Transcript
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Good morning, everybody. It's Sunday
morning, eight o'clock right here, seven
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ninety K and st. This is
Dean Greenberg bringing you the Money Matter Show.
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We'll all be here today to talk
to you about your money and how
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it's being affected by these markets.
You know, we've got a political thing
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going on called an election coming up, and we had all these proposals coming
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out from one side and the other. It's interesting, it's interesting how they
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want you to start seeing where they're
thinking. The one thing you can probably
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count on is that most of the
stuff they're talking about they're going to try
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to implement. But the only way
that gets done, let's face it,
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guys, is if someone controls the
White House, the Senate, and the
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House, especially if it's the Democrats, they go in lockstep. Republicans don't
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do that. We had that opportunity
once and we couldn't even get through the
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healthcare plan. We need to come
together, we need to understand what compromise
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really means, and we cannot look
so fragmented, and we got to go
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more towards the center for us to
win this election and understand what it's going
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to take. And it's very important
from an economic standpoint. What your own
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beliefs are are great, stick by
them, but understand that if there's a
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complete opposite of the other side,
if we do not compromise within ourselves to
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get our people elected and they do, then we're not gonna be able to
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do anything. And I'm very concerned
on the one thing, you know.
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I know there's a lot of social
issues, and there's abortion issues, and
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there's all that other stuff. I
care about the economics of what's going to
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happen if Biden gets in versus Trump, if they win the House and the
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Senate and the White House, you're
going to see taxes go higher. They
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always talk about they'll never raise taxes
and they won't do things like that.
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It's so obvious to me. If
they do nothing, taxes go up.
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Because the Trump tax cut expires,
and if it doesn't go ahead and get
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extended or permanentized, we see a
bump in all in our tax brackets.
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The for small businesses goes away,
the credit. We see our estate taxes
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the maximum come way down and could
even come down to a million dollars.
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We see Biden's proposals coming out here
to get rid of capital gains basically and
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makes and and you pay for it
at your tax bracket, which could be
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up to forty six percent one of
those tax when the when the Trump tax
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cuts sunset, a lot of things
we got to talk about about that.
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You know, one thing I can
tell you is that these markets are volatile
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and they will stay volatile. But
that doesn't mean you come out of it.
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That doesn't mean you take your growth
money and you just move it over
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to all annuities right now. Because
of the way they advertise and say,
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you know your markets, you can
go into annuity, they grow for your
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tax deferred, you don't have to
pay taxes on until you take the money
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out, and you can't lose anything. Any insurance company guarantees them at the
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end of the day. What you
have to look at and have common sense
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is reduce your volatility by your allocation. If you want some annuities because of
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that, that's fine, but do
it because you want down the road to
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get a guaranteed cash flow out of
that. But they're so complicated that you
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better understand and ask a lot of
questions because there's so many of them and
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you've got to find the right one
for you. But I see over and
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over and over and over again between
social media and commercials on people talking in
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a roundabout way, and don't never
mention the name annuities. Well, wouldn't
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you like to have a guaranteed income
payment cash flow to you same check,
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just like a pension for the rest
of your lives. Well, you do,
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but you don't know. They're always
talking about the annuities. And when
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the markets go down, you see
these commercials and their social media marketing increase
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because they want to go ahead and
feed off your fear. If you're an
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investor and been around for a long
time, you know that fear is only
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stressed when the markets go down.
But it's also on the other side when
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the markets are doing ten or fifteen
percent and you're sitting there making two or
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three percent, you're not happy.
So there has to be a compromise on
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how you do your portfolios and allocation. You need some safe money, absolutely,
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but in today's world you can get
almost five percent on two year treasuries.
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You can go out of little further
and get four and a half percent.
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That's about what you're going to get
in most of these fias with all
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the fees out of part of it
if you're not using it for going ahead
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and growing it and getting a guaranteed
income down the road five years, seven
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years, ten years, and they
will always guarantee you that payment no matter.
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Even if you run out of money
in there, then that's different.
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But you are giving up capital,
possibility to lose capital and not have that
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capital there. But if that income
stream is what you need and that's how
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you feel income gaps, it's fine. And interest rates will one day come
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down, and that affects these annuities. They don't tell you that. They
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don't tell you, oh, yeah, you're gonna get you know whatever right
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now, five percent, six percent, seven percent whatever. Then injured they
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come down whatever index you're in,
they can lower that weight arbitrarily because interest
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rates that came down, and it's
legal for them to do it, which
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is what we found. What happened
is when we bought annuities in twenty nineteen
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and interest rates came all the way
back down in twenty twenty because of the
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pandemic, all the insurance companies lowered
how much they could pay out. So
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even if you were concerned about the
markets coming down, and the markets did
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come down, you were in the
same benefit because when it turned back up,
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you didn't get the benefit of that
until maybe now when rates have gone
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higher. So remember all those things
when you get involved. And the only
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reason I bring that up is I
see more and more commercials and marketing and
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social media adds about this but not
saying annuities. They're talking about, you
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know, being able to have tax
free income and everything else. And lurps
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are a big thing. Remember always
asked the question how much is your advisor
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getting paid when they do those lurps? Annuities upfront commissions are big. If
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it's a trail, then you know
they're going to be involved with you for
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a while, not just sell you
a product and you're done. But if
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you're getting in, if they're getting
an income stream off of it, and
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they're they're the way they get paid
is like a fee base over time.
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They're on the same side as the
table as you. But if you're putting
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in five hundred thousand and they're getting
thirty thirty five thousand dollars commission, what
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incentive do they have to continue a
relationship with you, especially that's pretty much
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all investible money, which you should
never do either. These are just things
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to think about. All right,
this is the Money Might of Show and
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it's brought to you by Greenberg Financial
Group. Greenberg Financial Group is both the
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registered investment advisory and he broke a
dealer registered with the SEC, members of
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fin and members of CIPIK. On
the show, we talk about different products,
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different strategies, and we all have
different ideas. We discussed and we
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talk about them. Everything has a
risk. You understand the risk. You
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have to understand the risks of investing. Okay, you cannot be that person
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that everything goes right, something doesn't
work out and you blame somebody else.
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I didn't understand, I didn't do
this. Yes, that's why we're trying
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to tell you about the product upfront. When you're in a long term product,
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that's what's going to go ahead and
do it. It's there's a difference
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between managing your money and buying a
product, buying a commission product versus paying
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an advisory fee. And your advisor
is on the same side as the table
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as you. They only buy and
sell things in order to try to make
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your portfolio go up. They want
to mitigate risk for you to not lose
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too much when the market go down. And be in position to buy when
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the markets go up. Financial advisors
slash money managers. That's what we do.
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We're both. We put a financial
plan together. We get to know
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you, We talk to you.
I want to know what you want to
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do in life, What do you
want to do if you're retiring, What
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makes you happy? What makes you
put a little pep in that step.
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Okay, then we can really design
how you much money you're gonna want to
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need and spend and stuff. It's
not just a numbers game with us.
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It's a conversation. It's a relationship, and things change. Relationships change,
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and we manage the money according to
your desires, needs and goals. That
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does not mean we're perfect, does
not mean we don't lose some money at
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times. It means the portfolio is
allocated according to the risk analysis about what
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you basically can handle or not handle, and of course nobody can handle it
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when it goes down and everybody needs
more risk when the markets go up.
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I get that. We walk you
through it. This has been a good
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week. The market's bounced back nicely. The SMP was up two point seven
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percent, the Nasdaq was up four
point two percent. Now for the year,
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the Nasdaq is up six percent,
the S and P is up seven
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percent, and the Dow's up one
and a half percent. Interestingly, the
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RSP, which is the equal weighted
S and P five hundred, is only
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up two point nine percent, so
it's basically only fifty percent again because Nazak
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had such a good move back up
this week, being up over four percent.
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Those big tech stocks had good earnings
this week. It drove those prices
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up. After Meta came out with
less than static revenue guidance, which brought
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that stock down fifteen percent. The
Microsoft came out with great earnings. Google
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came out with great earnings. They
talked about the future of AI, they
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talked about the future of cloud,
and boom, those stocks took off and
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then again on Friday they all fell
behind. They all came back in the
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video obviously got a lot of attention
from falling all the way into the seven
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forty seven to fifty range, and
they rallied back almost one hundred and somewhat
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points from that point. They probably
can get back up into the nine nine
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to fifty to one thousand range again
where it was when their earnings come out.
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Na Vidia, you know you gotta, you gotta. It's a risk
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man because where it is, will
they will they look at the earnings and
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say, hey, this is great. Will the stock move up into the
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earnings and go further? Will the
stock drop back after the earth? You
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know the earnings are going to be
good, but will they be good enough
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to drive the price back through that
thousand level? I have no idea.
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I know this the stocks trading between
seven fifty and eight hundred and the upside
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nine to fifty and one thousand on
the upside. So what do you do?
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You keep your core position in your
trade around it. It gets up
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in the nines, nine to fifty
thousand, rains takes them off the table,
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he goes hire. You still have
a nice position. Then if it
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comes back down, it's a great
company around eight one hundred or lower.
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Buy back a little bit. That's
how over time you're making sure you're selling
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things as they're going higher, and
you're buying quality when it's coming back there.
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Look at the rangers. If you
don't know how to do that,
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you know how to trade, that's
fine, don't do it. Just put
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an order into to buy everyone it's
on their eight hundred and then put by
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a sell auto when it goes over
nine fifty or nine hundred, whatever,
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just put them in a hall and
don't watch it, don't worry about it,
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but get to buy first before you
get to sell. Of course,
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economic numbers this week GDP for the
first quarter one not so good, one
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point six, lowest it's been in
a couple of years. So what's going
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on? I thought we had such
a great economy. I thought Biden was
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doing so great. Biden is the
one that's making this. Let's go go
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go right. They were expecting two
and a half. What happened, Well,
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guess what happens. Everything isn't where
you think it is. We told
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you that we have inflation. It
is real. It is starting to hurt
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our economy. Sure, revenues are
more because we all have to pay for
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more, but the bottom line in
a lot of these companies are not growing
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as much. The economy is not
growing like you want it to be.
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But if you just listen to the
Biden train, they're telling you how great
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the market is, how great inflation's
coming down, how great the prices are
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coming down, How gasoline prices have
come down, how oil prices have come
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down. You know, it's amazing
that they take the American people as being
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so ill informed and they just put
stuff out there and people believe it.
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You know. They blame Trump for
the economy when we hit the pandemic,
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and they credit Biden for bringing the
economy back. A monkey sitting in the
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White House doing nothing would have been
able to bring this economy back. It
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took him so long to bring it
back. We had nothing going on,
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and everybody says, how great a
job he did. Unemployment so far,
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well, unemployment is down because those
numbers are skewed. They don't count everybody.
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They don't count people that took themselves
out of the workforce. If you
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take all that, you're up to
about eight percent. All the people not
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working that are legally able to work, you're about eight percent. The unemployment
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number they use, Yes it's not
under four percent. Jobs are filled with
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illegal immigrants. No one's doing anything
about that anymore. They want him to
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work, but they don't want to
work. Our people don't want to work.
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The work ethic has gone to hell. So what do we do.
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We just keep giving out money.
But what's amazing to me this past week
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or so is how we came up
with ninety billion dollars to give to countries
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that are at war to support them, and we can't find enough money or
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come up with an idea of how
to stop the border. We don't need
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a solution on the border right now. This is what people don't understand.
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They never get together, they never
talk about anything. Okay, so that
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will take some time. But what
you can do is shut down the border.
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Say no more until we come up
with a solution on what to do
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with the millions and tens of millions
of people that are already here. No
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more. I am not paying anymore
for people coming here illegally. You want
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to come to the United States,
come legally, Which brings me to my
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next point. And I've said this
forever. If you don't like America,
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get the heck out of here.
Get out of here, Go back to
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your so called country that you had
to escape from because it was so bad.
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But you come here. Death to
America, genocide the Jews, and
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you protest on our campuses, many
of them that US using state taxes from
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our people to pay for those schools. Think about that, if you're a
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foreigner and you're here on a visa, going to our schools, and you're
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doing anything against America, American beliefs
and what we're doing. Take their ability
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to be here away. They're instigating
something they don't even understand. Tell them
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they are no longer welcome at our
colleges, Put them on a plane,
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and send them home. They don't
have the right to come here and talk
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about how bad America is when we're
footing the bill. I don't want them
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going ahead and talking about terrorist groups
around the world and supporting them over our
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allies. And I'm going to stand
strong on this one. And if you
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want to argue with me, I
tell people, go ahead. You tell
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me one reason it's okay for somebody, especially somebody that is here as our
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guest, to be able to talk
bad about where we are, who we
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are, and not have to go
back home. Think about this. Think
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about somebody coming to your house.
You invite them to your house, and
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all they do is talk bad about
you, your family, your friends,
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your environment. How long do you
think that they would stay in that house
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as you feed them and give them
drinks and food and dessert and conversation and
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introduce them to the people that you
love. How long would they last in
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your house. I know my house. They'd be out of there very quick
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and and and never welcome back.
Why isn't our country the same way?
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Why aren't our schools the same way? Why relating allowing people to be going
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ahead and talking about Hamas in such
a way that they value them. You
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know why we don't have a cease
fire because the hostages are probably very few
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left. Twice Hamas has turned down
to cease fire because the hostages are not
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there, they're no longer on this
earth. But the media won't do anything
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to find out more about that.
They just want to go ahead and go
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ahead and go look at that Israel
is genociding Palestinians. They are not.
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They are going after the terrorists,
which is a terrorist group of Hamas.
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And do not ever, ever,
ever tell me it's okay to support a
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terrorist group like Amas. Not in
my lifetime, none of my kids' lifetime,
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not of people I know. But
people are so uneducated to what's going
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on. They are spewing things that
are not true. And you and I
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both know that the majority of the
people that are starting to instigate are paid
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protesters from outside these way left groups
that come in the same colored tents,
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the same the same chance, the
same things, and they put it out
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to liberal media. I'm sick of
it. I'm ready. I it's time
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for us to say no more,
no more, because if we can get
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rid of it. I can't believe
this is the way we're thinking that it's
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okay to do this. If anyone
says, oh, they're only protesting gets
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free speech, it's not free speech. And how do you think the people
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of the inner cities feel that we're
paying given so much money, education,
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food, shelter to the illegal immigrants
coming to their cities, and they're living
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in poverty. Are you kidding me? They have a better chance, and
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they go ahead and fly to Mexico
and get the cartel to bring them across
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the border and figure out a way
they'll get better, better support than we're
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given to them. Now, it's
not fair. They talk about fairness,
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fairness, fairness. I want that
fair share, I want this, I
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want that. It's so so gone. It's not fair. And anyone with
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common sense knows it's not fair.
Anybody, even left and right. No,
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it's not fair. They want the
border shut down. They want these
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wards finished. They don't want to
keep giving money to these things. If
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we're not going to finish the war
and everyone's got to chip in, it
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not cannot just be the United States
of America. It's going to affect our
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economy because we cannot afford it anymore. We'll be back. It's the Money
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Matter Show. Thank you so much
for listening. Welcome back everybody. It
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is the Money Matter Show Sunday morning. Right here. We got Dave,
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we got Todd, and we got
Sebastian today. Woo. Good week.
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What's an interesting deal? The worst
week in five months a week ago,
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and this past week the best week
in five months. And when we went
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down, we can't right back to
where we were. I got a question
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for you guys. Is the market
running n Video or is it Nvidia running
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the market? I tell you,
after the earnings I make twenty second because
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of the I mean, you know
obviously what I see in the video right
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now. When it comes to the
text stocks, it's the safe haven.
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Like people want to be in the
tex stocks. So they come out of
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probably Meta the other day when it
got killed, all right, reduce their
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positions there because they figured it's going
to take some time, and they piled
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into the video. Try to get
it all back, feeling that it's gonna
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that the video is going to run
into the into their runings. Right.
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But a safe haven that went down
one hundred points in one day, there
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is no safe haven didn't come on. They're not safe havens unless you bought
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them at fifty bucks. Hunt.
But it is interesting. If and video
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is selling off big, the market's
going to go down. Yeah. If
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N video is rallying big, the
market's going to go up. So what
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do you think DoD is in video
running the market off the market? Dame?
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I've seen the video up on days
that the market is down, not
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recently, not within the last week
or ten days. Well, yeah,
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But I think what Dean is saying
is in terms of what are you saying
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over the last week or what do
you yeah, yeah, over the yeah,
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over the last two weeks. It
seems like the market's following and video.
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Yeah. I guess you could make
a case in any short period that
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a stock could have a lot of
influence on the overall market. I could
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see that that's stocking that stock in
particular. Yeah. See, I disagree.
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I think what happens the market falls, people are panicking out. They
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have such big gains in the video. They don't want to give it back
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as it's going down, so they
get it and they say I'll get back
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in. I mean based on their
earnings and the videos should be higher,
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right, I mean, we've not
an expensive stock. We've talked about that.
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How it's not a shocking which is
shocking, right, considering how fast
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it's moved, But as fast as
the stock has moved, their earnings have
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moved even faster, right, And
so I mean we should probably be pricing
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and further growth for an video stock, but the market's not. I really
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thought it when it closed. We
talked I think last week, thought about
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that closing that gap in the chart
around seven to eighty, and there was
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another gap under seven hundred. We
thought that would be a really great place
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to be buying. Never got a
chance to do that, did we.
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There's a lot of stocks that were
we thought those gaps are going to get
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filled last this week, and they
did it because they just bounced right back
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up. So it's a weird time
now where it's it's hard to go right
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back into them because it's not that
attractive either. And the ear needs were
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forts were for the most part,
better than expected. But if they weren't,
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watch out. Okay, So here's
my question to you. On the
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average, how many times did we
go down ten percent in a year on
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a day, no, no decline
on average? How many times a year?
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Twice? Yeah, twice, that's
right, five percent, four times
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five percent would be four or five
times? Yeah, four or five times.
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Okay, so that's exactly it.
That's twice. Now we've been down
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five percent. One time, we've
been down ten percent so far. Right,
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Well, we got so used to, you know, when they were
315
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lowering interest rates that the markets didn't
really fall that much. Then we had
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a nice period of time that we
didn't go down more than two and a
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half percent here for like five months, right once something like that. And
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now all of a sudden we declined
and people get scared and the professional come
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in and buy, and we've had
a chance over the last few days for
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the market to sell off. We
broke below five thousand, no reason on
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Monday morning that the market had to
be up. There was no particular news,
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but it started off up and then
of course that gained momentum on Tuesday.
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Yeah. And also if you look
at history, so we got crowded.
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Then we got hurt that we badly
well, not till Thursday. Though,
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not till Thursday. It was up
Monday, Tuesday, and Wednesday.
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Yeah, the history of the S
and p's performance in an election year is
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the first three months are skyrocketed.
Then you see this like kind of leveling
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out, plateauing through the summer months, and then it gets folatile again at
329
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the end of the year, the
election. It feels just based on the
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00:28:41.880 --> 00:28:47.279
action over the last two weeks,
the market feels like it wants to go
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higher. I agree with that.
To me, I think we're going to
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get a new all time high before
too long. Here. It does seem
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like we're getting into this choppiness where
we have numbers on both sides where people
334
00:28:57.400 --> 00:29:02.319
can react to them in you know, whatever way they want to. And
335
00:29:02.359 --> 00:29:04.960
so with that, I think we
will have increased volatility and maybe not too
336
00:29:06.000 --> 00:29:10.359
much new all time highs, more
so just touching new time highs coming back
337
00:29:10.359 --> 00:29:12.880
down touch like you know, the
gyrations of it. Well, we got
338
00:29:14.000 --> 00:29:15.440
to go up three percent, right
for all time highs. Yeah, I
339
00:29:15.440 --> 00:29:18.200
think the thing is straight. Yeah, No, you're right, Dean,
340
00:29:18.240 --> 00:29:21.440
And I think I think it started
us off on Monday, and a better
341
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note was over the weekend, tensions
in the Middle East kind of quieted down.
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You're not hearing much out of it
right now, yeah, which goes
343
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back to my theory that it was
all a set up anyway. I mean,
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I don't to go get the money
to pass Congress to get to Israel
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and Ukraine. Okay, okay,
because think about it, they go ahead
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and send over these I don't know
drones, the bomb Israel that costs thousands
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00:29:45.000 --> 00:29:49.920
of dollars. Israel spends millions of
dollars on defending themselves, which they have
348
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to do with their iron dome.
Sure, okay, that goes then we
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00:29:55.640 --> 00:30:00.519
then Israel sends over missiles and stuff
that costs lots of money. Right.
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They don't hit anything, Okay,
maybe the little thing here, a little
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thing there. Nothing, nobody can't
killed, Civilians don't get killed. A
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00:30:07.240 --> 00:30:11.000
lot of media, a lot of
talk, and all of a sudden we
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passed the bills. Yeah. Well
that was a message Israel sent to Iran
354
00:30:14.720 --> 00:30:18.119
because they set those missiles all around
their nuclear power plant and saying, if
355
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you want that plant to go be
gone. I get it dated up.
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00:30:21.160 --> 00:30:26.160
But what I'm saying is it's what
side of we on are tooth? You're
357
00:30:26.160 --> 00:30:29.359
talking about the ninety billion dollars deal. Yes, and then they passed a
358
00:30:29.400 --> 00:30:32.039
bill to give VI Israel money in
Ukraine. And on top of that,
359
00:30:32.160 --> 00:30:36.359
they snuck in what other TikTok No
Taiwan? Oh, yeah, Taiwan.
360
00:30:36.880 --> 00:30:40.960
They snuck Taiwan. And so that
came kind of out of nowhere, interesting
361
00:30:41.079 --> 00:30:42.319
enough. I mean, when you
don't have any money, you might as
362
00:30:42.359 --> 00:30:45.200
well just give it to everybody.
Right, we don't have any anyway,
363
00:30:45.279 --> 00:30:48.759
so right, let's just keep keep
sending it out. But you don't find
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00:30:48.799 --> 00:30:53.000
it's interesting that that happened like a
week before they voted on the giving more
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money. I can't, I think
differently, No, No, I can't.
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00:30:59.759 --> 00:31:00.400
I'm arguing with you. Oh I
thought you were. No, I
367
00:31:00.400 --> 00:31:03.720
said, I can't argue that there's
a cause and effect. It is odd,
368
00:31:04.160 --> 00:31:10.359
an odd coincidence. And did Congress
then see this thing heating up and
369
00:31:10.400 --> 00:31:15.599
decide to do something about it or
was that all or did our government go
370
00:31:15.640 --> 00:31:18.440
ahead and say, we'll give you
an excuse to be able to support your
371
00:31:18.519 --> 00:31:21.359
voting for this. The only the
only, the only problem with that theory
372
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is that that would somehow Iran was
in cahoots with Israel by shooting No,
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no, they had to shoot theirs
first. No no, no, I
374
00:31:30.799 --> 00:31:33.759
Ran as in cahoots with the United
States. Who allows them to still have
375
00:31:33.839 --> 00:31:37.839
the billions of dollars of cash level
that the United States asks I Ran to
376
00:31:37.880 --> 00:31:42.000
send all those missiles over in a
certain region. Don't be surprised that wouldn't
377
00:31:42.000 --> 00:31:45.279
be an issue. You know,
April is traditionally one of the better months
378
00:31:45.279 --> 00:31:49.359
of the year for the market,
and it has been a rough year so
379
00:31:49.480 --> 00:31:52.039
far. A rough month so far, Dean, it was, although the
380
00:31:52.160 --> 00:31:56.200
rebounded leave US down about two point
nine percent for the month, but still
381
00:31:56.240 --> 00:32:01.440
down in a month that is historically
higher. We'll see what happens next to
382
00:32:01.599 --> 00:32:05.599
next week. Actually, April's just
about done. We got two days next
383
00:32:05.680 --> 00:32:08.000
week. I expect them to have
an upward bias unless something happens over the
384
00:32:08.000 --> 00:32:14.480
weekend. You know, it's funny
with all this, you know, you
385
00:32:14.519 --> 00:32:19.920
see all the markets go up and
down, right, and people in four
386
00:32:19.960 --> 00:32:23.119
one k plans, it's very hard
for them to get great advice because no
387
00:32:23.160 --> 00:32:27.759
one wants to help them. So
what does the DOL do? They're coming
388
00:32:27.799 --> 00:32:31.680
out with even harder regulations for people
to get advice in this business. So
389
00:32:31.680 --> 00:32:35.880
what do they do? They get
scared, they sell it, markets goes
390
00:32:35.960 --> 00:32:39.240
up, they buy again. They
are the individuals for the most part.
391
00:32:39.319 --> 00:32:45.599
There's ones that get it, don't
understand how to invest correctly, especially in
392
00:32:45.599 --> 00:32:47.839
their four one K plans. And
all I keep seeing is more regulation,
393
00:32:49.000 --> 00:32:53.559
regulation, regulation for attorneys. I
guess that's who writes them to be able
394
00:32:53.599 --> 00:32:58.359
to go after financial advisors. And
there's retirement plans. I have no problems
395
00:32:59.279 --> 00:33:04.559
checking commission fees things like that.
That's right, do not take advantage of
396
00:33:04.599 --> 00:33:07.720
that. But the fact is that
most people, most employees, they don't
397
00:33:07.720 --> 00:33:13.759
have the ability because they don't want
to get sued with these new rules that
398
00:33:13.839 --> 00:33:17.000
come out. And all it does
is hurt the individual that's working that has
399
00:33:17.039 --> 00:33:22.519
no clue anyway about financial literacy to
how to even manage it. And the
400
00:33:22.599 --> 00:33:28.359
government, in an effort to dissuade
the bad actors in this business, end
401
00:33:28.400 --> 00:33:30.720
up hurting in the individual. Yeah, I mean the Department of Labor again,
402
00:33:31.240 --> 00:33:35.640
is this new kind of it's a
new provision they just released. The
403
00:33:35.680 --> 00:33:39.839
Department of Labor is the one that
regulates and oversees qualified accounts. These are
404
00:33:40.240 --> 00:33:45.000
four to one K buckets of things, but also not people. People normally
405
00:33:45.079 --> 00:33:50.720
realizes it's also including iras. Okay, those are individual retirement accounts. The
406
00:33:50.799 --> 00:33:53.319
dl oversees that as well. So
this new rule that they put out,
407
00:33:53.359 --> 00:33:59.519
the security rule they just released it
this week, would say that any iter
408
00:33:59.519 --> 00:34:02.640
at IRA transfer or four to one
K to IRA transfer, if there's an
409
00:34:02.680 --> 00:34:07.239
increase in fees, you have to
explain why that is beneficial to the client.
410
00:34:07.760 --> 00:34:13.480
Most four to one K plans have
very very small plan costs, right,
411
00:34:13.880 --> 00:34:16.599
but with that you have no advice
given to you, and you are
412
00:34:16.960 --> 00:34:20.639
you have to do all your own
trades, and you're limited to the trades
413
00:34:20.679 --> 00:34:24.280
you can do because you only have
a certain number of options. So us
414
00:34:24.320 --> 00:34:29.719
now the advisor has to prove on
paper why it's more beneficial for a client
415
00:34:29.760 --> 00:34:31.519
to be in an IRA vers a
four one K plan, even though that
416
00:34:31.519 --> 00:34:36.039
they're paying more at the IRA because
of the management fee. And now everyone
417
00:34:36.119 --> 00:34:39.360
in this institution has to do this
now according to this new DOL rule.
418
00:34:39.400 --> 00:34:43.320
If it has to do with iras
or four one ks, it's kind of
419
00:34:43.360 --> 00:34:47.400
assuming that everybody on the street is
speeding. So we're going to put in
420
00:34:47.440 --> 00:34:51.760
new rules. Huh yeah. I
mean it hurts the insurance companies the most
421
00:34:52.119 --> 00:34:55.039
because most of their commission products.
I don't know how they're going to be
422
00:34:55.079 --> 00:35:00.920
able to prove that it's more beneficial
for the client. Good point, that's
423
00:35:00.920 --> 00:35:02.280
a very good point. That's going
to be really. That's why the insurance
424
00:35:02.280 --> 00:35:07.719
companies and newdy companies are so out
and about against this rule. It came
425
00:35:07.719 --> 00:35:12.159
out originally in twenty sixteen, and
then it was voted down in the court,
426
00:35:12.360 --> 00:35:15.840
not voted down, but ruled against
in the courts and taken away in
427
00:35:15.920 --> 00:35:21.119
twenty eighteen. So now the DL
has listened to all the the you know,
428
00:35:21.679 --> 00:35:24.880
the industry's comments on the old rule, revised it, and came out
429
00:35:24.920 --> 00:35:30.079
with this rule, which still is
very cumbersome on the financial industry and how
430
00:35:30.320 --> 00:35:32.880
currently business is done. So if
you decide to transfer your IRA or four
431
00:35:34.000 --> 00:35:37.199
one K, you're going to run
into this more paperwork. Yep, everybody,
432
00:35:37.280 --> 00:35:40.079
the individual, everybody, you know
what I mean? And all what
433
00:35:40.119 --> 00:35:45.079
does more paperwork do? It opens
up the lines for attorneys to be able
434
00:35:45.119 --> 00:35:49.000
to find a little small thing in
there to go after somebody. Are you
435
00:35:49.000 --> 00:35:51.639
you know that's it? All right? We'll be back. We have another
436
00:35:51.679 --> 00:35:54.119
section in the first hour. This
is the Moneymighty Show. We do appreciate
437
00:35:54.199 --> 00:35:59.039
you listening being part of it,
and remember you can go to our website
438
00:35:59.360 --> 00:36:04.719
and listen to a podcasts that are
basically reviews of what we have already said.
439
00:36:05.039 --> 00:36:07.440
Thank you, Welcome back everybody.
It's the Money Matter shall We got
440
00:36:07.440 --> 00:36:14.199
Todd and Sebastian and Dave Sherwood joining
me today. Dean Greenberg. Remember you
441
00:36:14.199 --> 00:36:15.800
want to get in touch with us, all you have to do is call
442
00:36:15.880 --> 00:36:22.360
us, email us contact us off
for email. Every day we get one
443
00:36:22.440 --> 00:36:23.639
or two people that try to get
in touch with us, or they call
444
00:36:23.719 --> 00:36:29.320
us for appointments. We will do
that financial plan for you, but no
445
00:36:29.440 --> 00:36:32.039
charge. How about this gray weather
for those of us to spend a little
446
00:36:32.039 --> 00:36:37.760
time outside seventy eight degrees on Saturday, eighty two on Sunday, give you
447
00:36:37.760 --> 00:36:40.639
a couple of cool days before they
turn the heat up. I think the
448
00:36:40.679 --> 00:36:44.920
heat's coming. Next week. Calendar
of events. Next Friday we get the
449
00:36:44.960 --> 00:36:50.039
unemployment or the employment report. Next
Monday we get the jobless reports. Todd,
450
00:36:50.199 --> 00:36:52.559
what do you bet it's two hundred
and twelve? Yeah, I know
451
00:36:52.679 --> 00:36:57.320
you tund five of the last six
weeks. We talked about this last week.
452
00:36:57.440 --> 00:37:00.920
Five of the last six weeks,
the first time claims for jobless benefits.
453
00:37:00.920 --> 00:37:06.199
This has been exactly two hundred and
twelve thou which is specifically impossible.
454
00:37:06.280 --> 00:37:09.800
Yeah. Again, with the labor
market, the last labor report showed that
455
00:37:09.840 --> 00:37:15.360
there's a structural change happening from full
time employees to part time employees, and
456
00:37:15.400 --> 00:37:20.639
there's a huge increase in part time
employees versus full time. Full time is
457
00:37:20.639 --> 00:37:24.079
actually losing jobs, part time segments
gaining jobs. So there's a structural change
458
00:37:24.119 --> 00:37:28.199
there. That's something to keep an
eye out for. Oil was up a
459
00:37:28.199 --> 00:37:32.039
dollar fifty to eighty three seventy and
gold lost sixty four dollars. Again,
460
00:37:32.119 --> 00:37:36.079
the most of that was Monday,
I think it was down one hundred bucks
461
00:37:36.760 --> 00:37:40.599
because of the calming down of things
in the Middle East. Still twenty three
462
00:37:40.760 --> 00:37:45.679
thirty four, which is a big
number for gold. Interest rates the highest
463
00:37:45.760 --> 00:37:50.159
level in five months, but it
was interesting. On Friday, we got
464
00:37:50.239 --> 00:37:57.119
the PC reports, the Personal Consumption
Report, which is the Federal Reserve's favorite
465
00:37:57.360 --> 00:38:01.960
employment excuse me, favorite inflation index, and it actually was higher than what
466
00:38:02.039 --> 00:38:07.760
people expected, and yet interest rates
edged a little bit lower on Friday,
467
00:38:07.480 --> 00:38:12.360
making you wonder is it is it
done? Yeah, but you know christ
468
00:38:12.440 --> 00:38:16.000
in to be a you know,
on Thursday we had the lower GDP report
469
00:38:16.039 --> 00:38:21.400
that came out and then rates were
higher, which that should have been opposite
470
00:38:21.599 --> 00:38:24.519
altho. But remember the low GDP
report came with a higher inflation number,
471
00:38:24.840 --> 00:38:30.239
so the inflation numbers were ignited interest
rates on Thursday, and then Friday we
472
00:38:30.320 --> 00:38:34.400
got the pc which is the big
number, and that showed that inflation was
473
00:38:34.519 --> 00:38:37.440
well. Inflation reported to being.
On Thursday, there was two there was
474
00:38:37.440 --> 00:38:42.320
two reports on UH the U,
two reports to CPI, and then the
475
00:38:42.320 --> 00:38:45.920
inflation component of CPI was double what
they expected. That's what sent the market
476
00:38:45.960 --> 00:38:49.400
down. I thought CPI was last
week. No, No, you couldn't
477
00:38:49.400 --> 00:38:54.239
have. I mean, the the
GDP being softer in theory would cause interest
478
00:38:54.280 --> 00:38:58.519
rates to come down. That's what
I'm saying is what this market wants to
479
00:38:58.519 --> 00:39:00.519
see. So there would there have
been no reason for the market to be
480
00:39:00.599 --> 00:39:05.039
down big on Thursday. Well,
no, the rates were up on Thursday.
481
00:39:05.440 --> 00:39:07.960
Interest rates were up on Thursday,
right because of that inflation component of
482
00:39:08.000 --> 00:39:15.000
the CPI that was that was that
was much higher than expected. Treasury two
483
00:39:15.119 --> 00:39:17.440
year tenure you got that time.
Yeah, it's still thirty three, still
484
00:39:17.480 --> 00:39:21.920
thirty years at five yeah, two
years at five, ten years at four
485
00:39:21.920 --> 00:39:24.519
point sixty seven. Yeah. We
went from five percent on the tenure down
486
00:39:24.559 --> 00:39:29.280
to three point nine. Now we've
come back to four point seven. Yeah,
487
00:39:29.400 --> 00:39:31.320
I don't know this. Mortgage rates
are seven point one seven currently.
488
00:39:31.519 --> 00:39:35.800
Yeah, and that's that seems to
be a level that kind of chokes off
489
00:39:35.840 --> 00:39:39.440
some demand. We'll see. Well, I've heard some talkings in the housing
490
00:39:39.480 --> 00:39:44.360
industry that they're having some paint not
getting the same sales they saw last year
491
00:39:45.000 --> 00:39:46.599
for whatever reason. Well, I
mean, let's face it, you know,
492
00:39:46.639 --> 00:39:52.280
people seeing inflation still around, and
if they were in a mortgage of
493
00:39:52.400 --> 00:39:55.199
less than four percent and their payments
so what they can deal with, They're
494
00:39:55.239 --> 00:39:59.719
not going out and saying I want
to, you know, get a bigger
495
00:39:59.719 --> 00:40:01.679
house. I want a bigger old
mortgage, or even the small house with
496
00:40:01.760 --> 00:40:06.239
a bigger mortgage to stay input and
say hey, we're comfortable with what we
497
00:40:06.280 --> 00:40:09.320
have right now. And homes that
come on the market in desirable areas are
498
00:40:09.360 --> 00:40:15.079
still getting multiple offers because of the
lack of invagery, and until we get
499
00:40:15.119 --> 00:40:20.960
that under control, it's going to
be hard to see inflation coming down much.
500
00:40:21.440 --> 00:40:23.639
Everything's supply and demand. It is. So when you go back to
501
00:40:24.360 --> 00:40:30.960
the pandemic, okay, when we
had no demand right at all, because
502
00:40:30.400 --> 00:40:32.719
we didn't need to have any demand. We had the supply. You know,
503
00:40:32.920 --> 00:40:36.840
all the prices came tumbling down.
I don't know if you remember oil
504
00:40:36.920 --> 00:40:42.320
went to minus fifty dollars. Yeah, I've never seen that. How they
505
00:40:42.440 --> 00:40:49.719
don't when everything came back that are
Congress and the President did not say,
506
00:40:49.800 --> 00:40:52.039
hey, we need to you know, when they all kept saying supply issues,
507
00:40:52.320 --> 00:40:57.639
that they didn't work on ways of
getting our supply issues to keep me
508
00:40:57.760 --> 00:41:01.119
the demand. If they did that, we would not have had the situation
509
00:41:01.280 --> 00:41:05.519
that we're in with this inflation going
up as high as they ad So they
510
00:41:05.559 --> 00:41:07.920
could sit here now and say,
well, inflation's coming back down. Yeah,
511
00:41:08.199 --> 00:41:13.039
Well couldn't stay at eight percent.
Nobody could have handled that. Yeah.
512
00:41:13.079 --> 00:41:15.920
So I charted the other day.
Many grocery products over the last four
513
00:41:15.000 --> 00:41:20.320
years have doubled I'm sorry, are
up fifty percent? Doubled up fifty percent?
514
00:41:21.559 --> 00:41:24.440
Yeah? The tesla use constantly.
You see what the average juice car
515
00:41:24.559 --> 00:41:28.519
costs? Now? Yeah, I
don't, but I know they've come down
516
00:41:28.559 --> 00:41:30.719
a lot over the last few months. There's still about thirty some one thousand
517
00:41:30.800 --> 00:41:34.440
days. It's crazy, is that
right? The used car thirty thousand Yeah,
518
00:41:34.440 --> 00:41:37.000
I mean within the within a few
years. Yeah, use cause you
519
00:41:37.000 --> 00:41:39.199
know what I'm saying. I'm not
talking about a clock from twenty ten.
520
00:41:39.440 --> 00:41:45.400
Yeah. But which means, look
how high the new price costs are.
521
00:41:45.199 --> 00:41:52.119
That's what the That's why the electric
the electrics industry, it's saturated with people
522
00:41:52.199 --> 00:41:55.280
that's left that want them but can't
afford them, right, And which is
523
00:41:55.320 --> 00:42:00.119
which brings me to Tesla. What
an interest that? Now? You set
524
00:42:00.159 --> 00:42:04.800
me up? What a great week
for Tesla down four percent at the open
525
00:42:04.840 --> 00:42:07.840
on Monday. As the price war
continues. They're dropping prices all over the
526
00:42:07.880 --> 00:42:13.400
world, as are their competitors,
competitions heating up. Stock hit a fifty
527
00:42:13.400 --> 00:42:16.599
two week low on Monday. They
also lowered the price of their self driving
528
00:42:16.800 --> 00:42:22.559
software by thirty three percent. Tuesday, the company reports their first quarterly revenue
529
00:42:22.599 --> 00:42:27.719
decline and their biggest drop in eleven
years, sending the stock to a new
530
00:42:27.800 --> 00:42:31.760
low. But Wednesday, the stock
jump thirteen percent higher after Musk said they're
531
00:42:31.760 --> 00:42:36.360
going to produce a low price car
in early twenty twenty five D and that's
532
00:42:36.440 --> 00:42:38.639
exactly what you're talking about. But
what's low price to him? Twenty five
533
00:42:38.679 --> 00:42:43.480
grand? Okay, yeah, there's
a there's a tu out to door it
534
00:42:43.599 --> 00:42:47.920
forty five. There's a lot of
demand for electric vehicles, but at lower
535
00:42:47.960 --> 00:42:52.960
prices. Well, the funniest thing
about this is a month ago he says,
536
00:42:53.199 --> 00:42:58.000
we're not doing the affordable car,
and we're switching to the robotaxi.
537
00:42:59.280 --> 00:43:04.800
Right, we are going back.
They said that they're switching to the robot
538
00:43:04.880 --> 00:43:07.480
tax because it's not possible for them
to build the affordable car. They couldn't
539
00:43:07.519 --> 00:43:12.280
find it possible because of the cost
of the cost of the cost of materials.
540
00:43:12.719 --> 00:43:15.599
But now they can do it.
He is the price. He is
541
00:43:15.719 --> 00:43:21.679
the best marketer any CEO. Stock
was up fourteen percent. The stock was
542
00:43:21.760 --> 00:43:23.880
up fourteen percent of the week and
out. So I'm still cautious. I'm
543
00:43:23.880 --> 00:43:27.880
telling you, I love the car. I do not love the stock.
544
00:43:28.719 --> 00:43:32.599
Her Hurts plunged about nineteen twenty percent
off their earning support because they're still dealing
545
00:43:32.639 --> 00:43:36.840
with their Tesla fleet that they're trying
to get rid of. I find that
546
00:43:36.880 --> 00:43:42.559
interesting because they've got twenty thousand used
Tesla that they're selling, and that that
547
00:43:42.960 --> 00:43:47.880
that could impact the companies. Impact
a company of that size definitely that much.
548
00:43:49.159 --> 00:43:52.719
Now understand the prices have come down
dramatically. I think I said on
549
00:43:52.760 --> 00:43:57.639
the radio show two years ago,
the Model Y it was sixty nine to
550
00:43:57.719 --> 00:44:01.719
nine. Now it's like forty five. Okay, so that's that's pretty significant.
551
00:44:02.159 --> 00:44:05.679
And and now if you get to
use Model Y, maybe it's twenty
552
00:44:05.719 --> 00:44:08.159
five. So if you bought a
whole bunch of bought twenty thousand cars for
553
00:44:08.199 --> 00:44:12.760
seventy thousand dollars and now you're trying
to dump them for twenty thousand dollars,
554
00:44:12.840 --> 00:44:16.599
it's gonna it's gonna make a difference. But can it really impact a company?
555
00:44:16.960 --> 00:44:21.360
What's the model with the the uh
like the sub that the arms go
556
00:44:21.440 --> 00:44:23.360
up, Model X, I will
that's the expensive one. Let me tell
557
00:44:23.360 --> 00:44:29.000
you, I was in one about
a week and a half ago. He
558
00:44:29.039 --> 00:44:30.519
pulls up, look kind of cool, and then the then the car doors
559
00:44:30.559 --> 00:44:35.920
come up. It was so easy
to get into. Then it comes down
560
00:44:36.280 --> 00:44:40.239
and it rode so nicely. Every
every Tesla right, Okay, well I
561
00:44:40.400 --> 00:44:44.800
get it. You know what I'm
just telling you my experience in this one,
562
00:44:45.000 --> 00:44:47.440
the Model X, it was,
it was it was pretty cool,
563
00:44:47.679 --> 00:44:52.920
you know. But the only thing
I can think about is all parking spots.
564
00:44:52.440 --> 00:44:54.559
Well that's why I was gonna ask
you, how do you put it
565
00:44:54.599 --> 00:44:59.480
in a garage? Forget the garage, how about a parking spot where it's
566
00:44:59.480 --> 00:45:01.360
a good whe carse right next to
you. Does it actually go out or
567
00:45:01.360 --> 00:45:06.159
is it just go up? It
goes out and up? So how far
568
00:45:06.159 --> 00:45:10.119
out does it go? Maybe two
feet enough to make a difference. Yeah,
569
00:45:10.280 --> 00:45:14.519
I mean sometimes, let's face it, you there and it's automatic,
570
00:45:14.639 --> 00:45:19.039
so it's going up. It's it's
not like you ramd like when you open
571
00:45:19.119 --> 00:45:21.880
the car door there's a car there. You kind of a little bit okay,
572
00:45:22.039 --> 00:45:23.400
oh yeah, yeah, you can
take it easier. Yeah. Yeah.
573
00:45:23.400 --> 00:45:27.000
I've always wondered, where the heck
do you do? How do you
574
00:45:27.000 --> 00:45:30.559
put that in the garage pits of
most garages alongside another car? Oh you
575
00:45:30.559 --> 00:45:34.199
can't. Yeah, two cars and
the most garages, right, most cars,
576
00:45:34.559 --> 00:45:37.320
most garage are two car garage.
But Dylan and I were in the
577
00:45:37.320 --> 00:45:39.039
back seat and there was a lot
of room there for us. There's a
578
00:45:39.519 --> 00:45:44.159
they're one of the more comfortable cars
on the road, and I think anyone
579
00:45:44.159 --> 00:45:46.119
that's ridden in one will tell you
that because the seats are so soft,
580
00:45:46.199 --> 00:45:51.480
you've did a fabulous job. There's
no road noise and it really is very,
581
00:45:51.559 --> 00:45:53.760
very comfortable. And the computer thing
is pretty cool too, Pewter things.
582
00:45:53.760 --> 00:46:00.000
The technology, the technology they have
in the Tesla's is is and it's
583
00:46:00.119 --> 00:46:04.360
super fast, which is which is
really fun. Hey hold on, yeah,
584
00:46:04.400 --> 00:46:06.559
he said I'm gonna show you how
fastest is and he hit it and
585
00:46:06.599 --> 00:46:09.480
we'll all aheads. Oh yeah,
I mean bash you. When I gave
586
00:46:09.519 --> 00:46:14.519
you a ride, you said you
could feel the g You really can.
587
00:46:14.639 --> 00:46:20.360
It's unlike anything you take the Tesla
the Porsche Double one. Huh, Well,
588
00:46:22.039 --> 00:46:24.880
I think the Tesla is a lot
faster, for sure. I'm just
589
00:46:24.920 --> 00:46:28.800
talking about driving around and being able
to get guesses, not having to uh,
590
00:46:29.119 --> 00:46:30.239
you know, actually go to California. But you gotta, yeah,
591
00:46:31.119 --> 00:46:36.119
you gotta say that, give give
give me the same range on the Tesla
592
00:46:36.400 --> 00:46:38.840
that you have on the Porsche.
No contest. Yeah, that's that of
593
00:46:38.880 --> 00:46:44.559
course all day long. But you're
right that the range is you have to
594
00:46:44.599 --> 00:46:47.800
have time. It's more work.
It's I can get from here to California,
595
00:46:47.800 --> 00:46:52.639
you know, probably, which is
surprising that that doesn't bother you,
596
00:46:52.320 --> 00:46:57.559
because you were so like boom boom, boom boom, like you know that
597
00:46:57.599 --> 00:47:00.559
thing is like, h let's go
ahead and have a little coffee break and
598
00:47:01.320 --> 00:47:06.920
take about thirty minutes to fire up. It bothers me to an extending and
599
00:47:06.960 --> 00:47:08.400
I haven't taken it on long trips. I took it to Phoenix back.
600
00:47:08.440 --> 00:47:12.239
But yeah, so you know I
not handled it. I stopped in Italy
601
00:47:12.280 --> 00:47:15.440
and you know, for five minutes, and I beat you home and you
602
00:47:15.440 --> 00:47:16.800
started. You did beat me home
and I started before. You're right now,
603
00:47:16.800 --> 00:47:20.920
and I told you you would.
All right, listen. We appreciate
604
00:47:20.960 --> 00:47:22.519
you listening. Instant Money by the
show. We have a whole nother hour.
605
00:47:23.000 --> 00:47:28.599
I hope you enjoying it. Would
be right back. Welcome back to
606
00:47:28.639 --> 00:47:30.559
the Money Matter Show. My name
is Todd Glick. I'm here with David
607
00:47:30.559 --> 00:47:35.480
Sherwin and Sebastian Borsini. And this
week, the dal Jones was up point
608
00:47:35.559 --> 00:47:38.159
seven percent, the SMP was up
two point seven percent, the Nasdaq was
609
00:47:38.239 --> 00:47:42.880
up four point two percent, the
Russell two thousand those small caps were up
610
00:47:42.880 --> 00:47:46.840
two point seven percent, and the
equal Weight to SMP was up one point
611
00:47:46.960 --> 00:47:51.159
six percent, so for the month, we are still down on all major
612
00:47:51.199 --> 00:47:55.039
indices. The Russell two thousand small
caps lead the way down and the least
613
00:47:55.679 --> 00:48:00.519
down for the month is a pretty
close tie between the NASDAK and the S
614
00:48:00.559 --> 00:48:02.480
and P, both at around three
percent lower on the month. I think
615
00:48:02.480 --> 00:48:06.159
it was amazing and it's not the
first time I've seen this happen in my
616
00:48:06.199 --> 00:48:09.960
career. But two weeks ago was
the worst week and five months for the
617
00:48:10.039 --> 00:48:14.400
S and P five hundreds, and
last week was the best week in five
618
00:48:14.440 --> 00:48:17.119
months for the S and P five
hundreds. We literally are back to where
619
00:48:17.159 --> 00:48:22.360
we were two weeks ago. And
Nvidia, one of the more widely followed
620
00:48:22.360 --> 00:48:25.960
stocks, drops one hundred points two
weeks ago. This week it rallied one
621
00:48:27.000 --> 00:48:30.480
hundred points. It closed literally right
at where it was two weeks ago.
622
00:48:30.599 --> 00:48:34.239
It's as if nothing has happened.
If you went on a two week vacation,
623
00:48:34.280 --> 00:48:36.840
you come out and go, man, it's been pretty quiet. Yeah,
624
00:48:36.960 --> 00:48:39.079
I personally don't love it. I
wanted it to, you know,
625
00:48:39.239 --> 00:48:43.760
not have a huge increase one week
after. I mean, we had the
626
00:48:43.800 --> 00:48:46.360
correction that was healthy, and now
that we're just kind of erasing and it
627
00:48:46.360 --> 00:48:50.559
seems like we're just going right back
to where we were. Yeah, it
628
00:48:50.639 --> 00:48:53.199
is interesting, but it kind of
tells me, based upon my experience,
629
00:48:53.280 --> 00:48:59.280
that the market wants to go higher. It obviously does because late last week
630
00:48:59.360 --> 00:49:02.679
there were a number of economic issues, so we're not that great. Oh,
631
00:49:02.719 --> 00:49:07.039
we learned the first quarter GDP was
about half of what was expected.
632
00:49:07.920 --> 00:49:14.559
We learned that the inflation component of
CPI or of GDP was twice what was
633
00:49:14.599 --> 00:49:17.880
expected. And then on Friday we
learned that the PCE was higher than expected.
634
00:49:19.239 --> 00:49:24.000
So everything right now is pointing towards
slower growth and higher inflation. What
635
00:49:24.079 --> 00:49:30.559
is that called? Dave stagflation?
So the people that here stagflation and they're
636
00:49:30.599 --> 00:49:32.199
like, what the heck is that? Not a stag party, that's for
637
00:49:32.239 --> 00:49:37.840
sure. What is it? Again? Its stagnant economy but still has inflation,
638
00:49:38.320 --> 00:49:44.239
and that's not good. That's the
worst possible economic scenario, right and
639
00:49:44.239 --> 00:49:46.559
it hasn't been confirmed. We have
to have a lot of more economic reports
640
00:49:46.559 --> 00:49:50.840
to see that actually come to fruition. But first time I heard the word
641
00:49:50.840 --> 00:49:53.360
in a couple of years right on
Friday, and so that obviously brought a
642
00:49:53.360 --> 00:49:58.840
lot of concern to investors, and
then the next day it's like it never
643
00:49:58.920 --> 00:50:00.199
happened, like it never had happened. On Friday, it was like it
644
00:50:00.280 --> 00:50:05.280
never happened, even though PCEs came
above of expectations. Well, and the
645
00:50:05.440 --> 00:50:09.719
marginally and the interesting part was on
Thursday the market started off the S and
646
00:50:09.760 --> 00:50:15.440
P started off down eighty five points. We're just getting hammered. And at
647
00:50:15.440 --> 00:50:20.639
the close it was down twenty points. So it erased three quarters of that
648
00:50:20.760 --> 00:50:23.360
loss on Thursday afternoon, and then
on Friday morning it was up, up
649
00:50:23.360 --> 00:50:27.360
and away. Yeah, it's almost
as if they didn't even care that the
650
00:50:27.360 --> 00:50:30.239
PC came out. How was that
the company that comes in after a disaster,
651
00:50:30.639 --> 00:50:35.719
It's like it never really happened,
either the people that clean up after
652
00:50:35.760 --> 00:50:37.960
a fire or yeah, remediation company. Yeah, I can't think of the
653
00:50:38.039 --> 00:50:44.199
name of the company. God,
you had. The Bitcoin having did take
654
00:50:44.239 --> 00:50:49.679
place on Friday nights, and most
bitcoin related companies were higher at the open
655
00:50:49.719 --> 00:50:54.480
on Friday as on Monday, as
was Bitcoin specifically. Yeah, but specifically
656
00:50:54.519 --> 00:51:00.920
the mining stock Bitcoin really caught a
big bit and held pretty much what they
657
00:51:00.000 --> 00:51:02.519
had. I mean, they came
down a little bit, but those hold
658
00:51:02.719 --> 00:51:07.960
held their games a lot better the
mining companies because obviously that impacts their business
659
00:51:07.960 --> 00:51:12.320
model a lot. Doesn't it hurt
them though? Right from face value,
660
00:51:12.320 --> 00:51:16.280
you like has to hurt them.
But then you realize that market participants trying
661
00:51:16.320 --> 00:51:20.880
to get into the mining industry now
have a harder time to do so.
662
00:51:20.880 --> 00:51:23.840
So the mote just got gigantic.
Right, It's like me trying to tap
663
00:51:23.880 --> 00:51:28.039
into the airline industry. It's not
going to happen, or you're like competing
664
00:51:28.039 --> 00:51:32.679
with Tesla, sure right, new
company exactly, And so when you have
665
00:51:32.760 --> 00:51:37.239
the infrastructure already built out, you're
so ahead of the curve. These type
666
00:51:37.239 --> 00:51:39.559
of mining companies have already known that
obviously the halfing is happening, so they've
667
00:51:39.599 --> 00:51:44.719
already built out projects to For example, Riot is one of the mining companies
668
00:51:44.760 --> 00:51:46.320
they had to report that said they're
going to be mining more bitcoin by the
669
00:51:46.400 --> 00:51:51.079
end of the year than they did
before the happening happened. It's interesting,
670
00:51:51.079 --> 00:51:53.320
which means they're doubling their production.
Right looking at the charts on the mining
671
00:51:53.360 --> 00:51:57.400
stocks, it seems like they were
the first one to feel the pain from
672
00:51:57.400 --> 00:51:59.719
the happening, but at the same
time the first one of profit off of
673
00:51:59.760 --> 00:52:05.119
it. So they were getting killed
two weeks into the happening, and then
674
00:52:05.519 --> 00:52:07.800
it happens, and now what I
think, Marathon ends up probably ten percent
675
00:52:07.880 --> 00:52:13.679
up on the week. And traditionally
bitcoin rallies after the happening, this year
676
00:52:13.840 --> 00:52:16.239
happened before the happening because of the
spot Bitcoin eat you have to approval,
677
00:52:16.559 --> 00:52:23.480
which brought in a new market entry
that never that term is having is having.
678
00:52:23.840 --> 00:52:28.320
The little term that they've coined for
this happening is what you use if
679
00:52:28.320 --> 00:52:30.159
you're in the crypto world. Okay, so that's a little and a term
680
00:52:30.159 --> 00:52:35.480
that they coined for this having is
what you see on CNBC. Having is
681
00:52:35.519 --> 00:52:40.840
what actually happened, right. I
think it's the same oxymoron. Apple's been
682
00:52:40.840 --> 00:52:46.159
a conundum, spent one of the
worst performing doustocks this year, down fourteen
683
00:52:46.199 --> 00:52:50.519
percent, but Wells Fargo says it's
an opportunity they're going to be buying that
684
00:52:50.599 --> 00:52:54.719
dip Kramer Kramer thinks it needs to
drop below one sixty before it's a buy.
685
00:52:54.880 --> 00:52:58.960
From a technical point of view,
it's kind of interesting close around one
686
00:52:59.039 --> 00:53:01.920
seventy seventeen. Yeah, But I
think if an investor's listening to this and
687
00:53:01.960 --> 00:53:06.079
you have a ten year investment horizon. Where's Apple going to be in ten
688
00:53:06.159 --> 00:53:07.920
years should be much higher? Do
you care if you had one? Sixty
689
00:53:08.079 --> 00:53:12.159
one seventy good point? Correct?
And so for some people who are looking
690
00:53:12.199 --> 00:53:15.360
at a different type of view,
in ten years, Apple is going to
691
00:53:15.400 --> 00:53:17.679
be Could you imagine what the Apple
iPhone's going to look with AI in ten
692
00:53:17.760 --> 00:53:22.000
years? Yeah, that's all the
money that Apple will make from that.
693
00:53:22.159 --> 00:53:25.880
The AI is exciting. And interestingly, I wear hearing age because as a
694
00:53:25.920 --> 00:53:30.360
young man I was very abusive to
my ears. I grew up in a
695
00:53:30.440 --> 00:53:34.880
rural environment with a lot of farm
equipment, a lot of guns, a
696
00:53:34.880 --> 00:53:39.079
lot of hunting, and then I
added insult to injury in college by being
697
00:53:39.119 --> 00:53:43.400
a lead singer in a rock band. And by the time I got out
698
00:53:43.440 --> 00:53:47.519
of college, I couldn't hardly even
hear myself think. And as a result,
699
00:53:47.559 --> 00:53:52.840
I've been wearing hearing age and I'm
due for new hearing age. The
700
00:53:52.880 --> 00:53:58.599
first ones I had five years ago, if I could put And the reason
701
00:53:58.639 --> 00:54:01.559
I'm even talking about this is the
hearing aids now are equipped with AI.
702
00:54:02.159 --> 00:54:08.360
WHOA to where they've run something like
two hundred and eighty thousand different words,
703
00:54:08.760 --> 00:54:13.719
and the hearing aid has learned how
to hear these words? Sor you're going
704
00:54:13.719 --> 00:54:15.920
to get someone with AI out in
town. Oh yeah, sweet, yeah,
705
00:54:15.960 --> 00:54:19.480
I could be the I could be
hearing a pin drop. I could
706
00:54:19.519 --> 00:54:21.159
be saying to you, guys,
hey, what is that noise? You're
707
00:54:21.159 --> 00:54:23.079
just saying what I don't hear it? Well, that's not probably not.
708
00:54:23.280 --> 00:54:27.880
That's not what you just said,
Dave. You said AI is trained on
709
00:54:27.960 --> 00:54:31.159
words, not sounds. Learned it
learned how. No, that's true.
710
00:54:31.360 --> 00:54:36.280
But with hearing age, with hearing
age, the number one problem and not
711
00:54:36.320 --> 00:54:39.360
that anybody cares, but the number
one problem is is hearing words correctly?
712
00:54:39.519 --> 00:54:43.679
Right? It's clarity, It's number
one. Sounds are not a problem,
713
00:54:43.880 --> 00:54:45.960
right, I mean I can hear
I can't hear my Tessla. That's kind
714
00:54:46.000 --> 00:54:51.480
of weird. No one can hear
that. Verizon Verison's kind of interesting.
715
00:54:51.599 --> 00:54:54.920
You know, you typically buy Verizon
stock for the six point five percent dividend,
716
00:54:55.360 --> 00:54:58.199
but you know, I was looking
at the other day, these sleepy
717
00:54:58.199 --> 00:55:01.880
shares have quietly risen thirteen percent in
the last twelve months. That's on top
718
00:55:01.920 --> 00:55:06.760
of the six and a half percent
divident definitely quietly annualizing. Yeah, nobody's
719
00:55:06.760 --> 00:55:12.480
talking about Verizon last three percent on
Monday, despite reporting that income above expectations
720
00:55:12.880 --> 00:55:16.599
and a stabilization in the subscribers thanks
to a new streaming bundles, front piers
721
00:55:16.639 --> 00:55:23.679
that the biggest problem remains a subscriber
growth for AT and T and Verizon pretty
722
00:55:23.760 --> 00:55:28.880
much plateaued in twenty twenty one and
has not changed. Yeah. I think
723
00:55:28.880 --> 00:55:31.519
that's a good example right where we're
talking about Apple versus a Verizon. If
724
00:55:31.559 --> 00:55:36.559
we're looking at Verizon in ten years, where could that business be? Sure,
725
00:55:36.880 --> 00:55:40.239
there's a lot of unknown variables relations
things. When you look at Apple
726
00:55:40.239 --> 00:55:43.760
in ten years, you say,
I can kind of see that picture a
727
00:55:43.760 --> 00:55:47.840
lot more clearly, that path of
because they're a higher quality company. And
728
00:55:47.880 --> 00:55:52.920
that's why the investors say they obviously
show that because it's the second largest stock
729
00:55:53.039 --> 00:55:55.840
in the stock market right now.
Apple is embedded into our lives, and
730
00:55:55.880 --> 00:56:00.440
so what you when you're an investor
with the long and vestment horizon, you
731
00:56:00.679 --> 00:56:05.920
see these trends as huge opportunities.
And when a company like Apple is selling
732
00:56:05.960 --> 00:56:12.480
off, I mean, swing the
bat Verizon. Verizon is just a no
733
00:56:12.559 --> 00:56:15.760
growth company, as simple as that. Then if you want a no growth
734
00:56:15.760 --> 00:56:19.360
company with a six and a half
percent dividend. As long as the dividend
735
00:56:19.480 --> 00:56:22.480
is covered and it appears safe,
it's a pretty good deal. Yeah.
736
00:56:22.519 --> 00:56:25.159
What about Google? Googled, Oh
my goodness, up ten percent, reported
737
00:56:25.239 --> 00:56:30.199
first quarter quarter results late on Thursday
that blue pass analystic expectations. It also
738
00:56:30.239 --> 00:56:36.440
authorized its first ever dividend, plus
a seventy million dollar share by back or
739
00:56:36.519 --> 00:56:38.920
billion dollar by back program. I
think it's about twenty cents of share that
740
00:56:38.960 --> 00:56:42.880
they're going to be offering. We've
talked about Google on the show, and
741
00:56:43.119 --> 00:56:46.960
they've got some issues, They've had
some missteps with their AI they've had.
742
00:56:47.199 --> 00:56:52.519
Of course, they still have the
antitrust lawsuit hanging over their head, which
743
00:56:52.800 --> 00:56:58.360
goes to trial in October. But
it's and maybe for those reasons, it
744
00:56:58.400 --> 00:57:00.960
has lagged behind the other tech stocks, but now it's hitting on time.
745
00:57:01.360 --> 00:57:05.519
Yeah, we expected it would probably
catch up and Blay, it caught up
746
00:57:05.559 --> 00:57:09.599
all once on Friday. Yeah,
it was amazing. Do you remember it
747
00:57:09.679 --> 00:57:14.639
was one of those woke stocks,
right, it was supposedly woke stock.
748
00:57:14.760 --> 00:57:16.519
It came out with the black George
Washington. Nobody wanted to touch it.
749
00:57:16.639 --> 00:57:19.480
Yeah, well it was a time
to touch it. Then it was about
750
00:57:19.480 --> 00:57:22.760
one hundred thirty five dollars to share? Then, is that something remind so
751
00:57:22.800 --> 00:57:24.800
when you were talking about Apple,
I know that they haven't actually gotten hammered,
752
00:57:24.840 --> 00:57:27.840
but yeah, it's a good opportunity
to buy. I think about Meta
753
00:57:27.920 --> 00:57:30.280
about a year and a half ago, where was that stock at It was
754
00:57:30.320 --> 00:57:32.840
sub one hundred where's that at now? I know it just got beat up,
755
00:57:34.039 --> 00:57:37.039
maybe around four hundred and thirty dollars
a share, But again, look
756
00:57:37.079 --> 00:57:43.519
for these good opportunities and swing the
bat. Speaking of Meta, one of
757
00:57:43.559 --> 00:57:45.239
the strongest stocks in the S and
P. It's more than doubled in the
758
00:57:45.320 --> 00:57:50.920
last twelve months. It was down
fifteen percent on Thursday, despite a solid
759
00:57:50.960 --> 00:57:55.639
quarter, as their revenue guidance was
disappointing. They've kind of changed course and
760
00:57:55.679 --> 00:58:00.400
they're going to be working more and
more on developmental issues, which means lower
761
00:58:00.440 --> 00:58:04.880
earnings. And I think the market
kind of shook the market. Literally.
762
00:58:04.880 --> 00:58:09.599
What they did is what they did
with virtual reality. They made a huge
763
00:58:10.039 --> 00:58:15.719
CAPEX commitment to virtual reality as they
thought that was the future. Investors hated
764
00:58:15.760 --> 00:58:20.400
that. So then Zuckerberg came out
about a year and a half ago saying,
765
00:58:20.440 --> 00:58:24.599
hey, we're gonna make a huge
restructure of our costs in our business.
766
00:58:24.639 --> 00:58:29.559
We're gonna stop spending so much in
virtual reality. We're gonna cut back
767
00:58:29.599 --> 00:58:32.880
our workforce by ten percent. Investors
loved it ever since then the stock,
768
00:58:34.039 --> 00:58:37.039
like you said, Dave, more
than doubled. Now the earnings came out,
769
00:58:37.079 --> 00:58:39.559
and what do they say, We're
spending a whole bunch this time on
770
00:58:39.639 --> 00:58:45.519
AI. And the thing that is
similar to the virtuality is it's not making
771
00:58:45.559 --> 00:58:47.480
money for them yet. All it
is is capex, it's capital expenditures.
772
00:58:47.880 --> 00:58:52.440
So all it is is just money
getting sent out the door. Now that's
773
00:58:52.440 --> 00:58:55.400
happening to all these big tech companies
right They're all doing this, they're building
774
00:58:55.440 --> 00:59:00.480
out their platforms. It's all capital
expenditure. Now there's no revenue coming in
775
00:59:00.559 --> 00:59:04.679
ye at from it. And so
that's the interesting thing is is meta one
776
00:59:04.760 --> 00:59:07.960
year away from that AI money that
they just spent billions of dollars on from
777
00:59:07.960 --> 00:59:13.039
it to come back? What's the
payback ratio for these AI projects that these
778
00:59:13.079 --> 00:59:16.360
big tech companies are implementing right now, similar to the EV charging stations,
779
00:59:16.400 --> 00:59:21.079
where right now it's just a lot
of laying out money to build these things
780
00:59:20.840 --> 00:59:24.400
with revenue not coming in anywhere near
as fast as the money's going out.
781
00:59:24.599 --> 00:59:29.079
On another note, Meta I think
can probably profit off of this TikTok ban.
782
00:59:29.400 --> 00:59:31.760
Right, how many users are on
TikTok? Did you? I have
783
00:59:31.800 --> 00:59:36.960
no idea. It's a crazy amount. But the teen survey that you normally
784
00:59:37.320 --> 00:59:38.800
I've talked about. I don't know
if you saw it came out, but
785
00:59:39.119 --> 00:59:44.880
yeah, the Piper Sandler said that
forty percent of teens use TikTok as their
786
00:59:44.880 --> 00:59:50.000
favorite social media app. So obviously
TikTok gets banned. They're the most second
787
00:59:50.079 --> 00:59:53.039
favorite is Instagram, which is the
reels, which is the most similar thing
788
00:59:53.079 --> 00:59:58.159
to what TikTok would be, which
is owned by Meta. Yeah, which
789
00:59:58.199 --> 01:00:00.400
is owned by Meta. I think
you have to be careful here of a
790
01:00:00.440 --> 01:00:05.800
Meta at this level. Definitely what
we have seen in the past and my
791
01:00:05.840 --> 01:00:08.119
forty years of experience, when you
get a stock, no matter what the
792
01:00:08.159 --> 01:00:13.400
stock is, that drops fifteen percent
the dust in one day, let the
793
01:00:13.480 --> 01:00:17.079
dust settle. There's probably more downside
to come. There's some people that have
794
01:00:17.239 --> 01:00:21.119
it that want out, and they're
any kind of rally they're going to get
795
01:00:21.119 --> 01:00:24.039
out, and I think the stock
probably drifts down below four hundred. Yeah,
796
01:00:24.079 --> 01:00:27.039
I was gonna say, I'm not
sure what it closed on Friday,
797
01:00:27.079 --> 01:00:29.519
but it has a gap to fill
in out forty three something like that.
798
01:00:29.599 --> 01:00:31.360
I was looking at that same level, you were around sub four hundred,
799
01:00:31.559 --> 01:00:35.840
give or take. Yeah, it
needs to get to four hundred. So,
800
01:00:35.920 --> 01:00:37.920
guys, there's a lot of talk
about the middle class, particularly in
801
01:00:38.000 --> 01:00:43.280
an election year, and I wonder
if you know what the middle class actually
802
01:00:43.400 --> 01:00:46.039
is. I was reading an article
the other day about the middle class,
803
01:00:46.039 --> 01:00:51.280
and of course it varies from state
to state because there's a lot of California
804
01:00:51.360 --> 01:00:54.320
is going to be a lot different
middle class than Mississippi, just as an
805
01:00:54.360 --> 01:00:59.519
example. But according to a finance
site, smart Asset, they did a
806
01:00:59.559 --> 01:01:04.719
survey, you are in middle class. This is the highest one in New
807
01:01:04.800 --> 01:01:09.199
Jersey. If you made between sixty
four thousand and one hundred and ninety three
808
01:01:09.280 --> 01:01:14.440
thousand. Now that's the widest range
of any state. Sixty four to one
809
01:01:14.559 --> 01:01:20.079
ninety three you're middle class. California
sixty one thousand. I thought that would
810
01:01:20.079 --> 01:01:22.920
have been more expensive than New Jersey. California go sixty one thousand to one
811
01:01:22.960 --> 01:01:27.239
hundred and eighty three thousand, Arizona. You want to be in the middle
812
01:01:27.239 --> 01:01:30.360
class. You make fifty to one
hundred and fifty, you're in the middle
813
01:01:30.360 --> 01:01:35.639
class, fifty to one hundred and
fifty. A little bit better of a
814
01:01:35.760 --> 01:01:38.960
spread, A little bit better of
a spread. Arizona came in nineteenth.
815
01:01:39.519 --> 01:01:45.159
You know, isn't it interesting with
Arizona Other than the greatest place to live
816
01:01:45.199 --> 01:01:49.039
on the planet. It always seems
to come in kind in the middle of
817
01:01:49.079 --> 01:01:52.920
these surveys, although will say for
fastest growing states, I think it came
818
01:01:52.960 --> 01:01:59.599
in seven and that if you're bugged
by the traffic, maybe that's not a
819
01:01:59.599 --> 01:02:05.280
good thing. You're really gonna throw
out that. Do you think southern Arizona
820
01:02:05.360 --> 01:02:07.840
is the best place to live in
the world in terms of like just like,
821
01:02:08.199 --> 01:02:13.599
whether did you say Arizona? Did
you say Southern Arizona? I should
822
01:02:13.599 --> 01:02:15.159
have said southern Arizona. I think
that's what you met. But but no,
823
01:02:15.239 --> 01:02:19.400
I think Arizona and you could what
do you mean by Phoenie think it's
824
01:02:19.400 --> 01:02:21.840
a wonderful place to live. People
in Fla like that's things. Well,
825
01:02:21.880 --> 01:02:24.079
yeah, but people also think there
are places I've been here for fifty two
826
01:02:24.119 --> 01:02:28.719
years, and there are places in
the country that have something. There are
827
01:02:28.719 --> 01:02:31.880
a lot of places in the country
that have something that's better than Tucson,
828
01:02:32.480 --> 01:02:36.639
but as a package, I think
you have a hard time beating it.
829
01:02:37.639 --> 01:02:39.480
Yeah, So last, what do
you want to see where it's easiest to
830
01:02:39.480 --> 01:02:45.360
get in the middle class. Mississippi
the easiest place to get in the middle
831
01:02:45.360 --> 01:02:47.960
class. And you make thirty six
thousand dollars, you are you are in
832
01:02:49.000 --> 01:02:51.800
the middle class in Mississippi. What's
the top end of the ring? One
833
01:02:52.000 --> 01:02:53.679
five wow, thirty six to one
o five. You know, when I
834
01:02:53.679 --> 01:02:59.000
grew up in South Dakota, we
used to love Mississippi. The South Dakota
835
01:02:59.079 --> 01:03:04.320
was forty nine and every thing.
Thank God for miss Hippie. Mississippi was
836
01:03:04.880 --> 01:03:09.400
fifty in so many different areas.
Boeing by farther Worth performing dowstock this year
837
01:03:09.480 --> 01:03:14.760
open higher on Wednesday after their quarterly
report was not as bad as fear,
838
01:03:14.880 --> 01:03:19.559
but then plunged to an eighteen month
low. It was It made me kind
839
01:03:19.559 --> 01:03:22.039
of chuckle. Deana and I always
talking about this, How long until they
840
01:03:22.079 --> 01:03:25.480
kick him out of the Dow?
You know, you do lousy enough,
841
01:03:25.519 --> 01:03:29.280
long enough, you're gonna get kicked
out. Funny part about it is in
842
01:03:29.320 --> 01:03:35.679
twenty two, Boying was number one
and battling, battling for that last place
843
01:03:35.719 --> 01:03:38.360
spot Intel. I said last week, Boing Intel, working hard to see
844
01:03:38.360 --> 01:03:43.000
who goes out of business first,
you know, tongue in cheek. Intel
845
01:03:44.039 --> 01:03:49.679
down eleven percent on Friday, yet
another disappointing quarter. We talked about how
846
01:03:49.679 --> 01:03:53.440
they're one of the companies that over
promises and underdelivers. As well as anybody
847
01:03:53.440 --> 01:03:55.960
out there, I wanted to talk
about your airlines a little bit. The
848
01:03:57.480 --> 01:04:00.400
Department of Transportation issued new regulations this
week. Did you see anything about that?
849
01:04:00.920 --> 01:04:04.440
I did not. So they're going
to start requiring airlines to provide passengers
850
01:04:04.440 --> 01:04:10.360
with automatic cash refunds when flights are
canceled or significant changes occur to their flights.
851
01:04:10.440 --> 01:04:15.559
That includes flights that have been changed
by over three hours. I thought
852
01:04:15.639 --> 01:04:19.000
that was an interesting little regulation.
That's me and Todd are talking about this.
853
01:04:19.159 --> 01:04:24.679
I think that it's going to increase
the prices of flights personally probably right
854
01:04:24.719 --> 01:04:29.280
consumer bears probably, but we'll see. And so anyways, Southwest comes out
855
01:04:29.280 --> 01:04:33.679
the next day to report their quarterly
earnings. They lose seven percent and revenue
856
01:04:33.719 --> 01:04:38.719
fall shive expectations. They come out
and say that they're going to start they're
857
01:04:38.719 --> 01:04:43.079
going to leave four different airports to
cut back cost along with considering changes to
858
01:04:43.119 --> 01:04:46.039
single class open seating. I think
that Southwest is one of the few airlines
859
01:04:46.039 --> 01:04:49.599
out there that you could still again
just hop on the plane and pick whatever
860
01:04:49.599 --> 01:04:51.719
seat you wants. Yeah, well, you got to get in line,
861
01:04:51.760 --> 01:04:55.000
and so there's a you know,
you have to know what you're doing,
862
01:04:55.079 --> 01:04:58.400
right So right there, I think
that that's a pretty good case of we're
863
01:04:58.400 --> 01:05:00.280
going to try to figure out how
to make more money because we're going to
864
01:05:00.320 --> 01:05:04.360
have to start paying out more.
It's interesting the same day that Southwest announced
865
01:05:04.360 --> 01:05:08.840
that the earnings were going to be
down, and there they cut their growth
866
01:05:08.880 --> 01:05:14.400
plans and the point of the finger
at bowling not delivering. American Airlines reported
867
01:05:14.400 --> 01:05:18.119
a better than expected quarter. They
lost less money than was expected, and
868
01:05:18.119 --> 01:05:21.960
they gave strong guidance. It was
kind of interesting, two different things.
869
01:05:21.960 --> 01:05:27.039
How about Chipotle, Yeah, well
Chipotle knew all time high on Thursday.
870
01:05:27.400 --> 01:05:31.199
They reported a strong quarter, seven
percent gain in same star sales. Remember
871
01:05:31.639 --> 01:05:35.440
this stock is going to split fifty
for one at the end of quarter,
872
01:05:35.440 --> 01:05:42.440
three thousand dollars stock. So but
yeah, the expensive stock. But I've
873
01:05:42.440 --> 01:05:45.519
seen stock, but I've never seen
a fifty for one personally, fifty to
874
01:05:45.599 --> 01:05:48.559
one is absolutely amazing that you know. There was a survey speaking of airlines,
875
01:05:48.599 --> 01:05:54.360
there was a survey of best airlines. It was done by consumer financial
876
01:05:54.360 --> 01:06:00.320
company wallet Hub and included a lot
of different things. Included on time performance,
877
01:06:01.039 --> 01:06:05.880
It included price of tickets, It
included how comfortable the seats were,
878
01:06:06.480 --> 01:06:11.440
how accessible Wi Fi is, what
their safety record is. I mean it
879
01:06:11.519 --> 01:06:14.400
went through a lot of metrics.
There must have been eight or ten different
880
01:06:14.440 --> 01:06:20.320
things, and they said the best
airline is drum roll please Alaska Alaska Airlines,
881
01:06:20.400 --> 01:06:26.840
followed by sky West and Spirit.
I think Spirit runs American Airlines.
882
01:06:26.880 --> 01:06:33.360
That is hilarious. Number real number
three. Spirit is like it's really there's
883
01:06:33.440 --> 01:06:38.320
like jokes about it. Yeah,
it's it's crazy that it's three. It's
884
01:06:38.320 --> 01:06:42.400
like a cheap airliner. Yeah,
it's like something like I think they fly
885
01:06:42.559 --> 01:06:46.480
some some segments for America. To
be honest with you, but like I've
886
01:06:46.519 --> 01:06:51.159
been on a Spirit and you just
didn't have the Spirit huh. Well no,
887
01:06:51.280 --> 01:06:55.519
I mean you you talking about right? No, no, no,
888
01:06:55.559 --> 01:06:59.519
it's fine, but it's just cheap. I mean everything you feel like on
889
01:06:59.599 --> 01:07:03.360
there is it just feels cheap.
I mean compared to a Southwest flight,
890
01:07:03.639 --> 01:07:06.880
You're like, oh this they got
their stuff together. Spirit's like you have
891
01:07:06.920 --> 01:07:12.880
to pay for your bag. At
the bottom of this list Southwest and Frontier.
892
01:07:13.280 --> 01:07:15.960
That's that's what I'm saying. But
because Frontier is exactly like Spirit,
893
01:07:16.000 --> 01:07:19.199
they have the same business. I
get that. I will say Southwest probably
894
01:07:19.199 --> 01:07:23.960
has a lot more flights than Spirit, which means that which in my head
895
01:07:23.960 --> 01:07:29.079
would think I would think that it
helps their survey byas right right could be.
896
01:07:29.119 --> 01:07:31.519
I didn't see Jet Bou on the
list anywhere. Did you guys see
897
01:07:31.559 --> 01:07:36.079
what this hashy corporation? H a
s Hi corporation. You know, they
898
01:07:36.079 --> 01:07:40.280
sound like they ought to be in
the cannabis business, right, a Hashi
899
01:07:40.440 --> 01:07:44.280
corporation, But it's actually a software
company. Such an old thing to say.
900
01:07:44.400 --> 01:07:47.840
What like, no one is called
cannabis hash like since you were young.
901
01:07:48.639 --> 01:07:53.800
Well, hey, cannabis isn't hash
hash is a is a derivative?
902
01:07:54.239 --> 01:07:57.119
Well you said it should be a
cannabis company because it's hashy. Anyways,
903
01:07:57.519 --> 01:08:01.800
what does this company do? It's
like makeing. It's making my hair hurt,
904
01:08:01.800 --> 01:08:03.920
and thank god, I've got a
lot of hair. Hey, John
905
01:08:04.000 --> 01:08:10.239
left twenty five percent on Tuesday on
rumors IBM was interested, and guess what.
906
01:08:10.320 --> 01:08:14.360
A couple of days later a deal
did come together. IBM, on
907
01:08:14.440 --> 01:08:16.640
their part, has a rally more
than fifty percent in the last twelve months,
908
01:08:16.640 --> 01:08:20.359
but again down eight percent at the
open. On Thursday. They reported
909
01:08:20.399 --> 01:08:28.039
a disappointing revenue for the first quarter
and talked about the purchase of Hashi Hashe.
910
01:08:28.399 --> 01:08:31.880
I guess they don't want their computer
provider to be Stone. I don't
911
01:08:31.880 --> 01:08:36.239
know. You know got pretty destroyed
on Friday was Roku. They shed ten
912
01:08:36.279 --> 01:08:43.920
percent after streaming platform surpasses quarterly earnings
expectations, but also cautions investors on potentially
913
01:08:44.000 --> 01:08:47.680
unfavorable year over year growth comparisons.
That was the stock that we were talking
914
01:08:47.720 --> 01:08:53.199
about after Walmart came out. Well, hey, DraftKings, I've been talking
915
01:08:53.239 --> 01:08:56.680
this. They got earnings next week, up five percent on Friday, as
916
01:08:56.680 --> 01:09:01.399
it seems like investors are bidden into
that. Earning's report was I You're you're
917
01:09:01.439 --> 01:09:05.920
thinking was very solid on that where
you're thinking the betting on women's sports really
918
01:09:06.479 --> 01:09:11.720
has increased over the past ninety days
and could make a difference in their quarterly
919
01:09:11.760 --> 01:09:15.279
report. I mean, if I
was the Draftking CEO or a Fandel CEO.
920
01:09:15.319 --> 01:09:17.600
I would just you know, pull
Emil Musk and say, look at
921
01:09:17.600 --> 01:09:21.600
this whole new segment of business that
we can now take advantage of. And
922
01:09:21.640 --> 01:09:25.800
then the next the WNBA is just
about to start. Kaitlyn Clark was just
923
01:09:26.079 --> 01:09:28.159
drafted. I mean, you could, you could really play this if you
924
01:09:28.199 --> 01:09:31.600
wanted to. You know, Jet
Blue was thirty five percent higher this year.
925
01:09:31.600 --> 01:09:35.560
I was surprised at that. Wow. But on Tuesday it hit an
926
01:09:35.560 --> 01:09:41.000
air pocket down twenty percent. I'd
be a hell of an airpocket. Huh.
927
01:09:41.119 --> 01:09:44.399
You really wanted after the company?
But you really like that one.
928
01:09:44.439 --> 01:09:46.119
I like that one a lot.
Yeah. Air pocket, airpocket, baby,
929
01:09:46.119 --> 01:09:49.479
talk about it, air post said. Gay said current revenue is expected
930
01:09:49.520 --> 01:09:53.800
to drop more than analysts had expected. We want to know why there was
931
01:09:53.800 --> 01:09:56.680
an air pocket, right, doesn't
everybody want to know that? Okay,
932
01:09:56.800 --> 01:09:59.119
a couple of minutes left, let's
talk about what air pocket is? Then?
933
01:09:59.520 --> 01:10:01.159
Okay, did you have that?
Oh? I thought you were leading
934
01:10:01.159 --> 01:10:03.640
into what an air pocket was.
No, I honestly don't even know what
935
01:10:03.720 --> 01:10:08.640
the airpocket is. When you're fine, yeah that's a hole in the hole.
936
01:10:09.159 --> 01:10:13.119
Yeah, but like, how does
it form? I have no idea
937
01:10:12.119 --> 01:10:16.359
that that's what I was saying.
I don't know. I'm a money manager.
938
01:10:16.399 --> 01:10:19.479
Give me a piece. Well,
an air pocket that Biden's trying to
939
01:10:19.479 --> 01:10:24.880
throw into our economy is potentially increasing
our capital gains tax. Now, it's
940
01:10:24.920 --> 01:10:28.560
just a proposal. He does this
all the time. It'll ever actually go
941
01:10:28.600 --> 01:10:30.680
and never have. But they're you
know they, you know, Fox News,
942
01:10:30.680 --> 01:10:33.800
all the media loves it because they
can get you to click on that
943
01:10:33.960 --> 01:10:40.199
article he wanted to. His proposal
is to increase the capital games is a
944
01:10:40.239 --> 01:10:44.039
forty four point six percent. It'd
be the highest of that magnitude for that
945
01:10:44.159 --> 01:10:47.560
level of taxes since it was first
introduced in the early nineteen twenties. It's
946
01:10:47.600 --> 01:10:49.960
not gonna happen. Oh, the
capitol games has always bugged him in The
947
01:10:50.039 --> 01:10:54.079
step up in basis drives him crazy. He wants to get rid of the
948
01:10:54.079 --> 01:10:57.560
step up the basis. Yeah,
that's what he wanted four years ago.
949
01:10:57.600 --> 01:11:00.000
How has that worked out? Nobody's
talking about it since it's just in a
950
01:11:00.000 --> 01:11:03.359
political year. You just get all
this stuff thrown out and you just have
951
01:11:03.439 --> 01:11:09.239
to understand that Congress can't agree that
the sky is blue. Right. I
952
01:11:09.319 --> 01:11:12.880
don't know how you're gonna get him
to pass anything of that. Magnezie,
953
01:11:13.239 --> 01:11:16.840
please get that here. It's like
your currency going digital. Quite worrying about
954
01:11:16.880 --> 01:11:20.159
it, but it's the type of
thing that just stupid. We can always
955
01:11:20.239 --> 01:11:25.079
if whatever fears you have with the
financial plan, we can go through them.
956
01:11:25.199 --> 01:11:28.479
We can sit down in a meeting
and discuss all the worries and show
957
01:11:28.520 --> 01:11:30.800
you why or why not that would
actually affect you and your plan. So
958
01:11:30.880 --> 01:11:33.520
again, feel free to give us
a call five two zero five four four
959
01:11:33.560 --> 01:11:38.039
four nine zero nine. It's a
free service. Take advantage of it because
960
01:11:38.039 --> 01:11:41.800
obviously as we go into the election, things change. Now a day goes
961
01:11:41.800 --> 01:11:45.640
by. You guys don't have to
or three appointments to do financial plans free,
962
01:11:45.840 --> 01:11:48.079
free of charge, and if you're
not taking advantage of it, you
963
01:11:48.079 --> 01:11:51.279
should. We'll be back right after
this break. This is the Money Matter
964
01:11:51.359 --> 01:11:55.880
Show. Talk to you interview.
Welcome back to the Money Matter Show.
965
01:11:55.920 --> 01:11:58.960
This is Dave Shorewood. I'm here
with Todd Glick. I'm here with Sebastian
966
01:11:59.000 --> 01:12:03.880
Borsini and joining this is our financial
planning attorney, our trust attorney, our
967
01:12:04.000 --> 01:12:10.920
state attorney, Jonathan Sibilia. I
get the right one eventually, I say,
968
01:12:11.079 --> 01:12:15.840
give him enough titles though eventually because
we're us him for all of those
969
01:12:15.880 --> 01:12:20.479
things. And but technically state planning
tax attorney got it. Yeah, you
970
01:12:20.520 --> 01:12:24.600
know, that's that is We never
talk about that, but that is so
971
01:12:24.840 --> 01:12:30.640
cool that you have an estate planning
attorney who has an extensive background in taxes.
972
01:12:30.199 --> 01:12:33.880
And that's rare. Yeah, which
is hilarious because like a state planning
973
01:12:34.000 --> 01:12:39.479
is, like you think it would
be kind of important. I think it
974
01:12:39.520 --> 01:12:42.119
would be kind of important, but
you don't very often see that the state
975
01:12:42.159 --> 01:12:45.039
planning is keeping in mind taxes.
You know, because right now, a
976
01:12:45.039 --> 01:12:48.840
lot of people you lived in Arizona, taxes won't be an issue, right,
977
01:12:48.960 --> 01:12:53.600
you know, the state tax really
affects the point zero one percent.
978
01:12:53.920 --> 01:12:58.319
But you also want to hold those
assets in a way where it's very beneficial
979
01:12:58.319 --> 01:13:01.079
for the most efficients efficient. It's
a good way to put it. Yeah,
980
01:13:01.159 --> 01:13:03.760
And that's what we always look at
when we do our plans. Is,
981
01:13:04.159 --> 01:13:09.560
of course, you can make a
decision that is just based on behavioral
982
01:13:10.159 --> 01:13:13.720
and it's not based on economics,
but that's not the most efficient way to
983
01:13:13.720 --> 01:13:17.359
go about it. That's okay if
that's what your values aligned with and that's
984
01:13:17.359 --> 01:13:20.119
what your visions align with, Okay, we'll lay it out that way.
985
01:13:20.439 --> 01:13:25.479
But there are certain ways to be
the most efficient in terms of tax performance
986
01:13:25.960 --> 01:13:28.880
at the end of the plan.
And that's why you really can't do it
987
01:13:29.079 --> 01:13:30.199
just an estate planning attorney, and
you can't really just do it with just
988
01:13:30.239 --> 01:13:33.920
a financial planner. You need the
two because one leads into the other and
989
01:13:33.960 --> 01:13:39.800
one comes to their result based on
the first. So having a financial planner
990
01:13:39.840 --> 01:13:44.079
and an estate planning attorney with that
tax background is kind of what you need
991
01:13:44.119 --> 01:13:46.880
to be the most efficient with that
generation passing down. We have so many
992
01:13:46.880 --> 01:13:53.960
clients that have called to meet with
Jonathan and I sat next next to John,
993
01:13:53.960 --> 01:13:58.760
our officer together, and it's always
interesting. In are so many variables,
994
01:13:58.840 --> 01:14:02.600
there's so many different things you see
on a daily basis that I don't
995
01:14:02.640 --> 01:14:05.039
know how you wonder related to the
other. What have you been working on
996
01:14:05.119 --> 01:14:10.359
lately? You know, I've been
getting a lot of questions about supplemental needs
997
01:14:10.399 --> 01:14:14.800
trust. So I got a lot
of clients with children with autism, cerebral
998
01:14:14.800 --> 01:14:17.720
palsy, that kind of stuff,
and they're on governmental assistance. They're under
999
01:14:17.920 --> 01:14:24.199
governmental programs and they don't want to
lose that when if they were to ultimately
1000
01:14:24.239 --> 01:14:27.119
pass away. They don't want the
kids to lose that governmental assistance. So
1001
01:14:27.199 --> 01:14:32.119
there's ways to and why would they
lose the governmental assistance question? So governmental
1002
01:14:32.119 --> 01:14:36.760
assistance a lot of times is based
on how much your assets are. Okay,
1003
01:14:38.159 --> 01:14:42.319
And so when you're not working,
but you have and you are an
1004
01:14:42.359 --> 01:14:45.319
autistic child, you know, you
can't form certain relationships. Some do,
1005
01:14:45.479 --> 01:14:48.520
you know, of course many do, but there are a lot that don't.
1006
01:14:48.720 --> 01:14:51.840
And they can't form relationships, they
can't hold jobs, so they don't
1007
01:14:51.840 --> 01:14:56.960
have a consistent set of income.
And if their parents die, a bunch
1008
01:14:57.000 --> 01:15:01.039
of money is basically dumped on them. And if you are getting that governmental
1009
01:15:01.079 --> 01:15:05.439
assistance and they see that kind of
those assets come into you without restriction,
1010
01:15:06.119 --> 01:15:12.439
then they'll bleed that down. So
what we do is there's ways to set
1011
01:15:12.520 --> 01:15:15.760
up what's called a supplemental Needs trust, and we can put those assets inside
1012
01:15:15.800 --> 01:15:20.720
of supplemental needs trust dictate the terms
say, you know, we can provide
1013
01:15:20.800 --> 01:15:25.039
for certain necessities, but we can
you know, what can be considered a
1014
01:15:25.079 --> 01:15:30.039
necessity. Maybe a vacation at Disneyland
once a year, you know, certain
1015
01:15:30.079 --> 01:15:34.760
other electronics, those are available to
you as a necessity. But you don't
1016
01:15:34.800 --> 01:15:39.560
want to distribute too much where eventually
the government's can get their hands on it,
1017
01:15:39.640 --> 01:15:42.640
and then they may require to bleed
that down before they'll kick in the
1018
01:15:42.640 --> 01:15:47.600
governmental program. And so again,
the governmental assistance is basically a paycheck from
1019
01:15:47.600 --> 01:15:54.960
the government because of certain provisions being
met. But it's really to do with
1020
01:15:55.039 --> 01:15:59.560
how much money is under their net
worth and so if they have their parents
1021
01:15:59.640 --> 01:16:02.760
passing along those assets not thinking about
how that could affect that governmental assistance,
1022
01:16:02.960 --> 01:16:08.520
the government will force them to use
their own assets before they'll start jumping back
1023
01:16:08.560 --> 01:16:11.640
in. Similar to medicaid, right, you know, if you qualify for
1024
01:16:11.760 --> 01:16:15.279
medicaid and all of a sudden you
have a big injection of wealth or you're
1025
01:16:15.279 --> 01:16:19.279
off medicaid, right. And the
reason that's a big deal as well is
1026
01:16:19.319 --> 01:16:23.119
it sounds for some people like,
oh, well, who cares. They
1027
01:16:23.119 --> 01:16:26.600
still have that money, they can
live on it. But these people can't
1028
01:16:26.600 --> 01:16:30.680
always make correct decisions about how to
do it most efficiently or how to make
1029
01:16:30.680 --> 01:16:32.920
it last or right exactly. And
so that's where you guys come in,
1030
01:16:33.039 --> 01:16:36.680
hopefully, and you have a professional
trustee or a trustee that you trust to
1031
01:16:36.920 --> 01:16:43.640
follow the terms of the of the
of the instructions and they distribute assets out
1032
01:16:44.000 --> 01:16:46.920
according to the terms, but they
invest it. The money shouldn't sit there
1033
01:16:46.920 --> 01:16:50.279
collecting dust, right, it should, it should grow. They have a
1034
01:16:50.279 --> 01:16:56.600
fiduciary duty. They should. They
have the Prudent invest Investors stand and a
1035
01:16:56.600 --> 01:16:59.279
other the type of things you need
to have laid out in the trust because
1036
01:16:59.479 --> 01:17:01.560
again it's likely that the you know, person with the special needs are not
1037
01:17:01.600 --> 01:17:04.520
going to have the wherewithal to know
that they need to take it to a
1038
01:17:04.520 --> 01:17:09.800
financial advisor to have it managed.
They don't know where they can put the
1039
01:17:09.840 --> 01:17:12.640
money in to make interest. It's
just going to sit in a bank account.
1040
01:17:12.640 --> 01:17:15.880
They don't, right, I mean, they need There's certain things that
1041
01:17:15.880 --> 01:17:17.439
they just don't know, right,
And so if you have it laid out,
1042
01:17:17.479 --> 01:17:21.399
it can already be pre set so
that they can do as much away.
1043
01:17:21.680 --> 01:17:24.640
You know, they don't have to
have the hands on they can just
1044
01:17:24.640 --> 01:17:27.720
continue to live their life. It
could also be things like not just special
1045
01:17:27.760 --> 01:17:32.319
needs, but kids that you know
potentially have you know, socioeconomic issues.
1046
01:17:32.319 --> 01:17:35.439
Maybe they're doing a lot of drugs, maybe they're you know, having bad
1047
01:17:35.479 --> 01:17:40.880
relationships, things like that. What
are some of the you know, family
1048
01:17:41.399 --> 01:17:45.000
dynamics you've seen around that picture,
Well, similar to a supplemental needs trust.
1049
01:17:45.479 --> 01:17:49.039
You can create a trust just for
your children who don't require governmental assistance,
1050
01:17:49.079 --> 01:17:51.239
but they do have a drug problem, they do have alcohol problems.
1051
01:17:51.279 --> 01:17:56.520
They have spouses you don't think they
are going to last, they have or
1052
01:17:56.560 --> 01:18:00.960
abusive spouses that you can see,
Yeah, what have you? You know,
1053
01:18:00.359 --> 01:18:04.319
you know there's so many issues that
could come around, and you don't
1054
01:18:04.359 --> 01:18:11.600
want to give certain people unfettered access, unlimited access to assets, so you
1055
01:18:11.600 --> 01:18:14.800
could put certain restrictions. I had
a phone call today and he called me
1056
01:18:14.840 --> 01:18:16.800
and said, my parents had eight
million dollars. I don't have a job,
1057
01:18:17.760 --> 01:18:21.680
I got two kids. I can't
make rent. His mom's still alive
1058
01:18:21.720 --> 01:18:25.039
actually, but their father passed away. And he said, you know,
1059
01:18:25.119 --> 01:18:28.760
I'm trying to get to get to
the money. And you know, as
1060
01:18:28.800 --> 01:18:30.800
we talked, spoke talk talk talk, you know, he's like, well,
1061
01:18:30.840 --> 01:18:32.960
you know, what are you doing
today? He's like, well,
1062
01:18:33.000 --> 01:18:35.359
I'm going to walk down to the
grocery store and go grab a beer and
1063
01:18:35.359 --> 01:18:41.079
I'm gonna hang out and smokes weed. And I'm thinking, this is what
1064
01:18:41.079 --> 01:18:43.760
he's telling you, this is what
he's telling me. He was talking to
1065
01:18:43.800 --> 01:18:47.720
me about weed and different strands and
I was interested interested in hearing what to
1066
01:18:47.760 --> 01:18:50.960
say because I haven't, you know, been around weed in what twenty years.
1067
01:18:51.000 --> 01:18:54.039
I'm not that big of a nerd. Guys, I'm sorry, but
1068
01:18:54.119 --> 01:18:59.079
I just don't have time to recreational
use. But he was talking about all
1069
01:18:59.119 --> 01:19:00.399
that stuff, and I'm thinking to
myself, well, your parents probably put
1070
01:19:00.399 --> 01:19:04.840
provisions in there for you not to
have unlimited access because you were getting up
1071
01:19:04.880 --> 01:19:08.079
at eight am and go and grab
a beer. Now I'm not saying that's
1072
01:19:08.119 --> 01:19:12.760
bad. Maybe had the day off, but yeah, you started it started
1073
01:19:12.760 --> 01:19:15.760
to smell that there's something behind him
not having access to the money exactly.
1074
01:19:15.800 --> 01:19:19.079
And then he started talking about fetanol
and all that other stuff, and I
1075
01:19:19.119 --> 01:19:21.159
just said, okay, well,
look I got a nine to thirty meeting.
1076
01:19:23.640 --> 01:19:26.399
It sounds like there's a trust set
up. You know. You may
1077
01:19:26.439 --> 01:19:30.560
want to discuss that with the trustee
because they you know. But the thing
1078
01:19:30.640 --> 01:19:35.159
is is that there's beneficiaries out there
that require those types of restrictions. Right,
1079
01:19:36.039 --> 01:19:41.119
my kid, it's going to be
just like me. I I should
1080
01:19:41.159 --> 01:19:44.079
not be around money till twenty seven
years old. I know, before twenty
1081
01:19:44.119 --> 01:19:47.399
seven if I came into a couple
hundred thousand dollars. It would be taking
1082
01:19:47.439 --> 01:19:50.199
my girlfriend around the world a couple
of times. I would about a really
1083
01:19:50.279 --> 01:19:55.079
nice car. It would be gone
by now. But my kid's going to
1084
01:19:55.159 --> 01:19:57.239
be just like me, So I
know not to give him everything I have
1085
01:19:57.359 --> 01:20:00.760
until twenty seven because I hopefully he
grows up. And that's there's kind of
1086
01:20:00.760 --> 01:20:02.439
that's kind of a funny year because
if you look at the research, boys
1087
01:20:02.439 --> 01:20:08.960
don't grow up or their brains don't
developed with twenty seven. Well, I've
1088
01:20:09.000 --> 01:20:11.680
always heard the number is twenty five, but yeah, it's around there.
1089
01:20:11.880 --> 01:20:15.399
Some of the mature than others,
but I was not. So that's those
1090
01:20:15.399 --> 01:20:17.800
are the things that we prepare for. I just got off a phone call
1091
01:20:17.840 --> 01:20:21.920
a little while ago, you know, and they don't want to give everything
1092
01:20:23.079 --> 01:20:26.960
till thirty years old. They have
great kids, but they want that asset
1093
01:20:26.960 --> 01:20:31.000
protection because if you don't have a
property right into that trust, then if
1094
01:20:31.039 --> 01:20:35.479
they got into car accident, that
those assets are protected, right and you
1095
01:20:35.520 --> 01:20:40.239
know it could be also that you
know, if you have an IRA beneficiary,
1096
01:20:40.840 --> 01:20:44.680
there's no really strings attached if they
get that money. But if you
1097
01:20:44.680 --> 01:20:47.439
make the trust a beneficiary, well
the trust has the instructions of what the
1098
01:20:47.439 --> 01:20:51.560
strings can be attached. So obviously
there's different implications for being a trust as
1099
01:20:51.560 --> 01:20:57.199
a beneficiary on IRA versus an individual, but it could be better for having
1100
01:20:57.239 --> 01:21:00.439
restrictions than not. And I was
talking to d about this. So I
1101
01:21:00.520 --> 01:21:09.119
recently had a situation where there was
a murderer and the big portion of wealth
1102
01:21:09.199 --> 01:21:12.880
was in an IRA, and he
was telling me that if there was a
1103
01:21:12.920 --> 01:21:15.560
wrongful dust suit, that IRA is
protected. Is that right? Well,
1104
01:21:15.600 --> 01:21:19.479
I do believe that iras or creditor
protected, can you you? Yeah?
1105
01:21:19.560 --> 01:21:25.279
Okay, so interesting, So that's
has that's a form of creditor protection as
1106
01:21:25.319 --> 01:21:28.960
well. It's funny you talking about
necessities and listening to few. I was
1107
01:21:28.960 --> 01:21:33.359
telling the boys story this morning about
the about my daughter going to college and
1108
01:21:33.960 --> 01:21:38.880
she was she's now a thirty nine
year old, very successful corporate headhunter,
1109
01:21:39.479 --> 01:21:42.359
but at the time she was eighteen, just straight out of high school,
1110
01:21:42.399 --> 01:21:45.199
headed for college, and I gave
her a credit card that was foreign necessities
1111
01:21:45.520 --> 01:21:49.800
only, well really emergencies, right, yeah, yeaherencies exactly, Yeah,
1112
01:21:49.840 --> 01:21:54.560
emergencies. Anyway, he got the
first month's bill was thirty seven hundred dollars
1113
01:21:55.000 --> 01:21:58.359
and had some Neeman's Marcus Jean's on
there and a few other things. So
1114
01:21:59.479 --> 01:22:05.399
there everyone's definition of what's necessity what's
important is different, and I think we
1115
01:22:05.479 --> 01:22:12.000
see from time to time, John, people who have in my particular case,
1116
01:22:12.680 --> 01:22:16.840
because my daughter you talked about being
irresponsible to twenty seven, right,
1117
01:22:17.199 --> 01:22:21.079
the only reason I've often not thought, the only reason my daughter has any
1118
01:22:21.119 --> 01:22:25.520
money is because she doesn't know about
it, right, she knows about it's
1119
01:22:25.560 --> 01:22:31.000
gone. So and the trust what
we had her get a portion of it
1120
01:22:31.039 --> 01:22:35.000
at thirty and another portion at thirty
five, and another portion at forty.
1121
01:22:35.399 --> 01:22:39.960
And you can do that, and
that's one of the one of the wonderful
1122
01:22:40.000 --> 01:22:44.319
things about trust. You also have
a lot of situations where you have a
1123
01:22:44.319 --> 01:22:47.800
second marriage or a third marriage,
and there are children from multiple marriages,
1124
01:22:48.199 --> 01:22:54.760
and a trust I think is imperative
in those situations so you can get the
1125
01:22:54.800 --> 01:23:00.199
assets to the proper children. You
know, your's mine in ours. The
1126
01:23:00.199 --> 01:23:02.479
thing scariest thing in the world is
having a blended family. For an estate
1127
01:23:02.520 --> 01:23:05.720
planner, yeah, because now you
have to convince them to set up trust
1128
01:23:05.760 --> 01:23:11.359
in a certain way where if you
really want to protect your kids, you're
1129
01:23:11.359 --> 01:23:14.720
gonna have to set up after the
first spouse dies, a separate a separate
1130
01:23:14.720 --> 01:23:19.560
trust from that spouse where they can't
disinherit them. Yeah, yeah, and
1131
01:23:19.640 --> 01:23:24.640
they'll have and they'll be relieved of
some of that money. But at what
1132
01:23:24.840 --> 01:23:27.760
costs. Okay, there'll be a
little less money for the surviving spouse,
1133
01:23:28.319 --> 01:23:30.760
but you're guaranteed that money is going
to go to go to the children now,
1134
01:23:30.800 --> 01:23:34.119
because you may be you may be
head over hills crazy over your third
1135
01:23:34.159 --> 01:23:40.000
wife, but the children from your
first marriage really are not that fond of
1136
01:23:40.000 --> 01:23:42.720
the children from the third marriage.
I got a really crazy story, if
1137
01:23:42.720 --> 01:23:45.039
you guys want to hear, I'll
keep it. Quote on a phone call.
1138
01:23:45.880 --> 01:23:50.359
She was in Iraq, her father
died. Some lady claiming to be
1139
01:23:50.399 --> 01:23:55.880
the wife that showed up out of
nowhere and decided to open up probate on
1140
01:23:55.960 --> 01:23:59.920
the dad, saying she was the
wife that nobody knew about her, disinherited
1141
01:24:00.720 --> 01:24:03.279
the girl while she was in Iraq. And look where we're at. No
1142
01:24:03.399 --> 01:24:08.680
trust, nothing, nothing in a
will. And here we are so important
1143
01:24:08.720 --> 01:24:12.079
to get a hold of Jonathan.
He's available. He's in her office five
1144
01:24:12.119 --> 01:24:14.960
four four four nine o nine.
Give us a call. We can set
1145
01:24:15.039 --> 01:24:17.840
you up with Jonathan you'll have more
peace of mind that the rafters are going
1146
01:24:17.880 --> 01:24:21.560
to go where you want them to
go back after this message, Welcome back
1147
01:24:21.560 --> 01:24:25.840
to the Money Matter Show. My
name is Sebastian Borsenium here with Dave Sherwood
1148
01:24:25.880 --> 01:24:31.239
and Todd Glick Junior. It's a
wrapping up another show, just other busy
1149
01:24:31.279 --> 01:24:35.880
week in the markets of all.
It's a week started off where we needed
1150
01:24:35.920 --> 01:24:41.000
to be, coming off a really
bad three weeks, a really bad last
1151
01:24:41.039 --> 01:24:44.439
week, and then this week we
had a you know, good earnings reports
1152
01:24:44.720 --> 01:24:47.960
that kind of brought us higher,
and you know economic reports that seemed to
1153
01:24:48.159 --> 01:24:51.199
should bring us lower, but the
market didn't want to bring it lower,
1154
01:24:51.199 --> 01:24:56.720
and we finished up higher, making
it the highest week in the last five
1155
01:24:56.760 --> 01:25:00.760
months. Yeah, I know you
like my air pocket, so let me
1156
01:25:00.800 --> 01:25:05.039
give you another one. Victoria's Secrets. The struggling retailer stock is down forty
1157
01:25:05.079 --> 01:25:12.640
seven percent in the last twelve months, and shed six percent on Thursday after
1158
01:25:12.680 --> 01:25:18.720
Gomsaks lowered the stock to a selsen
A tough macro environment ahead for Victoria Secrets.
1159
01:25:18.960 --> 01:25:21.560
I like the first one better.
I didn't think he even liked the
1160
01:25:23.399 --> 01:25:28.000
GM. You know, GM's really
been good this year. GM is typically
1161
01:25:28.039 --> 01:25:31.720
a sleepy stock gained twenty percent this
year, hit a two year high at
1162
01:25:31.720 --> 01:25:38.000
the open on Tuesday, after reporting
net income twenty percent above expectations and raising
1163
01:25:38.039 --> 01:25:43.239
their guidance. And then Ford came
out on Thursday, and poor Ford,
1164
01:25:43.439 --> 01:25:47.439
I mean they came out. They
reported great results, they reported strong guidance,
1165
01:25:47.479 --> 01:25:53.600
said it was a really nice report. Stock has been mired around twelve
1166
01:25:53.640 --> 01:25:58.079
to thirteen dollars for months. It
looked like it was ready to take off.
1167
01:25:58.199 --> 01:26:01.720
Hit fourteen fourteen and a half and
the market sales off eighty points at
1168
01:26:01.760 --> 01:26:05.199
the opening. Ford just didn't do
anything. Yeah, I did see the
1169
01:26:05.239 --> 01:26:08.840
Ford was up on that news.
I didn't know if it held it or
1170
01:26:08.880 --> 01:26:13.560
not. Thirty or forty cents couldn't
hold it. Snapchat I was up twenty
1171
01:26:13.600 --> 01:26:17.319
eight percent this week, they reported
after the messaging platform reported stronger than expected
1172
01:26:17.960 --> 01:26:20.239
quarterly numbers. That's all I have
on that one. Yeah, it was
1173
01:26:20.319 --> 01:26:25.199
so strong, and that was really
interesting. I think if you have did
1174
01:26:25.199 --> 01:26:30.319
you get any information from the Piper
Sandler teen survey on the Pipo Sandler teen
1175
01:26:30.359 --> 01:26:32.640
survey that they do every year,
No, I did not see that.
1176
01:26:32.760 --> 01:26:35.119
All right, Well, you normally
you normally you could just kind of find
1177
01:26:35.159 --> 01:26:38.800
it. Yeah, you normally,
so let's let's bring that on the show
1178
01:26:38.880 --> 01:26:43.039
next week. But this week one
of the figures that I did see was
1179
01:26:43.079 --> 01:26:46.000
that Snapchat is one of the most
widely well how do I say this,
1180
01:26:46.359 --> 01:26:50.159
least widely used out of the teens
of all the social media they're like eight
1181
01:26:50.159 --> 01:26:54.520
percent. Really yeah, yeah,
the teens survey to say, well,
1182
01:26:54.520 --> 01:27:00.840
who cares about teenagers? Instagram and
TikTok trickle up if teenagers the parents of
1183
01:27:00.880 --> 01:27:03.960
teenagers want to be cool, you
know, so so they're involved or to
1184
01:27:04.039 --> 01:27:10.720
monitor them either way. Another one
Spotify. Did you see that the Swedish
1185
01:27:10.720 --> 01:27:14.680
streaming company jumped to a three year
high on Tuesday. It's up four hundred
1186
01:27:14.960 --> 01:27:19.159
and fifty percent in the last sixteen
months. They reported revenue, net income
1187
01:27:19.199 --> 01:27:24.520
and active users well above expectations.
Last year, the company went on a
1188
01:27:24.520 --> 01:27:29.319
big cost cutting binge and it resulted
in twenty five percent of their employees no
1189
01:27:29.399 --> 01:27:32.920
longer working for the company. I
also think that you know what they're doing,
1190
01:27:33.000 --> 01:27:38.439
like Taylor Swift and Joe Rogan are
two big, big reasons that Spotify
1191
01:27:38.479 --> 01:27:40.680
are killing it. You think,
oh, yeah, that you know the
1192
01:27:40.720 --> 01:27:43.720
contract that they have with Joe Rogan
where you know, like I go to
1193
01:27:43.800 --> 01:27:47.039
Spotify to lis'sen Drawgon. Before I
would always go to Apple Podcasts, but
1194
01:27:47.159 --> 01:27:53.439
then it's was only exclusively on Spotify, so I always use Spotify now absolutely
1195
01:27:53.520 --> 01:27:56.279
great points. It brought me through
the app and now I have to use
1196
01:27:56.319 --> 01:28:00.199
it. So that's one thing for
the swifties out there. You know,
1197
01:28:00.239 --> 01:28:02.720
I don't show what's going to I'd
say three or four albums in the past
1198
01:28:02.800 --> 01:28:06.920
six months. Yeah, it's amazing, so absolutely amazing. Where do you
1199
01:28:06.960 --> 01:28:11.000
get the energy to betailor shows?
But then the Spotify they talked a lot
1200
01:28:11.000 --> 01:28:14.239
about AI and their guidance, you
know, how they're going to implement AI
1201
01:28:14.399 --> 01:28:17.039
and things like that, and it's
a really easy thing to see with Spotify
1202
01:28:17.479 --> 01:28:23.319
because it's all suggestion based. I
mean, what you're doing with Spotify is
1203
01:28:23.359 --> 01:28:29.279
basically creating a curated playlist for someone
based on their listening habits, which is
1204
01:28:29.880 --> 01:28:31.840
AI is perfect for. So it's
going to be a you know, a
1205
01:28:31.880 --> 01:28:36.600
really good senergy if they can build
that out correctly. Yeah, it's amazing.
1206
01:28:36.720 --> 01:28:40.119
You know, you can have to
turn the TV on without seeing a
1207
01:28:40.159 --> 01:28:45.439
sketcher's commercial and the foward company stock
was down six percent this year. Rallied
1208
01:28:45.439 --> 01:28:49.359
to a new all time high on
Friday after posting a top and bottom line
1209
01:28:49.359 --> 01:28:54.840
beat revenue and net income in the
first quarter. As it appears, this
1210
01:28:55.159 --> 01:29:01.119
massive advertising campaign it's working. I
mean I I see them on multiple platforms,
1211
01:29:01.199 --> 01:29:08.159
multiple shows, whether it be the
NBA Playoffs or the or Women's Pool,
1212
01:29:08.199 --> 01:29:11.920
whatever it is. You know,
I actually haven't seen any You've seen
1213
01:29:11.960 --> 01:29:14.560
no Sketchers commercials. I don't think
so, but I'll keep an eye out
1214
01:29:14.560 --> 01:29:19.000
for them. Now. Best performing
dawstock this year, Disney It was on
1215
01:29:19.039 --> 01:29:24.760
a thirty day slide after the company
won that proxy battle with Nelson Pells,
1216
01:29:25.399 --> 01:29:29.239
but the shares did edge higher on
Tuesday after Wells Fargo raised their price target
1217
01:29:29.640 --> 01:29:32.079
to one hundred and forty one.
Says the theme parks are killing it.
1218
01:29:33.520 --> 01:29:39.039
I'm not a Disney theme park guy. Are you a Disney theme park guy?
1219
01:29:39.159 --> 01:29:41.720
I've been there a few times,
but I mean, I don't know
1220
01:29:41.760 --> 01:29:45.880
that i'd make a trip out there
right now. It's cool, Yeah,
1221
01:29:45.159 --> 01:29:48.159
I think I'd rather go somewhere else
at this point. Well, I think
1222
01:29:48.199 --> 01:29:53.840
you know, I've never understood adults
going to Disneyland without kids. Without kids
1223
01:29:53.840 --> 01:29:56.920
but they do. I mean,
I have friends that go to Disneyland.
1224
01:29:56.920 --> 01:30:00.720
They're adults. They go to Disneyland
without the kids. Before I want to
1225
01:30:00.720 --> 01:30:02.199
be kids at heart, I don't
know. I guess kids at heart.
1226
01:30:02.279 --> 01:30:06.159
Huh. So here's the kid.
There was a survey that was done that
1227
01:30:06.640 --> 01:30:11.159
if you had no college degree,
you're one of these people. There's no
1228
01:30:11.199 --> 01:30:15.279
college degree. And I would say
the majority of people out there do not
1229
01:30:15.319 --> 01:30:17.760
have a college degree, the majority
of young people. I may be wrong
1230
01:30:17.760 --> 01:30:21.960
on that, but I think that's
probably true. The best paying and most
1231
01:30:23.039 --> 01:30:30.079
secure job without a college degree plumber. In the late nineteen sixties, I
1232
01:30:30.199 --> 01:30:33.399
dropped out of college, or more
accurately, they asked me not to come
1233
01:30:33.439 --> 01:30:39.239
back. Oh, that's actually accurate. And so I decided to become a
1234
01:30:39.239 --> 01:30:45.199
plumber. And after one South Dakota
winter, crawling under houses and snaking out
1235
01:30:45.199 --> 01:30:49.600
sewer lines, I decided I need
to get back in college. And believe
1236
01:30:49.640 --> 01:30:55.439
me, I was far more motivated
the second time than I was the first
1237
01:30:55.439 --> 01:30:58.239
time. Actually, the only reason
I went. I went to an engineering
1238
01:30:58.239 --> 01:31:00.479
school in South Dakota. And the
reason I went to the engineering school is
1239
01:31:00.520 --> 01:31:04.840
because my high school guidance counselor told
me, don't apply there, you won't
1240
01:31:04.880 --> 01:31:10.720
be able to get in. So
I applied there and got in, and
1241
01:31:10.800 --> 01:31:15.600
I'm there for maybe two or three
weeks, and I realized it's an engineering
1242
01:31:15.640 --> 01:31:18.520
school. I have no idea.
I have absolutely no interest in engineering.
1243
01:31:18.560 --> 01:31:21.880
Nothing against engineers. I just didn't
want to be an jury. I also
1244
01:31:23.119 --> 01:31:26.079
would you know, I'm always a
debater. I think if you throw in
1245
01:31:26.560 --> 01:31:34.119
federal employees or military personnel because the
benefits, you could make a case that
1246
01:31:34.119 --> 01:31:39.840
they're also one of the highest paid
jobs without a college degree. I agree
1247
01:31:39.880 --> 01:31:44.359
with that. What level of federal
jobs can you get without a college degree?
1248
01:31:44.399 --> 01:31:46.159
Can you get most any job?
Well? Military, and then once
1249
01:31:46.199 --> 01:31:48.960
the military first, and then once
you have the military experience that gives you
1250
01:31:48.960 --> 01:31:53.359
the experience for the federal employee,
get point you get that. That's what
1251
01:31:53.359 --> 01:31:55.760
most of the federal employees did.
They started with military and then they went
1252
01:31:55.800 --> 01:31:58.319
civilian after su And you know how
they're trying to get that first job.
1253
01:31:58.359 --> 01:32:01.600
Well, how much experience do you
have un that's fine for military, Like
1254
01:32:01.680 --> 01:32:04.680
getting your credit card, trying to
get your first credit card? Right,
1255
01:32:05.000 --> 01:32:08.680
how much credit do you have?
Huh? Non? No credit? But
1256
01:32:08.760 --> 01:32:11.640
I'm good. Yeah, But the
benefits that the FEDS get. That's what's
1257
01:32:11.680 --> 01:32:14.960
really well, no, absolutely,
it's an unseen thing, but I get
1258
01:32:15.000 --> 01:32:19.039
it. I will say that plumbers
and electricians are in demand, as is
1259
01:32:19.079 --> 01:32:23.239
anyone who will. They don't got
their own health benefits, and when you're
1260
01:32:23.279 --> 01:32:25.840
a plumber and electrician, you have
higher benefit I mean, well, it's
1261
01:32:25.840 --> 01:32:28.880
definitely electrician. Your premiums are higher
for a healthcare plan. And most of
1262
01:32:28.920 --> 01:32:32.279
the most of the laborers, most
of the people that do drywall and plastery
1263
01:32:32.279 --> 01:32:35.159
and things of that nature, those
are those people are very hard to get.
1264
01:32:35.399 --> 01:32:39.239
But I know my plumber and electrician
are hard to get. I call
1265
01:32:39.279 --> 01:32:42.760
them. It's generally a two to
three week lead time, and and they
1266
01:32:42.800 --> 01:32:45.560
don't typically come to my house and
leave for less than a few hundred dollars,
1267
01:32:46.119 --> 01:32:50.560
So I can understand why that would
be. Murk Daustock already up seventeen
1268
01:32:50.600 --> 01:32:56.840
percent this year, four percent higher
again on against a terrible tape on Tuesday.
1269
01:32:56.880 --> 01:33:00.479
On Thursday with a big sell off
yeah after their strong quarterly report.
1270
01:33:00.800 --> 01:33:05.119
Caterpillar another one, up sixty five
percent in the last twelve months, eight
1271
01:33:05.199 --> 01:33:12.359
percent lower at the open on Thursday
after reporting revenue for the quarter for Q
1272
01:33:12.439 --> 01:33:15.520
one. But what what analysts we're
expecting. Our buddy Kramer says, don't
1273
01:33:15.520 --> 01:33:18.479
worry about it. They'll be just
they'll be just fine. Microsoft back to
1274
01:33:18.640 --> 01:33:25.039
data management company Rubric. Did you
guys follow this the ipo, the Rubric
1275
01:33:25.119 --> 01:33:28.199
ipo? Yeah, they went up
right. It came out at thirty two
1276
01:33:28.279 --> 01:33:31.720
bucks a share opened at forty end
of the week at thirty eight, which
1277
01:33:31.760 --> 01:33:35.479
is which is good. And the
IPO market has been a little soft,
1278
01:33:35.600 --> 01:33:40.560
so there was a lot of focus
on this particular IPO to see if it
1279
01:33:40.600 --> 01:33:45.079
would would hold those early gains.
It was very oversubscribed, so it was
1280
01:33:45.479 --> 01:33:46.760
a given that it was going to
jump. What does it do? What's
1281
01:33:47.119 --> 01:33:50.159
not a clue? Not a clue? I thought you guys are no Rubric,
1282
01:33:50.239 --> 01:33:55.119
right, I don't know. But
can we go back to macro Macro
1283
01:33:55.199 --> 01:33:58.399
a little bit, because you know
we're going down at the end of the
1284
01:33:58.439 --> 01:34:00.479
show. Yep. What do we
have lead into next week? Right?
1285
01:34:00.520 --> 01:34:06.560
We got some economic numbers predominantly around
the labor so report we'll see what that
1286
01:34:06.600 --> 01:34:12.000
impacts from the economy perspective. Earnings
reports continue to be released, but the
1287
01:34:12.000 --> 01:34:15.479
most important part of the earnings report
is the guidance, no question, no
1288
01:34:15.600 --> 01:34:18.800
question, these companies came out.
We saw more than a few companies this
1289
01:34:18.880 --> 01:34:24.600
past week that reported revenue and that
income that we're above or well above what
1290
01:34:25.039 --> 01:34:30.760
we're expected. But then they gave
cautious guidance or no guidance meta being an
1291
01:34:30.800 --> 01:34:33.720
exempt and bang down they went.
And so we got to keep an eye
1292
01:34:33.760 --> 01:34:40.279
out for that because with this whole
stackflation issue that we potentially have brewing if
1293
01:34:40.319 --> 01:34:44.680
they continue to say things like bad
guidance and moving in the wrong direction.
1294
01:34:44.960 --> 01:34:47.720
So keeping an eye on those type
of things is going to be interesting as
1295
01:34:47.720 --> 01:34:50.800
we head into next week. From
an earning standpoint, we have a couple
1296
01:34:50.840 --> 01:34:54.760
of companies reporting next week that are
going to be interesting. We have Eli
1297
01:34:54.800 --> 01:34:59.239
Lilly, we have McDonald's, Amazon, and super micro Computer. On Tuesday,
1298
01:34:59.520 --> 01:35:02.479
the world just down on McDonald's.
I wouldn't have to McDonald wouldn't have
1299
01:35:02.560 --> 01:35:08.560
to do much to get a pop. I would think everybody, everybody,
1300
01:35:08.800 --> 01:35:13.600
the mini analysts are down on McDonald's. I don't see any positive comments about
1301
01:35:13.640 --> 01:35:15.960
McDonald's at all. Well, i'd
have to think that their margins are probably
1302
01:35:16.239 --> 01:35:20.840
higher than they were before. I
don't know that's there. They're down on
1303
01:35:20.880 --> 01:35:25.039
them. I don't know if it's
got something to do with Israel, I
1304
01:35:25.319 --> 01:35:30.159
don't know, but I don't ever
see any positive analyst comments about McDonald's.
1305
01:35:30.199 --> 01:35:33.199
And then on Friday you have Apple
and Coinbase. Wow, that's a big
1306
01:35:33.840 --> 01:35:39.479
Apple. It will be interesting to
see Lily because Lily's supposedly kicking it out
1307
01:35:39.479 --> 01:35:42.640
and you're really killing it with a
zep bounds. It's gonna be real interesting
1308
01:35:42.680 --> 01:35:45.000
to see what their quarterly report looks
like. We're coming to the end of
1309
01:35:45.039 --> 01:35:48.640
another Money Matter show. We thank
you for joining us on this Sunday morning,
1310
01:35:48.720 --> 01:35:54.039
beautiful Sunday morning. We want to
be happy at Greenberg Financial. We
1311
01:35:54.079 --> 01:35:56.920
all want to be healthy because if
you're not healthy and not happy, But
1312
01:35:57.000 --> 01:36:00.159
at the end of the day,
what we're really trying to be here is
1313
01:36:00.159 --> 01:36:01.920
is profitable. See you next week.
