#86 Kevin O'Leary | Gold, Electricity and Global Power Realignment

All right, welcome back to the Crash Labs. Today, my guest is a very, very special guest. This is Dream Realized for me, not other than Mr. Wonderful, Kevin O'Leary. Welcome to the show, Kevin. It's been a long time. I've always wanted to talk to you and ask you about your perspectives on things and particularly gold. So without further ado, let's kick it off. - Okay. So, I mean, times are tumultuous, chaotic. We've got a new world order may be establishing, the pulling apart of the old way of things, transitory period, gold, rain, supreme, at least in my books during these times. That's been our investment philosophy. And obviously we're into silver, we're into copper, and the hard asset world. What's your take on everything going on right now, Kevin? I mean, does the US come out on top? That's one question. And number two, what's your sentiment on gold? - Well, let's take the creation of the ball you're speaking of, the drove gold. I've been a 5% allocation waiting in gold for decades. I use bullion, UBS bars, 100 gram, and kilogram bars. I pay for the storage, that's for 50% of the positions, 'cause I never sell those, and then I use various financial instruments to balance, rebalance on a quarterly basis. Obviously, gold's been a phenomenal performer. The last 24 months, we both know that, and gives reason for why you do want to have a position like that, even if you can wait a decade for gold to run. But I also have done something else, because I realize a lot of people don't know how to buy gold. I mean, they still don't, and a lot of people use coins. So, you know, I know this is shameless promotion, but I formed a relationship with universal coin, guys that have been around forever, I trust them, so I buy coins from them too. So, you know, I like to throw the coins around on the kitchen table with the kids and all that stuff, particularly the currency coins that are wrapped up. So, that's gold, but let's talk about why gold ran. So, there's two verticals of naysayers on gold that started five years ago with Bitcoin, okay? And the whole Bitcoin thing, it only had gold, it's digital gold, yadda, yadda, yadda, you know, - Petrock. - All that crap. - All that crap, but the thing is, I still have some Bitcoin, but Bitcoin, and the reason the whole crypto thing has really taken a back seat to gold in the last 24 months is this, most institutions, and I'm talking sovereign wealth and pension money don't own any crypto at all. I know people like to think they do, but I work with those guys, I index for them, they don't, because their compliance overlairs don't allow for it. You can look at Norway, you can look at any country, UAE, U.S., whatever, they don't care, 'cause it's not compliant. And then along comes this act, the stablecoin act, which clears last year, that was the big event in 2025, got some money-setter banks interested in digital payment systems, and some institutions looking at it, and that was their first foray in 'cause that's legal now, and then this clarity act, which was a, got a lot of excitement in December. And here's where it goes off the rails. It doesn't pass last year the clarity act that would have given a designation to Bitcoin as a security or commodity. I don't care which one it gets, who cares. But it would get that, and that would allow for an allocation. So if you're at institution running, let's say, 500 billion, and you're saying that if one or two percent waiting into Bitcoin, you would be ready to go, or crypto in general, because the act covers all of crypto. You already have your five percent waiting in gold. You might own the miners, you might own the bullion, you may own the GLD, it doesn't matter. You've owned it, and you own it, and generally they're allowed to own up to 19% in gold if they want. Usually it's around five. Okay, I'm giving you all this detail because I've done a research on this. So they're all hot to trot in December to go and allocate, they're assuming that the act's gonna pass. But when they started their analysis, when you're just a junior analyst, and your boss is okay, get me, set me up for a five percent waiting in crypto. Go tell me what assets I'm gonna need, and you do your homework. You're not emotionally involved in any of it. You don't care. You're just looking at the numbers. And the numbers tell you this, 97.2% of all the volatility in crypto come from two assets, just Bitcoin and Ethereum. All the rest is poo poo. And so you got 10,000 poo poo coins. They all correct back into the year, 80, 90% down, and they never came back because everybody figured out, wait a second, even if the clarity act passes, we don't need the poo poo, we just need the Bitcoin and the Ethereum, and that's it. And so it's been a bit of an air out of the tire situation on crypto. Meanwhile, back at the farm, those of us that own gold are watching all the craziness in the world saying, "Yipii, okie, am I ever loving this asset class this year?" And of course, some of us are forced to sell down below 20%, or even a 5% waiting. And there's been a lot of volume in the ETFs. - Well, it's fascinating for me. I just feel like I've been sleeping easy. I don't like what I see around the world. I don't like what it means for the average Joe. Purchasing power is going up in smoke. That seems to be uncontrollable. It looks like they're spending money. Every government, everybody is spending ridiculous amounts of money on ridiculous things. And probably some good things, too. But I can't seem to tell the difference. Right now, it's like watching the Titanic sink from the Yellow brick road with my silver slippers on, and I'm sleeping like a goddamn baby. You know? Like. - Well, that's one way to look at it. I tend to look at it this way. Where there's blood in the streets, there's opportunity. I've always been a chaos opportunist, as I call myself. And so I look at things, and I'll give you an example in the last 48 hours. You know, Trump goes over to Devos. I'm used to Trump now. I don't hate him or love him. I don't care. I've been working with that guy for 18 years. We came up together when he was on the apprentice and I was starting Shark Tank. We met through Mark Bernet. So I know how he works. He's full of bluster. He says outrageous things. But what you have to do is listen for the signal. There's a whole ton of noise, and there's a signal. And so, let me give you an example. Yesterday's speech. Two hours, whatever it was in Devos. It was the same speech he gave a day before stateside about the successes of administration over the first year since he got inaugurated. But he went off piece for about six minutes and gave us two little bombshells, which I immediately acted to. Number one, he talked about how he's losing the race to Chinese power. The Chinese are building more electrical power on their grid than the US has. The US hasn't built any new power because it's laden with permit problems. You just can't build anything there because of the previous administration's power policy. They only wanted green power, as you remember. And those policies have not yet been removed. And so, the reason you care about that is you earlier mentioned, well, I think you talked about Bitcoin more than AI, but AI's here to stay. And the Chinese are developing it very quickly because they have a lot of data centers. So Trump said he's gonna accelerate the permitting. He's gonna make it instead of years months. And he talked about coal burning plants that make electricity with the Chinese have. They did 500 gigawatts last year in 12 months, of which 100 was solar and 400 were coal burning. No permits. Supreme leader says, put it here. You got 18 months to put it there. Or if you don't do it, you'll disappear. That's very motivating for management. And so, there's none of this weight for Congress or weight for the local authority or weight for anything. You just build the plant. And then he said, same thing for net gas and for nuclear power. New power won't be around for decades, but net gas. So that got me hot to try it. I immediately took another, it's actually 13,000 acres of land, and we'll say where yet, 'cause we don't have the permit. But we have a really big business now, trying to identify acreage in any geography in North America that has stradded natural gas. We've announced 13,000 acres in Alberta, Canada. We will announce an additional 13,000 stateside. And when I say that, not to be outrageous, but I will control more acreage that has the availability of permits with stradded natural gas in any other hyperscaler developer in the world. That's a big statement, but it's true. - Well, that's an incredible strategy. - Yeah, but I'm just listening to the big guy talk and he's telling me, hey, and the other thing I did, which let's not forget that little dissertation he gave on the Greenland stuff, I mean, Greenland was like the story for 48 hours, and first he talked about invading it. and then whatever, you know, yadda, yadda, yadda, all the noise, noise, noise, noise. But really what he was doing, as we found out late last night, was to come to an agreement where he could put in early warning detection systems, very advanced detection systems on the land available around the ice. So now he's got his detection systems in Alaska, that's the east. And so this is the dome he's calling it, with golden dome or defense dome or iron dome. I call my dome the dome of desire. I don't know what he's calling his dome. But the point is he's got the west now with Greenland, but he's missing the middle. You can't do this without Canada. Now Canada and the United States have been going at each other. The speech 12 hours earlier with Carney, he warned Trump of a new world order. And then two hours later, Trump, you know, tried to wash his mouth out with soap saying, don't say that, Mark, to me, that signal, the beginning of a very wonderful negotiation. And I went along the Canadian dollar last night and bought more this morning. And this is going, because he can't do the dome, the defense dome, without Canada. So one way or another, those cousins are going to kiss and make up. And you're going to be a ben, the way the best liquidity on Canada is on their dollar. The previous administration, the Indian king, Tudot, decimated the dollar. Took it from parity or almost parity down to 38% or something. It was nuts. What he did. But he's gone. And the free land minister was part of that. She got whacked. So they're both gone. And the new Carney is now ready to go at it with Trump. But if you're an investor, you don't, that's noise. Of course, these guys have to get together. These kissing cousins are going to get together. Do you benefit owning energy land and the Canadian dollar? So I'm pretty happy with the last, I mean, I had no idea we were going to have this perfectly in sync with so much change on policy. But there you have it. That's my new investment thesis. And I've been busy as a little Canadian beaver. Well, I appreciate the, well, let's start with the AI bit, which I think is really interesting. So a couple of key reasons. Then we've got sovereignty on this data centers and the emerging market of AI. And it's very important. It'll be important, all Western economies to have some control over their data centers and the computer crunching power. Now one of the interesting things I actually had a friend, this was a couple of years ago. So I've been looking at the space for a while. And we were talking, I've talked about on the podcast before. I had Pierre La Sonde on here. We were talking about, so my friend has a royalty company out of Calgary that's private. And his whole business mantra was, hooking up these dry gas stranded gas plays. They're dry gas plays with the data facilities, these data crunching facilities. So basically, you bring in a gen set, you rig it up to the dry gas, BingBang Boom you've got X megawatts and you've got your facility. And there's nothing else out there other than Cal Patti pasture and these stranded gas plays. So Alberta seems to be a pretty lucrative place to look for land. And I know you won't mention where you found it. But I know that in the Permian Basin, there's some too. Alabama, I believe Louisiana may be upwards of Texas, et cetera. But I know certainly in North America, at least one of the key destinations here is Alberta and Danielle Smith's government has been pretty pro enabling this type of stuff to happen. So that's an interesting. So Danielle Smith, I took her down to Mar-a-Lago last November almost a year ago. So we could meet with Trump and talk about energy strategy from North America. She took a lot of heat for it but she's much better off now obviously. She has six trillion cubes of stranded net gas. So we've disclosed where our land is. In Alberta we have 13,000 acres and what we call Wonder Valley. And it's in a remarkable place. Grand Prairie and Great Town, great hospitals. I mean it's got people there. We're going through the permitting process. We're engaging with the indigenous tribes and bands there to make sure that this is something they want to do. We have tens of thousands of jobs to make available. We're going to spend over probably the next 12 years, 70 billion US on it. So it's a massive facility and can go up to 13 gigawatts. It's one of the largest campuses on earth. And she's at the center of that because she's got the gas. You're right. But I haven't, and the reason that I haven't disclosed where my US lands are is because I didn't know about the path to permit the way Trump laid it out yesterday. That's not policy yet but I'm going to Washington next week to get more details on what the policy is going to be on path to permit. That means that we can get the turbines up and running within 12, 18 months which is going to change the game for data centers. So you really need the whole thing about AI. It's not people think it's the chips and all that. Nothing to do with it. In my view as an investor, it's the power contract. Can you get sub-six cents a kilowatt hour? Where in the world can you find that? Because my first project was upstate New York behind the grid on Niagara Falls. It must have been eight years ago. And then we got all screwed up with permits in New York. No, you can't get anything done in New York. So we left 20 million on the ground probably in New York. And we moved it to Norway. So Norway has huge hydroelectricity, sub-four cents a kilowatt hour. And Finland has new power, sub-three cents a kilowatt hour. So my thesis was by the land we can get the permits, you can get the power, get the fiber, get the water, get the air, and just be shovel ready. So that investment was private recently, what the public was called, bid zero. So I own land now as a shareholder in bid zero in Norway and Finland with sub-six cents a kilowatt hour power. And I'm agnostic to whether you're a Bitcoin guy, you can come and lease the power from me with containers, you got it, or you want to build a data center, you got it, you need power, you got it, come to Big Daddy. That's what the management saying at bid zero. And that's been my best performer this year. It went public, I think late December, early January has been my best performing stock. And so you are 100% right that you go to the power first. This guy doing the stranded net gas in Alberta, she's genius. Yeah, by the way, he clips a royalty for hooking party A up with party B. He gets the permits and he gets that and he worked in oil and gas forever so he can secure the gas contract long term. He's right. And I know where the puck was going in the old green algae, that guy is very, very smart. But it's all about the power and the lowest cost in North America. That's Daniel Smith, that's Alberta. It's number uno for the lowest cost of power anywhere in North America. You know what I'm interesting to see too is that whenever the whole blockchain first started up in that big first wave, everybody was looking for the cheap power, I remember Iceland was a destination as well with all the geothermal. And they were trying to get in around six cents or four cents, something like that. Quebec was on the radar screen, but Quebec's been offloading a lot of its power for green coupons to the ever since the Obama administration and beyond for a lot of these offsetting the other energy types to be on side with the green agendas. And it'll be interesting to see now with Trump in office, maybe those states back away from needing to buy that green power from Quebec. And maybe now Quebec ends up in a place where it has a surplus of power and can get it to market a lot cheaper for not only Quebec citizens and businesses, but I think it was flirting with, I want to say around nine cents. But if a lot of that demand for the green power comes off from the states, then we could see prices go down in Quebec and that could be a good decision. It's even Canadians not competitive. I've had countless calls from, listen, I was born in Montreal, Canada, I'm also an Irish citizen and a resident of the Emirates just to be transparent. So the story in Quebec is you can't get a permit. So it's not that they don't have what's needed. Here's what you need to just build a gig for. 1.4 gig gives you one gig of compute because you have to have some redundant power to keep the thing running 99.99% of the month. And so 1.4 is what's necessary. You need 2,500 acres, contiguous. You need water and you need the water permit for cooling, even in Quebec you need water. You need four corners of dark fiber. So that's ultimately got to connect to the grid on the internet. You have to have that. You need a partnership with a village or a city or a town because you can't, there's 10,000 people working on a construction over 30 months of building a 1 gig data center. They've got to live somewhere, they've got to dry cleaners, they have to have schools and community centers and all that stuff. And Quebec, I don't know of anybody that's been able to get a permit out of anywhere there. I mean you just, that place is not ready for the next wave of operation. opportunity that's always been the case it's really a shame but that's not the situation in Daniel Smith's Alberta She's just said okay, we're gonna play a ball now carney of the new prime minister may figure this out pretty quickly because He's inherited from the idiot king an economy with zero GDP growth and only 8% Of their own pension plans in Canada the Canadian pension plan that represents the Canadian people even they won't invest in Canada So that's how bad it got under the idiot king only 8% of what they manage in Canada So it's so bad it couldn't get worse. It used to be like 60 70% now actually as a free market capitalist What do you think the solution is because in Australia they mandate that 30% needs to be invested domestically? Yeah, I'm an entrepreneur you're an entrepreneur. They don't shoot themselves in the foot was stupid policy You got to remember it wasn't just the idiot king the idiot queen was a woman named Christina Freeland And I think carney sent her I don't know what happened to her. She's God. She's been kicked out of government The wicked witch of the North they used to say well, you know the thing is you those were the two I mean she had she was terrible and he was terrible and together they were Terrible squared and so it took a 10 year period to decimate the economy but policy still remain Bill C-16 I'm up there doesn't allow for any permits on anything Including pipelines or power data centers or anything so it was devastating and You know Tudor envisioned a green utopia a Combaya economy where everybody knitted sweaters or something. I don't know what the hell is thinking But that's the opportunity and that's why I went along the Canadian dollar the new guy the new sheriff in town Knows he screwed if he doesn't somehow get money coming back and I think there's a big opportunity this big one with this Imagine the amount of money it's gonna take to build the dome in Greenland and Alaska and northern Canada. Wow What an opportunity? It's an awesome option. I just wanted to jump on that too because I picked up on that too when the initial deal was done with carney with the dome and that announcement back in the spring when they said to You know he that they would commit X millions or whatever X billions to In military spending and Towards this whole dome thing That was really interesting at the same time from the mining sphere because our company we own About 70% of mining media worldwide too. So we got a call From industry leaders as well as government and they wanted to make a push And it's all about sovereignty of the Arctic so everybody we're talking about Canadian sovereignty over Arctic regions and how that's super important It's your point with Trump's intent on Greenland I think that dovetails nicely with that with that motive. It's it's pretty much well-aligned Mining is one of the best ways you can establish a presence in the in the Arctic So what's up for debate is who owns it and unless the countries that are Claiming it have some sort of presence up there whether it be military bases and installations or whether it be mines and operations things like that That's a really good thing. So so for us we got sort of the call To try to come up with a plan of how we were going to better communicate now This is from both sides of the political aisle both the conservative and the liberal government because at the time Wasn't sure how that was going to shake out But it's clear that Pro mining seems to be on everyone's tongue and the I think the rationale for that is all about this whole Arctic situation I wonder you know how other geopolitical Situation sort of play into that we're seeing around the world right now too in other continents And how much the Arctic is actually an under undergirding theme Like in Ukraine for instance He offered me to to invest in Greenland and I knew that there was an agreement with NATO-based Protectorates and the US was included and they'd worked all that out I would be far more interested in putting capital to work there and I think that's where the outcomes gonna be I don't know if Trump's gonna buy Greenland or he's going to get so embedded in being a protectorate sort of thing some quasi Representation maybe in governance. I don't know what it looks like But he but if you get it that way and you've gotten NATO and the US backing it Then China's not going to mess with it my whole theory about investing is there's only two Pillars, okay, there's the Chinese and then there's everybody else the two largest economies are the US and China and so What do you want to hit your wagon to the Chinese guys or the American guys now? I know that Trump stuff with the tariffs and all this stuff and but you got to figure out What's the end game the end game is in five years not too far away if If the North American union doesn't occur, and I'm not saying Trump buys Canada. That's never gonna happen, but The Canadian market has all the raw materials that the largest market on earth the US needs and so you got it The Kiss and Cousins have to get together as I said earlier and no tariffs of Ultimately so that that economy can be the largest and fastest growing under democracy Which is obviously not the Chinese practice, but then you say to the Chinese look We're really rich. We're really big. We're growing really quickly and We have five percent of GDP focused on you with some nasty nasty Robotic AI technology that can blow the crap out of anything you try to attack like Taiwan Don't mess with us. That's where we're going and so whether it's Trump in power or carny in power There's no other path to protecting Against the Chinese the Chinese people are great the government they have plans of world domination If you don't believe that just watch what they do. I do business there. They suck. They steal they cheat You can't sue them everybody knows that now and they don't need permits to build power so they're very competitive So my investment thesis over the next 36 months is where do I put my dough? That knowing that we got a bulk up because the Chinese only understand the stick they understand power military technology and Size and that's what you got to get you're not doing that without some kind of union in North America and then you got the little sweeteners the you know Greenland missile base the Alaska missile base, but the real dome of desire is gonna be in northern Canada Well, it's interesting the the Chinese both the Chinese and And the West let's say the Western economies We both are seeing I mean, it's a global market in the sense, but there's clearly resources are playing a big role here whether it be rare earths and the you know the restrictions on export now with silver There's been a lot of stuff going on silver obviously acting is both A store of value, but also as an industrial metal with with really important use cases in the in the electronics world Solar and other and other things so like there's these massive structural deficits I mean some of the estimates have been like Let me just have a look here. I have it written down just so I don't get this wrong So a fellow into Congress from University says it is estimated the world will need to produce over the next 20 to 25 years the amount of copper That has been produced through all of human history Says Walter Copen VP of Research and Technology transfer at Colorado School of mines and you testified This before the House of Congress now he's not the only one you've got Robert Friedland saying in the next 18 years humanity needs to mine as much copper is ever In the last 10,000 years combined just to sustain a modest economic growth So as we see the sort of electrification of the world This call to energy this call to AI I can't help but look at this and say holy shit. We have we need a lot of metal and There's a structural deficit. There's a structural problem. There's not enough metal in the ground right now To do all of the things that we are dreaming are possible with with where all this tech and take us and so You know from my perspective as much as I am attracted to investing in the energy side I know the resource side so that's do what you know So I'll be investing and and playing that from the from the material side But what's your take on that? What's your take on the energy metals and copper and these sorts of things? I had a percent agree with your investment thesis But the difference for me is I look at the multiples where I have to boy capital So I know what the multiples are on juniors and senior minors or royalty-based mining. I certainly know the price of gold and silver and I participate Caught your copper thesis is dead on 100 percent but I also look at the multiples being paid for for power ready dirt And permit ready dirt for data centers and it's the highest I've ever seen I'm a real estate guy third of my portfolios in commercial real estate Residential real estate climate control real estate all that kind of stuff. I've been doing that for decades So when I saw this I realized wait a second. This is just real estate with power That's what I know, but I certainly didn't understand how complex The actual specs are for 1.4 gig data centers So I've had to hire a lot of people to do and a lot of partners with energy pipeline firms and certainly technology companies that understand how to regulate power Because it's all about the power, but I have that team now. It took me two years to put it together and so My we both are You I need your copper to build my data center. So we're both gonna win I'm just gonna trade my data center at three x what you're trading your your as a multiple I'm gonna have more volatility But they both work and so you know, I'd argue you want to you want a little bit of both But but this you know the big investment themes are North America books up against the Chinese you need copper you need silver you need gold and you want gold given the Vault but boy do you need power and that's like you none of this happens without power none of it including that gold and So it's for me that's I'm gonna be busy the next four years I mean, I'm just running I'm on helicopters flying over farmland and stuff I've been everywhere. I like I've been places that no one's ever gone before in the winter also Like let me tell you there's some places in the Midwest that are pretty nippy right now I'm sure I'm sure there is now here's a playful one. I've been thinking trying to think this one through so in the next decade where do you place? the multiple That the consumer plate pays for electrons today versus ten years from now Where do you see that are we talking hundreds of percent higher because that's my my guess is that it's gonna be really crazy It was especially if Elon gets those goddamn robots working and we've got you know the data centers and all this stuff AI is everything that we think it's going to be and the rate of a change in adaption for these technologies I Really do see a scarcity of electrons and I think it's gonna really make a big difference to people Yeah, but that's sure that that is the investment thesis on power So let's talk about the political situation right now. Let's say I go to a state like Oklahoma They have three power authorities there. Let's say out. Let's say I was West Virginia, which has good permitting right now With back up diesel generators, and I see the power authority there. I Need 250 megawatts and I need a path to 1.4 gig within 36 months Not only can they not provide it they won't because they know with certainty the cost of they have to put into the grid the CapEx will raise Prices for the library the hospital and the residential neighborhoods 30% So there's just no way that's gonna happen. So the only path is to use stranded net gas and Duturbine technology, which is getting more and more efficient particularly cleaner these two cycle turbines So you got to find yourself Minimum 2500 acres than the water I talked about this earlier, but you got to find this the power source that power source is net gas and Then you're gonna get a situation where you're telling the local community. Hey, I got 10,000 jobs During the build out phase and 3000 permanent high-paying engineering jobs after the data centers up and running and I might even have some extra power to give back plus I'll build your community center right on the land we have And I want to be a good corporate citizen to the community so You know we're gonna show you our plans in terms of how we're gonna build this power out and how it's gonna work That's how I've been doing it that works way better than telling the local mayor Hey want to see your electrical prices go up 30% While I'm building a data center how and he says how about no? Yeah, how about I don't want that yeah, so that's that's what that was the bad That's what happened in Virginia with all these really ugly buildings. They built right a budding residences They raised up their electrical prices so those days are over so there's gonna be such a giant investment in building out You know stranded net gas electricity for the next decade. I'm not sure electricity You know goes up 10 to exit value and then just to save the day a decade from now the first many nukes come on And they're very efficient except that the price of them is unknown right now so The power theme we're both talking about is the best investment theme for the next three years Period I'm just playing it forward because one of the things one of the things is like Even if we see like let's say a tripling in the cost of power And I know you probably like solar power as much as I like solar power which is probably as a solution to humanity's power needs Which doesn't work it doesn't work for for data centric businesses 100% right so so so we're probably on the same page there But but actually the funny thing is if on a consumer level Electricity does become a scarce and those electrons are as precious as I think they might be Then suddenly the independence that certain geographical areas like particularly desert states and places that receive a lot of sunshine You know there may be a case where it's really worth it to get that solar Well so far it hasn't been in that the lot one of the largest one just went bankrupt when you take away Subsidies from the government which make is basically your just a form of tax to people Solar doesn't work wind doesn't work so back to the drawing board on those Like you know, I don't like business models where you're making the assumption the government always pays for your crappy business model Because along comes you know black swan like trumpets is I'm not gonna pay for any crappy business models You shut down, you know wind farms he shuts down he just put some policy in place that no federal permits You can't build anything you can't touch federal land with a wind farm or Or solar array You know designated acreage so if you want to get those permits to get solar it can't touch federal land Which is pretty well everywhere so it's I mean they basically did a side run on all the solar guys and their stocks have been crushed But there's stuff doesn't work. That's the problem I would be an advocate for this crap, but you know you got these these wind farms up in the middle of the ocean screwing up the whales and birds and What is that plus nobody lives in the middle of the ocean? You got to get all those wires to come back Cost you billions of dollars and then the blade falls off. I mean the whole thing is makes no sense to me Yeah, it's crazy how much we've sacrificed in to the altar of climate in this climate scam in my view And I might be alone on that but But it isn't really about climate because you can you get the market is determining that Like the better hyperscaler sites right now are asking me can we sequester our carbon our company Wants to sequester the carbon okay? That's gonna cost you an extra two cents a kilowatt hour. We don't care. It's great for us We get to tell everybody we care about sequestering our carbon So you're looking for a state with with you know Geographies like Alberta where you can put it in the ground and you get a permit to do that You're just taking it right off the term I'm thinking the ground. I got no problem with that. I mean, you know It's I don't know It's hard for me to understand if when the Chinese are burning coal every day everywhere they don't seem to give a shit about the climate and You know carny goes over there the prime minister of Canada says one of our pillars of Has to be climate and they look at him and say sure They don't give a shit. Yeah, they're not gonna buy it. That's the whole thing about the Chinese They'll smile at you all day long. Yeah. No, it's funny. I I don't know I to me. I'm an earth scientist. I actually studied it Back when there was actually scientists studying it and it's it's a tailwax a dog thing If you if it's confirmation bias as well in the science like if you if you really want to make carbon the enemy and search for the correlation between carbon and and And chaos in the climate you can find it but it doesn't necessarily mean it's causative so Anyway, I I don't buy it. I think that we've all Sacrified enough and we should have learned from that now and let's just go in and brace what we have Which is you know, we've got nuclear we've got hydro we've got gas. We've got Cool, you know the modern cool facility of today is is pretty damn clean is pretty damn I don't I don't I don't fight that fight I don't even get involved in that policy narrative because I got every guy in his dog calling me for power Yeah, and you know, and so I just I look for the path of least resistance to bring power on the grid and or bring power Into the data center off the grid And if you tell me I got to squash the carbon. I'm happy to do it. I got no problem It we are in such a wicked race with the Chinese. I do not want my children Working for the Chinese government. That's the way I look at it and I'll do everything in my power to make sure that they see That we are very scary in North America and they can't With us. Excuse my French. No, love it Where do you think that the where do you think that the Europe goes here? I think Europe owes what the North American story I think they the trouble is no one has ever had a good experience the Chinese ever right, you know They go into Africa they plunder and steal all the resources the country remains in povers any deal they've done with Europe They've absolutely screwed them by dumping everything in there with their overcapacity They're not good guys. I mean how they've been in the WTO for over 20 years They've never abided by one order They've never let you litigate there. They use the court marijuana courts to bankrupt competitors in the United States, they list on their companies on the Nasdaq and New York and don't comply. I mean, it's like, I mean, enough. You know, it's like crazy. So what does it take? They're not going to change. And I'm talking about the government here, not the people. People are wonderful. I have lots of people that are Chinese descent working for me. They're fantastic. They're very smart. They're really good at what they do. And I love them. So it's just that when the Chinese government tells you, we're going to dominate, we're going to win and we're going to dominate the world. That's our plan. You got to wake up and take them seriously. So I think Europeans tag along as they should. Probably NATO will remain intact. I think the enemy is China with a little fringe taste of Russia. Maybe for all of the bluster that Putin has, it's still a small shitty economy. So it's just, it's only got one asset, gas and oil. I don't know what else you want to give them, but maybe a little space raised stuff, but I would never get in a Russian rocket. Forget that. So it's sort of like, you know, I look at it and say, okay, if the Chinese want to work with the Russian, by the way, the Chinese don't even like the Russians. So it's not like, they don't like anybody. Yeah, they're kind of their own thing. Yeah. I'm kind of eyes wide open, know what's coming and I'll invest that way. And I, you know, when I go to testify next week at the Senate, this is what I'm going to talk about. Fantastic. Well, listen, Kevin, I really appreciate your time and I want to respect it here because I know you gave me a very graces, a good window to chat with you today. Is there anything else you want to leave our audience with? No, I think you've covered it. Go see Marty Supreme. I worked my tail off. Just got nominated for best picture. I'm very proud of that. I'm part of that ensemble and also our ensemble got nominated for SAG Afterward on March 1st. I'm going to be looking from some new clothes for the red carpet. What watches are you, Aaron? Where are you going to wear? Well, I'm going to definitely wear two watches and probably I'm going to go probably Dolce. They've been dressing me lately. I love their crazy chicken stuff. This is a Dolce jacket. They did the whole shark tank thing too. So it's, I'm going to do a lot with them. I'm talking to their representatives today for these awards ceremonies, but I love all that Hollywood crap. I'm hooked. It's fantastic. Well, I heard you did a fantastic job. I haven't seen the movie. I'm looking forward to seeing it. But I heard you did a fantastic job in that. You came off as a total actor like you've been doing your whole life. I've now got three different new scripts offered to me. So it's going to become part of my portfolio. You're going to be the bald business asshole. Listen, I'm telling you right now I'm petitioning. I'm petitioning to be the new villain and bond, the new one. Amazing. Amazing. I have to do it. They're just not evil enough. I will solve the problem. I will execute much better. I'll be the most evil bad bond guy you've ever seen. Love it. Can't wait. All right. Well, thank you very much. Thanks, Kevin. Thank you very much for your time.