So, I wanted to point, I'd make, please, it's interesting. If

I could, if you roll the clock back one year. Now, we have hindsight, if you had a million

dollars or if you are sitting in a position where

you could have invested

a million dollars a year ago or in a hundred thousand, pick any amount and maybe you could borrow a hundred thousand against the house a year ago and

you think about what you could have done with it. What are the, what are the mistakes? If you borrowed $100,000

and you bought gold,

you lost two

percent of your money, you would have 98 thousand worth of gold. If you bought

$100,000 borrowed $100,000,

a year ago and you bought long

duration,

government debt 10 and 30 year, government debt. You

would have lost 12 percent

of your money. That was an awful idea, pretty stupid, right? Why would you ever buy debt and and alone the federal government? Money for 30 years for 1.2 percent interest, for 30 years, right? I mean, hopefully

no one would buy

10 year and 30-year debt? Ten years were yielding 70 basis points or 50 basis points in the like so

those are two mistakes. If you borrowed the money and

you just held it in cash, you would have the money and you would pay 2% you know and so that's that. But

what if you've done everything else, right? If you bought a house with the money, Single-family houses were up 24 percent

according to headline, The Wall Street Journal last week. Okay,

so if you bought a house 12 months ago, that was smart, you know, not a bad idea. Why you bought a scarce asset, if you bought a portfolio of S&P, stocks, you have 40%.

So you would have had a 38% Arbitrage, you would have made 38% on the, on the loan. If you bought big Tech, Europe 47%, If you bought Bitcoin, you're up to 94%. You know,

you could probably list a whole set of meme stocks. It did even better and probably

some cryptos. It did even better, they

all have more risk that, you know, it's like take a, take a flyer if you did it. Great, myself, like, I'd like to invest in things that I can hold a decade. I

wouldn't be holding AMC stock or GameStop stock for a decade. Even you

know, you could have made money on Carnival Cruise Lines and the airline

trade. But I mean I just wouldn't do

it because I want to buy

something and hold it for a decade. But

but generally the, what's the one mistake? I mean, unless you were going to buy gold or long-dated sovereign debt with the

money that you borrowed, the one mistake would be not to a borrowed, the money. That's

the biggest mistake because you almost couldn't, you almost couldn't lose money

investing in anything. Right? I mean I mean I'm sure people did. How do you lose

money? You you

trade it right? You basically buy games. Start your short Game. Stop on margin, or you do some kind of short-dated trade and I've lost money on short trades. Like there

is nobody in the world that here's what I think about that. No one in the world so smart, they can guarantee your

short-term trade is going to work. And any trade no matter how intelligent it is, can be made to look scary if I compress the time frame enough, if I zoom in on your face with 10,000 of one magnifying glass, I'll find a blemish.

And if I track the most stable thing

down to the one second, gyration I will find anxiety in a one point I made to people is if

you took a million dollars and you bought a house and

then you went to everybody, you could find in the world every minute of the day on Saturday night while you're drinking tequila and you said, well, you buy my house for me for more than I paid for it. You

would probably find someone at some point there was say no. You're probably find someone that will say,

I don't want your house, I'm not going to pay you anything for it. Or someone else will say, I'll give you half and

if you then said to yourself, oh my (expletive). I lost half my money. I found someone that was willing to give me half. You would just give yourself a heart attack, if you keep

oversampling, if you sample, everybody all the time, you're

going to create anxiety. And the problem with Bitcoin and crypto is in general, is there

sampling Anywhere in the world all the time. And so if you fixate on it, it's going to give you anxiety.