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Apollo Inks $2.6 Billion Financing Deal With NY Yankees · Bloomberg Intelligence

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  Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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  Speaker 2: Really cool story today out in the Business of Sports.
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  Speaker 2: This is another example of private equity or institutional capital
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  Speaker 2: in general, investing in a professional sports In this one,
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  Speaker 2: it's Apollo Links a two point six billion dollar financing
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  Speaker 2: deal with the New York Yankees.
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  Speaker 3: How about that?
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  Speaker 2: Branda Williams, Bloomberg Business of Sports reporter joins us, here
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  Speaker 2: seems like a big number. What do we know about
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  Speaker 2: this investment?
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  Speaker 4: Well, the money is going to go. It's a mix
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  Speaker 4: of debt and equity. Now the exact split is it known?
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  Speaker 4: But you have to wonder what the valuation of this
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  Speaker 4: is because of the fact that MLB rules permit private
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  Speaker 4: equity firms to own up to fifteen percent. Okay, so
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  Speaker 4: if this is a let's say that it's half of equity,
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  Speaker 4: so one point three billion dollars and it's ten percent,
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  Speaker 4: that's a thirteen billion dollar valuation. Now, of course I'm
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  Speaker 4: just doing that mathought that time.
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  Speaker 3: Nice for reporter journalists. That's a baker man. But we
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  Speaker 3: don't know. We don't know.
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  Speaker 4: This could be fifteen billion, it could be sixteen it
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  Speaker 4: could be lower. We don't know.
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  Speaker 5: But at the end of the day, the Steinbrenner family
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  Speaker 5: still in control here of the New York Yankes.
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  Speaker 4: Very much in control. Private equity across sports is not
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  Speaker 4: They're not decision makers. They are cash providers for liquidity,
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  Speaker 4: for debt, for stadium financing, for all of those issues.
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  Speaker 4: That's what private equity is in sports for for now.
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  Speaker 2: I guess what I've learned over my career just just
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  Speaker 2: looking at the business of sports. It's great to It's
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  Speaker 2: a great vehicle investment vehicle to create value over time.
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  Speaker 2: You buy your franchise today, it actually sell it in
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  Speaker 2: twenty years for two x three ex sports whatever.
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  Speaker 3: It's a great reach.
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  Speaker 2: It's not good cash flowing investment. So these types of deals,
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  Speaker 2: it gives the liquidity to the family or whoever owns it.
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  Speaker 4: Well, you have to wonder the timing of this deal
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  Speaker 4: is somewhat interesting because of the fact that the MLBCBA
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  Speaker 4: negotiations are currently ongoing they're not expecting that.
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  Speaker 6: They're saying there's going to be a strike.
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  Speaker 4: Right exactly, a strike or a lockout wanted, Probably a
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  Speaker 4: lockout more so than a strike. But in all likelihood,
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  Speaker 4: if that happens come March, there won't be a season.
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  Speaker 4: Teams won't be getting that revenue, and so maybe this
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  Speaker 4: money goes towards that. All of those possibilities come to mind.
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  Speaker 4: But in terms of what you're saying about, you know
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  Speaker 4: there's being low cashle The real question that remains to
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  Speaker 4: be seen across sports is how private equity exits these
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  Speaker 4: sports teams. Because the valuations, as we've all said dozens
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  Speaker 4: and dozens of times, they continue to rise. So who
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  Speaker 4: buys this stake if it's a two point six billion
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  Speaker 4: dollar deal? What happens when this is six billion dollar value?
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  Speaker 4: The person that raises their.
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  Speaker 5: Hands to the New York next right and the New
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  Speaker 5: York Rangers. Where do things stand with those spinoffs from.
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  Speaker 4: I think they're still in progress based on what we've
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  Speaker 4: last heard, but of course James Dolan has said these
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  Speaker 4: franchises are continuing to rise in value. This would potentially
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  Speaker 4: unlock some of that. You have to wonder what either
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  Speaker 4: one of these things would sell for And what billionaire
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  Speaker 4: is going to raise their hand to buy something that
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  Speaker 4: could potentially be worth fifteen billion dollars.
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  Speaker 2: And you were explaining to me just earlier in the
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  Speaker 2: during a surveillance show, this isn't the first time private equity.
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  Speaker 2: I mean, we're starting to see this more and more.
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  Speaker 2: We were Private equity or just institutional money sure is
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  Speaker 2: out there.
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  Speaker 4: And I think the reason for that is because there's
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  Speaker 4: just not a lot of people who want to It's
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  Speaker 4: just not all of people who want to own ten
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  Speaker 4: percent of something but put a billion dollars into it,
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  Speaker 4: and the only thing that they get is to raise
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  Speaker 4: their hand and say I'm an owner, and they might
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  Speaker 4: get a suite make the cool factor right right, and
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  Speaker 4: they might get a suite ticket from time to time
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  Speaker 4: that they can already afford. A billionaire who gets equity,
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  Speaker 4: the perks that come with that just aren't that great,
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  Speaker 4: Whereas private equity, generally speaking, is not going to be
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  Speaker 4: concerned with flying on the team and playing and being
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  Speaker 4: in the locker room and all the things that may be.
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  Speaker 5: And I think I read that it's this is the
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  Speaker 5: largest investment Apollo has made in terms of a sports team.
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  Speaker 4: I would say it's one of the largest investments across
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  Speaker 4: private equity in sports that I've seen. The number two
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  Speaker 4: point six billion dollars is humongous.
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  Speaker 6: What about just the fan hearing this?
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  Speaker 5: A New York Yankees fan is oh boy, Now private
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  Speaker 5: equity digging their heels in deeper with the New York Yankees.
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  Speaker 5: I mean, what might they expect any any changes at all?
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  Speaker 5: I highly doubt ticket prices are going to come down.
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  Speaker 4: No, Yankees prices are never going to come down. Especially
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  Speaker 4: you take something away, a potential lockout games away.
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  Speaker 3: As soon as it.
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  Speaker 4: Comes back, the prices are going to rise. I wonder
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  Speaker 4: from a free agency standpoint, you know a lot of
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  Speaker 4: times these things are put in escrow and then they
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  Speaker 4: paid out over time, and so I wonder if that
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  Speaker 4: affects how they're managing their payroll, not only within the
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  Speaker 4: team and salary, but also owners and executives and all
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  Speaker 4: those sorts of things.
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  Speaker 3: So it's all top of mind.
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  Speaker 2: And rendall, there's no indication that the Yankees and the
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  Speaker 2: Steinbanners need this money.
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  Speaker 3: Is there the most.
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  Speaker 4: Valuable team in baseball? Nobody needs any money until you
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  Speaker 4: needed the way that they're saying it. They're saying it's
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  Speaker 4: going to debt, but these are not public deals, so
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  Speaker 4: we don't know how much they're It's.
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  Speaker 5: So funny though, because it sounds like they want to
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  Speaker 5: be a leaner machine. It makes you wonder if they're
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  Speaker 5: setting themselves up to to you know, to public dare
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  Speaker 5: we say it?
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  Speaker 4: I think I think sports teams could there's a future
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  Speaker 4: for that, but we're not. I don't know that any
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  Speaker 4: league is looking at that and formatting it right now.
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  Speaker 3: Yeah, I think I think there.
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  Speaker 2: I think it's probably what's happening is obviously they lot
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  Speaker 2: many of the leagues you mentioned have allowed institutional money
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  Speaker 2: to come into these you know, so like private equity
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  Speaker 2: because there's not many. It used to be a toy
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  Speaker 2: for millionaires, and then it became a toy for billionaires.
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  Speaker 2: Steve Cohen, Yes, and now a lot of these major
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  Speaker 2: sports leagues you got to be institutional.
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  Speaker 4: Last thing I say is what I expect to happen
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  Speaker 4: is the private equity cap across leagues to increase per
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  Speaker 4: firm individually. In an NBA's twenty percent, in baseball, it's fifteen,
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  Speaker 4: in the NFL it's ten. I expect the NFL to
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  Speaker 4: maybe move to fifteen and so on and so forth.
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  Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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• 6:28
  Speaker 2: Let's get right to Ed Ludlow. He's a Bloomberg Tech
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  Speaker 2: co host. He's out there in Silicon Valley. We don't
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  Speaker 2: know what the heck he's doing out there. We have
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  Speaker 2: great offices out there, and Servirancisco, by the way, And
• 6:38
  Speaker 2: there are literally countless number of tech related headlines that
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  Speaker 2: we could talk to you about today. But I'm just
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  Speaker 2: going to go to the biggest number I can find,
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  Speaker 2: and that is US investment giants including Apollo, Blackstone, black Rock,
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  Speaker 2: Brookfield Asset Management are partnering with Nvidia Corp.
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  Speaker 3: Another name drop to source five hundred.
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  Speaker 2: Billion dollars in financing for artificial intelligence infrastructure. Can you
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  Speaker 2: explain what's going on? I don't know what it means
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  Speaker 2: to source five hundred billion dollars in PENANCU.
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  Speaker 7: Well, to source five hundred billion dollars is to go
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  Speaker 7: to those big Wall Street firms investment managers and say,
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  Speaker 7: find us the capital, find the investors. And we don't
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  Speaker 7: know the profile of the investors yet, but the pitch
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  Speaker 7: from Nvidia is to take in Nvidia's compute platform literally
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  Speaker 7: rows and rows of servers and make them an investible
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  Speaker 7: infrastructure asset class of their own. So those six groups
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  Speaker 7: from Wall Street go out find the funds or the investors.
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  Speaker 7: Then what Bloomberg's reporting is, you take a special purpose vehicle,
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  Speaker 7: some kind of entity. That entity is the one that
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  Speaker 7: raises the money, pays for the Nvidia compute, the compute
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  Speaker 7: access collateral, and then you rent it out to an
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  Speaker 7: Nvidia customer and it literally greases the wheels. There's no
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  Speaker 7: barrier to somebody being able to finance the project.
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  Speaker 2: You know what I have to admit from a banker's perspective.
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  Speaker 3: That's keen. I think. I think it is kind of
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  Speaker 3: metering ed just to you and to others out there.
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  Speaker 2: Does that raise the old circular financing interest kind of
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  Speaker 2: concern out there?
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  Speaker 7: Well, what Nvidia would say is that in the first instance,
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  Speaker 7: this is third party capital. Again, the six Wall Street
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  Speaker 7: firms go out and source the capital from investors, and
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  Speaker 7: we don't have a good sense of whether that's pension
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  Speaker 7: funds or sovereign wealth funds. But the money does not
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  Speaker 7: come from Nvidia, And so there's a degree of separation
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  Speaker 7: from the idea that Nvidia is literally financing its own
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  Speaker 7: customers purchases of the gear. But it is one of
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  Speaker 7: a multifaceted concern, right, which is, there are loads of
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  Speaker 7: other examples where Nvidia is on the hook to either
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  Speaker 7: backstop or finance the purchase of its own technology.
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  Speaker 3: This would just be a separate mechanism.
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  Speaker 5: Yeah, shares of Nvidia, I'm just taking a look up
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  Speaker 5: a little more than one percent right now. But I
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  Speaker 5: want to move over to Intel. Yeah, because if you're
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  Speaker 5: looking for confirmation of investor demand for stock sort of
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  Speaker 5: along the AI supply chain, you don't need to look
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  Speaker 5: further than Intel raised twenty billion in an upside share sale.
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  Speaker 6: Tell us more about this.
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  Speaker 7: Yeah, initially it offered to go to market for fifteen
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  Speaker 7: billion dollars, So twenty billion dollars is also kind of
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  Speaker 7: a response to the outsized demand. You know, Bloomberg's reporting
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  Speaker 7: that there was one hundred billion dollars of demand.
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  Speaker 3: On this deal.
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  Speaker 7: Ninety five dollars a share is where it seems to
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  Speaker 7: have priced, which is a bit of a discount six
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  Speaker 7: percent or so from Friday's close. They offered this Monday morning,
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  Speaker 7: So you know, this is a stock that's tripled more
• 9:31
  Speaker 7: than tripled year to date and is finding its feet
• 9:35
  Speaker 7: in the world of AI. They sell CPUs for data
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  Speaker 7: center and like on the Intel side, the corporate side,
• 9:42
  Speaker 7: the company side, it's not that much new of a story.
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  Speaker 7: It is the first time they've done a public share
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  Speaker 7: sale since they listed in nineteen seventy one. Can you
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  Speaker 7: believe that? But the whole point for them is to
• 9:52
  Speaker 7: been to sort the balance sheet out, getuse in order.
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  Speaker 5: Just underscore you said that Intel stock has tripled more
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  Speaker 5: than tripled so far this.
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  Speaker 7: Yere yeah, And so like you know, why would they
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  Speaker 7: go to market? Opportunistic? Right? You know, if the stock
• 10:06
  Speaker 7: goes up one hundred and sixty percent, then you say, well,
• 10:09
  Speaker 7: what can we do with our stock here? And you
• 10:11
  Speaker 7: know already people are asking, you know, who's next? So
• 10:14
  Speaker 7: I would just go on the NASZAQ one hundred or
• 10:15
  Speaker 7: the S and B five hundred and look at the
• 10:17
  Speaker 7: biggest percentage gains so far here today. They also happen
• 10:21
  Speaker 7: to be those in the AI games.
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  Speaker 2: Kind of interesting, ed And I know you're out there
• 10:24
  Speaker 2: at ground zero in Silicon Valley for a number of years.
• 10:27
  Speaker 2: My question is do the folks in the valley recognize
• 10:31
  Speaker 2: that this is truly a unique time in space. I've
• 10:34
  Speaker 2: been schlepping out the cent Hill Road in Silicon Valley
• 10:37
  Speaker 2: for forty years, including the dot com bubble. This is
• 10:41
  Speaker 2: nowhere near anything I've ever seen before. The dollar amounts
• 10:44
  Speaker 2: are just extraordinary. It's affecting all parts of the economy.
• 10:48
  Speaker 2: Do people out there and know that they are in
• 10:50
  Speaker 2: a very unique time and place.
• 10:53
  Speaker 3: That they do?
• 10:54
  Speaker 7: You know, it is a tectonic shift, and it's happening
• 10:56
  Speaker 7: right now.
• 10:57
  Speaker 1: You know.
• 10:57
  Speaker 7: Twenty twenty six is the moment. I say that based
• 11:02
  Speaker 7: on so many discussions with bench catalysts, CEOs on the
• 11:06
  Speaker 7: infrastructure side, those that are like at the call face
• 11:10
  Speaker 7: of developing next gen technologies. And the only thing I
• 11:13
  Speaker 7: would reflect on is like, when I moved here in
• 11:15
  Speaker 7: twenty eighteen, I kind of felt I've missed the boat
• 11:17
  Speaker 7: a little bit. Think about that, the social media way,
• 11:20
  Speaker 7: the kind of obsession with iPhones. I was so wrong.
• 11:24
  Speaker 7: You know, AAI is just completely different, its next level,
• 11:28
  Speaker 7: and it's astonishing that the numbers involved. As you know,
• 11:31
  Speaker 7: the big difference this time around is the balance sheets
• 11:34
  Speaker 7: of these companies are just eons away from where they
• 11:36
  Speaker 7: were in two thousand, right, So that's why everyone's kind
• 11:39
  Speaker 7: of chill about it.
• 11:40
  Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android
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• 12:02
  Speaker 3: Here's a story that gets you. At Chipotle.
• 12:04
  Speaker 2: I'm a huge fan of Chipotle, Third Avenue, sixty second Street.
• 12:07
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  Speaker 2: Restaurant reporter for Bloomberg News, joins us from our Chicago
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  Speaker 3: Danielle, thanks so much for joining us.
• 12:22
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  Speaker 2: our hallopen news.
• 12:26
  Speaker 8: So the jalapenos had been linked by public health authorities
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  Speaker 5: I looking here year to date down fourteen percent, one
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  Speaker 5: year return down about twenty four percent.
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  Speaker 8: Look like some of this information has come out very
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  Speaker 3: Basically, Danielle, this.
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  Speaker 2: in general, chain and particularly publicly owned chained that being
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  Speaker 2: food safety systems protocols.
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  Speaker 3: Talk to us about what Chipotle does.
• 14:06
  Speaker 8: There of course, so you know, you might all remember that,
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  Speaker 9: able to pull them and so, you know, it's an
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  Speaker 9: example of you know, many large restaurants have invested in
• 15:00
  Speaker 9: any types of systems because you know, as we were discussing,
• 15:03
  Speaker 9: it's just it's a big issue. You know, the second
• 15:05
  Speaker 9: that an outbreak comes out, people just get spooked and
• 15:09
  Speaker 9: just don't go to the restaurant, and that has huge
• 15:10
  Speaker 9: revenue and profitability implications.
• 15:13
  Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
• 15:20
  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 1: weekdays at ten am Eastern on Apple Coarclay, and Android
• 15:27
  Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
• 15:30
  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 15:35
  Speaker 2: This lead, which is what the you know, if your
• 15:37
  Speaker 2: journalis talk about the lead, This one's a good one.
• 15:40
  Speaker 2: Leveraged ETFs account for two percent of assets but roughly
• 15:44
  Speaker 2: a fifth of trading volume in the seventeen trillion dollar EPA.
• 15:48
  Speaker 6: That says it all unbelievable.
• 15:49
  Speaker 3: These people are nuts up there.
• 15:50
  Speaker 2: It needs a so COVID. She's across the asset reporter
• 15:52
  Speaker 2: for Bloomberg News. She's here with the studio in the
• 15:55
  Speaker 2: studio with this story. Talk to us about leverage ets
• 15:58
  Speaker 2: because there's one.
• 15:59
  Speaker 3: There's a two X in the three X that works.
• 16:02
  Speaker 3: People are really trading these things, aren't they.
• 16:04
  Speaker 10: Yeah, it's a really fascinating trend. We've been writing about
• 16:06
  Speaker 10: them for like five years. Currently the industry is twenty
• 16:10
  Speaker 10: two hundred and fifty billion. That's very small for the
• 16:13
  Speaker 10: massive ETF industry, but they're traded a lot.
• 16:15
  Speaker 6: They're traded like crazy.
• 16:16
  Speaker 10: You can look at all the charts and that trading
• 16:19
  Speaker 10: has grown over time. So interestingly enough, a few years ago,
• 16:23
  Speaker 10: those products were primarily a retail thing. All the retail
• 16:25
  Speaker 10: traders loved buying three X and video two X and video,
• 16:29
  Speaker 10: and they're very excited about that. Now we see more
• 16:31
  Speaker 10: institutions stepping in, especially around the close in the last
• 16:34
  Speaker 10: thirty minutes of trading, you're going to see a massive
• 16:37
  Speaker 10: spike in trading of those, and you're going to see
• 16:39
  Speaker 10: a lot of the banks looking at those flows. Some
• 16:41
  Speaker 10: banks say that for every one percent of move in
• 16:45
  Speaker 10: the index, those ETFs rebalanced ten billions, So that's a lot.
• 16:49
  Speaker 10: And obviously that's become a lot of topics. When we
• 16:53
  Speaker 10: see a big sell off or a big rally, everyone's asking,
• 16:56
  Speaker 10: are those ETFs exacerbating the moves?
• 16:58
  Speaker 5: Well, that's what was happening in South Korea with the
• 17:01
  Speaker 5: cospy right and sk Henex and I think it was
• 17:04
  Speaker 5: it Samsung as well.
• 17:05
  Speaker 10: Yes, Sam Song and skhnis I feel so that's the
• 17:08
  Speaker 10: latest episode that makes us talking about it all over again.
• 17:12
  Speaker 10: The interesting case here is those stocks are obviously less
• 17:15
  Speaker 10: liquid compared to like a lot of the concentrations, and
• 17:18
  Speaker 10: that's what that's what we have in the story currently,
• 17:21
  Speaker 10: fifty eight percent of the concentrations of leverage TTS is
• 17:24
  Speaker 10: just in a handful of AI names. Sk Heinex and
• 17:28
  Speaker 10: Sam Song became a big thing. Uh, there was a
• 17:30
  Speaker 10: product that launched in Hong Kong that become an instant
• 17:34
  Speaker 10: favorite among retails traders. There was a few other ones
• 17:37
  Speaker 10: in South Korea. So at some point we saw so
• 17:40
  Speaker 10: much volume in those in those products that we saw
• 17:45
  Speaker 10: lebtytfs indeed adding volatility.
• 17:48
  Speaker 6: When are regulators going to step in?
• 17:50
  Speaker 10: They actually did in South Korea, interestingly enough, so we've
• 17:54
  Speaker 10: seen from the from the top, which is around the
• 17:57
  Speaker 10: end of June, we definitely see those ETFs seen less trading.
• 18:00
  Speaker 10: But this is very South Korea specific. In the US,
• 18:03
  Speaker 10: we've actually had some regulation in the past. We no
• 18:05
  Speaker 10: longer have new ETFs that are launched with three times
• 18:08
  Speaker 10: leverage and give us some issuers tried to do five
• 18:12
  Speaker 10: times leverage a few months back, and this is one
• 18:14
  Speaker 10: of the few times when the SEC stepped in and said, hey, no,
• 18:18
  Speaker 10: we're holding this. No five times, but you know you
• 18:20
  Speaker 10: can still get two times. And if it's a very
• 18:22
  Speaker 10: leverage name that already has a lot of retail frenzy,
• 18:26
  Speaker 10: you know, it can get pretty bolatile.
• 18:28
  Speaker 6: And that's what's happening with ESTA signs.
• 18:30
  Speaker 3: Folks, I way undersold the story.
• 18:32
  Speaker 2: Now I get it. This is a big take story,
• 18:35
  Speaker 2: which means, yes, one of our top top stories on
• 18:37
  Speaker 2: the terminal of the day. These big take stories take
• 18:40
  Speaker 2: weeks and months to report and source and do all
• 18:43
  Speaker 2: that kind of stuff and get checked and they got
• 18:44
  Speaker 2: really cool graphics to make the story really cool.
• 18:47
  Speaker 3: So go to Bloomberg dot com or if.
• 18:49
  Speaker 2: You're on the terminal, check it out and it's a
• 18:52
  Speaker 2: green bee, which means that's important to you guys.
• 18:53
  Speaker 3: It's exclusive, it is. So my question here is there's
• 18:59
  Speaker 3: enough volatility.
• 19:00
  Speaker 2: It seems like in the underlying names, whether it's an
• 19:02
  Speaker 2: Nvidia or any of these AI dominated kind of stories,
• 19:06
  Speaker 2: that's enough I would think risk for anybody.
• 19:09
  Speaker 3: But no two x three x, both on the upside
• 19:13
  Speaker 3: and the downside.
• 19:13
  Speaker 2: If you want to bet something that is going to
• 19:15
  Speaker 2: go down, buy a two x and video on the downside,
• 19:17
  Speaker 2: right exactly.
• 19:18
  Speaker 10: Well, a few years back, leverage GTF was kind of
• 19:21
  Speaker 10: the wildest thing in retail investor two kids. Now you
• 19:24
  Speaker 10: can argue that perpetual futures add even more of that.
• 19:27
  Speaker 10: Like perpetual futures give leverage up to one hundred. They're
• 19:31
  Speaker 10: mostly in crypto now, but we see them spreading inequities,
• 19:35
  Speaker 10: So you know, maybe three x is nothing.
• 19:37
  Speaker 6: When you can do one hundreds.
• 19:39
  Speaker 5: You're talking about retail investor interest in these leveraged ETFs.
• 19:44
  Speaker 5: What's the risk here at the underlying risk to the
• 19:46
  Speaker 5: retail investor, which would they.
• 19:47
  Speaker 10: Know actually for the retail investors is the biggest because
• 19:50
  Speaker 10: there is a volativity drag. So if you're holding this
• 19:53
  Speaker 10: the advertised holding period is one day, many people are
• 19:57
  Speaker 10: holding them for longer, and no matter if it's short
• 19:59
  Speaker 10: or long, the volatility of decay, the massive moves we
• 20:03
  Speaker 10: see day to day can really impact your gains or
• 20:06
  Speaker 10: and exacerbate your losses. So for average retail trader holding
• 20:12
  Speaker 10: this for a long time, no matter if you're right
• 20:14
  Speaker 10: or wrong, you actually end up either getting a big
• 20:17
  Speaker 10: part of your gains disappear or getting your loss.
• 20:22
  Speaker 5: Successory ends up where it started exactly exactly.
• 20:25
  Speaker 10: Yeah, so definitely a big thing. A trend we've seen
• 20:27
  Speaker 10: retail traders are holding them for a little bit shorter
• 20:30
  Speaker 10: period like, for example, a year ago, they were holding
• 20:33
  Speaker 10: them for quite a few days. So definitely a lot
• 20:35
  Speaker 10: of retail traders were losing money on that. That said,
• 20:39
  Speaker 10: just last week when we saw that big seale off
• 20:42
  Speaker 10: in semiconductors ETF retail retail traders.
• 20:46
  Speaker 6: Go all way on those levers.
• 20:47
  Speaker 10: You can and they won't bick, So you know, sometimes
• 20:51
  Speaker 10: it's a good thing. People make money out of it.
• 20:53
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