between a thousand and six thousand dollars he got then and it's because of the price rises now makes up as a percentage of his fund it's fifty percent bill miller was beating the market for decades and then he had it down here for a couple down years he kind of retired and now he's reborn rising like a phoenix in the crypto space and as his performance numbers come in pentair a capital i think is the name of the group they reported twenty four thousand percent return on their crypto portfolio versus let's say quantum fund which is george soros and jim rogers they were considered to be one of the best minds in finance they generated something like a forty six hundred return percent return over the life of that fund approximately ten years they're considered geniuses here tara returned twenty four thousand percent in less than three years or maybe just for one year so this obviously is going to attract that multi-trillion dollar hedge fund market plus money managers

like bin miller plus sovereign wealth funds remember that some more trillions of dollars waiting to be invested in crypto plus the central banks so the amount of buying pressure ready to come into the space is in the multi hundred trillion people are piling in and now they're piling in against the likes of bill miller and all the early holders and the the people who have been around in the space who have survived and least five or six down markets of fifty sixty seventy up to ninety percent so people are piling in and i do notice something that's happening is that they're just looking at the price of whatever small whatever one of the thousand all coins are tokens is and they're thinking all of it will go as high as big corn and they missed the big queen ride so they're going to invest in anything that's under like one hundred dollars and hope it rises and there it has of course as they all pile in it's the are tiny markets. and the pile in and drive the price up so

there is a bit of a. speculative bubble going on there in terms of some of the coins well you know people compare let's say like coin charley at least going with silver and bitcoin being the gold of the space and then interesting comparison there because if you follow gold and silver you know that when gold moves so over will react more aggressively on a percentage basis and i think going forward anyone who's interested in this point is a core position and you nibble away at these other coins but you need to own as a core position because and then learn as much as you possibly can about bitcoin then you can learn about why these other coins are different than bitcoin but because it is the gateway into this whole universe and you must begin there well you as when you were a banker you saw that a lot of people would say oh warren buffett's shares in berkshire hathaway are way too expensive it's like three hundred thousand dollars that's too expensive to buy all the nineteen early one nine hundred eighty s.

they were at two thousand dollars and they were considered you know a lot of brokers i was working on wall street would say are you kidding it's too high you know now they're pushing you know three hundred thousand dollars prices really a meaningless metric in many ways. but that unit bias as some call it they soon though because of the multi tens of thousands and this one's an eight hundred therefore it's cheaper that's that's not correct there's no correlation between price and value and you say cheaper i like that and i want to say the correlation between price and value that will offset the bias towards lower prices our friend michelle locke over at miss talk dot com thinks that buying a coach can bag or something like that for sixty five dollars there was a famous bit where he's like look why are women spending twenty five thousand dollars on this jerk birkin handbag guess when you can get this one looks perfectly fine to me for sixty five dollars yes and you do talk about this in the second half but before we go. tell us what is that password stacy is my

goddess stacy is my goddess hyphen slash five seven four hyphen dot net stacy well stay tuned for the second half are going to be talking about and bags don't go away. hey everybody i'm stephen paul. collingwood guy you'll suspect every proud american first of all i'm just george bush in honor of the jews this is my buddy max famous financial guru just a little bit different. abraham lincoln the winner with no doubt with all the drama

happening in our country i'm shooting the brood have fun every day americans. start to bridge the gap this is the great american people. welcome back to the kaiser report imax guys are the day after christmas show with santa claus go to santa bring you one of these oh this looks nice let's learn more about it from jeff burke jeff welcome imax could be in new york current jeff burke will talk about handbags in the birkin bag what is the broken back phenomenon from

a business point in a fashion standpoint this this bag was conceived burma's for back because. this is sure is named after the famous celebrity actress jane birkin allegedly made by irma's on her behalf but what this bag has done it is rained world champion of luxury and sophistication to women around the world if you are a guy who deals in bags the types about high end bags if you've got i guess an instagram presence yes we do and a quarter you say you do fifty five million dollars in revenue since two thousand and one two thousand and twelve two thousand and twelve excuse me in bags yes and this bag would go for what in your market in our market place. if someone walked into erma's and bought that at the store which is otherwise impossible to do that's twelve thousand dollars beg the customers around the world that want us to get that on their behalf depending on how hot the color was that's

a hot color they're paying us between eighteen and twenty five thousand for a twelve thousand dollars and this is a limited edition obviously bag right that mean they know there's all broken bags they sure are these are variations on that theme that's right so and his own broken get a kickback on all those jane birkin jane burke jane burke and i. don't apologize she sold the rights to the company years ago really yeah ok and so this is the reason we're talking about this today is because. you know this goes back to one of our. mike said locke oh who we had on and he said he couldn't believe that women pay these prices and collectors pay prices for handbags. these extraordinary levels but why not i mean these are these are socially collectibles right yes and they're in high demand super high so why wouldn't people pay up for them i mean it's really as far as erm is concerned is not just a question of ability to pay it's how they select the customers that they give the opportunity to pay for the bag you no matter what your celebrity status is or

affluence you can just roll in urban and say hey i'm wealthy what i hear about this conveys i want to buy one today why not there's a very limited supply the one in your hand i'm going to have to guess takes between forty five to forty eight hours to make those handles literally takes six hours to make of rolling on a craftsman only so what that is a very limited supply and what her mrs has is an articulated system that they're saving that twelve thousand dollar bag for the v.i.p. customer this coming in to buy fifteen to twenty five thousand dollars of other stuff tabletop bedding apparel things like that oh right ok and what is the pay to pay to pay system the pay to pay system is something we've coined about what i just articulated to another example is this bag right here is what is called industry was an exotic being crocodile alligator ostrich it has a us retail of about sixty five thousand dollars and in order to be able to get the opportunity to buy something like this the customer is going to have to be spending

in the store sixty five to one hundred thousand dollars and other stuff in that calendar year in order to be offered the opportunity to buy one so now again no idea how this all works and this is another variation on it well look at tell us about this fabulous bag this this fabulous bag is actually a fabulous bag if you're a birkin geek it's a color called the goon and they only made it for a few years and they stopped i think in two thousand and nine and when i gave you that estimate before that someone pays us between eighteen and twenty five even though this is a used bag in our. which is an unused bag even though this is a used bag the color isn't super high demand because they simply don't make the color anymore and women are willing to pay it for used bag because there's no woman who got this crazy color who didn't use it so the opportunity to get something in the news condition is almost impossible is it is the market primarily women oh yeah and men buying on the back for their work for women ok and so if this is

a do people actually go around the street carrying a sixty five thousand dollars bag hopefully not in the rain. and this is alligator so it should do well as opposed. you know a lot of people talk about the birkin is an investment and i think i don't know if it's technically an investment but you do have to treat it well if you want to retain the stock. right and this is is there are like you know collectible cars or ferrari's and what not there are certain years that are better than others vintage years yeah there's not applied to this market i would say that the irma's birken customer is a parallel universe to the guys that you're talking about that they could sustain something how does a nine hundred sixty seven mustang still worth ninety thousand dollars guys who support the marketplace i would say there isn't so much of interest year for this stuff as much as there are vintage editions you know this for example to google and i told you about it was a very short run that this particular color was made so it's more the collection in the color than the year itself so how did you get into this i've been

a luxury in finance my whole life provided a.b.l. financing to some of the biggest retailers know she has companies in the world and we took a lot of merchandise in possession back reselling it and my wife started taking around on e bay and with watches and jewelry and we sold a couple of these for girlfriends or is it needed money at the time and she was just blown apart by the feedback and she took a quick analysis like who are all the second place people out here doing that they seem to be like women with a not so great website and maybe on e bay and that was likely to thirteen and she said you know no one's doing this on instagram yet i could figure out the hash tag of house tag berkin hash tag thirty five centimeter perkin on and so forth and she started buying and selling them and she had a theory on how to execute and that's where we've stayed ever since and is so similar to my situation your wife is the brains of the operation. absolutely. lets me stay up front while she's moving them back all right so how do people know

that you're going to deliver such an extravagant product you know what's the trust factor you have like a rating system or how do you how does that work you know that's an awesome question it was hard in the beginning because. we were always forty percent of our business is international thirty five percent it was just the middle east alone so yeah even today as big as we are and we have a superior reputation in this genre you know what makes a woman in buenos artists take that leap of faith to wire a seventy thousand dollars without using her credit card and it's every single woman it's a sophisticated customer generally they're a highly educated customer and they do their diligence and what we do is real and our service is exemplary do you buy bags that's our difference if i if i say so one of the things we're known about is our superior collection there's tons of people around the world who do what we do and a lot of them have friendly relationships with do you have a black mat so black yes we do a trade a back and forth but do you have the biggest market maker in the world in these

bags we by accident set up an international trading platform on our instagram account where buyers and traders could move products in and out it's amazing to me that you create such a big market on one style of bank i mean armies do they do other styles of bags or is this their signature back sure no there's a few other bags that we still still sell if people come out because for it's called the kelly and it constance and there's less down the food chain in those other. least expensive bags you can go by there was a dermis so there isn't the inaccessibility for this or the mystique that this bags are amazed i think the big bag in the big name in bags and for the forseeable future really they won't change the way that they're doing business they won't change this pay to pay system that they had because their wall street stock darling you must be aware of this i mean they've cast such a huge shadow over prada you know v m h and caring and it's a lot because of this mystique that they have this is a james product jane birkin the wife of sarah's games borke that jane birkin

the jane birkin the is that the right jane birkin actress musician cultural icon the english woman french she's right a french guy james burke and she's american she was right to the series games board i believe i don't know if we'll find out more details about this and do you have any personal favorites yourself do you follow this market or are you just basically . will you expand into anything else are you going to stay pretty much in this in this area would it be an expansion into something something else more and more a guy centric for example is clearly very female centric is there anything else that you would look at it's an awesome question it's a debate that we have almost every week you know what do we do now we have a community but by my metrics and i do a lot of research irma's is very cagey they don't give out production data they don't talk about what they do when they do how they do it but by my long research even though i'm proud of what we did i believe we have less than five percent of

the bags that are being bought and sold all over the world i think we have a lot to do by just getting off instagram but as a man i appreciate his commitment to quality i appreciate them as a company i've got enormous briefcase that i'll never sell. so there's a maybe if you start on the same cache you'd be surprised you know my wife put up my briefcase a couple times and we had some pretty aggressive people. asking for what what what is the future of this whole market do you see it is a totally reliant on the luxury goods market in other words if the luxury scene during twenty twenty two thousand recession for example how did that impact your business although you came in a little later than the genesis of this is two thousand and twelve i was up to my eyeballs in the luxury whose business in two thousand and eight i have a lot of comments around the ok dancer question about this point going forward i do .