That's because these guys have spent the last decade positioned for zimbabwe level hyperinflation. You almost couldn't dream up a thesis that turned out to be more wrong. They think the ETF-driven system is set to crash, and then stick about a third of their AUM in a single oil-driven stock, TPL. Add to that their religious belief in bitcoin, a thesis that will never come to pass, and this is the result. On top of that, they take no responsibility for their mistakes and just keep blaming passive investing.
The guys are smooth talkers and that's about it. I say this as someone who made FRMO by-far the largest position in my portfolio a decade ago.