Foreign, Foreign foreign foreign. Welcome back to another episode of The Mad Core Show I'm so excited we could all be here together to talk about the craziness in the world. Before we get going, let's see some Goonies flying in. Chat man! I'm so excited to be here! What a big big show we have in store for you! Of course we're going to be talking about the overall Market but we have to get into some political stuff as it does impact the world, the markets we're going to be talking about Trump and apparently how some of his besties are no longer as besties and stabbed them in the back. So we're going to be getting into that first. Then we're going to be getting into the newest updates with the FTX debacle. We got some leaked DMS for you and some updates related to block by Genesis Circle Uh, Gemini We're going to be talking about all that and then we have to get into some of the macroeconomic reports our friends across the pond. They gave us their inflation and it's not pretty. We're going to be talking about that. We're going to be talking about the strength of retail sales where we see the market going in the short term, and then we're going to do a very, very quick recap of some of the earnings such as whatever Target which did very, very poorly. We're going to get into lows and then Nvidia literally just before this dropped earnings so we'll be getting into that and then I Want to talk a little bit about how Magic the Gathering I Know this might seem a little crazy, but uh, might be on a very negative business trajectory. So we're going to be getting into a lot of fun stuff. The sponsor today's stream is attendees. it is pinned to the top the chat it's in the description of the video, free market data, free social sentiment analysis. They're coming out with an earnings calculator or excuse me, an earnings calendar, an options calculator, and free research. We'll be talking about them more. a little bit into the show into the top of chat in the description of the video. Show them a little bit of love because you know every Friday we give away a thousand dollars and that's all because of Tandy So you got to be a Pendy's user to be able to get the thousand dollars. So make sure you're signing up. now. get it, it's 100 free, No credit card or anything like that and then also obviously be here on Friday early in the morning when we're giving away another one thousand dollars as we do on every single pay day price. Friday I Don't want to get it too all far off of like what we have to talk about here. um but you guys like the new lighting I tried a different vibe and I was watching some stuff about how a gift I have a hair light and then I I moved some things around a little bit and I think what I might do is take this bookshelf and move it over there and then put our astronaut on top Anyway, think about it and let me know your opinions. At the end of today's show of the Mac Cores show and with all that covered, let's get ready to rock! Goonies Let's ride S P 500 closes lower after Target's warning drags on retail stocks NASDAQ Falls 1.5 Not the best day in the market, but honestly not the worst day either. Kind of a mixed bag scenario. It kind of looks like Christmas Apparently the stock market forgot that we still have to go through Thanksgiving which is next week for any of you who might have been like me and completely forgot that it is a week away. essentially a week in a day. But uh, I guess we're looking a little bit more. Christmassy So that's a look at the S P 500 and then this is a look at Crypto right now. Uh, things have actually stabilized given the craziness in the crypto sector right now. I Have to fully admit I am beyond impressed I guess is the best word with how much crypto is holding on right now, so we're going to be getting into more of that. But once again, Crypto stocks mixed bag scenario. Technically, the overall markets today were a red day, but we just didn't really go anywhere. We did a really, really good job of going nowhere, which is basically the same thing that happens when my parents tried to explain to me the poor decisions I'm making with my life. Are they saying something? Yes. Am I necessarily listening? Yeah, probably not. So we're you get what? I'm trying to say, Not necessarily going anywhere. Oh no. The screen. Well, you guys didn't miss much. You just missed colorful graphs I Don't know what happened there. Everyone's yelling at me. Chill, Chill. chill, chill. Um. I'm gonna try a little tactic here that I only use on my completely real girlfriend. but uh. you guys should calm down I don't Why don't we just calm down a little bit. Why doesn't it? Why just chill, chill, chill. Good thing: I Start off the slow with a nice show with a nice slow build up. so events like this aren't going to completely ruin your entire life. You just missed a colorful red and green graph with the S P 500 and you miss one right here with Crypto. but I'm showing it anyway. Just calm down. Chill. Chill. It's all right Team Goonies I'm on your side. Remember that I'm I'm here on your side. It's gonna be all good. Obviously, Clearly, out of all days, this is a day where I think we need to kind of re-center our souls. and I'm going to give you some things that maybe you missed in the news today before we get into a little bit of the heavier political stock market crypto type of updates. So baby crocodiles sound like they're shooting laser guns and it's the best thing ever. So when I saw this I didn't believe it and I'm happy it re-popped up on my Twitter timeline because I still kind of don't believe it. but this is what baby Crocs sound like what? hi? they sound like they're in Star Wars or something little laser memes. They actually seem kind of cuddly. I'm not gonna lie, you could. and hey, now you know that baby crocodiles sound like they have lasers in them. So that's number one. But as always, we gotta do. Three woman who married a ragdoll claims the relationship is hanging on a thread after he cheated by texting another woman. Well, that's just tough. That's just I mean the current state of dating and relationships and handling significant others. It's a tough world out there. and then all of a sudden maybe you go with the safer option of kind of shacking up with a ragdoll. and I get that I understand that you think it's it's a safe emotional investment and then this really just shows you the world of dating. It's even rough in the world of ragdolls. even they're gonna cheat on you. It's a tough one. It's a tough one out there. And then this leads to our third crazy story of the day and this absolute gangster of a human being in China a 50 year old man named Uncle Chen completed a 26 mile long marathon in less than three and a half hours, all while chain smoking a pack of cigarettes on the way round. This is the epitome of Health This is something many of us watching this just wish we could one day aspire to. This guy has the cardiovascular system of a cheetah mixed with Chuck Norris and just the the Suave the Genesee quoi of James Bond with a little bit of a peppering of Usain Bolt in there. This guy crushed a marathon while ripping some Stokes the entire time. So cool. People are impressive I Love it. just shows me. Humanity will never, ever disappoint. Just think about it this way, if humanity is getting a little down, if you have questions about your fellow human, you're just not looking on the internet for as many hours a day as I am because there are some absolute masterpieces of humans out there. so those are the three stories I have for you. just in case you didn't catch it, because maybe you have a real normal life unlike me and don't dedicate all of your waking hours to being on these little internet boxes in front of us. but I thought you would enjoy them. Now let's get into it. The big news of yesterday in the political scene was this: Trump announced his third bid for White House in order to make America great and glorious again I am tonight announcing my candidacy for President of the United States He burst out so many incredible friends and family here tonight. It's such a beautiful thing. It's some people say how do you speak before so many people all the time If when there's love in the room, it's really easy. If you want to know, you ought to try it. Sometime together we will be taking on the most corrupt forces and entrenched interests imaginable. Our country is in a horrible State We're in grave trouble. This is not a task for a politician or a conventional candidate. This is a task for a great movement that embodies the courage, confidence, and the spirit of the American people. This is a movement. This is not for any one individual. There's a job for tens of millions of proud people working together from all across the land and from all walks of life, young and old, black and white, Hispanic and Asian many of whom we have brought together for the very very first time. If you look at the numbers, if you look at what's happened with Hispanic with African-American with Asian and just look at what's happening, this is a party that has become much bigger, much stronger, much more powerful. Can do much more good for our country. that was the president Trump being a short time ago. hang on. Let me pause that really quickly. So he is now third bid for the White House um I Have to admit on a personal note, I was kind of surprised with the additional play out we saw from that today. Um, obviously paying attention to the midterm elections, it's safe to say that it was a lackluster performance for the Republicans So kind of an interesting timing and whatever. Eventually, if you're gonna run, you have to announce that you're running. But what I found interesting is what quickly followed. And if you were listening to the Prelude of today's show, you know that I said some of his besties stabbed him in the back. This is pretty much like the Red Wedding but in Trump's world Pence says I think we'll have better choices than Trump in 2024. Bestie Boom knife in the back I Want to find a quote from them right here? Uh, he was basically uh, shoot, I have this highlighted but Pence it was basically a little bit more. We need more seriousness, less noise, and leaders who are looking forward not uh, staring in the rear view mirror claiming victimhood and then it went on. Obviously feel free to like dive into this more. but yeah I saw that I was like dude, you're bestie stabbed you in the back but he wasn't the only one. It was a tough day to be I guess Trump because he had two more besties who stabbed him in the back. So you have right here Griffin to three-time Loser Trump Step aside for the Santas Citadel's billionaire founder Ken Griffin called Donald Trump a three-time loser like with the shape of an L on his forehead and said that he hoped the former president would see the writing on the wall and not run for the White House again, making way for Florida Governor Ron DeSantis I'd like to thank the Republican party is ready to move on from somebody who has been for this party a three-time loser setting. Trump's 2020 defeat the loss of Georgia Senate seats in 2021 and this year's midterms DeSantis who Griffin has financially backed is going to run on a record of just unbelievable accomplishment. Now this is his second bestie who stabbed him in the back because in the last election Griffin gave him a lot of money for his campaign the last presidential run. but with this one I Want to add a little bit of asterisk here. A little bit of a caveat because this guy Ken Griffin owner and operator of Citadel Citadel Securities very well known, very powerful in the world of Wall Street just moved his business from Chicago to Miami and whether he actually likes the scientist dislikes some likes Trump dislikes Trump To me, this seems like a business play because he just moved his entire multi-billion Dollar business to a state and that is the current Governor of Send State DeSantis So obviously he's just saying. well I should probably be nice to this guy because he'll make my life hell if I'm not. It would be really awkward to move your entire business to Florida and then say no I don't like this guy I prefer Trump So like I said, he might like him, he might unlock him. But I would bet an extraordinary amount of money that this is exclusively a business play. So that's number two of the besties that stabbed him in the back. Number three is another very, very rich individual. Trump Ally Billionaire GOP Mega Donor not like a Megalodon but kind of sort of Ronald Lauder Won't back Trump's 2024 run for president. Now the other two were they actually as besties. No. Pence was picked for certain reasons. um Ken Griffin's doing it for business. This guy was actually his friend. uh, he is the heir to the Estee Lauder Fortune uh known Trump since college and the two have been close for years. Uh, this was actually a friend who like legit stabbed him in the back though his spokesperson did not say who Lotter would support in 2024 Florida campaign Finance Record show: the billionaire businessman donated 10 000 last year to a political action committee supporting the Florida governor. Ron DeSantis successful re-election campaign So Trump's I guess announcement the day after I mean was there some dark clouds around it and I want to talk about this at the end of the show? Feel free to comment it now. Maybe you want to comment it under the actual show opposed to the live comments but with this uh, if you identify as Republican and I'm not telling you you should or you shouldn't be. But if you are Republican out of my own morbid curiosity, who do you like more? who would you prefer is present Trump or DeSantis If those were your two options, who would you vote for? Uh, and we could Circle back to that later on or just comment it now. but uh, kind of an interesting fracturing in the world of the Republicans or the GOP. As of now, another story from yesterday was some missiles that were supposed to be between Russia and Ukraine. Well somehow they ended up in Poland Poland says a Russian-made missile fell inside their country, killing two according to the AP. This was posted yesterday and in yesterday's show I Talked about man. Maybe we should pump the brakes on this one I Get it. In the world of content creation, it is fun to be the first person because you get more likes, you get more views and you feel like yeah, you won congratulations, you were first I Get it. I'm there. I'm a content creator myself. Yes, professionally. I scream at this camera for a living. but when it comes to certain things such as maybe piling on to the thing that might prompt World War III when we don't need World War III I Feel as if maybe some of these things should be double triple quadruple fact before they go out into the world and we spent a lot of time yesterday. Speaking of exactly that, well fast forward not even 12 hours and U.S says missile that hit Poland was fired by Ukrainian forces at incoming Russian missile. So this was like an air defense system and I guess it there was an errant missile and it missed the missile it was supposed to hit from Ukraine It got shot out from their defense system and ended up Landing in Poland. And yes, there were casualties. Unfortunately, two people lost their life. but even with this, Poland says missile strike near Ukraine border was likely an accident caused by misfying Ukrainian air defense. So not. This was nine hours ago, so kind of in the middle of the night or early this morning. but in the middle of the night this is where all this information was coming out and this kind of comes back to like this type of a thing like this is the actual impact here. Uh, looks like a tractor got completely flipped over. Yes, two lives were lost. It's a sad thing, it was an errant missile. but still, the amount of people who were so willing to say Russia did this Russia did this Russia did this. It blows my mind because like do they know that like dude, you're you're knocking on the door of WW Trace Like let's chill and make sure this type of reporting is right before throwing things out to the world because what if it was wrong and then yet so many people piled into it that it took a very negative turn. Fortunately, it didn't take said negative term, but man oh man, and even then it doesn't stop. Crazy headlines NATO says Russia is ultimately to blame for Poland Missile Hit Moscow denies striking Kiev in the latest attack so it's always this back and forth and be like, well, our missile wouldn't have missed if you didn't send missiles at us and like it's just a debacle, like it's pure chaos and it's probably the second thing of today's show that makes you think what in Tarnation is going on and as you're gonna see, that's the major theme of today. What in tarnations going on with the Republicans What in tarnations going on with Russia and Ukraine and Poland and our other politicians in this, and as you're about to find out in one quick second, what Incarnation is going on with FTX because it seems like the recent guy at the helm of that ship was an actual sociopath. But before we get into that, a very quick shout out to today's stream sponsor: I'm talking about Teddies. It's pinned to the top of chat. it's in the description of the video. Click on the link download It is 100 free to make an account so you get free options for there's many services out there that charge you some of them a very expensive monthly fee. You also get earnings calendars. They're about to come out with their options calculator. You get free research. They have a feed that can be curated to what is in your brokerage. This is nothing to do with pain. This is 100 free pinned to the top of chat in the description of the video. Check it out, especially if you want to be a part of payday Friday where we give away a thousand dollars every single. Friday The main thing you have to do to be eligible is just be on attendees. It's incredibly easy once again, pin to the top of chat in the description of the video. Shout out to attendees for sponsoring today's episode of the Matt Core Show And now that we got that out of the way number Three in today's what in tarnation scenario Sam Bateman Freed admits FTX got overconfident and careless ahead of collapse. Well no Sherlock this is honestly the main thing I Need to update you with with Sam Bakeman Freed as we see his entire brain devolve. Or maybe a better way to put that is be expressed to the world of how much of a fraudulent, socio-crazy person he is. sociopathic crazy person he is. So this all started on November 13th when he tweeted what and then he was doing letter by letter and remember this date is important because we already knew FTX was blowing up at that point. So imagine being at all invested in this and then the dude who you're like hoping might give you a little bit of a Lifeline is like seemingly troll the world and then he kept going and I've uh, he's taking forever to do all this. but I want to give you the most recent update. So uh, yesterday it ended with cleanup and focus on transparency and my main takeaway from that was he doesn't believe he did anything wrong. And now the newest updates a few weeks ago FTX was handling 10 billion a day of volume and billions of transfers. but there was too much leverage. More than I Realized a run on the bank in the market crash exhausted liquidity. So what can I try to do? raise liquidity, make customers holes and restart? Now is what he's saying right? Yes, it is. but also you could explain a part of the picture and still be missing a whole heck of a lot of the picture. And the piece of a picture that I feel like he's missing. Here is the fact that he took customers funds with a bad asset as collateral to try to trade himself out of a hole. and then he made the hole even bigger. That's insane. Especially let me say this. Okay, imagine you were playing poker and you're FTX and apparently there's another poker player Alameda And then there's everyone else at the table and that represents crypto or crypto related to FTX every FTX user. What was going on here was because FTX ran the poker table like and then Alameda was allegedly just a user at the table Alameda lost money and not only did it lose money, but it lost money when it was in quote unquote god mode. it knew what everyone else was doing because it had information from The Exchange So it's looking at all the players cards and it still ended up losing and you might be thinking wow, that's stupid. That's a pretty crazy story, but the insane thing is the story didn't end there. To keep this analogy going, not only did Alameda see everyone else's cards and still lose that poker, it then after losing, started using the other players funds to try to trade out if it's losing whole and then lost even more. That's how Wild of a situation this was. and then this guy is just like ah man. Bank Run you hate when that happens. like what a turd. Anyway, maybe I'll fail. Maybe I won't get anything more for customers than what's already there. I've certainly failed before. You all know that now all too well, but all I can do is try I failed enough for the month and part of me thinks I might get somewhere. This guy's just crazy and then he's talking about it like liquid. They were down 8 billion semi-liquid they were up 5.5 illiquid up 3.5 so he thinks they're still net head by one billion and it ends up with truth and Beauty This guy, dude, he must just have like in an unearthly drug dealer because this is absolutely clinically insane I was on the cover of every magazine and FTX was the darling of Silicon Valley We got overconfident and careless. That was four hours ago and that's what the headline on the article was and problems were: Brewing larger than I realized Leverage built up 5 billion of Leverage backed by 20 billion of assets were there. Well, they had value FTF had value in Eevee but they had risk FTF only had the value that they and by they I mean FDX made up out of thin air and it just keeps going and right here. Let's just what the most recent update is. Roughly 25 of customer assets were withdrawn each day. 4 billion. As it turns out, I was wrong. Leverage wasn't 5 billion, it was 13 billion, 13 billion total run out of the bank, total collapse, and asset value all at once. which is why you don't want that Leverage shrapnel duh like he. He's saying these things as if he's just like sharing a negative case study with the rest of the world that no one knew about the that happened. This is not specific to Crypto I Want to make that explicitly clear? This is not specific to Crypto. What he did would have been fraudulent. A hundred years ago, this guy running an exchange and then running a hedge fund took money from clients on the exchange and used it at his hedge fund. That you can take Crypto out of this equation and still see how absolutely horrific this was. Imagine if there was a hedge fund that also owned the New York Stock Exchange and then they're like we're taking all the money on the New York Stock Exchange We're going to do our own trading and hey, hopefully our clients don't want to take that money out anytime soon. That's what's going on. Like you can literally take Crypto out of this whole situation and still realize the pitfalls of what went down. And obviously I'm not a lawyer, but this really appears to be horrific fraud. Absolutely horrific fraud And you might be thinking to yourself, well good thing he stopped there. That would be hilarious. If he did, it would almost be smart. It would almost be as if he asked his two Stanford lawyer parents if he should keep tweeting and they're like nah, that's probably not smart because it looks like the US government is going to probe your ass. But no, no no no no no Um, they didn't give him that advice and this guy kept letting it rip and he was just dming many many people. I Believe this batch is from Vox so FTX technically wasn't gambling with their money FTX had just loaned their money to Alameda who had gambled with their money and lost him and you didn't realize it was a big deal because you didn't realize how much money it was and also thought Alameda had enough collateral to reasonably cover it. We had enough collateral. Like what's the issue here? The dude is literally straight up admitting that they took clients funds now I get it in the world. Like today, it was breaking that like Tom Brady is part of a class action lawsuit and they should have known him blah blah blah. What do you mean We should have known Four people knew Sam Begman freed noon Ellison New Singh New Wang new The rest of FDX didn't know this is straight up fraud. This is not something that like Oh if only Tom Brady in the NFL and YouTubers and this guy and that guy just did a little bit more. DD This is not something that would have ever presented itself in any form of research because it was already straight up illegal When you are an FTX Us and you sign the term. The terms, whatever it is, when you're getting on The Brokerage The Exchange I Mean you're literally. It says it like it's right there that they're not going to be using client funds for this like it was already illegal. You can look at the terms of service. it's absolutely insane I get how you could have gotten away with it? but I guess that seems sketchy. Even if you get away with it, it was never the intention. Sometimes life creeps up on you and it just gets worse and worse. You were really good at talking about ethics. This was the guy who donated a lot of money to uh Rona research and this and that. Uh, he was a massive. He donated 38 39 million dollars to Democrats in the last midterm election and even more when we were talking about um, like the years prior, you were really good about talking about ethics. For someone who kind of saw it all as a game with winners and losers. yeah, he he I had to be. It's what reputations are made of to some extent. I Feel bad for those who got F by it by this dumb game we woke westerners play where we say all the right shebilis, uh principles Customs blah blah and so Everyone likes us. You know that final sentence DM whatever the hell it was. Um, that's kind of true. like as a Westerner with money like that's what our society is pressuring uh, these Elites to do and I'm not saying it's right I'm also not saying it's wrong, but like, uh, like oddly true commentary from a guy who's like losing his mind. and I agree with porno here. He's right about that last line. Yeah, like it is like the Woke westerners. Um, this is what you have to do. Like that's what reputation is based on Once again. I'm not saying it's right or wrong. I'm just saying it is a take on our current Society You said a lot of stuff about how you wanted to make regulations, just good ones. Was that pretty much just PR2 There's no one really out there making sure good things happen and bad things don't. Usually there's only one toggle. Do more. Do less. Yeah, just PR F Regulators They make everything worse. They don't protect customers at all. Now those are the three I Wanted to share with you and what I want to say about these three is allegedly this was a DM conversation between Sam Bateman Freed and the News Outlet Vox Um, but could these have been all fictitiously made? Yes that is possible. So I want to put a big asterisk here of it's not like the Vox person was like yeah yeah, this is totally true. like I mean it's so easy to edit the CSS on a web page and make the messages say whatever you want. So I just want to throw that out there. but what is very very real? Because it's not just a screenshot or the recent tweets from Ftx's account and uh, statement from John Ray the Chief restructuring officer and CEO of FTX because remember Bakeman Free just got kicked out Well anyway Mr Bateman Freed has no ongoing role at FTX FTX Us or Alameda research and does not speak on behalf of their company. So two hours ago we have the previous year and the current crazy narcissist sociopath popping off losing his mind to the extent that they had to tweet from their own account that they no longer speak on their behalf like how insane is that Absolutely insane Now I know a lot of you have listened to this story that's been developing in hyperdynamic and changing day in and day out over the past really week and a half Now are probably thinking how is that dude not arrested I mean honestly how many of you view in chat right now are thinking to yourself, how is this guy not behind bars like we're talking Enron Level: We're talking Madoff Level: We're talking the original Ponzi scheme dude level and he's not arrested Well I agree with you I 100 Agree with you It seems absolutely insane, but we might be getting somewhere house lawmakers call Sam Bakeman Freed other Executives to testify at the hearing on FTX collapse. So yesterday it was just rumors that they were going to try to get some sort of transportation from the Bahamas back to the U.S But yeah it seems not only is it going to be involved with the house, but also even the Senate FTX Bank been free to face Congressional scrutiny over collapse house, Senate to hold hearings in December on FTX So that's going to be happening pretty pretty soon, probably about a month out. But yes, a House Company a senate committee. they all want to know what in the world win down. and in the meantime, very serious things are happening because this crypto contagion related to FTX is continuing to spread. Gemini blacklight Genesis Announcing new restrictions as FTX contagion spreads. What do you mean by new restrictions? Basically, they're doing the thing that all these other crypto guys do before they officially blow up. So Block Fi a couple days ago they're saying whoa, whoa whoa We're going to like, kind of put a pause on things and then just now Crypto lender Block Fight plans, bankruptcy filing within days in FTX Fallout So it looks like they're done. So Genesis this morning Genesis Crypto lending unit pauses custom withdrawals amid FTX collapse. And if you don't know anything about Genesis they're very much related to Gemini because they're the people who run the Earn program. And then we got this from Gemini Today we are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days. The contangent is spreading now. it might seem all sad and everything but a little bit of positive news. Binance CEO Says Crypto will be fine and announces Industry Recovery Fun! So a little bit of positive news. and I have to admit I actually agree with CZ here. I I Think that the crypto world and the crypto industry are two distinct things and what I was saying even earlier today when I was doing the Yahoo finance uh, interview about the situation I Read this quote that I really really liked I really liked it of this was an old-fashioned business I.E Hedge fund and an exchange and it was doing old-fashioned fraud. So do I think Crypto survives? Yes, and the reason I think Crypto survives is because of. Let's just argue, a basic economic value of businesses do well when they provide value that customers want customers. In this scenario, I Believe no longer Trust Banks I Mean let's think about just normal. Banks They've blown up before, but even the pain in the ass of they're closed at night, they're closed on the weekend, they're closed for every single government holiday. That's not a good business model. Let's think of Crypto Banks Genesis right now blowing up like even this, there's Bank runs. And then let's think of central banks, the people who have hyper, undisciplined monetary and fiscal policy. and they're asking you to put your life savings in a Fiat currency that is forever inflating. Which means it's basically being devalued. So to mean crypto, particularly Bitcoin has a strong business argument, the fact that people don't trust traditional crypto or central banks, and also just the fact of the way things are running now because of our central banks. Who wants to put their money in a dollar that's losing its value, your hard-earned money. You dedicated your time to working and earning just to hold on to it. and it gets worse and worse and worse because it's deflating. So for me, in the long run, and maybe I'm right, maybe I'm wrong. but in the long run, I Still very much believe in people's desire for crypto particularly Bitcoin And that's even without discussing how many people on this planet right now have no connection to any banking system, and Crypto would be the easiest for them once again, specifically Bitcoin On to our next what in the Tarnation story and this one is our boy: Elon Elon Musk Is he plans to find a new leader for Twitter You might be thinking what? Elon Musk says in court that he doesn't want to be the CEO of any company and tries to walk back SEC insults. So he said he might be stepping down from Twitter and Tesla am I saying that this announcement is going to come tomorrow? No, but I am saying it doesn't seem like his life goal is to be there in like a decade or two. Musk said he does not want to be the CEO of Tesla and never wanted to be the CEO of any company. While confirming his leadership of Twitter is only temporary. He also clarified his view of the SEC which he's insulted in the past. He just didn't insult them. In the past, he trolled them at any aspect he possibly could. So in terms of the CEO of really Twitter here, Musk also confirmed that the arrangement at Twitter is temporary I Expect to reduce my time at Twitter and find someone else to run Twitter over time he added. And then in terms of the whole SEC thing, attorneys for the plaintiffs asked whether it was a good idea for must to strike a combative attitude towards regulators and specifically ask them about the prior insults. He lobbed at the SEC on top of it like I don't know how much he actually believes this because like just yesterday, he was arguing with senators and Congress people and they were getting like really serious and pissed off in general. I Think the mission of the SEC is good, but the question is whether the mission is being executed well. In some cases. I think it is not. The SEC fails to investigate things that they should and places far too much attention on things that are not relevant. The recent FTX thing I think is an example for that. Why was there no attention given to FDX Investors lost billions? Yet the SEC continues to how many. Despite shareholders being greatly rewarded, this makes no sense I Have to admit, there are some pretty solid reasoning in there. Definitely some solid reasoning Elon Musk Set a midnight email telling Twitter staff to come commit to an extremely hardcore quote-unquote work schedule or get laid off with three months and you might be thinking okay, like boohoo, all these like software Bros these Silicon Valley Bros Like now that they finally have to work, Uh, like they're complaining. Well, he was asking for 80 hours I Know there's many of you probably listening right now that work 80 hours, maybe even more I Know it's fully possible I Mean Evalon himself is alleged to work like 100 110 hours a week? Um, but in general I just wanted to clarify that like it wasn't like he was just saying hey, like be here nine to five I think there is a worthwhile distinction Um, but another interesting thing that like came out of all this is not only work harder and he said basically, if you don't like your resignation like cool like emailed to me like you don't have to stay here by any means. um from there other people maybe you've heard about it were like talking about like how they didn't want to go back into the office and he's like you're definitely coming to the office like, but we don't want to and they're like, well, okay, then you can also resign. Um, some interesting facts about that. Elon Musk says free employee lunches at Twitter HQ were costing more than 400 per meal because almost no one was in the office I Didn't realize how many people weren't showing up to the office. He said badging. records at the San Francisco office showed in average occupancy below 10. 1 in 10 people were using the office and thus just the metrics that we're getting from. It is like if they're always giving free lunch just you're over ordering on food. but that's wild. A former Twitter employee said spend on breakfast and lunch was 20 to 25 per person. Um, so with that many people just not showing up, yeah, obviously the cost is gonna go pretty high. Moving on to just some important macro economic updates. we're about to go through everything that happened today. We got retail sales. We got some reports from the UK and we also had from commentary from the FED members. those people who make uh, you know, decisions, massively impactful decisions as it relates to monetary policy. but just you know, you know for the remainder of the week, Uh, tomorrow Thursday more Fed members we get some information on housing and then on Friday uh, more Fed members and we get existing home sales. So are these important? Yes, Are they massively important? Uh, not too much in my opinion. So let's kick it off with our friends. across the pond, the United Kingdom CPI inflation jumps to 11.1 in October the highest since 1981. now we're talking over a four decade high for inflation in the UK. Fortunately here in the U.S Maybe for those of you who don't know, inflation's coming down in June we peaked at 9.1 Most recently, we came in at 7.7 Is that good? No, we're still essentially 4X where we should be. but at least we're trending in the right way. So a little bit of positivity there. We got retail sales an hour before the market opened. U.S October Retail sales rise 1.3 percent when the expectation was somewhere between 1 and 1.2 doesn't really matter. Came in stronger than expected. The market popped on this. uh, because a lot of people were wondering is like okay, do they still have money? are they still spending Yesterday we were discussing how credit cards usage, uh, particularly credit card debt I believe is that like a 15-year High according to Goldman or something like that. We were talking about it just yesterday, so we're getting various pieces of information that telling that are telling us the average consumer is still actively spending a lot of money. People are not yet into that, uh, scarcity hoarding mindset. So I am going to be like we're gonna talk about this. like when we get into the target thing I'm so thoroughly surprised that Target had such a massive Miss and it tells me that maybe something worse is going on with the company. But before we get into that, just to wrap up really, the announcements from today, the FED members Waller says he's open to a half Point rate hike in December. Just so you know, as of now there's an 85 chance of a 50 Bips a half of a percent rate like on December 14th. That's when we find out their decision from the Fomc meeting the Federal Open Market Committee meeting. it starts on the 13th, it concludes on the 14th and we specifically get the information at 2 pm. ET and then the chairman of the FED Uh, Gary Again or not, excuse me, that's the chairman of the SEC. The chairman of the FED is Powell so he will um be speaking at 2 30 and tell us a bunch of other stuff. But anyway, it is a ways out. so I Wouldn't say it like this number can dramatically change between now and then just so everyone knows. um but I Just wanted to say the number is getting higher as more and more fed members are bringing up the fact that they're like yeah, 50 Bibs is probably what we're going to be doing. For those of you who don't know, the past four now have been 75 Pips So a more aggressive fan which what that means is more downward pressure on the economy and that pushes stock market also down. Everyone's excited for the FED to be a little bit more dovish as in pushing down less because most likely that will be met with a stock market and economic pop, but obviously time will tell now. getting into the earnings. So early this morning we had Target and Lowe's we just had a video. we'll be getting into those numbers just so you know tomorrow. Alibaba Macy Coles in the morning and then after the market closes Gap if you want to pay attention to those and then on Friday we have Foot, Locker and JD but the ones from this morning Lowe's Uh, as soon as this page loads Are you guys seeing all white? I'm seeing all white Low says it's not seeing negative impact of inflation on sales profit, top expectations. So the top and the bottom line just both be the earnings per share and the revenue. Uh, kind of go in the way of Home Depot Both beat. So that was a big success. Uh, one that was the exact opposite was Target Target shrinks shares shrink 25 after company says high cost inventory woes hit profits now they missed. Uh, it was actually a mixed bag. so their earnings per share was 219 when they were expecting 307. but they did beat on Revenue so it was a mixed bag. but the earnings per share was so bad and their commentary about inventory made people very very concerned. So with Target why I'm more deeply concerned. Well I don't know if I could really say deeply concerned just because it did fall 25, it lost a quarter of its value which is billions of dollars. So the market I would have to say like is maybe like quickly pricing this in, but we're in a scenario. We had retail sales they reported this morning higher than expected. So retail is strong, that consumer segment is spending money, and they're actively spending money and then even competitors like Walmart they're like no, uh, we're actually crushing it in terms of our inventory. Everything's going swimmingly right now. So a competitor is doing well in an environment that the retail sector is still strong and they need Target completely fumbles the situation and then an economic environment and a relative comparison where they should be doing well. So I mean I said it on here I was like Walmart beat. Why would Target not beat? That was my thesis, but the fact that not only did they miss a Miss on this much I hope we don't have to, but it makes me feel like we might be coming back to this video in the future when Target like something else bad comes out about it because this is a complete complete mess up. You know it's not a mess up, isn't video? Uh, let's actually see how it's doing in post market right now. Uh, it's up 1.26 I'll just show you a little bit of post market so volatility to the earnings but now slightly green Nvidia Revenue Falls 17. But data center growth remains strong. so in terms of the earnings per share, it was 59 uh, which was a Miss relative to 69 and the revenue was 5.93 billion versus 5.77 So even though the earnings per share missed, but the revenue hit, you might be thinking whoa, whoa whoa why is NVIDIA green Target had the same situation but they're deeply red because remember, it's just not earnings per share. It's not just Revenue You want to look at those two things, but you have to hear what else they say, what's going on with the health of the business and when Target got into that, it seemed very unhealthy. but Nvidia gave some I Guess we'll call them Silver Linings Nvidia's gaming division reporting 1.57 billion in sales down almost a half 51 year of the Year Nvidia said it was selling less to retailers because they have more inventory than current demand. It said the macro economic conditions in addition to China's zero Rona policy are hurting consumer demand. Even with all of that in mind, Nvidia said that the reduced sales from the Gpus barred in China would be largely offset by its alternative products. So basically it's other business sectors are picking up the slack and on top of it. There were some other enthusiasm and that's actually exactly why. even though it was like a mixed bag scenario in Vetta Nvidia excuse me, is still green A little bit of a blast for the past. Anyone in here who used to play Magic the Gathering might be the downfall of Hasbro Hasbro is killing its Golden Goose by destroying the long-term value of Magic the Gathering um I remember when I was a young one I used to play this game I don't even know where my cards are now, but apparently from a business perspective might be the downfall of Hasbro Hasbro stock has more than 33 downside as it mismanages one of its top franchises Magic The Gathering card game Bank of America's downgrade is driven by Hasbro's overprinting of magic cards, which is destroying its long-term value and killing its Golden Goose So basically they're running down the value of rare cards by just putting more and more and more. We've spoken with several players collectors Distributors and local game stores and have become aware of growing frustration. The primary concern is that Hasbro has been over producing Magikars, which has propped up Hasbro's recent earnings results, but is destroying the long-term value of the brand. So basically they're taking a quick short-term gain and screwing themselves over in the long run. According to Bank of America, the oversupply of magic cards means car prices are falling, game stores are losing money, collectors are liquidating, and large retailers are cutting orders. Uh, I Just saw this article. Maybe a little bit more of a rarity for us to cover, but hey, looking at Hasbro I guess more. So if you are a fan of the game magic, the Gathering feel free to shoot me at DM I Would love to hear from you of like do you think Bank of America is spot on or do you think that they're overestimating what's going on with Hasbro and it's not really that bad I would love for you to shoot me a quick DM would love to chat about it and to wrap it all up Jim Simmons uh Ren Tech Fun virtually eliminated its 500 million Tesla stake last quarter and slashed its Twitter bet by 90. So whenever I say anything about him I love to cover it Uh, this guy NSA code breaker uh, mathematician at MIT and he was doing all this stuff and he's like, you know what? I'll start trading and he's a big algorithmic Trader he trades at a hedge fund called Rent Tech it's on Long Island somewhere and it's a group. it's it's. all he does is recruit genius PhD people it's like it's kind of cool because there's a lot of Mystique around it. It's almost like uh, as soon as people work there, they almost never leave. they almost never quit. They never ever talk about what they do. It's uh, like their own like little secret thing and they're very much like off from the edge of Wall Street Like I said like Long Island they don't really talk with other people. they don't really do public announcements. Um, but what's interesting is their returns are better than everyone's They crush it, which makes the mistake so much cooler. So that's exactly why when I hear about this dude I want to share it with you because like it's just not real. Uh, everyone in the world of Wall Street is trying for place number two because rent Tech is almost always number one. Rentech sold virtually all of its Tesla shares last quarter and slashed its Twitter stake by 90. The Quantitative Fund paired its Tesla position with a split adjusted 2.2 million shares valued at 504 million to only 1.4 000 shares. So they went from 2.2 million shares down to 1.4 000, which yeah, they sold everything there. Moreover, it cut its Twitter stake from 2.5 million shares to a quarter million 248 000 around 11 mil. so that dropped from 94 mil. Um, so just two stocks we commonly talk about like an actual Legend on Wall Street Uh, we talk about Tesla We talk about Twitter quite a bit, but in actual Legend dropped his position. but I do want to let you know something about it? Um, he's an active Trader So he's not like a hedge fund. that's like buying and investing like and he's just gonna like buy Tesla and hold it for a decade like Warren Buffett He's active so quarter over quarter he's like more of a swing Trader So maybe he's just like, oh, these are about to fall and maybe ends up picking him back up in like, potentially next quarter. That's totally possible I Just want to let you know a little bit about his style. Well, that's what I have for you in today's episode of the Matt Core show, but that's not over I Would love to answer any of your questions as I'm waiting for some of those to cycling. Don't forget to hit the like button and don't forget to subscribe if you're watching on YouTube subscribe if you're watching on Rumble subscribe If you're watching on the other one, go subscribe to that one. Thank you thank you thank you! It's just that type of stuff that if you turn your notifications on or I get served to you. We're just always battling with the algorithm overlords so I do appreciate the support and with all that out of the way, what's on your mind we need Matt for Governor of New York Dallas Only if you're my chief of staff, that's what we'll do it. Uh Matt did you tie-dye your shirt? uh no. someone else tie-dyed it I Just ordered it, got it embroidered with moon gang and now I wear it because it fits my body well because I'm thick hi Dad Fuzzy had too many trulies thanks Matt what's going on Jeremy I feel you Sensei I Learned that if I want to play uh just by the deck, it's cheaper could have donated it. Let's sell them off. Uh, no name Matt ever heard of PF Harry D Schultz Harry D Schultz PF Harry Like is that like if I say it enough am I saying a word that I shouldn't be saying I don't get that one or is it an actually person Harry D Schultz I Feel like this is like one of those games you play where you have to like say these words over and over until you know what you're talking about. Uh, gotta jump doctor just came in. Shout out Van Whiskey why so much vocal fry I don't know I'm probably talking too much I had to do a lot of talking today. my my voice is probably just tired. it's too much screaming in the mirror. Uh, what else do we have? Uh, looking jaundice in the new I'm looking jaundice. You think this has a yellow look? All right? Maybe I need to fix it a bit more. Yeah I think the temperature might be off I don't think I look yellow though. If anything I think I look pasty I think this light right here. It's a little bit too white for my northern European comb complexion, you know I don't know. we'll figure it all out. Anywho, that's what I have for you. Thank you thank you thank you On your way out, don't forget to hit the like button and do not forget to subscribe. We'll be talking later. Have a B-e-a beautiful evening.