once obama won and it was all about irrational fear of obama who were supposedly born in kenya as a muslim and was a secret muslim taking over the united states and was going to introduce shariah law sort of crazy well now the left wing has gone the so-called left wing has done the same thing we've turned into the democrats have turned into another american huckster class so i'm going to read you this headline from the daily beast about. you know the resistance the hash tag the resistance and all of the groups that. you know the political action committees that have erupted around fighting donald trump and saving the republic from the new world order of donald trump cash for coalition against from going into consultants pockets instead as chump ran for president the group democratic coalition against raise money promising to stop him while dedicating more than ninety percent of its expenditures to paying its own members

to surround a guy on twitter called got to work and he's got a huge following now because he's leading the resistance along with louis' mansion air garland and all these crazy wacky conspiracy theories send us your five bucks right now and we'll fight trump on your behalf i'm convinced the connection with hate and hucksterism is one where the hucksters in this case are instilling hate hate the other side the two minutes of tape they're trying to get people to hate irrationally toward the republicans coming from the resistance side of the equation the they're not instilling hate the hate is already there and they're like you know they tickling that hate they themselves have no emotion they're just like looking for somebody to plunder to pick their pockets and send us five bucks a snake oil here will help you get rid of your shaky legs and it works every one hundred percent of the time here they're like just send us your five bucks and

we'll help defeat trump will help keep you from you know you know we'll we'll see we'll we'll we'll see vengeance for hillary it was her turn she should have had it sure isn't my guess is the right term for it i mean this is the basis of the american experience it's goes back to p.t. barnum it goes back to wild bill hickock it's part as it's thomas edison it's a lawn musk is the end of the day a bit of a lobster there's a spectrum. upon which hucksterism is a you know some of them actually don't get steve jobs these are for democracy they happen to be able to of sweet talk their way into australia raise a few billion dollars introduce technologies that became world beating but without that make it and fake it to make it mentality that is so american there would be no face that's what donald trump represents so these people don't understand what they're fighting they're fighting ben franklin they're fighting the constitution they're fighting the revolution of seven hundred seventy six they're fighting alex jones for gosh sakes and nobody beats alex jones he's got to me everyone's become

alex jones twenty years ago oust jones was the fringe guy in media now everet there's no more walter cronkite there's no more mainstream media anchorperson isn't even brian williams the last of the tribe was obliterated now you have rachel maddow everyone a mainstream media katie couric and whoever they're all trying to catch up out challenge alex jones is the gold standard in american news and the crazier the conspiracy theories from maddow becomes the more she sells now on alex jones of colonial silver and guardian and account sort of stuff but on her show it's just as wacky sort of opioids and by aggro and you know erectile dysfunction has been she's been shown that the goop which is the product of that shiksa. opposite of oh gosh i did not have sorry but she's got goop which is the same stuff in it that they sell over at info wars and erectile dysfunction gosh you know

if only they just were able to cure baldness like they were trying to do originally i mean then we would need a d. woodley because we're just too good looking i saw a horrible video of donald trump apparently is i completely bald and has these weird patches all over its head and they're going over does the greens at his golf courses did his hair do you know that brought in some kind of greenskeeper did come up with that hair do it i mean if you get lost in there are there three. it's a two stroke penalty but it makes no sense for the president to look like that as kind of an outsider to these two groups of hucksters victims of hucksters right wing left wing red team blue team you know democrat republican because we've lived outside the us for so long and then it's quite funny we were mocking the tea party and and that they were being plundered by all sorts of hucksters and now it's funny to watch the left wing the soca left wing the people who how at the sky and the people who are. having breakdowns over you know two hucksters running against each

other they were to various forms of hucksters versus clinton they're both have is one huckster perhaps he's a bigger huckster but nevertheless he still won the most votes or the most electoral college votes for sure hillary is not a huckster bill clinton is a huckster you know hillary is like leona helmsley she's a word that rhymes with rich i think that was her direct quote but that doesn't make her a huckster unfortunately oh sure one while she was riding on the coattails of the huckster and here again they talk about the democratic coalition scott tork and they paid more than half of the money it raised last year to its employees of their consulting firms according to the federal election commission records dorchen the bulldog finance group was the chief beneficiary john more than one hundred thousand dollars from the democratic coalition the breakdown of twenty sixteen when the democratic coalition declared his goal was who making sure that don't trump never became president was even starker that your dorchen and other staff members

received more than ninety percent of all the democratic coalition's expenditures either personally or through a consulting company according to f.e.c. records it's a common theme throughout u.s. literature poetry culture a yellow tabloid journalism through history ideas i think oil a little research on that actually came over with the chinese immigrants who were building the railway and they had actually chinese oils snake oil stud were good for art's right. is sore muscle pains of things like this and then the american huckster was able to adapt americanize it so that they just used opium alcohol and some other fancy ingredients cocaine in a bottle and sold out as a pain reliever and it's still going on today the biggest opiate crisis in american history is just a snake oil repack is from the days of the chinese immigrants selling snake oil on the plains across america so it's a member of ben without us it's never change we've never not had this plague of hucksterism and that's what america's all about don't trump is as american as the

flag and apple pie again here some more reason quotes from the daily beast article the apparent self dealing in large legal expenditures of the democratic coalition against trump has left some donors to the organization angry with what they see as a waste of money and energy it's also left democratic operatives worried that money is being sent to organizations that are engaged largely in self promotion at a time when resources are needed for midterm election contests and the state advocacy against trump hucksterism flourishes in the political arena when we are no longer really citizens where consumers we want to buy somebody who will do our work for us so do our advocacy get out there with our placards go out there and vote go out there and agitate and go out there and harass you know not harass but like you know be a citizen and call your congresspeople call your local officials call the party representatives and say do this or do that and said if we want to just like just like with charity which is also filled with hucksterism you send bob geldof ten

bucks or you know one of those sort of organizations headed by a celebrity front person you know you send them money and you think like now i feel better and i'm just going to go you know plunder resources around the world with a feeling a little bit better that my military plunders their resources but at least i gave twenty dollars to some charity that allegedly helped some people who are start you know the child laborers that diamond mines in somewhere in africa george washington . jumped out of cherry tree. it all depends on what your definition of it is is right bill clinton and they get away with it because america loves it america low's the and you know that's what got us to the moon i'm sure if we do not back up to the moon we'd find that all that equipment up there was made by somebody other than they said it was going to maybe they weren't drinking telling and it was just all of a way to get over on some date somewhere on planet earth it's all about get know is

hugh hefner ism written large or go to the moon to be you in i'm saying in shades of hucksterism everybody's a huckster in this sort of a condom e certainly in a consumer capital society and crony capitalist society you've got to be a c.e.o. he's got to be selling and you gotta sell somebody and then you have to flip your house to some chunk faster than they could understand that you have understand why people don't like trump i mean they like self hating americans like don't they realize that they that's who they are they think americans think of they are barack obama they think they're you know marvin gaye you know out there smooth as silk just smooth in it and man like yeah go daddy did he go get a yes man at least got it all would work on it and it's that's who we are we're american we're smooth you know but we're that's not us americans are crude ruthless huckster golf playing sharks that's who we are and those who don't trump is that's

why i don't like go barack obama that's what i learn trump so again most people do i don't like to look at themselves as victims especially when a huckster is doing you over a ponzi scheme operator defrauded you you don't nobody likes to admit that so you can look at the other side and you can see how they're. look at those tea party scam they've been scammed by all the hucksters so let's look at the other side because the democrats of course are pristine and smart in a way to a leading edge of. hated and ivory towers and eating but they mention here that we saw the rise of scam packs during the obama years were grifters would tap into anti obama sentiment to raise mostly small dollar donations from grassroots conservatism them pay themselves consulting fees rather than use the money to support candidates or causes brandon fisher the director of federal f.e.c. reform programs at the nonprofit campaign legal center said in an e-mail the democratic coalition seems to be using a similar playbook only here they are tapping into anti sentiment but i'm sure are

like you are so smart and you're on n.b.c. and m s n b c and you're way smarter than to be by these stars there is another word for the c n b c types and the rachel maddow m s n b c and that's communists. clearly they're a communist threat there's a communist infestation of this country a lot of back to the original want to another american huckster joe mccarthy and mccarthy that's right who's you know just watching some videos from paul robeson that guy was down i mean he set the stage for everything you know he he saket to whiting in a very elegant way with that voice crean yes everyone should watch paul robeson get an education hey we got to go to the second half stay right there and don't go away .

or similar for the. snowboarding for the. beautiful us good new bush talking to you but you know you don't close. i don't miss my feel to my gym i do yoga but in the all my mum the grounds of the study of the post the. system to me now will some day and some of the on the human spawn of the p.b.s. dog you will see as the newest little. book of susan you fell in with some of the most beautiful little shows in the whole bowls to the police and yes just be possible for the most of them so just to please

go well what you call a yeah you put me in step with your solution for the nation as we see with your thesis each of us knows tells me of some good that comes in the place all of the media is also multiple so. join me every thursday on the alex i'm unsure when i'll be speaking to a guest of the world of politics sports business i'm show business i'll see you then. hate everybody i'm stephen baldwin gosh in the past hollywood guy usual suspects every proud american first of all i'm just george bush and r.v. to suggest this is my buddy max famous financial guru and well just a little bit different i'm not a broom one good one i know no one knows up with all the drama happening in our country i'm shooting the road have some fun meet every day americans come home and

hopefully start to bridge the gap this is the great american people each. time. welcome back to the very part imax keyser time now to continue our conversation with mark hughes go he ron is morgan create capital all right here in north carolina it's like billion dollars and stuff welcome back marc thanks for having me first of all two quick points carry over from our last chat your guy is the bitcoin gold equivalency it's a very dashing tie and second of all you put out a four hundred thousand dollars price target for bitcoin because you believe it is gold two point zero if i'm not mistaken just to finish that point mark digital gold

and i think it's the preferred method for storing value for the millennial generation and if you ask anybody under the age of thirty three in gold they look at you like you have two heads if you ask me corner theory i'm oh my gosh of course so if you think about gold as a market it's an eight point four trillion dollar market there are twenty one million bitcoin now there aren't there eighteen or nineteen whatever the number is but eighty four a point forty five or twenty one is four hundred thousand that's over a decade not tomorrow and actually do you want to compound a greater return on that big number i need to do that yes it gets a good one but if you look i right i was going to buy your fund but now here that you and i mean to be we'll get to the warren buffett bet a second that we you know he berra said you could observe a lot just by watching if it was in the dow jones soar for the past year what have you observed i have observed that we are in the euphoria stage of a bubble that we are in the melt up phase of that euphoria stage which means we're

getting very close to the end and you can never predict the end date you know a great economist once said tell people when or what never together so i won't do that but i think that i have observed were highly valued in traditional stocks and bonds around the world and it's time to look at alternative assets and cryptocurrency is and those things are return of assets morgan creek are you. it to be fully invested or can you take a heavy cash position how do you play this is really important question we are not obligated in a sense that you know we do have flexibility to to go to cash i would say even amongst our clients who are very sophisticated in who are who are great many of them still feel a little weird when we say go to cash in one of my heroes the investment business seth klarman today is forty five percent cash just like it was in zero seven just like it was in two thousand and go back to two thousand they thought the guy had lost his touch he didn't know what he was doing was a value investor value was dead could raise any money over the next decade s. and p.

was negative one point nine percent he was up seventeen percent compounded i think we're close to another decade like that coming up talk about legends in the business bill miller yes one of the guys to beat that down for a long long time many years eleven twelve years and kiwi recently took a huge bitcoin position well he started small it became large when it went up a lot last year about ten fold j.p. morgan has come out and said finally that we actually kind of like bitcoin despite what our guide jamie diamond says it's a non correlated asset yes now why is that important market non correlate of assets reduce the risk in a portfolio one of the things about wealth right is all great wealth comes from concentration every great pool wealth came from somebody being concentrated business ownership stock position real estate position all great wealth is preserved through diversification you know this is how do you create a small fortune start with a large one and stay concentrated so what non correlates of ass it does is it lowers the risk and the market's won the nobel prize for this when you take bonds

and you add stocks risk goes down at hedge funds risk goes down adventure capital risk goes down at bitcoin risk goes down not up because it moves countercyclical that's a really good important point that actually adding this part folia reduces the risk because you're diversifying in a non correlated out. and this point will be written large amongst the many thousands of hedge funds out there they've got a huge buying power huge and they're going to be coming in here stumbling around on a market that doesn't have a lot of volume for those guys and they something's got to give and that something has to price right the price is got to go up the howlers are going to feel bad make it make it a so easy making this money go four hundred thousand dollars now i did the math quickly in my head wow are sitting here the compound rate of return we're talking about is one percent a day and like that number yeah you know what i'm actually i just made that up because it was going to run not that far today it's not that far off and here's the funny thing so on twitter i'm out actually on twitter too at mark use go and take

a lot of grief because people so how much you putting of your client money in this i say look we talk lance all along one percent in national crypto currency is another one to three percent in the picks and shovels you know the coin bases it cetera and well if you think it's going to go up so much why not more so well because there's still a non-zero risk i think is a very low but a non-zero risk that it could get displaced by a better technology i don't think that's going to happen i think the miracle of bitcoin was going from point six cents two hundred dollars the fact that that happened was the miracle one hundred thousand not a miracle thousand to ten thousand not a miracle ten thousand to one hundred thousand not a miracle so but it's still not zero that something could come in now open source makes that better the risk is lower because something great comes out we can take copy paste that new technology onto the big block chain so i do think that over time i'll get more confidence to have a bigger position but like anything in life you start small when things go your way

you double up and was one of the things that julian robertson one of my mentors great hedge fund manager was amazing at he said you never average down losers average losers you always double things go up tend to go up exactly go down tend to go down exactly now year you've got a billion or so under management sounds like a lot but actually in the grand scheme of things that's not a lot of another year. top dude over there is your whole i am i'm the father got you got maneuverability now so you can move around whereas a large pension funds the largest additions they have a board they have a committee bitcoin won't be on their radar for a year to three years i think it's a great great point and we're talking to a multi you know tens of billions of dollars pension funds i'm going to clients now who is going to going i'm going to guess in the guise of the guy going to go to what we would like to be is that in between that allows an institution to get access and we're talking this pension fund and they would love to get involved but they can't write smaller than one hundred million dollars check what's the chatter out there and in the pension fund business you know best kind of the mother load in

this industry and what's the chatter they know that they want uncorrelated assets you're talking about earlier that's one of the benefits as well j.p. morgan put up the bible of crypto currencies this morning because they want to base that as they want because that is no matter what jamie says the fact is that shareholders want profits of course jamie is just talking pension funds have a problem if you look at everybody's forecast of traditional assets over the next decade where the p. a q our research affiliates or g.m.o. even vanguard is telling us you're going to make low single digits you actually assumed rate of seven so you're going to get there so you've got to find these one core of the assets with the private investments to give you an illiquid the premium real estate venture capital center or something like crypto currencies big going to syria and center where you're going to get this lift from the network effect that's such an incredible pitch to say that interest rates have been artificially low for years an error is due to the bailouts that are ongoing for the banking sector and your pension rates are as we thought they'd be seven percent but they're actually

one percent and the save the day to save america it's going to be bitcoin i mean who would have thought that this was going to be the scenario analysis about the vix the vix is the volatility index and what happened with associated e.t.f. products recently regarding these products your thoughts look short selling. not that that. leverage not that bad leverage plus short selling can be bad and so what we had here was everybody and their sister started selling volatility because it was a one way bet in a q.e. world selling volatility seemed riskless last year the s. and p. had its highest sharp ratio in history but a lot of history more than one hundred ratio is the ratio of return to risk the standard deviation return of a bystander evasion minus the risk free rate the standing ovation last year was the lowest ever at three point eight percent the sharp ratio was four point five the

normal sharp ratio is zero point five so nine times less volatile so it was only a matter of time before volatility spiked and when volatility spikes and you're levered short you can lose everything which we saw in ecstasy reminds me of the make it puts that were being written in one thousand eighty seven yes some of us are old enough to remember writing stat more than half of hedge fund managers are less than five years in business well i think that so they don't remember eighty seven and they don't remember two thousand but if you think about portfolio insurance and what it did it was a pro cyclical strategy right it does more of what's working and what that insures is like passive index funds what does that in short means you have the maximum exposure to exactly the wrong thing when the turn happens and that's exactly happened fix time i want buffett or so and i totally accept a one million dollar bet with warren buffett you said has found a lot before in the s. and p. five hundred of the next ten years why do you think he'll win this time when others

have lost well look the last ten year bet that he made a ted sadie's was was a really interesting bet and for the first five and a half years buffett was behind it was only when q.e. started that the s. and p. had this low volatility melt and hedge funds underperformed sounds like a dog ate my homework you know it's what it is what it is is it. not buying it no i mean buffett is buffett and he knows that over a cycle like ten years time the fed is always going to come in and print money because their constituencies are the banks and they hate is inside the banks he was the chairman of solomon for years he liked bailed out goldman sachs his dad was a stockbroker he's an insider he's not going to make a trivial bet like this i completely agree with you so why you haven't is why i went buffett are you a glutton for punishment no because valuations are so extreme today that will win now the dent into the story is i did talk to him i did think he was going to take

the bet three days later he sent me a letter saying his age preclude him from taking the bedouin so my guess is he's never going to take a bet he can't win he chickened out war and you are a big fat. plucky to plucking my chicken my my pet chicken because talk about this i want us to status and so some of the bond market now we've been a bull market you know since i started on wall street back in the early eighty's bond markets have just gone up thirty five he says thirty five years and is it ever going to end in fact i was just listening on the ride over here to kill sokol off and if you ever talk to him but you should he's run some called thirteen d. research and he wrote a book in one thousand nine hundred two inflations ending are you ready to think about one thousand nine hundred two where inflation was thirteen percent nobody thought inflation was going to end he was buying equities not bonds and they should have just held him long bonds over the past thirty five years have crushed equity returns come power terms much i really just don't know how to be long bonds gratian

twenty. thirty year there yes on bob there speak the s. and p. over the it's i was correct it is correct and hoisington runs a phone in austin texas that has a track record to prove it now the key is from here what he was saying is that he believes we've seen the secular low now guys event hoisington would defer they think is not a twenty twenty one but we're get. close to that secular low in rates and at that point bear market is going to take over and it's not going to be pretty i don't know where we had a bond sell off you know vicious it's going to eclipse that it would be way worse if it occurs i argue that it can be tough to occur because just like japan we have a demographic problem every day in this country ten thousand people turn sixty five sixty five eighty five year old people turns out don't spend a lot you know buy a lot and they buy bonds so i think there's going to be more of a bid for bonds and people anticipate because of the graying and it goes back one or you know conversation fame's all right we got to go thanks we have the show now

thanks for having fun of course it's fun the best show ever thanks this is the show anyway we got to go thanks for being here and watching the kaiser a par with me max geyser and stacy her special guest was mark hughes go there it morgan creek capital they're fantastic exposure to because if you're that middle tier you know not the going to catch us on twitter it's kaiser report. telex. that just. the facts. sir i want to do it just show everybody is going to be very clear like. the way. management. on the on

they they when they up and they have male commenting. him you need to feel he's getting. something yeah i'm them what do you how much they have. one then the two of us come to mind if this was actually my helmet i mean that we could measure the constant negative. light from many clubs over the years so i know the game and so i got. the ball isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the shaper money kill the narrowness and spending to get to the twenty million one player. it's an experience like nothing

else not to because i want to share what i think what i know about the beautiful guy but great so will transfer. and thinks it's going to. lead. it's. legal problems go slow for you oh please at least in the city streets leach and you get these you seem a little only. going to be a cute little. guy.

how was. that the. syrian pro-government forces entered the kurdish held a region of our friends and to come under shell fire from the turkish army. blood samples of a russian olympic medalist in south korea have tested positive for a banned substance and this is now confirmed by a russian sports official. and people in japan break their silence on a mass forced sterilization program which went on for decades and at times my parents told me the time was operated on and now i cannot babies my father didn't agree to the information he was forced to sign documents by my teacher and while foreign forces.