. >> trevor: yes come on mike crypto, we are actually going to the moon!start saying, do we really need to go back to the moon? yes, we do! of course we do! buzz aldrin left his keys up there. dude has been locked out the house for 53 years. i was thinking, wouldn't it be funny if when we got up there, we found out that the original astronauts did a bunch of crazy shit that they didn't tell us about? an astronauts step out and there is a much of moon babies that look like neil armstrong. they are just like "daddy, you are finally back from your trip to get cigarettes!" wait, why are you still babies? now as much as i love space travel -- and i really do, my one issue with nasa is, why do they keep using greek names? this program is artemis, the old one was apollo. why doesn't nasa update things, you know? name rockets after today's mythical heroes. "everyone, we are sending artemis to the moon," boring. "everyone, we're sending john wick to the moon." hell yeah! shit is about to go down! now if we had more time, we could talk about whether humans should be

crypto did you buy? susan: again, i mentioned and only bet with money you can afford to lose and that's bitcoin, either and small portion of dogecoin. miked crypto and never plan to. stu: man, you're dull. three strikes and you're out. randy, who voted to keep randi wiengarten in power. i'm with you, mike. 100%. anybody else with me on this? lauren: i love teachers and respect them. unfortunately the unions need to reform themselves a bit here. stu: okay. you know -- i want to thank everybody for being on friday feedback today. i want to leave a little bit of time to talk about the world cup. lauren: oh, boy. susan: of course. stu: what do you mean oh boy? lauren: it all goes above my head. stu: it does not. starts on sunday and qatar has just banned alcohol. now, what's your real opinion on that, ash? ashley : i think it's ridiculous and another example of what a mistake fifa made. you asked the question of who got the kickbacks? probably everybody knowing fifa. i'm just very disappointed. having said that, i look forward to the games and just focus on the sport and i have two favorites: brazil and argentina. one of those two teams are

crypto investor and galaxy digital founder mike novogratz is going to talk to us about ftx and what itdustry and rob portman is going to join us to talk about the midterms and the state of the economy e e. ith we have the chair of ths.c.n e 8:00 hour. we're back after this. [announcer] marc benioff [announcer] and bret taylor! you excited to be here? this is going to be huge. [michael] i want my daughter to have a livable world. [marquita] i just try to keep a [marquita] growth mindset. and the sky's the limit. [manish] you are capable [manish] of anything. [manish] the only limitation is [manish] in your mind. ooh, i hope you all are getting this. >>> binance backing out of plans to buy ftx staying, quote, as a result of corporate due diligence as well as the latest news reports about m mishandling customers' funds, we will not pursue the acquisition of ftx it's become a drama in the crypto world beyond questions about how will it affect the larger markets joining us right now is galaxy digital ceo mike novogratz mike, it's great to have you on the broadcast. help us understand what y

mike. when following instability and crypto markets and the crypt currency exchange f t x is investigating unauthorized transactions. after analysts said, millions of dollars worth of asset assets have been moved from the platform staff f t x, which falls bankruptcy on friday and trying to keep hold of digital tokens. so they can be used to pay back creditors. the company found a some bank when fried down as ceo on friday. there's been speculation that he flown to south america, but he's told the reuters news agency that he's now back in the bahamas. you and climate hawks in egypt reaching the half way point is negotiators work to draw deals on a wide range of issues. the 2 week meeting and sharma shake started with strong appeals from wild leaders for greater effort to curb emissions and help poor nations cope with global warming. u. s. climate and voice john kerry says his country's ready to discuss moves to address loss and damage compensation. and that all nations have a responsibility to find solutions. i've said again and again that the climate crisis is not a bilateral issue. and no

all the license, washington, the mike and the crypto currency exchange f t. x is investigating unauthorized transactions after analysts that millions of dollars worth of assets has been moved from the platform staff f t x, which fall for bankruptcy on friday i try to keep hold of digital tokens so they can be used to pay back creditors. company found at some bank when fried down or a c e o on friday. it's been speculation that he'd flown to south america, but he's told the reuters news agency that he is now in the bahamas. it's denise our lie from on the most offspring on the program in troubled waters. we visit south korean port court, but she military drills and missile task. and i'm andrew simmons reporting for veronica in cyprus, a result city of london decades ago because of conflict. there are now contrivances over why it's being turned into a result again. on is 4 easy then women when a thrilling rugby while comp final against england and you will be here with that story and more ah hello. hi, fresh, it continues to dominate the weather across ships, a lot of try and settle weather a

else is, you know, a sociopath, and saying one thing and doing something else >> mike, isn't this an indictment of cryptoually creating a trust system >> yeah. >> you really didn't have to trust anybody. >> and that still is the goal. why did companies like mine get set up, right? we are a financial company to help bridge people into this new economy, right it accelerates the capital going in, it helps people understand it, so all of the investment capital that's moved into crypto or lots of have come from centralized companies. so centralized companies have played a role in the ecosystem, and just like a financial company, they're being transparent, doing things the right way, risk managing, listen, we had lehman brothers that was regulated blow up because they did stupid things this is not an indictment of crypto, it's an indictment of fds or other companies fraudulently run >> well, mike, we're waiting for an indictment, if you know what i mean that said, we saw cathy woods step in, she picked up grayscale trust. do you feel that investors will or are taking advantage of any crisis of confidence in th

mike santoli. we have to start on the crypto news, what it means and why it is spilling over into the broader market. >> it's not so much there's direct linkages, but the interday moves, when you're talking about a multibillion potential liquidity crunch that requires a backstop from a competitor in a market where there are a lot of investors not just in bitcoin and other coins, but in ftx itself that own a lot of other things, venture money, private equity and hedge fund managers to me it's not about we know what the implications are, it's the fact that you don't know what the implications are. you see a loss and a breakdown in the bitcoin price below a support level. the connection with the way the nasdaq has traded was pretty tight. the high for the day around 1:00 p.m., and then we see this bounce around 2:30 that's when the equity markets did bounce in the absence of other news i think it's a stress point people are monitoring probably not going to be the lasting driver of what stocks are going to be up to. but it's obvious today when you're talking about any kind of capital market pressures co

the nft world is through what he has shown me, the incredible things that he and mike are doing as it relates to crypto >> former ceo of ftx, sam bank man, was the second largest donor to democrats this cycle so hunter, i was wondering if you know, you had any insights to what was going on there? >> they just jumped off now. that gives you an idea how behind the scenes that was tough. so seems there is lot of requirements we had to meet. [bleep]. that was so stressful, chet. that was so [bleep] stressful. elizabeth: from one of crypto stores, congressman. hunter biden, they got off the interview, right? so now he is talking about nfts and crypto. so the think is, we need to ask you this, when it comes to the hunter biden story and the biden family selling access, doing deals in rush that, in china, in ukraine, and kazahkstan, was there any vetting of the companies and the people they were doing business with? because we're finding these companies quickly collapsed after the deals fell apart? >> exactly right. every company has collapsed. even the chinese energy company is now referred to as china's ver

crypto story. we are looking at bitcoin down about 2/10 of 1%. currently the concern is around contagion. mikehs side, i don't think we have seen the worst of the crypto crisis speaking there this morning. the current fears of contagion, we also have sam bankman-fried, the u.s. and the bahamas are talking about bringing him to america for questioning. according to people familiar with the matter. he also said on twitter, there was just too much leverage, more than i had realized. that contagion threat, it is still alive. we are looking at bitcoin currently, trading just under $17,000. markets coverage continues in the next hour. this is bloomberg. ♪ ♪

mike alfred, eaglebrook founding member. a man who is deeply working within the world of crypto and also happens to be a value investor.us takes as to whether you should be into certain cryptocurrencies. were you concerned about the closeness of alameda and what was happening at ftx? >> i was concerned about a lot of things. there's a couple of big fundamental issues here. one is a lack of corporate governance. ftx basically had no outside investors. many other companies had similar setups where because they had so much leverage raising money, nobody could tell them what to do. you do not see blowups like this without tremendous leverage. that will typically be in every situation. the last piece is an overreach for yield. all of these firms are doing these poorly structured arbitrage trades. you look at the spring of 2021, who was in that? celsius. flock five. tara luna was also an arbitrage chain. borrow money to get 20% an anchor. who was in that trade? celsius. ftx blows up and indirectly it is because of the relationship with alameda. alameda lost so much money in that trade, they need to paper over it. that is whe

mike pence. that's at 9:00 p.m. eastern. >>> coming up, crypto collapse.wnfall of the ftx exchange. and if this is another lehman moment. what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. think about the best night's sleep you've ever had. at tempur-pedic, we're dedicated to helping you sleep like that. with solutions that help relieve pressure, aches and pains, keep you cool, even automatically respond to snoring. for deep, undisturbed rest. >>> let's get you to maricopa county, to a press conference with election officials. that started just moments ago. >> -- we get a chance to see every

mike? i got a bike. ♪ only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ collapse of the cryptor reminder one constant in any business cycle is financial success, self-delusion and ultimate collapse. your cheat free money comes to an end in higher inflation and interest rates, what might risks looking in the financial system? another credit crisis x was should be done to avoid commodity? austan goolsbee, it's the ftx a signal of broader problems in the financial markets. >> happy thanksgiving, what financial crisis lurks behind door number two? i basically think if we have a recession caused by fed raising interest rates faster than the economy can handle. the first thing is, most problems will be working, you know where it will be, concentrated in interest rate sensitive areas like housing, manufacturing, business investment and categories and normally characterize a business cycle. if there's one area that might not get enough attention people should look at, the u.s. is raising rates faster, not just an in many decades but faster than anybody else in the world, driving up the

elements, regulators, gary gensler on "squawk" talking about companies in the crypto space having a shorter runway, shorter leash. and mikerying to define the underlying use cases of the technology i think he said ftx is no more crypto than webvan was as he called t he said it's a body blow for crypto. >> yeah. that very well may be the case i know there are many evangelists for crypto overall and the importance it's going to have, use of digital currencies, but just to remind people, this was one of the most important trading platforms. kiddingly or not, m mr. bankman-fried was referred to as the jpmorgan of crypto, in part, because he came to the aid of so many other platforms that found themselves in dire need of capital as they, too, perhaps didn't properly estimate margin of their customers, the ability of people to pull money very quickly. carl, you do find yourself in that similar place with ftx, which, again, fair to say, was somewhat unexpected by many who looked at him as solid let's just leave it at that. again, to be nice, i'm told people who live with him in his community down there at the albany club in baha

mike thanks. >>> now to the crypto and what's been happening there amid the meltdown at ftx., the latest overnight, the bank had agreed to bail out earlier this year saying it was shocked by the ftx news and found out about it on twitter like the rest of us, pausing withdrawals and not able to operate its business as usual. reminder a handful of these crypto firms that the ceo of ftx agreed to buy. some of those deals hadn't officially closed, lot of these startups are at risk here. on the hunt for his own bailout, we saw what was happening earlier this year the crypto company has been gaining international withdrawals and transferring some of those to a sister firm. ftx saying in a tweet it had to allow some of those redemptions to comply with bahamian law. those i'm talking to allowing withdrawals in certain jurisdictions is going to make this pretty murky. i'm told right now is a likely outcome, has at least $8 billion hole, the ftx fallout has really rattled investors. you saw what happened with bitcoin. back to you guys >> okay, thanks. obviously watching to see what hap

>>> still ahead we're following the latest developments in the crypto and ftx fallout we'll have the headlines next. plus do not miss mike santoli's midday word. highlight one big stock winner today that josh brown owns we still have to get to his sell we have a lot ahead. we'll be right back. >>> u.s. venture capital deal value for female founders hit $32 billion in the first three quarters of the year, according to pitch book. female investors account for just 16% of vc decision makers in the u.s just 47% have a majority that's your esg fast fact of the day. ith complicated situations that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every s

crypto space. one option making a huge bet, heavily lever to bitcoin m mike khouw joins us. >> stocks moved 10% higher, lower by the end of the week and next week's options that were busiest. it was the weekly 260 calls that expire a week from tomorrow that saw the most activity. buyers were paying a little over 11 bucks a contract to buy those betting that microtragedy will rally at least 7.5% by the end of next week. >> all right, thank you, michael. for more "options action" tune in to the full show tomorrow at 5:30 >>> green apple, red apple, a not so sweet move for the stock. he'll explain that next. >>> and do not miss generation gamble where we take an in-depth look into the world of online betting and gaming that is tonight 7:00 p.m. eastern time right here on cnbc. "fast money" is back right after this good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i

i forgot the crypto crash, sam bankman-fried. mike, it's great to see you.or bill cassidy joins us on inflation and what a divided congress could mean for spending in washington and what do we do about inflation really we'll speak with the sec's former enforcement chief on what's next for ftx and its founder sam bankman-fried. stay tuned, you're watching "squawk box" on cnbc actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i

mike pompeo. "the faulkner focus" top of the hour. >> bill: thank you, harris. the historic collapse of a crypto shedding light on its founder's ties to the democratic party. he funneled millions to liberals and the far left. >> ftx spent 10 million to put joe biden in the white house in 2020. the guy running ftx, second biggest democrat donor in the mid-terms after soros, of course, spent $40 million to get democrats elected. wonder why someone like john fetterman was able to raise as much as four times as much cash as oz? well, you can thank sam bankman fried who ran the crypto scheme out of a penthouse in the bahamas. ftx was cracking into customer's accounts and using their funds for other stuff. when customers wanted to withdraw their money a lot of it was gone. crypto fraudster's brother has a job in congress. he works on the financial services committee and he works for a democrat. so the guy in charge of oversight is staffed by family members of mini madoff. whatever happened to the $32 billion anyway? >> kelly o'grady picks up the story live from l.a. >> good morning. the ftx fallout ma

crypto. bonded by engineering excellence. palantir. data driven enterprise accecelerator. over the past two o years, jersy mike'sas s been a hue success. their efforts helped provide more than 75 million meals, when people needed it most. but there is still work to be . when thank you, claire.ost. this year, we'like to invite you back to jersey mike's for anothespecial weekend. come in this saturday and sunday, where 20% of a sales will be donated to feeding america, helping families in need. together, we always make a difference. moderate to severe eczema still disrupts my skin. despite treatment it disrupts my skin with itch. it disrupts my skin with rash. but now, i can disrupt eczema with rinvoq. rinvoq is not a steroid, topical, or injection. it's one pill, once a day, that's effective without topical steroids. many taking rinvoq saw clear or almost-clear skin while some saw up to 100% clear skin. plus, they felt fast itch relief some as early as 2 days. that's rinvoq relief. rinvoq can lower your ability to fight infections, including tb. serious infections and blood clots, some fatal, cancers including ly

mike khouw, thanks. >>> after the break, the latest on the ftx collapse. the implications it has for the entire crypto we come right back i'm on a mission to talk to people about getting screened for colon cancer, and hear their reasons why. i screen for my son. i'm his biggest fan. if you're 45 or older at average risk, you have screening options, like cologuard. cologuard is noninvasive and finds 92% of colon cancers. it's not for those at high risk. false positive and negative results may occur. ask your provider if cologuard is right for you. everyone has a reason to screen for colon cancer. if you're 45 or older, get started at missiontoscreen.com xfinity rewards is a program whose sole purpose is to say get started at "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks, your rewar

mike santoli talked about, coming back to the same aplays to these etfs and stocks. >> and the arc insew investigation fund, thank you. kristina partsinevelos >> thank you. >>> crypto is rallying today new clarity, the division saying that trading may by halted in a few days, advising clients to close do you the positions they want to close. we heard from voices of frustration. >> it's unbelievably frustrating that we have a situation that looks like theranos. i kept asking myself, where is he getting all these money >> ultimately we're moving from the entrepreneurial stage, where this was a wild west offshore, where anything goes, to an institutional digital asset stage, where the big players like bank of america and phi dealt, blackrock, goldman sachs, and jpmorgans will enter this space, and we're all going to grow up and the world will benefit from that. >> just a few minutes ago we heard from coinbase's ceo brian armstrong. >> dodds this as a possibility of being salvaged? >> from where i'm sitting, it seems unlikely i don't think why investors would put money in, given the allegations, so it's surprising they're still pursuing that line, but without being ins

crypto space. much smaller and not the potential for the systemic risk to the regular banking system. it doesn't feel great here >> mike for more options action, tune into the full show, not this friday but the following friday, 5:30 p.m. eastern time. coming up, shares of carvana, the latest headlines that sent the stock to under 7 bucks a share during the day it was over 300 bucks a year ago. stick around, much more fast in two. you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. (woman 1) i just switched to verizon business unlimited. it's just right for my little business. learn your way. not theirs. td ameritrade. unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most r

mike we -- my key question is, have you watched it yet? ed: i have not, but it is on the list. that does it for this edition of "bloomberg technology.": tuesday, how vcs are recalculating cryptoe: check out our podcast because we are everywhere you want to be socially. go to apple, spotify, i hard. for now, from new york, san francisco. the brave new world of a new tech show. this is bloomberg. ♪

when you lose crypto, you cannot call anybody to say, send the money back. >> reporter: mike novogratz> this is a tale as old as time to some degree. some charismatic guy with bermuda shorts and floppy hair charmed the best investors in the world. >> reporter: unbelievable. well, ftx's u.s. subsidiary says that withdrawals are not impacted but given the nature of this story you could imagine that anyone with money on the exchange wants it back now. now this morning, ftx has just filed for chapter 11 bankruptcy, the ceo said he's stepping down meantime anyone with a stake in this company, gisele, tom brady, they stand to have their millions or even billions of dollars wiped out. >> rebecca, the big question, was this a mistake by the founder or a crime? >> well, that's question that the regulators will have to answer here. when you look back there are now deleted tweets by that founder sbf about what was going on and when it happened. the key question, how much did they know and when did they know it? >> okay, rebecca jarvis, thanks very much. >> thank you, rebecca. >>> coming up on "gm

mike nova grad. one year is going and we've seen a mass declined so i don't know how you get to $500,000. beyond him, even the people who believe in block train and believe in cryptohn wu. he was saying that 80% of the companies in the space could be wiped out. even if you were to believed in crypto, there are still clearly a lot of contagion to work through in the near term tied to ftx and genesis as there is uncertainty and what becomes of the players left in the space and do you need tokens? a lot of companies are moving more into blockchain but a lot of those associated blockchain's do have tokens so what is the utility of the tokens is now in question. guy: i was listening earlier and there was a point about the grownups in the room. as the ecosystem in crypto collapses,. wall street is stepping in. is the grown-ups entering the room and they say there's something here and we got to clear it up and it could be fixable? ethink abou the names involved? >> it occurred to me many of these names are crisis euro names to clean up the mess you saw in a financial crisis. even if it's not a lehman brothers, you are seeing a lot of folks in a new generation trying to c

mike was there, a lot of people who have been around this conference. scaramucci, we were chatting outside and he has a tough battle on his hands to get his equity back. the crypto cowboys as bill winters calls them, not me, bill winters, nouriel roubini went after the crypto crowd last night on twitter. it was fairly visceral. a to this gathering, it is about reading the tea leaves of u.s.-china relations. perhaps a man who is a better encapsulate, it is kevin rudd. >> on the critical flashpoint question of taiwan, my end analysis is that neither side now once a war over taiwan. the reason for that is not because of a lack of nationalism. the reason is because both sides are concerned they might lose. militarily. manus: if your optionality is to lose, you don't want to be on that trade. i caught up with a advisor at the policy institute, deborah made a point that as far as china and xi signing on to the memorandum at the g20, if they hadn't had signed the memorandum against that war that would have been much more substantial. the other thing i just finished off with your dani, we have four talking about the contribution to rebuild ukraine, a $25 billion fund ma

mike bailey, thank you very much he with appreciate your time today. >> thank you >> thank you all right. coming up, rypto's crisis of confidence the ceo of the crypto payment firm strike here to discuss the ftx fallout and what comes next as more firms pause their withdrawals. plus advanced auto parts on pace for its worst day since 2017 the ceo is here to discuss the company's disappointing quarter. downbeat guidance and how it's managing rising costs. when somebody comes out on a day like this, i give them props tom greco will be here of advance auto parts as we head to a break let's look at shares of restaurant brands highest level since september 2021 the company tapping former domino's ceo patrick doyle as executive chairman we'll be right back. which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. [holiday music] ♪ for people who love their vehicles, there is only one name on their holiday list... weathertech... laser measured floorliners that fit perfectly in the front and rear... seat protector to guard against spills and messes... cargoliner, bumpstep, and no drill mudflaps to protect the exterior...

issue and crypto going down again you're starting to see a decoupling a little bit in some of the stocks that have most closelycrypto, l nvidia so keep an eye on that, as well. >> all right, miken a bit that's mike santoli. stay with us we have trades on some of the day's biggest stock calls. day's biggest stock calls. we'll do that, next. partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. >>> all right. let's hit our calls of the day intel today, double downgraded to underweight at jpmorgan the price target to 32 from 64 jenny, you own it. now, after their most recent earnings report, i think it's fair to say that you felt pretty vindicated that maybe this was the beginning of

mike, we will see you in just a little bit how much -- we were talking about crypto all morning how much and potentially into the future? >> there's no doubt yesterday and overnight it was a big influence. the stock market topped as crypto made another down leg i don't necessarily see it as somewhere that there's a specific reason why you would need to be selling stocks or feeling like the market was vulnerable because crypto had this air pocket under it a lot of people who own crypto own stocks venture capital, private equity backers in ftx they're sitting on a dead weight loss it's one of the holes that's been gouged out of the capital markets. it's significant a sentiment. it's also we don't know what this is about and the opaque nature of crypto and who's exposed as opposed to there being some fundamental driver. >> there it is, michael santoli. we're family we can do that thanks >> no problem. >>> get back to the mid-term election control of congress up in the air. nbc has not made a call on control of the house or senate democrats picked up a senate seat in pennsylvania other key r

mike santoli looking at a year ago data. >> how far we've come in a year. november 19th was nasdaq overall peak ten days after crypto was also when the fed said no more dovish stance, we're going hawkish next year. so, peak-to-trough, nasdaq has gone down 37%. valuation has been relatively significant, although pretty controlled as well the nasdaq 100 went from 30 times earnings forward to about 20 right now still at a premium to the overall market there has been a lot of differentiation going on within this market. in fact, i go back to 2000 it was a more extreme version of what we've seen because the boom was much higher and then the bust was much more severe in the first year after the nasdaq peaked in 2000 it went down 60% after the 60% drop it was trading over 50 times earnings we never got to that point but it was interesting that nontech worked pretty well after the nasdaq peaked. small cap outperformed for years. i remember in the mid-2000s, value managers never saw it tech because it tanked. there could be more to go in terms of overall earnings. i think the crypto element is fascinating. everyone has gone