Brad Gerstner

debt.

It tracks the growth in risk assets in the S&P 500.

The fact of the matter is it's a combination of all of these things.

And hats off to the people who are up 50% this year on gold.

I just love the fact we now professionalize the wisdom of the crowds.

I mean, we've known for 150 years that crowds are smarter than experts and all these people hanging out in ivory towers controlling the conversation.

Now those emperors have no clothes, right?

The reality is, I think it was this guy, Francis Galton, who coined the phrase 1907.

He got a group of 800 farmers together.

They had to guess the weight of an ox.

And then he had five experts.

And guess what?

The crowd got a, got a lot closer than the experts to the weight of the ox.

And here we are 150 years later, and you're going to have, you know, very, very big companies, right.

That are now taking it to the next level, creating liquidity.

And when people put money on something, the crowd gets even smarter.

So, uh, it's a, you know, kudos to you guys.

You really, your partnership with them, you've taken them to a higher level and, uh,

It's awesome to see it work out.

It's great to be chopping it up with you.