On-

Did I miss Dan saying-- No, he didn't say that.

Dan, uh, you know, I, I gotta go back and look at the numbers, but I think the funny thing is, like, last I, last I saw, and I don't remember what the timeframe was, uh, it's probably changed since then, right? 'Cause once we s- once we had the redemption, um, we went to negative flows for the year.

Um, so between that and then obviously some of the sales and the adjustments, you know, we're down in terms of that position.

Um, but again, and I posted this yesterday, um, when you think about what's been leading the cannabis space, right, fund aside, um, obviously the two big ones of, you know, Curaleaf and, uh, Trulieve, uh, have been dominating, you know, the performance numbers there.

Um, Green Thumb obviously is, is lagged, which again, um, any selling of that, uh, of, of a small stock like that, right, is gonna put downward pressure on it.

Um, but I know when we've sold, I know what those days look like.

Good question

Four-

Um, so I, I see, and I get the whole, you know, $5- Options expiration thing.

Um, you know, is it intentional? I don't have any proof on it.

Uh, is it pretty consistent? Oh, yeah.

You know, and maybe where there's smoke, there's fire.

Um, but I couldn't tell you who or why or, you know, in part what, what their advantage is, right? Some of them say because they're the writers of the options on the part of the other people buying long options.

But I would think over time, why would you keep buying options if you know you're gonna lose money, and you genuinely think this is pegged at a number that it won't go over, but the same people keep buying those same options over and over again? It, it almost doesn't make sense to me.

Um, I know you were also at a conference, I wanna say a week, two weeks ago? Uh, wanted to see if there were-

Yeah

... for me, it always feels like a fantastic time.

[laughs] Just kidding.

Uh, people gotta do what they want, right? This is a, a volatile, volatile space, right? I, I think I was responding to someone's question about, um, leverage strategies in this space, right? I can't mention products specifically.

Um, and they were looking at the longer term performance and pretty much every leverage product out there, um, that at least is, you know, trying to get a multiple of something is all based on a one day, you know, investment, um, uh, objective.

So that's all it's designed to do.

Measuring it over a period of time is just not what the fund's built to do.

Hmm

ongoing it was a year or so ago when Trump, uh, and the administration, I guess, put through this whole, uh, most favored nation stuff relative to pharmaceutical drugs and Trump RX and whatever else.

Um, and roughly the net result is lower drug prices here for people in the US, um, but also somewhat, um, I think, uh, increased prices in different areas internationally, right? So the only way for pharmaceutical companies wasn't just to charge less in the US, it was just to raise the prices, [chuckles] you know, everybody else.

Um, so, you know, even when you've got some overlap like these companies do, um, I think if you can save money, right, on research and development, and you're, you're kind of in the same category, and you can find some efficiencies and bring a lot of s- more smart people together, hopefully.

Um, and then you've got this increased, you know, global footprint that allows you to sort of, allows you to, you know, distribute your products more easily globally.

I think AstraZeneca, the numbers I looked up, fifty-seven percent of their, uh, revenue was outside the US and, um, a far lower number for, for Bristol Myers Squibb.

So they kind of balance each other out in, in terms of their, uh, global footprint.

I think your taxes-

Which they certainly do with SNAP benefits and things like that, right? All the other existing government programs to get you affordable food and, and care, um, is obviously paid for by the taxpayers.

How's it feel to be on the floor versus the balcony?

It's awesome.

It's a great place.

Any chance you get to be here, it's fantastic.

Look, we all

it feels like there's a little positive sentiment from a pure capital markets perspective on what's been developing the last couple of weeks

there is you get to see it here firsthand you get to feel it firsthand uh look at something like trulieve and glasshouse both of them their volumes have picked up as they've got a better venue to trade and for people to get access to their stock there's some work to do right to get institutions you know buying in size but that's some of the industry changes that you're talking about a regulatory changes that as those come and it starts to become becomes something that can be investable by big institutions, the price action's gonna start to change dramatically, I believe.

How are

I had a great conversation with Dan this morning on the way down here, but what does this mean for you, both personally and professionally? It's been almost six years to the day that this ETF began trading, and finally it's being fully embraced, which is a, I think, long overdue,

but regardless, we're here, right? Yeah, absolutely.

It's a big deal.

It's acceptance.

It's access to the capital markets, right? Companies around the want to be listed in the U.S., particularly the New York Stock Exchange.

And for this industry in particular, it needs access to the kind of capital that flows through this organization.

Yeah, very encouraging to see.

Right.

What has Musk & Co got to say about autonomy and AI as far as reassuring investors about the future bets for this company?

i think it's just that right he is going to say this is the future right and i think you'll have an opportunity to speak to the growth of robo taxi i think they're on their seventh city now just announcing i think tampa and orlando um hopefully we're going to see phoenix and vegas i know that we're in their short-term plans um you know the big talk has been whether or not they can compete with waymo and the differences they take in their approach of technology around unsupervised self-driving, and it seems to be working.

Their approach is continuing to gain.

And so I think that's what he's going to talk about is that what they're seeing is their approach is working.

That's their future growth.

And the differences in the business models are significant where someone like me or you can buy our own car and then put that car out to work if we want to.

I think it's dramatically different in terms of what the other competitors are doing out there.

I'm just wondering as far as what we hear tonight, is this a Tesla story or a market story?

So what's your message to our viewers out there that are wondering why is there no inflows and what does this mean as far as the future?

So I probably have a message in general about how ETFs work and maybe just a little bit of history, which is in general how ETFs work.

Yes, you know, we didn't see any inflows from what, about a month, a month and a half ago to two months ago when the numbers were ramping up and the volume was really crazy.

But in the last, what? two or three weeks, it's headed the other way.

We've also not seen any redemption.

So as a market maker, right, they're the ones that ultimately decide whether or not they're going to create or redeem.

And they're making that decision to remember these guys are trading on fractions of a penny.

Yeah, I think there's been a lot of changes,

so in the long run if it's going to be strong you think these are buying opportunities then what kind of tech specifically there's so much within tech would you recommend buying on the dips i mean for example the nasdaq's down three weeks in a row right now it's holding on to some gains but i don't know where it's going to end the week right

Right, absolutely.

You just have to decide where your risk tolerance is.

This is a great opportunity to sort of look at your weighting in different categories.

I think the chip sector and the tech side is going to continue to be strong.

But the challenge, I think, with all of that is the spending relative to the AI story and the results that we get from these AI software services.

Software itself has been down 20%, and that's probably not an area that I would lean into as an investor.

What do you think about the consumer? The consumer is going to drive everything one way or another, right?

What do you think of that?

it'll be interesting right it'll be one more example of seeing how the public markets value these ai companies i'll be curious to same to see if it's at the same levels but given their growth i think what i saw with the paypal news is that's access for paypal to roughly 200 million users on chat gpt obviously one of the leading ai providers so i think going to the public markets will be interesting to see where it's valued but probably also good for chat gpt as well so they can use the equity markets to continue to fuel their growth But again, great opportunity for PayPal to integrate more with them.

Why is that? What else do you look at here, Noah?

Well, I think XYZ or Block, as you said, is a great opportunity.

They're seeing growth as well.

You're seeing it with several companies in the buy now, pay later space.

So this space seems to be growing.

They're obviously competing very aggressively.

Are there any names that you wanted to focus on in particular? I mean, for example, tomorrow we have Texas Instruments, Lockheed Martin, Verizon, GE, Coca-Cola, 3M, Netflix, just to name a few.

sure i think you know a lot of those those companies are sort of hit from very different angles right something like a lockheed versus a ge um i think in general it seems like these companies have been revising their expectations higher right obviously it depends on the specific company and in general where we've seen with some of these more industrial companies how they've been impacted by tariffs so each individual company is going to matter But I think as you're looking at the AI space, what I would think about it is in terms of storage, chips, and then software.

Some of the best performing stocks are this year, Western Digital and Seagate Technology, Micron, which you mentioned, or the software solution providers around it like Palantir.

And of course, AMD and Intel, of course, outstanding performance this year, broadly exceeding the broader market.

So I think we'll continue to see this earnings growth and the upward revision of expectations.

But we'll see.

Certainly, though, again, lower interest rates will help.

you talked about cannabis and mid and small caps tell me about each of those

grok ai tesla theater tesla arcade and long range and affordability noah your thoughts

i like it it's a great idea some of the features you mentioned there will probably be up charges right there'll be annual fees associated with some of those things so some additional income from a lower priced car but it's going to allow them to compete where they've had the most competition um right the equinox gmzv equinox has been a hot seller at 35 000 competing internationally with BYD.

So this is good news coming at a good time when people are losing some of their tax credits associated with buying Teslas.

And if Tesla has what they believe is a superior car, this price point will make them that much stronger.

Noah, what are your thoughts here in the competitive landscape? I mean, Tesla really was the original EV maker, went back and forth on which, between BYD, which one sold more, but still had a great number when it came to deliveries in the last quarter was a record and energy was a record and humanoid robots are coming and this has full self-drive capability with supervision and grok ai and more is this a winning company going forward at 439 folks may be scratching their head and saying maybe yes or maybe no what do you think

I think it is, and also throw in RoboTaxi.

They're just beginning to scale that and they seem to have a model for autonomous driving, at least relative to things like taxi service where they can significantly scale.

Waymo's got a significant advantage over them now, But what they look like a year or two will be, I think, dramatically different.