So apparently, ken griffin, billionaire owner of citadel securities and also citadel the hedge fund, so market maker hedge fund player um, not the most like guy in the world of the apes. Well, apparently, he was speaking with bloomberg in an interview yesterday may 19th, and so many people told me i need to react to this like like so so many we're blowing this up and they're like dude. What is your take on our boy kenny here and what he said apparently about retail traders? Now i have yet to seen it. So i want to do a live reaction with all of you, because i think it's going to get a little bit spicy and then the the regulatory agenda for this year.

You know they dumped 700 pages of new regulations into the market, as my holiday present. For all of us in this room we got that present. Did you read at all? I have not read all of it. I have other things to do with my life, but i've read a lot of executive summaries that make me want to cry just saying: yeah regulations, as i'm literally the world's largest market maker.

I i have better things to do with my life. I don't care about those new regulations and it's it's a lot of regulation with with reasoning behind it that i don't understand. Like you often see regulations you go, i understand what they're trying to get at and and for much of this i don't understand what wrong they're trying to write or what information asymmetry they're trying to address, and so that's very worrisome to me because, honestly, if i Was a multi-billionaire, i wouldn't see any problems in the system either i'd be like. No, i think it's working perfectly like what are we trying to fix here? I'm rich, i'm a rich old white dude with like some of the most expensive houses on this planet.

I've been trying to buy a soccer team. I bought the constitution. I feel like the game's working well, the united states, with debt to gdp at roughly 130 percent with a wall of entitlements ahead of us washington in every dimension has got to be focused on grow. The damn economy, we grow the economy that will help on the inflation front that will help bring more people back into the workforce.

That will help us address the promises we've made to those who are going to retire and yet out of washington. The current the current rhetoric and action plan is about slowing down the ability for our country to move forward. I mean this idea that we're going to tax companies as being anti-inflationary is the most most absurd concept. I've ever heard of like we're going to tax our companies that need to invest in capex, invest in hiring people, invest in training their workforce, and all this will happen in smaller quantities, we're going to tax these companies and we think that's going to reduce inflation.

I mean like just go: take out a simple economics book for god's sake, so i really worry about where we are in the regulatory front right now, because we need to go the exact opposite direction. We need to encourage investment in capital and in people to grow. Our economy to meet the promises that we've made to the americans seems like he's just really complaining that he may be with new regulations, might not be making the billions and billions he previously made, and i feel like he's, taking a slight hand in like dig at The fight against payment for order flow, which is making him billions of dollars a year. What's the overall thinking on these retail investors, though, is it? Are they back? Here's a retail one? Is it something you mean the whole sort of meme phenomena that got gave in trouble gabe in trouble? I've been in trouble, your boy is an outlaw, was i late to spanish class quattro times and then that get me a detention? Yes, i know what it's like to be in trouble.

I think it's a little bit different when you blow up billions of dollars, it's probably a moment in time. You know we i mean replay the history. You've got these this enormous stimulus program from the federal government, sending checks to to tens of millions of american households and a fair number of those households did not need the cash they put into the stock market and and people were looking for connection, they were looking For somebody involved in you had to rise, the wall street bets and the whole reddit phenomena, and i don't want to say our stock market devolved into entertainment, but there was certainly an entertainment dimension that came into play. I awkwardly look at myself in the mirror: the stock market became entertainment.

Well, ken don't know if i could fully disagree with you on that, one with money that that was in some sense, just dropped out of the skies and people's wallets and and they took a run at the stock market and gamestop and amc and dozens of other Meme stocks i'd like to think it was a moment in time. So i'd like to think that's the case. I feel like this there's a lot of logical fallacies in this, so he's saying, because the stock market, which i would argue, is a living organism transformed into something else, he's not happy because it's not the market where he performed the best in something happened that he Wasn't a fan of, but anyone could say that at any evolution of the market i mean think about it. If you rewind to before the markets, went digital and the brokers were making whatever amount of money to pick up the calls from the clients and buy this sell this, and it was like more slow.

The brokers probably didn't like that was a big shift or a lot of other people like talk to iex they're, not going to say that the rise of high-frequency traders were good. The market, like i said, is a living organism and if you don't like the game, which is a continually evolving game, leave, no one is forcing you to be in it as long as we're playing within the rules of the game. That's the game. You can't like and moan about what it was last year, the game changes.

There's new players, there's new ideology, there's new methodology. So just because whatever is he right that tens of millions of americans got stimulus which he's probably referring to as free money and then they thought it was entertainment. Okay, yeah, that's true, but you can do that who gives a like that is allowed. That is not breaking any rules, it is not breaking any laws.

So why are you complaining about it because i know a lot of people who would be complaining about you and the rise, and i'm referring to ken griffin as a market maker. It's not how capital information works best and, frankly, a lot of it came from a place that i don't think it was very healthy which is like. Let's try to you know, take a firm like melbourne and put them into bankruptcy. Whoa whoa, whoa um.

The target was never at first, i hate when people argue that of the goal was not let's take down melvin. The goal was: let's save game, sob there's over a 100 short interest. How is that? Free and melvin happened to be a large player? Who was adding to that absurdly high short interest? The initial goal was save gamestop, not let's destroy melvin; no one even knew melvin's name. Everyone knew gamestop's name that once again, it's kind of a bit of a red-hairing argument like great, so you you basically help wipe out the pension plans of teachers.

Oh you, you did this guy really just say that a guy who is obviously a fixture of wall street, don't comment us of wiping out teachers. Pen did this face really just say that wiping out the pensions of teachers dude, you are the symbolism of wall street. Let's talk about 2008: let's talk about the tech bubble. Let's talk about the flash crash.

Don't come at retail traders who are on robin hood, wiping out teacher pensions, careful about throwing stones there, ken you feel good about that. It's like gabe's money that you're taking down you're, taking down the money for a pension plan that belongs to a teacher. So i don't. I don't think it was a very.

It wasn't a very good moment in american capital markets, history, but i think, get to replay history and go where were we as a country and people were locked up in their basements kind of losing their minds. This is a covert phenomenon. It's a code phenomenon. Have you been on wall street vets? Of course i have, and there are some great videos from trying to attack citadel.

I noticed that we always seem to stand in the end, but there's some really great orders filled such as such as everyone's going to google. Instead of listening to what you have to say, go google and have fun on wall street wow. Is it a coveted phenomena? Probably i think it was a perfect storm of many things coming together of people inside looking for a sense of community looking for a way to make money, it was a cultural wildfire. It was a perfect storm.

I don't disagree with that, but to somehow say that this short squeeze was an attack essentially against teachers. That's that's just ridiculous. What a way to spin it! I i'm just curious to like what the pr team was paid to come up with that line of how did he say that, with his straight face, imagine an ape out there saying i'm buying gamestop, because i hate teacher pension funds has nothing to do with this Company has nothing to do with wall street as nothing with me trying to make some money to see what's going on in this short squeeze thing as i'm learning about the market, i'm doing it because i hate teachers - i don't know about you, but i think a Lot of us did that. How did ken griffin know? How did he knew? We did that because i hated my spanish teacher in high school who told him.

I can't believe you guys you're letting all of our big secrets go.