Scott

So when you buy an S&P company, the natural assumption is you are getting companies that are not only great companies, but quite frankly, they're still either maintaining their greatness or on the upswing. And then they kick out companies, which I really like. So this is a big deal.

So when you buy an S&P company, the natural assumption is you are getting companies that are not only great companies, but quite frankly, they're still either maintaining their greatness or on the upswing. And then they kick out companies, which I really like. So this is a big deal.

This is a – when you're – especially this kind of – to a certain extent, this fairly unfairly legitimizes, in my view, the asset class. When was it they announced ETFs or JP Morgan or some – BlackRock last year. So this is yet another kind of signal of them legitimizing it. Now, at the same time, this could create – be inflating the bubble even more.

This is a – when you're – especially this kind of – to a certain extent, this fairly unfairly legitimizes, in my view, the asset class. When was it they announced ETFs or JP Morgan or some – BlackRock last year. So this is yet another kind of signal of them legitimizing it. Now, at the same time, this could create – be inflating the bubble even more.

This is a – when you're – especially this kind of – to a certain extent, this fairly unfairly legitimizes, in my view, the asset class. When was it they announced ETFs or JP Morgan or some – BlackRock last year. So this is yet another kind of signal of them legitimizing it. Now, at the same time, this could create – be inflating the bubble even more.

I mean, if this shit does fall and become the ultimate Ponzi scheme where there's no underlying cash flows to justify any of this shit or no real asset, it just means more retail investors are going to get hurt because the assumption is that if it's an S&P company, there must be some credibility to what they're doing. So I'm lukewarm on this. I don't know how to feel about this. Ed, your thoughts?

I mean, if this shit does fall and become the ultimate Ponzi scheme where there's no underlying cash flows to justify any of this shit or no real asset, it just means more retail investors are going to get hurt because the assumption is that if it's an S&P company, there must be some credibility to what they're doing. So I'm lukewarm on this. I don't know how to feel about this. Ed, your thoughts?

I mean, if this shit does fall and become the ultimate Ponzi scheme where there's no underlying cash flows to justify any of this shit or no real asset, it just means more retail investors are going to get hurt because the assumption is that if it's an S&P company, there must be some credibility to what they're doing. So I'm lukewarm on this. I don't know how to feel about this. Ed, your thoughts?

I'm pretty staunchly cold on this. I think this is really bad. I love that the young guy hates crypto. Who would have thought that? Who would have thought that?

I'm pretty staunchly cold on this. I think this is really bad. I love that the young guy hates crypto. Who would have thought that? Who would have thought that?

I'm pretty staunchly cold on this. I think this is really bad. I love that the young guy hates crypto. Who would have thought that? Who would have thought that?

I think you're the problem of the Democratic Party right now, and that is you're more interested in acquiring social status or a political orthodoxy than increasing the material or emotional well-being of Americans. Do you think that... Are you still worried about every American owning fossil fuels? No. That's a real business that has real value in the real world.

I think you're the problem of the Democratic Party right now, and that is you're more interested in acquiring social status or a political orthodoxy than increasing the material or emotional well-being of Americans. Do you think that... Are you still worried about every American owning fossil fuels? No. That's a real business that has real value in the real world.

I think you're the problem of the Democratic Party right now, and that is you're more interested in acquiring social status or a political orthodoxy than increasing the material or emotional well-being of Americans. Do you think that... Are you still worried about every American owning fossil fuels? No. That's a real business that has real value in the real world.

Are you cool with tobacco companies being in the S&P?

Are you cool with tobacco companies being in the S&P?

Are you cool with tobacco companies being in the S&P?

Actual value. So your issue here is that there's no underlying...

Actual value. So your issue here is that there's no underlying...

Actual value. So your issue here is that there's no underlying...