Doug Kass

Yeah.

So, um, Doug Kass just hit me, uh, Danny, and he says, "My estimate, uh, their unrealized loss in the securities account is now about $92 billion.

The fine is de minimis," which we all agree on.

And, and like when, when he talks about that 92 billion, I mean, this is a company.

All right.

Well, listen, man.

You know, Doug Kass, um, he hits me every once in a while.

I don't play poker.

Go ahead.

Someone did say, "When is Doug Kass coming on the show?" Doug Kass will come on the show when cannabis is rescheduled

rescheduledYeah

That's already set in, that's already set up

Um, I wanna go, and I kinda teased this when we started out, you know, the AI sort of sentiment I, I think is really important.

I was at a conference, a good friend of mine, um, a guy named Imran Khan, who's, um, a, uh, investor, ProAm, uh, Asset Management down in Dallas, and, um-

I listened to your pod with him recently.

Yeah.

But at the same time, I do think a lot of kids in college, a lot of kids coming out of college, and we have kids around the, the, these ages, they're thinking about the impact of this on, on the labor force.

You know, they don't wanna get AI'd out of, uh, of a job, and I think they're very sensitive and, and, and it's daunting.

We know that, you know, if you're a senior in college and you're looking for a job and you don't have one, but some of your friends already do, or you've just graduated and you're still looking and, and it, you know, it's a daunting prospect in and of itself, and then you have the ever-daunting prospect of hearing these, the, these AI CEOs talking about how disruptive their product is going to be.

Uh, and, and I don't envy them.

Um, you know, when I think about the market and, and what's going on, let's start, you know, from the top down a little bit.

And our friend Doug Kass, um, pointed this out in one of his notes this morning, um, and he's been talking about this for the last week, and I know it's something that you've highlighted in The Boock Report.

That's B-O-O-C-K Report, people.

It's a great sub stack.

... that's when the stocks are gonna start to, uh, feel it, is the rate of change.

The construction building will continue through the rest of the year into next year, but it- it's the market that will, that, that will sort of price it in, uh, a slowdown beforehand.

Uh, so you'll have that, but also what I am really focused on here, and, and Dan, you and I have talked about this, and also with our friend Louis, is that it seems like every week there's some new Chinese model-

Mm-hmm

The 30-year hit five point seven, the highest since 2002.

Doug Kass says the equity risk premium is paper thin, its lowest in three decades, which augurs poorly for 10-year returns.

Peter Schiff warns the real question is what happens to the wider economy at these yields.

Here's the contradiction the bulls won't say aloud.

If Epstein was a hedge fund manager, it was a big secret to other well-known hedge fund managers on Wall Street.

Doug Kass, who has his ear very close to this street and has managed money on Wall Street for decades, told New York Magazine last week, I went to my institutional brokers, to their trading desks, and I asked if they ever traded with him.

I did it a few times until the date when he was arrested.

Not one institutional trading desk, primary or secondary, had ever traded with Epstein's firm.

I'm sitting here kind of waiting patiently.

How are you doing? Are you looking at this? You seeing some of the stuff that's swirling around on X? And, uh, when you looked at Friday, you thought maybe there is something here because as I said when we saw the tweet from Doug Kass and what he had mentioned and outlined and said Monday could be fun AV, in reference to our very own Anthony Verrell.

Uh, our very own Anthony Verrell says, uh, I forget what the wording was for his tweet, but, uh, basically he's eating what he cooks and, uh, purchased 20,000 MSOX shares.

Posted that on X as well.

Well said, and well explained.

That is why the volume was there.

Uh, Mitch writes, "Are we gonna have Doug Kass on?" Yes, he has promised us that once cannabis rescheduling is confirmed, he will come on the show.

Until then, he sits on the sidelines, in some ways, because I know he's front and center.