So how are you digesting these headlines and kind of your confidence still in the sector? I mean this is great news for bitcoin. The last thing we want is china involved with a currency of the world. I mean if they were smart, theyd, be buying all the bitcoin, and that was kind of like what china was trying to do years ago was really actually like corner the market in bitcoin by having all the miners be in china. So now theyve reversed course, because she is in really just a desperate attempt to completely isolate china, so he can control it, and so he doesnt want bitcoin as hes about to release the chinese version of the bitcoin because really chinas in the business of tracking. Now everything everybody does in china, its the least fun place in the world, its the most repressive, newly repressive country in the world, and its really a big step back for china and the chinese people. So the only people that should be scared is china for isolating themselves from what will be the future global monetary system. It is interesting, though, because you know you have the fed experimenting with their own digital dollar. Here as weve seen uh, you know boston, the boston fed president kind of running point on that uh and you wonder you know how that might look if we have the digital dollar here, but also let people keep crypto currencies how it might work if china is Really focusing on their own uh, you know what its going to look like on the global stage here and – and maybe i guess if it puts more pressure on regulators to crack down now back in the u.

s – well. Well, theres theres, no value in the digital dollar because the dollars already digital, i carry cash im, one of the only people in america that carries cash. I go into a place. I try to use cash and they go. I cant take it so so the the digital dollar exists today, its called apple pay, whether thats a formalized process from the fed or not doesnt really matter. I trade billions of dollars in stocks. You know and also my fund gk. You know we manage billions of dollars, its all digital, so i think the real issue is about control and what governments dont, like is bitcoin, takes control of peoples, monetary futures, away from governments and in the hands of the individuals and thats, exactly whats happening in scale Globally, right now, because at my firm were the only ria that opens up bitcoin accounts for clients through gemini and the demand is unbelievable and the amount of money that people have in dollars and other assets relative to bitcoin is still 99.9. You know other assets. So when you really think about even a one percent allocation to bitcoin for the average investor would bring bitcoin up, you know probably five to 10x, so so theres, just a huge upside opportunity and its being adopted globally and thats just whats happening and it doesnt matter. What any government says or does yeah? I mean weve, seen to some tech firms out there who have said they dont want to work with china have still enjoyed.

You know pretty good success, so youre just kind of putting that into context. You know a lot of people worried what might that mean if chinas just not involved, michael saylor, of course, the leader of microstrategy whos, put billions in tweeting out today saying that theres, nothing, nothing has created more wealth in the past decade than technology was banned in China, i thought that was kind of apt benefiting right, but well shift away from that for now, because theres a lot that youre also watching in the gaming space weve been talking about that in the nfl season, kicked off draftkings. I know thats when you watch a lot mgm. What do you mean yeah? What do you make of the growth opportunity there? Still, as competition heats up well, this is an incredibly interesting time, like you know, ive been into online gambling because my fun, you know, one of our themes is things that used to be illegal, and so online gambling is one of our main focuses of growth over The next five or ten years so that being said, you know we only own mgm, because i thought it was the best overall play on vegas and the recovery as well as bet mgm, and i felt for so long that mgm wasnt getting the valuation. It really deserved within mgm stock, because it was a joint venture with gvc, which is in tame, so mgm tried to buy them earlier this year and failed because it, i think you know in tane, is, is not dumb and they understand the value of their assets.

But now draftkings, so football season starts and everybody starts betting and its fanduel, draftkings and bet mgm are the top three you know. Barstool and all the other apps are are well below these top three. So draftkings is spending a fortune to get every customer, while mgm doesnt have to do that because they already are a casino. So i think draftkings felt like if we take our overvalued stock and buy something with real, solid assets and even overpay. It doesnt matter because our stock is so overvalued and made a big big for intane, but they need mgms approval for this, and i just dont see bet mgm going to draftkings. So then the option might be to spin this out as a public vehicle which would be huge for mgm and were seeing mgm continue to move higher. We were aggressive buyers of mgm. Actually, even though, were long at gm uh this week and – and you know, i think, theres a lot of value to be unlocked, so this is a very exciting time for online gambling. We see lots more consolidation. I think penn gaming is another target. Potentially, that would be a great asset, i think, its a fairly valued asset now and and for what theyre paying for intane. It makes a lot of sense to jump on that company and as well as many of the smaller companies, i think, are still in place. So were going to see consolidation, and this is an exciting area for investors and its a major focus of my fund at gk.

Yes, seeing a bit of a win win there, no matter what happens for mgm, but weve also seen china crack down were talking about. Bitcoin but weve seen the crackdown in the gaming space as well. It was interesting to see everything kind of slide off. Of that i mean when you look at the space in china exposure uh. Why does that maybe make you even more bullish, i suppose, on mgm and how does it break from the competition sans everybody else who has rather large presence there yeah? So we took a deep dive into sands and and uh win recently because of the stocks are down heavy because of the macau issue. You know ive been investing in uh gambling in casinos since, like 89, when the mirage came out, so i know this industry probably better than anybody, and so one of the things is so las vegas stands, has a ton of exposure in asia and thats. Why the stocks down so hard um, not to mention adelson, died and theyre going through this transition, while wynn is really just a mismanaged company with great assets, so win is attractive from the sense of you get vegas and macau on an equal level. But what happened? Was these casinos companies sold half of their ownership to chinese investors like its mgm china? So, actually, if china hurts macau its kind of like cutting off their nose to spite their face because they actually own the majority of macau, so i suspect that everythings gon na go through much smoother than what people think right now, because theres just so much money And gambling for the chinese government thats in on it – and i think, cracking down on gambling – is more talk than action because we know how important gambling is in the culture of china and in their leisure activities, and we expect macau to recover pretty nicely over the Next couple years, and if they cant gamble on bitcoin anymore, you got to go back to the casinos.

I suppose. But when you look at maybe one of those opportunities ill point out, mgm up more than 100 over the last year, so well give you that. But on the flip side there might be some people watching who watch me who watch you talking about cannabis. All the time and if they bought the top back in february theyd be off by about a third but youre, still bullish. You still like what youre seeing in the cannabis space, i tend to see kind of the tax upsides if we finally get changes at the federal level. But what has you still confident that that whole sector, its best days, are behind them? So cannabis is also another sector and things that used to be illegal that were invested in that gk and so like when you think about we started with cannabis long ago. So for us we look over the last year or so. Pre election to today were still up substantially on cannabis, although weve given back about half those gains so for investors who are looking at the long game, this is a huge opportunity, because the players in cannabis have only gotten stronger over the last year. The numbers that ive looked at for the quarter, the most recent quarter, have been amazing and theyre very well run companies that are now trading at multiples that look very reasonable for their short and long term. Growth rates so were very bullish on cannabis.

Im very close to pulling the trigger and adding to these positions right now aggressively, because i do think the biggest issue is legislation and the fact that democrats really cant get anything done. I mean theyre really proving inept disorganized and basically stupid at this point where they can accomplish a lot in this next year to solidify their place in the house in the senate for next year, and i just feel like theyre theyre botching things like cannabis, which is Just a home run so so i actually expect things to something to get done in the next year, so theres a lot of people. I think who are invested in that, would want to see that too. A lot of people who focus in on the social equity piece that would want to see that as well. When you look at, though we showed some u.s operators there mixed in with the canadian ones, and i guess there are people who are looking at the slowdown and growth in canada, saying all right. If that was chapter one and u.s was chapter two. There are maybe some concerns that you could see growth tape, tappering uh tapering off here relative to what we saw in canada, big boom and bust. Why is that not the case, so why would people maybe zach come on man whens? The last time you went to a party with young people, okay, theres no slowdown in cannabis and and in fact i would argue, the opposite.

The new products are coming out from like drinks and edible some of the new edibles, but really in the drink side. Of the cannabis businesses you know this stuff is booming, were seeing cannabis, lounges now being approved all over one in vegas, for example. But no you know the cannabis culture and the business of cannabis is insanely good. When you compare the united states to canada, its its kind of a joke, i mean come on, you know. Canada is like probably one of the most boring countries in the world, no offense, canadians and you know they. What do they say its like uh, the attic above the greatest party in the world? So you know like lets, be real us. Cannabis is probably a 70 to 100 billion dollar market and we just scratched the surface. And when you look at once theyre able to market and use banking and have better, you know reasonable tax rules, i mean these companies are, are home, runs youre going to get me in trouble with our large swath of canadian viewers. Here today, right now i said i love you guys, listen, i love canadians, you know i. I love the country, but lets be real: okay, americas, 100 times more fun and theyre all down here. So i know it because theyre all here, you know im going to leave that one there but uh. But no. It has been interesting to see the the market size here in the u.

s relative to canada and what california, i think, even a 10x kind of what weve seen there. So a large runway ahead.

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