Wall Street sells what is popular
The guest argued that Wall Street operates as a marketing-driven 'magic money mill' designed to package and sell whatever assets are currently popular to capture transaction fees.
The argument
He noted that financial institutions frequently rebrand products (e.g., renaming 'junk bonds' to 'high yield') and launch trendy products like crypto ETFs to satisfy client demand and secure fees, rather than as an endorsement of long-term value.
Hear it yourself
"And then but there's a whole generation of people, some of whom are listening to this, who won't be able to conceive that it was actually possible to do what you did because, obviously, prices were much lower. So let's talk about how you actually went about you you talk about the book, but how much you actually put down to buy this apartment block. It's gonna make people's teeth sweat. Yeah. So the first building so this is 1998. Yeah. It closed in March. So it was, like, '97, I think, I started getting serious. So I started looking at buildings, and I didn't really have a lot of money. And I was I got married at that time."