So Spear, dude, this is wild, guys. You

remember I was texting you guys and I

was like, "Hey, I read every single Tik

Tok comment on every single video the

first 72 hours when Wizard of Oz came

out." There were people all around the

world that were like, "I am going to

Vegas to see this show. This is the most

incredible thing ever. This is what

we've been waiting for." And I was like,

"Wait a second. Beer has not had a hit

show." Like that postcards from Earth

was a piece of junk. Well, it's it's a

well done nature film. The same way when

you go to the Omni, you're just going to

watch whatever documentary, but it's not

filling seats. But my concern, you

started sending me these videos from

that were people were taking from their

seats like, oh wow, the tornado and all

this. My concern was when they panned

over, there's a thousand empty seats and

empty seats. I didn't realize they were

only selling that like center section.

And so in the early videos, I was like,

"Well, yeah, it seems cooler than we

thought, but the videos themselves are

showing like a whole bunch of

emptiness." Dave, they're like selling

out every show and almost every single

review are people that are like, "This

is the greatest." So, what was really

unusual about this is that the previews,

like the people that didn't even see it

yet, were basically saying that this is

going to be the worst thing ever

because, you know, they basically cut up

The Wizard of Oz. They ruined a classic

film. They replaced everything with

digital. No, it's amazing. like all of

the behind the scenes stuff I've seen on

what it's actually incredible that they

took something that was shot in the 30s

>> watching the regular Wizard of Oz in

2025. It's not like anybody was going to

see this movie if not for this

production that they did at the sphere.

Okay. So, like I was a little bit

hesitant cuz I was like, "Oh, wait.

People hate this idea. It's

controversial." The second the reviews

started coming in, I was like, "Hold on.

This could be the biggest thing that has

ever happened to the spear in ways that

I don't think anybody is even thinking

about yet. Okay. I went all in on this

trade. I bought a massive amount of call

options.

>> And did you do that just after we we

talked about it? Because I know you

bought some stock right before we talked

about it, which what this box shows the

the 40% gain.

>> I went all in on that Monday, I believe,

uh right after the sphere had uh come

out that Friday. I I think I bought a

bunch on Friday and then I bought a

bunch more on Monday. This is like now

one of my top trades of the year. And

the reason why it's the perfect trade is

it is all this is exactly how social ARB

works. Regular people seeing something

extraordinary that has potential to have

a monstrously big impact on a publicly

traded company. And Spear is basically

just one thing. Now, we know they have

MSG network as well as part of that

company that they're trying to like spin

out and like get rid of, but for the

most part, everyone investing in this

company is essentially investing in the

ability of this one location in Vegas to

generate profit because the better that

this location does, the more likely the

company is to be able to franchise

both big and small versions of this

venue all around the world. Okay, so

this is the biggest thing that you could

ever have happen because it's not a

concert. If you do a concert there,

number one, it's really expensive,

right? Number two, you're very limited

on how often you can show that concert

because you actually have humans that

have to get on stage. Concerts have a

scaling problem that you just can't

duplicate it. Now, you can reuse the

graphics that you did in Vegas and and

do it in London and do it in Abu Dhabi.

You can do that and have a world tour,

>> right? But the artists are going to

perform, you know, maybe three, four

times a week, cops, something like that.

>> But a movie, a movie, you can just hit

replay. But hold on, understand this.

Yes, the concert has like more than

triple the number of people there cuz

they fill every seat, even on the sides.

But people are basically paying the same

amount of money to see a live concert as

they are a 75inut

film. People are paying $250

to $350 per ticket to see a 75 minute

film that can be replicated at an

infinite number of Spheres if they

actually had them. And you could do this

at 2:00 in the afternoon and again at

6:00 and again at 10:00. I mean, you

can't do three, four concerts a day.

It's actually unbelievable. And the fact

that they did this with an old piece of

content that was more or less worthless,

okay? Like they took content that

probably cost them very little in terms

of royalty. I don't know the exact

numbers on the royalty agreement. I'm

trying to get to the bottom of that now.

There are different estimates of it that

that you know, various analysts have.

They basically take a nothing piece of

content, add some AI, add some special

effects, apples dropping from the

ceiling, wind and little piece of paper

flying around during the tornado scene.

They use AI to make it fill the entire

screen, right? And have it be really

sharp. And all of a sudden, they're

generating what? 5,000 tickets at

hundreds of dollars a ticket multiple

times a day. This is extraordinary.

They're going to be running this show

for months and months and months and

months. What's even bigger? I know the

stock has almost doubled here. How much

is the stock up since? Like 30. It's

almost doubled, right?

>> Well, it's it it was up 40% since we

talked about it.

>> Yeah, it's basically doubled. Here's the

greatest part that nobody is really

talking about yet. Yes. This will help

them for the franchisee model that

they've been hoping for and wishing for

that everybody like didn't know if it

was going to actually happen. Are people

gonna actually spend a ton of their own

money to build these spheres all around

the world if there if the business model

is not proven? But now that they have a

proven business model, they can go out

and replicate this every year with a new

film. I'm just going to give you an

example.

>> Yeah, they need to start thinking about

what other nostalgic films

>> I will give you the best one right now.

The best one. And I've spoken to some

other people about this and everybody,

this seems to be the consensus of what

everyone's saying uh in comments on

TikTok. Everybody wants to see Charlie

in the Chocolate Factory done like this.

Okay. Like that is like seems to be the

number one the original.

>> Yeah. Things you can do that are real

visual and sensory, right? And you can

do cool things with especially like some

of the rooms that they go in with the

bubbles and smells and things.

>> Jordan, this is so big. So I think the

model that has been either discussed by

the company or at least analysts talking

about this is that the franchise model I

believe they would get like roughly like

a one-third cut. So you essentially have

all these people spending all the

upfront money, right? They spend all the

money, they build the stuff and they

just send them a copy of this, you know,

Wizard of Oz deal. They start showing it

and they get a third of it. It is such a

profitable model if you can start to

replicate it and if you could replicate

it with content as opposed to just

concerts. And by the way, the concerts

are still huge because Backstreet Boys,

people are paying $4 and $500 a seat to

see Backstreet Boys at the Sphere. Do

you realize how difficult it was for

Backstreet Boys to sell tickets prior to

being in the Sphere? Okay. They took a

band that could barely sell tickets,

stuck them in the Sphere, and for some

odd reason, I have no idea why, but

people are saying it's the greatest show

ever at the Sphere.

>> It's an experience. It's some It's

different. You've never seen the

projections. Like, put any band there.

The Eagles did well there.

>> Dave, they have cracked the code. And

this is all happening. People are so

confused. They're like, "But no one's

going to pay continue to pay that much."

I'm like, have you ever heard of what

people do in Las Vegas? They essentially

go there and they pay $300 $400 a seat

to see circ shows that have been around

for 20 years and they just keep doing it

again and again and again. And it's

probably the cheapest thing you're going

to do in Vegas as opposed to gambling

your money.

>> By the way, I don't want to hear this

about the price because people were

paying three to $6,000 to go see Taylor

Swift. So like if you really want to go

see somebody, like a few hundred bucks

is just what it is now. It seems like

>> if you want to have a towel and a place

to sit at the pool in Vegas, you're

going to be spending hundreds of

dollars.

>> Yes. And the bottom line is people have

nothing to do. They want things that

will kind of hit that dopamine, right?

Everyone has like a higher floor for

what it takes to to to to like get the

dopamine going. And the spear is hitting

our culture, I think, at the perfect

point in time. So people show up in

Vegas and they're like, "What are we

going to do? We want to do something

cool and new. We don't want to see

another CIR show, right? Like we don't

want to just see these random Vegas

shows that have been around forever. The

Spear offers something really unique.

It's the perfect amount of time, 75

minutes. And Jordan, I'm not talking

about the concerts. I'm just talking

about like the Wizard of Oz or whatever

the next one is that they do and the

next one after that and the hundred

after that because they're always going

to take this really cool nostalgic

content that we all all love and they're

going to reinvigorate it in a new way

for the new generation and for people

>> yeah really all you need you just need a

small team of people just thinking and

piling through old content and saying

like what is cool what could we make

really interesting

>> the actual production cost to make the

Wizard of Oz report saying that it was

$80 to $100 million and that likely in

included the rights and production and

enhancement and marketing and

adaptation, all of that stuff. So, $100

million all in to have a production

that's ready to hit repeat.

>> Nothing compared to what they're

generating from this. I was so excited

that looking back, I kind of regret not

going in larger. I went in large, but

this should have been my number one

trade of the year if I was thinking

clearly. We basically have been saying

this for two years. When they first

announced the spear, we're opening it

for the very first time. The outside of

it being so such a visible part of the

landscape in Las Vegas, we knew that it

was going to be a a visual thing that

was going to be shared on social media

when they had something big. Everybody's

going to know about it. And so we just

have to watch for those those shows that

are going to be unbelievable. Like

imagine a Taylor Swift there. That would

be that would be the next trigger point.

I don't know. You know, announcing that

you're going to have like Willy Wonka

come to the sphere is going to be

something that moves the stock up

another 50%.

>> Yeah, I think Taylor Swift might be too

big for the sphere.

>> No, no, Dave. Dave, you got it wrong. We

Taylor Swift is a oneand done. It would

be awesome because it would set the

stage for AAAS artist, but it almost

looks like they don't even need AAA

artists on the

>> The whole story has changed. It's now

about can now now that we have proven

that we can do something in this

location, our high visibility location,

let's let's clone it around the world

>> when you want better margins than you

would get out of like a Taylor Swift

show, right? Because she would demand

such of so much of the ticket price.

Jordan, getting to your point that you

made earlier, Spear has come out, I

think it was in their last earnings

perhaps, and they said that based on the

success of their filmed content, they

might start to transition more of the

showtimes from concerts to film content.

So, that tells you all you need to know.

As a social trader, I have this thesis

now that the first part of it is over.

Everybody knows the Wizard of Oz is a

huge deal. it's going to impact

earnings. If you go on to X, there's a

couple really good I'll call them like,

you know, re I guess retail analysts. A

one of them is a social AR trader that

follows our channel. He DM'd me today.

His name is Paris analyst on X. But

there's another guy that I sent y'all,

Kevin L. Mack, Mak. So Kevin L. Mack has

done a lot of work on Sphere. So, I

would definitely go on X and I would

pull up Kevin L. Mack, Mak, and read

through all of his analyst notes because

he's actually doing a really good job

looking under the covers of how this is

going to impact earnings. He's tracking

uh how many seats are being pre-sold

going into Q4. I don't know that either

of these guys have done a lot of work on

what this meaningfully means for the

next couple years because I actually

think this provides product market fit

that goes out years on Spear. I think

it's a massive gamecher for the entire

company. If they could just get rid of

that MSG network that is nothing but a

distraction and there are rumors that

that might actually happen that would be

a really big deal as well. So, part one

of the social arb trade is over. Uh,

part two is just beginning. I am not

selling my spear. I'm going to

transition from a highly levered call

options position, transition that slowly

into more of a long-term equity position

in Spear. Because every single time I

talked to someone about this, guys, I

were I was around a lot of investors the

past week. I was doing robot stuff and

not I don't think one person I spoke to

knew this was a publicly traded company.

I was like wait a second how does do

people not realize that Spear is a

publicly traded company? Is this like an

unknown thing for a lot of investors?

>> You should be hanging around with this

many people who don't watch your show. I

mean it's clear it's clear.

>> Did you say don't you even know who I am

>> and then storm out of the meeting?

>> The people I was hanging around are

like5 to$25 million check writers each.

So, I don't think they're watching a lot

of our show. Some of them do, actually.

>> You need to get business cards with the

show on it. These are the people who

should be watching us.