Latest / AST SpaceMobile Podcast / Anpanman - Market Liquidations, VIX Rules, and the SpaceMobile Connectivity Shift

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Anpanman - Market Liquidations, VIX Rules, and the SpaceMobile Connectivity Shift · AST SpaceMobile Podcast

0:06
This is the AST Space Mobile podcast.
0:10
It will just basically come the phone be seamless regardless of
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where you are. We don't want the user even to
0:16
know that it's connected by satellite.
0:21
Listen. The opportunity that we have is
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very, very, very large. Everyone, I figured I'd catch up
0:30
before going to bed ahead of tomorrow.
0:33
It looks like, as I mentioned in the tweet earlier, it looks like
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there's some pretty serious liquidations going on after
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hours, which is pretty natural. I mean, it's not not good for
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people who are getting liquidated, but it's the system
0:49
working. You know, there's people who are
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probably too levered and have gotten margin calls and are
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being forced by brokers to either come up with the cash or
1:02
sell positions. And so you saw some of that
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happen after hours today. And you know, I saw it happen
1:08
with AST where stock closed at 93.
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And then there was just for selling all the way down to
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maybe it was like 86 or so. And then it's kind of stabilized
1:18
and came back and overnight, I guess it's at 90.
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But I would expect this action to keep going tomorrow morning
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because there's going to be additional margin calls, people
1:30
who didn't post collateral, they're going to have to sell.
1:33
And so there's going to be perhaps more of this in the
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morning and perhaps up the open as well.
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And then, you know, we'll see how things go from there.
1:44
So nothing to freak out about. It's just part of markets.
1:49
You know, there's there's been a cross board de risking and you
1:55
know, I think taking a step back, if you look at crypto, I
1:58
mean, it's pretty crazy what's happened.
2:01
Well, pretty crazy in the sense of this whole idea that crypto
2:07
was becoming more institutional and widely held.
2:10
And perhaps this time was different.
2:12
And you know, this administration was supportive of
2:16
crypto as well. And so you had Bitcoin moving to
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126,000. I I think that was the top and
2:23
now we're at 64,000. So it's basically cut in half,
2:27
which I think for people who were either new to crypto and
2:32
who are also institutional investors, maybe this is coming
2:35
as a big surprise to them. But for anyone who's been in
2:38
crypto in multiple cycles, which I have, it's not, it's not a
2:43
surprise. It's it's actually just part of
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being in crypto where, you know, once you hit all time highs,
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everyone always thinks like, OK, this time will be different
2:55
because XY and Z, so many more people have adopted it.
2:58
It's becoming a more stable, you know, asset.
3:04
And then people expect something different to happen, whereas you
3:09
eventually get a pretty severe drawdown, right.
3:11
So at least historically that was somewhere between 80 to 90%.
3:17
And because I remember, I think I mentioned earlier today that
3:21
I, I had Bitcoin at maybe 5 or 6000 average.
3:26
I don't think that's right. Actually, I think it was around
3:28
maybe it was around 8 or 9000. But I remember buying back in,
3:34
remember my sister telling me about Ethereum like at 70 bucks.
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And then Bitcoin. I guess it was like at that
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time, I forget exactly how, how much it was, but I, I didn't get
3:44
involved until, and I remember poo pooing crypto currencies,
3:48
but I got involved in Bitcoin. I think I bought my first at
3:50
like 11,000 and then I kept buying up to 20 and then of
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course, it immediately collapsed and I bought all the way down.
3:59
I started buying at 1196 and then I bought like a pretty big
4:02
slug at 3000 And I, I, I, I remember just being down and
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feeling like a complete sucker, you know, and that, and that was
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like a winter, but that was crypto winter for quite some
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time. I owned, I think it was like 45
4:16
Bitcoin and I owned, I think it was like 2 or 300 Ethereum and I
4:22
was down bad on, on, on those on that.
4:25
And then I remember just holding on and then eventually it
4:30
rebounding and getting, I remember selling like I told a
4:33
number of people on, on the discord, I used to be on that.
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I, I, when it hit like 64,000, I, I sold like 2/3 and then I
4:41
was like, I'll keep 1/3 of it. And then I thought better of it.
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I just remembered like my experience and how I, how awful
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I felt when it was down to 3000. And so I sold the rest at, I
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think it was like 55 or 56. And then, and then, you know, I,
4:57
and that's when I started getting involved in Spax and
4:59
other things. But I remember when it did pull
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back to it was like 20,000 or so I'm looking at it.
5:07
I was like, oh, maybe I'll buy some.
5:09
And then I, I was like, no, I don't, I don't ever want to
5:11
touch it again. And then of course, it went on
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to hit 125,126. And so, you know, how far can it
5:19
go now? Who knows, right?
5:21
I think obviously there's much more interest behind it.
5:26
I mean, probably a decent amount of interest will evaporate just
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like every cycle, right? Like you, you have these
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extremes in crypto where people really believe in it and then
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they a decent amount of I guess tourist or new people, they give
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up on it when you have these really violent drawdowns.
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And then for the people that hold and they continue, you
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know, you have this like continued innovation of
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different, you know, apps and what what have you.
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Eventually it does come back. And so is it going to get back
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to 120,000 probably at some point in the future?
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But can it keep going down? Yeah, that's also a possibility.
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Like maybe maybe it gets back down to 30,000 or 40,000.
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But yeah, I mean, would I buy it there?
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Yeah, I might buy a little bit, but it's not an asset that I
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want to hold in size. Like I think I think anybody who
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is involved in cryptocurrency, like it should not be something
6:26
you own inside. It's something that maybe you
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own out of interest and just like a few percent here there.
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But but anyway, but yeah, that the the big draw down in
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cryptocurrency, I think is having a pretty big impact on
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markets. And then of course, you've got
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all the confluence of all these other, you know, these other
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things that are putting pressure, whether it's the fears
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of AI. And so it's kind of funny, some
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people are posted, rightly so, the the paradox right now, which
6:58
is for software companies that have any potential inkling that
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that they might get disrupted, they're getting completely
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punished. And I was joking with someone
7:09
today that maybe if you're a smash and grab short seller, you
7:13
should just your thesis for any company you should just put out
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there is and it's and it should be written by AI.
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By the way, you should put out a thesis that, hey, this company
7:22
is going to get impacted by AI and then the stock will crater
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and then you can cover. I mean, that's what happened
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today for all these financial data services companies, facts
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that S&P, Moody's, Morningstar, like these companies.
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I guess it was maybe it was Anthropic that came out today
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and said, Hey, we're going to release this new model that can
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put together a very comprehensive research report
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that would take a human analyst a number of days to complete.
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But we're going to do this and we're going to release that.
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And, and that caused a tremendous amount of pressure on
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all these companies, which I, I guess I can kind of understand.
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But on the other hand, like this, this, the idea of this
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product is, is been out there and, and you can basically, I
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mean, there's people doing on Twitter now.
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You can basically create prompts, whether that's in
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Gemini or ChatGPT or Anthropic or whatever.
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I mean, Claude, you can do that already.
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And it's, you know, that these reports are OK primers.
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Maybe that maybe what anthropic is doing is probably is better
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than the stuff that you can do yourself.
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But you know, I, I think, I think there is some value in, in
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that work. But at the same time, I don't at
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least me, maybe I'm just old school.
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I, whenever I see, and I, I've tweeted about this before,
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whenever I see stuff that's generated by AII, it just starts
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when I start glossing over it because it's just so structured.
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And I don't know, it's expected. Like there's no human element or
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judgment or yeah, I, I don't know what it is.
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But when you read AI generated stuff, it's helpful and it, it
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helps like multiply your ability to do leverage or sorry,
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leverage the Freudian slip and multilize your ability to do
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research. But then when you read it, it's,
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it's, I don't know, it just comes across as very flat and
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I'd start losing attention for whatever reason.
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So at least for me, I mean, I, I still like doing my own research
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and of course I use AI to, to help organize information and
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data. But but yeah, I like, I like
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putting together my own analysis in, in a spreadsheet.
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You know, I'm the type of person that has to do something to
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learn. Like when I, when I spread a
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company's financials, like if I just look at a research report
9:50
and look at financials, like I don't actually absorb it.
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I actually have to put it into a spreadsheet.
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And as I do that, then I actually understand the numbers
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and you know, I get down in the nitty gritty and that's how I
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actually understand concepts, which is like when I did some
10:07
work on T1 energy and I just laid out the numbers of like,
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oh, the, the equity offering they did in the convert and then
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the funds that they raised from 45X tax credit sales.
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Like I, I could read a research report and or have AI try to do
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that for me and it probably would spit out some slop, but
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but actually going through that process makes made me learn it
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and understand it better, if that makes sense.
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And so I think there's some things at least or for me, going
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through that manual process actually is very helpful and
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it's a way that I learn. But yeah, I think the what
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what's happening in the market today, obviously there's like
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there's all these different factors that are coming to play,
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which is, you know, the Fed, Kevin Wash people are talking
10:59
about like how this guy is, is hawkish.
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But I guess in my, in my opinion, for him to make it this
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far and this is like his last chance, I think he's going to be
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a complete completely aligned with Trump.
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And so whether that's cutting rates or being accommodative and
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it, and it's actually a very useful foil that this guy has a
11:21
hawkish background, because then if he makes decisions, people,
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he'll, he'll be able to say, well, I'm a hawkish person.
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And, and I, from what I see, it's a time to cut, you know,
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it's like there's all these layoffs that are happening and a
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is deflationary. And so we need to lower rates.
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And I did tweet earlier today that if you look at the, I'm
11:44
actually a pretty big believer in true flation.
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They, they, they provide real time inflation data and they
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collect thousands of data points and they provide what real time
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inflation is doing. And that hit this past month,
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I'd actually went under 1%, but it's today was like at 1%.
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And so if you look at their, their inflation information
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versus what what the Fed follows, they're about 1/2 as as
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far as three months ahead of where the Fed is.
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And so today, the reason why I posted that today is there was
12:19
some Fed governor who's still job owning that inflation is, is
12:23
very, is very stubborn. And so they're going to have to
12:27
continue to be very cautious. Whereas like the real time data
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is saying, oh, we're actually about to hit, you know, go into
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a deflationary environment, like year over year inflation is at 1
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and, and looks like it's going to go lower.
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And if you look at, you know, one of my concerns about
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inflation was like, well, what about these precious metals?
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They keep going higher and higher.
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Well, they're actually going in reverse now.
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They're they're getting completely demolished.
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And so, yeah, I do think like there, there is, it seems like
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we should be on this path to cut rates further.
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And I think the markets, unless of course there's like isogenous
13:07
events like maybe we go attack Iran.
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And if, you know, if we do go attack Iran and nothing, you
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know, something positive positive comes out of that,
13:17
maybe like a Venezuela type of outcome, then maybe the markets
13:22
will be OK. Or if it's even if it's A and
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when I mean positive, meaning like there's no nuclear,
13:29
nuclear, you know, accident or reaction or some kind of attack.
13:35
But if it's conventional and there's regime change and it's
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done in a actually, I'm not, I mean, I'm not a a policy expert,
13:44
but typically like wars are good for the economy.
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And that's, I know that's a really, that's not a good thing
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to say, but, but typically that's, that's what happens.
13:55
And so of course there's like the answer to the up to it.
13:58
But, but yeah, that mean we're, we're in this weird spot right
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now where obviously there's, there's a big, there's a lot of
14:06
factor moves right now. And and yet the, the S&P is not
14:13
that far off of its high. And So what you've seen happen
14:16
is all this factor rotation going on, the big high beta
14:21
winners, which is like growth momentum revisions, those are
14:25
selling off very heavily. And then you're all that money
14:28
is moving more into defensive sectors, dividend, you know,
14:34
consumer staples, things like that.
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And so so yeah, it's it's a really interesting time.
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We've had these type of tantrums before and you know, right now,
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for example, as I mentioned before, software is like an
14:48
error that's getting absolutely demolished, which for the
14:52
longest time, like software was the place to invest because it
14:56
was a key enabler of economic growth and it was transforming
15:00
industries. And then all of a sudden
15:02
software is getting, or at least people feel that software is
15:05
getting disrupted. And I, I think just my gut tells
15:08
me like, I think we're probably we've swung too far, too far off
15:13
into the, into the people projecting, you know, the
15:19
destruction of software and all this uncertainty.
15:21
It's just like back in April when people are like, Oh my God,
15:25
these tariffs are going to destroy the US economy.
15:27
And then lo and behold, like, yeah, the the market sold off.
15:30
There was a knee jerk reaction. But since then, and I'm, you
15:35
know, I'm not, I'm not trying to put forward a political view
15:39
here, but just looking at the markets like, yeah, there was,
15:41
there were scares about tariffs and obviously costs have gone
15:45
up. It's been an impact on
15:46
inflation. Like Powell.
15:49
Powell has said many times that he would have cut rates earlier
15:53
and more aggressively had we not have tariffs.
15:55
But then they, the, the Fed had to wait and see what the, the,
15:59
the potential reaction and impact would be on the economy.
16:02
And tariffs actually weren't really a hindrance to the
16:07
economy. Like if you look at where
16:08
markets are now, I think the S&P bottoms like just below 500.
16:14
I'm sorry, I'm just looking at spies.
16:15
So spies bottom just below 500. And now we're at like it what's,
16:19
we almost hit 700, but we're at 677.
16:23
And so tariffs didn't have the negative impact people thought
16:27
they would. And in some respects, like, you
16:29
know, I'm, I, I was not positive on tariffs, but the whole, the,
16:36
the, the impact of, of forcing companies to reshore
16:40
manufacturing in the US. In retrospect, that was actually
16:44
quite good, right? Like bringing fab new, new semi
16:49
fabs here and bringing, you know, T1 Energy is the name I'm
16:53
involved in. But, you know, forcing companies
16:56
to, in that instance, you know, acquiring some Chinese IP, but
17:00
then building US production capacity for solar.
17:03
Like these are all positive things, I think.
17:06
But yeah, it's I think, I think often times in and this is kind
17:11
of investing right in periods of uncertainty like in software,
17:14
there's probably going to be quite a few names that will
17:18
rebound nicely over the next few quarters because everything's
17:22
been sold off. Now obviously there's there are
17:24
probably companies that are that are being disrupted and may not
17:28
make it back, right. But I don't think AI is going to
17:32
disrupt all these companies. And it's not as if, you know,
17:37
like I'm just thinking about my own.
17:39
And maybe it's not a good analogy, but I still use Google
17:44
applications and the Microsoft Office suite and all these
17:48
things. I use AI as well, but I still
17:50
use these apps and, and I haven't even started to scratch
17:55
the surface of utilizing the built in AI tools for these
17:59
things. But, but obviously I'm not an
18:01
enterprise. I don't buy enterprise software
18:03
and and I guess there is this possibility that for some
18:07
software applications, like there's no need for them whether
18:10
like if you're if you're doing legal work and you you're trying
18:14
to use a software application to do searches, you know, that
18:20
might get discern intermediated right by by AI.
18:23
And so, yeah, I one thing it did make me think about today is the
18:28
fact that if you are concerned about AI, then you should be
18:33
investing in more hard physical industries, right?
18:38
And so energy would be 1. You know, space is another one.
18:42
Like we're actually thinking about ASD space mobile, where I
18:46
don't think AI agents can build multi ton satellites and then go
18:52
launch them and put them in space.
18:54
They could help operate them, but there's some things that AI
18:58
can't do right. And so strata critical is
19:02
another small company I'm invested in.
19:04
AI can't do organ transplants and, and logistics.
19:09
It's just something not possible.
19:10
But AI can, you know, do research for legal cases and it
19:16
can give you, you know, an edge in, in those areas.
19:19
Or if it's like something software related, trading
19:22
related, you know, something that's more ephemeral, I guess
19:26
that that always could be potentially disrupted by AI.
19:29
But but yeah, we're in a really weird time in the market.
19:33
I think I I posted this before and it's it's a rule of thumb
19:36
that I've learned in my career. I don't think we're going there,
19:39
by the way. But you know, Vicks closed today
19:42
up what, 17% at 21. And so, you know, can it go
19:47
higher? Yeah, I can certainly go higher.
19:48
Like Vicks can go to 3035 forty. What is Vicks measure?
19:53
VIX is the measure of volatility on what people are paying for
19:59
option premiums, which is typically in periods of
20:01
dislocation. It will be people buying puts on
20:03
the the S&P right. And so my rule of thumb that I
20:09
learned back during the financial crisis, during the US
20:12
debt credit downgrade, during COVID, during the April, you
20:17
know, tariff tantrum, is that when VIX.
20:20
Gets to above 50 like that's usually that's usually a time
20:24
when you want to be aggressive in allocating capital because
20:27
that's when that's when you know the markets are at a point of
20:32
extreme fear. And then when you get to the
20:35
point of and this is only happened at least my career, you
20:38
know, twice, which is COVID and the great financial crisis when
20:40
VIX gets above 7080. Those are times when you, you
20:46
know, I hate to say it because I always talk about like not doing
20:49
margin or any of those things, but that's when you go all in.
20:52
That's when you've reached the absolute bottom.
20:54
There's Max pandemonium, there's fear and you have to buy that
20:58
you, I mean, you, you wouldn't mortgage your house, but you
21:03
would, you would try to liquidate things and just put it
21:05
into the market and you could just buy the indexes or whatever
21:08
it is. But that's typically like the
21:11
absolute bottom and that's where you buy it and you're going to
21:15
have this like major rebound, right?
21:17
And so I, I tweeted that because I think it's important to
21:21
oftentimes people are like, well, is no, is now a good time
21:23
to buy? And it's like, well, no one's
21:25
going to be able to tell you exactly when because you know,
21:28
we might rebound tomorrow, like after the liquidations happen,
21:32
free market and at the open and you might rebound and maybe, you
21:39
know, things get back to normal to some degree.
21:42
Or you know, today, today was obviously quite a bit of
21:46
deleveraging. You know, you've have retail
21:49
getting margin calls. There's probably hedge funds
21:51
that have been taking pretty significant losses.
21:53
And so they're de grossing their books and so they're selling
21:56
their longs, they're covering their shorts.
21:59
But, but, but like I was saying before, I mean those that rule
22:04
of thumb generally holds true, right?
22:06
Like so if you, if we get to the point of VIX going above 50,
22:10
that would be a good time to start allocating like
22:12
aggressively. And then if you ever hit that
22:14
crazy time of 708090, I think during COVID, it was it hit like
22:22
84 during the great financial crisis.
22:24
I think that was, that was a really scary time.
22:27
I remember it hitting like 90 or so.
22:30
And that those were days when the market was swinging like
22:33
5-6, seven, 10%, sometimes 10% on the downside.
22:38
And then, you know, the next day would be up 8%.
22:42
And so and that similarly, you know, during COVID, we saw some
22:45
of that as well. But but yeah, that that's kind
22:49
of rule of thumb. You know, you always in these
22:51
type of market environments, as what we've talked about before,
22:53
like do not, do not be on margin.
22:57
You know, the times to use margin are when you do it
23:02
tactically, like you have a, you have a point of view, you think
23:06
you have some edge on a position and you're like, hey, I, I think
23:10
this stock is going to go up because of this catalyst in, in
23:13
the next day or two. And so I'm going to be on margin
23:16
temporarily. And you know, I'm, I think
23:18
margin someone, someone had asked, you know, is 20% too much
23:23
or is 15% those? That's really high, especially
23:26
if you have high beta stocks in your portfolio like that, that's
23:29
way too high. But using margin, it should be
23:33
something that's done judiciously where you're
23:35
tactical about it and you, you set risk limits like, OK, if
23:39
this thing doesn't work out in 2 days, I'm, I'm going to close
23:41
out the margin. But for people who are, who are
23:46
margins like it's something that they just do generally, I guess
23:50
that's OK if you have low beta stocks.
23:52
But if you're, if you have high beta names, like high growth
23:55
names that are subject to a high level volatility, like you will
23:59
ultimately get tapped out at the wrong time, right?
24:02
And so, and often times when people have margin, like they
24:05
like, OK, well, I'll just buy a little bit here and then, and
24:08
then it grows and grows because like, Oh well, I liked it.
24:12
I liked it yesterday and the stock is down 5 or 10% today.
24:15
So, you know, I love it more. So I'm going to buy more on
24:18
margin and then in and I've seen this like with people, you know,
24:23
I was talking with some people in the chat about the old days
24:27
of AST when, you know, we were on this like death March all the
24:30
way down to 2 bucks and people were on margin and they were
24:34
buying all the way down and then they just got tapped out.
24:38
You know, they got wiped out at whatever it is.
24:40
If they were they had held for a pretty long time and they were
24:43
buying AT108765 and then they got tapped out at 4, which is
24:50
brutal right? Because like, you know,
24:51
obviously the stock went even lower, but had they just kept a
24:56
fixed number of shares and they, they weren't on margin, they
24:58
would have made it all the way through, which is pretty
25:02
painful. And so, so I think like, you
25:05
know, it's important to understand if you, if you want
25:09
leverage, like you can always use options, you can use calls
25:14
or you can use call spreads. And there's, there's like
25:15
various strategies too. I mean, obviously, you know, you
25:20
can and sometimes people talk about selling puts, which I, I,
25:23
I don't like, especially environments like this.
25:27
The reason, and I guess I'll just talk briefly about it.
25:30
Yeah, when you sell puts, people are like, well, you know,
25:33
they're here's a stock that's at 50 bucks and I'm going to short
25:37
this put and it's at, yeah, I don't know, like I'm going to
25:41
short this put at $20. And so I'd be happy to collect a
25:44
dollar and basically have a, a cost basis of 19 if I get put
25:49
the stock to me, right? And So what they don't
25:52
understand is like during periods like this, like let's
25:54
say VIX goes from 20 to 50, that put, even if the stock stays
26:00
where it is that put that the, the value of that put is going
26:03
to explode, right? Because implied volatility is
26:05
going to go up. And So what you shorted, what
26:08
you shorted at a dollar could end up being worth $3, right?
26:11
And it like blows up in your face even though the stock
26:14
hasn't moved. And so then the, the other thing
26:19
is like when you short puts, like, and you're, let's say
26:23
you're long stocking, you're shorting puts, you're actually
26:25
increasing the risk that you have, right?
26:27
Because when the stock price goes down, not only are you
26:30
losing money, but you're, you're picking up, you're, you're
26:34
getting along that stock by that put expanding in value, right?
26:37
And then one thing that, which is the narrative that people
26:42
say, well, if you sell put, you'll be happy to own it there.
26:45
That's not true. Like if a stock gets cut in half
26:49
and you're all of a sudden you know that put is now in the
26:53
money and you're going to have to take delivery of the stock.
26:56
You have to ask yourself, well, why did the stock get there?
26:59
Why did the stock get cut in half?
27:00
Is it for a good reason? Probably not.
27:03
It's like, I mean, a classic example is like biotech, right?
27:06
Like maybe something a trial failed or something.
27:09
There's some adverse reaction that happened for the drug in
27:13
some subset of the population. And so the drug is being
27:17
reviewed or it got black labeled.
27:19
And so maybe you don't want to take delivery of the stock, like
27:22
the stock getting cut in half is not a good thing.
27:25
Now, if it's just beta, like the market, you know, going down
27:28
because, you know, every maybe the there's some economic
27:34
uncertainty or healthcare gets beaten up, then maybe, yeah, you
27:38
want you and nothing fundamentally has changed about
27:40
the company, then sure, like you could take delivery of the
27:43
stock. But then, yeah, I'll ask
27:46
yourself this question. Like when you're selling put,
27:48
you're selling insurance and if the stock gets to that level,
27:52
why did it get to that level? And are you going to be
27:54
comfortable holding that stock? Which I think there's probably,
27:59
I mean, if you look at I'm, I'm just looking at my, my Bloomberg
28:01
now, just looking at all this red, like there's probably
28:03
plenty of put sellers here that are regretting having sold puts,
28:07
right? Because they're now they've got,
28:11
they've got to take delivery of that stock and they got to pay
28:15
for it and they have to deposit funds or they have to sell other
28:19
stock to pay for it. And so the other thing is like
28:25
this, this idea of like selling covered calls.
28:27
And by the way, like if you do, if you sell covered calls, and
28:30
that's that's fine if it's for some small part of your
28:33
position, But I think people also kind of had this false
28:37
sense of security that selling calls is, is risk free and
28:43
selling calls too. It's you're, you're basically
28:45
selling when you sell a call against a long stock position,
28:48
you're selling, you're basically shorting a synthetic in the
28:51
money you put right. And so you have, you have
28:54
limited upside, you have all the downside and you're hoping and
28:58
it's, it's like has this weird psychological effect where
29:01
you're hoping that this thing that you believe in, that you're
29:03
long doesn't go up a lot because then you'll get your, the stock
29:07
called away. And so, you know, I think
29:09
selling calls for some level of income for a, a portion of your
29:13
position does it could make sense.
29:15
But but yeah, it makes I think in general when you're, when
29:20
you're like, you're shorting puts or selling calls, which is
29:23
same thing, you know, you're, you're, you're creating like
29:29
these potential risks in your portfolio that during periods of
29:33
time like now can be pretty toxic, right?
29:36
And so, so I think it's important like if you're, you
29:41
know, there there's, if you read Twitter, like there's a lot of
29:43
people who are pretty stressed out right now.
29:46
Yeah, take stock of your portfolio and think about, OK,
29:50
if, if the market and by the way, like the major indices that
29:53
are not down that much, obviously high beta names are
29:55
down quite a bit or hated industries like software are
29:59
down a lot and seem like they're not bothering.
30:02
But yeah, think about if you have margin, you know, what does
30:06
that do if you're down another 5%, another 10% because that's
30:11
possible, right. And so you have to be prepared.
30:13
But that said, I will say that the the liquidations that we've
30:19
seen, it's been somewhat orderly and it's been across the board.
30:22
And so I don't think we're going to get to this point where VIXX
30:26
is going to get to, you know, 40 or 50%.
30:29
Maybe we get to 30, which I mean, we're not that far off.
30:33
We're at like 22. And so in a day you could get to
30:35
30. But yeah, I mean, I think, I
30:41
think for, for example, people who are invested in the space
30:45
sector, yeah, you're still up a lot on your positions.
30:49
And so I know like sometimes people have this like they feel,
30:56
you know, for example, AST got to like 130.
30:58
And so they have this idea that the stock belongs there, like it
31:01
needs to be there. And so I'm not, you know, if
31:04
they're in margin, they're like, well, I can't sell any because
31:07
it's going to go there. And and so they, they kind of
31:09
sit tight, right? But they don't take care of
31:11
their margin balance. And then if the stock gets to
31:14
70, all of a sudden they've got to sell shares and they lose,
31:17
you know, parts of their position.
31:18
And so as I said before, like I think you've got to be judicious
31:23
with margin and not put yourself in a position where you
31:26
compromise yourself, right? And so in the, in times like
31:31
this, like you want to have some level of cash or a plan, right?
31:37
And So what a plan could look like is, you know, if you're
31:42
fully invested right now, but you're, you're not using margin,
31:45
that's good because then you don't really have to do anything
31:48
like you can. And, and one of the hardest
31:50
things to do is like, when you see all this red, you're like,
31:52
oh man, I wish I, I want to do something, I want to buy
31:55
something or I want to move things around.
31:59
Oftentimes the right answer is to do nothing.
32:00
And that's OK. Like you're, it's not as if
32:02
you're missing out on something. You know, sometimes people feel
32:06
the need to trade, which, which can get them into trouble.
32:11
But yeah, if you're, I've mentioned this before, but if
32:13
you're, let's say you have a portfolio and you've got like 10
32:17
ideas, you have like 4 names of conviction and six things that
32:21
are kind of marginal. When you have a pullback like
32:23
this and everything is trading at a correlation of one, like
32:28
everything's down the same amount, then you might decide to
32:31
consolidate your, your positions, right?
32:33
You might consolidate some of those marginal ones into the
32:36
more high conviction stuff that you have, especially if they're
32:39
down the same amount, because then you, you're upgrading your
32:43
portfolio basically, right. And as I've mentioned before,
32:47
like you in those times too, like for the names that you
32:52
don't, yeah, they might be more speculative.
32:53
You don't really know them that well versus your high conviction
32:56
stuff. Yeah, I mean those that's that.
33:00
That's also a reason why you, you typically don't unless, you
33:04
know, it's just for a speculative trade or something.
33:06
But when you enter these types of periods, it's often times as
33:09
marginal ideas that get cut, right?
33:11
And that's where you that's where you can lose a lot of
33:13
money where you don't know a situation very well.
33:17
And so the first inclination is to cut it because you don't
33:20
really know it versus like, oh, this is actually I feel good
33:24
about this position. I might add to it or I might
33:27
just hold it right. And so, but yeah, I think during
33:30
pins are like this, like you, there is this opportunity to
33:34
upgrade your portfolio like to the more high conviction stuff,
33:38
especially as everything trades down together.
33:40
And then the other thing too is if you're, if you, if you want
33:46
to increase your, your risk, but you don't have any capital this,
33:50
you know, as we kind of move down, there might be
33:53
opportunities to, you know, sell shares and then buy, buy
33:57
options, right? And so you could do that in a
34:00
way that's cheap in premium, like you might buy stuff that's
34:03
in the money that's not too far out.
34:06
And so in that respect, like you, you actually, if you
34:10
structure it the right way, you can actually limit your downside
34:13
or cap your downside and increase your leverage on the
34:16
way up by selling some of your stock.
34:18
And it's not something like, I think you should do a complete,
34:21
you know, stock to option replacement.
34:25
But if you're looking to add more torque, if you think like
34:28
you've reached some bottom, like that's one way to do it.
34:31
Again, don't do margin. I'm just talking about options.
34:35
And there's, there's also some cost effective ways to do that
34:37
too. One, one way is like if all is
34:40
really expensive and calls look expensive, you can buy a call
34:43
spread. You can buy, let's say if it's,
34:45
if you're, if you have a stock that's like $100 and maybe you
34:49
buy a call spread that's like 3 months out because you think
34:52
that there is a rebound or there's some catalyst that will
34:54
bring the stock back. You might buy a call that's like
34:57
10% of the money and then short a call that's like 40% of the
35:01
money. And by doing so, you've like
35:04
lowered the cost to do that. You've also obviously capped
35:06
some level upside, but generally speaking, like if the market
35:11
rallies back and the stock price moves up, those calls actually
35:16
the ball will get, will get crushed to some or not get
35:20
completely crushed, but it'll, it'll come in.
35:22
And so by being short that top call, you'll actually get, you
35:26
know, oftentimes when people buy calls and the higher, you know,
35:28
when you have a a big drawdown, you end up paying a lot for
35:32
those calls because volatility is very pumped.
35:35
But if you if you buy a call spread, you buy a lower strike
35:38
call and shorter upper strike call, you at least make that
35:42
purchase cheaper. And in some respects, like when
35:45
there is a market rebound, you end up you might be able to buy
35:49
that the top call back for a much more reasonable price as
35:53
well, you know, collapses when things calm down.
35:56
But but yeah, those, those are like some potential things that
36:00
you can do, which, you know, sometimes for me when there, I
36:06
remember when I mean, here's like a trade that I did.
36:09
I remember when AST went down to 50 and it was like very
36:13
frustrating. This is in November.
36:16
And I I did sell some other things, but then I also sold
36:19
some stock at that level and I bought call spreads.
36:25
What were they? I think that I bought some like
36:27
it was December, December. No, I think it was January call
36:31
spreads and I bought a pretty decent amount of them because I
36:35
was like, well, I'll just sell some shares.
36:38
So I, I think I sold like 2 or 3000 shares and I bought some
36:42
call spreads. I think that was the amount.
36:43
And then those call spreads ended up doing quite well.
36:46
Like I think it made, I think it was like 2, two or $3,000,000.
36:53
And so at that point in time, yeah, it, it was, I was, it was
36:59
a point where, yeah, I didn't want to sell the stock at 50,
37:01
but I was like, well, you know, I'm going to increase the upside
37:04
'cause I think this the stock has pulled back too far.
37:06
And so, and by the way, like that, that the amount of shares
37:10
that I sold was pretty small in terms of percentage of my
37:13
position. But by being able to, but by
37:18
taking, you know, selling down there by that, I didn't, I
37:20
didn't like the price that I was selling.
37:22
But then I got exposure to, you know, call spreads.
37:26
I was able to make quite a bit when the stock rebounded to I
37:29
guess it was at the time that monetizes calls.
37:32
I think it was like at 90 or something.
37:35
But but yeah, those are some things that you can do if you
37:37
don't have cash, but you do have positions and you might be down
37:42
on them. You might sell, I don't know, a
37:45
few percentage here there just to increase some upside if you
37:49
think like you've bottomed. But but yeah, I think, you know,
37:55
we're in this weird period. I think it's, it's important to
37:58
stay in the game and not again, don't be on margin.
38:01
I keep saying this over and over again and it's it's pretty
38:04
brutal because I think like the crypto people, I don't know,
38:08
it's pretty wild. Like to see that people were
38:10
running 50 times leverage, 20 times leverage on Bitcoin, like
38:14
a really, you know, volatile asset, which I guess when it got
38:19
to the 120, you know, it's kind of trading in a very tight
38:22
range. So maybe people were were
38:23
trading with high leverage, they're trading small moves, but
38:28
but obviously going from 1:20 to 60 is, is so destructive.
38:32
Like if you have leverage for any, any, any asset, right,
38:36
getting cut in half, like that's you're pretty much going to be
38:38
out of the game. But yeah, I think, I think, you
38:45
know, tomorrow there's probably going to be my guess is like a
38:49
rough open and then you might be tradable, but just keep your
38:54
head, you know, keep your head on top of your of your
38:57
shoulders. Like don't don't over over trade
39:00
things or don't panic. Definitely, you know, remind
39:04
yourself like why you own a particular situation like AST,
39:08
there's a lot of great cows that are coming up and the companies
39:11
on the cusp of, you know, launching commercial service.
39:15
You've got like all the defense work that's coming up and then
39:19
obviously space is a key focus of of this administration.
39:22
And so I'm super bullish like these, these price movements
39:26
don't really affect me. I think someone was like, Oh my
39:29
God, I think the stock is probably go down to 70 and it's
39:31
like, oh, OK, I mean, that's I'm a long term investor.
39:34
So you know, I've been around since the twos.
39:37
So it going to 70 is not it's not going to am I going to be
39:41
happy about it? No, but am I going to lose sleep
39:43
over it? No, because you know, it's, it's
39:46
kind of I in some respects like I've, I've lost, I'm not really
39:51
affected by the volatility in, in this particular particular
39:55
name because I, I have high level conviction in it.
39:59
But I, I do think, you know, to the extent that there are people
40:02
out there that have very concentrated portfolios in AST
40:06
like it's always good to. And I keep telling Kook this and
40:11
he doesn't listen to me, which is fine, it's his own thing,
40:14
but. If you have, you know, make sure
40:16
you have a plan, you have goals. And so, you know, if you think
40:19
that a certain, whether it's like your original net worth or
40:27
you know, some, some number you have in mind, like if you ever
40:30
hit that, then you know, set aside some, some portion of what
40:33
you own, right? Like there's people who've made
40:35
multiple times of their net worth and it's like, hey, well,
40:37
maybe you should sell a little bit next time we get to 100 or
40:41
130 or whatever. You pick your number, I don't
40:43
know, 150 set us sell a little bit to cover your original net
40:46
worth And, and of course, you know, set aside money for taxes.
40:51
And then the next time you have a draw down, like you're not
40:53
going to care. Like for me, that was when, and
40:57
I've talked about this many times, but when I had to
41:01
exercise my warrants, you know, I had to sell a number over
41:05
them. And then I, I also set aside
41:08
some money for taxes and then, and then, yeah.
41:12
And then I exercise the rest, which makes up the majority of
41:15
the shares that I own today. And in that process, I, when I
41:19
set aside some money, you know, I paid off like, you know, I
41:22
had, I had a mortgage on our house and we needed a new car
41:27
and a number of other things. And I did all those things,
41:30
right? And I also had cash leftover,
41:32
which then I, you know, I've talked about the spaces before.
41:36
Like that's, that was when I started buying T1 Energy because
41:40
I was like, oh, I have all this cash.
41:41
So I'm going to like look at some new ideas.
41:43
So I bought T1 energy. I also bought Satixfy, which
41:46
ended up that, that was the fun trade that I've talked about
41:49
where I bought warrants for I think it was like $47,000 and
41:53
they ended up being worth 1.8 million bucks.
41:57
But those are, you know, but I guess the point of the story is
42:01
that because I did take some profits and this was like when
42:06
stock was in the 30s when this is for AST.
42:11
So when we had that draw down all the way down to 18, it
42:14
didn't impact me at all. Like I was like, well, I, I did
42:17
take something off at the top and then or near the top.
42:20
It wasn't exactly the top. I think it was like the high 20s
42:26
when I, when I took something off, like mentally, I was able
42:29
to say, Oh, I, I took some profit and I had this win.
42:32
And so when the stock went down to 18, like I had some money and
42:36
I and I bought on the way down, but also it didn't impact me.
42:41
And then of course, like there were other people involved who
42:44
were man, it was like brutal mentally for them to have seen
42:49
ASD hit 39. I think it was like, was it
42:53
August 2024? It hit 39 and then it came back
42:56
down to 18. And then there was just like
42:59
absolute dejection right where people are like, oh God, I'd
43:02
wish I'd sold some or did this or that.
43:04
And it's like, yeah, that's, that's why you got to have a
43:07
plan. Like it's fun to watch stock
43:08
price hit certain levels, but, and it's OK, like if you're
43:13
riding it to 200, then then there's nothing for you to do.
43:17
But if you have a plan and you're like, oh, well, I'll,
43:20
I'll sell a little bit at 1:50. And you, you execute on that.
43:23
Then when the stock does have it's edible, you know,
43:28
pullbacks, then you're not going to feel bad about it.
43:30
And so like today for AST, for it to be down at 9192 and then,
43:37
you know, hit 87 after hours, like, Oh, yeah, I'll buy some
43:40
here or there, but I'm, I don't feel awful about it because I
43:45
know what I own. And I, I know like, there's
43:50
especially, you know, heading into the SpaceX IPO, like, I
43:52
think, I think the upside is going to surprise us, right?
43:56
In terms of how the market, the, the, on the one hand, the, the
44:02
rationale, the rational side of, of assessing how big the comms
44:07
market, the military market is, and also look at the data center
44:10
opportunity. But then the euphoria that
44:13
inevity is going to come. Like it's not obviously, you
44:18
know, it is. People are going to say, well,
44:20
you're hyping up or you're pumping.
44:21
It's like, no, it's just human psychology.
44:23
Like there's, there's this massive watershed event this the
44:28
SpaceX IPO and a ton of interest and it's going to bring
44:32
attention to the sector. And, and so, you know, we, we,
44:36
if you had asked me back when we're at $2.00, like, hey, in
44:41
2026, the stock is going to hit 130.
44:44
I would have laughed at you like I would I.
44:46
It wasn't something that would have been in the realm of
44:49
possibility in April of 2024. However, what was not in the
44:55
realm of possibility either, It was the fact that the company
44:58
would sign not only AT&T, which that, that we, we, we could
45:02
underwrite and we knew that was going to happen.
45:05
But Verizon, that was like the gotcha.
45:07
But that was just like, what wait, I remember seeing that and
45:11
calling Kook that morning is like, you will not believe what
45:14
just happened. Verizon signed an MOU with
45:18
company. They're, they're investing $100
45:20
million and they contributed their 850 megahertz spectrum.
45:24
Like I would have never dreamed that in a million years because,
45:28
yeah, AT&T and Verizon, they don't work together.
45:31
I thought AT&T had exclusivity in the US and, and yeah, and so
45:36
that, that laid the foundation for where the company is today,
45:39
because that opened up military or that that opened the the dam
45:46
and, and all the military interest started to come after
45:49
that because it's like, oh, they're working with AT&T and
45:51
Verizon. There must be something real
45:52
there. And so that was something that
45:56
you couldn't have priced in, right?
45:58
And so I think that's something when SpaceX does go public, the
46:03
interest in it and the folks that are, you know, going to be
46:07
writing about AST, that's something that you can't fully
46:12
price in or understand what's what is going to happen, right?
46:17
And so like when I wrote about Apple today testing with AST,
46:23
like even I learned something new because I, I had totally
46:25
forgotten, you know, so Apple, for those who don't know, Apple
46:29
had been, has been testing their iPhone 17 with the frequencies
46:33
for satellite supplemental coverage from space in the
46:37
frequencies that obviously AST space mobile covers, which is
46:41
700 and 800 megahertz. And so that would be with AT&T
46:45
and Verizon. And this, this application of
46:48
the FCCII believe is the basis for the article in October from
46:54
the information where the authors claimed that and it was
46:57
leaked, I'm sure by SpaceX, that SpaceX was secretly working with
47:02
Apple to test their phones, right?
47:05
So with Starling service and of course in that application for
47:10
testing, there's 1.9 Hertz, 1.9 gigahertz, which is T-Mobile
47:15
spectrum TT mobile use use that spectrum is utilized by Starlink
47:22
to provide service. It's a small 5 by 5 megahertz
47:25
channel. But but yeah, Apple's testing
47:28
the Starlink to make sure that Starlink works and that's
47:31
something that T-Mobile would ask Apple to do that.
47:34
And inversely, Verizon ATT will ask Apple to make sure that AST
47:41
space rule works on 700 and 800 megahertz.
47:44
But what I forgot and you know, I guess tweeted about it later
47:49
because someone in space MOB was nice enough to point it out to
47:52
me. And that testing.
47:55
There's also 600 megahertz, which Starlink can't use because
47:59
their satellites don't, they're, they're only solely focused on
48:02
mid band spectrum. But at least as of this morning,
48:06
I, I in my mind, I was like, Oh yeah, that's, that's owned by
48:09
T-Mobile. But then I forgot that AT&T is
48:11
buying Echo Star's nationwide 600 megahertz spectrum, which is
48:15
20. It's Virgin unused 20 megahertz
48:19
by 20 megahertz spectrum. And so, so yeah, like I wouldn't
48:24
be surprised if AT&T light set up for AST to use.
48:28
And so that's that's a game changer.
48:30
I mean, 20 megahertz by 20 megahertz.
48:32
Like if they actually open that up for AST to use, that's really
48:37
going to differentiate AT&T service.
48:39
And I'm sure Verizon's going to look at that and say, OK, you
48:42
know what, I need to dedicate some level of spectrum for AST
48:45
as well. And so again, these are things
48:48
that, you know, the market doesn't, isn't pricing in and,
48:53
and it's what's ahead. So, you know, when they when the
48:57
art headlines come out that Apple is testing with the AST
49:00
space mobile, what does that do? What does that do to the stock?
49:03
Or like, if Apple, if I was Apple, I would, I would do this.
49:07
I, you know, Apple should be making a strategic investment in
49:10
the company because it, it, you know, the, the news that Elon
49:14
Musk, I think it was like three sources close, close or familiar
49:18
with the matter, which is typically when you look at
49:24
journalists speak, if it's, if it's sources close to the matter
49:28
means or familiar with the matter, that's usually like
49:31
outside advisors. And so it could be, it could be
49:34
like an outside consulting firm. It could be bankers, could be
49:36
attorneys, lawyer, you know, lawyers, whatever.
49:40
But the fact that there was like from three different sources
49:43
saying that Starlink is working on a mobile phone and mobile
49:46
service, like I think that's pretty.
49:48
And you know, LON has has hinted as such and also talked about it
49:52
openly. But then today he had to walk it
49:54
back because I'm sure someone who, who's in charge of M&O
49:58
partnerships is like, come on, man, you're making my heart my
50:01
life hard. Like, how am I supposed to sign
50:03
up M and OS if, if we're eventually going to compete with
50:05
them? But if you're Apple, it's it's
50:11
yeah, the writing's on the wall. Like you, you, what are you
50:14
going to do? You, you need to have control of
50:17
your destiny. Like SpaceX is going to come to
50:21
eat, eat off your plate. They're going to they're going
50:23
to create hardware. And so whether it's Apple or
50:26
Google, and I know some people are like, well, I don't think
50:29
SpaceX will create their OS, their own OS.
50:33
What do you mean? Of course they're going to
50:34
create their own OS that it's not it's not going to be easy.
50:36
But it's not as if this thing called XAI was easy.
50:40
Like they Ilan created his own, you know, artificial
50:45
intelligence platform from scratch.
50:48
So and because we know like how I guess how powerful AI is at
50:53
coding, you know, could you also see a situation where they are
50:58
going to develop their own OS? Yeah.
51:00
I mean, that's what, that's what Elon does.
51:03
That's, you know, Tesla, what you, you pick any, any one of
51:07
his companies. Like he's building his own
51:09
stuff. He's not going to be leveraging
51:10
anybody else's technology. And so I think, as I mentioned
51:16
before, it's going to become more and more apparent that the
51:21
strategic value for AST is going to go up and up in the next few
51:24
months. And so, yeah, today it sucked.
51:28
Last few days it sucked. Like, of course everybody wants
51:31
to be at above 100 or 1/31/20. You, you pick.
51:35
But, but yeah, this is just market volatility and it's, it's
51:40
part of, it's part of the investing process.
51:42
And, and, and for, for some people it can be pretty scary.
51:45
But, but yeah, I, I think let me just make this comparison here.
51:52
So last time, let me just look at Bitcoin.
51:54
Bitcoin so let's see when when was Bitcoin at 60,000 last OK,
52:04
so Bitcoin that was September of 2024 yeah, right before Trump
52:12
was elected so it was around 60,000 and back then AST was at
52:20
September of 2024 I mean that was the run but AST was like at
52:26
$24.00, right and so Bitcoin is re rated back down to 65 with
52:31
that there's been a ton of deleveraging and and risk taking
52:34
on the markets but yet AST is now at 93 or you know,
52:38
overnight, I guess 90. And so we made a lot of
52:41
progress, right? And so I think, I think it's
52:44
good to keep that in perspective and to not lose sight.
52:48
I know people, yeah, it's, it's difficult to lose money.
52:53
And looking at Reddit like there's and on, on Twitter,
52:56
there's people that are, that are worried or panicked or, you
53:00
know, the, the, the doubts, like when, whenever you have a draw
53:02
down, the doubts seep back into your mind.
53:05
Like what things can go wrong with this company or why isn't
53:08
the stock going up or, or why haven't they given us an update
53:13
on Bluebird 6 unfolding or the batch, the, the next two batches
53:17
being sent down to Cape Canaveral.
53:19
And you know, we've talked about all this stuff over and over
53:23
again, but but yeah, it's, it's funny, like the stock price,
53:27
nothing drives sentiment as much as stock price, right?
53:30
And so I think zoom out, look around, look at the entire space
53:34
sector. I mean, every name with the
53:36
exception on my screen of 1 is, is red, like heavily red.
53:41
And you pick the sector, if it's like next generation nuclear
53:45
technology companies, critical minerals, let's see data X, you
53:50
know, data centers, quantum names, everything is just
53:55
completely smashed. And so so yeah, we're not that
53:58
different. But then just keep in mind, you
54:00
know, the stock is at in the 80s and 90s versus where it was
54:05
before, which is 20 in the 20s back when Bitcoin is at 65.
54:08
And so that should give you some comfort.
54:11
You know, the company has made a ton of progress and the story
54:13
has changed quite a bit in terms of hitting milestones.
54:16
And so and there's a lot more to come.
54:18
And so, yeah, I'm super optimistic and bullish and that,
54:24
you know, market volatility is not going to change that.
54:27
And yeah, there's, there's a bit of uncertainty ahead of us
54:32
whether that's I guess that's new Fed chair, which I don't I I
54:35
think that's kind of a nothing burger or potential conflict
54:40
with Iran. That's that, that's a real
54:42
problem. But often times, as we've seen
54:45
in the past, the market can the market actually respond, has
54:48
this reaction of uncertainty, but then can see through it as
54:55
long as like there's something really bad that doesn't happen.
54:59
But you know, we'll we'll find out I guess the next few weeks.
55:02
And then beyond that, yeah, I mean, AI is scary and it's it's
55:07
disrupting a lot of different industries.
55:08
But I would say space I don't believe is going to be
55:12
disrupted. Famous last words to be
55:14
disrupted by AI because a lot of the stuff that these space
55:17
companies do requires very certain expertise.
55:21
We're we're talking about like physical hardware, you know,
55:24
making satellites, microns, putting together processors,
55:28
solar panels, making sure that these things are hardened for
55:32
space. It's not something that just
55:35
like building semiconductors or hard drives or flash memory or
55:39
DRAM or high bandwidth memory, like this stuff is not something
55:44
that AI disrupts. It's actually something that AI
55:46
needs. And ultimately what ASD is
55:49
doing, which is communications to mobile phones.
55:52
That is something that AI can use and then ultimately data
55:55
centers as well. So anyway, I've been rambling
55:59
now for quite some time. It's 12:45.
56:02
I'm getting tired. And just like the rest of you,
56:04
I, I got to get up for the open tomorrow.
56:06
But yeah, hopefully I this is helpful.
56:11
And just kind of thinking about the markets and, and the
56:13
volatility, I, I think again, we're, we're in this period of
56:16
de grossing and deleveraging. And so when you see everything
56:22
basically correlated, it's not, it's not like there's anything
56:26
wrong with a particular company. It's just risk is just coming
56:29
out off across the board. And, and I think, you know, try
56:32
not to fall into the strap of trying to explain why your
56:36
particular company is down. It's all companies are down and
56:40
and risk is off. And so keep an eye on VIX and,
56:44
and some of these indicators like maybe perhaps software
56:46
starts turning around and you know, maybe maybe that shows
56:51
some level bottoming or, or crypto might lead us back out of
56:54
this. But we also be prepared like,
56:56
you know, we might have additional days or weeks of
56:59
this. And so just be ready, which
57:02
means don't be margined. But anyway, I'm going to go to
57:07
bed. Thanks everyone for joining and
57:09
we'll talk again in the morning. Take care.
57:13
Thanks for listening. To the AST Space Mobile podcast,
57:17
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57:26
To catch all the latest news about AST Space Mobile, make
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sure to subscribe. Thanks again and I'll see you
57:32
next time. We're doing something.
57:37
Very, very big and I think with this technology we can really
57:40
affect billion lives. AFT space Mobile is the only
57:44
company that has proven technology to deliver several of
57:48
your bank connectivity directly from the state to do everyday
57:52
smartphone people will. Just.
57:53
Basically turn their phone and be.
57:56
Syndrome, regardless of where. You are.
57:57
We don't want the user even to know that it's connected by
58:00
satellite. Our role.
58:02
Is to bring this into reality, always in partnership with the
58:06
MMO.