AI’s New Trillion Dollar Mission: Delete Middle Management

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Today's number $42 million dollars.

That's how much the MedGala raise for the costum Institute last week and new record. At this is a true story. As you know, I was invited to the MedGala and declined, but I was working on my costume and it came down to three finalists. The first was, I was going to go in my underpants

as a premature ejaculator and to say, I came in my underwear, are two, two, I figured with the second one, what's the fuck? Oh, God, Claire, help me out. What I don't understand, I don't understand why you don't pick one. Like, you should pick one joke on commit.

OK, Mr. Fuckin' Easter Parade Life of the Party. What a funny guy said, no one ever at Elson. Yeah, yeah, you might be tall, you might be handsome, you might be in northern Italy rich because you locked out at a young age. But no, you're not known as that that hoot and holler and Ed Elson.

Yeah, no, I'm sorry, Ed. I never claimed that. I own the humor part of this. Who on most Comic-Con and the ninth grade, Ed? Was it Ed Elson?

No, I don't think so. Who on Steve Martin and high school? That's right, Steve Martin. I have to give you some news. I, my senior's supportive in high school was class clown.

God, he's robbing. I'm not, I'm not the hooter and hooter. Are you serious? Yeah, I'm serious. I'm going to be speechless.

In your senior class, you were class clown. What happened? What happened to me? I know exactly. What happened? You, you, you, you, you ground me down.

Something happened. I mean, okay, for me, it's divorce. Vancouver, I've seen loss of my mother. The joy has been driven from my soul. What is your excuse?

Yeah, no, I don't have an excuse. You were really most comical. Your senior year in high school? Yeah, class clown.

“I don't know if it means most comical, but that's what I got.”

Wow, how was your, how was your journey trip? It's amazing. I've got a, every year I got a homberg. I speak at online marketing rock stars. It couldn't be nicer.

People are great. Again, see above beer and sausage. People are fun. They're so literal. You have to show ID to get into your hotel and I got picked up and some,

all these crazy German cars and people are friendly and beer. And did I mention the beer? Oh, God, I just love it there. And I go running around the lake wherever it is in Hamburg. They have this lake and I thought it was such a fucking baller.

Running seven miles and then someone remind me it's a little lake. And it's three miles. I thought it was seven miles and record time. So that's the only downside. Three miles is still pretty good.

I hate running. It is so boring. There is a high you get from running though. Yeah, I know, I, I need to, you clearly need to just keep on doing it and then achieve that high. And then you're good.

I, I, I've, I've never experienced it.

I try to like it and I, I just can't do it. How tall are you at? 6, 3. 6, 3 and how much do you weigh? 185.

I'm also exactly the same height and weight. That's good. That's good. The dog's in shape. So I'm, I'm happy to hear that.

“Yeah, and what do you do how, how often do you work out every morning?”

I try to. What is your program? Wait, and then try to run once a week. That's funny because you're not that muscular. I know, I'm the same problem as you.

When I see with your shirt off, it's kind of a little, little pasty little soft. You kind of look like the Princeton version of that alien from close encounters of the third kind. Most comical in high school. That was good.

Should we get to the news? I can't do any better than that. Let's do it. That's pretty good. Let's start by the way. I just know that we are three weeks out from the Profty markets tour, which is kicking off with a

and we are finishing things off in New York City with special guests at the Niscaramucci, the Mooch,

the man, the myth, the legend.

“So if you want to come see him, ANSI Scot and see me go visit ProftyMarketsTour.com to get your tickets.”

Now, I personally can't wait more guests to come, but the Mooch, I mean, no better guest for New York. That is ideal. Yeah, so we're working on a really great guest in Los Angeles. There rhymes with (beep)

but I don't want to tease it until it's confirmed. And also, by the time this show air is New York will be sold out, I think, in New York only, we have like a 1200-seat auto tour I'm there and I think it will like 40 tickets left. So folks, we will sell out, so please buy your tickets now and it's really shaping up nicely. We got some really good, some good and controversial guests, some super excited.

It's gonna be very fun. Let's get into all stories, we've got a lot to talk about. The conversation around AI and jobs is evolving. It's no longer just about AI replacing individual workers, more companies are starting to suggest that it could eliminate layers of management as well.

Coinbase CEO Brian Armstrong announced plans to cut roughly 14% of staff last week, citing both market volatility and the speed at which AI is reshaping the business. PayPal made a similar move saying it plans to reduce its workforce. By 20% over the next two to three years because of AI. And perhaps the clearest expression of this new thinking came from Jack Dorsey,

who said, "Most companies using AI today are giving everyone a co-pilot, which makes the existing structure work slightly better without changing it. We're after something different, a company built as an intelligence with no need for a permanent middle management layer." So Scott, there's kind of a lot to this story here.

Obviously, we've got the layers. Coinbase laying off 14% of the staff at 700 employees. PayPal saying they're going to lay off a fifth. We've had other announcements of layoffs, fresh works laid off 11% of the staff block, which is Jack Dorsey's company, they laid off 40% of the staff that was 4,000 employees. They did that before we saw these layoffs.

“Now, there are questions over why are these layoffs actually happening?”

Is it AI washing? As we've discussed, is it actually the AI? Are they actually enabling the AI? But I think what is interesting is that we are now seeing a new thesis in the AI economy, which is that AI isn't just going to replace workers, but it's going to replace managers. That is what Brian Armstrong said in his letter, which we can get into,

two employees, he wants to cut out mental management. And that is exactly what Dorsey Jack Dorsey has described, too. Let's just listen to a short clip of Jack Dorsey explaining this. And then let's get your reactions. One measurement of how far along we are would be the depth from me to any other individual in the company.

And now we see our max depth right now is probably five, folks between me and anyone in the company. I would want to get that down to two to three this year. And in the most ideal case, there is no where everyone in the company reports to me. That is the vision with AI. No layers, no middle management.

Everything just goes directly to the CEO assisted and enabled by AI. Scott, what do you make of this trend? Do you think it's going to happen? Well, keep in mind, Jack Dorsey is the person who put out the following tweet. Bitcoin will save humanity. That's an actual tweet and he believes it.

He believed it. Look, we always have these fever dreams of flattening the organization.

And AI will flatten organizations. Is in my view executive speak for we think we can fire the people who are member of why this place works. Everyone on a regular basis romanticizes the leading middle management until they realize middle management was mostly absorbing the chaos from their fucking incompetent leadership.

“The only way in organization scales is if you have reporting relationships and metrics”

and cultural norms that are enforced by people with some maturity and seasoning. And I hate to tie this, folks. This is management. As a company grows and there's more and more layers. Is it a healthy thing to take out people? And in the 1980s, this started in the 1980s with a book called Reengineering. And basically, these guys wrote a book saying America, because of its monopoly power and manufacturing,

had grown just fat and happy and never went to the calling of the organization.

And they found out that they really didn't miss them and they juiced their earnings.

“My father basically got re-engineered out of work by the time he was 53 and kind of never recovered.”

And that created additional strain on our relationship and he never really found the

the confidence to apologize for banning me. Most comical in high school, dealing with the pain ed, dealing with the pain. I couldn't cry, so I made others laugh. And anyways, exactly. This, there's always a fever dream of flattening the organization. Now, there's something to the notion that everyone does their work. So let me just use property. I do work, you do work, even the

person who's considered who manages the company Catherine Dylan. She does a lot of actual work. And it makes her a better manager. I'm all for the player coach, but people who are growing their careers, especially young people need mentorship. They need reviews. They need feedback. People value compensation. At economic compensation is great. When I was in Morgan Stanley, I went in for my review once a year and it was a number. They didn't, they had no feedback.

“Not this is where you're good. This is where you need to improve. We're giving you 60% of your”

salary bonus. Let's go get, let's go get drinks. That was the feedback. And I find that thoughtful feedback and I've got better that's that's like got older when something someone does something especially stronger where I think they need to improve. I go memo to the file and then in the review, we talk about it. Young people, and not even young people, everyone really appreciates feedback. And the idea that when we review you and Claire and bring you in

and just have the AI review you and then decide your bonus, what horse shit? I mean, the funniest thing about this is this is billionaires describing this as empowerment while simultaneously installing surveillance software and demanding 24 by 7 output from the three remaining employees. A lot of companies going through this, my prediction, are about to discover that institutional

“memory was not inefficiency. It was the fucking company. So the connective tissue oftentimes is”

management. Does that mean there aren't cases of where it becomes fat, inefficient, and the management becomes actually at negative value. Yes, in my opinion, the greatest example of this hands down is academia. What you have in academia is is tenure faculty become unproductive about the time to get tenure and you can't fire them. Universities actually have to put millions of dollars aside in an escrow account because they acknowledge this person's about to like become very unproductive.

The problem is because we have been able to really effectively sequester supply or artificial

ly constrained supply, we've been able to raise tuition, fast and inflation, and universities have become so fat. MIT has 16 people working at MIT for everyone who actually teaches. But in the private sector, I mean this is there's a bit of a healthy cycle around going through and trying to flatten the organization, make sure everyone's doing their job, there's more transparency, there's less bureaucracy, there's more speed or reducing time to market, I get it. But somehow

the notion that AI, you're going to work for an AI and that it's going to reduce the management or leadership or guidance or mentoring or giving people their compensation, I just or solving problems in HR. So anyways, my point is this is yet again another example of these guys who overhired, who are looking for a way to reduce their valuation and thinking big thoughts about AI, can AI supplement management? I'm sure it can, but I actually think this is one place

where AI is not absolutely not going to live up to the height. So that's a really interesting point and I agree and we should recognize that the stock market hit another wreck in high lost week and the reason that it hit another wreck in high is because of AI, it's because of these chip stocks, which are absolutely ripping right now, AMD Samsung Intel, Micron, C gate,

sand disc, which as we've discussed has helped 4,000 percent in the past year. And you know,

you think about the supply chain going downstream, why do we need these chips and why don't need this memory infrastructure, we need it for the data centers, why don't need the data centers, to power the AI, why do we need the AI and it appears that increasingly among large tech companies, large, generally speaking, white color organizations, we're seeing that there is a goal in mind, which is for AI to replace management, to replace all-menish middle management, to get rid of

And I just want to go back to Brian Armstrong's lesser because he really articulated his vision.

“I think quite well and I think that it is indicative of where a lot of these CEOs are trying to”

take their businesses. So in terms of why he did it, what he's trying to achieve, he said, quote, we are not just reducing headcount and cutting costs with fundamentally changing how we operate, rebuilding Coinbase as an intelligence with humans around the edge, aligning it. So in other words, the whole thing is AI and the humans are just there to kind of like shepherd the AI into the right direction. He says we want fewer layers, faster decisions, no pure managers. AI native pods,

we will be concentrating around AI native talent who can manage fleets of agents to drive outsized impact. We will also have one person teams with engineers, designers and product managers all in one role. And this idea of the one person team is also a very popular right now. I've heard Daria Ahmeday talk about it. Sam Altman is talk about it. Sam Altman is very obsessed

with the idea of a one person billion dollar company. Can one person operate a billion dollar

startup? Is that possible? And the idea is that you'll have one person managing the agents who will do everything for you. The AI is going to simply transform the business. You're saying that's

“probably not going to happen. And I think I agree with you. The idea of you walk into your performance”

review, which is a big part of what it means to be an organization and be at a company and an AI shows up and evaluates you on all these different metrics. And you disagree with the AI for various reasons and you try to prompt it and either it vociferously agrees with you because it's just a psychophantic technology or it doesn't make any sense or it has the wrong data etc. That to me

is just never going to happen. But it seems to be increasingly the basis on which this entire stock market

is kind of rallying behind. And I'm just not sure it's it's going to work. I can get behind the idea of AI doing menial tasks. But the idea of managing people, the idea of an AI would be the core of a business and the humans are around it, which is becoming very popular. I'm just not, I'm just not sure about it. And I wonder if it does mean that we're seeing too much hype here. My last year before I saw the company at L2, I took someone into a conference room and I said

it's obvious to me you have a substance of problem. What's going on? And within 10 minutes I've found out this person who tried to take their life twice in the last three months. He's supposed to go to fucking Claude for that. I mean, and AI takes you to the average of everything that's been out there. You think any like, you think Claude's going to come up with breakthrough products that are just so fucking crazy. They end up being crazy genius. We're mammals. And the other thing

that's indicates is that these guys are so nihilist and so void of any real fucking emotion. I get the notion of wanting to be more profitable with fewer people. I'm in a services company. We're in a services company. The expenses go home in the elevator every night or go home to Brooklyn Park or leave their basement. Whatever it is, you guys do. I have no idea. I heard we have

an office in Brooklyn. I'm never coming. Anyway, I heard there's a cardboard cut out of me there.

Which makes me happy. We go to the cut-out for all reviews. Anyways, I get it. We're about to launch our eighth podcast and I've challenged the team. We're not going to have any incremental hires. Use AI and technology to figure out how we all become a productive and launch another podcast. Fine. I get it. But the notion, the fever dream of no one managing you in one person teams when I was in Hamburg as is always the case when I'm alone. I got upgraded to this beautiful

room with a deck and it was a spectacular sunset. I'm overlooking the lake and it's as if it didn't happen because no one is with me to share it. It just doesn't matter. There's nothing and the idea that you're going to find purpose and motivation and work without sharing it with the team. I mean, you're building something. You're building a business within a business with property markets and it's fun to build it with Claire. And if you were just in your

apartment in Brooklyn building a nice little business called property markets and you didn't have fans and you were going out of life tour and I wasn't giving you our time and you were in high five and Claire virtually and in person and getting together at all hands and at some point reviewing people and giving them their bonuses, it's like you've literally sucked the soul in the humanity around what it means to work. And that is all right. Yeah, we do it for economic prosperity. Sure,

“we do it to create shareholder value. But the whole I think the biggest part of the shooting”

match of work is you have the opportunity to build something with someone else. It all comes

and that things that fuse relationships are building things together. You have experiences together,

“you achieve things together, maybe you raise kids that aren't horrible together, you build a business.”

The most rewarding businesses I've had, hands down I have a core set of like technically co-founders and we build something together. So the idea, their fever dream of like I want they all want a singularity where one of them controls everything and gets 100% of all revenue and all profits by distilling all economic value to no human but them. They're the one. And there is a certain nihilism in it all. And that is, there is something to be said of and

there's a balance here. In my company is I'm doing some purchase signaling right now. I've always said,

there should be two or three people. I've always had small companies right. They started zero. Once we have someone in HR or CFO, I either step down from the CEO role, become the chairman because I don't have those skills of scale of company and I don't want to deal with that stuff. But until then I've always said we should have two or three people that are one or two bad decisions away from living in their car. They're not, you know, they have bad judgment. They do stupid shit all the time.

They're not what I'd call. There's no way they're leaving us for Google. Let me put it that way. A little bit down on their luck maybe. And guess what? The business can be a great means of a little bit of social good. And also the notion, this is basically the notion that part of an organization if you think of stakeholders. And I didn't get this. I was thought my goal was to pay people less than market and figure out other tricks of the trade to get them to stay and retain them.

And then what you realize is you get older is that what is more rewarding is to build a profitable company and slightly overpay people. And if there's some fat in the organization, and if there's a few people who quite frankly are, you know, not going to get a job anywhere else,

but work, you know, work hard or good people and maybe they're not, you know, amazing.

Okay, that's okay too. And in some countries, the objective of a lot of the owners is to increase

“employment. Now, you have to balance that with making sure the organization can survive and has”

profitability. But this is again, the singular massacomplex that is nothing. There's only one stakeholder and it's shareholders. And I can figure out technology to replace people and we can all work singularly. And then eventually the AI will take out those singular teams and replace them. And then there will just be one. It'll be Jack Dorsey on Elon Musk who each own 49% of the world and do a lot of ketamine. And if they're good enough, they will provide UBI for all of us

such that we don't rise up and kill them. I'm not a fan of this whole line of thinking. I think it's bullshit and I think it's unhealthy and I think it's nihilistic. And it's creepy the extent to which they all glorifying this thing. They all very excited about this notion of the one person company. It's like the dream if they can do that. And to your point,

it's like I don't think that the one person, one billion dollar company is going to happen.

“And I don't think that's not going to happen because it can't happen. I think it won't happen”

because people don't want it to happen. Like you don't want to create this billion dollar company. And then you didn't share it with anyone. You're going to celebrate your success with your AI agents and Claude and Tratch B2. Like it's just a depressing. It goes back to that crazy quote that we saw from Sam Altman where he said that AI consumes less energy than human beings and children. It's like you've got the entire system wrong. You don't understand what the point of any of this is.

And to go back to your point about like we're heading towards a place where Elon Musk owns half of world GDP. I mean, I would just point out, John D. Rockefeller was the richest American in history. Everyone agrees it. He's supposed to be the richest guy ever. His, he owned about his net worth was about one or half percent of US GDP. If the space x IPO goes to plan, Elon is going to be worth closer to three and a half percent of GDP. So he'll be more than

double as rich as the richest American ever. So Elon is now the richest American in history and by a huge, huge margin. And it is getting to a point where it is quite scary. And it is downstream of this glorification of how much value can we create into the hands of a smaller and smaller set of people. And they literally glorifying, let's do it into one person's hands. One person's going to create all of this. It's just strange. It's a strange thing to be so excited about. We'll be right back

to get a ticket to a show near you, head to ProphecyMarketsTour.com. So part of the show comes from Delete Me. Delete Me makes it easy quick and safe to remove your personal data online at a time when surveillance and data breaches are common enough to make everyone vulnerable. Digital privacy isn't just a concern for those with a high profile.

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go to join DeleteMe.com/Propti and enter code ProphecyCheckout. That's join DeleteMe.com/Propti Code Prophecy. AI is transforming customer service. It's real and it works. With Finn, we've built the number one AI agent for customer service. We're seeing lots of cases where it's solving up to 90% of real queries for real businesses. This includes the real world complex stuff like issuing a refund or canceling an order. And we also see it when Finn goes up against competitors. It's top of all the

performance benchmarks, top of the G2 leaderboard. And if you're not happy, we'll refund you up to a million dollars, which I think says it all. Check it out for yourself at Finn.ai. Support for this show comes from Vanta. If you run a business, you don't need us to tell you that risk and regulation are rising. More and more customers expect to play a proof of security before

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system work of quietly in the background, keeping you compliant, reducing risk and helping your business grow faster with confidence. You can get started at vanta.com/markets. That's vantay.com/markets. Vanta.com/markets. We're back with prophecy markets. The wealth tax debate is escalating and it is increasingly becoming a mainstream political issue. Billionaire Investor and Citadel CEO Ken Griffin

is now publicly feuding with New York City Mayor Zoran Mamdoni over a proposed Pieder tear tax. Meanwhile, Governor Hokel recently unveiled a $260 billion budget deal that includes

a new tax on multi-million dollar second homes in New York City. And in California, it proposed

wealth tax on billionaires has officially qualified for the November ballot after supporters gathered more than one and a half million signatures that was well above the 875,000 signatures that they needed to qualify for the ballot. So now, voters in California will weigh in on whether or not states should tax wealth. So Scott, we have been talking about this for a while. I think we've been having quite nuanced conversations on the wealth tax debate. I think our perspective is

the right one, which is that you do need to figure out how to redistribute the wealth, but this

“probably isn't the best way to do it. There are other alternatives. But now it is becoming a mainstream”

political issue. It's starting to sort of dominate the cultural conversation. And then we saw this proposal from Mamdoni where he wants to tax Pieder tears. IE second homes in New York City that

are worth more than $5 million whose owners don't live in the city full-time, which I think is actually

a great idea. And then he puts out this clip that announces that and it's a little controversial.

and then let's get your reaction.

“"Thrill to announce who secured a Pieder tear tax, the first in New York's history. This is”

annual fee on luxury properties worth $25 million, whose owners do not live full-time in the city. Like for this penthouse, which hedge funds CEO Ken Griffin bought for $238 million. "What really upset me about the video was the fact that he put me in harm's way. You know, he seems to have forgotten that the CEO of another American company was assassinated just blocks where I live in New York. And to put any citizen in harm's way,

is just inappropriate for one of our political leaders." "A lot of thoughts on this. And by the way, if you're new to the show, just suddenly clean you in on the major seam of the show. And that is this is not pertinent for Scott and had to talk about what?" "Money?" "No, Scott." "Anyways." "I forgot. How could I forget?" "How could you forget?" "All right. So let's bring this back to me."

“"I did the math with this tax." This tax, if it goes through, because I am a Florida resident”

and because I split time between London and Florida, and don't spend that much time any more in New York. But if this tax goes through, because I qualify, it's a Pia de Terre, it will cost me $100,000 a year. In addition to the more, I don't have a mortgage on it, but in addition to the taxes, HIV is all the current. Another an incremental $100,000 in carried costs. It's a form of a wealth tax, if you think about it, because if my place were 10 million, cost another $100,000 a year or say a

cap rate or a return of 6% or 7%, that means kind of overnight, technically, the place goes meaning worth from 10 million to 8.5, right? So it's that's real cabbage, having said that.

Having said that, I am in favor of this tax. And that is, like, you can always talk about how

a government needs to cut costs. I've read the articles that it takes 12 times, it costs 12 times more per mile to build a subway in New York versus Paris. I get it. I don't doubt there's fat to be cut, and I trust they're going to try to do that. I'm not in a position, I don't have the domain expertise to start talking about the cuts that the mayor should make. But we think that they should be efficient with their spending as everyone does. I mean, the idea when we get

caricatured, it's like, oh, you just want government bloat, obviously not, obviously we want spending to be efficient. I'm going to assume they do a reasonable job of allocating capital. That may be right, it may be wrong. I don't want to have that argument right now. So I'm going to assume they do a reasonable job of managing the cities, the cities expenses. Okay, so let's go to the tax. It's pretty clear that if there's any group in America that is not paying their fair share

and can best afford an incremental tax, that this tax would, that new taxes would be the least taxing on. That would, that would decrease their well-being happiness and health. The least, it is the very, very wealthy. And if you have a second home in Manhattan, not your primary residence, but your second home, the chances that you are very, very wealthy are very high. Now, they have, they have other options. They could tax corporations, which is the Democrats,

favorite bookie, man. But here's the bottom line. JP Morgan has gone from 30,000 people in New York

to 20,000 over the last 10 years and gone from 10,000 to 30,000 in taxes, because at some point, corporations will leave or start the easiest people to fire the ones you haven't hired and they'll start hiring more in Florida and in Texas. And by the way, folks, JP Morgan is just not the guy running M&A making $7 million a year. It's a ton of assistance people working in the kitchen, people cleaning the place, people in low-level compliance jobs, people in mid-level administrative

jobs, making $8,100, $1,500, $2,000 a year, that are one of the six or seven million people that migrate into Manhattan from Goannister, Queens or New Jersey, that are emballers. And if JP Morgan and the biggest companies in the world, and the biggest most important companies in the world, at some point, they will leave and quite frankly, a lot of them have already left. So I'd be very careful with corporate taxes. Well, let's let's increase taxes in general, right? It's already 12

or 13 percent in criminal tax. If you're in New York making over certain amount of money, at some point, the earners, the ballers who are making a lot of money, or what feels like

“I'm a lot of money, think you know what? I'm going to piece out to Florida and it's already happening. So what do you want?”

You want to tax it raises money? That, quite frankly, probably doesn't drive people out of the city, and I'm only speaking for one person, but I think it's indicative of probably how most people will behave. If it costs me another $100,000 to have a second home in New York, I don't love it.

I'm bummed about it. But here's the bottom line. If I can go to Jack's wife Frida and watch the

freak show and all the hot men and women and the world passed me by, and then I can go out for the

that is New York. Fuck and I, I'm not going anywhere. It is the most amazing experiment, the best

example, the pinnacle of America, the pinnacle of capitalism, the greatest collision of culture, commerce, creativity, in general, aggressiveness, commerce, fashion, art, media, 100,000. Don't get mountainy, don't get any ideas. People own second homes there. We'll spend a lot more than that

“to stay and be witness to that amazing experiment. I think no one likes taxes. I hate this tax less”

than any other idea in some, I'm in favor of this tax. It's so funny to hear the argument where people say, well, if you do that, all of them are going to leave and it's like, no, they already, well, sorry, but they already left. It's their second home that we're talking about. So that, they're gone already. It's my point. That's a great. That's the second home. They left already. It's the perfect. If you're figuring out ways like they already left.

So I left in 2010 tax. You're exactly, I left in 2010 because I couldn't afford to live in New York. And then when I made a bunch of money, I thought, I'd really like to spend more time in New York. And I bought a second home there. I bought a Pieda Tair. Which increases housing prices because you have less supply. And of course, this is exactly what happens. If you got people who have left the state of New York, who have left the city that income isn't being taxed in New York,

but the house is still there, which all it does is drives up the price of housing across the city, which is exactly what we've seen. So yeah, we should figure out a way to extract some value there.

“I think it's perfect. It's exactly what we should be doing. It is the least”

awful tax I have heard of in a while. And by the way, here in London in May fair, you go by really high in buildings. There's not a single light on in the summer. Because it's a lot of people from outside of the country. A lot of people from the Gulf. And they're here in the winter. And then they leave. And by the way, the local bodega's, the local stores. There's not a single light on in my building. At any time, there's 12 or 14 units I think.

I never see anybody. I never see anybody. I'm in someone else's in the elevator

to percent of and never see anybody. I would bet 25% of the time. I'm the only person in the building and 50% of the time. There's maybe I remember my next door neighbors. It's wonderful guy. Michael, I won't say his last name. And his kid discovered the drums.

“And they came over and they're like, we're so sorry. He loves the drums. I'm like, you know what?”

It's kind of cool just to have a little bit of life and pulse in this hole. I don't mind at all. Tell him to tell him to bang on his drum all day. And anyways, this is, I actually think this is a really thoughtful elegant text. Having said that. Boy did our mayor fuck up. The idea of a tax is that when you discourage behavior, write a carbon tax, but more than anything, it's to raise revenues so we can pay for our navy, our parks and food stamps. The idea is to raise money, right,

to increase the treasury. When he shows up in front of Ken Griffin's condo and starts personalizing this, shit posting him, can Griffin's done nothing wrong? Most billionaires are really good people. Some are okay and some are bad. Most poor people are really good people. Some are okay and some are bad. The demonization of rich people and the demonization of success is how we get JD Vance's president. If the Democrats keep up with this bullshit, the whole point

of America and one of the most attractive things about America, it's the reason why our incredible

immigrants, including undocumented immigrants, risks our lives to come here, why the best and bright scientists all come here, why the most ambitious people in the world come here is because we celebrate success. We don't demonize it. And when he shows up in front of his house, it starts shit posting him. And what is he going to do? It's like I've said this about the Democratic Party. If you keep saying young men don't have problems, but they are the problem. If you keep saying

that white people unconsciously are consciously racist and you keep saying that billionaires are evil, you're going to lose billionaires. You're going to lose white people and you're going to lose young men. Hello JD Vance. Number 48 or whatever number it is. Stop. This is class warfare. If someone is worth 100 million, does that mean they're only 10th of as bad as a billionaire, but there are 100 times as bad as someone making a million dollars, this bullsh*t that your character

and your decency is inversely correlated to your wealth is an Elizabeth Warren Bernie Sanders.

well-cosm literally has annoyed America into fascism. It results in a bunch of strong men and

“weirdos who start demonizing people and saying we embrace success. Even if it means, and by the”

way, wink wink, I love billionaires and show up and just give me money and I'll get in the way of all AI regulation. And what is he going to do? If this backlash, this justified backlash, from Ken Griffin, good for fucking Ken Griffin. He's like, you know what? Fuck you, bitch. And this is similar to the bullsh*t non-dom here in London. We're all this virtue signaling. They're trying to raise revenues. I get it. So they say we're going to go after people who haven't

paid their fair share. Okay, I get it theoretically. But guess what? 10,000 millionaires have left. And the treasury receipts are down. So if the objective is to raise money, then stop demonizing success. And chasing tax revenues out of the city. I also think we should point out that it's ineffective to the mission. And this is a shame because I actually think that Mamedani so far has been highly effective in putting forward his progressive agenda, winning that election.

And then convincing the establishment and convincing institutions that he's not off his rocker,

“which I don't think he is. I think he's actually got some really good ideas. I started out thinking”

that he was a little bit crazy and didn't understand the issues. And then eventually he sort of proved over time. Actually, you know, he really does understand the issues. But the trouble with this is it's ineffective to the mission. Our figuring out a system of redistributing the wealth such that we aren't living in this hunger game scenario, which we are every day getting closer and closer to. And the reason it's ineffective is because how the billionaires feel about it actually matters

because they can buy our elections because we did see citizens united and billionaires spending on political campaigns. Well, 160x in literally the course of a decade. So the idea that like you already have the majority of Americans on your side on this issue. We already know that a lot of people do not like billionaires. We can go through the numbers 67% of Americans believe billionaires are creating a more unfair society. It's up 8% from last year. 55% say that billionaires

make it harder to achieve the American dream. 9% from last year. I mean, we know that the general American public wants to tax the rich. They don't like rich people. They don't like billionaires. We got it. Everyone, the majority of the voting citizens are on your side on that issue. So why do you need to then go and demonize the billionaires basically outdox him in front of the entire city and then give him a real reason to do everything he can to make sure that this doesn't

pass. And by the way, that is exactly what we're seeing in California, where there has been, I mean, whether Gavin Newsom has actually demonized billionaires or not. That is the way they feel. And now they are contributing millions of dollars to these campaigns. So they're bringing

team up in Eric Schmidt. They just raised $80 million in the last quarter alone to stop the California

“wealth tax proposal, which by the way, I also don't think is the right way to do it. I think you should”

come up with more nuanced ideas such as a borough in tax, or such as this PET attack, which I think is great. But the point being, like, if they want to stop this stuff, they will. And because of this one video, where he had this great idea, he had a lot of momentum. This one video is going to just completely change the sentiment on the way he's handling this. And now everyone has a reason to say, well, the billionaires have a reason to say, Mam'Dani is out of control. We cannot

deal with him. We have to put a stop to it, which otherwise could have been reasonable policy, in which we could have gotten maybe rich people and poor people to get behind on both sides. But it's not going to happen now. So I have to, I 100% agree with you. Yeah, and by the way, just to be fair, or just to talk about attacks, Florida, and I think there's a couple states that are considering a similar tax, right? I mean, we have to pay for our government.

This similar taxes proposed in 2014 and didn't pass. We surface again in 2019, but didn't pass.

Oh, Montana, Florida are also exploring similar second home tax measures. And property taxes are

the largest source of income in New York City. And the thing that's good about property taxes is that if you tax an individual at some point, individuals are very mobile, when you tax housing, it raises costs. And it's sort of an indirect well tax. But it is probably, it's a tax that typically increases revenue before it drives people out. It's been shown to be an effective means of raising revenue. The well tax in California is just stupid. It's a one time thing. So it really doesn't

It's a well tax, and we've said this before, and the 16 countries that have had a well tax,

13 have repealed it because very wealthy people are incredibly mobile when you start taxed. And anyway, that tax is not a good idea. But I do think that this tax, and also New York property taxes. So my primary sense is in Florida. Those property taxes are a lot because there's no state income, there's no state income tax. So they've got to get there. They've got to pay for their schools in the apartment somewhere. So the real estate tax is in Florida, actually quite high.

In some, if you were just an economic animal, you would make your money in Florida and you would rent.

“But anyways, my point is I think this is a good tax. The class warfare was an own goal”

and the wealth tax, well taxes generally are trying to assess people are trying to do an audit. Real estate is actually, it has a pretty recent mark that you can value it on the last transaction whereas trying to assess someone's wealth. I can't imagine what a boom that's going to be for tax lawyers and appraisers to claim that, oh, hey, Ken Griffin's worth. He's actually not, he's actually has negative networks. Remember when Donald Trump, all the stuff around his taxes? In the same year,

he was saying his golf course was worth, you know, whatever, 200 million. And then for tax purposes,

no, it's worth negative 100 million. The game's here will be extraordinary. And the thing about a property tax is that you just go off the last transaction or a recent transaction of a similar property in the same building. In other words, it's enforceable. And what Mondami is doing is the same thing. We have a tendency to do on the left and that is we have a tendency to be right but not effective. And I would argue the right has a tendency to be wrong but effective. They're very

good. Getting really bad ideas. Bad ideas through. Yeah, bad ideas through. Whereas we emotionally,

they should pay their fair share. Yeah. And then we wake up and our tax receipts have gone down.

But we feel good about ourselves. We'll be right back. And for even more markets content, sign up for our newsletter at profgmailkits.com.

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of businesses have made the switch. So why not you? Try Odo for free at odo.com. That's odo.com. We're back with the profG markets. Two very different earning stories emerged last week and together,

to struggle. Diagio, the maker of Johnny Walker and Smurnaf reported a 9.4% decline in North American sales year of year. Constellation brands, the company behind drinks, Icarona and Modello painted a similar picture, citing softer demand, and withdrawing its fiscal 2028 guidance. Meanwhile, the companies behind GLP-1 drugs crushed their own ends. Novo Nordisk reported surging demand for its new agovie pill and raised its full year guidance. Eli Lilly said that revenue from

Monjaro, which is their GLP-1 drug, jumped 125% you wrote a year more than doubled to $8.7 billion.

And now the CEOs of the beverage companies did not explicitly blame GLP-1s for the pain. While that is true, the correlation here is pretty clear, and it's something that we have been talking about for a long time. Scott, you said as early as 2023, that alcohol would be one of the first casualties of the rise of GLP-1 drugs. Let's just play a clip of what you said. I even saw some data saying that people on Zampic reduced their drinking by 60% Diagio, the alcohol

guys. Oh my god, these stocks in my opinion are going to get absolutely hammered. We could see

“alcohol, really take it on the chin. I think that's exactly right. Your reaction.”

Among people aged 18 to 34, one in two say they drink. It used to be 3 and 4, just 20 years ago. And also, and I've said this publicly, I think the risk of social isolation are greater than the risk to a 25 year old liver. If you have addiction in your family, if anyone close to you is saying it's getting in the way of your other parts of your life, your ability to work well, your health, maintain relationships, or just generally speaking, you don't enjoy drinking.

By all means, don't feel pressured to drink. But social isolation increases your risk of premature death by 32%. I was on Andrew Huberman's podcast a couple weeks ago, and we went back and forth about alcohol, because he's kind of, I think he's sort of credited with kind of kicking off the anti-alcohol movement, or, and we had a really, I thought what was a really productive conversation, but shares of the world's top listed beer, wine and spirits makers have shed a combined

830 billion since 2022. Get this. And the last four years, these guys have lost

four, fifths of a trillion dollars. The Bloomberg Age of Global Alkalostox is trading it around 15 times forward estimated earnings. Less than half, it's 2021 high. Remember, COVID, I don't know about you every night. I was doing those virtual cocktail hours with my friends.

“Did you were you doing those? I think that was my 21st birthday. It was 10 days into COVID.”

And I got everyone together on a zoom. And we, yeah, we all got have it on zoom. It was fun, but pretty weird. I didn't know that about you. That explains a lot. You're a COVID kid. You graduated from college, you're in COVID. I didn't know that. Yeah, exactly. Yeah, senior year was from now. Anyways, these guys. So obviously a lot of this. And I think I've said this a bunch. I think a more transformative technology with a greater impact on the world is going to be

GLP1, not AI. 12% of Americans are currently taking GLP1s for weight loss as of late 2025 from 6% February 2024. According to Morgan Stanley, GLP1 patients consume up to 75% less alcohol. Other second of order effects that we talked about back then. GLP1 users will drive an estimated 4% lift and clothing volume sales this year. Because what it's the first thing you do when you lose weight, you go get new outfits. The four largest U.S. airlines could together save

as much as $580 million per year on fuel. Thanks to GLP1s. I love that stat. So funny. And

even small weight changes matter. A 2% reduction aircraft weight could boost earnings per share for airlines by about 4%. It's so weirdly rude to overweight people that stat. So I'm like, you're the reason that they're running the margins on as long as they could be.

“I think it's going to kick off a baby boom that I can't get over how hot everyone is.”

Maybe because I'm just old and I get bad vision. And I just see any young person. I'm like, Jesus, that person's hot. But I think, well, you're not old enough to notice. I can't get over how many hot people that are out there right now. And people can now pretty much, if they have money, they can lose weight on demand. And also, I'm writing a book called Reckoning in Renewal about public policy. And I'm convinced that GLP1 is the best chance we have for reducing our deficit.

I think if you really look at our deficit, all roads lead to one thing. It's health care.

all roads lead to obesity or specifically a reduction in obesity and its second order effects.

“So I think this technology is an absolute landmark breakthrough. At some point, those alcohol stocks”

will be a buy because I do think that, I do think at some point, I think that it'll level out. I, for example, linear TV, by the way, property, it's launching a channel called the property channel on Swarve TV, where it's basically internet TV, where there's a segment of America that likes watching live TV and is willing to endure commercials to have it for free. Every year for the last 30 years that ratio has gone from whatever it was when HBO was introduced

to was 96% watch linear and 4% had HBO. It has, streaming has eaten into share every year. Three years ago, it leveled out with 50/50. It has an increased its share. There's still a large segment of America, about half of Americans in terms of viewing time, that don't want to pay and like watching linear TV and kind of channel surfing.

“I think the same thing is going to happen with alcohol. At some point, it will bottom out,”

and these companies will be overshot to the downside. They have incredible brands. Also, in terms of a business, there's few businesses with greater margin than alcohol. So they will

write size that certain types of alcohol will come back in. I do think there's always going to

be a role for alcohol. I've said for a long time, it's my favorite drug and I've tried, I try most of them, try a lot of them. Nothing for me works better than alcohol. Anyways, I wonder when that dip is, but I think it still has some way to go. But typically these companies bottom before their business, their stocks bottom before their business bottoms, because it's the anticipation of the continuation of the slope down. But these companies have been just

absolutely hammered. What are your thoughts? I'm curious to know, your and Claire's approach

“to drinking and what you think of this? I don't drink as much as before. I think that's definitely”

a trend and we can get into that. Just to go through some of the earnings that we saw here. So we mentioned Diagio, spirit sales down 50% to killer sales declined double digits. Constellation brands, they reported that wine and spirit sales were down 58%. So these companies are getting hammered in the alcohol department. But we are seeing an explosion in non-alcoholic sales. So AB and Bev, they're non-alcoholic sales grew 27% this quarter and that actually drove an

overall growth in sales performance. So they are figuring out a way to avoid the alcohol buggy man and that is stop selling alcohol and start selling non-alcoholic products. But I would also like to point you to what I thought was one of the greatest quotes that we saw on CNBC. Last week from the AB and Bev CEO who is recognizing this trend among young people, which is that we're not so much excited about going out and getting super fucked up on alcohol. But

we're more interested in these sort of healthier experiences. We're more health-conscious and we'll get into that as well. And this was his pitch as to why beer is the new healthy product. Let's just play this clip. Beer naturally has protein because the barley that we use is reaching protein. Okay. So when you analyze the components of beer beer has naturally protein. I want to believe it. I believe it. I believe it. I'm 100%. That feels right as rain to me.

That feels right as rain to me. All right. The sales pitch works. It worked. Profties down with beer again because beer has protein. I love that as a as a pitch. And it does get to what these what these CEOs are recognizing, which is yes, we are moving into a healthy healthy experience direction. Just some of these some of these stats here. Gen Z and millennials make up 36% of the US adult population, but they drive 41% of the annual wellness spend.

And Gen Z is four times more likely to want to meet people working out than at a bar. And this gets to another clip which I'd like to get your reactions to. This was an interview that the Wall Street Journal did with Diplo and they were asking him about what is the

future of the nightlife industry. Diplo is of course the famous and incredible DJ who is known

around the world. They asked him what's happening tonight. What's happening to how young people get together. This was his response. I think less people go out because the experience a lot of social activities online. Even young people they don't go to clubs as much anymore. But they will go to experiences like our run club or you know the sauna world is exploding and people

those experiences more and less and less like what a drink. I do think there's a move back to

experiences and touching grass. And people are embracing more of a healthy lifestyle. Those look those are all good things. As long as they get out and they socialize. The thing that's missing

“from this analysis about young people is that and I think these firms these drinks terms are”

going to have to recalibrate. Trinking is just so fucking expensive. When I go out in New York I mean some of these places the drinks are 24 bucks. You're a young person. Say you're making 100 grand. You take home 70. That's 6 grand a month. You spend maybe you have a roommate. You spend 3,000. You got 1,000 bucks a month. Maybe you have disposable income. You're going to spend $2,300 going out on alcohol. That's not even dinner. Or that's not even including dinner. I think that

drinking has become almost like housing almost like kind of unaffordable at least drinking socially. Also, I just don't think I ever want one thing. I think it's a bad idea. Don't ever drink alone. I don't think that's a good idea. Anyways, the missing piece here, what I hope happens, I hope they're forced to dramatically lower their prices. People don't realize how severe it

is in London. I have a couple of friends who are super into wine. I've never been into wine or

art. I don't drink wine. But they said, you can get amazing wine now for 70% less than you can get a 3 or 4 years ago. There's a glut of wine. There are winery supposedly in Italy and France, where if you just take on the debt, you can on the winery because they just can't sell. There's winery is that it's costing them 30 bucks to produce a bottle of wine and they used to sell for 70 and now the retail market for it is 18. The clearing price is 18 bucks and they just don't

know what to do. These family wineries that have been in business for generations have just been

“absolutely flipped upside down. But I think the Diploc clip gets to a potential point which is that”

it's not necessarily that young people just don't want to have fun anymore. I mean, that might be the case. The data around that is a little bit concerning and it seems that we are just spending most of our time on our phones scrolling. But it could be that it's not that we're not trying to have fun. It's that we want to have fun just without alcohol, which to me means that there is a huge opportunity for any kind of investment, any kind of industry. I mean, just some stats here,

sober curious gatherings, which is so ridiculous. But on eventbright, sober curious gatherings have risen 92% on the platform and sauna raves. These are DJ sets and dance parties that happen in saunas are up 256% this year. Now, I'm sure that's half of a very small base because what the hell is a sauna rave and I would either I'm not interested in raving in a sauna myself, but I don't know, maybe you are Scott, but still it gets to the point that there are new experiences

that have a stroke, rave and sauna makes me want to slip and break it up. But it's happening. The idea of young people getting out and touching grass and doing stuff that's more affordable,

“more healthy, great. I'm here for it. I think what's missed or that you have a comment on,”

what I have found when I'm around young people in quote unquote aspirational environments, they're still getting fucked up. They're just not getting fucked up on alcohol. I think the amount of mushroom chocolates, ketamine, psilocybin, mdma, ax, molly, too,

see whatever you want to call it. It feels to me like a lot of young people have basically said,

especially among kind of the young aspirational set, have decided that alcohol is old technology, but they haven't given up on getting fucked up. And the thing I don't like about it is I find many these drugs are more small crowd isolating drugs. They're not social drugs. It's like one or two of you do ketamine. It's not, you do ketamine and then you just black out in the middle of it. And you go to a kill. I don't know. I don't think people are doing psilocybin and then

approaching the due to cross the bar and say, hey, what's your name? Someone's someone say you all, but I think it probably depends. But this notion that all young people are moving towards more healthy, thoughtful. I think that drug use, I wish I get the data on it. I think a lot of people are, I mean, in Manhattan, I'm sure alcohol consumption is down. Have you seen how many marijuana dispensaries there are? They're everywhere. So I'd love to see the data on, on alcohol consumption

actually decreased across young people or have they just changed? Are they just picking a different

“poison? Well, I would just bring up a point that are one of our research team members,”

Dan Schlon made, which is, you know, that seems to be this idea that if Gen Z isn't drinking alcohol, then they must not have a substance abuse problem. His point, which I agree with, is actually they do have a substance abuse problem. And that substance is screens. It's just screen addiction, flat out. It's a different addiction. Exactly. And it's like the reason we're not getting out and we're not socializing with people is because we are just spending most of our time on our

screens, 109 days out of the calendar year, scrolling on our phones. That is our advice. That is the

substance that we are addicted to and that we are abusing. And it is eating into the amount of time

and the amount of money I would add that we would spend consuming alcohol with friends. So it's a different type of addiction. But it certainly is having negative effects and some would all give even worse effects than previous substances. I'm one of those people that argues it's, it's even worse. Because like 95% of people are able to integrate not only alcohol, but drugs should they decide to use them into their life without serious ramifications. There's this general demonization of substances,

of all substances that owe one trip of a drink of alcohol or a few smoke of blonde. That's it. You're going to be homeless soon. Or, you know, it's just the majority of people are and also a big component of that, a large component of people and an increasing component decided they don't want to integrate it at all. They want to find joy and reward from other things. More power have added. But the notion that alcohol and drugs, the data is just not there. The vast majority of

people that engage in both those things were able to integrate them in the life in a fairly safe and sane way. What I have found or what I'm doing is I've got an older. I just don't. When I started work like you, I pretty much gave up all substances because I'm like, okay, it's go time. And I realized

“the only thing I could control was how hard I worked. I didn't. I could not get up and be downtown.”

I'm working standing out, figuring out how to have it and then Los Angeles hung over. I just didn't want to endure that type of bullshit. So I pretty much gave up substances even mostly through. I would say from the age of like 22 to like probably 34 until I moved back to New York and then Daddy hit it hard again. Then Daddy went deep in the paint. And by the way, it was so worth it. That was seven. Lotus, Pidgea. Oh my God, so worth it. You love that time of your life.

Whatever fatty deposits or scars around my liver, those are badges of honor. Badges of honor. Anyways, but as I've gotten older, I realized my liver can't process alcohol the way it used to, so I'm trying to tone it down. But now, you know, and of course I'm doing more edibles now, so I don't know, which supposedly creates psychosis. Andrew Heberman told me that by my age, I would have discovered if it was going to cost psychosis. So I've been cleared by Heberman Lab to

do edibles. Yeah. Oh, just so back to the whole market's part of this joy bagged on his podcast. So Diageau in 2016 was 100 bucks a share. Now it's 85. Okay. The hasn't had to have doubled. It should be a 200, 300 bucks. It's a 85. Brown Foreman, Jack Daniel's fame, 45 bucks in 2016. It's a 27 now. And heiser Bush, ABMBF was 125 bucks. Now it's 80. Hide again, 70. It's actually gone up. I wanted to study our performers. It's at 90. Pernot Ricard was at 95.

Now it's at 65 euros. I mean, this this sector, it's it would be hard to find a sector that

has underperformed with such incredible brands in the drinks business. It has been a disaster

over the last decade. But Bia has protein. So that's that's the new market in campaign. I am so here for it. When I went to World Cup in Qatar, I stated the ABMBF hotel and they were introduced

“there. They need to not have hotels. Maybe that's what they should do. Talking about shedding”

acid. They took it over. They took it over. Okay. Yeah. Who knows? I would stay there. I would stay at the makers end. It's good. But they had they introduced their not alcoholic beer. And it actually tasted pretty good. I just didn't feel as good about myself in the rest of the world. But they anyways. I think we've I think we've beaten this drunk horse to death. Yeah, yeah, this this drunk horse is dead. Let's take a look at the week ahead. We'll see inflation

constellation energy, AST space mobile, Ali Baba, Figma and Klauna Scott. Do you have any predictions? My prediction is that I don't know if you saw this ad. I thought of you. But earlier in the week, this really talented Tik Toker. It was so interesting. A 32-year-old Tik Toker

“crowdfunded 132 million and non-binding pledges to buy spirit airlines. Whoa. Did you see this?”

No. It's names Peterson. What's his name? I can't remember. It's something Peterson. Hunter Peterson. He had a Tik Tok the same day, a website one day day day zero day one,

a website and then six million views and 130,000 people have pledged about a thousand bucks each.

There's non-binding pledges to try and buy spirit airlines. And when you think about he's he's really compelling. He's back of it. Napkin math was a 20% of American adults paying the average spirit fair of 30 to $40. He equals enough to buy an airline. It's unlikely to happen. But the idea of using AI and remote payments and AI agents to respond to questions and get people to sign and then transfer money and held an escrow until certain things, you know, they used to say

in the blockchain with certain rules. But it's AI now. Go through to execute the transaction. He wants to do to spirit. The Green Bay Packers is mutualized. The community owns it.

“I think we're going to see a company. In distress, it's got a big brand. Be crowdfunded and either”

brought out a bankruptcy or acquired. In the next, I think it's a really interesting take or kind of combination of AI, social crowdfunding and meme stocks. Sort of like the Gen Z activist investor. It's really interesting. That's exactly right. And that is, you know, someone with a media platform who knows, maybe he has a market podcast says this company's undervalued or maybe there's a social purpose here. We've set up a site here. If you're interested, here's the diligence.

Here's the work we've done on it. Here's how you pledge. Here's what you sign. Here's the rules

on when your cash is actually called on and pledged and transferred. Here's what you get an exchange. And this is going to happen. Someone is going to figure out enough prompts, enough docu signs, enough legal SEC compliance to crowdfund the acquisition or the funding for to pull a company

“and bring a company out of bankruptcy. It's going to happen. You've inspired me. I think we should”

take of eBay. We'll pay half cash, half stock and then we'll turn it into a sauna-raven company. For people to get together and experience things. I like it. And we'll try to get some sort of cryptocurrency edge to it as well. Maybe we'll use blockchain to power a sauna-raven business. My prediction is a little bit of a boring one, but I think it's going to happen. I think this can Griffin issue is going to be kind of the calling code that inspires a lot of billionaires to

get together and do whatever they can to stop these wealth taxes. And I think this debate is started out as kind of this crackpot idea that was mostly being espoused by AOC and Bernie and people kind of wrote it off. It's now becoming very much core and central to the political conversation. And I think that that moment where he ousted him and kind of dox him will be the moment

that Billion has used as their reason, as to why they need to put a stop to this. And I'm not sure

I'm very happy about that because I think we do need some sort of redistribution proposals. But I do think that that will be the outcome of outing Can Griffin in that video. All right, good to go. Good to go. Good to go my brother. I'm about to literally it's it's 844. I'm meeting someone at nine at Roof Gardens and guess what I'm going to do. Drink. You know what my brother. You know it. I'm going to bring back who owns makers. I don't even know who owns makers.

Anyways, I'm going to reinvigorate this industry. I'm bringing sexy back and I'm bringing makers back. This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer. A video editor is Jorge Carty. Our research team is Dashalon. Isabella Kinsel, Chris Nodana, Hugh and Miss Elvario. Jake McPherson is our social producer. Drew Barres is our technical director. And Katherine Dylan is our executive producer.

Thank you for listening to Profty Markets from Profty Media. If you liked what you heard, give us a follow and tune in tomorrow for a fresh take on the markets.

♪ You have ♪ ♪ In time for you ♪ ♪ You have ♪ ♪ As the world turns ♪ ♪ A lifetime ♪

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