Anthony Scaramucci

…purposes, which is great. But on the other, you could say it's looking for some sort of government backstop. How are you thinking about this? A really tough one for me because historically, people are like, "Oh, the government's got to stay out of business and have to be a line of church and state between our capitalism and governmental intervention." But then you really understand things. Lots of stakes have been taken by the government. Chrysler in the 1980s, late '70s got bailed out. Lee Iacocca asked for that bailout. General Motors got bailed out in the 2008 crisis. Obviously, the banks got preferred shares given to the government exchange for the tarp money. The Federal Reserve actually made money off of that. And of course, I think Intel is owned probably right now 9.9% by the federal government. So I am a realist on this stuff. I'm not going to be Mr. Doctrine er purist and say government shouldn't be involved. I guess what I'm worried about is the cr onyism. And what I'm worried about what's going on in the world right now is we have a funnel of people at the top. The tech brologarchs gave $25 million to Trump and they made $25 billion. It was a great exchange. Trump's attitude is if you're with me and you 're off my back like a Vladimir Putin, I 'm going to curry favor for you. And that's the stuff that I'm worried about. I'm worried about the $1.4…From: this video · 7 claims mined from it

…you allocating that capital? Let's say we got a million bucks to put in different corners of this pie. What do you like most right now? Is this AI specific or this general market? I mean, in the market, I assume you want some Bitcoin in there . Well, okay. So, look, I would have probably 30 percent in Bitcoin. I would probably have a basket of some of these AI companies that I could own. You know, I'm an owner of Astera Labs, which is publicly traded. It's hard to get into these companies that are not publicly traded. I am a SpaceX investor. People think it 's overvalued. I think that that's short-term nonsense . I wouldn't read the noise on SpaceX. I own it. I would always own a slug of the S&P. If you notice, the Mag7 has run, but the other 493 are doing well this year. And I would own some real estate in my portfolio and some gold. And I would sit tight and I would bet the long term of the United States. You have to think like Buffett. The United States is not going anywhere, resilient country. We have our ups and downs. We have bad things that happen to us in the United States. And we do inflict some self-harm, but it's the deepest, most liquid capital market in the world. I don't know your family, Phil Rosen, but I know they're probably nuts because my family is nuts. And most of the families that arrived…From: this video · 7 claims mined from it

…that I've seen in my lifetime. We usually had the country run by a consensus and a check in balance system and a separation of powers and that sort of thing. So I'm not in love with it, but I'm not against it. I think we have to recognize that Chinese have pumped their private sector economy with the help of their federal government. I think that makes total sense. Anthony, you've been doing a lot of work recently about the negative sentiment around AI. If you take away the market and investor gains for a moment, the public sentiment around AI has not been super positive. How do you think that impacts markets and the investment case for AI if it's hard to convince everyday Americans to get on board with it? I don't think it's had much of an impact. I think that the market is ruthless and the market is opportunistic and the market sees, in a case like anthropic and open AI, it sees the heavy spend and it sees the near-term losses, but it sees the long-term very bright, very rosy outlook. The AI companies remind me of Amazon. So I'll just take you back to the early stages of Amazon. Jeff Bezos came out there and said, "Hey, for a decade, I'm going to lose money. Every year, I 'm going to print a loss of money. I'm going to be borrowing. I'm going to be taking in bonds to buy…From: this video · 7 claims mined from it

…a, this apocalyptic dance is the wrong dance. We've done this before. We said we were running out of oil. Never ran out of oil. Tom Malthus in the 1840s said we're going to starve ourselves due to population growth. We got big and fat due to food technology. I don't buy the AI drama, but I do love listening to the booze at these commencement speeches when these geniuses bring up AI. I mean, the students, younger people definitely do not seem on board with it , generally speaking. Anthony, you mentioned that you don't know how big the bubble is going to be. Do you think we are currently in a bubble? Is that a today moment? Yeah. I mean, I don't know the answer. We probably are in a bubble. We'll know the answer. You know, bubbles work. We'll know the answer after the bubble bursts. If you asked me in February of 2000, 26 short years ago, are we in a NASDAQ tech web one bubble? I was like, yeah, maybe. I don't know. And then a month later, baboom, we went down 40, 50, and eventually 60 percent. And it turned out we were in a big bubble. And what do we know about bubbles? When the bubble bursts, it is absolutely ruthless and it's punishing. And so you have to invest wisely on a distribution…From: this video · 7 claims mined from it

…you can pick any low point and you can say, "Okay, this asset sucks." But you know, Tom Lee said to me something last week on a podcast that I did that people should really listen to. If you're out of the market, the crypto market, the Bitcoin market, 10 of the best days, well, you got no return. So you have to stay in and you have to be fully invested and you have to ignore the noise. If you believe that this is an operating layer for the future of money, which I do, and if you believe that this is a digital store value because it checks off all the technical components that we've all looked at throughout history to make something a store value, which I do, then you got to sit in Bitcoin and you got to hold it. And if it trades to half of the market capitalization of gold, it'll be one of the best investments of your lifetime. I'm very long Bitcoin. As you know, I'm with you on it being a super long-term asset. The cycles will come and go, but Bitcoin will stick around for a long time. Is there any of the bear cases that you've read about, heard about that you think, okay, this is actually making a lot of sense here? So, I mean, I think the question is what would make me negative on it, right? Because I'm trying to look at the bear case. Yeah. So, you…From: this video · 7 claims mined from it

…your portfolio. And, you know, momentum drives people crazy. They get FOMO from the momentum. And I would just tell you to relax on that. Just bet the long-term trend and bet the wheel. Like, we have a number of different bets on the wheel so that you don't get hurt no matter what happens. So if we had to make a brand new portfolio today, you and I, where are you allocating that capital? Let's say we got a million bucks to put in different corners of this pie. What do you like most right now? Is this AI specific or this general market? I mean, in the market, I assume you want some Bitcoin in there . Well, okay. So, look, I would have probably 30 percent in Bitcoin. I would probably have a basket of some of these AI companies that I could own. You know, I'm an owner of Astera Labs, which is publicly traded. It's hard to get into these companies that are not publicly traded. I am a SpaceX investor. People think it 's overvalued. I think that that's short-term nonsense . I wouldn't read the noise on SpaceX. I own it. I would always own a slug of the S&P. If you notice, the Mag7 has run, but the other 493 are doing well this year. And I would own some real estate in my portfolio and some gold. And I would sit tight and I would bet…From: this video · 7 claims mined from it