Tom Lee Says It's Still Early

The Compound and Friends

Josh Brown

News, Business, Business News, Investing

4.8 • 1.9K Ratings

🗓️ 22 August 2025

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 205 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Tom Lee to discuss: V-shaped recoveries, the AI driven economy, a stock-picker's market, Jackson Hole, the case for Ethereum, Tom's Granny Shots, and much more! This episode is sponsored by Neuberger Berman and Apex Fintech Solutions. Learn more about NBSD, including important information about fees, risks and performance at https://www.nb.com/en/us/products/etfs/short-duration-income-etf?cid=da_tpy_MYMM3_MYMM_ShortDur. NBSD from Neuberger Berman—efficient income, managed risk. Find out more about Wavvest’s planning engine powered by advanced AI and built on Apex’s AscendOS at https://www.wavvest.com/ Please visit https://fundstrat.com/tom for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists. Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	How was Jackson Holt? It was good. I wasn't there for the Fed part. I was there for the ALS part. The more traditional crypto part of Jackson Hall. Yeah, the salt thing, yeah. Oh, so they're doing salt, a salt Jackson Hole now? It was salt Wyoming, yeah. It was Cracken and Skybridge, both sponsoring. How was it? It was good. They had a lot of policymakers there and, you know, so it was a good mix of, like, people building things and then policymakers. Very cool. I heard you on with the bankless guys. It was good. Yeah. I like those guys. It was good. They're not as good as you guys. Yeah. Of course. So we'll talk about, obviously, bit minor later, but is it bit minor, bit minor?
0:21.2	Bit. guys. It was good. They're not as good as you guys, of course. So we'll talk about obviously bitminer later, but is a bit miner or bit miner?
0:41.3	Bitmine.
0:42.3	Bitmine immersion, yeah.
0:43.3	Where did that company come from?
0:45.3	Did you start or?
0:46.3	No, it was an existing Bitcoin mining company, but it was very small company and mining's not a great business. And so they
0:56.6	were open to kind of rethinking of their strategy. So the company was open to kind of pivoting to
1:03.7	one focused on Ethereum. So they went, they went from a miner to a treasury.
1:11.1	Yeah. So they have this. The to a treasury? Yeah.
1:11.6	So they have this.
1:13.5	The originally was their thing was immersion mining, so they have liquid-cooled miners.
1:18.8	But mining is a very competitive business because you don't necessarily win a block reward.
1:24.8	And you have all this cap-backs.
1:26.4	Whereas now they're essentially, their treasury strategy is holding Ethereum is really asset light for them, or cap-x light, right? There's almost no capital spending. So it's a good pivot for them. I was saying this last week, Tom, are you getting bored of the market? I feel like we just say the same shit every week. Like, nothing's happening.
1:44.5	It's all just like, is AI going to blow up or is it going to continue? Like, I'm bored. I mean, I think there's a lot of clues coming that there are some really big things happening. Like, I think one of the most... Clues coming for what? I think that one of the most interesting things is that the U.S. financial system is about to get really re-architected
1:42.6	in a way that's like oil interesting things is that the U.S. financial system is about to get really re-architected
2:01.8	in a way that's like oil, like imagine oil had also these EMPs and stuff. But the one difference
2:09.5	is that the financial system could become like as big as the tech sector in terms of market
2:13.8	cap. Really? Like J.B. Morgan's PE could become a growth stock.
2:17.9	If,
2:18.2	if what?
	...

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