[00:02] right. Here we go. Here we go. Another day, another dollar in the stock market. Well, hopefully. I mean, the Q's have been kind of down since October and we've sort of been sideways and bleeding since then. But, you know, today stocks
[00:17] somewhat mixed. Nothing super scary happening in markets today. We've got 15 a little bit of a downside, but really been up since then. I've seen both AMD
[00:29] been up since then. I've seen both AMD and Microsoft uh recapture their 200 and 400 levels. Those are my little canary in the coal mines for uh shorter-term trades. And uh you've even got that rebound on SanDisk. Talk about um
[00:43] OpenAI's $100 billion deal coming through. Uh somewhat surprising given that even though uh even though their valuation is like uh you know, out out of this world, you've got uh and they're raising money, you've still got the
[00:56] stock recovering nicely uh from some of its uh recent sell-off. Take a look at uh what's going on today. So, here you can see, I think this is what's leading some enthusiasm today, some. Uh OpenAI finalizing its first
[01:09] commitments for $100 billion round. Take a look at this. You've got $100 billion round. Uh we've got Amazon potentially as much as 50 billion, Nvidia 30. Uh you've got 10 bill potentially in three installments, or sorry, 30
[01:25] billion in three 10 billion-dollar installments from SoftBank. So, uh good uh good good amount of dollar hollers coming in through uh through here. Uh Now, a lot of this has already been anticipated. The expectation now is that
[01:39] we're going to you know, hear that final uh hey, we got our uh we we we got our um uh keep spending money. We can buy more chips. I want to see how it cycles
[01:52] chips. I want to see how it cycles through now, through uh the additional, you know, second-order effects of sales at Nvidia, uh maybe even Supermicro and otherwise. So, we'll see.
[02:04] So, then we've got uh what's this? Uh Meta revives plan for smartwatch. the Meta glasses, and you're actually seeing Apple's now getting interested and curious about uh getting into glasses themselves.
[02:19] So, I think that's uh that's pretty exciting. So, I look forward to that. Uh Apple competing with glasses, but then also we'll see what Meta has with watch. to beat and compete with the Apple Watch. We'll see.
[02:32] Then, uh let's see here. Ford doubles down on beating the Chinese in EVs. That Netflix sends letter to ByteDance over AI videos.
[02:44] Generating numerous AI videos featuring copyrighted content. Then I get that if you know, modeling after people's content, just copying it. I get it. Uh let's see. DoorDash posts uh strong growth on delivery. Yeah. Um
[02:59] DoorDash did really well. Let's take a look at DoorDash and Figma today. So, Dash uh Dash ah Dash kind of bled it out. Only up about uh 3% now. Just sort of rejected its line. Uh Carvana down about three uh sorry, down about six.
[03:15] This was at one point in the post market down as much as 22%. The downtrend here on Carvana has been pretty aggressive as people think it's really just a big circular financing operation where the insiders sell stock
[03:28] so they can buy finance receivables uh for a profit for Carvana. They've really for a profit for Carvana. They've really got this cycle uh down, but uh we'll see how long that cycle can last. DoorDash, look at this. Bounce right on
[03:41] it. These are just basic retracements here. And we've been pretty consistent with these. We drew it up to the top just to like. And we've certainly seen uh a retracement down to the 192, rejection
[03:57] at 233. Now we're bouncing off 163. Next test here is really going to be that 192 test here is really going to be that 192 level. See how that goes on Dash. But uh they make money. They make lots of money.
[04:11] money. All right, good. So, let's now jump into uh let's try what the Doomers have for us. All right, Doomers. Today we've got uh annual trade gap. Let's see. Trade
[04:25] data notably volatile. Fine. Blah blah blah. was. Goods and services trade gap expanded from a prior month of 70.3 billion. Uh shortfall culminated in a full-year
[04:39] deficit of 901 bill billion. Still one of the largest back to 1960. swings in data, the trade deficit barely budged. Yeah, it's not a surprise. I know that's an exciting for Donald Trump
[04:52] to try to narrow that trade deficit. But despite all those tariffs, it really didn't move anything. Probably because Americans are paying 90% of the tariffs. politically quite popular for Trump to just abandon this idea.
[05:07] Former Prince Andrew arrested on suspicion of misconduct. I think this is related to Epstein over here, which means you have the first arrest for uh someone related to the Epstein files. I don't know that you're
[05:21] America. Even though you should. Well, uh oil crossed like 71 bucks on Brent, which is way up from the 79 where we were uh not that long ago.
[05:35] ago we were at 70 or sorry, we were at like 50 59 58 bucks. It was incredible. we've seen a a U-turn right back up on oil.
[05:51] let's see here. CME moves closer to 24/7 crypto derivatives trading. More options on crypto. Let's see here. Walmart cautious
[06:03] outlook as well as took a loss on that Symbiotic as well as took a loss on that Symbiotic position of about 2.1 billion dollars.
[06:20] New York's robo-taxi plan pulled in blow to Waymo expansion. That's surprising. to Waymo expansion. That's surprising. Let's take a look at that. actually not too terribly much on the doomers today, huh? Let's go over here.
[06:43] York has pulled a proposal that would have allowed for commercial robo-taxi services outside of New York City. Wow, really? That's interesting. I wonder why they they gave up on that.
[07:04] in her budget proposal last month would have allowed autonomous vehicle companies such as Waymo to apply for permission to pilot their services. Decision to withdraw the plan was confirmed on Thursday. Based on
[07:17] conversation with state conversations with stakeholders including the legislators, clear support is not there. I disagree with that. I think that to me that sounds like you know, the unions and the political donors. It's like
[07:30] Google didn't donate enough money. You know, it is what politics is just a know, it is what politics is just a rigged game.
[07:42] Company said it plans to expand across 20 cities in 2026 including Dallas, San London. Wow. London. Yeah, I mean they're already kicking butt in San Francisco. They're all over the place.
[07:54] Waymos that you see. Um anyway. All right, let's try the journal. Quiet day so far today. Journal, what does the journal have for us? Most air power
[08:07] gathered in the Middle East since the 2003 invasion. Wow. yesterday and uh it it really
[08:19] hopefully Donald Trump is just uh using it as leverage, but I don't know that he physically needs to move this many weapons to uh indicate move this many weapons to uh indicate leverage.
[08:35] op-eds are which appear both to be related to uh Iran. Let's see. Trump administration can be clownish, depraved, and dysfunctional. It can be But it can also be stunningly
[08:47] effective. Uh looking at Venezuela, for example, fair problems. Uh nobody responded. Nobody had an effective response to Venezuela, Cuba,
[09:04] Russia, or Iran. Under Trump, Maduro is in jail, oil taps have been turned off in Havana. Ven- Venezuelan government looks anxiously to Washington for every major policy decision. This is fair.
[09:17] It's a good point. Now it's heading towards Iran. uh will something else happen? Let's see here. The outcome of the crisis here. The outcome of the crisis impossible to predict.
[09:34] sweet spot. He has a free hand in Iran and can move any direction. He can push for regime change. He can take a weak deal with Tehran and claim victory. He can sit back while Israel does most of the hard
[09:49] work as he did in June's 12-day war and swoop in at the end to take credit for He can give the mullahs a new lease on life. Everyone who cares about Iran or to rock their world. And the deal maker is open for business.
[10:04] Yeah. Well, it's going to be interesting. comments on this one. Uh so, you've got
[10:21] an end to the mad mullahs, the M&M's. The mad mullahs. Uh Persian people have a rich heritage and deserve better. Reduce the reduced to a cultural cultural structure to the 16th century.
[10:36] let's see here. My rule of thumb is that poorly, he does one thing absolutely remarkably. Huh. It's an interesting rule of thumb. All
[10:50] right, let's see what the other story is. This one's from Tom Cotton.
[11:03] if Russia's modernization were our only channel we might challenge we might manage with the legacy approach of bilateral arms control, but the strategic earthquake reshaping global security is an emergence of China second
[11:17] nuclear power. China's nuclear stockpile has reached 600 operational warheads as of mid-2024. Well, boy, I remember back when it was just 300. So, they've basically doubled their stockpile.
[11:41] Yeah, this is this is just Tom Cotton yapping here. Let's go look at Axios for a moment, see if there's any update on war over at Axios.
[11:56] Pentagon and Tropic, we saw that nonsense. We saw Trump meets his top nonsense. We saw Trump meets his top advisor as war threat grows. GOP angst over voter turnout builds as losses pile up. Yeah, I think that
[12:08] midterms are not going to be favorable for Republicans and I think you know even Republicans believe that. That's exactly why I think they really what they ought to do is uh just kill the tariffs.
[12:25] oh well. Okay. Pretty quiet. Uh let's go let's go take a look at markets. All right, so I've got Microsoft coming down on 400 here. This is a little
[12:39] bearish. So you had that sort of trader momentum up coming back down a bit. I've got Qs. Qs are pretty stable holding VWAP right now. A lot of a lot of the markets actually
[12:52] relatively stable. And Microsoft shop Robinhood's flat. Nvidia 40 points, nobody cares. Blue Owl. Oh yeah. Uh that's a big story. Do you see owls
[13:07] now holding up redemptions. That's a little bit of like a 2007 moment where uh I can't remember who it was. I think it was BNP Paribas uh held up um
[13:21] withdrawals or redemptions. Let me see, 2007 BNP Paribas freezes redemption. I'm pretty sure. this. Look at this. Very interesting. BNP Paribas freezes
[13:35] 2.2 billion over fund of funds over subprime.
[13:52] Going to have to uh put the proper hat on here. Hold on. The hat must mar- match the market. It's the new rule of thumb.
[14:12] There we go. All right. So, look at this. This was from August So, look at this. This was from August of 2007. BNP Paribas freezes 2.2 billion of 2007. BNP Paribas freezes 2.2 billion dollars of funds over subprime loans.
[14:25] France's biggest bank froze 1.6 billion euros worth of funds on Thursday citing problems in the subprime mortgage sector. And let's see here. The subprime crisis was preventing it
[14:41] from calculating the value of the asset-backed securities and barred investors from redeeming cash. The complete evaporation of liquidity in certain market segments of the US securitization market has made it
[14:54] impossible to fairly value fairly regardless of credit quality. regardless of credit quality. Uh-huh. That's bad. Paribas said three funds had declined rapidly in value in the past few weeks.
[15:13] Valuation would resume as soon as liquidity resumed. And in the absence of liquidity uh well, what is this? Additional Okay. So,
[15:27] this was in 2007. And if you now look at let's go to Blue Owl. Where's their search function?
[15:43] There you go. Wait, how much was it?
[15:55] Look at this. This, as of yesterday, withdrawals from one of its retail focused private credit funds. focused private credit funds. Oh, private credit.
[16:16] Instead, the fund will return capital through periodic distributions funded by loan repayments, asset sales, or other transactions. transactions. Right, in other words, liquidating.
[16:31] It has about 1.4 billion in direct lending investments across three funds. The buyers include public pension funds and insurance companies. The move highlights risk confronting retail investors adding the fast
[16:43] fast-paced private sector private credit sector. merge with a publicly traded vehicle. That's the OBDC 2. But that failed.
[17:01] Uh, that would have resulted in losses or could have resulted in losses of about 20%. But that didn't end up going through. creating a liquidity event to wind down the legacy vehicle and ultimately return
[17:15] capital shareholders. Right. So, we're going to sell loans Right. So, we're going to sell loans and give people their money back.
[17:33] 34% of its portfolio and will use the proceeds to repay credit facility from proceeds to repay credit facility from Goldman Sachs. So, they're liquidating these private credit funds. Somebody's got to be
[17:47] credit funds. Somebody's got to be buying them at a discount.
[18:07] Yeah. That's quite fascinating. you know, pre-2008 lack of liquidity. And I think in part that's what you're
[18:21] seeing in markets now. It's markets are not very um liquid at all. Uh and that's the stress I think you're seeing in crypto as well or just broadly in in markets. Blue Owl, now take a look
[18:35] in in markets. Blue Owl, now take a look at this. if you uh Renovo bankruptcy still active, still citing no assets. I found they were created by Audax Private Equity. Pretty nuts how they could
[18:50] shield liability. Yeah, that is So, you you mean the private credit firm is basically you know, throwing its hands up and saying no liability for us while Renovo collapses, huh?
[19:04] collapses, huh? Yeah. Uh but I think it's kind of scammy. But uh this is Blue Owl now. Here's Blue But uh this is Blue Owl now. Here's Blue Owl Capital. This is their a $17 billion
[19:19] sort of main entity. And we can see it just it keeps collapsing. It's not as low as it what it was 2 weeks ago, but it's basically it was 2 weeks ago, but it's basically heading back there down another 7%.
[19:35] the OTF, which this one you can look at the price to book, it's now selling for the price to book, it's now selling for a 30% discount on this Blue Owl tech Really shows you the downside of having a public vehicle for private equity
[19:49] because most I would say most of these private equity companies aren't actually So we don't actually know what's going on on a day-to-day basis at the valuations for these companies.
[20:01] So they're getting smashed, these guys, but public, we don't know. So it sort of hides how there are some other private credit vehicles. I'm sure we can find some in
[20:15] here. In fact, I think I had Who did I have in here? I had some others in here. Here's Bitcoin in the meantime. Still sitting at about mid-60s. So it's been holding on to the mid-60s, you know, ever since it touched 60. I was
[20:30] 60,700. Uh it's uh it's popped up a little bit Uh it's uh it's popped up a little bit again. So here's another one, BODC. again. So here's another one, BODC. This one sells for about a 25% discount.
[20:43] Uh Oh, keep in mind we did a um did a buy the dip of over like uh or posted a buy the dip trade yesterday of over 300K uh in the Meet Kevin membership. If you
[20:56] want to see that, you can check that out at uh meetkevin.com. Join, get lifetime We got that uh baby come back coupon expiring tomorrow. Doing a sort of a little short sprint here for the shortened week.
[21:11] Uh okay, so where were the other private credit funds? Bitcoin, another chance to buy under 90k, that's right. Symbiotics actually up today. Oh, here
[21:23] blue owls. I can't remember now what the other private credit ones were, but up. There were some other private credit funds you can look at as well. I'm sure they're not doing great right now. Uh they've probably just gotten buried
[21:36] Uh they've probably just gotten buried on my list over here. Uh I've got um Hims. Wow, look at Hims, 15 bucks now. Talk about a full U-turn, huh? Full circle around. Market cap of $3.6
[21:53] Still a multi-billion dollar enterprise though, you got to got to give them some though, you got to got to give them some credit. their firm's connection to Epstein. Because new files suggest they lied and
[22:09] really? Apollo. Apollo, what's their ticker? Is it global? Or global management, APO? I might I think it's APO.
[22:23] I might I think it's APO. But I'm not sure.
[22:39] Okay, so what else have we today? Apollo, I want to look at that. Apollo.
[22:55] They are getting hit a little bit, huh? APO, yeah. Apollo says CEO Rowan had no business or personal relationship with Epstein. Uh-huh.
[23:10] "Epstein documents do not accuse Apollo or its management of engaging in illicit activities." Apollo comes in response to two teachers unions who hold financial interest in Apollo through their pension funds
[23:22] to investigate why they believed what they believed were misleading statements by Apollo. Well, I wouldn't surprise me that they would just try to make misleading, you know, dance around it basically.
[23:40] themselves from this guy. Don't blame it. Vladimir Putin is caught in a vice of his own making. He can't win the war, but fears peace. Saudi Arabia, well, he wants to keep
[23:55] expanding. His uh >> Okay, Saudi Arabia, Emirates must resolve their own differences. resolve their own differences. Irritating feeling, France, okay.
[24:15] Pretty quiet. We know uh Zuck was in court for testifying on social media. Nobody really cared. How is Lemonade doing? lately. Uh and oh, look at that. They've come
[24:30] off their $99. Wow, jeez. Yeah, look at that. They were trading at 10 bucks for And they've just had this rocket ship since the end of 2024. you know, recently had a little bit of a droppy-doddly.
[24:44] Okay. What else? Carvana's dripping again. Q's have been pretty stable, really holding onto VWAP.
[24:58] looked last night, you know, they uh was it Dash? Yeah. uh was it Dash? Yeah. I can't remember if it was Who was it? Was it Dash? I don't know. Their post-market was crazy. Oh, here. Here.
[25:12] Here. There we go. Yeah. Yeah. Yeah. This was This was DoorDash. tanked after earnings. And then U-turned. It was very And then U-turned. It was very interesting.
[25:27] >> No. No. No. No. No. Uh It's like the Hey, let's try to estimate. Let's Let's get retail into more private stock exposure at the highest valuations possible to provide
[25:39] liquidity for the suits. Sounds like a scam. Vlad's doing a great job expanding the But I don't know what valuations people are
[25:51] I don't know what valuations people are going to be buying these things at. Yeah. Uh okay. Well, what else?
[26:03] Uh okay. Well, what else? So, let's go to has anything for us today. days if the US will strike. You know, the last time he said in the next 10
[26:16] the last time he said in the next 10 days, he struck within 2 days. decide whether to strike Iran or not. Yeah. Did Carvana tank on earnings
[26:29] about them a while back? Well, remember they're a circular funding business. So, the owners sell stock so they can buy the toxic assets from Carvana at a premium. That's what we believe. You
[26:43] know, we can't guarantee it, but that's what we think is happening. And I think in their last earnings report, their income from these, you know, sales to related parties were like 94% or something ridiculous. I don't have to
[26:56] look to be exact. This is just off what I remember and and I could be mistaken But, uh you know, markets are starting to get wise to the the cycle that's going on over there and it don't it don't look
[27:08] But, anyway, Trump will decide in the next 10 days to strike or not. the so-called board of peace in Washington saying, "Maybe we're going to
[27:21] make a deal with Tehran. You're going to be finding out over the next probably 10 days." Okay. He added that, uh we have peace in the Middle East right now.
[27:34] And one of the keys to it was sending B-2 bombers into Iran in June. In a reference to Washington strikes against Iranian nuclear sites. against Iranian nuclear sites. Okay.
[27:50] They cannot have a nuclear weapon. It's very simple. 10 days. I wouldn't be surprised if he's ready to
[28:03] go this weekend. Like, if you think about it, 2 days from now, it'll be Saturday. You know, it could even happen Friday night when the markets are closed. Wouldn't surprise me that this weekend
[28:18] is actually the decision point. Cuz Trump does this. He'll say 10 days and then he'll actually make the decision in the next two, sometimes. that on the Federal Reserve thing. You know, "Oh, I'll pick a Fed chair by the
[28:32] the end of January. Oh, I'll pick one in February. >> [laughter] >> Uh but, they did this with the um with the the Operation Midnight Hammer
[28:46] with the the Operation Midnight Hammer as well, where we saw oh you know, where we're not going to strike and then we >> [laughter] >> So, a lot of good misdirection.
[29:03] So, how are they holding up? Yeah, Microsoft just lost 400. That's bearish on the day. That's my canary in the coal mine for traders exiting. about in the course member live stream. We did some analysis this morning on
[29:17] Shopify, Walmart. Walmart's out of money, which is crazy, but you know, money, which is crazy, but you know, whatever. to do it, so they keep borrowing money. It's kind of funny how they keep
[29:31] increasing dividends. Uh playing the game. But anyway, yeah, Microsoft is one of our canaries and AMD is another canary. So, if AMD loses 200 and Microsoft loses four, we'll probably slip back down to
[29:45] 595 by the close. Which 595 is going to be pretty important because if we lose 595, we're going to be getting to that 200-day moving average. So, watch this.
[29:57] Losing 595 is going to push us down towards 577. There's our moving average. Not great. Not great at all.
[30:10] Uh let's see. Tesla is trying to get back to 414, eh? Trying to. Uh 414.50, but it's it's been stuck here
[30:23] Uh 414.50, but it's it's been stuck here for a minute. it, came back, rejected, back to 414. It's like a giant rubber band.
[30:38] Need 1 minute of Sara down. Yeah, I can. No kidding. But, CNBC's on commercial. That's all right. Wow, I will say pretty quiet.
[30:51] 12 months, what's the probable trade in 6 to 12 ton month time frame just for fun? Yeah, so my belief, I'll just I'll pull Okay, because I updated this with course members this morning.
[31:05] Remember that you can you can join the course member live streams we do every day, fundamental analysis, the trade alerts, everything. So the long-term buys, the short-term, everything over at
[31:17] one membership, you get it all. But this You know, my take is that the opening ideal is mostly priced in. ideal is mostly priced in. And I moved us down to a 5.3, not
[31:30] Iran, which I think will be a buy the dip. But it's actually that the market is optimistic that Walsh will cut rates, and I actually don't think we're going to cut rates. The only way we cut rates
[31:42] is if jobs come in bad. But if jobs come in bad, it's bad for Because now we're at the point where we can't afford jobs to come in bad And if we don't cut rates because jobs aren't coming in bad, then we also don't
[31:55] have that tailwind. So you kind of have a double cluster F. that the next 6 months, makes it a little tough. hedge to my portfolio anymore?" Maybe because it meaned. I mean, it had a
[32:11] right? You got to give gold credit. It did really well. It like pre-hedged a world of sin. Central bank buying, geopolitical issues, Venezuela, Iran, you know, meme momentum, whatever.
[32:27] It's crazy. Can you explain more about Walmart and their debt issues? Yeah, I mean, this is usually stuff we do in the course member live stream, man. Uh but um I'll just show you the balance sheet,
[32:40] okay? I'll I'll just show you that part. All right. Here's the debt issue that I see at Walmart. It doesn't mean it's going down in the short term, but long this. They have cash and
[32:52] uh receivables and inventories of $81 billion, here with the exception of prepaid expenses, they have $81 billion. Okay? In bills to pay, they have $107 billion
[33:09] in bills to pay. So, they are literally $26 billion short months. Now, in fairness, they generate cash flow of about 15. So, they're hoping that cash flow grows, but they need to
[33:24] keep borrowing, and that's exactly what they're doing. They took on $7.6 billion of net debt in the last 12 months because they had to. So, they're taking on even more debt uh just to be able to pay. And at the same
[33:37] they're buying back their stock. So, I feel like they're taking on debt to prop up the stock. It feels a little Ponzi-ish. At the same time, its valuation is really high. So, that doesn't mean it's going down anytime
[33:52] soon, right? It It doesn't mean that it's going to fall off a cliff next week or whatever. But over the long term, I think Walmart has become a precarious long-term investment. I think that Walmart on its rocket ship over here has
[34:04] been fantastic. It's fair value is probably um half of this. You know, probably 63 bucks is somewhere around fair value, maybe where that
[34:16] 200-day moving average is at $69. Just based on fundamentals and and their their membership subscription is growing at 1.1%. Nobody cares. Like that's nothing. So, uh and somehow they're a Nasdaq 100
[34:31] things they don't they don't mix together. Subscriptions growing at 1%. I've got not enough money to pay for my bills. I've got you know, taking on debt to be
[34:45] I've got you know, taking on debt to be able to pay dividends and buybacks. term, those are the sort of fundamental analyses that I like doing.
[34:57] Uh, and you know, I wouldn't I wouldn't buy it for the long term. And now if I owned it a lot, if I owned a lot of Walmart, uh, I'd set a trailing stop and forgot about it, right? Because it could keep going
[35:10] up. I'd set a 10% trailing stop and forget about it. That's obviously not have that set for, you know, 90-day periods or whatever. And, um, Yeah. Yeah, we talked about this by the way with, um,
[35:26] this, uh, Robinhood giving us retail investors access to private companies that have an IPO. Recognize that that likely means you were paying the absolute top dollar for those companies. And I think in this environment, that's
[35:41] And I think in this environment, that's probably the worst time to buy the top probably the worst time to buy the top dollar, uh, private companies uh, Robinhood fund. So, I that's not a dish on Robinhood or what Vlad does. I
[35:54] and, you know, they're doing great things for for finance. But, um, you know, I don't I don't I wouldn't want exposure at those top dollars. right now. Can you look at Klarna? If Klarna goes
[36:08] collapse. Um, Klarna, huh? Holy smokes, dude.
[36:25] um bought out by by a firm or somebody else, right? I mean, their market cap is 10. What's a firm's? A firm
[36:39] 17. Oh, never mind. It'd have to fall even more, and Affirm's falling as well. even more, and Affirm's falling as well. Let's go see what happened with Affirm. Affirm or sorry, Klarna. Investor Relations. Join Join the
[36:54] great. Oh, thanks, Tammy. I appreciate the shout-out. Um yeah, we do them every day. It's about an hour of uh a lot of people just watch it back on 2x, you know, set up trading ideas for the day, then we get into fundamental analysis.
[37:09] uh like, "Oh, what did Kevin put $300,000 into?" And um whatever, you know, long-term trades. Okay, let me get my words out here. Klarna.
[37:25] Klarna earnings earnings press release 21926.
[37:40] Yeah, the coupon is uh baby come back, like the song. Baby come back. soon. So, I think that expires tomorrow. But, let's get into the actual financials here for a moment. So, it's a foreign company, so it's going to be a
[37:55] little harder to do uh All right, here we go. So, here are the cash flows for Klarna. Now, they're a lender, so it's not a surprise that they have negative cash flows because they
[38:11] lend money. You know, you have to understand the type of business that it is to care so much about the cash flow. And they took on debt to lend. I mean, this makes sense. They take on debt, and they lend. It's kind of like SoFi. You
[38:24] know, SoFi sells stock or takes on debt to lend, right? So, the the bubble keeps going as long as they can take on debt. As soon as they stop taking on debt, that's when you have a problem.
[38:48] sheet. So, they have cash of 3.8, receivables of 10.4. They don't even show you current assets. current. Why are they not showing current?
[39:03] Why are they not showing current? Oh, that's scummy. half a billion dollars of bills, the merchant payables, notes payable. I have no way of knowing how much is due within the next 12
[39:18] months because they don't break out uh current liabilities. receivables could be receivable over the next 5 years. billion. So, they have some insulation.
[39:35] So, they have some insulation. And then if I look at revenue, All of it gets sold. Look at the marketing costs, how they've exploded.
[39:49] 414 / 328, 26% explosion in marketing.
[40:07] 24.8. Uh okay. So, I guess that's aligned, but still losing money. Actually losing more money. So, how's your loss expanding? Look at that. That's double the loss we had last
[40:20] year. It's less than less than the loss we had here. G&A's up. Funding costs becoming more expensive to loans. Geez, man. I don't understand how these
[40:34] burn money. One blonde segment right now. nearing the US and Iran. Our next guest is a major player in the space, also announcing a $4.3 billion deal to acquire a silver stream in Peru, their
[40:50] joining us now is Wheaton Precious Metals CEO Randy Smallwood. Randy, like this must be very exciting to you to see the price of gold and silver up so much.
[41:02] What do you think is driving it? It's huge. Uh but look at this. Klarna is actually down 24% today. I didn't even realize how much it was down today. 24% says, "I think Klarna and Affirm will have a good Q2 report after consumers
[41:16] Okay, big beautiful bill tax refunds to pay off their buy now pay later. Maybe. Yeah, cuz then they can sort of reload the shotgun, right? A, the Q's are about to go green. We'll have to change hats. It's actually pretty good.
[41:35] insane slaughtering. 24% over here. That's wild. Check out the coupon at meetkevin.com. You can use it over at reinvest.com as
[41:51] bundle up, email us. Email staff@meetkevin.com. one. Kevin is very talented, but I don't know
[42:04] talented guy. >> Kevin's somebody we'd consider. Kevin is fantastic. >> Kevin