Welcome to the VRA Investing Podcast! In this episode, host Kip Herriage dives into the impressive performance of the markets coming out of October and shares why November is historically the best month for the S&P 500. Kip breaks down the key trends driving the current bull market, including record-high price action across major indices, the huge generational wealth transfer to millennials, and the underlying strength of the U.S. housing sector.

Kip Herriage [00:00:00]:
Don’t look back. The market is closed. Good Monday afternoon everyone. Kip Herriage here with the daily viewer investing podcast. Hope you had a good day today. Hope your weekend was fantastic as well. Listen, we came out of a fantastic October. We’ll cover that more in just a moment.

[00:00:22]:
Good day. Really today, if you look at the key parts of this market, which are of course the semis, Semis today finished up 9, 10 of a percent. Nasdaq finished up 109 points or 5, 10 of a percent. We did get 226 points of loss in Dow Jones. That’s only 4/10 of a percent. But still, you hate seeing numbers like that. At one point the Dow was down over 400 points today and that was again this. We’re talking about 30 members of the Dow.

So all it takes is a couple to be down, which is what happened today and the index gets thrown for a loss there. But November is a great month. I’ll give you all those details. This is the best month of the year for the SPF 100 going back 50 years. Big win rate here. A high probability month will be higher. Got some good data for you as well from the always excellent Ryan Dietrich about what just happened here, which is for the fourth time in history, all six months of the sell in May and go away time frame. So May on six months, all six months were green for the SP 500.

That’s happened again four times. When it’s happened in the past. November has always been higher. Never once has it been lower with an average move of better than 5%. There’s a lot of compelling data. Let me just give you this one too. The average win rate for the S500 for, for, for the, for, for November is 73% with an average gain of better than 2%. Again, it makes it the number one month of the year.

But we have had a hell of a run, have we not? October was great again, crash month. A lot of negativity, seasonality going into October. I think everybody thought we were going to have at least a stretch right where the market got hit. We had a lot of volatility. We had one day where that happened. Really. Now the eternals weren’t great to end the month, but at the end of the day it’s price action that matters. The price action is more important than anything else, including the internals.

[00:02:11]:
These are all signals, if you will. But price action is the only thing that really matters at the end of the day. It’s the only thing you remember when you look back on it and go, did it go up or to get it go down? Right. Did you have up month or down month? And so what was interesting about this month is that for the month of October, all four, this is very rare, all four of the major indexes, SVF 100, Dow Jones, NASDAQ 100 and Russ 2000, all four closed at monthly all time highs. That does not happen often. And again, this is a sign of broad strength in the market. I would tell everybody that out there was squawking about this Hindenburg omen, which is essentially bad market internals. And the fact that though we didn’t finish strong as far as internals are, yes, there are a few stocks that are leading right now.

But I would just remind everybody that none of that matters. It just doesn’t matter at the end of the day if we’re going high, if the markets are going higher. That’s what you look at. And they seem as I, I put this out on Twitter over the weekend. I’m seeing a lot, I don’t know if you’re on social media or not. I’m on it pretty much all the time. There’s so much great research you can do on social media and I’ve got, you know, probably 20 key people that I like to follow. And you know, it just, it just, it iron shop.

Iron sharpens iron. You know, it keeps me, keeps me knowledgeable about what the smartest people that I know are saying and what I’m seeing right now. And this is really, throughout my, my X account is a lot of negativity, A lot of people that are saying this is, this market is a bubble and again, focused on the internals and this thing they call the Hindenburg omen, which sounds so, so horrible and so bearish, doesn’t it? And it’s just really not at the end of the day, it’s, it’s, it’s, it’s right like 55% of the time, but seeing a lot of negativity, a lot of people that seem to be pleading and begging for the market to go lower just as we’re entering the best month of the year, just as we’re entering the best six months of the year. And again, this is a compressed schedule here now to year end. It’s superbly bullish, right? And I think one of the big points that people are missing is that the Trump administration, Trump bessant, all his key people, if you’ve noticed, they’re pulling out all the stops. They want this economy and the Stock market melting up. And why would they. That’s Trump anyway.

That’s what he always wants. But why would they be, why would they be really focused on this now? Because they understand the importance of midterms next year. And they understand that, you know, again, people vote with their wallet and if they can get, keep this economy and market ramping up into the midterms next year, I think Republicans, even though it’s an off year, I think Republicans have a chance to do very well, certainly to hold their gains and keep the House and the Senate and hopefully add some seats. I think in a sane world, that’s what happened. The big question for me is can they fix this rigged voting system? Obviously it’s too rigged to fix in short periods of time, but can they at least make a dent in it? Right. I think that’s a real key, and we know that’s what the administration is working on. But at the end of the day, our three big catalysts remain. And folks, this is, I know this is broken record stuff, but we got a lot, not a lot of new people joining us all the time.

Great to have you with us. We’ve had a lot of VRE members just join us over the last week or two. Great to have you here as well. Thanks for listening to our podcast. Really appreciate it. Love the feedback. Keep it coming. Good, bad, indifferent, whatever, send it over.

[00:05:45]:
It’ll. It means a lot to us, the fact that you just take the time to send us an email or, you know, communicate with me on X or just the fact that you’re listening means, means more than you know. But the three big catalysts, and this has been in cake in place now since October 2022. You know, we wrote the Big Bribe and we made our bear market bottom call in October 13, 2022. That was the day the market bottomed and we made a big call that day and it turned out to be right. But our three big catalysts this entire time have been the Trump economic miracle, the innovation revolution, and the absolute ocean of liquidity that exists both in the US and abroad. And we have some others as well, like the Millennial Generation. We put that in the Big Bribe as one of our chapters.

You know, it’s one of our five megatrends, right in the Big Bribe. And Tyler and I were doing our research and like the this kept popping up, the Millennial Generation and the amount of money they have. And we’re like, we have not heard this, we’ve not heard that. And again, this is from three, four years ago. You know, we took about a year to research and write the book. Then it was reported that there were $70 trillion that the millennial generation was going to be inheriting. 70 from baby boomers to millennials. $70 trillion, folks.

That number now because of stock market gains, because we wealth has accumulated and real estate, again, home prices continue. Also, that number has grown now from 70 trillion. Do I’ve seen as high as 90 trillion? We’re now using 85 as an official number. I think that, I think that I feel very confident about that. But I’ve seen multiple reports of that. Total now is $90 trillion. And here’s the significance of that. Millennial generation is now the largest segment of the population.

Right. 72 million strong. Right again, they’re inheriting, we’ll call it $85 trillion. What else about the millennials are important? Well, they’re incredibly smart. I know this. That generation has gotten a bad rap in my, in my opinion, by big time, by the way. I think, I think, I think we’ve been fed a bunch of lies about millennials this entire time because they’re smart, they’re entrepreneurial, they love equities, they love housing, and, and they love cryptocurrencies. Where do you think they’re going to invest that $85 trillion? Is it again, that inheritance process has already started.

[00:08:09]:
Where do you think they can invest it? Are they going to invest it in a money market account you can put in a cd? They’re going to let it sit in the bank and be inflated away? We all know that’s not going to happen. This is where the support for this market is coming from. And again, this is barely being discussed in the financial mainstream, which is why it’s so frustrating for me to watch it, because we know we have these hard truths in the book the Big Bribe, we put evidence there, right? We shared exactly what we were learning from, you know, actual hard data. And. But the media is not covering this. And that’s incredibly frustrating for me because that means the average person does not know these things. And again, for our new folks, what else does the average person not know? That the housing market, which, by the way, Scott Bessant has some very interesting comments on this week, and I’ll talk about that in just a moment. But the housing market could hardly be stronger.

Now, listen, these rates are killing Second America. They’re absolutely affecting the housing market. Besson said this weekend that the housing market may already be in a recession. Obviously, that definition of recession is a little different than what we’re talking about, I’m talking about the structural strength of the housing market. And here it is. 40% of Americans have paid off their homes. They have no mortgage. That’s obviously an all time high.

Average home equity in the United States is 70% all time high. Are you hearing this in the media? Because I’m not, right? Not hearing about the millennials, the amount of money they have and that they’re inheriting. I’m not hearing about the strength of the housing market and my credit scores all time high. I mean, these are things that aren’t being talked about. And that’s the structural component that we’re talking about for the economy and for the markets. And again, millennials love investing, love starting businesses. I also think, you know, we’re getting the data we’ve gotten from the bls. We, we now know has been pretty much garbage.

Right? Number one, it’s always late. They don’t know how to accumulate it. It takes months to get it. By the time they get it, it’s dated. But I think there’s something else going on. We have now an era of entrepreneurialism. I don’t think that’s a bold statement, but what I do think is happening here is that the BLS has no way to measure and monitor that. So when they report weakness in the labor market, they have no clue if someone’s not looking for a job or fewer jobs are being created.

[00:10:39]:
Maybe that’s because people don’t want them or need them anymore. They’ve got their own hustle, they’ve got their own business, and they’ve just not started reporting it. Maybe, maybe they don’t plan to ever report it. Right. They see the talk that, that Trump and Besson and team have and the whole, pretty much the whole administration on the financial end have questioned the integrity and maybe even necessity of the irs. I’m sorry, but that’s code for don’t pay taxes. That’s code for maybe you shouldn’t or maybe it’s okay not to. Because they start talking and multiple members of the administration have said, hey, if you make a couple hundred thousand dollars or less, you may not have to pay taxes going forward.

That’s code for don’t pay taxes. All right, I’m sorry, but the entrepreneur in America hears that and says, if I start a business and I’m reporting less than a couple hundred thousand dollars, you’re telling me the IRS isn’t going to come after me? I’m just saying my, my primary takeaway here is not, not not don’t pay taxes. All right? That’s completely up to you whether you do or not. My takeaway is that they’re, they’re not able to track what people are actually doing. And this economy is much, much stronger from that point of view, again from a labor point of view than we’re being told. I really think that history will tell us that what I’ve just said is exactly right. Again, Bessant this weekend saying that it’s entirely possible the housing market’s in recession and he’s talking about rates again. The 10 year yield now is 4.1% right now listen, it was 3.8 something percent what three weeks ago.

[00:12:18]:
All right, so it has risen. If you know our long term forecast on interest rates is not lower but sharply lower. So in the short term it looks like we’re wrong. Although remember we called the, the top at 4.8% and that’s been exactly the right call. But the, we’re talking about the primary trend. You have the primary trend and the, and, and the counter trend move. The primary trend in rates is lower. The counter trend move right now is, is higher.

And that’s what Besson’s talking about. The second America is getting killed. The housing market is being severely impacted by what’s happening with rates. And that’s why Besant saying the Federal Reserve is making a big mistake here. They shouldn’t even be talking about pausing in December. They should have just cut by 50 or 100 basis points at the last meeting. And again, if you remember, that’s when the market started getting, the internals started to weaken. Right.

And we had a couple bad days certainly on the same day that Powell gave his, his, his presser when he said we may not cut in December. Don’t. It’s not a foregone conclusion. You know that, that scripted line that he used. Oh my God, he’s such a bad actor. You know, he, he said the line and then he looked up around the room like did, did you get that? Do you get that? Do you understand the importance of that? Hey, I just made a big point. Did you get is it is nauseating frankly that this guy is running the Federal Reserve and May can’t get here soon enough. And, but again the markets are a discounting mechanism and this is I think the primary takeaway.

The markets are discounting mechanism and you discount out. Discount out to six months. I’ve seen even discounting out to nine months. Well next May is basically six months away. Powell will be gone then and I’m telling you that rates are going sharply lower. The housing market will be in phenomenal shape and we’re looking to increase. We have an investment in the housing market now. We own a leveraged ETF in housing.

It’s done horribly. Let me just back up a little bit. I hate to be completely handed. Earlier this year we had a six week trade in this exact investment where we made 59% in six weeks. Now currently I’ll just, you know what, now I’m curious. I gotta say we are, If I don’t, if I don’t do this math right now, it’ll, it’ll drive me crazy the rest of the day. We are currently foreign. We’re currently down 20%.

So again, we’re up a net 39 in housing this year. How about that? That’s, that’s, that’s the better way. That sounds like the better way to, to talk about it to me. But again in our, in our new position in this, we are down and you know all that, the chart looks fine. You know, we’ve got support the 200 day moving average. No, no structural concerns there. And yeah, this may be a position that we look to add to. I know I’ve had a lot of questions about that.

We’re not doing it quite yet. And again, I think the reason again is rates. Right, that’s the, and think again, thanks to Jay Powell for that nonsense. It just didn’t need to happen. But again, these are counter trend moves. That’s the most important thing to remember, right? Because rates are going sharply lower certainly when next May comes around and Trump’s got his Federal Reserve chairman in place along with you know, several of the Fed members that he’s now appointed personally and I’m sure there will be others along the way too. I think you’ll see going to see some retirements in this Federal Reserve including the bank fraud, one that has yet to, yet to resign. But again, our primary theme remains intact.

[00:15:50]:
Corporate earnings are soaring. You may have seen this. You know, 85% of companies are beating on earnings. That’s one of the strongest in about six years. We, this will now make in third quarter. This will make four straight quarters that earnings have grown more than 10%. Incredibly strong earnings growth is accelerating. We see it certainly in the tech stocks, don’t we? As I shared this morning in our letter.

Let me give you the exact reading here. Tech stocks are, are the estimate. You know what, I, I do not see this here now and I know it’s here because I just wrote it this morning. Well, here’s the bottom line. Tech stocks are growing earnings by about 27, 28%. Just a week ago, the estimate was like 22%. So these tech earnings are really coming in. That’s driving everything.

Just like the semis and NASDAQ lead the market, tech earnings lead the market as well. But it’s been a very good quarter. Again, we’re sticking by our view that third quarter earnings will come in better than 13% growth. And we’re also sticking by our view that US GDP gross domestic product will surpass 5% by mid-2026. Still think there’s a chance to happen by year end. It should be a lot, a lot easier if rates were lower. But earnings drive everything. That’s the key takeaway here.

And earnings are certainly matter of fact. They look to be going parabolic here. Surprise, surprise, with Trump at the helmet again, he’s motivated to do it because of the midterms next year. You can see that’s what’s really driving, especially because these elections tomorrow in New York and New Jersey may not go well, you know, if you, if you believe the polls. They may not go well if you’re, if you’re a Republican. And again, my view on this has always been, you know, as far as Mandani goes in New York City for, for mayor, my view from the very beginning is like, look, I don’t. I don’t believe these Republicans at all. You see them in interviews.

They’re talking about the calamity. Oh, my God, it’ll be horrible if Mandani becomes mayor of New York City. And I know they’re lying. I know they’re lying. They want this. They’re praying every night on hands and knees, please let him win, because he will then be the face of the midterms. Every Republican and every red state and every blue state will be saying, look what just happened in New York City. If you vote for a Democrat for any office, that’s what you’re inviting to have happen in your state.

So they are, trust me, I tell you, they are. They are. They are praying to dear God every night, Let Mom Donnie win. Because that’s going to be. That’s going to be horrible for Democrats going forward. New York City may be a little screwed up, maybe a lot screwed up, but most blue states haven’t gone quite that off the rails. Right. All right, what else here? Yeah.

By the way, just to throw this out there, are we overbought? Have we had Ella run? Yes, we have SBF 100 now. Is 13 above the 200 day moving average. That’s extended. That rubber band has stretched, no doubt about it. But again, this is a generational bull market. We think that next year, as good as this year is going to be and as we think, as well as it’s going to close into year end again, we’re on record predicting that we’ll see 30 to 50% gains next year. 30% S500, maybe 50% in NASDAQ next year when everything starts clicking from the one big beautiful bill and everything else. That again, $17 trillion in commitments to be invested in the US from, from outside the country.

Pretty, pretty remarkable. And again, manufacturing is really going to take off next year. We’re going to see the, that’s that all that groundwork is being laid now. These facilities are being built now. Well, guess what? Next year they turn into revenue and they turn into earnings. That’s when that starts. And that’s just not in this market. It’s not built in.

[00:19:50]:
No way, shape or form is it built into where this market is now. All right, what else? I’ll just mention this case. I forget talking about cryptocurrencies. Had a lot of questions about what’s going on with bitcoin. And as you know, we’ve recommended a new crypto if you’re with us here at the VRA. If you’re not, come join us@vrainsider.com again vrainsider.com you get two free weeks. But a couple weeks ago we recommended, our new crypto is only the second crypto we’ve ever recommended. Before this, bitcoin was our only one.

We recommended Bitcoin in 2017. We’ve had two trades with net profits of over the last eight years of 2280% in Bitcoin. Yes, that means a ten thousand dollar investment turned into more than two hundred twenty thousand dollars. Simply following our recommendations with bitcoin. But we’ve held off on recommending another one because we just couldn’t find anything we like more than bitcoin. So you know, we like staying with the, with, with the, with the daddy of the group. Right, and that’s been bitcoin. Well, there’s another one now that we like a lot and at some point, you know, maybe we’ll start talking about on the podcast.

It probably at some point you will. I think this is a story that everybody needs to know. This is the most, this is the most unique cryptocurrency that I’ve seen and we’ve looked at a Lot of them. This has utility. Matter of fact, it has a lot of utility. It’s got proprietary stuff and it’s got the same open source structural advantages of Bitcoin. Meaning 21 million supply cap for your having schedule. Matter of fact, there’s a having coming up pretty soon.

There’s a lot of catalysts behind this. So I’m sure maybe at some point later this week we’ll talk about it. As you can tell, I want, I want to talk about it a lot now because I believe it’s just, it’s a crypto that everybody should start taking a stake in. You know, I’m big believer that you find something that’s interesting, buy it. Don’t put a lot into it, but buy it. Buy, buy a small position even. It’s just a hundred thousand. A hundred or not a hundred thousand, a hundred or a thousand dollars, whatever.

Small for you. Buy a small stake in it. You know why? Now your wallet’s in it, your heart’s in it. You have to look at it today because it’s in your portfolio and now you’re interested. Now all of a sudden the universe is working its magic and you’re starting to see articles out of nowhere. Hey, look at that. I just bought a small piece of that. Look at this in the news now.

This is the way it works, folks. This is the way the universe sends you little blessings if you believe in that kind of stuff. And I completely do. Seen it happen way too many thousands of times in my life. But this is the approach that I use, buying a small piece of something because then I’m interested. Hey, look, if it doesn’t work out, sell it. You know, who cares? You lose a couple of bucks on something, but again, it gets you interested. Your wallet’s in it, your heart’s in it.

And I think there’s a lot of truth to that. So I’m sure at some point soon we’ll be talking about it here. It’s also great document. Now I really want to tell you the name because it’s a phenomenal documentary I share with all our, our members this morning. Again, join us if you’re insider.com and you can check it out. Two free weeks, no risk at all. All right, what else here? I’ll just mention this, then we’ll move to the internals. Small caps, okay, they were down today, but just down 3/10 of a percent.

[00:22:58]:
But this group’s ready to go. Small caps did nothing for four years. Nothing. They just range bound every time that. Look, they Were going, they’ve had a couple of big moves, but then they revert back to form and they go back to the lower range. Well, now they’ve broken out, all right, they’ve broken out from a four year period. I think you have to call it just a massive consolidation, maybe even a coiled spring if you want to. That’s really frankly more Tesla than this.

But I think small caps are ready to go, seasonally speaking, it’s a great time of year to own them. Most people would tell you it’d be later in November before you buy them. But I think that the smart money is moving faster than ever. And I think you have to start anticipating what the smart money is going to do. And I think that means you own small caps. Now. We’re well positioned there. And this, this fact will tell you a lot.

[00:23:45]:
Over the last three and a half years, the SB500 again with all this topsy turvy action, it’s still up a net 70, actually like 75% over that same time frame. Small caps are up a whole 6%. But again, that breakout, okay, the breakout of this computer, complete resistance that it hit twice, took place only in what is this, September. So the breakouts only beginning with like small caps here. I know that makes a lot of you happy because we know that when small caps move, they tend to really, really move very, very compressed action to the upside. Finally, because we talk about it all the time, it’s only our favorite stock, so I can’t speak for Tyler, I, I know it’s one of his favorites. Tesla. Yeah.

Welcome to the best month of the year. This November has a 73% win rate for Tesla, an average gain of 11.7%. It was up nicely today. Again, it’s breaking out here, folks. I also shared a chart this morning which is fascinating. Going back to 2011, Tesla’s had these periods of consolidation followed by massive breakouts. And if you look at a 15 year chart, I’d recommend doing it on a monthly basis so it’s, it’s more clear to see the ranges. Right? But from 2011 to 2014, really 2013 and a half, Tesla consolidated.

[00:25:02]:
And then over the next year when it broke out, it was up 520%. Same thing happened from 2014 to 2019. Period of consolidation, range bound did nothing. Coil spring action, right. Well over the next two years it was up 1,700%. Now what’s happened? Well, over the last five years, 2020 to now, consolidation, range bound, again, coiled spring actions. What I prefer to think of it as. And yeah, this breakout’s happening now and I think, I think we’re going to see, who knows, is it going to be 520% breakout, like 2010 to 2013 is going to be 1700%, like 2014 to 2019.

I would say it’s going to be much closer to that upper end because this is the beginning of Tesla being a much different company. Robotic, obviously, autonomous vehicles and now their own chips. I mean this is, this, this new chip that Elon Musk has been talking about apparently is blowing people away. People are saying it may give Nvidia a run for its money again. The great thing about owning Tesla is you don’t own one company. Now if you mentioned notice, I haven’t even mentioned EVs yet. Now you’ve got the roaster coming out which is going to be really cool. This is, the car apparently is going to fly.

You know that definition may be a stretch a little bit, but the, the patents behind it are very interesting. We’ll talk about that more later. And they’ve got new models coming out. I mean again, I’m just saying we’re not even talking about the EV side. We’re talking about robotics, we’re talking about autonomous driving and we’re talking about true Tesla AI and this new chip. The great thing about owning Tesla is, you know, you own a company that owns about 10 companies inside of it. You know, it’s got, it’s got all these startups inside of it that they started from scratch. It is just fascinating.

And of course you’d expect nothing less from the great Elon Musk. All right, let’s take a look under the hood today yet. Not, not really a lot to look at here. Matter of fact, NYSE, NASDAQ both had one and a half to one negative advanced decline. Volume today for NYC was minus down 54%. Volume volume for NASDAQ was positive 51 today. We also had today about 70 more stocks hitting a 52 week low then a 52 week high. But again with the move that we had, you know, this really is kind of, I’d call it chump change.

[00:27:26]:
We don’t want to see a pattern of it continuing. Okay. And I don’t think we’re going to, but again, maybe a little bit of a cooling off period. I think, I think more than anything we’re going to see this market go back to a rotational market. This is the big, the biggest and best bull markets never had the big downturns. One group might be lower, one sector Maybe three sectors might be lower but these other sectors now start to play catch up. So the money doesn’t leave the market. It just leaves a sector and gravitates to another.

That is a sign of a very, very strong bull market. I think that’s what we’re going to see here in our sector watch today. Not great. We had four sectors higher, six lower, but no damage done anywhere. The biggest loser days. Materials down a half percent. Biggest winner and this is what you want to see. Consumer discretionary up 1.7% today.

But again the predominant of sectors were. Predominant sectors were lower on the day. And a commodity watch today. Interesting because you know gold was up 17 bucks today to 40. Thirteen I think. Four thousand. That new, that new base. Remember, remember the way up when gold at 4,000 it’s already gone parabolic and everybody’s saying once it hits 4,000, look out because gold tends to stall at new big numbers.

4,000, what did it do? Right through 4,000 goes to 40, almost 4, 500. And now it’s pulled back again. Resistance now becomes support. I think that’s where you get a matter of fact high probability call here. That is what’s happening with gold here. But the miners today were down. The GDX, the gold miner ETF finished. Let’s see where it finished today.

Finished down 1.3%. Love that group here. Pull back the 50 day now. It’s hitting heavily oversold levels. Look at the miners, folks, especially these junior miners. That was a big. I’m gonna write this up tomorrow morning. There was a major acquisition announced today.

[00:29:11]:
I guess it’s pronounced cuver. Was announced they’re buying new gold. A Canadian gold miner and a seven billion dollar transaction. These are starting to become more and more frequent. And if you know our position, the junior miners, you know, you know there’s one we care for a lot. And by the way, they announced today that they’re going to. They’ve already been given conditional approval to move up to the Toronto Stock Exchange. And as I found out from the CEO today, next year it’ll be either NASDAQ or nyse.

And if you’re with us, you know which Canadian gold miner that I’m talking about. And yeah, all good news. And again, these junior miners look fantastic on this pullback. Could not recommend them any more than we are right now. What else today in the commodity watch? Silver today down a half percent. 47.90 copper flat on the day. 505 a pound. Crude oil today flat at 6102 and finally the day Bitcoin again.

Bitcoin. This is the story of Bitcoin. Ethereum was apparently hacked. 100 million dollar hack for a part of Ethereum as a financial component of Ethereum. I don’t know the full story. I just saw it late this afternoon. But Ethereum’s down 7%. That’s had a dampening effect on the sector today.

Bitcoin last trade 106,500. Ethereum 3594. As many of you know, never been a huge fan of ether. I don’t. Because there’s no supply cap I cannot get excited about. That’s, that’s the whole reason to own Bitcoin. You know, I’m not doing it to be able to spend money in bitcoin. I want to go have dinner and pay for it with Bitcoin.

[00:30:55]:
No, people that invest in bitcoin are doing it for capital gains. They want to make money. They may tell you otherwise. And I’m sure there, there are people, right, that love it for what it stands for. But that ain’t most people. Most people are doing it because they’ve seen the gains that have taken place and they want their share of those. Well, with ether and no supply cap, I don’t get it. I see the downside, don’t see the upside.

And that’s just been, that’s been the way I felt about, I don’t know the whole story like Tyler does. He knows the ins and outs of it much better as far as the structure of it. The fact that it actually does have utility and uses. But again, from just a price appreciation point of view, doesn’t do much for me. Maybe from a, you know, maybe from again a utility case, maybe that’s completely different story. All right, folks, that’s it for the day. Hey, hope you had a great day, an even better night. We’ll see you back here again tomorrow after the close.