Quarter-Life Capital

Quarter-Life Capital E01 Transcript
Speaker 1
[00.00.01]
I think it was really just an opportunity for the Trump family to make some additional capital, or some of his friends to be doing that. There were huge longs on these altcoins on, you know, different exchanges. USA is definitely annexing itself from the rest of the world. And I heard yesterday, China, South Korea and Japan has teamed up to strike back at the US together. And the other weird thing too is the Bitcoin that they do have as capital is just bitcoin that they stole from people. We need a new like leadership throughout the world for like global trade right. And USAA wasn't part of that conversation. There's going to be a business in the next ten years that is created by an individual that is going to become $1 billion company. Hello. Hello. Welcome back to the pod. Well, I say back, but it's actually episode one. So, Matt, tell us more about the new pod and what do you want to make a new pod? We call it Quarter Life capital. You know, it's like we're having a quarter life crisis about what to do with our capital. And, you know, I think Bitcoin is going to be part of that. So yeah. Okay. Awesome. And for those of you listening to the George Bush show, we are starting a new show. And this will be the Quarter Life Capital show starting with episode one. Of this episode. So it's been two years since our audiences last saw us. So I wanted to do a brief introduction about, you know, who you are and where you're at, and if there is anything new happened in the past two years. So, Matt, what are you. Sure. Yeah. I guess a bit about me. I originally got into Bitcoin way back in 2014. My dad actually introduced me to Bitcoin way back in the day. He was a bit of a gold bug. And then since then I've worked on a couple of bitcoin projects Bitcoin backed loans, bitcoin betting, most recently bitcoin derivatives. So that's me okay. Amazing. Come on. Yeah so I, I went to Waterloo. I did accounting both for my bachelor's and then my master's as well. And I started as an economic consultant. I've been doing that for the past 2 to 3 years. And I've just been like slowly going up the ranks. So yeah, so more finance expertise. Right. So I think yeah. And for myself, you know, I'm George, I'm the founder of Simple Direct, a tech SaaS startup that's a little bit in the fintech and lending space. So I think all of us have something to do with finance. So Matt is more on the unlike like the world of Web3 or crypto. Um, I guess so. Traditional finance and fintech. So we really think this new format is going to bring our audiences the best up to date new things about everything finance from old to the new. So yeah. So I guess we'll kick start the show. Um, before we officially start, I do want us to make just a quick comment about what's changed in the last two years. So the last time this was on was two years ago. Now it's two years after. So a lot of things happened. What's been happening in the past two years? Well, I think we all know that the AI has been taken off. We have the value of software that's slowly going towards zero, white collar jobs slowly disappearing. Not quite as crazy as people thought, but it's a different world out there. Yeah, I think it's crazy. Yeah, we were at April 2023 and I think it came out November 30th of 2022. Right. So last time we were here, it wasn't like it hasn't changed as much, right? So now I feel like everything in the world is just falling. Those are more your thoughts about like the past two years. What are the biggest changes? Yeah, I think back when we were first, like seeing it was more like a toy, like it wasn't able to do too much. It was kind of just like prompting, like a chat bot. Now we're at a point where it can actually do some kind of function and there's like a path towards you can see there's a lot of utility, like we're what Matt is saying about replacing white collar jobs or replacing certain functions, you know, like of jobs. And I think that right there is like a big value add that we didn't have the foresight that I will actually be able to get to this. Yeah, all the time. I think we thought it would be good, but we do know it's going to be this good. Right? And what's next. Right. So well I think the other like so it's been I and then the other side has been what's been happening with Bitcoin. Right. And you have such a large increase in the amount of institutional adoption. I think of Bitcoin over the last two years you've had MicroStrategy accumulating a significant amount of coin. And now you even have the likes of Larry Fink from Blackrock saying that the US dollars reserve status is now like at risk. You know, from Bitcoin like Bitcoin has grown so much that we're at that point. And so you know it's only it's only going to grow more from here. So yeah great. And then for the next few weeks we'll be joining here. Well maybe for the next many many weeks. So every week we'll bring you something new about what's happening in the world, from Web3 to traditional finance to fintech. And we'll give our own unique analysis to it. So let's get to the first docket. I think it's really exciting. I'm so mad. I think this is the one you chose. So Bitcoin policy is to release a framework for the United States of America to buy $200 billion worth of Bitcoin using Bet bonds. For the audiences that don't know exactly what this is. Tell us more. I think so. I might have added that, actually. No. Okay. Uh, yeah. I mean, I actually don't know the exact details of this one, but, um, it sounds pretty similar to what they were doing down in El Salvador. Um, I think originally when, um, when they were doing the Bitcoin reserve, everyone was expecting that Bitcoin was going to be the only asset involved, and then they actually ended up putting. You know, Trump announced that there was going to be a bunch of different assets involved in that. But I think this one is pretty pretty exciting because they can put us, you know, a small amount of funds into Bitcoin, $200 billion is a is a good amount. But uh, yeah, I'm excited to see how it plays out. Yeah. And just to follow up with uh, you know, President Trump has talked about a strategic reserve. And I think that's been in use for the last couple of weeks. So like we haven't really heard anything since then. So can you catch our listeners up to speed about what happened? It's going to be full of ripple. No. Just kidding. Um, my dad actually called me the other day. He, uh, he he phones me up. He's like, didn't you see the announcement? Uh, the entirety of the Bitcoin reserve is going to be completely filled with ripple. And I'm immediately going. Going on acts looking it up. He's like April Fools. You got me? Um, no. Well, I think I don't know. I feel like it's a weird situation where he announced that, you know, uh, ripple, Cardano, kind of. These altcoins were going to be part of the reserve, and, oh, of course, Bitcoin. Ethereum is going to be part of it. But I think everyone was expecting, um, a large pump in the price like when that was occurring. And then that that didn't happen. And I think part of the reason for that is because, um, it said basically that the United States was not going to be buying more Bitcoin. They were just going to be holding on to their existing reserves, but that those other assets could be part of it. But I think what's really, you know, it's what's weird about the whole thing is to first of all be including those other assets, because I think it was really just an opportunity for the Trump family to make some additional capital or some of his friends to be doing that. There were huge longs on these altcoins on, you know, different exchanges. And the other weird thing too, is the Bitcoin that they do have as capital is just Bitcoin that they stole from people, right? They stole it from the Silk Road. They confiscated it from the guy who hacked the Silk Road. Right. So this is confiscated Bitcoin and oh we're not buying anymore. But we're going to keep our confiscated bitcoin. Right. And just the idea of like why would it be a strategic reserve. Um, so how do you know, do you understand. Like why would the US go for a strategic reserve of cryptocurrencies just in general? And maybe I'll add a little bit of nuance. I think the way the United States framed it like was. You had one pile was like the digital assets, including like all the different types of cryptos. But I think David Saxe, like the crypto czar, he said Bitcoin is special, right? And so they did have something specific for bitcoin being the strategic reserve. And although they said we won't be buying any new bitcoin in the sense of like printing money for it, they did say that if there's a budget neutral way we will be adding more Bitcoin. I think there's been a lot of like senators, so they think it's too pricey at the moment. Not in the sense of pricing us. Just like I don't think like the general public would be like we want our tax dollars funding, just bitcoin purchases, but if it's budget neutral, like there's no change to it, then the government will be buying bitcoin. I think they've been pretty optimistic on that sense. But on your case for the utility of the reserve, I think that's it's pretty simply like game theory. We've seen like Abu Dhabi in their sovereign wealth fund. They've have I forget how much, but they do. I bet they have almost their entire like sound wealth fund. It's just in Bitcoin. It's in the $50 billion. There's some kind of like a large amount. And you can see like slowly countries are assigned to like pile up on Bitcoin. We're seeing El Salvador starting to become like a much more global presence because of the fact that they've been doing this strategy for so long. And so if you're the like the strongest, like, uh, power in the world at one point you do want to just get some kind of insurance. You already have X amount of Bitcoin. Now you're just going to make it into a formal policy that we will not be selling this Bitcoin. I think that makes sense. Yeah but what don't you think this undermines the US dollar by creating the strategic reserve as the United States government. What are your thoughts on this. Well Bitcoin has been saying this for ages but it's crazy to see. Larry Fink from from Blackrock say this. Um, I think the main thing there is just that, you know, you have neutral money, right? You have neutral money that can be used worldwide for payments, and it can be sent in ten minutes instead of, you know, weeks or, um, you know, weeks or months, right. Um, as an example, Russia was accepting bitcoin for oil. Um, you know, not too long ago, Putin had a nice interview where he talked about how Bitcoin is great. It can't be stopped. Um, and so that really puts into question, well, the US dollar as the world reserve currency, especially when we have all these tariffs going on. The world is no longer looking to invest in the United States. They're starting to pull out because the United States is looking inward. So I think when when you have someone like, like the Larry Fink from Blackrock saying things like that, I mean, yes, they want to they want to go and they want to sell their ETF and they want more people to put assets in their ETFs so they can make their 0.25%. Um, but at the same point, that's a, that's a signal. That's a signal to the entire world that things are changing. Yeah. And I think there has been some recent report, I think just today in the Wall Street Journal about how North Korea is now the top cryptocurrency hacker. And just for some context, North Korea has stolen over $6 billion in cryptocurrency over the past decade. And the latest victim is called Whizzer X, India's largest crypto exchange, where $200 million was stolen. And they use social engineering, sometimes posing as remote workers from offshore in Europe or Asia to get into those crypto companies. I'm so mad. What are your thoughts about people who are? What do you want to share with you who are concerned about the safety of their. Bitcoin and crypto assets and wallets because there's been so many hacks and people might be worried. Well, I think we need to look at like, where are the where are the hacks actually occurring? Right. So I think the one on people's mind is probably bybit, right. I think what did they get $6 billion worth of ETH? And um, what occurred there was, uh, they were using a type of wallet called the Gnosis safe, whereas basically a multi-sig. Right. This is how a lot of exchanges do it. You have multiple signatures between different parties that are required to unlock the funds. But so Bitcoin actually has this built in. You can actually create a multi-sig just using the native properties of Bitcoin. But Ethereum you need to use smart contracts to actually do that. And so one of the most popular ones is called Gnosis Safe. And they were accessing that online. And the thing is they never made it easy that software. They never made it easy for people to actually go and verify what was going on, you know, to be able to check that stack trace. And so the real lesson there was don't have the largest Gnosis safe because you're going to be the immediate target, because what they did is they simply updated the DNS for that website, which caused them to just simply send it to the wrong address. And there was no way on the device for him to actually check it. Okay. And in a simpler terms, um, how do they hack the system? I believe they got a developer at Gnosis safe to simply update the front end to only affect bybit the exchange, so all they had to do was convince one developer to put a vulnerability into the website itself, and suddenly they were at risk. So I guess these type of social hacking is something maybe it's very hard to prevent, I guess. What are your thoughts about those like crypto exchanges these days? I know you were personally maybe against large exchanges, but what are your like if you are talking with them in this remote account? Well, I would tell them to have a offline setup right? That's what Coinbase does. Coinbase custody they have a complete offline setup. You know everything that's being done is being verified against their addresses. They have a very strict protocol. You should absolutely not be using a web interface for doing that. You need you need you need offline software that's going to be signing for $6 billion worth of funds. It's it's pretty straightforward. Um, but then also the FBI did warn that Blackrock and fidelity that their ETFs backed by those crypto ETFs, were also targeted by community hackers. But I guess they were not successful. So does that validate the point that we should move it offline? Yeah. I mean so I'm curious to look at what their setups are for fidelity. I know they're big like they're big into security in general. And they mostly focus on Bitcoin. And so I would imagine they had very robust bitcoin setups. And maybe they tried to do social hacks on them. Um, and that didn't work I would say for people in general like if you're. If you're storing Bitcoin, you know there's there's very easy ways to go and like store your bitcoin very securely. Other assets are a little bit harder right. Like Ethereum smart contract hacks are notorious. Same with Solana. But if you hold Bitcoin you know you stack bitcoin for the long term. You hold it in cold storage. You buy a hardware wallet or something of that nature. I think it's going to be very difficult for someone to, you know, social engineer you out of those funds. Okay. Awesome. And today is April 3rd as of this recording. And, you know, obviously everyone who's been paying attention to your stock portfolio, your stock has had significantly today because of President Trump's 10% base baseline tariffs against the entire world, which was announced yesterday on April 2nd and today in April 3rd. The Dow slipped 4%. S&P is down 4.9%, which is basically the worst since the Covid 19 drop. So I know you have some experience in the finance financial world about the tariffs. Tell us more about those tariffs. What do they do. Yeah. So I think what the Trump administration has done is this idea of trying to bring us dollars back into the economy. I think what we were talking about a little bit earlier is like the US dollar has been weakening, and you have this thing called a traveling paradox, where if you're running on a deficit, that's the only way you can be the global reserve currency. And so if you want to stay the global reserve currency, you have to run on the deficit. But the Trump administration's come in saying we don't want to run on a deficit anymore. We want to start like cutting costs, saving money. And because of that, the idea is that you just can't have as strong of a currency in the entire world. And if you are going to have that, you have to find a way to bring some US dollars back into your own country. And so I think their point for that is then we're just going to bring everything back into the US. Like what that was saying. They're focusing inward and outward. And one of the main points that the Trump administration is trying to get across is that so many countries currencies have become so much weaker, like we're in Canada, we've seen the Canadian dollar just completely decline. That actually helps Canadian exporters more than anything else, because you're able to get the same amount of Canadian dollars inside. Are you able to sell at a discount to the global world? Right. So that's been something that I think the Trump administration said. We don't think that's fair. Externally. We want to now just like find a way to make it equitable, quote unquote. And for our listeners who don't understand, why would a country with a reverse like with a reserve currency two must be running on deficit and share more about why? So the idea is, if we if we take out the word currency, we assume it's just oil. The point is, if you're the global reserve oil. Everyone needs to actually have that product, right? So the US dollar instead of a currency, it's an actual product. Like Saudi Arabia needs the US dollar. China needs that US dollar, which means you have to keep printing it. Like because it's a product, at the end of the day that needs to be used for trade. And if you don't print it, then it's just there isn't enough to go around and you can't actually stay as the global reserve currency. And so that's where the deficit starts coming in. Okay. But mad wouldn't you say that what the US has done yesterday was basically an assault. And on the global trade system which basically relies on USD. So what are your thoughts about what President Trump and his administration did with these tariffs. And yeah, what do you think implicates. I mean, it's the largest tax hike for Americans in the history of of America. Um, I don't know the whole thing. If I was to be pessimistic, I would look at it and say, it seems like they're, you know, whatever his vision of of, you know, manufacturing coming back to the United States. How long is that going to take? What is this time horizon? Is he even going to be president anymore? It might take 20 years. And by that time, what has happened to the US dollar as the world reserve currency? So if I was to look at it pessimistically, I would say, is he trying to create failure by design? Your average American is simply going to be paying more for goods and services. It's going to be more expensive to do various things. It's not like Apple is going to go and move their manufacturing from Vietnam. You know, overnight they're still going to continue manufacturing in Asia because if they try to move their manufacturing to America, it's going to be incredibly more expensive. And also also Americans want to, you know, be paid a fair wage. Now, one thing that might happen is we might have a huge boom in robotics where America. You know, in America, they're basically forced to say, okay, well, we need to bring manufacturing back to America, but we can't afford to because the labor force is too expensive. So we need to invest in robotics. So that's one possibility, but I think it's going to take way too long. And I just want to play devil's advocate here. Like, let's say the flip side of the tariffs is that the administration, the administration's standpoint is that, um, first of all, I believe last year, November, after President Trump got elected, became president elect, he announced 25% tariffs on Canada and Mexico. And now we know that those are not really for fentanyl, but perhaps it was part of the agenda. Trade agenda. Um, but I think maybe the administration was thinking that, okay, a lot of Chinese cars, cars, their parts get shipped to Mexico, and then they got assembled using Mexican companies that are essentially shell companies of Chinese companies. Right. So those are potentially taken away, uh, American jobs and perhaps like the T moves and Shane's, they're using a sort of like a loophole of $700 below to essentially flood the US with a lot of Chinese made goods that are basically undercutting all the local manufacturers. I'm not sure if there are, but I guess for the everyday items or the mugs that we have here for the papers, for the chairs, for instance, they can't all be manufactured in China. I'm sure there has to be someone in the US. So do you buy the argument that it was because they want to save what's still there? Save what's still there in the United States? Maybe the whole thing is like every time a country has tried to look inward, you know, the GDP has gone down. You know, like, let's look at China, like closing off their doors to the world. Their GDP decreased. Right. So I expect the same thing to happen in the United States. I mean, maybe they're just trying to save more jobs or get more jobs in the short term within the United States because they can do that. But the question is whether they can then they can pull it off. And it's also like it's also like, what do you you know, he called it Liberation Day, but it was really just Americans paying more taxes for things. So it's it's almost like an excuse to I mean, I think I don't think taxes are great in the first place. Right? The government puts a gun to your head and says you have to pay. And then and then it's just increasing that. And so and calling that Liberation Day, I mean, for any anyone who believes in any, you know, libertarian values, I mean, it just seems like a terrible thing. Maybe they might save some jobs. I don't know. So and what are your thoughts about. I think I'd probably be a little bit more on the opposite side. I think the idea is that we've had the taxes to inflation for the longest amount of time, like the printing of money constantly, and this is the first time where a president's come in and said, we need a different strategy. This might not work, I agree. It's the it's the biggest bet we've ever seen in our lifetime. And I heard yesterday, China, South Korea and Japan has teamed up to strike back at the US together. So I have no idea how those three countries will get together because especially I know South Korea and Japan has always had disputes over lost war. So it's crazy how this will pan out. And just today, I think France President Macron basically issued a statement urging French companies not to invest in the US. So in terms of the geopolitics side, what are your thoughts about what this means for the US's like, you know, global dominance moving forward? Yeah. You know, I agree completely that USA is definitely annexing itself from the rest of the world, even just I think yesterday or two days ago, Mark Carney came out from Canada saying that we need a new leadership throughout the world for like global trade, right? And USA wasn't part of that conversation. And I think it all comes back to the idea of like, how strong is Trump's hand? Trump's assuming he has the royal flush here. He's pushed all in. And what he's going to see now is his hand strong enough to deal with the whole world. Because I think Japan, China have probably some of the most violent history with each other. And like what we've read about and they've teamed up because the enemy of my enemy is my friend. Right. And so. Well, it seems embarrassing, too, that the Senate voted to remove certain tariffs as well. I mean, obviously it's a symbolic vote, but, you know, to have your own government basically voting against what you just did is kind of embarrassing. I think the presidency has too much power in the US. Like historically, it's actually not a recent phenomenon, right? You look back at Nixon, you look back at like different presidents. I do think the executive branch has like too much power compared to the other two branches of government in the states. I think that's where if you look at the French legislation, you look at the UK, Canada, Australia, all those other English speaking Western countries, they have a less concentrated power structure, right. So like if something happens, if, if, if, for example, like in Canada, we had Trudeau as the last prime minister and his government was almost brought down by the other few parties. So what do you think of the future of governance just in general? You know, in the Western world, because we've heard the many people in Web3, they're moving to Bermuda, they're moving to Bahamas, they're moving to different countries like Dubai. Well, it's a jurisdiction city, state, Singapore. So what are your thoughts about what does it mean to be a state like living in the state of Georgia? Well, I feel like there's a lot of people, you know, made some money off Bitcoin, made some money off crypto, and they're like, why am I paying these exorbitant taxes, right. They're looking at, okay, maybe I should go to Dubai. Singapore. Hong Kong. Maybe I should get out to the Bahamas. Um, and I think it's a weird thing where, you know, nations that try to attract these type of people that offer, you know, very low taxes. I mean, look at Dubai, right? There's so many, you know, rich people that are moving to Dubai who don't really care about, hey, uh, you know, this isn't a democracy, right? They don't have a vote in Dubai. But to be fair, for the amount of capital that they have, they don't have much of a vote in America or Canada either. Right. Because because they're one of millions of people that are voting. In fact, maybe they're voting with their capital in Dubai is actually, you know, is a bigger thing. And so, I don't know. I feel like we're going to continue to have capital flight, and we're also going to have more and more countries that start enforcing, you know, single citizenship like Germany just did that. They said, you know, for certain individuals that are, uh, you know, doing anti-Semitic things online. We will no longer allow dual citizenship. Amsterdam does not allow dual citizenship. India does not allow dual citizenship. There's many different countries where this is occurring, and it's only going to happen more as more capital flight occurs. So yeah, get your second citizenships and second passports. You know, I heard UK just started proposing a legislation that taxes you on global income as well. Um, even though the income that your, your company or your personally make from overseas, you will be taxed on the UK rates. You mean like like like they do in the United States. So like we would just try to do that. Yeah. That's that's citizen based taxation. Right. Which is insane to me. Right. There's what there's two countries that do it right now America and one other country. I can't remember their name, but, you know, no matter where you go in the world, you are taxed. And so what are you going to do? Renounce your American citizenship, and then you try to get back in with a visa and they deny you, you know, when your when your mother, you know, your mother is dying in a hospital in America, right? It's I've heard stories of this. It's insane. So, um. Yeah. It's not great, right? And so what do you think about the future of nations? I guess just speaking of this, because we have many listeners from the US, Canada, different places, and maybe they're contemplating like, where should I be in the next decades? What do you think? Also, I think being in Canada, we've started noticing like what you're talking about, that capital flight has already happened. I think it's like happening currently and in the past and will continue to happen. I think a lot of it has gone to the US. I think now with the US policies, that's going to start like diversifying more towards Dubai, some other regions. But I think overall in terms of where people take their capital, I think Matt made a really good point that democracies don't feel like the best place to go for capital if you really want to grow it, because it feels like a lot of these democratic countries are very shortsighted in how they set up policies, how they set up, like, you know, how their constituents can do everything, like in the UAE and Dubai, for example. I mean, these guys have like century long visions, right? China has century long. For other citizens. And so people don't even get citizenship when you go to UAE. But you want to go there because that's kind of where like everyone is going. And everyone's saying this is like still where the growth is. And people just conjugate into like regions, right? Well, I guess the other the other thing too is like democracies usually only last 200 years because the government inside, you know, ends up voting, voting in ways that benefits them, you know, from the Treasury. Oh, yeah. Um, and so, you know, how long do these how long is it? Does the democracy last before it starts failing? Also, there is some news that recent development of AI has made a lot of people thinking about becoming. And, um, I guess the definition of why I'm still trying to figure out what is the definition of, like, coding, but I think it was originally from a tweet that says, now coding can just be a vibe. You just vibe coding it. You just vibe coding your layout. I do all the work and then you don't have to do anything else, just let it vibe. So, Matt, I know you personally. You're the CTO of Atomic Finance. You write a lot of code. You use your cursor, I'm assuming. What are your thoughts about byte coding? Have you vibe coded yourself? I have I love vibe coding though. I feel like vibe coding is like you basically get your own junior dev and then and then you look at all the stupid shit they did. Um, uh, I don't know. I think it's interesting because I think over the long term, you know, the cost of software goes to zero. And, uh, you know, more and more people are able to get into coding more easily, but there's also going to be more mistakes being made. As an example, there is an instance of someone posting, uh, that they were vibe coding and then, uh, they were like, oh, don't use the cursor agent. I just lost four months worth of work. And it's like, oh my God, are you kidding me? Uh, first of all, you should be using version control. Uh, just, uh, just heads up. But, um. Yeah, I don't know, like, I feel like we're likely to have, like, more and more, you know, issues that happen because of that where, like really bad code is written. But I mean, maybe that's fine because in two years, you know, better AI comes along that just refactor all of it. Um, so and the other I think the other cool thing too, is we're starting to see, you know, certain use cases for software that weren't possible before, were too expensive, are now possible. Or it's like you need to like, build your software for a very specific niche. But now instead of that, you can like, you might as well just personalize it from the get go because you can and just put it out there and see if it works. But it also means the moats are gone, right? So it's a different, different game. That's scary for, uh, sales companies, I guess, right. Um, so like, I guess, which companies do you think are, uh, with which companies do you think is most at risk from this trending wide coding? Because it's not just by coding, right. Obviously, experienced developers are using AI to write more efficient code that they can review and push up. So productivity in general is going up. Um, which type of software do you think is kind of losing steam and is like an a danger zone in the next few years? Maybe. More than software, I would say. Like, uh, like the tech consulting firms like Accenture, Capgemini, cognizant. I think those companies are probably at the most like forefront when it comes to AI, because they feel like majority of what their job to do is essentially what AI is already at the epitome of like what Matt was mentioning vibe coding. It's like a junior dev. They have like kind of like give a lot more guidance to it's not going to be great. It's just going to be some kind of a product. But I think in some of the other industries, like in tech consulting, where you're explaining, just like the implementation side of everything, I think that is already here. So I think that's going to be one of the first industries that starts the domino effect. Yeah. The other thing too is lawyers. I was just talking to a tech lawyer the other day. He's like our junior. Junior partners have like way less work and our senior partners have way more. Why? Because people are coming to the law firm. Hey, I already ran this through ChatGPT. Can you look it over? Yeah, right. And so the question is, where's the pipeline? Where is the pipeline for lawyers? Whereas the pipeline is for tech consultants. Where's the pipeline for? For developers? Right. When you don't really need all these junior people anymore, the bar becomes higher. But then who's who's? You know who wears the funnel to get up to that higher level? Yeah. So so what would you say to our listeners who are in their early 20s? Because we're quarter life capital. So, you know, I guess 25 will be too old. So let's say someone in their 18 1920s in college, um, studying whatever major, what would you tell them to do now? Because obviously it's much harder to find a job these days. Yeah, I think the age of, um, the age of creating business, like there's going to be a business in the next ten years that is created by an individual that is going to become $1 billion company. I think that's going to occur. And so whatever you do, you need to get extremely proficient with using AI as a as well as possible, but also know the underlying stuff, right. Like you need to use AI in order to learn as quickly as possible, and to build as quickly as possible. I don't know, it's hard. It's hard to know. You know, like in the age of the internet, like we kind of knew where things were going. But I saw a tweet the other day by Da. He's the he's the creator of Ruby on Rails. And he was like, you know, during the age of the internet, I knew exactly what was going to occur like 4 or 5 years from now. Now I have no idea. So I think just get proficient with I try to learn as much as you can as quickly as you can and expect, like, everything to get disrupted. Okay, so what do you say to new grad school? Might be a little bit anxious. Yeah, I think as a self-proclaimed vibe coder, I think I think it's a very exciting opportunity, actually. Um, you know, I think the first ever technology humans invented was the book. Right? Like you take written word, you can pass it on generation after generation. This is the first time where you can take that one talent that we've passed on for eons, and be able to create something with just that, right? Like these. Guys. I remember reading about this fact that they were training in AI and they started teaching it like Korean or Japanese, like some kind of obscure language. And all of a sudden they could do math. So we're not going to understand how the neural networks work, for at a point, it will hit an inflection point where all the stuff that's making these breaks, they'll be able to QC itself will be able to do a lot of this. So learn the prompting, learn the communication style to be able to actually like use the. I think the famous quote now is AI is not going to replace your job. It's going to be the people that can use AI well, and I really do stand behind that. I agree, we all like in the long term, we all become gods that are just able to, you know, like think of it. You just turn your thoughts into ideas and things now. And we do this in the software world using AI. Eventually that will also come to the physical world, right? Like right now it's affecting white collar. But eventually blue collar will be affected with, you know, Boston Dynamics and things of that nature. So yeah, figure out how to create I don't know, I think I think my advice would be just be more of a generalist, because if you want to be an entrepreneur, I'm not sure if you do, but if you want to be an entrepreneur, I think you need to know more than just coding. I always tell people on my Twitter channel that it's not about what you build, but what problem you solve, right? And if you're just starting out by coding about a problem that people are not really paying for, you can build the most elegant software in the world, and it's going to fail. And we've seen that publicly over the past like a couple of years. So like figuring out how to validate a problem, figuring out like how to find and talk to the customers to understand what's the problem and then build. And maybe you'll pick up marketing and sales process. Perhaps. Right. Great. So that's kind of my thoughts. Um, so yeah, just to I guess to conclude, um, this episode, um, what are the one advice you have now for people in their 20s? We'll start with Matt. You buying some Bitcoin? Uh, number one. Uh, and, uh. Yeah. Learn how to prompt. I, I think those are the two things. Um, yeah. How will you solve them? I think for me, it is. Yeah. Like, I think the prompting is important, but I think it's also removing fear and understanding that you don't know where the world is going to be expanding. I think it's easy to talk about this type of job is going to get eliminated. This type of risk will get eliminated and kind of like boiling the anxiety of it. I think there's a good like, um, relation. I had read that right now. What AI is replacing for like coders was back in the day when farming used to be, I think almost everyone was a farmer. And then now it's like we have 10 to 100 x the actual amount of farming, um, like products, but almost no one. As a farmer, things evolve and the entire world becomes bigger. Now, today we talk about autonomous vehicles will replace Uber drivers. 15 years ago, Uber drivers didn't exist, right? So we don't know where the world will build into just, you know, like steer into this kid, you know? Yeah. For young people to learn as much as you can and should be open to change what you learn. So I think just break it down like so. I think when I started college, I didn't know much about computer science, and I feel like embarrassed to ask my peers about some certain questions. But even though they will be more than happy to help me, but I feel like I was asking dumb questions. Now I can ask the same question and I can give you breakdowns line by line, right? And I don't have to go through StackOverflow anymore and feel stupid and dumb anymore so I can learn new stuff every day. I am learning new stuff and this new stuff can change a lot. It could be something. It could be something new that makes this completely irrelevant. Right. But I think the vibe, like the feeling of learning is super important for people in their 20s. And I feel like even if you're in your 70s, this is something that you should just keep doing. Yeah, there are no dumb questions. Yeah, amazing. So thank you so much for listening in to the first episode of Correlate Capital. We will be here with you in a few days. Thank you, thank you.