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What the Art Market Can Teach Us about TCGs - One Piece, Pokemon — Transcript

by One Piece of Insight · 5,044 words · 712 segments · language en · Watch on YouTube

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0:00Hello and welcome to OnePiece of
0:01Insight. In today's video, I'm going to
0:03be comparing TCGs to the fine art
0:06market, which is the market that I think
0:07is most similar to TCGs. We're going to
0:10talk about why I think TCGs are similar
0:12to fine art, what their markets have in
0:14common, what's different, and we're
0:15going to talk about what we can learn
0:17from the art market to tell us about the
0:18future of TCGs. Also, stay tuned to the
0:21end of the video. I want to talk about
0:22something that's been on my mind a
0:23little bit, and that's sort of the state
0:25of the market and how hyped it is and
0:27how I think we are rising to a level of
0:28risk of people getting burned. So, with
0:30that, as always, this is intended to be
0:32interesting and informative, but not
0:34financial advice. Let's jump right in.
0:35So, for the last few videos, we've been
0:37comparing TCGs as a class to other
0:39collectibles and then comparing TCGs
0:41against each other. So, I wanted to take
0:43a step back and say of all the
0:44collectibles that we've looked at, which
0:47collectible do I think that TCGs are
0:49most like, and what can we learn from
0:52the trajectory of that collectible class
0:55and how it might apply to TCGs in the
0:56future? And so, for me, like, the
0:59obvious answer is fine art. I think
1:01we've moved in a direction where fine
1:03art is now only accessible to like the
1:04wealthiest people in the world, and so
1:07trading cards have stepped in as like a
1:09democratization
1:10of art that anybody can enjoy regardless
1:13of what their budget is at different
1:15levels, right? You know, as I've said
1:17before, part of the reason I got into
1:18the OnePiece TCG is because to me the
1:20quality of the cards were like the
1:22evolution of like Japan's extraordinary
1:25history of printmaking, right? So, like,
1:27you know, the print on the right, like,
1:30the Luffy from the first anniversary set
1:32is deliberately evocative of that style,
1:34right? Which was created in Japan and is
1:37extremely authentic and was incredibly
1:39like world-leading at its time in their
1:40capabilities, right? And they're still
1:42doing that, which I think is amazing.
1:44Obviously, like, Pokémon has done a ton
1:46of promotions with art museums,
1:48different artists. And so, like, I think
1:50we see this acknowledgement, and I think
1:51we also see that commercially speaking,
1:53the cards that that referential to other
1:56pieces of fine art or other artistic
1:58styles tend to do really really well
2:00with the population, right? Showing that
2:02in some sense it is like a substitute
2:04for fine art. So, let's jump into why I
2:06think this is.
2:07So, here's my thesis. People love to
2:09surround themselves with beauty. They
2:11love to surround themselves with things
2:12that make them feel something and things
2:14that say something about who they are.
2:17I think fine art used to fill this role
2:20uh to a certain extent, right? You know,
2:22you walk into somebody's house, you see
2:23a beautiful piece of art on the wall,
2:26you know, if you know who the artist is,
2:27it may say something about their taste
2:29and their wealth and all these sorts of
2:30things. But, I think it's become
2:32inaccessible and I also think it's
2:33become devoid of meaning for most
2:35people, right? Um there's an amazing
2:37documentary on HBO called The Price of
2:39Everything. Um the
2:42you know, full sentence being
2:43essentially that people know the price
2:45of everything but the value of nothing.
2:47And I think that's worth considering in
2:48the context of how it applies to TCGs,
2:50right? It's an amazing documentary. If
2:51you get a chance, I highly encourage you
2:53to check it out.
2:54But, like I want to tell you a quick
2:55story from my own life of how I learned
2:58this lesson. So, before COVID, my wife
3:00and I, who are big fans of fine art,
3:02obviously you've seen this painting
3:03behind me
3:04uh in all of my videos, we decided that
3:06we wanted to start a business where we
3:08found sort of like under-appreciated art
3:11that was really really cheap that we
3:12could sell to regular people who were
3:14priced out of this like really fancy
3:16high-end fine art stuff, right? And
3:17oftentimes they were like artists who
3:20were there at the same time who like
3:22helped to create the styles that are
3:23famous, but for whatever reason in
3:26history, uh you know,
3:28did not get the acclaim that the others
3:30did, right? And what we found was is
3:32that we would like show people this art
3:34and they would be like, "Yeah, that's
3:35cool."
3:37But, like it didn't mean anything to
3:38them, right? They we did not get the
3:40reaction to the art that people get when
3:43they look at like a Gear 5 Luffy manga,
3:45right? Where they're like, "Wow, like
3:47that blows me away." And it's meaningful
3:49to me because Luffy is meaningful to me
3:51and the IP is meaningful to me, and the
3:53game is meaningful to me, right? You
3:55know, what's the difference between like
3:57a hand-drawn piece or a hand-painted
4:01piece compared to like a manufactured
4:02piece? You know, to the average person,
4:04if you're just looking at aesthetics,
4:06maybe it's nothing, right? So, I think
4:07this is both a story about how like fine
4:09art is no longer really appreciated by
4:11the average person. Like, it's become
4:13sort of so a feat that people don't
4:15really care about it anymore, but also
4:17that like we've found other ways to
4:18scratch that itch for fine art, and TCGs
4:21are one of them. Now, they're not the
4:23only one, right? So, I think part of
4:24what we do as humans is that we want our
4:26collections to express our taste and our
4:28identity, right? That could be with
4:30sports teams, that could be with apparel
4:31that we wear. Obviously, it could be
4:33trading cards, right? You know, it could
4:35be with the vehicles that we drive.
4:36There's lots of different ways to do
4:37this. But, I think that like trading
4:39cards and the IP behind trading cards
4:41have made this really, really easy for
4:44people to express what their tastes are,
4:46what their identity is, and
4:48automatically belong to a community. And
4:49the same way that like if you wear a
4:51sports jersey, anybody else who's a fan
4:53of that team is going to know that
4:55you're part of the club, right? Like,
4:57you know, if you have a bag and you have
4:59your Pokémon cards showing, anybody
5:01who's a fan of Pokémon is going to know
5:02that you're part of the club and want to
5:04talk to you, right? I think the other
5:05thing that's happening here, too, is
5:06that like, you know, sure, like most
5:08people have heard of like Picasso or Van
5:10Gogh or Monet. Like, maybe you have
5:12opinions about those, but like do most
5:14people have opinions about like artists
5:15that were born in like the last 50
5:17years? No. Like, in a lot of cases, like
5:20our favorite artists now are the people
5:22who design the art on the cards, right?
5:25Obviously, of course, number one, you
5:27know, Oda. Like, you know, people who
5:28were drawn to the manga, like we're
5:31drawn to his art, not just him as a
5:32storyteller, but also him as an artist,
5:34right? Of course, this is true for lots
5:36of other mangas as well. But, also like
5:38these card games have cultivated like
5:40some of the best modern artists and
5:42pulled them away from whatever else they
5:45might have been doing and brought them
5:47into these, right? So, you know, uh
5:49Agawa and Momoko, right? Are like
5:51standout artists in Pokémon and One
5:54Piece. You know, Shinji Kanda stands out
5:56to me because like Shinji Kanda actually
5:58had
5:59fine art, but like his dream was to make
6:01Pokémon cards, right? And I think we're
6:03seeing this like evolution of people who
6:05want to make art wanting to be part of
6:07this like revolution of like
6:10democratizing art away from fine art
6:14towards things that like anybody can own
6:16that are still beautiful, right? You
6:18know, Sunahara, Komiya have distinctive
6:20artistic styles that people really love.
6:22So, you know,
6:23I think there are a lot of people for
6:25whom if you ask them what their favorite
6:26artist is, they would give you someone
6:27who makes a trading card. And I think
6:29that really matters. Okay, so what do
6:31TCGs bring to the table? I think the
6:34TCGs bring quality art. I think they
6:36bring exclusivity and accessibility at
6:38any price, right? so price
6:40differentiation if you've watched
6:41previous videos. You know, they bring
6:43connection to society and culture. I
6:45think this is really, really right. I
6:47can go to a different country and I can
6:49wear, you know, a One Piece hat or a
6:52Pokémon shirt or whatever and I will
6:55find camaraderie anywhere in the world
6:57and that's such an unbelievable thing.
7:00Uh and I think that's part of what
7:00appeals to people about this, right?
7:03You know,
7:04it brings community. Like when we go to
7:06play at locals, like that brings
7:07community. Like I go to help my friend
7:09vend not because I really want to sell
7:11anything, but just because it's a great
7:13opportunity to meet with people who
7:14share my passion, right? Like those are
7:16all amazing things that TCGs bring.
7:18And then also it says something about
7:20you, right? It says what you're
7:21interested in, but also like, you know,
7:22One Piece is a story about fighting back
7:25against oppression and finding freedom.
7:26Like I love that about it. To me, that
7:29says something about me that I think is
7:30important and I know others feel that
7:32way as well. Okay, so this is kind of
7:33critical. So, let's talk about their
7:35markets because their markets actually
7:37have a lot in common. So, the first
7:39thing is and you know, the reason why
7:40the art market became successful was
7:43because it became globalized, right? And
7:45that's the same thing that we're seeing
7:46with trading cards. You know, the big
7:48trading card boom, you know, you had
7:49Magic starting in the United States, you
7:51had Pokémon starting in Japan, you know,
7:53it was already inherently global, but I
7:54think that it has become even more
7:56global over time. It is financialized,
7:58right? You know, I'm highlighting the
8:00PSA vault here because the existence of
8:03the PSA vault is actually like a direct
8:05copy of what already exists in the fine
8:07art markets. If you buy a piece of fine
8:10art at auction, let's say you spend
8:11$100,000.
8:13Your choice is you can have it delivered
8:15to you, but then you have to pay taxes
8:17on it. So, they have created essentially
8:19these vaults where you can send your art
8:21to that isn't technically you taking
8:23delivery of it, so you don't have to pay
8:24taxes on it, right? And that's exactly
8:26what the PSA vault is. And so, when you
8:28want to sell your art, you just tell the
8:30warehouse that you want it to be sold
8:32through this auction house, and you
8:34never have to deal with it yourself,
8:35right? Like we have in some cases like
8:39taking the collecting out of the
8:40collectible, right? And just made it a
8:42financial instrument. And while that is
8:45certainly not for me, like I have to
8:47acknowledge that that is the exact same
8:49thing that's happening in both markets
8:50and there's a clear parallel there.
8:52You know, we have critics, right?
8:53Obviously, art critics are famous, but
8:56also like anybody on YouTube talking
8:58about One Piece cards is a One Piece
9:00card critic, right?
9:02People get on here and say, "Here's my
9:04take on OP17." in the same way that
9:06somebody would write an article in the
9:07past in a newspaper and say, "Here's my
9:10take on this artist show." I think that
9:12people should have their own taste, but
9:14no doubt, you know, Logan Paul's taste
9:17in cards or other major influencers
9:19taste in cards are going to influence
9:21what people think about how desirable a
9:23card is. And the same thing is true in
9:25the art market. And then finally,
9:27there's price as status. Obviously, like
9:29the fact that art has become expensive
9:31has made art more desirable, right? It's
9:33a Veblen good in the same way that
9:35trading cards are a Veblen good. You
9:37know, by the nature of you having it,
9:39like that conveys a certain amount of
9:40status. So, how do they differ from fine
9:43art? And I think this is really
9:44important, too. So, the first is that
9:45they're more accessible. Like fine art,
9:47it is very hard to find anything fine
9:49art related for less than four figures.
9:51You can get a beautiful trading card for
9:53two bucks, whether it's Pokémon, One
9:55Piece, whatever, right? It's more
9:57collective. I think people used to think
10:00in the art market that it was an
10:01advantage that there was only one of a
10:03specific painting, that only one person
10:05could have it. But then, Jeff Koons, the
10:07person who created this balloon dog,
10:09realized that like if you made multiple
10:12of the same piece that were maybe a
10:13little bit different, but came from the
10:14same series,
10:16then like
10:17if your friend got one, well then you
10:19would FOMO into thinking that you needed
10:21one, too, right? And so, that sort of
10:23made the piece more desirable because
10:24more people could have it,
10:27and therefore it became more iconic,
10:29right? You know, if you went to your
10:30friend's house and you saw a
10:31one-of-a-kind painting, you might be
10:32like, "Oh, well that painting's really
10:33cool, but they already have it and they
10:34don't want to sell it, so like I'll just
10:36let it go." But if there's 10 of
10:38something, like now you can buy one. And
10:40I think trading cards have done this
10:41really, really well, right? They've
10:43identified things that do have a certain
10:45amount of scarcity, but they're not so
10:47scarce that we think it's ridiculous to
10:49desire them. Like we dream that we're
10:52going to get them. We may save money
10:53because we know we can go to a card show
10:55and find them. Or even worse, you go to
10:57a card show and you see that everyone
10:59has it and that makes you feel like you
11:00should have it because you're the only
11:01one who doesn't. And so, it's an
11:03interesting way in which a lack of
11:05rarity actually makes things more
11:06desirable sometimes.
11:09Uh you know, they're easier to price.
11:10You know, I've said this before, but I
11:12think like the big thing that PSA really
11:14has brought to the table is that it has
11:15commoditized trading cards in a way that
11:18no matter where you are in the world,
11:20you know, it is an agreed-upon standard
11:22and there is an agreed-upon price that
11:24is easy to identify,
11:26uh and so things are able to move much
11:28more quickly and they're much more
11:29liquid than art would typically be. Part
11:31of the reason, too, is that uh you know,
11:33there are a lot more sales, right?
11:35They're easier to store, they're easier
11:37to transport, so they're much easier to
11:38move, which means that they sell more
11:40often. There's also a higher population
11:42as well, so it's really easy to get a
11:43sense of what something's worth, and
11:45that makes it stable. That makes it
11:46liquid. Uh and then finally, like in
11:49general, even the most expensive cards
11:51are less expensive than the most
11:52expensive pieces of art. Okay, so in
11:54order to understand this, I need to give
11:55you a quick history of the art market.
11:57Now, I know most of you are not here for
11:58art history, so I'm going to keep this
12:00to like 2 minutes or less. But before
12:02the 1960s, art was basically like
12:04something that you bought for yourself.
12:06Like they painted your family, or maybe
12:08you were like a champion of a specific
12:09artist to keep it in your house. Like
12:11not to say that art didn't have value,
12:13but you didn't like buy art because you
12:15thought it was going to be expensive for
12:16the most part. And then in the 1960s,
12:18Andy Warhol figured out how he could
12:19like commercialize his fame to sell art
12:22in a much more commercial way than had
12:24ever been done before, right? And that
12:26sort of kicked off the idea of like a
12:28commercial primary market for art uh in
12:31a way that the world hadn't really seen
12:32before. And then in the 1970s, we saw
12:34like the foundation of secondary
12:36markets, right? So you had art that
12:38could now be resold at auction selling
12:40for more money than people were buying
12:42it for at primary markets. That sent a
12:44signal to the art community that, "Hey,
12:45this stuff is actually worth more than
12:47the artists were charging." Then because
12:48of that in the 1980s, we saw a big boom
12:51uh particularly in like, you know, North
12:53America and Europe over art. And then
12:56the hype got so big that eventually it
12:58crashed back down, right? So basically,
13:01people had only recently realized in the
13:02last like 20 years that this stuff could
13:04be really expensive, so they were trying
13:06to figure out, "Well, how expensive
13:07should it be?" And then it got too
13:08expensive, so it fell back down. And
13:11then in the '90s, we saw like increased
13:12globalization of art, right? So it
13:14wasn't just the United States and
13:15Europe, but you know, you had buyers
13:17from Asia who were getting involved in
13:19the art market, and that brought new
13:20demand, which then pulled the prices
13:22back up and brought them above where
13:24they had been in the '80s post-crash.
13:27Then in the early 2000s, you had the
13:28financial crisis of 2008, which caused
13:31the art market to crash again. And then
13:32you had, you know, the internet, which
13:34enabled more sales over the internet and
13:36just sort of increased global demands
13:38from markets that hadn't really been big
13:39buyers before, right? Like China is now
13:41a massive player in fine art in a way
13:43that they hadn't been previously. So
13:44now, you know, the art market is still
13:47doing relatively well uh despite having
13:49had these crashes in the past. Okay, so
13:51now let's talk about TCG. So, you know,
13:52from 1930 to 1990, you basically had
13:55sports cards. Pre-1990 was sort of like
13:57pre-1960 in the art market, right? Like
13:59people were making cards. Uh people
14:01liked them, they collected them. Some of
14:03them were even very expensive, but it
14:04wasn't like a thing yet. And then like
14:07the boom of the '90s, like the junk wax
14:10era, all of that stuff, that like made
14:12collecting these things become a real
14:14thing in the way that like, you know,
14:16Andy Warhol did, right? At the same
14:18time, you know, in the '90s and the
14:19early 2000s, we had the boom of the
14:22TCGs, right? We had Magic first, we had
14:24Pokémon, we had other ones like the Star
14:26Wars CCG. And we started to see them
14:29have some value in their time. This
14:31coincided with the rise of like easily
14:34accessible secondary market. So like
14:35eBay, right? Part of the story of why
14:37like Beanie Babies got so expensive is
14:39because they were like one of the first
14:41products that you could like go online
14:43and like look up a value for and then
14:45sell on a forum or sell on eBay. You
14:47know, going to an art auction house was
14:50not an easy thing to do in the 1970s.
14:54Just like selling baseball cards in the
14:561950s would not have been an easy thing
14:57to do, just logistically speaking,
14:59right? And so now that it's become so
15:01much easier, like the technology enabled
15:04the development of the secondary market,
15:06which took us to the 2010s, where things
15:08were generally a little bit quiet. Uh
15:10you know, the people continued to play
15:12the games, people continued to collect
15:13the cards, but, you know, things had
15:15settled down. It wasn't really the peak
15:16of sports cards that it was in the '90s
15:18and it wasn't really the peak of TCG
15:20craze in the late '90s and early 2000s.
15:23but we also saw a lot of these IPs
15:24really start to boom over that period of
15:26time. And then in the 2020s, we saw
15:28these cards start to boom as a result of
15:30COVID, right? People were sitting at
15:31home with nothing to do. They
15:32rediscovered their collections. This was
15:34something they could do in their house
15:35and still enjoy. And so we saw that
15:37boom. And then as a result of the boom
15:39from COVID, that sent a signal to a lot
15:41of companies like, "Hey, maybe we should
15:42try to make more TCGs cuz people seem to
15:44be into this." And then people came out
15:46of COVID and they really wanted to find
15:47community. And so games like One Piece,
15:50you know, the ability to go meet up with
15:51a community that you didn't know was a
15:53great way for people to get back out
15:55there and do things, right? So I think
15:56the condition of COVID really helped to
15:59sort of grow the TCG market in the
16:012020s. So all that said, what does this
16:03mean for the future? Well, so the first
16:04thing is, as I said two videos ago, I
16:06think TCGs check enough boxes to remain
16:08viable long-term, right? They do check
16:10some of the boxes of the problematic
16:11collectibles, but they also check a lot
16:12of the boxes of the successful
16:14collectibles. So I do think these are
16:16here to stay. Now that said, there will
16:19be growing pains, including the
16:20possibility of a crash and
16:22consolidation, right? Part of the reason
16:24I wanted to talk about the art market is
16:26because the art market has seen multiple
16:29booms, multiple crashes. And even though
16:32now it is considered relatively stable
16:34asset, that doesn't mean it hasn't been
16:36a rocky ride along the way. And right
16:39now, as it relates to the art market, I
16:41actually think that we are in like the
16:431980s. We are, you know, in this period
16:46where we have started to see these as an
16:48asset class. And as a result, people
16:50have been buying them up because they
16:52don't want to miss out. But that means
16:53that we're all like guessing about what
16:55the value is. And inevitably we're going
16:57to price them too high because we're
16:58going to keep guessing until we price
17:00them too high until there's pushback. So
17:02there is going to be some type of
17:03significant correction. Now is it going
17:05to be in a week? Is it going to be in 5
17:07years? I don't know the answer to that
17:08question. But, you know, if you are in
17:11this and you don't think that there is
17:13going to be a significant correction of
17:15like 50% or more at some point,
17:18Like I think you need to be honest with
17:19yourself about that because I think that
17:21like if we look at history, that is what
17:22happens to these collectibles. Even if,
17:25and that's my message, even if we think
17:27this is going to be a thing long-term
17:29and it's going to return to those
17:29values, there always going to be
17:31downturns, right? You know, we have seen
17:33these things caused by either sort of
17:36like crazy amounts of hype or
17:39macroeconomics. And I think that like
17:41the confluence of greed
17:43uh and the hype is going to be
17:45potentially problematic for us. I think
17:46that's going to be what pushes us over
17:47the edge unless we have some type of
17:49macroeconomic issue before then. Like
17:51the intersection of hoarding and
17:53overprinting, like there will be so much
17:55available supply uh that at a certain
17:58point like the amount of demand is just
18:00going to be exceeded and that's going to
18:01cause prices to fall. That's just my
18:03opinion, but I think that's what we've
18:04seen in a lot of other things in the
18:05past. I do want to say that like after
18:08being cleared of excessive hype, we will
18:10return to fundamentals and then resume
18:12long-term growth, I think, right? As I
18:14said, I think this is here to stay
18:16because I think that this is, you know,
18:18if not a replacement for fine art, I
18:20think that this is like a partner for
18:23fine art. You know, one of the lessons
18:25from the art market is that like the
18:27people who thought that this was going
18:28to be a big thing, they were right. It
18:30just took years for the market to grow
18:34to the point of where they thought it
18:36already was. And I think that was the
18:38big mistake that they made, not that it
18:39wasn't ever going to get there, but they
18:41just
18:42thought that it was going to get there
18:43too quickly. And that's what I see
18:44happening, too. And so I wanted to
18:45include this chart, which is the global
18:47art market from 2009 to 2025, to show
18:51that post economic collapse in 2008,
18:53like the art market did recover. And
18:55while it has not been absolutely booming
18:58ever since, it has been stable, right?
19:00And so I think at a certain point like
19:02TCGs will become something that we
19:05accept uh as having value, but also
19:08there will be a new sexier thing that
19:10comes along
19:12uh that steals the hype and that's going
19:14to be okay. So, I think the most
19:16important message to take away here is
19:18like we're in an unsustainable period
19:20where everything has gone up in price
19:22and everything has done really, really
19:24well. Like markets cannot exist like
19:26that, right? Markets will correct, but
19:29it's not just that there's boom and
19:31bust, but like if we think this is real,
19:33there's also consolidation. There's also
19:36like, you know, slow growth. There's
19:38also trading sideways. These are all
19:41options for what can happen for the
19:42markets. Before we close today, I wanted
19:44to talk about a recent Straw Hat
19:46Speculator video where he talks about
19:48his concerns about the amount of hype in
19:50the market and people thinking that
19:52they're just going to be able to like
19:53waltz in and 2x their money overnight or
19:5610x their money overnight. You know,
19:57he's not the only creator that's talking
19:59about this. I've heard about it on the
20:00Card Lounge podcast too, but I think
20:02this is a really, really important point
20:04and I think I would be remiss if I
20:05didn't share how much I agree with this.
20:07Seeing how much prices have risen and
20:09more importantly hearing and comments
20:11from people saying that like, you know,
20:13I just got into this and I'm going to
20:14make five times my money by doing X
20:16thing in a month. Like that's just not
20:18realistic market behavior, right? And so
20:21I think we need to think about like why
20:22we're in this and what we hope to get
20:24out of it. You know, something that I
20:26think Straw Hat Speculator does in the
20:28video that's really, really well and I
20:30commend him for this is to be upfront
20:32that his channel is focused on investing
20:35and that the way that you approach
20:37investing
20:38is one way. My channel is focused on
20:40collecting. We have very different
20:42approaches in the content that we're
20:44trying to deliver and the messages we're
20:45trying to deliver, right? But I think
20:47sometimes people don't understand the
20:49distinction between those two things.
20:50They think they can just buy a card that
20:53they want and it's like automatically an
20:55investment. The content I deliver is
20:57tailored around collecting because if I
21:00were trying to invest in TCGs, I would
21:02engage in totally different behavior,
21:03right? So, of course I'm talking about
21:05cards I like. I'm talking about cards
21:07that I think are undervalued because as
21:08a collector, you know, I want to
21:10maximize the amount of value that I can
21:12get out of spending my money. But that
21:14doesn't mean that it's an investment and
21:15it doesn't mean that I think of it as an
21:16investment. And I think this is an
21:18important distinction, right? I hold my
21:20cards as a collector and I understand
21:22that these cards could go to zero and I
21:25have come to terms with that risk,
21:26right? All of our collecting or whatever
21:29you're doing out there needs to be
21:30aligned with whatever your risk
21:32tolerance is, right? So, if you are
21:34invested in this and you have a lot of
21:37money in it and you haven't come to
21:38terms with the fact that this is very,
21:40very high risk,
21:42that might not be the right thing for
21:43you. So,
21:45there's no right or wrong answer here,
21:46but I think the important thing is that
21:47we need to be honest with ourselves
21:49about what we're trying to accomplish
21:50and what our expectations are and make
21:52sure that it's aligned with reality,
21:54right? Things are not going to go up
21:56forever and we need to be honest with
21:57ourselves about that. So, that's all I
21:58have for today. As always, I hope you
22:00found this helpful. You know, I don't
22:02want to come across as all doom and
22:03gloom. I you know, mean what I say when
22:05I think that this is going to be with us
22:07for the long term. Um but I also want to
22:09be realistic and I care about all of you
22:11and I don't want to see any of you be
22:13burned. So, again, like as long as
22:16you're happy with your choices, like
22:17that's all I care about. That's what I'm
22:19in this for. I'm in this for the love
22:20and you know, I've come to peace with my
22:23decisions, whatever may happen and I
22:24hope that you do the same. So, with
22:26that, as always, you know, if you
22:28disagree,
22:30uh hit me up in the comments. I'm always
22:31happy to chat with y'all and I'll see
22:33you in the next one.

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