Skippy eats some crow — first he got the wrong call earlier this year on Jim Harbaugh not performing after a salary cut, and second he said not to invest in China and that's exactly where he's found himself. Sticking with China, the future of Variable Interest Entities (VIEs) looks bleak, and they discuss what this means for their recent Alibaba investments. Doogles gives a rundown of the economic disaster that is occurring in Turkey right now and how Turkey's president is pouring salt into their economic wounds. Then onto bubble talk, a recent episode of the All In Podcast has a great summary of how inflated everything is, as well as why it's important to make you own decisions and not just follow what all the pundits are saying. Doogles plays a clip of a recent pundit who claimed to have "audio issues" when asked a very simple question on CNBC. The episode wraps with an anecdote of a couple that followed bad advice on buying alternative assets in their IRA, which is costing them hundreds of thousands of dollars.

Doogles pleads for Cathie Wood to calm down as she starts testing "ARK on Steroids". That transitions in a recent Morgan Housel post called "Experts From A World That No Longer Exists" which discusses holding onto past "expertise" can get you into trouble if you don't also adapt. Skippy dives into some recent reading about Solana, and its potential advantages over Bitcoin and Ethereum. In the latest evidence of the markets going buckwild, more money was put into US equities in 2021 than the last 19 years combined (and it's fueled by margin debt). Doogles circles back to a Zillow conversation, highlighting a recent blog post on stevenbuccini.com contrasting Zillow's investment philosophy in data vs. that of Affirm. And the episode wraps with more Doogles' nerdy reads recommendations.

Crypto talk continues in the news — Skippy and Doogles talk Crypto.com buying the naming rights for the Staples Center, ConstitutionDAO's bid to buy a copy of the constitution, and Florida Man claiming to be Satoshi, the creator of Bitcoin. Then Skippy recaps parts of a recent podcast interview with Arnold Van Den Berg where he talks the commodities supercycle and the psychological fortitude of value investors. Skippy gives a decade by decade drawdown quiz, and Doogles gets a B+ on his responses. Doogles talks the bubble in the venture capital / startup space, highlighting a recent Fred Wilson blog post on avc.com called "Seed Rounds at $100mm Post Money." The episode wraps with Doogles giving Skippy two international knowledge quizzes (one on GDP and one on historical all-time returns for different countries), and Skippy going on a rant about Green Bay Packers "financing."

Skippy gets confused as to why Starbucks is adopting the blockchain (and you should be too). Then Skippy and Doogles discuss 3 big breakups this week — General Electric, Toshiba, and Johnson & Johnson are all splitting up their companies. Doogles calls out all of us for perpetuating inflation by buying too much stuff unnecessarily, based on some great reads from Bridgewater Associates and The Atlantic. The episode wraps walking through how much the last few crashes have hurt the market (and the next one won't be better), and how confirmation bias is ruining the world — great piece written by KCP Group called "Racehorses and Psychopaths".

Skippy kicks off with some strong research advice about Series I government bonds, which are paying out 7.12% for this 6 months period. Then he rolls into a series of Tesla quizzes, highlighting how Tesla's valuation continues to be outrageous compared to the rest of the auto industry. Doogles transitions the convo to Zillow's stock, which has taken a 67% beat down since February of this year, recently thanks in part to it shutting down Zillow Offers (its iBuying product). People are leaving their jobs, and Skippy thinks that crypto gains are to blame — Doogles thinks this is a terrible idea. Then they cover Morgan Housel's recent post, "The Same Stories Again and Again," which is well written and covers how history repeats itself. Skippy wraps the episode with a rant about how much money college football wastes by hiring and rapidly firing its coaches.

The episode starts with Skippy and Doogles discussing different types of risks based on a great post this week in Of Dollars and Data called "Risking Fast and Slow". Then, the topic on everyone's mind - what is Zuck up to with the metaverse. Doogles reminisces about his Second Life days and asks the question "has Facebook lost its way?". Doogles then brings up a fantastic article in Time about Black Bitcoin, which covers how Bitcoin is being embraced by people of color in search of financial liberation. Skippy rants for awhile about taxing unrealized gains, and Doogles brings up other points of view. The episode wraps with an overview of a recent post about how much wealth the US stock market has created over the last century, and how much of the world's stock market capitalization sits in the US right now.

Skippy and Doogles launch a Substack at skippyanddoogles.substack.com. Doogles starts off the newsletter with a deeper dive on his investment methodology and Q3 portfolio returns. Skippy stretches as usual to defend value investing, this time claiming that value stocks are a hedge against inflation. Speaking of inflation hedges, the DWAC SPAC shot up by nearly 10x this week upon announcement that it's getting into the Donald Trump media game. On the topic of risky trades, Doogles dabbles in options this week, which Skippy is not a fan of. The conversation wraps by discussing the expectations gap between financial advisors and their clients, and a few key questions for long term investors.

Skippy forgets to stay in his lane, and begins to spew "wisdom" about genetics. Then Doogles provides his usual dose of happiness by centering the conversation around mounting consumer debt as demonstrated by the Nintendo game Animal Crossing. Skippy pulls out some excellent listener mail, covering a recent New York Times article on the California housing crisis called "Where the Suburbs End" (great read), highlighting how people want to solve the housing crisis so long as it's NIMBY (Not In My BackYard). This leads to a conversation about shadow inflation that's raising prices by decreasing the quality of goods and services. Going back to California, Doogles hits on more listener mail about hedge funds profiting off of PG&E stock. The episode wraps with Doogles getting Skippy fired up through a January 2021 blog post called "Bitcoin is a Ponzi," and with an overview of a recent economics paper showing that increasing equity cash flows has an impact on prices.

Who has two thumbs and is giving up almost $400k per game this year in the NBA? Kyrie Irving. The convo starts with the quizzical nature of that choice, and then moves on to the equal quizzical nature of how it's easier to invest in Non Fungible Tokens (NFTs) than startup companies. Speaking of NFTs, next Doogles brings up listener mail re a Vice article covering the recent Evolved Apes NFT scam where the NFT creators took over with over $2m from investors.

Next up — hiding money overseas. And, allegedly, that's exactly what Shakira is doing according to the Pandora Papers, a recent data leak investigated by the International Consortium of Investigative Journalists (ICJ). Skippy parlays that into a conversation about a 2021 PBS documentary on the Fed, where there's a claim that the Fed isn't after supporting the rich, they're after supporting the poor...which just so happens to make the rich richer. Doogles raises a couple more points of greed — Robinhood's COO trading on Material Non-Public Information and Ozy Media faking voices on conference calls to raise money.

The episode wraps with a stock that Doogles is thinking about to get into, his first potential new investment since Q1 of this year.

Skippy and Doogles kick things off with some double-threaded listener mail — 1) a nod to a robust investing data website, Nasdaq Data Link; 2) TikTokers are looking to Congress for their hot picks. Nancy Pelosi has been deemed Queen of the Markets by this crew...

Speaking of politicians trading stocks, 2 Fed Governors are resigning because they got caught with their proverbial hands in the cookie jar (note, it's bad form to trade stocks while lifting up the market through your policy decisions). Morgan Stanley released a fun paper called "Turn and Face the Strange" which discussing the resistance to change in both sports and investing (highly recommend this one).

Next up, China continues to ruin the markets, this time through the massively indebted property developer Evergrande. While on the topic of real estate, rental prices are going sky high due to a supply/demand imbalance...and imbalances continue to be everywhere as captured by the JP Morgan paper, "Dude, Where's My Stuff?". The episode wraps with a return to dollar stores, as Dollar Tree's prices are going beyond $1 to account for rising prices.