"What's Coming Is WORSE Than A Recession" - Why Only The Paranoid Will Survive | Patrick Bet David

The problem with America today's the following. Here's one of the problems with America, which by the way is a beautiful thing but it's also a problem. Whoever that gets elected, we have cyclical cycles, okay? You got Carter gets elected, then it's Reagan senior. Then you have Clinton. Then you have Bush. Then you have Obama. Then you have Trump. Then you have Biden. So, Republican, Democrat, Republican, Democrat, Republican, Democrat. So, every time you do this, every 8 years the system is like changing. So, cycles are changing. Whatever you're doing is changing. So, you can't really consistently build on a philosophy over a 20-year period because in America, you you can't put a 20-year plan in place. There is no such thing as a 20-year plan in America cuz whoever's the next guy that's going to come take your job is going to say no, we're not building that wall. No, we're not going to do that. No, we're going to cut those benefits. No, we're going to add these benefits. No, we are going to spend more money. No, we are going to do that. No, we are going to leave this war. No, we are going to get into this war. The these things the the the complexity of what we're asking about is challenging because no one leader is going to run for 20 years. We just don't have that. Okay. Would you want it? I I- In a In a way when it comes down to the economy, uh yes, I would want it selfishly for me and you because we're alive today. Is it good for America long-term? Absolutely not, okay? Absolutely not because if that one person is a shitty person that gets into office for 20 years, this thing's gone. It's destroyed. Okay, so at least this allows us to not be able to go super extreme because you have to get it through Congress and Senate and it's already complicated enough to do that. But to fix this thing, you're never going to have both sides agree philosophically economically on what they're going to be doing over a 20-year about while all this stuff is going on. You have uh um the the war right now with uh China and India that is also taking place with iPhones are now being made in India. You can now get iPhones where on the back of it says made in India. First time. Not made in China. It says made in India. Really. Guess who blocked TikTok in their country? India. Guess who's blocked a hundred apps of China? India. Mhm. India is not afraid of China. Now, why does China not like India? Why do they always behind closed doors talk [ __ ] yet at the same time they're part of BRICS? You got Brazil, you got Russia, you got India. You know, you got China and I think it's South Africa that's part of the BRICS, right? Okay. So, they're part of the same thing, but there's also way of, you know, competing. The reason why I like India a lot and I think India is going to play very important role here is because India has seen how China negotiated with US and they've realized we're not doing that. But, India's also seen the mistakes China made with the one-child rule and overexpansion and what's going on with a lot of these properties that they built out in cities that looks like just like Paris. I don't know if you've seen the city they build in China. It's a city. Everything Paris has, it has. Mhm. It looks identical to Paris. If you Google this of architecture? If I tell you if I show you the picture, you would think it's Paris. They spent billions of their own money to build a city replicating exactly Paris. That's what China did, okay? Wow. So, we're talking about, you know, the whole everything. Everything they have they have a Champs-Élysées, same exact model that they have over there. Exactly. When you see the pictures like when we're done, I can't wait for you to see these pictures to see what that looks like. So, China overexpanded very quickly. India's watching. China they had their one-child uh one-child policy. The average age of a Chinese right now is 38.4 years old. India's 27-28. Okay? India's uh IIT Institute is producing incredible engineers. Many companies here will hire Indian engineers and they're rock stars, better than MIT in many cases. So, I think India's very important for the next 20, 30, 40 years. Very important. As long as India is there, China's going to hate it. They they they're not going to like it. The fact that Tim Cook right now has got a very hard job. I think Tim Cook in a span of 4 weeks lost 350 billion dollars of valuation for Apple in 4 weeks. 350 billion dollars, okay? One because iPhone 15 didn't do what they expected it to do. Two because China is now giving them a hard time because China's their number one market of iPhones they sell. Now China's sitting there saying, "Wait a minute. We sell more iPhones in this country than anywhere else, yet you're giving our business to India? Who the hell do you think you are?" Right. Then on the back end, the real war that's taking place is the semiconductor chips. And there's different levels to the semiconductor chips that's being built. And China's specializing the cheapest kind to make, the easiest kind to make. Where some countries have specialized on the tough kinds to make when it comes onto semiconductor chips. This is why China can't stand Taiwan being there. This is why China wants Taiwan because Taiwan specializes in building the extremely technical semiconductor chips that the rest of the world uses. And then there's complete other aspects to this that you can get even deeper on. So, Taiwan's going to play a very important role. You know, we can't have a Russia-Ukraine or a you know, Israel-Palestine-Gaza-Armenia-Azerbaijan-Turkey. We can't have that taking place with Taiwan. Taiwan needs to stay separate. That needs to stay protected. How we do that? I don't know how we're going to do that. We're getting involved in one too many wars, but if if Taiwan stays free and China relies on them because China destroyed the world during COVID. Absolutely destroyed. We realized 80% of medications being built there. 80% of technology that we needed is being built there. They controlled everything. Car pricing, used prices went up 50%. Like, what are you talking about? You mean to tell me I bought this car for $90,000, it's used, you want to pay me $130,000? Yes. Are you serious? Yes. Why? We don't have chips to make cars. Are you kidding me? No. Rolexes, they weren't making Rolexes for 18 months. They didn't have equipment to make Rolexes. You go to a Rolex shop, they had one one watch. Like, what do you have? We only have one watch. Can I order Rolex? No. It weren't 12 months, you're not going to get Are you serious? Yes, nothing. This is what was going on at Rolex stores. So, again, the stuff that gets me optimistic is India, is Taiwan, is we're committed to the semiconductor business here. Uh the things that concern me is China, is Erdogan being wanting to be involved in the Israeli war, because most people don't realize the most powerful military in the Middle East is not Israel. Israel is powerful, but Israel has 300,000 soldiers, of which I think 150 is reserve. Turkey has nearly 400 active, 350,000 active soldiers, the number one military in the Middle East. If Turkey gets involved, you know, so we have all these death things that we're looking at. Obviously, the military industrial complex which Eisenhower talked about where be careful with these companies like Raytheon and Boeing and General Dynamics and these guys that are making a lot of money when there's wars. We have to be careful with that taking place. We have to be very careful with that when it's taking place. But, uh yeah, it it it's very complicated, very complex. Ray Dalio says a depression could be possibly around the corner. A lot of these guys are fearing what is taking place today. Michael Burry shorted the S&P 500, $1.6 billion of his clients' money. And now, he did it in a way where, you know, you're kind of protected, but still, he's not optimistic about the S&P 500 what it's going to be doing. Uh one too too moving parts for us to sit there. What will happen? The rich are still going to get rich. The innovators are still going to find a way to, you know, win. The people who learn how to use AI on their side, they're going to advance and excel even more. The acceleration and the disparity between the rich and the poor is going to get wider and wider and wider. Why? Because most people are going to spend majority of their lives on Instagram, on YouTube, on TikTok. They're not going to learn a new skill set. They're not studying AI right now. They're not studying technology right now. They're not learning new skill sets right now. Harvard did an article, Harvard Business Review, did an article saying to stay competitive right now, every 18 months you have 10 new skill sets to learn as an executive. It wasn't like that. It used to be 10 new skill set every 5 years. Now we have to learn 10 new skill sets every 18 months. How the hell do we keep up? So so that this is the part where you know, we talk about the only the paranoid survive. Like right now you have to be looking at this shit's out there. What part of it do I control? What part of it do I have not no control over? If not a billionaire or a hecta or a deca-millionaire, man, I got to figure out a way to increase my market value or else I'm going to get crushed. You're going to over the next 10, 20 years. If you're going to spend more time on Netflix, more time watching all these shows, more time playing all these games, more time watching all these TikTok, Instagram, if you're going to spend more time on that than building value for yourself and learning new skill sets, yes, the market's not going to favor you the next 18 to 36 months. But if you do that, fortunately for that community, they're going to be okay. This doesn't mean a recession is still not coming, though. Okay, so let's start pulling apart some of the issues. So the geopolitical part of this comes down to is there something that we can do to position ourselves? Um you were talking earlier about we create a matrix and it's like, okay, do we go to war? How bad is it? Like all the different scenarios and we run through them. Um so, but let's sort of put the pieces on the table. We have global conflict and that's going to do what it's going to do and we need to think about what the plan of attack is there, how we position ourselves well. We have the debt crisis, which is just probably the thing that weighs the heaviest on my mind. It seems the most inevitable and because it's so in plain sight and not at all sexy, but nobody's freaking out. That one makes me the most nervous cuz you can just run the math and it seems inevitable that it things have to break for that to work. Um you've got the what we'll call the cold war of manufacturing and where that's going, Apple, China, India, all competing. But ultimately, how do people begin to actually put together a battle plan? So, one of the you you had a really good video about advice for young men and one of the things that you said was you need to be aware of what's going on. And I really woke up to that at the beginning of COVID. COVID was a grand moment where it's like, look behind the curtain, there's the Wizard of Oz and I began to see how things were actually happening. That was very revelatory and just as if you want to be an entrepreneur, the ironic advice that I'm going to give you is you need to learn about the body because if you can get control of your body, if you can change your physique, you're going to find discipline, consistency, you're going to see that it really adds up to an actual transformation and you can apply all of that to um business. Ones are Yeah, to business, to anything really. Once you begin to understand how the world actually works, now you can begin to position yourself to weather any storm. But you really do have to understand how the pieces move around the chessboard, how you're being manipulated. Um and I don't it certainly has not then provided me a sense of clairvoyance and oh, I know exactly what to do, but I feel like it makes me ask a better caliber of question. To me, the caliber of question right now is what is the position someone should be working themselves into? So, I'll paint the picture that I think and then tell me if you disagree if there's a better thing. Okay, number one. I think because only the paranoid survive, there's actually two things you need to be paranoid about right now. Paranoia number one is you can pull out of the market too soon and miss real opportunities. And since no one is going to be able to accurately forecast the timing, you have to be thoughtful about that. So, one strategy might be just that you dollar cost average in every day, make sure that you have a certain amount of savings so that you're not going to find yourself in a panic situation. And as Morgan Housel said, uh, the the whole purpose of having cash in a bull market is to make sure that you don't have a forced sale in a bear market. Now, I thought that was a a really wise way. So, um, what I'm going to present to people is there's so many variables on the table and I don't know how they're going to go. I just want you to be in a position where you have optionality. So, we're going to optimize for options. To do that, you're going to want to be largely in um, cash and index funds, which is not going to sound sexy. And when I say cash, I'm talking money market, Treasury bills, something like that. 5 points right now. Yep. Which is [ __ ] amazing. Yep. All day, every day, I'll take it. Uh, now would not be the time, in my opinion, to invest in anything where you're not just an absolute complete expert, where you have so much disproportionate knowledge that you're able to really recognize a deal when you see it. So, I've heard you talk a lot about some commercial real estate stuff that you're looking at because you know things are going to go on sale. You, oddly enough, I still find this so fascinating, you really understand the baseball card market. So, you'll know a deal when you see a deal. So, it's like that to me, optionality, cash, um only investing either sort of blindly in index stocks, not just completely removing yourself cuz you could miss, you know, it could be 6 months, a year before 2 years before this is Who Who knows? We really can't predict it. But that we are in a time of such volatility that if you are not taking every step with sort of maximum paranoia, uh you're making a mistake. So, that's I'm sure if somebody were here, they'd have a lot of questions for that, but that's my rough guidance to myself. I think it was fantastic. I think it was fantastic and we're very aligned. Look, I mean, here's here's also the thing, right? Like where you're you're sitting there watching some of these guys sitting on a lot of cash. Why are they sitting on a lot of cash? Are they sitting on a lot of cash in in case [ __ ] hits the fan? Is that what they're doing? Are they just kind of sitting on a lot of cash wondering I don't really know what's going on. When I say people, I mean Berkshire Hathaway. I mean, these these guys have a lot of cash right now they're sitting on the table. And uh you know, maybe they're not buying value stocks yet because they don't yet believe value stocks are here. Berkshire Hathaway, okay? If you're not in this business, if if you're not in the business of investments, financial advisor, broker, day trader, don't play around. Do not play around and get crazy about it. Um crypto, a lot of people got into crypto and NFT and that was not their world. They didn't know about it. They lost a lot of money. I mean, couple guys made $90 million, but the people that bought their stuff lost $89 million, but they got their money. There's a lot of guys that made the money in NFTs, but it was a gamble for everybody and everybody's like, "Oh my god, but I believe in it and all this other stuff." Okay, great. That's pretty crazy. You know, what about this and what about that? Now, does that mean NFTs are going away? Absolutely not. My kids still buy stuff on Roblox and skins and all that. There's an element of it that is not going to go away. Guaranteed. Is there a 95% of the NFTs that are not coming back? Yes, probably. Some of them are going to be gone. Again, my opinion. I I have interest in things I know about and I'm interested in like right now, you know, I'm looking at stuff the card market got destroyed the last 6 months. Destroyed. Guys are sitting on big cars they were thinking they're going to make a lot of money on it. They're not right now. Okay? Cars that would have sold for $2 million 2 years ago are selling for $400,000 today. Wow. But they're going to end up selling for that value. They're not going away because it's art. It's non-duplicatable assets. You can't duplicate these pieces. Especially if it's things that are very few of, okay? So, if one of one, they're not going to go away. Art. Jamie Diamond's got a $900 million art collection. Why? They They know why he's telling me about a picture he has in his office. He showed me this yesterday that he paid $200,000 for it. That picture is probably worth 8 to $10 million today. Uh art money in art being made, again, non-duplicatable assets are very, very valuable. Whatever there's few of, very valuable. But only touch it if you know a lot about it. If you don't, don't even get close to it. If you know nothing about crypto, don't even get close to it. Don't get too crazy about, "Oh my god, I'm hearing, you know, Bitcoin's going to go to 100,000." It may go to 500,000. But don't do it because you're guessing cuz somebody else said it. Do it because you've done a lot of due diligence in it. So, if you don't want to have that kind of a risk tolerance, indexing is the way to go to play it safe. Now, to to the small community of crazies that have an itch and a tolerance for madness, okay? This isn't everybody. This is some. When you have a certain amount of money, I'm talking to my Goldman guy. He comes in, we're having our conversation. He says, "Hey, here's what I think we can do with this amount of money." I said, "Okay, what about it?" He says, "Here's a strategy we can use the next 90 days." I said, "Okay." I said, "Do you have any questions for me?" He says, "I got one question for you. Are you okay if in the next 6 months we lose $55 million in this?" What a great question. Just straight up. I'm like, "Mhm, no. I'm not okay with this." big no. He says, "Uh no problem. Totally get it. Then we can't go the way that this is one of the options we can go in." "Because what do you think are the chance of a World War happening next 6 to 12 months?" "I don't know, man. I don't know if I'm at 50%, but I'm at 10%. Well, 10 is pretty high." "Yeah, I agree." "Okay, if that happens, how bad is it going to be?" You know, like during COVID that went to 18,000. I don't know if you remember for that minute that that went to 18,000. Everybody was like, "Holy [ __ ] what's going on?" But very quickly went back to 32,000. So, it recovered very quickly. Okay. So, what does this mean? If you think a possibility of craziness is going to happen that you keep cash and it happens, you can buy and dollar cost average. Okay. Yes. You think you're that brilliant that you can time it? Historically, very few people have been able to do it and those who did got purely lucky. Do you want to be part of that camp because most people, historically, what happened to them? They missed being in the market on the five best days. Correct. And missing those five best days ended up costing them the difference between 13% over a 20-year period to making 7.8%. And that's a lot of money, by the way, between those two. So, if that's not the world you want to play, don't do it. Don't at all do it. For me, the game we're playing is a different game. The game is there's going to be a lot of assets for sale the next couple years. Okay? And if you made the right choices and you have cash and some of these assets don't perform the next couple years there's the opportunity to pick up assets. There's the opportunity to pick up small businesses. I'm talking to a guy who runs a you know, a business that they're doing 34 million a year and he I said, "How many companies are there in the marketplace that you could buy right now that are between 5 to 10 million dollars?" There's at least eight. How many of them can't stand you? One of them we never talk. I said, "Okay, the other seven, how many of them love you?" Three of them. Do they or four know you? They know of me, but we don't have a relationship. Get it close to them as soon as possible. Make the following phone call. This is what I tell these guys. This is what the call sounds like. "Hey John, listen man, we're both in the same industry. How's business?" And you'll know by their answer how it's doing. They're going to say, "Oh, great. Unlike XYZ, we did 32% last month over last year." Proof. Okay, great. Guess what? That's not who you want to talk to. Next call, you got six more left. Okay. "Hey Larry, how are things?" "Oh, um yeah, I mean, look, I mean, some areas we're doing good, some areas Why? What What's going on? Did somebody tell you something?" Okay. Boom. Check. What's the conversation? "Larry, here's what's going on. The reason why I'm calling you. We're getting calls from guys in our space and some of them are not one are not doing as well as they thought they were going to do and they're about to run out of cash and they're calling us because we have access to certain relationships and contracts and technology that they want to take advantage of. I thought just to give you a call because we're within the same space. Are you in a place right now where you want to entertain possibility of a partnership where we can help you with our company or no? If no, let's I'm not going to impose, but if you are, maybe we can have that conversation." 5-second pause. "Uh you know, about 9 months ago I would have told you to go go hell, but uh yeah, maybe we can talk. Perfect. Um when do you want to come to the office? Or would you like us to come to your office? Would it be okay if we first met at a coffee shop away from everybody? No problem. Let's do that. Then he goes to sit down. What's going on? Look, man, I don't know if I want to do because I heard this and I heard that and I heard this. I don't want to be ripped off and I don't want to be this and I don't want to be that. Bro, let's just see what we can do with the numbers. If we can't, great. If we can, we'll support you, go do your thing. Then the conversation starts. So, there's different levels right now in the marketplace. If you have cash, a lot of it, companies are going to be for sale the next 3, 6, 12 months, and there's going to be a lot of opportunities for you to increase your market share within the industry. If not, you're somebody that doesn't have a very high risk tolerance, do not screw around the next 6, 12 months thinking you're Nostradamus and you can predict the future cuz the market's going to destroy you. It's undefeated. Yeah. Yeah, timing the market is a ludicrous proposition. People nonetheless do it, but what I find is that it actually attracts people that have a gambling mentality. That was my biggest surprise getting into crypto because I don't have a gambler's mentality at all. Uh so, I just had a failure of theory of mind, so I did not see that coming. And then I was in a chat group and I realized, "Oh my god, all of these people are poker players." I was like, "This is the same mentality." Like, to them, they're getting a gambler's high right now of taking a risk on some crazy coin and, you know, rolling the dice and seeing if they can time everything correctly. And I just thought, "Whoa, okay, that's a a very different beast." So, yeah, in given that my goal is to help people put together ideas that are actually going to help serve them, um this to me feels like the time to learn what paranoia, positive paranoia really is. Success is really a game of mixing optimism and paranoia. You're going to need both. And if you don't have a constant sense of this could all go wrong, I could be wrong. I could have the timing wrong. Maybe there really will be a recession. Maybe there won't be a recession. Um if right now feels like peak predictability, you're really in trouble. That would be the thing I would just red flag instantly if you feel like you have a real sense of what's going on. Uh yeah, I would say not the right move. And so figuring out, okay, how do we deal in a time of massive uncertainty? What I find so interesting about Ray Dalio, and it makes me very sad that he doesn't like to talk about this, is that Ray is extraordinarily good at understanding the historical trends. The problem is everything is sort of plus or minus 50 years. And it's like when you've got a swing like that, there's just almost nothing you can do with it. But let me ask you, do you see, because I think one of the real um one of the real roads. Maybe it's a 0.1% chance, maybe it's a 70% chance. Uh what do you think the odds that we are already in some sort of Roman Empire-like decline? Meaning already in it in that it will happen in the next 10 to 15 years. Um I don't I don't know if we're there. I'm not in I'm not in the doom and gloom yet. Why? Because um the great thing about capitalism is what? Here's the best thing about capitalism. Capitalism prevents you from doing stupid things because it's going to hurt your capital. Okay? When I recruit a sales people over the years, I gave score. There's a scoring system in this book Choose Your Enemies Wisely on who you can have your running mates. 15 qualities for running mates and you score them based on six different qualities. Okay. I would look at guys and I would say which one of the people I work with is going to give me the least amount of headaches. And here's what I learned. Okay. Extremely good-looking guys and girls, single in their 20s, gave me the biggest headaches. Why? Cuz everybody wanted to be with them and testosterone levels high at that level. And guess what? They're going to fool around. You may be high one month and kill it. Next month you're dating three girls in the office. And one of my best girls who made a lot of money last year, you just broke her heart. You left her for another girl. She can no longer come to the office cuz she's embarrassed and she left us to another company. So do that for about 3 years and then go see 17 therapists who have no clue what sales is like. Then you're going to realize I have to change my approach. Then I'm sitting there and saying, "Man, that guy over there is so boring." Dude, he is so boring. Nothing's exciting about him. But he went from making $500 a month selling insurance to $1,000 a month 3 months later to making $2,000 a month 3 months later to making $4,000 a month a year later. Then he's making $6,000 a month 6 months later. Then a year later he's making $8,000 a month. Then 3 and 1/2 years later he's making $18,000 a month steady. Man, you are There's nothing about you that inspires me. But you know what? Here's what I learned. He was married and he had kids. So what's the point? He has to make it work. He has to make it work. Cuz he has to protect those two kids that he has. He has a mortgage. He has to make it work. He can't go screw around. He's married. The likelihood of him going and clubbing and partying with all the other single people and smoking and doing ecstasy is lower. So, I realized I have to invest my time in people who are the most bankable long-term. Stable home, stable relationship, more things to live for, more things to work hard for, more things that will prevent you from making stupid decisions. Perfect. Now, bring that into the Roman Empire falling all this other stuff. Okay. Jamie Dimon is not going to want to screw up what he's doing. And his legacy is going to matter to him because there's no way in the world he's going to let Sandy Weill be able to say, "I told you guys that guy failed. He was a nobody." He's not going to let that happen. And he's running the most, you know, company that every day $7 trillion they see come in and out. J.P. Morgan Chase, right? Um Apple, Amazon, Gates, Microsoft, these guys have assets. Are they going to let something crazy happen to it? I don't know. Musk, who is standing up against the establishment, he's not okay with what the establishment's trying to do. And with social media, a lot of this bullshit's being exposed, whether it's talking about ESG and what BlackRock and, you know, they're trying to do or Open Society Foundation or these DEI scores, CI scores, which California's famous for, they're getting exposed, right? And people are talking about it. So, social media is allowing us to hold people accountable. I don't know if you saw what just happened right now this week with Supreme Court having a discussion to say social media companies cannot take anything off their websites. Whoa. this week. So, censorship at the highest level. You don't have the right to take anything down. People can post whatever they want. That's crazy if we go in that direction. Was that a preliminary decision? Preliminary. It's not done yet. No, it's fully preliminary. You got to look into it. Yes. So, You got my attention. So, so because Supreme Court is now what? 5-4, right? So, now it's kind of like they can impose and kind of push the envelope there. Okay, and they can protect sanity in America with some of the ways that businesses have been bullying people during COVID. COVID, what it did do which was great, it was so awesome in one area. You know what it was? What's that quote, you know, absolute power, you know, reveals what this person's driven by, right? You know, and and Lincoln said if you want to test someone's character, give them power and see what they do. Guess what? During COVID, who did we give power to? Fauci, CDC, California, New York, uh governors of some states had a little too much power. They were like emperors pretty much, you know? Hey, if somebody in LA, you see them without wearing a mask, text this word and we'll find them at da da da da da da. What are you talking about? You're paying people in LA to snitch on other people? It's a part-time job. What do you do for a living? I snitch. I make six grand a month. Really? Yeah. What an incredible way of making money. So, during COVID, if we're not oblivious and not naive, we realize what the people of power really wanted to do. And we saw that in Europe. Everybody's walking around with their COVID passport and they're kind of doing this kind of stuff. Um so, to me, it was fantastic to really see them show their cards. Oh, this is what you're trying to do to America. We're not going to let that happen. What did that do? It got guys like Rogan to flip. I'm no longer on your side. It got guys like Elon Musk, oh, so you were full of [ __ ] the entire time. I thought you were trying to do something good. Got it. I'm not part of your camp. I'm going to go buy Twitter. Scott Galloway, this guy's full of [ __ ] Professor Galloway, there's no way in the world he's going to buy. He's bluffing all of you. He's fooling all of you. There's no way he's going to buy Twitter. Elon Musk bought 100% of Twitter. And now Scott Galloway on Bill Maher last week with Andrew Cuomo saying we need to show some grace. We were wrong during COVID. We were wrong during COVID. I'm sorry, Professor Galloway. Did you show grace? Did you show grace? Oh, now you want grace, but you never gave everybody grace. And you're this professor from New York who's had exits of a couple companies and you've not taken salary from UC Berkeley. Respect to you. You simply go and do the work. I've seen the money you've given to Berkeley, three and a half four million dollars. But you didn't have any grace. You didn't show people grace. So, what happened now? But beautiful. You saw what universities were doing. Harvard got exposed during COVID. No more campus. You guys got to go home. Okay, so does that mean the annual tuition is still 60,000 or is discounted to 20,000? No, no, still 60,000. What? For what? You're not giving me food. You're not giving me place to stay. You still want me to pay 60,000? Yes, we do. Bingo. You just showed your true colors. Beautiful. That was fantastic. Hey, we want you guys to go and work from home. Really? Yes. All right. [ __ ] So, I'm living in New York. I'm working for XYZ company. They're paying me 250 grand a year. I can't live normal life in New York. I'll go live in Florida. Work from home. Except now I'm not paying the taxes. Oh, no, no, no, no, we don't want you to work from home. Why now? I can work from home from Florida. No, we want you to come back to New York now. Got it. So, you screwed up the policies, but now I'm in Florida. I'm not coming back to New York because I actually love Florida. And I'm stuck here. And people from California went and worked from home in Texas and now they're saving 13%. Now they're not coming back. So, they were like, oh, people going to come back. They never came back. The people never came back. So, this this empire is falling. The great equalizer, Tom, is social media. If social media sticks around and they can't silence people from sharing their thoughts and opinions. I'm not talking about people getting up there and saying, we should go do this. I'm not talking about that. I'm saying, hey, what about this? And we start questioning things. Then the people of power that revealed their cards, not everybody, but the establishment that wants to control more of the people, they're like, yeah, we're not we're not doing that, bro. You know, what do you do if you're playing poker with somebody, okay? And you're going for the river, and you didn't hit, you know, you know, whatever, uh uh pick something. You didn't hit your three of a kind, okay? You missed everybody, you got two pair. It's a jack. You got a jack, you got a jack on the board. All of a sudden, you're about to bluff the guy, maybe go in 50% of what the chip is, you know, there. But one card accidentally falls on the ground and you see it. It's an ace. And there's an ace on there. What are you going to do? What are you going to do? You already know you lost. So, guess what? The establishment revealed their cards, and we saw it. And if we don't realize it and do something with it, and they still move their agenda, it was our fault all along. But if we saw it and we unify, and we come together and say, "Hey guys, we the people have the power, they ain't going to push us around. We love this country. Let's fight for what makes this country great. Let's go and support what this country was great about. Let's bring it back to that. Let's be a little bit more responsible. Let's have better incentive programs. Let's expect better policies from them. Let's hold them accountable to what they say they're going to do. Now we can go in the better direction. And we encourage certain people to run and get involved in politics and office." So, I don't think it's going to happen because I think on one end capitalists, the rich people, are not going to want to lose all them all their money. So, they're eventually going to be like, "Yeah, I don't support what you're doing, Soros. Yeah, I don't support what you're doing." Yeah, Charlie Munger said something very interesting. He says, "Look, I love Larry Fink, but I don't want him as my emperor." What a thing to say, Munger. Here's a guy that's to 94 years old. I don't know how old he is, but mid-90s. He's saying, "Hey, I respect Larry Fink, but I don't want him as an emperor." Cuz they know what Larry Fink's trying to do. People are not dummies, right? So, those types of people, I think, are going to fight each other enough. And if we keep our eyes open, this will continue to be the greatest country in the world, and hopefully even better if we rise up to it. If not, the best days are behind us if we don't learn our lesson from the last 3 years. If you like that clip, check out the full powerful episode here, and I'll see you there.