How Leverage Turned An AI Boom Into A Crash
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Today's number, 21.4 million. That's how many Americans use marijuana daily in 2025, making it the most frequently used substance above alcohol. It's 17.2 million. Ed, I do believe if the entire world got high together for a couple hours, it would be a better place. And then we'd have a global food shortage.
That number blew me away.
I mean, granted- It's a great number. I'm 90% of that, but still, what are these young people doing?
It's kind of interesting to me. I feel like none of my friends are smoking weed or eating weed or however they're consuming weed. None of them are really doing it in my friend group. I'm not doing it either. I'm kind of surprised to see it.
But I guess it's just the decline of alcohol. Are they drinking? Are they doing mushroom chocolates? Or are they just trying to pay off their student loans from Princeton?
A lot less substance use at this age. I would say like a few years ago, there was a kind of uptick in the mushroom chocolates and the psychedelics and all of that stuff. But it does seem like everyone's trying to kind of getting to that stage where they're getting their shit together. And it's like, okay, do I really want to piss away? Not just tonight, but the several days after with a hangover. Certainly ketamine was a thing back in the day. Ketamine back in the day. Wow. God, I feel old.
I never... I miss that.
Yeah, well, I'm saying back in the day means... 18 months ago.
Last summer at a party in Mykonos. Yeah, from the age of, when I got out of UCLA, we spent a lot of pot in college. But from like 22 to 30, I don't think I did much of anything. I was so, I was just, you know, working all the time and I don't know, just didn't really drink or smoke or
That is my criticism of myself right now. I think I need to be having more fun than I'm currently having.
I've got much better criticisms than that. I can help out there. I can make that seem like one of your better qualities. Yeah, I had that kid, Jack Raines, on the Prop G office hours talking about, and his whole thing is, you know, make sure you have some fun in your 20s. You don't want to give up your 20s. But my sense is young people will always find time in a way to have fun. I'm not worried about that. Are you still a marijuana user? I do edibles probably once or twice a week when I'm having trouble sleeping, but I don't smoke. I don't really do. I'm taking down my drinking substantially, because I do realize a 51-year-old liver cannot process the way it did at 21.
Is the edible, when you take the edible, is it just to go to sleep? Are you having fun, watching TV, messing around? Or is it literally just, I'm going to take the edible, and then I'm going to go to bed at full sleep?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–33:37
2
How did single‑stock leveraged ETFs trigger a South Korean market crash?
33:37–36:42
3
Why did retail investors flock to 2x–5x leveraged chip ETFs in South Korea?
36:42–1:00:05
4
What human and social costs emerged after the COSPI rout and margin calls?
1:00:05–1:23:45
Speakers
4 identifiedMore from Prof G Markets
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