Today's animal spirit talk your book is bought to you by direction. Go to direction.com to check out the M-R-N-A-E-T-F

ticker MS-GR. How do you spell direction? D-I-R-E-X-I-O-N.

You know, I used to say direction which is so clearly not right. That's not bad.

Actually, I think Dave mentioned F-A-S maybe before we started, which was, I think that's the

finish of Bull 1. I started with F-A-Z in 2009 right at the bottom. I didn't even get

to understand. Why banks going up? Oh, that's right, because I went down 97%. You were shorting

to the ground. Direction is a special place in your heart. So good direction.com with the next.

Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and

Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson work for Rithold 12 Management. All opinions expressed by Michael

and Ben or any podcast guests are solely their own opinions and do not reflect the opinion

of Rithold 12 Management. This podcast is for informational purposes only and should not be

relied upon for investment decisions. Clients of Rithold 12 Management may maintain positions

in the securities discussed in this podcast. Welcome to Animal Spirits with Michael and Ben.

Michael, I pulled out my Gregory Zuckerman book for this, a shot to save the world that I've

been reading about the vaccine. In March 2018, scientific publication stat wrote that Moderna had

baffled its peers by placing a value of $7.5 billion on itself during its most recent fundraising

effort. Article suggested that they were relying on naive or inexperienced backers who didn't

know enough to question the company's rosy promises. Who are the backers, do you remember?

That's a good question. I don't know. It's in here somewhere. This is from Twitter. They must be

targeting the Theranos investors with slides like this one. Someone else tweeted a mocking tweet

truly visionary with a dollar sign for the S. They also said at a biotech event in New York,

...