YouSaid · the spoken record

Marc Cohodes

lines on the record: 82
first: 2023-03-20
most recent: 2023-03-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I mean, that's basically the eastern division of the CCP. I mean, they have five banks, big ones, and they do just fine. And the government backs them, but they're publicly traded companies, but they don't have this kind of mess. And it's a mess. And one of the, oh, there's many problems out there, but one of the problems is no one takes responsibility for their actions. Federal Reserve has completely fucked it up, but they can't admit they're wrong. Know people who put money in there or reward. Irresponsible behavior through low rates and using low rates. They all think they're so smart. Guys like Ackman who are worth allegedly. A couple billion. I mean, these are just bull market players, if not for cheap money. These guys would basically be servants off serving the dairy queen.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“It pissed off Peter Thiel. God knows what they said to him, and he single-handedly created a run on the bank. Him and his VC buddies. So, you know, in a way, at the end of the day, it's good because these guys were bad actors and they were allowed to go on for very, very, very long time. And again, free market should work this way. The problem is it's created what people call a crisis. And then everyone says, here we go to 2008 again, and it's nothing even close to 2008. Banks in general are in good shape. There's probably 300 to 500 banks that have done shit like these guys, and those banks should close. That's my view. People should be allowed to fail. I mean, I don't know how many banks are in this country. There's way, way, way too many. And if there's 500 less, the world's probably better. I mean, Canada, which is a complete shit show.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“It's the first time in my career a plane has fallen 40,000 feet out of the sky and crashed. This was a $300 stock a week before trading was halted and this thing declared bankruptcy. On the FDIC, blames on the Federal Reserve, blames on the auditors, blames on their management. There's plenty of blame to go around, but it was an out-of-control bank that clearly had no risk measures in place. It wasn't one thing that went wrong there, everything went wrong. Their loans are bad, their durations are wrong, it didn't pay enough on their deposits.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Run on the bank, but it wasn't like in the Jimmy Stewart movies. It was more in this day and age, all you got to do is click your mouse three or four times and you can move millions or tens of millions or 100 million around in an instant. So they had no good answer for it. They came out then with a press release and saying they're completely fucked with some of their investments. They took a $2 billion loss and then they had to raise money with Goldman Sachs and then the game was on. Everyone over 250 grand if they had any sense would pull their money out. Which is probably what happened, and you had an inside out run on the bank. It's the first time in my career, and I've been doing this since 1982, which is a long time.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Combined with senseless duration management, mismatching long under the curve against the short end of the curve, we'll come back and bite them. And I just stopped paying attention. And again, I'm hugely down on myself for stop paying attention because it would have really been something. But what happened was they had a huge amount of uninsured deposits. And that's where the VC guys used to park their money. And something happened where I think they pissed Peter Thiel off and he basically single-handedly caused a run on the bank. He took his money out. His pals took their money out, which wasn't a small sum. And then foolishly for him got on Bloomberg and said he took his money out and he advises people to do the same. So we all know that banks don't keep much money on hand. They keep it invested. And you literally had an old-fashioned”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“That's why I decided to short it when all these VC guys and these fake VC guys like Tiger Global were having problems. Started missing quarters, and the stock went from like 700 to 400. And sadly, I covered it because I needed margin for Carvana. But in retrospect, I should have said that this trend is going to continue and bad loan. Bad loan underwriting.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Silicon Valley Bank is just a rare, rare thing. I mean, they catered to people, you know, this VC crowd. Has They have more money than they have brains. And when rates are low and stocks are flying, Crypto was And you can bring all these garbage companies public in a spec loaning money to them, growing your business. It's like a no-brainer for them. So the business and the bank grew. Huge. They had VC loans. They manage money for the partners of these VC funds. They loan money to the wineries of the BC guys. They loan money in the most irresponsible way possible. Their loan loss reserves when things were great were a number close to zero. And this company, at least on their statements, was making a lot of money. And you can make a lot of money when things go straight up and you have a leverage margin add up.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“That's my view. And of course, I get attacked on Twitter by all the VC guys and clowns like Ackman who are just looking and begging for the next bailout. So I'm an anti-bailout guy. I'm a free market guy. And I think in all industries, zombies should go out of business once and for all.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Take your money out of regional banks, it's really a select few, and there's nothing wrong with buying U.S. treasuries. They yield more than banks anyway. So banks need to be fiscally sound. They need to be managed properly. And if they're not, they should go out of business because there's plenty of really good bankers out there and there's plenty of bankers who do things smart and do things fiscally responsible. So I'm very anti-bailout find the government did what they did. I mean, it's the Federal Reserve's fault that we're in the mess that we're in, but they should have let people fail. And they still should let people fail. And the system will be better for it.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Around us different, not just branches of Wells Fargo, but it was anything from Wells Fargo to First Interstate to Manhattan Bank to Stockman's Bank, First National Bank of Montana. And And all those banks may be fine, but you don't need 11 banks in a 10-mile radius in a town of 50,000 people. I mean, if five of them went out of business, there's still six of them and everyone can be served. So I'm a free market guy, and it really troubles me that all these guys who've made money on zero interest rates and think they're so damn smart, the second things go against them, they beg for the government to bail them out. And the government needs to let people go out of business to show everyone that we don't run a socialized state here. So I'm all for making depositors good in times of stress, which may be now, but half the people in this country, half, have $1,000 or less in their bank account. So the $250,000 or more deposit that everyone's screaming about or”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Which again we've talked about, I think it launders money for the worst of the worst. And they had a huge run on the bank in terms of their uninsured deposits. So all three, although their failures are very different. And everyone talks about contagion and FDIC insurance of $250,000 or more. But, you know, I think that's just all wrong. I think that there are too many banks out there. There are way too many zombie banks out there. No one bails me out. I think if you mess up and you're a bank and you're backed by the government, the government should unwind you. The government should make the deposits good and basically say you're out of business. I'm talking to About 20 miles west of Bozeman, Montana. And I was driving around yesterday. My girlfriend and I counted just in the drive 11 different banks.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Just shoot myself because I was in this thing and I covered way, way, way too early. I mean, like I was shorted at 600 and covered it at 400 because I needed to put up more margin for Carvana year ago, but that's a different story for a different day. But it was not a control bank with very hot money as deposits, basically funding all these out-of-control DC guys. And it was just going to be a disaster. The question was when. So they met their maker, Silvergate. Again, through the SEN network and through these crypto guys and through the FDIC pushing hard on them is just in complete unwind mode. And signature has huge commercial real estate loans, which I don't think are any good.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“So, when you write eight or nine pages single space to the government outlying who they've done business with, it's very clear that these are criminal operations. And it's fantastic that the government stepped in and put an end to this crap. On your theory with regional banks, people taking money out, you know, it's very different and it's really a case-by-case thing. I mean, Silicon Valley Bank was out of control. And again, it was just a shit show disaster from the start. Can do another podcast about my experience with Silicon Valley Bank. I could absolutely.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“That sense, the SEN network has been in business, over a trillion dollars has moved through there. And a trillion dollars is a lot of money. And it's far more than just crypto or a crypto exchange. It was just busting loose to the United States banking system. And I think the CCP was involved in some of this stuff. And I don't think signature and or Silvergate had any KYC or AML that's know your customer and anti-money laundering controls in place. And Gretchen Morganson, who I think is the best at what she does, wrote a piece for NBC that the outfit North Dimension, which was the vehicle that was used to fund money into Alameda at FTX. Was just up front. They did over $8 billion through that, and it was a made up electronics retailer in the Far East.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Guy who used both, I think, Silvergate and Signature. He's a walking time bomb. And, you know, I did a lot of work on Wirecard and I was involved in Wirecard a couple years ago in my working theory, you know, in the mainstream media doesn't really want to hear it is when Wirecard went bust and was exposed. The financial criminals needed vehicles to move money around and they found the SEN network and they found Cygnet. And that was really what was going on. Silvergate has explained.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“So I refer to Silvergate and Signature as publicly traded crime scenes. And really, you start digging into Silvergate's clients and who was on the Sine. And one is worse than the next. You have terrorists, you have drug dealers, you have human traffickers. And it takes some digging on the Internet, but I think Silvergate did, I don't have my letters in front of me, but I refer to every criminal these guys do business with in my letters too. DOJ and the SEC and the Federal Reserve and the FDIC. There was this outfit. They do business within, and I think Mexico called Bizo. And it's just, it's a spot for human trafficking and paying kidnappers, ransoms, and things like that. It wasn't used for crypto. Crypto was just the wrapper for bad guys to do things. And, you know, this Justin Son, who's a...”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“If people are watching this pod, hopefully I entertain you enough. But what you should understand is not all information and research is the same Assume people have a motive and assume you're not getting the straight scoop that they're trying to sell you something. A, I'm not trying to sell anyone anything. I don't have a business. I speak freely. I disclose what I'm involved in to a fault. And I take it seriously. I also won't tolerate any disrespect on my Twitter. I have 18,000 people blocked, but it's free. A lot of people made a lot of money off these calls. And I'm very happy for people.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“And the moves weren't for long, but some of those moves in Silvergate were violent. And I think the government needs to do a better job when stocks start moving like this to have basis behind it. But the media by and large, you know, Barrons wrote a bunch of bullshit. I think the author there, a guy named Jack Denton, I think he's captured. I think he needs to be investigated. Of course, we talk about zero hedge. They're nothing but a problem. They disclose or used to disclose that they're paid from time to time. And we'll have positions from time to time. Zero hedge guys bet me when the stock was 27 that it would hit 50 before it hit five. And we all know what happened, but again, these guys are bad news. And everyone...”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Well, really, as stock went down from 200, and when they had bad news and the stock was 10, they put this goofball Bill Miller on CNBC to hype it. And that's when zero hedge and all these guys wanted to have a short squeeze because they said it was the most shorted stock on the exchange. They did bounce it from 12 or 13 to 22, which hurt and hurt bad. They did that twice on bad news to try to play the short squeeze game and play the meme stock. But all that does is piss me off more. And what, you know, I have this rule of thumb that stocks sometimes double or triple three times, two or three times on their way to zero. I mean, they took Carvana from four to eighteen or five to 18 in this stretch. As you said, they took Wayfare from 30 to 70 in this stretch. Everyone knows what they've done to Bed Bath and Beyond.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Right. And when a stock collapses in value, 70, 80 percent very frequently there is a vigorous rebound, sometimes over 100%. And I can throw the names at it, Carvana, all sorts of stock like that. One thing I noticed about Silvergate was that the bounces were very small and very rare and that it, you know, when it went down to $13, I thought, man, Marco Hodis was right. Wow, but it might have a bounce. I wasn't posting about on Twitter about it. I thought that would have been irresponsible. It didn't. It just felt like a stone. What does that indicate to you when a stock, when there is no bounce?”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Happened so I operated with purpose. My mosaic that I painted out, it happened, it actually happened exactly how I drew it up. I was pleasantly surprised that the government took over and see signature. I thought it would happen. I didn't think would happen that fast. But luck favors the well-prepared, and I was well prepared for this. And it made me very happy. I was able to crack a smile. I'm a lover and not a fighter, but I do not enjoy being pushed around and I sure don't enjoy being fucked with. And when you do, you get the full mate. So these guys had what was coming to them. And I'm happy about that.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“And, you know, frankly, what really motivated me is stock manipulators like Zero Hedge and people on the internet like ROM and some of his cronies were all just calling to orchestrate short squeezes in these various names. And I just said to myself, you don't need to manipulate these stocks higher. There's no good reason that anyone should root for money launderers or criminals. It really pissed me off. I worked pretty hard to begin with, but it forced me to work extra hard. So if anyone wants to know some of my motivations, I always say on Twitter there's no greater motivator than disrespect. And zero hedge guys really woke me up and got me off my ass when they were calling for short quizzes. So I may have a special surprise for everyone who wanted to fuck around with those stocks. And again, we'll see what.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“These are 20 page letters with 80 pages of exhibits. And I thought by doing that, Would let the powers that be know that I and others are on this thing, and it's not okay. It's not okay for foreign interests and criminals to launder money through the United States banking system. And the stocks have been disasters, and that's great. That's great for me. But the real goal here was destroying the SEN network, which has happened. It's closing down, and destroying SIGNET, which is happening, and that's closing down. So the true mission to anyone who knows me knows me well is I wanted to see these money laundering networks closed. And sure enough, that happened. And it happened quickly. was up early.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Spoke about it at Hedge I that I thought this thing was garbage in the high 30s, and here we are at a buck 70 in the banks being closed down. You know, signature was more. They had this signet and they had huge commercial real estate exposure, which I thought was bad. And they had huge uninsured deposits. And again, they did nothing special. And what caught me there is the chairman guy with the last name Shay S-H-A-Y did a Ernst& Young video and he started his speech by praising Gordon Gecko. He went into this whole thing, greed is good, greed is great. And that just sort of twisted my head a little bit. And I said, this motherfucker deserves my attention. And he got it. And the bank has now seized. I also wrote, Letters, plural on Silvergate and signature to the SEC, the DOJ, the FDIC, the Federal Reserve.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“And he's a nice, calm guy, but he researches like a motherfucker. And we worked on mimetics together and we worked on Silvergate together. And he turned up some great stuff and I turned up some great stuff. And every one of their customers on their network to me looked like a complete criminal. Coinbase isn't a criminal, but everything else looked either like a money launderer or something very shaky. As I started digging more into Silvergate, they had something called the SEN Network, Silvergate Exchange Network, which basically gave you 24-7-365 ability to move money worldwide to sort of at the touch of a button. And that and signature banks network called Cignet to me were the on and off ramps for Worldwide financial criminals. So I a short position in Silvergate.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“So as SBF blew up, I was well aware of Silvergate as the banking of crypto, and there were various interviews. And again, all this stuff was on the internet where SBF was telling people if it wasn't for Silvergate, he wouldn't have a business. And that translates to me when you really boil it down, that Silvergate wasn't accomplished to SBF and FTX's crimes. And the more I dug in and a guy named Aurelius on Twitter really's value, I think. His real name is James Gibson.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“And you just, you know, I know some very special people who are worth a lot of money and they sort of hit you and you say that person's special. There's nothing about that guy that made any sense. And I just thought he was a schlub and nothing when asked serious question, he'd never give everyone an answer. And I found it fascinating how the media fawned all over him. the huge sums of money he was spending either to politicians and the media. You know, that I thought was buying him, you know, more credibility than he had. I mean, to me, in this business, if you're good or special, you have to earn it. And you have a track record and you have people along the way who will vouch for you will say, I showed that guy the ropes and he's really good and I'll put my name behind him.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Didn't have any special information on FTX. I was just trying to think and dissect everything that the criminal SBF had to say and nothing fit. Nothing checked out, nothing fit. Couldn't understand the trade where he so called made billions dollars. The guy had no mentor, he had no exchange experience. You checked out LinkedIn on the employees there. They looked basically like glorified interns.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“And as long as the feeling of winning is better than the horrific pain of losing, I'll keep doing it. But I know I only have so many years left before your marbles begin to go. And this is highly risky stuff. I have great lawyers. Some of these guys out there spend a fortune with financial publicists, PR firms. I don't spend a time doing that. I'm a one-man wrecking crew in terms of PR, but I spend all my money on lawyers, my legal bills are quite high. They're way too high. Sometimes people sue me if they're foolish enough, but I'm suing a couple people now. So it's interesting. I think I'm good at it. I think I'm still doing this at a high level. I don't think there's anyone close to what I've done historically over my career. I mean, people would love to have just done one thing that I've done.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“That I've put numerous people into prison. Harvard has written two case studies about some of my work, spoken at all the places there are to speak. But there's a lack of calling people out. There's a people are scared to speak the truth. People are scared to think. People are scared to think freely. But I have no problem with that. I use my own name. hide under a moniker. I only have one Twitter account, which is Ad Alderleg Eggs. And if you can use Twitter properly, you get some tremendous information from that. So I'm a long-term guy. I don't, if I'm going to cock it, I'm going to throw it. And if I say something, I have basis for what I say. So I try to make the world better. Money doing it. Sometimes I lose my ass, which is a miserable feeling. I mean, I hate to lose. Hate it.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Well To start it off, I'll be 63 in June, and most people in this space burn out at about 38. And because this is just very, very, very difficult work. And I think when I spoke many years ago, I said, you sort of age in dog years because you have no natural advocates. The companies don't like you. Stockholders don't like you. Depending on which way the wind blows, the regulators don't like you. But I'm not a smash and grab guy. I'm not a guy who yells firing as everyone's running out of the theater by cover. When I do something, I think I do it with authority and I go after companies and people who I think the world would be better if they're not around.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT
“Thanks for having me. This has been a long time coming. I've been wanting to do this for a while, but hadn't had much to say. So now there's plenty to talk about, I think.”
2023-03-20 · Forward Guidance · Marc Cohodes: The Stock Market Is Not A Game · IDENTIFIED FROM THE TRANSCRIPT