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Surprise Rate Cut Possible?📈Crypto Market Update · The Paul Barron Crypto Show

• 0:06
  Speaker 1: Things may be changing with the FED and could we
• 0:08
  Speaker 1: get a surprise rate cut today. We're going to break
• 0:10
  Speaker 1: it down for you. My name is Paul Barron. Welcome
• 0:12
  Speaker 1: back into tech path. Let's get going. I do want
• 0:14
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• 0:39
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• 0:49
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• 0:55
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• 0:56
  Speaker 1: So check out trustcapital dot com. Let's go over to
• 0:59
  Speaker 1: a couple of points I want to hit on first
• 1:02
  Speaker 1: and The biggest one right here, I think is the
• 1:04
  Speaker 1: bullish news that continues to roll out of Wall Street.
• 1:07
  Speaker 1: JP Morgan right now says US stocks have escaped a
• 1:10
  Speaker 1: black hole and have room to move a little bit higher.
• 1:13
  Speaker 1: And this is coming from a lot of analysts that
• 1:15
  Speaker 1: have already started to move in this direction. And I
• 1:18
  Speaker 1: think the real question is if we do get a
• 1:20
  Speaker 1: rate cut, is it a bad thing that could be
• 1:23
  Speaker 1: happening if Powell decides that and the Fed decide that
• 1:27
  Speaker 1: a rate cut is in order. Further into this, if
• 1:30
  Speaker 1: you look at where what's happening right now in terms
• 1:32
  Speaker 1: of investment, foreign investors are pouring money into the US stocks. Again,
• 1:36
  Speaker 1: equity funds have attracted almost a billion and a half
• 1:39
  Speaker 1: in that inflows over the past month and since February.
• 1:43
  Speaker 1: You look at that compared to European investors who've piled
• 1:46
  Speaker 1: back into US equities. And this, of course is even
• 1:50
  Speaker 1: during the trade war. So has this played out in
• 1:54
  Speaker 1: a benefit for Trump's policies? We'll see this is going
• 1:59
  Speaker 1: to be watching the data of this flow in the
• 2:02
  Speaker 1: next few months to determine how this is going to
• 2:04
  Speaker 1: play out. Let's go over to a clip real quick,
• 2:06
  Speaker 1: because This is Juran Powell talking about the framework and
• 2:10
  Speaker 1: the guides in which they're going to build around this. Now,
• 2:13
  Speaker 1: I don't know if this is reading between the lines
• 2:15
  Speaker 1: of what he's trying to put in here, but listen
• 2:17
  Speaker 1: to the clip and then we'll talk about it.
• 2:19
  Speaker 2: Take a look.
• 2:20
  Speaker 3: Keeping longer run inflation expectations anchored was a driving force
• 2:24
  Speaker 3: behind establishing the two percent target in the twenty twelve framework.
• 2:28
  Speaker 3: Maintaining that anchor was a major consideration behind the changes
• 2:31
  Speaker 3: in twenty twenty. Anchored expectations are critical to everything we do,
• 2:35
  Speaker 3: and we remain fully committed to the two percent target today.
• 2:39
  Speaker 3: In the current review, the Committee is engaged in discussions
• 2:42
  Speaker 3: about what we have learned from the experience of the
• 2:44
  Speaker 3: past five years. We planned a complete consideration of specific
• 2:48
  Speaker 3: changes to the consensus statement in coming months. We're paying
• 2:52
  Speaker 3: particular attention to the twenty twenty changes as we consider
• 2:55
  Speaker 3: discrete but important updates reflecting what we have learned about
• 2:58
  Speaker 3: the economy and the way the changes were interpreted by
• 3:01
  Speaker 3: the public. We may be entering a period of more
• 3:04
  Speaker 3: frequent and potentially more persistent supply shocks, a difficult challenge
• 3:07
  Speaker 3: for the economy and for central banks. While our policy
• 3:11
  Speaker 3: rate is currently well above the lower bound, in recent
• 3:14
  Speaker 3: decades we have cut the rate by about five hundred
• 3:16
  Speaker 3: basis points when the economy is in recession. Although getting
• 3:19
  Speaker 3: stuck at the lower bound is no longer the base case,
• 3:22
  Speaker 3: it is only prudent that the framework continue to address
• 3:24
  Speaker 3: that risk.
• 3:26
  Speaker 1: All right, So you can see that they're starting to,
• 3:29
  Speaker 1: at least in my opinion, starting to create some optics
• 3:31
  Speaker 1: around the potential of restructuring. How the FED is looking
• 3:36
  Speaker 1: at the current economy. Obviously their goal toward two percent
• 3:39
  Speaker 1: in terms of inflation, which seems to be happening right now. Now,
• 3:42
  Speaker 1: there's some other things that are playing into this when
• 3:45
  Speaker 1: you look at the pressure on not only banks but
• 3:48
  Speaker 1: the FED, and I think in general, how investments are
• 3:52
  Speaker 1: going forward. Here's Trump's administration preparing the biggest bank capital rollback.
• 3:57
  Speaker 2: This is since two thousand and eight.
• 3:58
  Speaker 1: If you guys remember two thousand and eight, that was
• 4:00
  Speaker 1: the savings loan debacle that happened, caused a massive economic
• 4:04
  Speaker 1: reset pretty much within the real estate market. A lot
• 4:07
  Speaker 1: of restrictions will put on banks.
• 4:09
  Speaker 2: If you look at what.
• 4:09
  Speaker 1: They're saying here, Trump administration is moving toward with a
• 4:13
  Speaker 1: sweeping plan to loosen the toughest capital requirements imposed on
• 4:16
  Speaker 1: US bank since the two thousand and eight financial collapse.
• 4:20
  Speaker 1: Penalizing banks for holding low risk assets like treasuries undermines
• 4:24
  Speaker 1: their ability to support market liquidity. So what he's getting
• 4:27
  Speaker 1: at here, and we'll get into this, what Pall is
• 4:30
  Speaker 1: saying is that the banks are too conservative right now
• 4:34
  Speaker 1: and if we don't get the banks active in the
• 4:35
  Speaker 1: market real estate loans, business loans, et cetera, starting to
• 4:39
  Speaker 1: risk market liquidity, that is a problem for economic growth.
• 4:43
  Speaker 1: That's the thing that, of course, the administration is trying
• 4:46
  Speaker 1: to stimulate going forward. Pale also signaled that we need
• 4:50
  Speaker 1: to work on treasury market structure, and this is part
• 4:53
  Speaker 1: of the answer that can be what he says, I
• 4:55
  Speaker 1: think reducing the calibration of the supplemental levery tratio.
• 5:00
  Speaker 2: So simply put, he's.
• 5:01
  Speaker 1: Looking at right now taking a concept around leverage against
• 5:06
  Speaker 1: where we are in terms of the market positions and
• 5:08
  Speaker 1: are and is the FED in a position where ratecut
• 5:12
  Speaker 1: could be coming in. So a lot of people are
• 5:14
  Speaker 1: critiquing this, and mainly they're looking at it is that
• 5:18
  Speaker 1: banks would be more exposed here. I don't know do
• 5:21
  Speaker 1: you guys think that banks, if they were to inject
• 5:24
  Speaker 1: back into the economy, that would obviously create more potential jobs, businesses,
• 5:31
  Speaker 1: real estate, loans, et cetera. If they injected back in
• 5:34
  Speaker 1: as opposed to setting back and just holding US treasuries,
• 5:38
  Speaker 1: how would that affect your life? Let me know in
• 5:40
  Speaker 1: the comments down below if you think that would be
• 5:41
  Speaker 1: a good thing for banks to continue on on the
• 5:44
  Speaker 1: conservative route or no, they need to get active in
• 5:46
  Speaker 1: the business if the grants relief on sovereign debt or
• 5:50
  Speaker 1: other countries might face all this calls to do the
• 5:53
  Speaker 1: same for Eurozone bonds and UK gilts. This could trigger
• 5:57
  Speaker 1: a new imbalance in the international system. And again that's
• 6:00
  Speaker 1: the point that I think the administration is trying to
• 6:02
  Speaker 1: get to, is that they're trying to balance what's happening
• 6:04
  Speaker 1: here in the US versus what's going on in Europe
• 6:08
  Speaker 1: in terms of potential of investment and growth in just
• 6:12
  Speaker 1: general growth like GDP, the COBEC is coming in with
• 6:16
  Speaker 1: right now the PPI inflation which is falling to two
• 6:19
  Speaker 1: point four. This was below the expectations, so pretty much
• 6:21
  Speaker 1: in line. This is more of a validator from the
• 6:24
  Speaker 1: previous print. We got last week on traditional inflation. The
• 6:28
  Speaker 1: key here is that everything is starting to slow down now.
• 6:31
  Speaker 1: Granted Palace said this, Minnie, analysts have said this is
• 6:34
  Speaker 1: that there may be a lagging effect here on these
• 6:38
  Speaker 1: tariffs because they were held in position that we might
• 6:41
  Speaker 1: see inflation bump a little bit on its next print
• 6:44
  Speaker 1: or two. So be on the lookout for that as
• 6:46
  Speaker 1: we start to see that play out. Now here's the
• 6:49
  Speaker 1: real question. Here's CNBC breaking down whether they should cut
• 6:53
  Speaker 1: or not cut.
• 6:53
  Speaker 2: Take a look.
• 6:55
  Speaker 4: You're talking April April second guitarists were announced, April ninth,
• 7:00
  Speaker 4: began to be implemented, then they were all changed again.
• 7:03
  Speaker 4: For the most part, companies have about a little more
• 7:06
  Speaker 4: than three and a half months of inventory on hand,
• 7:09
  Speaker 4: so the stuff that's being sold is probably largely pre
• 7:14
  Speaker 4: tariff inventory. Large So people in the markets want to
• 7:18
  Speaker 4: look at the data, want to see the impact. The
• 7:19
  Speaker 4: IMPACT's not going to show up for a few months.
• 7:21
  Speaker 5: What they were worried about suddenly they abandoned their growth concerns.
• 7:25
  Speaker 5: I mean, it just seems clear to me if the
• 7:28
  Speaker 5: inflation numbers are coming in a little bit weaker and
• 7:32
  Speaker 5: we're waiting for these growth effects, which are also lagged.
• 7:35
  Speaker 2: Don't you think growth effects are lagged too? Why not
• 7:38
  Speaker 2: preemptively do it? Absolutely, why not preemptively do it?
• 7:42
  Speaker 4: Because easy money is not a substitute for a shortage
• 7:48
  Speaker 4: of good And it may work out like you imagine
• 7:50
  Speaker 4: it workout. So it may work out like I'm forecasting.
• 7:53
  Speaker 4: The truth of the matter is, we don't know, and
• 7:56
  Speaker 4: we don't even know what the tariff rates are going
• 7:58
  Speaker 4: to be at this point because we're still in this
• 8:01
  Speaker 4: renegotiation phase. The unemployment rates four point two percent, which
• 8:05
  Speaker 4: is right on top of where the Fed things full
• 8:07
  Speaker 4: employment is an inflation is too high. And yes, April,
• 8:10
  Speaker 4: which is gonna be very noisy month, it is a
• 8:13
  Speaker 4: bit better than we thought, but it's too soon.
• 8:17
  Speaker 6: And I totally understand wanting to wait until all of
• 8:20
  Speaker 6: this passes through the economy and we can see exactly
• 8:23
  Speaker 6: what terris have done to the economy. But by the
• 8:25
  Speaker 6: time you wait, this is wait long term COVID. If
• 8:27
  Speaker 6: you just wait and wait and wait, you will be
• 8:29
  Speaker 6: too late.
• 8:31
  Speaker 2: Yeah.
• 8:31
  Speaker 1: Well, and you know that's the great name that mister
• 8:34
  Speaker 1: Trump has for mister Powell, and that is too late Powell,
• 8:36
  Speaker 1: And that may play out here. I would agree maybe
• 8:40
  Speaker 1: with the analyst on the CNBC side, is that it's
• 8:43
  Speaker 1: very clear that I think the at least when you
• 8:46
  Speaker 1: look of trying to skate to where the puck is
• 8:48
  Speaker 1: going to be, Palell is not necessarily doing that just yet.
• 8:52
  Speaker 1: And I think the market kind of sees this coming,
• 8:55
  Speaker 1: is that there is a little bit of an open
• 8:57
  Speaker 1: window here. And even Larry Fink talked about this, We're
• 8:59
  Speaker 1: going to have any days of volatility.
• 9:01
  Speaker 2: I agree with that.
• 9:02
  Speaker 1: And then after that, if the rate cuts are not
• 9:05
  Speaker 1: in position at least looming up to that, and pal
• 9:07
  Speaker 1: hasn't you know, possibly telegraphed that to a certain extent,
• 9:11
  Speaker 1: that's when I think we would see a problem in
• 9:13
  Speaker 1: the economy and that could.
• 9:15
  Speaker 2: Really spoil a crypto bull.
• 9:17
  Speaker 1: Run in the fall. So you guys need to think
• 9:19
  Speaker 1: about that. This is a very key thing right now.
• 9:22
  Speaker 1: One other thing I want to get to when you
• 9:24
  Speaker 1: look at markets is how many of the money managers
• 9:27
  Speaker 1: are responding to what's happening, and only crypto, but in
• 9:30
  Speaker 1: general even tech. Obviously, one of the biggest innovation funds
• 9:33
  Speaker 1: out there is the ARC Fund, and that's being led
• 9:36
  Speaker 1: by Kathy Wood her analysts. I should say the ARC
• 9:40
  Speaker 1: analysts now are saying that we predict big moves ahead
• 9:44
  Speaker 1: for both coinbase and Tesla, and I'll show you the
• 9:46
  Speaker 1: ARC fund here in a second. But if you look
• 9:48
  Speaker 1: at a couple of points here, Tesla, Palunteer, Coinbase, and
• 9:51
  Speaker 1: of course Shopify, those are the big ones that they're
• 9:53
  Speaker 1: banking on. And I'm going to show you guys their
• 9:56
  Speaker 1: position right now. Here's the roll up of these are
• 10:00
  Speaker 1: Tesla leading number one out of ten percent way, Coinbase
• 10:03
  Speaker 1: right behind it at seven point.
• 10:04
  Speaker 2: Five to four rowblocks, Roku.
• 10:06
  Speaker 1: The one I still think is the hidden gym might
• 10:09
  Speaker 1: be robin Hood, and there's many reasons for that with
• 10:12
  Speaker 1: everything that we're dealing with, but I think the key
• 10:15
  Speaker 1: here for Robinhood is their ability to grow with the
• 10:20
  Speaker 1: next generation investor, and I think that could play into it.
• 10:23
  Speaker 1: The fact that she's invested in both Robinhood and coinbase,
• 10:26
  Speaker 1: you know, kind of covering both sides of the plate,
• 10:28
  Speaker 1: which I think is good. Now, all of that being said,
• 10:31
  Speaker 1: the issue with Coinbase that is hitting right now is
• 10:35
  Speaker 1: they just got nailed with a cyber attack, and this
• 10:37
  Speaker 1: of course is bad for them.
• 10:39
  Speaker 2: Could it even kick.
• 10:40
  Speaker 1: Them out of the S and P five hundred. I
• 10:42
  Speaker 1: don't know, but this is what they got right now.
• 10:45
  Speaker 1: If you guys already know this name and address, phone, email, masked,
• 10:50
  Speaker 1: social security so it's last four digits masked bank accounts,
• 10:53
  Speaker 1: so they're probably The way that this will work is
• 10:56
  Speaker 1: if you don't know what social engineering is, pay attention
• 10:59
  Speaker 1: to that. This is where people call you and act
• 11:01
  Speaker 1: like they know what they're talking about and get you
• 11:04
  Speaker 1: to offer up information.
• 11:06
  Speaker 2: Don't do that.
• 11:07
  Speaker 1: Always double check question everything out there, whether it's email, text, phone,
• 11:12
  Speaker 1: does not matter. Question everything always, and double check everything
• 11:17
  Speaker 1: in relationship, especially.
• 11:18
  Speaker 2: To any of your exchanges.
• 11:19
  Speaker 1: And let me know in the comments if you had
• 11:21
  Speaker 1: to trust someone right now with crypto, would you trust
• 11:25
  Speaker 1: your bank number one, coinbase number two or Robinhood number
• 11:31
  Speaker 1: three and number four. We'll just keep it as DeFi
• 11:34
  Speaker 1: so one, two, three, four, just put your number in
• 11:36
  Speaker 1: the one, your bank two, Coinbase three, Robinhood four. Let
• 11:41
  Speaker 1: me know if you would go the defile route and
• 11:44
  Speaker 1: kind of control your own destiny. I want to go
• 11:46
  Speaker 1: to another strategy that's going around right now, and that
• 11:49
  Speaker 1: is how to play the bitcoinio scenario. And of course
• 11:53
  Speaker 1: you could go the ETF route. You could go direct
• 11:56
  Speaker 1: exposure some people maybe if they're new to crypto or
• 11:58
  Speaker 1: aren't ready to do that just yet. Or you could
• 12:01
  Speaker 1: go in and bet on a company that's really creating
• 12:05
  Speaker 1: infrastructure around that, such as Strategy.
• 12:07
  Speaker 2: Listen to this analyst right here. Take a look.
• 12:10
  Speaker 7: For decades, you usually long the market and then short
• 12:14
  Speaker 7: a name against it that creates the natural arbitrage in
• 12:17
  Speaker 7: and the hedge. There's bitcoin one hundred and three thousand. So
• 12:20
  Speaker 7: your long Bitcoin, your short micro Strategy, and you have
• 12:23
  Speaker 7: been for a good while.
• 12:25
  Speaker 8: Good while you're on and off for the last couple
• 12:26
  Speaker 8: of years.
• 12:27
  Speaker 7: Why so, because it's so levered to the price, short
• 12:30
  Speaker 7: the spread.
• 12:30
  Speaker 8: So that's the important thing that your viewers need to understand.
• 12:33
  Speaker 8: I don't know where bitcoin's going one hundred thousand, a million,
• 12:35
  Speaker 8: ten thousand, I don't know. I don't think anybody else knows.
• 12:38
  Speaker 8: But what I do know is it's generally profitable to
• 12:41
  Speaker 8: short one dollar for two and a half dollars or
• 12:43
  Speaker 8: three dollars. And if you look at where micro Strategy
• 12:47
  Speaker 8: and now more ominously some of the copycat companies that
• 12:49
  Speaker 8: are now raising lots of money are doing, is they
• 12:52
  Speaker 8: are basically selling retail investors the idea that we are
• 12:55
  Speaker 8: going to buy bitcoin in a corporate structure because of
• 12:58
  Speaker 8: what micro Strategy has done, you should us at a
• 13:00
  Speaker 8: similar premium, and therefore earnings are created by the difference
• 13:04
  Speaker 8: between what new investors are paying what the net asset
• 13:06
  Speaker 8: value is. But it's ridiculous. And so what we're doing
• 13:09
  Speaker 8: is we're doing exactly what micro Strategy and Michael Sailor
• 13:11
  Speaker 8: are doing. We're selling micro Strategy stock and buying bitcoin
• 13:14
  Speaker 8: and basically buying something for a dollar selling it for
• 13:17
  Speaker 8: two and a half dollars.
• 13:20
  Speaker 1: All right, So I'm gonna say this really straightforward. I
• 13:23
  Speaker 1: don't agree with his model.
• 13:25
  Speaker 7: Now.
• 13:25
  Speaker 2: Granted for me, I.
• 13:27
  Speaker 1: Would just get exposure directly to bitcoin anyway. But if
• 13:30
  Speaker 1: you are looking at hedging and you're trying to figure
• 13:32
  Speaker 1: out I want to buy or I at least have
• 13:34
  Speaker 1: exposure to bitcoin, but I'm not ready to buy bitcoin,
• 13:36
  Speaker 1: or I'm not ready to go into an ETF, then
• 13:38
  Speaker 1: Strategy is probably your bet. If you look at what
• 13:41
  Speaker 1: they're doing right now, Microsoft is bitcoin, They're premium under
• 13:45
  Speaker 1: pressure right now. This course's ETFs are getting a lot
• 13:47
  Speaker 1: more popular, and that'll be the question mark. Do ETFs
• 13:50
  Speaker 1: kind of eat this up. One thing I want to
• 13:52
  Speaker 1: hit on here is this is being largely fueled by
• 13:56
  Speaker 1: leverage and a narrative driven by retail investors. A step
• 14:00
  Speaker 1: back and think about that for a second, all right,
• 14:02
  Speaker 1: just instead of Bitcoin, throw the word AI in there
• 14:06
  Speaker 1: and think about that. It's being you know, by narrative
• 14:09
  Speaker 1: and leverage of a what's happening within the enthusiasms around
• 14:14
  Speaker 1: the market. Now, granted there is some technology there, but
• 14:16
  Speaker 1: again it's constantly changing. Bitcoin is a little bit different.
• 14:20
  Speaker 1: Channels's comments come after micro strategy has served more than
• 14:23
  Speaker 1: two hundred and twenty percent in the last year, So
• 14:25
  Speaker 1: if this guy was betting on that, it didn't turn
• 14:28
  Speaker 1: out well for it. The other point I want to
• 14:30
  Speaker 1: hit on right here is that if Bitcoin drops sharp, sharply, massed,
• 14:33
  Speaker 1: obviously strategy would face risk like debt, stress, dilution, more
• 14:37
  Speaker 1: impairment losses, much like anything. I mean, if you look
• 14:40
  Speaker 1: at the markets right now, what happened to Nvidia when
• 14:43
  Speaker 1: we started to see tariff imposed, what we saw with
• 14:46
  Speaker 1: coinbased stock just here recently after a data breach. All
• 14:50
  Speaker 1: these kind of things are going to hit markets and
• 14:53
  Speaker 1: scenarios playing out within how you're investing The key is
• 14:57
  Speaker 1: are you paying attention. If you're paying attention, you're okay,
• 15:00
  Speaker 1: because it's also going to get hit. Bitcoin's going to
• 15:02
  Speaker 1: get hit with a no rate cut or more pressure
• 15:05
  Speaker 1: on inflation. Those kind of things are all macro environments
• 15:09
  Speaker 1: and you know, situations that you guys should be paying
• 15:11
  Speaker 1: attention to anyway. So keep that in mind as you're betting.
• 15:15
  Speaker 1: For me, it's bitcoin direct. If you're going to go
• 15:17
  Speaker 1: with bitcoin or all coins, I feel like that might
• 15:20
  Speaker 1: be the better route, depending on how much your risk
• 15:22
  Speaker 1: tolerance is. So think about those things. It's important right
• 15:25
  Speaker 1: now because we're getting ready to roll into the next
• 15:28
  Speaker 1: phase of innovation and that's going to center around stable coins. Now,
• 15:32
  Speaker 1: your of course is eleanor is talking about something that's
• 15:34
  Speaker 1: kind of interesting. It's the big tech language of page
• 15:37
  Speaker 1: two in the Genius Act. Now, there was a statement
• 15:42
  Speaker 1: and a video that we did yesterday that is really
• 15:46
  Speaker 1: referencing this right here, and that is the idea, the
• 15:51
  Speaker 1: idea that meta who needs a stable coin potentially would
• 15:57
  Speaker 1: maybe look at Ripple as an acquis target. Now you
• 16:02
  Speaker 1: got to think about this, guys, because I feel like
• 16:04
  Speaker 1: we are in a position right now. First of all,
• 16:06
  Speaker 1: we're going I'm gonna give you a little bit of insight.
• 16:07
  Speaker 1: We're going to do a part two to that video
• 16:10
  Speaker 1: that we did yesterday. If you didn't get it, go
• 16:12
  Speaker 1: back and watch it and you'll see where we're coming from.
• 16:14
  Speaker 2: There's a lot of indicators there.
• 16:16
  Speaker 1: But the big deal that came out on this is
• 16:19
  Speaker 1: that big tech is now going to not be able
• 16:23
  Speaker 1: to go in and be participating around what's happening within
• 16:27
  Speaker 1: the Genius Bill, especially when it most likely comes to
• 16:31
  Speaker 1: stable coins. Now, if they get that through, then that
• 16:34
  Speaker 1: means I think about this because I'm kind of concerned
• 16:37
  Speaker 1: whether it's going to be big tech or could you
• 16:40
  Speaker 1: consider also big finance in that because now you've got
• 16:43
  Speaker 1: black Rock, JP, Morgan Banks, et cetera. Are they precluding
• 16:48
  Speaker 1: a whole industry from becoming involved in the financial industry.
• 16:52
  Speaker 1: Very interesting times right now on Capitol Hill as they
• 16:55
  Speaker 1: start to push this through. All Right, you guys, if
• 16:57
  Speaker 1: you're not in the diamond circle, get in on that.
• 16:59
  Speaker 1: We're going to see a lot happening in the next
• 17:00
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• 17:02
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• 17:06
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• 17:08
  Speaker 2: Those are the three things you can.
• 17:10
  Speaker 1: Do for all the work we do out here, it's
• 17:12
  Speaker 1: just at Paul Baron. We'll catch you next time, right
• 17:14
  Speaker 1: here on Techpath.