Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion,

and invest for all the right reasons.

Michael Batnik and Ben Carlson work for Rit Holt's wealth management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of

Ritt Holt's wealth management. This podcast is for informational purposes only and

should not be relied upon for investment decisions. Clients of Ritthold's

wealth management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. So last week there was an article that just further goes to show that we are in the 20th inning of this bull market.

We work sold 702 million dollars worth of bonds at 7.875%, which seems a little bit low to me and they gave a new valuation metric

community-adjusted Eppita. I think you're missing the fact that employees can bring

their dogs to work at we work. That's true. We actually have a we work

building in the Rittholz family offices in Chicago and people have their dogs there

so that's all I got. anyway so so 20 billion dollar valuation

they sold 7.875% seven-year bonds and you told me that immediately the price dropped?

Yeah, I think it dropped to like 95 cents on the dollar in like the first week, which is usually not a good sign with the

So the yield shot up to what?

I left my CFA calculator at home.

My brain doesn't function that quickly, but it's, I'd say, to not a good level from the people who bought it.

All right.

So they said that while it's adjusted EBITDA was negative $193 million it's adjusted EBITDA

before growth was $49.4 million and its community adjusted EBITDA, which excludes general and administrative

...