Vincent Deluard, director of strategy at INTL FCStone, smells something rotting in the state of California, and this San Francisco native believes it is the carcasses of Silicon Valley unicorns. Deluard gives his boots on the ground view of the Bay Area economy and explains how the failure of the WeWork IPO has catalyzed the downfall of millennial driven companies whose value is tied to neither labor capital, physical capital, nor even intangible capital like patents and IP. He also touches on the role of stock-based compensation in fueling one of the hottest housing markets in the United States. Filmed on October 8, 2019 in New York.