Foreign, foreign, foreign, Good morning, good morning, good morning I Hope everyone is ready for a fun Tuesday May The second I'm being told is today's date. so some kind of crazy stuff coming out this morning. Uh, weird little stories. A lot of weird little stories that we should probably be getting into.

So the news that just broke Hindenburg Research: A very famed, popular, highly supported short group just came out with a little bit of a hit piece on icon Enterprises IEP and now the stock is down I think in excess of 10 in pre-markets trading once again IEP Icon the kind of he's the famed corporate Raider I Guess his whole business is now I Don't know being attacked by Hindenburg research so we can look into that. uh, we have some information on Chegg with now the popularity of Chachi BT I guess it's really eating into the business Chegg Taking a bid hit this morning, fives are reported. they did pretty well. Uber reported they did pretty well.

those are both up right now. Uh, if you take a look at just kind of the overall macroeconomic situation everyone's waiting for tomorrow. With the Fomc meeting, we also have some new discussion about what's going on with the debt limit. Talking basically is Biden the Democrats are they gonna cave And then we can also talk about Pepe the random out of nowhere meme coin that is taking the World by storm and it as of now is not really showing too many signs of slowing down so we could take a look at that.

Obviously it's a full-on degenerate play. Lots of things to talk about, lots of things to talk about uh, obviously is. If there's particular things you want me to get into, just be like hey man, like you might have missed the story. Feel free to bring it up, chat, feel free to DM it to me on Twitter we could do something.

live with it, but man oh man I think it's going to be an interesting one now. What I do want to let you know is that of the whole week, the whole week's pretty intense. There's going to be reports, events, random developments that cause volatility out of the whole week. Even though today's in a general magnitude more volatile than normal relative to the week, this is probably going to be the least volatile day.

And I'm just saying that because we obviously had big things yesterday and then for the rest of the week, we have big things. Today's like one of the days that you could argue is a bit of a break, but I don't know, it seems like crazy things are happening anyway. so who knows. maybe the whole week is just going to be incredibly high octane.

So I just want to put that out there. Texas Roadhouse Franchise stock. Txrh Are we finally going to all get into Txrh together? That'd be kind of fun. A community-wide purchase of a Texas Roadhouse franchise uh I would be game.

I would definitely be game. Oh, speaking of fun things, I uh on Twitter once in a while I like to just completely punt the bee's nest just because there's so many incredibly deranged sycophants for Adam Aaron out there. So I just pointed out that he got a pay increase of 25. He's paid in excess I believe of 23 million dollars which is weird when your stock drops 29 or excuse me over 90.

I don't know where I came up with 29 but anyway I pointed that out I showed the proof of it and like if you want a good laugh you just need to go check out my Twitter I mean the response is these people are deranged. They're absolutely deranged, show caught up in a cult and I just it makes you wonder like part of me like I still I guess I have this thought that I can help them and I can get them out and I can get them to see a little bit of logic and it just feels like they're going to get absolutely burned. I mean it's okay if I get burned on the position that I'm still holding but I feel like they are just not. There's nothing of Reason like their their brains are just not like all they are.

It went from supporting a movement to supporting a stock to now supporting an individual and I just don't get that at all. Has anyone noticed those phase changes of like we support the Apes we're finding Wall Street Then it went to we Support AMC and I was like okay I Kind of get it because like they're using AMC to be representative of the fight for Wall Street But now it's like we just generically support Adam Aaron A dude who has made over 40 million dollars off of this movement. He has sold and sold and sold his own stock. Then he helped out his buddies at Mudric with Hymc.

He dumped that on to everyone. then he made ape which screwed over everyone and now he's trying to push it back in which is just going to be more and more dilution. and yet people they call it uh, bag holder Stockholm syndrome. It is bag holder Stockholm syndrome and it's absolutely insane.

I'm telling you if you need a good laugh today, go look at the responses on my Twitter It is wild. It is so so so wild. They're just crazy people. They are people who they shouldn't be in the market.

They honestly shouldn't And that pains me to say because I truly believe the market is one of the best wealth building Vehicles Mankind has ever created. and yet some people are just like, not intellectually tall enough to ride the ride and it's sad to see. But these people I mean it's absolutely wild. It's absolutely Wild All right.

So uh, what is this? He's gonna resign and live happily ever after. I mean he's made tens, multiple tens of millions of dollars. It's crazy and one day he's gonna drop the ultimate bag on them. and I don't know if they're even gonna realize that that they're just gonna come up with more reasoning.

Um, it's just wild. It's absolutely wild. But it is what it is and we're gonna do what we can do. Speaking of which, there might be interesting opportunity: I'm looking at Pacw which is another Regional Bank so I kind of trying to learn my lesson from FRC I was in on FRC I was like hey I'm buying this high quality bank and it didn't matter how high quality FRC was they ended up dying.

So now I'm thinking to myself is Pac West gonna die P-a-c-w it's looking pretty weak and I'm like should I try to play the other side of it now. obviously that's at the risk of me just being wrong. both like maybe FRC is the one that dies in the pack West is the one that survives and maybe I'll play both perfectly wrong. That's obviously a chance, but I don't know I don't have any position now, but I am looking at that looks like it's showing some weakness.

I'm also now looking at IEP just exclusively because of the Hindenburg research thing. So I figured we can dive into that, see what's going on and maybe it is like maybe we can make some money betting against Icon Enterprises IEP is the ticker so I have no position on either of those I want to look at that looks like the market? Uh, it seems like it's gearing up for a little bit of a red day. Obviously things can change as soon as the bell goes. ding ding ding ding.

But right now we know the seasonality of today is a little bit bearish. and also yesterday was just a classic. like the if you look at the daily chart that was a classic reversal period. So we're gonna see.

it might not last. it might last so we could talk about the overall Market as well and then we could just burn through some of the earnings. the upcoming Market events. we just have a lot to get into today.

Um, if you haven't already before, I Really get rock and destroy the like button if you're on YouTube right now. destroy the like button. It very much helps out the algorithm I Know it's annoying to remind all of you, but it does very much help me out. Destroy the like button and more importantly, hit the Subscribe button.

Folks, this could be the week This right here. The first week of May could be the week we hit 69 420 Subs over there on Rumble I Believe we have like 400 to go I think we did, we just cross 69 000. Hang on. Um my channels let me look up.

We are at 68 968 at least as of this updated yesterday. so we are right there. We're basically 500 Subs away from hitting the ultimate goal of any content creator. So if you're watching right now on Rumble obviously destroy the light or the sub button so we can get to that goal.

And if you're watching on YouTube and you just want to help out with this effort, head on over to Rumble and also absolutely destroy that subscribe button. We are going for 69 420 Subs on Rumble And it is kind of funny that it's happening right at the same time period that we're getting all this craziness of. Pepe Because if you missed the update video yesterday which I think a lot of you did miss the update video yesterday uh, Pepe has a total Max Supply of 420.69 trillion coins. It's just a full-on meme.

It's absolutely hilarious. Rum isn't showing up. What do you mean Brian What do you mean? Rum's not shown up I'd be happy to help. Uh, why can't I see your rum stream? Wait, are you guys not finding it today? Uh here.

I Could put in chat for you folks I Just dropped it into chat on YouTube So if you're not yet subscribed to Rumble, this is going to be one of your last opportunities to get in there before. uh, we hit that ultimate goal. There's history is going to be written in two separate parts: the people who are subscribed to the channel before 69 420 and the people who are subscribed after 69 420 and I'm no historian. But I'll leave it up to you of which group you want to be in, which cohort do you particularly want to be in? Um, is it not coming up over here? I don't know why it's not coming up? Is it in finance? I mean if you just search cores? oh, it's under Finance over there? Hey, maybe I don't know I don't know if we're gonna get lucky? Seems like it's arbitrary of some days.

I get if I guess I'm good enough I end up getting promoted to the top page and then other days it doesn't happen. Um, but DJ Moss I think it's there and I dropped it in um King Kyle you're just a king grifter at Macors. Um, you know at least I'm a king of some sort what's going on and I hope you're having a good morning. All right.

So with all that, I've probably already wasted too much time because there actually is a legitimate amount of things that we need to be going through. Here's this chat: going to be working today? A little bit perfect. Um whoa. Okay, Morgan Stanley we're gonna be going over that so let's rip through all this.

These are the things you need to know sock future slip as investors prepare for fed meeting that is at 2 p.m tomorrow Wednesday I will be streaming it. It will be a specialty stream 2PM tomorrow, then Jerome Powell speaks at 2 30. once again, this is all in ET. So we're going to do a double stream tomorrow: one in the normal morning and then one.

uh, obviously in the afternoon. As of now, there's a 96 chance. Uh, let me switch it up to this: There's a 96 chance that we're getting another 25 bips rate hike, which will bring us to five percent. In total, we're currently at 4.75 That's the expectation.

That's most likely what's going to happen. So the thing that's really going to move the market to the upside or to the downside is essentially going to be hyper dependent on how people interpret. Uh, the chairman of the FED drone Pals verbiage. Do they think he's being dovish? Do they think he's being hawkish? Is he going to insinuate that we're done with rate Cuts Is he going to insinuate that we're getting another 25 bips? uh, hike the next time around.

which actually, that would be on June 14th. So lots of stuff going down tomorrow. Pay attention. There will be a specialty stream for all of that.

And here's what Liesman had to say about it early this morning: I Like Lisa And he's a good guy. A hike and hold. That is the message. An extended hold above five percent as the message from the CNBC Fed survey, but there's considerable I think kind of unusual opposition to the rate increase among the responders 100.

Here's the FED spectations chart 100 say the FED is going to hike in May but 59 say the Feds should not hike because of banking troubles 77 and many say he'll be on hold for longer than that. 7.8 months. That's the average number of months that people think the Federal be on hold. So here's the Outlook From the survey for the funds rate, we're at 48 now we go to 513 as of tomorrow at 2 2 p.m we want to see a little bit of cut built in there.

Most people think the FED will be on hold, but some think there's going to be the cut this year unless things macroeconomics. he wrote in response to the survey for the banking system, the current policy rate is overly restrictive, while 25 basis points might not seem like much. a five percent policy for longer will accelerate the bank deposit beta. That means the moving in and out of deposits from the banks, forcing more Banks to shrink their assets.

Barry by the way is no Dove but he's concerned today. Larry's on today. Great planning guys. Let me just show you 69 percent have lowered their forecast for GDP because of the banking problems.

Buying an average of 0.4 percentage points 96 percent say the FED is to the banks by the way will tighten their standards from here by the way which are already tight. Uh, four percent say they'll be unchanged and nobody thinks they'll be loser standards. Concern about the impact of tighter Landing standards. It looks to be a major reason why forecasters have lowered their inflation rate and their growth.

Outlook Increased your expectations for unemployment and we've got a 54 probability of a recession that begins in September. So I mean I don't think this is a session in September because actually that's when I would mind this year I Think things are still I think a little shaky for me. Yeah, we talked about that all morning I've been listening. Oh, then it's just a little banter here.

At this point, treasury yields fall as investors weight fed, meeting weight policy expectations. So in terms of the larger political scene, we have a couple of things going on. We have the Fomc meeting what's going to happen, probably 25 bips. What's Jerome Powell Gonna say no one really knows, we're all chugging our shoulders and it's all kind of this insinuation of are we getting another rate hike or are we going to pause and in the future, when's the estimation of us getting rate? Cuts So that's one major thing and then obviously the other major thing is going to be this debt limit issue.

Uh, there's news coming out yesterday that we're going to like allegedly run out of money on June 1st As of now, the Dow, the S P, the NASDAQ are all slightly red oil coming down below uh, 75. we did get a slew of earnings between last night and this morning. Uber Revenue beats expectations and the stock is up Pfizer Earnings and revenue top expectations despite Rona vaccine sales in Decline So those were the major ones of this morning. After the market closes today, we get AMD and we get Ford and we get Starbucks I'm sure a lot of you are paying attention to AMD Once again, that comes out after the market closes today.

Tomorrow morning before the Market opens, we get CVS and Phillips 66. That's probably the major ones you guys are paying attention to. The big one of the week though is Apple Thursday after the market closes Apple Apple Apple Apple Apple and a little bit more Apple Pay attention to it. Obviously we still have Moderna, We have Peloton We have Shopify We have block.

We have coinbase. We have DraftKings we have Lyft those are all on Thursday So Shell and then Friday before the Market opens, we have AMC Just in Vice is preparing to file for bankruptcy. Is anyone surprised by this? I Have to admit, sometimes they had articles like just kind of wild out there. Articles that I thought were unique were interesting and I definitely gave them a read.

But I mean across the board I Think they just went a little bit too extreme in the left-leaning direction and I obviously from a business perspective that was not the smart move. It might have worked for a bit there, but obviously over the long term it did not work because it's died allegedly. Vice is filing for bankruptcy and this is coming right after last week or two weeks ago. Same thing with BuzzFeed Uh, you guys noticing a trend here that these companies are just not making it? Vice not making it BuzzFeed not making it uh Under Pressure Finance Also Under Pressure Morgan Stanley pins 3 000 more job Cuts as deal making slumps.

So do we have a good video here on this one I think 1600 jobs back in December they've got even more a second round of job because you know what's it all down to? I Mean we've been seeing in the earnings. Generally speaking, it's not a time when our deals are being done. you hit the nail on the head. It is the slump in Deal making and capital raising which is a big source of fees.

Those just aren't there and as a result, the bank's cutting their way. uh, towards stronger earnings. People close to the matter tell Bloomberg that senior managers at Morgan Stanley discussing plans to eliminate about 3 000 jobs from the global Workforce this would be by the end of the quarter that would be about five percent of Staff excluding financial advisors and the Personnel supporting them. We're hearing from at least one source that the financial advisors will be protected, the banking and Trading Group is expected to be hit the hardest shouldering many of the reductions.

Um, and as Rich mentioned, this would be the second round of head Cuts in less than six months the this one targeting about five percent of Staff the one rich mentioned trimming about two percent of the workforce. while at the same time earlier this year we saw other Banks cut back as well. All right, they're cutting. uh I Also want to pull out with Morgan Stanley Remember, from their earnings, they were throwing a little bit of a warning flag related to the world of corporate real estate.

so we now have Morgan Stanley Berkshire Hathaway via Charlie Munger and then also even what's recently happened with JP Morgan and the fact that they want to share some of their losses in the corporate loans with the FDIC. There's three major things in the past couple weeks that we're seeing big financial institutions being a little bit cautious and seemingly worried about corporate real estate I Want to drive that point home because it's a thread that's starting to become a little bit more common. So I mean I have no active trade based on it, but if you're looking at some of these corporate based Roots like that type of stuff worthwhile to pay attention to, without a doubt the Us could hit the debt ceiling by June 1st Much sooner than expected according to Yellen Now believer, don't believe her I don't know, she's like a little Gollum like schmee little character. My question's for you I Was talking about this in the Discord this morning and this seems to be more of a psychological thing of like who has more leverage.

Who has The person who has more leverage is the person who has less to lose. Because yes, obviously our political system is pretty much a lot of left-leaning people. A lot of right-leaning people. It's not like clearly dominated by one side or the other, so it's an embarrassment for our government across the board.

If they don't come to a deal, it's obviously a massive embarrassment. But remember, we're going into an election here. We're heading into 2024, which is a presidential election year, so you almost wonder. Yes, there's people who are following the news day over day and are hypely like, are hyper aware of who's doing what and obviously the cause and effect of it all.

But then there's a lot of people who don't And they are just like kind of living their life, doing their job, hanging out with their friends family. Just like they don't really care about politics too too much. and yet a lot of those people still vote. And you wonder, even though this is an embarrassment to our politics as a whole, do you think the buck stocks buck stops somewhere? Do you think that it's just gonna still get pinned on Biden And that's uh, I Would love to talk about it with all of you.

So even if we get into this situation where it is a massive embarrassment for all politicians, do you think if we don't come to an agreement, it's a bigger embarrassment for Biden Or maybe another way to put that is, do you think it weakens his chances of getting reelected because once again, a lot of people just they pay attention to who the president is and they look at it in a binary situation? Are things going well or are they not going well? If it's going well, you get re-elected If it's not going well, you pick the new guy. I Know that's super rudimentary, but that is eventually. How like we have to be realistic. A lot of people are going to vote that way, so I'm almost curious.

Who do you think has more to lose in this situation if we do not come to an agreement? Do you think the Republicans have more to lose? Or do you think the Democrats have more to move a lose? My initial knee-jerk reaction is that this would be a larger embarrassment personally for Biden and it would hurt his re-election shot if he doesn't concede to what some of the Republicans want to push this deal through. But maybe I'm thinking about it differently. Maybe we have some hardcore like political nerds in here who could explain it better than I could and I would love to get into that conversation. but I I don't know I I very much.

see I Believe that the Biden and the Democrats are going to have to end up conceding if they want any shot of re-election. Uh, Biden is definitely Mr Magoo Nope, the news will blow Biden No matter what, he'll blow bite him I Don't know why that's so funny. Uh I Guess we'll see. But yeah, so this came out yesterday.

The Us could fall to meet its debt obligations sooner than expected. Treasury Secretary: Janet Yellen warned in a letter to house: Speaker Kevin McCarthy Yellen said A Drop in taxes meant that the U.S could hit its debt ceiling as soon as June 1st earlier than Wall Street and Washington had estimated in light of the new earlier essenment. President Joe Biden invited the big four Congressional leaders to a May 9th meeting at the White House to discuss the debt limit Biden sets high stakes debt limit meeting as deal deadline nears, invitation comes after Yellen says limit could arrive even earlier obviously. June 1st McCarthy agrees to attend May 9th meeting after a call with Biden.

So I mean folks, it's coming down I know we were talking about it a couple weeks ago. This is going to be the next major political thing we should all be paying attention to in terms of hows it can be impacting the economy. How is it going to be impacting the market? This is a big story thing and obviously it's becoming bigger and bigger because our politicians are essentially children and they're going to fight about everything endlessly. So we're going to be I Who's the fourth one? Oh, Senator Majority Chuck Schumer Uh, releases.

No wait, wait, who's going to be at the meeting? We have Yellen We have Biden We have McCarthy Who will be the fourth when they said the Big Four but does anyone know off the top of their head who else is involved in this? The proposed meeting is the first sign of progress and what has become a high stakes game of chicken in Washington With nothing short of full faith in the credit of the U.S Hanging in the bounds, the White House said it would not negotiate with Republicans over extending the debt ceiling while House Speaker Kevin McCarthy has vowed not to extend the limit without corresponding cuts to the federal budget. I Really think Biden's gonna blink first I Really Really think Biden's gonna blink first McCarthy Agreed to attend the May 9th meeting after speaking with Biden. A GOP aide said Tuesday's Senate Minority leader Mitch McConnell has yet to confirm his plans. A White House official emphasized that the invitation should be interpreted as Biden relenting from his refusal to negotiate and over the debt sailing so shouldn't be interpreted as that I Think it does actually mean that more in the short term.

Today we have two reports coming out at 10 A.M Nothing massive I mean yeah U.S Job openings. It is important. We're going to see a jolt at 10 A.M But definitely not as important as tomorrow when we have the Fomc meeting at 2PM and then obviously pal speaking at 2 30 and then later on this week Friday An hour before the Market opens we get the unemployment report. So yeah, it's a pretty exciting week.

We have things going on on the political scene. We get Market events these macro economic reports. We have a bunch of earnings and even on the smaller scale, we have things like Vice blowing up out of nowhere. so lots to pay attention to.

Five things to know before the Bell goes: Dignity Ding ding ding today. Tuesday May 2nd Before we get into it, folks, do your job. Smash the like button. That's what I pay you all for and I'm starting to feel like you guys are not understanding why I Give you paychecks every single week you get your paycheck.

because I pay you to come in here and destroy the like button and you guys just aren't doing it. You're not doing it. 216 of you at least on YouTube have earned your paycheck. How many of you on Rumble have earned your paycheck? Uh, thus far 70 of you, so even less so I Guess this week I only have to pay 300 people like this is you're not earning your paycheck.

This is why the gold stars aren't back Now Honestly, we should have a real discussion about this. Gold Stars you're You're there wondering like why are we not getting it What? Where when is Matt gonna bring back the gold stars for doing well within chat in a day? This is why right here you're just. you're not going to get your gold stars back until we have. We play a little bit more like a team.

You folks are playing like there's an I in a team and I I'm here to remember. Remind you all: we're one team. We're one. We're one giant giant cohort.

All right. What are we talking about? Um, Chris of Kodiak I liked on YouTube and Rumble that is gold star activity. Unfortunately I can't give you one today because just like Biden I can't concede on these negotiations yet. Uh, but that previously was gold star activity.

So shout out to Chris from Kodiak who's also just getting up at the crack of dawn because he's in Kodiak He's not in our time zone. It's literally the middle of the night. We've made this poor guy nocturnal so we can hang out with us here in the morning and he sleeps all day in the beautiful state of Alaska Anyway, we should probably get into this waiting for the FED Fomc meeting starts today, ends tomorrow. We get the results at 2PM ET Jerome Powell The chairman of the FED speaking at 2 30.

yes, I will be streaming the entire thing. Default could be weeks away yelling a letter to McCarthy saying we're potentially going to run out of money on June 1st. I Think they should just invest in Pepe going if you're going to be like let's just talk about real what is that? Let's talk about good investment advice just all in on Pepe coin with all the US's money Pfizer Rona Drag honestly still ended up crushing it in their earnings Highwood Writers go on strike apparently starting today late night I'm reading like all those late night shows I Guess the writers are on strike Hollywood Writers for Movies and TV are going on strike Tuesday After the writer's Guild and the Alliance of Motion Picture and Televised Producers failed to reach an 11th Hour deal. it's the first work stoppage for the writers in 15 years.

Uh I wonder how long that's gonna last? Nice pop for Uber Uber is like they crush on earnings. We talked about it. um I Don't know if Lyft will do like something similar I Think it'd be more likely that they will repeat than they won't but I'm a bigger fan of Uber from a business perspective than I am of Lyft. All right, we know the markets are slightly red.

Other breaking news this morning comes to our Hindenburg research: a very famed short: I Guess business. Uh, like they do a bunch of research and their new stock Insight is I E P. So you've probably heard of this guy Coral icon Carl Icon is a billionaire. uh, the media calls them a corporate Raider You might agree with that.

you might not. So they were trading at fifty dollars yesterday. You can see now that the Hindenburg research has come out. uh, they're kind of somewhat of a hit piece.

It's now trading at 48. it's down 4.8 percent in pre-market You can read this whole thing. Just go to Hindenburgresearch.com I Just kind of want to give you the Tldr of it. oop I think it was right there.

Wait, was it this one? I think it was this one. this one that nope. I'm way too late. Hang on.

We got to go to the top of this. Do we have enough time? No. Okay, we don't have enough time. We're gonna go over this after the Market opens.

but I have no position on IEP and I Have to admit I'm attempted I'm I'm attempted to go short I'm attempted to go short. but first I Have to ask all of you folks as my financial advisors if that's a smart move or not. So IEP Once again, this is Carl Icahn or the I an icon Enterprises in the target of Hindenburg Definitely a gap down in pre-market actually. I Kind of want to bring this up.

Oh I don't know how many of you took the Amazon play yesterday, but it ended up working out beautifully I locked in uh I think 15 on it I made a nice 750 so I'm already out of that. Played the Amazon that little day trade yesterday I Want to look at Pac w we could look at Uber Uber If there's anything else you guys want up on the screen to get started for the day, obviously, please call it out. Uh, we should I want to check in on Pepe though there's so many things I want to look at today. Crypto: How's how's Pepe doing this morning? 30 minute going flat right now Pepe going flat Someone let me know if it breaks the boom I could just set an alert I want an alert on Pepe I still don't own Pepe and I don't know if I'm sold on it yet I Don't know if I'm late to the party or this is just some nice consolidation before it rips again.

I have currently no Pepe position, but we at least have alerts set now. One minute, One minute, One minute one minute. All right folks, let's get ready. Here's the plan.

The first 10 15 minutes of the day, we're gonna let the market open. We're gonna pay attention to it. We're gonna see what's moving. We're gonna see what's not moving.

We're going to see what's falling during that ask your questions, Call out this charts that you want to do a breakdown of. Call out the store stories that you want to talk about. We do have a lot of other stories to get into today. I Have my pen ready that actually Bloomberg gave me when I was at a Bloomberg event.

I Don't know if you guys can see it. Maybe you're just gonna have to trust me that I Officially why is it not focusing on that? It's just focusing on my ugly head. Uh, but you're gonna have to trust me that this says Bloomberg But anyway, is the market open Diggity ding ding ding The casino is open. Best of luck to all.

Play responsibly if not, have fun. and I do want to very quickly show you that today has a slight a slight bearish bias. Uh, simulate. I'm going to show you how today performed over the past 25.

Oh dude. I Have too many apps open? Close all windows. Do you really want to shut down? Yes, No. All right.

I Just want to show you what's going on over here? Uh, full monitor. So here are the results: I'm back testing this individual day over the past 25 years as in buying it, open, selling at close 25 years. the Bulls have won 44 of the time and the profit factor is 0.9 Which means there is a slight bearish bias. It is a bearish bias, but it's a slight one.

So I just want you guys to know where we're at for today individually in terms of seasonality I Just thought that that was probably important to share. Uh, and where is this? There's this uh spy falling out of the gate Uber IEP I'm going to be watching this one for sure Pac-w I have a crazy plan here. So as many of you know I got horribly burned on FRC horribly burned on FRC because I thought it was a good bank and it is a good bank and it's just it wasn't I guess good enough to stop the bank run. but it was a legitimately good bank and that's how I kind of feel about Pac W But now the question is is this another bank that's about to fail? Can I make some of my FRC money like is this one going to zero? Is that a crazy idea? Like even though I think FRC is a good bank and I I guess I still own it, it's Frozen right now and it's probably going to end up just going to zero because I don't think we're gonna get any JPM shares for it, but we're in this I guess weird cultural event right now where it doesn't matter if it's a good bank or not.

people are still going to the bank and taking all their money out and that's what happened to FRC Even though it was a legitimately good bank, their deposits went from over 200 billion to sub 100 billion. More than 50 percent of the money that was out. FRC First Republic got completely ripped out I Just never expected that to happen and now that I'm aware, it can happen I'm almost thinking to myself, is that going to happen with Pac W and that's I Guess what? I want to bounce off of you crazy kids? What do we think? What's with Robin Hood saying AMC filed for bankruptcy? What's up with that? Uh I Think it was a glitch that happened for a couple minutes and it wasn't just AMC it was many stocks. uh that.

I believe it was fixed in a couple of minutes and it is weird. That's us. like that. seems like it it shouldn't happen.

Obviously that seems very problematic. uh, but it wasn't specifically AMC which tells me that it was just a coding error I don't think it was targeting AMC I Did see some things about it and once again, that just seems like shit code. and obviously that's crazy because it could have an impact on a stock, especially an illiquid one. But with respect to AMC itself, there's not many Apes who are using Robin Hood anymore like I Understand it To me.

It just once again reaffirms why is anyone using Robin Hood whatsoever? There is no reason to be on Robin Hood Go get on a better brokerage. So in a weird way I don't care. Uh, obviously it's stupid that their code is so shitty that that happens. but it just reaffirms that Robin Hood is a really, really, really shitty brokerage.

Don't use Robinhood Get off it. There are many other Brokers out there that are exponentially better. Uh, thoughts on oil. So good.

Question: Good question? good question. It looks like it's dying which is painful for me to say because I'm currently long on oil via oxy I'm in Occidental Petroleum in my long-term account. but I have to tell you it's looking weak. Um, this pop right here.

It came because OPEC plus cut their production and now it's coming back down because we're getting some not so Bueno numbers out of China. That is kind of suggesting there's not going to be as much demand for oil from China and thus the price is coming down because it supplies oil constant and demand drops. Obviously, price is also going to drop. So right now, from a technical perspective, ever since it couldn't get above the trend line in mid April, we've just been trending down, trending down, trending down.

I Think we're gonna. um, it's tough to say because it becomes very political. Is the Biden Administration going to refill the Strategic petroleum reserve? The Spr if they are I don't see really oil dropping below 70. but if they don't, follow up on what they said they're going to do because they said that they're going to refill the Strategic petroleum Reserve then there's a chance it could fall below the 70 Mark and stay below the 70.

Mark So it's kind of a political bet the short term in terms of technicals. Clearly it's trending downward. It could put in a higher. oh what was that? Oh, um I switched out the voice.

so whenever my algorithms trade now it does Hulk Hogue invoices opposed to anything else instead of order filled I Figured we can make it more fun. Um, and it what just happened there? Uh uh. here we go. So the the noise you just heard I think it was because the NASDAQ ended up closing like I had apparently a short position that it closed for a loss, but it was very close to making money on the S P 500.

Looks like it's going for 63 dollars. Actually, if this hits right here, you'll hear the voice again. Or you should hear the voice. You should hear another Hulk Hogan voice.

Uh, but yeah. I Found out recently that I can make these as much as we want. Here we go. Come on.

come on. come on. Nope. Give it to me.

Get get give it to me. How low did it get? It got as low as 69 and my profit targets at 68.50 Once again, this is just all the algorithmic trading. Uh, so this isn't anything I'm doing manually. it's just I coded up some algorithms that they did well in April No May didn't do well in April and now no.

Hang on, It did well in March made like whatever 1.2 K I Think it lost a thousand last month and now obviously we're starting out a new month to see how it does do or doesn't do So basically, thus far we're 50 50, which makes me believe that we're gonna have to do a little bit of code refinement to get this training. How I Want But oh brother? There you go. Oh brother. Locking in some money, locking in some money Wall Street There you go folks.

That's what you guys paid me all the big bucks for. That's why you come in here and hit the like button day in and day out. It's for the phenomenal trades like that. Brandon's saying that it's annoying Brandon Don't you say that? Don't you say that about it? That's not cool.

How's Pepe doing? How's Pepe doing? Absolutely. It's always crazy to see these types of things play out like just absolute cultural phenomenas that explode. Someone's up five mil on their position. You could see it in their wallet.

Absolutely crazy. Can we get some levels on the cues? Of course? I'd be looking for the breakdown of 321 look at resistance resistance resistance now support. so if it breaks down below that it's a fake out breakout and then I'd be looking for closer to the region maybe 318, especially if you're looking for a swing play. Uh, if you're looking for maybe a little bit more conservative, maybe 319.

So if it breaks down below 321, I'd be looking for the region from 318 to 319.. on the flip side, the longer we hold above 321, well then I'd look for a recapture of yesterday's high looks like it's 323 and some change and then after that I think we'd be actually Klein of talking about 325 to 326. But today, once again, it is a bearish bias. We do have the Spy gapping down.

So if you guys are looking for an upside Gap fill there is an upside Gap Though let me make it green. just so you guys know it is an upside Gap fill There is an upside Gap filled to 4 15 27 Will it hit today? Yeah, the odds are good of that like good for that playing out like they are suggestive of that happening. but it is a pretty weak opening thus far. Once again, we do get some reports coming out at 10 A.M But I think right now everyone is kind of jockeying for position.

Heading into the Fomc meeting, we have Pacw showing some weakness. We have icon Enterprises down six percent right now training at 47. man I Kind of want to go against Pac W I Don't know if I should get put I don't know if I should just straight up short it like is this just gonna be the next bank that fails? The next bank that fails. let me switch it back over.

So we have Pepe just waiting for this to move I Think it could be exciting. It could be fun I was really close to buying it yesterday. In fact I think it would be slightly up when I was looking at it relative to now. Maybe not with transaction costs.

but uh, be careful. There's a lot of scams right now going on with Pepe of people telling you that they're selling you it, but you're not on the red right website or anything. So all I'm saying is if you want it, and if you get into it, please understand it is a full-on degenerate play. But that doesn't mean you can't make money.

Just because something's degenerate doesn't mean you can't make money. It just means that it's degenerate. But anyway, if you're engaging in Pepe be careful, only put your money on the table that you're willing to lose and also make sure you're buying it from a quote unquote. Legitimate.

Source Do I do this IEP thing. Do I just do I take a shot. Do I take a shot on IEP I Don't know how many of you have or haven't read the Hindenburg research, but they're just basically saying that icon Enterprises is going down, down down down and I'm not really sure where I'm at on it. Hang on, let me log into my account.

we are in. We're in the Mainframe we're in the Mainframe Uh, IEP IEP options. Is it going to Crater Options Options options. What is today's date? The second single 45 I mean that's kind of a wide spread.

How much buying power do I have? I'll try it I'll see if the I mean all right. I got some IEP puts uh folks. I'm not a financial advisor. don't just arbitrarily follow me.

My thesis on IEP is that there's going to be a very big social negative sentiment against it because Hindenburg is well respected. Icon Enterprises the corporate Raider throwing stones from his own glass house. Uh, you can see what's going on with it right now. it is.

I mean it gapped down yesterday it closed at 50 bucks. Now we're trading at 46. it's down 8.6 Uh, we are breaking through support. Actually pretty serious support.

Maybe we should. Uh, how can I I'm trying to line this up and it's not working out how I wanted to? Nope. All right. so we have that as support.

We have 46s support, we have 44s support and then we can also have 34. Uh, so these are the major levels. I'll be watching on it. but understand this is now going to be like a news driven thing of do people.

They're going to interpret the news from Hindenburg research and you're gonna have some people thinking they're right. You're gonna have some people thinking they're wrong. uh but I'm gonna see if I can ride the momentum. This morning I was kind of diving into the previous results from Hindenburg and this always happens.

There's a giant gap down and then it kind of sells off that first day. but then that's where it starts to differentiate. Some of the times it like leads to it just dying, dying dying. uh a Donnie group is a good example of that.

When their report came out adani just kept dying and dying and dying. Then on the flip side you have other one like well or maybe Wells that they did a short report on them. uh I think it's well Tower it didn't go so well. so where is it? Where is it right here They came out with their short report either on Tuesday December 6 or on Wednesday December 7th.

Once again it gapped down but then well popped up, came down more and then they're actually underwater if they're still short. So I I just want to be very hesitant when I'm saying this is sometimes they get it right and it seems to very much go in their favor and then other times it appears as if they're getting it wrong. So I just want to be very clear and straightforward with you. It's not like Hindenburg has a 100 track record I read through the entire article and it seems pretty damning.

And also I think we might be coming into a bit of a weakness period for the overall. Market which I don't think will be good for Icon Enterprise So we'll see how it goes. we'll see how it goes. I did just take a short position that is by no means a recommendation I'm literally just trying to be a little bit more or as transparent and straightforward.

Oh man. I Kind of want some of these packed up you because like I already got my ass handed to me. dude. it's pack W's breaking down.

Hang on now. I'm looking at Pac w now I'm looking at Pact w ow oh man oh man oh man oh man oh man oh man. I might get some puts on that as well. see if I can make some money back.

Maybe it's going to go the way of FRC All right, I got some of those as well. Both of these are intended to be swing plays, by the way. Uh, they're a little degenerate. They're a little high octane, but maybe just maybe it'll work out.

Just maybe. Do we know what Kramer thinks about Pac W Clown zombies. That is a phenomenal question. An absolutely phenomenal question.

I Think the perfect thing for me there is if he ends up just being like Oh no I love Pac W that would just Sign Sealed deliver the deal that it is going to die so. Anyway, I got some pack W puts for positions June 2nd and I also got some IEP puts for May 19th. So I'm giving myself some time on both of them. Holy shit holy crap, look at this.

I mean I'm already up 950 I'm almost up a grand already on IEP Oh wow. open p l 900 bucks I'm already up 42 on IEP um May 19th I died I did the 40 puts and I got in at a dollar and they're trading at a dollar forty three. Um, if this goes up 100, I'm just gonna take half off the table and let the other half ride. why not? If this keeps going down, if it goes up 100, I'll take off half and then it's a free Lotto Play and then I don't have to worry about it at all I won't have to worry about it at all at all at all.

That's that's how you do it folks. Uh, are you buying 100 shares before you do your options trading? No, no, I'm not. How do you buy Pepe in New York Um, you will most likely be able to get it from like Uniswap. I Mean there's a couple places to get it I Think the most popular place people are getting Pepe is from Uniswap.

but make sure you are double checking that you're not like somehow dealing with some form of a scam. but uh, IEP and pack West I mean obviously the fact that I'm involved with them I think it lets you know that it's my main watch of the day. My main watch of yesterday was Amazon I told you I want to get out at 102.50 and I did that pretty much at the end of the day closer to 102. I think I made about 15 on about 750.

so that was my main watch of yesterday. bouncing back a little bit. So I'm happy I stuck to my goals of like actually taking my profit uh, knowing my luck I would have taken my profit and would have like just kept vomiting. but uh, I'm happy I stuck to my plan and that's I don't know I'm just trying to be more disciplined, more disciplined because I was reviewing where things went wrong with FRC and I just felt so confident about it in reality.

I when it went below 20, I should have cut the position I should have. Um, so it was just a lack of discipline there. so I'm just trying to be a little bit more disciplined and hold myself accountable. Speaking of which, I am crushing this trade right now on IEP already up 1.5 K Holy shit, look at this already up 1.5 K already up 82 on that play I mean if you've been here for 10 minutes, you know when I got into it I'm already I'm already up 1.68 I'm already up 1.7 k I'm already.

Is it going to change? I'm already up 1.8k What a beauty! What a beauty! Clark Round of Applause Any news on Voyager no uh, the binance deal is dunzo not as in not happening. Uh, so we're just kind of waiting around. Can you explain why you're not buying the shares before trading options? Because I don't want to go long on them about puts. My my bias is a bearish bias.

So why would I buy stocks if I'm doing that I have a bearish bias Why I Bought puts. You don't have to own the stock to trade options I Hope you know that options options are just a contract. That's why they're called options contracts. A call option is your right to buy stock at a certain strike price, a certain value on or before a certain date.

A put option is your right to sell stock at a certain price on or before a certain date. That doesn't your contract is just your right to do it. It doesn't mean you have to have the underlying if you wanna sell. If you want to sell call options, you should very much have the stock in your account.

In fact, most brokerages won't allow you to sell options unless you're somehow hedge either synthetically through other options or if you own the stock. And then if you're selling puts, same thing, you either need to be hedged with other puts or you need to have the cash in your account. So selling premium is different than buying premium if you're buying calls. If you're buying puts, you don't need to have the underlying at all.

You just need to have the money for the the contract options are are the non-gambling bit. Wait I think I'm missing something dude IEPs Getting decimated off of this Hindenburg Research dude I Holy shit shit. Hundred percent. I'm up almost four fucking fucking thousand dollars 20 minutes into the day.

Are you fucking crazy I'm up 235 percent are fucking insane I Got in at a dollar. they're trading at 345. What what? That's Fuck uh? Here we go. Dixie Normis takes some profits off the table.

Um, I probably should. All right. No wait, wait cancel. No, No, no, no, no closing position.

All right. So we're gonna, uh. All right. I'm gonna sell five of them at four dollars.

Wait, it's already above that now. All right, five of them. At five dollars, we're gonna cover the cost basis. Come on, let's see if that hits.

I'm TR So I'm selling a quarter of my position. so no matter what I make a profit on this. No, like this is, I'm covering my cost basis and I'm making profit I'm selling a quarter I Got in 20 shares right here I got in 20 shares at a dollar as in it cost me what? Two grand, right? Two grand. and I'm now selling five grand.

So I'm blocking in a profit of whatever I'm selling five of them at five. So I'm locking in 2.5 k. So no matter what, I'm covering the basis of my position and 500 and then the rest of it is just a lotto no matter what, I'm making 500 on this play. Worst case scenario: I make 500 buckaroos if this gets locked in, which it should be locked in in just a little bit.

No. like. this is what I'm talking about with risk management. I am guaranteeing myself a profit here, guaranteeing myself 500 and then the other three quarters of my position is a complete Lotto Play It will not hurt me.

It can only benefit me. Worst case scenario: they expire worthless I make 500 bucks. Best case scenario: this stock keeps going and I make money. Did it just get halted or something? I was able to sell one of them.

It filled me on one of them. Uh, but yeah, filled quantity one at five bucks. So uh, we're just gonna let that sit and hopefully it gets filled somewhat soon. That's crazy.

That's crazy how this shit goes. Uh, so hopefully it fills and then I have no risk whatsoever and it was a nice multi-thousand Dollar Payday has been partially filled. Okay, I still have I have four left to go so I need another little push below 38 and then I'm I'm it's a lotto ticket and I could hold this as long as I want I bought it for May 19th. So I have time Amazon's popping back Pac W Well I should be making money on Pac w I'm up 50 bucks on Pac W so not as exciting uh as it's bouncing back.

My money is rapidly disappearing here. Uh, what is up with Atlx? It keeps looking entry but it just keeps going up. Atlx Hang on, let me write that down. Atlx A T L x Matt Matt I'm with you I have two puts and I'm crushing it.

Thank you. Uh, you have two. Maybe just lock in one and let the other ride I mean I'm showing you where I'm trying to lock mine in but shout out Stephen congrats on crushing that play I Guess this might be a good time to kind of go over man. people are getting scared I just needed I can't believe I got filled on one of them I would feel so much more comfortable if I just get that initial fill because it means I'm carrying no risk on the position I just want to carry no risk here.

might jump in on Pac W I Just want everyone to know Yes I got puts on Pac W but I did it for June So I'm giving myself time and I'm basically just going the opposite of how I feel I think Pac W should survive I thought FRC should survive I thought these things should survive. they're going bus anyway. So I'm literally inversing myself here I Just realized I'm on an account that will get penalized if I do a round trip today. do I capture profits on IEP today and then take the penalty or keep it for tomorrow.

uh I that's a tough one I Mean it's kind of up to you the way I would personally handle this and obviously you have to do whatever you think makes the most sense. If it keeps trending down all day, just keep writing it. If there's a massive turnaround, you might want to capture your profits. I would rather take the penalty and then move to another brokerage for that 90-day window and at least have money then letting it cost money I Care for There's many, many brokerages out there and you could go to another brokerage.

It's not like the pattern day trading um, violation file follows you around. it doesn't follow you around, it's just for that brokerage. So for me I I care more about protecting my money than being on whatever particular brokerage. Rum is doing nice this morning up four percent trying to run back up to that nine dollar Mark The spy showing some weakness once again, here's the Spy um, breaking below the support at 4 4.

Well, this is the region I was saying okay, the 413 to 414 region. We're now basically a quarter of the way into the region, so I'm gonna watch it here. Uh, if it goes below 413 I think that's actually then going to be setting up a pretty quick flush to 412 just from and I know those are the perfect round dollars, but that's literally just where we've seen support and resistance in the past. Um I need I damn it the IEP flush I was so close I just didn't get my fill I just didn't get my fill.

Oh wait no no. I got four of them sick. Oh okay, now I feel a lot better. Uh, sorry about that.

So right here I'm down to 16 now. uh, orders. so four of my five got filled. Which means if I sold four, four at five dollars oh I covered my cost basis I I got two grand back.

So I and that was it. So no matter what whatever the market value is, that's my pure profit now because I sold four at five dollars and I initially had 20 at a dollar. So the the play cost me two grand I now have two grand back. So no matter whatever it's up, that's my pure profit.

I will not be losing money on this play I covered my cost basis and now I just have 16 left to ride and whatever it is it is, uh sweet. I got lucky I got lucky but I'll take it I'd rather be lucky than actually know what the fuck I'm doing. Uh, so no matter what it does, I'm not losing money on this place. So pure profit right now up.

5K Honestly, if it goes a little bit more, I'm going to cover my entire FRC loss which is pretty sick. uh and now pack W is starting to show some weakness. Wall Street Song Wall Street Wall Street Wall Street Wall Street Wall Street There you guys go. There you go.

Wait, how many of you guys played IEP I'm curious. this is folks I Just it's because of Hindenburg It's just they have that much power. we should probably go over it. I Feel um I Feel like we should probably understand what's happening here.

This is a stock that probably none of us have even talked about before. It's not a popular stock whatsoever. Uh, but where are we at? Where are we at? Where are we at? Where are we at? Uh I Want to go to this? Okay, let's go over the Hindenburg story. I Will make it a little bit bigger so you guys can read it.

uh. icon Enterprises The Corporate Raider Throwing stones from his own Glass House Icon Enterprises IEP is an 18 billion dollar market cap holding company run by corporate Raider and activist Carl Icahn who along with his son Brett owned approximately 85 percent of the company. Hindenburg Research found IEP units to be inflated to the tune of 75 or more IEP trades at 280 per 18 premium to nav vastly higher than their comparisons. We've uh, uncovered clear evidence of inflated marks of four IEPs less liquid assets IEP has suffered additional losses year-to-date following its last disclosure.

so this is it. relative. Dotted line represents Hindenburg calculation year-to-day IAP Premium Um, so as you can see. third: Point Pershing Square It's just trading at a very, very high value relative to their comparisons Fair Comparisons: Most closed and holding companies trade around or add a discount to their navs by comparison Vehicles Run by other star managers like Dan Loeb's third point and Bill Ackman's Pershing Square trade at discounts of 14 and 35.

So obviously 218 is way way higher. So just right there on a relative basis, it's trading at an extremely high premium. Uh, we further compare IEP to all 526 Us-based closed and Fund Cefs in Bloomberg's database. Icon: Enterprises premium to Nav was higher than all them and more than doubled the next highest one so closest to it was 102.

So once again, just trading in a premium. Reason for Iep's extreme premium to Nav: Based on a review of retail oriented media, Iep's large dividend yield, the prospect of investing alongside Wall Street Legend Carl Icon So a bit of a just a popularity situation. People have heard the name before and they're like hey, great if he's investing my money I Trust him. The Bottom Line: Car Icon is a rock solid dividend play with an All-Star manager at the Hum, making it a must own stock in this turbulent market.

And that's from Motley Fool and we all know how Motley Fool goes. It's basically the like newsletter form of Jim Cramer Bullish 15 yielding icon Enterprise stock up 18 in 2022 Great dividend led by a person who people really know Iep's current dividend. Ann yield is 15.8 which is a lot, making it the highest dividend yield of any U.S large cap company by far, with the next closest at 9.9 So huge, Huge dividend. As a result of the Iep's evaluated unit price, its annual dividend rate equates to an absurd 50.5 percent of last reported indicative net asset value.

So as you're about to see Hindenburg research is attempting to make the case that they cannot sustain this dividend and that's why a lot of people like the stock is because it is an extremely high paying dividend. The company's outlier dividend is made possible for now because Carl Icahn owns roughly 85 of IEP and has been largely taking dividend in units instead of cash, reducing the overall cash outlay required to meet the dividend payment for remaining unit holders. Partnership distributions represent cash paid to depository unit holders in connection with our regularly quarterly distributions. Mr Icon and his Affiliates have historically elected to receive their distributions in additional units, so that's how it's possible once again.

Carl Icon runes 85 of IEP and is largely taking dividends in units instead of cash. Important to know, the dividend is entirely unsupported by Iep's cash flow and investment performance, which has been negative for years. Iep's Investment Portfolio has lost 53 since 2014, The company's free cash flow figures show IEP has cumulatively burned 4.9 billion over the same period. so this it he has not been returning.

I Want this to be well known that like it since 2013, 2014, clearly it's been on the downturn and yet they still have a very high dividend. Despite the negative financial performance, IEP has raised its dividend three times, so dividends going up even though the company's Investments have been going down. Iep's most recent dividend increase came in 2019 when it raised the distribution from 1.75 to two dollars per unit. Iep's free cash flow was negative 1.7 billion in the same year.

Given that the investment and the operating performance of IEP has burned billions in capital, the company has been forced to support its dividend using regular open market sales of IEP units through an at the market offering totaling 1.7 billion since 2019. so they're basically diluting themselves to make the high dividend payment even possible. In brief, Icon has been using money taken in from new investors to pay out dividends to Old investors. Such ponzi-like economic structures are sustainable, only to the extent that new money is willing to risk being the last one holding the bag.

and this can last a while, but it doesn't last forever. Supporting this structure is Jeffrey's the only Bank covering IEP It has continuously placed a Buy on IEP and is one of the worst case sell side malpractice we've seen. It assumes in all cases, even if it's bear case, Iep's dividend will be safe into perpetuity which is stupid. based on how the dividend is set up.

let's just do a quick check-in on it. All right. It is bouncing back a little bit but it vomited this morning. Um, hang on.

Where was I over here? What is this? I Haven't looked at this so there's only one rating on it. It's a buy rating and right here. Constant dividend of eight dollars cash into perpetuity. Literally their downside scenario which we are now below their bare case was fifty dollars which we are now obviously trading at what 41.

Uh, that was on the basis that the dividend will always pay, be paid the very very high dividend which some basic back of the napkin math suggest you. How could it possibly continue since 2019? One Bank has run Iep's 1.7 billion in at the market offering. Jeffries In essence Jeffries Lures in lures. excuse me I don't know why I said it so weirdly.

My apologies, please don't make fun of me. Wait pack W Halted. Dude What? I Am getting lucky today. Holy shit.

Um, if this goes a little bit more, I'm gonna make up all of my FRC loss and then even some. um, crushing it today, crushing it today. everything's up up 265 on I IEP and I'm up 33 on Pac w dude, things are working. Today is the day of Matt Today is the day of Matt uh, where fuck me and yet I dropped my pen So even on the day, that's my day I still lose my pen I Still lose my pen As we're trying to talk about some important stuff here, where are we at? Uh, and yes, since Jeffrey's lures in retail through his research on Iep's safe dividend while selling billions in IEP units via its banking arms to support the dividend, Icon and Jeffries have a long history.

In 2011, Icon bought many Jeffrey bonds billing out the firm, which was believed to have much of its cash tied up in illiquid sovereign debt. So basically One hand washes the other back in 2011 Carl Icahn did Jeffrey's this like a solid and save them and now they're always just going to be very positive in terms of their analysis. At Handler's invitation, Icon later it served as keynote speaker at a Jeffrey's conference. the Cus icon why he invested in Jeffries when everyone else was balancing I Guess that what shows faith in our great company? Adding to the evidence of Iep's unsustainability, we estimate Iep's last reported indicative nav of 5.6 Billy is inflated by at