Wall Street Is Pumping SpaceX — So Why Is It Falling?

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**Ed** (1:30)
Welcome to Prof G Markets. Scott is off today, but we have got a very, very special guest filling in. Someone who a lot of you guys have been very excited about. The one and only Patrick Boyle is joining us. Patrick, great to see you.

**Patrick Boyle** (1:46)
Hello, thank you for having me on as the fill-in bald guy for the channel.

**Ed** (1:53)
It's funny, last time we had Robert Armstrong, who was the Financial Times Common Data.
Also bald, also very smart, also very insightful. So clearly there's a theme going on here, but we love it. Good to see you. How are you?

**Patrick Boyle** (2:07)
Great, thanks. How are you?

**Ed** (2:08)
I'm doing very well. I'm very glad you're here.
We're recording this before the England game. For the World Cup, which I'm very excited about. But are you supporting anyone in the World Cup? I mean, your accent is Irish. So I have to assume that maybe you wouldn't want England to win. Like, where do you stand on this?

**Patrick Boyle** (2:29)
The way it works in Ireland is that we don't acknowledge sports that we're not good at. So if we were in and doing well, it would be huge. But we just view it as a foreign sport. That's not worth watching.

**Ed** (2:45)
So what are the sports then? It's basically just rugby.

**Patrick Boyle** (2:47)
Rugby is acceptable. But then there's also GAA football, which is better.
We've got hurling. We've got all of our own sports. We don't need your sports.

**Ed** (2:58)
You've got your own things going on. Don't need to participate in all of the popular sports, the sports that matter. But I won't continue down that path. Just for everyone who doesn't know, Patrick is a professor at King's College London and a portfolio manager with more than 20 years of experience. Many of you probably know him from his YouTube channel, Patrick Boyle On Finance. Patrick breaks down these very complex topics in a very simple, understandable way and we just love his insights. He became our favorite person to discuss SpaceX with and we will be discussing it again today.
Just before we get into the show, Patrick, I think a lot of people are dying to know your origin story, how you ended up becoming this superstar YouTuber, but also professor of finance. How did you get into this stuff?

**Patrick Boyle** (3:50)
I was just asked to teach at originally Queen Mary and then King's College.
And I teach the master's in finance students. And then I sort of always liked cameras and things like that. And so I started, students will come to you with questions. They'll say, can you explain that again? And often, I just thought it would be easier to record it and be able to send that to the students.

**Ed** (4:15)
Wow.

**Patrick Boyle** (4:16)
And that then turned into a whole YouTube thing, so.

**Ed** (4:19)
That's very interesting. Yes, Scott often says that history of being a professor was kind of a cheat code because he got to test out his material on his students. And then if the students like it, then he'll take it to the public, then he'll take it to the big leagues and talk about it on TV. Clearly it works. Clearly it's a good system. So let's get into this today. We've got three very interesting stories. We're going to be talking about SpaceX. We'll be talking about what's happening in the crypto markets, something that a lot of people are now calling the Great Rotation. We will be explaining exactly what that means. Then we will be ending with a little breakdown on what is happening in the housing markets. Newsflash, prices are not going down. So let's start with SpaceX.