What’s up guys? It’s Harry Hoss here. In this podcast, we talk about Elon Musk and Twitter, the FTX scandal, as well as the overall market plus small caps. These are all issues that traders should be kept up to date on if they’re trading the markets daily, and paying attention. So listen up, stay tuned, because you’re not going to want to miss this one.
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James 0:21
What’s going on guys, we’re back with another episode of the after hours podcast. A lot has happened since we have recorded in the world. There’s between the war continuing between Powell between Elon Musk and Sam Bankman, fried and all this shit. So we’re here to kind of discuss it. Everything that’s been happening. So I guess the latest developments in the economy has been that the Fed Chair Powell came out and basically said that he was they were watching the idea of slowing the rate hikes coming into December. They were they said they could yes, they said they could, which the markets reacted like super positively to I think we had like a 2% up day on the Dow like I think it was markets ripped. And it’s been pretty good since then. So yeah, I mean, I don’t I don’t know. I was just saying the hairy like, I have a weird feeling. And I hope I’m wrong. I think that Powell has a weird relationship with like the way the stock market moves, I feel like he is trying, he tries constantly to calm stocks, because I think he gets pissed that like, we’re still printing high CPI and still like people are like, super bullish on everything. And like, I don’t think people have yet grasped that. If we get a handle on on inflation, like we’re probably going, if not already into like a deeper recession. Right. So, so I don’t know, man, like, how do you feel about it
The Fed Doesn’t Want to Risk Hyper Inflation
Harry 1:48
I mean, I think that the thing is, is that I don’t think that they want to risk hyperinflation, I think that that is their biggest fear right now. You know, if you look at any country that has just gotten super, hyper inflated Venezuela, for instance, or any of those countries, you know, it does not end well. So I think this me personally, I think that they’re going to just continue on with what they’re doing. I think they’re trying to just, it’s just like in Canada, in Canada, in, you know, 2021, all the COVID stuff was happening, they were like, rest assured, we’re not gonna raise interest rates, nothing to worry about. If you’re thinking about making a purchase, like a big significant purchase with your business or your house, don’t worry about it, we’re not going to raise rates, and what are they doing now? raising rates, raising rates, raising rates, so I don’t think that you can trust them at all. And I think him saying, well, we could we might well think about it. It is I guess, in a sense bullish, but I don’t think that that’s where they’re gonna go. You know, I don’t I don’t trust them at all. So, I mean, we’ll see what happens. I don’t trust them.
James 3:02
Yeah, it’s interesting. Like, I’ve I’ve like three, like little points that I’ve been thinking a lot about lately. And one is, I don’t think Jerome Powell. Like, if you look at Jerome Powell is like hero, it’s, it’s obviously Volker. And, and I think that he looks to him when in his fight against inflation. And I don’t think Jerome Powell wants to be the guy that lost to inflation, right. So I think, I think if anything, I don’t expect him to be anything less than super aggressive. And I think that’s what’s needed. You know, like, I think a lot about like, the next political cycles, like we have a presidential election coming up in a few years. And it’s already starting, and you think about who’s going to be in charge and people in power, like, we need people, in my opinion, in power, that are going to have their hands on the levers of the economy that are going to keep us from, like you said, going into this hyperinflation route where like, our kids are going to just live through a ship life, like, that’s not what we want. And if we just keep kicking the can down the road, it’s gonna get worse and worse and worse, and especially in a country where we already can’t afford our debts, you know, the interest payments going up and up, we can barely afford it. It’s almost too much for our actual, like, the actual amount of money that we’re allowed to spend on this, like the our actual budget. That is like a huge thing for me is that like, I would rather than just crush the economy now. And I kind of wish to just be honest about that, because I think we’re seeing a disconnect between billionaires like Jeff Bezos, who obviously is the creator of Amazon came out and was like, guys, if you’re thinking about buying stuff, don’t do it. Save your cash and see what happens. You I mean, like Elon Musk came out and said, like, we are facing a severe recession and like, especially if the Fed continues at its at its pace, we are facing recession risk. So I feel like there’s this weird disconnect in the richest people who are like looking out for others, upside, richest people who are looking out for others and the Fed. So it’s very, it’s very concerning to me. And I do think though, that they have to do it and they have to crush the economy and restart, like I, I know, we’ve talked about this idea of like a great reset. And like, I almost feel like it’s severely needed because everything got too out of hand. And now it’s our time to kind of fix it and its Jerome Powells time to fix it. 100%
The Problem With Billionaires Coming Out and Saying Don’t Buy
Harry 5:12
Yeah, and I also think, like, there’s, there’s a big issue with Bezos and musk coming out and saying those things as well, because it’s like, when did those guys ever lead us down the right path? You know, like, I like, I like, um, I like, you know, I don’t really love Bezos. But you know, I like musk. But it’s like, when did have you ever? Like, at a time in history? Have you ever seen a billionaire come out and say, Oh, don’t spend money? Oh, don’t do that. So it’s like, the other end of the coin that I’m struggling with as well in this situation is that I’m like, fuck are we just gonna go up and just rip and it’s like all over with and this was the recession that everyone was talking about? Like, is that is that it? You know, because it’s like you had Bill Ackman come out on CNBC, when all the COVID stocks were crashing, and he’s like, I’m selling everything. I’m selling everything. I’m selling everything sell, sell, sell. And he was actually buying, you know, so it’s like, it has the crash already happened? Are these guys just coming out and scaring people, you know, like he makes a living, selling those TVs that he was talking about people not buying and selling those refrigerators and selling those, this and that and the other thing. That’s what I don’t get, and he’s coming out and saying, oh, like, I don’t really, you know, think that you should be spending money and yada yada yada. It’s like, I have never heard anyone that sells anything, say don’t buy my product. Like I’ve never even heard of that. So it’s like, is it just all bullshit, you know? Or that? Or is this the one time in human history where they’re trying to look out for people? It’s very confusing.
James 6:52
Yeah, I mean, the truth is, like, I like to believe that nobody knows. But the reality is, like if you get to that level of wealth, especially through like a public company, like Elon Musk and Jeff Bezos guys like that have have a little bit more insight into like, where we’re headed, because they see it on a broader scale as far as like orders as far as price costs, all that stuff, and it cost their business. And I don’t know, I just I can’t imagine a world where Jeff Bezos comes out and says, don’t buy this. Don’t buy that. I mean, it just doesn’t make sense. And like Elon Musk is very public on Twitter now about how they’re pushing us into a recession if you don’t halt interest rates. I mean, I don’t know I, to me, it’s as crazy as it sounds like I’m, maybe I’m contrarian this way, but like, I want them to keep going as much as it fucks up the economy. Like, I think people really need to wake up and I’m getting very, like frustrated and fed up with like, the direction we’re going. People are, we’ve talked about all the time, people are lazy. No one wants to work. You can’t get people to work normal hours, businesses are closing super early. My friend just got us at the airport in Florida. at like eight o’clock at night, all the restaurants were closed, they had no staff. And so everyone was saying like, there is some weird shit going on in the world that like, I almost feel like we need to get punished for which sounds like really dark. But like, yeah, let
Harry 8:11
same way though.
James 8:12
Yeah, I do. We don’t. I don’t want to keep blaming stimulus. Because at some point, like, there wasn’t, I mean, don’t get me wrong. As a country, we’ve printed a shit ton. As an individual, though, most people I know got like, three grand or like four grand. They’re not living off that four grand two years later. So like, we just something happened through COVID that has changed people’s mindsets. And they’re just like, barely stringing along what financially. And I think it needs to get worse. So people wake up and like shit, like, I need to go back to work. Because as much as we want, we want to think interest rates are going to come down. I think the generation at least for a long time have like free money or 0% interest rates, those are gone. Those are done. Yeah, if we win against inflation, we’re probably going to settle in around like 5%. And that’s, I think, very positive. I think that’s very positive outlook, that we sit at 5%. And for an extended period of time. And you know what, that’s probably what we’re going to have to live with for the long term. And we have to get there sooner rather than later, I suppose. But, again, we have to fight it, we have to keep fighting inflation. So I don’t know, it’s we’re in a funky position for sure.
Harry 9:18
how do you how do you think that these people are like living? Like you’re not going to work? They’re not going to like, you can’t really I don’t know how it works in, in the States, but you couldn’t get EI at this point here in Canada. Like if you were in that type of situation. So it’s like, where are all these people? You know,
James 9:41
it’s working. I was doing a shit ton of like research into this and like also just from like knowing people. So I’m 28 years old, right? So I have a lot of friends that are my age that are still living with like six people, or they’re living with large groups of people so their rent is very cheap. They either don’t have a car they don’t have a car payment, because they’re driving like a and this is not indefensible comment. This is just noticing. They drive like a really old vehicle, right, which is not a bad thing. But they have no payment. They don’t have like material things. So they’re living like almost a minimalistic lifestyle. And they they work the bare minimum. And what I’ve noticed is a lot of people now are like scamming systems like as a business, like I get old employees still trying to get unemployment through us like they’re still I get it all the time. It’s called unemployment insurance is like a website, you log in, they still get other people like writing in basically trying to claim unemployment. They’ve worked with us for like, two years or a year. So like, I think there’s a lot of scamming going on. I think there’s a lot of like, meat, you know? Yeah, there has to be because dude, how, how is it that there’s a Dunkin Donuts right down the street from where I am, and they can’t get staff so they close at 2pm? How does that make any sense? It’s a Dunkin Donuts. However, they’re not. I mean, either when we’re I don’t know. And I think I get I guess, like, confused because I think I see like on Tik Tok and on Instagram, all these people flexing this like, lifestyle that they have. And I think everybody wants it. And I think that’s why young kids aren’t working. I think young adults even Yeah, even our age do they think like, Oh, I’m gonna, I’m gonna make a living on social media when really 1% of people do that. And they’re trying to live this dream that’s not realistic. Like, we’ve gotten so far from the American like, dream as corny as it sounds. It’s fucking insane to me, like no one wants to work hard. No one wants to make an honest living or live within their their means at all.
Pivoting Towards a Better Social Media Landscape
Harry 11:37
yeah yeah. And one thing that I find very interesting, if like, we kind of like pivot towards like, the kind of social media like landscape now is that if you look at the at the tick tock, now, the Chinese have a different type of tick tock right now. And it’s it’s all education, it’s all you’re only allowed so much per day, I believe it’s 30 minutes, like, oh, you get 30 minutes on that shit. And it’s all like how to get better at this science experiments for kids this, that whatever, in, like, here in Canada and the US and wherever it’s had, like people flying on private jets, it’s fucking people dancing naked. It’s no education. It’s all people telling random stories or dancing or this, that provides zero value in your life. Absolutely. zero value. And so when you have an army of kids who are on an app created by the Chinese, okay, and they’re all just wasting their time not working, not doing this, it’s like rotting their brains. Like that is a problem, you know, that needs to be fixed. Yeah. 100%. And also you have it shaping kids political beliefs, and shaping kids, how they feel about certain things. You know, it’s extremely crazy to me to think that we just allow it to happen, you know, why do we
James 13:05
do? I might be like, super, like, aggressive on this stance, but like, I truthfully feel like kids under 18 should not be allowed social media. I think as I get older, I’ve realised like the harm it does to a lot of people. Not saying everybody, I think there’s a lot of people like we grew up with like a version of Facebook, or a version of Instagram, but it was nothing like it is now. I deleted Tik Tok for like six months, and I just downloaded it the other day out of boredom. And so I’ve created a new account, so it didn’t know anything about me new algorithm. I know it sounds nice enough, but dude, it’s like the videos they show me now. It’s just I can see how if you’re a kid, or even like an immature adult, how you get so sucked into this like world that’s so fake. And yeah, politically, socially, economically. Like they are like, I don’t want they’re shaping us basically to fight each other. Like as crazy as it sounds like, they’re almost as making like, they have two sides of tick tock like you either go the super conservative or like the super liberal. And like there’s nothing in between. And it’s just like, it’s very, very odd. Right? And like, that’s why I do applaud. I I like what Elon Musk is doing with Twitter, or at least what he appears to be doing. I like that he wants to make a town square where people can come openly and honestly have like conversation. And you know, actually see like real world people and not robots and like this psychotic thing. And like having a platform that we can call out these crazies. Because if you say that some of these people are like the crazy liberal cancel all this crazy, if you say they’re anything less than crazy, I just cannot understand what your thinking is. Right? So that’s why I like Elon as like an obviously, he’s onto something right? Because look at how many people are lining up against him. Now this is the man that they’ve called the smartest human being on the planet for years just got I, we’ve heard various TIM COOK All these very smart people say these are smart guys calling him a genius. And all of a sudden now that he’s opened up a free speech platform. He’s like the he’s the bad guy. Apple is threatening to remove the app. I mean, you have major companies 100 huge corporations pulling their advertisements from how does that make any sense? That is scary to me. That is where like, we are in a weird spot with like, like you said, economically, we’re not great. Socially, we’re not great. And we’re headed in a bad a bad path. Like, I feel like we’re headed toward like communism, and like, I hate to be that kind of like crazy. I’m not a conspiracy theorists in the slightest, but like, there’s something wrong.
We’ve Swung So Far Left
Harry 15:49
Well, I also think that like, it seems to be now like, I’m never like, I mean, if you even look at before COVID. Like, you know, the Epstein situation that was going on, people just didn’t know about it. If you look at that whole Balenciaga situation with like, the, the, I’m just gonna say, CP and like, the children and the stuff, like, you know, that was going on. It’s just people didn’t know about it, you know, and now we, we seem to have swung so far left, that now we’re going back to the middle, you know, and there are like, crazy ask conservative people to like, call me praising Hitler like that, that, that Alex Jones denying the school shootings, that is bad, awful. Like, we’re not sitting here saying, oh, like, like, you know, liberals are the most evil, you know, people in the world or whatever, you know, somewhere in the middle is where the truth kind of lies. But like, you know, I don’t think we’ve ever been in a situation in history where we have people who are rich coming out and just explaining things to people who would have had no idea otherwise, you know, like, you had Trump when he ran against Hillary. She was like, she was like, Well, you don’t pay taxes. He’s like, that makes me smart. ,
James 17:09
You know the Dave Chappelle skit, the Dave Chappelle skit I should have ever seen. Yeah, it’s perfect.
Harry 17:13
Exactly. Yeah. If anyone hasn’t seen that, that was really good. You know, but that exactly, you know, you had a guy who had money coming out to the commoners, if you will, and saying, This is how I did it. This is what I did. And that makes me smart, because I did it. And people were like, holy shit, you know, he’s onto something. But it’s just it seems to be that we’re in this weird place of like, they’ve censored so hard that there’s like three or four people coming out who are really rich and and saying like, you know, they’re changing elections. They’re changing this, they’re changing that here in Canada, we learned, like, of course, they’re not reporting on it. Because Canada is not the United States, Canada is censored a lot harder. And we’re now learning that the Chinese government is paying politicians in Canada to vote a certain way to act a certain way to do certain things. And now we’re learning that they even interfered in our fucking election and the Prime Minister knew about it. And what does he do? He sits back and says, Oh, I learned about it, but they said it didn’t impact the election. It’s like, bro, that is election interference. Right there. You know.
James 18:27
Did you see President Xi? China’s present? Do you see him like absolutely, like men and old Trudeau? Yeah, that was that was killed. I killed me because I, I don’t like Justin Trudeau. I feel like he’s like, he’s really crazy. And like, super far, like, far controlling. But yeah, dude, I think I realised that like 99% of people should realistically just, they’re better off like, being almost like sheepy. And like, not having access to like, social media and news. Like, if you think back to like, the last, like, 100 years, like go back from 2000 to 19. Like 1900s 2000. People got their news through a newspaper, or like the evening news at night, like late at night, right? And you always hear people talk about things were so much better back then things were so much better back then the world was so much better, right? every old person says, I have a belief that all this crazy shit has always been going on. I’m sure election fraud has always been real. You know, just absolute, like corruption has always been real, but people just didn’t see it 24/7 in their faces. And like you said, rich people had no, there was no reason for them to kind of expose any of this stuff. Right? Like Elon Musk just tweeted today that Twitter, the company he bought had interfered with elections, right. Previously, he hasn’t shown proof or anything yet, but he did tweet that so obviously, he has something he has no reason to. Not. So it’s like, it’s like I just it’s hard.
The Problem With the Media and Politics
James 19:52
I mean, like again, like we we either need someone that we can trust as a country. But like you have someone like Elan coming out and praising free speech and saying that he’s trying to help you have politicians coming out saying he should not be allowed to do what he’s doing. And again, I’m not hating on them. I just want to know why they feel that way. Like, I would love to talk to interview someone, a politician. And just ask, like, why are you so concerned with with a man sticking up for for free speech? What is the problem? And like, what How is that a bad thing for our country?
Harry 20:25
Yeah, and I think the problem is just that they feel that they’re being threatened by it, you know, for so long. They had been, like you if you go out, I believe this interview was like, two years ago, Justin Trudeau was speaking in front of a large amount of people. And he was talking about media bias. And he’s like, of course, I don’t have to worry about the media, because we pay them 600 million in government contracts. Right? So the obviously here we have the CBC, we don’t have like CNN or anything like that. We have, you know, we have the CBC or whatever. And, you know, they pay them, he does not get that coverage at all, you know, I’m not I would not be surprised if he won another election here. Because he’s, he’s bribing his way through. But I think the minute that stops, that’s when you have a problem, you know, CNN if they if they weren’t so liberal, or, you know, some of the other ones if they weren’t so this way, you know, could you imagine if you had conservative reporting all the time, you know, imagine what that would look like, you know, that was new the shit out of them. So they’re fighting with every tooth and nail to fuckin, you know, stop that shit.
James 21:39
Yeah, it’s true. I think like the world and like, people need to just focus, especially in America, they need to focus on getting better educated on politics. The problem with social media, like tick tock, and all this stuff and like, allowing this is that they that we’ve allowed people to think that everyone deserves a political opinion, without fat. So like, people just have gone so crazy. And like, you can’t even argue with someone on the opposite side anymore, because it just gets out of control. Right. But what what people need to understand, especially about an economy like America, is without our economy thriving, there is no country with our economies in the shitter. Like your your freedom of speech, and your like, you defending your like socialist or crazy ideas or ideologies on either side, go do nothing. So like, that’s why it’s like when it comes to this. Question, I hope by now, I will vote for whoever can actually come out and say, they’re gonna put their hands on the economy, and they’re going to fix it. And they’re going to make sure that as a country, we’re thriving for the next 50 100 years. Because at this rate, if I hear someone say that we’re going to print more money, and we’re going to do a billion other things for a billion other countries, I am not voting for them. It’s not just not, we need someone with control. And like, you talk about all issues, right? Like, there is a middle ground abortion, there is a there are unfortunately, nothing is black and white people need to wake up and realise that when it comes to the issues in politics, we need to figure out a way to come together, get the middle ground, and then focus on fixing the economy, keeping us strong for the next like I said, two Platinums.
Harry 23:28
Yeah. And that’s the problem is that, let’s say we had a third party in the United States. I truly believe that, you know, it is that sad, but like conservative, like how many people are actually like conservatives like absolutely not, you know, like, it’s more that the wealth gap. like kind of like goes the other way. Like, the more that the wealth gap widens, I guess, is the word I was looking for it the less people you’re going to have vote conservative, because they’re looking for those handouts. They don’t want to work as hard, which is fine. And I mean, the handouts aren’t really that much. Like, you know, like, you’re not really getting that much like, you know, like, but still, it’s just they’ve, I think those people have always been taught, oh, conservatives are evil, they don’t want to spend money on us. They don’t want to do this. They don’t want to do that. But it’s like, we cannot afford it. You know, even here in Canada, like, like, at least where I live, we have people dying in the hospitals at least once a month, twice a month, three times a month. You know, where I live? And this is not a big, not a big populated place. You know, it’s not like Boston or Vancouver or big city. We have people dying. And the reason for it is because or at least how I kind of see it is that everyone after the whole vaccination thing came out and everything like that, you know, a lot of the nurses never came back. And I was talking to my grandparents about that and they were like, That’s a good point. You know? A lot of the people just never went back to work again after that happened. And that was the problem. And you know, could you imagine if we were on this podcast like two years ago, and we’re like, oh, we don’t want to get vaccinated, like the outrage that that would bring? Yeah. And it’s crazy, there is no middle ground. Really, I don’t think any more just because people are showing on social media all the time. You know, that their opinions, right, and that they’re validated, and they keep watching, and they see people with other opinions, and they never actually listened to the other side, you know, I feel like we do a good job of like, you know, trying to at least understand these people. Not that we haven’t same opinion, but we’re like, Oh, why don’t we want to go back to work? Or, Oh, why don’t you want to do this? Or oh, why don’t you want to work as hard, you know, at least people like us will sit down and listen, but I feel like, for the most part, you know, it’s very different. Like, if you, like, you’re never gonna get any middle ground from either side, I feel like, and it’s very difficult for me to, like, I feel like, if you’re, let’s say, on the left, you know, I feel like you are going to have a lot easier time talking to a conservative than a conservative is going to have talking to a liberal, because that’s just how it’s been like, I’m not sure why.
Harry 26:14
But if I talk about certain issues, people are like, no, no, no, I’m not listening, not listening, plug my ears, plug my ears, plug in my ears. And I feel like that’s how people were with the corruption as well. You know, maybe there are like, maybe there are people who just don’t want to hear about it, who knows that it exists, you know that it happens, but they don’t want it in their face. And that now that Musk is kind of showing them, like, hey, like, look at the Epstein, look at the FTX guy. I mean, how much political donations he also donated to the right as well. You know, he just said he didn’t want to disclose it, however much he donated to the fuck knows, because he didn’t disclose it. But, you know, look at the FTX scandal, the Epstein did this that all those things just people never knew about. And if that wasn’t in this day and age, I don’t think people would know. Because right now, we just seem to be in this weird position where there are a few guys like coming out and saying, Hey, this is happening, this is going on. And some people would rather not hear about it, some people would just rather work their nine to five and just never hear about it again. And I think that that’s, you know, to me, it’s interesting, because I’d want to know, you know, I want to know, if my government was corrupt, I’d want to know if my neighbour down the street got, you know, something better, because he paid this much, you know, I’d want to know those things, you know, because as a country, they’re supposed to be working for the country. And if they’re getting paid, you know, to give certain breaks to individuals, then that’s not fair, you know. And so, you know, I’d want to know, but some people I do believe just want to do their nine to five, plug their ears go on their vacation, and not hear about it. Because for them, you know, they they live this kind of, you know, lifestyle that’s like insulated, and they don’t want to hear about anything else, you know?
Why the Left Has an Easier Time Talking to Conservatives Than Conservatives?
James 28:03
And I think I want to answer one of your questions as to why the the left probably has an easier time talking to conservatives than the other way around. I think that being on the left, you obviously are more focused on social issues, I don’t think you’re, you’re inept to the economy, I think you still understand that, like, the financial world needs to exist, they just want more freedom for the underprivileged, and like the middle class than the wealthy class, right? They are focused on the social issues, and equality and all that stuff. Conservatives are focused on the economy, and there’s religion involved in a lot of their decisions. They’re more focused on keeping the wealth within within the wealthy, it’s going to be a hard time for a rich person to say, I’m going to give you money, I’m going to pay more money, always. It’s just always going to be hard to do that. If they’re talking about religion, it’s going to be hard for them to say I agree with now your abortion stance, but this is my religion. The reality is, most people are in the middle. Most people understand the economy needs to flow. We’re a new generation. There needs to be equality, there needs to be the social issues do need to be addressed. And we have to find a way to meet in the middle. Unfortunately, we hear the crazies on both sides, we hear the major conservatives and we hear the major liberals because they’re the loudest, they’re the ones with the biggest voices on social media, tick tock, everything. And it’s unfortunate, because those are the people that get into the brains of a lot of people, a lot of other citizens in this country. And I think that influences them a lot. Now, we’ve unfortunately become a place where people ignore facts, like people don’t want to look too much into politics. They want to argue about the loudest points. But like, again, like if you look into I was just reading this whole thing about how the Democratic Party was actually funding the campaigns and donating to the campaign’s of a lot of Trump’s picks for the Senate or the House right in this country. Why are they doing that and you can look it up. I mean, I’ve had a lot of podcasts since about it too. They were trying to do promote These guys who were like the worst options for the Republican Party, because they knew that their people would win in those states they want in Trump’s hands all over it, because it actually would help them in the in the election. So like, we are a corrupt in a crazy place right now. And like a lot of that stuff is it’s like the Wild West. And I think if more more people just need to get educated on this stuff because the republican party too. They’re not great. They do a lot of crazy shit. There’s both sides are, are on the worst end of the spectrum. I mean, for God’s sakes, the Republican Party is ripping itself apart from the inside right now. You have the former president is attacking the one that the new incoming one that everyone wants is DeSantis. And Trump’s gonna start his own part Trump’s gonna go to the independent party. That’s my that’s my prediction. So well, yep. And he’s gonna pull all of the Conservatives DeSantis will run he’ll pull all the normal Republicans, and then there’ll be Biden, or, apparently, Gavin Newsom is throwing his hat in the ring. So God only knows. And, you know, I mean, both parties are shitshow. So, you know, it’s, it is, it is really nice, I think to have Elon Musk working on, like I said, a town square, where people can actually get information like there needs to be, I don’t want to say an information board, but like, people need to be able to get actual news and actual facts. I mean, if you didn’t go online, you wouldn’t think Sam Bankman Fried and fried is a bad guy. You wouldn’t think he did anything. You’d think oh my god, he was just a kid who got the shit end of the stick. And you know, just had a bad month.
Harry 31:35
Yeah. That’s literally how you would how you would see it right now.
A Hero for God’s Sake
James 31:39
They’re making him a hero for God’s I mean, Kevin O’Leary tweeted today on I agree with Bill Ackman. He seems like a good kid, he was telling the truth. You, Sam bankman fried forgive his parents $130 million to buy property. What are you talking about? You’re telling it to me? Like, I just I can’t I get so worked up and frustrated thinking like, that this even happened? Right? Like people, people like us. We know, we talked about it all day long. We see what’s actually happening, you know, and it’s with all that stuff. It just drives me insane.
Harry 32:12
Yeah. And his parents are compliance lawyers, right. They know every in and out of the regulation. So on top of all the corruption that they’ve been doing donating to politicians, and this and that, they also have compliance lawyers, which is like, pretty much the same fucking thing as like, having your you know, having your uncle and accountant who specialises in fuckin, you know, not paying taxes and you’re not paying any taxes. You know, like, it’s very easy for those people.
James 32:39
Then you saying you didn’t know? Like, it wasn’t like, uh, like, you had no idea?
Harry 32:44
Yeah, you know, it’s like, it’s like, fuck, like, yes, yes, you did. They knew exactly what was going to happen. They knew everything. You know, a month before this shit went bankrupt. You know, when the crypto market crash, they knew that they were fucked. You know. And it comes down to just the fact that he had the right type of parents. He had the right level of corruption. He had, you know, this campaign of Brady and all these other celebrities around him, you know, who are taking the fall? It seems a lot harder than he is right now. You know, so they know what they’re doing.
James 33:23
See, I don’t think people compare him to Bernie Madoff. And I don’t think he’s Bernie Madoff. Because Bernie Madoff. Like what Alex was talking about last week, he took money. And the rumour was he put it in a JP Morgan account, and was paying people as asked for it. I think this kid was just straight up gambling on the funds. Because realistically, if the crypto market kept ripping, what would have happened, he would have been a genius, he would have been worth like 50 billion or something he would have had, everyone would have called him a hero. But you know what he gambled? He YOLOED. He’s no different than any of the small cap traders that we trade against. He was just gambling funds away. You know, all that happened. You’re over leveraged. You hear it all the time. But for some reason, and I, again, I think it’s political on both sides, though. Each side will blame the other. But I mean, the fact is, he donated a million dollars to Mitch McConnell. I mean, this is all paper and transactions. I mean, don’t tell me this can’t this doesn’t have to do with politics. And you know, obviously, we’re, we don’t have this much time.
James 34:22
But there’s links to the war in Ukraine. I mean, there’s a lot of scandal and it’s like, it’s really, it’s unearthing and it’s I don’t love the feeling of being a citizen and hearing this stuff, right. And like seeing because, man, it’s like you want to have faith in our government. I want to have faith I don’t care who’s who’s the president. I don’t care what the democrat or republican I want to know that as a country we’re headed the right direction. We’re not a country that thrives on scumbag ism and like people being pieces of shit. You know, we are an American country that focuses on the economy and is great so I don’t know man. We have a we have a lot of work to do, I think to figure out Shit and, and so does the world. I mean, yeah, it’s brutal.
Harry 35:05
How do you feel about the overall market real quick?
How Do You Feel About the Market?
James 35:09
Um, you know, I feel, I feel like we’re gonna recover. I mean, like, as fun as actually, I don’t really look at my 401k Often I just auto invest a lot of stuff. But I was looking today and like, it’s crazy how much how much of the gains and honestly, like, decent year funny enough given all the turmoil and all the bullshit, but I think we’re gonna recover pretty much everything that we lost, I think a lot of people are gonna get bullish going into 2023. And then like I said, once people wake up and realise that we fought inflation hard enough, and when we win, because I think Jerome Powell will win, we’re going to be in a full on recession, these companies have just started laying people off, it’s going to keep getting worse. People spent savings are at an all time low credit card debts at an all time high and outflow cash like you know, car payments, all that shit is the highest it’s ever been. So we will be in a recession. And then I think the markets I don’t think we’ve seen anywhere near the bottom yet. And that’s just my honest prediction.
Harry 36:06
And how do you feel about small caps?
James 36:10
Small caps, honestly, Man, I’m really happy. I feel like I feel like unfortunately for long’s the opportunities are still really foreign. and few in between, I feel like you really have to be a sniper. I feel like as a short, if you’re patient, there’s good opportunities, because people need to know just because just because there’s good shorts doesn’t mean there’s good Long’s like, that’s yeah, you’re not getting those like, like your setup here. I feel like hasn’t come around too often. There’s just there’s kind of a lack of volume and a lack of excitement, like right, but like today aren’t like our me details and some prefers to stock like ran all pre market. But I mean, it really didn’t go anywhere. It was like a hard launch, there wasn’t many great opportunities to get involved. Whereas the short, it was kind of like the second it topped out, it just kind of faded and then after hours went crazy, but that’s a different story. So as a short, I had a great month in November, it was slow. I only placed I think like 25 Total trades that includes stopping out, but I was really positive on the month. So and then December today started out really solid. So yeah,
Harry 37:11
I’ve been trading like once a while when the opportunities there. But like, you know, it feels like I said this to my girlfriend, it feels like I’m working like three out of the, as far as just like, not like chilling and like the discipline workshop or anything like that. But I mean, like, I feel like, you know, I’m actually trading, it seems like three out of the five days we get because the days are very, very slow. And the other three are like mediocre. But I’m just surviving and kind of, I feel like and I’ve been talking to a couple other traders I feel like for a small capsule, we’re going to have a really good winter. Yeah, I don’t know why it’s just the feeling I get that we’re going to have a really good winter we usually do. I feel like this year. Everyone’s so fed up with like, the ship moves. Everyone’s going to fucking band together, and we’re going to have a good winter. I think that’s what’s gonna happen. And that’s just how I kind of feel, you know, I just feel like we’re gonna have a good one.
James 38:08
I hope so. I think I kind of agree, I think it’s cold. I think people are back inside, especially on like, you know, the northeast and you know, people are people are gambling and especially with even sports, gambling, man, and people are back, like just betting money. And like I actually have been hearing people talk about stocks a little bit more, which is usually getting sentiment that like maybe people are getting involved. It’s It’s funny, man when the world is not in turmoil, like when you’re not seeing constant doom and gloom on the news. The markets are doing good, even small cap markets do good. And like right now we see actually, it’s kind of positive, there hasn’t been that there’s not that much coverage of like the war, there’s not that much coverage of all the bullshit. And all the negatives they’re trying to kind of I think promote a lot of positive. So hopefully a lot of that energy does come into the small cap market. Because the 2022 was a it was a tough year for a lot of people. So I hope 2023 gives us that rage and opportunity.
Harry 38:58
Yeah, that’s how I feel as well. Yeah, all right. Well, good podcast, bro. And yeah, thanks, everyone for watching. Thanks, guys, for you guys for the next one.