YouSaid · the spoken record

Vincent Daniel

lines on the record: 157
first: 2022-02-06
most recent: 2022-02-06
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

“Yes. I mean, it's very important for us, for people to have the same philosophical mindset of how we're managing Mrs. Money. We are accepting duration, volatility to create outsized returns. So there's some wild swings in our portfolio.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Options are controlled by the house, which are broken dealers. And I think they, A, charge a premium for the junkies that love to play in the option markets. And B, when it comes to option expirations, they played up a lot of monkey games to make sure that all these options fall out of the money or where the brokers make more money on their side versus where the speculators are. So the combination of the two makes me very skeptical of using options.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“My issue with options is twofold, right? And they're fine instrument. And if my brain doesn't work well with options, whereas for other brands it does. One, it truncates your duration. And back to our discussion, if you want unlimited duration, I don't know when our theories are going to work. That's a problem. So as a result of it, options sort of require me to be right at a certain amount of time. The other thing which is a bit more cynical is that”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“They'll buy more. I'm right, market's wrong. That's kind of a definition of arrogance, right? You're not respecting what the market's giving it. We do that sometimes too, but our value. We're guilty of that. But we're okay with it because we feel like we as a typical value investor, we have a hands-on fundamentals that we think we're right in the market's wrong. We're arrogant, but you know, it is what it is”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“To have a fundamental perspective on the underlying stocks. So I've always said this to a friend. It's like, you know, we fancy ourselves value investors. I go, I'll give you one of the most negative traits of value investors you'll ever hear. They are the most arrogant people you'll ever meet in your life. And you won't see it in a personality, but you'll see it in the way they talk about stocks. They have a certain view in a belief system that a company is worth X, right? And if it goes below X, Shit, I'll just buy more.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“We had a short squeeze that happened to us three, four days ago. They announced some stupid news and stock went up 20%. And shorted everything we had and more up there. And then when the stock came back down to where it was, we took off that extra cap. Right. But it takes balls”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Apart, and it's just, and so our perspective is if you're pressing into that, what you're trying to do in a weird way, because every time you're short works, the size of your short goes down. Yes. Right. And what a lot of people do is I want to, let's say if it was a 4% short position, it went down 50%. I hope my math is right. You're down to 2%. People like, I want to make it 4% again. The way I think about it is you just added another 200 bits of risk at a much lower price, right? Wouldn't you rather take off some of your risk? Particularly what we've seen, which are these vicious bear market rallies, you don't want to press into them because particularly when the RSIs are south of 20, you really should not be pressing into these things with RSI south of 20. You should probably be letting them go.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Don't do, but it Depends. It's a little bit to me, it's a little bit more complex. But if you keep pressing. I'll never forget we talk about it. One of the more vicious bear market rallies we experience was in the summer of 2008 where the bank stocks went up 50%.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Very bloody. And just for the younger folks who did not live through it, and we try to tell some of our colleagues that we work with at Sea Wolf. Bear market rallies are vicious, right? The volatility is severe. So you can't get too over your skis even if you're short that it's going to continue. So we look at Indicators such as relative strength indices or sentiment indicators. And if we earned, quite frankly, too much money on the short side, you have to pull back.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“But the hardest part, I think, for us now is going to be, you know, we took the top off a lot of these crazy shorts. I mean, again, some of these stocks are down a lot. Now it's like it's going to be more hand-to-hand comment, which combat, which gets bloody. And so for people who haven't lived through a real bear market, it gets bloody.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Volatility is going to be back in markets. And there's really not much we can do about it. And we're going to have to learn how to live with it, deal with it. And from a SeaWolf perspective, our portfolio, we're going to have to manage through it, which to meant that we have to do things. Many a name, not just say Tesla.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“And it was always to us when they can't do anything about inflation, when they have to start fighting it and have to tighten money, then we're going to start to reveal all the excesses that we've built up over the 10, 13 years. And like we're seeing right now, the minute the Fed is trapped and handicapped, and look, they might have been, I'm not sure we're in a podcast right now and I don't know what market are doing Their narrative might have been a little bit less hawkish than what the market was expecting, but let's make no bones about it. They have to continue to tighten. And as long as they continue to tighten, the volatility is down.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“So, this one, the genesis of this was I have read myself and read with my two kids these books several times over and we watch Harry Potter nuts, right? And so I always viewed that scene when Voldemort returns as like, it's the seminal moment in the Harry Potter series. Evil has come back. He was gone for 13 years. And for 13 years, They live this great world risk-free. And they never really worried about Voldemort returning, but only a few of the people knew he was coming back, right? Like the chief mentor, Dumbledore knew Honig, that's why I put Honig. He's coming back. So our view was, what's going to bring, we always felt Voldemort's coming back, volatility's coming back to markets. What's going to bring him back?”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“You just walk through your general outlook for 2022 as described by Lord Vall and maybe was it the Dark Lord has risen? It was like the fourth one. Vincent, I think you were the originator of this metaphor. So how would we start with you and then we'll go to... No, no, this is all Vincent. Vincent is a pop culture nut. Yes.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“So waking up in a cold sweat somewhere in Tokyo knowing that I was getting squeezed in a short, like I'll remember that more than a random long that we got right two, three years ago.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“You were in Maine? No, I was in Maine. You're missing one. What I remember. When it was squeezing. Right, you could tell the main one because that has happened too. When I was in Japan and we were looking at financial services stocks, it was one of the deepest squeezes that Marble had experienced. I remember waking up at 3 in the morning in Japan, just like in a cold sweat, knowing I was getting squeezed. I called up Danny. I go, where is it? He goes, go back to sleep. I go, where is it? Where's the stock? He goes, he goes, Benny, just go back to sleep. You're fine. The great thing about Danny was no one can take pain on the short side better than Danny. Nobody. And there's”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“For short a lot of it. And of course, it was as we usually are, we tend to be a little bit too early, right? Or way too early, to be quite frank. At this time, we were just a little bit too early. It squeezed the heck out of us.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“I was just about to say, I could tell you where I was. So we were short this piece of shit student linear curl first Marvel head, right? Which used to originate private student loans and sell them to the capital markets and make these crazy gains. Like, you know, for every dollar of student loan they were selling, they would make $10 to $12. And we knew it was unsustainable. So we were short, and not only that, they had this. CEO that I just did not get along with. It just did not fit my personality description. So we were shorted.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“The great thing about investing, and if you speak to, I think people like us, we spend so much more time, or you remember you're a loser so much more than your winners, right? Like I could tell you.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Yes, and there was an initiative via the Staple Center to build up LA, the city of LA, and create a city within there. So we made an investment in a commercial real estate developer, Rillomadix, sadly at the wrong time. And sadly, they did not do a very good job at all. So, the genesis of the investment was entourage from Queens goes to LA and goes full. It didn't work out. So I love that you bring. Oh, I know all the time that I love that.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“But they all wrote on the coattails. Drama could have been cool, but it wasn't. Nevertheless. My best friend from home, Ron, is exactly like Turtle. Exactly. Anyway, when I would go visit LA, you would see that the city of LA had such potential, right? to be like Manhattan where people would not live near the ocean and they would live within the city and this was a bias of mind coming from New York and there was initiatives”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“It's significantly more trivial. And stupid, and when you hear it, people might turn and listen to this podcast and go, I'm never going to listen to Vincent. So remember the show entourage, and I told you it's stupid. At the time, you had these really cool Queen skies. I'm from Queens, but I'm not that cool going to LA, who became quite famous.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“I laugh when I think about Joe because we had a failed investment thesis thesis. We had a bad one. And as bearish as we were on housing in 2007 Uh-huh, we were long in this stock called Murillo Maddox, and I don't know how we could.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“And that's where I was going to go. I think you need to go deeper into our housing bullish thesis, which is where are you bullish on housing? And it has to do with migration trends towards lower tax jurisdictions, which is in the South, right? So from there, things like what spits out, things like Joe, we used to be long a bunch of other names. However, we are reasonably long LP interest in multifamily real estate in the southeast.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“We were shorted a long time ago in the housing crisis. Back at Front But it's different. We talk about this, but Florida's time has come. Like, before it used to be very boom-bust. And look at it now, it's booming.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“100%. And I always think a good question to ask investors who pull capitals, which are incremental investment right now, right? And right now it's not housing, right? And so why is that the case? I think Porter nailed it.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I think that's probably taking that from our 2021 letter a year ago. 2020. 2020, sorry. And we were constructive on housing. Our view, we always sort of like go back and forth, but we do own a lot of multifamily properties. I just think prices have gone too high. Prices are too expensive. And the feds got this easy policy and it's, you know, if the Fed's hiking rates and equity markets are going to go down, I don't know that house prices are necessarily going to go up. I'm not bearish on them per se, but I'm not bearish on them because Supply of housing is just so low. I mean, you go to some of these towns and you just can't buy houses. We're in big structural deficits of housing. And so right now I'm neither bullish or bearish.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“And even the very, if you could be extremely long on Bitcoin, the spread between micro strategies, the stock has compressed a lot. Yeah, yeah. One final song we haven't talked about is housing. We've had a huge housing boom over the past two years that has accelerated over the past two years and housing is a very key part of inflation. Very interesting that you are quite constructive on the housing market in America at least. I'd say what a difference 15 years make.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“If you own Can have BRH, but physical possession of something tangible is far more important than digitized possession, right? I don't trust that your Bitcoin is going to be there at the end of the day.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“everywhere. And let's be honest, our sovereign governments are doing their damn this time to make me feel like the seven day standard deviation event is possible, right? But I still don't necessarily know that it's probable. And I think eventually we have to get man's ability to control money. To leave the system. And I do believe they'll go revert back to some form of a gold standard, whether it's the United States or whether it's a consortium of, say, Russia and China who want more of a world stage with their currencies. So we gravitate significantly more towards gold because we have history at our side.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“But then you get into a deeper, deeper discussions of decentralization versus centralization. Would love conceptually to believe in decentralization, but I just do not believe the sovereign governments are going to allow some form of alternative currency other than their own places like El Salvador and Venezuela excluded to run amok, so to speak, of having our ability to buy things in Bitcoin here, you just start to lose your power. And so in order for, I've always felt, and I felt this from the beginning, in order for Bitcoin to really truly work, We need to have a seven standard deviation of it in the world where we just simply don't believe whatsoever in the nation state, right?”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“The coin. I mean, you could say the same thing about gold, but gold's been around. You know, we've been using this currency for 5,000 years. And so, and it wasn't that long ago, our whole monetary system was based on gold. And so it has a really strong... Historical basis for that. And when times go bad, people. Is it going to work ever again?”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Because no one's taking money out yet in a massive way. And that really scared me. And I said, I don't want to be there, even though I think conceptually Bitcoin is a form of digitized gold or conceptually Ethereum is trying to provide a general ledger system for all things digital and fractionalizing different types of assets. It's the underlying participants and the leverage that they're deploying in those types of instruments that really scared me and I stayed away.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“All they were doing seems like they were doing to me is recreating a shadow banking system based upon what is called smart contract, which is really secured lending. And the only thing that they were providing financing for was crypto. There was no real live use case at this point in time. There really hasn't been. And I think what I felt like I was seeing was significant leverage on leverage without anybody really taking money out of the system. They were just putting it into stablecoins and leveraging it further and leveraging it further. And then we could get into the whole is there in Doomberg just wrote a piece on this, which I think is causing quite controversy. There's no money supporting this thing, real fiat mod, let's call it fiat money. Right. Tether.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Goes dark on the leverage sort of glaze over whatever. And in particular, started hearing the concepts of DeFi and the like. And I realized that”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“So crypto is one of the things that we owned a little bit of Ethereum, a little bit of Bitcoin at one point. But the more and more work we did, the more and more concern I started to get, and Porter started to get. And in particular...”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. What I ask is in that report where you talk about the debt super cycle, you note that your views on the dollar and fiscal deficits warrant you to own gold, silver, precious metal mining stocks. And I believe you also said crypto, although you noted that you were more constructive on Ethereum than Bitcoin. But now it sounds like you are a little bit more skeptical about crypto, at least for the short-term view.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“I'm not calling for that, but that's the risk. I just think that. You got to be careful here. I really do. And the sad thing is that retail got buried. I mean, everybody piled into crypto except for the Novogratz and the Winklevie and, you know, those guys got the low. Everyone else got it higher. Everybody. Same thing with retail got all these stocks higher. The ones that have crashed the arc and stuff like that. If you did Apple and Google, you're fine. You know, that's the sad part about this. They did it again.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Of that super cycle, like just that we're pushing the outer bounds of what the Fed can do and the Fed's now in a box with the 7% inflation. It's going to come down. But, I mean, can you imagine people like, what's the tail risk? What's the tail risk? Can you imagine if inflation is 7% a year from now? I mean, was the SP going to be down?”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Let's make it clear. I loved the BCA, the bank credit analyst, wrote this report in like 2001, which is the ending of the debt supercycle. And so I loved it when I read it 20 plus years ago. It feels like we're closer to the end”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Why not? Gasoline's dead in 10 years, right? So they're not building any more. Product tankers, they're not building anymore, they call dry bulk because they carry steel and coal. You can forget about that. They're billing LNG ships. Forgetting some.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Debate going back. We owned the stock air cap a long time ago and news press release came out and says, Amazon's buying aircraft. And then he goes, that's a terrible idea. I go, what do you mean, terrible idea? I think it's a great idea. And they were buying their own aircraft. And, you know, of course, the equity markets allowed them to lose money doing that. But they were the optimally set up for COVID. They were perfect. I mean, I got to give them a lot of credit.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“All these ports are owned by government entities. And we know how awful the governments run. They're not forward-thinking CapEx people. And so the port of Los Angeles looks the same way it did in 2001 or 10 years ago. And there's just the only, we give Amazon a lot of credit, we don't own the stock, but they're the only person over the last 10 years really investing in infrastructure assets. Vin and I had this.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Get from click to the package goods to our house. I think that's the reason why we're seeing the benefit in our investments.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Let's call it tech related investments, right? So the 20th software company or the 15th online auto dealer or something tech related that would have the ability to get a 30 or 40 times revenue model. So that's where all the money went. And we also spent a lot of money in the payment, so just getting back to financial services, a lot into the payment side of the business. So the ability for my wife or any or someone's husband to press click on Amazon and get that thing the next day, right? Very little money, very little investment went into making sure that those ships were more efficient going from, say, Vietnam and China to California eventually to our homes. So we've had 20 some odd years of minimal capex associated with that part of the plumbing.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“I'm a big firm believer in the cure for higher prices is higher prices. Right, so eventually, and we can even make this statement in the energy sector as well, eventually greed's going to lead towards additional CapEx in both the shipping and energy space. My wife wants it from Amazon and she goes on her phone and she hits buy now. I could go down. She wants it and she wants it now. The rabbit hole he's going under is if you think about the last 10, 12 years, The incremental CapEx investment went into”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Very expensive, you know, and so it'll be interesting how we do, or if we keep them or pitch them, we're again fumbling our way through the dark of trying to figure out how long rates stay up and how much cash we get back in the meantime.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“People are rightfully nervous that eventually containers ship rights are going to come down. They have to. I mean, people have been calling this for a year plus now and they haven't come down. And so eventually they'll come down and these stocks, which are less than one times earnings, will be three times earnings or something like that.”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Can't CNBC apologize for pointing them out? You're talking about these names. Have you ever asked the question who's benefiting from this? And are there any stocks whatsoever that you would want to own? And it never happened. So you would never see... Rarely see Maersk come up on the board of saying, hey, maybe you want to own this or we own this container-leasing company called Triton or Danny Osi. All of these. I don't think I've ever, and I don't watch the NBC a lot. I don't, but I don't think I've ever seen these names come up in financial media as the beneficiaries of things that you want to do. It was only just the implications the Fang stocks and the top 20 largest names. No one likes a bearish thesis too. That too. I do not like Barris thesis. Oh, you know, who's going to make money in this mess?”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT
“Do that. Oh, yeah. Well, let's shift on the long shot. Okay. In the next part. Make people feel that we're very optimistic and possibly. So think about the shipping Sector, and I say this a lot, and I apologize, but it makes me laugh and it baffles me. You sit and you watch financial media and perhaps not as much now, but a few months ago, all they talked about, we listened to any podcast, they talked about supply bottlenecks and high costs associated with the supply bottlenecks caused by COVID. And you're watching it, and they're saying, What are the implications to Amazon, to Nike, to Walmart, to Target? And we just sit there and laugh and say,”
2022-02-06 · Forward Guidance · The Next Big Short: The Debt Supercycle | Vincent Daniel, Porter Collins · IDENTIFIED FROM THE TRANSCRIPT