Today's animal spirits is brought to you by Y-charts Netflix is in a 50% drawdown its deepest since

I shorted the stock not to brag. I bought points. That was my best trade ever actually. I like 20x to my

money. I bought weekly put options on Netflix. Remember when they split off, when they were about to split

their DVD business from the streaming and everybody went nuts? Yeah, and I was ready to stick with

the DVD business because I was still using those a bad time. So I bought points. The stock went down

30% on the next morning and I made a killing and I thought I was going to retire in three years.

I just extrapolated out. So anyway, Netflix is getting creamed. I'm sorry. That's a huge number to

me. Netflix being down 50% when so many people have gone in streaming now. That's a big no. Well,

that's the point. So Netflix market cap had three hundred billion dollars. Now it's down to 150.

Back where it was in the beginning of 2018 and there was an article in Bloomberg showing what's

popular in Netflix. And here's why. You know, it's funny. We spoke for years about competition,

about streaming war competition between Amazon and Apple. This is like even before Peacock and Hulu.

Do you remember like an AT&T? It never materialized. It never mattered. And now it's here. I feel like

we don't talk about it for whatever reason. But this is what's going on. It's just competition. So

it showed that TV is more popular than movies on Netflix, which makes sense because TVs are longer

than movies. But this is the thing. The average Netflix hit disappears after two weeks or less.

So the amount of money that they have to spend competing for viewers eyeballs is beyond astronomical.

And the cows come home to roost. No, the chickens came home to roost. I'm not a farmer. The chickens,

right? 150 billion still seems like a lot. Are there 300 billion or 150? I don't know, but either one

seems like a lot. That's a good point. It's hard to say. But if you're clients on Netflix,

they're probably experiencing some volatility. We have people reach out all the time. Probably.

Well, thanks a little bit. Yes, certainly. We have a lot of advisors reach out and they say more people

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