27 Burst results for "Chris Cole"
The Breakdown
A highlight from Crypto Venture Funding is Down; But Bitcoin Building Continues
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Sunday, September 17th, and that means it's time for Long Read Sunday. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Happy Sunday. Today, we are reading parts of two pieces which on the surface aren't really about the same thing, but which I think have more in common than it might seem, as I will try to prove to you by the end of this conversation. The first piece is by L. Asher Corson, a partner at UTXO Management and was originally published in Bitcoin Magazine. The piece is titled A Bitcoin Maximalist's Ode to Ordinals. Al Asher writes, As a Bitcoin maximalist, I love ordinals. Other maximalists should also consider loving ordinals as they demonstrate Bitcoin superiority in ways not previously possible. Ordinals enable functionalities that undermine the need for other blockchains to even exist. The use cases that were demonstrated on other blockchains are now possible natively on Bitcoin. Despite Bitcoin's strengthening position, some self -proclaimed maximalists on X, formerly Twitter, bizarrely celebrated decreased network fees and declared ordinals have failed. This seemingly implies that Bitcoin might somehow benefit from a failure of the ordinals protocol and lower minor earnings. But ordinals haven't failed, and the interest isn't nearly over. To the contrary, trading volume across digital artifacts, unique satoshis, and BRC20 tokens has been historic. According to Cryptoslam, which tracks on -chain NFT volume, ordinals have done over $500 million of trading volume since they were launched at the beginning of 2023. Despite volume and prices being down currently, investors in the ecosystem are writing big checks to ordinals companies. X -verse in ordinals wallet just raised $5 million on a $50 million valuation from some of the most sophisticated investors in the ecosystem. It's far more likely we are at the beginning of this phenomenon than the end. Now, from there, the author goes into a little bit of a description about what ordinals actually are, which we will skip for the purposes of this piece, just because that's obviously something that we've covered here on the show, or if you need a refresher, you can go check out on Bitcoin builders. Continuing, however, they write, Bitcoin maximalists understand that there have never been serious contenders to replace Bitcoin as digital money. Absolute digital scarcity is unlikely to be discovered again because the circumstances surrounding Bitcoin's creation were so unique, in part because today's government understands the risks of letting a decentralized network grow too large and they won't let it happen again. On the other hand, viable altcoin use cases are related to features that Bitcoin couldn't previously support. Some of the use cases that the market has indisputably embraced include decentralized trading, NFTs, stablecoins, capital formation, borrowing and lending, and on -chain leverage. From there, the author goes on to share numbers from DEXs, from NFT trading, that reinforce their point that, like them or not, the market has validated these things as uses of digital assets that people really like. Indeed they write, Although many don't like it, these use cases will exist somewhere because the market has an appetite for them. My strong preference is that they exist primarily on Bitcoin and not on other chains. Ordinals have the potential to not only enable these use cases to be built natively on Bitcoin, but also to surpass their altcoin versions in terms of implementation. These would be better built on Bitcoin because the protocol itself is more decentralized and secure than altcoins. Bitcoin is the largest market cap compared to all the other chains that can support the development of these use cases. But also better because these use cases will be tailored to the Bitcoin community and will therefore embody Bitcoin ideals of decentralization, immutability, and permissionlessness. The author then quotes Danny Hoop describing the properties of a digital artifact. This is from July of this year. Danny tweets, A digital artifact has these properties. 1. They can be owned. 2. They are complete without off -chain pointers. 3. They are permissionless. 4. They are uncensorable. 5. They are immutable. Almost all Ethereum NFTs do not satisfy all five of these. In particular, most Ethereum NFTs use off -chain pointers, and even for the few that do not, some of them are not immutable and can be changed by the creator. L. Asher continues, Imagine a piece of digital art worth $1 million. Or imagine politically sensitive information like classified documents that detail government atrocities. Should these valuable or sensitive assets be distributed using technology that can easily disappear or that can be easily changed? The answer is obviously no. It's also somewhat obvious that over time, the best artists, developers, activists and investors will gravitate towards technology with stronger immutability that is capable of protecting their creation, information or investment for hundreds or even thousands of years. In the case of digital art specifically, they will migrate to digital artifacts on Bitcoin that store the actual artwork instead of NFTs that just point to where it's stored on an off -chain server that could go down at any time. The piece concludes, Bitcoin stands atop the world of digital money and the rise of ordinals only cements that standing. OK, so before I get into how this relates to the second piece, let's actually just go read excerpts from that second piece. This one is by Chris Cole Besswick, the founder and managing partner at Transcend Labs, which is a startup accelerator. The piece seemingly combining my daily podcasts in one is AI is Killing Crypto Venture Capital Interest. Now, the TLDR of this piece is exactly what the title says, quote, The venture capital space has lost significant momentum over the last few quarters. Global venture funding is nearly half of what it was last year. Whatever remains of the market is now being directed towards AI funds. AI has become the golden goose for VC firms after the turbulence in crypto in the last year. Now, Chris's first discussion is about just the shift in VC in general. He writes, Although AI has picked up pace, the VC market is nowhere close to where it was in 21 and 22. With higher interest rates and a sustained supply chain shortage, the global market is an ideal. In my field of startup incubation, I've experienced the shift firsthand. Back in 2020 and 2021, investors were much more likely to fund lofty ideas with very little supporting evidence. But today, even the most promising startups have a hard time gaining the attention of top VCs. According to Crunchbase, global venture funding in Q2 fell 49 % compared to the second quarter of 2022. The overall deal volume has also decreased significantly by 37%. Now, as Chris points out, the big reason for this is macro. We are living through the transition of a zero or near zero interest rate world to a world of 5, 6, 7 % interest rates. The net impact of that is that capital that previously had to flow to more exotic and risky parts of the market, private equity, venture capital, just to get yield in a zero interest rate world, now doesn't have to do that. It doesn't have to take on the same sort of risk. And so money is being withdrawn from the venture ecosystem and put to work in other places. I was myself at a venture firm for a while in the teens in San Francisco. It was remarkable the extent to which the venture capital industry didn't really understand or didn't seem to understand or at least didn't talk about how much of what was going on in our little corner of South Park was actually dictated by what was going on in the halls of the Fed. But to the extent that people didn't realize that, they are learning that lesson acutely now. And in that environment, where there isn't necessarily a next big fund to raise, VC habits aren't changing. necessarily Kevin Colleran, a co -founder at Slow Ventures, said, I haven't written any checks in the past 18 months. I have 30 portfolio companies that I need to help figure out how to survive. There is no point for me to add to the misery. Still, as Chris writes, quote, for crypto, the situation is worse. The total value of deals in Q2 of this year was $2 .34 billion compared to $12 .14 billion a year ago. So what caused this collapse? After a hype -fueled bull run starting in 2020, Chris writes, a slew of disastrous events discouraged even the most pro -crypto VCs. Now of course, Chris rightly points to the fall of SPF and FTX as the most significant factor. He writes, the FTX fiasco destroyed whatever investor confidence was left in the crypto industry, resulting in major investors moving away to greener pastures. Big VCs like Sequoia and investor in FTX are slashing their crypto funds. Now it should be noted that Sequoia had a super weird deal with SAM, where they invested in FTX, and inversely, SAM invested as an LP in them, which doesn't undermine Chris's point. In fact, it validates it that the weird things that were happening in the previous era are simply no longer happening anymore. At the same time, Chris points out that the other thing that happened in November of 2022 outside of FTX's collapse was the launch of ChatGPT. He writes, the AI dominance started the same month FTX collapsed, filling the vacuum created in the market. Since then, AI has been unstoppable. Chris then recounts a number of more personal examples of where he's seen VCs turn away from crypto and towards AI, and how crypto projects have tried to incorporate AI to try to be on trend. He also points out that while sometimes that works and integrating AI actually strengthens the project, many times it doesn't. He concludes, so is there a way out for crypto founders? Of course there is. Unlike mainstream AI, which isn't even a year old, crypto has been present for more than a decade. Thanks to the cyclical movement of the crypto economy, we can confidently predict more innovation in investor interest as the bear market ends. Lower interest rates, globalized crypto regulation, Bitcoin ETF approvals, and more TradFi involvement in crypto could all reignite VC flows. Okay, so here's why I wanted to connect the dots between this piece and the ordinals piece. It is very easy to look at overall statistics and see capital flowing into crypto being down as an inherently bad thing. Now certainly, anyone who has invested in this space should want great projects to have access to aligned capital. Capital that shares long term vision and wants to support those companies through ups and downs. The reality is, a huge, huge amount of the capital that flowed into crypto and indeed that flows into crypto at every cycle peak was wildly misaligned, wildly unproductive. Much of it was just arbitrage, taking advantage of tokens to make money faster than traditional venture capital otherwise would. This isn't to say that bull market funding didn't fund great projects too, it's just to point out that the more capital sloshing around there is, the less of a quality barrier there's going to be. We are now in a very different, much more brutal environment, one where it's going to take a lot more to peel venture capital dollars away from investors. The downside of that is that some projects that would otherwise have been great will simply not be funded. The upside is that the projects that do get funded and that do make it through this are likely to be much stronger on average than those that came out of the top of the bull market. What's more, and this is the reason that I wanted to put the ordinals piece alongside this, there is no law that says that innovation has to come from venture capital. As trite as it is to say, one project which never received any VC funding was, of course, Bitcoin itself. Yes, our author from the first piece pointed out that some ordinals projects have been able to get VC funding because of the excitement around them, but the vast majority of people that are hacking on ordinals, experimenting with it, aren't doing so with VC money backing them. They're doing it because the protocol is exciting to them because it opens up new opportunities. Whatever one thinks of ordinals, it is exemplary of what's going to come out of this bear market and the VC drought, which is interesting things that create real and new and differentiated value that people decide are worth working on, even if they're not able to get big venture capital checks to do so. I don't want to undermine how hard it is to be in this type of environment, especially in one where there's been such a big shift and where many startups are and will die because of it. But there's a lot of good on the other side too, and a lot to look forward to in the strength that comes from going through this type of environment. Anyways, guys, that is going to do it for this week's LRS. Hope you enjoyed it. Thanks once again to these authors for their great pieces, and until next time, be safe and take care of each other. Peace.
America First with Sebastian Gorka Podcast
Why Chris Kohls Wanted to Review the Original "Karate Kid"
"Chris Cole's welcome back. It's been a while. Yeah, it has actually, not for the listener, or the viewer, but for us it has because we shot these in a weird order. It has it feels like a really long time, but it's so fun to get back into it, and what a great movie to do so with Karate Kid a classic. The first in a franchise, cartoons remakes, you name it now a new TV show Cobra Kai a spin off. You chose this movie, why did you choose it, Chris? Well, you know, this is one of my childhood favorites. I think it's my brother's was my brother's favorite movie for many, many years. And it's just one of these films where when you're a kid, you know, it's an underdog story. It's obviously it's like one of the quintessential underdog stories in history. And underdog stories have existed since the dawn of time. But I don't think they ever made one quite like this, and then once they made Karate Kid, I don't know if everybody remembers this. I was born in 79. So when this movie came out, I was about four years old. But it was a phenomenon. I mean, it was sort of in the same way Beverly Hills cop was. This may have even been bigger because although it didn't do as well as at the box office, this was a movie for kids and at least kids of my generation, everybody just loved Karate Kid. People wanted to take karate, Japanese culture became more interesting to people and this movie just changed American culture. It was a really, really big deal. They did the underdog story better than probably anybody else ever except for probably rocky, obviously. What's the connection? The connection of course is the same director. Yes, same guy who did rocky John Alvin also directed this one. He was accused of making basically rocky with karate for kids, so basically it's a ripoff of his own movie.
America First with Sebastian Gorka Podcast
Sebastian and Chris Kohls Review the 1984 Film "Beverly Hills Cop"
"We are here to make movies great again. I'm Sebastian gorka, and we are joined as ever. By mister Reagan, Chris Cole. Beverly Hills cop. Oh jeez. Why did you pick this move? I love it. Why did you pick this movie? Well, let me just say, I think this may be my favorite movie that we've done so far. And it's not because it's necessarily the best movie that we've done so far. But the reason is because I think it's the movie that I've seen the least often since I was a kid. I think probably it's been the movie that the longest amount of time has passed since I've actually watched it. And I kind of forgot how good it was. You know that it's a legend sort of intellectually in your head, right? You know, there's this legendary film. But it doesn't have a sequel like Ghostbusters does recently. You know, it hasn't been in the news like Back to the Future has recently. A lot of these films are kind of still in the public consciousness for whatever reason, Beverly Hills cop seems to have faded into obscurity and I'm not really sure why, but it really is a masterpiece. It's fantastic. This movie, although you look at these opening scenes in Detroit, yeah, it's dated. You look at the vehicles that cop cars, the cruises, yeah, this is a movie from 1984. But nevertheless, my word. I have to agree with you. This is just such a fun film to watch. And of course, it's the first movie that had Eddie Murphy in a title role that really this is the one that propelled him to international stardom.
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Of all the gin joints in all the towns in all the world. She walks into mine. The most impressive. Seen things you people wouldn't believe. I want to talk to God. Let's go see him again. Move. 9. That's supposed to be because she's. Whatever you say, Jack. You are the master race. I don't know if it's perfect, or if you have to know German to understand that clip, because he says, first, you have to shoot me. And then the highlander says whatever you say. I love it. It's one of my favorite favorite moments from one of my favorite favorite movies. I was 15 years old when this came out. We are celebrating highlander. With my co host and buddy, he is the host of the mister Reagan YouTube channel and the alpha critic, Chris Cole's..
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Stay with us for more making movies great again. After these messages. Just when you thought it couldn't get any better, Mike lindell with my pillow is launching the my pillow two. When Mike invented the MyPillow, it had everything he could ever want in a pillow nearly 20 years later, he discovered a new technology that makes it even better. My pillow two has the patented adjustable fill of the original my pillow and now with a brand new fabric that is made with a temperature regulating thread, the my pillow two is the softest and coolest pillow you'll ever own for my exclusive listeners that my pillow two has a buy one get one free offer with promo code gawker, my pillow two temperature regulating technology is 100% made in the USA and comes with a ten year warranty and a 60 day money back guarantee. Just go to my pillow dot com, click on the radio list and square for the buy one get one free offer and to promo code gawker or call 808 two 9 8 four 6 8 that's code GOR KA goat today. Welcome back to making movies great again with me Sebastian gorka and Chris Cole's..
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Ready? Get her. We'll get back to you. The first paranormal moment from the cult classic that is Ghostbusters, I got a plan. Let's get up. Let's make movies great again with mister Reagan Chris Cole's our co host today, Chris. Isn't this the most fun part of the week? It really is. This is the only part of the week that I genuinely look forward to. The rest of us just reading about transgender people and whatever the hell is Joe Biden's mumbling that day. No, I like you, you said this before we started the show today. I just love this part of the week. I just love this one. The fact that I have to have to make time every week to watch really cool movie, then make some notes and then just talk about it with you, Chris. It's amazing. Fantastic. Fantastic. All right, so you chose this movie. Let's start with the fact that some of my team members here, they don't get it. They don't think they don't understand what the hullabaloo is. Come on, Chris, this is like iconic, no. Oh, I think part of it has to do with the fact that you got to understand today, everything is computer generated graphics. Everything is bright colors and pretty pictures and everything's magnificent. Back then, you didn't have this kind of very special effects heavy movie come along every day. And when this one came along, it not only had the beautiful special effects, which for us was actually, I mean, this was the best that we had. This wasn't like, you know, it's sort of like, when you go back in time and you talk about the kind of toys that we had to play with as kids and stuff like that. I mean, this movie looked really cool, but also you had to pair that with really why I would say a fantastic story. One of the best stories in cinema, and these guys are just great characters, fantastic characters. So you put everything together and you know what? It was just a heck of a lot of fun.
America First with Sebastian Gorka Podcast
In a Class of Its Own: The OG Ghostbusters With Chris Kohls
"Ready? Get her. We'll get back to you. The first paranormal moment from the cult classic that is Ghostbusters, I got a plan. Let's get up. Let's make movies great again with mister Reagan Chris Cole's our co host today, Chris. Isn't this the most fun part of the week? It really is. This is the only part of the week that I genuinely look forward to. The rest of us just reading about transgender people and whatever the hell is Joe Biden's mumbling that day. No, I like you, you said this before we started the show today. I just love this part of the week. I just love this one. The fact that I have to have to make time every week to watch really cool movie, then make some notes and then just talk about it with you, Chris. It's amazing. Fantastic. Fantastic. All right, so you chose this movie. Let's start with the fact that some of my team members here, they don't get it. They don't think they don't understand what the hullabaloo is. Come on, Chris, this is like iconic, no. Oh, I think part of it has to do with the fact that you got to understand today, everything is computer generated graphics. Everything is bright colors and pretty pictures and everything's magnificent. Back then, you didn't have this kind of very special effects heavy movie come along every day. And when this one came along, it not only had the beautiful special effects, which for us was actually, I mean, this was the best that we had. This wasn't like, you know, it's sort of like, when you go back in time and you talk about the kind of toys that we had to play with as kids and stuff like that. I mean, this movie looked really cool, but also you had to pair that with really why I would say a fantastic story. One of the best stories in cinema, and these guys are just great characters, fantastic characters. So you put everything together and you know what? It was just a heck of a lot of fun.
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Hat. It celebrates kind of Star Wars maga returns. Trump 2024 get yours today. Everything at our website is made in America. If you're America first, you should get one of these bundles. All my books are available as well at said gorka store dot com that's SEB GORA said gorka store dot com Chris. John Carpenter, great legendary film director, is also known for, well, doing his own music. Iconic, whether it was horror movies or everything. He's there on the synth, he's riding it, he's making it. Not sure this was a winner, play the music video for big trouble in little China. We better run. Run it through the mystic nights. Run until they take us away take us away take us away. Trouble little child all right, that's enough. That's enough, thank you very, very much. Yeah, not quite Halloween, is it? Well, he's an interesting guy. I mean, what a bizarre thing to do. You know, you're like, you know what? Okay, I'm going to make this movie called big trouble little China. It's going to be really funny. It's going to be a very self aware over the top comedy. And then I'm going to do a music video, and I'm going to make the theme song for the movie. I mean, first of all, theme song for a movie, I guess it was a lot more typical in the 1980s. Right. But such a strange thing to do, then for the director to do it himself and then to star in the music video. Star in the video. I mean, and so wouldn't, I hope it was a parody or satire, but I have a feeling he's too much of a geek and he really was that wooden. All right, that was super fun guys. If you haven't seen it, if you only seen it once, like, my co host. Go and watch it tonight. It's big trouble in little China, much underrated, but how count movie? I do believe mister Reagan, that you chose today's fair. Is that correct? I did. Yeah, I did. Does that mean it's my choice? I believe so. All right. In that case, I want to choose something from that wonderful intro we use every week. All right. You struck a pose in our studio last week with an edged weapon. That is a classic pose from a certain movie. With an Austrian. I think I know. I think I know what this movie might be. What is it, Chris? And I haven't seen this movie since I was like probably ten. Wow. So I'm excited. What is it? We're talking, we're talking about Conan, the barbarian. We are talking about hearing the lamentation of their women. Conan the barbarian. Are you ready? Man, I can't wait. It's been a long time. It'll be fun to watch this from beginning to end. All right guys, we're just gonna go off and do some work, you know, watch Conan the barbarian because that's what we do here. I'm Sebastian gorka. This has been making movies great again with my buddy Chris Cole's, wherever I would ever do and keep your head on swivel, watch a 6 hold the line, never give up, never give in. Stay frosty. We better run run through the stick tonight..
America First with Sebastian Gorka Podcast
Sebastian and Chris Kohls Review 'Big Trouble in Little China'
"Sit tight, pull the floor and keep the home fires burning. And if we're not backed by dawn, call the president. Well, I might have the president, president's number, but I just need to know. Chris Cole's, will you born ready or you just thrilled to be alive? There's a couple of things that were missed there. Come on, Eric has to sleep sometime. Eric, Eric, what are you doing? No, the best line in the film is, you know, you know what Jack Burton says at a time like this and the guy says, who's Jack Burton? And he goes, Jack Burton, me. I don't know why I always love that life. And then at the end, he's leaving. He's leaving to go back on the road. And Kim Cattrall sitting there looking all sexy, like, you know, you're just going to leave me here. And her friend says, well, aren't you at least going to kiss her? And he just turns to her and he goes, now. It's just what's up. It's like this movie is so crazy. There's so many unexpected moments. It's so funny. I mean, it's really a funny movie. And I don't know, I love that character. He's such a dope, but his buddy, his buddy, who's sincerely a badass. Wang, treats him with the utmost respect. I mean, he said when he's trying to cheat him out of his night's winnings. Yeah, you have that's true, yeah. But throughout the rest of the movie, as they're going out of this adventure, he sort of treats him like he's almost superior to him as a hero, right? And he's got this, he's sort of like AOC. Totally incompetent, but with tons, tons of confidence, you know?
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Let's go see him again. If you're a certain vintage and excellent vintage, and perhaps one of the best, that individual holding an 8 K of chatting over rings, defined your generation, at least filmically. That's why there is a clip in the beginning of every single episode of making movies great again that has a portion of this movie we are about to review. You may have taken us a few months, but we're here. It's 1980 fours red dawn by the great John milius. And it's even better for the first time in radio and televisual history. I co host the bond that only mister Reagan is in studio Chris Cole's with an S welcoming studio. He said Chris Cole the other day and I was like, cool. With an S or we'll never do that again. Chris, how come you're in the swamp? What's going on, man? Well, there's a little thing called sneak. Going on right now. And you didn't want to come, right? To see PAC. You're like, when we finished shooting the last episode of this, you go, you're going to cpac, right? Mister Reagan, you're coming to see. I'm like, no, no, we're not coming to cpac. I'm sick of that stuff. Let's look at those guys. Let's look at those people. And you're like, no, you're coming. You're coming. You're going to go, I'll get you a ticket. I'll bring in and you could say my place. I'm like, well, I guess I have to now, so then I'm here. And and you have the perfect explanation of why people should come to cpac and come to events in which there are conservatives and like minded people, people who want to see the world better again. You say it recharges your batteries. Yeah. That's exactly right. It's exactly right. Because and I've talked about this, you know, another segment of your show, I said, I feel like you see people that you don't know that you don't know in real life. Just regular folks in America who want to see the country improve. They want to see the quality of life of people improved. Bring morality back to America. Things like that. It's a very touching thing. It's very nice. It's very nice to see these people and it does recharge your batteries. But don't go if you don't like taking selfies. This guy, man. This guy, if you walk through cpac with Sebastian gorka, it is like, it's like piranhas going after things. It's like the little fish that nibble at your feet. Well done, but people swarm you. You can go 5 feet and then there's somebody else. Can I get a selfie? 5 feet. Can I get a selfie? Can I get a selfie? And the people are amazing though. And you are very generous with your time and your energy and you talk to everybody. Doesn't cost me a penny. That's what I see. And not only that, we've got another member of the team. Is he in the is he in the room? Can we show the newsroom? Let's show us our control room. The west, his brother. John calls, give away in the back. And what's the shirt you're wearing shows the shirt? Did you paint to where your merchandise on my show? The mister Reagan T-shirt. He came into the room last night and he's like, hey, should I wear this? And I'm like, yeah, of course you should wear it. This is gonna be walking around cpac wearing that as.
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Stay with us for more making movies great again after these messages. Today we are partnering with food for the poor to provide urgently needed food to some of the most impoverished countries in our hemisphere because of interrupted planting cycles rising food prices and the lingering impact of COVID, the list of families unable to feed their children grows longer by the day, but you can make a difference to these families. Today, a meal for meal match means your one time gift of a $144 provides a family of four with food for a year. That's two meals a day for the next year for a family who struggled to get even a handful of rice or enough corn for tortilla, knowing your gift will never have more impact than right now, will you rescue one family three families or even ten families go to Seb Goku dot com and click on the red send food banner, text the keyword to 9 one treble 9, and you will get a link to make your life saving gift, or to give your gift by phone, call my toll free number, 855-330-4673. We're back with Chris Cole's AKA mister Reagan, making movies great again..
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Master blaster sounds better with a British accent, I think, so much fun we love Mad Max beyond ThunderDome and we are delighted to review it in making movies great again with Chris Cole's. Are you ready, Chris? It's much better than you're ready. Well, I'll tell you something. I think we may have watched different movies. I watched, I sadly watched the first one as planned. It took me four days. Four days to get through it because I was just so it was his uninspiring dark and dismal as I remembered it, but you gave me the choice. You know, I could have put it on black, but I put it on red and I watched mad wax. So we're going to watch the original with max rocket tinsel, Chris Cole's. It's not even American movie. No, but it is the movie that put Australia on the map for cinema. This film, the original Mad Max, the original film, was the highest grossing film in history, not highest grossing. Sorry, most revenue compared to its budget, right? It made the most money at compared to its budget. Until I think Blair witch, which is a movie that was made for like nothing, for like $200 or something like that. But this movie was like independently financed. The original Mad Max, and it was just this sort of like couple of guys who had this idea. Let's make a crazy movie in Australia. And it was such a big hit. It put Australia on the map in terms of cinema. So well done for them. But a little bit of a difficult watch. Let's just $400,000 U.S. to make totally privately financed by the Friends of the filmmakers, and it made a cool $100 million. It's pretty good.
America First with Sebastian Gorka Podcast
The Original 'Mad Max' Was Once the Most Profitable Film Ever
"Master blaster sounds better with a British accent, I think, so much fun we love Mad Max beyond ThunderDome and we are delighted to review it in making movies great again with Chris Cole's. Are you ready, Chris? It's much better than you're ready. Well, I'll tell you something. I think we may have watched different movies. I watched, I sadly watched the first one as planned. It took me four days. Four days to get through it because I was just so it was his uninspiring dark and dismal as I remembered it, but you gave me the choice. You know, I could have put it on black, but I put it on red and I watched mad wax. So we're going to watch the original with max rocket tinsel, Chris Cole's. It's not even American movie. No, but it is the movie that put Australia on the map for cinema. This film, the original Mad Max, the original film, was the highest grossing film in history, not highest grossing. Sorry, most revenue compared to its budget, right? It made the most money at compared to its budget. Until I think Blair witch, which is a movie that was made for like nothing, for like $200 or something like that. But this movie was like independently financed. The original Mad Max, and it was just this sort of like couple of guys who had this idea. Let's make a crazy movie in Australia. And it was such a big hit. It put Australia on the map in terms of cinema. So well done for them. But a little bit of a difficult watch. Let's just $400,000 U.S. to make totally privately financed by the Friends of the filmmakers, and it made a cool $100 million. It's pretty good.
America First with Sebastian Gorka Podcast
"chris cole" Discussed on America First with Sebastian Gorka Podcast
"Chris Cole's, why did you pick rocky for this week's review? Well, I got to say there are very few films that I watch more than once. I watch a film, even if it's a classic, I watch it once and I'm done with it. Really? Rocky is one of those yeah, I don't like watching films multiple times. I have a friend who watched last crusade, I think she's told me like 43 times or some crazy thing like that. It sounds like a great gal. Yeah, she's cool. She's actually English. English girl. Is our favorite movie of all time? I've never seen any film that many times. I just don't watch films more than once because I'm a story guy. I want to hear the story. I don't necessarily need to live in the world of the film. If I do want to live in that world, that's awesome, that, to me, is a sign of a good film. So you don't have a secret cosplayer. You don't dress up in cosplay outfits at the weekend. No, I live in the real world. I try to make the real world as amazing and fun as I possibly can. But rocky is one of those films that I guess maybe because it came on television so often when I was a kid, you would watch it over and over again. And not only would you watch it over and over again, you enjoyed watching it over and over again. I don't know if that was just a product of me growing up in the 80s or what, but I don't know, it's that classic underdog story that and the music as well, just everything makes you so enthusiastic. It makes you root for rocky and it makes you just like love life and love being a guy and wanting to box and all that kind of stuff. So I have to say, when you chose this, I wasn't ecstatic, okay? Okay. I am an American. I'm a proud American. I love this country greatest nation on God's green earth. It is the seminal American movie. For some people, it is about America, but for me, and I enjoyed it. I watched it again last night, and I enjoyed it, but for me, for the longest time, it's too grimy. The 15 year old drinking the mortal liquor outside the grocery store on the stupid night. It's like, I don't need to come home and watch that, you know? Rocky trying to convince the 14 year old girl not to become the local prostitute. That's not my kind of idea of fun, but by the end of the movie, you know, he'd won me over..
America First with Sebastian Gorka Podcast
The Genesis of 'Mr. Reagan' With YouTuber Chris Kohls
"Happened, Chris Cole's, tell us the genesis of mister Regan. Well, I think I was watching dinesh d'souza. I was watching. There was a few guys. You mean my Salem colleague, the national Souza. That's what you mean. You're a good friend. I traveled to Jerusalem with just a my last month. Because you must remember, when Trump was elected, it was a kind of a weird time. And Ben Shapiro and dinesh d'souza were like traveling to different colleges. Yes. And they were essentially like getting questions from leftist college students who weren't really prepared to face off against people of that calendar. This is one of the YouTube Shapiro destroys liberal thing. I mean, this is when dinesh destroys. This is when it became a meme, right? Yeah, which by the way, for those who don't aren't aware of this, that was the time in which they started saying words are violence. Yes. And they started blocking people from the college campuses. That was at the time when they started coming up with this theory of like, well, even a conservative idea is dangerous. And so we've got to start. So all the stuff that's happening on Twitter now and social media and YouTube censoring everybody. It's all stems from dinesh d'souza and Ben Shapiro and Steven Crowder and these guys. And just being so dang good and even like Milo yiannopoulos, just shutting down leftists so hardcore that it was humiliating for them. Right. And they couldn't and they were like, how do we stop this? Oh, I know. Because leftist ideas are ridiculous. And conservative ideas for the most part are pretty logical and rational. And so when you compare the two, it becomes very obvious very quickly and leftists are like, okay, we've been lying to people for a long time, but not because the Internet people are starting to cop on and get red pilled. How do we stop that? I know, we'll just stop the conservatives from being able to speak at all. We'll control the information, right? And so they took that next step from just presenting a believable lie to stopping anybody from telling the truth.
America First with Sebastian Gorka Podcast
It's Quite Remarkable That 'Back to the Future' Ever Got Made
"Movies. We're talking about one that allegedly is a good movie. The movie is Back to the Future. It is treasure by my co host, Chris Cole's Chris. Let's share a little bit of it's quite remarkable that a this movie by the two bulbs actually got made and B that it actually got finished, is it not? Well, I mean, I don't think it's that amazing because I do think the concept was stellar. And at the end of the day, dude, look at the undermining your co host. The guys had like four flops in a row before they did this. They screwed Spielberg over with 1941 that completely crashed and burned. The incest implications in the script meant nobody wanted to touch it. And he said, oh no, it's quite of course it got made. Come on, help me here. Don't undermine your, you're right. Disney didn't want to make it because the incest thing. And well, because there were buddies with Spielberg. So Spielberg was just like, all right, we'll help these guys out. Basically, this is what happened there. But the truth is they knew they had a hit with this one and here's the proof. Here's the proof. And you were probably going to bring this up later, but I'm going to bring it up now. They originally couldn't get Michael J. Fox because Michael J. Fox was too busy with his show. The family ties. Family ties, yeah. That was the show that kind of made him into a star family ties, which was a great show, by the way. If you haven't seen family types, watch family time. He's playing a conservative, right? He's the only great thing about he's the only conservative in the family, this kid who walks around in a suit. He's the only conservative. Yeah. It's not just these only conservative his parents are like hippie. And they raise this kid and they're watching all the suit with a briefcase and they're just like, what have we done? It's like the opposite of what you expect the rebellious kid for bells as a conservative. It's beautiful. It's really brilliant. And he's the star of the show. And the finale episode is really touching. If you've not seen that show, I strongly recommend people going back and watching it. But let me tell you why I love this film, not why it's good, but why I love it is because of the nerd aspect. I mean, I love the car and I love the time travel aspect and I love that special effect. We all love the movie for all the normal reasons. But I also love his dad and how his dad is such a weak, nerdy loser, getting picked on by this bully. And
America First with Sebastian Gorka Podcast
Is 'Back to the Future' the Best Movie Ever? Chris Kohls Weighs In
"Start with you. Let's start with Chris coles, the host of the mister Reagan, YouTube channel, and the alpha critic, why did you choose this movie? Well, it is iconic in American culture, Back to the Future. It is one of the films that many people say, is their favorite of all time. And my brother absolutely loves this film. I think it might be his favorite. I have a friend who literally can recite every line from the film. Literally can recite every line from the I mean, this would be loved film. And I have to say, it may be a generational thing. Because this time, as I was watching through, it occurred to me, it's kind of a cartoon. Yes. This movie is kind of a cartoon. There's moments where Christopher Lloyd will react to something, and he racks like this. Well, you know what, whenever I see him in this movie, I think of who killed roger rabbit, right? Where he plays the villain who turns out to be a cartoon who's, you know, ice bug out, and I find it hard to disassociate Christopher Lloyd from this incarnation and from the evil villain. The literal cartoon villain he plays in and who killed roger rabbit. Yeah, and there is a lot of moments like that where the acting is very intentional.
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"You responsible. Dennis rodman with a bunch of scores is a great team. You got doubts. A team of dennis rodman's is tear. Who's the worm in. This analogy is long ball long. Hauls the women's now exactly so you got a guy that can rebound the shots but no one can score. So the whole point is that these things should be used together. I think the wrong impulse is to say. I'm an investing long ball. Gold cash and build a bunk. Use these as diversifier and rebalanced accordingly and use them to help take risks responsibly. But that's not what sells newspapers. That's not what people wanna hear on film twit people want to create caricatures and create heroes builds. I don't care but when it comes down to the right way to use these products i care. I think our clients are smart about that. I think the hardest part of that hundred year portfolio is the one. I truly believe it's the hardest thing to do. Well being able to carry left tail exposure and non correlation and not lead is one of the most difficult things probably one of the only things worth paying for in the industrial world. Paying a premium for there is value in having someone put the pieces together for. I think there is a tremendous. It's a very non trivial mental. Hack and you've seen a lot of institutions go this way on their own where they'll like could be a managed futures manager could be a long ball manager. Say look i know you're not going to be able to stomach this on your own because you're shuman and the way it is so we're going to wrap it where it's half managed futures half equity in call it something else and so this concept of whether an advisor does it whether artists does it whether it's an actual fund that puts the two together the hard part for an individual in many festivals to as they still look at like the line item and they see one thing could be long ball could be trent who knows that's like consistently read whatever the runway as maybe it's a year maybe it's too but even asset large asset classes that were yesterday's darling. Emerging markets. my god no one could get enough merging markets in the two thousand two thousand seven period every person on the planet commodities real estate. And then flip. No one wanted stocks. When was the most popular periods tail. Risking was right after the financial folks so i always say this. We're bread and butter in long volatility. It's always what we do always will do. I will tell you after doing this for over a decade. Our phone is ringing off the hook for longo product dixit separately. It's too late. it's not when you want to be putting money. You need to be putting money in long bowl when it's a net loser and in the rear view mirror involves slow. that's an equity is doing well vice versa. Everyone's scared of equity when in march two thousand nine and that's what should people be a disciplined approach. That has a discipline of rebalancing. These is what's so vital. You don't need to time. Don't need time if you have all the components together to protect your time. You have a little components together put them together you trust in them know therefore we sit back in those guys. I'm like i don't care if you're flat to down for decades. But what i care about is if we enter into stagflation do well. That's what i care. Because i want. My commodity trend is really really well during runaway momentum period of stagflation inflation commodity If you're rebounder or your defensive player earlier goalie hasn't been used for most of the game because your offense is doing so well. You don't pull your defenders investors do it all impact. You're constantly pulling their goalie. And their defenders put on more often table this is why we say so essential that investors try to codify a write down their investment plan and rules on paper. Even if it's one page could be half a page. Here's my dragon. Portfolio rebalancing once a year. Wipe my hands done but then you have to stick to. It could be tolerance base. You know something declines twenty percent. Whatever doesn't matter the whole key is having that sort of methodology that allows you to take advantage of exactly what you're talking about which is last march. Thank god you had some long ball sort of in and you could rebounds or vice versa. Thank god it's lost money while the stock market's up thirty percents rebalance if you took your paper and maybe you can add this to your website at one point because it's a great game again. Referencing my buddy. Air crittenden used to do with investors as he would make all the asset classes anonymous and give it to an investor and say okay look at these stats. You pick what you want. And or put them together and show the final portfolios and of course he was looking at the trend following world invariably would end up with a huge chunk in transforming of which they had not but then when they actually had to go implement it. No chance so this concept of what you mention of mentally stepping away from these labels in your emotional attachment to them. I don't want my identity to be attached to my ideas. Because if you're equities guy and all of a sudden you have to sell some or back two thousand seven. You didn't want to sell your real estate. So bulls peak of their run. We've already identified of the dragon. The five pieces who the worm as. He's long vall. Who are the other five players. Jordan's gotta be equity right the most popular yet jordan's equity for sure absolutely jordan's definitely equity. Let's look at this. Because you had longley. You had pippen. And yet ron harper. I'm gonna call ron harper. Cta's because ron harper was great perimeter defender so that was the guy was creating havoc on the perimeter. I'm gonna call scottie pippen. Box jordan pippen. The meat and potatoes and pippen was also great defender. Longley i guess is gold because he's australian and they make goals in mind golden australia. Who's like the most inconsistent of the bulls. That's why i say with gold is like you never know if they're gonna show up and play good or terrible early cuco. Yeah he could be a good goal to. I was gonna say steve kirkeby bonds just because he's so boring but he didn't have enough of a role so you couldn't include him. I think pippen is the right on. That's dragon folio than ninety eight kagera. Kabul's hopefully it lasts more than the last dance though. You can ride that team one hundred years rather than just three championships. That's like an institutional portfolio manager messing up a good thing you had a good portfolio and then is started mucking around with it. What are you gonna do chris. I'm been holding you for a long time. Anything else you're thinking about. We've already talked about your new pieces as you look out. It's been a weird last two years as you look out to rest of twenty twenty one and anything else on your brain confused excited about as you sip a beer or go to sleep. Wake up in the middle of the night. What's on the frontal lobe. I think it's been interesting just to sort of see some of these some talking about for five years correlation breakdown between stocks and bonds which unite talked about. I think in our first podcast for senators on the show. Let's talk about two thousand and fifteen paper. I think the reflexively in the short vicks in sydney the reflexively in the global short attila trade that three trillion dollars for bald trade that has enveloped implicitly explicitly in the unwind of that which was talked about some of the papers in two thousand seventeen. And now i think most recently you know it's mike greens theory..
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"Between two to twenty percent of the money that comes on in in order to run. Its course reggie. So what an institution will do is take that excess cash and they'll use it for equity ju- bonds but oftentimes it just sits there. If you're on allocate george external it just kind of sits there dead in basic cash reinvestment. That isn't even matching manatees. So that is one of the huge advantages that institutions have and. there's also one of the advantages of actually working with an adviser that can actually commingle all these things doing the best possible way and to hit return targets over ten percent a year of cheaper several have to commingle all of these assets and manage the cash efficiency problem. Call the dead cash where the big criticisms that. I've got the paper. Which i think is a little bit unfair which was like well. You're still having correlation risks in that portfolio in the dragon boat. I would agree. They're still correlation wrists in dragon voyeur. It's entirely possible. Yes in a world that stocks volatility. Cpa's gold in bonds all declined together. Is that possible absolutely. Is that more likely to happen than what most the average for polio is. The average portfolio has far more correlation problems than that diversified portfolio so now is a correlation dynamic there as there is with any portfolio. But i think it's much better to respond until i'm trying to even figuring out how that could possibly happen in a. It's like a brain pretzel not to try to figure out what environment that could possibly exist in because theoretically the trend side will pick up whatever's happening eventually so it have to be a sharp move and then the volatility. I don't even know how that would possibly miss. I don't know. I don't know it's a pretzel. Here's one environment. It's never happened shortly. There's no proxy for this. I don't see a world. This would happen but i can think of one environment where all the last year go down together and that would be an environment like. Let's imagine hypothetically i'm trying to poke holes in my own series here. Hugh one theoretically could have been the runway. 'cause bonds terrible starting-point stocks terrible starting point gold. Like you could just go. Who knows with gold and the commodity could just be off on the wrong foot at the beginning of it but how could volatility not capture that part. Let's imagine that central banks have already reduced interest rates to zero so bonds can't go anymore so you're not gonna get any performance out of your thoughts. So then what happens is that interest rates are going up slide not massively but a bit teeny bit talk so banzer taking smalls equities decline three basis points a day consistently declined three basis points today to every single day. The equity market is down to three basis points without faith. So it's just this Tinny bleep app. We're talking about so. As a result of that volatility is sub temp fact. it's probably be sub five even though the equity markets are declining bit by bit every day. You're not getting a payout in your long ball because there's no vall ball's actually low. Despite the fact the equity works dropping by the same reason. There's no breakout performance in commodities. Because there's no rampant out of control inflation because rates are ticking up bit by bit by bit the day see get trickling losses and fixed income trickling losses inequities trickling losses in commodities. Gold does nothing and ball. Just leads out because you're that scenario. There is no historical record of that in financial history but seems like the good news is at least that it's not gonna be a hard left like you're gonna lose half it'd be like a sunburns gotta go away eventually. It'll be a slow somber. So could that happens. You're anything can happen. There's a probability of anything. But i think the probability of that career i mean generally speaking you have very hard right or left him arguments. I think the risk of that is far less than the risk of stocks bonds declining together destroying and she'll portfolio it if you had to shoot one of the five in your portfolio. It's like the old game like mary mate with or murder. Which the five would you shoot in. Twenty twenty one. I think i'll know the answer. If i just shoot one. Twenty twenty one be the bonds pots. This is the problem. I wouldn't to shoot one. Because when i get asked this question sometimes well why not. Just take the bonds seven zero. Well you talk to lacy hunt. Who's here in austin lacy's when smart guys. I know way more about inflation than i do. Well at the end of the day you know. He's truly opponent of device and continues to be a proponent deflation. So he made look like we'd want to shoot the bonds in this environment. But maybe when all of this kind of wear out of the student people the full scope of the unpleasant problems and the fact that people solvency problems light maybe we get a sharp left turn back to deflation and then all of a sudden you end up getting some solid performance bond for this is why i say don't fear don't predict because emiss- shooting one of those assets there an implicit prediction. But what i think will happen. The beauty is that the beauty in this diversification by margaret regime. Over one hundred years. Don't i might want us bonds. I might regret it. Dir rare bird despite being someone who's on the long ball camp so many people become wedded to their strategy or style or asset class and using this balance so many portfolios we see all the time or so lopsided and even if people move off zero. It's like a couple percent. It's sad because we wanna play these games where we pigeonhole people into these personalities. New york times did a about me several years ago i was real sad about how it turned out. Because just kinda painted me as this kind of end of the world. We've always believed that the right way to tell our clients the right way to run. Long ball is to pair it with equity and risk. We exist to help.
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"I think any knicks fan until recently probably s known that problem. You like basketball. Almost always wear my nuggets hat during this show. They at least have something to cheer for. I'm optimistic the weird thing about your paper. And i got a sneak peek in. It's great the biggest diversifier fires to traditional portfolio. And this is obviously you. And i but it's like a who's who of categories that no one allocates to is that a fair assessment of like earth. Sorry like not at least if they do. It's tiny but most if i talked to the average adviser and i'm going down this list. Long long-haul gold see a systematic merger are. Maybe no one has any of those that i ever talked to. The exact opposite. Conclusion is what you would expect. I think everyone looks at this hundred year pavilion concept and they'll nod their heads. We look at it makes a lotta sense and make sense the data but when it actually comes to putting twenty percent of your money in long volatility overlaid precious metal or rebalancing out of long volatility marching into equities and vice versa when equities are killing it rebalancing out of equities into something long in. Cpa's losing money. Most people can't do it. I'm surprised the short bias. In market neutral ranked is poorly. Do think that's partially. Just due to the subset of time and if we get a haymaker of us bear market they might bubble up into the better ranking. Or what's your opinion yeah. I think that's right. I think i think in the paper is to be released. She got a preview of. I mean that data is read from a seven to it still includes financial crisis for the most part it does. Yeah but short buys managers had really tough go especially. When it's i don't think there's any left. There's a list of short hedge funds and it's like the worst equity Just goes down and down and down. I think it's like there's probably like five left. That's really really tough. I would think that if you had a hundred years of records for by Dome but i would. Fear is that that would rank higher on that wins above portfolio replacement propose metric so in that sense you know you are like any metric you are limited to the history of data to have you also get into this concept to which is really interesting. Most people don't consider opportunity cost and that's another problem with the sharp ratio. Just three people think of Because what does the opportunity costlo. A dollar at the bottom of a monk after crash is worth way more than a dollar at the top. A dollar in march of two thousand nine is worth far more than a dollar presumably in one thousand nine hundred ninety or dollar new presumably so in likewise dollar at the end of march. Two thousand twenty is worth more than a dollar today. Well many investments give you the quantity they on in those periods of crisis so investments like long ball nc. ta's and investments that actually profit. From extreme right or left. Hails will give you money when capital is scarce. People are not selling out of some panic in out of control emotional thing they're selling because they're over leveraged and they have to sell their selling because they need liquidity and capital is scarce in a crisis. That's why assets go from being overvalued undervalue so quickly well in that sense somebody who an asset that is giving you. Liquidity in a crisis has tremendous value. You're able to rebalance during that period. We go back to the sports now. A rebound when your team is missing in the fourth quarter is worth a ton. Every rebound the dennis rodman get in the fourth quarter. Pass back michael jordan for another shot is worth a ton and points so not these true diversify nasa classes rebound your portfolio when there's a crisis and that more than pays for any negativity during the periods this is true of any sa- true to some extent any of these other adverse a lot of asset classes. Like you sound like permanent. We actually takes liquidity. You don't have the ability redoubts Even be capital calls you. Think back to the financial crisis all the damn scott upside down on that problem specifically they went through a fifty percent portfolio. Draw down all of a sudden private equity. They're stuck when somebody looks at the performance metrics of those investment prox-. It does not take into account opportunity cost of capital and the value of the during the cycle so something like a window. Replacement portfolio guts guts. Because it's constantly looking at the rebalance that how that plays into something. It will take into account that framework where something like a show racial. It's not. It's interesting. Because when i did the hundred year portfolio paper. I didn't know what the answer i didn't do that. Paper with a product in mind. I didn't do that paper. I had a sense that it would show that something long ball would be helpful but it was truly like an intellectual exercise. That's like the brute force method. In from this brute force that we came up with this conclusion as to what this collection of assets works great as t but then we worked out and developed new mathematical formula from a more elegant mathematical. That looks at construction. And we then apply that framework to arrange of assets and we get the same answer. And that's not by design. That's purely the fact that we're approaching this problem by two entirely separate analytical methods and you get the same answer plus merger arbitrage which is something i never saw. What's been the main response to the paper. I mean to me. it seems obvious. But you're kind of speak into your wheelhouse when people have emailed you talk to you about this paper and subsequent last year this year. Any consistent responses from the investor community. Or what's been the general feedback. I think one of the first big considerations that people have is. How do i get access along long. T. as retail and that is admittedly difficult. If you're a big institution family office it's relatively easy to do in an efficient way. It's harder if you'll retail investor. Not i admit that hence some of my frustration that we have the beginning of the show before frustration. With some of these way the regulators look at the world. I think that's particularly interesting. I get a lot of questions on how to construct this independently. And i address some of that in the paper. It's actually relatively hard. One of the biggest problems is the dead cash. If an institution gives me capital to run my ball strategies or a cd strategy of all receipts strategy oftentimes only eats anywhere.
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"To do so but the true tragedy are the unable and the unable is the average retail industrial. And i should commend you. Because you've done a great job with your products here. I guess you can't talk about that. But i don't agree product products. You're actually broadening making some of these strategies available to some degree but the unable or really the average retail industrial. Because it is absolutely crazy to me. Someone who has a long track record of running money responsibly. In like a long volatility for for example can only accept accredited sophisticated investors yet. Regulators will allow an eighteen year old to get on their iphone by double levered. Fix or by a doj coin obscure crypto. How does that make any. Don't forget micra capstone forget lottery. Tickets going to casino more importantly currency levers currency. You can get currency at like twenty two one. You could trade futures. This topic is one of the most preposterous things. I think the rules are going away. That's my two cents. you've already had it. Go like halfway to where you can submit some sorta industry qualifications. I would love to see it be like a dmv test. You just take it online in minutes wreck fine. You want to nuke your money have at it. At least they could then wash their hands of any responsibility. But the fact that there's an entire category of infinitely worse. Garbage to incinerate or your money. Already and i actually think probably a lot of government legislation. This had good intentions when it was drafted. But at this point it's totally in applies the startup investing to it's totally past. Its expiration date. It's going to be a great tragedy the worst situations retail because these are true diversifier hs. I think our world would be a better place. If the average pension system the average retiree folio more closely resemble the hundred year strategy. I really believe that. I think i've done a tremendous amount a research and a happy for anyone to look through that research. Look through the results. The paper read the results. And tell me if. I've not seen because i think it's all there. They block it to save people. They're not saying that is a great tragedy. You know. I love this very fine paper because once you get past page twenty. There's just reams and reams of tables and historical. Data's nineteen twenties graphs. Probably my favorite paper the last three years about the institutions by the way. They're often just as guilty or a mess in it illustrates something you were talking about. Which is the struggle of having multiple parties involved in the unwillingness of people to have a long enough time horizon. I mean my at rs. management. And all the drama. They've had over the last five years multiple. Cio's humorously or not gas getting rid of all their tail risk funds right before the pandemic started and then places like harvard which has had one of the most successful endowments in history that is essentially moving. Almost two it seems like much more watered down situation and most recently. It'll be interesting being the wrong word. But swinson arguably the greatest institutional alligator in history. He had a pass because of his amazing performance. But you see the challenge of these structures with so many people involved. It's hard to look different. Almost which in many ways is a big shame. There was a lot in there. That's a little bit of a rant. Sorry i think it right. And i say i mean i know. People who are in east and systems made them are brilliant people very smart be credible equal. But you're trying to turn a titanic in some of these and is like one person doesn't have unilateral power and it's incredibly difficult to do something outside the norm and it's quite interesting. Most people would rather fail conventionally than succeed under niche and. That's the problem. The good news is like at least maybe have a small subset from this audience. I feel like a lot of the investors we talked to on the individual and level. Want to quote. Do the right thing. They're willing to look and act different. And at least be open to some of these ideas and i think the last year's such a beautiful example because it's literally every asset in your entire mix had a moment in the sun and shade right so like q one last year. You're like god. I have the long volatility in the bonds and gold. Fast q. Two or three. Thank god i had equities to rebound and on and on and on and this year trend fawing is having a great year as you see some of these commodities prices go bananas to the upside on and on right it's but the challenge is not getting wedded to just one of those you get totally upside down and the beauty which you've also mentioned is they have the ability to rebalance towards the stuff that's got nuked because the things that are appreciating is at the and that's the whole point is that in that portfolio that is balanced by the matic diversification were devout rebalanced mortgage regime. So what you're doing is looking at the way that different asset classes perform different regimes. It's not about diversification over a day or week it's the precipitation over entire decade. There's a solution you don't be afraid you don't predict you don't need to predict everyone wants to predict. Don't be afraid don't predict prepare and if you have this diversification by regina first-quarter your long ball doing well. And then he rebounds and then in the second quarter gold and everybody's doing well in the fourth quarter while you're long ball in the fourth quarter Equities cta's really well so at any point in time two or three of these versu- fires are outperforming by a wide margin paying for any of the losses and the other framework creating a nights upward trajectory. And we saw that last year. And you see over hundred years and we actually give you some slides and start paper. You can absolutely that really at the end of the day. It's about rebalancing and it requires extreme disciplined. Because it's very very hard you talk about. People firing their tail risk right before the crisis. Well right when you need a diversifier is probably wear. It looks the worst in a.
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"Also didn't help if i recall in most foreign markets where interest rates were already at zero or negative. It actually didn't hedge. I think most of the foreign bonds right like so if you're living in europe or other places counting on fixed income to hedge the market puke. It didn't you consider fixed. Income worked as a wonderful hedging eight. Well you're able to take rates from five percent down to zero. Well today. we'd have to move deep into negative territory and european more so to get that same complexities on a bounce. Big problem so the second big issue so bonds. Zero bound don't rework diversifier in deflation. Sixty forty portfolio would have had drawdowns close to seventy percent in the period of great depression. If we go back to a at saint portfolio and risk parity is actually. Has the same problem. Restorative oftentimes levers the ball state has the exact same. If we go to something like the stagflation the nice seventies which maybe will entrant Something like that. Sixty forty portfolio had reasonable doubts about thirty percents. The problem at the end of the day is if you look at that after inflation. It's almost the same. As the great depression you had over sixty percent drawdown in the classic or folio after you place. So you're getting get in the seventies stocks did nothing and they declined and there was a big bear market when they weren't declining. They just kind of going sideways. And then you had bonds get by the high inflation. They were getting hammered. And then on top of that when you have ten percent inflation a year your bonds are losing money and your stocks are doing anything. You're losing money on a real patients so in those environments these classic portfolios. Just don't work now. Some people might turn to these other strategies like shorting volatility or risk premia strategies. We tested those to their disaster. Truly a disaster because every five years telling me that i see this over and over and over again you get some beautiful look in equity curve in some managers raise five hundred million dollars billion dollars two billion dollars and then they disappear at some point. Oftentimes there for details. And ashi or leveraging beta if you look something like a paul of rice reggie for example that strategy right after two thousand eight performance really admiral for period talk. It looks fantastic. Some individuals actually rebel actually generate a lot of. Am off your back and you test strategy through the great depression. It was actually a disaster because what ended up happening in this. Also true the seventies as well was a disaster in the seventy s. Well what was happening is in effect. You had these big declines. It's really taking the brunt of your declines on your layers in the snp and then what happened is that there were these periods much like last year. Where when introduced the banking act of nineteen thirty two or when roosevelt valued for scold where the market will slow. Actually there were two episodes in the nineteen thirties where there were over sixty percent gains in equity markets period under six. So you can imagine that. You're doing later recall overriding strategy. You're realizing all these losses on the way down and then you're selling upside and then when there's that eighty percent rebound you're selling that bowl so you're getting hammered on the rebound what most hedge funds have been doing. And what most active strategies doing is they've actually been shorting volatility either implicitly or explicitly and they're either literally shorting volatility like selling options for extra income or their shorting correlation which is what risk does their shorting trend friend which is what a lot of strategies do will have short gamma or shorting interests in some point during the expedition reached. Well in these other environments where you have trending markets exclusive markets on both tales huge tail exposure your breakdowns and correlation between asset classes. And then you have. In some cases very rapidly rising interest rates or at least a scenario where reached can't dropping works are already close to zero all of a sudden all of these different components that people have used all these financial nearing strategies to augment and enhance foley. Returns actually failed. That's true for things. Like i mean if you look at even private equity for example where private equity in essence requires inexpensive debt and rising markets. That's a secular growth strategy. In many ways it's actually short a straddle some reports because you're exposed on the left side in effect because if there's big declines in growth you have a negative exposure that left side of the return distribution if are huge gains but right rapidly rising inflation becomes really really difficult to debt finance always acquisition parts. And you run of the same problems. There's many strategies that actually have they may not seem like they're shortfall there. In many instances they have aspects that replicate a short ball trade the private equity you touch on his near and dear to my heart because you chat with a lot of institutions in. Its universally seen. I feel like a lot of institutions. Understand the sixty forty problem and their conclusion is simply to add more stocks through essentially private equity as their savior. And they say okay i get. Us sixty forty is going to have low returns so my savior solution is to add more socks through private equity and you left out one piece. Which is that private equity historically had a big valuation discount to the public markets in. That's now gone. And in some cases it's more expensive than the public market which is totally crazy as more and more of the flows have been pushed into that. Why do you think that these three strategy buckets so gold. Precious metals sensually crypto. I'm saying the street diversifier to traditional stocks in fixed income..
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"Based when rates are already zero. You can't rely on net deflationary mark. What performs in stagflation rebar like nineteen seventies. Well that's gonna be in. Things like commodity were trend fall. Momentum trend following strategies particularly in rachmaninoff. Well you put all this together. We found that actually folio five for asset classes. What we call market regime diversifier because they're not assets their regime debris spires is a portfolio that lasts one hundred years and performs consistently markets market in this folio not only performed at every single market cycle but also was able to do so with about one fifth to one six drawdown a sixty forty portfolio and risk parity is comprised of really five or fires assets like equity that performed during secular growth equity linked assets like that and that could include real estate private equity. Anything that's long ep. Base the second asset classes of six and the third asset class is what we call fiat alternatives. And that's mostly precious metals and gold. You could actually. We didn't can't act as you could. Actually maybe include a little bit of the fourth asset class is long volatility and conducts hedging and the fifth asset class is trend following commodities. He when you put all those asset classes together in one commingled portfolio whether you're dealing with second growth whether you're dealing with stagflation whether you're dealing with deflation your portfolio consistently performs and the rebalancing all these different asset classes diversify based on market regime. That's the key. Diversification by market regime is what creates a steady growth cycle. This is incredibly important. The challenges i think modern portfolio theory in terms of the way. It's a simple thing to understand. But it's a very very powerful idea and the proof is in the pudding. Anyone can look at our paper. Anyone can replicate the back test. We've done the paper provide. It's a very long paper. Very long appendix quantitative notes. So certainly anyone please feel free. Replicate this but i think it's a very defensible in realistic framework and last year when we saw all these all of these factors come into play had deflation in the first quarter then. The fed came in global central bank stepped in with ten trillion dollars with the stimulus. We had a huge equity boom which was really a fiat devaluation and then we had this kind of interest rates commodity prices in the fourth quarter that portfolio the five grass classes or call. The dragon portfolio performed incredibly throughout two thousand twenty. The long volatility cushioned your blow from equities thirteen percent gain in the first quarter the rising prices during the summer along with equities provided huge gains during that period and then the latter part of the year the nation of games equities and gains in trend following claude. He's actually produced gains in the fourth quarter so unlike many portfolio which really stumbled in the first quarter and then struggled to regain this market regime balanced portfolio consistently made money every single quarter last year every regime because it's diversified regimes. So this was not a surprise oscar. I think it was a wonderful out of sample test to look at the theory that was presented a paper and then we released a new paper this year which actually kind of looked at performances a shorter paper in it reviewed the performance of those Classes the year using actual numbers going back to what you mentioned earlier about investors in the sixty forty and even if you have sixty forty the risk because stock volatility is more than bonds. It ends up looking like essentially an all stock portfolio. And if you look at even every country in the world sixty forty loses like two-thirds at some point so not at all what you would consider your mind as a low loss balanced portfolio and the challenge with that too on top of it. Is that everyone that's all. Us the amount of people allocate to foreign markets is tiny on average in the us average allocation of the globe is eighty percent plus so in reality. You have this portfolio. That's essentially just stocks stocks. They would call now and the problem with that. Is you have such a massive multi levered approach with your portfolio and your human capital with what goes on in the real world. The stock market returns are so highly correlated to when shit hits the fan. It makes absolutely no sense. I mean last year is such a recent clear example when the world's going to hell when unemployment goes from four percent to fifteen when the economy is going down the tank yada yada on and on and on oh by the way your portfolio is also getting smashed. I mean that makes no sense. There's no sense of balance in financial advisers. it's even worse because your business revenue is tied to the stock market clients. Freak out they pull their assets and by the way. If you don't own your own company you're also subject to getting fired because your companies out anyway on and on and on it's such an unbalanced portfolio the beauty of what you have in. It's hard for a lot of people thinking about true diversification and what that actually means because you're three big muscle movements that are missing from other traditional portfolios. People may have to three percent. I don't hardly ever see more than five percent any of these being the precious metals kind of gold sleeve the long haul and then the trend following sleeves ended up being actually over half the portfolio. Yeah twenty percent to each of those sleeves. So that's the thing. There are pension systems out there where they've tried to take five percent of fully-owed. It's very difficult for them to even do that. The concept of this hundred year portfolio is quite a radical concept. because we're saying look put twenty percent each of these classes or thematic. Now what's actually a little bit difficult about this. Is that to do it. Awfully the best thing to do is actually to commingle. And it's actually somewhat hard for people to get diversification and things like commodity trend or volatility. Artists has been a long volatility manager. We esperanto bread and butter for a long time but a lot of times like people will take those products in oftentimes along fund might only need to ten percent of the capital so a lot of smart investors. Do they'll commingle back with equities and share the capital but it's difficult to do that for retail investors but to go back to the sixty forty portfolio concept which you know if you look at most pension systems. Now it's about seventy twenty. I always say this is that people think they're diversified. You know they might have all these sub baskets that diversification actually is short volatility capacity in long if you're investing in a private equity fund along with your home along with a average hedge fund. Actually you're just correlated. Rebating correlated mortgage cycle. Everything turns out of the time. What's the central problem with the six portfolio and also risk. Well the first central problem is becomes neuter when rates. You're about so. That's what happened in the nineteen thirties. We saw it happened last year. If you were relying on fixed income to help you in march will. There was a period of time where fixed income was actually declining. Simultaneous was stocked. Saint time also happening now are having stay that occurs sometimes or the efficacy of fixed income becomes neuter when richard zero bound because he just can't lower rates so although fixed income helped universe horror two thousand twenty. Not.
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"Generation talked about a totally different mindset which was children depression living through a totally different environment. And there's a great book an implant like the diary the depression or something along those lines that is talking about it through the lens of journal in real time and my god what a different world in conclusions you would come to than someone who lived in this postwar period. Anyway keep telling the story walk us through the paper and the takeaways. I'm so glad you bring up that concept. Actually it's so powerful. Actually go back and read these. I'm a baron subscription. One of the things. I love about barrett's they just hit a hundred year anniversary this past week. There you go. It's incredibly informative. For example go read all of their headline articles from the nineteen ninety s missing credible. Put yourself at minds you go back to the mindset of somebody who first of all the average financial advisor is about fifty five years. They were kindergartner. Last time we had debilitating sex. All we have known in our entire lives is a regime where stocks you buy on dips on stocks stocks. Go up and anytime they don't go up. The fed intervenes cuts rates does and that has resulted in this incredible kind of buy the dip regime. Well when i tested is i actually looked at a by the dip strategy. Going back one hundred years. You went bankrupt three times employing that stretch in a systematic way. It's actually incredible. Oh my goodness why is that well. For the greater part of most of seventy years stocks were auto correlated with that means that if yesterday was op. Today's like the yesterday was down so he's likely to be down again. That ended during the nixon shock where they actually have devaluation against old and then at that point stocks went from being trend based to kind of voting this until it mean version reached all time is last year truly incredible so the question at the end of the day. I mean if if history repeats. Okay know the sixty forty portfolio fine. But it's very difficult to sit back and say with rates where they are stocks ready. Our evaluations are to get a repeat of the. We're corporate debt to gdp at all time highs us government deficits to gdp are at the highest levels or to. Can we expect the next forty years to repeat so based on this. I like to say that recency bias is a systemic risks the expectation that the next forty years old like last four years is actually a systemic risk to pension solvency in retirement salts. And that if people think that they can applied formula worked yesterday over the next twenty years retirement. They're going to be sorely mistaken. I think a deep study of hundred years history shows us that right now. Everyone's racing by you talked about this dynamic. Great depression stagich. Everyone's recently by real estate. Everyone's racing to buy stocks rooms reason to buy Tokens think in the context of the gi coming back from world war in the mid nineteen forty s and nineteen forties which one of the best times to possibly invest in blue chip stocks. And in home she had always coming back huge baby. Boom huge growth. Us manufacturing center of the world. Very time well try convincing that to gi. Who has a little bit of savings and jasmina about twenty five years old. My god the last twenty years. I have seen my family lose their home lose their stocks. Stocks real estate were down for close to two decades so that g i knew nothing except that those were a casino. It would be highly difficult for Put his money in anything then. Cash most investments. Well same thing with the release bonds considered certificates accomplish so when inflation has exploded. And you're looking at fourteen to sixteen percent treasury yields and mortgages are close to twenty five cents as they were back in the late seventies. Early eighties try walking into a ballroom. Saying hey not only should we by fixing gum. We should leverett. It's funny because we did this. Trading simulation years ago. When i was a analyst i was coming into the analyst training program. They started out gave us all. It was like this fast readings. You're supposed to treat pretend to be a traitor which kind of absurd exercise and it would go through twenty years of mortgage history by things. I one and there was like a five hundred dollars. Cash prize won the prize. Because i simply. I knew the simulation was starting nine hundred eighty. I sat there and put my portfolio in zero coupon long-duration. Ted literally walked away to go get coffee. Came back at the end of the simulation and had one is humorous right to this point. Recency is a major systemic. Because we just can't use reward yesterday to inform what might occur more. And i think today's a great example of that where we actually simultaneously. You're seeing declines in stocks bonds. On the it's always a surprise to people. The correlation between stocks and bonds one is not really stable. People assume it's just like hey stocks bonds and save you but historically it's been a bit of a coin flip depending on the environment the beauty of your paper amid everything you're talking about. Is that the appreciation for history of what has happened even in this limited amount of time you call it two hundred years of history fifty years of sort of floating rate currencies. Actually not that long but even within that amount of time the tiny subset that people extrapolate from is so tiny and even more so so much people we talked to even just the last ten years post financial crisis of things like the us always outperforms the rest of the world which is not only not true in history but it's not even close to being true and is the exception not the rule so systemic risk in walking through looking back in this in history. Keep going so. Let's talk a little bit about what i learned in what came out of this process. The first concept of the end of the day is that the way most portfolios constructed today. This includes the biggest pensions in the world and sovereign wealth funds in the world and it also includes you know the average grandma down the street. They have a portfolio that is mostly sixty four. He stocks lots now. Some of the pension systems might get tricky diversified portfolio with bunch of hedge funds. That actually if you look at it are mostly replicating that data component the portfolio with some short tales. So i always talking about this idea that most of these strategies you're short volatility scott ritter shorting correlations literally shorting ball order shorting trend in some mean rougerie state so the average portfolio a sixty forty portfolio for example diversifies based on essex That's still look. What is an asset class. You don't really care about what something is determined. An asset class. You care about what is performances in different regimes. Other portfolios like risk parity hurry will diversify based on rolling correlations enrolling volatility once again that reflects recent spice so at least when constructing a portfolio. The last one hundred years which you wanna do is you want to diversify based on how assets perform a different market. Shes and those market regimes are incredibly important. If we look at with that meets well look at certain strategies that perform in secular growth sites. That's the experience we had last use. Now that's things like stocks private equity all the typical asset classes value stocks. Then you wanna look at strategies that performance periods of secular stanton nation so what performs an period of depression like deflationary crisis. Well a strategy is like long volatility actually performed very well if you look at something like the nineteen thirties. Volatility realized over forty for decade. That's absolutely incredible. So in that sense some long ball strategies would have carried extremely well received your portfolio now fixed. income does very well in deflation. If you're starting at already high interest rate point we saw nineteen thirties. Rates came very down close to zero and the efficacy of fixed income. As a defensive product becomes problematic you can go to negative rates but the likelihood of going too negative. Three percent of deflation crisis is very difficult. I mean if you consider that connects city or that nominee era you get bond yields go down on prices go up. They go up in. A non linear fashion..
The Meb Faber Show
"chris cole" Discussed on The Meb Faber Show
"Metric to help them do so and of course we talk about volatility. Be sure to check out the show notes to see. Some slides are specifically put together for today's show. Please enjoy this episode with artists capital management. Chris cole chris. welcome back to the show. It's great to be back. It's been too long so it's really great to be back and resume. It has been man last time listeners. We had you on. Go take it for a spin episode. One thirty four at the end of twenty eighteen. Where do we find you. You still in austin ceiling austin texas right behind us. Every time i look out this window seems like another skyscraper comes on. I need to make it to austin along with the rest of the californians. You're probably between you guys and miami just getting the day luge of. Vc's everyone else into town but come visit. What is the best two months to come to austin. I think in the spring or the fall please. You're welcome to come any time in the summer. you want. I would not recommend it given the heat. Like april may september october. Yeah that's right absolutely or no even the wintertime's quite nice all right listeners. A book a trip will definitely do a meet up if that's sort of things happening this day and age. I'm chris said for the show he'll pay for all the beers in snacks. So you heard it here. I all right man will last two years not much has gone on riot has been kind of smooth sailing and markets and everything else. Last time we were talking about volatility which no one seemed to about entail events and long vault and then sure enough my goodness we turn the page on a decade and ram. What's been going on. Walk us through kinda last couple of years artists in col- kohl's world. What's been amazing. I like to say this. The last month or two thousand twenty was essentially an entire business cycle condensed into one year. I mean boy. Obviously we know about the march crisis. The kobe crisis which really started before march because he had the big sell-off markets the reflation and equity markets evaluation. And now. we're kind of stagflation today. With the inflation print that is at the highest level since two thousand seven fascinating but artists has been doing great. We've been standing our firm out here in austin texas. We've held true to our legacy. Long ball roots good. Let's dig into that last time we talked you had so many great nuggets quotable pieces volatility being the only asset class and then fast forward you arguably wrote my favorite piece that was twenty nineteen. I remember sitting down at my local coffee shop fills and printing out. I killed like six trees. Your piece in row had a piece out to and had intended to be there for like thirty minutes ended up being there for like two hours but listeners. If we don't get deep into dragon or parts of this we can do that. But then you put out another one which probably was even more encompassing called the one hundred year portfolio. You wanna give us a overview first of all. I really love rows piece as well. I sat down pre covid and devour. That one's well the paper. I wrote over a year ago. The algorithm hawkins shirt and the introduced the concept of striking portfolio and. That's the nickname that we use for. I really wanted to look at and say okay. The last forty years has been this highly unusual period of time. It's actually been one of the most incredible periods of growth for bonds and stocks up. In fact this is amazing stat. Ninety one percent performance of a stock bond portfolio over the last one hundred years has come from just the period between one thousand nine hundred two thousand seven. Everyone that we know every financial advisor every perceived as experienced markets has existed in this highly unique truly is unique if you look at any range of history financial where stocks and bonds going up together at an incredible pace. And obviously it's been spurred on by numerous factors this kind of pro reflexive virtuous cycle between rates which peaked seventeen percent in the early eighties. That have dropped all lay down. Zero demographic with baby boomers coming into the workforce lower taxation deregulation globalization. All these things very hopeful for asset prices will stocks and bonds. Now we've reached the end of that and it's important to understand exactly how normal studies and in this paper we actually show graphs that i think are just quite shocking. Anyone has an opportunity to look at that. I pose this question myself if you had to have a portfolio and you could rebound but he had to have a portfolio for the next one hundred years in your children's children dependent on this portfolio. What portfolio what collection strategies nasa s. Which wants to employ assorted. Quite honestly with this question and to figure out. And what i did is i immediately said. Most of the back tested history. We have always these strategies. They really start. If you're lucky in the eighties. Most of it starts in the nineties or later. okay. I'm gonna go back. I'm gonna backed every conceivable financial engineering strategy portfolio stretch and even option strategies. Like get into that a little bit because the options market didn't really exist prior to using justifiable metrics and suctions that test this using data from the global financial database and look how risk period perform in the thirties and seventies. How would have rolling call over writing strategy. Perform outta rolling put strep for how does a sixty forty portfolio for. And i looked at this. With the intention of actually finding the facets that can perform every markets like and. that's how. I came to the determination of this unique portfolio which we called the dragon. And the reason why. I love these allegories. The paper was called the allegory. Hawkins serpent because a serpent represents pro-cyclical growth. Fix as kind of what we've been through the last four years for stocks and bonds do very well in relation debt. Hawk represents a period of secular change in that changes were debt is wiped out either through stagflation or deflation well. A dragon is a combination between hawk. And that's and what i mean by that is it's a strategy a framework that performs every obviously we can get into that a little bit more but i wrote the paper prior to the kobe crisis. And the cova crisis actually. Was this incredible. Testing ground for the theories is like the most immediate out of sample test ever. It's like here you go boom twenty twenty. I love your pieces not just because the graphics and drawings you have some of the best subject line titles for the various paragraphs i was smiling. Said to thrive. We must embody the cosmic duality between the hawk. And the serpa time. I read this paper the east coast right. I guess is everywhere now. Blues traveler at a song called hundred years and it reminds me of this although their main verse from that was. It won't mean a thing in one hundred years because wall be dead but surviving for our kids in future. You know it's funny. You mentioned that art about the environment we grew up in because it's such a massively imprinting factor on how we view the world and it's only natural like you go you talk to our parents generation about how to invest my mom you buy stocks and you hold them forever..
Scuba Shack Radio
Wet Notes - 4-23-21
"This is wet notes for april twenty third. Two thousand twenty one here on scuba shack radio. I up just after i recorded. The last episode president biden released his two thousand and twenty two budget. Well if you're a fan of the national oceanic and atmospheric administration or noah. You'll be happy in the budget. Proposal released on april ninth. The president proposed a record budget of six point. Nine billion dollars for knowing now. How does that compare well. This year knows budget is four point. Six billion wow. that's big increase. This budget really supports taking action. On climate change protecting marine mammals the ocean great lakes and coastal communities. If you recall the previous administration has proposed cutting knows budget only to have it restored by congress. Now this is just a first step in the budget proposal. It has a long way to go to get congressional approval. But i think it's a very good first step now. Here's something that's really interesting. I read this in the cayman compass online. It's about a grand cayman. Northside family found a message in a bottle. Yeah on easter. i think it was. The family was out walking on a remote part of the island. A place called the parrot sanctuary. I think this is on the east end. Well that's where patricia dacosta her family recovered an emerald colored bottle with a handwritten message inside the note said thrown into the ocean on six december. Two thousand and seventeen somewhere between the bahamas and florida. If you find this drop us a line and let us know where it ended up. Signed by darren and shannon from evansville illinois and it gave them their email address so patricia them with the news and now darrin shannon are planning to visit grand cayman at some point as for the bottle. The dacosta family's planning to put their own note in the same bottle and send it back out to see what an incredible journey. It's here the second quarter edition of the journal of diving history magazine. It arrived in the mail just after the last show. This latest additions cover story was written by chris. Cole and it is about the divers who worked on the edgewater disaster. It was one of the worst maritime disasters in us history. I'll leave it at that and you can do some of your own research but it was a really interesting article. There's also an interview in the edition. Done by michael newdow with dick rakowski and he's dubbed. The father of nighthawks again. Some really interesting stuff. I highly recommend that you take a look at the historical diving. Society's website if you become a member you'll get the journal mail to you every quarter a pleasant surprise in your mailbox. I received an email from a friend a few weeks ago with the subject line serenity so who can't use a little serenity how about serenity now well it turns out that my friend was asked by our son to watch him cameras for a school project. These live cams were from the monterey bay aquarium so i went to the link and it took me to their landing page for nine different cameras. I'm not going to list them all right now. But you can peek. In on their penguins. Sea otters were moon jellies. There's even a camera for monterey bay itself personally. I like to observe my sealife while diving but these live cams from monterey bay aquarium can fill in and provide that little bit of serenity. Now here's something interesting. That came in from shearwater. You know the makers of the dive computers. They have a contest. It's going to be starting up. In may called the spring shopping spree and the winner will get four thousand nine hundred ninety nine dollars shopping spree at the dive shop of their choice. And here's how it works if you purchase the shearwater in april or if you buy one in may you can register for the contest with their online portal with a proof of purchase. But you don't have to buy a computer to participate. You also be able to register by completing a short fifty word essay on why you like shearwater computers. The lucky winner will be selected at the end of may. And it's another great way to support your local dive shot. Thanks your water for doing this. And finally there was a short article from patty on april twentieth about their meeting with the maldivian government to confirm the protection for sharks. There was some speculation out there that the maldivian government might be lifting the shark fishing ban in their countries waters. Well this can't be good over ten years ago. Patty along with others helped to establish this current protection so the patty staff met with the moldavian ministry of fisheries marine reserves and agriculture's lead zaha wahid. Well here's some good news here at the meeting minister while he said that they were committed to sustainable and responsible management on april twentieth the ministry released a statement that said the maldives does not intend to permit a targeted shark. Fishing in the mouth. These great job. Patty in great job maldives for protecting these critical apex predators. Well that's it for wet notes. For
860AM The Answer
"chris cole" Discussed on 860AM The Answer
"Us here at America first in 2021. Tom believes Americans shouldn't be afraid to publicly appeal for our freedoms. This is about Maura than being gun enthusiasts. This has become a very personal issue struggling for the soul of America. Car wants America First list is to know that they are not afraid to publicly support the Second Amendment, especially our Second Amendment. Friday's check out this incredible American firearms manufacturer and k a h r dot com I carry a nine mil car. So should u k a. H r dot com. We are back with a man who has re invented himself. And this is why I'm gonna ask him about Big Tech. So for those who aren't familiar with Chris Cole's he has a fabulous YouTube channel. It's called Mr America. I'm still angry at him for stealing that name. It's a great grace to Reagan, Mr Reagan. Said, Mr America. I did. I did. I don't think that's a good name for a town copyright that matter, Master No talk to America, America. Let's do that. So he's got Mr Reagan follow. He doesn't It's not a big Twitter guy, but just show some love, Mr Reagan us. And by the way, is it true that you are a whisper? Away from 300,000 subscribers. That's right. Yeah, If you subscribe to my channel, you might put me over the mom. You can subscribe them. Now He's got the only thing. The only means 2000 followers and they'll be 300,000. Can you do it now? All of you in that 1000 Well, let's go back in because of the front and it says 298. It's just you know, they mess with you. It's YouTube Google. They'll do that. But you have gone. The From the world of movies, the arts to being a clearly conservative YouTube. Viral stuff like your video on who's really behind AOC. Talk to us are millions of listeners and viewers about that journey. How tough was that was inorganic or did you want? They have to say I might lose all my friends? I might never work in Hollywood again. But today I'm doing it. How did Chris Coles Become Mr Reagan or Mr America? No, it wasn't. It was a hard choice because I had kind of I was in Hollywood really trying to write script because I wanted to write movies to influence the culture in a positive way. Not necessarily. Hyper conservative way anything like that. But just in a positive way, good values. You know this kind of thing. And so I realized that if I did a show, and it was popular about politics, I would never work in Hollywood again. There's just no way I would sell a script that nothing like that. And so originally, I tried to do just my voice. I tried to do videos that were just my voice like some guys do that, you know, disembodied voice. Yeah, and I watched it. I thought I'm not that good at this. Like I can't edit together a bunch of clips and have my voice over it. And people like a face. You know, people want to see a face, you know, And so I thought, Well, I'll just I'll just do it, you know, Screw it. I'll just but the thing is before I did it. I realized that there was a gap in the market that there what this would be a successful show. I knew it was going to be a successful show before I did, which is very rare. What was the gap? Regular guys perspective. Yes. I mean, I may be a bit smart. You know, I'm a bit clever here or there, but for the most part of I'm pretty ordinary. I'm not like a bench appear about like a genius like Ben Shapiro, Right? I'm not like one of these like super intellectual guys. I'm just a regular guy from Oregon. It looks at what's going on the country, very common sense approach. I see what's going on. And I'm like this is crappy. This is awesome. Whatever. And I can, you know, and I'm really good at trying to break things down and explain them in a way that makes some sense to regular people cause I am a regular guy myself. Some, but I can kind of understand people like Jordan Peterson, are you who are a little bit more intellectual. Thank you. Andre. What happened when you said OK, I'm doing this. I'm never gonna work as a script Writer or act or in Hollywood again. What happened? I'm curious. I just from a personal level. What happened to all your friends? My friends have not abandoned may per se, but they are a little bit more careful about communicating with me online and things like that. I you know, it's funny. Actually, I have a lot of 20 people on me. I have been de friended by a few people, but on instagram in particular when you're in l A and you try to get a girl's number. This is obviously before I met Bill area. Well, if you try to get a number for the last few years, it's been I'll give you my instagram. Yes, and that's how you would communicate with people stuff like that. So I have, like tons of like models and actresses on Instagram that I'm friends with. And I still get their feeds. You know, I still get their posts and they're all so thrilled. About Biden getting elected, and I'm sitting here looking at these posts, and I'm just I'm just so sad for these people because they have no idea what they've done. They think that they've done this amazing thing. I've helped the blacks. Oh, I've helped the gays. No, you haven't. You've doomed us all. And they have no they just completely ignorant of it, You know? What do you put that down to is? It just is that lack of information, lack of good education, Or is it just the legacy Media's stranglehold on information? Both. Obviously, I mean, it really has to do with low information voters, people who are because because the cursory view of American politics is that Republicans are racist, and Democrats want to save the planet. You know, that's the cursory view. It's not until you dive down deeper that you realize that you know, the Democrats are selfish. They're looking to enrich themselves, you know? Biden's dealings with Ukraine Bonds dealings with China. You know these compromised maybe some things that happened in America some some of our policies and stuff like that at the time, and it's really horrible when you really look at it, but from the APP from the curse review Democrats look amazing. They look like cute little puppy and but they never wake up. They never wake up. They never say Oh my gosh, I was wrong, Do they? Well, I can tell you Sometimes There's this thing called Red Pili like this happen all through through Trump's, You know, time in office, and I have a good friend, A very good friend. He's not in Hollywood. He's he's a scientist. He's an eminent scientist, actually amazing, Brilliant guy. But, you know, left wing is not so much into policies more into his work, but he did write me just recently and he said, Look, um I'm really sorry about what's happened like II one bite into when I voted, provided but Trump should not be banned from Twitter. They should not be stopping you guys from speaking and I just love that because he's a principal person, despite the fact that you may not understand politics perfectly. He's a principal person, and there are Democrats out there like that. That's what we need more of, but with the state of the media as it is, it's going to be an uphill battle. But we will win. Especially when we have things like Mr Reagan on YouTube. I'm Sebastian Gorka,.