Foreign hectic month week for you craziness. And I'm sure it's always crazy, but especially through the lens of crypto. And your Investments right now, what's going on in your mind? What's the last month been like? You know? it doesn't change my uh, investment thesis about the asset class at all. Nothing that has happened with the bankruptcies of all these firms, the allegations of fraud, all this stuff.

It doesn't change the promise of what crypto can be for the economy. And so it does change my investment thesis slightly in this sense. I've noticed during the volatility that you don't need to own more than six or seven positions to get the 99 percent of the volatility of the market. So I'm going to reduce the number of names that we own in our portfolio.

We're doing the analysis now. But what this means I'm not the only Institutional Investor doing this. This is probably the demise of 9 000 tokens over the next three years because the the proverbial and excuse my French when I say this shit coin is worthless. If there's if it has no utility, it has no apps built on it.

If it has no merit, there's no need to own it. And so there's no economic value. And so that does not mean that crypto itself and blockchain itself doesn't have economic value. It does.

But the extreme Euphoria has come to an end of this naison industry. and it will self-correct And the way I see it, self-correcting is a massive reduction in the number of tokens. That's completely fair right now. Obviously the economy is taking a little bit of a hit.

Decision made by the Fed So clearly there were Bubbles and things are kind of coming down to their core assets. The Main as you're saying you invest in almost like the blue Chip equivalent, but within the crypto industry. Obviously, it wasn't made any better by Sandbankment Freed and I've been listening to not only your uh you on the panel there, but also speeches and I do appreciate how you're saying before we have all the evidence. Let's not make judgments because that could be very, very bad.

On that note though, and I'm not going to say because obviously legally we don't want to say fraud or anything like that. It seems like you're kind of of the camp of let's just wait. let's see how all the dust settles, what would be your response. So to the generic I guess populist I guess Concern with all this Like obviously there's a lot of people who are angry you yourself Right now you're wondering where your money is and you're one of many other people trying to figure out what's going on.

So I know you've had recent discussions where you're like, okay, like I would invest in it again and even now I really like your opinion on with entrepreneurs. Hey, just because you fail once, that doesn't mean you're always going to fail. But what would you say to the people who are listening to this? Or just like, like a lot of my money is gone right now like what do I Do you wait? You wait for the facts. Being mad, being angry, making accusations has no merit and any value might make you feel better.

It's not going to get your money back. You know there's enough of us in this situation. and not just FTX there's plenty of other platforms that have gone bankrupt. There's a there's a process to pursue and reclaim assets and so you know I wish I wasn't involved in this obviously.

but I am. and as an investor um, you know and I'm I've got a long track right of doing this. I Don't let people pay a zero price for defrauding me like that. That doesn't happen it, it's it's part of my Lebanese Irish heritage.

There's a cost to doing that. and but I I use the the process of law. um I and I don't I don't know anything about this situation yet. all these accusations, all of this stuff.

there's a single fact yet that I can prove that anybody can prove to me because all the all the trading records are now somewhere on a server that I don't know where they are and so we need to get those. If it's true that someone was nefarious with my money, I'll find out where it is and I'll go get it. That's what I'm going to do and that's what I've done before and that's just the way I am and I'm very transparent about it. Um, but I don't know that yet and so my my whole attitude.

and I've said this countless times for everybody. anybody: I presume you're innocent until you're proven guilty. That is how I was brought up and that is the way I'm going to treat this situation like any other. However, if it turns out that that's not the case, um, well let's just see what happens.

That's the way. I look at it. One final question going off of that from the start of November until now I'm not sure if you've had any communication with Sam Bateman freed his parents, the company. Anything like that.

You're thinking about this in a very logical like Legal Financial businessman way and I don't think you've been asked this, but with the whole situation on an emotional level, do you Harbor any anger about seeing how this is all played out? I'm angry at myself. All right. Just like all of the institutions that got involved in this. I'm very fortunate that I never put any of my partner's money into this.

None of the LPS that I'm a fiduciary for in any of the funds that we're we're going to manage. Um, and the reason I did that was I felt conflicted as a paid spokesperson that I could and I'll tell you the one asset that that they were really when the U.S issued equity for FTX U.S I I Got countless calls from people that wanted to invest in that in that deal. the U.S FTX it 18 months ago that was the hottest deal on the street and I said no I can't do it I I can't I'm going to invest in it. but I can't bring you into this because I'll be completely conflicted.

You have to think of yourself as a fiduciary you got to do. You got to be compliant. First, you can't operate outside of the law or break any of the rules. Now today, the only person I can point to that I'm angry at is me I screwed up I made a bad investment I don't get it right all the time.

but I don't owe anybody anything and so it's on me and and you know it won't be my last mistake. I'm very fortunate I make more good Investments than bad ones. So this won't change what I do tomorrow morning. This won't change my investment in in crypto and my investment in entrepreneurs.

None of that's going to change. However, it's This chapter is not even chapter one for me on this deal. it's It's not even chapter one. it's I'm just reading the cover of the book right now.

so I've got a lot of work ahead of me here and I will allocate some of my time and and I will put some resources into it I bet you in three years I'll know exactly what happened. And and let the chips fall where they may. But let them let the chips fall where they may and you're gonna. This is not just an economic collapse, it's a human story.

This is a human story of massive magnitude. I Mean you think about it: 42 billion dollars of value was erased in a Saturday afternoon? That's a lot of money. Amazing Truly. Uh, one of the most insane Financial downfalls of the current ERA Yeah well.

I appreciate your time. Honestly, for you and the other creditors and people involved with FTX it's going to take some time, but I hope when the dust settles most people are made whole. but I appreciate your time. Thank you.

Highly unlikely but they'll get something back. That's probably it. All right. Thanks Thank you.