Hey everyone Me: Kevin here we are at the floor of the Grand Exchange the New York Stock Exchange you all know I have a big background with RuneScape and this is such a big moment for me because I feel like I went from someone playing video games to now standing here with the Einstein of Wall Street Peter We are honored! This is so amazing! I'm blushing being here. This is so cool so tell me about this I Feel it. it's so exciting I've seen the Seas right there I mean they're probably watching us right now I Promise you they are. That's awesome I Gotta know what is it like coming to work in this amazing building every day? So I've been coming here for probably 37 40 years and I come in here whether it's a rainy day, I'm not feeling well, somebody dies. It doesn't matter for me, this is the greatest, greatest building in the world. This is my office, right? I'm honored to be able to be here and so the history in the room, right and all that I've seen over the last number of years makes it so. I mean the the energy, the adrenaline, the human element. We have to realize we are the only human based Marketplace in the world, right? This is the way it used to be, but we're the last Bastion of capitalism in the world and so to be able to come in here and The Branding and the marketing and the people and the energy is just extraordinary. That's why you're here as opposed to being anywhere else. That's why we're listing our fund. PP That's so exciting. It's our pricing power. ETF And everybody Pricing power everybody. Pricing power New York Stock Exchange We've got it. So I Want to know what do you do? You've got your office here. You've got six traders who are working very hard right now. What's a day in a life like for you because you run your firm? So I work for I work for a firm I work under an umbrella of a larger firm? We've probably about about 11 of us. It's firms called Trade Moss and it's a lot of young. Traders I'm sorry I interrupt you. but I know what you want to say. Uh, you want to know what we do down here and what's everybody doing a day in the life of a Trader on the floor? So that's important because you've given this interview before. Well, look. it's simple. I I Know everyone has the question: Why? why is the NYSE still here? Things have gone electrical route you know, electronic around the world. and what do people actually do down here to make themselves relevant? And that's a great, legitimate question. Because look, any job, any industry has changed with technology, right? There are places that used to have a thousand employees that were able to be busy on a daily basis, and now they're 10 or 20 because a lot of it's been outsourced to technology. She? That's happened here in a certain manner of way because we don't have 8 000 people running around in the service structure that we had on the floor. But in my opinion, that there are is a significant base of people still here. there are market makers. There are Specialists, there are clerks, there are Brokers, there are Traders, there are people manning terminals at all times, and I Think more importantly that within a Technology based world, and in a market that's as volatile as this one, that the human element is incredibly more important and relevant than ever. and this institution is that way. So I come into work we have the look, the opening of the market. Even though we don't do the volume we once did down here on the NYSE, we are still the ultimate pricing mechanism for all markets going around the world, right? The stock market trades 24, 7, around the world, the Spy, and all the other marketplaces that are around. However, when we open at 9, 30 here at the NYSE the price where we open stocks will affect where stocks are traded all over the world as they open. So we come in here. We trade the opening right, so there's order flow that comes into the nicey. that's why the market will often trade it. A little dislocation to where spiders are traded around the world and we trade that opening right. We trade the dislocation between where the Market's traded overnight. We trade the opening in a big way relative to spiders this location from from Global markets. And then basically there's a period of time where it's sort of quiet mode where people are sort of planning their afternoon. They're doing intraday trades. Uh, there's algorithms that go on. The market makers open the stock to Pine depending on supply and demand, and then they actually go into a sort of algorithmic mode unless the stock is in play. we had yesterday Carvana here, the stock has been down from 370 down to four. and what went on here yesterday morning. Within the volatility within the downgrade, and when the possibility of bankruptcy, the human element in that stock was able to support it and help it get bounced back. So that's the morning in the afternoon. We do have what's called Market on close imbalances and that's super important, right? The closing bell in the opening bell are one of the most the largest things that the NYSE still does. That is where our volume lives and that is the trade that I do. and most people here do. Oh, that's incredible. now. What? I'm curious about specific mechanics retail. Traders Today, Read it. Uh, the sort of mainstream narrative today has a lot of questions about dark pools and Citadel can you talk about the mechanisms of what you all do on a daily basis and how this is just normal to have functioning markets in? America Because when I put on a suit, people start wondering oh, am I a hedge fund person Now am I a suit right? and I think the younger Generations today I mean I'm 30 and I think people who are in college and high school they just don't know that there were actually humans working here at the firm you work for at Citadel and everybody's just here to create a functioning marketplace, right? Could you share some insights maybe into how those mechanisms play out? Uh, what should people be thinking about who don't have the privilege of being in this beautiful building? Absolutely. So it's really clear that the the look. there's what what I'm calling the democratization of the trading Community For a hundred years there have been barriers to entry for the basic retail traders to actually get into Wall Street in general, to invest and to trade. And what we saw that happened around covet time with the Advent of the lot of trading, the free trading apps and whatnot in the meme stocks and all that kind of stuff. and look, we traded GameStop here. We stopped trading at 29 times that morning, right? So I understand that there are 40 million new traders that have come into the marketplace. Probably 39 million of them are no longer in existence because they were not given the Playbook on how to actually trade this market right? So I've taken it upon myself to try and educate them to motivate. and Inspire the new retail Trader because they were a little bit run rampant. Sure, clearly conspiracies circulate or whatever and they are given information that's not accurate about market makers. about Traders about the suits and whatnot they go on Reddit They get a lot of bad information and it's become my main motivation through. I Have a I have an academy called Wall Street Global Trading Academy where we try and educate young retail Traders about the reality of who we are, what we do, the necessity of this building that things Trade Tech electronically things the information that's being given out by the reddits of the world and whatnot is not accurate about what we do, about our importance, the relevance of a human being in a volatile Market I Always use the analogy that what goes on. Let's say you were to get on a plane and you were take off. It's fine, you're sitting in your seat and everything's wonderful. and you're flying across the ocean and suddenly you hit turbulence right? and you're in a bit of a storm and you go to the front cockpit and you look in there and there's nobody there. Okay that day, it's right. there's just nobody. no human being at the point of conflict where things are going a little bit awry, Covet happens, a war happens and whatnot, and you go oh my. God I Don't want to be that part in that kind of a world. These people, this support staff and institution here. At the end NYC with market makers and Traders and whatnot are the ones that are on the boots on the ground between you, the information and the actual execution of stock. So it's important that I try and curate. Look. The new retail Community is going to be the future of the investment community and trading. Absolutely. If they're not educated given the Playbook and taught what's real and what's not, a lot of what goes on on the internet is not fact, then they're going to sort of go rampant. They're going to lose. Come in, lose a lot of money. Blame us the suits and I don't consider myself a suit. but I've been around for a long time and not really know they've invite been invited to this party. They were not successful and they want When people are not successful they like to blame someone else. So I think it's my responsibility as someone who's been here for a while to curate them, educate them. Give them the Playbook that this is where they need to be. They don't want to be taking information from Uncle Herbie on the internet, somebody who's who's picking stocks for them, that if they do their due agents and homework, this can be a place where they can educate themselves. Maybe it's going to be their future. Maybe it's something that they. It's a skill they can take with them wherever they go. But that's super important to note. So what? So what happens when a stock stops trading you said GameStop was halted 27 29 times. Something of the effect. What happens so is that that moment where you go into the cockpit and there's no pilot there Or does everybody get together what actually happens. So we are one of the only places and I think that's one of our secret sauces Here is that we've got guard rails. Okay, and that started back in 9 11 when the market was actually closed for five days which had never happened before, right? And they realize that there are, um, there. there are guardrails that need to be put into a market when conflict crisis crashes, uh uh, happen around the world and they obviously are happening more and more and more where stocks will be dislocated for seven, five, seven, Ten percent. When the Spy is dislocated to a point where people are disadvantaged, the financial investment Community or disadvantage. Look, if you're you know we call them the rats. You know the guys who will take advantage of dislocations and stocks in electronic marketplaces that are not here when things are sold off or taken up higher in an irrational way. What we do here is if the market is up or down and a stock is up or down more than five, seven or ten percent, we go to slow mode and then in fact we will stop trading so that people are not disadvantaged. people are able to assimilate and process the information that may have taken that stock up or down. Okay. And then they get to regroup, see where the bodies are buried, and then they reopen the stock. So now the retail Community sometimes likes to think that that stopping trading is done to stop a run-up. Uh, you know, and oh, this is going too high. Let's just stop the run-up and take that momentum away. What would your response be to that kind of conspiracy? It's not factual, it's a conspiracy theory that's wrong. Uh, trust me. I've been here for 137 years. I've seen every stock in every crisis go about where stocks stop trading for for for news pending for running up or down. Limit Up Limit down. Okay, due to whatever it may be I Mean there have been runs on stocks for legitimate reasons. You know a war breaks out. the defense stocks tend to run up. There is the New Meme phenomenon that we saw. We were able to process it here right in other marketplaces. People are disadvantaged when you don't have the guard rails that we have here. There's never been a case where the stock market here at the NYSE stops the stock because they don't want it to go any higher or they don't want it to go any lower if anybody thinks that. Trust me. I'm Einstein It's not a fact. The only reason that a stock will be stopped trading here is that there is news pending that the stock goes up or down more than seven or ten percent. which is a parameter which where we put limitations on that for the moment and they're never stop trading forever. They're stopped trading in time for people to process the information that the buyers and sellers are not disadvantaged. They can always get back into the stock in a reasonable, responsible fashion. Now what? Uh, what do you? Maybe you can give a little bit color to what happened with that GameStop freeze Where uh, people were not able to buy. For example, on Robinhood uh, people were only able to close positions, were moved to a position close. Only what happens in a situation like that is that more of a brokerage issue. Or it's 100 a brokerage issue. When we stopped stock here on the floor, it is basically what we call limit up or limit down where it goes outside of the range of what's acceptable for the moment. We stop it to give everyone a chance to process what ended up happening during that unfortunate event. and I'm not really sure who's to blame on it was strictly a brokerage firm problem. We don't list Robin Hood here. we don't represent Robin Hood in any or any way. And so that was their responsibility. That was a parameter and a thing that they did, and it had absolutely nothing to do with the nicer what goes on in this building. It was literally a brokerage thing and look. I'm sure that's going to be investigated into the end of time. Why they did it? What was the motivation behind it? Whether it was a capitalization question? Whether there were powers that be? We're not doing the right thing, but that has nothing to do with what we do here. What about the role of a market maker? Maybe you could touch on that for the retail. Community We hear that, Uh, essentially the goal you've got to handle on every conspiracy theory that they talk about on the internet. Go ahead. hey, it's okay. I will address everyone. Yeah, I mean the The argument from Robin Hood for example, is that hey, we want to give best price right? and that's the goal of a broker And they say we use market makers to do that. Are those market makers here And what do they do here? And and how do they help people get better pricing? How does that work? We are standing on the floor of the stock exchange. We have market makers Citadel GTS and virtue. This is Citadel This is Citadel That's virtue and that's GTS they are I I've worked with them for many, many years. Back when I started here there were 70 market makers. Okay and over the years they were family-owned businesses as over the years they merged and then they were taken over by Banks and they were taken over by by these three guys. Because you need huge capitalization in a market that now has 3000 and Plus stocks to list and you've got markets that are going up and down thousands of points on any given day. Well, when they buy and sell to create a smooth and active Market These guys are the ones flying the plane during a storm, they need to put Capital up on both sides to support those positions to keep a smooth and active. Market There are market makers here. They're at their post everywhere. you go over there and you talk to them, the gentleman who trades Exxon and Disney and Chevron is sitting behind the post there. Okay, and they're there getting all the uh. retail order flow, foreign institutional from all over the world. They're matching up buyers and sellers where there is a dislocation. In the old days, you'd have two buyers and one seller. The market maker would step in to put a piece of stock on the tape so they might be that second seller. Correct So, but but it's all being done with the motivation to create a smooth and active. Market However, what they need to do is if there is a bit of a crisis going on or a crash and there's nothing but sellers, they're there to buy it okay within certain parameters. If there's nothing but buyers and there's no one to sell it, they will sell it. Those are the days that where It's a little more of a challenging job, but they're here every day. They're at the point of execution when: I get in order to buy a hundred thousand shares of Chevron Okay for a customer I Go in I Talk to my man Mo Over there he puts together the buyers and sellers. I'll say what's going on here. He'll say look, the Stock's been on a bit of a tear lately. We've got three sellers up at the figure, they're two buyers down below. what do you want to do Peter and even within an electronic Market the communication and the information between me and him not inside. information information. Where are the buyers? Where are the sellers? What are their limits? That information will give my customer the best execution. so their job is absolutely incredibly necessary. There's a look. People have thoughts that oh, the market maker can see my order flow and he runs ahead of it. That's it. wrong. Or they see my stop orders. They take the stock down, they take me out and then run it up. That's wrong. So I like to say this that when somebody is trading the market unsuccessfully, they like to blame me. They like to blame the market maker. They like to blame the institution I will be I Will I am here to tell you I Trade every day virtually 340 How many days are there in a year 365 days a year. That does Not happen. Our relationship with the market makers is better than it's ever been. Their job is more relevant than ever and it's very transparent. We know what each other do. We talk to each other all the time. If I get an order I Go talk to them. They tell me where the buyers are seller so that everybody retail and institutional trading this Market is absolutely never disadvantaged. Now is there competition between them? You mentioned there's a Disney Trader Here are there other Disney Traders Are they able to? How does that work? Okay, so each firm we have three market makers on the floor Now as I said back in the day, it was a lot more. It's just a matter of the nature of the business that that's changed. Those who trade Disney The market maker for Disney There's no one else who's a market maker for. Disney I Mean there are other trading platforms around that make markets, but they're not the market makers, right? In the deregulated World Anybody with a buyer and a seller can trade Disney right? And that's why I Say you should bring your order flow to the Nic because you'll You don't know what they're doing, You know it's trading within the cloud and there's no transparency there. The man who trades Disney he's the only Market maker for Disney The man who trades Chevron is the only Market maker there. So the reason they get their different stocks? Just an allocation process. A stock will come down to the floor and say like you did, they'll come down to the floor and they will vet those Traders what sector they're better at Where they step in and commit capital and which one. It's a relationship thing and they'll decide to list with Citadel and or GTS right? So there's no competition except for who gets the listing and that's a function of a number of of different things. God And and if there's no competition, does that affect the pricing? or how does that work? Absolutely not. A stock is open and closed deployed depending on supply and demand. The stock trades during the day on nothing more than supply and demand and all the forces around the world that be if there's a war. As I said defense, stocks go up. If there's a stock that's sort of within the meme world, right? and everyone's running into it, well, they will go up and or down deposit totally, depending on supply and demand. We always joke when people ask, so why does that stock go up We'll say they're more buyers than sellers so at the end of the day, that's as simple as we can make it. There's nothing, no kind of manipulation going on if they're more buyers and sellers, and there's a lack of liquidity on the way up because the stock is in favor, they have a good product, they're in the news, they're sort of working with what's going on in the crisis. look I I Will bring up an important point though. So we're just coming out of Covet. Right on. On February 12, 2020, the market was trading at record highs all over the world. The NASDAQ the Russell uh, everything right. The consumer was in great condition, the bank's balance sheets were doing great, and then Kovitz started to become reality and the market sold off over the next six weeks. What we would call the crash of Covid, right? And then obviously the market went up 20, 20. shaped recovery? Absolutely? Absolutely. It was absolutely spectacular. I Have to admit to getting back to even okay, but what ends up happening is there are stocks that look an an economic cycle is different. We've never had a playbook for coming out of a pen, experiencing a pandemic and coming out of a pandemic. So there were stocks that were in favor before. and if you noticed things like docu and a lot of them, we trade here and some of them we don't. Some of them are traded away, but there were stocks like that were in favor. Uh, prior to a pandemic like Airlines no one was getting on a plane so the airline suffered. Then there were stocks like DocuSign and Peloton and sucks. That made our lives easier. during Covid that were the ones that rallied. So look, people need to understand they need to do their homework right. And they also need to know that having a human being at the point of sale of a stock and a market Maker two human beings talking to each other with the right motivation is where they want to bring their order flow. So it going to that hundred thousand example. Let's say JP Morgan I called up JPMorgan said I'd like to buy I don't know if I had the money 200 000 shares of uh Disney Let's say that order then maybe came to one of you and somebody walks up to the market maker. hey we've got a large order is at that moment that considered like a dark pool or like is that like because it's not on Exchange yet right? So what? what Is it dark? But what do you think of when you hear that? I'm trying to pinpoint that you have to. Okay so Dart look there. there is the human element in the marketplace. You talked about it. You go to your portfolio, you go to your broker I have 200 000 shows to buy. He goes to his portfolio manager the order Finds Its Way down to the firm that you're doing business with. that broker will take it to the market maker and then it's in the marketplace. A dark pool is something that goes happens off off uh floor. It has nothing to do. what's going on here that's within the investment community of people doing trading intraday upstairs which is it's a whole different thing I Know the name they put for it is the fact is that there's the actual size of the order may not be open to the public right if I have a million shares to buy for a customer I may not want the world to know about that right? So I may sort of keep it within within the investment community privately for a while. Everyone doesn't need to know my business. We don't let you. You don't tell me your private life. So and somebody who's trying to buy a stock and do best for their customer doesn't flash it out. You don't go into go to Vegas and play cards and you get two Aces and you stick them on your head so everyone in the crowd knows you've got two of a kind, right? Same thing with the market, you're trying to do best. It's your fiduciary responsibility to do that. So, an order coming from a customer to the floor to the market maker engaging in the market buying and selling, That's the ultimate goal. That's the goal. But Ultimately, there could also be trading going on outside. in the old days, we did 85 90 of the volume here on the floor with technology. There are other platforms that people trade, but as I said to you, if and I analyze this on a daily basis, people who did not trade down here and with a human being are disadvantaged eventually. Interesting So you the best pricing would be through the exchanges 100. It's like if you go and buy anything and you're buying it online right is is different on Best Buy you don't know it to shop around. You want to go to the store and to the brick and mortar and talk to the person and and tell them what you want to do and they give you the best price. The same thing, if I'm trying to buy a hundred thousand shares of of Disney or whatnot I want to be at the point of sale where all the other buyers and sellers are to do best for my customer. So I would not want to trade in the dark I'd want to trade in the light and the lights here. That's awesome. So how Wild is it when you do let's say when a CPI data release comes out or Jerome Powell has this press conference at you know 2 p.m he comes out to the podium or 230 comes out and starts talking what's it like on the floor, the energy that you have here when everybody's watching Jerome So to me it's like the Super Bowl. First of all, coming here every day is like the Super Bowl but obviously those are the some of the greatest days of all, right. And I know people go. How can you say that the news comes out and it goes down a thousand or up a thousand. I'm not an investor I'm I'm a Trader All right. So I'm here to add lies. The volatility. Look at. Look at that sort of chaos. I Thrive on chaos. And if you're a Trader you want volatility, you want markets to go up and down. That's how you make your money. okay. and so those days are amazing to try and figure it out. and look. everyone is here. Their TV sets everywhere. We're all riveted watching the TV the market is going up and down. I'll bring up one point. last week we did have the CPI come out. It was trading down 40 handles pre-market The news came out. the market rallied a thousand points. So those are times that I must beg to your audience that those are the days to do your homework. Trading proactively and not reactively in a market like this is dangerous, right? But once again, what we get down here is information, right? Not inside information. information where the buyers and sellers are. And that's sort of the most important thing. So it's wild when that happens. The the volatility is wild. People are running around trying to get the best prices for their customer and also trying to analyze what's going on. I Mean if you look up there at the chart, you'll see markets are doing that. They're very, very, uh, skittish in a lot of ways. Over the look. 2022 has been a year and I've been here since 1822. okay, 2020 you? There's not been less than a 0.5 percent move in the S P 500 and the market any day. Except maybe one day a few weeks ago, right? And we've seen it as much as a seven percent reversal in a day. So you know it's really important that people do their homework. Study markets. Don't take your advice from somebody on the Internet who does not have your best interest involved. And when you do that and you learn the rules and you get the Playbook and if you ask for it, I'm happy to share it with you and I'm sure you are too, then you have a possibility of making this your life or making some disposable income or investing in your future. I'm a firm believer in investing in stocks and not stuff. That's one of the messages I do as an educator within within this new world that that's what people should do. We have a closet full of stuff and the minute you buy it, its value goes down. But if you come here, the one last thing I'll say is that when young people ask me, well, what should I invest in and do this I'll say to them, you know if your iPhone 13 is not broken, right you don't need an iPhone 14. Go buy yourself a couple shares of Apple If you don't need another pair of sneakers, go buy yourself a couple shares of Nike It trades over there and invest in your future. buy something that where the probability is it has value and will go up because at the end of the day, you got to look as a young person at the long game. Right right now, stocks are on sale right if my favorite leather jackets on sale at Macy's I don't go to run away from it I'll go. You know what? I really wanted that I couldn't afford a thousand. it's now 300. I'm going to go buy it because I know there's a long game and I'll be able to wear it for a long time. Same thing with the stock market. What would you say for somebody who looks at the exchange and says I want to work there one day? That's so exciting. How could someone invest in themselves to get to this level? How how competitive is it to get on this floor? So I Came here in 1985 and there were lots of jobs here. There's no training for this job back in the old days you we used to have sort of a cast system. There were squads, reporters, teletypus, clerks, backup clerks, market makers. Brokers There was a whole line of different jobs and you always had to start at the bottom didn't matter who, your dad was, didn't matter how much money you had I Started as a teletypus in 1985 and I was able to go up the rung because it's a matter of an MBA does not give you benefits in this job, but the job has obviously changed a lot. but you need to sort of learn with your feet in the fire all the way. Trust is a big factor. Thinking good on your feet, being good with people that were the qualities of what made a good floor broker and or floor employee. Unfortunately, now they're not as many jobs down here because we had 8 000 people in this room 600 Brokers Support staff, market makers, uh, clerks and all those kind of people. and unfortunately there's not that much Now it's a function of Technology Any job you go to, there used to be a thousand people, they're now 200. we used to have thousands of people in this room. If you all go and look at the movie, you'll see what it used to look like. Now we do have an incredibly strong staff. It's a matter of the survival of the fitness you need to find Value your your Traders need to find Value in using us. but you know what? I would suggest everyone go out there, get your series exams, learn technical analysis, and risk management. find out what it means to be a Trader You know if you want to be involved in the finance business, there are lots of jobs within the community that ends up coming down here. The JP Morgan's and the and the Wells Fargo's and the Morgan Stanleys that have boots on the floor have offices upstairs. I Mean if you go there and get a job there, go out of school. There's a lot of business, a lot of work, and a lot of jobs within Finance within investing right? Whether your job brings you into the floor, come and meet me and I'll make sure I take care of you I Love that I love that. Well now the next thing and last thing that I want to touch on is the world of ETFs They've uh, it seems like maybe they've reduced volatility. How have you seen that in the trading? World Obviously we're launching one focusing on pricing power, but these are probably buy and holds for people. How does that change volatility for y'all So everyone needs to understand. when you buy a stock, you're at the risk of it going up or down depending on profits, what products are in the pipeline and whatnot. right? If I like Nike because they're they've got a great endorsement with a great player and they've got four new sneakers coming out. and I buy that stock because I like Nike Well, that's one thing. If I like the sneaker sector, right? well then I want to buy a sneaker ETF that may include Under Armor uh uh, you know a d dots and Nike right? That means that if anything goes wrong in an individual stock within that sector, I'm not at risk I'm buying the group I like the group and I can make money. That's why they created ETFs to give you sort of a broader exposure within a sector. If I buy a stock, I'm investing in that stock. If things go well, it goes up. If things go bad, it goes down. So that's my risk. If I buy an ETF within a sector, the whole sneaker industry may go up. one stock One Bad Apple within the group may not take the old ETF down. So if I like that, I'm making a bigger bet and that's it's a great thing. And so the the world of ETFs is an extraordinary thing. It gives people who have confidence in the sector a better chance of making money. Um, how it affects volatility. It actually doesn't in a negative way. in my opinion. people buy the ETF because they like a sector. However, the market maker within the ETF will eventually, in order to add your supply that ETF to your customers, is going to have to come back down to our market and buy the individual stocks that are in the ETF to be able to make it a real Marketplace. For people who don't understand that, if I'm in an ETF and I'm buying yours or I'm buying a a real estate ETF or I'm buying a luxury uh, retailer. Okay, and I'm buying the whole group. Well, it's made up of 20 different stocks within that sector. The guy who's selling me that stock if it's not another person, the market maker well has to go out there and buy. Louis Vuitton Has to buy Tiffany has to buy all the components of that ETF and that order flow comes back to us. So if we we're not losing anything, in fact, I think we're gaining a lot of volatility. Very last thing. Most common misconceptions that people have like whether it's the media, what can people improve on? Uh, what are the misconceptions? The big ones? Ah, look, there are lots of things. The fact that the retail Community thinks that the market maker knows where their stop orders are. He's trading a billion dollars a day. He really does not not getting involved in whether you have a thousand shares stopped at thirty four dollars. So anybody believing that is wrong. Um, there are a number of people within the media who think that the this place does not need to be here and I go up against them on a daily basis. They've got some acts to grind. Trust me, this place is more relevant and important as I describe the air, the airplane uh uh uh scenario. Never before has it been more important to have a human being at the point of sale or in charge of your money trading your stocks than ever before because that volatility is made that more important. So the fact that some people in the world think that everything can go electronic I I'm not sure I'm not I don't know about you but I'm not sure I would get in the back of a self-driving car I wouldn't get on a plane where there wasn't a pilot and I wouldn't put my money in a place where there's no transparency. No human beings. someone I can call and go. what's going on? The stock just sold down 50 on the earnings. That doesn't make sense. If you come here, there's always someone to pick up that phone. There's always a support staff. There's always a broker, a market maker. There's always transparency, so those who don't think this is important are clearly mistaken. It's more important than ever. That's why we're still here, and that's why the Exchange has invested huge money right in this building in this industry. That's why you're listening here and not in one of our competitors. Because you want that thing. You want the transparency. You want a human being there to support it, support the brand Market it and put that and create liquidity right and lack volatility. That's sort of detrimental volatility. You want someone there to support it on both sides, and that's the greatest thing. The human knowledgement in all our lives, right? Think about social media. It's a wonderful thing, but it sort of detached us from on one human being to another. What goes on here every day from 9, 30 to 4 is one human being to another talking about what's going on, doing the best for their customer. So that's what we do best. Would that help crypto? If you brought Crypto here into the house, you know what? I Kind of think it surely would because a lot of the fears. Look what just happened recently. Um, you know where there's no transparency. You don't look if I make a trade and my money gets lost or hacked within that world and we don't want to really talk about it. There's nobody I can call. There's no Crypto customer service. There's nobody picking my up my Bitcoin call and so if they were, we do have a wonderful ETF here called Beto right? And it's done. It's tracks. Bitcoin So it's also going through whatever uh uh. Growing Pains that crypto's having on its own. But absolutely anything you bring here and I can give you a myriad of examples. Going back to the Facebook IPO in NASDAQ where there's a human being involved, there's a support staff, there's customer service. They're all these people and all these levels of transparency, communication, human interaction. that that's the world I Want to live in I Don't want to live in a in a world where I've got to sit on that phone call with Best Buy Customer service Nothing against Best Buy for nine hours to them hang up on me and never get my job done here, there will always be someone to talk to as an investor as a Trader as a Lister right? and you want to know and that's why you're here. You want to be able and you should use this as a branding mechanism. I'm here on the floor of the New York Stock Exchange So my customers get all those advantages of a human element Market The only one left in the world where you can always know what's going on at all times, who's buying, who's selling why and supporting it in the way they are. They solve problems like that, fail to deliver issue you hear about as well with like short selling making sure is that do things like that get resolved here in person. You know what all that kind of stuff does. Now if you're looking for a borrow to short stock that's being done by companies outside of this building, we have nothing to do that. We welcome that part of the trade. We welcome buyers Sellers shorters and whatnot. so none of that really happens. You will rarely see ever a complaint launched against here for anything. Right When stocks stop trading for a reason, it's done for a reason, they reopen in a responsible way. IPOs Look, this is one of our secret sauces, right? IPOs That trade that come to the New York Stock Exchange are are extraordinary I'm Afra This is something that's important to note though. why we are the best at listing IPOs and their IPOs listed on other exchanges. But what goes on here and coming to the look in: IPL initial public offering. the company may exist before it gets here, but that's bringing your stock to the public for the for the public to price what it's think the value is and that's kind of like building a building right and I'll sit here in the crowd for four or five hours on IPOs. It's one of my specialties and I will interact with the CEO and the board and explain to them why they're here and why we do this the best. It's like building a building. Okay, if you build the building well with a good foundation and you don't miss a brick and you use the best mortar then the way a stock opens here in an IPO is the way it's going to trade for the future. People go. Why does it take five hours to open up? and uh, because we're building a building. If it's done sloppily, eventually it's going to crumble. But if it's done well right once you then then there's then it will always have a foundation whether it goes up or down. We can't control that. That's supply and demand. That's the business model. But if you build the building well and you use the best bricks and mortar and you are and you really give it a great Foundation then the stock has as a future and that's why you're here. How can people reach out to you and follow you? You know what? I am the Einstein of Wall Street on Twitter I'm on Instagram I'm on social media I Do live free webinars teaching with my partner David Green at Wall Street Global Training Academy We have an academy teaching people about technical analysis. I have huge social media presence educating young people how to trade market successfully I'm easy to reach you DM me you'll hear from me, not a robot. Wow! thank you so much Absolute pleasure! Welcome to the Stock Exchange! Thank you so much! The NYSE The Best.!

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