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The $2 Trillion SpaceX Story Might Be an Illusion · Earn Your Leisure

0:00
Speaker 1: Talk about grade is open, toll free, right, SpaceX, SpaceX Okay, Yes,
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Speaker 1: the aftermath we talked about it last week is before.
0:11
Speaker 1: Now we're in the aftermath phase. So it was up
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Speaker 1: twenty dollars today, IPO at two point two trillion dollars
0:19
Speaker 1: currently almost at two point four trillion. So just from
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Speaker 1: a just from a perspective standpoint, right, it took the
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Speaker 1: first trillion dollar company, which was in video, I believe Apple, Apple,
0:38
Speaker 1: from the inception of the stock market to a few
0:43
Speaker 1: years ago, right, almost one hundred years to reach a
0:48
Speaker 1: trillion dollars, and all of the trials and tribulations that
0:52
Speaker 1: had come with the stock market, from the Great Recession,
0:55
Speaker 1: the Great Depression nineteen ninety nine, nineteen eighty four, all
0:59
Speaker 1: of these different things, and you know, it took almost
1:01
Speaker 1: one hundred years for one company to reach a trillion
1:05
Speaker 1: and Apple have been publicly traded company for over twenty
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Speaker 1: five years when that actually happened. SpaceX on his first
1:13
Speaker 1: day of a publicly created company, became double triple almost
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Speaker 1: that right, double platinum, double two trillion, first day of
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Speaker 1: trading with eighteen billion dollars of revenue. What does it
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Speaker 1: say about the market that we're in right now, and
1:35
Speaker 1: what and what is the long term trajectory of SpaceX?
1:39
Speaker 1: Is it going to be five hundred dollars next year?
1:41
Speaker 1: Should you be short in this stock because it's going
1:43
Speaker 1: to come down within the next six months? What should
1:46
Speaker 1: investors be looking for as far as price trajectory for SpaceX?
1:50
Speaker 1: And what does it coming in at two trillion? Say,
1:52
Speaker 1: but two trillion with eighteen billion dollars of revenue?
1:55
Speaker 2: What does that say?
1:57
Speaker 3: I think it shows the power of venture capital in
2:00
Speaker 3: private markets, power with a one of a cond CEO.
2:06
Speaker 3: Is evaluation high? Yes, but that's the game that we're in.
2:11
Speaker 3: I remember when Airbnb was valued at what it was
2:13
Speaker 3: valued at before been public and everyone had issues with it,
2:16
Speaker 3: and then it grew ten x from there.
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Speaker 2: So the pipeline.
2:19
Speaker 3: From angel to venture I think has become even more
2:24
Speaker 3: powerful than it has been. And I think a lot
2:27
Speaker 3: of people in that space saw what TiAl was able
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Speaker 3: to do and they want to usurp him and be
2:34
Speaker 3: able to do the same thing.
2:36
Speaker 2: As far as as shit you short it.
2:38
Speaker 3: I got this question a lot over the last few days,
2:41
Speaker 3: even though I know the price is going to contract
2:43
Speaker 3: and come down within the next six months. I think
2:46
Speaker 3: it is a mistake to short the stock, especially these
2:49
Speaker 3: first four or five weeks. You're going against tail You're
2:52
Speaker 3: going against tail winds that are so strong. If you're
2:56
Speaker 3: short in the stock, you're saying, my fifty thousand dollars
3:00
Speaker 3: and options it's worth more than the billions that are
3:03
Speaker 3: selestion in from funds, fund of funds, hedge funds for
3:08
Speaker 3: one ks. And it's not also too You gotta look
3:13
Speaker 3: at the perspectives. I did a breakdown on this in
3:15
Speaker 3: stock Club, but SpaceX is and I said before that
3:18
Speaker 3: at some point he's going to leave Tesla and this
3:23
Speaker 3: is going to be the company and star Link that
3:25
Speaker 3: he focuses on. But if you look at what they
3:28
Speaker 3: said in the perspectives, the value or total addressable market
3:33
Speaker 3: is twenty six point five trillion from AARI to not
3:37
Speaker 3: rockets seven hundred and sixty billion and consumer subscriptions from
3:42
Speaker 3: Starlink and six hundred billion in digital advertising. This is
3:46
Speaker 3: a rocket company, rapper, This is really an AI company.
3:51
Speaker 3: So if you because it's even in how it went public,
3:55
Speaker 3: it's not classified in that same space the bone would
3:59
Speaker 3: be in, which I think is brilliant. You get the
4:02
Speaker 3: branding of Rocket Propultion uh Lunar Economy Orbit Economy, but
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Speaker 3: it's really an AI company also too. We have to
4:12
Speaker 3: remember he wants his revenge from Sam Altman because I
4:15
Speaker 3: helped you organize over there at Open Ai. So this
4:20
Speaker 3: is his grand fu to Sam while destroying his career
4:24
Speaker 3: and reputation. The evaluation is high, but for the way
4:28
Speaker 3: that it's been planned, you have to give him credit.
4:30
Speaker 3: It's absolutely brilliant, even the locker period, and to make
4:33
Speaker 3: sure that the price doesn't flow down blow a certain level.
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Speaker 2: Can't argue with it. It's the environment that we're in
4:39
Speaker 2: right now. So what's the price prediction?
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Speaker 3: If you know one another price of where SpaceX will
4:45
Speaker 3: fall to go to ianinvest dot com please please, and
4:49
Speaker 3: then I'll tell you. But we'll go to five hundred
4:52
Speaker 3: for sure, We'll I have a deep pullback, for sure.
4:55
Speaker 2: But the mechanisms in which he.
5:00
Speaker 3: Will make sure that the price stays will flow these
5:02
Speaker 3: first three or four months is nefarious but brilliant.
5:07
Speaker 4: Hopefully it's a it's a trillion dollar opportunity. I'll just
5:10
Speaker 4: be frank with you with choice. It's a trillion dollar industry.
5:14
Speaker 4: And when you think about the AI components. And I've
5:17
Speaker 4: said this here plenty of times about Google's idea really
5:22
Speaker 4: to have data centers go out to space in terms
5:25
Speaker 4: of an energy efficiency, in terms of cooling, in terms
5:28
Speaker 4: of space like room that you have right here. When
5:31
Speaker 4: we build data centers, it actually has to take a
5:33
Speaker 4: land infinite space obviously in orbit. And they have a
5:38
Speaker 4: ninety percent market share, like think about that space no
5:44
Speaker 4: pun intended in the lunar economy, right, a ninety market
5:49
Speaker 4: share in terms of who gets to go out there
5:51
Speaker 4: and who doesn't. They're so far ahead of I don't
5:55
Speaker 4: even know who number two red lining right right, We
5:58
Speaker 4: can't who's if.
6:00
Speaker 2: There's not a clear number two.
6:01
Speaker 4: And we know that there was number one, and they're
6:03
Speaker 4: going to be number one for a while, like I said,
6:05
Speaker 4: with that margin of space in between whoever's next?
6:10
Speaker 2: You take into.
6:12
Speaker 4: Account the fact that they have the XAI and piece,
6:15
Speaker 4: the starlight piece. This is where IPO. Yes, the evaluation
6:20
Speaker 4: is high. Is this where it stops?
6:22
Speaker 2: No?
6:22
Speaker 4: No, no, this will be a company, like you said,
6:27
Speaker 4: four point fifty to four seventy five within the next
6:30
Speaker 4: two to three years.
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Speaker 2: I can see that happening easily.
6:32
Speaker 4: I think what was interested in this IPO, and I
6:35
Speaker 4: know a lot of people I put it in Eyu
6:36
Speaker 4: University were like, hey.
6:38
Speaker 2: We don't touch IPOs.
6:39
Speaker 4: We don't touch IPOs, which is true based on everything
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Speaker 4: that we say, this is true. I think what was
6:44
Speaker 4: interested with this one that I was like, let me,
6:46
Speaker 4: this is new. I've never seen a pre IPO on
6:48
Speaker 4: a brokerage, right, So I know a few brokerages.
6:51
Speaker 2: Roberhood allowed you to do it.
6:53
Speaker 4: E Trade allowed you to do it, and there was
6:55
Speaker 4: some brokerages that didn't allow you to do it. So
6:57
Speaker 4: I just want to I'm gonna walk you through the
6:58
Speaker 4: process because I did end up with shares of SpaceX.
7:01
Speaker 2: Right.
7:01
Speaker 4: It wasn't like guaranteed, but they took you through a
7:05
Speaker 4: process an application to even be part of that pre
7:07
Speaker 4: market IPO. From the brokerages accounts you have to fill
7:12
Speaker 4: out like an investor form.
7:13
Speaker 2: You have tell them your networth.
7:14
Speaker 4: They already can see your portfolio and so they're kind
7:17
Speaker 4: of selecting who gets to have shares at one thirty five.
7:21
Speaker 4: Now we know by the time the public actually gets it,
7:23
Speaker 4: if you didn't do it pre you're gonna buy it
7:25
Speaker 4: at the one sixties. I think it got up to
7:27
Speaker 4: one seventy one at one point on Friday, pulled back
7:30
Speaker 4: to one sixty nine. So the people who had the
7:32
Speaker 4: pre ipo from the brokers, they get locked in at
7:35
Speaker 4: one thirty five. I put it in a request in
7:37
Speaker 4: for it. I put three hundred shares. Let's to see
7:39
Speaker 4: if we can get them. I got eighty five. I
7:41
Speaker 4: had a friend of mine who requested seven thousand shares
7:45
Speaker 4: and got five hundred. I had people who put up
7:48
Speaker 4: one hundred, requested one hundred shares at one one right,
7:52
Speaker 4: and they got filled at one. And so the rhyme
7:55
Speaker 4: or reason of what the allocation was we don't know,
7:58
Speaker 4: but it was very interesting. I said, let me just
7:59
Speaker 4: participate paid, so I can at least tell people what
8:02
Speaker 4: this is like, because this is very new. This is
8:03
Speaker 4: something that lat Tenev had told us about maybe a
8:07
Speaker 4: year and a happened two years ago about what if
8:09
Speaker 4: the average person could have access to a company before
8:15
Speaker 4: it went public. Right, So, yes, obviously it went public Friday,
8:19
Speaker 4: but I think the application started maybe a week and
8:21
Speaker 4: a half in May, two weeks prior to that, with
8:22
Speaker 4: Robberhood saying hey put your limit or they actually asks
8:25
Speaker 4: you for your limital or what's that you would like
8:27
Speaker 4: to pay, And so most people put one thirty five
8:29
Speaker 4: and got filled. But now people have shares that appreciated
8:32
Speaker 4: nineteen twenty twenty five percent in a day. Look at
8:36
Speaker 4: it as an investment. We're not looking at how we're
8:39
Speaker 4: going to short this or how we're.
8:41
Speaker 2: Going to that's a disaster move right now.
8:44
Speaker 4: The first thought I had was we always talk about this, Hey,
8:47
Speaker 4: if you would have spent one thousand dollars on this
8:51
Speaker 4: company ten years later, this how much it would be worth?
8:54
Speaker 4: Ten thousand dollars with a company ten years twenty years later?
8:57
Speaker 4: This how much would be worth?
8:59
Speaker 2: Well?
8:59
Speaker 4: This felt like almost an opportunity to really test that
9:01
Speaker 4: in real time. Right, So we're gonna hold these shares
9:04
Speaker 4: and in five ten years, let's see how much they're worth.
9:06
Speaker 2: Right if they pull back? Great?
9:07
Speaker 4: Do I think this is a company that's going to
9:09
Speaker 4: be here and they're going to be a leader in
9:11
Speaker 4: their space for sure? Will it be a part of
9:13
Speaker 4: the dominant AI outer space lunar economy for sure?
9:18
Speaker 2: Right?
9:18
Speaker 4: It almost felt like when I was talking about TSM
9:21
Speaker 4: and their market dominance, how how will everything run if
9:25
Speaker 4: they don't do their job? So it almost feels like
9:27
Speaker 4: space ass has that tendency with air. If they don't function,
9:32
Speaker 4: how will the rest of that sector move.
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Speaker 2: I feel like they have that level of dominant and
9:37
Speaker 2: two things.
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Speaker 3: Can be true for those who, let's say, are naysayers
9:41
Speaker 3: and like, even if you look at the perspectives, they
9:44
Speaker 3: said that the we have the largest actionable total addressable
9:47
Speaker 3: market in human history.
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Speaker 2: Okay, everybody who comes.
9:52
Speaker 3: In a seventy billion in space one point six trillion,
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Speaker 3: connectivity eight seventy and starlink. Even if the lunar a
10:00
Speaker 3: economy thing is pure bullshit, price discovery is going to
10:03
Speaker 3: be so strong, and the marketing and branding of this
10:06
Speaker 3: has been planned for so long that the market can
10:10
Speaker 3: be irrational for a long time and drive it to
10:12
Speaker 3: a thousand because everyone is hunting for high gains. This
10:16
Speaker 3: is not the intelligent investor market ben Gram formula market
10:21
Speaker 3: anymore that market, and it probably won't reset to that
10:26
Speaker 3: until we have some kind of economic pullback in the
10:28
Speaker 3: stock market. So I have a couple of things that
10:32
Speaker 3: I don't like in a perspectives, but in terms of
10:34
Speaker 3: the value of the company, Elon is always going to
10:37
Speaker 3: be a chime Era is the company sing with us
10:39
Speaker 3: is going to start as one thing and it's going
10:41
Speaker 3: to continuously evolve into something else.
10:44
Speaker 4: There's that part where it's right before IBOs where he says,
10:48
Speaker 4: it's not just about us going to Mars, it's about you. Yeah,
10:51
Speaker 4: the person that's listened to this right now is we
10:53
Speaker 4: want to put you in Mars. Are we there in
10:55
Speaker 4: the next five to ten years.
10:56
Speaker 2: I don't know if that happens.
10:57
Speaker 4: But if you listen to Jensen, if you learn listen
11:01
Speaker 4: to sunder Apai from Google, if you listen to Patella Microsoft,
11:06
Speaker 4: if you listen to Sam Altman, if you listen to
11:08
Speaker 4: Ammaday from Anthropic Space is coming.
11:14
Speaker 2: It is through starlink.
11:15
Speaker 4: We're powered through having satellites, having data centers. That is
11:21
Speaker 4: going to happen, right and they're all preparing for it.
11:24
Speaker 4: So if you think it's nonsense, if you're nacayer about it,
11:27
Speaker 4: go listen to what some of those CEOs from all
11:30
Speaker 4: those compute and infrastructure companies are saying about where this
11:33
Speaker 4: is added. They all are pointing to that at some
11:36
Speaker 4: point they will have data centers, they will be powered
11:40
Speaker 4: by solar power from the Sun, and they will exist
11:43
Speaker 4: out there and it will be more energy efficient. That
11:45
Speaker 4: is going to happen. Whether that happens in ten years
11:47
Speaker 4: or if it happens in five, it will happen.
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Speaker 3: And my last point shoddy real quick. The eventage that
11:56
Speaker 3: he has is that he built the most important part
11:58
Speaker 3: in advance, which was the connectivity part. So even if
12:02
Speaker 3: you think the lunar economy thing is a farce, starlink
12:06
Speaker 3: probably I've always said I think it's the greatest company
12:09
Speaker 3: in his portfolio and probably is one of the best
12:11
Speaker 3: communication companies there is. So even if the rest of
12:16
Speaker 3: the lunar economy stuff isn't true, every data center on
12:20
Speaker 3: Earth is going to have to partner with him for
12:22
Speaker 3: the connectivity for the data centers he has it.
12:26
Speaker 2: That's that's an addressable market.
12:27
Speaker 5: And two three things can actually be true. And one
12:31
Speaker 5: thing is obviously he's a tillionaire. So no matter how
12:33
Speaker 5: you feel about Elon Musky, you know he's accomplished something
12:36
Speaker 5: that is kind of astronomical in the realm of thinking.
12:40
Speaker 5: The next richest person in the world is worth two
12:42
Speaker 5: hundred million on paper Larry Ellison.
12:49
Speaker 2: Sixty something.
12:52
Speaker 5: And but even more impressive than that is that you know,
12:55
Speaker 5: with this IPO four thousand employees became millionaires and even
12:59
Speaker 5: more impress So then that is four hundred people in
13:03
Speaker 5: the company became one hundred millionaires. Four feet yeah, four hundred.
13:10
Speaker 5: He made four hundred people millionaires. Uh, four hundred people,
13:14
Speaker 5: one hundred million, four thousand people millionaires. Well on one
13:18
Speaker 5: thing about Eli also is that he's very good at selling,
13:23
Speaker 5: selling things. Because Tesla should not be valued at the
13:30
Speaker 5: valuation that it is now, but because of him, I mean,
13:34
Speaker 5: just it's just it is what he's good as saying. Okay,
13:36
Speaker 5: this is what's going to happen. The whole world is
13:39
Speaker 5: going to be forced to drive electric vehicles. Then Johnald
13:42
Speaker 5: Trump says electric cars is a scam. The whole world
13:46
Speaker 5: is going to be forced to buy human robot.
13:51
Speaker 2: Vehicle. That is the whole world in the taxi service
13:56
Speaker 2: it's rolling out.
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Speaker 5: He's he's been working on potential for a long time.
14:00
Speaker 5: And this this is no matter how you slice it,
14:03
Speaker 5: still potential. Eighteen million in revenue is eighteen million in revenue,
14:06
Speaker 5: no matter how he's saying future guidance and what potentially
14:08
Speaker 5: could happen, and eighteen billion is still eighteen billion. Whether
14:12
Speaker 5: it's future guidance, whether it's potential what's going to happen.
14:15
Speaker 5: But anything could happen. Anything could happen. Elizabeth Warren could
14:19
Speaker 5: become president and say everything is done. We're not doing
14:21
Speaker 5: the Space, We're going to cut all of these contracts.
14:24
Speaker 2: Anything can happen.
14:25
Speaker 5: Most people are judged on what they're currently doing in
14:28
Speaker 5: this moment. Elon Musk has given the benefit of the
14:32
Speaker 5: doubt of what could potentially.
14:34
Speaker 2: Happen in the future fifteen years. Whether that's right or wrong.
14:37
Speaker 5: Hey, it doesn't matter if it's right or wrong or not,
14:39
Speaker 5: because Wall Street has priced it in and doesn't look
14:41
Speaker 5: like it's going to change. Like I said, they've already
14:42
Speaker 5: done it with Tesla, and they're doing it now with
14:44
Speaker 5: SpaceX SO.
14:46
Speaker 2: But both trillion companies.
14:48
Speaker 5: But it is what it is. Eighteen billion dollars in
14:52
Speaker 5: revenue never equals two point two trillion dollars in the
14:54
Speaker 5: stock market. It has never done ever, never, never, and
15:00
Speaker 5: it will never happen again. But for Elon Musk, it did.
15:05
Speaker 4: There's the last piece on this for me is and
15:08
Speaker 4: I and you kind of alluded to it. The win
15:11
Speaker 4: that is pushing this. There's some key events that have happened. Obviously,
15:15
Speaker 4: the I p O was the first thing. Option trading
15:18
Speaker 4: will begin tomorrow on SpaceX. Now we've talked about brokerages
15:23
Speaker 4: and how much money they are being brought. It's not
15:26
Speaker 4: from people buying shares if you ask Charles Schwab, if
15:30
Speaker 4: you ask advisors from Robinhood or e Trade, it's the
15:34
Speaker 4: option trading that's going to start this week. At the
15:38
Speaker 4: end of next week they'll have double leverage ets with
15:42
Speaker 4: spaces Ye okay, right.
15:46
Speaker 2: It's going to be added.
15:48
Speaker 4: It's going to be added to the NASTAC one hundred
15:51
Speaker 4: right in three months, it potentially could be added to
15:53
Speaker 4: the S and P.
15:54
Speaker 2: Like that is all the win that is about to
15:57
Speaker 2: push this stock.
15:58
Speaker 3: And you can say it's not, which you can agree,
16:03
Speaker 3: but also to the pipeline from angel to venture, to
16:09
Speaker 3: the selection of bank, to this inclusion.
16:14
Speaker 2: Nefarious or not.
16:16
Speaker 3: He has found talking about building the moat, he has
16:20
Speaker 3: found a way for like you said, Rashad is less
16:23
Speaker 3: than the ratio revenue earned versus valuation, but he's found
16:29
Speaker 3: a mote to almost make this thing become a reality
16:34
Speaker 3: regardless of price discovery.
16:37
Speaker 2: Yeah, like the PE ratio also highest in history.
16:42
Speaker 5: Part of part of being a salesman is not selling
16:45
Speaker 5: a product that you have. Okay, I hate to bring
16:49
Speaker 5: religion into this, but the biggest sale of all time
16:53
Speaker 5: is religion. Because you're no, I'm not saying that it's
16:56
Speaker 5: a bad your people are.
17:01
Speaker 2: People are making.
17:02
Speaker 5: People are dedicating their life based off of future results
17:08
Speaker 5: that are not technically proven in this moment right heaven.
17:14
Speaker 5: And that's any religion, any religion, the ultimate goal is
17:18
Speaker 5: to do enough good on earth so that you can
17:20
Speaker 5: reap the rewards later on in heaven.
17:23
Speaker 2: Right so elon musk.
17:27
Speaker 5: Any good salesman, A good salesman can sell you what
17:30
Speaker 5: he has here. I have a bottle of water that's
17:34
Speaker 5: going to quench your thirst. Set values worth two dollars.
17:38
Speaker 5: That's a good salesman. A great salesman will sell you
17:43
Speaker 5: what you don't even see. Well, technically you might not
17:46
Speaker 5: even even need in the moment, but you're willing to
17:52
Speaker 5: pay an absorbit amount for it because it's sold to
17:57
Speaker 5: you for the benefit you know, but this is worth
18:01
Speaker 5: in the moment. I don't know what a unlimited amount
18:05
Speaker 5: of water will be worth. Ten years from now. There
18:08
Speaker 5: could be a drought, there could be no more water
18:10
Speaker 5: on earth. What would you pay, what would you pay
18:12
Speaker 5: for what would you pay for unlimited amount of water?
18:15
Speaker 5: If you know that there would be no water in
18:16
Speaker 5: ten years, you would pay everything. You can't live without that, right, So,
18:21
Speaker 5: like I said, that's that's the key in business. Elon
18:23
Speaker 5: Musk is a great salesman because he's selling things that
18:27
Speaker 5: you don't even have right in present.
18:30
Speaker 4: And like I said, the last thing you made me
18:33
Speaker 4: think of it just now the eighteen billion. We'll see
18:38
Speaker 4: what the number really is because there's a bunch of
18:40
Speaker 4: people saying that's completely inaccurate. The number is close to
18:45
Speaker 4: one hundred billion. But we'll see because now that they're
18:47
Speaker 4: a publicly traded company.
18:49
Speaker 2: Ninety days, we'll see what those first quarter.
18:53
Speaker 4: Yeah, we can't just say estimate in ninety days, so
18:56
Speaker 4: from June twelfth, that would give us till September, maybe
18:58
Speaker 4: late September earlier. Over SpaceX will be reporting and we'll
19:02
Speaker 4: be watching very very much.
19:04
Speaker 5: Even if it was even if it was two hundred billion,
19:06
Speaker 5: it was still it would still be Now we don't
19:08
Speaker 5: have we don't have to guess, it would still be
19:10
Speaker 5: a tremendously unproportional based off the historical data of what
19:13
Speaker 5: currently has happened for any company to be worth two
19:16
Speaker 5: trillion dollars. With two hundred billion dollars.
19:19
Speaker 4: This is the first company that's ever ipold at these
19:22
Speaker 4: type and nuther for sure.
19:23
Speaker 3: And we saw when Kathy was the biggest advocate for
19:28
Speaker 3: the crazy part. People watch that playbook. Tore her career down.
19:32
Speaker 3: And it's a bunch of investors who are going to
19:34
Speaker 3: raise the price of space X regardless evaluation. Let's say
19:38
Speaker 3: the number is two hundred, They're going to say they
19:42
Speaker 3: estimated it was eighteen. We're a two hundred billion. Look
19:44
Speaker 3: where we'd be in five years. They did the same
19:47
Speaker 3: thing with Tesla. It goes to your point of the marketing.
19:51
Speaker 3: I'm gonna tell you eighteen eighteen the whole time we
19:53
Speaker 3: make it two hundred. Look how much further I had
19:56
Speaker 3: we are then we said you thought we were.
19:58
Speaker 5: The Only thing about that is that even a great scammer,
20:07
Speaker 5: I'm not calling him a scammer, but I'm saying, even
20:10
Speaker 5: even a great one. The gig, the gig turns up eventually.
20:14
Speaker 5: At one Bernie Bernie Madoff had a great run, but
20:17
Speaker 5: eventually the gig was up. So it's only so long
20:20
Speaker 5: that you could that you.
20:21
Speaker 2: Can at the levels that does it, Like, yeah, it's.
20:26
Speaker 5: It's only so long before you actually got to produce something.
20:31
Speaker 2: Well, you can't. You can't run off of this, true.
20:33
Speaker 2: You can't run off for a future valuation forever