BREAKDOWN: A Dozen+ Statistics Proving Millennials Are F%#$&D... The Breakdown Weekly Recap
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 June 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
An economic comparison of where boomers were at the same age as millennials leads to only one conclusion: Millennials are screwed.
This episode is sponsored by Bitstamp and Ciphertrace.
The big narrative in financial media for the last few weeks has been the insurgent Robinhood rally, led by the AC/DC-blaring Pied Piper Dave Portnoy, owner of Davey Day Trader Global Global (DDTG Global).
As people try to make sense of the strange retail trading phenomenon, one perspective is the participants (average age of 31 on Robinhood) are reacting to a market that has left them behind. In this view, they are assaulting the market with otherwise outrageous and ludicrous strategies because, otherwise, how will they get their piece?
This week’s Breakdown Weekly Recap looks at this in the context of some surprising (and frankly depressing) stats about the millennial generation’s current wealth, as compared to where boomers were at the same time in their careers.
This week on The Breakdown:
Monday | Sorry, Bloomberg: Here Are 6 Reasons Why 2020 Is a Great Year for Bitcoin
- A Bloomberg senior editor today argued there were six reasons why 2020 was bad for bitcoin. Here’s the opposite case.
Tuesday | From Moral Hazard to Business as Usual, Feat. Jesse Felder
- A leading independent financial analysis shares thoughts on the “Robinhood rally,” Fed policy and why Modern Monetary Theory (MMT) is already here.
Wednesday | What Satoshi Understood: Nobody Knows You’re a Dog on Social Media, Feat. The Crypto Dog
- A conversation about pseudo-anonymity, global digital nomadism and the trader’s mindset.
Thursday | 6 Things Jobless Claims Tell Us About the State of the Real Economy
- Persistent unemployment and fears of further layoffs are the real economic counterpoint to the financial market’s unbridled enthusiasm.
Friday | Why Monetary Debasement Is Here to Stay, Feat. Dr. Vikram Mansharamani
- From technology to aging demographics, some of the most important trends shaping the economy have been deflationary. What happens when that rapidly changes?
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Transcript
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| 0:00.0 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:13.0 | This episode is sponsored by BitStamp and Cipher Trace. The breakdown is produced and distributed by CoinDesk. |
| 0:22.7 | And now, here's your host, NLW. |
| 0:28.0 | Welcome back to The Breakdown. |
| 0:30.1 | It is Saturday, June 20th, and this is the weekly recap. |
| 0:33.7 | Pandemic boredom in March, Matt, markets crashing have given rise to a brand new batch of active traders, perhaps as many as 10 million. |
| 0:42.2 | And finding himself with a lot of money and a lot of time, Barstool Sports founder Dave Portnoy took to the Robin Hood app and started a revolution. |
| 0:49.4 | And now he's making his mark and pissing off Wall Street in the process, beating them with an army of |
| 0:54.6 | millennial traders backing him up. Dave Portnoy joins us now. Dave, thanks for joining us. |
| 0:58.3 | Thanks for having me. So let's talk initially. I know you got in this. It was a lot of fanfare. |
| 1:04.8 | You admit that there were some growing pangs. Explain, you know, just sort of the process. |
| 1:10.2 | You know, you started doing some trades. |
| 1:12.6 | What did you learn and the adjustments you quickly made? |
| 1:16.4 | So, yeah, when I got involved, I learned what shorting the market was. So I bet against Boeing a little bit. |
| 1:23.4 | I bet against Lulu Lemon, and I got my butt kicked. And then I realized that stock market has no effect on the real world and vice versa. |
| 1:33.5 | That it's its own universe, that the wise guys on Wall Street, the pinstripe suits, |
| 1:38.2 | has the thing all rigged for their benefit. |
| 1:40.6 | And once my brain adapted and was able to figure it out, quickly I realized stocks only go up. |
| 1:46.0 | So we just keep betting on stocks to go up and they keep going up. So since then, it's been a |
| 1:51.8 | pretty easy game. Of course, you just heard Dave Portnoy El Presente himself on Fox business |
| 1:58.1 | from this week talking about how easy this game was once he figured out the rule |
| 2:03.2 | that it was rigged and the stock market always goes up. And this is, I think, a useful setup for |
... |
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