About that or somewhere in everyones collective minds are all the passwords to all the crypto everywhere it will rain down on humanity billions and billions of dollars as we collectively reach the password needed to unlock mark to post over there about dogs hes going to be a billionaire this year thanks to being the magic of pseudo should not go to people who have lost their passwords need to go to hypnotherapy immediately and unlock those passwords using the magic of hypnotherapy just think about the password where you were at the time you were engaging in that word own lock your wallet and you too can be an instant billionaire ive lost so many passwords over the years somebody bitcoin giving away so many but i dont care anymore because the world is changing profoundly due to blogs and crypto bit coy in a way that will name the end of jamie diamond and his tapeworm venta says i dont need money love. I actually theres you know. You go to read it are various bit talk forms youll see a whole series of people linking to their big queen on the block chain saying help i got these hundred big queen there and like twenty ten and they were only worth twenty dollars and i lost the password can somebody help me get these thats amazing its so biblical in some way you know theres a pilgrimage people go on through their minds trying to find the touchstones of their own lives to unlock the past for for the big coin. You know this is going to go on for another guy very like one hundred Million Dollars on a limb still because it was strapped on as hard drive well actually i was going to mention that he is actually offering now a ten percent to anybody who could help him get his hard drive works in there itll soon be worth a billion dollars and you know just like i go on Treasure Hunt and they go down into the deep blue sea looking for Hidden Treasure and rex with lots of gold on there you know theyre going to be digging through the landfill to get that hard drive well you know there was another gift and that is the tax reform but were going to get into that the next episode because you talk to Michael Penta when we were in new york and im going to save that for the next episode but because were talking about in the second half you have a very fascinating interview with this guy with about handbags and michele locks going to really love that interview because i want to talk about stores of value because this is been a big debate and spend rejoining obviously this big cash because mine. Versus bitcoin casts all these sort of is it a store of value is it a means of exchange what is because well investors are dumping gold to buy bitcoin say strategists a key trend of the gold market has just been broken and big going could be to blame the gold miners e. T. F. D. D. X. Is falling nearly fifteen percent from its september highs while gold has plunged to lows unseen since the end of july this is curious. Larry mcdonald head of u. S. Macro strategy at a. C. G. Analytics as the move lower in gold has also been followed by a move down bond yields which according to the strategists is very rare of course after this article it did kind of swap a little bit starting to rise and start to rise as well but yes well weve been saying this for quite some time there is a move out of everything into bitcoin and this is part of the big black hole is pulling gold right now gold and silver is being pulled into the big black hole because its a superior store of value centrally and nobody wants to carry around pounds and pounds of silver in kilos of goals that really you know i mean when you can put all this on a thumb drive or memory wallet and then lose the memory wall and then end up in a landfill picking through diapers looking for an old hard drive so he says that there was an eighty two point five percent correlation between bond yields and gold and that spend broken at the moment because of bitcoin is what he blames he also sees that theres more Downside Risk to gold because he says if you add up all the crypto currencies and the liquid gold that is in the market right now the crypto currency is a market cap are now twenty three percent of the liquid tradeable gold that is up from two or three percent a year ago so cryptocurrency are definitely eating in to the gold play well you know gold is not a finite supply you know theyre adding to the tons of gold mine every year hundreds of tons of gold added to supplies supply is expanding in twenty eighteen what will see our Central Banks adding big oil into their Strategic Reserves alongside gold so big gold buyers like china and russia will be adding bitcoin to their Strategic Reserves some banks possibly in venezuela they could completely change their fortunes in the Global Economy by switching over to crypto. Switching over to bitcoin and then that will set a precedent for other countries to follow suit well in fact bulgaria has like three billion dollars worth of big coin that they seized from some scam so thats actually the benefit you know in the early days of bitcoin one of the things that was often said by governments who said or threatened they were going to shut it down or attempt to shut it down was that it was you know a haven for you know no good do gooders like drug runners and drug cartels and hitman and all that sort of thing but a heart of those people a lot of the scam artists on line scam artists and shakedown artists are based in places like boag area romania so the fact that they get to seize the assets of these bad guys you know you become a safe haven for bad guys and you can seize all their ass thats right its not a bug its a feature look im talking about bad guys with money launderers and evil doers and crypto currencies lets not forget the twenty to thirty trillion dollars held offshore unaccounted for by any Tax Authority that money is always looking for safe havens that money is always buying fine art and yachts and that money is inching its way into bitcoin thats another you know ten thousand percent gain right there from current prices then youve got the hedge funds nibbling at it then youve got more apps like the one from. The cash you know the people over there where square you know theyve got cash you know theres going to compete with coin base and itll be millions more people getting into it you mentioned hedge funds hedge funds are pulling out of gold and seeking thrills elsewhere hedge funds are pulling out of gold bets as more exciting equities and crypto currencies make safe haven investments boring Money Managers cut their bets on a bully on rally at the fastest pace in five months as prices headed for the worst quarter loss and a year speculators are throwing in the towel as the metal failed to sustain the gains that took futures to a one year high in september of course throwing in the towel is a good time to start investing right there is a concept. Then investing call capitulation when all the sellers have sold there is no more sellers left you know and then any buying on the margin will start to rally and you start the whole process over again on the bull side so i think twenty eighteen actually in a contrarian point of view will see gold it all time highs which would be roughly a sixty percent move from here lets say which is not very interesting if youre a crypto is enthusiastic but nevertheless it would hit a new all time high yes some of the old coins especially because theyre lower market cap. Will rise like up to seventy five percent in a day so its pretty crazy but speaking of bitcoin and hedge funds bill millers hedge fund has half of his money and big queen bill miller is giant in the investing space he was at legg mason for thirty five years he founded their s. And p. Five hundred Investment Fund at legg mason and remarkably he says that there are fifty percent right now partly because of the price rise he got in i guess and before six thousand dollars. Between two thousand and six thousand dollars he got in and its because of the price rises now makes up as a percentage of his fund its fifty percent bill miller was beating the market for decades and then he had it down here for a couple down years he kind of retired and now hes reborn rising like a phoenix in the crypt of space and as his performance numbers come in pentair our capital i think is the day with a group they reported twenty four thousand percent return on their crypto portfolio versus lets say quantum fund which is george soros and jim rogers they were considered to be one of the best minds in finance they generated Something Like a forty six hundred return percent return over the life of that fund approximately ten years theyre considered geniuses here pentair a return. Twenty four thousand percent in less than three years and maven be just for one year so this obviously is going to attract that multitrillion Dollar Hedge Fund market plus Money Managers like bin miller plus sovereign wealth funds remember that some more trillions of dollars waiting to be invested in crypto plus the Central Banks so the amount of buying pressure ready to come into the space is in the multi hundred trillion people are piling in and now theyre piling in against the likes of bill miller and all the early holders and the the people who have been around in the space who have survived and least five or six down markets of fifty sixty seventy up to ninety percent so people are piling in and i do notice something thats happening is that theyre just looking at the price of whatever small whatever one of the thousand all coins are tokens is and theyre thinking all of it will go as high as big corn and they missed the big queen ride so theyre going to invest in anything thats under like one hundred dollars and hope it rises and there it has of course as they all pile in its the tiny markets and the pile in and drive the price up so there is a bit of a. You know speculative bubble going on there in terms of some of the coins well you know people compare lets say like coin charlie at least going with silver and bitcoin being the gold of the space and then interesting comparison there because if you follow gold and silver you know that when gold moves so over will react more aggressively on a percentage basis and i think Going Forward anyone whos interested in this point is a core position and you nibble away at these other coins but you need to own as a core position big coin and then learn as much as you possibly can about bitcoin then you can learn about why these other coins are different than bitcoin but because it is the gateway into this whole universe and you must begin there well you as when you were a banker you saw that a lot of people would say oh warren. Buffets shares in Berkshire Hathaway are way too expensive as like three hundred thousand dollars as too expensive to buy all the nineteen early eightys they were at two thousand and they were considered a lot of brokers i was working on wall street would say are you kidding its too high you know now theyre pushing you know three hundred thousand dollars prices really a meaningless metric in many ways. But that unit bias as some call it a symbol because of the multi tens of thousands and this was an eight hundred therefore its cheaper thats thats not correct theres no correlation between price and value and you say cheaper i like that and i want to say the correlation between price and value that will also the bias towards lower prices our friend michelle block over at miss talk dot com thinks that buying a coach bag or Something Like that for sixty five dollars there was a famous bit where hes like look why are women spending twenty five thousand dollars on this birkin handbag guess when you can get this one looks perfectly fine to me for sixty five dollars yes and you do talk about this in the second half but before we go tell us what is that password stacy is my goddess stacy is my goddess hyphen slash five seven four hyphen dot net stay sing well stay tuned for the second half were going to be talking about handbags dont go away. I played for many clubs over the years so i know the game inside guides. Football isnt only about what happens on the pitch for the final school its about the passion from the fans its the age of the superman to just kill you narrowness and spending two to twenty million and one player. Its an experience like nothing else on here because i want to share what i think of what i know about the beautiful guy a great so will more chance for. A nice minute. Was running insisting that way to him i am. I was stuck trying to lift us out. Of the. Bus that. Kind you when you could do a whole lot of what it seemed by showing you the need you have to brush it off but im going. Oh. Yeah so yes can only one last shot cast. Dont. You see from my jewish point you mind if. You speak you know if youre missing discussed the custos threatening just turn over young. Welcome back to the kaiser report i macs guys are the day after Christmas Show with santa claus get you did santa bring you one of these this looks nice lets learn more about it from jeff burke jeff welcome imax could be in new york all right jeff burke well talk about handbags in the birkin bag what is the broken back phenomenon from a business point in a fashion standpoint this this bag was conceived burmas for back because. This is sure is named after the famous celebrity actress chamber can be made for buyers on her behalf but what this bag has done it is rained World Champion of luxury and sophistication to women around the world if you are a guy who deals in bags types about high end bags if youve got i guess an instagram presence yes you do and a quarter you say you do fifty five Million Dollars in revenue since two thousand and one two thousand and twelve two thousand and twelve excuse me in bags yes and this bag would go for what in your market in our market place. If someone walked into ermas and bought that at the store which is otherwise impossible to do thats Twelve Thousand dollars bag the customers around the world that want us to get that on their behalf depending on how hot the color was thats a hot color theyre paying us between eighteen and twenty five thousand for a Twelve Thousand or so and this is a limited edition obviously bag right that mean they theres all broken bags they sure are these are variations on that theme thats right so and its own book and get a kickback on all this Jane Birkin Jane burke oh jane burke and i. Dont apologize she sold the rights to the company years ago really yeah ok and so this is the reason were talking about this today is because. You know this goes back to one of our. Mike said locke oh who we had on and he said he couldnt believe that women pay these prices and collectors pay prices for handbags. These extraordinary levels but why not i mean these are these are socially collectibles right yes theyre and theyre in high demand super high so why wouldnt people pay up for them i mean its really as far as erm is concerned is not just a question of ability to pay its how they select the customers that they give the opportunity to pay for the bag no matter what your celebrity status is or affluence you can just roll in urban and say hey im wealthy what i hear about this conveys i want to buy one today why not theres a very limited supply the one in your hand im going to have to guess takes between forty five to forty eight hours to make those handles literally takes six hours to make of rolling on a craftsman only so what that is very limited supply and what her mrs has is an articulated system that theyre saving that Twelve Thousand dollar bag for the v. I. P. Customer this coming in to buy fifteen to twenty five thousand dollars of other stuff tabletop bedding apparel things like that all right ok and what is the pay to pay to pay system the pay to pay system is something weve coined about what i just articulated to another example is this bag right here is what is called industry was an exotic being crocodile alligator ostrich it has a us retail of about sixty five thousand dollars and in order to be able to get the opportunity to buy Something Like this the customer is going to have to be spending in the store sixty five to one hundred thousand dollars and other stuff in that calendar year in order to be offered the opportunity to buy one so now were going to an idea how this all works and this is another variation on it well look at tell us about this fabulous bag this this fabulous bag is actually a fabulous bag if youre a birkin geek its a color called the goon and they only made it for a few years and they stopped i think in two thousand and nine and when i gave you that estimate before that someone pays us between eighteen and twenty five even though this is a used bag in our. Which is an unused bag even though this is a used bag the color isnt super high demand because they simply dont make the color anymore and women are willing to pay it for used bag because theres no woman who got this crazy color who didnt use it so the opportunity to get something in the news condition is almost impossible is it is the market primarily women oh yeah and men buying on the back for their work for women ok and so this is do people actually go around the street carrying a sixty five thousand dollars bag hopefully not in the rain. This is alligator so it should do well i suppose. You know a lot of people talk about the burden is an investment and i think i dont know if its technically an investment but you do have to treat it well if you want to retain the stock. Right and this is is there are like you know collectible cars or ferraris and whatnot there are certain years that are better than others vintage years yeah theres not applied to this market i would say that the irmas birken customer is a parallel universe to the guys youre talking about that they could sustain something how does a nine hundred sixty seven mustang still worth ninety thousand dollars guys who support the marketplace i would say there isnt so much of interest year for this stuff as much as there are vintage editions you know this for example to google and i told you about it was a very short run that this particular color was made so its more the collection in the color than the year itself so how did you get into this ive been a luxury in finance my whole life provi