← Market Mondays
Market Mondays
MM #279: Stocks On Fire, Bitcoin Breaks Records, OpenAI x AMD Team Up, & Jack Dorsey's Invest Fest Interview
01:44:07
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- [00:01]
Troy
This episode is brought to you by PNC Bank. A lot of people think podcasts about work are boring. And sure, they definitely can be. But understanding a professional's routine shows us how they achieve their success little by little, day after day. It's like banking with PNC Bank. It might seem boring to save, plan and make calculated decisions with your bank, but keeping your money boring is what helps you live a more happily fulfilled life. PNC bank, Brilliantly boring since 1865 brilliantly boring since 1865 is a service mark of the PNC Financial Service Group, Inc. PNC Bank National association member FDIC.
- [00:44]
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- [01:43]
Troy
Ah, bienvenue, bienvenue. Welcome, welcome, welcome. We are back. It's Market Mondays. You know how this works, man.
- [01:50]
Ian
Happy Monday.
- [01:51]
Troy
You should be tuned in. It's been a glorious one.
- [01:54]
Ian
Mm.
- [01:54]
Troy
It's been a glorious one. A lot. A lot of news. A lot of things that we have talked about over the course of the past five years. Yeah, it's playing out exactly how we thought it would, man.
- [02:06]
Ian
So a shot on the Eli Lily boat in Africa. I'll see you, my boy.
- [02:11]
Troy
Oh, yeah. Wait, wait, wait till you see the. The new adventure of Eyl as taking us on went by land, by water, by It's. It's been a pretty adventurous ride.
- [02:24]
Shoddy
100. 100. But yeah, shout out to everybody out there. Market Mondays. We back. We love. We got a lot to talk about. Myself and Troy, we currently are in Africa. We in Guinea.
- [02:37]
Troy
Yeah.
- [02:37]
Shoddy
Conquer The Republic of Guinea. So shout out to all the good people of Guinea. Tremendous hospitality has been shown to us so thus far. So, yeah, you know, anytime that we on the continent, it's always, it's always good vibes and this has been no short of that. So I want to say thank you to all the good people of guinea, all the government officials that we've been able to connect with.
- [03:01]
Troy
Show me your friendship. You've been learning, man.
- [03:04]
Ian
Okay.
- [03:05]
Shoddy
Yeah. Mercy Bookur at all times, man. You know, gotta be grateful. Gratitude is a shine of, of appreciation that, that needs to be said at all times. So, yeah, yeah. Thank you. Thank you, Mercy. For sure. But we got lots. We got a lot to talk about. And in this episode, we gonna, you know, give you guys a. A surprise, you know, invest fest that legendary conversation that we had with Jack Dorsey. We're gonna, we're gonna air that, we're gonna air that on the second half of this episode. So, you know, have your pins and pads ready for that. But a lot going on in the market, as I'm sure you guys are aware of. So we're not gonna waste too much time. We're gonna get right into it. We do have an episode of Blackout that's coming out at 10 o' clock Eastern Standard Time on Wednesday. A lot of people enjoyed the episode that we had last week that was covered a lot of topics. So this week, I mean, we got Trump's Invasion of Chicago. We got, we got a lot to.
- [04:08]
Troy
Talk about again, let alone the things that happen had we have uncovered, unpacked and been educated on here. The history buff. Daddy, is y' all in for a treat? Because I know you're gonna pack that in into the episode, man. We've seen a lot and learned a lot in the course of the past four days, man. So make sure y' all got your pen and pet out for that.
- [04:25]
Shoddy
Yeah, for sure. So we're gonna talk about it. And then Thursday at 6 o', clock, staying on the Africa theme, we got the conversation that we did a while ago in Rwanda with the good brother, Lu Al Dane. Oh, yeah, and it's gonna be good. And the president of the. In the BAL. BAL, the African Basketball League, which is the NBA. NBA's African branch. We spoke to them about BAL, about Africa, about, you know, sports on the continent. A lot of great conversations. So tune in at 6 o'.
- [05:00]
Ian
Clock.
- [05:01]
Shoddy
International conversation. Yes, sir. And yeah, Ian, any announcements?
- [05:09]
Ian
Yes. If you want to get rich from the market, go to ianinvest.com if you want to know where to get in, where to get out? Prices are in Kajabi for the month of October, so I think I went over. I added four additional stocks as well. Three different prices, load the boat price, swing trade price and quick entry. If I made you money, please put yes in chat. Stock club call will be this Sunday at 5pm Central. Again, replay from yesterday's call will be out Tuesday at 5pm Central and tune into blackout. We are going back into that. Not conspiratorial because it's been confirmed, but it was a lot of pushback on the AirPod conversation. Listen, listen. You can push back all you want to. The data is clear, the evidence is clear. I've had shout out to all the ear, nose, throat specialists that reached out. So thank you for bringing awareness to this topic. So tune in to Blackout. I'm and I love you all. Let's have an amazing show.
- [06:04]
Troy
Absolutely. Hey, listen, I'm tell you something about these AirPods though. Y' all probably see me out here wearing the AirPods even after the episode. That translation game is, is, is definitely a game changer. Being able to bridge the language barrier with the everyday person is a game changer. So we're in meetings, I'm. I'm able to understand what they're saying. I'm able to transcribe in real time and have real live feedback. So that's, that is a game changer. So I under, I was watching the episode obviously, but they got something there and this is just the first iteration of it. So I'm interested to see how far they go with it.
- [06:40]
Shoddy
The AirPod thing went viral twice actually, because Ian's page, Ian posted it originally and it got 17,000 shares. It got shared. It got shared like 17,000 times.
- [06:57]
Ian
Shout out to the team.
- [06:59]
Jack Dorsey
Make it.
- [07:00]
Ian
Easier to send that invoice.
- [07:02]
Shoddy
And then, and then, and then on the earn your leisure page, we posted it.
- [07:07]
Jack Dorsey
And.
- [07:09]
Shoddy
What is it, how many times you get shared on that page? And that page got shared 53, 000 times.
- [07:20]
Ian
Gang, gang, let me bought some followers.
- [07:25]
Shoddy
So. Oh man, it's been, it's been shared a lot. So you don't, you don't have any concerns about wearing AirPods?
- [07:32]
Troy
I have concerns. I'm just saying from ratio, yo. And, and the thing is like you've witnessed it in firsthand, like sitting in a meeting, being able to understand French, being able to respond in English and then reading French and reading back. I'm not missing anything. Like it is transcribing to a T. It is super effective in that way. Obviously, if we're watching entertainment, that's one thing, but you ever watch the. When, you know, they put headphones in.
- [07:59]
Ian
Yeah.
- [07:59]
Troy
Right. Obviously they're wired, but I mean, that's where the technology comes from. Right. You have all these countries coming to speak in front of the world stage. Different languages every other hour. And so that's how that translation works. So you can see now this has happened to the everyday folk. I was sitting down with a woman from Burkina Fasa, and she was amazed. She couldn't believe it. She couldn't believe I understood what she was saying, her story. She said that we would have sat here for probably an hour and not had any conversation, let alone have one about her life story, her business, her. Her children, how she's an entrepreneur. It's incredible. So it. There is no excuse now, like, you can bridge that gap of language, which has intentionally been done on the continent. We spoke about this plenty of times. If you look at the history of Africa and you look who's colonized and where they've colonized, it's English, it's. It's French. Right. These languages, even in tribes, they've taken languages from. From people and there was no way to communicate.
- [08:55]
Ian
Yeah.
- [08:56]
Troy
That time is coming to an end and hopefully technology can. Can eradicate that.
- [09:01]
Ian
Tim Cook wired version, please. I'm not gonna lie, I got tempted to buy him, but after the episode. I can't be a damn hypocrite and go by the airpod threes. But, you know, I may just put my meta glasses on the table, let it do the same thing.
- [09:15]
Troy
That's the one thing I wish I would have brought. I forgot those. I wish I would have brought. Yeah, yeah. But I did use this, the. The spatial on the 17. So I'll put some videos up so people can see what that looks like.
- [09:26]
Ian
Yeah.
- [09:28]
Shoddy
All right. Okay.
- [09:29]
Troy
Oh, we gotta do our disclaimer. We gotta do our disclaimer. So you know how this works, man. Do your own research. Our content is intended to be used and must be used for infant informational purposes only. It's very important to do your own analysis before making any investment decision based on your own personal circumstances. You should take independent financial advice from a professional and connect with, connection with, or independently research and verify any information that you find on our show and wish to use for the purpose of making an investment decision or otherwise continue to do the research. Share the research. Shout out to all my people in Eylu that pulled up to our class on Thursday. It was it was a crazy class. We went a little overtime. Yo, Ian, I'm waiting for the invite man. I wanna, I wanna come to, to a stock up call. Oh, can I, can I come to one in October?
- [10:12]
Ian
No, we're gonna make that happen for sure.
- [10:15]
Troy
Let's do it.
- [10:15]
Ian
Sure. Tim Cook by killing off the Passport Bros. So I ain't gonna hold you the number of people who messaged me like yo, you over in Mexico right now. You had an airpod? Nope. Sticking true. But the Passport Bros. Yeah, it's good.
- [10:32]
Troy
For a one on one conversation. If there's many people then it picks up everybody talking. But if you're like directly talking to somebody, it works really well.
- [10:41]
Shoddy
At all times. All right, let's get into it. Yeah, let's, let's not even waste any time. Let's get right to, you know what's really been trending. We'll start with goal.
- [10:50]
Ian
Yep.
- [10:51]
Shoddy
Goals at nearly an all time high and it's been reaching high. I saw some stat the other day with go has actually outperformed the NASDAQ over the last year to date. And once again, you know we talked about gold before the election. When Mike Novograss, that was one of his things that he was real big on before the election. He was just saying that he thought that gold and bitcoin were the two assets to hold because of the volatility in the government. And then with the government shut down. We're going to talk about a little later as far as bitcoin, you know, breaking new levels. But gold also as far as like has been doing well for a very long period of time. And that's the safe haven for people that don't believe in central currencies. So gold, is this something that's going to continue to go up over the course of time?
- [11:44]
Ian
Absolutely. You have two types of investors. You have risk on investors which are pro AI, pro crypto, pro technology and then you have pro hedge investors. And in this case both are right. We're going to talk later if this era is mirroring 1999-2000. But the thing that's really important is when you own asset classes you want them to hedge against each other. Gold is the ultimate hedge that is end up outperforming a lot of classes as you just mentioned. And I don't see this pulling back anytime soon. I know it's outside of a normal range for if you look at multi quarter range, but I think possibly by end of year we could even be at 391, 20 391.92 on gold. There is inherent risks in the market that people are not talking talking about. I know IWM is up. I know the Nik was up because of the prime minister being elected or selected. But I think too many people have risk on and no hedge. So if the market does tank, I think gold will still continue to climb. One of the best investments and best assets of all time, if you look at it from since inception. And it's not going to slow down anytime soon. So yes, go will continue to climb higher.
- [13:07]
Troy
I agree with you. I agree with you. I'll take the other position in a standpoint of what would cause it to have a retracement. Right. Especially with government uncertainty. We're not gonna like they were supposed to be a jobs report last week. We didn't get it. Fed policy. We're not getting it since there's a lockdown. Is there something. I don't even know if it's in the near future, but at some point that would cause a sharp retracement for gold. Yeah.
- [13:32]
Ian
So in 2010 through 15 it was printed of money, quantitative easing and that money flowing around. So unless they print it the way they did in 2008, 2009 and that money circulates through, that would be the only thing to take some of the capital off. Because now if interest rates go to zero, it's risk going for every asset. Meme stocks, crypto tech, Russell 2000, Russell 1000s P400 is all bets on all money and shot the nip. Rest in peace. But unless we have that kind of money flowing worldwide, there's no reason to take a short against gold. Because some people are starting to say, well, gold is overvalued, hidden certain levels on rsi. But it's like if you don't know the macroeconomic environment, I don't think the United States or even China is in a position to print money how they did in 0809 or 2020 as a result. And for that reason, I'll stay long on gold.
- [14:32]
Troy
Yeah, I mean we printed the, the money printing definitely during COVID was even higher than that. And so now, you know, I, I'm with you, bro. I, I think it still appreciates. I just wonder if there is something like is it a Fed policy that changes? Obviously we know if interest rates, the expectations that interest rates will continue to fall. I don't think we'll get to zero anytime soon or.
- [14:52]
Ian
No.
- [14:55]
Troy
Just that piece is like, yes, this is a hedge that we should be in just a thought though, going.
- [15:01]
Ian
Back to Ray Dalio's conversation though, shout out to Ray, you want to All Weather Portfolio. I don't agree with the assessment of because the public All Weather Portfolio versus what is done privately at that firm is different. But gold is a good cornerstone investment for sure. But I, I don't think unless interest rates go back to 1% or 0% and money is printed that gold is going to fall apart. And once again, if Novogratz is bold enough and loving enough to tell you this is what's going to happen and this is what I'm investing in. Why not just listen to what he's saying? He's not just talking his book. He's giving you the playbook ahead of time. Just follow to what he's saying as well.
- [15:49]
Troy
Yeah, I think we, the golden rule is, is we follow the money like the tea leaves are left for you follow the thing. We have a tough time in this space when you're learning and you're learning things on your own and you kind of like well I should follow it. But I. You go against, you know, your intuition sometimes it's painted for you, it's right in front of you. You just got to follow the path.
- [16:13]
Ian
And stop being hard headed.
- [16:15]
Troy
Yeah, yeah, I will be a disciplined investor.
- [16:19]
Ian
Thank you.
- [16:20]
Troy
But yes.
- [16:21]
Ian
Or you deserve to be broke. You pick. You don't even need a book. You deserve to be broke.
- [16:26]
Troy
If you don't listen, you deserve it.
- [16:27]
Ian
Up to you.
- [16:29]
Shoddy
That's a fact. At all times. And go. You know we have, we're in one of the major hubs of gold right now as far as guinea and a lot of people are not even familiar with the country, never heard of the country before. But the country has, is a population of 12 million people. So it's a relatively small country. But the UAE, the, so they have, they have a flight. What's the airline? Emirates.
- [16:58]
Troy
Emirates, yep.
- [16:59]
Shoddy
And it flies two times a week from here to the UAE. In the plane it's a, it's a cargo plane that's loaded with gold and two, two, two trips every single week.
- [17:17]
Troy
Full of gold to Dubai or UA.
- [17:22]
Shoddy
To Dubai about that every, every every twice a week, every week.
- [17:32]
Ian
The real transfer fee.
- [17:33]
Troy
And that's the goal that they can account for.
- [17:36]
Ian
Yep.
- [17:38]
Troy
There are other minerals that they are shipping that might contain gold inside of it just because of the refining process that hasn't been online yet. There might be gold that's going through other minerals as well.
- [17:52]
Ian
And for commodities, a good exercise is to look at like a 50 year historical chart just to see what the overall trend is. There's a reason why that plane is going in and out. And you know, we have such a robust storage of it at Fort Knox. So over the long term, 50 year chart though, on commodities, it will tell you the real tale.
- [18:20]
Troy
100 flights of gold a year.
- [18:22]
Ian
100 flights? Oh yeah.
- [18:25]
Troy
For the year, right? You figured twice a week.
- [18:26]
Ian
Yeah, yeah, yeah.
- [18:34]
Troy
That'S, that's one country.
- [18:38]
Ian
One.
- [18:38]
Shoddy
And then that's what Albert, I was talking to Alvin, he was like, if Alvin, if they doing that, then Ghana got to have at least five. Because he said Ghana has way more gold than this country has. That's why they call it the Gold Coast. They called the Gold coast for a reason.
- [18:53]
Ian
So much I want to say, but I don't want to go into my Tucker crossing Candace on his back.
- [18:59]
Troy
Who.
- [18:59]
Ian
The crazy part is when you just tell the truth, it's way better than.
- [19:03]
Shoddy
Any fiction that's a fact.
- [19:06]
Troy
It feels almost, it feels unbelievable. It's happening like right in front of our eyes.
- [19:11]
Ian
And how long has it been happening?
- [19:13]
Shoddy
A long time.
- [19:14]
Ian
See that? Calculate the cost of fuel for those flights and what kind of return matrix they're looking to get off that. Interesting. I mean gold God was at 52 and 07. It said 360, 350 now and then if we hit a rut in 27 and 28 gold, probably, oh my God, God will be in the 550 range. So interesting to say the least.
- [19:47]
Shoddy
To say the least. Okay, let's get into the big story of today, which is AMD. So AMD went up 27 on the morning, fueled by news that open AI partnership 25 and that it shot up 35, 10 stake, 10 stake for open AI. And yeah, that, that led to a frenzy in the stock market. Anybody that had AMD options, obviously, you know, look at their portfolio. I text Dave Shands today. He was going, he was like, damn, that's crazy because obviously if you watch market Monday, you saw that Dave Shands invested in AMD option a few months ago. So I know that's something that you. We posted it actually on Instagram. That was one of your stock picks, Troy, at the beginning of the year or last year, he thought amd. And so yeah, talk about amd.
- [20:49]
Troy
Yeah, it, it kind of in the clip was encompassed where we were talking about Nvidia being obviously the leader of the space when it comes to GPUs and who that number two player was going to be. And sometimes in business it's okay to be number two. And it was for this reason, when we think about Nvidia, every time we talk about it, we're talking about another Max 7 company that is acquiring your ships because of the price point, it kind of alienates some of the audience. And so when Meta buys millions of chips for its data centers, when Amazon is buying, when Microsoft is buying, obviously through OpenAI, you're talking about millions and millions. I think one of the key pieces of what was said from the president of OpenAI, he said, this is so core to our mission. If we really want to be able to scale to reach all of humanity, this is what we have to do in regards to the partnership. And so when he says all of humanity, he's no longer talking about just corporate Accounts and Big Max 7 companies. He's saying we need to have enough GPUs to make sure that everyone on the planet can use our service. Now, if you just look at the cap table, how much that would cost and we'll break down how. This is a circular economy. This is really a circular economy.
- [22:01]
Ian
Can we use the real word later?
- [22:02]
Troy
Oh, no, we can use the word circular economy because that's, that's exactly what this is. That's exactly what this is. This is. Hey, we have infrastructure, right? Oracle, we have connectivity, Broadcom, we have capital from Nvidia.
- [22:19]
Ian
Nvidia.
- [22:20]
Troy
And the more we make and the more demand, all those things will start working together. Now we need to make sure that we have enough bandwidth, we need to have enough hardware so that everyone can use it. So I think, what do they have, like over 800 million users now for chat? Yeah, you're approaching a billion mark. That's only going to increase with the amount of people that are actually becoming more familiar with it. We talk about, we use it every day. There are still people who don't have that. The app downloaded, that's going to change in the next two to three years, so the demand is going to be even higher. So they need to have more GPUs at a price point that can be sustainable for their growth. Which is why the 10 stake inside of AMD, the number two player, makes a lot of sense for them, but what they actually did wasn't a warrant. So if you're not familiar with what a warrant is, it's like an option in a sense, right? Like they have the right, not the obligation to buy or own the shares of AMD at a certain price point. They didn't disclose it yet, but that's what this is. And it Makes perfect sense. So Nvidia is a partner. AMD is now under their ownership 10 stake. This is just going to keep going in a cycle. This is why you got to follow and track the money because it'll lead you right to it. Everything's pretty evident.
- [23:32]
Ian
Yeah, I know we've been talking a lot about circular investments and circular deals, but I want to frame it, Troy, don't worry. As an indestructible technological moat. So AMD has been a picking stock club for six years. Nvidia took the helm. Open AI. Like don't you love when the babies get along and just bring the, the, the technological and financial vibe to you? This partnerships ensures the safety of that sector being AI and the safety of OpenAI as they start to become public. Nvidia of course took a different route. They paid OpenAI, AMD issued a warrant. So that way you're covered on both ends. That's even a hedge in itself. And then like you said with Oracle, being in that infrastructure sets them up to be the leader not only in AI, but potentially in Quantum having all those assets in line. The thing that I do like about Open AI, it reminds me when he said that, it reminds me of Bill Gates. I want a PC in the, in every home in the world. I think OpenAI has a very good chance to touch or have a touch point to every user on Earth. And they did an amazing job with the rollout of Sora as well. So on every front, enterprise, eventually government, consumer, they're doing incredibly well. Job well done to amd. And it helps that Lisa and Jensen are cousins. You can't leave your cousin out, one of your favorite cousins out of the deal structure. So this is to me a technological moat that will not be destructed anytime soon. Yeah.
- [25:22]
Troy
And we had again an interesting call or class the other week when we talked about energy. And Open Air is going to deploy 6 gigawatts of AMD's GPUs like we're talking about. That's the size that could power like Los Angeles. That's much as energy is going to need. I'm gonna, I want to break this down because I wrote it, I was like, I got to explain this but I got to write it down to. So here's how this, we call this circular economy in there's mo. We'll say mo. Right?
- [25:51]
Ian
We'll say mo for. Right.
- [25:52]
Jack Dorsey
Yeah.
- [25:53]
Troy
So Nvidia, last week AI OpenAI announced that partnership with a. And it was big news. We saw it was a hundred billion dollars so Nvidia and we broke that down. If they help build those data centers, right, which a 1 gigawatt data center could cost up to 50 billion to get online, 25 million to 35. 25 billion to 30 billion of that is going to go just to the GPUs, obviously through the infrastructure. So Nvidia is helping provide hardware and they're providing capital for them to get that infrastructure up. AMD now comes on, right? They're providing hardware, right. So you got hardware with Nvidia, hardware with AMD and then you got Broadcom stepping in as a supplier for interconnected systems. Right. We talked about that's the role that they play and they're huge in that. Obviously they have GPUs as well, but in connected systems is what they'll do. And then you got Oracle with Stargate that's going to provide data center operations and cloud leasing. Don't forget about the cloud.
- [26:49]
Jack Dorsey
Right.
- [26:49]
Troy
When we talked about those servers, we talked about aws, we talked about Google, we talked about Azure with Microsoft. Oracle is going to provide that. So here's how this works. The better OpenAI does, the more it consumes infrastructure, the more infrastructure is built, the more demand can scale, more hardware capacity, the more advanced AI becomes creating more demand in turn. Circular.
- [27:11]
Ian
Circular is the word. Also on another lesson. This is how generational wealth looks and should work. I invest into your business, you invest into mine. Long term partnership. Let's build a moat that cannot be advanced or encroached upon and make sure we protect each other at all costs. Like that aspect of it with Jensen and Lisa being family. Sam coming into the tech family. Larry Ellison, if you know about his lineage and how he's helping his sons, this is a master class in how to do long term partnerships and a great onboarding for open AI for when the market potentially tanks in 27 and 28 for them to come on board and probably be. Is open AI the greatest startup in American history.
- [28:05]
Troy
It's crazy you said that because I was just going to say that it has now passed SpaceX to have the largest valuation of any private company in history.
- [28:15]
Ian
History. This rollout is this. I haven't seen nothing as good since they rolled out 50 cent mouth soundtrack.
- [28:23]
Troy
This is better.
- [28:23]
Ian
This is amazing. Yo.
- [28:25]
Troy
The interesting thing is when they did the Nvidia call the video announcement last week, a part of the the interview. Sam Oldman is saying that hey, we still have a bunch of announcements still to come this year. That was just last week.
- [28:39]
Ian
Yep.
- [28:39]
Troy
Last Friday the valuation came out at 500. Now that you add this 10 stake in AMD, we're going way past 500 billion now.
- [28:47]
Ian
Yeah.
- [28:48]
Troy
Right. So at this point I'm thinking this, he's in the running for maybe like person of the year at this point with the amount of deals that he's done for sure.
- [28:59]
Ian
And the hardware hadn't even dropped yet.
- [29:02]
Troy
It's pretty remarkable.
- [29:03]
Ian
Yeah, it's absolutely incredible.
- [29:07]
Shoddy
For sure. We also, we got some insight on AMD earlier too in it before last year from a friend of ours too. So perhaps it's good that. Well we said it on market Monday. Yeah, it's helpful to you know, know what's coming down the pipeline.
- [29:26]
Troy
Yeah but that's part of it is doing the research too. So even when, when a friend of us said it, it was for me it was felt like oh, it's confirmation research that was done right. Like we're on the right path. Even now I still get texts from people in the AI space like yo bro, you're spot on. Like you're spot on. So now it's even more conviction when we talk to the audience here because not only are we saying it like that's why I said market Mondays. And I'm not just saying because we're. I'm here. It has to be one of the, the greatest shows of for investment ever.
- [29:57]
Ian
Ever.
- [29:58]
Troy
Because the people that are watching it in these spaces are confirming it and saying, you know what, in fact just what you're saying is right, here's some other things to look for.
- [30:06]
Ian
Yep. AI banking, crypto, all sides attack being at Nvidia. But yeah, 3 year price AMD 366.79 and 3 year price for Nvidia 305. 44.
- [30:24]
Shoddy
Yes sir. All right, shout out to Dave Shands too once again on that for sure. So man, you guys, EY University, the options class choice options class, vitally important if you're in EY University, take advantage of that because those options been going crazy. Obviously if you see the market is at an all time high, you know that the options are going to be pretty well positioned. So yeah, yeah, a lot of those options have gone crazy over the last couple of months.
- [30:56]
Troy
The true we saw micron hit 200 today. I mean it's been a hell of a year man. It's been hell of a year.
- [31:03]
Shoddy
Okay, let's talk about Bitcoin before, before I forget, Detroit, Michigan, we will be in your area October 31st. Halloween, Halloween, 10 o' clock in the morning, 10 o' clock on the wake up Wayne State University.
- [31:18]
Ian
Oh, okay. Yeah man, we're in your area.
- [31:22]
Shoddy
Hoops and culture event. We will be there. We're gonna be doing, I think we're gonna be doing book signing. Yep, yep, book signing. You deserve to be rich. So yeah, I think we're gonna speak.
- [31:33]
Troy
For a little bit maybe.
- [31:34]
Shoddy
Yeah. Wayne State University, October 31st. Man, shout out to Michigan. Shout out to the great state of Michigan, man. Always show us a love every time we go out there. Let's talk about the next biggest story, which is bitcoin. So bitcoin, if you've been, if you've been watching, has been on a tear. It's been on a tear obviously for, since Donald Trump got elected. But really, you know, over the last couple of days with the government shutdown, that's helped it out a lot as well. And we see bitcoin passing all time highs and reaching125,000. A key psychological mark that it had failed to break in the past. And J.P. morgan, I say that they actually put a report that is actually devalued, undervalued and real price should be $160,000. So Bitcoin thrives as people lose confidence in central governments and people lose confidence in central currencies. Government shutdown doesn't, doesn't help to give confidence in either one of those. So you see that as inflation as rising, as government spending continues to go up, as government debt continues to increase.
- [33:06]
Ian
Yep.
- [33:06]
Shoddy
As government instability continues to increase, bitcoins price continues to go up. That's helpful for, for bitcoin and cryptocurrency space in general. But you know, we're talking about bitcoin right now, so bitcoin. I thought that bitcoin was going to have a good year. It was actually my stock of the year.
- [33:27]
Ian
Yeah, it definitely was. That are microstrategy all time high.
- [33:31]
Shoddy
Yeah, Micro strategy is climbing back too. So. Okay, now bitcoin's back on everybody's, you know, talking board.
- [33:42]
Jack Dorsey
Shame on them.
- [33:42]
Ian
If they left it, it shouldn't have left.
- [33:45]
Shoddy
Well, a lot of the crypto enthusiasts thought that bitcoin was gonna fall back. That was a, that was a lot of YouTube videos and a lot of Instagram pages as far as like, you know, present resistance levels. I saw everything from resistance levels to trends to timeline of traditional, you know, it's all kind, they came up with all kinds of different theories but a lot of people felt like it was going to fall back into a lower 100 range and even potentially go lower than 180, which could still. Which, you know. But right now it's, it's, it's done the opposite of that. It's actually moved forward, not backwards. So bitcoin for all the bitcoin enthusiasts, all the bitcoin maxi. And we're going to talk to them with the biggest Bitcoin Maxine a little bit. But what's the deal with bitcoin?
- [34:34]
Ian
Number one, I said it on the show. Everyone who was calling for it to go to 85 or 80, 000. It was not going to happen. There's a bunch of macro factors like you said. Government instability. Debt is at the highest that it's ever been in a button. Consumer and enterprise levels. Debt to GDP is high. Warren Buffett indicators at 200. The value of the dollar, which has fallen so much this year. This is like. And everyone is having uncertainty in the employment market. It's the one asset that you can look at as a token, no pun intended, token of safety to get high returns and an incredibly pessimistic marketplace. And someone asked me this past weekend, BlackRock has an ETF. And part two, the Jones parked a lot of money into the ETF and why hasn't Vanguard done the same? The prices went up so much that even now, Vanguard, I don't know if it's publicly, I think so Vanguard is coming out with an ETF at either end of this year or top of next year because they don't want to miss out on servicing their clients properly and then potentially losing them to BlackRock. So this trend is not going away. I think the next target that we should hit is 130, 331 to the upside. And then probably by January or March of next year, we should be at 154, 516. But when the banks, institutions, governments fund, the funds are in an asset. Now's not the time to short it. You can argue that bitcoin and AI are the only two things that are keeping the market up. So why are you shorting the asset that is driving the market higher? And I'm gonna be honest, respectfully, humbly, I know y' all out the country. I just came from back out of the country, so I'm in peaceful vibes. I. Everyone doesn't have the same technicals. I'm gonna toot my horn. I wanted the greatest ever to touch a chart. So if I'm telling you it's not, then this is Mike Novogratz. He told y' all, 2020, yo, you as a retail investor, you have Hedge fund levels, we're nowhere near close. Going back to 85. If so, I'll be one of the first to call it. It's not going to happen anytime soon. If I made you money, please put yes in chat. A hell of a return from 20,000. When I called on anybody said we're gonna go there. Shout out to Chris Johnson. Gang, Gang. But bitcoin probably won't slow down for the next two to three months for sure. And stop shorting assets that governments institutions have their. The balance sheet tattoo.
- [37:11]
Troy
Yeah, I would say just be careful of that because I feel like we've had these, these conversations. I think you had it at 140, I had it like 137 by the end of the year when we had a prediction of where we saw it going. If you study, even if you study from a technical level, great. But like you said, every. Be careful of they and where you get your information from. Just, just studying the having cycle of Bitcoin and what it does the year before it halves. Right. And the year after it halves. You can see that this wouldn't year even if you thought there would be a pullback that would be substantial, it wouldn't be in this year, which is the year after having. Because it had last year in, in 2024. But all those factors that Shoddy mentioned, all the factors that you're, you're mentioning is the reason why this is a, is an asset class that you, I mean that you have to have, right? Like at this point there isn't a disbelief that hey, we're dropping that down to 30,000, 40,000. When you look at the institutional investment that has been put in it. We just read yesterday from J.P. morgan, I'm like, J.P. morgan, this is now your stance. After all this time, this is now your stance. The ETFs that are coming online that have exposure to not just Bitcoin, but Ethereum. I actually just bought some shares in, in a etf. Shout out to. To our investment team in Eylu Austin. You know, he's been on here before, just a genius when it comes to it. We're looking at an unprecedented investment. Now a lot of times we think obviously the US economy, but from a global scale, right. Like this is the one asset class that everybody has access to. Most people can't trade US equities, right. Because it obviously, if you're from a different country, it becomes extremely difficult. I remember talking to our guys in Canada like, yo, how y' all doing these options? How does this work? I'M like, you have a brokerage account. They were like wait, how does that even work? And so when you think about that, what is the asset class that they can invest in from anywhere?
- [39:06]
Jack Dorsey
Yeah.
- [39:08]
Ian
And just to be very honest, long term assets are not meant to be shorted. Like I love the big short shot Steve Eastman, shout out to Michael Burry. But that was a once in a lifetime trade. You would make a lot more money just holding things for the long period of time. Five years, 10 years, opposed to looking to short it. Now is not the time. And then a key term institutional adoption cycles. Even when I, when It was at 65, I said it was going to 20. There was probably 60. Less institutional involvement at that time versus what's there now. The final Infinity Stone is really just the Vatican invested into it. You have everybody else, you have that Vanek, you got Piper, you got blackrock. Vanguard's coming on board. Now is not the time to say, well I'm going to short. Rome's the last Infinity Stone.
- [40:05]
Troy
And can we stop trolling? Can we just stop the trolling when it comes to like AMD runs up to a number. All right, time to short it. I'm like, can we.
- [40:13]
Ian
It does. Just saying it doesn't work that way. Because what you're saying is my fifty thousand or a hundred thousand dollars into the short is going, going to overpower the 2 or 300 billion that hedge funds have to go long on this. And you're also battling Algos, not just the ones on trading View, but the ones that blackrock have with Aladdin.
- [40:37]
Troy
You don't have the time like the, the amount of time that you're going to put into these shorts. Like it just doesn't. Good luck though.
- [40:48]
Shoddy
Okay, well let's talk about, I mean at some point in time what goes up that must come down. That's Newton's rule of gravity. And it, it applies to stock investing as well. So Warren Buffett, Warren Buffett indicated just past 200 and that's the biggest red flag for overvaluation. Is it the biggest red flag of overvaluation since, since 2000. Which if you don't, if you're not familiar with Warren Buffett's indicator, pretty much it's saying when stocks are too high.
- [41:19]
Ian
Yeah.
- [41:20]
Shoddy
So it's overvalued as far as what, what the relative, what the realistic price should be for a stock, which I mean isn't surprising because stocks had an all time high right now. So that's not really surprising that that would, would read that way but it's also saying that, okay, at some point in time this thing is going to pull back. So what do we make of the Buffet indicator saying that, you know, this is a very, very overpriced stock market right now?
- [41:49]
Ian
I do agree. I do think there will come a time. So we're in year one of Trump being in office. Maybe around your top of year three, we will see a little like a pullback and then the AI trade, this version of it will start to fizzle out. That's why the onboarding of open AI is really important to keep the market stable as they introduce the second phase. The gentleman from blackrock talked about it on here a few weeks ago. To introduce the second phase of the AI wave, our stocks incredibly overvalued some. I was saying this on stock club call yesterday though. There's a fear of that this is mirroring 99 and 2000, the stocks that are quote unquote overvalued. Nvidia, AMD. You can even argue Palantir, although they're having some issues. Microsoft are probably five or six times better than the companies in 1999-2000. This version of Microsoft probably is better than 25 companies in 2000. Cisco, that version of Alphabet, Washington Mutual, bank of America, Citigroup, way better, way better run more cash on hand. So is there an overvaluation? Yes. Has it been driven up by AI? Yes. But are the companies exceptional? Yes. Are we going to have a 30 crash in the next year? I don't think so. And there is more money lost waiting for an aggressive crash or pullback like you had in a big short then you will have if you just held for the long time. My last point is okay to understand, to wait for a crash and I was saying this on stock club call yesterday. But then when moments like April happen, if you're not constantly putting money into the market, you're going to miss the crash anyway. Everyone in, I know, like probably 200 people in April were like, well, I'm waiting for it to go further down in the market. I'm like, no, now's the time to buy. I went on, Aaron said it a good day, New York, shout out to them. And then people waited and they're like, what's the next move? April's over with now. We're in October now, record gains. So waiting for a crash is good, but the habit of putting money into the market consistently on a monthly or quarterly is way more important. I, I think this is a little bit overhyped for the Companies that I've talked about.
- [44:17]
Troy
For sure, Ken, I don't want to say he's wrong but this is unprecedented times and when we think of the term bubble, right. Especially when they use 99 a lot. Right. When we're talking about the dot com bubble, we're talking about over evaluated companies that couldn't really meet the expectation of what they were being valued at. The big difference here is that when we look at earnings growth from quarter to quarter, they're actually earning money.
- [44:53]
Ian
I haven't seen anything like this in my lifetime. The amount of money that they're making.
- [44:59]
Troy
It, it's, it's tough to justify it as a bubble. Especially the AI sector which is pretty much dominated and carried the market. When you talk, I mean when we talk to the gentleman, Blackrock, when he says that we're in the early innings of this because earnings are matching the valuation so value valuations are going higher. Will there be a pullback? For sure there'll be a first short. Of course. Everything doesn't run hot forever and at some point new investors are going to want to get better prices to own these equities at. And so there will be a pullback. But do we see earnings having a complete reset in the next couple years? I, it's tough for me to see when a company like Nvidia, it has the market share that they have, has a 51 profit margin.
- [45:51]
Ian
Huh.
- [45:51]
Troy
I'm looking at their spend, I'm looking at the cap X spend and we talked about it last week of all these Max 7 companies, they're not slowing down on the spin. I, I'm, I'm having a tough time with the word bubble when it comes.
- [46:04]
Ian
Okay, I got you.
- [46:06]
Troy
Yeah.
- [46:07]
Ian
Is there a bubble? Okay, I want to be very clear. If you're not in that tech consortium of the elite, of the elite Nvidia open AI and a real Palantir, Tesla, amd. You're.
- [46:28]
Troy
Salesforce system of AI.
- [46:31]
Ian
Salesforce. Even intel has open AI done a partnership with intel yet. That's telling. Like once again, stop trolling. You can say whatever you want to because that's going up because that's Trump's investment. Outside of that, not many partnerships are coming through and that will have a reduction even like if you look at, and I like Salesforce like Beanie off a lot went from 365 to 238 and no prospects of being the darling that it used to be. So if you are outside of that tech all star list, that AI all star list is going to Be tough for you in two years for sure. I don't want dispersions against individual companies because I don't, you know, but it's going to be very tough for you. So is it a bubble if you're outside of that circle? Because. But even the ones that are in the circle are once in a lifetime generational exceptional CEOs, companies, management and talent at those institutions. One of a kind.
- [47:45]
Shoddy
So the CEO of Goldman Sachs warns of an AI drawdown. So is that just to, to be disregarded?
- [47:55]
Ian
I think he's spot on for the ones that are non exceptional and, and the bigger lesson I want to stress for the next magic said three years, right? If you're not incredibly exceptional, one of one, you're gonna have a hard time. You're going to have an incredibly hard time delivering high returns. Like okay, take a company and I really like Moynihan. As a CEO at bank of America, would you invest in bank of America over Coinbase or Galaxy or Robin Hood at this time? No, I wouldn't. It's tough.
- [48:35]
Troy
No.
- [48:35]
Ian
Would they. Will bank of America be okay? Of course, because it's a pillar of American banking. Certain agreements happened in that last kerfuffle and drop in 2008, 2009. There'll be a beacon of safety for sure, but they're not exceptional. So they're going to have a tougher time in the next three years. You as an entrepreneur and investor have to be exceptional and invest in things that only that are incredibly exceptional or you're going to see a decay in your returns and decaying your money. There's no if, ands or buts about it.
- [49:09]
Troy
So here's my issue with this and this is why I said just follow the money, right? Because literally today and this you can look this up. The Goldman Sachs, right, their analyst actually raised the price target on the leader of the AI revolution, which is we agree as Nvidia. So their analyst James Schneider pointed that Nvidia's investments and partnerships with companies such as OpenAI are a driver for future gains. While these partnerships could introduce some degree of uncertainty, the analyst is optimistic that Nvidia's outperformance in other verticals could offset, offset any potential risk. They've actually raised the price target to 210. So if you're looking at Nvidia now, I think it's trading at around 184, 185. That's like 20 game.
- [49:56]
Ian
Yeah, I just gave, yeah, I just gave my, my 3 year price of.
- [49:59]
Troy
305.44 so now think about your CEO is saying one thing, but the people that are actually tracking the technicals and following and moving the money, they're saying a completely other thing.
- [50:10]
Ian
I, I think once again we've seen this before, right.
- [50:13]
Troy
With JP Morgan.
- [50:14]
Ian
I think follow my dom is everything outside of that tech AI inner circle though I don't want to say any names but certain tech companies, if they're not in good standing with the administration and they're not on board with Nvidia, if they were not on that conference board, that keynote that Jensen gave, I'm not pro it.
- [50:41]
Troy
Right.
- [50:42]
Ian
So.
- [50:43]
Troy
And I agree with you. I don't know if we'll see the past five years of Nvidia is something that we've never seen, we probably won't see again. So at some point it may slow down, which is. But there'll be another company. Right. So. And I know there's been some talk about Gronk. Not the A, the AI that Elon actually owns, Gronk, which is spelled G R O Q, which is another semi that is a private company now that eventually, you know, they look like they can be a competitor inside this space, there'll be another semi or there'll be another GPU that will help launch another wave of AI. So the AI downturn from the CEO and listening to what their professionals are saying at the firm, two different things, man. I. There will be a pullback for sure and we need it.
- [51:31]
Ian
Downturn, collapse, downturn and pullback are the same. Is not the same as crash. Is there a bubble outside of the non exceptional companies?
- [51:42]
Troy
For sure.
- [51:43]
Ian
We. I just highlighted all the exceptional ones as Nvidia's been a pick for damn. Half a decade.
- [51:50]
Troy
I'm with you. Yeah, I'm 100 with you. I think like we just got to figure out who are inside that. We call it that ecosystem. Like we just talked about that circular economy.
- [52:00]
Ian
Yeah.
- [52:01]
Troy
There are other companies that are part of that circular economy that, that are going to benefit and yes, some are going to fall off and some their valuations have been raised because they feel like they could be a part of it. But listen to the partnerships and follow the money.
- [52:14]
Shoddy
All right, all right. Well, let's get into this conversation with Jack Dorsey from Invest Fest, Market Mondays Live. Let's get it.
- [52:23]
Troy
I love it. I love it.
- [52:27]
Host/Interviewer
I tell you what.
- [52:28]
Troy
Well, damn.
- [52:29]
Host/Interviewer
What? It looked like we did it again. Look like we did it again. Man, this is crazy.
- [52:35]
Troy
Hey, Shoddy, there was some talk about I wonder what the numbers are going to look like for Invest Fest this year.
- [52:41]
Host/Interviewer
A lot.
- [52:42]
Troy
A whole lot.
- [52:43]
Host/Interviewer
I don't want to waste too much time, man. If Ian made you money, put yes in chat. Say, hell, yeah.
- [52:47]
Troy
Let's get this out the way.
- [52:51]
Host/Interviewer
Market Mondays. If you watch Market Mondays, anybody watch Market Mondays, Market Monday. So. Oh, man, it's just. Now, look, put the light like that. I like the light like that. I need to see this.
- [53:05]
Troy
I got to see all the way to the back.
- [53:06]
Host/Interviewer
See that man?
- [53:07]
Troy
Yeah. Shout out to my man in the orange shirt right there.
- [53:11]
Host/Interviewer
The world actually needs to see this. Make sure we get the footage of this. All right? We ain't going to waste too much time. We have somebody that's very, very, very important. So we could do all the. All the other stuff later on, but let's get straight to the conversation. Can we?
- [53:25]
Troy
Let's do this. Man, I'm excited.
- [53:31]
Host/Interviewer
All right, so, man. Very rare moment in time. Take your seats, ladies and gentlemen. Take your seats. Get comfortable. Very rare moment in time. We have one of the greatest entrepreneurs, one of the greatest tech innovators, one of the. One of the most brilliant people of. Of our time. Not just from a monetary standpoint as far as being a billionaire, but somebody that really revolutionized. When you talking about. About cash app, when you're talking about Twitter, when you're talking about Block, when you talk about bitcoin, man, this is. This is pretty impressive list. It's one of the ones. So, okay, we're going to introduce Jack Dorsey.
- [54:10]
Troy
Let's bring Jack Dorsey to the stage, y'. All.
- [54:13]
Host/Interviewer
Jack, how you doing? Jack?
- [54:16]
Jack Dorsey
Good. Can you hear me?
- [54:17]
Host/Interviewer
I can hear you. So you can't. You can't see the crowd, but it's about 15,000 people here, and they're all very excited. Make some noise. So, yeah, so they're very excited to have you. So first and foremost, we want to thank you for taking time out of your schedule to have this conversation. We greatly appreciate it.
- [54:41]
Jack Dorsey
No, thank you all. I'm sorry I couldn't make it in person. Next time I will.
- [54:45]
Host/Interviewer
So let's start out with this. You know, for people that may not be familiar, I mean, they probably heard of square, but let's talk about Block, right? Like, what is Block's mission? Why the name change? What is Block mission statement? As far as 2025?
- [55:05]
Jack Dorsey
It's a little bit nerdy, the name change. Like, we started our company a square, and we wanted something that represented that was a common object that got of. Got out of the way. Like, we didn't want our logo. We didn't want our brand to be the thing. We wanted our company to be something that other businesses could put their business on top of. So we, we wanted something that was non descript and kind of boring as our brand, which was square. And we're going for about two years. And then we created Cash app and over time we realized like both of these business units are going to be large and they deserve their own identity and we need a new name to capture both of them. And we just made the square into a block and that's it. But it also represents how we started. We were building credit card processing for merchants in the neighborhood. And you know, when you think of a block you think of like the local, the local restaurant, the local barber, the local salon. And it just felt really good. It also was a reference to bitcoin and blockchain and just every, everything that we had to do. And again it was, it was a very simple, nondescript, kind of boring object that got out of the way from our customers so that we could really focus all the energy on them.
- [56:44]
Troy
Appreciate you, Jack. We got a little tech check here. It's interesting.
- [56:49]
Host/Interviewer
And this is in real time.
- [56:50]
Troy
It's real time.
- [56:51]
Host/Interviewer
So Jack is frozen, but you can still hear him. That lets you know how much we value you because we could have pre recorded this but it wouldn't have been the same. So this is in real time information. We appreciate him just taking time out of his schedule.
- [57:03]
Troy
Absolutely.
- [57:05]
Jack Dorsey
That might be my network. I apologize for that. We'll try to make it faster.
- [57:09]
Troy
Yeah, Jack. It's a very unique time when you get to talk to somebody of your caliber. Everybody here has heard the topic of the year and it's going to be the topic of the future. That being AI. I wonder where you look at AI today and where it's going in the future. How can entrepreneurs, plenty of entrepreneurs in this room right now, how can they use it to their advantage when we have machines that are going to be leading, building and perhaps replacing some of the careers that we know of today?
- [57:40]
Jack Dorsey
It's an incredible question and I think a lot of people see AI and they shut down a bit. And the way I would think about it is this is, this isn't a new, this is a brand new tool that can help you get more input. You don't have to see it as something that just like replaces your output. You can see it as a way to help you get and see many, many more things that you can look at and that you can experiment with and you can build. And what that enables you to do is make your output better so you don't have to see it as something that diminishes you. You can see it as a new floor to stand upon. It's a new tool that just gives you this incredible collective intelligence that not only allows you to ask it things that you're curious about, but it also allows you to build. And for those of you who haven't tried building with it yet, I would definitely encourage you. We have a product called Goose. It's called codename Goose. You can search for it on Google, you download it, and you can literally tell it what you want to build. And it'll build an app for you, it'll build a web app for you, it'll build an iPhone app, it'll build an Android app, whatever you think about. So really the only limiting factor is your own creativity and your own sense of ideas, because a lot of the effort and the work can be automated. And that allows us all to be a lot more creative. So when it, when it was first coming out, I, like everyone else, was a little concerned that this is something that can. That just replaces. But I don't think it does. I think it provides us a new floor that we can use it to create in an entirely new way. And it takes a lot of the toil away and it ultimately gives us time back. And that's how I would see it is like, how do I use this tool to get time back so that I can really focus on building my business? I can focus on serving my customers. That's the most important thing. And that, like, when I need to hire people, I can be very, very deliberate about it instead of over hiring or hiring what I think I need when I, when I, when I actually probably won't, which, you know, avoids a situation in the, in the future where you have to let go of people so you can just be a lot more deliberate about everything because you have this incredible corpus of knowledge of intelligence. And don't be afraid of. Don't be afraid of it. Just approach it every single day. Try to ask us something that you don't think it's capable of doing. That that's how I start my day every day. I start off with one of these tools and I try to do something that I don't think I'm capable of doing and that I don't think it's capable of doing. And I always learn something from it. That's the most important thing is like, you get, you get to decide if you learn from these tools or you let them diminish you. And it's a decision and you have everything you need to make that decision towards learning. It's just keeping that open mind towards it.
- [60:50]
Ian
Jack, you were the first entrepreneur that I heard talk about bitcoin being on the balance sheet at scale. I do have to ask you, because the audience wants to know, do you think bitcoin will eventually be the world reserve currency that replaces the dollar?
- [61:07]
Jack Dorsey
I don't think it has to replace the dollar. I think we want other options. I think that the dollar is going to be most challenged by the Chinese Yuan and potentially a coalition of other nations. And I think it should be challenged. And I think as we understand that there is that challenge, we should have a third horse in the race. And ideally, that third horse isn't controlled by any one government. It's not controlled by a corporation like a Visa, MasterCard or any of the banks, but it's actually controlled and owned by the people. And that's what bitcoin represents to me is if you think about other protocols on the Internet, like what you all use every single day, HTTP this is a web protocol. It serves everything that you see on the web. It's serving this conversation that we're having right now. Why isn't there an open protocol for money and money transmission? Nobody owns the web protocol. Every single, every single company from very small to very large can build on top of it. And we need that for money as well. There, there should be no situation where a bank tells you you can't bank with them. There should be no situation where a bank says that you can't process credit cards. That's why we started square for small businesses. And there should be no reason the government does the same. We've, we've, we see countless examples of activists, for instance, in all over Africa, Central America, South America, even here in the United States and Canada that have been shut down by their governments or by their banks for protesting. And that just should not be a situation. So Bitcoin routes around all of this independent of it being a reserve currency, which I think it just has better fundamentals because you don't have central bankers who can print money out of thin air and inflate the money that you have in your bank account or in your pocket. Every single day that goes by, your US dollar gets less and less valuable because they're printing more and more money. You can't do with that Bitcoin. You can't do that. With Bitcoin, it can only go up over time because there's a fixed amount of 21 million.
- [63:21]
Host/Interviewer
Okay, so speaking of bitcoin, he's obviously an early advocate of Bitcoin. What technologies do you think people are kind of sleeping on right now that will potentially change the world in the next five, 10 years?
- [63:35]
Jack Dorsey
I don't know if they're sleeping on them, but I think people are hesitant with AI. Back to the first part of our conversation. Like, I think people are hesitant because they're afraid of it replacing their work or what they're trying to build. And I think that mindset is going to end up doing that, in fact. And again, if you instead see it as a foundation that we can stand on and that it's something that enables you to do even more with less and it gives you time back then it's a tool like anything else. And, and I think that's, I think that's the scary thing right now. And, and I think people are letting the fear keep them from experimenting with it and keep them from just trying it and, and having more of a closed mind. So I think it's really important with any new technology to try it for yourself. Don't trust what you read from others. Don't trust other opinions on it. Form your own opinion on your experience. And you have to dive into it and trust yourself to learn from that experience. It might be challenging, it might be frustrating, but who cares? You're going to learn no matter what, and you'll build that learning into. Into something else that will be useful for yourself, for your business. There's a, There's a mantra within the bitcoin circles which is don't trust, verify. And what that really means is like, let your experience be the guide of everything. Make your own decisions, form your own opinions, because you're going to get thousands of other ones from other people. But the one true one is what resonates with you after you experience it yourself and these tools are available to you and you'll be able to understand, like, if, if they actually enable you or how they diminish you in any way and you can overcome that. It's a decision.
- [65:38]
Troy
Jack, you. You've been an advocate, obviously for bitcoin, but you've talked around this topic of decentralization. And over the past 10 years, we've seen more institutions come into the space, more and more. I wonder, a few years ago, Web3 was the big talk. What are your thoughts on decentralization now? And how far away are we or how soon will we see it come to fruition? From your early talks?
- [66:06]
Jack Dorsey
Well, first, with any of these technologies like Web three, AI, Bitcoin, all these things that we're talking about, Web two, whatever it was in the past, there's always going to be this massive hype cycle. And it's going to be easy to get into that sec and into that hype without really understanding the fundamentals. So, again, this goes back to, like, touching ground and experiencing yourself. Does this actually bring value to you? Or is someone trying to sell you something that's just repackaged with the same thing? And I saw a lot of web3 ultimately as a repackaging of the same thing. And what I mean by that is, like, I saw a lot of VCs who were using it as a way to rebrand something that already existed or was still somewhat centralized and wasn't really solving the problem. And it was just. It was just frustrating to see. But I realize that's with every technology, every new technology that really comes up always has a hype cycle. So it's really up to you all and to us to understand, again, does this actually give me time back? Does this actually add value to what I'm doing? Does it add value to my customers or not? And if it doesn't, it's okay to ignore it because it'll go away or it'll settle into something that that does. I would say that the early Internet, for those of you who are on it, it was amazing. It was like, you know, this wild, wild west of, like, frontier of, like, everything was new and everything was decentralized. There was Usenet, there was irc, there was Gopher, there was a web. There were no centralizing forces. And then all of that disappeared in like, five years because of a few companies building something that was convenient to people, which was like, how do I find things on the Internet? And you had AltaVista, and you had Deja News, and you had Google and you had Facebook and you had Twitter. These centralized the discovery mechanism of the Internet. So you went to one place to find all this incredible content. But the problem was the content lived on those services as well. So you had the discovery and the creation and also the API, all owned by one company. And that, to me, is wrong. It's wrong for the company because it puts a ton of pressure on them. And it's wrong for the customer because the company actually owns your data and they own your identity. And you've all experienced this. If you're trying to move your data to another thing or you have to re sign up or whatnot. That's not how things should exist. So now we finally have technology to enable data portability and moving your identity around with it without a company owning it. But it's not accessible right now. It's not well designed, but it's just work and it's a, it's an opportunity for some businesses as well. For those of you who are still looking for some opportunities, it's a way to, you know, it's something that, that needs to be figured out more. So I'd say we're still pretty early with it, but at the same time there's never been more energy around it. And the thing that worries me the most is the most centralized of these services that we become more dependent upon is AI. We have five or six companies that are building very centralized services that are, you go to, you sign up to, you pay for. And the CEOs of these companies can change the intelligences, they can change the algorithms. They can literally decide based on a question you have how it's going to answer. And you've seen this play out obviously in the press. Thankfully we have open source models and thankfully we have people who are pushing that more and more. And like we have again a third horse in the race which is completely open and owned by the people. But we need to desire it, we need to want it and we need to ultimately use it to not become dependent upon five companies or just one company for, but this really important technology which is effectively intelligence. We've seen it with social media, we've seen it with intelligence, we've seen it with a number of other things on the Internet, discovery. Now we need to make sure that all these things can be open source and they can be decentralized and really usable by any business.
- [70:46]
Ian
A couple years ago I went on a huge rant about how I thought Square was going to be the new J.P. morgan and replace all of banking. So talk to the audience tonight. Why do you think sentiment changed in 2022 regarding the stock? And what do you think investors got wrong that they didn't see regarding your vision four Square?
- [71:14]
Jack Dorsey
Well, I think, I don't know. Our goal was never to become like a large bank because I don't think a lot of people have a great relationship with their banks and that's just not what we wanted to be. And like our goal is ultimately not just purely to focus. Like our, our stock price is entirely dependent upon do people value our services, do people value our products? And the Stock price will follow that. And any lapse in our stock price is really a function of, like, our own growth and our own value. So I don't put it upon any analysts or outsider. Like, we have to continue to grow our value to customers and that the number of customers that value us continues to increase. So that's what we're working on. And, you know, it's. It's tough. Like, building something that people want to use every day when you have a lot of new competition is not easy, and it's always a roller coaster, and you always have an ebb and flow and nothing is guaranteed. So that's what I want to focus on. I don't care what J.P. morgan is doing. I don't, you know, I don't care about any of that other stuff. I care about, like, do we have customers that actually value what we do? Are we giving them time back and are we growing? Because that and our stock will follow, and if we get larger than a. Than a bank that you mentioned, so be it. But, like, I don't want to drive our success by, like, how big our company is. I want to drive our success by, like, how many people are we serving and, like, do they want to come back to us all the time and like, or do we have a healthy relationship with them rather than them then hating us like, most people hate their banks, unfortunately.
- [73:09]
Host/Interviewer
So, you know, your track record in business is obviously remarkable as far as Twitter and Square and now the transition in the block. But I was always fascinated with Cash App. What gave you the foresight to do that acquisition? And can you kind of walk us through that deal because you found value in a company that, you know, now it's obvious everybody uses Cash App, but back then it wasn't as popular as it is now. So walk us through, you know, the Cash ass, the Cash App accusation, and what made you want to push the button on that?
- [73:45]
Jack Dorsey
That was one we. We actually didn't acquire. We came up with that. But I will tell you the story of how difficult it was. Like, so we were. We started Square and in 2009, and it was going well. And two years, two years into it, it's a little bit hard to build for. Build something where you're not the customer. Like, we're not merchants. We're not like a seller. We're not a smart seller, but we are entrepreneurs. So we're kind of building further entrepreneurs with Square. But we also had this itch because we could move money around now that, like, why can we build something for the individual. And the idea was like, how do we make moving money as simple as communication? And Cash App started as a very simple project where I could send an email to you, just an email. And I would cc payquare.com and I would put the dollar amount in the subject line. I could say, here's $5 and send that email. And the money would actually move to you. It would send you an email. It would put like a link within the email to claim your $5. You would put in a debit card on a secure website and then it would. We figured out how to hack the debit card system. We would force refund the debit and that money would go to your debit card immediately. So that's how Cash App started. We wanted to moving money to be as easy as communication. And at the time, we had a COO in the, in the company who came from PayPal and he said, we shouldn't be working on this thing. PayPal already exists. Like it's. Venmo exists. It's impossible to make this successful. And we were, we ignored it, we were stubborn about it and we said, no, this feels good and it feels right. So we decided to move it from being just an email thing to an app. And we called it Square Cache. And it started getting some traction little by little. And then it really took off. And the people that were using it didn't call it Square Cache, they called it Cash App. So we changed the name of the app to Cash App and then it really took off and suddenly it was in all this music and it became, you know, it became more of a cultural movement than anything else. But that wasn't an acquisition. That was all in house. But what I'm proud of there is like everyone in the company for about five years, because it cost us a lot of money to run Cash App because we're, we're running it at a loss for quite some time. Everyone in the company wanted to kill that thing for forever. And we were stubborn. We said no and we protected it. And then eventually it found its business model and it worked. And now it's as big, if not bigger than square. So now we have these two massive ecosystems because that stubbornness and because we felt that, no, this feels good to us and like, it feels right. And we saw resonance with people and then we figured out how to make it work and not lose money, but actually make money.
- [77:05]
Troy
We're going to stay on this theme of innovation because if you look at the landscape now, you see a lot of Companies adding Bitcoin to their balance sheets. You were somebody that was doing that very early. I wonder, when you look at the landscape of the market now, how do you feel that people are adopting this? Right. Obviously your company, we've seen MicroStrategy have a whole thesis on this. How do you feel that people are adopting this and why aren't more companies doing this? Or do you see that happening in the future?
- [77:38]
Jack Dorsey
I think a lot of companies are doing it. Like you can, you can consider Bitcoin to be an alternative savings account. You can consider it to be like gold, where it's shown a track record over 16 years of just going up. It has its ups and downs and people say it's volatile. But like if you look at the long range, if you go to your stocks app and you look at all, all you see, every four years it does the same thing and it just consistently goes up fairly predictably because it's math. And I think companies have understood that and they're like, this is a hedge against the dollar. I know the dollars I keep in the bank are losing value. So instead of having that, why don't I have Bitcoin that's gaining in value? But to me, Bitcoin fails if it's just another rock that goes up in value and sits there. It was originally designed to be peer to peer electronic cash. It was originally designed to be a third option to Visa and MasterCard and the banks. And if people aren't using it as everyday money and transactional and instead it's just locked up in a bunch of companies and rich individuals, to me it's failed because like, it really works when it has a chance of being another currency, another reserve currency, when people can use it without having to ask permission from Visa, MasterCard and the banks and, and that is cheap and free and, and open that. That's the Internet that I grew up on. That's the Internet that I love. And that's what's missing from the Internet right now. Money is not decentralized, it's not open, it's not permissionless. And it affects every single business. It affects all the businesses that you're building because you have to pay credit card fees and you have to pay fees to the bank. With Bitcoin, you don't have to do that. Anyone who has a great idea that needs to transact money for it can use this open protocol called Bitcoin to use it. So however, it's a very western US thing to look at the number going up and down in the US and the, in the company Treasuries. If you go to the global south, if you go to Central America, South America and Africa, they're not thinking about the number going up and down. They're thinking about using it to send money back to their, their family. You have people from Nigeria who are working in Ghana sending money back to Nigeria and being able to use it right away. So it's more of a remittance use case and they're actually using it as peer to peer electronic cache which is what it was originally designed for. So I think the US is a little bit behind in this, but both use cases are important, but we need to see it as peer to peer electronic cash. Like that's, that's what unlocks everything for.
- [80:37]
Ian
All the entrepreneurs here today. You've been great at identifying trends and very early, with the exception of AI, what's a great tech trend or innovation that people are sleeping on today that they should be using to grow or scale their business?
- [80:55]
Jack Dorsey
I think AI is, AI is, is so overwhelming in terms of what it can touch that everything else kind of falls away. You know the trends, the trends I look at for my own business and for my own personal life is the trend of decentralization. How do we push that? The trend of openness and more and more companies and projects going open source and open protocol. That's huge for me and huge for my business. The trend of AI, obviously the trend of regulatory fragmentation, more and more of the regulatory environment is getting deeply fragmented. So you have like states like California which have their own regulatory environment which is different from New York and it's different from the, from the US government. And I think that trend continues to worsen. It makes it very hard for companies because they have to build a different thing for each one of these environments. Much less like be a global Internet company which is trying to serve the whole world. And if you're doing payments like we're doing like it's even harder. It, you know, it puts a ton of friction on building anything at all. So that fragmentation is, is, you know, anti trend but still a trend. But I think you're asking the right question. Like it's, you know, anyone who, anyone who says this is how the world is going to be in five years or two years or whatever is most likely going to be wrong. But the people who can really read the trends and just whether they be very small trends but like look interesting or very large trends that are more obvious but are going in a particular direction, that's the skill to, to look at. So I think that that can only be built by just taking in as much as possible and trying to understand it for yourself. So in this case it's just like, what are you trying to build? What do you want to see in the world? And then what trends do you hear about or do you see that might affect that and might affect it positively or negatively and just go down the rabbit hole and understand it and again, form your own opinion and form your own experience around it, because that's going to be the most telling. You can take all these opinions that other people have, but ultimately what's going to make you a successful entrepreneur is going to be picking the excellent opinion and understanding, excellence and pulling the thread on that and then putting your own thing on top of it.
- [83:40]
Host/Interviewer
So one of the things that we did this year, it was a little different, is that we took questions from the community because we wanted to give everybody an opportunity to actually Jack Dorsey a question. So one of the. We picked five questions. So the first question is. Very good question came from George. Shout out to George, wherever you are. So you say, given your exploration of Africa and passion for blockchain, has block identified specific ways blockchain can solve developmental challenges on the continent? If not, is block open to collaborating with indigenous SMEs that have.
- [84:24]
Jack Dorsey
Yeah. The beautiful thing about working on protocols like bitcoin or open source protocols is that block doesn't have to come in and like tell entrepreneurs in Africa what to do. Like, we can just work together through the protocol. And that's great because like there's an incredible set of entrepreneurs working on bitcoin and payments within Kenya, within Nigeria, within Ghana. Those are the ones I'm most familiar with. I'm sure there's other countries that have entrepreneurs working in that space as well, but those are the ones I'm most familiar with. And we can actually collaborate at a protocol level and actually benefit one another. The most beautiful thing about working with bitcoin for me and my company is that if we make a product on bitcoin and it makes bitcoin a little bit more usable or better, everyone who works on bitcoin benefits from that. Like, that's the power of protocols is if you help the protocol get better or you add value at this end of the protocol, it rises all the boats naturally. So it's not this like just pure zero sum competition. It's something that, like, it's just this amazing collaboration that helps every single business and does it in a way that's more Fair, because everything is on this open protocol. Well, so, yeah, I mean, what, what I've been doing with those entrepreneurs is just talking with them and talking with them and figuring out ways to like, collaborate and encouraging more entrepreneurs within, within Bitcoin itself. This is why we have the, the B trust, where we gave a board 500 Bitcoin to identify folks within Africa, Central America and South America to contribute more to Bitcoin. And they're paid in Bitcoin. And if they make Bitcoin better, bitcoin goes up in value and that's their equity, that's their stock. And you know, it's working.
- [86:28]
Troy
That was a great question. Investors clap it up for that question. Yeah. So Jack, this next one comes from Kyla Miller. Shout out to Kyler. They said, if you were starting out in your 20s with AI as a founder, how would you use it to create real impact?
- [86:50]
Jack Dorsey
I wish I was starting out in my 20s with AI. The amount of work and frustration and like, I started programming when I was, I don't know, 12, 12, 13. And I just, like, I'm programming every single day with these tools now. And just the amount of time it took me to just do basic stuff back then is just insane compared to what I can do right now. And I can, I, I just, today I can move so much faster. What would take me, like, I, you know, one of the things I built recently was this thing called Bitchat, which was a, an app, an application that allowed people to communicate over Bluetooth. And before six months ago, if I tried to do that, it would have taken me at least a year or two to make that application. And I was able to build something that worked in a weekend and that was enough that I can contribute it to GitHub and open source. And then I got all these, all this attention, all these other contributors that are now making it better every single day. And a lot of them with these AI tools. It did require some manual coding, but, like, I could focus on the really interesting parts for the manual coding and all the other stuff that like, is boring or just, is frustrating or just takes a bunch of research and time. The AI could take that. And it just really opened the door for me in terms of like, what one person is capable of. And all the design for that app and all the code for that app in that one weekend was written by these tools. And I could really, I could really focus on saying, this is great, this sucks. Change this, this doesn't work. And it did it. And then where it needed help, I can go in the code and, and look and understand it. So I was, you know, I was able to build something more or less in a weekend that got into the top 50 of the, of the U.S. app Store, which was unheard of and impossible before. I think the name also helps a lot with that, but, like, the functionality and the interest was, was there. But being able to be able to build something and test it and see it and feel it immediately myself without a whole big team was incredible. And that allowed me to, like, should I do more work on this or should I just kill it? Because actually, the idea sucks. That's incredible for any entrepreneur because now you can use these tools, any idea you have, you can just express it to these tools that can build it for you. And then you can determine like, ah, this is cool, this resonates, or, no, I'm gonna go move on to the next thing. That, that, that was months before or in some cases years before, and now the cost is almost zero to do that same thing and just like, cycle through a bunch of. A bunch of your wild ideas to get something that really, that really works.
- [90:11]
Ian
From Jeremiah. How should retail investors be thinking about leveraging bitcoin and stablecoins for building and preserving wealth for their families for the next 400 years?
- [90:22]
Jack Dorsey
I can't speak to stablecoins because, again, like, it started with different principles. These are companies building these stable coins. And, you know, gold is not owned by a company. It's. It's. It's found. And bitcoin is not owned by one company. It's found. Anyone can buy it, anyone can sell it, and you can own it. So if you're interested in it, I wouldn't recommend just going out and buying it. I would recommend doing some research and understanding it and asking questions. And then when you've done a little bit of that and you feel like, oh, interesting, go to one of the exchanges like Cash App or Coinbase or whatever and buy a little bit. And you can buy a little bit every week or every month and see how it does over time. And then if you really understand the fundamentals of it and you believe in it, then you can buy more, you can build upon it. But that's true of any investment. Like, don't ever invest in something that you don't really understand and really love. Like, if you're thinking about a stock investment, I think it has to start with, like, a love for the brand and like, a love for what they're doing and a belief in them, because that's really what all the stock market is, it's like that price is just a belief in future growth and it's purely emotional. There's some fundamentals, of course, but like all the valuations you see are 2019, 2025, even 100x what their actual revenue is. That's all emotional belief. And just keep that in mind as you invest in anything. It's like it's people believing that this is valuable and that belief increases the value of the thing. And when people don't believe it, they sell it. And that's why the value goes down. So that's really the fundamental of it. And to me, like bitcoin is, it's based by math. It's not emotions, it's. It's mathematics. So it's, it's a lot more. Sure. Just like, you know, gold is a rock, it's pretty solid and it's going to be there as long, as long as people under value that rock and the scarcity of that rock, then it's going to have some value.
- [92:40]
Host/Interviewer
Another question, another question from the audience. And inquiring minds want to know, I guess, what were you and Jay Z discussing in that photo when you two were walking in the Hamptons that day?
- [92:53]
Ian
Shout the hoe.
- [92:54]
Troy
Inquiring minds.
- [92:58]
Jack Dorsey
I don't know. There's. It feels like there's been a bunch of photos, but I don't know. We, we talk, we talk about everything. I think Jay has so much wisdom and I think he's a Buddha to me. And like, I just learned from him every single conversation. And he's just one of those teachers. And there's that. He, he always reminds me like, you know, we have a decision to make, every single experience we take on, every single mistake we make, every single thing we try to build, every person we come across or have a conversation with, we can decide that they are, are trying to teach us something. Like this mistake I just made is trying to teach. Ms. Teach me something. This experience I'm about to have is trying to teach me something. This person I'm talking to is trying to teach me something. What is it? And asking that question allows you to have mentors everywhere. You don't need to just find your mentor. Every single experience you have, every single person you meet can be a mentor. If you change your mindset and you decide, like, what is this thing trying to teach me? Like, what is this person? It's got to be something. And the only regrets I have in life is when I have an experience or when I make a mistake. Or when I have a person in front of me and I don't decide to learn from them because all of them are trying to teach something. And those are lessons I want to have. But life moves so fast and we're, we're so busy that we often forget that. And my whole goal is just to like with everything I experience. Like, what is this? What is this trying to teach me? What is this? What is this showing me or trying to show me? And it's my decision whether to see it or not.
- [94:50]
Troy
Jack, we have one here from Rob Hunter. And I think this is going to resonate with pretty much everyone in here that's an entrepreneur in business. They asked Jack. Square and Cash App thrive by earning the trust through accessibility and transparency. While traditionally, while traditional banks fell short for entrepreneurs, how do we grain trust of our audience so we can have the same level of efficiency?
- [95:17]
Jack Dorsey
Yeah, but you have to break down that word like what, how. What does that mean? Trust? Like, how do you earn trust? To me, my answer to that question is like, trust comes from transparency, like being open. The more open the thing is, the more you can trust comes from being reliable. It comes from, like, if someone says they're going to do something, they actually do comes from, for, for our business. Like, it's more reliability, but just being up all the time. But like, those are just like, you know, three, three things that you break down trust and, and then it becomes easy. So like, how, how do we become trusted by our customers? We increase transparency, we increase reliability. You know, we, we make sure that we do what we say, we follow through with our, with our claims and, and the expectations that people have on us. So then every meeting I have about what we're doing with cash up per square, are we increasing reliability? Are we increasing transparency? How are we increasing, you know, making sure that we're doing what we're saying we're doing? And that's much easier to increase and to focus on than say, like, how, let's increase trust, right? Let's, let's be more trusted. No, you got to break it down. You got to. Why do people trust you and why don't they trust you? And then that's the thing that you can like, really lean into and, and build into. And it's much easier for, for you and your teams to like, understand it, make it more, make it more something that people can actually like, act upon instead of this abstract concept.
- [97:08]
Host/Interviewer
Well, Jack, not only have you been gracious with your time, but the, the Square team has been phenomenal. You Guys are amazing. If Square's in the house, you guys.
- [97:19]
Troy
Should tell us for the block team.
- [97:21]
Shoddy
Block. Sorry.
- [97:23]
Jack Dorsey
They're a great team.
- [97:24]
Host/Interviewer
Block formerly known as Square. But we heard that you know, one of the keys is always to over deliver. So you guys chose Invest Fest to announce a new grant program for entrepreneurs. So can you tell us about the initiative? From my understanding, it's a pilot program that's going to award $10,000 to four sellers on the platform, especially in underbanked areas and include a full year of support. CPA guidance therapy sessions, nonprofit connections. So what inspired Clap it out for that?
- [98:02]
Jack Dorsey
I think it's, I think it's more than that. I don't think it's just 10,000. I think it's 20 to 30,000 to in capital the 2 or 3. 2 to 3. Like more growth minded sellers and in the Sunbelt. So as you said like it's not just the money, it's, it's support and it goes back to like making sure that like we're not just, we're not just money but like we're, we're educating and we're supporting as well. And I think that's important especially as you all build your business too. Like you're not just delivering a product ideally, you're also delivering some education around how to use it and how to use it best. And that's where a lot of product is lacking these days and forever. It doesn't come with a lot of education, doesn't come with a lot of support. And you know, we, we're in a lending business. We lend out billions of dollars every year to sellers and individuals. And if you don't, if you don't come at it with education, then it's easy to get into really, you know, some bad situations where people just don't know what to do with the money and you can overwhelm them and they can get into very, very bad situations that spiral without, you know, just an understanding of some, some general financial health and practice and good practices.
- [99:30]
Host/Interviewer
Well, we want to thank you. Thank you.
- [99:32]
Ian
Thank you so much.
- [99:33]
Host/Interviewer
Jack. Thank you for your time.
- [99:34]
Jack Dorsey
Thank you.
- [99:35]
Host/Interviewer
And once again, Jack can't see y' all but make some noise for Jack so he can hear you guys.
- [99:42]
Jack Dorsey
I feel the.
- [99:42]
Ian
Make some more noise for Jack, please.
- [99:45]
Jack Dorsey
The stage is amazing and I feel it. So thank you all. Appreciate you Jack.
- [99:50]
Host/Interviewer
Thank you. Thank you again. Appreciate it.
- [99:53]
Shoddy
Okay.
- [99:53]
Troy
Yeah, man.
- [99:54]
Shoddy
Legendary insight, legendary conversation. I think the good folks at Block and Jack Dorsey for his time. You know, once, once in a lifetime Generational entrepreneur. Somebody with extremely impressive resume, from Twitter to cash app to Block to Square. I did a lot.
- [100:18]
Ian
Big chat. That's innovative.
- [100:21]
Troy
I'm. I'm still having conversations about bitching.
- [100:24]
Shoddy
Two days.
- [100:26]
Troy
Two days.
- [100:26]
Ian
Hello.
- [100:29]
Troy
Wow. Yeah.
- [100:31]
Shoddy
Sir.
- [100:31]
Troy
People. People ask who are at Invest Fest. We run into them. They're like, what was one of the craziest takeaways? I'm like, the fact that he's as. He's using AI every day to try to prove it, to do something that he thought he couldn't. So every day he's thinking of something to say, ah, I know it can't do that. Let's see. And every day it doesn't. So he's challenging himself to rethink, to say, all right, let me try to challenge it to see if it can solve that problem. And every time it's done it. Yeah, that. That's. That's just. I'm like, I gotta do that. I gotta add that to the, to the. To the repertoire.
- [101:06]
Ian
And once again, block out the noise. Anyone who's like, why is there not anything in this room that should tell you the seriousness? If Jack is still building with his net worth, it's not time to play. I'm going to keep saying this every week until you understand it. The top entrepreneurs and builders are building faster than ever. Like they did in 20, 10, 11, 12, and 13. Even Zuckerberg going in there and, you know, having a fumble with the glasses. And I even love seeing him have to readjust on stage and relaunch and innovate. Product and excitement. Then now he's out campaigning ufc. Everyone who runs the world is working harder than ever, yet they want to deploy stuff in media to make you think that everything's going to be okay. We are living in a different time. Invest your capital. I to those you like. Hey, I don't want to invest all of my money and hold it for five years. If you don't, you're going to be in trouble. The value of the dollar keeps dropping every month at a precipitous rate. There's nowhere. Inflation keeps going. I'm going to keep screaming this. Everyone I know who is rich is still worried. So you do change.
- [102:26]
Troy
No, when you're right, you're right, man. Invest your capital. Yeah, you're right, man. Like, I don't see any slowdown in any of these CEOs. They're trying to figure out the next thing. Or if they can't figure out the next thing, how do we partner with the people that Are doing it for. If we've learned anything over the past three weeks, four weeks, it's happening like it's happening.
- [102:46]
Ian
Michelle. Actually the same thing. Have you met anybody that you respect in business? Are they slowing down?
- [102:54]
Shoddy
No, sir. No, sir.
- [103:00]
Ian
I said. Oh, sorry. Auditioning for Bond. You got the 19 Pro Max. Gotcha.
- [103:10]
Troy
Next iteration.
- [103:12]
Ian
Everyone's working hard. Go.
- [103:15]
Shoddy
Slow down. No, slow down.
- [103:17]
Troy
Yeah. And they acquiring things right under your. Under your nose.
- [103:20]
Ian
Yep.
- [103:22]
Troy
Go look with Paramount. Just purchased today.
- [103:25]
Ian
Yep. Nike. I know you're trying to reimagine a brand. You gotta get some AI. Something please, something immediately.
- [103:33]
Shoddy
All gas, no breaks. All right, ladies and gentlemen, well, it's been real. Do remember, we got blackout 10 o' clock on Wednesday. We got earn your leisure.
- [103:46]
Ian
6 o', clock, we're done. I miss y'.
- [103:51]
Host/Interviewer
All.
- [103:51]
Ian
Come on, man.
- [103:52]
Troy
We're working on the power efficiency there.
- [103:56]
Ian
I got. You.
- [104:02]
Shoddy
Had a real blackout, real black.
- [104:07]
Troy
We working on it.
- [104:08]
Ian
Working on it.
- [104:11]
Shoddy
Yes, sir.
- [104:13]
Troy
All right, man. Y' all be good to each other, you know, Pray over each other. Wish somebody a happy birthday. Happy birthday, everybody that has one this week. Love is love. Text somebody, call somebody. You never know what one conversation can do, man. Love is love. We appreciate y' all wholeheartedly while we on this mission. We pray for your. Your. Your traveling mercies, man. Thank you so much, my brother Ian. Love is love. My guy, what you got? Send us all.
- [104:38]
Ian
Oh. Happy belated birthday to Ty's daughter, Ineola. I love you so much, Ty. I'm proud of you, seeing you develop as a father. How you lead, man?
- [104:48]
Troy
I love you dearly.
- [104:49]
Ian
Y' all have an amazing week. Invest your money. You deserve to be happy, deserve to be rich. Get the book. Deserve to be wealthy. You deserve to be free. But if you don't, if you don't kindly, you deserve to be broke. And I want you to be broke. So invest that capital. Okay?
- [105:09]
Shoddy
We go to my. The Diddy child.
- [105:20]
Troy
You have to say, in my mind, I'm like, he about to say, did he drink?
- [105:23]
Shoddy
Now we gotta talk about that. Gotta talk about that a lot to unpack.
- [105:27]
Troy
He wasn't gonna let it happen.
- [105:28]
Ian
There's some things about Charlie Kirk we need to talk about, too.
- [105:31]
Troy
You know what, y'.
- [105:32]
Ian
All.
- [105:32]
Troy
We see y'.
- [105:33]
Ian
All.
- [105:35]
Troy
Candace always call me.
- [105:37]
Ian
No, I'm joking. No, we just do the show with him. We don't really know him like that.