Brad Gerstner

The answer to that question, I think, is critical about how the markets will respond and how society will respond.

So I think we have kind of call it 500 days where...

You just gotta be net long.

But I think it's literally in the hundreds of days from now, 500, you're gonna have to have an important reckoning moment.

The people that are paying for all these tokens need to see an actual benefit.

I'm with you, Sax.

This is deja vu all over again.

We watched this happen with the PC revolution, the internet revolution, cloud revolution, mobile revolution.

We had all this hand-wringing.

Will this ever pay off?

Should I build an app?

Should I build a website?

Should I not?

Should I move to the cloud?

Should I keep it on-prem?

All of these questions over and over and over again.

And then they went from question marks to exclamation points.

I can tell you inside of my firm, we have started...

We were using agents, then we started building code.

And I've got three people on the team who are making all the interfaces and products that a 22 person investment firm should not be making internally, they should be using SaaS software, and they are shipping product day in and day out.