01:24:04 · John Coogan, Lynn Martin, Jordi Hays
[01:24:04] S1: also had circuit breakers back to back to back. Like market went down, like, 30% in a month or so. [01:24:11] S5: I don't know. [01:24:12] S1: It's a crazy time. [01:24:13] S5: And there was uncertainty about would the world ever go back [01:24:16] S2: to was particularly interesting because there's, like, skepticism about the AI trade broadly, plus midterms all happening at at the same time. [01:24:25] S5: All happening in the same week. It was here. [01:24:27] S2: Plus cyber, plus, you know, rumors of of, you know, uptick in conflicts, you know, globally. Like, it just feels like so many different factors that that make an an AI... A pure play AI IPO challenge right now. [01:24:45] S5: It feels like the market is very cautious, and it's gonna be a little bit on edge for the next couple of weeks. Yeah. I think tomorrow, you'll have a bit more information. And as the week progresses, you'll have a lot more information. [01:25:02] S1: Yeah. That makes a lot of sense. [01:25:03] S5: So it's not all happening on the same day, fortunately. [01:25:07] S1: Yeah. What has, what has the relationship been with prediction markets been like over the last year? Are those useful tools to understand where the midterms might go? Is that... Did the... Obviously, the relationship is a little bit deeper, but Yeah. Get us up to speed on the house thesis on prediction markets.
01:25:07 · John Coogan, Lynn Martin, Jordi Hays
[01:25:07] S1: Yeah. What has, what has the relationship been with prediction markets been like over the last year? Are those useful tools to understand where the midterms might go? Is that... Did the... Obviously, the relationship is a little bit deeper, but Yeah. Get us up to speed on the house thesis on prediction markets. [01:25:23] S5: I mean, the data is really why we did the investment initially Yeah. With with Poly Yeah. In particular because we saw the data really moving the traditional markets, the data that was in the Yeah. Prediction market. And it was really that election night of twenty twenty four two years ago [01:25:42] S2: Yeah. [01:25:42] S5: That was more of the moment that, wow. Yeah. They call the winner of the presidential election, and you saw the S and P futures immediately move. Yep. The data that's on the markets is... Or that is on the prediction markets is still incredibly useful, particularly when you think about the various conflicts that have arisen, moves, those types of things. Interest rates, those have been interesting predictors as you see people start to position their [01:26:11] S1: Yeah. [01:26:11] S5: Yeah. Rates portfolio [01:26:13] S1: Yep. Yeah. [01:26:13] S5: Around what the prediction markets are saying, Fed increase, Fed decrease.
01:26:13 · Lynn Martin, John Coogan, Jordi Hays
[01:26:13] S5: Around what the prediction markets are saying, Fed increase, Fed decrease. [01:26:18] S1: What what is the mood like among, European companies right now in terms of coming to you, coming to the New York Stock Exchange? We were here for the Klarna IPO. That was a a really interesting decision. And it seems like the jitters might be global. They might be market wide, but America is still the destination for capital formation. [01:26:39] S5: We, absolutely. You know, we've got a robust pipeline of European, London based as well as as other parts Yeah. Of the continent in particular that are looking to tap The US capital markets. We actually were able to transfer AstraZeneca earlier this year, and they saw their valuation appreciate by, I think, about 30 when they announced the conversion of their ADRs to ordinary shares. Think that [01:27:08] S2: just effect. There you go. [01:27:10] S5: I think that just speaks, to the, appreciation associated with companies that are listed in The US. So The US remains a very, very interesting destination for people to raise capital. [01:27:27] S2: Yeah. What's... How do you think about planning for '27? [01:27:30] S1: Oh. That's good.
01:27:30 · John Coogan, Jordi Hays, Lynn Martin, Joe Weisenthal
[01:27:30] S1: Oh. That's good. [01:27:32] S2: Feels like an impossible task. I was talking I was talking to someone on on Friday night who's, like, undoubtedly one of the greatest sort of, like, live venture capitalists. And we were just... I was joking, and I was like, I I really wish somebody knew what was gonna happen, like, with, like, specifically, you know, restricted to tech and AI. I was telling him, like, you know, he was like, I definitely don't know. And I was like, if if somebody knew, we would certainly know them. And so that gives me confidence that no one knows. [01:28:04] S5: Well, mean, think about how we started the year. Did anyone have on the bingo card that there would be one, maybe two interest rate hikes? [01:28:12] S1: Yeah. No. [01:28:13] S5: This year, we were all talking about [01:28:14] S1: the I [01:28:15] S0: opposite cuts happening this [01:28:18] S5: think the one thing you can predict for 2027 is that there's going to be additional efficiency, either with the deployment of good technology, or things like tokenization, which is going to pull out some of the inefficiencies, particularly with governance and voting rights and all of the things that are in the system. But there's gonna be uncertainty. [01:28:41] S1: Yes. [01:28:41] S5: So you just gotta remain nimble more so That's... Than ever. [01:28:46] S2: I'll I'll ride with that. I'm gonna also predict, uncertainty. [01:28:50] S1: Predict the always predict the [01:28:51] S2: unpredictable. Exactly. Unpredictable. Predict And the long march of technology.
01:28:51 · Jordi Hays, John Coogan, Lynn Martin, Ryan Serhant
[01:28:51] S2: unpredictable. Exactly. Unpredictable. Predict And the long march of technology. [01:28:59] S1: Yes. Yes. That's true. [01:29:00] S5: Absolutely. Particularly as markets go even more global. I mean, we're about to go twenty three hours a day, five days a week, starting in December. So that's going to, again, further cement The U. S. As the global destination for companies around the world. How has [01:29:18] S1: the organization changed in, to gear up for that? Is that purely technology? Are you distributing the workforce around the globe to meet those needs? [01:29:27] S5: Yeah. Our technology has been ready for [01:29:30] S1: Yeah. [01:29:30] S5: Probably a year and a half. [01:29:31] S3: Yeah. [01:29:32] S5: To be honest, we filed our initial rule set two years ago, so we've been ready for quite some time. We've added people in more time zone friendly locations to monitor the markets, the operations, the systems. [01:29:48] S1: Know, what hedge funds do anyway. They have someone trading like the Asian out orders [01:29:52] S5: or whatever. [01:29:52] S1: So you're just meeting [01:29:53] S5: them where they are. Yeah. Yeah. That's great. Absolutely. [01:29:56] S1: Well, congratulations. [01:29:57] S5: Thank you. [01:29:57] S1: Thank you so much. [01:29:58] S5: It's great seeing you guys. [01:29:59] S2: Have the show with us? [01:30:00] S1: Yes. Sure? Yeah. Leave us five stars on Apple Podcasts. Sign up for our newsletter, tbpn.com, and we will see you tomorrow at 11AM Pacific. [01:30:08] S2: Cheers, guys. Thanks for having us, [01:30:10] S3: Lynn. Bye.
01:30:10 · Ryan Serhant, Jordi Hays, John Coogan, Emily Sundberg
[01:30:10] S3: Lynn. Bye. [01:30:10] S2: We'll see you tomorrow. [01:30:11] S1: Here we go. Thanks so much. [01:30:13] S4: You.