Loading...
Loading...

Support for the show comes from VCX, the public ticker for private tech.
The US stock market started history's greatest wave of wealth creation.
From factory workers in Detroit to farmers in Omaha,
anyone could own a piece of the great American companies.
But today, our most innovative companies are saying private longer,
which means every day Americans are missing out until now.
Introducing VCX, a public ticker for private tech.
Visit GetVCX.com for more info.
That's GetVCX.com.
Carefully consider the investment materials before investing,
including objectives, risk, charges, and expenses.
This, another information can be found in the funds perspective at GetVCX.com.
This is a paid sponsorship.
Support for the show comes from public.com.
You've got your core holdings, some high conviction picks,
maybe even a few strategic options at play.
So why not switch the investment platform built for those who take it seriously?
Go to public.com slash ProVG and earn an uncapped 1% bonus
when you transfer your portfolio.
That's public.com slash ProVG.
Pay for by public investing.
All investing involves the risk of loss,
including loss of principal broker services for US listed registered securities,
options and bonds in a self-directed account are offered by public investing
ink, member Finra, and SIPC.
Complete disclosures available at public.com slash disclosures.
Once upon a mundane morning,
Barb's day got busy without warning.
A realtor in need of an open house sign,
no 50 of them, and designed before nine.
My bad hurts.
Any mighty tools to help with this pipe?
Aha!
Barb made her move, chupin' Killa, and got in the groove.
Well, creating canvas sheets,
create 50 signs fit for suburban streets.
Done in a quick, all complete, sweet!
Now, imagine what your dreams can become.
When you put imagination to work at kamba.com.
Today's number, 19 billion.
That's how many dollars it will cost to renovate New York's new JFK airport.
That makes it one of the most expensive US reconstruction projects since Kylie Jenner.
Welcome to Profty Markets.
I'm Ed Elson.
It is March 25th.
Let's check in on yesterday's market vitals.
The S&P and the Dow declined marginally
as investors looked for clarity on negotiations with Iran.
Meanwhile, the Trump administration deployed more troops to the Middle East
and oil resumed its climb.
And finally, the Nasdaq dropped as software stocks took yet another dive
more on that later.
Okay, what else is happening?
The Strait of Hormuz, which carries a fifth of global energy exports,
has now been effectively closed for 25 days.
And the ripple effects are being felt across the globe.
Third-lyzer prices are up 25%.
Since the war began, gas is up 30%.
Diesel is up 40%.
Meanwhile, shipping disruptions are raising global freight costs
and extending delivery times.
War risk insurance premiums for vessels have increased by about 50%.
And oil tanker shipping costs have exploded by as much as 200%.
So here to break down what all of this means for global supply chains,
we're joined by Ryan Peterson, CEO of Flexport,
one of the world's leading freight and logistics platforms.
Ryan, I always love having you on whenever something is happening
with supply chains because you're one of the few people
who is actually in this business
and you're seeing what is happening on the ground.
I have been reading about what is happening to prices, specifically diesel prices.
I've been seeing what's happening to diesel prices and fuel.
And I've been seeing that this is just exploding prices for all forms of freight,
basically anything that ships anything.
I would just be interested to hear what you're seeing on the ground right now.
Yeah, great. Thanks for having me on.
Especially we're seeing an air freight market,
which obviously is a very jet fuel driven,
but also the Middle Eastern air carriers,
I think Emirates and Qatar and Etihad.
And I guess Saudi, which is the Saudi one,
they represent 18% of all air cargo capacity in the world.
Emirates is the one's biggest airline I think
and Dubai's the biggest air cargo airport in the world.
So it's just a huge end.
There's basically been taking off line.
They started to eat their way back up.
I didn't see the latest today,
but they were trying to bring flights back
and then new attacks at the airport.
They've more or less ramped that way, way down.
So especially Asia to Europe,
the air cargo prices are double.
In fact, we have Flexport have built this service to ship going from Asia to Europe.
We ship in cargo across the Pacific Ocean, bringing it to LAX,
and then flying it to Europe from Los Angeles,
which is not suboptimal to say the least,
but same people moneyed it by doing that way and getting it there.
The alternative, actually the biggest impact on ocean freight
is the Persian Gulf is not that big of a deal
from a container shipping standpoint.
The bigger story obviously by far is oil.
You mentioned fertilizer or some of these other downstream
kind of things that come off of the petroleum products.
But the bigger story from container shipping is the Red Sea,
which we have not been using container ships
have effectively not been going through the Red Sea
since December of 2023,
with the Houthi attacks, these terrorist attacks in the Red Sea.
And in February, the carriers,
three of them had just started to return service via the Suez Canal,
and they immediately pulled out for too much.
It was too risky.
So that actually the big impact here is it was about to get a lot better.
Like supply chains were about to sort of normalize,
and now we've gone back to going around the tip of Africa.
So that's going to add, right now it's increased the price of ocean
rate about 50%.
And that's a much longer transit time going around.
So we've got oil prices going up,
which means that it's more expensive to fuel all of these vessels
and all of these aircraft carriers, basically,
anything that carries anything.
We've got the fact that it's almost impossible
for any of these ships to go through the straight-off
almost, and now you're also pointing out
that we've got these issues at the Red Sea.
So multiple different issues here.
How difficult is it right now to be in the supply chain business
compared to other times in history?
I think, for example, maybe COVID as an example
where it was obviously like a real supply chain problem.
Like how bad is it out there?
I think it obviously depends very much on what you're trying to do.
Like if you're trying to ship to the Middle East as a disaster,
I mean, you can't get into the Persian Gulf.
There's no container ships going through.
Like I think oil and gas,
I think we're seeing about three ships
went out yesterday.
Normally it's over 100.
So it's a huge reduction in that supply chain.
If you're on a global basis,
like the ocean freight story here
is a pretty small scale.
If COVID was at eight out of 10
and the Red Sea disruption has been like a six out of 10,
this container shipping story of the straight-off
or Moose is only like a three.
It's because, yes,
and I'm not saying it's only a three for the global economy,
I just mean four container shipping specifically.
For the global economy,
this is probably the worst thing in our lifetime
if they can't get a result soon.
Because how energy is upstream of everything
and more importantly food,
the fertilizer production coming out of that region
and it's planting season.
So it's a very bad timing
for the world's agricultural supply chains.
But the Persian Gulf from a container shipping standpoint
is a cul-de-sac.
You don't need to go in there
unless you're delivering to there.
Yep.
And there's only the stat that we're looking at
is 0.6% of the world's containerships
are currently stuck inside the straight.
So it's not a,
it's kind of a round doing error.
It's not a big deal for container shipping.
Now, fuel prices have gone up 87%
for ocean bunker fuel,
the fuel that powers the ship.
So that's,
you know, there's definitely,
it's an energy story is what I would say
rather than a container shipping story.
Ultimately, that energy story is going to affect
people like you, right?
I mean, if it's more expensive to get the fuel,
to put the fuel in the ship,
or to put the fuel in the aircraft to go somewhere,
is that not also an issue on your end
or is it less of an issue?
Yeah, it is.
As I said, the prices have gone up about 50%.
And the United Airlines CEO said earlier this week
or end of last week,
he said that this is their model was,
they're modeling this,
the jet fuel price increases
is going to cost them $11 billion.
Wow.
And he said that in their best year ever at United,
they made $5 billion in profit.
Wow.
Which tells you they're going to,
the model basically says they have to increase
plane ticket prices by 30%
to just to pay the fuel.
So just to give you a sense of like how this is upstream
of everything else.
And that's really everything.
I mean, we don't think about it,
but plastic is all made from petroleum products,
like huge percent pharmaceuticals
and health care cosmetics, consumer goods, paint.
It's in everything.
And the US will be okay relative to other markets
because we're self-sufficient energy and fuel.
You're going to see a lot of markets,
a lot of countries where it's not about prices.
It's like actual shortages.
Like you can't get stuff like any price.
And yeah, of course the price will go parabolic
at that point.
But that's the real danger
that I think the economy is facing right now.
And hopefully, we'll be taking for granted
that supply chains and modern civilization actually,
just like it's all built on a foundation
of kind of peaceful coexistence here
that if you upset that apple card,
it can get really bad.
Yeah, give us a sense of how this could trickle down
to the consumer because it seems like
all that we're really seeing right now,
if you're paying for gas at the pump,
you're immediately feeling this right now,
you're immediately seeing how this is impacting your life.
But I think the thing that is probably less understood
is how the disruptions in the supply chain
could also affect your life in some way.
It could translate to the price increases in,
I don't know what.
So penance a picture of how this could translate for consumers.
The one that we nearly avoided is on the West Coast.
So California shut down all
of our most of its refineries in an effort to go green.
But of course, we still consume a lot of oil
in California, a lot of oil-based petroleum gasoline,
and whatever.
And so we've been importing refined oil,
refined petroleum from Korea and other Asian markets
because we shut down the refineries in California.
Well, those markets are now out of crude to process
because they're getting their crude from the Middle East.
And so the president had to last week suspend
a temporary provision but waived the Jones Act.
And the Jones Act is what prevents the reason
that they have to get refined petroleum from Asia
is because under the Jones Act, which is a hundred-year-old law,
if you want to move oil by ship from Texas to California,
it has to be under US-made tanker with a US crew.
American citizens as the crew and those don't exist.
So it's not possible for American that we don't have it.
California is not connected to the Texas energy market.
And they actually did it not to save California
but to save Alaska because Anchorage is the world's,
I said Dubai is the biggest cargo airport.
Dubai, Anchorage is right up there.
It's a massively important air cargo market
because you can't fly a 747 loaded with cargo.
Can't make it from Asia to the United States without refueling.
They all stop in Anchorage to refuel.
And so Anchorage is, and they were about to not have any jet fuel
if they hadn't waived the Jones Act.
So there's these things that are,
you know, we just kind of take from granted.
Yeah, of course you can get jet fuel at the airport
but it's very interconnected now.
And actually, I should have looked this up before I came on.
I don't know how long they actually can suspend the Jones Act
for but it's not permanent.
It's an act of Congress.
The president has some emergency powers
but it's not a permanent waiver of that.
So let's see how that plays out.
When I think about the global supply chain at this point,
it feels like we've had these immense shocks.
I mean, first it was COVID
and suddenly everyone realized, okay, supply chain's matter.
And that's when you became, honestly,
you really burst into the scene in that moment
because everyone was like, oh my gosh,
we need to understand this stuff.
Then we see obviously what's happened in the Middle East
and how that's disrupted the Red Sea.
As you mentioned, something that's less talked about.
Also tariffs and what that has done to the supply chain.
And now here we are again with this war in Iran.
I guess my question to you,
do you think that this is a temporary shock
that we will kind of move through
over the maybe short to medium term
or have supply chains just structurally become more difficult?
Is this kind of issue something that's here to stay?
That's the right question.
I think there's a, let's hope that it's temporary.
You got to plan as if it's not though.
And we really take this for granted.
I mean, it didn't used to be like this.
It used to be worse.
Before World War II,
if you wanted to do trade anywhere,
you sort of countries just traded with their own colonies.
And like you most remember like,
before during the British Empire and prior,
in centuries prior, like if you wanted to do trade,
you put a bunch of cannons on your merchant,
you sailed around the world ready to blast anybody.
And it was like way worse.
And we got to the world order that we have today
after World War II with the US Navy,
basically providing protection and freedom of navigation
and saying, hey, no, you can say anyone can sail anywhere.
US Navy will protect the sea lanes
and you could open up trade.
And so that's why this is such a fundamental challenge.
The Red Sea first and now the Persian Gulf,
because it's a challenge to that global order.
It's like, is the US Navy capable of opening
the straight-of-formers?
And we've already seen,
they're not capable of opening the Red Sea.
They tried, they could carry your task force
and the small group of rebels and Yemen prevailed
and have continued to made it
so that the contingent ships have to go around.
So it's a massive question for globalization,
the way that our economies are structured,
our companies are all built around these globalized supply chains.
And I think people need to start thinking about plan B
of more regional supply chains that are not as exposed.
Countries need to think hard about who their strategic partners are.
More countries are going to arm up
and create, you know, have to invest in their own navies.
Probably see this from Japan.
Starting to see a lot of European companies start to,
European countries, I should say,
start to build up military force for the first time,
say maybe we can't count on just America, to defend us.
And there's a lot of bad guys in the world
and you can't just sit around and expect
that everything's going to be fine.
It's a really interesting point.
I guess I'm wondering as the CEO of one of the biggest companies
that works exactly in this space,
what does that mean for you?
Like how do you change your strategy in a world
where you can't take globalization
and free and unfettered trade for granted?
And you do have to start thinking about geopolitics,
about violence, about war.
I mean, if we're talking about cannons on ships
and you're saying that Europe needs to think about that again
for the first time since before the war,
before the World War I or World War II,
like what does that mean for you?
Yeah.
You know, and actually going through the Red Sea,
like the one ocean carrier that was providing service
last couple of years was CMA
because the French Navy was providing escorts
to the French container shipping line.
So you're starting to see a little bit of that.
Yes, of course it's not good.
Like we want to live in a world of open free trade.
Like our mission is to make global trade easy
for everybody.
So these things make it harder.
We've found, and you want to be in a growing market.
Like every entrepreneur wants to be in a growing market.
We like to say, you know, we like to think like,
I'll say our market is so big, it is.
It's vast.
And so flexible can be successful
even if the market shrinks.
But we've already learned like,
man, it's way better if your market's growing
and you don't have to fight.
It hasn't had to be such a knife fight
for every incremental customer.
So yeah, it's bad for business.
We have found ways to stand out.
You know, technology becomes a big piece of this puzzle
of like our visibility tech has been more important than ever
for helping people figure out where's my stuff.
What is it going to arrive?
What container ships are having to be rerouted?
Where are these containers getting dropped?
Like some of the core value props
that Flexport offers are like actually more valuable
and more differentiated in that environment.
Same on the tariff front.
Like we built all this tech to help companies manage
their tariffs and figure out how much do they owe?
Cause it used to be simple to calculate.
But now you need to know on what date did this cast,
this did container clear customs.
You know, the tariff rate on one day
is way different than it was a week earlier or a week later.
And at what refund am I going to get?
And how do I help people get refunds from tariffs
now that the Supreme Court kind of overturn the tariffs?
So we've seen, we've seen that we can definitely stand out
with tech in this volatility
and turn it to our advantage.
That said, like, you know,
I'd much rather have a growing market
where everything's Goldilocks.
It's very interesting.
Okay, Ryan Peterson CEO of Flexport.
Ryan, really appreciate it.
Thank you.
My pleasure.
Off to the break.
Round two of the SaaS pocket lips hits the markets.
And for even more markets insights,
you can subscribe to my weekly newsletter.
Simply putt at simplyputt.proffgmedia.com.
I don't be a grouphead.
Your new foundation.
Use PDF spaces to generate a presentation.
Grab your docs, your permits, your moves.
AI levels of your pitch gets it in a groove.
Choose a template with your time this cool.
Come on now, let's flex those two.
Draft design to live and make it sing.
AI builds the deck so you can build that thing.
Do that, do that, do that with that grouphead.
Learn more at Adobe.com slash do that with Acrobat.
Support for the show comes from public,
the investing platform for those who take it seriously.
On public, you can build a multi-asset portfolio
of stock, bonds, and options.
And now generated assets, which allow you to turn any idea
into an investable index with AI.
Go to public.com slash podcast
and earn an uncapped 1% bonus when you transfer
your portfolio.
That's public.com slash podcast.
Paid for by public investing, brokerage services
by open to the public investing ink,
member, finerat, and SIPC.
Advisory service by public advisor's LLC,
SEC registered advisor.
Generated assets is an interactive analysis tool.
Output is for informational purposes only
is not an investment recommendation or advice.
Complete disclosures available at public.com slash disclosures.
Once upon a dismal day, Bob's ice cream van looked gloomy
and gray, although he had big ambitions,
his socials lacked creative vision.
That bad.
Maybe vamp it up a tad?
I have an idea.
Bob launched Canva and got into gear.
Create the video in the vampire team
and make it the funniest, I mean.
It went viral.
Bob's business, I will fight off.
Now, imagine what your dreams can become.
When you put imagination to work at Canva.com.
We're back with Profty Markets.
Anthropic is yet again moving markets.
On Monday night, the company released a new
Claude co-work feature which allows its AI model
to autonomously access apps, navigate browsers,
and edit files.
This news immediately spooked the markets.
Major software companies like Microsoft Salesforce
and Palantir all ended the day in the red
as a whole, the IGV software ETF closed down roughly 4%.
It's now off more than 30% from its peak last fall.
Here to break down what is happening in software,
we're speaking with Gil Luria, head of technology research
at DA Davidson.
Gil, this is the SaaS Parkleps Part II,
probably less intense than the first one,
but it is striking that we're seeing the same thing,
a new AI tool released by the same company.
And again, investors are very concerned about this.
What do you make of the new tool for Anthropic
and are you as concerned as other investors appear to be?
So computer use by AI is actually a really big milestone.
So it is a big leap forward for the capabilities
for artificial intelligence within the workplace,
within the business context.
And these days, as has been the case for the last few months,
the market is associating good for AI
with bad for software.
That's where we probably diverge in our opinion.
So we do think it's a very big deal for AI,
it's very good for AI,
but to take from that,
that it's really bad for software
is probably a little too much.
Now, mind you, there are software companies
that are particularly exposed to this.
UI Path is the most one.
You can see their stock decline the most dramatically today
because UI Path has the last generation
of automated computer use,
which is robotic process automation.
Think of it as macros in Excel
for anything on your desktop.
And that used pre-AI technology.
So now the fact that AI can do that
and use your computer without you interfering
is a big leap forward.
And it's a really big problem for companies like that.
The same that it's a big problem
for all other software companies
goes back to the same debate that's being
had for the last three to six months
around software.
And as our opinion that winners in software
will continue to win
and companies that are vulnerable,
a disruption is always a bigger deal for.
Walk us through what anthropic has actually released here.
Like, we had that first slate of new tools
like Claude co-work.
And that was what Royal The Markets the first time.
And now we're seeing this new development.
Like, what is so striking
about what they have announced here
and how does it differ from the first round?
Yeah, so computer use is literally what it sounds like,
which is to say you can now ask an agent
to do things on your desktop or your laptop
that previously only you were able to do.
So not just interact with a single piece of software
or write a little bit of code,
rather press buttons on your screen
to start an application to make progress
and application to make choices within an application,
jump to another application
and move information to that one.
So the possibilities are endless
because it's really anything that you can do
on your computer, you can now ask an agent to do for you.
That is a leap forward from just having automated tasks
happening in your applications.
For instance, you can now use, if you're away from home,
but you have cloud installed on your phone,
you can now instruct your home computer
to execute tasks from your phone
because cloud can now control your desktop.
That is actually a pretty big leap forward in AI.
And again, I want to put this in context.
This is a milestone towards AGI.
This is something that a year ago,
we thought may or may not happen, and now it's happened.
One thing that's not totally clear to me,
we've have seen this before in the form of this AI agent
that went viral recently called OpenClore.
And it was very exciting to a lot of people,
a lot of people were using it.
And it was doing the things that we're describing.
It was this agent going in and just executing tasks
once you tell it what to execute.
It'll go in and clear inbox and send emails
and manage a calendar, et cetera.
So we've seen it before and we know that it's possible,
but now anthropic is jumping on
and they're releasing the tools of their own.
And that seems to spark a very different reaction
from investors.
Why is that?
If we knew that this was possible,
or at least that it was in the pipeline,
why is it suddenly so rattling to investors now?
No, it's a good point.
The OpenClore's open source,
it was a little bit of a lab experiment.
It didn't have any guardrails.
It was actually quite dangerous because it was open source.
So you probably read about many instances
where it did things that were highly unpredictable
and counterproductive to the user.
And now we're talking about something else.
Now we're talking about an actual product
from an actual frontier lab that is much better secured,
much more under control and shows
that you can actually use this in a workplace.
I don't think a lot of companies would install OpenClore,
but there are as many companies
that already have other instances of Clod
and other uses of Clod that this is now
a natural extension for.
So it does take it to another level.
Yeah, just going back to your point
that some software companies might get hurt,
but not all of them.
And it appears that we're sort of again,
throwing the baby out with the bathroom to here.
But just to go through some names here,
like Adobe got hurt.
Service now, Palantir, Microsoft got clobbered on this news.
What are the companies that you believe
are actually insulated from the concerns here?
And are there perhaps any software companies
that might actually benefit from this right now?
So it's a range.
I would say that first and foremost,
the companies that provide infrastructure software
are the ones that appear to be more secure.
So security software, infrastructure software
like snowflake, data, dog, Microsoft
are probably more benefiting from any growth in AI
because you need infrastructure
in order to deliver AI.
And so those are more insulated
and more positively impacted by AI.
Then there's a whole range of companies
that are probably more secure, companies that control
a large part of the enterprise, data schema,
how data is organized.
And so then you're talking about your Palantir's,
your service now's, even your Salesforce
and Adobe and Oracle to some extent.
Those are a little safer and the ones that have been,
have had the most concern and probably justified.
We saw our companies that deliver either customer center
software or again, workflow software.
Those are the companies that are most exposed
to your nice, your five, nine, your UI path.
Those are the companies that are most at risk.
And this just exacerbates the risk.
But again, the reaction is so strong
that you have to step back and say,
we are going to be using software humans
or going to be using software for a very long time.
And as long as that's the case,
you need the same software,
even if agents will be using the software as well.
The analogy to me is a lot like the internet.
Just because Chagy PT can go shopping for me online,
doesn't mean I don't also want to go shopping
on these human websites as well.
I think the same thing is going to happen for software,
at least for the foreseeable future,
where there's both a human and an agent user,
which means the software still has a lot of value.
In fact, I'd argue the some extent even more value.
You mentioned the point that a year ago,
we said that this might not be possible,
or it was very much just a concept in the ether.
Having covered the tech sector for a number of years,
what are your reflections on what we're seeing here
in terms of this technological transformation?
Like in what sense have the rules of your game changed?
And how has this changed your perception
of technology in general?
The rate of change has become exponential.
If this technology disruption used to be
happen over time, over months, over years,
then disruption now is happening over weeks and days.
The level of progress being made is incredible.
And it's for a variety of reasons.
One is that we're putting so much capital into this.
So all those hundreds of billions of dollars
and data centers spend are making it possible for us
to run these models that are increasing,
that their quality is going up so substantially every year
that they are able to accomplish things
that we wouldn't have imagined.
If you showed somebody four years ago
what these models are doing,
they wouldn't have called it AGI.
We have now become desensitized to it
because the rate of change is so fast,
but we are so far past the touring test.
We blew past the touring test a while ago.
And again, in the mindset of five years ago,
the touring test was artificial intelligence, was AGI.
And now we're just blowing past that
and doing things that we never imagined
that we'd be able to do.
So the rate of change has become exponential,
which makes my life a lot more interesting.
All right, Gail Larry,
ahead of technology research at DA Davidson Gail.
Thank you very much.
Thank you.
Okay, let's talk about insider trading,
specifically in relation to Iran,
first a review of the facts.
On Sunday morning, about 15 minutes before Trump
announced he was engaging in talks with Iran,
we saw gigantic spikes in trading volumes
across multiple different markets.
So in the oil markets at around 650 AM,
more than half a billion dollars in oil futures changed hands.
This is an unusually large number
for such a short amount of time.
Over in the stock market, we saw similar moves.
Roughly one and a half billion dollars worth of S&P futures
were purchased again at around 650 AM.
We also saw similar things in the prediction markets.
One user made nearly $1 million
betting on the war with 93% accuracy
and multiple traders have now been flagged
for making what appeared to be insider trades,
which leaves us with two conclusions.
Either a handful of individuals are getting extraordinarily lucky
with their extraordinarily large and well timed bets
or a handful of individuals knew something
and they decided to trade on it in the belief
that one, they'd get very rich, which they did,
and two, that they wouldn't be punished,
which they probably won't.
Now if we agree that the second option is more likely,
that they knew something probably
because of a connection to the president,
then the next question becomes,
isn't that illegal?
Shouldn't they be in jail?
And the answer to that question is a resounding yes.
If someone knew what Trump was going to do
ahead of time, then that is material non-public information
that meets the SEC's definition
of what constitutes illegal insider trading.
But, and here is the most important part.
The SEC, under this administration,
has very little interest in prosecuting
and investigating cases of insider trading.
In fact, last year, SEC enforcement actions decline
by about 30% after Trump had taken office.
It also settled only $800 million worth of cases,
which is the lowest number ever
in which we've seen an administration change.
And here is the kicker.
Last week, the SEC's enforcement director resigned.
Why?
Because she was reportedly plashing with her bosses
over her attempts to investigate cases
involving, wait for it, the Trump family.
In other words, not only have our markets been compromised,
but our regulators have been compromised as well.
Criminal activity and financial fraud
can now run completely unfettered
because there is now no one left to punish it,
not the SEC, not the FBI,
and certainly not the president
who seems to be involved in these activities,
which means that there's nothing much
that you or I could do here.
I mean, I can talk about it on this podcast.
I can keep looking at the markets
and I can keep trying to understand what's happening here,
but beyond detecting that it happened,
there is literally nothing else we can do.
And there is nothing to disincentivize this behavior.
We don't know who they are,
we don't know what they know,
we don't know who they've bribed
or with whom they've spoken.
We really don't know anything.
And so not to be overly dramatic here,
but this is the moment where democracy
does have to play a role.
This is the kind of thing where you actually have no choice
but to use your vote.
You have to get rid of these people
if you want to see any justice whatsoever.
This is the most corrupt administration of all time.
There is no question about it
and people are increasingly agreeing on that point.
But if we don't do anything about this,
well then, let's just be realistic.
This is only going to get worse.
Okay, that's it for today.
This episode was produced by Claire Miller and Alison Weiss
edited by Joel Passon and engineered by Benjamin Spencer.
Our video editor is Brad Williams,
our research team is Dan Shalon, is Valakinsel,
Chris Nodonahue, and Measel Vario.
And our social producer is Jake McPherson.
Thank you for listening to Prokgy Markets
from Prokgy Media.
If you liked what you heard, give us a follow.
I'm Ed Elson.
I will see you tomorrow.
Prof G Markets



