But can you maybe help us walk us through the investor mindset of being able to accept ideas that maybe you're not going to agree with, that you're emotionally disenfranchised with?

It's a good question.

I mean, I don't know why we've, you know, you kind of get pigeonholed or basically, you know, when you start your career, you know, that obviously you have good moments and bad.

But when, you know, I started my career is that sort of the dot-com bust was just, was taking form.

And For whatever reason, you know, I tended to be a little bit bearish.

And maybe that's the thing we all do share is that we can go zero to full bear pretty quickly.

But, you know, we try not to have political views because that really distorts your mind.

But how did we get, when was it? Walk through that process of how you got here and really some of the homework and lessons you had to learn to start allocating.

this is where, you know, we, we were faking the prices all along, right? So that, that's what finally happened.

Hi, Steve Eisman here.

You know those pieces in your closet that you find yourself wearing on repeat, the sweater that goes with everything, the perfect pair of pants or the T-shirt you somehow always reach for first? Those are the pieces that make getting dressed easy, and that's what Quince does best.

Quince focuses on high-quality wardrobe staples made with premium materials, like 100% Mongolian cashmere, organic cotton, and Merino wool.

The styles are timeless, versatile, and designed to become the dependable pieces you reach for every day.

Their 100% Mongolian cashmere sweaters start at just $60, giving you the softness and quality you'd expect from a luxury brand without the luxury price tag.

Quince also makes premium pants, fitted tees, and polos, and breathable active wear, quality basics designed to work across your wardrobe and hold up to everyday wear.

We believe it's probably evolving slowly and probably, in my opinion, I might get yelled at right now by Porter, a 2027 event that we start seeing progress

But let's start with that because that seems to be a big driver here of the markets, and get your guys' thoughts on the Fed.

Well, obviously, you know, we, we, we've, um, because we traded financial services, we've had to really study the Fed and, and study its actions pretty intently for, you know, a better part of, uh, two decades.

And, [clears throat] you know, see, it occur- it seems to me that the Fed is in a box right now, right? They- inflation is obviously hot, although it's cooling down.

Uh, um, and at the same time, interest expense as a percent of overall, uh, tax receipts is- keeps getting larger.

So they're, they're, they're sort of in, in a, they're, they're, they've painted themselves into, the Fed and the government have sort of painted themselves into a corner.

So I don't th- I don't think they can afford higher rates, um, and really fight inflation anyway, but, you know, they, they, they can make up any, any CPI print they want to, uh, obviously.

But, you know, in my mind there's two sets of, um, inflation things they need to balance.

Talk about those a little bit and, you know, hopefully we found a home here, at least the bottom here around the 4,000 level, but talk about that a little bit.

But let's start with that because that seems to be a big driver here of the markets, and get your guys' thoughts on the Fed.

Well, obviously, you know, we, we, we've, um, because we traded financial services, we've had to really study the Fed and, and study its actions pretty intently for, you know, a better part of, uh, two decades.

And, [clears throat] you know, see, it occur- it seems to me that the Fed is in a box right now, right? They- inflation is obviously hot, although it's cooling down.

Uh, um, and at the same time, interest expense as a percent of overall, uh, tax receipts is- keeps getting larger.

So they're, they're, they're sort of i- in a, they're, they're, they've painted themselves into- the Fed and the government have sort of painted themselves into a corner.

So I don't th- I don't think they can afford higher rates, um, and really fight inflation anyway, but, you know, they, they, they can make up any, any CPI print they want to, uh, obviously.

But, you know, in my mind, there's two sets of, um, inflation things they need to balance.

Talk about those a little bit and, you know, hopefully we found a home here, at least the bottom here around the 4,000 level, but talk about that a little bit.

But what are, what are your kinda thoughts on the whole tech black hole kinda sucking money out of other parts of the market and, uh, what you guys think might be in store for the rest of this year?

Well, I- I'll first, I mean, I'm not gonna make any predictions 'cause, you know, like all every guest on here, we're all guessing about the future.

But, um, there's an extreme bifurcation of wealth going on right now.

Uh, if you look at just the sheer amount of money some of the hedge funds, private equity funds, the venture capital funds are making, you know, and SpaceX alone, you know, the Lone Pine, the Viking, all, all these guys are finally seeing their private marks come in and, um, their venture capital things, uh, being marked up.

And so you're gonna have an extreme, um, bifurcation.

And, you know, that, that gets into what creates a top.

I'm not calling a top, but the conditions to make a top in a market are usually brought on by more supply.

I don't know if you guys have any thoughts on, uh, any of the private equity or private credit, um, ecosystem, if there's any opportunities there or if it's really just kind of a toxic sludge space to avoid.

... silver and copper

... silver's a little bit better.

But I mean, this is, this is, this is a big moment here, right? And, and the case you made is, uh, for either way.

If I just do this as a max chart, 19...

See if I can get this back.

It's 1960.

But it made, there it is, right? So it never, it never got back to the high, 'cause silver obviously didn't get back to its high.

Got it.

Uh, probably right.

Because, because what it requires to go higher is exactly what you said.

It will be up the day they announce something, and you probably buy it.

It's a fa- it's a fair assessment from a, from a unbiased understanding what they do perspective.

Yeah.

No, the GM's doing a good job, like- [laughs] Oh, doing great.

This is the best they've done.

They haven't lost in four months.

Describe Greg Lipman to me.

He looked like a Wall Street salesman.

Whoever walked in that door that was gonna sell us credit default swaps on housing was gonna get beaten up.

But he walked in the room, and he was 120% confident about everything.

And so, eh, therefore, it made it so much easier for us to not like him, and, and to be skeptical of him, and to go, go after him.

You know, what, where they, they, they have a scene in the movie, he said, "I h- I hung out with fashion friends," right? He wanted to play that coolness factor as well, so he wasn't like a, uh, a fuddy-duddy Wall Street salesman.

He was a young, flashy Wall Street salesman.

Porter Collins especially brought this up.