Hey, it's downtown Josh Brown. I'm here with Michael Batnick as always. We're here to play our favorite game. What are your thoughts?

I'm going to ask Michael about some stuff and he doesn't know what I'm coming at him with.

Michael's got questions for me. I have no idea what he's going to ask. We have a lot of fun

playing this game. We'd love for you to play in the comments below. Let's get into it.

All right, Michael, the first thing I wanted to ask you, I'm old enough to remember when private markets

were the smart money and public markets were, let's just say pedestrian.

Private markets look pretty dumb right now.

And the We Work thing is just one big glaring example.

But why does it seem like public market investors

all of a sudden are so much more competent and skeptical and

reasonable than quote-unquote the insiders the smart money whether it's

Silicon Valley or just any private equity

companies looking to get an exit.

Well, let me ask you a question.

Do you think that this We Work thing is a canary in the coal mine

or is this isolated to itself and if it isn't

isolated will it be isolated to just private markets or will it spill over to

the public market? Well what I what I've said is that I think Uber was the canary in the coal mine and we work is basically like a

fucking meteor that slammed into the NASDAQ and immediately in the public markets not only did recent IPOs start dropping but

almost the entire software as a service cloud computing space these stocks took 15 and 20% haircuts in the wake of it.

I think that Soft Bank was the main culprit here because if you are a VC and you have

money from investors you have to allocate money and Soft Bank came in and

...