In today’s episode, Kip breaks down a particularly strange day in the markets, sharing his raw reactions and unique insights. Kip dives into the latest market turbulence highlighting how Bitcoin’s decline, tech sector sell-offs, and surprising moves in semiconductors all seem to hint at something brewing beneath the surface, possibly even a leaked speech from Federal Reserve Chairman Jay Powell. Drawing on historical parallels with September 2020 and the power of market seasonality, Kip explores why September can be a brutal month for investors. Tune into today's podcast to learn more.

Don’t look back because the market is closed. Good Tuesday afternoon everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day today. Strange, a very strange day in the markets today we had a normal open and I’m going to say something because this is my reaction. I just told Tyler this market open and then as we’ve seen obviously the last week, bitcoin is beginning getting hit. That’s typically, leads to market. I mean, bitcoin leads.

So my first reaction from that is that okay, maybe September is going to be a rough month. Last, if you remember September 2020, which we’ve said has been very similar because it has been extremely similar to, to this, this, to this year’s recovery. Again we had the V shaped bottom straight move up just like this year. Nasdaq up 50% from those April lows of a very, very similar market this year to 2020. Well, Bitcoin led then too and bitcoin tends to lead. So bitcoin’s leading. Bitcoin, we got hit again today, down last, down 2 1/2% over the last 24 hours to 113,500. Anyway, the point being as I watch tech get hit, as always, bitcoin get hit, semi is down 2%.

[00:01:11]:
You know, my thought was Jay Powell speech may have leaked because if he, if his speech is hawkish again, this is just my reaction here. This is what would happen if Jay Powell came out as hawkish on Friday. And would it surprise anybody if that’s what he did right when everyone’s expecting him to be, if not overtly dovish, to be dovish and to hint at, yes, we’re going to get back to, to a rate cutting cycle. But the action today told me that somebody got a hold of his speech because it happened like boom, like that happened at the same time like some big firm like Goldman Sachs, right, J.P. morgan, some big firm that’s got great ties to the Federal Reserve got his speech and that’s what happened today. Because again, this is what would happen on Friday if he comes out and is hawkish Tech down big, Bitcoin down big, semis down big. We’ll find out, right? We’ll find out here what the next three days if that’s the case or not. Because the market, you know, again, look, we are, we are came into this week overbought.

You look at a chart, you can see that we’ve had a hell of a run. SPF 100 from the April 7 lows up 30%. Nasdaq almost 50%. These have been a phenomenal run. And so we’re overbought. That’s not a surprise to anyone. September is not a good month. It’s the worst month of the year, as a matter of fact.

As a reminder, if this is September of, like, September of 2020, I don’t think it’s going to be. But, you know, a lot of people believe in seasonality and a lot of people have made the comparison to 2020 like we have. So if that’s the case, September of 2020 was. Was brutal. SBF 100 was down close to 11% for the month at one point, down more than that, it finished down 11%. A Nasdaq at one point was down over 15%. The average stock in September of 2020 was down over 2020. 5.4% was what the average stock was down in September of 2020.

[00:03:16]:
So again, I’m probably wrong because I do expect Powell to be dovish on Friday. Again, that’s what. Again, there’s what, like an 84 probability according to the CME Fed watch tool that the Fed’s going to cut at. At next month’s meeting, the September meeting. So, because I couldn’t. I can’t make sense of it any other way of what happened today, because again, it happened like one firm was doing it. And then everybody said, oh, look, they’re dumping, and started dumping as well. That.

That was my reaction to this today. And I’m probably dead wrong. But. But there you have it. I also know this. And I watched. I made a mistake today. I made a mistake today.

I watched a little too much Bloomberg today. Then I got kind of trapped in this. This very strange world of what are they talking about? I learned this, by the way, when CBC first came out, I was at Raymond James and CNBC came out and I had a client, a large client, by the way, a lady who’s just fantastic. But she made a lot of money, sold her business, then started investing with me. Well, she got hooked on cnbc. And every day she called me about an interview she’d seen on cnbc, a comment that she’d seen on cnbc. She was either nervous or happy. Nervous or happy.

[00:04:42]:
And it just drove me crazy. I finally stopped taking her calls and I lost her account because I couldn’t allow myself to be wrapped up in that world because financial TV is the worst. I know I. I think I know no one. I think I know no one that beats the markets that get their investing advice from television. It is horrible. And they’re always focused on the wrong things. And by the way, just another comment about Bloomberg.

You know, I don’t watch CNBC anymore. A lot of you know this. I, I’ve been, I boycotted them starting after the pandemic because they were just, they were all propaganda all the time, completely in on the official story and it was just nauseating. So I haven’t watched CNBC for a single second in five years. Bloomberg. And I love Fox Business because, you know, Charles Payne has been nice enough to have me on a bunch of times. I like going on every couple of weeks. Charles is a fantastic guy.

And I’ll take Fox Business over pretty much any other channel. But they’re also very political. I don’t want that, not during the office hours at least. So Bloomberg, especially in the morning, they’re the closest that fits my, you know, my taste and my interest to talking about the markets. They’re pretty good in the morning, right? They’re pretty good show early in the morning. It’s later in the day that it gets out of control. But even they have swept, has swapped back to being very anti Trump. Again.

[00:06:05]:
It’s very reminiscent of why, of why I had a hard time watching them years ago when of course they were trying to railroad Trump and run him out of town. But the point being out of all this is that something happened today, you’re not going to find out what it was on Bloomberg. I don’t know what it was today, but I’m just telling you, it looks to me like, like Jay Powell speech got leaked. We’ll find out on Friday. Again, he speaks on Friday at Jackson Hole at 9am Eastern. That’s 30 minutes for the market opens and we’ll find out. But don’t be surprised if he’s hawkish. And wouldn’t that fit just Jay Powell? Because again, Jay Powell for some reason loves to see the markets go down when he’s speaking.

How often has he had his monthly presser when things are going fine, the Fed statement comes out, no problem, the market’s up or down a little bit, doesn’t matter. And then he starts speaking and answering questions and you can tell he’s got, he’s got, he’s got a, he’s got, he’s got a plan in mind. And that plan involves saying something that’s going to dump the markets. Because for, for, for the longest time, I don’t haven’t seen the latest update on this, but for the longest time, Jay Powell was the worst Fed chairman ever when it came to the impact he had on the markets on Fed Day. I think he’s gotten a little better, frankly, because it became so obvious what he was doing. But anyway, point being here, if I can get back to the the primary playbook is today was not a good day in the land. All tech. It doesn’t matter what kind of tech.

We’re talking about momentum stocks. How about that? Momentum stocks. That includes Bitcoin, of course, down today. And again, September is just not, it’s not a good month. So it’s one of those days. We took some profits today in, in our, in our home builder position. We’re up 60, 59 gains in, in a month and a half. Considered lightening up a little more, putting a hedge on.

[00:07:52]:
We may still do that. But I think today is going to wind up being I actually think today it’s going to be an outlier and I’ll tell you why I say that. The internals today were, were very good, you know, not at all what you would think with the Nasdaq, Nasdaq down. Here’s a final read on that. NASDAQ today finished down 314 points, down 1.4%. Again, semis down 2% leading the way. It’s not what you want to see. Semis lead in both directions today down 2%.

Nasdaq down 1.4%. Dow Jones actually finished up on the day up 10 points. SB 500 today was down 6/10 of a percent and found the day Russ 2000 small caps had a great run. That didn’t happen today. Down $0.08 1% on Russ 2000. Again if Jay Powell comes out as hawkish on Friday, small caps won’t do well. I just can’t, I just can’t see that happening with everything that’s happened with the Fed with the the market coming around to believe that if nothing else that he’ll be dovish on Friday. But today did so I don’t normally get thrown for a loop.

Today kind of threw me for a loop. I didn’t expect this action today because again, it looked like somebody thinks they know something and that’s the least kind. It’s the worst kind of feeling to have when you’re watching something and you realize there’s some insider trading going on here and all you can do is you have conjecture about it all. You just postulate. And it kind of drives me crazy because I like to kind of know what the market’s doing and why it’s doing it. Today gave me feeling that somebody knew something. I Don’t know. And that, and that is not widely known.

[00:09:24]:
Which by the way is why I watched a little more Bloomberg today. I thought maybe I’m missing something, maybe it can help. They did not help. But again I do think, look, as Tyler said for in our, in our, in our pre podcast meeting, this is that bull market. Nothing changes that. This is one day. Nothing changes that. This market is going to keep going higher but the markets don’t always go up.

You know, trees don’t grow to the sky overnight has been a hell of a run from the April 7 lows. I don’t like giving it back. I don’t know about you. I don’t like giving hard fought hard fought gains back. And I think, I know I’m speaking to an audience here that agrees with me on that 100%. We’re too hard to make this money, work too hard to get ahead and beat the markets and don’t like days like especially when I don’t know what happened, why it happened. That’s the thing. I think probably Tyler has this right.

The answer is they’ve just had a hell of a run and days like this happened. But this felt like a pivot day. It felt a bit, bit like a pivot day. And I’m hoping that’s not the case. I don’t want to go through another September 2020. But again, the internals today did not back that up. Internals today were actually quite good. I’ll get that in just a moment.

[00:10:34]:
As we’ve talked about you guys for now three years, we published the Big Bribe three years ago this month. And this market’s going up because of liquidity. Everything that happens in the markets or economically speaking, all of it is tied to supply and demand. This is why bitcoin is such an, has been such, such an exceptional investment. By the way, I was just doing some research on 2020 and right Bitcoin like in 2020 was like 20, 000. It’s just crazy. That was five years ago and it’s up, you know, maybe five, six times your money in that time frame. In bitcoin it is, it is stunning what that investment has done, is it not? And it’s got a lot further to go because again it’s all about supply and demand.

But there’s an ocean liquidity and I know a lot of you heard us say this, we’ve been pounding the tape, absolutely pounding the table on these facts and had people look at us like we had two heads, been on TV a number of times. Where the interviewer being Charles or somebody else who goes, wait, what, what are you talking about? This is a structurally strong economy. What are you smoking? What are you talking about, Kev? What? I’ve not heard that anywhere. And then I give them the facts. All right, as we know it, $22 trillion M2 money supply, all time high. M2, of course, is a combination of all cash, cash equivalent investments, right? That is a record. Americans are, are factually flush with cash. That may not sound like it makes sense to you, but it is a fact.

Another fact, again, this, this tends to get people’s attention. I, I cannot, the number of people, guys I’ve had this conversation with at like parties, at get togethers, subscribers, clients on the phone. And I say, the housing market has never been stronger in the history of America. They’re like, you’re an idiot. You clearly are an idiot. What are you talking about? And I’m like, well, 40% of homeowners have no mortgage. They’ve paid their homes off. Net equity in home sits at a record 70%.

[00:12:38]:
That’s what I’m talking about. The housing market has factually never been stronger than it is today. Now understand, it’s hard to buy a home mortgage. Rates are too high. That’s a different conversation. But structurally speaking, the housing market has never been in better shape, which is why it’s impossible. It’s, a mathematical impossibility that we can have a crash. Now again, you can, a nuclear attack or something, right? But then the whole system’s going down, but just in a, in a normal flowing economy, it is a impossibility that we can have another housing crisis with the kind of strength that exists in this market.

Again, combination of liquidity and the fact that the housing market is structurally so Strong. Of that 22 trillion that sits in M2 money supply, 7.5 trillion of that’s in money market funds. Now what do you think they’re doing? Well, we know what they’re doing. They’re buying the dip because that’s what they’ve done. That’s what retail has done. Which again, we have a repeating pattern here. We love repeating patterns. Repeating patterns are the very basis of technical analysis.

And so when you see that now for three years, every dip has been bought. Now we’ve had some big dips, right? We had the, we had the, we had the Trump tariff dip. That wasn’t a dip, that was a bear market, right? But once that insanity ended and that was a horrible rollout, I mean, it was almost suicidal rollout that Trump did. There’s no debating that. It was insane the way he did this. He snapped out of it. He came to when he realized the market was truly going to crash that night. Had he not put the pause on the market would have crashed.

[00:14:11]:
It would have been a brutal crash the next morning. That would have been a bottom, by the way. That would have been a bottom. But instead he put a pause on the tariffs and it bottomed anyway. Of course, all the insiders knew about that, all is the Trump administration. People, they made fortunes that day, okay? But apparently it’s not, that’s not illegal. So look, I don’t like it when either side does it, okay? I’m a lifelong independent. I think wrong is wrong and that’s just the way I see it.

But I guess it is a little easier to stomach when a conservative does it, or at least a patriot does it, than an America hating person. But again, back to the point here. We have so much liquidity sloshing around the system. It is an ocean of liquidity that when you combine that with the fact that inflation is never going to go away again, Tyler’s just, Tyler just walked me through a pretty interesting synopsis of Even if the Fed just, if their 2% inflation target is adhered to it, just 2% that I think he said over 30 years, the US dollar loses 50% of its value. I mean, inflation is the, is the, is the, is the financial killer. But it’s really the killer of people that just park their money in a money market. Park their money in quote unquote safe and secure investments. They’re the absolute worst investments in an inflationary environment, which we will be in until our system collapses.

It ain’t going away, folks. You have to learn to at least keep up with inflation. You have to be invested in inflationary assets. You have to own stocks. You can’t. If you’re in bonds and cash, you’re going to get destroyed every year. Every year. It is not safe and secure.

[00:15:54]:
It is the destroyer of portfolios. It’s the destroyer of retirement plans. You have to have exposure to equities, yet to have exposure to housing. Pick an investment. But, but it can’t be money market. It just can’t be. And this is why forever. You know, again, we’re on record saying this since my second newsletter ever in 2003, when I recommended gold and silver and started telling people, don’t save in fiat in cash, don’t save in bank investments.

You have to save. We save in gold. You know, I keep very, very little. If somebody ever robbed me, they get nothing. I have very little money. I keep very little money in a bank account, cash, very little liquidity in a bank account or an investment account. My investments are in gold or, or in equities. Right.

Because I do understand that this is how you get destroyed, is by being safe and secure. But again, the point being here, that this is a bull market that is just getting started. I covered this yesterday in my, in my letter yesterday. I did do a podcast yesterday and I, I’m sorry, I didn’t because I wanted to talk a little bit more about what’s happening with these unicorns. You know, many of you have seen this interview now that Elon Musk did last month and he was talking about unicorns, of course. The unicorn is a private tech company worth more than $1 billion. When that name was first given to it. That was, you know, a decade ago.

[00:17:30]:
There were five, there were five unicorns. Again, tech companies private, worth more than $1 billion. Well, in 2019, five years ago, there were 600. There’s now 1600. That’s just what we know of. And that’s just, that’s just tech. 1600 private tech companies worth more than a billion dollars. And many of these are worth a lot more.

SpaceX, worth a lot more than a billion dollars. $350 billion. And what’s, what’s significant about that is that you hear about animal spirits, folks. There is no larger sign of animal spirits than having 1600 private tech companies valued at more than a billion dollars. That is animal spirits incarnate. Why is that important? Again, it’s, it’s just another example of this ocean of money, ocean of liquidity. We’ve never had this level of wealth in the history of the world. And ultimately all of these companies want to do one or two things.

They either want to come the next Amazon or, you know, the next SpaceX or the next Google or, you know, next Tesla, or they want to get bought out and they’re in it for, you know, a five year return to privately be wealthy as speaking of the founders, to probably be wealth more than $1 billion. Again, if they, if a tech company is private worth a billion, in most cases, you think the owner is going to be worth probably about 15 to 20% of that seller. So much, you know, in their earlier fundraising rounds to give away a lot of the company. Right. But you know, the goal to become a billion dollar, a billionaire, well, you know, your company got to be worth a Whole lot more than that. But as these companies age, as they go public, as they get bought out again, the wealth creation only begins to, to roll a faster and faster pace. And we’re just not anywhere near a top here. And again, I’ve given this example a bunch.

[00:19:35]:
I’ll give it again. How do I know we’re not at a top? Well, because I, I’ve lived through and worked through the biggest bull market in the history of mankind. And that was the dot com bull market that we said this is most similar to. Again, we said this three years ago. Why would we change our mind now? I remember what happened at the top there. I remember how ridiculous. I remember the fact that in the final, really it was a final two and a half years of that bull market, there were 350 IPOs that on their first day of trading went up more than 100%. More than 150.

They went up more than 300%. So that’s, that’s how you, that’s how you kind of identify a peak, right? We’ll get there. We, we will get there. This one’s going to be bigger, meaning this bull market, the innovation revolution is going to be bigger, stronger, longer lasting, much broader. I think that’s the key point to this bull market. Much, much broader. It’s not just going to be dot com. It’s not going to be just Internet stocks.

This is, as you’re seeing now, this is everything. So on days like this where we have a shakeout that I cannot explain, that drives me crazy. I think it might be tied to Jay Powell on Friday. I want to be wrong, but this guy is an idiot. He’s the worst edge here of our times. It’s exactly something he would do, right? It’s exactly like something he would do just to give a middle finger to everybody that says he’s horrible. I could definitely see Powell being hawkish. That’s what bothers me.

[00:21:03]:
I can see that happening. And I’m wondering, did his speech leak today? This is the last thought of my mind tonight. I’m gonna go to bed. Will be this, right? Who got a who at Goldman or who at JP Morgan or other slime ball firm? Who got the advanced copy of PAL speech, Right? So again, I hope I’m wrong because I’m not. Friday’s not going to be a good day either. And I don’t want that for obvious reasons. But again, we’re just nowhere near any kind of euphoria that you see at significant market tops. And I wrote this up.

This Morning. It’s kind of crazy. It really is crazy that currently the AAII investor sentiment survey has only 29.9% bulls and 46.2% bears. Does that sound like a top to you? That sound like euphoria to you? Sound like froth to you? No, because anywhere near it. Look, once this reading gets over 75%, bulls again, right now we’re 29.9%. When this reading gets over 75%, meaning extreme greed, right. Then. Then we’ll know it’s time to take some money off the table.

There. There are several other indicators that we look at. You know, one of the big ones, of course, is the percent of stocks above the 50 and 200 day. And again, just there’s like in the 50 to 60% range again, until this. That’s 85%, you know. You know, you’re nowhere near an important kind of a peak. So what we do on days like this is we grin and Barrett, we have no other choice. It’s happening.

[00:22:34]:
There’s no way, by the way, there’s no way. Trading positions. I have no problem selling. Right? That, that’s a leverage etf. Those are trading positions. But when it comes to our core holdings, like a Tesla again, Tesla today was down big. What was the funnel? I mean, yeah, Tesla today. What is wrong with my screen here? That’s.

Apologies here. Trying to refresh the screen. Well, look, Tesla, Nvidia are core holdings again. Bitcoin is a core holding here. There’s just no way we’re going to take. Take money out of those in a situation like this. So what we’re going to do is we’re going to wait and get on a monthly basis. We, we do monthly dollar cost averaging into our, into our.

What we call our ten baggers. And that’s. This is. They’re, of course, both one of them. And there’s just no way we’re going to sell now. That’s just not even in the realm of possibility. We are probably in. If I had to guess, I would say, and I’ve said this before, I think people think that I’m making this up.

[00:23:47]:
I kind of think we’re still in any one. We’re one or two. That’s how early this bull market is. That’s how much longer this bull market has to run. Maybe it’s. Maybe it is, maybe it’s the second inning, but that’s how early we are. And. And that’s why we just have to grin and bear days like this.

All right, you have no choice. We also learned over the weekend Stan Druckenmiller has gone long small cast, but not in the way you think he would. Stan Druckenmiller of course is legendary long term investor. I think he’s averaged 28 a year in his, over his career which is pretty extraordinary. He didn’t go long by buying a normal like you know, IWM, you know, the ETF right for small caps. Russ2000 he didn’t even buy TNA which is the three time leverage small cap ETF. What’d he do? He bought calls. He bought IWM calls.

Long term. Long term calls. That my friends is a bullish call. That is an aggressive call. It’s far more aggressive than buying the three time leveraged etf. Again tna. Far more. That makes it makes this invest it makes it a TNA look conservative compared to buying IWM calls.

[00:25:01]:
That’s a big call and I happen to agree with them. You know again we’re long a number of small caps here and we also net that leverage ETF as well. But again if, if Powell, if Powell is hawkish on Friday, it’s not gonna be a good thing for small caps either. I just can’t see that. I can’t believe that’d be the case. But I think, I think his piece leak today because nothing else today made sense as everything acted today like somebody got an advanced copy of a speech. That’s the way the market acted today. The VIX today by the way was only up 4%.

Not a big deal. It’s still a very low level, 15.57. As Tyler pointed out again the 10 year yield dropped today. So that’s not what you would think would happen. Although these, these, these, these government bonds don’t just usually trade the way you think that they would, you know. But the 10 year right now is at a 4 point, just over a 4.3% but it was, it was, the yield was down slightly on the day. All right again as I said a minute ago, the internals today were very good. Let’s take a look at that.

And they were very good. Breath for advanced decline for NYC was positive. Now Dow was up slightly but again normally on a day like this where NASDAQ is leading lower, you don’t wind up getting these kind of readings but they were fine. Nasdaq, excuse me, NYSE advanced climb was positive by more than 200 issues. Nasdaq was negative right at just, just very close to 2 to 1 negative on Vance decline volume today. Again not bad here at all. NYSE was down volume of 53% down volume of 59 for NASDAQ. And we had 61 more stocks hitting a 52 week high then hitting a 52 low, came in at 181 to 120.

[00:26:46]:
So again these are not the internals of a market in trouble. Put call ratio by the way was interesting too. Open at 0.91, close at a 0.90. Again this is outside of what happened in tech today. This was kind of a typical August day. And that could be the other explanation as to why we had the carnage today in tech. Because if one second here now I’ve got two screens that are down that, that could be the other. It’s, it is an August day and that could be the other explanation here.

People are on vacation. All it takes is a little bit of selling pressure and it gets, you know, it’s a big moves can take place on small volume. But again not much happening in the put call ratio whatsoever. And take a look at the commodities here of sector watch first the sector was fine too. We had, we actually had more sectors finished up than down. Again strange day. We had, what is this, seven sectors finished higher, four finished lower to the upside. Real estate of 1.8%.

Utilities up 1%. Consumer staples of 1%. To the downside again tech led the way. A little bit of tech wreck today. Technology Tech index down 1.8%. Communication services essentially tech also today down 1.2%. And our commodity watch today, one more time, it’s, it’s like pal speech leaked. Gold today after being higher overnight again when the tech wreck started today.

[00:28:24]:
Gold now finished down 19. Now it’s not a huge move but, but the gold miners were down more than 2% today. Again that’s what you don’t want to see today. Gold down a half percent. Last trade 33.58. Silver today down a big 1.8% at 3733. Copper today down 1% at 442 a pound. Crude oil today also down one and a half 1.2% at 61.98.

And again on, on cryptocurrencies. And I gotta say this because, and I, I, I don’t want this to be interpreted the wrong way because I’m not, I’ve had a lot of people over the last two weeks that have been asking me about Ethereum, like why don’t we own it, why aren’t we buying it? And in my history with cryptocurrencies when I start getting these questions about anything other than bitcoin. When random people, and by random, I mean people I don’t talk to on a daily basis, okay? When. When people I don’t normally hear from or don’t normally ask me an investing question, when they reach out to me and say, what about this cryptocurrency and it’s not bitcoin, right? Then my first inclination, because it’s happened so many times, is, okay, bitcoin’s in trouble. They’re all in trouble. Because there is no. There is no cryptocurrency but bitcoin. Look, unless you work in the space and you really understand it, and I don’t.

I understand this entire space well enough to know that I want to own the granddaddy of them all. One on bitcoin. That’s it. That’s it. I have no interest in any others. We tried trading them and then got dumped on. And it’s like, again, unless you really. Unless you really, really know the industry well and the players and how they interact with each other and, And, and, and so many things.

[00:30:15]:
Because a lot of these are scams, right? Or they’re controlled by the insiders and they don’t care about, you know, their investors. But what makes bitcoin unique, it was always made bitcoin unique, is that there’s only going to be 21 million. 21 billion, mind. That’s it. Nevermore. That, to me, is a pure model, which is why we’re. We’re bitcoin purists. It’s all we have an interest in.

But again, that’s. We first bought Bitcoin in 2017 at 600. Tyler and I did. And so, you know, that’s been. What is it, eight years? Feels like longer. This is what we’ve come to discover. Tyler May. Tyler.

I think Tyler has interest in other cryptocurrencies besides. But as far as VRA is concerned, we are bitcoin only. But the point being, when I started getting. And I got a lot of questions starting about two weeks ago, a lot of people, A lot of people, they started asking me about, why don’t we own Ether? Why don’t we own Ethereum? Again, my first reaction was, okay, we have a problem in the land of crypto, because every time that’s happened in the past, it’s meant a top is coming. That’s just. It’s just the. It’s just the. The personality of really any investment.

[00:31:30]:
You know, when people start asking about. When one group gets so hot, people start drilling down and trying to find the next and next and next. That’s. That’s typically a sign of a top, at least short term. I think it’s not more than that. But again, bitcoin today down at just more than two and a half percent. 113, 500 and. And Ethereum now down almost 5% of the day, down 10% over the last five days.

So anyway, I, I have nothing against ethereum. It may be the best things in sliced bread. It may be better than bitcoin. I, I’m not making a judgment here. I’m just telling you this is what our official approach is. This is what we are. We only own bitcoin, Will only ever own bitcoin. I can’t see us buying anything else because why would you? I mean, if we’re going to.

If bitcoin is going to a million by 2032. And that’s. That’s really. That’s kind of. That’s our time frame. All right, that’s seven years from now, folks. Seven years to make essentially 10 times your money. That’s good enough for me.

[00:32:29]:
Right? That is good enough for me because I can sleep at night to worry about something happening, you know? You know, especially with unlimited mining, unlimited number of. Of coins out. And that’s what, that’s what ether is. All right, folks, that’s it for the day. Hey, we’ll get an answer to our questions here in a couple days from Mr. Powell. And let’s all hope I’m wrong, because if not, Friday’s not gonna be a good day. And I.

And again, I do think I’m wrong. All right, folks, thanks for putting up with me today. Sorry for the wandering conversation, but again, I don’t like these kind of days. Have a great night, everybody. We’ll see you back here again tomorrow after the close.