Buy them all and see what has value in ten years, or let them all drop and see what drops the least and bounces first?

Always love hearing Jim Bianco speak. I also follow him on Strava. Dude is a total savage riding in those temps! :)

thank you both.

Interesting comments on crypto and adoption in EM/3rd world vs. USA

great conversation on both sides of the mike. I don't agree with many things but I he adds a perspective that I find most valuable. At least he offers an explanation for why some of my small tech stocks have gone up as much as 4x.

Personal income booming? That's only the people on unemployment, they aren't buying new things or "improving" their lives. Most Americans are broke.

Truly excellent. So many high quality observations. One of the best conversations on RV in a long time. You really nailed the various aspects of the current mania and what's driving it, along with the dangers posed. The "retail venture capital" model, where investors are buying lottery tickets in the hope of finding the next land grab technology winner, made a lot of sense. Bianco's point about investors pricing in decades worth of gains — ten years for Amazon post-2000 and 30 years for RCA post-1929 — was also powerful. Maybe Tesla really will grow into its valuation — by the year 2050 or so, with a 90% drop between here and there. And Bianco's point that beyond wage growth as an inflation driver, personal income growth (via direct government spending) is potentially an even larger one, overpowering the output gap at the margins, was very good. It highlights the manner in which fiscal policy, when done a certain way, is true "helicopter money" in a manner monetary policy can't touch. It was eye-opening, too, to be reminded that the S&P lost two-thirds of its inflation-adjusted value between 1966 and 1982, and that it took from 1966 to 1993 for the S&P to reach a new inflation-adjusted high. One has to wonder: What happens to not just the 60/40 portfolio but the entire passive investment paradigm, if the S&P 500 goes into another period of negative real returns (nominal gains below inflation) that lasts for a decade or more? If it happened back then, it can happen again. One quibble with the viewpoint on central bank digital currencies (CBDCs) near the end. I would suggest sovereign governments have a compelling reason to issue CBDCs — even if they are held in traditional bank accounts — because of the programmable money aspect. The two big draws of CBDCs are likely to be data-driven and policy-driven: By using them, governments will have much more granaular data on where money is moving and how, and they will also be to run fine-tune their policies in an extremely granular way. Those advantages could be potentially huge, as evidenced by something that was said earlier in the conversation: In the current system it is hard to get currency to the people who actually need it (e.g. the nearly evicted), without sending currency to people who don't need it (e.g. millennials on Robinhood buying weekly call options on GameStop). That distinction — sending targeted stimulus to specific demographics, regions and households, or having different tax rates per region, or even different interest rates for different types of accounts — is exactly the type of granular policy-targeting that CBDCs will enable.

Awesome discussion gents!

I think we are all mislead but all these tesla etc and the stories behind. I do not really see any logic for the big run of tesla. This was a simple coincidence and some put their life savings on it and got millionaires but they could have also go busted. It has been simply a coincidence feed by a piramidal typical bubblish structure.

I love listening to Jim Bianco. That said, the claim that you need to get the dose 3 weeks after or it won't work, isn't necessarily true. Studies could have been conducted in that matter but that doesn't mean you two doses if it is say a 0 and month 4 can't be stated as not beneficial until you have a study displaying that which we don't have.

For the Moderna vaccine, you take the second shot 28 days after the first shot. Within 3 weeks is not exactly accurate but running out of vaccines for the second doses is a real concern. I don't know about the Pfizer one.