Mike and I discuss why we're "nervous bulls" on markets—with the Fed cutting rates and Trump pumping money into the economy, valuations look attractive, but an exploding wealth inequality gap and growing political backlash could trigger a revolution that ends the bull market. We dive into housing affordability (half of America earns below what's needed to buy a home), tokenization's global impact, Abu Dhabi's rise as a financial hub, and what economic warning signs would make us turn bearish. 📚Mentioned in this episode: The Hour Between Dog and Wolf by John Coates Streetwise: Getting to and Through Goldman Sachs by Lloyd Blankfein Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 to 2015. He serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. Follow Anthony on X: ⁠https://x.com/Scaramucci⁠ Follow Novo on X: ⁠https://x.com/novogratz⁠ Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.