--:-- Speaker 1: Brutal week of travel. Crazy, crazy time. Stocks are up now.
--:-- Speaker 2: So That's right. Vlad Never doubt it. Trenches. Never Never black pilled.
--:-- Speaker 1: He fixed it. Yeah. We were
--:-- Speaker 2: Always catch a falling knife.
--:-- Speaker 1: Yeah. You wanna try? You wanna try? You think you think you can catch a falling knife? A lot of people say, never try catch a falling knife. Why don't you try, Jordy? Oh, he did it. He did it. It's not that hard.
--:-- Speaker 1: Of course, you might cut yourself on a true falling knife. That's sort of plastic cutlery.
--:-- Speaker 2: Yeah. You just need to know how to catch a
--:-- Speaker 1: falling knife. You know why they say don't
--:-- Speaker 2: catch falling knife. Don't catch falling knives if you're not an expert in knife catching.
--:-- Speaker 1: Yeah. You didn't cut yourself, you got microplastics all over your hands right now.
--:-- Speaker 2: I'm not too worried about it.
--:-- Speaker 1: Okay. Well...
--:-- Speaker 2: I'm worried about
--:-- Speaker 1: You're worried about the
--:-- Speaker 2: personally, the microplastics reaction to my
--:-- Speaker 1: Sure. Yeah.
--:-- Speaker 2: To me. Yeah.
--:-- Speaker 1: Yeah. Yeah. Makes sense. No. Bad day on Wall Street yesterday. Wall Street got a $2,500,000,000,000 reality check with historic route of tech stocks. It was the worst day on record since 06/05/2026, couple months ago, when it was 1,870,000,000,000. Before that, you gotta go all the way back to 04/03/2025 when they lost 1,740,000,000,000, then back to April 4, the day after when it was 1,580,000,000,000. The numbers are big because there's been a lot of growth, lot of inflation, a lot of big numbers racking up. The economy is big. This... The market is big, and so the numbers get big when the percentages move. But, yeah, yesterday was crazy, 5% down. Not typical. But, you know, looking better today. NASDAQ's up 1.38%, seems to be holding. It's not entirely a falling knife.
--:-- Speaker 1: caught it this morning, you're doing okay. Who knows what happens next week? But,
--:-- Speaker 2: good luck. Somebody, Daniel in the chat said app is up so much. And I went to look at it and thought there was a bug because they're up 67% in the last five days.
--:-- Speaker 1: What? App bug?
--:-- Speaker 2: Yeah. Up another... Up up 10 today after earnings.
--:-- Speaker 1: That's amazing.
--:-- Speaker 2: Lads over there crushing it.
--:-- Speaker 1: Wow. This is crazy. For such a big company, a $131,000,000,000 company now, wild wild swing at that scale, typically not something you're seeing constantly. So to recap for yesterday, two days after the midterm elections swept a block of artificial intelligence skeptics into power. The new reality slammed into Wall Street. We still can't figure out exactly why things are happening in the order that they're happening. Feels like everyone knew the results of the midterms, knew what was going on in Texas on Wednesday, and yet they waited till Thursday to sell. So little bit of, like, digestion of the narrative maybe because, of course, on Wednesday, stocks actually rallied. What did I see in the back? What's going on? The road
--:-- Speaker 2: to Christmas? Oh, look at this.
--:-- Speaker 1: We got we got Santa Claus orbiting the Earth.
--:-- Speaker 2: That's amazing. Goes around. Okay. Now we gotta wait for for second
--:-- Speaker 1: Christmas countdown. I think we're at forty eight days. There he Let's go to the official around. The official countdown, the road to Christmas. Forty eight days until Christmas. Just it's a hair's breath away. The first spam email was forty eight days... Forty eight years ago? Wow. That's crazy.
--:-- Speaker 2: So How far we've come? I almost feel like we gotta put ourselves on the naughty list. Why? Because we were so ahead of Christmas. Right? We were sort of front running Sure. The rest of the market.
--:-- Speaker 2: yeah. And I was at dinner Wednesday night. Mhmm. I'm walking around and there's like, a three story high tree Woah. That's already up Okay. In Beverly Hills. Yeah. And we're sitting here. There's not a single...
--:-- Speaker 1: Short sellers and John and Jordy...
--:-- Speaker 2: There's not a single... This is our new naughty list
--:-- Speaker 1: We gotta zoom in on that.
--:-- Speaker 2: Courtesy of of producer Ben.
--:-- Speaker 2: But, you know, some people are... I think we're gonna be coming back to this a lot Yeah. Over, you know, in the sort of final days, final hours.
--:-- Speaker 1: Helping Santa out. We're Santa's little helpers. Yeah. We're helping him out.
--:-- Speaker 2: We're trying to get back on his good side On
--:-- Speaker 1: naughty list. On his
--:-- Speaker 2: good side because we... Again, we started so strong. Then all of a sudden, there's trees going up all over the country. Yeah. And we're sitting here treeless in the ultra dome. Right? It's crazy. Scott complacent.
--:-- Speaker 1: It's actually crazy. So, yeah, for today, we'll rank our stories. Are they naughty stories or nice stories? Where are they going? Where are the key actors in the story stories going?
--:-- Speaker 2: Mike Bird had a good post today. I'm tempted to put him on the nice list for it. He said
--:-- Speaker 1: could be contention.
--:-- Speaker 2: Could be quite a buying opportunity here if stocks bounce back, not if they sell off further, though. Great. Great.
--:-- Speaker 1: That is my quant.
--:-- Speaker 2: This was this was great. What happened? Brian says there is a nuclear war. Just four humans remain. One is Gavin Baker. He is telling you how this is actually good for AI stocks. And Gavin responds and says, we would need a lot of robots and GPUs to rebuild civilization.
--:-- Speaker 1: Good point.
--:-- Speaker 2: He's got a point.
--:-- Speaker 1: He's got a point. I think Gavin Baker's going on a nice list. The, Anthropic IPO of the Financial Times AlphaVille over there is questioning where it will get out. 2,000,000,000,000 was floated originally, then that was retreated to maybe 1.5. Now there's, you know, people going back and forth around, maybe it's 1.3, maybe it's 1.2, maybe it goes back up. Who knows? Perhaps you're old enough to remember yesterday when Wall Street stocks posted their biggest gain in three months as investors bet that the Democrats' resounding victory in The US Midterm Elections would cause policy gridlock in Washington. Maybe you can recall when inflation fears were damped by crude by Brent crude closing yesterday's U. S. Session below $100 a barrel for the first time since September and when a nearly 11 basis points tightening of the Franco German ten year spread signaled optimism in Europe. You might even remember when the NASDAQ composite advanced by 1.4% literally yesterday when tech mega caps outperformed amid a rotation from the weakest of AI names that meant selling was contained among semiconductor stocks, neoclass developers and politically exposed plays like SpaceX. And so you can see in this Financial Times article the heat map. There's obviously a lot more pain on the chip side than on the broader tech community. And we saw that with, like, the hyperscalers. They already have a lot of data centers built. They might do very well. They have other businesses. Apple, not really affected by the midterms. Tim Cook, John Turnis, they played the they played the the whole political chaos very well, going to the the movie screens that they need to go, but not getting too glazy with it, and it's balanced out, and the market seems to be rewarding them. But AlphaVille continues over at the Financial Times. It's a fine time to list shares if you're Anthropic. You might remember having read in The Wall Street Journal less than a day ago, but chances of an IPO have crumbled on Polymarket. It's now down to a 49% by November 24, which was the week before Thanksgiving when the latest rumors were swirling, this on poly market was up at 70%, 75%, 72%, now down at 49%, still fifty-fifty. It could happen. And you saw some positive notes from Anthropic coming out about RSI progress, a lot of debate from the meter folks, like the science, the technology, the capabilities are still advancing, but it's still just a crazy, tumultuous time to go into the market. And what was a ton of optimism around the S1, really financially healthy, a lot of cash on the balance sheet, really good q two, see where q three came out. Q three was weak, but then boom, they came out with the 80,000,000,000 ARR number. Good stuff. But still, the market is what the market is. I don't think very many bankers recommend Yeah. Jumping in the water when it's this tumultuous. So we'll see where they go. It feels like 5050 is pretty accurate. Those of you with even longer memories might recall the numerous years that we in the media
--:-- Speaker 2: Interesting thing about the debate around where it actually goes out at
--:-- Speaker 2: Is it could end up being, like, the the the general market sell off Mhmm. If that means that a bunch of people that have wanted to invest in Anthropic for years have an opportunity to... Like, you shouldn't have less conviction in the company now
--:-- Speaker 2: Than you did four months ago True. Just because some infrastructure names are selling off.
--:-- Speaker 1: Maybe that's why people are realizing it. And
--:-- Speaker 2: so if you if you liked this company
--:-- Speaker 1: They're backing up.
--:-- Speaker 2: In summer Yeah. You should love it now because you potentially are gonna get in at a massive discount
--:-- Speaker 1: That's true.
--:-- Speaker 2: To if the if the sort of overall AI infiltrate had continued through the end of the year. Yeah.
--:-- Speaker 1: Rough on the VCs who might not get to distribute at $2,000,000,000,000 they might have to distribute at 1,300,000,000,000 or $1,500,000,000,000 and not get the full mark, but still very good for the ones who did get in. Something kinda... Something about Feet attaching a Google screenshot of stock market charts is kinda trashy. It is funny that they don't have, like, their own built in widget, but I think Google charts are really good. I share these all the time, and I think that they did a really good design here. And when I'm on other websites that have stock charts, it's it's sometimes, like, they're too cluttered or it's too pro or has candles and all these crazy things. Like, I always just wind up typing, you know, the company name and then market cap in Google, and I still I still use this. Anyway, Claude is bearish on Anthropic. You saw this? Have you asked Claude what the fair market
--:-- Speaker 2: cap not bearish. It's just humble.
--:-- Speaker 1: Humble. Yes. Okay. So Claude thinks the fair market cap for publicly traded Anthropic is somewhere between 500,000,000,000 and 800,000,000,000, which is about half of where they've been rumored to be going out at. And Dizzy had a good take here. The Mahdi is too humble to say he's worth 2,000,000,000,000. Even more reason to know that he is. I love it. I love it. What's James Chanos saying about all this? He says, I can't shake the feeling that selling your high beta tech stocks already down 40 to 70% to buy low or no growth consumer names at 30 to a 100 x earnings might not be so smart either. So if you're retreating...
--:-- Speaker 2: You're gonna tell me that buying Monster at a 42 PE isn't smart?
--:-- Speaker 1: Monster Energy? Yeah. 42 PE. That's nice.
--:-- Speaker 2: $90,000,000,000 company.... Right?
--:-- Speaker 1: It's crazy. Take him is still bullish. He says the Texas governor elect does not hate data centers. When asked by CNN Jay Tapper about today's stock market decline, AI investors worries and fears about the economic consequences of her data center policy. Gina said this, we have always been pro business in the state of Texas. But what changes now with me as governor is it has to be a partnership that benefits Texans. And right now, what has happened is data centers have moved mostly into rural communities, and there are no rules and laws to protect Texans. There certainly must be some rules and laws, but, Texans are being taken advantage of. She says to the difference, we have to have laws. So she wants to move forward, but with a new negotiation. Tay Kim says two words, buy stocks. Let's go. I love it.
--:-- Speaker 2: Tay is... Eternal optimist over there. Yeah. What did he say last night? In the preview of his substack, he just said buy the dip.
--:-- Speaker 1: Catch a pulling knife. Skill issue if you can't.
--:-- Speaker 2: Yeah. I mean, we we practice morning. Obviously, we did... We caught a knife live on the show.
--:-- Speaker 1: Showed that it's possible.
--:-- Speaker 2: Yeah. But we were listening to a talk
--:-- Speaker 2: Yesterday, and the the individual was basically saying, like, we're entering the era of stock picking. Oh, yeah. You could basically just buy anything over the last year or two Yeah. And do quite well. And maybe it's time to buy the dip because almost everything is traded down. Yeah. But you gotta pick the right ones.
--:-- Speaker 1: Yeah. I mean, that that that was the same... Like, the stories that we tell about the storied tech firms, the the really successful venture capital firms of today, all were in, no coincidence, like Google, Amazon. Right? They were in the right place through the dot com crash. So even if you wind up in a total reset of the market, you would definitely expect that there's a couple new effectively hyperscalers that make it through. Daniel Newman had this very interesting visualization of .com versus AI. Tracks very closely and then gets crazy at the end. Let's pull this video up. Let's pull up .com versus AI. It looks identical for a minute. And .com there is on the top, the orange line, doing well, crossing. They're going back and forth, going back and forth. And then here we are today with a sell off, and then .com keeps ripping. Look at that. So from start to finish,.com produced something like 151 x. And at the last close, this AI peak is at 16 x from the baseline. Depends on where you start the baseline, but...
--:-- Speaker 2: Jobs. We gotta talk about jobs.
--:-- Speaker 1: Let's talk about jobs.
--:-- Speaker 2: Geiger says jobs in October came in higher than all 80 forecasters in Bloomberg survey predicted.
--:-- Speaker 2: Well, you shouldn't have been forecasting. You should have been predicting big Yeah. On your favorite prediction market. Yeah. Just kidding. Unemployment rate is back down to 4.1.
--:-- Speaker 1: Good news.
--:-- Speaker 2: I still have trouble getting excited about any jobs report just because it's just my default assumption is that it gets revised down massively in a few months. Sure. And so hard to hard to hit the gong or...
--:-- Speaker 1: But we've had some good ones and they haven't been revised negatively Yet. In, like, six months. And then we've also talked to the ADP folks and the Gusto and a whole bunch of the payroll companies, and they all match what's tracking. I think, in general, we can read this as a good thing. The really interesting thing is that there's 19,000 new manufacturing jobs. So for a long time, any time we got a good jobs report, it was always like, okay, more health care for old people, more, you know, that's not... It doesn't... It feels important, but it doesn't feel like any big change structurally in the economy. It's just, okay, we're aging, we're taking care of our old people, which is important, but it's not a new area of growth. We're not gonna look in... Look back in in fifty years and be like, wow. The the expansion in health care really changed That was what America was doing. Manufacturing, on the other hand, is a huge thing, can unlock new technologies, new vehicles, new capabilities, new defense. Like, there's so many different things that you can do. So very, very good. We we we love to see it. A 165,000 jobs added in October. And the numbers. So the the economists were predicting 59,000 jobs. They got absolutely blown out by a 165 k. So the unemployment rate now is 4.1%. And the the the Fed is pricing in or or expecting another rate hike, which is, you know, fighting off inflation, but still strong job market. Good place to be in for The US economy. Daco said that the drop in the unemployment rate was especially notable given that the labor force participation rate, the share of the working age population that's either working or looking for work, picked up last month, which is good. So, what you always want to avoid is a situation where, yeah, the unemployment rate went down, but it's because no one's even looking for a job. Everyone's just chilling at home, relaxing, I guess. Instead, people are people are entering the workforce. They're saying, I'm ready to work. I want a job, and they're getting jobs.
--:-- Speaker 1: So it's that balancing factor that's really key. That's an indication that more people were entering the labor market and finding jobs. Torsten Slach, who I mentioned to Joe Wiesenthal at our New York Stock Exchange show, he's the chief economist over at Apollo. He pointed out that the unemployment rate has now been under 5% for roughly five years. That puts it just short of a record sixty four month stretch from 1965 to 1970. It is very difficult to find a historical precedent for sustained 20 plus percent growth. Now you could say that, like, in an intelligence explosion, it's kind of akin to finding oil. It's this, like, it's this it's this, like, tokens that you can use for economic value. Same thing with oil. You can use it to move things around. You can deploy it in the economy in so many places that if you can produce it, it's it's like the bullish... It's the most bullish case. But it was just funny because, like, it it is extremely rare to find to find an example of of north of 20%. I mean, that's a huge amount of economic growth, especially for any any country that's at all at scale. It's
--:-- Speaker 2: really, really... Can you think about how electric it would be?
--:-- Speaker 1: It'd be amazing. Be... Yeah. It'd be it'd be incredible.
--:-- Speaker 2: It would fix me.
--:-- Speaker 1: It would. It would. Well, hopefully, it happens. Lots to do, though. Lots to deploy. Lots to unhobble. The models need to get even better and
--:-- Speaker 1: They need to be adopted.
--:-- Speaker 2: If you were a hedge fund just hoping to survive to get to 30% sustained GDP growth in The United States, you maybe didn't do that well this week because you may have exploded.
--:-- Speaker 1: Yeah. Lot of lot of headlines about, hedge funds.
--:-- Speaker 2: They wanted explosive growth, and they exploded.
--:-- Speaker 1: They got they got the exploded part, but that's it. Has any... Have any of them actually blown up fully? Like, had to sell order books or sell sell holdings in blocks or do any of that?
--:-- Speaker 2: Well, I think that was certainly happening yesterday.
--:-- Speaker 1: It might be happening, like, over the course of the next couple days. Because a lot of these are running leverage. And so at the very least, if their book is in semis
--:-- Speaker 2: This was in this was in Bloomberg. So hedge fund, Vara, plunges 33% in brutal October for AI stocks. That's so much. Coffee's hedge fund, Kirkswald, had worst ever month in October. Mhmm. Walleye to return some capital following brutal October.
--:-- Speaker 2: XMore money manager to return cash from his hedge fund, Millennium Taps, ex Citigroup Banker. That's something else. Anyways, so rough....
--:-- Speaker 1: Hired a Citigroup Banker to lead India operation.
--:-- Speaker 2: There you go.
--:-- Speaker 1: They're just expanding. They're like, do nothing. Winds, I guess. They're doing fine. Yeah. A hedge fund trading...
--:-- Speaker 2: Oh, interesting. So there's a a hedge fund coach. Yeah. Denise Scholl had multiple clients just cancel their appointment yesterday. It's like one of those things like you're... If you're in the middle of chaos Yeah. You often don't necessarily need to just talk it out for an hour. You need to solve your
--:-- Speaker 1: problems in real time and
--:-- Speaker 2: you can you can figure out what happened later. So
--:-- Speaker 1: For sure.
--:-- Speaker 2: I think that makes sense. Do wellness checks with your public equity TMT friends today. They need you, but not lead edge capital. Hearing public fund is up 32% gross year to
--:-- Speaker 1: date What?
--:-- Speaker 2: And down only 1.2% yesterday. That's sick. Owning tech that trades at single digit ARR and low double digit CF multiples works after all. Yeah. Contrarian. Yeah. Some of the last contrarians. We have some big stories that we we need to...
--:-- Speaker 1: Let's rip rope....
--:-- Speaker 2: To get into. So wildlife at our new LA Wildlife Bridge. Couldn't wait for the ribbon cutting. Really? A coyote has become the first documented animal to use the Wallace Annenberg wildlife crossing This is the 101 Freeway. So, again, we were once, minorly canceled over over talking about this bridge, which we're very much in favor of. But effectively a mega project. Yeah. You know? This thing has been in the works for years and years and years and years, and it seems... I mean, I'm kind of... It it feels a little it feels a little cyberpunk, you know? It's cool. Like massive structure, and then they just try to trick the animals into thinking like this is just a normal hillside Yeah. Crossover. But really, really fantastic news. I think it's, you know, coming in well north of a $100,000,000 for this bridge.
--:-- Speaker 1: That's not bad. I I I... For some reason, had... You're marked at, 10,000,000,000. So... But, like, if you're telling me it's a 100 mil, I'm I'm I'm 100 Yeah. Percent
--:-- Speaker 2: The crazy thing is I don't know how you actually get down because there's like a two story drop.
--:-- Speaker 1: Well, they're gonna build more of the bridge to, like, smooth it out. But I think
--:-- Speaker 2: it's crazy because it's like you you would Yeah. You would think that the right thing to do would be able to build, like, a bunch of small bridges. You know? But maybe animals just like
--:-- Speaker 1: million dollar bridges.
--:-- Speaker 2: Maybe animals talk amongst themselves, and they're like, yeah. There's some amazing bridge down the 101 over here. You gotta take It's a little bit out of the way, but, like, it's just so scenic. You know?
--:-- Speaker 1: I wonder if the bridge is too narrow, the animals won't think that it's for them, and it needs to kinda blend in and feel like a continuation of the the hillside there. But, I mean, I... Now that they're...
--:-- Speaker 2: What if we build what if we --... 100 mill. What if we build --... More. Thousands of animal bridges and and... But but had data centers inside them, secret data centers.
--:-- Speaker 1: I would be very much in favor of building a bridge every mile at this size and scale or build build... Just cover the cover the freeways entirely. Just put them... I mean, you... If you can't build them underground You wanna be Build them... Just build a
--:-- Speaker 2: Constantly in tunnels. You don't want I don't care.
--:-- Speaker 1: I'll turn on the lights in my car. It's fine. I drive in the night all the time. It's no big deal. Like, that does not matter to me at all. I don't I don't need...
--:-- Speaker 2: I'll I'll have... I'll... So you want you want California to earmark
--:-- Speaker 1: --... Entire one zero one
--:-- Speaker 2: You want giant... Want California to earmark a few $100,000,000,000?
--:-- Speaker 1: Yeah. Why not? We got the money. We got the people. We'll just build it.
--:-- Speaker 2: We don't we don't have the money. The state is Unlimited. The state is broke.
--:-- Speaker 1: We're doing fine. We're doing fine.
--:-- Speaker 2: This is big. This is big. The CyberTruck is being scrapped. I It's crazy. Came in at the perfect time. I now have a one of 17,000.
--:-- Speaker 1: Wait. They only ship seven... Is that the actual number? How many did they actually ship with these? Because 17,000 is not a lot. I mean, that's... That that is actually somewhat limited. Where
--:-- Speaker 2: They sold 20,000 in the last year. It's not limited at all.
--:-- Speaker 1: 73,000 since delivery started in late twenty twenty three. So you have one of 73,000.
--:-- Speaker 2: Yeah. Are you thinking what I'm thinking?
--:-- Speaker 1: It's going into...
--:-- Speaker 2: Going into 5,000. In pristine condition for the next hundred years. Yeah. Hundred years. Yeah. Pull it out.
--:-- Speaker 1: Pull it out.
--:-- Speaker 2: No. A low mileage example, only one of 73,000.
--:-- Speaker 1: Yeah. Was really hoping that they would take this and be successful enough to do the cyber SUV, do the three row, like, the Excursion Yeah. Built on the truck platform.
--:-- Speaker 2: At the end of the day, I love the car overall. Yeah. It is really, like, horrible in so many ways. And should... Like, what I actually love about it is it should never have shipped.
--:-- Speaker 1: Like Yes.
--:-- Speaker 2: It really should never have shipped. The build quality is is really bad. The... It it... It's like very dangerous. Like, I'm I'm constantly kind of on edge when I'm around it, you know, and like trying to tell other people that might be around the car, like, hey, that's like effectively a knife's edge, like, keep your fingers away from here or there. You can... And again, you can see issues with the car from like 20 feet away.
--:-- Speaker 2: And that's just like how the car came. So it really never should have shipped, but I'm glad it did because it like looks completely insane.
--:-- Speaker 2: It actually drives... Again, it doesn't feel nice to drive it yourself. Yep. But when the computer's driving, it's, it's it's really fantastic. Yeah. So I will cherish mine. And, yeah, your options are just getting more and more limited. I know. If you if you wanna be in the...
--:-- Speaker 1: They're just gonna sell one car in a few years. I mean, I guess they're just
--:-- Speaker 2: gonna sell CyberTaps. I don't think it's don't think it's ugly. I I think it's, like, very unique looking, and it's not for everyone, and it's completely insane.
--:-- Speaker 1: I mean, when this dropped, people were like, it will never ship looking like that. It's impossible. It's illegal. People were worried that the hard edges would cause, like, major damage in... To pedestrians, and I haven't heard about that many incidents involving CyberTrucks. I I don't... I still don't understand what you can get approved and what you can't, but what what a saga. They actually did ship it, and it's out there. In the end, few people bought the stainless steel CyberTruck, and now its days are numbered. Production will wind down next year. It is the latest indication of Tesla's swift shift away from selling traditional cars towards autonomous vehicles and robotics.
--:-- Speaker 2: Must So in 2019, they were targeting annual production of, 250,000 a year or 250,000.
--:-- Speaker 1: They did not hit that. And also, they were targeting like
--:-- Speaker 2: And then they... Long term, they were talking about 500,000 a year.
--:-- Speaker 1: Yeah. And what what... Wasn't the original price in the $40,000 range? 50,000? It was supposed to compete with, like, a Raptor or, like, a Ranger or f one fifty.
--:-- Speaker 2: Yeah. I mean, I'm sure they could have sold an insane amount at that price range.
--:-- Speaker 1: Yeah. But it's just too expensive, even for them. So, yeah, he said the entry level car, real wheel drive, rear wheel drive would start at $39,900. That is very, very cheap for a four door truck. He claimed it could outperform a nine eleven and showed a video where it won a tug of war against a tethered Ford truck. The body was said to be bulletproof to a nine millimeter handgun with armored windows glass to boot. The first crack in the CyberTruck's image was a little literal one at the debut.
--:-- Speaker 2: That was crazy.
--:-- Speaker 1: Tesla chief designer friends, Van Holz
--:-- Speaker 2: It is amazing that every single It's crazy that tech CEO has had, like, the most brutally botched demo.
--:-- Speaker 1: True. True.
--:-- Speaker 2: Like Yeah. Happens happens to the best of them.
--:-- Speaker 1: Indeed. Indeed. When sales began in 2023, prices started at roughly $61,000. That's not too bad. About 21,000 more than Musk's... Originally claimed. The CEO conceded that Tesla dug our own grave with CyberTruck. Yeah. There... There's definitely an intermediate design. It was also just so odd to just completely redo the design language and not bring any of that to the Model Y. Like, there is... Like, there are plenty of, like, boxy crossovers that look like even like a Range Rover, some Hyundai and Kia has been adopting more boxy language. The G Wagon has boxy language. You could pull some of that over, and they were like, no. These are two completely different brand styles. Right? And they and they introduced new model wise, new model. They did a whole refresh during the CyberTruck era and didn't bring any of that design language over. They could have evolved it more. I mean, I guess they brought the light bar, but that's about it. The surf community is selling man made waves to homeowners. I know you're gonna have a lot of opinions about this. Waco Surf. It's a 500 acre development in Waco, Texas. Developers in states like Texas, Utah, and Arizona are betting that man made surf lagoons will lure wealthy buyers despite high construction costs and steep monthly fees. So are you in search of a vacation spot for surfing with your family? Clint Tasset was, and he put down a $600,000 deposit last year on a $1,800,000 lot in Cabo, Mexico, a place renowned for its coastline, but he doesn't plan on surfing in the ocean there. Instead, the $3,000,000 house he builds will be across the street from the beach at this location, the Cabo Rail Surf Club, a private residential club next to an artificial lagoon with a wave machine. In the lagoon, you won't have to wait for waves and battle other surfers. There will be no sharks, jellyfish, rocks or bad currents. He's promised multiple good waves a session as big or small as he wants. It's approachable, said Tasset 46, who lives just North of Denver and founded a digital marketing company. If you can lie on a board and move your arms, you can get in. He plans on surfing there with his wife and two kids aged 13 and 15. There's some interesting photos of them building this development. Thanks to advances in wave pool technology, man made surf lagoons are becoming the latest amenity high end housing developers are using to lure buyers instead of golf courses, ski mountains, or lakes. These develop... These developments often with custom built homes and members only clubhouses offer surfing as the main activity. Whether these capital intensive projects can be financially successful, however, remains to be seen. At least one planned project has already faltered. Are you... You're you're in favor of these? What do you think?
--:-- Speaker 2: Love wave pools. Yeah. Cannot imagine buying a property A wave. Down in Mexico off of the beach right next to, like, a chlorinated pool. And I've... And and this is coming from somebody who loves surfing.
--:-- Speaker 2: I love surfing wave pools. Sure. I just do not... I don't understand. Like, the ocean has so much more to offer than just surfing. Right?
--:-- Speaker 2: Sounds amazing.
--:-- Speaker 1: Yeah. But you can always go to the...
--:-- Speaker 2: Yeah. Let me get in my car. I'm in Mexico. Let me get in my car and drive to the beach. Oh, yeah. Like, you're you're buying a place in Mexico because you love surfing, and you're gonna be not near the ocean?
--:-- Speaker 1: The $130,000,000 Zion Shores project came came together after developer Cody Larkin installed a continuous wave surf machine in a lake in 2021 at one of his residence communities in Utah. He was shocked to see that the surf wave was far more popular than water skiing or wakeboarding. Everyone would spend almost all their time there. Half of the 56 residential lots at Zion Shores have sold since development started a year ago. There's a $500 monthly HOA fee per house, and that doesn't include surf fees, which range between $30 to $200 an hour. What are you paying... Why are you paying more per hour? Is that, like, I want a bigger wave, and so they charge you more?
--:-- Speaker 2: They they have different pricing based on time. Like, they have, like, their their sort of peak rates.
--:-- Speaker 1: Oh, okay. Okay. Yeah. Yeah. And then they're on
--:-- Speaker 2: the Saturday. Sessions that basically take a lot less energy, and you can put more people in the pool Oh. Versus certain settings are gonna be, like, bigger wave.
--:-- Speaker 1: Okay. Okay. So that might be energy cost....
--:-- Speaker 2: Waves, and so they can't monetize it as well. Okay. Yeah. I The crazy thing with with all these wave pool projects is, you're making... You're... You... There's all this CapEx going into the actual technology that generates the waves. Yep. And so if you're buying a home, you have to have conviction that the operator is gonna continuously update Sure. The technology because the pools that I was surfing two years ago are not fun anymore in comparison to the pool that I just surfed.
--:-- Speaker 1: Oh, that's interesting.
--:-- Speaker 2: It's just like
--:-- Speaker 2: Such a big leap. Really? Interesting. Always... If you're really into surfing pools, you kinda always wanna be on the pool that just got built. Yeah. Let's go into the Wall Street Journal comments section.
--:-- Speaker 1: What do they say?
--:-- Speaker 2: Michael says, I grew up around Malibu as both a surfer and a scuba diver. To me, this has no appeal. Just as swimming in pools has no appeal compared to ocean and lake swimming. I just find it a bit odd to see them being built in places that have water supply issues. The coolness of surfing ain't the waves, says Eric. That's just the feather in the cap. The real joy is witnessing nature. I agree.
--:-- Speaker 1: Leave us five stars on Apple Podcast and Spotify. Sign up for newslettertbpn.com, and we'll see you on Monday at eleven
--:-- Speaker 2: best weekend of your life.
--:-- Speaker 1: Good job.
