The Liquidity Event Podcast: Episode 46

 

Episode 46: Uncut Gems

Shane and AJ are back at it after a few weeks of travel. The IPO market is still dry as the Mojave Desert in July so there are no new exciting S-1 to devour. We do have a synthetic diamond company poised to go public and try to disrupt the 80 billion dollar diamond industry by selling stones grown in a lab. In other news, we’ve got layoffs in tech, hedge funds getting wrecked, and some news about shopping malls. A little bit of good news out of the EU: by 2024 phone and tablet makers will be forced to use a universal charger. This one is sparkly.

Read the Full Transcript:

Speaker 1:

This podcast is for informational purposes only and should not be considered tax or investment advice. Welcome to the liquidity event, a show about all things, personal finance, with a laser focus on equity compensation, hosted by AJ and Shane of Brooklyn FI, each episode will take you through the week's news on FinTech, IPOs, specs, founder wins and fails, crypto, and whatever else these nerds think is interesting. Learn more and subscribe today@brooklynfi.com.

AJ:

Hello and welcome to the liquidity event. This is episode 46 being recorded on June 15th, 2022. Airing, we still say airing? Yeah it's video, airing on Friday, June 17th. Shane, it's been a minute. It's great to have you back-

Shane:

Oh I thought you were going to say we're your hosts AJ and-

AJ:

Oh, I forgot that part.

Shane:

I was going to do my intro.

AJ:

Oh, shit, I'm sorry. I'll start over.

Shane:

I'm back.

AJ:

We're your hosts.

Shane:

No, shut up, stop. You're the one... You got somewhere to be-

AJ:

Sorry folks, we're we're a little rusty. You take a week off. You forget everything you know. That's how it goes.

Shane:

I mean the last time I did one of these, we did it in person, which was the most awkward way to do this. That's one out of 50 times we've done this in person.

AJ:

Yeah, that was terrible. That was my least favorite podcast we've ever done.

Shane:

Well, let's agree to never be in person together.

AJ:

I never ever want to see you ever again, in person, only on zoom.

Shane:

All right, that's settled.

AJ:

Where are you in the world? Speaking of never, ever seeing you ever again, you're 3000 miles away from where I am. Where are you?

Shane:

Oh, God, I totally forgot, you're in Palm Springs. Yeah, I'm in Brooklyn and you're in California now, old switcheroo.

AJ:

Yep, makes sense. Yeah, we should never be within 2000 miles of each other, ever.

Shane:

[crosstalk 00:01:50] Yeah, I do have a restraining order on you, it's 2000 miles.

AJ:

Perfect.

Shane:

Your video looks insane by the way. I mean, AJ's in Palm Springs. There's enough sunshine there to apparently pierce the walls of a home.

AJ:

Yes. Also I just literally moved all of the stuff out of this house. So there's just bright white walls. Everywhere it's great.

Shane:

You know the scene from the matrix where they talk to the architect and it's just all white. He gets yoinked out. That's what you look like. You look like you're floating through, I guess, heaven. Welcome to heaven, AJ.

AJ:

Oh yeah, or like Dumbledore at Kings Cross Station at the end of Harry Potter.

Shane:

Spoilers, please.

AJ:

Anyways, are you doing anything for fun these days in this hot Brooklyn heat?

Shane:

I've installed two air conditioners today.

AJ:

How's hot boy summer going for you?

Shane:

It's definitely hot. I'm definitely a boy, a little boy, trying to take care of himself. No, it's going well, it's going good, getting out on boats, doing runs with the dogs, hanging out with old friends. I moved into my neighborhood where 15 of my friends live. So doing a lot of Seinfeld run-ins with them. It's lovely, how about you? How's your summer going?

AJ:

It's going great. Yeah, I'm trying to think of what I'd I've been doing. Oh, for fun, I've been on a book tour with my husband who published his memoirs last week. So I've been bopping around all over the country, seeing old friends and family and cheering him on. It's been going really well. So that's been, it's nice to be weirdly out of the... Everything was not my problem. Every night, he had to get up on stage and do a talk and I just sat there and clapped and smiled and took pictures. I was very happy to be in that role for a short amount of time.

AJ:

But went to a new place, Salt Lake City, never been there before, weird town. Beautiful city but strange place. We were also there on Sunday and it's a mostly Mormon population. So everything was closed. The entire city was shut down. It was a little creepy ghost town in the downtown Salt Lake City area.

Shane:

Spoken like someone that didn't grow up in the deep south, for sure. That's the norm for me, Mississippi also closed on Sundays. Where else did you go? You went to LA, Seattle, Salt Lake City.

AJ:

Salt Lake, and then Palm Springs. Those were the stops. And he continued on to Milwaukee and Chicago, but I opted to sit by the pool in Palm Springs.

Shane:

Gotcha, okay. Shall we get into...

AJ:

Not a lot of IPOs. It continues to be a bit of a drought here in IPO land. 2021 was such a banner year for IPOs and 2022 is proving to be a drought, that's even an understatement, but we do have all these sort of, I wouldn't call this microcap, but small companies filing their S-1, hoping to go public. This one was interesting to me, the company is called Adamas One, A-D-A-M-A-S. They are a synthetic diamond manufacturing company. I think they just started releasing products, but basically their value right now is that they own these machines that create lab grown diamonds. You need a lot of chemicals, a lot of heavy machinery, and they also own the patents to actually create these shiny stones that can replace the diamonds that are typically mined in ways that are very bad for the people that do the mining and the environment from which the stones are extracted from the earth.

AJ:

So diamond industry, about an 80 billion global industry, apparently the synthetic diamond market is, right now, it's about 19 billion projected to be about 50 billion by 2030. So, the diamond, the idea of a diamond being a precious stone that has to come from the earth is sort of fading away because we've all seen how, not all of us, but we know how harmful it can be to get them out of the earth. And it's a big, nasty business getting diamonds into engagement rings.

Shane:

DIA mom.

AJ:

What?

Shane:

That's from Blood Diamond. That's this Africa from Blood Diamond. You never get my references, ever.

AJ:

I didn't get that onel

Shane:

Have you seen a movie? Come on.

AJ:

I've seen Uncut Gems.

Shane:

Uncut Gems, oh wait, is that why you [crosstalk 00:06:28]-

AJ:

The episode is called, I pre named... Folk ust so you know, we usually name the episodes after we record, but I already knew that I was going to call this one Uncut Gems.

Shane:

Thought that was just an uncircumcised fellow. What do we think about diamonds AJ? I mean, let me guess what your diamond story is, because you are married. I'm guessing you have a real diamond, but it has a ethical history attached to it. You know where it came from.

AJ:

That is, correct. Yes, that would be correct

Shane:

No surprises there.

AJ:

Yeah, and look when you attach ethical to diamonds, there's no such thing, right? But the current propaganda is that it's ethical to use a recycled diamond, AKA a vintage diamond, that's already been extracted. So yes, I do have a vintage ring from the sixties, so that was the ethical, I did not choose it, it was chosen by my husband, but we did talk about my preference for something older, purely for aesthetic reasons, not for good, environmental, socially governing responsibly reasons.

Shane:

You have an ESG diamond, AKA, an adopted dog. You did not get a purebred dog. So bring it back to me and my ethical conundrum for having a purebred dog and justifying it.

AJ:

Yeah, sort of, yeah. And a synthetic diamond would probably be even more, well, I don't know, that's a question for the experts. But what is more ethical, an upcycled or recycled or vintage diamond or a lab grown diamond. I just generally have a problem with engagement rings in general, because I see this with so many of our clients, the expectation of what it should look like, what it should cost, how it should happen. I see amongst my friends and our clients, marriages, starting off on the wrong foot from day one, just because everyone's obsessing over this stone that goes on your finger, that costs so much money. These things are so expensive. So I think lab grow diamonds are cool.

AJ:

So this company is filing to go public. They're one of about 15 other competitors who kind of all appear to do the same thing, right? They all have their own version or chemical formula for creating these diamonds. I imagine the one that looks the prettiest and has the most successful marketing strategy will rise to the top. But I think we'll watch this space basically to see who comes out the clear winner.

Shane:

That's a cool ticker symbol, JEWL, jewel.

AJ:

Yes, jewel, is the ticker symbol, which is tight.

Shane:

Ticker symbols are the vanity plates that CFOs get to pick for their company.

AJ:

Yep, I mean, BKFIs are obvious ticker symbol.

Shane:

I thought it would be EQTY, equity, no?

AJ:

Nah, too hard.

Shane:

Leave it to me, I got you. When we IPO in 2023.

AJ:

Yeah, next year, yeah, targeting a Q3 2023.

Shane:

Since no one else's IPOing this year, Brooklyn Fi is going to fall on the sword.

AJ:

I mean we're basically a nano gap. I mean, come on.

Shane:

Who wants a piece of the pie? Who wants to be partners with psycho? That's me.

AJ:

That's you? Yeah. I'm already the partner of the psycho.

Shane:

As long as I get to be [inaudible 00:09:38].

AJ:

Speaking of no IPOs, yeah that was a bad. That was a bad segway, crashed and burned on that transition just like this stock, Bright Green, which is a cannabis producer, went public via direct listing in early 2022, earlier this year. And basically this stock has crashed and burned. They were trading on day one at $58 a share. And now currently just a couple months later, trading roughly at $2.50 cents a share, off 83% from its first trade, it's opening trade. So I don't have a ton of interesting insight here, but it's a direct listing, right? We've seen a couple of successful direct listings. Apparently there have been 14 successful direct listings in US markets, Spotify, Palantir, Square Space, Coinbase, being some of the name brands that we recognize, but they're not doing too well.

AJ:

So all of them, except one, are trading below their initial offering prices. So direct listing seems great in theory, we don't need the expense and hassle of getting the investment banks on board, let's just put the shares out there on the open market. But this data ,it's pretty kind of a small sample size, but maybe this shows us that maybe these companies weren't quite ready for the public markets and maybe they could have benefited from that help over that public debut from these big investment banks. Any insight here?

Shane:

No, not really. I mean yes, these stocks particularly, these stocks are suffering, but I think that stocks across the board are down 20, 30% and especially growth stocks, pun intended for the marijuana company that we're dealing with here, also, growth stocks such as Spotify, Coinbase, et cetera, are historically high flyers, high price to earnings ratios, much higher than your typical value stocks. So what goes up must come down, especially towards a recession. So I don't know, I don't really have much insight there besides... I'd love to see a comparison of direct listed stocks versus which are only in the one or two or three handfuls of company names, compared to all your traditional underwritten by the big banks stocks to see a little side by side, maybe we'll do that. Take a look at that for our next episode.

AJ:

Yeah, exactly. I mean so much data about stock prices right now is, it's just hard to look at it in a vacuum because you need to look at the rest of what's going on in the market. And I think the story is, everything is down right now. Of course there are exceptions. So I don't know how valid this is, but I think there's been... So this current Bright Green crash and burn is definitely going to be a signal to other companies that we're thinking about a direct listing to back off in this environment.

Shane:

There seems to be a lot of money to be made in the marijuana industry. I had a prospect call today with a client that had stakes in five or six different companies that were vertically integrating along the East Coast with all the law changes. It was funny he told me he'd been in the... He is as old as you can be to be in the marijuana industry without being in the black market. But then he admitted that he was involved in the black market prior to getting involved in the industry. So-

AJ:

I mean the black market is still a thing in most states, right?

Shane:

Yeah because weed is more expensive in the store, than what I remember, buying it, that was 10 years ago though. So that's probably just inflation, but yeah, there seems to be a lot of vertical integrated businesses that are popping up where they both manufacture and distribute the marijuana around the East Coast, which has a gigantic market that is just now starting to flourish, another pun intended. So very cool, that's all I have to say about that. Transition into hedge fund, hey, speaking of hedges, how about this hedge fund article you have here?

AJ:

There's a bustle in your hedge row over here. I don't know where that was going.

Shane:

Bull in the heather.

AJ:

Yes, hedge funds, I don't even care, D1 Capital Partners-

Shane:

Why'd you put it in here?

AJ:

No, I mean, we hear a lot about hedge funds. I think most people don't even know what a hedge fund is because it feels so out of touch and out of the scope of their life, which they often are, because they're typically for investors and hedge funds are typically so wealthy that they can afford to put in millions of dollars, which is a small portion of their net worth for very risky investment strategies. And that's kind of what happened here, D1 Capital Partners basically had an extremely aggressive strategy here, and they basically borrowed 2 billion dollars from JP Morgan. And I think another big bank to continue to invest in these potentially high growth companies. A lot of those high growth companies as we just covered are not doing so well right now.

AJ:

So last year where they looked like they were, up posting 70% gains. And now they're posting dramatic losses so much so that their investors are going back through the contracts and seeing, what they're actually on the hook for. Not a great story, I don't like to hear stories of people failing this wildly, but this was definitely a case of being a little bit too brash, money was flowing too easily.

Shane:

Yeah. I mean, it's a classic story of leverage and how it can get you into hot water, especially if you get your timing wrong. If you were to buy a house, for example, in 2007 or 2008, you might have gone underwater immediately. I mean, leverage is one of the reasons why history and lending money has been cursed by many religions because it's one of the things that get people into unreckonable positions, even hedge fund managers that borrow big to put a lot of money into stocks that are performed incredibly well over the past 13 years of a bull run. You don't know when it's going to come crashing down, you can just get caught holding the bag. I mean, somebody does, there's so many hedge funds, so many mutual funds. Eventually one of them just through process of randomness is going to borrow a bunch of money right before a market crash because the stock market is random. So yeah, caught with their pants down.

AJ:

I think what's particularly interesting about this one though, is that they were specifically investing in companies that had not gone public yet. So it wasn't necessarily there was less due diligence because these companies are private. So they didn't necessarily have to bring that due diligence to the investors in the hedge fund. So there was just a lot more easy money flowing when it's not a public company, no one could see the financials. So it was like, "This company looks cool, let's plow a billion dollars into it and see what happens." So I think that was particularly why, now I remember why this was interesting to me, is because all of these bets were on private companies, where a lot of our clients have stock options and there's all these potential hedge fund owners that they don't know about in these private companies. Do your due diligence folks.

Shane:

Everyone wants to be the Facebook investor. Everyone wants to be have a 5 billion dollar Roth IRA like Peter Teal, but that's an extremely risky bet to me.

AJ:

Do we have an update on that by the way? Is he in trouble? Are they changing laws? I don't remember. I feel like someone was going to go after him.

Shane:

I think he's the president now.

AJ:

Oh, of the-

Shane:

I think Peter's the President of the United States nothing to worry about. You like labor unions, did you?

AJ:

Oh boy.

Shane:

You like the laws in general, did you?

AJ:

Nah.

Shane:

Prepare to be eaten.

AJ:

Yeah, anyway-

Shane:

Where do you think you would fall on the blood revolution, on the winning side? Or would you be outside of the gates of the billionaires palace fighting with the rest of us. I know where I think I would fall.

AJ:

I hate to say it, but I think I'd be right at the-

Shane:

In the palace? All right, good to know.

AJ:

But I'd be working on your behalf, sending secret messages. I'd be your mole inside, yeah.

Shane:

Sure, you'd be my mole inside, best of luck, AJ.

AJ:

Also side note, in my retirement, by the way, I have recently discovered... I forgot about how much I love this type of fiction, where it's just the James Pattersons of the world where it's just thrillers that don't really have plots or characters that it's just exciting, every page something crazy happens. And speaking of blood revolutions and all that, I just wanted to highly recommend that as we're going through this period of extreme volatility, high inflation, everyone's really stressed out. My recommendation, this isn't an official financial recommendation, is to get into Pulp Fiction thrillers, and just throw yourself into an imaginary world and read a page turner before you go to bed instead of looking at your phone.

Shane:

Oh, all right. Is that your no brainer of the week?

AJ:

Yeah, that's my no brainer. It's really been so fun. I've learned so much about different worlds.

Shane:

I'll save you there, so-

AJ:

Jeffrey Archer is the author that I'm going to recommend anyway, you saved me so...

Shane:

Well, yeah, I got you. So that reminds me of how all the UFOs have been popping up and even the US Navy has, and the air force have recognized that they don't understand some of the phenomenon that we've been seeing over the past few years. You're not up to speed.

AJ:

Oh no, I'm up to speed. I heard a whole thing last night about UFOs, yeah, very familiar.

Shane:

Well somebody in the Chinese astronomy department thinks that they picked up the frequencies that indicate an invasion of earth by aliens. And the guy was yoinked out of China.

AJ:

Finally.

Shane:

And supposedly, what's the book series about an invasion of earth where it's the third problem or the third? I don't know, I'll have to save it for the next episode. But that would fall under your book recommendations probably, if you want to prepare thyself for... Which would also, I think that's what would cause the blood revolution. That's the only thing that's going to, if the White House explodes, everyone's off to themselves, all the billionaires go to New Zealand to retreat into their compounds.

AJ:

Speaking of getting yoinked out of something for saying something weird, this is not in our agenda, but did you hear about that guy? I think it was at Google who raised an alarm that he was working in AI and was like, "This being, this is sentient." What's your take on that?

Shane:

Well, supposedly he expressed problems with religious discrimination and he is apparently very religious. And I don't know if folks that... I don't want to say anything that's going to get me in trouble on the podcast. But I think that has a lot to do with it. I think according to his religious beliefs, it is a sentient being, but according to scientific beliefs of the company, it is not quite sentient. I mean, I don't know anything about sentience, but apparently according to the PR at Google were decades away from a sentient AI, but the conversation has been coming up a lot more frequently.

AJ:

Yeah, I think that, yeah, especially if you're working on something and if you're an engineer and you understand how it was constructed, and then it does something surprising that was unexpected. I could, understanding how the engineering mind works, I totally would sympathize with like, "Oh, that wasn't supposed to happen. This is far outside of the laws that I understand and the code that I built." So this is an unexpected error. And maybe this is-

Shane:

Yeah, I think it passed a test where in, he didn't know if it was alive or not. I think that is one of the tests where if it's speaking to you and you're not sure if it's a real human being or not, then that's one definition of sentience. My favorite representation of a true sentient computer, is in that movie "Her", with Joaquin Phoenix, where he falls in love with her, in LA. Best movie about AI, much better than "Wall-E" and "2001: A Space Odyssey." I am-

AJ:

Yeah "Her" is great. I feel it's not underrated. I feel that movie is very much correctly rated, but yeah if you haven't seen it, highly recommend. Yeah, Joaquin Phoenix and Scar Jo, right?

Shane:

I don't know the female. I just know that the female lead. Anyway, off on a tangent there, what do we have here? Something about the mall, thinking of buying a sentient being, you got something here on the mall.

AJ:

I just love when the New York Times does kind of lighthearted opinion pieces. This is a long essay about how to save the mall as in the shopping center, which were a huge part of American consumerism and growth in the eighties and nineties. And now, as I'm sure many of you have experienced in your hometowns, a lot of malls are either completely abandoned or very depressing places, stores are closed, they can't fill them. But basically this person is arguing for a return to the original concept of the mall, which was an indoor garden. So turning these shopping centers into lovely pathways that you can walk along.

AJ:

There's this amazing tidbit, which I didn't know, that malls have had these walking programs. And it's so important for public health that the CDC actually has a pamphlet on how to exercise at the mall and how that needs to be a part of your winter exercise routine, when you live in a place where you can't go running up or walking outside. So I don't know, I love malls, I'm a valley girl, I grew up in the valley. I grew up going to the malls that you see on television. So I love malls and I would love for them to turn them into verdant oases.

Shane:

So I didn't know what the valley was until I was 34. So do you want to elaborate on what the valley is for our listeners in a fly over state?

AJ:

The valley is the San Fernando Valley in Los Angeles, which gained popularity in most high school teen movies, in the eighties, and people talk funny. So if you haven't seen valley girl, also another great recommendation.

Shane:

So you're telling me that US government wants us to go shopping?

AJ:

No, they want us to take all the stores out and turn the malls into greenways.

Shane:

Oh, okay, get rid of the-

AJ:

There's nothing to get rid of-

Shane:

Toys R' Us and the Dillars and-

AJ:

Right well, the point is that those have already left. These malls are literally just empty husks of concrete.

Shane:

So we put glass tops on-

AJ:

Exactly and they already have the glass, the structures already there to dismantle them and build condos would be wasteful and terrible. So this guy's arguing let's keep them in their existing structures, but make them destinations.

Shane:

And if we don't do that, then people in cold destinations won't have to worry about it being too cold because the earth is going to warm up so much that there will be no winter in Canada. So-

AJ:

Exactly because there won't be any plants. Yeah, so it's fine, the problem is already solved.

Shane:

Got it.

AJ:

We can move on.

Shane:

Speaking of being super wasteful, Apple products was set to use a common charging point finally after EU deal, how many chargers do you get to throw away in 2024? When we finally all moved to USBC? Probably 16 for me? Probably, I don't know.

AJ:

Yeah. I mean I think about this very often because I have a device that downloads data from a device that is attached to my heart, right? It's not keeping me alive, it's a pacemaker. And every night data goes into this thing, and this thing is a weird, I don't even know what the cord is called, but it's USB old style, not three, or C, or whatever you call it. And it's a problem. Those chargers don't exist anymore, it's-

Shane:

Shaped like a pyramid?

AJ:

Yeah. So if I forget my-

Shane:

That's what I use for microphone and that's why I always-

AJ:

It's the same cord, the microphone and the heart.

Shane:

I borrowed your heart monitor cords to record our podcast in Portland because I couldn't find my charger.

AJ:

I'm not going to unplug it, but I have a label on it that says, "heart stuff." So this is your heart cord, don't leave without it-

Shane:

It's called micro USB is what it's called.

AJ:

Micro USB, thank you. Right, but it's totally insane that a normal person should have to know the names of all the chargers and keep track of them when we have all these devices. Although I have to say the charging pads are pretty neat, and you just throw your headphones, your phone, whatever, and they kind of work universally, but those are also USBC. So anyway, I'm very excited about this. Basically the EU, which is sort of famous for going after tech a lot, with more chutzpah than the US, let's call it. They're saying by 2024, all the phone and tablet makers have to agree to one universal standard, which is their-

Shane:

They're going to make up a new one. They're going to make up a totally new one.

AJ:

It's a new one, yeah.

Shane:

USB type D.

AJ:

Yeah. Owned by the representatives for every country in the EU.

Shane:

It'll be the most breakable shape you can design, so that they can sell trillions of-

AJ:

A long needle, that'll snap made out of glass.

Shane:

It'll be shaped like a McDonald's ice cream machine. Does that make sense?

AJ:

I don't know, yes, I got your joke, right, McDonald's they're always broken. That's the joke folks, that's the joke. I don't know. I don't know what is the size of the market for chargers that are not manufactured by the people like Apple? What is the off brand charger market? It's huge, right? Amazon sells them, Anchor is one of those brands, the guy on the street in Times Square selling you a charger for $15, because you forgot yours. It's so much waste too, you want to talk about being an environmentally responsible person? I don't know, I probably go through 10 chargers a year because I leave them in hotel rooms and places, I feel so wasteful.

Shane:

I mean, there'll just be a change to the zeitgeist. If we all use the same thing to have electricity flow from the wall into your device, everyone will have a spare one laying around to give you and we'll stop having to just go buy one when we lose one and feel we're bothering people to charge our phones and stuff. It's totally a manmade issue to sell products and destroy the earth yet again. It's one of the negative externalities of capitalism that the European Union has decided that we're going to clamp down on. So shout out to Belgium or wherever the fuck the EU lawmakers are.

AJ:

The Hey is, no, that's there-

Shane:

No that's where you're going to end up.

AJ:

That's where... for war crimes.

Shane:

No, that's where the blood revolution true capital.

AJ:

Takes place?

Shane:

Yeah. That's where I'll be home, I'll be dragged in-

AJ:

Actually it's in Palm Springs.

Shane:

Do we time for anything else?

AJ:

Yeah, we got time for one more. This is a interesting and sad story. We've heard a lot in the news about Britney Spears, custodianship trial and how she was preyed upon by her father and was forced to work and had no control over money. There's another similar story, Wendy Williams, the talk show host, is in a battle with Wells Fargo at the moment because Wells Fargo apparently throws her all of her accounts. After Williams tried to switch banks due to a former financial advisor improperly handling her accounts. Williams has argued that she's capable of handling her own finances and an assigned affidavit submitted to the New York Supreme Court, Wells Fargo has denied her access to her money, a move that had the potential of her defaulting on payments. So I don't know what the story is here. I imagine there's two sides to this story, but basically, a person wants to leave.

AJ:

I mean, I read this as a person wants to leave Wells Fargo, Wells Fargo decides, an advisor decides that she is unfit to manage her own money, and then they freeze their accounts. Whether they are legally able to do that or not. I guess we will learn from this court decision. But I think we're going to see a lot more of these cases, especially as the baby boomer generation gets older and we're going to see a lot of fights of... If someone's making a financial decision, are they capable of making that decision? Have they been scammed or are they in their right mind? So I don't know. I think the title of this article is, we got to pay attention to Wendy Williams. We all came together and fought for Britney and now we got to bring that same heat and make sure that Wendy is taken care of. Because this does seem a bit like she's been taken advantage of.

Shane:

I just don't feel the negative externalities around keeping Wendy Williams's money. It's like, how much money does she have? Wells Fargo, don't give a fuck, Wells Fargo's like the honey badger, don't give a fuck, they've been in the mud for years now, how is it still a company? They've ripped off so many literally tens, maybe even hundreds of millions of people. I could go on but we're out of time.

AJ:

We are, want to read us out? Wait, I just need a quick no brainer from you.

Shane:

Quick no brainer, install 16 air conditioners in your house, one for every window this summer. We're all going down in flames anyways so, pump it up baby, go from a 100 to 60 degrees in T-12 minutes in my house.

AJ:

You love to see it. This has been the liquidity event you want to get in touch with us, email us @liquidityeventatbrooklynfi.com, shownotesatbrooklynfi.com/episode46. Stans can leave us a review if they want to be weird about it. Thanks for all the reviews folks, by the way, we-

Shane:

We're going to start reading reviews on the air by the way. So -

AJ:

Are we? I see.

Shane:

Stay tuned for that, yeah.

AJ:

You love to see it, see you next week, bye.

Shane:

Bye.

Speaker 1:

Thanks for listening to the liquidity event posted by AJ and Shane of Brooklyn Fi, head on over to Brooklynfi.com where you can subscribe to the podcast or YouTube channel, or if you want to learn about their full service, financial planning, tax and investment firm, specializing in tech professionals and creatives, on the path to financial independence. We'll see you next time on the liquidity event.