot of money. I admit that but it's this subscription business is a bear because you got to be there every minute. I'm very lucky to have Jeff Marx is that FEMA to back me up? We have the not we turn into a club that was important because we can
Intend to do what we'd like to do because of the restrictions ever seen me see for the chapel trust. So we won't for a club we offer different recommendations. You have to know your suitability. But mainly we try to teach you these people who are robbing the people the 13 million strong. They should all I mean, I was trying to figure out do a do a skinny version for them because they desperately need the education that we provide. I'm very proud of the club even though it's probably the biggest time consumer. I have other than me at money
talk a little bit about and know that you're very big on the
So literacy, right just the absolute lack of financial education that both our schools have but then ultimately what ends up our population talk a little bit just about that problem and kind of how you see getting
fixed. Well pop, what are the things that just absolutely try some crazy is that the irrelevance of the vast majority of things I learned most thinking too that I don't know why I was thinking about my biology class in eighth grade. I mean, you know, we cut up a lot of frogs. I mean if we cut up a lot of dollar bills we would have been smarter. Hey, it is incredible to me how
How little people know I mean frog legs versus fibers there is without a doubt a dying desire for people to make money with what they see whether it be Amazon would be Facebook whether it be snap whether it be Twitter, whether it be alphabet you there's just they want to make money and they want to make money in individual stocks that's different from this long progression. We have from Individual stocks all the way to indexing. I think that speak and now we're back to individual socks again and you know,
Just like I struggle I struggled because what I see is people making the same mistakes that I saw in 1980 1990 2000 2010 now we're doing 2020 they play with their hearts. They don't know what they own and I'll give just one really good educational tip this work for me before you buy a stock. Give me three reasons why you would now see what happened is the electronics each trading made.
It so that people with didn't have to ever talk about stock. There's bias top. So I Do by the VAC sorts, whatever it is. Is this Sorrento's and it was a great city in Italy in the end up completely again killed because when the stock goes down, they don't know what they bought so then they sell so my number one educational suggestion is if you have the time and inclination you can buy individual stocks, but you better know what you're buying or else you really do have to default and just try to save over time with with an S&P index button.
But it is just terrible how little education that's why people keep borrowing money to buy stocks. I don't mind borrowing money to buy a house because you live in it, but when you borrow money to buy stocks and stocks go down or the options go down. You're out of luck in your and therefore your even though I'm Jimmy chill your stupid. I mean trying to meet you.
I love Jimmy not till but we'll take Jimmy till today. That's fine. Thank you in terms of the kind of Creator or brain.
And as an individual right obviously mad money people know you you've on there every single day punching
buttons there about 3400 shows
3400 shows. Why? Yeah, so help us understand where did the idea come from in terms of making you the personality to drive all the media
and content start from radio station real money started in 2001. Why because we needed to make more Revenue.
For this tree that gave the revenue to the street. I would introduce our writers. The opening was a monologue and then I did the danger zone then I took calls I did a lightning round. That's where the lightning round came from and then I do an educational piece and then I would do what's coming up today or later in the market it ran in a whole lot of radio markets to the very big success. It started out kind of a minor Network and then it went to Bloomberg.
We used to run it three times a day loved it. And then we switch to CBS which was fabulous and I did radio and TV I did real money and then went over to mad money until I got nodes in my throat. I was using 15. I was saying 15 thousand words a day. That's too many. I wrote that a doctor's note that I get the Les moonves with that point was not disgraced and said listen, we can't do the show anymore less. Let me out of the contract and I now just do TV, but the TV show is the radio show on keeping
God.
And did you have a sound board for the radio show? Yes, that's where it came from.
I had a fabulous producer by the name of Dave gorab who runs talk for serious adverse Sirius Satellite. He's he's a genius and he came up with lightning round. He came back up with Mi Diversified. He came up with the format of this opening and then he had came up with the idea that you have to be educating educating educating. So we had that big educating financial literacy block the radio show. I like to show a radio show, bro.
Much because I happen to love Dave and we had a lot of Rhythm but when I was about to leave CBC because I wanted to do the mad money and they the CEO laughed at it and thought it was stupid got a new CEO Jeff Zucker. He listened to the radio today. I want this on TV and a month later. We had it on TV right after the Eagles lost the Super Bowl because was that their Diamond dad threw up in the kind of seconds. There was ill-advised.
Did you prefer television or radio and doing the show?
I've got the face for radio. I think that's important. I still can't believe that people wonder why watch me it's frightening. But I absolutely love TV because I'm surrounded by amazing people TV radio is a very solo experience. People don't realize how solo really is me you sitting there with the headphones in my clan are like you're just going TV. I've got this tremendous supporting group of that gotten pretty excited producer. I have us
Stage manager I have all these great people in the control room. I've got all these people on the floor running it with cameras all of them. Of course in my fantasy football league with some particular fantasy league and they're all my friends. I've got great. I got my head writer is also my only writer. That's my nephew Cliff Mason who is my sister's kid. He started as a high schooler. We got all the other writers fired when he decided to go to college. He wrote the show and he's in college. He writes all the written pieces. I do the top though.
And it's just a it's an unbelievable support network of people who love each other and it's all that led by Regina Gilligan the executive producer who has built a team unlike any other I like team sports and I like the team put together and they make it possible if they decided they didn't want to play anymore that be very hard for me.
Absolutely. How important is it that you had the experience as a hedge fund manager for all of the stuff that you're dabbing. The media said is everything
it because I know
That what I say is based on real-life mistakes, I made and real-life good things that I did. I used to keep a shoe box in my closet of all my bad traits and every month. I review it and curse it myself and look at what I did wrong and it enabled me to be right. That's why I spend a gigantic amount of time talking about what to do wrong because if you do things wrong and you don't know them and figure them out, you're not going to change doing things, right?
Right. Well, that's just yeah, that's fine. You don't need to worry about that. But doing things wrong that is sinful and I spent a lot of time in my book real money describing all the sins that I committed and I think it's very important for people to recognize that the winds take care of themselves. It's the losses that wreck you
so you've obviously talked a lot about the things you did wrong was this a hey we did really well as a hedge fund but we had mistakes I talk about the mistakes or is this know we sucked as a hedge fund and I talked about all the mistakes
well,
We we compounded it 24% after all fees versus the SP being an eight percent. So we tripled the SP. I know that there were a lots of people who were skeptical about my numbers only not about the actual number that let's get to go because I did not run billions Iran 500 million and I thought was a lot of money to me and I hate wasn't my money.
Is other people's money but I kept all my money in the fund and I was able to make a lot of money because I was betting on myself. I didn't love it. I hated myself. I did not comport myself. Well, I was physical in the way that I handled myself a kind of like an Eagles fan on a bad day and I was not the person that I wanted to be and there was an intervention done in November of 2000 by my best.
In my family to get me to quit I was wait about thirty five more pounds than I do. Now a very one was very worried about my heart. I didn't work out and it was time for a change but we made a lot of money in the interim. And again what I did was I said look you have to worry if you work for me. It's a bargain with the devil. You're going to work six days a week. You can pick I don't know some people I'd be Sunday. Some people have going to work Saturday, but yet it's six days a week and you must be in at 6 a.m. And you leave when I tell you and you
you must never ever ever come in later than 6:00 a.m. Or else you're late and there are a lot of people who didn't understand that there was a guy I'll leave it leave his name out because he's just a repulsive figure but he came in at 601. I threw a water bottle Adam told me to get that while I was much more into F bomb sent now, I'm Jimmy Joe
throwing water bottles is better than most Eagle fans. They would throw batteries.
Yeah. I know. I just know bolts and I didn't hit.
Batteries are very effective. Hey that which brings me to date Portnoy is constantly talking to me about the batteries and thought I'd give me a break we threw we threw punches that's what we're good at and other fans because we're like the worst drunks in the world. Now this I know that you know crypto and I follow Portnoy very closely and I love what he says. He's always talking about him talk about the suits and how they don't know what they're talking about and they discourage people.
And that's very much. I like he's a he's not a teacher so much as he is a pundit now, he got all in I can see I got this house at the Beach come back up and it's all on the synagogue canal and right across from it. Are these big old Vine the Bingo read the vehicle Bingle Winkle by yeah. They may look a trillion trillion dollars of crypto. And I know that they follow just like the president's son. Everybody falls Portnoy. It's insane and they hadn't going on.
Crypto and and put was making a fortune. That's what I understood and then he leaves crypto now, you know crypto what the hell
happened. So Dave I think and we'd have to ask him for sure but my understanding is that in 2017 when
Bitcoin we have to put words in days back
in 2017 Bitcoin was going up, you know from 1020 thousand that year and there's much people at Barstow who started buying Bitcoin and basically they were talking shit to him saying hey, look I'm making all this money you idiot.
Idiot and so he bought Bitcoin then did this epic video? That's now famous of he's like, I just bought Bitcoin. I don't know what Bitcoin is but I'm not going to sit around while everyone else gets rich and I don't get rich and everyone else is getting rich on bitcoin. I'm getting rich on bitcoin. So he goes on this whole thing obviously Bitcoin crashes a bunch of people lose money and he didn't really talk about it for a number of years and then just recently when he started getting into all the stocks and everything. The one thing that cryptos really good at is there's a bunch of people on the internet who got memes and gifts and
Beets and they're ready to rock and roll. So they've been tripping Adam non-stop to stop playing around with stocks and go by Krypto So eventually he got the Winkle vited come they tried to explain to him. You know, here's what Bitcoin is whatever. Here's the best part. Is he put some money into into Krypton, you know, one of the things I like about Dave is that when he does something he doesn't just kind of dip his toe in he jumps all in, you know, basically naked right off of the cliff and put, you know, if my understanding is a couple hundred thousand if not couple million bucks in
In and it's super volatile. So it goes up, you know eight ten percent green hammers out. He's ready to rock and roll he loves crypto, but when it goes down eight or ten percent, you know, he says Hey stocks only go up crypto goes down. I'm out of crypto. I'm going back to play with
stocks. He actually wanted to do it in a serious fashion. What would he need to know before he did by?
Yeah. Here's the whole pitch I think right now is if you look at Bitcoin specifically the
Things that are important to understand is the macro environment. There's no better asset in the world than Bitcoin in terms of you've got interest rates manipulated down to zero you've got trillions of dollars being printed which creates a fear of inflation whether it ever happens or not reach those going to rush for inflation hedge assets inflation hedge assets can include everything from Real Estate precious metals Bitcoin Etc and Bitcoin structurally, it's the smallest market cap. It's got the most volatility is likely to go up the most invaluable.
Value when people fear inflation, right? So if you look at like a Paul Tudor Jones when he comes out and he says look inflation hedge assets are going to do great in this macro environment. It's just Bitcoins gonna be the fastest horse, right? So they're all do well just Bitcoins going to be the most volatile. So when it goes down that means Bitcoin draws down the most but when all these assets go up Bitcoin goes up the most
weight. There's a stock. Okay, hold back. Okay. Yep, this symbol is gold. I like that because it's easy. I'm purportedly must like guys, I want to buy go leave.
My goal and I think gold is remarkable. And this company has an incredibly low cost gold as they make about seven or eight dollars per ounce does gold compliment crypto or just crypto make it so you don't need go. So the way I think about take
like a gold bug in a bit corner, you put them side-by-side. They agree almost to the T on all of the structural problems the macro-environment all those issues they agree on the theoretical solution, which is sound money.
Tables, right what they disagree on is the application of the sound money principles. So you can do that through a digital means which is Bitcoin, right? Or you can do that through more of an analog means which is gold. What most bitcoiners would argue is if you put gold in Bitcoin next to each other from a utility standpoint Bitcoin is more efficient more divisible. It's more portable. It's not kind of all these advantages right and there's an entire generation of people kind of 35 and under 40 and under whatever they're choosing.
Because it is a digitally native asset versus gold, which is kind of the Boomer sound money principal asset. What else? You're both gonna they're both going to do. Well, they're both going to do. Well, it's just
one more. You're exactly right. I see the fluidity of gold and gold stocks and GLT. I tell people they can and this is where I think that you got the edge with me go buy bullion, put it in a safety deposit box, but you have to pay for give keys to your kids and remember that you can take bullying.
If you have two or gold coins to the next place you have to go but there's a big big four gold coins cost a lot and the bullion's heavy and very bulky and you can't just walk around with it. So yes, you're right. My curiosity about crypto is if I had this know if I were more secure in it, I would say, okay look younger people. You may not like the analog you feel maybe feel more comfortable with the digital. I totally understand people want to buy, you know people want
A hole in the backyard and put gold. Well, forget it. I mean, you know, the guy the guys who cut your longer find it so I feel very strongly that I have missed crypto. I have a Miss cold. I have my father by a lot of gold you go overseas you can put your golden if you 1933 the government confiscated over the gold the people and I was pregnant FDR. So how do I know I read these stories, you know about someone forgets the code or they lose it.
It and then I start thinking well, that's too scary for me. Was that just a phony incidence and also can can the Cyber attackers? Like I like Z scale or I like crowdstrike. I like Palo Alto and they always tell me that people are hacking go of crypto or also, they tell me that you got to pay Ransom ware in crypto. So therefore you better get foot and find out about crypto. So obviously it's more uses but give me a security
story. Yeah. So if you think of gold right you can own gold everything from own bear.
Gold which is a company that that's in that business. You can own gold that somebody else holds for you, right? You can go over the physical gold and put it in your house or you can own gold and put in a safety deposit box and have kind of the most extreme severe security setup in the world right now. Same thing same thing with Bitcoin in the sense of there's many different ways to get exposure, right so you can go today and you can simply use gbtc right grayscale Bitcoin trust and you can get exposure.
To the actual underlying asset, right? You can actually buy Bitcoin and you can hold it in a custody provider. So there's everything from block Phi coinbase, you know crack in Gemini all these guys have kind of institutional grade custody providers, then you can actually buy Bitcoin and you can take possession of it yourself. Most bitcoiners are going to argue that you should take possession yourself. They like the sovereignty they like the security all that kind of stuff. Well what here yet well so you can have a hardware device you
It on a wallet on your phone. There's again, there's a whole spectrum of ways to own it. What I always tell people is if you know yourself and you say there's no way that I know anything technical you can just go by and get exposure in stock ticker, right? You just buy gbtc if you say hey, you know what? I want to go kind of level 2, I can buy actual Bitcoin on one of these exchanges and put it into an Institutional grade custody provider
gbtc is like GLD
exactly for big one.
Really? It's $11
$11. There's a premium
when people do that. Is there a vague there
there's a premium and it can get kind of nasty at certain talking to really really obviously frothy times with Bitcoin. It can go up. But again, if that's the exposure you want right then you can just do it there. So it's kind of a spectrum of control but I think the bigger thing here when you compare Bitcoin and gold you'll like this I think which is with gold if I said to you, you know, how much gold is in the circulating Supply you'll give me kind of a really
close.
Such a one percent every year so it's incredibly help the shortage of goal rails extraordinary.
Yeah, and you'll but you'll tell me a pretty close estimate of what the circulating supplies. You'll tell me a pretty close estimate to the incoming daily Supply. I think part of what the younger generation is realizing with Bitcoin is everything is provably scarce. So one of the big differences between gold and Bitcoin is right now, you know, there's some guy somewhere who's digging through his field all of a sudden he finds a gold deposit right? It's not going to move the market material.
Lee put it increases the gold Supply right and nobody knows and there's a latency of information on it comes with Bitcoin. Everything is provable on chain. So I know every single day and I can prove to you that 900 Bitcoin are getting created each day. Then I can prove to you on chain exactly 18th out or 18 million 460,000 Bitcoin existence circulating Supply. And so it's this weird world of like I know that gold is scarce. I just don't know like to the T Howe.
Ounces exist right? Nobody knows what having that provability. I think that the younger generation just because they're digitally native say hey that's really attractive. I can actually point to an exact number and audit it myself because it's
transparent. Well what happened to all the what happened the mining area, which is stock. I love they were making cards that people use for my knee and it seems like that. This is one away.
So there's two different types of ways to mind, right so if you've got
Got a Bitcoin they're using Asic miners. So think of these as specialized computers just all right, so just for for Bitcoin mining, there's also a bunch of people who are using the kind of graphics cards that you would use for gaming or other types of payments and idiot. Yep, but they're not mining Bitcoin. They're actually Mining aetherium and a bunch of other.
So corny Jack is has no I mean look, it's
think of mining as just a data center business, but the difference between Mining and the data center business.
Right is the data center business. You gotta have a sales force. You got to go out and find customers with mining. You have a 100% persistent customer demand for 100% of your computing power because all you're doing is you're renting your computing power to an algorithm and that algorithm is paying you 100 percent 24/7. You don't need a sales force. So that unit economics on mining compared to a traditional data center is much more
attractive than what happened. Why I mean my step someone they came to me said listen, I want to mine. Oh, okay, so that
Was when it was at 19,000 so exactly everybody was the Mario. Okay. So let me ask you this. Let me ask you theoretical question. All right.
If I were coming out of college, no, no, I was 30 to 35 and it started to make money and felt like a my principle which is that you need ten percent of your assets in Gold. I've been a gold bug on my life. Do you think that I wouldn't even be thinking about gold and I would just be thinking I need ten percent of my Assets in a great hedge against inflation. So I need to be in crypto in the goal would be something that actually didn't compute because who wants to have
Have hide something in some place and pay for deposit box. It's really an inefficient way to to fight
inflation. Yeah, I think the first key and we talked about the financial education is people are waking up to just hash and have an inflation hedge asset in my portfolio, right? There's a bucket there. I got to have it the way that I talk about. It is each individual person. So age income level goals. All the optimizations are really hard to kind of give you no one-size-fits-all advice that right obviously what I do.
Is d0 exposure to Bitcoins the wrong answer so I don't know if it's 1% 5% 10% right? Each person is different but getting off the 0% is really really important because what it does is gold and Bitcoin while they both serve as inflation hedge assets Bitcoin has a very very different return profile meaning that it's much more asymmetric. So right now if you look at earlier this year remember the volatility works both directions, so when equities Drew down 30% March gold was down.
12 to 15% Bitcoin Drew down at one one day 50% I mean it's you know, it's just a nasty a rip your face off, right? Yeah. Now when we go the other direction and asset prices increase Bitcoins the best performing asset so Bitcoins up like 45 percent year-to-date, right Gold's up about I think it's 15 to 20 percent equities are, you know flat to kind of single digit positive in some of the indexes and so what you start to realize is if asset prices are going to go up in the feds going to continue to just inject trillions of dollars and
It in kind of all this macro stuff happens. You just want to have exposure to the most asymmetric asset, right? So I don't think Bitcoin will ever go to 0 so your downside maybe you know again twenty Thirty forty fifty percent whatever it is, but you're upside is hundreds of percent. If not thousands of percent that brings me to here's the most important thing. You got to know about Bitcoin the having so no one's explain this yet. There's something called the Bitcoin having right and I'm going to tell you why this is important. I publicly December of 2018 came out.
I issued a million-dollar my partners and I issued a million-dollar challenge to any manager on Wall Street. They could put any acid any individual stock any asset for a decade Bitcoin will outperform it million bucks goes to charity knock yourself out. Not one person took it here's why because the Bitcoin having is a programmatic decrease in the incoming Supply. So imagine if in 2008 when gold went down 30% the government steps in they printed a bunch of money. Everyone ran to Gold went up to
% hits an all-time high 2011 imagine when everyone ran to Gold if 50% of the incoming supply of gold got taken out of the market. So paper said the miners just shut down. Of course the price would explode right? That's what happened with Bitcoin. So in March liquidity crisis occurs government steps in starts printing money, everyone runs for inflation hedge assets Bitcoin being one of a bunch on in early May there was a drop from each day 1800 Bitcoin being
fated to now each day. There's only 900 being created and that happens every four years. So that will go on for four years 900 a day get created and then it'll get dropped to 450 after that four year period so programmatically what you see is you're actually making the asset more and more scarce over time, but it just so happens that this last one occurred at the exact macro environment where everyone's rushing for inflation hedge assets. And so I actually think Bitcoins price is going to top a hundred thousand dollars by the end of next year.
She is.
Hey, I'm not going to disagree that the reason why I've been focused on lady give me the education on it. So I stand druckenmiller is a friend of mine and he's a great investor though. He is a Steeler fan which then causes complications. Although I'm Juju Simon & Schuster there. I always comes I'm just was looking for coming. But here's the problem. He said yesterday didn't three to five years for all going to have to pay for what the government and my friend Joker and ask me that and I said I have been so possessed by
That because I know that we're going to get hurt. So when I go to my inflation handbook what it says is buy gold buy masterpieces and buy Mansions. Those are the three things that that's it reminds. Okay. Those are the three things that to do now my wife's in real estate. So we've gone with the real estate as our heads. All right, what we didn't have in that menu was Krypton and I think that you have to have I'm going to say still say gold.
Because I have so much cold, but you have to have one or the other and I like what you're saying about crypto. I'm not encrypted. Remember. I'm not in goal for the appreciation. I'm in the Guam and gold for the alternative but I don't know how my kids are going to pay down. What happened? I think we had to do it to avoid a depression. So I'm glad we did it but I see the dollar going down and most importantly I know that no one wants to raise taxes in this country. And even if we did raise taxes, we still can afford it. We're not cutting Social Security.
We're not cutting Medicare. We're on a collision course where which makes me feel great about the goal. I own but I do feel that it's perfectly logical to add crypto to the menu. And now I'm just picking new. I think that my kids when they get my inheritance won't feel comfortable with gold and will feel comfortable crypto. And I don't want them. I want it. I try to put everything I own one piece of paper. They'll understand the deposit box. It's a toronto-dominion.
Okay, but they would understand crypto and I had to start recognizing that it may be I am using maybe I am using a typewriter. Well, here's
here's what I'll tell you is if you take 10% of your gold position, right? So just whatever you have allocated. Okay inflation Hedges bucket, if you take 10% of that bucket, so let's see if 10% gold. You just take one percent of your portfolio, right? 10 percent.
Yeah. Okay take one
percent. You put it in Bitcoin that one.
Percent of Bitcoin will outperform the nine percent of gold over the next 18 months.
Hands down not even close
and you want me to actually do the bit but my kids set up the Bitcoin for me. Yeah, they'll still do it all help you
do it. Whoever will help you do it. It's super simple. And what you end up doing is you would end up owning one percent Bitcoin right in your portfolio. If it goes to 0 you lost one percent not the end of the day right not happy, but not
that's okay. I have stuff in it.
Additional fun that's time terribly until now and I've just said look, I can't have it all my eggs in u.s. Basket. Well, I want to have like I said, I got the I lost the masterpieces to my ex-wife God love her some beautiful paintings. Hey there toulouse-lautrec you're not going to but then I have the I have the gold I have the so-called Mansion the real estate equation. Okay, and what I do is I need and I'm not a you know a paid spokesperson for why I need gold.
Any crypto, but I just need something that my kids will understand as ahead to inflation and they will never understand goal. And the reason why they'll never understand gold is they think olds dangers is dangerous because it can be stolen it's dangerous because they don't want to take it out of the bank. It's dangerous because they may forget where it is. Okay. I mean, you know, let's say I Freedom people talk about like, Moe crypto gets hacked or whatever. You know, what's really bad is when your kids can't find your goal and that is by the way.
Way Not Unusual. So this is why I am fixated on it needing to own crypto because I fear massive amount of inflation and I don't have you know gold to okay and the houses will do. Okay. Those are going to keep me running in place as opposed to falling off the cliff the idea of actually making money. Well, holy cow, I take a shot at that with
1% think it think about this. So one thing is important right is when you talk to your kids about it.
You got to make sure it's Bitcoin not just crypto in general because Bitcoin specifically has the inflation hedge things that we're talking about here the other ones, you know, advantages disadvantages, but Bitcoin specifically is this kind of inflation hedge type asset. The thing that I would say is that people forget when they hear this though becomes a very attractive 60/40 Global portfolio over the last five years or so about 7.2 percent return right manually, right if you had taken one percent of your assets and put it in Bitcoin,
Even with all the crazy ups and downs everything you would have taken that 7.2% and gone to 9.2. So it added 200 basis points a performance annually, right if that 1% had gone to zero you'd gone from 7.2 to 7% So 20 basis point downside 200 basis point upside. So it's literally ten to one in terms of risk reward. Right? Right. He is the standard deviation of risk stays about the same and the sharples Sharpe ratio goes up over
20% really?
Because it's a non-correlated assets over long periods of time
now, I'm related as you're so right now. Let me ask you very obvious question for you, but not for me. Okay?
Will my kids understand where it's kept I mean, is it a nap?
So the way to think about this is wherever you buy stocks the way that your kids are going to get access to that is either through a will or you're gonna have to tell them that the username password all that kind of stuff right same thing here. So if you don't self custody it meaning that you actually take physical possession, you know Sovereign possession, what you would have to do is let's say that you use Gemini.
Winklevosses thing right? You can go on set up an account. Go to user name and a password you buy Bitcoin. You can hold it in they have a custody solution, right? And then you just got to make sure that your kids or whoever oversees the will or whatever knows how to get access to that account righteous exact exact same thing about this is
I have trust with my kids and there's their laddered, you know, when they turn 30 when it turns her brother died with 2926 and I have stock for that index funds does not have individual stocks.
And I am thinking that when they turn 35 and turned 40, I would look I hope I'm there but you never know right? I would love to have right now some Bitcoin in there, but I'm worried. What they'll do is they'll read the well Supply. Where's the Bitcoin? What does that did what any do we made it so I could high and dry. I don't have the code. I don't have the code. I just lost it someone hacked it. I want them to feel comfortable when they turn 35 and 40 that I didn't buy them. Something doesn't exist. Yep
the exact same thing.
Look, it's long as you've got in an account where you want to pass it on. You just got to have them have the information. I had to get in the account.
Now when Square tells me that they'll handle trades. What can you keep it at square or you really want to use like the Gemini you can
keep it on any of these exchanges one of the things that you're just doing right just like any other kind of financial institution is your just offloading some of the risk to that financial institution. So you've got to underwrite their security their solvency.
All that kind of stuff the key pieces the Bitcoin ethos, right the hardcore Bitcoin. ER is all about Saul sovereignty. So just like you say, hey go get the gold and put it in your backyard or put it in a safety deposit box. Whatever bitcoiners have the same ethos one of the challenges for people who are older or not as technical is that there's a somewhat technical process to take physical control of a digital asset, right? And so what I always tell people is like get started by getting off 0% exposure so get to work,
Percent right hold it in one of these kind of, you know, well-known large custody providers to start
then take and Tina Gemini. I know you don't think anybody's Gemini is the one that that Darian the think the
Winklevoss twins that that's their exchange, right?
So you don't want to make fun of they're actually great guys that club that I belong to and they're incredibly kind and upstairs and I see that I don't want to make be making fun of it. But if you tell
them if you tell them that we talked and you're going to buy Bitcoin, they'll be your best friend.
Hey, you know they like my wife, you know, she's ahead of the entertainment committee at the club. We belong to and I need to do this for my kids. I need to do it because they are much more at risk than I am because of what happened. Let's say before this. Okay before February before the pandemic. Well, I would have said, you know, what stocks are doing. Well, I feel like they're good hedge against inflation. There's no one place and but then everything broke down.
And now I know I'm being Reckless. You're just being prudent with cash. Okay, that's what I thought because you have stock you have cash. That's great for your kids. Remember the 2926 after what happened during this period it's not right. I know now. I went from being prudent to being Reckless. So do I have to go buy them paintings again, very hard and subjective. Okay real estate again taking care of I've taken care of that asset, but I think that they will
we'll be by went by the time they're 35 and 40 much more comfortable owning not the gold that they have but the Bitcoin that they have because they're digital and I am analog. I love that. It's you know and look at those grass. That's who I am and I've Loved gold and there's a lot of people hated Go the whole time. I've loved it and I loved it before exactly what you've been taught to scarcity value. I like the touch of it. But this touch of it is no longer as valuable as the scarce. That's the one that I liked and as long as
You're telling me that Jim this is something that you can put and you can tell your kids. They will not be baffled by it. They will not be scared. That's really important because I was concerned that they would be
they're going to understand it better than you will just because they're digitally native. Right which is which is crazy. Here's the best part about Bitcoin writing. This is why Portnoy loves crypto in general so much is because not only is the asset great but the community they are the best memes and gifts.
Tweet success on the
Internet. Thanks, of course. So if you if you wrap is to do incredible instagramming your she takes photos of of food. She takes I have another daughter who is just meet loves the meme of me going like this because they all understand and when I tell them about look there's this deposit box at this band like they're like Dad what it what two keys like in the
Use them what and do I have to go and like what everyone will see me in that room and when they know that I walk out of it they all know that I have it and you know gold coins when you tell me that you're buying $1.00 gold coin For $52. I don't get that at all because I did that too. I bought gold coins and I know it's just incredibly inefficient and I'm possessed by this which is why I don't tell them listen, you can go buy gold fund Junior goldfine allowed to do that, but I know that I'm being
Reckless now, I know that when I saw that I would let you know we got to talk I talk with my wife about this. I said look I got a breach this thing that the I'll not comfortable with. I'm just not and she goes well, is that really good Improvement money match? Why don't you educate yourself and I symbolic. I'm going to ask this guy Pop. I mean I was going to go to support noise. I was because you haven't I said, okay, he's in there. I got to figure this out and then he turned on them. And yeah, and I'm thinking about seven years.
Seven years 15 years and 20 years and I know that I am if I just had that cash in there and some gold that I they may look back and say why what was my father's thinking. Well, why didn't he know about this? He was supposed to be such a Savvy guy and I think the answer is because I'm scared but you know, I mean, I like I said, you did some Community is behind you. I like the fact that this Gemini is somebody you trust her.
And I have to do my work obviously in the others. You know, what of course would be the easiest is like if you know if JP Morgan which I had I just told JP Morgan listen, I want to buy some Bitcoin but they they will do it.
So JP Morgan hasn't done it yet. I'm sure they will at some point but Fidelity has a very belly. All right. So Fidelity has a very big digital asset business and one of the things that they're doing is basically helping a bunch of their clients get into Bitcoin, right? So whether I think so, yeah, they can basically they
Had most of my money at the deli.
Oh, there you go. Yeah, they can absolutely help all in it when we get done. I'll introduce you to somebody over there who can who can help you do
it? Well, that would be great. I mean
I checked your but the reason I want to stay with this education. I guess that's what I'm about.
I'm a foe educator. If I don't know bit. Could you for a long time people say, well, I have a big one. I said well, I don't Trade coffee and I don't trade cotton and I don't trade Bitcoin and that's the fights for a very long time. It worked until the three trillion dollar package because we don't have that. We don't have three trillion this country. You can raise them make the rich pay as much as you want.
This is the first time in my life and I've said publicly that I know we don't have the money and I that's one the reasons why I like volt so much but like you said how about upset that? I don't us to look when you buy insurance on a car. You don't expect, you know, you don't like you have a choice on a Toyota and then you get paid for Lamborghini. It doesn't work like that you get paid for the toilet in your throat your throat. I would love it if I put insurance on the Toyota and I got the Lamborghini.
Toyota and so this is what I've been in it's literally what I said this morning on on Squawk on the street, which is that I know it ends badly not to start I can tell you that I'll find you the next in video. Whatever my kids. Can they do I mean they later on they can to stop but I can find the Nvidia but I can't find the cache and the cache is what I'm most worried about because I know
The cash is something that will be looked at as laziness and will be looked at as I didn't pay attention to my kids
the best thing that you're going to see and you've probably seen this chart before is if you go back to 1971 and you take the US Stock Market denominated in dollars. It's like a perfect line up at 45 degree angle to the right right just looks like great compounding groups. If you did nominate the same exact stock market in Gold it's down.
Right. So the stock market's down denominated in Gold. It's just the dollars being devalued which again that that is what is happening and the bottom 50% that are uneducated about this stuff right there the ones who get hurt the most because it live paycheck to paycheck. They just have cash sitting in their accounts all stuff. But for those that can educate themselves, you got to get into these inflation hedge assets, right and so gold is going to be just fine. Like it's not a Gold's going to do bad. It's just that Bitcoin is going to be way more volatile and over very long periods of time. I think if
Don't quote me on this. But if I remember correctly Bitcoins compounded annual growth rate is over 35% Okay, right. So it's just it's just continues to be volatile. But you need volatility to go up. All right,
would you do this? Here's why I own stocks. I tell people like this point. I said, look, I don't really trust the market. But if you really gotta get in let's use a very good example, you really gotta get I like night. Okay and Nike at the moment, was it 118 and then it fell down 115. I was at an all-time high at 118.
Today now, it's 115 and I tell people okay. This is it by let's say you want to buy 200 shares of night 150 now people want to go all in and want to buy a I want to get started being crypto by buying the equivalent of 50 Nike. Okay. So the person I deal with will you the first thing I'm going to say is do I need to be insured do I need to have I mean, you know, I can buy insurance that my when I say Insurance what I mean is it did it won't vanish.
Yep, that's what one of the reasons why I'm afraid to recommended. So I keep thinking it's going to
vanish. So here's if you're really really worried and it scares the hell you're the most conservative person in the world. You can literally go by gbtc now gbtc is that ticker that just has the Bitcoin exposure. There's some premium to it. Right? What I would tell people is if you're an accredited investor, you can actually go and participate in the private placement of gbtc so you can go to grayscale and say hey, I don't
On to buy the stock publicly. I want to invest in the private placement. You got to hold it for six months a liquid. Right? But at the end of six months you still have the same price risk of Bitcoin, but now you capture the premium rather than pay for the premium. Okay.
So this little bit of Premium Armitron has for
owning it outright I think is the best thing to
do if I'm gonna go in here's what I'm thinking I immediately get comfort with that Grace. Why do I get come basis stock stock? Of course?
I know that if you really want to own gold you buy gold bullion. So I figure if I want to own Bitcoin, I should go buy Bitcoin. I mean to me the analog works.
Yeah, it does and the other thing you were talking about was basically dollar cost averaging. So here's a crazy stat for you, which is in December of 2017 Bitcoin hit $20,000, right it fell from 18 until today. It's now around $11,000. Let's call it. But if you die.
Dollar cost average every single month the same amount of money from the high all the way till today. You would be up double-digit percentages on your
investment. Okay. Well, that's how I do things. I mean I can to either do it when I was used to be able to be much more active. I would do it every month. I'd invest every month and then if the market fell between 10 and 15, I would double up that month. Okay, that's the plan I would have for Bitcoin now. I I'll always am afraid that the broker will say
Oh my God, here comes Kramer again every single month these do it. But you know what? I should worry about that. Right? I mean I shouldn't let that to deter me from buying a small amount this get started because I'm not only use the word. I'm afraid. I want to use the word that I want to get my feet wet. Yep
that I think that's perfectly fair. And the whole thing here, right? Is it as you know, if you want to educate yourself the best thing to do is put skin in the game because you'll start paying attention.
I always tell people look before you and I want to do paperwork for you.
But we've already passed that face as I watch this, but I tell people look I don't want you. Let's say you like test. Okay. All right buy 10 shares a test. They say no I got to be big. No, I need you to feel like if it goes down you can buy more not if it goes down I have to sell and that is something that's the buy high sell low for this. What would I have let's say today what I have a conversation, and I'm the one let's
Use let's use $10,000. Okay, let's just pick that book. So I say I want to buy ten thousand dollars a little bit coin.
Yeah, you could go do that. Well, of course you say listen, I want a journal the 10,000 from my cash account to bitcoin. Of
course, you basically just got to determine do you want to buy it through Fidelity. Do you want to buy it on one of these exchanges? You know, what whatever wherever you want to normally by it's something
that's where my assets are some kids understand now. Look I'm I apologize for my lack of knowledge. But let me just tell you you're doing a great job. Well, you know, I got to be, you know got played it open hand the fact that I've been a gold bug on my
It has made me feel very comfortable as someone who doesn't like Salter baskets. Okay, the fact that my wife did the real estate part of her portfolio is again, that's the inflation hedge when I saw that you wanted to talk with me. I said to myself. Okay, why don't I just be naked about and just say I don't know in the same way that I went to the Apple Store. The first time I bought the app I went in there was this fabulous guy at the Short Hills mall. I said listen, I don't know any about Apple show me everything and he said what do you know?
I said no. I don't know engine and you know, there was a guy next to as a kid. That's because like oh my God, what an idiot this guy is I'm not afraid of being an idiot. The only way to start if you're an idiot is small and then you get educated in your become a rookie and then you become you know second and third year because I am convinced that my kids will think that I'm negligent. There was actually a little dispute between on my kids to listen to a person in hardness that my God laughs I was very nervous because the president can't it
Because I think he's a little erratic we may disagree on that. But here we are just rimming. Wow. He's a little rabbit. So I did not put as much money that my father would have liked into the kids account as stopped for a beginner mutual funds and I now feel like I got a chance to bitcoin because I'm not buying it at 20,000
course look at it. It's a thing where if I'm right in the macro-environment serves as the tailwind and if I'm right that supply and demand economics are going to remain valid meaning
that that Bitcoin having is going to have a supply shock. Right and you as demand increases price has to go up then Bitcoin is likely to be the best performing asset in people's portfolio. It's just it's only a two hundred billion dollar asset, right? So it's so small in the Global Financial system that of course, if you know billion dollars of capital inflow to bitcoin versus gold versus equities, you're going to get way more movement on bitcoin because it's a smaller asset class, right? And so I think that's a key piece of this is it feels like everyone's been talking about
A coin for years but it's still pretty small. Like they're the world hasn't started to really kind of move assets there. I think that this macro environment, you know, I joke into the Federal Reserve ran a three trillion dollar marketing campaign for Bitcoin. It's right and so it's like people are gonna pay
attention again the for what happened for the pandemic I would have had a nice conversation about it was kind of interesting and yes, not for me.
I think that what really changed my mind was my daughter my 26 year old saying Hey Dad, how is the pain for three trillion? Yeah, but it was one of those questions. It wasn't like how we gonna pay for three toes. Like no Dad. How are we going to pay and I looked at her and I said what we have to raise taxes, she's but Dad what do you want to design of money if you raise taxes, so what happens and I said, well, we don't know what happens and she goes but
You're the guy and I said, I'm not the guy I have an idea which is not a good idea about what will happen, which is bad and she said well, what can I do? And that's what I said. Listen weird. Get your house get you some gold and I did I got it a beach house. I mean all these are designed for what I regard night and it's not gonna be apocalypse. It's just gonna be not good. Yeah. I want to hedge against not good. I need I expect that. There's going to be global warming.
And expected if I bought a house right on the beach, it's best we bought the house five houses in okay, that was the Hedge against yeah. It's social groups such as that was the Hedge against what's going to happen, but that's an illiquid asset that has I think a residential risk particularly if things get ugly, okay, which I think is a perfect leaving before I would have said is what are you crazy? I mean the march of progress but progress stopped and this is a very
Serious issue and that did the trick three trillion. So I got to take action and I'm going to take action after this video.
The my favorite stats are for the last six fiscal years. The government has set a new record for federal tax income Revenue, right? So we keep taking in more and more money but the intra year deficit gets bigger and bigger so it's not it's not a it's not an income problem, right? It's just we just keep spending more and more and more and more.
And people will debate you know, what should we spend on? What should we not I don't care. All I know is that when you print that much money, I'll tell you where it comes from. They're going to steal the purchasing power of all the people holding
cash. Yeah. I told my daughter to read about by Marv the by my Republic read about what happened before the third right how they wiped out purchasing power and then they wipe that savings is a one-two punch.
Everyone was painless one of the big reasons why
you had the tumultuous and
I'm not saying it's going to have the it yet. The tumultuous things that happen in Germany had a lot to do with them printing money. The way we printed
they were walking around with wheelbarrows. I hope that
doesn't happen. But
as a student of
History, I'm ashamed that I have not acted on what is the first time that I've seen have I'm are like situation in our country and I believe in 12 2011.
And with the I spoke to the Philadelphia Eagles when they just just had just downgraded the dead and
I said listen, you don't have to worry. We're the strongest
country in the world blah blah blah. Now it doesn't have to do with one of the strongest country. What it has to do with is be campaign. We just can't so what do you do now? You can go overseas. I mean, that's not my plan or you can hedge and course a hedge with I've got the Hedge on one side, but I don't have appreciation of it. And that's why I got to make
Move which is why I'm glad I talked to you because for the most part I'm stuck. I'm stuck. I know that I'm a cool guy. I'm real estate guy because my wife but I didn't even talk to and the reason I haven't even talked to is because of the what I call the Portnoy factor, which is that is everybody to speculate and I'm thinking about 10 years because I'm thinking about when I mean my kids will not the moment I make that move. My kids will not be able to touch this until 23rd. Okay course. No, I that's I'm certainly not trading I got
And I'm gonna buy it and stay just because I don't want to commit all one level. But you know, if you tell you not to be able to touch something in 2030 and its cash. Well, believe me that cash is not going to be worth what you think. It was and I am I'd like to think I'm a pro. I'd like to think that I have analyzed the situation but the three trillion dollars that we printed changed everything that I believe in and now if you told me honestly got it, you told me that I should be buying lakes and Main because there I would do it. I mean, I'm
I am so concerned. I'm not frightened. I'm not scared, but I'm concerned that I'm not being prudent and I now think that Bitcoin is proof
when we get off. I'm gonna tweet everyone and tell them to send you the best memes that they have to welcome you to bitcoin and you'll be very impressed with the me Mobility.
But also I'm not walking around with if I walked around a gold my pocket. You said welcome me. I would like I'd hide under the rug that you must have.
Is one that obviously it's not going to be stalled will be it'll be and I don't mean to push without my money's been with Fidelity since 1977. So I have a long history but what it tells me is that when the inevitable happens to me. It will not be like it disappeared. It's a t it where the rest of the stuff is and that my kids will feel that it's like cash for
them. Absolutely before I let you go. I said
Same two questions. First one is what's the most important book? You've ever read
Anna Karenina because yeah Tolstoy because it really is about about love and about health and about tragedy and about how sadly wife doesn't work. Life does not work out and that's other than 411. That's what that story is about. And I want people to read it because many people think
the dunk everything that life works out and they need to have a wake-up call that it doesn't and no one writes it better than Tulsa in Tulsa is my favorite writer.
That's a great suggestion second once more fun aliens believer or
non-believer.
Can I say ghosts?
You are the second person. You're the second person to say you believe in ghosts, but not
aliens votes my much going up and then I know we got the stuff to do my cousin you I never met him was deceased. But my cousin was a was a pilot who was a bomber pilot and he went it was
He flew in The Great Raid to have over Hamburg.
And he was shot down. It was the hit in Hamburg where you couldn't there were so many planes that was dark. He got shot down and he died and my grandma told me that there was a picture of him on the piano had been there the whole time for the whole war and when she came home it had fallen.
And that it's impossible to rationalize and I say no it is it was Ghost. Now you could say well Jim you're absolutely nuts. But why did it fall I go to a my mom and my mom loved this place called the gritty Pals in this and that we end up getting the same room and I swear I saw in the mirror.
Bigger house where sword and my kids do too and I genuinely believe in ghosts. Now. I don't believe in ghosts and went for like gay, you know, when you're passing it because I just can't rationalize certain things other than to believe that they're both. So I'm able to experience certainly goes.
Alright, that's personal experience can't say anything wrong with that. Listen. Thank you so much for doing this ladies and gentlemen, mr. Jim Cramer himself. Thank you Paul.
