JARED BLIKRE: No, in fact, I have the YFi Interactive hooked up to our presentation here. And I'm going to share our heatmap on cryptocurrencies. This goes back five days. Let's make this seven days.

And we can see Bitcoin now down 21%. Its share has shed over a fifth of its value. So has Ethereum.

And then you take a look at what's happened. Well, poor ApeCoin down at the bottom. I think that was already toast. But FTT, that was supposed to be a stable coin. That's down about 90%, almost 90%. Solana down 56%.

David, you said something interesting that you're kind of being led to believe now that crypto, at least Ethereum and Bitcoin, might have some actual utility here. Might have a purpose. I'm wondering if you didn't think that before, was that keeping you away from investment? Are you more open to it now maybe when the dust settles? Just wondering what you're thinking there as an investor.

DAVID RHOINEY: Well, as an investor, I feel like anything you put your money into, you got to actually understand what's going on. I read the Satoshi whitepaper I think back in like 2010 or 2011. And so the math of it makes sense to me based on my background in applied mathematics. It had a great concept to it.

I talked myself out of doing Bitcoin mining. I've gone down that path several times because I just thought it was interesting. You can pretty much call me an athletic geek right or an athletic nerd. And I like that stuff. So over time, my mentality about cryptocurrency has changed quite a bit because it was something that piqued my curiosity. And then I sort of let it go away.

And then I came back to it obviously during the pandemic when you don't really have a lot extra to do. So you're just looking around at different things. And I was learning as much as I can. So I read a lot of these different coin whitepapers, and really tried to learn the ecosystem because I didn't want to adopt someone else's thinking on the subject.

And at first, I could not really understand from a global standpoint of like, OK, so Bitcoin's here. Everyone's saying it has some value. But what is the value? What is the thing that I get in return?

Obviously, we know it's not a dividend. We know that I'm not looking at fundamentals of Bitcoin. You can't eat it. You can't live under it. So what is the value?

It's not store of value, because we know that it was supposed to be or pitched as an inflation hedge. We know it doesn't work that way. It kind of functions almost like a tech stock in that as soon as people go risk off on their investing assets, Bitcoin sort of crashes, and crypto follows with it. So I didn't really understand that aspect.

Now there's the whole component of the Lightning Network and being able to provide payment transfers and remittances worldwide. I think that does have some utility. I think the underlying function for that, that core function actually provides some utility. And that probably is what provides the value in Bitcoin, in my opinion.

Same thing with Ethereum. Ethereum is something completely different. And I've gone back and forth with it because I look at it, and I go, OK it's more of like a-- think of it as like the AWS, is what it's been described upon. And some days I'm like, yeah, I can see it. Some days I can't. Now I can see it a little bit more of this because even if the coins or the tokens that are built on top of Ethereum, if those don't truly have any utility, well, Ethereum has already proved its use case. Its job is to create other applications on top of it.

So I'm like, OK, now I see the point of it. It is supposed to be the infrastructure that other people can build off of. Given those two things, I'm like, OK, now I can see the use case for those.

The other one that I tend to just pay attention to is Cardano. And again, that is something that I believed in early on because they took a very slow approach. It's mathematically based. It's research based.

But I mean, it hasn't done great at all. And it went up just like the rest of cryptocurrency when everyone was speculating. And it's come crashing down. But I still think that has a potential to actually do something because they focus on developing and emerging markets to provide a payment infrastructure in places that typically have corrupt financial systems. So I do think that will have its day to prove if it's going to be something.

But I was going back and forth between Solana and Cardano. And something about Solana never sat well with me. So I put my money into Cardano.

But I also won't put anything in these risky assets that I'm not afraid to go to zero. And that's like my risk management. It's like giving away money. So once I make that investment, I don't intend to sell anytime soon. So I have to be OK with not getting that money back. And that's how I view cryptocurrency. If you are intending to get a short-term return, a return the next year, then don't put your money in it.

JARED BLIKRE: I think those are very wise words. And I'm really appreciating your perspective of this investment, and also just growing up through the pandemic to a lot of new asset classes. My eyes were peeled back by the meme stock craze. I know you had some opinions about that back in the day.

But I want to share the screen here one more time. I have a number of tweets. I encourage everybody to follow you. It's @FiSurgi, and you go by the name SurgiFi here.

Let's see. Yeah, we can see it on the screen. "A crypto exchange should not be backed by its own token. I think that should be rule number one. I mean, even drug dealers have a rule of not getting high on their own supply."

Clever, and I think very true because we have a system of leverage here. You have all this leverage that's been built into crypto but not a lot of transparency. And now that the lights are shining-- we know it happens in a dark movie theater. When you put the lights on, sometimes you see some creepy crawlies come out at you. And I think that's what we're seeing right now.

And then you ask another question here, which I think is very important, "How many pensions/endowments are hurt by this FTX collapse?" And I'm just wondering what goes through your head? Are you questioning the systemic nature of this? Are you thinking in terms of investors who may have been subjected to this? What's your thinking when you ask questions like this?

DAVID RHOINEY: Look, every time I think about this stuff is who can get hurt, because there are people in the financial system that don't have a voice. For instance, the Ontario Teachers Pension was invested in FTX. Those are everyday people. And how many of them actually know, like the teachers who retire, who are collecting a pension, actually know that their money was tied up in this FTX collapse?

Now, granted, a lot of people have said when people or these funds put money into these investments, it's only a small portion. It doesn't matter. I think we get lost in the fact that this was still a very risky asset or a very risky investment. And they're going to essentially mark their entire investment to zero because they're not getting anything back.

There's moms, pops, your sisters, your brothers, your aunts, your uncles. There are everyday people who get hurt. And I think we forget about it. And people I think in finance who are running big books of business and have lots of AUM, they forget that every day, there's a person that has to live their life. And they can be wiped out by your bad decision making.

JARED BLIKRE: And let's talk about financial literacy. This is something you tweet a lot about, that you have a lot of concerns just in general. I'm not even talking about crypto now, because that's its own animal. But in general, in the United States, we have a rather broken process, as I think you would agree, to financial literacy.

How do you see-- I think we know some of the problems. Maybe you could just spell them out the way you see them and what you see as potential solutions, or at least questions to get us on the right track.

DAVID RHOINEY: Well, financial literacy is an interesting topic. I've tweeted about this. I've went through SSRN and looked for as many papers as I could that talked about financial literacy. One, there's no standard definition of what constitutes financial literacy in the world, let alone in the United States. So given that, we don't know what actually it means to be financial literate. And then we find that there are pockets that are at the lower income threshold economic scale, and then at the higher economic scale, that people just don't understand money.

But I would argue that people like to throw the term financial literacy around not necessarily because they want to fix the system. They want to use that as a talking point as a way to sort of justify what they're doing. The reality is, is there's a whole lot of nothing being done about financial literacy, but there's a lot of people claiming that they're trying to improve financial literacy.

I do think that financial literacy needs to be like an all-encompassing thing where it's your everyday scenarios that, hey, I'm 22 years old. I just got a new job. But I don't know much I'm supposed to be able to spend on an apartment or how much do I need to pay for a car. How do I get a car loan? These things are important.

And for me, there was nobody teaching me how to do this stuff. I just sort of had to learn it along the way. And I made a lot of bad mistakes along the way. And so we have to get to a point in our society that we could teach people how to manage their money correctly.

Now financial literacy is not fixing poverty at all. It's not fixing the fact that people need to make more, and that wages have not improved with inflation over time, have not kept up with inflation. It's not fixing any of that.

And financial literacy doesn't put money in people's pockets. Now it can make you more efficient with your money, but you still have to have money in order to actually start to improve your life. That's just my two cents.

JARED BLIKRE: Let me put something else on the screen here. This is from you. And it says, "You are the world's best return on investment." I can take this a number of ways that I should be investing in myself. What does this mean to you?

DAVID RHOINEY: I mean, the reality is no matter how hard my life has been to get to where I am today, and I had to go through a number of obstacles to get there, there was always someone who said, I'm going to do something for free for him in order to get me through that next hump. it was either time, which time is everyone's greatest asset. So they donated their time. They spent that asset on me. And then in return, my productivity or my accomplishment was their return on investment.

Whether it is investing in yourself, whether that's going to get an additional degree or investing in other people where you have the ability to reach back and actually provide some means and open a door, that's the world's best return on investment. The reality is, you don't know what the person next to you or the person coming after you can accomplish unless you give them the opportunity. So provide yourself that opportunity, as well as provide others that opportunity. And we actually will be better off.

JARED BLIKRE: I really love that. And can we talk about some of those opportunities that you may have been able to benefit from, and some of the incredible adversity that you were able to overcome as a child growing up in poverty? I'll let you fill in details there, please.

DAVID RHOINEY: At the end of the day, I am the kid that moved 1,000 times, basically, in my head, which is close to 30, where we were basically trying to find where my mom could maintain some semblance of work. She went in and out of the hospital, God rest her soul. She died young.

But I honestly think my mom was the most successful person in the world. She raised a son, my older brother who had a great career in the military and is now a network engineer. She raised a doctor who also happened to be a college basketball player and a college track athlete, who also went to a elite institution in the United States Naval Academy.

And we did it from being dirt poor. At one point, we were living in a car. I mean, I remember-- I can still taste right now, if I think about it, the back seat of that car as well as the Burger King that we ate for every meal because it was two-for-one whoppers, and that was the only thing that we could afford. And a whopper was big, and we can cut it up. And we can eat that all day. And you eat these cold, nasty whoppers with stale lettuce, and soggy lettuce, and soggy buns. And I can still get the nausea in my gut because I can still have that visceral feeling.

I will never forget where I came from. I will never forget not having to steal electricity as a kid because we didn't have the lights turned on, or having to light the pilot light every time we could to keep the oven down so we can warm our house up. I remember all of it. I remember sleeping on the floor. I remember all of it. That's never going to go away from me.

We all have our adversity. And I can't be upset with the adversity that I went through because someone had it worse. I just kept realizing that along the way, that I couldn't look back. There was no one coming to save me. And that at every turn, if I failed, that was it for me. I was back to square one.

JARED BLIKRE: And you were able to parlay that by succeeding and also be able to become a robotics surgeon. Can you share with us how that came about, and some of the struggles that you went through, and then how you've emerged on the other side as much more financially stable than I would say you were definitely in your childhood? But how have you been able to leverage that, your career into where you are now?

DAVID RHOINEY: It was accidental because God knows that I wasn't the one-- at every turn, I was trying to talk myself out of doing something. Whether it was going to the Naval Academy, I was trying to talk myself out of doing that. I knew it would help me. But I also knew that I was leaving for good. I was leaving California for good, and I wasn't turning back.

So then I get to the Academy, and then I'm not going to say it was the most rosy welcome because I was a kid that grew up in Compton and Long Beach. And I didn't look like anybody else. I didn't talk like anybody else. And I sure didn't act like anybody else.

And they were more refined than me, whatever you want to call it. And I dealt with a lot of discrimination. And I had to tell them, like, hey, I'm not going anywhere. So then I had to evolve and learn how to survive in that.

And then I made it out of the Academy. And I'm making some money. But it really wasn't anything. And along the way, I had a coach who happened to be a financial advisor for Primerica. And he sort of forced me to come to grips with I didn't understand how to manage money.

And so I'm starting to learn that I could learn things at the Naval Academy. And over time, I just got more and more curious because I wanted to know where that money was going. And then the fire got lit underneath me when my coach was no longer working for Primerica and a great financial crisis happened. And I'm trying to figure out why my money's going down.

And it turns out, I was in a bunch of mutual funds that were closed-ended, and I couldn't put any more money in. So the only things I knew about was compound interest and the rule of 72. So I was like, well, let me just put more money in. And I couldn't.

So then I asked could I talk to a financial advisor. And I basically got my-- they shut the door on me, basically. They turned their back on me saying, hey, you know what? You don't make enough money.

And here I was. I was making more money than my mom ever made in her life. And I was like, that doesn't make any sense to me.

So I asked, well, what's a financial advisor to start with? And they told me who they were. And then I asked, well, what do they read? And so they told me some things. And they told me to start with the prospectus from some of the funds.

And I read it cover to cover. And it was all jargon. I had to-- at the time, I think it was like Ask Jeeves or something crazy, as far as the search engine. But I would search all these terms, and have to look up things constantly.

And I didn't understand any of it. So then slowly but surely, I started teaching myself more, and more, and more. And I'm determined to make sure that nobody else has to do that. And all that adversity basically just sort of let me down a path that, hey, I know that in order to be successful, I have to create something that I didn't have before.

And each step along the way, there was something new that stepped in, whether it was, hey, I got married and we're having another kid. And I'm just like, oh my God, I'm a surgical resident. How the heck am I supposed to afford this? And then that forced me to reevaluate things again.

And so I've just continually tried to improve, continually tried to evolve my understanding. And I never let any adversity get to me. I let myself feel the anger and the emotion of it. And then I move on from it. I say, you know what? I'm going to make a plan and just move on. And that's how I've dealt with all of it.

JARED BLIKRE: That's an amazing attitude and story, as well. What do you want to see out of a financial advisor who's sitting down with somebody who may not be quite as driven as you or be able to spend the time and resources to read the entire prospectus, and try to dig through it, and go through all this self-education?

There should be solutions for this. And maybe there are already. What do you like to see and what would you like to hear from a financial advisor who's sitting down with somebody for the first time who may not have a tremendous amount of money?

DAVID RHOINEY: The first thing is financial advice needs to be more affordable. Financial planning, financial advisement, financial investment advice, whatever you want to call it, it is geared toward Henry's high earners, not rich yet, or your ultra-high net worth, your people who are more well off. And the economics of that industry don't pretend well to people who make less than $80,000.

And if you talk to financial advisors, they're going to say, well, people at the lower end of the economic scale don't really need much. They just need budgeting advice, some generic investment advice. And they feel like it's not worth their time because they need to get paid money.

And I get that. It's a business. But the reality is, is the people who really, truly need the advice are at the lower end of the scale.

At the end of the day, if you have an ultra-high net worth individual, if they lose a little bit of money, it's not going to hurt them. However, if a person at the lower end of the scale puts their money in the wrong investment and they lose $20,000, that might be their life savings. That impact is heavy. And I get it.

What I want to see from the financial industry is more pro bono work. And actually get out there to try and make a difference. Treat everyone like they're your family. Grow up with that person.

I get pitched a lot of stuff on LinkedIn from advisors now trying to gain because they see that it says surgeon next to my name or whatever, and they're trying to find out if I have a financial advisor. The reality is, the time to have worked with me was when I graduated from the Naval Academy and I was just getting started in my career.

But they don't-- a lot of people just don't see that because I don't make them money. And that's the reality. And that's how it is.

Young professionals don't tend to make people money in the financial industry if they're not earning a lot of money. And that's just the reality. There's a lot of people in this country who are locked out of financial advice.

So I would like to see we either make that advice free where they can go learn it themselves-- and there are resources, Investopedia, investor.gov, but they have their own thing. Those same resources don't cater to people who are at the lower end of the scale. They don't find out about it. And that's just the reality.

JARED BLIKRE: Back decades ago, Home Economics more of a thing in school. You would have people not necessarily doing the nuts and bolts of economics, but they'll learn to cook. They'll learn how to balance their budget in the house. I'm thinking the education system probably coming up quite short here, especially with regard to the lower end of the income range here.

What about a reboot on Home Economics in the education system where things like this are addressed, how to set up a brokerage account and how to not get fleeced by the latest crypto craze or whatever, or how to invest prudently for the future, how to set aside money for a family or budget for a family? I'm just wondering if any of this resonates with you.

DAVID RHOINEY: All of it resonates with me because the reality is, is we know in the US, we had the Hour of Code Initiative, so we know these things can be done. We can carve out time to do initiatives that are truly relevant to where we want society to go. If we want people to get better with their money, we need to actually make an effort to teach them.

Teach the teachers. They spend more time with our kids than pretty much a lot of parents, because if you think about it, eight hours in school, and then your kids get home. You get home from work or whatever. You eat dinner. You have a couple of hours, and then you're going to sleep. The bulk of your time during the school year is not spent with your kids during the day. It's the teachers.

Now take an hour and teach them these things. Teach them what taxes are, how does our tax system work. How do you necessarily-- you don't need to necessarily balance a checkbook these days because a lot of people don't write checks.

But how do you budget? What's an index fund? How does the stock market work? And then get away from things like thinking that the stock market game is a way to teach financial literacy. That is not a way to teach people financial literacy. We want to get people away from trading and becoming more of an investor.

Those are things that we can help people out with. Those are things that we can help them understand. There's a lot of concepts out there. What's a mortgage? Why is a mortgage important? What's bonds? What's mutual funds? What's an ETF? These are things that they can start to learn.

And we can start to teach kids financial concepts. It's been shown through the literature that you can start to teach them financial concepts at the age of three. if they're able to learn addition and subtraction, like easy math, they can learn financial concepts.

JARED BLIKRE: It's interesting, you mentioned the checkbook and that we really don't use those anymore. Something to be said by the forward-looking nature that it kind of forced you to do, that that check was going to come due, rather than be subtracted from your account instantaneously, which is what we've been accustomed to. And there just doesn't seem to be that much planning going on.

And I want to use this as segue. I want to show on the screen here, we have David, Dr. Rhoiney, staff surgeon, US Navy. And this is the SEC Roundtable, which you were recently admitted to. And I just want to go scroll up to the top here. This is an investor advisory committee. And I'm just wondering. You joined this several months ago earlier in the year. What has come of this so far?

DAVID RHOINEY: I mean, so far, it's been a huge learning curve for me. I mean, the reality, if you go down the list, I'm the only one who doesn't work in finance on a daily basis or not a lawyer. And so even with my colleagues on the committee, there's a lot of jargon that gets said. So I spend a lot of time looking up things. And so I try and make sure I work hard enough to bring my knowledge level up, like closer to where they are.

But I'm never going to get to the point that they are. I can only hope to bring a different perspective on things because I do have a varied background, and I do see things from a different perspective. I also grew up differently than a lot of people on the committee. So my thing is I want to try and bring the everyday voice and the everyday concern while also bringing an educated point of view that is different from the echo chamber that exists in finance.

JARED BLIKRE: I'm just wondering if you can say at all-- if you can't, don't hesitate to pan the question. But who's at these meetings? Who's listening? And who seems to be paying attention really to what you're saying and what the other members are saying?

DAVID RHOINEY: I mean, when we have a committee meeting, that's in public record. So everyone can hear and read later what was said during the meeting because there's a transcript. The biggest thing is those meetings are open to the public. All the SEC commissioners are there. Their staffs are there. And then you have Chairman Gensler who's there, as well, who's listening in on what happens.

I was lucky that I happened to come across Commissioner Peirce, Hester Peirce before I even was asked to apply to the Investor Advisory Committee. And I just had an offline conversation. So I was able to get some advice from her. And she has encouraged me to make sure that I am bringing a different point of view, that I can sort of bring a different lens to how things go, because I've had this varied background which spans multiple industries. Maybe I can bring a different type of perspective to the committee.

JARED BLIKRE: Well, I would say they need a lot of help right now, especially sorting out-- and I'm going to put crypto aside. I would say just in general, there's a lot to be sorted out in these markets. Sticking with the markets here and given your expertise as a surgeon and all your medical training, I'm wondering if any of that has informed some of your decisions with respect to maybe biotech stocks. And you don't have to name names here, but any technologies or things that you have invested in based on the knowledge and training that you have?

DAVID RHOINEY: Personally, I stay away from biotech. Personally, I stay away from pharma companies, biotech, medical technology. One, the medical technology stuff I stay away from because, as a surgeon, I don't ever want my decision-making to even be questioned whether or not it's biased in why I'm using a product.

So I don't want to have to disclose or anything like that, that even brings up the possibility that I am putting an implant in or anything like that because I'm an investor in a company. I don't ever want to be in that situation because I think patients deserve to have an unbiased opinion. And they need to always know that their surgeon, their doctor is doing the right thing for them at the right time, and utilizing the right implant, tool, whatever. It can't be based on money.

JARED BLIKRE: Integrity.

DAVID RHOINEY: That's one thing. Your integrity has to be without question. The next thing is there are technologies that I am fond of, and there are technologies that I think, we as a whole, I think personally should not go down that path because they're so cutting edge that we don't really know what the true ramifications of what we're doing is going to be. And that's just my personal opinion. But we have to understand medicine is unique and health care is unique in the fact that it takes a long period of time, typically it's about 10 years, before something gets adopted and becomes just starting to get into medical practice.

I'm a robotic surgeon. I utilize the Intuitive da Vinci Xi platform to do a lot of my surgeries. And I think it's phenomenal. But they've been working on that for years. That's been at least two decades worth of iteration.

And so the next company coming up that's going to be the next wave, they've been probably starting on that in the 2010s. And so we won't see them really start to gain any type of market share until like 2025 or 2030 before things really start to change.

And so people always ask me, well, are you invested in Intuitive? The answer is obviously no, I'm not, because I don't want a biased opinion. The other thing is like I don't 100% believe that they're going to be able to maintain their market share going forward.

JARED BLIKRE: I'm wondering with your unique window into the future of medical technology here, what does it look like-- I'm not even talking about from an investment point of view. What do you think medicine, surgery, just the technologies that have evolved, are they going to allow us to do in 5, 10 years that we haven't been able to now, because it seems like we're in the midst of a real explosion of technology, kind of comparable to the way the internet came about about 30 years ago.

DAVID RHOINEY: Well, we're at the point where if you talk about 20 years ago, even at the beginning of when I started training in 2014, where people were more likely to make a bigger incision by small incisions and use cameras. So this trend of using smaller and smaller instruments and being minimally invasive is going to just rapidly take off. And we're still at the beginning of it, in my opinion, because we can make the instruments smaller.

Now durability of those instruments, because they are so rigid, you have to worry about that with the smaller the incision you make. But I think people are going to find ways to improve the optics, improve the instruments being used because those instruments haven't really improved over time. But as we go forward, there's going to be less and less people who want to actually have longer stays in the hospital. So the more minimally invasive surgery or minimally invasive procedure you can offer, people are going to want that.

And we already seen those things occurring in cardiology. We see those things occurring in vascular surgery. We see those things occurring in even heart transplants, kidney transplants. People want the ability to get through these bigger operations with smaller incisions. And I only think that development and that innovation is going to continue.

As we go forward, we know that people are very concerned with aging. The thing in the literature says that aging, you can increase your longevity by caloric restriction. However, people are more concerned with as they get older, they don't want to look older. They don't want to feel older. And they want to live longer.

So I think that is going to be another area where people are really going to put in a lot of investment. And I think that can be a double-edged sword because if you do the wrong things, it can be very harmful. And if we invest in the wrong things, it can be very harmful.

But those are other things that people want. They want the ability to see the multiple generations after them come. And they want to see and sort of stick around this Earth for a longer period of time.

JARED BLIKRE: Yeah, I come from Miami. I lived there for several decades. Grew up there. So I know the quest for anti-aging technologies. And down there, it was typically a scalpel, just because that's all that we've had. Plastic surgery is what I'm talking about.

But yeah, I've got to think that going forward, money is going to win the day, too, because the billionaires, all that money is not good for them once they're dead, obviously. And so prolonging their own lives, I think, would get top billing.

And I think it's underappreciated how powerful that drive is going to be. We talk about the wealth disparity right now. That could only increase as people with more wealth simply don't have to-- are postponing their death and not leaving it to future generations, which is taxed. I think it gives the opportunity to really hoard a lot of wealth. And that's probably on the back burner, at least in my mind, as well.

All right, that's my little soliloquy there. But I want to branch out into some other spaces where you're doing some deep thinking, and also in health care, just because you work in health here. Let's do this right now. Lots of things broken. It's been a hot mess in this country for a long time. Are we on the right track? Where are areas where we could improve just in general?

DAVID RHOINEY: I mean, I could spend a full day talking about things that--

JARED BLIKRE: It's very general. And just one or two examples maybe. Your pet peeves.

DAVID RHOINEY: Right now, we have a consolidation of health care. Health care is massively inefficient between-- you have insurance companies which are incentivized not to pay out the first time around because these days-- and I mean, Warren Buffett loves insurance companies because they have float. They get up front.

JARED BLIKRE: Underappreciated, . Yes

DAVID RHOINEY: It's completely underappreciated in the insurance industry on how much money these companies actually make. We know that over the grand scheme of things, the way it works is that the healthiest tend to subsidize people who need to go to the hospital more and utilize the system more. But that float is a big driver of insurance company profit because they can go and leverage that float up.

They can invest it, things of that sort. And they can gain a return on it. And all it is, is basically being able to make money on top of money. So there's that aspect.

And then have the hospital aspect, which is getting more and more complex and more and more specialized. And I call it the hospital industrial complex where it's becoming more big business. And you have these consolidations of health care, where it used to have a lot of price like competition, but now that more and more health care institutions are becoming vertically integrated where they own the pre-hospital stay, the hospital stay, the post-hospital stay, that entire spectrum, in addition to the insurance company, the medical school, all the training pipelines, they control their pricing.

And eventually, they're going to get to the point where they're going to say, well, you know what? Why do I need to worry about an insurance company? I'll offer you my own insurance plan.

And we see this as happening at UMPC, Kaiser Permanente. These big institutions are saying, I'll go buy basically the entire area. And they become essentially monopolies in certain areas of the country. And there's no competition to it.

Not only that, is they're consolidating their efforts to decrease the amount of money that they're spending. And they're leaving rural America in the dust. And so health care has got to have a reckoning at some point.

We've gotten to the point where the technology, it's hard to really debate on whether or not you can have a new electronic health record company come in because it's so prohibitive, the bigger these hospital systems get, on actually making a change in their EHR. Epic Systems, Cerner Corporation, these companies have a large lion's share of roughly over 2/3 of the EHR offerings in the country.

But you can't switch. It's going to be impossible for a large hospital system to basically say, on Monday, we're going to be Epic; the next day we're going to be Cerner. It's impossible for that to occur because the friction and the hurdle that you have to get over is too great of a charge for them to do it. Not only that, you have to do training.

There's a lot of aspects that health care has essentially become so big that it's going to start to stumble on itself. And some things have to change.

JARED BLIKRE: Do you see disruption-- well, OK, so it's going to stumble. Disruption putatively would be on the horizon. What does that look like?

DAVID RHOINEY: I mean, it's just like finance. It has to unbundle. It bundled up so much that eventually patients are going to get pissed off and say, you know what? I'm going to want a piecemeal service just so I can afford this. we've bundled health care so much--

JARED BLIKRE: Ala carte becomes more expensive. That's so ironic.

DAVID RHOINEY: Yeah, I mean, think about it. It's already starting to happen. We have urgent cares that have blown, completely gone out of the water as far as how many have popped up. I mean, in certain areas, you can probably find at least five urgent cares within a five-mile radius. That's insane.

Urgent care is essentially just a fast track, meaning you're not really sick enough to be in a full ER, but you need some help. And you can go home the same day, is what they believe, based upon the triage. And they unbundled that.

The same thing with you have ambulatory surgical centers, which unbundled the need to have someone take up a full resource of a hospital. Or you have a 23-hour ER, which can provide a short hospital-like stay where you're just being observed for 23 hours. It's going to continue to unbundle in the most profitable areas where people are using it the most.

Majority of ERs are not necessarily getting people admitted. It's literally a lot of people in this country use the ER as a primary care-type service. So if you unbundle that aspect, you're gaining a lot of patients right off the bat because they just need onesie twosies-type thing. Medication refills-- hey, I have a cold and it's been seven days. Can you prescribe me some antibiotics? Hey, I cut my hand. I just need a couple of sutures.

And they don't need the markup associated with the hospital. It's more affordable. And you're going to continually see this.

And so the hospital is going to have to make a choice. Well, if more and more people don't want to pay the full price of being admitted to the hospital for small things, then guess what? We're going to have to encourage you to get this done as an outpatient. And then the people who are going to be in the hospital are truly going to be sick.

JARED BLIKRE: You've got to imagine there's tons of barriers, regulatory and whatnot, in order to effect any change here. But just point to Uber. They broke the New York Taxi Medallion monopoly, and got their foot in the door in a lot of other places. All of that just being in the right place, at the right time, with the right interest rate level, which maybe we don't have anymore. Cheap money kind of out the door.

We've got a few minutes left here. We haven't talked about Elon much, so I want to put this tweet of yours on the screen here. "Anyone know what happened to the Cybertruck?" Just in general, anything on Elon you want to add to this, now the CEO of Twitter?

DAVID RHOINEY: It's funny, like 5, 10 years ago, I was a huge, giant Elon Musk fan because here's a guy who is a visionary, who pushes far forward. He doesn't take no for an answer. If he sees something in his head, he tries to figure out how to create it. I love that aspect of who Elon Musk is.

Who he is today, the billionaire Elon Musk, I'm not a fan of because what I've noticed over time is he overpromises and under-delivers. I also think that he has become Icarus where he flies too close to the sun. And he's at a point where like he legitimately could like blow up most of his money.

JARED BLIKRE: Or melt.

DAVID RHOINEY: Or completely melt. I mean, how do you focus on-- Tesla has only made four different models, and five if you count the Roadster, that they've had on the road for mass production. I drive a Tesla. And I can tell you right now, the quality of it, even-- I drive a Model Y, and the quality of it isn't where you expect that price point to be.

And I don't think he's paid attention enough to realize that he hasn't 100% nailed in his product before he moves on to something else. The Cybertruck was promised years ago. Same thing, he's delivered late every single time.

And people let him get away with it because he's, quote/unquote, "Elon Musk." He lands rockets back on the Earth, which I think is phenomenal. I think SpaceX is amazing. He can get away with stuff because he's, quote/unquote, "Elon Musk." I mean the Boring Company was supposed to build these hyperloops and all these other things.

JARED BLIKRE: And a flamethrower.

DAVID RHOINEY: And a flame-- where are these products? The people forget the government subsidized Tesla. He was going to go bankrupt several times. And he just sort of made it out by the skin of his teeth. And people have basically put him on a golden pedestal like he can do no wrong.

And now he owns Twitter. And Twitter has been a disaster for the last week since he's taken over, like absolute disaster. Let's not even-- I spend a lot of time on that app. It is an absolute dumpster fire right now.

And he basically has a bunch of people around him who are telling him he can do no wrong. And they're all yes men. They're going to tell him exactly what he needs to hear. But he may not-- he needs someone around him-- I honestly don't think he has people around him who can disagree with him.

And that's where I think he is. And I wish he would get back to the Elon Musk that wants to actually fix things as opposed to doing these things where he's trolling people. And honestly, it looks like he just punches down the entire time.

JARED BLIKRE: Yeah, I mean, you watch the interviews-- I've watched the interviews with him where he's extremely thoughtful and responsive. And it's a completely different character than what I might see on Twitter. And I just got to leave that topic there.

As usual, I have a million follow-up questions, but I want to pivot to one more thing, your family and a new addition to your home, if we can call that up on the YFi Interactive one more time. And this would be your big boy right there, a little terrorist, right?

DAVID RHOINEY: Yeah, a matter of fact, he got into the mud today and just-- Oh my God, he's a joy.

JARED BLIKRE: A Jackson Pollock?

DAVID RHOINEY: Definitely a Jackson Pollock today. And not with paint. I can tell you that right now. It was not what I was expecting to wake up to.

JARED BLIKRE: And your family, in general, I mean, we do all of these things, we try to make money to enjoy our lives and for our families. How have you been able to give back to your children, considering what you've been through and some of the life lessons that you've learned which have been admittedly very difficult?

DAVID RHOINEY: I try and show them that they can create and they can be whoever they want to be. Me and my wife, we talk about this. Now that they see me as a surgeon, they see all the things I do. That's just normal to them now. And so all I do is raise the floor of the expectations on what they should be.

I played college basketball. I ran track. Those are just normal things to them, so they're like, it's not a big deal to go do those things because my dad already did it. And I know I'm going to be better than my dad. So it's easy for me to do.

And I also want them to know the value of hard work, which is tough. And I have to instill in them stuff that I didn't necessarily get along the way because they are going to grow up differently. I was forced to learn those things. I was forced to be in those situations. And life made me go that direction. And so I have to be conscious about what I teach them to make sure that they understand why they're doing things, why they need to work hard each day in order to get to where they need to be.

JARED BLIKRE: We have to leave things there. I really appreciate your time here. And I can't wait to get you on our live shows just for a brief interview. Maybe we're going to be talking-- who knows what we're going to be talking about because the news gives us that gift every day.

Dr. David Rhoiney, surgeon, entrepreneur, financial literacy enthusiast, really appreciate you coming in here today. And thank you to all the viewers for their love for this program and for Yahoo Finance, as well. We're going to see you on Twitter and also YahooFinance.com.

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