Today's animal spirits is brought to you by Miao, go to Miao.co to learn how RIA's

high net worth individuals and businesses can earn up to 4% on their cash with one to three

business day withdrawals. Again, that's Miao.co. 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 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 RIT Holt's wealth management. This podcast

is for informational purposes only and should not be relied upon for investment decisions.

Clients of RIT Holt's wealth management may maintain positions in the securities discussed

in this podcast. We are so excited today to talk with Brandon Arvanagi from Miao.

Full disclosure, before we get started, we are investors in the company and one of the

reasons why we're so excited about what Miao is doing is because they sell a few big problems.

Number one is corporate treasures the right way to describe it for businesses that have

cash in their balance sheet and thanks to Ben's fiscal policy, I should say monetary policy,

is getting 0.1% nominal on their savings. What Miao does is they work with institutional lending

desecripto to generate yield to deliver it in a compliance way so that it's cash in, cash out,

it's fully self-service so you don't have to do back flips trying to figure out what the best

DeFi protocol for your needs are. Yeah, you don't have to actually go into the wallet and do it

yourself. It's very interesting and the other thing I was thinking about as we talked to Brandon is

he said, listen, all of our early adopters are tech companies. Some of them are larger, some are

smaller, but I think the sheer size of the tech industry now, what is it, 25% of the S&P?

It's probably really more like, I don't know, 30 or 40 if we're splitting hairs on what a tech

...