121: Money Talks #28 | GameStop and WallStreetBets | Visa-Plaid Deal Dead | Buying Monzo

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Hey there, this is Pete Townsend
from norio Ventures, and welcome

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to money.
Never sleeps podcast.

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It looks inside the head of
entrepreneurs, and at the

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crossover of startups,
Enterprise Finance, technology

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and Life, as We Know It, This
episode of money, never sleeps

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is sponsored by p80 fintech the
training partner, the

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demystifies fintech and digital
Finance for financial services

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professionals.
Old Fitzgerald.

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And I are back this week with
another money talk segment.

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We chat through the absolutely.
You can't make this stuff up

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context of what's going on with
GameStop in the Wall Street

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bets, Redick group, the context
of the Plaid Visa deal Fallen

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apart.
And what's next for munzo.

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We've also got an announcement
on something new that I'm up to,

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with early stage investing.
So, turn up the volume and

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listen in, as we try to catch up
with the world.

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On this week's episode of money,
never sleeps.

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Here We Go, Again, cold open.
It's not live from New York.

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It's not Saturday night.
It's Tuesday night at nine,

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eighteen PM choose a title on
the 26th, of January 2021.

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How you doing today?
Pal?

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Pretty good, pretty good.
Yeah, busy, what's going on?

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Lots of interesting stuff called
loads.

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It's always loads always deeply
the shift of activities in the

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last three months for me, at
the, very least.

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And I know, I know you as well.
Ben just extremely interesting

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and getting repetitions, which
is the biggest thing with all

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this stuff.
We're doing, right?

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Yep.
That's it's all coming.

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All come around eventually like
the slope slope was coming

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together.
Now, there's lots to do lots to

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say for Tiger Woods, 10,000
hours, you know, before you

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become an expert.
Yeah, right.

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Yeah.
That's it.

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Actually.
Have you did you watched it?

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I haven't seen that Tiger Woods
documentary on Asian.

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No, I haven't watched it and
seen it.

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I haven't watched it.
I'm still trying to find a way

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to get HBO over here in Ireland.
I don't have Sky.

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Atlantic.
Nobody am.

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I you need one of those sleepy
anything.

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My wife has a thing that allows
you to change a VPN in the house

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to like the us.
Then I think you can get HBO on

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your like day, one of the apps.
Yeah.

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Yeah.
I may give that a go because I'm

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missing billions and I'm missing
succession by now.

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Billions of missing out.
I would like to watch

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succession.
Well, I had a big day today,

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explaining Groundhog Day to my
physiotherapist.

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So all's going well with with
rehabbing my foot and The physio

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today, resync physiotherapy for
anybody living on the south side

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of Dublin.
Check them out.

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They're brilliant in case, you
get hurt with something right?

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They'll bring you back to
health.

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Anyway, I was explaining to him.
You wanted to book my next

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appointment for the second of
February, which is Groundhog Day

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and joking.
I said, oh, I don't work on

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Groundhog Day.
And he's like, what?

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Okay, so we started looking
forward to the next couple of

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days and he said, well, how
about the the fourth I said, no.

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I was kidding.
I do work on Groundhog Day.

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Do you know what?
Saga is he's like no.

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I'm like, dude, so I explained
it to him.

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Do you know what?
How Groundhog Day Works?

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Do?
All right.

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Yeah, no particular.
Okay Punxsutawney, Phil Simms.

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It was Punxsutawney.
Phil comes out of his burrow on

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the 2nd of February every year
in the morning.

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There's a whole movie about this
Cal called Groundhog Day with

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with Bill Murray.
Yeah, and if he sees his shadow,

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he gets scared.
And he goes back into his burrow

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and it's six more weeks of
winter.

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And if he doesn't see his
shadow, Oh, and he stays

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outside.
That means we're gonna have an

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early spring, right?
So yeah, my physio beeramid

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hadn't hadn't heard of this yet.
He's like, oh, yeah, familiar

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with the movie, but had never
been aware of that.

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So yeah, we'll see what happens,
but we're gonna have a Long

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Winter here in Ireland anyway,
because we got six more weeks of

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lockdown baby.
So yeah.

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Anyway, so where we ended up
today, right with what we're

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covering tonight is we had Matt
Mcallister on last week.

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I thought with Matt that we'd
end up doing two episodes, but

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we just package.
It up into one with even though

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it was just over an hour long
and probably our longest or

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definitely our longest episodes
date.

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I just wanted to leave it
natively as the way it was meant

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to be with one conversation.
So, here we are.

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Let's just do a money talks
tonight.

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And look at a few stories out
there that have happened in the

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last week or so that really
caught our attention.

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And there is a big one that's
happened in the last few days

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that actually has been brewing
for a few months.

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This one is about GameStop which
are video game console and

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physical.
Game retailer and a retic group

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called Wall Street bets you want
to do the honors Owen and tell

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us what it's all about.
Yeah.

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Well, we spoke about this a
while back around Robin Hood's.

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In fact, one.
I think it was the first

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newsletter that we put out was
around this.

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Kind of, I suppose retail
Traders during covid of had

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nothing else to do, but they've
had no gambling, no football to

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bet on in the u.s.
So they've all been just trading

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stocks to Robin Hood and a few
of the other kind of online,

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trading applications, but
there's a subgroup and and I'm

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not massively familiar with how
red it works.

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But there's a retic group.
Obviously Wall Street bets, they

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call themselves is over 1.8
million members and they have

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just been taking the other side
of Trades against hedge funds

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and short positions on what are
essentially not great businesses

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and driving up the price and
absolutely hammer in the hedge

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funds.
And it's been hilarious to watch

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some of the the kind of outrage
for the poor hedge funds that

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are out there shorting the
stock.

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And it's kind of come to a head
this week with game stock, which

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was Kind of circling the drain
as a business over the last

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couple of years, you know, I my
kids got a PlayStation for

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Christmas.
We're able to download all the

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games for the console.
I have no reason to go into a

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shop to buy a game and they're
in there, obviously located in

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shopping centers, which nobody
can go to.

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So, you know, they're really in
a tough position and the heads.

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A lot of the hedge funds are
taken serious short positions

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under stock.
Which okay.

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So where did it was up?
What about $40?

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They got a new investor on board
back in August and everyone kind

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of thought.
Well, that's going to make the

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business that's going to turn
the business around.

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But obviously, the fundamentals
are poor.

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So to short positions.
That was what set as of Monday,

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71 million shares were held in
short positions.

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It well.
I think it closed today.

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What you tell me to close today
at 41, 47, .98, nearly a hundred

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and forty eight dollars book
90%.

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Yeah, because it's the
individual retail.

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Investors have just been buying
the stock and not selling it.

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The short positions can cover
themselves.

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And I think it culminated in
wanted a hedge funds having to

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get bailed out by Jay.
A pea-sized, JP Morgan or

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Goldman Sachs or something.
It's just a ridiculous story,

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but it does come back to what we
talked about before.

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And I kind of thought was
fascinating because it could be

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one of those turning points
because I'm following on

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Twitter.
And even today, there's been

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some serious big-name investors,
have taken positions and Bart

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GameStop over the last couple of
days, you know, kind of just

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piling on the bad news for the
hedge funds.

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Everyone thinks it's very funny
to me like a part of it is just

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absolutely hilarious that this
can happen.

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But it was, your question.
Is this, could this be That we

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look back on it, three or four
years time and say, well, is

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this a turning point is crazy,
you know, it's absolutely crazy.

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And I think, you know, Dave,
Portnoy from Barstool Sports,

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you know, we talked about his
contribution before to what's

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going on and and using the power
of the crowd to bring people

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into the markets, right?
And like you said, yeah, sports

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are back on but it's a lot more
fun when you're kind of there

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and you're betting at the same
time as well.

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And it's hard to go to sports
games these days.

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So it's Something else to feel
the adrenaline to push things

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along and it's just absolutely
incredible.

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That you know, a group of nearly
two million folks on Reddit have

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banded together with this Wall
Street.

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Bats subgroup subreddit and have
been driving the price and like

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you said, I was just wait.
Looking for that sound effect on

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my non-existent sound effect
dashboard that goes on.

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When you said the poor hedge
funds, you know, those folks

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were my clients for years.
There are some wonderful

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altruistic hedge fund.
Ezra's out there and but at the

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same time, right, we know what
it's like, we know the story

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that being said, the business
GameStop itself, right?

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It's been on a downward
trajectory.

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Absolutely.
Yep.

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There were going from seven
point.

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Nine billion in Revenue in 2017
to eight point five billion.

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The next year, the 8.2 is where
they started coming down in 2019

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to 6.2 billion last year.
That's still a lot of money to

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bring in, but But I think they
got somewhere north of 450

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Million worth of losses.
They're closing over 300 Outlets

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or were closing last year and
they're closing in, but higher

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rate than they thought.
At the beginning of the

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pandemic.
Yeah, the beginning of the

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pandemic, they were down, Jesus
around two dollars per share.

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They went way way, way down.
And then, like you said, when

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Ryan Cohen came in, in August,
he is from chewy Fame.

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He sold out to PetSmart for over
three billion dollars in 2017.

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So, He's got a nice big chunk of
change here.

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He was a big investor, did
something with apple?

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I think a couple of years ago,
but it was back for months ago.

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He filed with the SEC to say you
had a greater than 10% stake and

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GameStop, right?
So he took see it on the board.

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A couple of his Partners came in
with him.

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People thought he was a savior,
some kind.

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And that's what people thought
might have started this run up

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back four months ago and someone
actually put a big post on to

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the subreddit group with A
seven-point Treatise.

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Really on why GameStop actually
might be able to turn things

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around right and where they're
looking at the components of

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their business, that we're going
to become digital how physical

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games were actually preferred by
the serious Gamers over digital

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games just to have something.
Whether it's collectible or

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whatever, but that you can
resell right when you're done

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with it.
New game consoles coming out and

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driving their revenues upward.
So there was a few things that

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suggested perhaps they might be
able to turn it around but I

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don't think that's enough.
The story to look at Ryan Cohen

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of chewy, Fame coming in
turning, the whole business

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around in a few months and
basically, you know, this is

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what to 2146 know.
This is It's funny because you

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can track it all the way back to
the start of the pandemic,

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whereby, you know, we had to
hurts thing where the price went

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up as soon as it announced
bankruptcy.

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It was the same effectively.
The same group was driving that

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you had the airline's, your
Davey day trader and the guys

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00:10:27,700 --> 00:10:30,300
were all putting money into the
airline's driving up the Prices

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00:10:30,300 --> 00:10:33,500
the movie theater is it seems
like there's this underlying

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thing of let's let's put money
into the the retail businesses,

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the stores to things like that.
Whereby, everyone else is saying

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that they're going to go down
and rightly so probably for

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fundamentals a short and they're
just putting the money into that

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to screw the short positions.
Ultimately, and it's this game

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00:10:51,200 --> 00:10:52,600
would like Financial chicken
either.

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I saw a described as earlier on
Twitter, which is brilliant, but

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I suppose it raised the question
then because you know, what does

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00:10:59,000 --> 00:11:01,700
it mean?
This is Like the.com, boom sort

226
00:11:01,700 --> 00:11:04,400
of thing.
And the crash there, these

227
00:11:04,400 --> 00:11:07,700
people seem like they're willing
to continue to be active and

228
00:11:07,700 --> 00:11:10,200
it's brought a lot, a large
number of new, kind of Traders

229
00:11:10,200 --> 00:11:12,700
and investors into the market.
So what does that mean for the

230
00:11:12,700 --> 00:11:14,800
kind of future of publicly
listed companies?

231
00:11:15,000 --> 00:11:17,900
When you potentially have groups
like this, who just on a whim

232
00:11:17,900 --> 00:11:20,900
can turn against you and drive
to stop Cooper down.

233
00:11:21,300 --> 00:11:23,900
I was thinking about that today.
Okay.

234
00:11:23,900 --> 00:11:26,900
And again having to do with
crypto as it is.

235
00:11:27,000 --> 00:11:31,400
A lot of the time for me these
days and Thinking about how the

236
00:11:31,400 --> 00:11:35,600
market dynamics change, when
your markets, go to 24/7, right?

237
00:11:35,600 --> 00:11:38,600
Or when you're trading in a 24-7
market and where you're

238
00:11:38,600 --> 00:11:41,700
responding to the news cycle.
And where is that news coming

239
00:11:41,700 --> 00:11:44,000
from?
What channels are you tracking?

240
00:11:44,000 --> 00:11:48,100
And I'm not saying, C, NBC and
Fox News and CNN and ABC I'm

241
00:11:48,100 --> 00:11:53,300
saying, you know, subreddit
groups, different parts of glass

242
00:11:53,300 --> 00:11:57,100
door when people talking about
it, working experiences at

243
00:11:57,200 --> 00:11:59,700
different places, Yelp
TripAdvisor.

244
00:11:59,900 --> 00:12:02,600
All these different sites, where
you have all this Market

245
00:12:02,600 --> 00:12:04,600
sentiment being tracked, right
now?

246
00:12:04,900 --> 00:12:07,700
When you look at crypto scripto
Twitter, right?

247
00:12:07,700 --> 00:12:11,100
And that that's driving.
Well, I'm not going to go out on

248
00:12:11,100 --> 00:12:14,200
it on a Ledge and saying that's
driving a lot of the activity

249
00:12:14,200 --> 00:12:18,400
and the Bitcoin volatility, but
at the very least it's a it's an

250
00:12:18,400 --> 00:12:20,200
interesting channel to watch,
right.

251
00:12:20,200 --> 00:12:22,800
So I think you're getting it.
Something really interesting

252
00:12:22,800 --> 00:12:26,200
hero in which is saying, are we
getting to a point where these

253
00:12:26,600 --> 00:12:30,600
not only is it just the new
cycle but it is The Gathering of

254
00:12:30,600 --> 00:12:35,700
sentiments in a concentrated
spot that is observable by those

255
00:12:35,700 --> 00:12:39,600
trading in the market, so that
we didn't have a few years ago.

256
00:12:39,900 --> 00:12:43,900
And is that changing how people
trade and it's at changing how

257
00:12:43,900 --> 00:12:48,400
prices respond obviously, but
it's a brand new world, but it

258
00:12:48,400 --> 00:12:51,700
probably probably means that the
hedge funds need to get smarter

259
00:12:51,800 --> 00:12:55,400
because the crowds now
potentially has the ability to

260
00:12:55,400 --> 00:12:58,000
move the price.
On their whim.

261
00:12:58,000 --> 00:12:59,300
Almost.
Like I said, it's not

262
00:12:59,300 --> 00:13:00,900
necessarily tracking the
fundamentals.

263
00:13:00,900 --> 00:13:03,800
It's just that they can decide
because I get.

264
00:13:03,800 --> 00:13:05,300
So it's really evident with
Tesla.

265
00:13:05,300 --> 00:13:07,900
Understand are share price over
the last kind of 12 months.

266
00:13:08,400 --> 00:13:11,600
Elon Musk is like, you know,
that subgroup is a massive fan

267
00:13:11,600 --> 00:13:14,200
of Elon Musk.
He's like their their unofficial

268
00:13:14,200 --> 00:13:16,600
leader sort of thing.
So, you know, even when Tesla

269
00:13:16,600 --> 00:13:19,400
split is stuck, it's still
continue to go up and it is gone

270
00:13:19,400 --> 00:13:22,300
up and up, despite.
It probably not tracking, you

271
00:13:22,300 --> 00:13:23,800
know, from a fundamental point
of view.

272
00:13:24,200 --> 00:13:26,600
It shouldn't necessarily be
worth the value of all the

273
00:13:26,600 --> 00:13:28,900
other.
Companies combined, but it is.

274
00:13:29,100 --> 00:13:31,900
And that's partly because he has
such a following and has that

275
00:13:31,900 --> 00:13:35,300
ability to kind of dictate where
some of those trades are going

276
00:13:35,300 --> 00:13:37,300
and where that money is going.
But what does that mean?

277
00:13:37,300 --> 00:13:41,100
Then, for, you know, the normal
company because you could have

278
00:13:41,100 --> 00:13:44,300
situations where by a group
like, that could turn against a

279
00:13:44,300 --> 00:13:47,500
business because of some
negative news story, maybe

280
00:13:47,500 --> 00:13:50,400
something from a from a climate
point of view or whatever comes

281
00:13:50,400 --> 00:13:53,400
out about a company.
If it gets the attention of

282
00:13:53,400 --> 00:13:56,100
someone like Wall Street bet or
maybe they have the potential to

283
00:13:56,100 --> 00:13:58,300
really do some damage.
Judge them and that's a bigger

284
00:13:58,300 --> 00:14:00,300
kind of issue.
There's so much more to the

285
00:14:00,300 --> 00:14:02,900
story.
You know, I like the headache

286
00:14:02,900 --> 00:14:05,500
that the suspend trading nine
times there on Monday.

287
00:14:05,900 --> 00:14:07,700
You see that on the socket on
GameStop.

288
00:14:07,700 --> 00:14:10,800
No, I didn't like that so much.
That's, that's how much was

289
00:14:10,800 --> 00:14:12,900
being traded.
Shares are being traded in a

290
00:14:12,900 --> 00:14:14,100
period.
That is suspended.

291
00:14:14,100 --> 00:14:18,500
Nine-time II, literally, I think
I was seeing this morning that

292
00:14:18,600 --> 00:14:21,800
the chamath I will just refer to
him by his first name.

293
00:14:21,800 --> 00:14:24,300
And I will put his second game,
The Legend of the, let the

294
00:14:24,300 --> 00:14:28,300
legend that is shamash yet.
He was out on Twitter.

295
00:14:28,300 --> 00:14:31,300
This morning.
I think being goaded into doing

296
00:14:31,300 --> 00:14:35,800
something around buying in.
Yeah to GameStop and he put up

297
00:14:35,800 --> 00:14:38,100
115.
Yeah, he came in at 1:15.

298
00:14:38,300 --> 00:14:39,900
Put out a tweet.
Yeah, you put out a tweet

299
00:14:39,900 --> 00:14:43,200
yesterday asking saying that he
put 100 Grand in somewhere.

300
00:14:43,200 --> 00:14:46,400
Someone for the best, you know,
suggestions and it must have

301
00:14:46,400 --> 00:14:49,600
been GameStop because he disiike
came back responded to the tweet

302
00:14:49,600 --> 00:14:51,800
and to say he's gone into
GameStop at 150.

303
00:14:52,100 --> 00:14:56,000
Yeah, exactly crazy.
So, you know, this is and and

304
00:14:56,300 --> 00:14:59,400
the hole insider trading thing
comes to mind and being aware of

305
00:14:59,400 --> 00:15:01,500
what other people are trading
and trading off the back of

306
00:15:01,500 --> 00:15:03,200
that.
And it's like, it's not

307
00:15:03,200 --> 00:15:04,400
applicable here.
In this case.

308
00:15:04,600 --> 00:15:07,000
It's just completely different
context.

309
00:15:07,000 --> 00:15:10,200
And, you know, we're not talking
about what blue horseshoe, loves

310
00:15:10,500 --> 00:15:13,200
Endicott steel or anything like
that from from Wall Street and

311
00:15:13,200 --> 00:15:14,200
the cut Steve.
I love that.

312
00:15:15,900 --> 00:15:16,500
Yeah.
Yeah, Joe.

313
00:15:16,500 --> 00:15:17,900
I was going to send you
something earlier.

314
00:15:19,200 --> 00:15:22,200
I saw some that.
I made me think of it because I

315
00:15:22,200 --> 00:15:25,900
saw people start to tweet.
Can I get paid now and GameStop

316
00:15:26,100 --> 00:15:31,000
instead of Bitcoin?
I thought you'd appreciate that.

317
00:15:31,400 --> 00:15:33,200
Yeah, I would find it.
Absolutely would.

318
00:15:33,700 --> 00:15:37,100
Yeah, I brokered another one of
those deals just in the last few

319
00:15:37,100 --> 00:15:39,500
days which has been interesting.
But we are.

320
00:15:39,500 --> 00:15:42,700
Yeah, I think we're in an all
new world here.

321
00:15:42,700 --> 00:15:44,600
I keep saying that.
It, it feels like we're in an

322
00:15:44,600 --> 00:15:47,800
all new world every month.
Just things are changing so

323
00:15:47,800 --> 00:15:48,700
fast.
I love it.

324
00:15:48,700 --> 00:15:52,900
It's hard to keep up but you
know, it's forever entertaining

325
00:15:52,900 --> 00:15:55,800
and also Forever opportunistic
at the same time.

326
00:15:56,000 --> 00:15:58,300
We should ask.
Andrew Milani to come back on

327
00:15:58,300 --> 00:16:00,300
and talk about it.
I, that's exactly, was.

328
00:16:00,300 --> 00:16:03,300
I was in the party episodes.
We had Andrew Milani from pre

329
00:16:03,300 --> 00:16:06,400
mind and episode 57, definitely
a shout out to Andrew, you know,

330
00:16:06,400 --> 00:16:09,500
and he's talking about medium
term trading, which is the

331
00:16:09,508 --> 00:16:12,700
difference between day trading,
and then hold, you know, Buy and

332
00:16:12,700 --> 00:16:14,000
Hold.
And do you kind of your

333
00:16:14,000 --> 00:16:17,800
long-term qualitative type
trading and where, you know, the

334
00:16:17,800 --> 00:16:21,900
market is moving way too fast,
even on a 30-day holding period

335
00:16:22,200 --> 00:16:26,100
for a fund manager to keep up
and make the run, you know, make

336
00:16:26,100 --> 00:16:28,200
accurate decisions.
Based upon the new Cycles.

337
00:16:28,500 --> 00:16:30,500
So he needs help.
Now, you need some automation

338
00:16:30,500 --> 00:16:32,700
around that or she needs help,
and she needs some automation

339
00:16:32,700 --> 00:16:36,700
around that so pre.
Mine comes along able to provide

340
00:16:36,700 --> 00:16:38,500
all that when we were talking to
him.

341
00:16:39,000 --> 00:16:41,200
You talk about Market sentiment
out there on social media.

342
00:16:41,200 --> 00:16:43,300
Think about things, bouncing
around on Twitter.

343
00:16:43,900 --> 00:16:47,600
You don't think about how you
gather all this unstructured

344
00:16:47,600 --> 00:16:51,500
data because Twitter is short
enough with what 160 characters

345
00:16:51,500 --> 00:16:53,900
hundred forty characters,
whatever where you can kind of

346
00:16:53,900 --> 00:16:58,400
set some, you know, programs to
Pick up on what's going on

347
00:16:58,400 --> 00:17:01,300
there, when it is red.
It grips?

348
00:17:01,400 --> 00:17:03,600
Forget about it.
I don't know how you do that in.

349
00:17:03,600 --> 00:17:05,200
An automated way to pick up on
this stuff.

350
00:17:05,200 --> 00:17:09,200
But you really have to expand
and your catchment net of what

351
00:17:09,200 --> 00:17:11,500
you're looking at here in order
to trade these markets.

352
00:17:11,500 --> 00:17:12,700
Effectively.
It's crazy.

353
00:17:12,800 --> 00:17:16,800
Yeah, rubber Hood, used to put
out daily information on where

354
00:17:16,800 --> 00:17:19,599
the bulk of their trading was
being done in what share our in

355
00:17:19,599 --> 00:17:23,300
what stocks and they pulled us
kind of feeds that they used to

356
00:17:23,300 --> 00:17:25,700
provide to the market because
that you used to be able to get

357
00:17:25,700 --> 00:17:28,900
a good Insight on kind.
Where the short-term day

358
00:17:28,900 --> 00:17:31,200
Traders?
Are putting all their money from

359
00:17:31,200 --> 00:17:33,700
Robin Hood under 13 million
accounts or whatever, but they

360
00:17:33,700 --> 00:17:35,600
kind of pulled that feed and
made it private again.

361
00:17:36,100 --> 00:17:37,400
Gotcha.
It's an interesting one.

362
00:17:37,400 --> 00:17:44,500
Yeah, speaking of pulling, we
saw that Visa pulled the Plaid

363
00:17:44,500 --> 00:17:49,500
deal out from under plaids feet.
Well, it or think it was or was

364
00:17:49,500 --> 00:17:51,200
it the other way around?
It?

365
00:17:51,200 --> 00:17:52,600
Sounds like it was the other way
around.

366
00:17:52,800 --> 00:17:56,000
Exactly.
And and that just from, from a

367
00:17:56,008 --> 00:17:58,400
background.
Activate Department of Justice

368
00:17:58,700 --> 00:18:00,800
started investigating 12 months
ago.

369
00:18:00,800 --> 00:18:02,800
After the Visa.
Implied deal was announced were

370
00:18:02,800 --> 00:18:06,200
plaid was being acquired by devs
up by five, four four five

371
00:18:06,200 --> 00:18:11,100
point, three billion dollars and
the investigation led to the doj

372
00:18:11,100 --> 00:18:11,800
saying.
Sorry.

373
00:18:11,800 --> 00:18:14,200
This is anti-competitive.
You're basically taking

374
00:18:14,200 --> 00:18:16,600
competition off the streets by
doing this deal.

375
00:18:16,600 --> 00:18:20,500
So, sorry.
Now, from a plaid perspective,

376
00:18:20,500 --> 00:18:21,900
what I've been hearing.
It sounds like you've been

377
00:18:21,900 --> 00:18:23,800
hearing the same thing or
reading the same thing, because

378
00:18:23,800 --> 00:18:27,200
it's kind of out there.
Is that platter pretty Happy

379
00:18:27,200 --> 00:18:30,300
about this, given that again, as
we just said, the markets moving

380
00:18:30,300 --> 00:18:32,100
so fast tech is moving.
So fast.

381
00:18:32,100 --> 00:18:35,500
Revenue growth is on fire,
especially in the digital world

382
00:18:35,800 --> 00:18:38,300
that pulling the plug on this
deal.

383
00:18:38,400 --> 00:18:40,200
Pulling.
The rug on this deal is a good

384
00:18:40,200 --> 00:18:43,800
thing for plaid because they're
probably worth at least 30

385
00:18:43,800 --> 00:18:47,500
percent more than what they were
worth at least 12 months ago.

386
00:18:47,600 --> 00:18:49,000
I would have said two or three
times.

387
00:18:49,000 --> 00:18:51,700
Yeah, if you're, if you compare
it to, I don't know the exact

388
00:18:51,700 --> 00:18:54,800
number in front of me, but the
affirm IPO and the numbers

389
00:18:54,800 --> 00:18:58,400
involved in that I think plot is
Work multiples of what it was

390
00:18:58,700 --> 00:19:00,800
and I think that's why they were
happy enough.

391
00:19:00,900 --> 00:19:03,700
My understanding is what I've
read is that they instigated as

392
00:19:03,800 --> 00:19:07,000
kind of being cancelled, because
ultimately devaluation, aside

393
00:19:07,000 --> 00:19:09,900
from the doj piece was actually
the valuation as moved far too.

394
00:19:09,900 --> 00:19:11,400
It's the whole thing is taken
too long.

395
00:19:11,400 --> 00:19:13,800
Like these, I should have been
able to try get in and close

396
00:19:13,800 --> 00:19:17,200
that deal as quick as possible.
You know, it's now multiples of

397
00:19:17,208 --> 00:19:18,300
that that it's worth.
I'd say.

398
00:19:18,500 --> 00:19:20,100
Yeah.
And it, you know, people were

399
00:19:20,100 --> 00:19:22,700
saying well, the plat Founders
left some money on the table,

400
00:19:23,200 --> 00:19:25,800
you know, by by walking away
from this deal and I'm like,

401
00:19:25,800 --> 00:19:26,800
they would have been leaving a
lot more.

402
00:19:27,000 --> 00:19:29,400
Table by doing the deal.
Yeah, absolutely.

403
00:19:29,400 --> 00:19:30,500
No, it's especially about a
time.

404
00:19:30,500 --> 00:19:32,300
It would get done.
I mean, could be another six or

405
00:19:32,300 --> 00:19:33,800
12 months.
Yeah.

406
00:19:33,900 --> 00:19:35,400
It's time to doj thing is
finished.

407
00:19:35,500 --> 00:19:38,200
It's interesting because it
contacts is changing quickly.

408
00:19:38,200 --> 00:19:42,900
And I think it was Brian Brooks
from who's now former OCC, the

409
00:19:42,900 --> 00:19:44,300
office of the Comptroller of the
currency.

410
00:19:44,300 --> 00:19:47,100
He's X coinbase.
Chief legal officer, before he

411
00:19:47,100 --> 00:19:51,600
went into the OCC, and his
Parting Shot really from the

412
00:19:51,600 --> 00:19:55,600
OCC, sent out a Twitter thread.
It was last week where he

413
00:19:55,600 --> 00:20:00,200
basically said, You know, Europe
has already figured out kind of

414
00:20:00,200 --> 00:20:03,100
banking infrastructure and doing
it the right way, with open

415
00:20:03,100 --> 00:20:06,100
banking, the US has not yet.
Why can't the u.s.

416
00:20:06,100 --> 00:20:08,700
Just go in that direction?
And you know, the view is that

417
00:20:08,700 --> 00:20:13,300
plaid only really exists because
in the US market banks are not

418
00:20:13,300 --> 00:20:17,900
mandated to provide apis to
third-party fintax in order to

419
00:20:17,900 --> 00:20:21,700
enable those third-party fintax,
to provide data to customers,

420
00:20:22,000 --> 00:20:24,100
right?
Like, we have with their called

421
00:20:24,100 --> 00:20:26,600
a isps here.
Shout out to David Heath from

422
00:20:26,600 --> 00:20:28,600
sir.
Could he is it the first a ISP

423
00:20:28,600 --> 00:20:30,400
in Ireland?
Alternative information, service

424
00:20:30,400 --> 00:20:35,800
provider under PSD to that.
Lets a third party through a

425
00:20:36,000 --> 00:20:40,400
secure authorization process
gather your banking data, okay?

426
00:20:40,400 --> 00:20:44,600
And directly directly through
your bank via an API connection.

427
00:20:44,800 --> 00:20:48,200
The way plaid does it is, it's
still a password and username

428
00:20:48,300 --> 00:20:52,600
that you need to provide to your
fintech app that there is

429
00:20:52,600 --> 00:20:55,500
obviously that security that
privacy breach, there can it

430
00:20:55,500 --> 00:20:57,900
obviously perceive that way.
Definitely in Europe.

431
00:20:57,900 --> 00:21:00,300
And I'm sure there's some
concerns about that in the US,

432
00:21:00,300 --> 00:21:04,000
but that's why plaid has one of
the first reasons they've done

433
00:21:04,000 --> 00:21:06,900
so well, is because they've
enabled all of these apps like

434
00:21:06,900 --> 00:21:10,400
venmo, you name it to connect
the bank's, okay, but it's

435
00:21:10,400 --> 00:21:13,500
still, you got to give your
password and username to someone

436
00:21:13,500 --> 00:21:15,500
else.
That is not your bank and is not

437
00:21:15,500 --> 00:21:19,400
you.
So, in a roundabout way, I'm

438
00:21:19,400 --> 00:21:21,800
aware of players who have the
option in Europe.

439
00:21:21,800 --> 00:21:26,700
If using plaid using folks, like
true layer like Tink ya Polly.

440
00:21:27,300 --> 00:21:29,400
And they're using the other
players you're using the

441
00:21:29,408 --> 00:21:32,100
European players because they're
plugged into the network here.

442
00:21:32,200 --> 00:21:35,300
Now platter so big and doing so
well.

443
00:21:35,400 --> 00:21:37,700
And have a lot more capital, a
lot more money behind them.

444
00:21:38,000 --> 00:21:39,900
So I think they're going to
figure it out.

445
00:21:40,000 --> 00:21:43,200
But if I were them, I'd be like,
okay, great.

446
00:21:43,200 --> 00:21:45,900
We're doing really well in the
US market, but outside of the

447
00:21:45,900 --> 00:21:48,700
US, especially in Europe, which
is, you know, the second biggest

448
00:21:48,700 --> 00:21:52,400
economic, Bloc forget China for
now, Jack ma.

449
00:21:52,400 --> 00:21:54,300
Let's leave him to deal with
that, right?

450
00:21:54,700 --> 00:21:56,700
You're playing a little bit of a
different game over here in

451
00:21:56,700 --> 00:21:59,300
Europe.
So I like to see how they're

452
00:21:59,300 --> 00:22:01,900
going to figure that out.
The other thing that strikes me

453
00:22:01,900 --> 00:22:05,700
about it is actually is what
that means for stripe actually,

454
00:22:05,700 --> 00:22:09,000
so these obviously we're looking
to get a good deal, you know, a

455
00:22:09,008 --> 00:22:11,600
year and a half ago.
Nerdy at this stage that value

456
00:22:11,600 --> 00:22:15,500
would say, is gone up in
multiples of now for plaid, but

457
00:22:15,500 --> 00:22:17,200
it does.
It does kind of raise the

458
00:22:17,200 --> 00:22:20,000
question, you know, who can
acquire these companies, you

459
00:22:20,000 --> 00:22:22,800
know, so plaid is, let's say
plans were to double even now 10

460
00:22:22,800 --> 00:22:23,900
billion.
So what are they going to do?

461
00:22:23,900 --> 00:22:29,000
Who can acquire them, especially
if part The reason that Visa

462
00:22:29,000 --> 00:22:31,300
were being challenged was that
it was going to be

463
00:22:31,300 --> 00:22:33,600
anti-competitive.
So, if that potentially rules

464
00:22:33,600 --> 00:22:35,100
out, let's say Visa buying
plaid.

465
00:22:35,100 --> 00:22:39,300
It rules out, the likes of a
Visa or any of the big financial

466
00:22:39,300 --> 00:22:41,800
services companies from
acquiring, any of these players

467
00:22:41,800 --> 00:22:45,600
like a plan, like a stripe.
So plaid will probably try to

468
00:22:45,600 --> 00:22:48,400
find some way.
Now, to either IPO, or maybe

469
00:22:48,500 --> 00:22:52,200
through the The Legend that is
shamash, do it, do an S pack

470
00:22:52,200 --> 00:22:55,600
into the into the Star-Spangled
legend.

471
00:22:55,600 --> 00:22:58,900
That is this pack is back.
But if they don't plan on doing

472
00:22:58,900 --> 00:23:00,700
that and obviously stripe of
always talked about trying to

473
00:23:00,700 --> 00:23:03,600
stay private, you, where's the
exit, then, for some, for a

474
00:23:03,600 --> 00:23:06,100
company like that.
If you effectively now, or two

475
00:23:06,100 --> 00:23:09,400
important or too, big to be
acquired by another bank, who do

476
00:23:09,400 --> 00:23:10,600
you believe?
I don't know.

477
00:23:10,600 --> 00:23:14,800
I mean, it's like, you know, the
context of plaid is that they

478
00:23:14,800 --> 00:23:17,900
built the brand new rails for
digital Finance, right?

479
00:23:18,400 --> 00:23:22,500
At least for Fiat and we'll see
where they go with with, you

480
00:23:22,500 --> 00:23:25,200
know, pure digital assets, which
is another conversation.

481
00:23:25,700 --> 00:23:29,600
And but Visa.
Have all these old aging rails,

482
00:23:29,600 --> 00:23:34,300
for analog Finance, right?
And between them and MasterCard

483
00:23:34,300 --> 00:23:36,200
control, so much of the volume
control.

484
00:23:36,200 --> 00:23:39,800
So much of the flow that if
plaid were able to come along

485
00:23:39,800 --> 00:23:43,500
and actually start developing
what they're doing to a much

486
00:23:43,500 --> 00:23:48,800
greater institutional scale.
Could they take on these take on

487
00:23:48,800 --> 00:23:50,500
the old school rails?
Yeah.

488
00:23:50,500 --> 00:23:54,000
I think they could and so, you
know, Visa acquiring them is

489
00:23:54,000 --> 00:23:56,300
kind of taking them.
Like I said, off the street, is

490
00:23:56,300 --> 00:23:59,800
there exit and E0, I think so,
but I think they're probably

491
00:23:59,800 --> 00:24:02,100
going to have to bulk out a lot
more.

492
00:24:02,300 --> 00:24:05,600
I mean stripe started out as an
API, and now they're embedding

493
00:24:05,600 --> 00:24:08,900
Financial Services into small
business apps, right?

494
00:24:08,900 --> 00:24:12,300
Small business, operational
platforms and you know,

495
00:24:12,300 --> 00:24:14,100
financial and inventory
platforms.

496
00:24:14,700 --> 00:24:19,400
So yeah, I think plaid have
some, I'm sure they have a plan.

497
00:24:19,900 --> 00:24:23,400
I just, you know, I would like
to see how they're going to

498
00:24:23,400 --> 00:24:26,100
compare vis-à-vis to the likes
of stripe and others.

499
00:24:26,200 --> 00:24:29,400
Moving ahead.
Because I think it's the piece

500
00:24:29,400 --> 00:24:30,900
for me.
It's the piece we're somewhere.

501
00:24:30,900 --> 00:24:33,200
These companies are kind of an
infrastructure play.

502
00:24:33,500 --> 00:24:35,400
You know, I think that makes
them more difficult of an

503
00:24:35,400 --> 00:24:38,600
acquisition from a typical
financial services company, you

504
00:24:38,600 --> 00:24:40,200
know, so you mentioned true
layer.

505
00:24:40,200 --> 00:24:43,200
So, the more these companies
that are their kind of building

506
00:24:43,200 --> 00:24:45,900
the infrastructure for other
companies to sit on top of it,

507
00:24:45,900 --> 00:24:49,400
the harder it is then for an
incumbent, or whoever to acquire

508
00:24:49,400 --> 00:24:52,700
them because it runs out risk,
that can competition risk.

509
00:24:52,800 --> 00:24:54,500
It is, but I mean, MasterCard
did one.

510
00:24:54,500 --> 00:24:57,100
So, who did MasterCard bought,
what was it finna City?

511
00:24:57,600 --> 00:25:01,200
Yeah, Felicity.
Yeah, but a smaller player, not

512
00:25:01,200 --> 00:25:04,300
as big as plaid.
So yeah, anyway, space to watch

513
00:25:04,500 --> 00:25:10,500
lots going on, you know, the
foundations of everyday money is

514
00:25:10,500 --> 00:25:13,400
shifting a significantly and
like you said, are we going to

515
00:25:13,400 --> 00:25:15,500
look back on this period in
three to five years, time?

516
00:25:15,500 --> 00:25:18,500
And say, what was it?
That very interesting

517
00:25:18,500 --> 00:25:20,100
intersection of events?
I heard it.

518
00:25:20,100 --> 00:25:22,200
Someone described it as a
Cambrian explosion.

519
00:25:22,800 --> 00:25:24,600
Right?
I think that was Lex sakhalin in

520
00:25:24,600 --> 00:25:27,100
his long take newsletter that
just came out today.

521
00:25:27,300 --> 00:25:30,000
A you know, the fintech
blueprint where he's talking

522
00:25:30,000 --> 00:25:31,700
about.
The pairing is this moment in

523
00:25:31,700 --> 00:25:36,000
time that we're going through
right now with the pandemic with

524
00:25:36,300 --> 00:25:39,500
the evolution and speed of
adoption of smartphones.

525
00:25:39,500 --> 00:25:42,200
Not only in developed economies,
but in under less developed

526
00:25:42,200 --> 00:25:47,800
economies and the post-financial
crisis angst really out in the

527
00:25:47,800 --> 00:25:50,400
world, all these things
happening at the same time, is

528
00:25:50,400 --> 00:25:54,300
this going to significantly
shift the landscape of how

529
00:25:54,300 --> 00:25:57,000
people live their life, how
people spend money?

530
00:25:57,000 --> 00:26:00,100
How How people, you know, find
their livelihood, perhaps.

531
00:26:00,100 --> 00:26:01,500
And we're they were comparing
it.

532
00:26:01,700 --> 00:26:06,400
Lex was comparing it to period
between 1760 and 1780 with a

533
00:26:06,400 --> 00:26:08,500
combination of different things.
Going on around the world that

534
00:26:08,500 --> 00:26:10,700
led to the American Revolution.
Right?

535
00:26:10,700 --> 00:26:13,300
And it's never just one thing in
isolation, that happens.

536
00:26:13,300 --> 00:26:15,800
It's always a combination of
events, like the Cambrian

537
00:26:15,800 --> 00:26:19,800
explosion itself, 540 million
years ago, whenever it was where

538
00:26:19,800 --> 00:26:24,600
it was the perfect, geographical
geological atmospheric, you

539
00:26:24,600 --> 00:26:27,100
know, life spawning period of
the Earth, right?

540
00:26:27,300 --> 00:26:30,600
Going off on a tangent here, but
I think we are going through one

541
00:26:30,600 --> 00:26:34,900
of those moments and its own
very little humble way of how

542
00:26:34,900 --> 00:26:36,400
people spend money right now
anyway.

543
00:26:38,600 --> 00:26:41,600
This episode of money never
sleeps sponsored by p80 fintech

544
00:26:41,800 --> 00:26:44,300
demystifying, fintech and
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545
00:26:44,300 --> 00:26:47,800
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546
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547
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548
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549
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550
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551
00:27:03,500 --> 00:27:04,900
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552
00:27:05,000 --> 00:27:08,300
Go to money, never sleeps. .I E,
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553
00:27:14,300 --> 00:27:18,100
So obviously, I know we talked
about before on this podcast

554
00:27:18,100 --> 00:27:21,800
about potential buyers out there
from Bonzo and just thinking

555
00:27:21,800 --> 00:27:25,500
about where they are kind of in
the competitive field right now

556
00:27:25,700 --> 00:27:29,300
with revolute within 26, some of
the big u.s.

557
00:27:29,300 --> 00:27:34,100
Players, like chime and others,
and you kinda look at Manzano

558
00:27:34,100 --> 00:27:36,800
and think they've done really
well, but they feel like they're

559
00:27:36,800 --> 00:27:40,300
kind of a brand play.
And how are you actually going

560
00:27:40,300 --> 00:27:42,800
to grow the business into being
something?

561
00:27:42,800 --> 00:27:45,000
That is a formidable Financial
player?

562
00:27:45,300 --> 00:27:47,900
And not just as one analyst was
referring to them in an article

563
00:27:47,900 --> 00:27:51,500
that I read as Charity for the
UK market, right?

564
00:27:51,800 --> 00:27:55,300
So considering the different
industry segments out there.

565
00:27:55,800 --> 00:27:58,900
What do you think might be
something to think about for a

566
00:27:58,900 --> 00:28:03,400
potential buyer for munzo?
I think it's going to come from,

567
00:28:03,700 --> 00:28:08,200
probably one of the less
well-known tech companies, you

568
00:28:08,200 --> 00:28:09,400
know.
Don't, I don't think you're

569
00:28:09,400 --> 00:28:12,200
going to see them acquired by
another bank, but still, I don't

570
00:28:12,200 --> 00:28:14,300
think it makes sense.
You may as well close them down.

571
00:28:14,300 --> 00:28:16,900
Then if you're gonna try, bring
them in house to a UK bank, but

572
00:28:16,900 --> 00:28:19,200
they already know.
I don't think there's anything

573
00:28:19,200 --> 00:28:22,700
compelling enough about them.
That would have them as a bring

574
00:28:22,700 --> 00:28:25,100
them into a Barclays or someone
like that and keep them as a

575
00:28:25,100 --> 00:28:28,100
standalone, you know, dude.
I don't think it makes sense and

576
00:28:28,100 --> 00:28:31,300
then are any of the bigger
players going to record them.

577
00:28:31,400 --> 00:28:33,000
The Facebook's Google's any of
those?

578
00:28:33,000 --> 00:28:36,400
I don't think there's a again
I'd only compelling enough for

579
00:28:36,400 --> 00:28:38,200
them to acquire them and
everything that comes with it.

580
00:28:38,400 --> 00:28:40,600
It.
But you may see it's like we saw

581
00:28:40,600 --> 00:28:43,000
with when we talked about it at
that time with Tick-Tock and

582
00:28:43,000 --> 00:28:44,700
Walmart.
And he's like that, it might be

583
00:28:44,700 --> 00:28:47,900
someone who's, you know, next
tier like Oracle were in the mix

584
00:28:47,900 --> 00:28:50,100
for that sort of deal.
I think it might be someone

585
00:28:50,400 --> 00:28:54,500
trying to pick up a banking
banking solution, banking

586
00:28:54,500 --> 00:28:57,700
offering as part of a wider
reach.

587
00:28:57,700 --> 00:28:59,900
I mean, look, these I have loads
of money to throw around, no,

588
00:28:59,900 --> 00:29:01,900
not by in plaid.
So maybe they'll go down that

589
00:29:01,900 --> 00:29:03,100
route.
Yeah.

590
00:29:03,600 --> 00:29:07,000
Yeah, they might.
But it's like, you know, when

591
00:29:07,000 --> 00:29:11,200
you got such a big behemoth - a
small Financial brand, you kill

592
00:29:11,200 --> 00:29:14,200
the Brand's?
Okay, maybe some insights here

593
00:29:14,400 --> 00:29:17,300
being aware of some of the folks
that were on the original

594
00:29:17,300 --> 00:29:21,400
founding team of mons.
Oh, that had since left and

595
00:29:21,400 --> 00:29:24,600
knowing their approach.
To if you think about what Monza

596
00:29:24,600 --> 00:29:27,800
were doing, there's something in
the middle of their whole Tech

597
00:29:27,800 --> 00:29:30,900
stack called an intelligence
Services layer.

598
00:29:30,900 --> 00:29:33,400
Okay, right.
That is doing a lot more than

599
00:29:33,400 --> 00:29:37,200
just banking, right?
It is going out in real time.

600
00:29:37,400 --> 00:29:41,000
We use spend money.
Any to not Google, but do a

601
00:29:41,008 --> 00:29:43,600
search for, Okay, where did you
spend money?

602
00:29:43,600 --> 00:29:46,900
What type of retailer is that?
What category am I going to put

603
00:29:46,900 --> 00:29:48,400
that into for your spending?
Right?

604
00:29:48,400 --> 00:29:50,100
That's all happening in real
time.

605
00:29:50,100 --> 00:29:54,200
And, you know, there's a lot of
intelligence that's gone into

606
00:29:54,200 --> 00:29:55,700
that.
Is this something that can be

607
00:29:55,700 --> 00:29:57,800
replicated right?
In a bank?

608
00:29:57,800 --> 00:30:00,900
He's banking as a service type
model, right because there's a

609
00:30:00,908 --> 00:30:04,400
number of players out there that
are doing that now and could you

610
00:30:04,400 --> 00:30:08,200
actually take these assets of
the tech stack and actually turn

611
00:30:08,200 --> 00:30:10,800
that?
And something that is sellable

612
00:30:10,900 --> 00:30:13,900
on a repeatable basis, right?
That's kind of what I'm thinking

613
00:30:13,900 --> 00:30:16,100
about this and that just came to
mind the last few minutes

614
00:30:16,300 --> 00:30:18,200
genius.
No, I think it makes a lot of

615
00:30:18,208 --> 00:30:21,000
sense, like we've talked about
this before the idea of, you

616
00:30:21,000 --> 00:30:23,800
know, because I see it now.
Even in my revolute account, you

617
00:30:23,800 --> 00:30:26,000
know, they keep trying to tag
things that I have as a

618
00:30:26,008 --> 00:30:28,500
subscription because obviously
the more intelligent they can

619
00:30:28,500 --> 00:30:31,300
get around what I'm doing and
how I'm spending my money.

620
00:30:31,300 --> 00:30:34,100
Then the more they can offer me
on the other side, the more you

621
00:30:34,100 --> 00:30:35,900
can tie into that.
So if manzai could do that

622
00:30:35,900 --> 00:30:37,900
better already.
Well then that's fits nicely

623
00:30:37,900 --> 00:30:39,500
into.
Someone who needs it up piece of

624
00:30:39,500 --> 00:30:42,200
it more so than the customers of
card, or the brand.

625
00:30:42,300 --> 00:30:43,400
Yeah.
Yeah.

626
00:30:43,400 --> 00:30:46,600
I think they could get end up
with something quite interesting

627
00:30:46,600 --> 00:30:50,100
there, and it's the value of the
relationships.

628
00:30:50,100 --> 00:30:52,400
They have their the value of the
customer base.

629
00:30:53,000 --> 00:30:54,900
There's got to be something that
you can do with that.

630
00:30:54,900 --> 00:30:56,600
That's going to be compelling to
somebody else.

631
00:30:56,600 --> 00:31:00,400
You want that kind of Market.
I'm thinking crypto has more

632
00:31:00,400 --> 00:31:02,700
actually as you're talking to
I'm more thinking someone on the

633
00:31:02,700 --> 00:31:05,900
financial management side, and
maybe it's coming into the kind

634
00:31:05,900 --> 00:31:10,700
of wealth and Nosy, but you
know, those types of businesses

635
00:31:10,700 --> 00:31:12,900
where they already do the wealth
management piece.

636
00:31:13,500 --> 00:31:16,800
So let's now let's say we come
down the kind of food chain a

637
00:31:16,808 --> 00:31:20,000
bit and into the space where we
understand how you spend your

638
00:31:20,000 --> 00:31:21,400
money.
And here's how we can.

639
00:31:21,800 --> 00:31:26,400
Yeah, big time and I'm getting
teed up to do a podcast with a

640
00:31:26,408 --> 00:31:28,700
group that's talking
specifically about wealth and

641
00:31:28,700 --> 00:31:30,500
wealth management, fintech and
wealth.

642
00:31:31,100 --> 00:31:34,500
And you really have to think
about how people are spending

643
00:31:34,500 --> 00:31:36,400
money.
What do they have left after?

644
00:31:36,400 --> 00:31:38,200
They spend their money at the
end of the month?

645
00:31:38,700 --> 00:31:41,700
Do people that spend all their
money and not save any of it?

646
00:31:42,000 --> 00:31:44,600
Are those people you really want
to bring it to a wealth product?

647
00:31:45,000 --> 00:31:46,900
What is a wealth product?
Was that really mean?

648
00:31:47,100 --> 00:31:48,500
I'm not attracted to wealth
product.

649
00:31:48,500 --> 00:31:50,200
I'm not worldly.
Right?

650
00:31:50,200 --> 00:31:52,500
Can you call it something else?
Can you call it a savings app?

651
00:31:52,500 --> 00:31:54,400
I don't want to savings account.
I'm not going to make met any

652
00:31:54,400 --> 00:31:57,200
money on that.
You know, I want crypto.

653
00:31:58,400 --> 00:32:03,800
You know, I want to earn based
upon staking my teeth to a

654
00:32:03,808 --> 00:32:07,600
network, right?
Wonderful, but you know, anyway,

655
00:32:07,600 --> 00:32:10,600
I think there's a More
psychology that goes into this.

656
00:32:10,900 --> 00:32:14,100
I think there is a wonderful
user base there with Manzano.

657
00:32:14,100 --> 00:32:16,600
I think it's something that is
going to end up in the right

658
00:32:16,600 --> 00:32:19,800
hands and the fact that you and
I are talking about this after

659
00:32:19,800 --> 00:32:22,400
Chris Skinner tweeting about it,
other people must be taught of

660
00:32:22,400 --> 00:32:23,900
solute.
Yes, right.

661
00:32:23,900 --> 00:32:27,300
And I don't think we're, I don't
think we're jumping the gun at

662
00:32:27,300 --> 00:32:30,100
all here by suggesting.
That munzo should be bought by

663
00:32:30,100 --> 00:32:32,200
somebody because I do think it
should.

664
00:32:33,300 --> 00:32:38,100
Anyway, I think we've hit the
three key stories tonight.

665
00:32:38,300 --> 00:32:42,800
Right with GameStop with plaid
and visa and with riffing on

666
00:32:42,800 --> 00:32:44,500
one's.
Oh, right.

667
00:32:45,000 --> 00:32:48,200
So I had one or two other
things.

668
00:32:48,200 --> 00:32:53,200
I wanted to mention first off,
rest in peace, hammer and Hank.

669
00:32:53,200 --> 00:32:57,800
Aaron, he to me, is the still
the Home Run champion of the

670
00:32:57,800 --> 00:32:59,900
world.
He hit seven hundred and fifty

671
00:32:59,900 --> 00:33:03,400
five home runs in his career.
He was surpassed by Barry Bonds

672
00:33:03,500 --> 00:33:09,200
back in back in the 2000s, but
Barry Bonds was Act up on juice

673
00:33:10,100 --> 00:33:13,700
to the extreme with the steroids
that were coursing through his

674
00:33:13,700 --> 00:33:17,800
veins and his skull so I kind of
disqualify him.

675
00:33:17,800 --> 00:33:19,600
Even though Major League Sports
haven't yet.

676
00:33:19,600 --> 00:33:21,000
Disqualified him.
But yes.

677
00:33:21,300 --> 00:33:23,200
Rest in peace Hank.
Aaron.

678
00:33:23,400 --> 00:33:26,900
I have his book his
autobiography autographed up on

679
00:33:26,908 --> 00:33:29,600
the bookshelf in here with a
baseball card.

680
00:33:29,600 --> 00:33:31,100
That is autographed by him as
well.

681
00:33:31,100 --> 00:33:35,100
I met him in 1991 at a charity
event that my mom is cool, too.

682
00:33:35,100 --> 00:33:37,600
So, shout out to my mom for
bringing me to that, pulled it

683
00:33:37,608 --> 00:33:39,100
down the other day.
Day and took a picture of it.

684
00:33:39,100 --> 00:33:42,900
After she Ford me his obituary.
So and I know you mentioned as

685
00:33:42,900 --> 00:33:45,500
well that it's Kobe's
anniversary today.

686
00:33:45,700 --> 00:33:49,600
Yeah, sad day.
So Kobe Bryant's rest in peace

687
00:33:49,600 --> 00:33:54,900
as well and speaking of Los
Angeles were Kobe Bryant played

688
00:33:55,400 --> 00:33:59,400
for a very very long time.
We had Brian McMahon on the show

689
00:33:59,400 --> 00:34:00,500
from expert.
Oh Joe.

690
00:34:00,500 --> 00:34:03,300
Yeah back.
He was episode 109 and had a

691
00:34:03,300 --> 00:34:05,700
great chat with him.
He's running an accelerator

692
00:34:05,700 --> 00:34:08,800
called expert Dojo, which are
also making some Vestments in

693
00:34:08,800 --> 00:34:12,699
early-stage funds, and I'm
pleased to announce that yours

694
00:34:12,699 --> 00:34:15,300
truly.
I am now sourcing investments in

695
00:34:15,300 --> 00:34:19,900
early stage, Irish startups,
mostly Irish startups, because

696
00:34:19,900 --> 00:34:23,000
that's where I think the biggest
Gap is for precede and Seed

697
00:34:23,000 --> 00:34:25,500
stage funding.
So, now sourcing Investments for

698
00:34:25,500 --> 00:34:28,600
expert Dojo.
So, opening up the deal flow.

699
00:34:28,600 --> 00:34:31,100
Now, going to make that a lot
more public on LinkedIn.

700
00:34:31,100 --> 00:34:33,900
Obviously sharing it on the
podcast is a means of going

701
00:34:33,900 --> 00:34:37,100
public or this, but we want to
start opening up that deal flow

702
00:34:37,100 --> 00:34:39,600
because there are a lot of of
opportunities.

703
00:34:39,900 --> 00:34:42,300
Not only just in the usual
places that people look in

704
00:34:42,308 --> 00:34:46,199
Ireland, but also in the
Northwest, in the southwest, in

705
00:34:46,199 --> 00:34:50,199
the west out in Galway, in the
Southeast that may not always

706
00:34:50,199 --> 00:34:52,900
come out of the woodwork and I
think going to go find them.

707
00:34:53,000 --> 00:34:56,500
Yeah and then generally also
with a network going to

708
00:34:56,699 --> 00:34:58,400
different parts of Europe and
back to the US.

709
00:34:58,400 --> 00:34:59,600
I think they'll be some good
opportunities.

710
00:35:00,500 --> 00:35:02,100
That's a, that's a great deal
for you.

711
00:35:02,200 --> 00:35:03,100
That's it.
That's great.

712
00:35:03,300 --> 00:35:04,900
No better.
No better man to be leading that

713
00:35:04,900 --> 00:35:06,100
out.
Yeah.

714
00:35:06,100 --> 00:35:08,100
Happy to have that outlet.
Now, why?

715
00:35:08,400 --> 00:35:11,100
This stage.
So, anything else that you

716
00:35:11,100 --> 00:35:13,500
wanted to touch on before we
wrap it up for the night.

717
00:35:13,700 --> 00:35:17,200
No, actually a shout-out to
Sean, O Reilly in t, u, Dublin

718
00:35:17,200 --> 00:35:20,600
or git, as I still refer to it.
They launched their post-grad

719
00:35:20,600 --> 00:35:22,500
diploma and fintech actually
starts.

720
00:35:22,700 --> 00:35:24,500
It started, the induction was
this week.

721
00:35:24,500 --> 00:35:27,000
So it starts tomorrow night,
where yours truly is given a

722
00:35:27,008 --> 00:35:29,900
guest lecture intro to fintech.
It's great.

723
00:35:29,900 --> 00:35:32,400
There's loads of interesting
fintech courses now happening in

724
00:35:32,400 --> 00:35:35,100
Ireland.
Lots of really kind of well,

725
00:35:35,100 --> 00:35:36,900
delivered.
Well, run programs is another

726
00:35:36,900 --> 00:35:38,100
addition to that, and it's
great.

727
00:35:38,200 --> 00:35:40,300
To see.
I think they had over 300

728
00:35:40,300 --> 00:35:43,100
applications possibly for 50
places, which is great.

729
00:35:43,100 --> 00:35:45,000
So yeah, Keen to see what comes
out of that.

730
00:35:45,000 --> 00:35:46,700
We might catch on at some point
in the future.

731
00:35:46,700 --> 00:35:49,700
To tell us that it's going.
Alright, we'll leave it there

732
00:35:49,700 --> 00:35:57,100
tonight, bro.
Pleasure, as always, that does

733
00:35:57,100 --> 00:35:59,200
it for this week folks and
thanks for listening to us.

734
00:35:59,200 --> 00:36:00,600
Try to figure out what the world
does.

735
00:36:00,600 --> 00:36:03,100
What it does links and show
notes for this episode or on

736
00:36:03,100 --> 00:36:04,700
money.
Never sleeps that IE, so check

737
00:36:04,700 --> 00:36:07,100
us out online.
Also, you could subscribe to our

738
00:36:07,100 --> 00:36:08,600
money, never sleeps.
At money.

739
00:36:08,600 --> 00:36:11,600
Never sleeps, dotsub stack.com.
If you're enjoying money, never

740
00:36:11,600 --> 00:36:13,000
sleeps and want to see it
continue.

741
00:36:13,300 --> 00:36:15,800
Make sure you hop on over to
Apple podcast and give us a five

742
00:36:15,800 --> 00:36:18,100
star review.
Also, check us out on pod.

743
00:36:18,100 --> 00:36:21,400
Chaser.com to tell us what you
think, leaves a voicemail on our

744
00:36:21,400 --> 00:36:23,400
website.
Money, never sleeps that I eat.

745
00:36:23,800 --> 00:36:26,800
Don't forget Conan Brophy from
create sound, he mixes and edits

746
00:36:26,800 --> 00:36:29,200
each episode for us and is an
excellent medium and get in

747
00:36:29,207 --> 00:36:31,100
touch with when you're thinking
about launching your own

748
00:36:31,100 --> 00:36:32,700
podcast.
As for me.

749
00:36:32,800 --> 00:36:34,700
I help startups get their
products to Market, get

750
00:36:34,700 --> 00:36:36,100
customers.
And financier vision.

751
00:36:36,300 --> 00:36:38,100
You can find me on LinkedIn on
Twitter.

752
00:36:38,200 --> 00:36:41,500
Her oratorio adventures.com,
you'd get following Fitzgerald

753
00:36:41,500 --> 00:36:43,200
on Twitter at Owen.
Fitzgerald nine.

754
00:36:43,500 --> 00:36:45,600
Finally till next time.
Thanks for listening.

755
00:36:45,600 --> 00:36:46,100
See you.