Coleman Church

But everything over 75 cents starts to run exponentially in terms of profitability.

So people are making an insane amount of money in this run-up on options, zero-day options, and they're doing it from their phone.

It's pretty easy with the...

That's not really investing, though.

That's betting.

Yeah, that's gambling.

But that's just one component of the structure of the market.

But it sounds like it's now a huge component.

It is a huge component.

But again, with the gamification of, you know, crypto trading and options trading and Robinhood and with gambling, you know, DraftKings and all that stuff, it's sort of part of the culture.

And it all started in COVID with people at home with extra STEMI money and not much to do.

And the market was ripping.

people got hooked on it and people keep doing it.

And generally people are doing quite well.

I think retail has done better than institutional, largely speaking.

But the other part of the structure of the market that's somewhat concerning is just this passive flow.

So then there's a guy named Mike Green who you should probably speak to who's done the best work on this.

And passive flow, basically 401k.

If you put your money in every two weeks, your money's automatically going to your 401k.

and you click to that, it's auto invest.