The Ledger, every show

“Zero percent.”

“BPC-one-five-seven is the biggest scam I've ever seen. It does absolutely nothing. There's no redeemable value to this.”

“When you do the pricing, I think that the best logical thing to do is pick a price that the alternative care, in other words, a world without this drug, you would forego all those costs for this drug.”

“There's, if we do our jobs right, there's no such thing as a doctor in 30 years. That every operation, every prescription, every piece of medical advice you ever get from now on comes from a machine and it costs 10 cents.”

“Interestingly, we heard that three firms were bidding on the assets. So Jane Street, Millennium and Citadel were sort of brought in in a closed Close circle sort of late Friday to bid on the remains of the firm.”

“And the rumor is over the weekend, he contacted about 10 parties to place Anthropic in an effort to shore up liquidity, selling the Anthropic stake for allegedly the offer was at a 1.1 trillion equivalent market cap which, you know, I think roughly where it's …”

“I'm very concerned about the peptide craze. I think it comes mostly out of psychological issues which we'll discuss. The need for identity, control distrust of institutions, all kinds of things like that are leading to what we're seeing today.”

“I would bet anything. I would bet anything. No trial of BPC would work.”

“He's taken the Bloomberg dividends and pumped it into a family office that basically Carlisle and all these guys, you know, the Warburg Pincus, all the private equity guys like KKR, They go to him first, and he tosses in, like, five hundred million in each of …”

“The problem is what people don't understand is there are no other algorithms other than Shor's that get you that amazing speed up. So you're better off using the machines we have now. There's no payoff even possible in the future unless we have a new breakthro…”

“The third avenue is of course quantum, and I've spent a lot of time and money on, on quantum computing, and it's just, these stocks are shorts. They're worthless. You know, they, they'll, they'll never be a market for quantum computing.”

“A lot of people think that I take medicines and raise prices. Well, this drug was barely in human beings. It had been in like 30 or 50 people. Helped up until that point. And, you know, I made most of my money in, in sort of developments in, in environment on …”

“And it's not hard if you go to a law firm, you know, like a Cooley, Cleary, Gottlieb, Skadden, Arbs, pick your, Paul Weiss, pick your biggest law firm. You say, hey, we have this guy, he did something bad, you know, look into this. You know, usually you'll get…”

“There's not an insurer in the world that didn't cover Daraprim because If you don't pay the 50,000 dollars roughly what Daraprim costs for a whole course, forget per pill, about 50 grand if you end up needing Daraprim. If you don't pay that, you're gonna pay f…”

“You know, probably some of the craziest ones I've made, including include things like they'll, they'll be kind of interspecies marriage between AI and humans. There'll be AI fundamental rights for voting and things like that. That'll kind of reshape society. S…”

“The, whatever Cuban's doing is not gonna save anybody any money. And it's like, I can make Mark any money either, but this could actually change the curve on healthcare.”

“If you don't know somebody has to liquidate, the best thing for you to do, unfortunately, sadly, Darwinian, is to go sell all the positions you have in common, then go start shorting everything they have and it accelerates the sort of downfall as quickly as yo…”

“When it came to the public, you know, book, it does sound like you know, the buyer of that book basically got a, from what we were told, a three to four billion dollar Insta markup.”

“We're gonna see July numbers very soon here from quite a lot of hedge funds that I think were in the same trade. And so this is not just Leopold's hundred billion gross. It's like that times maybe five or 10.”

“You had the hyperscalers and the big companies, they FOMO'd too. They FOMO'd just as hard as Leopold did, right? If not harder. So this isn't just him. It's the whole world collectively saying, fuck, I gotta go all in in AI. And it's, and who had the guts, you…”

“The prime brokers, the Goldman's and Bank of America's, they do so much business with Citadel, and they've done this before where they know who to go to, just the same way the US government went to Warren Buffett when they wanted to shore up Goldman. They know…”

“And in fact, in pharma, you try to avoid peptides because of their inherent weaknesses. You go for small molecules or Really large molecules like antibodies. Peptides are sort of the worst of both worlds.”

“The people that are take peptides and have these peptide stacks are mostly people in SF, maybe New York. They're very wealthy people. They don't know what the rest of the world looks like. Nobody else in middle, middle America is excited to do this.”

“I think you can shut it down, and then I also think that we have a perfectly great system, which is the normal regulatory body we've had for 60 years. And creating, like I said, a new special ed version of it, For drugs that couldn't quite get on the school bu…”

“So like he would take a computer monitor and just throw it at you. And it wouldn't be like one of these playful, like, oh, I'm just going to throw it at you. And like, you're going to get out of the way. He'd like aim dead center for you with like, with force.”

“We have this data that shows that around five percent of Jane Street and Two Sigma use Bloomberg, and the reason is because they view it as an entry-level tool.”

“I sometimes joke that the big AI companies should become LBO shops. And what they can do is they can partner with KKR or Blackstone and all they get is the data. KKR and Blackstone pride the capital, get all the returns. Fine. But all the data comes back to, y…”

“And my friend and at the time it was actually my biggest investor, Vivek Ramaswamy, he's now running for president. He basically took our business model and supersized it.”

“And it's like, you know, I was actually acquitted of those charges, and I'm so proud of that.”

“I decided to sell the Wu Tang album which is a funny thing because there's this NFT bubble and I basically said, oh, like if I turn this into an NFT or sell it to a crypto bro, like, you know, I'll, I might even get my money back on this thing because it was b…”

“The Federal Trade Commission actually personally sued me for monopoly. I'm the first person in American history, the Sherman Act, which is 125 years old, the first person to personally be sued by the Federal Trade Commission, which is very odd. Because John D.…”

“90% of healthcare costs come from physicians. 10% come from pharma.”

“And like, I'm so lucky that these people, some of whom started some of the biggest software companies in our industry literally like maybe the top five unicorns in software, like three of the four CEOs. It was like that where, where like I messaged these guys,…”

“I realized like, there's no way out of this and I'm gonna have to embrace being the bad guy. And some people will get the joke and some people won't. But you know, fuck it. If that's what people want, then I'll be the bad guy. And I sort of embraced kind of be…”

“It's been a, probably one of the craziest months in Wall Street history. I was talking to some friends last night about Long-term capital management Amaranth other famous liquidity-driven blowups, and this is up there”

“And we got offered a look at a hundred million dollars of Anthropic stock, which we were puzzled. Puzzled by, you know, sometimes you see these SPVs, sort of interest comes across you know, here and there, and we thought that was interesting.”

“So I, we heard Millennium did put in a bid. Citadel's bid was better.”

“No, no prime broker is going to let you keep 90 billion of gross market value because once you dip your equity below zero, it's their loss, not yours. And they're not going to lose a penny after Archegos and after these other kind of blow ups.”

“I think the most unexpected thing is it would be if we saw brand new all-time highs for the entire thing. I think almost everyone on Wall Street is skeptical this will happen, which means is it has a chance of happening.”

“I do think liquidation is over, thankfully, but I do think that there are some funds that are about to be found out to be down 30% or down 40% or something like that.”

“And if you start a newsletter business that makes a hundred million a year even fifty million a year of revenue, you've done better than almost every hedge fund on the planet.”

“I think the, getting into the privates is usually like, for me, a lot, a really bad sign for almost every fund because it's, as tantalizing as private companies are, there is a whole group of people on the West Coast who are much better at that than the guys o…”

“Every single trader out there makes, makes one, seems to make the same mistake over and over again, which is their position size is probably two to 10 X more than it should be.”

“Taking Eretta Trutide, which is just sort of a GLP plus, if you will instead of just waiting it for it to be FDA approved, or like, Using Ozempic. I think this is like the worst risk reward decision you could possibly make.”

“Pleva was a local drug company in the Balkans. Very well-respected, in my head. Pleva actually licensed BPC and tried to do clinical trials for it, and guess what? They failed!”

“And in fact, the naked peptide GLPs don't work either. They have to be heavily modified. By pharmaceutical chemistry to get there.”

“So we were wanting to take two largest shareholders back then. And you know, I think it's a short now.”

“Not only do I think that's not exactly true, but I think the bigger picture here is that a well-run financial information company could and should be worth a trillion dollars.”