AI, Digital Gold, Crypto Privacy, and Political Division

[Part 1 of 6] [ 00:00] two and a half billion dollars. I couldn't have done any of it without AI. If if we had not had AI, we would be $8 billion less. We five IPOs, none of them would have happened because I used AI to design the securities and solve all the tax problems and all the securities law issues. You know, so I like I'm a big believer in using AI to design new things. And I look, I'm just I I focus upon digital credit and security, but there's someone there thinking about how to make the car drive and cure cancer and like like aren't there like a hundred million problems the human race has to solve that we that you're like, well, you're going to need a thousand people with PhD to solve that. Well, guess what? Now every 16-year-old has a thousand PhDs at their fingertips. And so I'm I'm very bullish. The world's going to be a much better place and and we're going to see an age of empowerment and abundance because of digital technology. [ 01:03] People are greedy when they also try to acquire gold. Not really. I mean, people who buy gold are trying to preserve. We have centuries, we have centuries of people being greedy to go ahead and acquire gold. Well, no, well, you're talking about to acquire wealth. Yes, people are greedy in that they want they want more things and there's nothing wrong with that. But when they're converting what they've earned into gold, that's not the greedy part. That's the preservation part. I I I I've earned all this money because I was greedy. Now I don't want to lose it. I want to store it so I can use it later. I don't want to blow it all right now. I want to hold on to it. And, you know, gold is a way to do that. You can't really do that in a fiat currency that's just being printed, you know, into oblivion. So, uh, but but but, you know, the the greed is in the speculative frenzy that accompanies Bitcoin. [ 01:56] They tell me that I'm the reason they own Bitcoin because they listened to me years ago about economics, about sound money and and the Fed and inflation. And I'm the one that got them. [ 02:10] Plus there's a lot of utility technology in Midnight that's going to make the use of Cardano safer. Like Midnight passport will be the fastest, safest and easiest way to use Cardano. So we gain all the usability advantages. Plus I'd argue Midnight is an essential component for Bitcoin. Bitcoin. When you look at that side of it, you're like, okay, Bitcoin users, they want privacy. So Cardano could do a lot of the heavy lifting on the programming side, but where it's the private coordination layer, let's just call it that. So we're actually working on this program, our Bitcoin DFI setup, we'll be calling it the the circle. So you start with Bitcoin and tap root. I'm going to put 50 Bitcoins of my own money into this. It's pretty thick. It works. But you start with tap root and Bitcoin, you lend it to stable coin. So that'll occur on Cardano through a specialized transaction through the bridge. And then that stable coin would then be deployed with yield bearing instrument. And then as you make yield, the yield is converted to Bitcoin and then it's back to your tap root. And then Midnight coordinates all of it with the fight. So you have like all three networks working together, and you have this circle and then from the Bitcoin users perspective, you just give them a button, make money, click the button. And then it locks their Bitcoin, they just start generating a yield. The security actually enters the tap root on the Bitcoin network. So it meets my three rules that I have for Bitcoin DFI. One, there's only Bitcoin. No other. [ 03:30] Bitcoin, Litecoin is better money than than fiat, obviously, also better money than gold. I think it's I believe it's the best form of money that um humans have ever come across. Right? Money being good being that it's um it's inflation proof, right? No one, no single person, company or like government can print more money, right? can print money and say the way the money you're holding, uh, you're storing, right? That's kind of one of the key things about money is if you work hard, you make money, you don't want that money to kind of disappear with time, not from your own doing. Right? So that's that's key and Bitcoin, Litecoin and uh most cryptocurrencies, um, is able to do that. [ 04:16] I could have the argument that real estate's better than Bitcoin. For a number of reasons, by the way, depending on who you are. Um, your audience could probably disagree because they're probably a bunch of, you know, Bitcoin maximalists that don't have as much Bitcoin as the real estate guy. By the way. [ 04:34] No, I I'll tell you right now, hold on one second. See, that's the funny thing, dude. That me and my brother were talking about this yesterday. You know, the guys that know the most seem to have the least. [ 04:45] 100%. That that I can probably agree with you on. It should be a bigger issue within the crypto system and the ecosystem. What do you think? [ 04:54] I think it will be. I think privacy is going to be the the new, if you want to in my view, and this is what I'm tasking the investment professionals at Nailstream to sort of figure out. I think that these stand out shitcoin or, you know, few shitcoins of 2026 to 2028 will be related some way shape or form to privacy. We already saw the, you know, amazing move of Zcash over the last few months. Yes, it's down 50% from the 780 high, but I think again, my goal is, you know, my mental model is 10 to 20% the value of Bitcoin. Zcash. So much higher than where it is today. But, you know, taking away Zcash, what is the token project or protocol that's going to utilize some privacy technology, I'll be something like ZKs or knowledge proofs to do something whether that's quantum resistant, you know, the overlords can't deanonymize their data or, you know, see what we're doing, whatever it is, right? These are the things that we're latently afraid of of of what bad things that could happen with this proliferation of big tech, big government and [ 06:04] Donald Trump getting elected and knowing that we share friends in the White House for all the populist parties of Europe who are under attack. Every single populist leader. If you look at the leaders, and my last documentary was called Silence. I got 18 months in prison for my last documentary. The reason I aired it was because the documentary was so bigger than me. It's exactly what they're doing. Lawfare has been waged against if you go through, I pick anyone. Pick her builders, the leader of the the party. Hillary Le Pen. Any politician in Europe, yeah? Anyone. Pick anyone who has stood up and tried to speak against immigration and you will see a history. Matteo Salvini, I was with him two days ago, the deputy Prime Minister of of Italy was prosecuted in 2020. They said he because he stopped the boat. He was prosecuted in 2021. He was in charge of a crime. The process is the punishment. Every political leader who's tried to step up was charged. You saw what they done to Bannon. You saw what they done to Stone. You saw what they're trying to do to Trump. That's happening across the board. They're trying to of their the totalitarian state. But I think it's probably because they're elected on very optimistic about the future. More is not because they're not in charge. The public are ready. The public are awake. [ 07:21] So the other thing about it here is there's a lot of political power that's been you know, it's going to have a nuclear impact in the 2022 election and the racist that were absolutely going to be locked are still in place because they still want to come in and it keeps things like the cardiac alive, which has been changed a lot. I've had many conversations to try to get it into a better shape and hopefully September 15th will actually be able to get it up and live and have a lot of profits in here for that. There's over 200,000 adjustments and modifications and other things. I don't think anybody realizes how much work's gone into it. I talked to I said, is terrible. He said, you know, we worked on this three months longer than Obama worked on the and that was our response to the 2008 financial crisis. [ 08:06] This is politics and the need to get crypto and our industry out of these partisan debates, out of these partisan issues. It's really not healthy to treat any technology as some kind of political pawn. This isn't about Republicans, this isn't about Democrats. This is about freedom. This is about getting people access to their assets online. It's about allowing them to change that. This is about innovation. This is about future finance. This isn't about red versus blue. We need to get out of that. [ 08:39] have been very negative on Bitcoin and crypto, even public statements calling it rat poisons 2.0 or pet rocks or, you know, name your name your funny name. Now these same institutions have now understood that this is not a fad. This is here to stay and oh, we need to get a piece of the pie as well. [ 09:01] If I had a genie and three wishes and I could make gold better, my first wish would be shrink the supply to 21 million coins and make it illegal to make it more. And my second wish would be make it invisible and teleportable and then destructible. And let me carry as much gold, you know, in my pocket as I possibly can. And my third wish would be make it programmable so a billion AIs can teleport it and transform it a million times a minute so that I can put it on a, you know, a billion computers and and have it have it get traded back and forth 37,000 times while I'm sleeping, right? And I would think digital gold as I just described it, it's got to be better and more valuable than physical gold and especially in the 21st century when you're looking at 10 billion computers and 10 billion AIs and 10 billion mobile devices and, you know, you never teleporting an ounce of gold on an iPhone. So I just think it's digital gold. It's got to be 10x to 100x better than gold. [ 11:19] What first got you excited about blockchains? Think about it. Oh wait. I bet it wasn't multi-million dollar hacks, exposed data or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Where we're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we build Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [ 12:40] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [ 13:23] This is Houston. T minus one minute until full data blackout. All eyes are on you. Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. Is that guy on FOMO? Yeah, let's get back to it everybody. Opportunity cost is simply this. Every position you take is a position you choose over something else. This is Houston. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. Satellite's up and running. Positions looking good too. [ 15:07] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light? People are greedy when they also try to acquire gold. I am here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. What first got you excited about blockchains? Think about it. Oh wait. I bet it wasn't multi-million dollar hacks, exposed data or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Where we're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. [ 16:32] Welcome. Welcome to the breakdown episode 823. It is sponsored by Midnight. Midnight. That's right. While everything is kind of pulling back in the privacy sector, Midnight is moving up. Again, that's not a shot on anybody. I'm just saying that I think people are starting to see the value, but Midnight is the title sponsor of this program. Also, Polymarket. Polymarket is the official prediction market sponsor of the breakdown. Cake Wallet. Cake Wallet, one of the most secure wallets that we have in this crypto space, in this crypto industry. If you want to hold your Bitcoin, Litecoin, Zcash and Monero on a secure wallet, you go to Cake Wallet. That's a bar. Cake Wallet.com. You can also download Cupcake. If you have a phone lying around and you're not using it, you can factory reset it and download Cupcake. And have it as a as it as your as it as your cold storage. Um, FOMO. family. Shout out to FOMO. family. Big day for them yesterday as we talked about. FOMO. family went and integrated. They are now integrated with with X. So when you click on a link, when you click on a link or if you when you click on a particular ticker, it can take you to FOMO and you can go ahead and do transactions there. FOMO. family, check out everybody's, you know, thesis on whatever topic it is, whatever meme it is, you can check it out on FOMO. family. All right, all right, all right, all right, all right. I rush through. I rush through everything today. I rush through everything today. What's going on, guys? Good to see you on all channels. I I feel uh Let me stop real quick. Catch yourself, David. Relax, David. David, relax. Okay, here we go. So now, Restream has Instagram on or the ability to go ahead and add Instagram onto the channel. So I'm I'm praying that we will have Instagram and the community on Instagram that follows me on Instagram, tuning into the program moving forward. So we'll have to Got to relax. I'm excited. All right, what's on on what's on tap for today? By the way, happy Veteran's Day. I was going to go ahead and and and and play the sound effects, but happy Veteran's Day. Shout out to all the individuals that have gone out there and given up their lives to protect this country. You know how where I stand on that. I appreciate the veterans. Thank you so much for protecting us and giving us the freedoms that we have here in this country today. I know a lot of people don't appreciate it. I do. So thank you to the military that serves us wonderful country. That gives up their bodies. They have given up their lives, I should even say. Given up their lives to go ahead and protect this country, this beautiful country. So much respect to the veterans. I don't want to do a round of applause. I just want to say much respect to the veterans. Actually, a round of applause for the veterans. Much respect to the veterans. Okay. All right. Um, We could talk about the markets. We could talk about AI. We could talk about a lot of things today. There's a lot of things on my mind. There's one thing that I want to go ahead and start right off with. Yesterday, as I'm working, I'm watching a video. I'm watching a video. A conversation that CoinDesk had with the CEO of Ledger. And the CEO of Ledger is flat out says that everybody's going to get hacked. Let's go ahead and roll the tape on this one. I I got some shit to say on this. I really got some I got something to say on this. Let's go ahead and find this. I thought, um, when I seen it, when I seen this, I was like, what the what the hell? Let me pull this up. All right, here we go. Let's go ahead and pull this up. Let me go ahead and share the screen with you guys. This is wild. I mean, I I was listening to this and I was like, this is wild. This is a wild this is a wild guy, man. Let's go ahead and play it. It was with Bloomberg. Not CoinDesk. Apologies. They both have a they both have like this template that looks alike, so. All right, let's go ahead and play this. [ 22:03] But how do you prevent that from from from happening and and how do you change the way you talk about ledger devices to make sure that you convince people they're safe. [ 22:14] Look, everybody will be hacked at some point. Perfect security doesn't exist. And so that rule applies to ledger as well as others. [ 22:31] Um, I'm going to play this again. I want to play this again and I want you to listen to I want you to listen I I want you to let this marinate for a second. And then I'm going to break it down. I'm going to break this all down for you. Why I got a little bit pissed off and why I keep talking about security within our crypto ecosystem and how it needs to be taken seriously. I'm going to break this all down, but I want y'all to listen to the CEO of Ledger speak on this topic one more time. [ 23:13] But how do you prevent that from from from happening and and how do you change the way you talk about ledger devices to make sure that you convince people they're safe. [ 23:23] Look, everybody will be hacked at some point. Perfect security doesn't exist. And so that rule applies to ledger as well as others. [ 23:34] One more time. [ 23:35] But how do you prevent that from from from happening and and how do you change the way you talk about ledger devices to make sure that you convince people they're safe. [ 23:45] Look, everybody will be hacked at some point. Perfect security doesn't exist. And so that rule applies to ledger as well as others. [ 23:54] But [ 24:02] Respectfully, respectfully, um, y'all need a PR department. And you not you definitely need PR training. You are our security. You are literally our security. Ledger, I'm going to say this to you guys. You are our security. Not your keys, not your crypto. You are our security. Cold storage is security. And here you are going on to Bloomberg instead of just saying, you know what, we will take every practical measure to make sure that our customers and our consumers will not be hacked. You go on to Bloomberg and you say, well, everybody's going to get hacked. Number one, if if I'm not even in crypto and I had any interest and I had any any freaking interest, you killed it. You absolutely destroyed any interest I had. If I felt like doing not your keys, not your crypto kind of thing. You are legitimately a security company. Technically speaking, you are. To give that kind of answer that, well, everybody's going to be hacked eventually. That is wild. That is absolutely wild. Like what a wild take. What an absolutely wild take.

[Part 2 of 6] [David] [00:00] all the consumers that currently that currently hold their assets on a ledger. [00:17] that eventually everybody's going to get hacked. [00:21] Respectfully speaking, if sales go down for Ledger, you can just go back to this interview. [00:30] PR PR absolutely PR is extremely important. [00:40] PR training is extremely [00:43] You have you have a PR person that goes out there and they speak for the company. [00:49] This is a big time mistake. [00:52] That's how I viewed it yesterday. This is an absolutely big time mistake from a public relations standpoint. [01:01] When you come out to the general public and you tell them eventually everything's going to be hacked. [01:10] Now, look, [01:14] will people, [01:17] will people eventually, [01:21] Now hear me out, will people eventually hackers, will they get even better at hacking into protocols and and I guess hardware and whatnot with super intelligence? Yes. Guess what though? [01:41] For every bad hacker, there's a good hacker. [01:44] And you hire a good security team that knows knows how to account for human error, [01:55] and also how to take on a machine. [01:59] and runs test daily to make sure that your devices are not susceptible to be exploited. [02:17] By far, [02:19] one of the worst things I saw yesterday. [02:24] And do not be shocked, [02:30] do not be shocked if sales go down. Now, I don't wish that upon Ledger. [02:37] I don't wish that upon Ledger. This is my personal take. [02:42] This is not me fudding. This is my interpretation of the video that I watched. [02:50] And I'm not the only one. Look at the comments. [02:55] Go on to social media and observe the comments that were left for you. [03:02] And for your company. [03:15] Crazy. [03:18] Absolutely insane. [03:24] Absolutely crazy. [03:31] So I can I can go ahead and say, hey guys, maybe you should go ahead and look at look at uh Cake Wallet. [03:37] Go to Cake Wallet. [03:40] Go to cakewallet.com, download cupcake onto a phone that I had I mean, a phone that has been completely factory reset. [03:51] You personally have held this phone and you factory reset it. [03:55] Go ahead and download cupcake. And again, this is not this has nothing to do with Cake Wallet either. [04:03] This is my personal opinion on what happened yesterday. [04:08] It's crazy. [04:16] There's no way. [04:18] There's absolutely no way people people in your company were clapping when they saw you give that interview on Bloomberg Crypto. There's no way. [04:31] There's absolutely no way anybody clapped. [04:41] Welcome to the breakdown. Episode 823, again, sponsored by Midnight. Title sponsor is Midnight. [04:49] Privacy is important. We got guests coming on today. We we are we are booked up. We got some cool guests coming on. [04:56] Got some really cool notable people coming on this month, next month, next month after. It's going to be fun. [05:07] Absolutely going to be fun. Polymarket is official prediction market sponsor of the breakdown. Cake Wallet, FOMO.family, go visit that. You can follow me. [05:17] I'm watching as Satoshi and Groyper move upwards. But again, I see people, yeah, another thing in crypto. [05:26] Another thing in crypto. Instead of getting into the majors, you guys again are chasing you are chasing dog shit that the cabal is feeding you again. I've watched it yesterday as somebody puts out a ticker. I'm not going to say the name, you guys know the name. Somebody put out a ticker. It goes up to 10, 15 million. The liquidity, the liquidity in the ticker is 350k. [05:55] $15 million market cap, $350,000 in liquidity. Everybody's going crazy. [06:08] Again, brings me back to nobody nobody studies or understands how market caps and liquidity pools work. [06:16] Everybody just sees this number. [06:19] Top 20 wallets have $300, $400,000 in profit. Nobody's taking out that profit. [06:30] Not a single person. Even at 20 million with a $350 million uh $350,000 liquidity pool. [06:42] You're not taking out your money. [06:50] And I'm just watching. And I'm like, man, [06:56] you guys have just absolutely been milked for the last few months. Forget about that for two years, but you've just been milked for the last few months. [07:07] And it's like selective memory. [07:14] Selective memory. [07:22] Weird. [07:25] Absolutely mind-blowing, mind-blowing. [07:32] that you guys are here six, seven months and you still don't understand how these numbers work. And you know that these people have bundled everything up. Everything's in their favor. It's the same people. It is literally the same people doing the same shit and you still go for it. [07:54] I don't even feel bad anymore. [07:57] I do not feel bad anymore. You deserve it. [08:03] I hope you hate me for these words. You deserve it. [08:10] If you are willing to chase knowing that you're going to lose your ass, you deserve you deserve the new additional asshole that you will get from it. Absolutely. [08:23] 100%. [08:28] I don't know how many lessons you need. [08:33] Also, another thing that I learned, I learned and we will talk more about crypto, but I want to go I want to talk about politics real quick. I learned something. [08:44] I learned something about my personal algorithm. [08:49] Sitting with my team, looking over certain things. [08:55] I learned that [09:01] the people prefer me talking about politics over crypto. [09:06] I'll say this again, the people prefer me talking about politics over digital assets. Not that they don't mind coming to my shows and listening to me break down digital assets, breaking down the majors, why Bitcoin, why everybody should have Bitcoin, [09:28] why why I think Solana is going to do amazing in the next bull run. [09:35] But a lot of people want to hear me talk about politics. [09:42] Whether they're fans or not, a lot of people come to my shows to listen to my takes on the current political environment. [09:58] Literally had a list that we went through yesterday and we're like, damn. [10:05] People really good, bad or indifferent want to hear me talk about the Democrats, the Republicans, Independents, Trump, Obama, who whatever. They want me to talk about the political atmosphere right now. [10:24] And that's wild. It's really wild. [10:32] I'm thinking, do I come out with a political show? [10:37] Do I separate? Do I have besides the breakdown, which is the franchise show for the Goxsheen Media Network. Do I have do I also come out with a crypto show or digital asset show and do I have the political show? I'm thinking now, based on the stats, the people want a political show, 100%. [11:02] Different here. And I got to say this, there's a big difference. I'm I'm now obviously on Instagram, I'm on I'm on YouTube. [11:12] I'm on whatever, I'm on all these streaming platforms. [11:16] I'm also on Threads. So I've been I've been putting out posts on Threads and on X formerly known as Twitter. [11:25] I am getting 50X the engagement on Threads than I am getting on X formerly known as Twitter, which is mind-blowing. [11:38] Absolutely mind. Twitter was home base. Twitter was absolutely home base. Now, Threads. [11:49] I can't even show it on I don't know how I can show Threads on here. But I just in the last seven days on Threads, in the last seven days on Threads, [12:03] I'll tell you right now. Last seven days on Threads, 4.5 million impressions. [12:13] And I haven't really started on Threads either. [12:16] 4.5 million impressions. And I'm just I haven't even told anybody on Twitter about it. [12:24] So all of this stuff right now, all of this stuff right now on Threads, I have only three 3,121 followers on there. I haven't told a single person. [12:39] I'm just building on Threads. I'm letting everybody get to know me on Threads. [12:45] So with 3121 in terms of followers, 4.5 million impressions. Yet I'm essentially shadow banned in some way. I don't care what anybody says. On X, [13:04] yeah, things go to 500 likes. I'll get 200 20 20,000, 50,000 impressions at times. But I'm not wrong when I say, man, Threads, uh I mean, excuse me, X formerly known as Twitter has picked its cabal. [13:24] And everybody else who's worked their asses off to build their brands on on Twitter has been pushed to the side. And that's fine. I'm going to go cry about it. [13:33] Right away went to Threads. Got serious about Threads, got serious about Instagram, got serious about all the other streaming platforms. Definitely got uh absolutely serious about TikTok and speaking to TikTok. Look right now, as we speak, 136 concurring viewers are are watching. There there is a difference. [13:56] There's an absolute difference. [14:03] Supercharged this guy in the comments just made my point. Everybody aped into this shit and the only people who won were the people who talked about it. [14:16] Congratulations. Anyway, um on the political front. I just felt like getting that off my chest. But on the political front, I wanted to talk about [14:29] you voted for Democrats in these midterms. You you guys voted for Democrats to come into come into office and to change things around. [14:45] That's what you voted for. You voted for Democrats. You turned Texas blue. You voted for Democrats to come in and go ahead and focus on the affordability. Right? Affordability was the focus. That's why most of you guys went to the ballot boxes to vote for affordability. [15:07] Guess what they're focused on. Impeaching everybody in Trump's administration. [15:13] That has nothing to do with affordability. [15:17] This is vengeance. [15:21] This is political fighting that you get nothing out of. [15:26] This does not bring down gas prices. This does not bring down the cost of items in your grocery stores. [15:36] This does not none of that. None of that happens. [15:41] Zero. [15:50] How does that help you? Like how do these things help you? [15:57] Really, I'd love to know how any of these things help the people that have voted you into office. [16:11] They're going to they're going after the Secretary of War. We're going to impeach Pete. [16:20] They didn't get it done yesterday. 11 Democrats didn't show up to work. Oh my God, shocking. [16:29] Now there's infighting. [16:32] Now they're fighting. [16:38] Same people now. [16:43] Let me pause real quick. Really disappointed with the Republican Party. The Senate voted to keep Senator Thune in charge as the minority leader of the Senate. You guys, you do not understand. [17:00] Here's Senator Thune cost the Republican Party the goddamn midterms. He didn't pass anything. [17:10] He didn't pass anything for the He did nothing for Donald Trump's agenda. Zero. [17:22] At this point, you could sit back and you and you know what? You might I I was thinking about this yesterday. You know what? [17:30] For the last two years, I mean, the Senate was just 90% Democrat. [17:42] Now people will say, what what are you talking about? Easy. Like Thune and his goons refused to pass anything that benefited Trump's agenda. [17:55] Nothing. [18:02] Zero refused. [18:14] Crazy. Absolutely crazy. And then you have AOC who comes out for Team Obama and says Team Obama is the only option for the Democrats and the only option for the House. [18:32] And I I I laughed. I I thought that was hilarious. [18:39] The message even from the Democrats. So I'm I'm going all over the place here. Hear me out here. [18:47] The Democrats voted for change. You got no change. You're going to get the same people leading the charge. You're going to get Schumer. Schumer's going to end up winning even though there's infighting right now and and you know, the new Democrats want to put in their own leader and stuff like that. You're still going to get Schumer leading. [19:07] The Republican Party learned nothing about their loss. You're going to have Senator Thune who did absolutely nothing for the Republican. Actually, he did he did a great job. [19:21] He did a great job for the Democratic Party. 100%. [19:28] You you know what? He did an absolute phenomenal job. [19:37] For the Democrats. [19:41] I want you guys who are so so adamant, [19:50] so entrenched with your parties to look at your parties right now and recognize that nothing has changed. [20:01] Nothing has changed. [20:04] They're going to go about business as usual. They're going to shut down governments. They're going to impeach people. They're going to argue. They're not going to pass a bill. [20:14] Maybe one in the next two years will be passed. Nothing's going to get done. [20:20] They're going to point fingers at each other. [20:23] And at the end of the day, you, the American citizen, [20:31] especially those who have been having a hard time getting by in the United States of America, even with the economy doing absolutely great compared to what we had in the Biden. [20:46] You will continue to suffer unfortunately because you are voting in individuals that come to you asking for your vote and then forgetting about you when the elections are over. [21:04] We need new blood to come into the House and the Senate. [21:13] I'll say this again. Both sides, we need new blood to come into the House and the Senate to work for the American people. [21:23] At some point, American people need to look, sit back and look, throw away the party affiliation and say, enough is enough. [21:33] The government government officials, I'm going to say this again, government officials work for us. [21:42] All you guys tuning in right now, you might not agree with everything I have to say and that's that's perfectly fine. [21:51] I don't look to be in echo chambers. [21:55] I'm in my zone when I am in a room with people who have different opinions. I learn a lot and I hope others do too. [22:04] We need to have people in Congress that work for us, that make our lives better. [22:16] We can't have people that have been in office for 40 years, 30 years, 20 years, that run on the same topics and never get these topics or get these bills passed. Never get the things that they campaign on done. [22:38] It is time for the American people in 2028 to vote in personalities and individuals that actually give a shit about the United States of America. [22:55] I just went ahead and ripped apart the Democrats and I ripped apart the Republican Party. [23:03] I can do that because I'm America first. Not the Nick Fuentes shit. I'm talking about I'm America first. I want to see things done in America before we're able to go out there and provide aid to other countries. I I I we need aid here. [23:19] If we're going to print money, then print that money for the American individuals here and not across seas. [23:39] You guys think this is a sporting event with the whole, oh my God, Texas went blue. Oh my God, like it's just like [23:48] listen to yourselves. This is not a football game. [23:52] This is you're you're not watching the Dallas Cowboys versus the New York Giants. [24:00] You want to get excited about an individual regardless of party that can come in here and actually deliver on lowering the cost of goods. [24:13] Lower gas prices, lower the price of groceries. Like more private sector jobs. [24:24] Lower rent, lower rates. Like you want, it doesn't matter if it's a Democrat or a Republican. You want an individual representing you or your state regardless of party affiliation that can bring costs down. [24:49] Yet you guys will continue to fight. And yes, I'm a registered Republican. But I am an American first. You guys like I want y'all to hear me out before you hate me, okay? Hear me out before you hate me. [25:05] We are Americans. We are American citizens. We pay taxes. [25:14] We live in a beautiful country. [25:18] Let's regardless of our differences, we live in America. We live in a great country. Compared to other compared to other countries, the greatest country of all time. [25:38] We have gotten to a point where it's Team Red and Team Blue. [25:48] They want this. They want us to absolutely be this separated and divided. [25:58] Because they are able to control us. They are able to control the narrative. [26:08] And it's time for all of us to step back and wake up.

[Part 3 of 6] [David] [00:00] [David] [00:04] Wake up. [David] [00:08] And see what is happening in real time. [David] [00:12] You voted, let's say you're, you know, I find this because I've watched this. [David] [00:18] Democrats won the midterms. They took the belt to ass to the Republican Party. [David] [00:24] You guys are, and I'm reading comments. You're like, [David] [00:28] you voted based on affordability, but now you're out there like cheering on impeachments, which [David] [00:39] is taking our tax money, [David] [00:44] and just burning it. [David] [00:51] And you're excited about that money should go to, that money should go to individuals that are hardly getting by. [David] [01:04] But you're excited. [David] [01:07] You're excited that, oh my God, my party's going to impeach. [David] [01:11] How does that help? How does that help? You're not going to impeach Trump, okay? Trump's not getting impeached. [David] [01:20] So if you go after Trump and you try to impeach him, you look, I mean, it's going to be a terrible look. [David] [01:45] Wake up, Americans. [David] [01:48] Wake up, [David] [01:51] Americans. [David] [01:55] We have two years to get all this right. And I'm going to speak from the heart on this. [David] [02:10] If you're not watching what is happening, and I'm going to say this again, and I'm going to be very repetitive too. If you're not watching what is happening in France, [David] [02:23] if you're not watching the takeover of historical countries, [David] [02:34] I am telling you, [David] [02:37] we are next. [David] [02:42] We are absolutely next. [David] [02:48] Democrat, Republican, it won't matter. In a decade from now, if things go their way, [David] [02:57] it won't matter if whether you're a Democrat or Republican. That shit won't exist. [David] [03:04] There'll be one rule. [David] [03:12] You can sit here and think, [David] [03:17] DG's bugging out when he's saying all this stuff. This guy's bugging. This is never going to happen in our country. [David] [03:23] The same way you guys thought that 15 to 20 million undocumented individuals wouldn't come into the United States of America. [David] [03:35] The same way you thought that your freedom of speech wouldn't be taken away, think back to 2020, when if you said something that did not roll or was not on par with the narratives that were being put out there, in terms of the vaccine, [David] [03:56] when [David] [03:59] medical professionals from some of the greatest institutions in the world were against the shot, and they were being banned and suppressed, [David] [04:16] that was a little taste of communism. [David] [04:31] Two years. [David] [04:34] We got two years to vote American, to get about Democrat and Republican. We got two years to vote for people that care about the United States of America. [David] [04:47] And I will replay all these shows where I talk about this. We have two years. [David] [04:55] This is not a scare tactic. This is not scare, this should, actually, you should be scared. [David] [05:00] You should absolutely scared, be scared of what could happen to this country. [David] [05:07] You should be scared. [David] [05:20] You know, Iran was a really good country. Go back to the 60s, 50s, what go back into the history of Iran and look at the people. [David] [05:34] Look how Iran was a thriving country. Go look. [David] [05:42] And for the last 47, almost 48 years, look now. [David] [05:50] When people say, well, it won't happen to me, [David] [05:58] you need to start thinking. [David] [06:08] You need to start thinking and you need to start observing. [David] [06:18] Welcome to the breakdown. Episode 823, sponsored by Midnight, sponsored by Polymarket, also Cake Wallet and Fomo. We are here today. Yeah, I'm, I'm [David] [06:31] we have guests coming on at 1:15 and then 1:45. So I had some time to go ahead [David] [06:39] and talk about what I see happening. [David] [06:48] What I absolute see happening. [David] [06:53] They have, they have done everything. You know, you have to give them credit. They have done everything possible to make you focus on issues, [David] [07:10] literally issues that mean nothing in the grand scheme of things. But they're issues that divide. They've made it, they've done a hell of a job. [David] [07:22] You got, you don't even have a middle ground anymore. It's just left and right fighting all the time while [David] [07:31] things are already in motion and happening. [David] [07:42] And if you talk about it, you're a racist, you're a bigot. [David] [07:48] Start naming out a whole list because they don't want you to say a word. Don't say a word. [David] [07:55] Don't say anything, you're a racist. If you say something. [David] [08:03] First the Jews, then the Christians, then the Catholics. [David] [08:12] Buddhist. [David] [08:19] And there's nothing that I'm saying that is off. [David] [08:23] Nothing that I'm saying that's off. I know 100%, nothing that I'm saying that is off. This is all factual. [David] [08:33] The movie, you can watch it. It's been playing in France. It's played in Iran. I mean, I mean, just look. [David] [08:47] I'd like to ask my audience here because you guys know better than I do. [David] [08:58] Could I go to Iran, [David] [09:02] could I go to Iran and build a synagogue? [David] [09:06] Could I go to Iran and and build a church? [David] [09:13] You guys are smarter than me. Tell me, would I be able to do these things? [David] [09:24] I'm asking the question. No, right? Most people, most people who are going to be fair right now, watching my show, guys that are watching my show, you would not be able to go over and build a synagogue or a church [David] [09:45] in Iran. [David] [09:50] Just wouldn't be able to. [David] [09:57] France has churches going on fire. [David] [10:04] Have you seen that? Has anybody seen what happened, why is nobody talking about it too? In France, with all the riots, [David] [10:15] all the churches were attacked. [David] [10:21] All the churches were attacked and burned down. [David] [10:27] Who wants to take a wild guess on what wasn't touched and burned down? Anybody want to take a wild guess here? [David] [10:43] Anybody? [David] [10:52] And you guys are sitting here and you are battling for your political parties. [David] [11:02] I want you to think about what I am saying. What I am saying [David] [11:11] will have me deemed as somebody who's racist and who's a bigot, and that'll be impossible because I grew up in New York City. So it's impossible. [David] [11:22] It's absolutely impossible. [David] [11:38] The psyop is, and I'm, I'm telling you what the psyop is. And I've been watching it. The psyop is, [David] [11:48] right now, here, here's how it's going down because it's, it's to make sure you, you don't focus on, you don't talk about it, you don't focus on it, right? That, that's how it's playing. [David] [12:02] Israel and the Jews. You're focused on the Jews and Israel. There's fighting. [David] [12:09] There's, in terms of there's, there's, there's more talk about the Jews and Israel. So let's stay there, right? Stay there. [David] [12:27] I'm, I'm, I'm sitting back and I'm actually thinking about, I'm actually thinking about what I just said and how, how true it is. [David] [12:38] How absolutely on point it is. [David] [12:46] 100%. [David] [12:49] Welcome to the breakdown. [David] [12:52] We'll talk more about this. [David] [12:58] I just think at the end of the day, when you get stuck in your party, I'm America first. I'm going to keep saying this. [David] [13:08] You could be a registered Democrat or Republican, but you got to, we, we got to be American first. [David] [13:17] We got to make sure that things are being done for us. [David] [13:23] It's that simple. [David] [13:32] It really is that simple. [David] [13:37] Like I, I watched yesterday from both sides, the Republican Party and the Democratic Party. Nothing is going to change. [David] [13:48] They're electing the same people into, into power positions. That's it. [David] [13:54] Congratulations. You won nothing. [David] [14:16] You won nothing. [David] [14:37] You won nothing. [David] [14:40] At 1:15, we'll be joined by Winston Justice. We'll go ahead and uh, have a cool conversation. [David] [14:48] He's the CEO of uh, Sage Point Capital Partners. [David] [14:54] I had to get this off my chest because I'm watching as everybody's bickering on all my social media platforms. I'm just sitting back. [David] [15:03] Things that are, things that are normal to say, I'm getting attacked over. And look, I have thick skin. New York City. [David] [15:13] Do you understand like when you live in New York City, or you grow up in New York City, [David] [15:21] you don't have time to be offended. That's how I could put it to you guys. You don't have time to be offended. You got to just roll with it. [David] [15:31] So like, I have, like when I see the, I'm like, man, you guys are so focused on the wrong things. [David] [15:39] You better pray that you voted for individuals that are going to go into office on January 3rd, [David] [15:51] and get to work on the issues in, in America. To allow us to continue, to continue, [David] [16:03] to level up in this country. [David] [16:10] Level up in this country. [David] [16:19] Man, I, I want to go to, I want to play these commercials. I can't because of TikTok. Right now, they're currently, we're back after having a conversation with TikTok. We're almost, we had 360 concurrent viewers on TikTok. [David] [16:34] We're back. We're getting back on TikTok. They're allowing us to speak. [David] [16:39] Who would have thought? We're allowed to speak on TikTok. [David] [16:43] Finally. [David] [16:51] Finally allowed to speak on TikTok. Hello to all the TikTok, some of the people that I haven't seen in a, in a while. Obviously, our stream has been, has been muted in or restricted for a few weeks now, but it looks like we're getting back to it. [David] [17:10] Getting back to the grind. [David] [17:12] Shout out to the people that are tuning in from TikTok. Shout out to the people tuning in from Twitter. Shout out to everybody tuning in from YouTube. Wherever you're tuning in from, thank you very much for taking the time. [David] [17:27] I'm waiting for, let's see if this is going to work in my favor right now. [David] [17:32] Trying to get this done right here. And I'll talk about digital assets. We'll, we'll, we'll, we'll get into the traditional markets. I talk about it every day. [David] [17:43] I told you, a lot of people want to hear me talk about political issues right now. I'm more than happy to do so. [David] [17:51] I'm absolutely more than happy to do so. [David] [17:55] I love politics. [David] [18:01] I absolutely love politics. [David] [18:07] You know what I love too? [David] [18:10] Because I wrote the book on it and shout out, I got to go ahead and retweet a lot of people, but the million dollar AI [David] [18:19] book, you can go ahead and get it on Amazon. [David] [18:23] If you want to get in the ground floor, I keep telling you guys, you have an opportunity to get into AI now. You could be first to market. There is so much that you could do [David] [18:35] in the AI industry right now. I am telling you. Do not fade it. Do not fade it. [David] [18:43] Don't. It'll be a costly mistake. [David] [18:48] Costly. [David] [18:53] Absolutely costly. [David] [18:58] I know, look, I see the comments. I know you guys want to keep talking about, we'll do it later. I, you know what? I will stay on for an extra half an hour. [David] [19:08] to talk about it. I have no problem. [David] [19:12] Zero problem doing that. Because I think it is an important subject. It is absolutely an important subject to, to touch on. 100%. [David] [19:23] So we'll do that. [David] [19:28] We will absolutely do that. [David] [19:33] We shall do that. [David] [19:36] Okay. [David] [19:38] All right. I got everything here. Finally. Finally got everything here. [David] [19:50] I'm only, what is it? 1:10 PM on the East Coast. [David] [19:55] Man, I really got that, I, I really needed to get that off my chest there. [David] [20:01] I really did. [David] [20:05] I really needed to talk about that. Because when you see the fighting that's going on, I mean, come on. Come on. [David] [20:15] It's absolutely insane. It's absolutely insane. It doesn't help us. [David] [20:20] It doesn't help us, it doesn't help small businesses, it doesn't help the entrepreneur, it doesn't help, man. The whole message of tax, tax, tax, tax. I have no problem paying taxes, but you know, at some point when entrepreneurs are paying 90% taxes, and I'm being facetious, but you know, when you're raising taxes, Bernie Sanders wants to raise taxes to 95% or something. I, I, at what point, where's the incentive to be being an entrepreneur? I mean, every single second they're like, tax Elon Musk. [David] [20:49] I mean, he, Elon Musk paid $11 billion in taxes. How, how much more? [David] [20:55] Like, how much more? Like, everybody should be paying taxes, but shoot, how much more do you want? [David] [21:03] You imagine, like, what, where's the incentive? You have to incentivize entrepreneurs. You have to congratulate entrepreneurs. [David] [21:14] When, when entrepreneurs are being absolutely smacked around because they've, you know, I don't think people see what entrepreneurs go through. Like, you guys see the success, but you don't see the dark times, the grinding, the tough times, the no's, the doors that don't open. Like, you don't see none of that. And then Bernie Sanders wants to come out, respectfully, and say, hey, man, we're going to tax you. [David] [21:40] Congratulations on winning, but we're going to tax your ass. [David] [21:46] We're going to tax you. [David] [21:49] Now the conversation has turned to data centers, not building them. Let's get, you know, uh, who, who came out and, uh, made a statement? I forgot which, um, which official, which newly elected senator, uh, or senator elect came out and stated that we need to, we need to put a stop to AI. It's like, what are you talking about? We got, China is absolutely doing everything possible to lead the industry and where the United States of America, we're supposed to be leading. What are we doing? [David] [22:29] What are we doing? [David] [22:34] What are we doing? [David] [22:41] Anyway. [David] [22:42] Let's bring on, I don't know if they gave him water or anything in the back. Again, obviously, we, our staff is horrible, man. I don't know if they gave him anything. I don't know Winston is back there with anything that has been provided by us. Hopefully he has his own drink. All right, let's bring him on. Winston Justice, former offensive tackle for the Eagles, Colts and the Broncos, and now founder and the CEO of Sage Point Capital Partners. Welcome to the show. Nice to have you on. [Guest: Winston Justice] [23:14] Hey, thank you so much for having me. [David] [23:16] Thank you for coming on. I was going to troll you a little bit. Giants, obviously, went ahead and finally won in Philly. [Guest: Winston Justice] [23:21] Oh, man. [David] [23:22] After 13 years. We hardly won, by the way. But, but thanks to, you know, our young rookie, uh, Reese who's been dominating, uh, ever since he's come onto an NFL field, uh, finally, as a Giants fan, I can say, thank God, thank God. But, uh, [Guest: Winston Justice] [23:24] Yeah. [David] [23:43] you're fresh off of a panel in Austin on AI and private markets. Is AI actually changing how wealthy families invest or is it just still hype? [Guest: Winston Justice] [23:54] I don't think it's hype anymore. It it's changing the way professional service families, right? I I think, I think wealth management it it it always has a lag because most advisors have a not rock the boat attitude. So they're always going to be behind the eight ball. They don't want to lose a client. But I think it's past the hype stage. People people do use it. Like we use it for due diligence, right? We use it for note taking, right? We Now, they're not making choices for us, right? The machine isn't making choices, but it it is an additive to how we service clients. [David] [24:28] Offensive lineman to wealth management. When did you know money was going to be your second career? [Guest: Winston Justice] [24:34] Well, I tell you one, I tell you one thing. It wasn't me growing up in Long Beach, California. I didn't know what a S&P 500 or a venture capital fund was. You know, I was blessed to have really great mentors when I was at USC. And then when I was at the Eagles, I realized I wanted to get in the finance and I surrounded myself with people in that industry and I wanted to create credibility while I was still playing. And when I was done playing, I wanted to create credibility, um, away away from sports. And so that's exactly what I did because I realized that finances are extremely intimate, right? People talk about anything except finances. Addictions, problems. When it comes to finances, people are like are like really guarded. And so to be in those rooms is like really special and it's really sacred. And I think as an industry, a wealth management industry, a family office industry, we overlook that. Right? So this is more than just numbers. This is like relationship. [David] [25:33] What did uh, what did the locker room teach you about money that you still use today? [Guest: Winston Justice] [25:38] Man, the locker room, teach you a lot. One, it teaches you about accountability, right? There's nothing more accountability than accountable than an NFL locker room. And you should have that same type of accountability when you're managing assets for an institution or like a family. Because this is why. If I have a if I have a bad game or a bad practice, everyone goes in and watches the film. There's no hiding. You got beat, right? I, you know, people write in and say, oh man, you you got beat. When I was on the Eagles, I got beat. People say, Justice, you suck. It's not like that within our company.

[Part 4 of 6] [Guest: Winston Justice] [00:00] is that that accountability is almost guarded or or or or uh or you can hide longer, right? Um, and with our firm, there there isn't any hiding, right? Um, we we want that accountability. So, the locker room taught me how to be accountable, not only to our class, but also to, you know, the people that are are entrusting me, our firm, um, as employees and also partners. [David] [00:28] Everyone says athletes go broke from spending, from what you've seen, what really goes wrong? [Guest: Winston Justice] [00:36] Spending's part of it, but it's more than that. It's the transition from playing one, the transition for anyone. Like if you go to a doctor and tell a doctor, you can't be a doctor any any anymore. There is a death or a pain that that person will have to go through. It's not it's it's like anyone, right? And one, every athlete has to go through that early in like their lives. And two, it happens earlier in their lives and historically, they athletes weren't surrounded by the best type of people. But I do think that's changing, right? I do think athletes and that's one of of our goals as as as a firm is for athletes to view themselves as enterprises, right? This is a platform for so much more. Your sport is just the beginning, right? We could build so much more. And so, when we start changing the mindset of athletes being just spenders to allocators, I think it's going to be that story, that narrative is going to change. [David] [01:36] Creators and influencers are making athlete money now. Same mistakes or new ones? [Guest: Winston Justice] [01:43] I think it's the same mistakes. I think we're all human beings. If we're young, surrounded by the right, not right, the right type of people, wanting to search for significance, because money doesn't give you that significance, right? We're going to all everyone's going to make similar mistakes. I see the same mistakes with entrepreneurs, um, that are that are young, that athletes make. The only difference is that entrepreneur could join a board, they can start a fund, he has a track record. There isn't like an NFL two or an NBA, you know, two, right? So, I think we're seeing a lot of the same things, but again, I mean, people are starting to look at their their their field as a platform for something greater. [David] [02:26] Your launch line was the ques uh was a question changes from how much to what now? What does that actually look like for a family? [Guest: Winston Justice] [02:36] How much to what now? I think again, people are looking for relationship, significance and and purpose. And and those are the type of clients that that that we love serving. And you get to the point where how can I use the tools that I was blessed with with to give back to the community? But then also, how do I transfer those tools, that knowledge, that value to the next generation? And so, the ultimate question comes to like what now? Like, what what can I contribute to our community, our our state, our our like country? Um, you know, someone that has success or has worked hard at something and accomplished something, always comes to that point of what now? [David] [03:21] You left a big firm and launched your own this full. Why go independent now? [Guest: Winston Justice] [03:28] I want to change the narrative on and also a structure that is prevalent in the wealth management business. Um, but I wanted to change it to to a structure that incentivizes the relationship of the families and institutions we we we serve. From my experience at Wells, from a hedge fund manager at Bernstein, to be a CEO of a of a multi-billion dollar RIA, the system the structure was was like flawed. It was incentivized for people to grow their own book of business, not so much service the client. It was it was it it's it's incentivized for someone to sell product, not really create legacies with their families. And it's not the people's fault, it's not. Um, it's the structure, right? And so, the only way to really do that is is is really start new and create a structure that really incentivizes professionals, the best in our field to really serve families. [David] [04:26] Private markets are being pushed to everyday investors. Who is that good for and who's going to get hurt? [Guest: Winston Justice] [04:35] I am a firm believer that um access isn't always good. Exposure isn't always good. So, you know, a couple years ago it was all about access. How do we get access, right? It's not really about access now. It's about curating that access. It's about being a steward, right? It's not about just opening up the door and have someone walk through it. It's walking them through that door. And the biggest difference is is do people have stewards to walk them through that door or they just have advisors selling their product or professionals sell sell them product and say, hey, go. Right? So, it could be beneficial, but it could be some of the biggest mistakes that families do make. [David] [05:19] When a client asks about Bitcoin or crypto, what's the real conversation? Is it in the plan or is it a no? [Guest: Winston Justice] [05:27] I really am a big believer in diversification. Because you never know what's going to get you. You don't, right? If someone's sitting here and telling you that we know exactly where the markets are going, we don't. So, in terms of diversification, um, that's something that we have in our portfolios depending on client risk. Um, but it's it's it's a conversation we have. It's just not going to be in someone's port portfolio and like we don't talk about it. Um, but it's something that we do have a we do have exposure to. [David] [06:02] One piece of advice for somebody who just got their first big check, athlete or not. [Guest: Winston Justice] [06:18] I think early in life, we overlook relationship and what do we really want to build? We don't take a step back and actually think through that. I've made that mistake too. I just jumped right into it and I wasn't present. Someone just got a big check. I will tell them to slow down and think through what do I really want to do next? What do I really want to accomplish? What legacy do I really want to build? Um, and not just jump into the next opportunity. [David] [06:47] I want to ask you this, um, has the NFL done enough to help its athletes understand finance? Like that's my big like I we we have a lot yourself and others who come on to the show and I always ask this question. Has the NFL done everything possible? Here's a billion multi-billion dollar business. Has it done everything possible? I know they take care of athletes, but have they done everything to take care of athletes from a from a learning perspective on finance? [Guest: Winston Justice] [07:25] Yeah. I think we're all flawed. So, for you to for us to say, hey, did they have they done everything? Well, no, they haven't, right? But I I do think they do make an intentional effort to help athletes. Um, you know, the athletes in the NFL, they come from all different areas. So it's hard to reach everyone in a really effective way, but they do make an effort. Um, I took advantage of every opportunity, um, program that the NFL had, right? Then I never had to pay for college because the NFL paid for it. When I went and got a master in finance, the NFL paid. When I went and got the accreditations, the C, the CMA, the Kaya, series 60 uh seven, all that, the NFL pays for if you take advantage of it. But you have to take the step and initiative to to like do it. Is it perfect? No, but they're being intentional about it. [David] [08:22] Would they bring in a firm like yours to to go ahead and help athletes now? Currently, obviously, NFL athletes that are currently playing right now. Would they bring in a firm like yours? Have you had conversations of, hey, like we can help, we can definitely help athletes put themselves in the right position. [Guest: Winston Justice] [08:42] Yeah, yes and and no. Um, one, it to have that type of exposure for a financial firm, that's really valuable. And the NFL is a business and so they would use that opportunity to get it a sponsor like from a really large firm like a JP Morgan or a, you know, a a local, you know, regional bank, um, to have those conversations. So, that's that's on a higher level. [David] [09:08] Yeah, but you're going to I don't mean to interrupt, but like you're going to connect differently. [Guest: Winston Justice] [09:14] Yeah. [David] [09:15] With an NFL athlete than somebody from JP Morgan. Respectfully. [Guest: Winston Justice] [09:20] I agree. Yeah. Yeah. And you know what? I and there are opportunities to really do that at a mass scale. Is you know, a sponsorship is something we won't we won't do, but the relationships we have with like different um, uh, different teams, different universities is something that we're utilizing not to not to uh get a client, but to actually um, you know, talk through education, talk through legacy building, talk through human flourishing, right? That's that's something that we are making an initiative to do. And, you know, for about a decade and a half, I didn't focus on athletes at all. But recently, we just brought up brought brought on two groups that focus on athletes based in Dallas. And so, it's like full circle to me, right? And uh it's it's it's I I forgot how impactful that that line of relationship is, right? Because you are at a very important phase in someone's life. It's their early 20s, right? I mean, or late teens, right? You are getting out of the house, you're make you're buying your first furniture, your first car, your your your choosing a spouse, right? And like those are really weighty issues to be part of. And so, I feel very honored to one, create a platform that really supports that, but also supports the advisors and the stewards that are in those conversations. [David] [10:50] You brought up a point uh about college and now college athletes are getting, you know, getting money now from NL, you know, deals. Yeah. Uh, don't they need more like that's an open area for for obviously someone like you to go ahead and, you know, sit down with these, you know, young athletes and direct them into the right direction. [Guest: Winston Justice] [11:16] Yeah, I mean, it's um huge. It's something that we've been really a part of the the two groups we we brought on that focus on sports and entertainers and creators really have a unique way on engaging with the young athletes, but also like their families too, right? Most of the calls are is is a family call, right? You're with you're talking to mom and dad too. And grandma and like aunts and and and and uncles. And so, it's a very um, it's a very impact impactful conversation because it is really weighty. People understand the decisions you make at 18, 19, 20, really echo across your young adult and going into your adult years. [David] [11:59] Is it difficult conversations? [Guest: Winston Justice] [12:02] I think anytime you talk about money, finances, family, sports at that level, it's going to be a difficult conversation. But those are the conversations you need to have, right? Well one of our our guiding principles or values is courage. And that's walking through and going through something that's uncomfortable for something greater. And you need to have those uncomfortable conversations because you want something better for that client. You want something better for that relationship. You need to go through it, right? Like it's like you need to work out in the morning, all right? If you don't do it, all right, it's going to be it complications later on. Let's have the conflict now where you know, the conflict is having an uncomfortable conversation, not like you're going bankrupt when you're done. [David] [12:47] Uh, last question. I appreciate you coming on and and giving us at least 15 minutes here. Uh, we know you're busy. Uh, [Guest: Winston Justice] [12:54] This is great. [David] [12:56] I we we try to bring everybody on. We we like everybody coming on here and discussing different topics. Industries, what industries are you excited about right now? That you look at it and you go, man, like people are really fading this industry and and it's going to 50x from here. What's that one industry for you right now? [Guest: Winston Justice] [13:22] Industry for I think, you know, I [David] [13:27] Would it be digital assets? Would it be like uh would it be AI? What would it like what is it that fascinates you personally? That you say, you know what, this is something this is a no-brainer to invest into. [Guest: Winston Justice] [13:39] Well, I don't think any anything's a no-brainer. I do think though that AI, we're just scratching scratching the surface still. Um, and I think the way that's a I think that's a technology that we don't know where it's going to go, but it's going to go somewhere. Um, so in terms of investment, that doesn't mean it's going to be a no-brainer, right? It could be like a this is a bad analogy, but it could be like DVD and Blu-ray. We don't use any of it now, right? Just take it on like a higher level. Um, but it's it's going to be substantial. It's going to change the way we interact with each other and it's going to change the way we do business. [David] [14:20] If people want to find you, where we uh I I have your website listed here and uh and all your information. But if you want to, where can people go ahead and find you and follow you? [Guest: Winston Justice] [14:30] Uh, website, um, Sagepointcp.com. And I we also have LinkedIn and also um, um, Instagram, which I'm not the expert on social media. But, you know, we we have a good team that's there, right? So, feel free to reach out. We're we're a open book and we we really proud of ourselves in being part of the community. [David] [14:53] No worries. I have all your information listed and uh anybody wants to get in touch with uh Winston Justice here, uh the CEO of Sagepoint Capital Partners, you can click the links that we have provided and you can reach out to them. I I I really appreciated you coming on. Hopefully we can get you on in the next three to four months, go a little bit more in depth on the business itself and uh these kind of conversations are necessary, especially for people that are looking for guidance on building a financial future. [Guest: Winston Justice] [15:24] Yeah, definitely. And and let me know when you're down in Nashville or in Naples. I'd love to host you. [David] [15:29] Abs I I I I will never refuse. I appreciate it, Winston. [Guest: Winston Justice] [15:34] Let me know. I appreciate it. [David] [15:36] Have a great one. [Guest: Winston Justice] [15:37] You too. Thanks. [David] [15:38] That is Winston Justice. Good guy, man. I want I was going to I was going to troll him a little bit, but I I said, no, no, no, no, no, no, no, no, no. I won't do it. Uh, I I thank him for taking out the time, um, to come on onto the network, onto the program. Welcome back to the breakdown. Welcome back to the uh breakdown. Oh my God. I'm already watching what's happening in TikTok. The TikTok chat chat is crazy. See, they're waiting for me to talk about politics. I know, but thank you to Winston uh Justice for coming on here. CEO of uh Sagepoint Capital, um, partners. I I you know, that's one thing when we bring athletes on, a lot of athletes, you know, that have come onto the program say that they had a difficult time with finances. So, it's just nice to see, you know, like just speaking to Winston that there are there are firms that are out there that could provide, you know, the necessary guidance to allow to allow people to make generational wealth after their careers are done or while they're currently in their careers. So, that it's really cool to go ahead and see people making that transition. Him himself making that transition from, you know, being an athlete in the NFL to to now having his own firm. So, shout out to him. Let's give him a round of applause. At 1:45, we'll have another guest coming on. We'll have nothing another guest coming on. But what I was saying about what I was saying about you can't build a church, you can't build a church. You cannot build a church. I'm wondering. But then you see all these messages like, man, I I I am really I'm probably talking to somebody from Indonesia. [David] [17:48] That's why you guys don't understand what the hell you're even fighting about. That like I that this is why I sit back and and and I and I read the stuff that you guys post on social media. I listen to some of the things that you say and I'm like, do you guys understand what you are even fighting about? I want to show you this clip from Van Jones. I want to show you this clip from Van Jones and what he has to go ahead and say. About what the Democrats did in order to go ahead and win. I want you to I want you to listen to like respectfully and I respect Van Jones. I I actually like Van Jones, but him saying this, it just tells you exactly how nobody cares about you. Nobody really cares about I want you to listen. They really don't give a shit about you. They really don't. You got to listen to this. They really do not care. It is it's 4K. They're telling you in 4K, they don't care about you. Here's Van Jones. [Van Jones] [19:02] Now it can be told. How did we win the narrative on affordability? With the just these nice little Democrats out there writing for office and going to No. Uh, the Republicans never figured out what we were doing. There's something called the American Accountability Network coordinated to make the affordability message a winning message online. 32.5 million uh uh people hit on Instagram every day. 88. uh eight 88.8 million hit on Twitter X every single day. And 185 million Facebook uh hits every single day. And they never figured it out. The Republicans could not understand it wasn't bots, it was actual human beings. The most effective online organizing campaign called the American Accountability Network flew under the radar screen, never been told. [Female Speaker] [19:56] And they were talking about the issue or they were saying you need to like Democrats to deal with this. [Van Jones] [20:01] Driving the kitchen table affordability message and tying that to Democrats on a positive and [David] [20:09] I want you to understand, ladies and gentlemen, I want you to understand what Van Jones is telling you right now. They had millions of people focused on social media pushing messages telling you that the economy is bad, Israel, all these things were being pushed out there to get people to go vote for Democrats. You heard it you heard it he said it himself. He said it himself. This was not about the candidates. No, no, no, the messaging that they put out there on a consistent basis every single day pushing a narrative on social media is what allowed the Democrats to win. And he's right, the Republicans never caught wind to it or if they did, it was way too late. You didn't hear people talk about how things are affordable now. You didn't hear on social media the push of how the economy is better now. How even though we are in a war with Iran, that the gas prices are still lower than and just fuel is still lower. The cost of goods are still lower than what it was, inflation is lower than what it was when Biden was in office. You didn't hear that because it was all being it was all being muzzled off because the louder the louder conversations were being piped in through this coalition of Democrats that would sit there. You heard him. Over 500 million 500 million understand how the Democrats went ahead and won the midterms. Listen to this carefully. [Van Jones] [22:38] Now it can be told. How did we win the narrative on affordability? With the just these nice little Democrats out there writing for office and going to No. Uh, the Republicans never figured out what we were doing. There's something called the American Accountability Network. Tens of thousands of online humans, not bots, coordinated to make the affordability message a winning message online. 32.5 million uh uh people hit on Instagram every day. 88. uh eight 88.8 million hit on Twitter X every single day. And 185 million Facebook uh hits every single day. And they never figured it out. The Republicans could not understand it wasn't bots, it was actual human beings. The most effective online organizing campaign called the American Accountability Network flew under the radar screen, never been told. [Female Speaker] [23:31] And they were talking about the issue or they were saying you need to like Democrats to deal with this. [Van Jones] [23:36] Driving the kitchen table affordability message and tying that to Democrats on a positive and Republicans on a negative. The Republicans never figured out what we were doing. And what that meant was, everywhere you go, people were talking about affordability and they were talking about kitchen table issues. They couldn't get any traction on these cultural war issues anymore because we figured out how to get around all that. So, it's not just all the door knocking that was done, which is amazing. It's not just our amazing candidate quality. We had something called the American Accountability Network. Don't get mad at me. I was given permission to reveal this. They never figured it out and that network is going to continue to push for kitchen table issues and hold our democratic law makers accountable. [Female Speaker] [24:19] That's fascinating. [David] [24:26] For those who are wondering how the Democrats won, they were on social media and the Democrats have always been great on social media. Just think back to Obama. Obama really elevated the use of social media. Without social media, Obama would have never been elected. Obama used social media to make sure he got elected. He absolutely had a phenomenal social media campaign and the Democrats went back to their roots and they attacked the Republicans on social media. Millions upon millions of messages went out every single day. You didn't hear the good stuff because it was silenced out by the Democrats. That's why sometimes when I and I I have to disagree with Van Jones. Sometimes when I'm talking, let's say on threads and threads is like 95% liberal or super toxic left. Sometimes when I'm talking on there, the same copy and paste is put into my comments. So, it's like, yo, I hold on. Am I really talking to people here? Am I am I really am I really having a conversation with somebody here? Am I

[Part 5 of 6] [David] [00:00] man. [David] [00:01] That's how I'm feeling. [David] [00:04] That's who I'm talking to. [David] [00:08] It is 1:43 PM on the East Coast, three hours behind. Welcome to the breakdown, episode 823. [David] [00:16] I told you, man. [David] [00:18] I I saw this video yesterday. I was like, man, Van Jones is out here telling you exactly how they won. [David] [00:25] Van Jones is out here telling you exactly what happened. [David] [00:31] He is, he is telling you, this is what we did, man. We flooded social media, man. [David] [00:38] And the Republicans had no clue. [David] [00:41] I spoke to some people, they said they had a clue, but at the end of the day, they couldn't stop it, right? Whatever the whatever the Democrats were doing, y'all couldn't stop it, man. Y'all could not stop what they were doing. [David] [00:55] It's crazy, man. Crazy, crazy, crazy. By the way, as for digital assets and and for crypto, to the crypto bros again, congratulations on having your asses handed to you again, 'cause you're chasing whatever the cabal puts out there for you again. [David] [01:16] I thought that you would think about it. [David] [01:21] I thought you had some time to think about how y'all developed three or four new assholes for the last few months, but apparently you didn't, you didn't care. [David] [01:31] Soon as somebody went ahead and put out a ticker yesterday, you ran after it. [David] [01:39] Oh my God, it's a 20 million. It's a 20 million market cap with a 400 K liquidity pool. [David] [01:49] And the only people that are winning, the only people that are winning are the people that got in early and exited first. That's it. [David] [02:00] You're not winning. [David] [02:03] And I think more lessons. You know what? I I don't even feel bad. You need more lessons. You need you need to understand and there's a lot of motherfucker, look at me, I held back. There's a lot of people that came at my throat. No, no, no. Now you need to enjoy, enjoy, enjoy these people who do nothing but empty your pockets. I I am sitting back and I am not saying a word. [David] [02:33] I am just sitting back and just watching. [David] [02:37] I told you, old me is gone. I'm just watching from now on. [David] [02:44] Me trying to save people and help people and organize, make everybody come together so we can go ahead and thrive in the digital market space. No, no, no, no, no, no, no. Y'all are out there on your own now, man. [David] [03:05] You guys are out there on your own. [David] [03:09] Absolutely on your own. [David] [03:13] I you know what? What I realized, what I realized about the markets and about about the crypto industry, here's what I realized. This is not and I had to tell myself this. David, this is not 2017. [David] [03:31] This is not 16, 17. This is not 2021. This is a different game now. People are chasing, they can care less about your resume. They don't need your help. Stop helping and stop trying to save somebody. And you know what? I ain't trying to save anybody no more. You can tune into these programs, you can listen to the guests that we bring on, the notable guests, the people that are notable in their industries. You can hear our conversations. After that, I'm not trying to save anybody. Okay? And I say that respectfully. [David] [04:03] I'm not here to go ahead and throw floaties at you. I'm not the lifeguard on duty. [David] [04:08] That is it. I'm giving you the same energy you gave me. [David] [04:13] When I see things, I don't say I it's what everybody knows about me. I see everything and I say nothing. I'm going to give you the same energy that you gave me. Anyway, welcome to the breakdown, episode 823, sponsored by Midnight. [David] [04:31] Midnight City is absolutely going to dominate. Midnight is going to dominate. And I've been saying that Midnight will dominate way before Midnight was the sponsor. Polymarket, official prediction market sponsor of the breakdown. Also, Cake Wallet. Cake Wallet, one of the most secure wallets that we have in this space. If you want to hold your Bitcoin, Litecoin, Zcash, or Monero on a secure wallet, [David] [04:53] then you go ahead and go to cakewallet.com. [David] [04:57] Fomo.family, you can watch some of the best traders trade and write out their thesis. Go for it. Go to fomo.family. Shout out to fomo.family for integrating their platform onto one of the biggest social media platforms, and that is X, formerly known as Twitter. [David] [05:16] Let's bring on our next guest. Let's go ahead and have a conversation. That's right. Let's go ahead and have a conversation here. [David] [05:25] Um, where is I would love to see where the overlay is. [David] [05:30] There we go. Let's bring on our next guest. [David] [05:34] And I am definitely going to ask him how to pronounce his name because I will not butcher your name. I will not. [Guest: Snehal Fulzele] [05:42] Haha. Do you want to try? [David] [05:45] No, no, no. I don't. I don't. [Guest: Snehal Fulzele] [05:48] So my name is, yeah, my name is Snehal Fulzele. Although it sounds Italian, but I grew up in India. [David] [05:55] I was about to say, that definitely does not sound Indian, but it's a pleasure to have you on the program. Um, [Guest: Snehal Fulzele] [06:02] Happy to be here. [David] [06:03] And by the way, what, you know, what's your take on the markets? Are you into the markets or no? [Guest: Snehal Fulzele] [06:10] Yeah, a little bit. [David] [06:11] What's your take on the markets right now? [Guest: Snehal Fulzele] [06:13] I mean, I think the, uh, the news from CoreWeave has really calmed the markets down. Um, I mean, fundamentally, I'm an AI optimist. I think the the the demand for compute and AI infrastructure is going to go through the roof. I think it's going to surprise everybody. So the traditional way of, you know, doing spreadsheet exercises on ROIs is actually going to go, you know, out of the water. So that's kind of my fundamental belief and I think, uh, it was, it was, it was cool to see CoreWeave came out and, you know, put together a really good show. I think that has calmed the waters a little bit, but, you know, on a long run, um, definitely very, very bullish on, uh, AI infrastructure trade. I don't think the value has percolated into the AI application layer as yet. That could be the next thing. Uh, that's where kind of my company plays, but the AI infrastructure layer, I mean, I think you're just starting, you're just scratching the surface right now. So I'm, uh, I think, I think, uh, we are for a pretty interesting, you know, uh, several years from here. [David] [07:17] Let me ask you this question. In plain English, what does that, what does your company do that a bank can't do? [Guest: Snehal Fulzele] [07:26] Yeah, um, our customers are community financial institutions, that banks, lenders, credit unions, and we help them, uh, deploy AI agents into their operations to right now to pretty much automate any manual task that their, uh, bankers are doing today. That's really what in a plain English, what, uh, how I would express, uh, what we do. [David] [07:49] Every bank is running AI, uh, pilots. Why do so many never make it into production? [Guest: Snehal Fulzele] [07:56] Yeah, I think, um, so if you think about the agents as your virtual employees, uh, you know, you really want to be able to govern them, right? Just like how you would govern an employee. And when you think about running something in a test environment, but then putting into production in a regulated environment like banking, that's a high bar, uh, especially given all the news around agents and, you know, what they're capable of. So, you know, uh, banks and especially their regulators are really nervous about agents doing or accessing information that they shouldn't have access to as an example. That's that spooks banks. So I think that's primarily the number one reason why you don't see a lot of pilots, uh, you know, uh, agent AI pilots converted into production because banks don't have the tools to govern these agents. Um, they don't have the tools to really monitor, you know, how many agents are running in the organization. That's basic as that. Uh, we ran an experiment, uh, just a few months ago where we asked a bank saying, hey, do you know how many AI agents running in your organization? And and the the number that got thrown to us was, we believe, we think it's about, you know, 16, 17 to 20, like a couple dozen maybe. And then we ran our diagnostics, uh, tool and we figured out there were like 66 agents running in the organization. So when a when the C-suite at a bank doesn't know what's really happening in their AI landscape, that's, uh, that's spooky. And, uh, and I think, uh, that's one of the reasons why, you know, there's just today there are no tools, uh, to enable them to transition from pilot to production. [Guest: Snehal Fulzele] [09:37] And that's what we do, by the way. I mean, that's a good segue into what we do. That's precisely what we do. We help banks make that transition by giving them tools so that they can govern these agents, really figure out, you know, what agents are running around, what are they doing, what models they're they're accessing, what data they're accessing. And once they get that trust, they they they feel good about kind of graduating those, uh, pilots into production. [David] [10:02] Which brings me to this, since obviously this is your field, what's the scariest thing an AI agent could do inside of a bank if no one's watching? [Guest: Snehal Fulzele] [10:11] Wow. [David] [10:11] I'm sure you've seen. [Guest: Snehal Fulzele] [10:13] Yeah. I think, uh, banks customers are regulators. I mean, that's kind of how I think about banking. And and and every year they go through these exams, right? And, uh, and and a regulator typically comes and asks questions, they open up a bunch of loan files and then ask questions about, hey, how was this decision made to either give a loan to a business or decline a loan to a business, right? And and today, you know, humans are able to answer them. Now, if an AI agent goes and makes a decision like that, and then the regulator shows up and asks that question, and if bank is not able to answer that how that decision was made, and they can't simply say that, hey, an AI agent made that decision, because regulators are not regulating the agents. I mean, they are regulating the bank. So banks must have the answer to that question. And if they do not, I mean, it could be catastrophic for a bank. Like they could get shut down. So I think that's kind of, uh, one example I would give where, you know, it would be a scary thing for a bank. And from a bank's consumer perspective, if banks don't have the right tools, and if they somehow inadvertently give access to consumer data to third-party models or models that probably is going rogue, who knows, uh, that would be detrimental to obviously a consumer, but also to bank's reputation. So I think I'll I'll give those are the couple of examples that come to my mind. [David] [11:44] Underwriting, account opening, uh, loan monitoring, where do anonymous agents create the most new risk? [Guest: Snehal Fulzele] [11:54] I think, um, underwriting, uh, underwriting, I mean, I think the our economy runs on credit, as you know, from top to bottom. And, uh, who who who has access to, uh, capital is a is a fundamental human right, right? Everybody should have access to to the to the extent they, uh, they deserve that. And if agents begin to make those decisions, I think, uh, I think that's a that's a bit of a slippery slope right now. So I don't think we have reached a point where you want to be delegating that particular, uh, underwriting decisioning, uh, authority to AI at this very moment. [David] [12:35] You talk about AI, a bank can stand behind in front of an examiner. What does a regular, uh, regulator actually see? [Guest: Snehal Fulzele] [12:44] Um, I mean, from regulator's perspective, uh, they they would just love to see traceability as to how a specific decision was made. Uh, I'll explain it with an example. Um, typically within a financial institution, you have to write a credit memo, uh, before you make a decision on whether to give a loan to somebody or not. And if a regulator points out a particular paragraph on a credit memo, which may have been written by an AI agent, uh, really the question is, hey, how did you arrive at this particular, let's say, uh, decision? And then from there on, you need to be able to show which policy was applied, uh, what data was accessed, and why that particular snippet was written in that credit memo, right? So that's kind of from a regulator's perspective, that's really what they're looking for. Uh, it's a bit of a check check the box exercise, but it's it's how they, uh, how they make sure that, you know, banks are, uh, functioning, um, and and being regulated properly. [David] [13:54] One of your rules is that whoever builds an agent never approves it. Why does that matter so much? [Guest: Snehal Fulzele] [14:02] Yeah, uh, it's because we are in a bit of an uncharted territory. Uh, this this the the pace at which AI is innovating is is pretty dramatic, nothing that we have seen in the past. And and hence the tactics around, you know, okay, you can have a you can delegate a particular task to an agent, but the outcome has to be reviewed by either a human being, uh, which could be expensive as as you can see, uh, but if you want to basically automate that, so you can now review that through another agent, almost like there's a technical term for it called jury and judge model or guardian agents. So these are agents who are watching and monitoring and reviewing the outcome of other agents who are, you know, just who'd been who'd been, you know, executing a particular task. So that model is checks and balances, really. I mean, that's what it is. And and and this gives you another layer of trust to the institutions. They get comfortable with this, uh, this this this tactic, uh, so to speak. And, uh, and we we do not put anything in production without having this guardian agent and a and a and a monitoring agent model in place. [David] [15:23] Who's, um, I had I had a few questions for you. Who's responsible when an agent, uh, AI agent makes a bad call on a loan, the bank or the software company? [Guest: Snehal Fulzele] [15:34] Oh, absolutely. As I mentioned, it's it it is going to be the bank. Um, you know, uh, it's bank's responsibility. It's it's bank in business. And, uh, [David] [15:43] I like how you went right away, it's the bank. [Guest: Snehal Fulzele] [15:45] Yes. But well, uh, that and that's also an opportunity for a a vendor like us. Like we have to give him the right tools, um, and technology to make sure that they are able to take full benefit of AI capabilities while, um, being, you know, uh, within the confines of the regulations and what is required of them. [David] [16:09] You keep the final credit decision with a human banker. Is that permanent or is it gone in five years? [Guest: Snehal Fulzele] [16:16] That's a that's a loaded question. I think I I can totally see a scenario where a specific types of loans, uh, could be fully automated through AI. I mean, even today that happens, but the previous models are are still kind of think of it as rule-based. So, you know, every time you get the same outcome. Uh, with generative AI, that could that could change, that could differ, right? So that's the that's the only caveat there, but, uh, I believe in five years, I mean, a big portion of consumer lending, I would think, uh, should and could be automated. The technology will be there. I think it's going to be the question of the appetite of the society and regulators to to give the nod. But that will be the first place where I believe full delegation of, uh, you know, underwriting, uh, to agents would happen, which is small dollar consumer loans. Uh, I think for the larger loans, you you would probably have, you know, the the human in the loop, uh, uh, for a for a long time. [David] [17:24] Can a small community bank really keep up with JP Morgan on AI or does this widen the gap? [Guest: Snehal Fulzele] [17:33] I want to I want to believe and I want to say this, uh, with a bit of a pinch of salt. Um, AI is a great leveler. This is the best toolkit that a community FI, uh, have today to actually compete against the the big boys. Uh, if you look at last 30 years worth of, you know, uh, history or what's happening, or maybe 50, the the banks and credit unions are, um, they're consolidating. There was a time in the in the US we had 35,000 credit unions, not so long ago. Today that number is about 5, 6,000 credit unions, right? So they're they're consolidating simply because they're not able to compete against the big big players like JPM. I think I believe AI is going to be an amazing leveler. Uh, our country was founded on a decentralized, uh, you know, banking system. That makes us that's that makes us very, very special when you compare us to Canada or Australia. It it truly is our backbone and it will it will be a shame that the consolidation continues. And I think the the AI, uh, is a great leveler. I I truly believe community financial institutions are going to benefit dramatically. Uh, it will likely be, you know, I think the the gap will widen right away, uh, in the first, let's say, couple years, but then I I believe community FIs will catch up and and you will see, uh, a lot more prosperity among the community FIs. Um, it's that's kind of the, uh, at least my my hypothesis or prediction. [David] [19:08] Um, Nvidia, CoreWeave, Anthropic's IPO, is this an AI bubble from where you sit or is it real work just starting inside places like banks? [Guest: Snehal Fulzele] [19:19] Yeah, I think, um, I mean, I think every major technology shift, you know, will cause exuberance in both private as well as public markets. And we have seen the seen that happen, uh, over last 24 months. Um, if I were to just compare this to, you know, even 2008 financial crisis or dot-com, it just it just feel and I'm not not an expert or an economist or anything like that, but it just feels like the revenue here is is very real. The demand here is very real. Uh, just for the the main point is when you think about dot-com era, there was no demand. Like you were just creating something, you're building products and services in hopes for future demand. Demand came after 20 years, right? Here is the exactly opposite is happening. The demand is just insatiable. Uh, the supply is a problem, right? And and I I feel like when supply is a challenge, you know, uh, in a capitalism, a lot of interesting things happen. A lot of entrepreneurs will come together and and try to sort of, uh, you know, satisfy that demand. So I think the the stage is set. Um, it's it's going to have some mini bubbles here or there, they'll keep popping. Uh, you know, somebody will be overleveraged and building data centers, I'm sure. And that company will go down, I'm sure. And that will make, you know, folks nervous, I'm sure. But the demand supply, you just cannot deny the the the asymmetry that we see in the demand supply side right now. It's incredible. And it's I think it's I don't think as a human species, we have seen anything like this. Uh, and I think it's going to surprise all of us in terms of how much demand there will be. [David] [21:14] I want to ask you this question. You can plead the fifth if you want, okay? [Guest: Snehal Fulzele] [21:20] Yeah. [David] [21:21] You don't have to answer, I promise. [David] [21:23] But it wouldn't be my show if I didn't ask. [David] [21:26] If AI does the paperwork, right? What happens to the people that used to do the job? Be straight with me. [David] [21:35] You can plead the fifth. [Guest: Snehal Fulzele] [21:36] Yeah, no, no, I'm going to answer that. Uh, I have a five-year-old and a one and a half-year-old daughter and a five-year-old son. This is a, uh, this is a top of mind question as to, hey, what do I say? It just feels like I have to be very watchful as to how I help shape their, um, upbringing and what I, you know, teach him, not teach him, etc. Right? I think, I think we are we are driven by purpose. Even when we do jobs that we don't like, that we don't like, but we like the idea of getting up, going out there, doing the job, socializing. So I think purpose drives us. Uh, secondly, we cannot underestimate the human ingenuity, right? Uh, one thing that differentiates us from AI in a in a most classic sense is just the, um, the the emotional aspect, I think. And and being purposeful, being driven is just and I think we're going to find a new purpose. Uh, and I think the the curriculum will change. We have to acquire new skills. We have to get away from these devices. We have to speak with more people. I think we have to, uh, connect with people, not through the lens lens of the, you know, the phones, but actually go out there and meet. So maybe the 1970s and 80s have to occur. We have to go on dates and you have to you have to, you know, speak with the the girl at the bar counter versus swiping left or right. You know what I mean? I think I think those things will matter the most, uh, when you think of an era of abundance where the the work will be delegated and offloaded to AI agents and robots. Uh, and I think we'll have a lot more time, but we will not be devoid of purpose and we'll have to acquire new skills. [David] [22:28] You know, uh, I I like your answer in a way. [David] [22:34] But I I think, I think if you come from a family that has always worked, right? That that I I I think it it rubs off onto you, right? Like if your parents have always like my parents worked their asses off. Like I I I witnessed it. So I got my and I I think it's in your DNA already where like I I maybe it's a European thing. Maybe it's because I'm first generation, right? Maybe it's just something that I don't know because when you say it, I'm like, some of these people, you know, if they lose their jobs to AI, I don't think they can rebound. Like I I don't think a lot of people will have the drive, the obsession, the determination to rebound. [David] [24:25] I I hope they do. It's not that I wish they don't. I think AI, see, where people are scared when it comes to AI, to me it's like if you have a job, [David] [24:36] I believe wholeheartedly AI makes you better as long as you dedicate yourself to learning it. [Guest: Snehal Fulzele] [24:43] Yeah. [David] [24:44] Because then like as an employer, if your employee is learning, you know, this new wonderful technology, which to me, it's it we haven't even tapped the surface on AI. [Guest: Snehal Fulzele] [24:57] Couldn't agree more. [David] [24:58] So if we have employees that work at a firm that they they are gravitating to it, they're learning, they're trying to understand and then learning prompting and how prompts. They're going to always have a job. Like I I don't I don't see you eliminating a person like that. You want a person like that. [Guest: Snehal Fulzele] [25:14] Absolutely, yeah. [David] [25:15] Looking after all the agents and bots that you have running, right? Like that's who you want. You want you'd rather hire from in-house than out-house. So it's like, but how many people have that drive and determination? There are so many people that sit, why why are there so many layoffs right now? It's because I know that if I spin up an AI agent, that that AI agent prompted correctly and and and and correctly built, will work 24/7. It'll have no complaints. It's showing up every single day in a good mood to go ahead and do the job efficiently. And especially that the hallucinations aren't as bad as they were five years ago. [Guest: Snehal Fulzele] [25:58] Absolutely, yeah. [David] [25:59] So, but then you have the human side that also like you need the human side 100%. But sometimes that human comes into work and they only start working two hours into the job.

[Part 6 of 6] [00:00] And they're in a bad mood. So I just do one or two things today. I don't feel like it. Which obviously hampers businesses. So that that's where like I kind of look at it. I understand where you're coming from. Oh, I understand when you when you're talking right now, yeah, we'll find a way to incorporate ourselves into AI life. But there are people that won't even move a muscle to go ahead and do that. [00:25] [Guest] Yeah, and I think uh there will be a period, this is going to be to your point and I actually subscribe to that philosophy. There's going to be a period where it's going to be painful for many people. Uh I mean, we can totally see, you know, as an example, uh like a customer support. I mean, uh jobs. I think there's there's no reason for that industry to thrive. I mean, um [00:52] [David] It's true. [00:53] [Guest] Yeah, so I think AI picks up, I've I've heard it now. AI it literally sounds like a human being picks up, takes takes down everything, shoots off the lead off to the business owner, like [01:04] [David] Yeah. [01:05] [Guest] Customer service is done. [01:07] [David] Yeah, and then I think from employer's perspective, by the way, who employ these BPOs and these service centers, you know what their their biggest problem is with this business? I mean, they have because this is such a I mean, it's not a low-skill job, but it's a job that churns. So every year they have to fill 30% vacancies, right? And now they they don't. So if you are somebody who's running this business, suddenly, wow, I mean, this is going to basically, you know, uh reduce my recruitment cost, the pain that I have to go through every two years, my margins are going to go up. It's it's a and so those people are surely going to get affected. Now, within that cohort, there will be, you know, some of them to your point who would have the drive to kind of upskill, find their way, find the purpose, you know, and they will thrive, right? This is an amazing opportunity. Some of the biggest companies have actually come through layoffs. Uh if you if you go back and look at, you know, people who build companies. So there is that, but to your point, and I agree with that also, which is, you know, there's will be plenty who would not have the drive and they're going to suffer. So I think there is there is there's pain uh on the horizon. Uh at the same time, I'm kind of optimistic that, you know, you will start to see the the the shift where, you know, the society will kind of very organically reorient itself to pass laws and and and who knows how it all turn out to be. It's very speculative at this very point, but there's some pain uh inside here. [02:44] [David] I appreciate you coming on. It is it's been fascinating. I I hope to get you back on maybe in the next few months so we can go ahead and have a a deeper conversation about your company and what it's doing, obviously, and also the AI industry, which I believe it's just starting. I should say, excuse me, SI, because I don't want to get in trouble with President Trump. Super intelligence. We'll see where it is a few months from now. Hopefully, you'll come back on. [03:10] [Guest] Oh, uh, would love to. Thanks for I had fun. [03:13] [David] Thank you so much for coming on. I really do appreciate it. [03:16] [Guest] Thank you. [03:17] [David] Ladies and gentlemen, you have all the links. You can follow him. I have put all the links onto my social media platforms. Him and his company. You can go ahead and give Guy has he has an answer for everything. He had an answer for everything. I loved it. I couldn't catch him with a question either. He got he had the answer. I love that. I love when So far, I got to tell you, we're on a good streak. Everybody we're bringing on here has an answer to the question that is posed. That's it. It's bottom line. Uh hopefully we can get him back on. Um because that's that's important. Like the banking industry, AI, banking industry, it's super important. Governance, all that stuff. I I wanted to get into governance. I wanted to get into the governance aspect, but obviously, we're at 12:13. I didn't even notice. You know us, 15-minute slots. We went over. It was 12 it's 12:13 p.m. Eastern time. You know it was a good conversation. You know it was a good convo. Yeah, I agree with him. There are going to be situations where there are going to be a lot of people that won't have jobs because they're going to be absolutely lazy about it. They'll be absolutely lazy about working. Working. Finally, you know what, right now it's overtime, so I can take off the suit. Man, I can really now take off the suit. Ooh. Damn. Welcome to the breakdown. Oh my God. I'm hurting. I'm hurting after workouts. Uh Welcome to the breakdown, ladies and gentlemen. Um This is episode 823. 823. Uh sponsored by Midnight. Uh shout out to Midnight. Midnight's doing his thing. Charles Hoskinson and the entire team. They're doing their thing. I I can't wait to speak to Charles Hoskinson and and ask him that question that he threw out there, stated, well, he threw out a statement stating that Midnight could flip Cardano. And I'd love to go ahead and ask him uh or or or talk more about that. Um You know, people will run with that and twist it into whatever it is. You know how the conversation we have here. We don't do no twisting here. Uh Polly Market. Shout out to Polly Market. You can go once you sign up, use the code breakdown. Okay, use the code breakdown when signing up. Okay, use the code breakdown when signing up. Cake Wallet, Cake Wallet, one of the most secure wallets. You won't ever hear, I don't think you'll ever hear Vic come out and say that everyone's going to be hacked. CakeWallet.com, go or go to the App Store, Google Play, download Cake Wallet today. That rhymed right now. That was a bar. Uh also, Fomo.family, uh they're doing big things. They they're doing big things. Good for them. Like I've always said, man, I like seeing I like I and especially when it benefits this industry. I I think Fomo does benefit the industry. I 100% believe that. There's a lot of bullshit out there, a lot of fud fud campaigns, people being paid, just like the Democrats went ahead and pushed out messages. But you didn't hear anything about, you know, how By the way, you know what, it's funny, can we talk about what Donald Trump has done, which is not talked about? Didn't okay, so like, okay, gas prices went up. The the the cost of goods went up because of the Iran war. Okay. But why isn't anybody talking about that being evened out because of your tax returns? Why why don't we talk about that? Why why why don't we have the conversation about how $2,000? Nobody talks about that. The Republicans didn't even talk about that. That people got back, not only were you not taxed on tips, but you got back money. A lot of people got back refunds. So I understand, yeah, the price of gas went up. I I understand that. But think about the refunds that people got. Think about the refunds that most Americans got. And that kind of evens out everything. Like am am I wrong? You see, like, if I'm the Republican Party, I'm talking about how we have done everything possible to get Americans back on their feet again. Yet the Republican Party didn't talk about this. You let the Democrats come out here and push a narrative that wasn't true. And what I mean wasn't true is, if you calculate mathematically, the refunds that you got back versus the cost of living, you probably some people are still up. The economy is better now. Your 401ks are better now. Like they're up. The market's up. Like I can't believe I cannot believe the Republican Party did such a horrific job. And the Democrats did a phenomenal job. The Democrats did a phenomenal job making you believe that the the United States of America was going bankrupt. They were playing on people's emotions. And you know what? And I and I will continue to say this. It doesn't matter at the end of the day because people will go to the ballot box at that very moment and they will vote based on emotions and not reality. Reality is, the country was in a better shape. And is in a better shape today under Donald Trump than it was under Joe Biden respectfully. Respectfully. Another thing I can't understand. Joe Biden in a video that I saw today, came out and stated that if he would have known he had cancer, he wouldn't have run for a second term. And he said something to the fact of I'm just paraphrasing here. He said something to the fact of kind of like that's why he wasn't feeling well. Now he knows why. So, here's a man, if you watch Joe Biden, probably two years in, you can see things aren't going right with Joe Biden. Like any person that sits back and and and throws away party affiliation badges, you can see that something wasn't right with Joe Biden. He himself has gone out there, done an interview, I think it was with People magazine, talking about this very issue. So, did the doctors know? Did did people know? Did people cover this up? Did they cover it up from him? Did he know? Like these are the questions that need to be asked. And I absolutely listen, I had Joe Biden's son on here, Hunter Biden was on here. We had a great conversation. And the first thing I asked Hunter was, how's Joe doing? How's the president doing? You don't wish ill will on anybody. You shouldn't. You know, I got to tell you, man, I I don't know what they did. You know, I I honestly don't know and I don't believe anybody who worked in that administration in Joe Biden's administration. I I really believe they might even have kept things from him. As Americans, we were watching Joe Biden like you you were watching him and his downfall. Like you you saw that his body was deteriorating. Like you saw it. Like I I wasn't even trying to crack jokes anymore because I felt bad. Like there's a human being that's like you can see, you know, like like there's something there's something wrong. 100% there was something wrong and nobody wants to acknowledge it. It's crazy work. It is absolutely crazy work, man. It is crazy work. I want to thank everybody who came on to the show, by the way. I want to absolutely thank everybody who uh came on to the show to have a conversation. Next four months were booked. Booked out with really good guests coming on. Really good guests coming on. Really, really good guests. Now, uh I will leave you guys. And I want to give a shout out to TikTok. We were we hit a record today, 400 I mean, we've hit higher numbers, but we were at 400 concurrent users on TikTok. So shout out to TikTok. Before TikTok took me down, I believe I was restricted again. I was restricted again, which is crazy. Restricted again because I talked about I I know I got restricted on TikTok at the very end. It's because I started talking about, could you could you build a church in a Muslim country? That's why I probably got restricted. And there's nothing racist about it. There's no bigotry about it because I can play you some tapes from some Muslim leaders stating that you could not. You cannot build a church, you cannot build a synagogue. Absolutely not. I've already been educated on this topic. For decades, I've been educated on this topic. But I continue to learn about this topic. So when I talk about this topic, I don't just put my foot in my mouth. I think the problem is is that we've been told to not say a word. Because if you say something, you will absolutely you will 100% absolutely be you will be or the attempt will happen to where you will be canceled. Again, I I made them the mere mention of me just saying that, hey, in France, with everything that was happening in France, churches were burned down. A lot of churches were burned down. I I don't know why we can't have open conversations anymore. It is absolutely crazy that we can't sit here and have adult-like conversations about these topics, these that are these are real topics. These are real conversations that need to be had. I don't I don't get why it is so crazy to have them. I don't get it. I don't get it. If I play the tapes right now, if I play tapes right now, 100% 100% it will open up your eyes. It will absolutely open up your eyes to what is happening. But you guys are so stuck in your I'm a Democrat, I'm a Republican, I'm an independent. I love I've love uh Bernie Sanders, go Bernie go and like you guys aren't you guys aren't watching what's happening to America. You're really not. Only a few people have their eyes open. You're just not watching. You're not you're not watching. And the reason why I say that is because I can see how you're voting. It's I see how you're voting. I see exactly how you're voting. America has two years. Two years to get their to get their shit right. Anyway, thank you for joining the breakdown. I might be on. I might do I was thinking about doing a half an hour, maybe an hour of a political show. Or maybe just doing a show based on this topic because I I really I believe we need to have that conversation. I believe people need to wake up and see and really see what's happening here. Even Saudi Arabia is warning us. Saudi Arabia and all the regions there have banned the Muslim Brotherhood for a reason. Guys, everything I'm telling you is factual. Go look it up. Go chat GPT it. Go Grok it. Go ask Claude. Go ask somebody. Go go to Google Gemini. Ask. The Gulf regions have banned the Muslim Brotherhood, man, for a reason. For a reason. And the Muslim Brotherhood is coming to America to try to take over. There, I said it. And there's nothing racist and no bigotry about it. This is coming from the Gulf regions. They are telling you. Qatar is telling you. Saudi Arabia is telling you. The prince himself is telling you. Iranian people are telling you. Iraqi people are telling you. I don't know how many people need to tell you. I don't need I don't know what else you need to see. Do you need to see what happened in the UK or what's happening in the UK and in France? What else do you need to see to understand? But it is what it is, man. You know, it's always when it's too late, it's recognized. Thank you for joining the breakdown. Thank you for joining the breakdown. Shout out to the sponsors. Shout out to everybody who tuned in from all the social media platforms. Let me leave you with a quote of the day. Quote of the day, ladies and gentlemen, is Let's find the quote of the day. Quote of the day. Quote of the day. Quote of the day. Quote of the day. You always just you're always just one fuck it, let me try it away from changing your life. Take more risks. Okay, I'll say this again. You're always just one fuck it, let me try it away from changing your life. Take more risks. Thank you. Thank you for tuning in. I appreciate you guys. And I might have a show today, a one-off just talking about this topic because I don't know what it is. I don't know what happened to me yesterday, but after reading after reading and watching a few things, I was like, you know what? I I need to talk about this. I need to get it off my chest. And and maybe there are people that feel exactly like me. So, you know, screw it, let's do it kind of thing. So, stay tuned. I might announce it on my social media platforms. Thank you very much. All all the real ones that show up every single day. Thank you, thank you, thank you. I know I didn't get into the meme topic, okay, because people tagged me about what happened to Bobo with pump.fun and how Bobo should have won, but it didn't win. I I will touch on it. I I I people tagged me in it. I I I will make one exception and I will touch on that very subject. You guys know how I am now. I I'm absolutely I'm sitting back. It's what I said earlier today and I'm watching everything. I no longer am out here being the lifeguard. Fuck that. After I'm waiting to go ahead, you know what, let me shut my mouth. Let me shut my mouth because my team would not want me to go ahead and say anything. So, let me just shut my mouth. But at the end, uh, thank you very much for tuning in. I left you with the quote. Uh, that that shit that happened with Bobo is is absolute dog shit and it's expected and I'm not blown away by the people that are leading that platform. So, I mean, what the fuck? On that note, and I'll I'll address more of it tomorrow. On that note, I'm out.