Andrew Ross Sorkin

The Oak Room, because of prohibition had been shut down and EF Hutton had opened up inside the Oak Room.

But yeah, you would be getting, people would be getting tips literally from the doorman and the elevator men, you know, wherever you went and you would just go in and place your bet as if it was like a normal thing to do.

And Groucho Marx was playing it.

Yeah.

Yeah.

And by the way, ended up having to mortgage his home when all was said and done.

Okay, so first of all, let's take one step back, which is speculation we all think is, I don't want to say we all, but a lot of people use as a dirty word.

You don't want speculation.

But there is part of me, especially actually after writing this, that thinks that speculation is

is almost like the twin of innovation.

You do need a little speculation in the system.

You don't want no speculation in the system.

And I only say that because if you think about the great technological advances of our time, the first people to invest in Tesla years ago, when it seemed like an absurd and crazy idea, effectively were speculating.

So I'm not...

here to say that speculation unto itself is a bad thing.

In fact, I would argue you need a little bit of it, but I think you need to do it in a way where it's not toxic.

And what was happening in the 20s is there was a toxicity to how this was all being run, which is to say that there were no rules, no guardrails.

And what's happening today is

is that we are taking the guardrails away.

So I think it's probably a good thing for the American public to have access and to be able to invest.