In this podcast episode, the guest discusses the GameStop short squeeze and how a decentralized network of people were able to take on powerful elites and hedge funds. However, the guest also acknowledges that much of what happened is unknown and the real winners may not be who people think.
The SEC has charged Bill Hwang of Archegos for racketeering wire fraud and conspiracy. The firm, which started with $1.5 billion in assets in March 2020, managed to flip that to $160 billion of exposure at its peak, trading at around 100 to 1. Multiple banks including Credit Suisse and Morgan Stanley lost billions in the ensuing fallout.
Tony Robbins shares his insights on stock market investing advising that market performance isn't to be blamed for losses, but instead personal decisions, saying that he coached his platinum partners through the 2008 financial crisis to save their investments.
The hosts discuss their views on investing with one of them now thinking it's boring and meaningless, despite having several investors on the podcast before.
Billionaire Travis Kalanick regularly meets with other leaders to expand his knowledge, while fellow billionaire Mullenweger is known for his extensive reading and retention. Their mindset is highlighted by the quote "I made my money sitting, not playing hands."