Fax Initial Establishment with airSlate SignNow

Fax initial establishment

the petership show i'd like to thank keeps for its continued support of the peter shift show podcast keeps makes easy and affordable hair loss treatment for men to receive your first month of treatment for free just go to keeps.com gold well today we ended a volatile week in the stock market on a down note all four of the major stock market indexes were down in fact the dow jones ended the day down better than 600 points 602 points that's just over two percent s p a little bit better down one point nine percent nasdaq and small caps well nasdaq down two percent so just as bad as the dow it was the small caps russell 2000 that uh only lost one and a half percent and that's probably because you had a lot of these heavily shorted names that are in the russell 2000 that were among the few winners on the day in fact this is the biggest down week the market has had i think since october of last year in fact we just finished the month of january and both the dow and the s p are down on the month i think the s p is down about one percent the dow lost about twice that much uh down two percent the russell 2000 and nasdaq are still positive on the year they were down on the week everything was down this week but those two indexes were positive on the year but there's an old wall street saying about the january effect so goes january so goes the year and if that's the case we're in for a rough year because we had a very rough january in particular the hedge funds because the hedge funds are supposed to do better because they're hedged right and in many cases that means they're both long and short the problem is a lot of the stocks that the hedge funds are short are the ones that went up the most in fact this is the biggest rally in the most heavily shorted stocks that we've ever seen and so the hedge funds are really hemorrhaging at least the ones that were short those names because not only did they lose money on their longs because the market is down but they lost even more money on their shorts and they're supposed to make money on their shorts when the market goes down instead they took it in the shorts because of a massive short squeeze that put a lot of pressure on their short positions and the short squeeze continued today you know what ended up happening yesterday was and i you know i did my podcast on wednesday and on thursday you had robin hood and some of these other uh discount online brokerage firms actually suspended trading in a lot of these names in particular gamestop but not just gamestop a lot of other stocks that were part of this short squeeze and that created a huge backlash because the question is why was trading halted there are a lot of people that think that the reason it happened is that the hedge funds put a lot of pressure on the brokerage firms to stop trading in these stocks because it was causing them losses because remember companies like robin hood they let you trade for free well there's no such thing as a free lunch i mean if you're trading for free how's robinhood making any money well the business model for robinhood is they sell the order flow so they take the orders that they give their customers for free and they sell them to these hedge funds who make money off of them in many cases they're trading against them and that's how they make money so they're the big customers because they're the ones that are actually paying the bills and so maybe some of these big hedge funds called up robin hood and said hey wait a minute you better shut this down because we could go out of business and if we go out of business you're out of business because we're the ones that are paying the bills we're the ones that are actually paying for the trades the rest of your customers are getting the trades free now obviously if that is what happened that is a very bad uh for the brand of robin hood after all what did robin hood do well he took from the rich and gave to the poor well if it turns out they're trying to take from the poor or not necessarily the poor but take from the little guy and give to the fat cat if that's what robin hood is really all about well then the merry men are going to leave now maybe that's not why it happened and robin hood by the way did reinstitute trading today in those names and that sparked a rally although even though they had announced the prior day that they would resume trading in these stocks once people started trading they were informed that there were limits on the size of the position and in fact in many cases people are limited to just one share of stock that's it that's all they could buy so if the stock was 20 you could invest 20 that was your maximum and it applied to a lot of stocks i mean not just these heavily shorted stocks but a lot of stocks had absolutely nothing to do with the short squeeze also had this one share limit imposed i mean you can sell any number of shares you wanted if you already owned them and if you own more than a share i mean they didn't force you to sell down to a share but if you wanted to make a new buy one share was all you can do now again i don't know why they included so many names in the list i mean maybe they're trying to cover their tracks so oh no no we're not just imposing it on these stocks you know it's not just gamestop you know or amc you know we look look look we got general motors or whatever they were doing so maybe it was just to cover the tracks or maybe there was some legit reason uh that they had to do it i have no idea but robin hood claims that its reasons for halting these trades had nothing to do with pressure that was being put on them uh from the hedge funds who were losing money as these stocks were going up they said it was for their own financial interest that somehow all of these orders that they were getting and executing for free were actually causing a financial drain on the company and for the health of the company they had to put a stop to uh these orders and now you even have politicians that are you know coming into this and getting involved aoc the leader of the squad is now saying oh no this just shows that we need more wall street regulation we need more taxes we need taxes on trading we need government to look into this look the last thing we need is more government i mean government is the problem the federal reserve is the problem we'd be better off getting rid of the security regulations that we have and have an even freer market when it comes to uh investing than cracking down even heavier but i have a feeling that that is ultimately going to be the result of all this and a lot of people are going to lose money you know people were upset or some people anyway that i wasn't you know coming to the defense of the reddit guys and uh the wall street bets people for trying to take down these evil hedge funds and trying to get in on these stocks and and why wasn't i siding with the people trying to throw a monkey wrench in the system and take down wall street and look i understand the sentiment there i'm talking about it from an investment perspective and i get it i think the short squeeze on these stocks was a brilliant move and i think the people that organized it and got in early you know they had a home run they had a you know a once in a lifetime trade there were some tremendous profits that were made as a result of this epic short squeeze uh but this is not new i mean this isn't the first time there's been a short squeeze i mean these guys didn't invent it i mean there's been short squeezes as long as there's been shorts and that's part of the risk that you take when you're short of stock i mean there's no trade that's without risk i mean these companies are going bankrupt and some of these hedge funds you know got a little greedy in that they overly shorted these stocks because they thought they were just picking up free money but they forgot uh to cover their asses and they uh minimized the potential risk of a short squeeze the only thing that's new about this short squeeze is the way it was organized on the internet in a chat room and that you know they never had one uh where you had you know a platform like robin hood where this was carried out or a network like cnbc like covering the whole thing like blow by blow like they're they're covering a sporting event so this was a very high profile short squeeze but the concept is still the same maybe the players are a little bit different but what i'm concerned about is the smaller investors who don't understand this concept who have actually bought stocks like gamestock and who paid 200 a share of 300 a share of 400 a share even 50 a share and who haven't sold who are just holding on who have been encouraged to continue to hold and in many cases i think some of the people that are online that are encouraging other people not to sell are themselves selling i mean that's what i think i mean you can't just believe everything that you read in a chat room i mean people who don't even know who you are may not have your best interests at heart i mean they may be pumping up the stock precisely because they want to dump it so if they want the price of the stock to go up and you own it they don't want you to sell it because it's you're not selling it that makes the price go even higher and allows them to cash out at a bigger price i'm just afraid that there's going to be a lot of small guys who have been led astray and maybe they think they're doing this just to stick it to the man and maybe they think oh they don't care if they lose money we'll see and i believe when they do lose money that's when the government is gonna swoop in with more unneeded and unnecessary regulation you know to protect the little guy which is going to make it even worse for the little guy you know one of the reasons that the little guy uh is on his own is because the government has made it so expensive for professionals to work with the little investors that they refuse to do it it is so expensive now that brokerage firms have raised their minimum account size to a level that's so high that a lot of people can't afford to get professional advice so they get no advice at all or they get advised by by shysters you know all of this supposedly to protect the little guy they actually ended up protecting the little guy out of any decent investment advice you know it would be much better if the little guy had no protection at all and then he can you know go into the market and hire somebody to help them that knew what they were doing instead they're at the mercy of the people who could prey on them because the only people that don't get regulated are the criminals all the honest guys all the good guys who would have done a good job anyway can't work with these people because the government made it too expensive they can't afford it and you know it's not just because the reputable guys are honest and they just want to do the right thing because they're good people and of course a lot of them uh they do that i mean a lot of them are are have a high character and you know they want to do what's right for their customers but even if they're not guided by a moral compass they're guided by their own greed right if you want to make money in the investment industry the best way to do that is to do a good job for your clients over the long run because if you do that then you're going to retain your clients you're going to get referrals i mean that's true in any business that you can run every entrepreneur wants satisfied customers regardless of their motivation they need to satisfy their customers that they want to make money which of course they do which is why they're in business so i think the public would be better served by a vibrant free market rather than government bureaucrats because of all these security laws there are a lot fewer broker dealers out there there's far fewer of them around because they can't afford to stay in business and the ones that are left after the government you know raised a barrier to entry so high you know they won't take the small investors because they lose money in every account because of all the regulatory requirements and burdens that go into opening the accounts and maintaining accounts you just can't make any money off the small investors so you have to refuse to serve them so if there was no regulation yes is it possible that some of these small investors might get ripped off sure they're getting ripped off now anyway so you know why not let them get ripped off in a free market versus a government-controlled market but the reality is the cost of government protection exceeds whatever is being stolen meaning that the cost to the public you know because all of the regulatory and compliance costs ends up getting built in uh to the fees and the commissions and you may say well how's that possible for the guys that have free trading they have free trading because they don't give any advice it's all unsolicited it's all automated they don't do anything to help the little guy but if you want to talk about a full service broker the people that actually try to help the little guy understand what he's doing and making a more informed decision right the cost of that type of service is a lot higher than it would be absent all this government intervention and so the the cost of all this regulation that is ultimately borne by the investor those costs far exceed any amount that would be stolen if none of these uh regulations existed i can tell you from experience that losing your hair sucks in fact two out of three guys will experience hair loss by the time they're 35 my hairline started receding in my 20s and what i ended up doing about it was using minoxidil of course at the time it was very expensive it was under patent and eventually i found a friend in spain who started buying it over there and shipping it to me so i could actually afford to buy it and it dramatically slowed down the rate at which my hairline receded well the good news is you don't have to buy it from a drug company that's got a patent and you don't have to have a friend in spain who will smuggle it in for you you can buy keeps keeps is affordable and the sooner you start using keeps the more hair you'll save so act fast many men even experience hair regrowth from using keeps the best part is you don't even need to go to a doctor's office all you need to do is to visit the keeps website from the privacy of your own home you'll get the medical attention you need and discreet drug delivery from the comfort and the privacy of your own phone keeps offers their products at half the cost of your local pharmacy so you don't have to go broke to avoid going bald so keep your hair and your money keeps treatment start at just ten dollars a month so to take action and prevent hair loss get your first month of treatment for free by going to keeps.com gold that's keeps k-e-e-p-s dot com slash gold for your first month of treatment absolutely free but more importantly what i want to talk about today is not these heavily shorted stocks that the guys at reddit and wall street bets are buying but i want to talk about what they started buying yesterday and what they continued to buy today it's almost as if these guys were listening to wednesday's podcast which i titled the mother of all short squeezes is yet to come and what i was referring to was the short squeeze that i anticipate happening in gold and silver and sure enough that's exactly what they focused on on thursday you go to the wall street beats in the chat room there and now they've turned their attention on silver in particular they want to break the banks jpmorgan in particular for having short positions in silver and manipulating the silver market and i read some of the stuff in this chat rooms really good stuff i mean very informed information when it comes to the state of the market they hit on many of the same points that i did in my podcast about how much uh silver has been shorted that doesn't exist how many people have sold futures contracts where they have committed to deliver silver where they have no silver at all you know at least when you short a stock in theory you're supposed to borrow the stock before you sell it so you're selling something that you have because you borrowed it and now you have it to sell but you can go into the comex and you could just sell silver you don't have to borrow it first you just sell as much as you want you don't have to have any of it and the reason you can keep selling all this silver that you don't have is because you know that the guy that's buying it from you doesn't actually want it he's not going to ask for the real silver he's just going to close out the contract for cash or maybe roll it over into another month but they pointed out hey what if you take a futures contract and and take delivery now the short is stuck because you know unlike gamestop they can issue new shares they can't magically create new physical silver to be bought by the shorts to deliver so they pointed this out but their argument was look let's buy the physical they recommended buying slv which is a silver etf they also recommended buying physical silver coins and bars they listed a number of dealers that they recommended unfortunately nobody mentioned shift gold that would have been nice if they had included shift gold in there they included several of our competitors though but they didn't they didn't include us but they talked about buying physical silver and they also focused on one silver stock in particular first majestic ag was a symbol the stock actually gapped up by 40 percent uh yesterday morning i had another big gap up again this morning in both cases the stock closed quite a bit lower than it opened you know one of the problems with a lot of these guys who are trading off these chat rooms is they're not that sophisticated they just put in market orders and you're just gonna get eaten for lunch if that's how you buy you know when a lot of these small orders come in all at once or they bid up the market uh in the evening session they gap these stocks up the sellers a step back and you have all these unsophisticated a guy is just rushing in with market orders and they just fight you know you know bid one another uh against one another and the price goes way up and people made a lot of money i think what some of the more sophisticated people did is they immediately sold the first majestic shares they had and maybe traded into some other uh silver stocks that didn't move up as much because they weren't the subject of the hype but maybe they were obviously better valuations and so they did that some people just might have taken advantage of the spike to go to cast for a while and they want to buy back the next dip but the big difference between what they're doing now with silver and with you know silver mining stocks and what they're doing with these heavily shorted stocks is when these guys are going in and buying gamestop they're buying an overvalued company that was probably going to go bankrupt now it may be a smart trade from the perspective of a short squeeze if you can get out in time because remember the only people who are going to make money off the short squeeze are the people who sell into the rally if you just hold on through the entire thing you're going to be a big loser but the big difference is gamestop and these other companies are overpriced in many cases the companies aren't worth anything because they're going to go bankrupt and some of them may not go bankrupt they may survive but at a much lower price than the price that people are now paying to buy the stock so you can't buy and hold these investments on the other hand silver the current price of silver and by the way silver was up at one point today about a dollar it lost about half its gains it closed up about 50 cents gold that was up maybe about 28 29 at the highs it ended up just up about four or five dollars in fact the gld the gold etf finished slightly negative on the day as did the gold and silver mining stocks by the way they were all down on the month as well and so was the price of gold the dollar actually was slightly stronger uh during the month of uh of january as well but buying silver at 27 an ounce that's a great buy buying silver stocks at their current price is a great buy yes these guys shouldn't be rushing in with market orders they should put in limits and be a little bit more patient but even based on some of these lousy fills that some of these guys got by buying the open yesterday and buying the open today yeah they're underwater right now but i think if they hold on to these stocks and maybe add to it at lower prices and try to average down their positions a little bit i think they're going to make a tremendous amount of money these are good quality investments silver is cheap silver stocks are a bargain as far as i'm concerned so rather than buying overpriced stocks supposedly to make a point on a political statement you can make a much better political statement a much better point by buying some physical silver and buying some silver stocks because then you could stick it to the billion banks who were short and also make some money for yourself that is a much better outcome now i actually heard from shift gold because one of our clients sent an email who has a robinhood account and they stopped him from buying slv i had no idea nobody reported on that that they were preventing people from buying slv because that's got nothing to do with these short squeeze stocks i mean you could argue oh people are just trying to manipulate the market they're just buying these stocks even though they're overpriced just because it's part of an organized short squeeze but that's not the case with slv i mean people could just buy silver because they think silver is a good uh asset to own they think it's under price it makes no sense unless there is some type of volume problem i mean i don't really know what these dynamics are maybe for some reason they were getting all these orders that the funds that normally buy the order flow weren't paying for it and so maybe robin hood had to actually execute the orders uh and pay for them and they were paying the execute these orders but they were they were doing the trades for free so that could turn their entire business model upside down if they're able to sell their order flow and make a profit that way but now the people who normally buy the flow don't want it anymore and now they actually have to pay to execute this and volume has gone through the roof if they're losing money on every trade that is a big problem and maybe that is the reason that they had a halt to trading is because they were losing too much money but the question is will the reddit guys will they actually be able to succeed and cause the price of silver to make as big a move as the moves that we've seen in these heavily shorted stocks and the answer to that question is no because these heavily shorted stocks had a much much smaller float and were much more easily manipulated in this organized short squeeze it is not going to be nearly as easy to move the price of silver either in the physical market or through the etf it's too big a market relative to the size of this group and again i think the reddit raiders had help i think there were some big players that were also involved i mean maybe they allowed the little guys to be the front men and they were in the back because that was part of the story to encourage the little guys to buy and hold right and not sell it was all this army of small guys getting revenge for the 2008 financial crisis and taking down the big guy so to the extent that there was some other big guys that were contributing to this and profiting from it it wouldn't be the right pr if you know they were they were public about it so they were kind of quiet and they had these front men right that more fit you know fit the profile of what they wanted everybody to think right because it was like hey why don't you help one hedge fund take down another hedge fund that's not as sexy as story i mean people aren't going to go to the mattresses uh you know and maybe lose money on purpose to enrich somebody who's already rich but if you can turn it into a cause right well yeah i mean there are people who are willing to lose money for a cause i mean people have risked their lives people have given their lives for a cause that they believed in so if you get people to think of this transaction as a cause as a fight worth fighting and the only thing you have to sacrifice is some money well then people might be willing to do it but they wouldn't be willing to do it to help enrich somebody who's already rich so that would have to happen behind the scenes and i think that's going on but i don't think there is any uh big money that is working behind the scenes in this silver trade i think this really is uh david versus goliath and in this case you know you know i think goliath can win so i don't really think that this is going to have that much of an impact on the market i just hope that these guys who are buying the silver and the silver stocks hold on to the buys because the market's going up anyway it's not going to go up because of what they're doing it would have gone up anyway they did cause gamestop and all these other stocks to go up they're not going to cause a big move up in silver or silver stocks i mean they did for a day or two but it didn't have that big an effect i mean you can see where the market closed yesterday you can see where it closed today yes marginal gains but nothing like the gains that we saw in those short stocks so i hope they don't become discouraged uh by the failure of their effort to immediately bear fruit because it's not but if everybody is patient they will make a tremendous amount of money i think in silver and silver stocks now what would be good is if their effort actually inspired maybe some bigger players around the world right if this shines a light on a problem because the little guys were able to take down the hedge funds they're not going to take down the shorts in gold and silver they need help from much bigger players but those bigger players are out there there are bigger players on the global stage who could actually join in this fight if they actually smell blood and maybe the little guys have awakened them to this idea hey wait a minute they're right they're right about the shorts in gold and silver they're right about how undervalued these medals are and how vulnerable the big banks like jp morgan r uh to a big run-up in the price of silver and in the price of gold then it might actually happen i mean they could be the spark that ignites a much much bigger fire and in that case maybe their efforts would be successful but left to their own devices this this fight is too big they won't be able to have the same success uh that they had with these heavily shorted stocks but they will be more successful in that they'll make money yes some of the people that got in on this short squeeze and who have already sold made a ton of money but the vast majority of people buying into this are going to lose money that won't be the case for the people buying physical silver so long as they don't panic and sell right away because they didn't get an immediate gain if they hold on to these investments and in fact use this as the beginning of an accumulation right if they start to buy more silver and more silver stocks build up a portfolio right because a lot of the stuff that's being written in these chat rooms now a lot of there's a lot of good accurate information about inflation about the fed and you know it's so much better if a lot of these small guys uh buy gold and silver or physical silver then buy bitcoin you know there are a lot of people on uh robin hood that were buying cryptocurrencies because robinhood has the cryptocurrencies on their platform and by the way there was an announcement late in the day just before i started recording this podcast that now robin hood is also making it more difficult to buy bitcoin or the other cryptocurrencies that they allow on their platform now they're saying it's temporary they're putting a temporary halt on instant crypto buying and what that is is they allow people to transfer money in from their bank accounts to their robinhood account and then immediately buy crypto before these transactions settle they've put a halt on that so if you want to bring new money in to your robinhood account and then by crypto you have to wait i'm not really sure how many days you have to wait before they're going to clear the transaction so this again is slowing down the buying of crypto i guess if you already have the money in your account then you can buy it's just a a restriction on how easily you can buy crypto with new money but to the extent that some people that were being led astray you know by uh similar you know pump and dumps into buying crypto if they end up buying silver instead then that's great because unlike you know cryptocurrencies that are going to eventually collapse silver is eventually going to go way up so this is what people should be huddling not crypto currencies not bitcoin but physical silver that's much better that's a legitimate real store of value silver has been money for for you know a long time uh and it will continue to be money and so this is another positive development that's coming out of this and you know it's interesting too because the mainstream media is barely covering the silver story i mean they talk about it but nothing compared how much attention they're giving to uh the short squeeze so i don't even think they really want to focus any more attention on on silver or more importantly the motivation behind why they chose it like all of a sudden hey why is silver what they're buying out why did they move from being short uh retailers to buying physical silver right what's the connection why are they doing that what's motivating them right what is what is behind this they don't even want to know or if they know they certainly don't want to disseminate that information they were very quick to disseminate all this other information but they really don't want people buying physical silver which is another reason why you should buy it whatever the establishment really doesn't want you to buy whatever the mainstream uh investing crowd says oh no you don't want to buy that uh you know that's what you want to buy i mean cnbc is too interested in pumping people into crypto and getting people to do that that's why a lot of these crypto people should be suspicious why does cnbc want me to buy it so badly right well why does everybody who comes on that network bullish on bitcoin why are all their hosts bullish on bitcoin why don't they have any bears on i mean you think you're so anti-establishment you got the entire investment establishment on cnbc in your corner don't think you're the contrarian when you've got cnbc basically touting what you're buying what they don't want their viewers to buy is physical silver and that's obvious uh by the way they're really burying this story i mean they mentioned it briefly uh but they gave it nowhere near the coverage uh that they're giving uh to uh the shorts and while i am on the topic of bitcoin that was the other big story of the day because while everything but the most heavily shorted stocks was tanking bitcoin was rising now gold and silver rose as well and surrendered uh you know a good chunk of their their gains and bitcoin surrendered some of its gains but it still managed the day with a big gain but bitcoin rose from about 3 200 a coin and it was sinking uh late last night early this morning and i think bitcoin probably would have broken below 30 000 today but for this one tweet and that was a tweet from elon musk and that sent the price of bitcoin probably within an hour rising from about 3 200 to above 3 800. so you had a dollar per bitcoin rise in a very short period of time i don't know what that is 15 whatever that is huge increase actually i just calculated it's almost 19 so close to a 20 spike in the price of bitcoin based on one tweet and i am going to read the tweet or basically it's not just a tweet it's a tweet that explained a change to the elon musk twitter profile so what elon musk did is below his name in his twitter bio he added hashtag bitcoin and and put a b on it right that's all he did he added the word bitcoin and then in a tweet that has 472 000 likes as i am recording this 472 000 likes 54. 000 retweets that is one hell of a tweet here is the tweet in retrospect it was inevitable that's it so he puts the hashtag poundbitcoin under his name and he writes in retrospect it was inevitable that is what sent bitcoin up almost 20 now did elon musk say that he's buying bitcoin no he didn't say that but everybody assumes that that's what he's going to do they assume that maybe he's going to start buying bitcoin for uh tesla or for spacex or whatever but elon musk didn't say anything of the kind he simply added the word bitcoin to his description and said it was inevitable what was inevitable maybe it was inevitable that he would put a bitcoin up there because bitcoin is popular look elon musk enjoys being on twitter i think he has a lot of fun with twitter just like donald trump did and i think he has a lot of fun playing games and i think he's playing games with bitcoin just like he was playing games with gamestop and by the way a lot of people were making fun of me on my last podcast because i didn't understand that game stonk was a meme i mean i didn't know what he meant by game stonk because that's what he tweeted out game stonk as opposed to a game stop apparently stonk is a way to refer to stocks stonks but so what elon musk's tweet didn't say i'm gonna buy gamestop no he didn't say anything about whether he thought he was gonna buy it or anyone else should buy he just tweeted out gamestonk that's it that's all he did did the same thing with bitcoin i mean i think elon musk knows hey i'm just gonna tweet out bitcoin and i'm gonna watch everybody run and buy bitcoin like he's like you know with a puppet he's pulling his strings and he wants to see what he can do with his 44.2 million followers so he didn't say he's gonna buy bitcoin for himself that he's gonna buy it for his companies he didn't even express an opinion he just added the word to his twitter account because he thinks he's going to get more engagement he's going to get more people uh following him and it's going to increase his influence in the internet right the more people following him the more people he can influence that's all that's going on i think he is using the bitcoin huddlers i think he knows how much influence he has because he's a respected guy he's a smart guy he's a wealthy guy you know what people think oh my god elon musk is the richest man in the world what if he puts all his money into bitcoin oh my god think about how much higher bitcoin is going to be if the richest man in the world starts buying it believe me the richest man in the world doesn't need bitcoin what does he want to fool with bitcoin for and people probably think oh and if elon musk the richest man starts buying bitcoin well all the other billionaires are gonna buy it too they're all gonna copy elon musk and they're gonna buy bitcoin none of this is gonna happen this is all pie in the sky nonsense you know the bitcoin rally and the gamestop rally it's all the same thing it's all the same dynamic in fact i think that the bitcoin experience really is what set the stage for this i mean the fact that worthless cryptocurrencies you know or digital tokens could rally hey anything goes if people will buy bitcoin hell they'll buy anything i mean i think that was really the inspiration and the motivation you know i wrote a commentary out today and i don't know i haven't seen anybody else making this comparison but it really reminded me of the mel brooks uh play which is also a movie the producers and if you haven't actually seen this movie i would recommend that you you watch it it is very funny but the story of the producers is you get a bunch of guys that are doing a play and they know that most broadway plays flop and the investors lose money so their idea is hey let's just oversell this thing let's just get a lot more investors maybe we'll sell 100 people 25 of the play i don't remember the exact uh math of it but they kept overselling shares and the idea was when the play flops we'll just tell everybody they lost their money and we'll just keep all the money because we're raising a lot more money than we actually need to fund the production right now in order to make sure that the play was a flop they deliberately tried to create the worst play they can come up with which was springtime uh for hitler and unfortunately it was a wild success you know which was the worst thing that could have possibly happened uh was that they had a successful show and now they had all these investors who were expecting to get paid and of course they couldn't pay them because you know because of the fraud well this is really what happened uh with uh these shorts i mean they had all these horrible companies that they shorted and it's precisely because the companies were so bad that they attracted so many shorts and because there were so many people that were short it made them ripe for the short squeeze so they ended up losing money and the stocks that ended up doing the best are the companies that are doing the worst these are the best performing stocks in the market are the worst performing companies so it's just like uh springtime for hitler you know they they thought they had the worst play they tried to make the worst play and it ended up being a phenomenal hit meantime bitcoin was not able to hold on to that spectacular rise in fact after getting about the 38 000 it actually sold back down uh below 34 000 so it almost surrendered the entirety of the musk rally as i'm recording this it's back above 35 000 but you know i watched again the premium the premium for gbtc in fact at one point during the day it went to a discount so i still think there's a lot of pressure on bitcoin uh the uh elon musk tweet notwithstanding in fact another uh billionaire dalio came out on reddit uh with an explanation of what he actually believes about bitcoin because he said there's a lot of false information that is out there about my views on bitcoin and he tried to clarify it i read it didn't really clarify much but to me he still seems like he's leaving a window open a possibility that he might buy bitcoin but only with a small amount of money and with the expectation that he could lose most of it but he may be willing to take a flyer on it i still think he doesn't quite get it if he did he wouldn't even bother to take a flyer because there's no way this thing is going to fly it's going to collapse the only question is when just like with gamestop it doesn't matter how high it goes in the short run in the long run it's the intrinsic value of the company that's going to determine the price which is dramatically lower than it is right now if not zero and the same thing applies to bitcoin