Markets are Soaring Halfway Through the Year – Will it Continue?

1 00:00:00,040 --> 00:00:20,800 Yo two eight you heard probably will be and we got the thirty three I 2 00:00:20,920 --> 00:00:36,119 mentioned. We at least thirty two today. M hm. Can you see 3 00:00:36,119 --> 00:00:39,520 the micros from there? Test one two, Test one three, Test one 4 00:00:39,560 --> 00:00:42,640 four, Test one five tenths close six. Here we are doing it Money 5 00:00:42,679 --> 00:00:49,200 Matters radio show bringing Tucson everything they need to know. So we got to 6 00:00:49,200 --> 00:00:53,240 go by the nexus because like I saw today, Helen Hanson still in TT 7 00:00:53,280 --> 00:00:57,759 two was one hundred ak WHI she ain't and unbundled. So nexus is everything 8 00:00:57,799 --> 00:01:00,719 I'm bundled. I mean, we still made it, but nextus will probably 9 00:01:00,759 --> 00:01:03,959 around thirty million, which is fine, but not as much because there's I 10 00:01:03,959 --> 00:01:07,480 mean it's probably four in a grand that's not in unbundled. That's showing in 11 00:01:07,799 --> 00:01:11,079 beta link far little thing with my dad, Well, you just had to 12 00:01:11,079 --> 00:01:14,480 be above two or seven. No, No, we have a thing with 13 00:01:14,480 --> 00:01:17,840 our TD what we bring in a bonus thing. We had to be above 14 00:01:17,840 --> 00:01:21,599 twenty eight five. I got it, which we were like in beta link 15 00:01:21,599 --> 00:01:23,920 when I add up to three, we got like thirty one. But then 16 00:01:23,920 --> 00:01:26,040 there's I found there's probably like five hundred grand worth of like Mary Montoya hundred 17 00:01:26,040 --> 00:01:29,920 grand in there hundred fifty grand, so it's probably about four or five hundred 18 00:01:29,959 --> 00:01:33,519 grand that's not in unbundled but showing in TV two, so we probably got 19 00:01:33,599 --> 00:01:38,560 to put that into TV four. Well we're moving out Helen Hanson soon anyways. 20 00:01:38,000 --> 00:01:40,519 But all right, yeah, that's all I was saying. But we 21 00:01:40,560 --> 00:01:44,799 still made it for the quarter. Good job, buddy, A good job. 22 00:01:48,040 --> 00:01:51,959 Been drinking a lot of water. What's going here? One hundred million 23 00:01:51,959 --> 00:01:57,120 degrees outside and help? All right? Look at that week? Maybe are 24 00:01:57,120 --> 00:02:01,480 we ready, buddy, Yeah, we'll get drunk off wy Sue. She's 25 00:02:01,480 --> 00:02:06,439 out of here. I came out of here, get out of here, 26 00:02:07,040 --> 00:02:12,919 trying to get radio show. Yeah you can listen though, absolutely all right 27 00:02:13,039 --> 00:02:17,560 school. Hey three to one, Good morning Tucson. It's Sunday. It's 28 00:02:17,680 --> 00:02:21,960 July second. I'm Dave Sherwood. I'm here with Todd Glick. I'm here 29 00:02:21,960 --> 00:02:24,400 with Dylan Greenberg. You know, last Monday, guys, we celebrated the 30 00:02:24,479 --> 00:02:30,800 thirty third anniversary of the hottest day in the history of Tucson. Oh wow, 31 00:02:30,840 --> 00:02:31,599 I need to know what the number. It was, one hundred and 32 00:02:31,599 --> 00:02:37,680 seventeen degrees. But I wasn't here because I had a previous appointment in Phoenix, 33 00:02:38,719 --> 00:02:42,080 where it was one hundred and twenty three degrees one hundred and seventeen. 34 00:02:42,439 --> 00:02:44,719 We made a good run out of this past Monday. We were one hundred 35 00:02:44,759 --> 00:02:46,120 and eleven. It's a good show. Good show, but it wasn't one 36 00:02:46,159 --> 00:02:51,680 hundred and seventeen. But it's warm out there. It's not cold. I 37 00:02:51,719 --> 00:02:53,479 think you would all agree it's warm. I love your weather updates every Sunday. 38 00:02:53,560 --> 00:02:57,960 Well, it's important. I'm outside a lot, except this time of 39 00:02:57,960 --> 00:03:00,599 the year I'm more in the gym than outside. It's fascinating how much the 40 00:03:00,680 --> 00:03:05,919 weather changes. I was out there at like four fifteen this morning and down 41 00:03:05,919 --> 00:03:07,639 in Salata, so it's a little cooler there. Absolutely it was. It 42 00:03:07,719 --> 00:03:10,879 was like fifty six degrees when I was out there. Oh really, and 43 00:03:10,919 --> 00:03:14,080 it gets up to like you know, it gets up to like one oh 44 00:03:14,120 --> 00:03:15,840 five there, so you're just like a fifty degree swing that you know. 45 00:03:15,960 --> 00:03:20,000 This place has its kind of like those old Western movies, right remember, 46 00:03:20,000 --> 00:03:23,080 would they'd be swaltering in the day time, in a night they'd be freezing 47 00:03:23,159 --> 00:03:25,919 and what not? Quite that right bad, But there's a dramatic difference, 48 00:03:27,039 --> 00:03:30,280 especially when the air gets dry like it is now exactly what a week in 49 00:03:30,360 --> 00:03:35,560 the market, what a month? What a year? So far? The 50 00:03:36,680 --> 00:03:42,240 week started off kind of quiet. The first three or four days of the 51 00:03:42,240 --> 00:03:45,080 week, we're kind of quiet. But on Friday, the last day of 52 00:03:45,120 --> 00:03:50,400 the quarter, the last day before money managers and mutual funds and hedge fund 53 00:03:50,479 --> 00:03:55,240 managers all put their quarterly reports out to the public, there were no sellers 54 00:03:55,319 --> 00:04:00,479 insight. It was all buyers from the get go. It started off moving 55 00:04:00,560 --> 00:04:06,479 higher and just gained ground throughout the day. And that's indicative to me of 56 00:04:06,680 --> 00:04:11,280 people that are wanting to window dress. Oh yeah, well, I mean 57 00:04:11,360 --> 00:04:14,000 yeah, you kind of see that always going into the end of a quarter. 58 00:04:14,599 --> 00:04:16,000 It's usually a run up. And then also same time, it was 59 00:04:16,000 --> 00:04:18,639 a holiday weekend in a sense, I mean, I know, we're open 60 00:04:18,759 --> 00:04:23,600 tomorrow at for half a day, but you still see that run up. 61 00:04:23,879 --> 00:04:28,000 That bring up an interesting point. We have an interesting week next week with 62 00:04:28,199 --> 00:04:31,519 the fourth of July holiday on Tuesday, YEP, and Wall Street is good 63 00:04:31,519 --> 00:04:36,839 at getting out early, and so Monday the market is open until one pm 64 00:04:38,399 --> 00:04:44,120 on in New York, which means at ten am in Tucson the market's closed. 65 00:04:45,160 --> 00:04:47,639 So Monday we're open until ten. I think the office might be until 66 00:04:47,680 --> 00:04:51,160 ten thirty or eleven and then that's it, and then Tuesday off. And 67 00:04:51,839 --> 00:04:58,279 the people often ask why why would we even open it all? And that's 68 00:04:58,360 --> 00:05:01,680 because there is a a law that came about back in the nineteen thirty three 69 00:05:02,519 --> 00:05:10,279 that UH says financial institutions shall not be closed for more than three consecutive days, 70 00:05:10,639 --> 00:05:13,399 which is not fair. Yeah, you gotta get your money, giving 71 00:05:13,439 --> 00:05:15,879 people access to their money. Yeah, and of course that was done long 72 00:05:15,920 --> 00:05:21,279 before ATMs and electronic transfers and things of that nature that make it kind of 73 00:05:21,879 --> 00:05:25,920 kind of silly, but it is what it is, and that's why we 74 00:05:26,040 --> 00:05:30,000 were opened the Friday after Thanksgiving as well, because that would be four consecutive 75 00:05:30,079 --> 00:05:34,600 days, which is which is sprown on if it. Dean is still traveling. 76 00:05:35,079 --> 00:05:40,480 Any updates Dylan from They're in Portugal right now and he's enjoying life as 77 00:05:40,560 --> 00:05:44,000 much as he can as he's hobbling around, but he's isn't he's getting better, 78 00:05:45,120 --> 00:05:47,439 getting better in the sense of his leg strengthening, but he has nossability, 79 00:05:47,480 --> 00:05:50,199 so he's just getting used to it. It's probably an ACLS what it 80 00:05:50,240 --> 00:05:54,000 sounds like, but he's definitely getting used to it and making the best of 81 00:05:54,040 --> 00:05:56,399 it. I thought that thought was interesting. It in Europe, they don't 82 00:05:56,480 --> 00:05:59,639 use the crutches, the wooden crutches like we do that go under your arm 83 00:06:00,079 --> 00:06:01,639 to connect them to your forums. Yeah, the forums, like you've seen 84 00:06:01,680 --> 00:06:04,279 people with polio that will use the exact same ones. Yeah, it's the 85 00:06:04,279 --> 00:06:10,040 exact same and and he said that they're they're way better. Yeah, I 86 00:06:10,120 --> 00:06:12,079 never used all used the ones that can go in your arm pit. They 87 00:06:12,120 --> 00:06:15,279 suck. Yeah, it makes a lot of sense that now you were you 88 00:06:15,319 --> 00:06:17,680 were last weekend, you were here. You were up in Peoria, Peoria 89 00:06:17,800 --> 00:06:21,240 Lenos, not Peoria, Arizona though, No, you're in all the way 90 00:06:21,240 --> 00:06:25,120 to the real Peoria. Yeah, Peoria Lenois. Back there for a friend's 91 00:06:25,160 --> 00:06:29,160 wedding. And what kind of reports do you have for us from Peoria. 92 00:06:29,240 --> 00:06:31,240 The weather was hot. It wasn't really like a man Dylan. Yeah, 93 00:06:31,319 --> 00:06:33,879 it was hot. It was. It was more humid though, but a 94 00:06:33,959 --> 00:06:35,920 small town, it is a good time. Yeah, but it's a shame 95 00:06:36,000 --> 00:06:40,519 you so you didn't get seventy degree weather and a break from the heat or 96 00:06:40,519 --> 00:06:44,439 anything. No, it was like ninety plus with humidity, with humidity during 97 00:06:44,480 --> 00:06:47,480 the mornings were like way better. They were sixty degrees where we started golfing 98 00:06:47,480 --> 00:06:50,199 in the like early mornings, but by the time it was midday it was 99 00:06:50,240 --> 00:06:53,680 yeah, it was nineties. It was good to have you back. I 100 00:06:53,680 --> 00:06:58,600 think Dean is traveling again next weekend and then the following you will be back 101 00:06:58,600 --> 00:07:03,600 for the fourteenth back, which isis show for the sixteen ye. Yeah, 102 00:07:03,680 --> 00:07:08,839 So those of you that miss his voice, you can always go to the 103 00:07:08,879 --> 00:07:13,920 iHeart website or the iHeart app, and or you can click on the microphone 104 00:07:13,920 --> 00:07:17,480 in the upper left hand corner of our right of Greenberg Financial dot com and 105 00:07:17,600 --> 00:07:21,839 to listen to any of our past shows. So if you're new to our 106 00:07:21,879 --> 00:07:25,839 show and kind of wondering, hey, what what are these guys all about, 107 00:07:26,560 --> 00:07:29,639 you certainly can listen to any of the past shows. And since we're 108 00:07:29,639 --> 00:07:31,600 talking about the show, let's get rid of that disclaimer real quick. This 109 00:07:31,800 --> 00:07:35,639 show has been sponsored by Greenberg Financial Group. You can listen on seven ninety 110 00:07:35,680 --> 00:07:40,600 k S or Higheart Radio. The show discusses different investment products and strategies. 111 00:07:40,680 --> 00:07:44,399 Every product in strategy has some type of inherent risk. We strongly encourage our 112 00:07:44,399 --> 00:07:47,399 listeners to probably understand these risks to determine whether to buy, sell or hold. 113 00:07:47,560 --> 00:07:50,160 Show has been on the air for over thirty years. Greenberg Financial Group 114 00:07:50,199 --> 00:07:54,399 is registered with the SEC as a member of FENRA and SIPIK. You can 115 00:07:54,480 --> 00:07:58,839 visit our website Greenberg Financial dot com or more information. Thank you. John. 116 00:07:58,959 --> 00:08:03,680 Headlines this week, probably the biggest headline, at least early in the 117 00:08:03,720 --> 00:08:07,279 week was the Wagner Groups march on Moscow. Is it Wagner or Wagner, 118 00:08:07,560 --> 00:08:13,079 Wagner, Wagner. Probably Wagner, Yeah, probably Wagner. I've heard different 119 00:08:13,079 --> 00:08:15,920 people say different things. I think Wagner or we can just call him Wagner. 120 00:08:18,720 --> 00:08:20,839 That's American Wagner Group. Big news in the war that we haven't heard 121 00:08:20,920 --> 00:08:24,439 much about recently. And you know, Putin's had been in power for twenty 122 00:08:24,439 --> 00:08:28,839 three years, and really that's probably the biggest threat to his power ever. 123 00:08:30,000 --> 00:08:31,879 Well, Todd, you were telling me it turns out that guy was like 124 00:08:31,920 --> 00:08:35,679 his best friend, good friend, stuff like that. Yeah, apparently he's 125 00:08:35,720 --> 00:08:39,919 developed a very keen relationship over the years with the leader of the Wagner Group 126 00:08:39,960 --> 00:08:45,000 and was eventually kind of the reason the Wagner Group everything was created in the 127 00:08:45,000 --> 00:08:48,440 first place. Was to have Putin have a private militia, and you're not 128 00:08:48,480 --> 00:08:52,240 allowed to have private militias in Russia according for their laws UM. But this 129 00:08:52,320 --> 00:08:56,480 Wagner group is, you know, registered in outside of UM Russia, so 130 00:08:56,480 --> 00:09:01,600 they're able to get around some of that jurisdiction issues. But it's kind of 131 00:09:01,639 --> 00:09:05,200 like Putin's gang for example. It really is. And then the gang kind 132 00:09:05,240 --> 00:09:09,200 of didn't like what they were how they were being treated, and then the 133 00:09:09,240 --> 00:09:11,840 gang leader kind of said you're gonna give me what I want or or coming 134 00:09:11,879 --> 00:09:18,360 to Moscow in procotion really became friends with Putin back when he had a catering 135 00:09:18,399 --> 00:09:24,200 company and provided meals for Putin. They actually called him Putin Chef. Yes, 136 00:09:24,600 --> 00:09:26,600 so y'all have heard all about this all week on the TV. But 137 00:09:26,919 --> 00:09:31,720 one thing I thought was fascinating is I went to the gym on Tuesday. 138 00:09:33,080 --> 00:09:35,600 I think it is when it's broke, and it had just broken. It 139 00:09:35,639 --> 00:09:39,200 was relatively fresh news, like within the last twelve hours or so. And 140 00:09:39,279 --> 00:09:43,720 I'm at the gym and in front of the treadmill that I use as CNN, 141 00:09:43,000 --> 00:09:48,159 so I'm forced to look at it. And they spent the first thirty 142 00:09:48,240 --> 00:09:52,360 minutes of their four o'clock hour, which is seven o'clock in New York, 143 00:09:52,440 --> 00:09:56,879 right, that's prime time. They spent the first thirty minutes talking about Trump. 144 00:09:56,559 --> 00:10:01,480 YEP, I was watching the same I might choose fitness, watching the 145 00:10:01,480 --> 00:10:03,159 same thing. I remember. Back when they first started, it was the 146 00:10:03,279 --> 00:10:07,000 Turner News Network TNN, and I think it ought to be TNN again, 147 00:10:07,360 --> 00:10:13,279 Trump News Network, right, because they're doing more for Trump than any campaign 148 00:10:13,360 --> 00:10:16,320 manager, than any donor. Yeah, the problem is no one watched the 149 00:10:16,399 --> 00:10:20,399 CNN anymore. No, that's true. The viewership is way Absolutely, it's 150 00:10:20,440 --> 00:10:24,799 so bad. Yeah, it's so bad. But I mean they're giving him 151 00:10:24,840 --> 00:10:28,960 constant coverage, keeping his name out there and inflaming at least half of the 152 00:10:28,000 --> 00:10:33,519 country. And so let's rename it the TNN. I saw a status says, 153 00:10:33,679 --> 00:10:37,519 you know, Tucker Carlson during his primetime on Fox had one hundred times 154 00:10:39,000 --> 00:10:43,120 the viewers that CNN would have during their primetime hour. And the really interesting 155 00:10:43,159 --> 00:10:50,440 thing is people like Joe Rogan his podcast a thousand times the viewers CNNs. 156 00:10:50,519 --> 00:10:54,480 So the reach is just not there for CNN. They don't have the same 157 00:10:54,519 --> 00:10:56,879 type of media power as they used to. Yeah, they did it to 158 00:10:56,919 --> 00:11:01,200 themselves. It's absolutely is what it is. And they did. They did, 159 00:11:01,279 --> 00:11:05,279 And I was saying that maybe that maybe Warner Brothers will just shut him 160 00:11:05,320 --> 00:11:09,879 down, right, but they had a net profit last year of a billion 161 00:11:09,919 --> 00:11:13,080 dollars. Do you think Fiser's gonna let CNN shut down the I mean, 162 00:11:13,120 --> 00:11:18,480 that's their marketing arm. There's no way they're gonna let Other headlines came from 163 00:11:18,480 --> 00:11:22,240 the Supreme Court a couple of major rulings, and I know we all have 164 00:11:22,279 --> 00:11:28,440 opinions. They were that that race based college admission was declared unconstitutional. Affirmative 165 00:11:28,480 --> 00:11:33,559 action, affirmative action and student loan forgiveness of no way forget it by the 166 00:11:33,600 --> 00:11:37,960 Biden It so that needs congressional approval. They said that, yeah, And 167 00:11:37,000 --> 00:11:41,799 then this Friday afternoon, Biden had a press conference and he said that he's 168 00:11:41,799 --> 00:11:46,120 going to find another avenue to figure it out because it's just so much for 169 00:11:46,120 --> 00:11:50,360 the people to give them that And that's just the talking. That's just politics. 170 00:11:50,440 --> 00:11:54,080 There is no other angle. The entire time, it's been politics. 171 00:11:54,159 --> 00:11:56,320 He said it like a month before the midterms that you were going to relieve 172 00:11:56,360 --> 00:12:01,960 student debt, and everyone knew you can't do that. It's on constitution or 173 00:12:01,039 --> 00:12:05,480 halfway through the year and through and the SMP five hundred is up fifteen point 174 00:12:05,600 --> 00:12:11,360 nine percent for the year, the NASDAC up thirty one point seven percent for 175 00:12:11,440 --> 00:12:16,919 the year. We talk on and on about the equal weighted SMP five hundred, 176 00:12:16,919 --> 00:12:22,120 which is really more representative of what's going on in people's accounts, rather 177 00:12:22,159 --> 00:12:28,240 than fifteen point nine percent that the SMP is up. The equal weight SMP 178 00:12:28,559 --> 00:12:31,919 is up five point nine so a ten percent difference. Yeah, and we 179 00:12:33,039 --> 00:12:35,799 keep hammering that too, that we've been talking about it for a while now. 180 00:12:35,840 --> 00:12:39,200 It's the magnificent seven stocks that are really increasing in the NASDAC. The 181 00:12:39,320 --> 00:12:43,320 SMP five hundred only really apples in them, or in the Dow too, 182 00:12:43,360 --> 00:12:46,919 so that one hasn't been up as much. But it seems just fabricating the 183 00:12:46,919 --> 00:12:50,120 sense that there's seven stocks out of the five hundred roughly that are just killing 184 00:12:50,159 --> 00:12:54,200 it, that is driving everything. Right now, I'll take it one step 185 00:12:54,240 --> 00:13:01,399 further, Dylan. I follow a number of value ETF exchange traded funds. 186 00:13:01,440 --> 00:13:05,879 These are funds that have in them the stocks that you want to own if 187 00:13:05,919 --> 00:13:09,759 you're a conservative investor, the Procter and Gamble, the Merks, the uh 188 00:13:11,000 --> 00:13:15,519 AT and t s the Verizons boring dividend stock, boring dividend stocks and year 189 00:13:15,559 --> 00:13:18,879 to date ready for this year to date, there's five of my follow year 190 00:13:18,919 --> 00:13:24,879 to date. The average return on those five exchange traded funds including dividends is 191 00:13:26,000 --> 00:13:31,399 minus four percent minus four percent. So when you have a balanced portfolio, 192 00:13:31,440 --> 00:13:35,399 and I talk about this every week because I think it's important when you look 193 00:13:35,399 --> 00:13:39,519 at your portfolio and you and we've we've had a couple of calls and uh 194 00:13:39,799 --> 00:13:43,639 gee, you know the the SMP five hundreds up sixteen and the nazecs up 195 00:13:43,720 --> 00:13:50,720 thirty two and my accounts up six Why because you're not one hundred percent in 196 00:13:50,759 --> 00:13:54,200 the SMP five hundred that number one number two you you're you're not one hundred 197 00:13:54,200 --> 00:13:58,919 percent of the NASDAC number three. You don't have as your primary investment via 198 00:14:00,039 --> 00:14:03,240 called the Magnificent seven. Yeah, you have a position in the Magnificent seven. 199 00:14:03,320 --> 00:14:07,159 Let's say almost everybody has Apple. You might have three percent Apple, 200 00:14:07,200 --> 00:14:11,639 four percent Apple. Well, Apple's eight percent of the s and P five 201 00:14:11,759 --> 00:14:13,600 hundred. Yeah, we have Microsoft for a lot of people, we have 202 00:14:13,639 --> 00:14:16,720 at a video for a lot of people. But I mean, if your 203 00:14:16,840 --> 00:14:22,000 risk tolerance isn't high. You're not going to be necessarily in nvidio because Nvidia 204 00:14:22,399 --> 00:14:24,080 swings a lot. Just last year, it was out one hundred and eight 205 00:14:24,080 --> 00:14:28,000 dollars a share yea, and they kept going down and people didn't want to 206 00:14:28,000 --> 00:14:30,279 buy more of it because they thought it was going to just crash down to 207 00:14:30,440 --> 00:14:33,480 nothing. And now they're saying, why don't we buy more down there? 208 00:14:33,519 --> 00:14:37,360 Because I don't have the risktolerants too. But we told them clients that have 209 00:14:37,559 --> 00:14:39,960 had that that, we told him that's why we do what we do with 210 00:14:39,960 --> 00:14:41,279 that, because you can't just throw them one hundred percent in because when it's 211 00:14:41,320 --> 00:14:46,120 going down, they can't stomach that downturn. I remember the end of twenty 212 00:14:46,120 --> 00:14:48,080 two, the end of twenty twenty two, which was just six months ago, 213 00:14:50,399 --> 00:14:56,960 nobody wanted anything to do with Nvidia, Apple, Microsoft, Meta, 214 00:14:56,159 --> 00:15:00,840 nobody wanted anything to do with any of those. They wanted out, and 215 00:15:00,960 --> 00:15:05,000 now nobody. Everybody wants it. If you're missing out, everybody wants I 216 00:15:05,000 --> 00:15:07,919 think the funny thing is if you took the economic picture at the beginning of 217 00:15:07,960 --> 00:15:11,960 twenty twenty two and showed it now, I mean, overall the economic numbers 218 00:15:13,200 --> 00:15:16,039 they're not much different, but they're they're slightly worse and overall, yes, 219 00:15:16,320 --> 00:15:20,320 right. And also the story was in the beginning of twenty twenty two, 220 00:15:20,440 --> 00:15:24,559 let's not go tech stocks because interest rates are so high. When interest rates 221 00:15:24,600 --> 00:15:26,360 are high, that's not a good time for tech stocks. Halfway in the 222 00:15:26,399 --> 00:15:30,759 year, interest rates are even higher than what they were at the beginning, 223 00:15:31,039 --> 00:15:37,080 and tech stocks didn't care. They absolutely normally, we see there's a negative 224 00:15:37,120 --> 00:15:41,320 correlation, right, I mean, when when rates are increasing stock tech stocks 225 00:15:41,320 --> 00:15:43,000 are going to go down and value. And that's what we saw last year. 226 00:15:43,000 --> 00:15:46,320 Like you were saying, but I mean now that nazacs two percent off, 227 00:15:46,399 --> 00:15:50,559 doesn't care what a loss last year, it's up thirty two percent this 228 00:15:50,639 --> 00:15:54,960 year. Yeah. And at the end of twenty two, again everyone not 229 00:15:54,080 --> 00:15:58,639 everyone, but a lot of people were wanting to be more defensive, wanting 230 00:15:58,639 --> 00:16:02,559 to be out of tech, wanting to be less aggressive. And we pointed 231 00:16:02,559 --> 00:16:07,559 out that there's only been two times in the last seventy five years where there 232 00:16:07,559 --> 00:16:10,279 have been back to back down years. We said this, so the odds 233 00:16:10,320 --> 00:16:15,279 favor twenty twenty three being an up year. I don't think we had any 234 00:16:15,000 --> 00:16:22,960 inkling that artificial intelligence would just storm into the room and give everybody Christmas bonuses. 235 00:16:23,639 --> 00:16:30,279 It's just amazing how dramatic that's been. But money managers falling all over 236 00:16:30,360 --> 00:16:34,159 one another last week to make sure that they're participating in the hot areas as 237 00:16:34,200 --> 00:16:37,720 we get to the end of that statement period, but we repeat, it's 238 00:16:37,759 --> 00:16:45,039 a very narrow rally, so fragile rally. Yeah, temper your expectations. 239 00:16:45,519 --> 00:16:48,919 We have. The fear index is the lowest it's been since January of twenty 240 00:16:49,000 --> 00:16:55,360 twenty, right before the pandemic. It is close to the lowest it's ever 241 00:16:55,399 --> 00:17:00,399 been in history. This is when you find complacency that's not good. You 242 00:17:00,519 --> 00:17:03,680 generally build the best market rallies when people are nervous, when people are concerned, 243 00:17:03,720 --> 00:17:07,960 you'll climb that wall of worry, you'll hear. Yeah. And I 244 00:17:07,039 --> 00:17:10,759 mean, that's what makes me nervous about this rally right now is that it 245 00:17:11,119 --> 00:17:14,640 could change real quick, and it could drop fast because it is so fragile. 246 00:17:14,720 --> 00:17:17,000 Was just a few stocks that are really riding it. I think the 247 00:17:17,039 --> 00:17:21,839 first attempts to sell it off will probably be arrested because there are a lot 248 00:17:21,839 --> 00:17:25,640 of people that feel like they've missed it. Yeah, I think those first 249 00:17:25,640 --> 00:17:32,200 couple of downward pushes will be short and be modest, but there could be 250 00:17:32,240 --> 00:17:33,519 a bigger one coming. Well. Yeah, My whole thing with that is 251 00:17:33,559 --> 00:17:37,559 that if you got a bunch of individual investors now on robin hood or doing 252 00:17:37,599 --> 00:17:41,880 it on their own, that if they start seeing these tech companies drop just 253 00:17:41,920 --> 00:17:45,720 a little bit or start dropping maybe ten percent lower, they're gonna get out 254 00:17:45,720 --> 00:17:47,319 too, because they're gonna say, all right, don't want to lock in 255 00:17:47,440 --> 00:17:48,880 my profit and just get out. So then you start seeing it down, 256 00:17:48,920 --> 00:17:53,240 down, down, and Todd you pointed out that the economy today is probably 257 00:17:53,279 --> 00:17:56,440 worse than it was in the beginning of twenty two, a year and a 258 00:17:56,480 --> 00:18:00,640 half ago. Interest rates are certainly dramatic, medically higher. The inversions, 259 00:18:00,920 --> 00:18:07,680 the yield inversion, which is a warning sign of not good things to come, 260 00:18:08,000 --> 00:18:11,920 continues to get even bigger. This past week. We saw it go 261 00:18:12,039 --> 00:18:17,559 from we were at one percent last week, which was the biggest we'd ever 262 00:18:17,599 --> 00:18:22,279 seen. Today it's a three point eight five was the ten year, and 263 00:18:22,319 --> 00:18:26,359 the two years four point eight eight, so it's actually more than one percent. 264 00:18:26,720 --> 00:18:30,000 So that inverted yield curve, which again is is kind of the canary 265 00:18:30,039 --> 00:18:33,240 in the coal mine if you will. And I don't want to be too 266 00:18:33,240 --> 00:18:36,240 big. I don't want to throw a wet blanket on it, because it's 267 00:18:36,240 --> 00:18:40,240 been a wonderful year, a wonderful quarter. Our counsel are doing great, 268 00:18:40,240 --> 00:18:44,000 our clients are doing great, and we want that to continue until we all 269 00:18:44,079 --> 00:18:47,119 die. Exactly. This is the whole idea of what we've been preaching too 270 00:18:47,200 --> 00:18:49,920 for the last few months is be cautious. Be cautious. Yeah, I 271 00:18:49,920 --> 00:18:53,319 think I thought optimistic right now, I've got I got a segment that I 272 00:18:53,319 --> 00:18:59,599 added a few weeks back. What now I get that asked quite a bit 273 00:18:59,559 --> 00:19:02,440 from what do we do now? What do we do now? Yeah? 274 00:19:02,640 --> 00:19:06,599 I think there's two things you do now. Number one is the most obvious. 275 00:19:06,599 --> 00:19:10,480 Take profits in the high flyers. If you happen to have Dylan, 276 00:19:10,519 --> 00:19:12,359 I think you said last week, if you had three percent in Nvidia, 277 00:19:12,480 --> 00:19:18,119 now you have six, bring it back to three. You know three percent 278 00:19:18,119 --> 00:19:22,920 and Apple you now have five, bring it back to three. Take profits 279 00:19:22,039 --> 00:19:26,240 and hold your core, hold that that core. And we've done that throughout 280 00:19:26,240 --> 00:19:30,680 the whole thing, and honestly, we've been too cautious. We've been too 281 00:19:30,680 --> 00:19:37,400 cautious for this market. But with that said, we have been sixty percent 282 00:19:37,480 --> 00:19:41,119 invested in the market. We have had our core. We are participating. 283 00:19:41,440 --> 00:19:45,279 Every one of our clients has nearly ten percent in the SMP five hundred. 284 00:19:45,920 --> 00:19:51,519 Every one of our clients has around four percent in the NASDAC composite. So 285 00:19:51,559 --> 00:19:53,759 we're participating. And part of the reason we've been more cautious too, is 286 00:19:53,759 --> 00:19:57,480 because of a lot of our clients use their retirement counts that they have with 287 00:19:57,559 --> 00:20:00,319 us for income, so we're not and they're trying to gain as much as 288 00:20:00,319 --> 00:20:03,039 possible in the markets. We're trying to make sure are lasting through retirement. 289 00:20:03,119 --> 00:20:06,200 So we are going to put hedges on it. We're gonna put stuff like 290 00:20:06,240 --> 00:20:08,680 that on to kind of be a little cautious on the coustious side for those 291 00:20:08,680 --> 00:20:12,079 accounts. You know, in Hindsight's twenty twenty, you zoom back to March 292 00:20:12,440 --> 00:20:17,960 when we have three bank failures, I mean people were really worried. Yeah, 293 00:20:18,079 --> 00:20:22,400 zoom back to January right with unknown amount of continual hate rate hikes and 294 00:20:22,720 --> 00:20:26,680 the market going down. I mean there's always there was true and there still 295 00:20:26,799 --> 00:20:30,799 is true worries about this economy that cannot be ignored. Well, that's a 296 00:20:30,880 --> 00:20:33,720 great point. See when markets are rallying like this, to only think it's 297 00:20:33,720 --> 00:20:37,200 going to continue, that's a great point because right in two thousand and eight, 298 00:20:37,319 --> 00:20:40,799 then Embarrasstarns go out first, and then everybody thought it was back to 299 00:20:40,880 --> 00:20:42,799 normal, and then six months later is when the real collapse happened, with 300 00:20:42,880 --> 00:20:48,079 Lehman Brothers and all them, and Bank Merrill Lynch going out and the dollars 301 00:20:48,160 --> 00:20:51,960 increasing right now, which sounds like a good thing for us, but it's 302 00:20:52,000 --> 00:20:53,839 not a good thing for most of the world. Okay, when the dollars 303 00:20:53,880 --> 00:20:59,279 increasing, a lot of countries they have problems servicing debt, they have problems 304 00:20:59,599 --> 00:21:03,359 with their own inflation worries, and so when the dollar keeps increasing, it's 305 00:21:03,359 --> 00:21:07,279 like building up the pressure in the financial pipes of the entire system. Right 306 00:21:07,319 --> 00:21:11,000 and I saw a report last week that thus far in twenty twenty three there 307 00:21:11,000 --> 00:21:18,559 have been forty one corporate default that's more than double the same period last year, 308 00:21:18,880 --> 00:21:22,799 and it's primarily due to writing interest rates. That's not talked about enough. 309 00:21:22,880 --> 00:21:29,519 Dave and I saw a really interesting chart where it plots bankruptcies against the 310 00:21:30,359 --> 00:21:34,759 credit spreads, and so what a credit spread is is taking the US high 311 00:21:34,880 --> 00:21:41,400 yield credit rate against just a normal ten year treasury for example, and seeing 312 00:21:41,400 --> 00:21:45,519 how much that spread is, you expect the spread to be greater in times 313 00:21:45,559 --> 00:21:48,599 of economy, when the economy is in distress. The reason being is, 314 00:21:48,680 --> 00:21:55,359 who's gonna be giving a really bad company alone in two thousand and eight? 315 00:21:55,640 --> 00:21:57,920 Sure, right, So I'll give a bad company alone in twenty twenty. 316 00:21:57,920 --> 00:22:02,440 When every company's getting free money, right, right, they can pay that 317 00:22:02,480 --> 00:22:03,920 back up. But when the economy is bad, up, they're not gonna 318 00:22:03,960 --> 00:22:07,680 pay, so you have to charge a higher rate of interest on those bad 319 00:22:08,079 --> 00:22:12,839 loans. The credit spread is not moving, it's not budging, but bankruptcy 320 00:22:12,880 --> 00:22:18,599 filings are skyrocketing, which means the market is not it's not looking at reality. 321 00:22:18,960 --> 00:22:22,559 It's normally this is a very correlated chart, and it's not right now. 322 00:22:23,119 --> 00:22:27,319 I spoke to Dean this morning, and I should mention he's been gone 323 00:22:27,359 --> 00:22:30,960 for a while, a little over a month, right, he's going to 324 00:22:30,039 --> 00:22:34,400 be gone from the beginning to the end. But he's in touch with the 325 00:22:34,440 --> 00:22:40,640 office multiple times a day. So if we were thinking we got rid of 326 00:22:40,720 --> 00:22:42,960 him, that didn't happen. No, he's all in the know of what's 327 00:22:42,960 --> 00:22:47,559 going on. Yeah, and the technology is such that he actually has his 328 00:22:47,640 --> 00:22:51,839 office computer on his desk in the hotel room. Yeah. He can't get 329 00:22:51,880 --> 00:22:53,319 away from it too long, you know. And because there's an eight hour 330 00:22:53,440 --> 00:22:59,279 time difference. The market opens there at what two o'clock in Portugal? They're 331 00:22:59,319 --> 00:23:02,400 two thirty in Portugal thirty. You know. When he gets done for supper, 332 00:23:02,400 --> 00:23:03,440 it's in the kind of the middle of the trading day here, and 333 00:23:03,480 --> 00:23:07,240 he's yeah, but they're in Europe, so dinner starts at ten? Yeah? 334 00:23:07,359 --> 00:23:10,440 Is that how they do it at ten o'clock? That's what they're saying. 335 00:23:10,480 --> 00:23:14,720 Oh, how did they stay slam? That would just yeah walk, 336 00:23:14,880 --> 00:23:17,920 yeah, and you eat it a lot slower. Yeah, you had dinner 337 00:23:17,960 --> 00:23:19,359 for four hours. I like to go to France with them. Don't they 338 00:23:19,359 --> 00:23:23,000 have dessert first? I don't know. You're gonna feed me dessert at ten 339 00:23:23,000 --> 00:23:29,000 o'clock. I'm gonna go to bed, yeah, exactly. Interest rate Paul 340 00:23:29,680 --> 00:23:36,599 again this week before congressional testimony, reiterated that more interest rate hikes are coming, 341 00:23:36,839 --> 00:23:41,519 and that was reiterated on on Thursday with that quarter one GDP revision yes 342 00:23:41,599 --> 00:23:44,319 to two percent from one point three, which is a huge revision. You 343 00:23:44,319 --> 00:23:47,599 don't normally see that big of a jump, but that's showing the economy was 344 00:23:47,599 --> 00:23:51,039 even better than we thought in quarter one, which in the Fed's eyes is 345 00:23:51,079 --> 00:23:53,400 not a good thing if you're trying to lower inflation. And well, again 346 00:23:53,480 --> 00:23:59,200 we continue to have a goldilocks type of an approach from investors, and they 347 00:23:59,240 --> 00:24:03,839 just simply don't want to miss out. They're they're picturing interest rates coming down, 348 00:24:03,480 --> 00:24:11,160 they're picturing artificial intelligence driving corporate profits, and they're picturing avoiding a recession 349 00:24:11,200 --> 00:24:15,599 completely. The bond market is saying there, I don't think so, So 350 00:24:15,640 --> 00:24:18,559 somebody's wrong and it will be interesting. I think we've we've now had the 351 00:24:18,720 --> 00:24:23,000 price to earnings ratio, which again is just one measure of the market. 352 00:24:22,480 --> 00:24:27,079 There's exactly but the price to earnings ratio as of Friday's close was around twenty 353 00:24:27,079 --> 00:24:36,279 five times historic average sixteen. That's sixty percent. The valuations are sixty percent 354 00:24:36,319 --> 00:24:40,960 above. You typically see that when you're coming out of a recession. H 355 00:24:41,160 --> 00:24:44,400 that's when you would typically see that kind of a price earnings ratios when you 356 00:24:44,480 --> 00:24:48,599 expected earnings to be increasing rapidly. Right, So there's two things that has 357 00:24:48,640 --> 00:24:56,720 to happen either either either corporate profits need need to corporate profits need to get 358 00:24:56,839 --> 00:25:00,519 growing in a hurry, and we're not in that kind of an environment where 359 00:25:00,519 --> 00:25:04,359 corporate profits are going to grow rapidly because inflation is slowing. Right, So 360 00:25:04,400 --> 00:25:10,640 the market is that I remember Alan Greenspan's famous irrational exuberance. I think we've 361 00:25:10,680 --> 00:25:14,680 all heard that term, that irrational exuberance. And the market does right now 362 00:25:14,720 --> 00:25:22,359 have irrational exuberance. It is envisioning a world that does not exist at this 363 00:25:22,400 --> 00:25:26,559 point. It's supposed to look out six months. Okay, so six months 364 00:25:26,559 --> 00:25:30,279 from now, will it look better? Will the FED be cutting interest rights? 365 00:25:30,279 --> 00:25:33,440 To off? The Fed is cutting interest rates in six months. It's 366 00:25:33,480 --> 00:25:37,880 because the economy has come to a grinding halt that's certainly not going to grow 367 00:25:37,920 --> 00:25:41,599 corporate profits. Yeah, we're kind of we're kind of scratching our heads a 368 00:25:41,599 --> 00:25:45,720 little bit. Dean and I talked about this morning how this is. We've 369 00:25:45,720 --> 00:25:48,480 both been doing this about forty years, and this is one of the more 370 00:25:48,559 --> 00:25:55,160 perplexing times where you have this tremendous dichotomy between the NASDAC up thirty one point 371 00:25:55,279 --> 00:26:00,039 seven percent and the value ETFs down five percent. It's just it's just so 372 00:26:00,119 --> 00:26:04,799 strange to also see the diversions in the bond markets thinking and the stock markets 373 00:26:04,799 --> 00:26:10,519 thinking, the huge inverse yield which is and and the persistence of it. 374 00:26:11,160 --> 00:26:15,640 We're closing in on the longest period of inversion in history. So it's a 375 00:26:15,759 --> 00:26:19,680 very strange time. And uh, we'll be back after this mess you. 376 00:26:19,720 --> 00:26:23,000 We appreciate your taking time to listen to us this morning. We got a 377 00:26:23,000 --> 00:26:26,680 whole bunch more information. Jonathan Civilia, our attorney is going to be here 378 00:26:26,720 --> 00:26:32,039 talking about things, and uh again, check out the website, the high 379 00:26:32,079 --> 00:26:36,279 website, or check out our website Greenberg Financial dot com for more information. 380 00:26:36,319 --> 00:26:41,519 We'll be back right after this break. Jonathan, I think wanted to come 381 00:26:41,559 --> 00:26:45,160 on. Now. Do you guys want to talk to Jonathan and I'll get 382 00:26:45,200 --> 00:26:48,799 out or how do you want to do it? Either way, see what 383 00:26:48,799 --> 00:26:56,960 he's talking about. I'm tired, You're tired. Tired. You got you 384 00:26:57,000 --> 00:27:17,640 gotta open up those lyrics. Yo, I'm not gonna have any appointments after 385 00:27:17,720 --> 00:27:22,839 two. You know I can do it. I just said I said now 386 00:27:22,920 --> 00:27:29,000 and he goes, okay, all right, Todd, bring it in baby 387 00:27:29,920 --> 00:27:33,519 three two one. Welcome back to the money Matter. Show. My name 388 00:27:33,559 --> 00:27:36,920 is Todd Click, I'm here with Dylan Greenberg and Dave Sherwood, and what 389 00:27:37,079 --> 00:27:41,279 the first half of the year it has been, specifically for the NASDAK year 390 00:27:41,319 --> 00:27:44,519 to day, it's up thirty one percent, the smps up fifteen and the 391 00:27:44,599 --> 00:27:48,000 downs up three point eight. And so let's go look at history, right, 392 00:27:48,119 --> 00:27:52,039 what happens when the market's done this well in the first half. What 393 00:27:52,119 --> 00:27:55,359 happens in the second half? I remember last year we actually had a really 394 00:27:55,400 --> 00:27:59,240 bad first half of the year, and we all had a bet, it 395 00:27:59,319 --> 00:28:02,599 is the second half going to end up? Right, It's it never had 396 00:28:02,640 --> 00:28:07,200 before ended lower then always ended higher. Before I had a hundred percent right, 397 00:28:07,279 --> 00:28:10,480 it had ended higher than it was on June thirtieth, and it just 398 00:28:10,519 --> 00:28:14,200 barely and it did and it just bad did again. Right, So this 399 00:28:14,279 --> 00:28:18,240 year, obviously we've had quite a big run up. And someone did the 400 00:28:18,240 --> 00:28:19,559 study for us, so I didn't have to do all this research, which 401 00:28:19,599 --> 00:28:22,839 is really nice. But the study found that since nineteen forty five, the 402 00:28:22,920 --> 00:28:27,160 SMP five hundred has risen on average five percent in the second half of the 403 00:28:27,240 --> 00:28:32,559 year when the index recorded a positive return in the first half. Now, 404 00:28:32,880 --> 00:28:34,640 when the first half of the gains were greater than ten percent, which they 405 00:28:34,640 --> 00:28:38,559 were this year. Gains in the second half the year averaged eight percent, 406 00:28:38,680 --> 00:28:42,880 which is twice the average of second half of all returns. So really, 407 00:28:42,960 --> 00:28:48,000 pointing to history, we should see another good second half of the year. 408 00:28:48,160 --> 00:28:52,960 Now, of course, history doesn't always repeat normally rhymes, as Mark Twain 409 00:28:52,039 --> 00:28:56,440 puts it, but it's one one little stat there for you. And like 410 00:28:56,519 --> 00:29:00,599 we always say about it, history is simply a guide. There've been you 411 00:29:00,680 --> 00:29:07,799 know, August and September are traditionally the two worst months for the market, 412 00:29:07,839 --> 00:29:11,160 and in twenty thirteen they were the two best months of the year. Yeah, 413 00:29:11,200 --> 00:29:15,039 but more often than not they've been the worst. August September are difficult. 414 00:29:15,079 --> 00:29:18,720 Now, July has historically been over the last fifty years, has been 415 00:29:18,759 --> 00:29:23,160 the best month the market. July and historically July tends to be a positive 416 00:29:23,200 --> 00:29:26,880 month for the SMP in the third year of the US presidential site. That's 417 00:29:26,960 --> 00:29:30,480 right, So you got that going, but you got multiple things going. 418 00:29:30,519 --> 00:29:33,119 But then again, December tends to be a great month, Christmas rally and 419 00:29:33,160 --> 00:29:37,200 all that. In twenty eighteen it got hammered twenty percent. So I think 420 00:29:37,440 --> 00:29:41,599 I think you probably say at this point that the market's going higher until further 421 00:29:41,720 --> 00:29:45,920 notice. Oh yeah, because the momentum. You have this momentum at the 422 00:29:45,960 --> 00:29:49,079 same time, don't chase it. Don't don't be inclined to chase it, 423 00:29:49,119 --> 00:29:52,119 because what's gonna happen is you're gonna jump in there. You're gonna say, 424 00:29:52,200 --> 00:29:56,079 I can't take it anymore, I gotta get in, and then the market's 425 00:29:56,119 --> 00:29:59,599 going to take a ten percent header trickling. Don't go one hundred percent in 426 00:29:59,680 --> 00:30:00,920 right away if you want to get your feet wet. Let's talk about this. 427 00:30:00,960 --> 00:30:03,880 What happens if the war ends? What does the market do? What 428 00:30:03,960 --> 00:30:08,960 happens if the Russian war ends, the Ukraine war ends? Exactly though that 429 00:30:10,200 --> 00:30:12,039 ends, the market's going to take off. And isn't that interesting? The 430 00:30:12,039 --> 00:30:17,920 Wagner Group is no longer going to fight in Ukraine. Weren't they pretty much 431 00:30:17,960 --> 00:30:22,319 it? They were the front lines. Weren't they the guys that were creating 432 00:30:22,359 --> 00:30:25,480 the biggest problem for the Ukrainian Yeah, there's a lot of silence around all 433 00:30:25,519 --> 00:30:30,359 this, which is odd. It is if you do have a war that's 434 00:30:30,680 --> 00:30:36,079 resolved, which I don't see how that military industrial complex allows that to happen. 435 00:30:36,119 --> 00:30:40,279 But say it does, right, what happens, the market's going to 436 00:30:40,359 --> 00:30:44,079 take that very well and it could keep running. I mean until there's something 437 00:30:44,119 --> 00:30:47,799 really bad, like another bank or the FED saying you guys are doing bad 438 00:30:47,839 --> 00:30:51,759 like he did at Jackson Hole last year, where you know Jerome Powe says 439 00:30:52,000 --> 00:30:53,480 you guys are going too crazy. If you keep doing what you're doing, 440 00:30:53,480 --> 00:30:57,359 I'm gonna raise rates even more, and the market fell big time that week. 441 00:30:57,480 --> 00:31:00,960 Right right now, it's belong or be wrong, right, It's that 442 00:31:02,119 --> 00:31:04,440 simple and so there. And like Dylan, I agree with you that there's 443 00:31:04,440 --> 00:31:08,119 going to be a pullback. I think the first few pullbacks get arrested at 444 00:31:08,160 --> 00:31:12,960 a fairly short pullback because so many people are looking for an opportunity to get 445 00:31:14,000 --> 00:31:15,839 in. Yeah, that's true. If you see a three to five percent 446 00:31:15,839 --> 00:31:18,079 pullback and some of those stocks they will probably get in, I think. 447 00:31:18,079 --> 00:31:22,039 So, I think how long will that last? In August September coming up, 448 00:31:22,480 --> 00:31:26,039 so we'll see how how much higher we can go. In July, 449 00:31:26,119 --> 00:31:30,160 you've got the SMP five hundred, which has averaged ten percent a year for 450 00:31:30,200 --> 00:31:33,720 the last hundred years, up sixteen percent in six months. Is this going 451 00:31:33,759 --> 00:31:37,839 to be one of those twenty twenty five thirty percent years. Let's hope. 452 00:31:37,839 --> 00:31:40,599 So well, yeah, we want we want to hope, so I mean, 453 00:31:41,440 --> 00:31:42,960 but at the same time, we want to be intelligent about it. 454 00:31:44,200 --> 00:31:47,200 Yeah, we don't want to jump in full force in tech and then we 455 00:31:47,279 --> 00:31:48,440 hit the high and then all of a sudden everything drops. You know, 456 00:31:48,720 --> 00:31:52,640 I think it's hard to and the market is irrational. I guess at irrational 457 00:31:52,680 --> 00:31:57,680 exuberance. But the market can stay irrational longer than you can stay liquid. 458 00:31:57,880 --> 00:32:01,480 It's all based on risk reward. How much reward is there still to be 459 00:32:01,599 --> 00:32:06,960 made when the markets you know, Apple just hit three trillion again, the 460 00:32:07,079 --> 00:32:09,240 video hit a trillion market cap. I mean, these companies have had a 461 00:32:09,319 --> 00:32:13,319 huge run up. There's not a lot of reward left, and there's a 462 00:32:13,480 --> 00:32:16,440 way way way more risk and yeah, reward trade off, go ahead, 463 00:32:16,599 --> 00:32:19,759 No, go ahead, go ahead, I was gonna rich. Reward tradeoff 464 00:32:19,799 --> 00:32:23,200 here is not good, it's not good. There certainly is more downside than 465 00:32:23,279 --> 00:32:28,240 upside. And that's the thing right now is a lot of people are not 466 00:32:28,240 --> 00:32:30,759 looking at their accounts because or they're just like, we'll stay with it because 467 00:32:30,759 --> 00:32:34,160 everything's rallying up. But right now is an important time to look at your 468 00:32:34,200 --> 00:32:37,720 account and make sure what if the markets do turn down, are you going 469 00:32:37,759 --> 00:32:39,240 to be okay with the holdings that you're in. Do you want to go 470 00:32:39,359 --> 00:32:42,559 more conservative? Do you want to go more aggressive? Do you know what's 471 00:32:42,599 --> 00:32:45,000 going on in your portfolio? If you don't, you gotta come talk to 472 00:32:45,079 --> 00:32:49,440 us and we can help you figure everything out and play it all out in 473 00:32:49,480 --> 00:32:52,079 a visual to make sure you are comfortable with what's going on. Because I 474 00:32:52,119 --> 00:32:54,319 know right now everybody's happy because the markets are up, but the minute they 475 00:32:54,359 --> 00:32:59,000 talent, they have a down term. If you're too aggressive for your own 476 00:32:59,079 --> 00:33:01,880 risk tolerance, you're going to be uncomfortable. So now is the time to 477 00:33:01,960 --> 00:33:05,720 say, if you need to take some profits, you need to take some 478 00:33:05,720 --> 00:33:08,039 money off the table and aggressive stuff and put it in more conservative. Now 479 00:33:08,119 --> 00:33:10,319 is the time to do it, because you can't take some profit off the 480 00:33:10,319 --> 00:33:15,200 table. I mean when you have a risk and reward compared to a guaranteed 481 00:33:15,799 --> 00:33:19,400 five point four percent in the one year treasury right now, you have a 482 00:33:19,480 --> 00:33:22,920 Vanguard money market which isn't guarantee, but it's at five percent, right, 483 00:33:22,039 --> 00:33:25,720 I mean, these are places where you can park money and earn respectable rates 484 00:33:25,720 --> 00:33:30,599 of returns. Exactly, why risk that for a little bit of a reward. 485 00:33:30,799 --> 00:33:35,519 It does give us the ability to be more defensive. It does because 486 00:33:35,559 --> 00:33:38,960 we're getting paid pretty nicely on our defensive holding. We're getting five percent or 487 00:33:39,039 --> 00:33:45,000 better on all of our defensive holding, so we're comfortable being a little bit 488 00:33:45,000 --> 00:33:46,960 more cautious year exactly. And I mean, if this is for anybody out 489 00:33:47,000 --> 00:33:50,559 there, if it is something that you've been kind of wondering and you maybe 490 00:33:50,799 --> 00:33:52,680 start thinking, all right, it's kind of getting a little overheated. Do 491 00:33:52,720 --> 00:33:54,960 I need to check this out or change stuff? You got to come talk 492 00:33:55,000 --> 00:33:58,839 to us and we'd be happy to help. With the free financial plan that 493 00:33:58,880 --> 00:34:00,279 we talk about all the time. I was very in depth with everything, 494 00:34:00,599 --> 00:34:05,279 and it helps get you on track for your retirement plan, to make sure 495 00:34:05,319 --> 00:34:07,960 you are in line with your risk tolers. That is the biggest thing in 496 00:34:08,239 --> 00:34:10,960 times like these when the market is up, because you don't know if it 497 00:34:12,000 --> 00:34:15,719 does have a downturn. And that one year treasury at five point four percent, 498 00:34:15,800 --> 00:34:19,280 that's the highest rate since two thousand okay, rights, it's bigger than 499 00:34:19,320 --> 00:34:22,559 anything happened in two thousand and eights past five point four now five point four 500 00:34:22,559 --> 00:34:24,960 on the one year. I mean when you're looking at I had talking with 501 00:34:25,000 --> 00:34:29,719 a client yesterday about this, and he's like, it seems like you just 502 00:34:29,840 --> 00:34:32,039 are kind of a better a bank. You get more interests, you get 503 00:34:32,039 --> 00:34:36,119 more insurance. If I needn't spend anything, you just send it to me, 504 00:34:36,159 --> 00:34:38,679 It's in my bank account the next day. Sure. I mean he's 505 00:34:38,760 --> 00:34:42,000 kind of got a point. Yeah, right, I mean, you're earning 506 00:34:42,039 --> 00:34:44,400 more interest than you're ever going to get at the bank because guess what, 507 00:34:44,440 --> 00:34:46,679 the bank's using the same bonds that you would be buying, right, and 508 00:34:46,719 --> 00:34:52,119 you're not insured by the federal government. You're guaranteed guaranteed by the federal government. 509 00:34:52,119 --> 00:34:53,559 And you have Sippic on top of that. Yeah, and Tippic on 510 00:34:53,599 --> 00:34:57,960 top of it. Up to one hundred million with RBC Housekeeping. From last 511 00:34:58,000 --> 00:35:01,719 week, Todd, you had asked, we were talking about suv excuse me, 512 00:35:02,079 --> 00:35:07,800 electric vehicle sales of being eighteen percent this year and looking at twenty five 513 00:35:07,800 --> 00:35:14,079 percent of all new electric vehicles next year. And you said, but how 514 00:35:14,079 --> 00:35:16,920 many electric vehicles are out there? So I did a little homework and of 515 00:35:17,039 --> 00:35:23,079 all of the vehicles on the road as of today seven percent are electric, 516 00:35:23,159 --> 00:35:25,199 which is a little higher than the thought. Yeah, I would have said 517 00:35:25,199 --> 00:35:28,400 like three or four. Yeah, that's where I would have been too. 518 00:35:28,400 --> 00:35:32,880 But about seven percent of all electric all vehicles on the road are electric. 519 00:35:34,039 --> 00:35:38,400 And one of a listener called up and he asked what we knew about auto 520 00:35:38,480 --> 00:35:42,960 insurance on electric vehicles? And it's kind of an interesting question because you think 521 00:35:43,159 --> 00:35:50,800 electric vehicles are way more sophisticated than combustion engine There's a lot more electronics involved, 522 00:35:51,320 --> 00:35:55,159 there's many many fewer places to repair the cars, the parts are way 523 00:35:55,159 --> 00:36:00,320 more expensive. So what's that due to your auto insurance? And so I 524 00:36:00,400 --> 00:36:07,280 check check with the Anthony figaroa from Heartland Insurance, and surprisingly not much. 525 00:36:07,239 --> 00:36:13,639 It is the and that could change. Insurance rates on electric vehicles are not 526 00:36:13,800 --> 00:36:19,000 much above traditional Now that may be two that most of the people driving electric 527 00:36:19,079 --> 00:36:25,280 vehicles today are elderly. Would you agree? But I'm also thinking there could 528 00:36:25,320 --> 00:36:30,440 be a backdoor where the government subsidizes some of those EV insurances to allow for 529 00:36:31,599 --> 00:36:36,159 not you know, because if insurance is a lot, that would detract people 530 00:36:36,239 --> 00:36:40,079 from wanting to buy evs, and so if they could subsidize those insurance providers 531 00:36:40,079 --> 00:36:45,800 for ev vehicles, making it somewhat relative to normal cost insurance. Then that's 532 00:36:45,880 --> 00:36:47,559 not an excuse. And I won't say I won't say that's not happening, 533 00:36:47,559 --> 00:36:51,800 but I could find I could find no evidence to that. But essentially, 534 00:36:51,840 --> 00:36:53,639 you'd think, while the insurance has got to be a lot more because there's 535 00:36:53,679 --> 00:36:58,039 a lot more of a problem to repair the car. But then you think, 536 00:36:58,079 --> 00:37:01,000 well, who are the drivers. They're really wealthy older people, Yeah, 537 00:37:01,039 --> 00:37:05,719 who tend to be pretty good drivers. Well that's debatable, but yeah, 538 00:37:05,760 --> 00:37:08,679 for sure, I'll come on, come on, now, I have 539 00:37:08,760 --> 00:37:14,280 a fifth of wealthy provate I'm certainly older. Oil had an interesting week, 540 00:37:14,320 --> 00:37:20,119 picked up a dollar seventy oils now seventy seventy, and the gold was unchanged 541 00:37:20,199 --> 00:37:24,519 on the week at nineteen twenty one. The dollar going up in June hurt 542 00:37:24,599 --> 00:37:29,519 gold again. Gold priced in dollars, so they moved inversely to one another, 543 00:37:29,840 --> 00:37:34,079 and we saw a rally in the dollar as interest rates rose, and 544 00:37:34,480 --> 00:37:37,199 I got a gold stat go ahead, let's have it going back from nineteen 545 00:37:37,199 --> 00:37:40,760 eighty two. I back tested. I wanted to see how much did gold 546 00:37:40,800 --> 00:37:45,599 appreciate from nineteen eighty two to the current price. Three hundred and fifty percent 547 00:37:45,920 --> 00:37:51,280 right, Okay from nineteen eighty two, bro, you know pretty good. 548 00:37:51,760 --> 00:37:55,119 Compare that to the S and P five hundred since nineteen eighty two, three 549 00:37:55,159 --> 00:38:00,920 thousand, five hundred and fifty percent. Ten Just take off a three. 550 00:38:00,960 --> 00:38:05,639 So the SP five up ten times as much as gold. Uh if you 551 00:38:05,719 --> 00:38:08,039 started at nineteen eighty two, yeah, yeah, so and you probably could 552 00:38:08,119 --> 00:38:15,920 find And most of gold's rally occurred when during a very short period of time, 553 00:38:15,000 --> 00:38:19,559 during a one two year period of time. Way it always gold always 554 00:38:19,599 --> 00:38:23,199 hung around four or five hundred dollars the seventies were that was like the big 555 00:38:23,199 --> 00:38:28,559 gold rush. Yeah, you invested in the gold in like nineteen seventy one, 556 00:38:28,679 --> 00:38:30,880 two you got you had a really nice profit. So if you go 557 00:38:30,960 --> 00:38:35,519 back further maybe it's it's good. So it's not as good. Yeah. 558 00:38:35,599 --> 00:38:38,760 Bitcoin had a big pop the week of the nineteenth, the last week a 559 00:38:38,840 --> 00:38:42,480 little bit of profit taking. Things kind of calm down, a little bit 560 00:38:42,920 --> 00:38:46,559 um ability joined the black rock chain doing that spot etf Yep, let's talk 561 00:38:46,599 --> 00:38:50,920 about a little bit more. We'll get a back after this break. We'll 562 00:38:50,960 --> 00:38:57,000 be right back. Thanks for stan tune, all right, bringing in baby 563 00:38:57,039 --> 00:39:00,920 three two one. We'll welcome back. You're listening to the Money Matter Show. 564 00:39:00,960 --> 00:39:02,880 I'm Dylan Greenberg. I'm here with Dave Sherwood and Todd Glick. We're 565 00:39:02,920 --> 00:39:07,639 talking about a great first six months of the year. Marcus ended pretty up 566 00:39:07,639 --> 00:39:12,159 for the for the month and the week and the quarter. Dylan, let 567 00:39:12,199 --> 00:39:15,599 me ask you a question. What is the highest return of the nasdacs ever 568 00:39:15,679 --> 00:39:19,719 had in the first half of the year. Thirty one point seven percent. 569 00:39:19,760 --> 00:39:23,519 You're right, it was this It was this year. The second closest twenty 570 00:39:23,639 --> 00:39:27,920 nineteen, twenty five percent. Yeah, some of these years are interesting when 571 00:39:27,960 --> 00:39:30,119 you really look at him, right, nineteen ninety nine, twenty two percent. 572 00:39:30,400 --> 00:39:35,400 What did that coincide with? Yeah, dot combo dot com nineteen ninety 573 00:39:35,440 --> 00:39:37,880 five, twenty four percent, which is kind of the start of the doctor 574 00:39:37,920 --> 00:39:42,199 combo. Yes, nineteen eighty three, twenty two percent, which in the 575 00:39:42,239 --> 00:39:45,360 eighties we had a very similar kind of starting point to what we're seeing with 576 00:39:45,480 --> 00:39:50,360 interest rates. You know, the eighties interest rates got really high, and 577 00:39:50,519 --> 00:39:53,360 then twenty nineteen twenty five percent. Right next year we had the twenty twenty 578 00:39:53,360 --> 00:39:59,679 crash, So really interesting. Obviously, last year NASDAC made the record of 579 00:39:59,719 --> 00:40:02,360 having thirty percent down in the first half return, so they're on the other 580 00:40:02,400 --> 00:40:06,599 side of that record after record in one way or another. I want to 581 00:40:06,639 --> 00:40:08,440 go back to gold though, because historically Goal has been the fear index. 582 00:40:08,519 --> 00:40:12,320 It's kind of the fear you push your stuff in there if you're scared of 583 00:40:12,360 --> 00:40:15,360 the markets and everything like that. But it really hasn't returned much. I 584 00:40:15,360 --> 00:40:16,519 mean, if we looked the last twenty years, what it was two percent 585 00:40:19,000 --> 00:40:22,360 roughly. If you if you're invested in gold in twenty eleven, you've made 586 00:40:22,360 --> 00:40:25,480 like one percent. Yeah, And it's the idea, though, it's some 587 00:40:25,880 --> 00:40:29,960 old tail that you've put money in. You put your money in gold when 588 00:40:29,960 --> 00:40:31,239 you're scared about what's going on the economy in the market, because it's going 589 00:40:31,280 --> 00:40:36,360 to keep up with everything, because when everything goes down, Goal goes up. 590 00:40:36,519 --> 00:40:38,000 And that's the idea. But when we go through the last twenty years 591 00:40:38,159 --> 00:40:42,679 of having two thousand and eight happen, having twenty twenty, that quick downturn 592 00:40:42,760 --> 00:40:45,039 happened, all that gold really didn't do much in the last five years, 593 00:40:45,039 --> 00:40:50,039 really hasn't done much. But what has is treasuries what we've been talking about, 594 00:40:50,039 --> 00:40:52,639 and that's where you can take advantage of if you're scared of what's going 595 00:40:52,639 --> 00:40:55,079 on the market, you can buy treasuries, get that one year at five 596 00:40:55,079 --> 00:40:59,400 point four percent, the two year at four point eight percent, three year 597 00:40:59,440 --> 00:41:02,079 at four point four percent, you can get that. That's the safest money 598 00:41:02,119 --> 00:41:07,480 you'll get. You'll get a guarantee percent or return of at least four point 599 00:41:07,480 --> 00:41:09,880 four percent over three years, and that's a better avenue, I think, 600 00:41:09,880 --> 00:41:13,880 in the sense of trying to find safe money rather than putting all your money 601 00:41:13,880 --> 00:41:15,400 in gold, because you hear a lot about gold right now, and they're 602 00:41:15,440 --> 00:41:19,800 selling gold. Everybody's trying to sell gold because they're trying to sell fear all 603 00:41:19,840 --> 00:41:22,800 over the TV right exactly, and that's what's happening. People fall forward if 604 00:41:23,039 --> 00:41:28,559 that happens, because it's been like that for sixty years, and they're probably 605 00:41:28,559 --> 00:41:30,199 going back to the seventies and eighties when it had a couple of years were 606 00:41:30,400 --> 00:41:34,360 jumped up high. But there are other avenues for safe money. If you're 607 00:41:34,360 --> 00:41:37,639 scared about what's going on the market, and it's treasuries, and you hear 608 00:41:37,639 --> 00:41:39,320 it all the time, what happens if the government collapses? What does that 609 00:41:39,400 --> 00:41:44,119 guarantee mean? We're screwed all more issues in theory for a minute, right, 610 00:41:44,679 --> 00:41:50,159 if the government collapses, your dollar, your gold, who's going to 611 00:41:50,280 --> 00:41:53,480 value it? We are now into a barbaric time if that happens. Yeah, 612 00:41:53,480 --> 00:41:55,920 it doesn't matter about your investments. And that's the idea. That's what 613 00:41:57,000 --> 00:42:00,800 we tell clients. It's like a lot more stuff is going on if the 614 00:42:00,920 --> 00:42:02,920 government is going to collapse and not pay your interests, which they pay, 615 00:42:02,960 --> 00:42:06,719 you know how much they pay out a day and interests on treasuries they've I 616 00:42:06,800 --> 00:42:09,760 can't imagine one point three billion dollars one day, three billion per day per 617 00:42:09,840 --> 00:42:13,719 day. Wow, And they're paying it out and that's also I mean, 618 00:42:13,719 --> 00:42:15,400 that's part of our issue of having the debt. But they're paying it out 619 00:42:15,400 --> 00:42:19,239 and it is guaranteed and it is a place for safe money. If you're 620 00:42:19,239 --> 00:42:22,239 scared with what's going on if the government collapses, you need to find a 621 00:42:22,280 --> 00:42:23,639 gun, and you need to find a cow. And then we hear what 622 00:42:23,719 --> 00:42:27,639 happens, and it learned how to fish if you don't know how exactly what 623 00:42:27,679 --> 00:42:30,119 happens if the dollars not the world reserve currency anymore. Yeah, we've we've 624 00:42:30,320 --> 00:42:35,360 put this to bed. Multiple box that how many times because the dollars actually 625 00:42:35,400 --> 00:42:38,440 gaining strength in terms of total transactions done in it, and that's more fear 626 00:42:38,559 --> 00:42:43,480 from the news media. They're talking about bricks, which is China trying to 627 00:42:43,480 --> 00:42:49,880 make their own currency with Russia and Brazil and Saudi Arabia and Iran and South 628 00:42:49,920 --> 00:42:53,079 Africa. Yeah, in South Africa, but that's not getting any theme. 629 00:42:53,320 --> 00:42:57,599 They're actually having issues with it. It's not being what they think it is. 630 00:42:58,000 --> 00:43:00,719 And the dollars still seventy seven percent of the world reserve every currency ever, 631 00:43:00,760 --> 00:43:04,519 every transaction in the world. But if you just if you watch the 632 00:43:04,559 --> 00:43:07,320 headlines and you just watch snippets of news, they're making it seem like we're 633 00:43:07,400 --> 00:43:12,280 the dollars almost about to be zero. So you got to do more research 634 00:43:12,800 --> 00:43:15,679 in order to have like to see what's actually going on, you know, 635 00:43:15,960 --> 00:43:20,480 not chockingly. There was a lot of news, as there is every week 636 00:43:20,519 --> 00:43:24,840 in the electric vehicle world. We had a truckmaker, Lordetown Motor, had 637 00:43:24,920 --> 00:43:29,679 dropped ninety percent in the last twelve months. They actually filed for bankruptcy. 638 00:43:30,079 --> 00:43:34,559 They had one of the coolest stock symbols ever, our Ide. Unfortunately, 639 00:43:34,679 --> 00:43:37,000 the cool stock symbol was not enough and weren't able to write it out. 640 00:43:37,519 --> 00:43:45,199 We've talked before about when you start buying electrics. Yeah, there you go. 641 00:43:45,360 --> 00:43:47,119 I was trying to we're not dealing. I was trying to trying to 642 00:43:47,199 --> 00:43:51,039 let that go, but I couldn't let it go. Good job, good 643 00:43:51,159 --> 00:43:55,320 job. But it's again, if you're dealing with a electric vehicle, this 644 00:43:55,440 --> 00:43:59,199 a little bit on the fringe, like a Fisker. And I don't want 645 00:43:59,199 --> 00:44:02,159 to pick on Fisker. Have you ever seen a Fisker? Even know what 646 00:44:02,199 --> 00:44:05,760 a Fisker is? Just I love how do you want to say? A 647 00:44:05,840 --> 00:44:09,960 ton Fisker license? So it's kind of an odd name. No, I 648 00:44:10,000 --> 00:44:13,800 have not seen a Fisker. Yeah, where are they in Tucson? Have 649 00:44:13,800 --> 00:44:15,079 you seen one? No, I've never seen a Fisker. And I go 650 00:44:15,119 --> 00:44:19,039 to that lake quite a bit, so, UM, I keep thinking I'll 651 00:44:19,079 --> 00:44:21,559 see one over there. If I do, I'll take a picture of it. 652 00:44:21,599 --> 00:44:23,639 I gotta I can't wait to see it. They look like riveting conversation. 653 00:44:23,679 --> 00:44:28,159 What else about you? These Tesla Tesla jump thirty percent in the last 654 00:44:28,199 --> 00:44:31,400 thirty days as it appears that their charging stations are becoming the gold standard. 655 00:44:31,599 --> 00:44:37,599 They do lose ground last week after Golden Sacks joined several other firms in downgrading 656 00:44:37,639 --> 00:44:40,760 the stock stands too much, too fast. Your Tesla purchase didn't help them, 657 00:44:40,960 --> 00:44:44,119 which I can which I can relate to whish I can relate to. 658 00:44:44,239 --> 00:44:46,880 Right. And in the meantime, Volvo, you know, a Tesla maybe 659 00:44:46,920 --> 00:44:52,559 the gas station of the future, right, because we've got GM wanting to 660 00:44:52,679 --> 00:44:57,559 use their charging stations. You got Ford wanting to use their charging stations. 661 00:44:57,679 --> 00:45:01,840 Riving joined and then this fast week it was Volvo. All of those companies 662 00:45:01,880 --> 00:45:07,480 want to want to use the Tesla charging stations because they're dramatically faster. We've 663 00:45:07,480 --> 00:45:12,159 talked about a lot on the show, um and uh so they they're apparently 664 00:45:12,159 --> 00:45:16,320 going to become the gas station of the future. Another electric car company, 665 00:45:16,360 --> 00:45:22,760 the Saudi Arabian sponsored EV maker Lucid. Saudi's own seventy percent of it, 666 00:45:22,840 --> 00:45:28,719 todd as he is smiling over there, but it is the Saudi Arabian lucidum 667 00:45:29,159 --> 00:45:31,119 down seventy percent in the last twelve months. They got to pop on Monday. 668 00:45:31,440 --> 00:45:36,679 Get this, They've partner with Britain's Aston Martin, which is a very 669 00:45:36,760 --> 00:45:43,400 high end brand, to supply Aston Martin with power trains and battery systems for 670 00:45:44,360 --> 00:45:49,119 electric cars. And I've been seeing more Lucids around town. Yeah unless it's 671 00:45:49,119 --> 00:45:52,800 the same one that I just constantly see. But there's this ribby and pickup 672 00:45:52,800 --> 00:45:54,639 in town as cool. It can pick up like copper colored. Yeah, 673 00:45:54,679 --> 00:45:59,199 I've seen it about ten times. I keep thinking it's something a new one. 674 00:45:59,239 --> 00:46:00,880 But I like the river in trucks are cool. I like that look 675 00:46:00,920 --> 00:46:04,400 sweet. They get kind of a square, kind of a box you look 676 00:46:04,519 --> 00:46:07,559 them. Yeah, the riving cars seem like lowrider cars. It seems like 677 00:46:07,599 --> 00:46:13,480 they're built to be lowrider cars. Haven't even I haven't even seen one. 678 00:46:13,519 --> 00:46:16,760 I just saw the truck. But yeah, Still it's still the ev market 679 00:46:16,840 --> 00:46:22,199 is still in the very beginning stages. It's constantly evolving, and any of 680 00:46:22,199 --> 00:46:24,719 your right, it's in the infancy. And I doubt Lorstown Motors is gonna 681 00:46:24,719 --> 00:46:29,920 be the only one that goes out. But Tesla's still far and above the 682 00:46:30,039 --> 00:46:32,280 leader, and we're learning that's more because of the battery or the charging stations, 683 00:46:32,280 --> 00:46:36,960 the charging state. Who would have thought that the charging stations would become 684 00:46:36,960 --> 00:46:38,360 the big deal? You know, it makes sense because I think last year 685 00:46:38,400 --> 00:46:42,079 we were talking about Tesla's saying they haven't come out with a new model in 686 00:46:42,159 --> 00:46:45,119 years. Just really we're wondering why they haven't. The cyber truck has been 687 00:46:45,199 --> 00:46:50,639 put on hold for whatever reason. They're uh, commercial trucks aren't doing very 688 00:46:50,639 --> 00:46:53,400 well yet the stock is just on a tear, and we're wondering why. 689 00:46:53,440 --> 00:46:58,079 And we're seeing why aren't they coming out with new models? Why aren't they 690 00:46:58,119 --> 00:47:00,320 just trying to innovate more like that as because they're probably putting a lot of 691 00:47:00,320 --> 00:47:06,000 time and effort into the batters, charging stations and expanding that. I don't 692 00:47:06,000 --> 00:47:09,320 think anybody realized how significant that was going to be, except maybe somebody at 693 00:47:09,320 --> 00:47:13,280 Tesla. Huh. Yeah, they certainly have a lot of them around. 694 00:47:13,360 --> 00:47:17,239 And again the difference being that Level one, you plug it into the wall, 695 00:47:17,440 --> 00:47:21,239 takes you a couple of days to get enough juice to go to Phoenix, 696 00:47:21,679 --> 00:47:23,920 YEP. Level two you get a home charger. Level two you can 697 00:47:24,000 --> 00:47:29,800 charge your car overnight. Level three, which is Tesla, you charge when 698 00:47:29,840 --> 00:47:32,920 you're out on the freeway and trying to get from Tucson to San Diego and 699 00:47:34,000 --> 00:47:37,440 you stop in Yuma and you get enough juice to get the rest of the 700 00:47:37,480 --> 00:47:43,440 way. Without the Tesla charger. There are very few level three chargers in 701 00:47:43,519 --> 00:47:46,679 the country. Yeah, and so that's why that's why they're so in demand, 702 00:47:46,800 --> 00:47:52,960 is because you don't want to sit in Yuma for five hours charging your 703 00:47:52,000 --> 00:47:55,719 electric car. That's yeah, it's not acceptable. So I think, hey, 704 00:47:57,039 --> 00:47:59,920 you guys were picking on older people. You know. Health insurance stock 705 00:48:00,119 --> 00:48:04,360 have been under pressure for the past week after United Healthcare, their CEO came 706 00:48:04,360 --> 00:48:09,039 out and he said he's seen a dramatic increase in the elective surgeries, many 707 00:48:09,119 --> 00:48:15,079 of them orthopedic, and that has sent their stock down nine percent for the 708 00:48:15,159 --> 00:48:20,760 year of The whole industry has been under pressure. This is interesting and an 709 00:48:20,920 --> 00:48:25,480 analyst at UBS Todd has done a deep dive into these numbers about these elective 710 00:48:25,519 --> 00:48:30,599 surgeries, and he's blaming much of the increase on the meteoric rise in the 711 00:48:30,719 --> 00:48:38,840 popularity of pickleball. So this need to have those knees and hips fixed so 712 00:48:39,079 --> 00:48:45,360 you can be your best pickleball player apparently is having it. This is a 713 00:48:45,360 --> 00:48:47,960 public service announcement that when you get past the age of twenty five, there's 714 00:48:47,960 --> 00:48:52,840 something called stretching, and you want to make sure you do that before you 715 00:48:52,920 --> 00:48:55,079 actually do. Yeah, I'm I'm a victim of that. I did not 716 00:48:55,119 --> 00:48:59,960 stretch before I worked out, and I blew money out. I've never stretched 717 00:49:00,159 --> 00:49:02,840 in my life and that, Yeah, you've had problems. So just no, 718 00:49:02,880 --> 00:49:07,559 no, wait a second, My mental health has nothing to do with 719 00:49:08,320 --> 00:49:15,559 stretching. Please please do some stretching, especially when you're doing this type of 720 00:49:15,920 --> 00:49:20,400 you know, pickle ball. You you're planting your you know, your legs 721 00:49:20,400 --> 00:49:23,000 down in the ground hard when you're cutting and trying to get around the court. 722 00:49:23,119 --> 00:49:27,960 Do some stretching first. Stretching is super important and I had never done 723 00:49:27,960 --> 00:49:30,519 in my life. And drink the water. Yeah, water is good, 724 00:49:30,679 --> 00:49:34,480 thanks doctor Todd. Water and stretching. No, stretching and stretching and super 725 00:49:34,519 --> 00:49:37,480 important. Especially so a lot of you out there are playing pickleball. I 726 00:49:37,519 --> 00:49:39,880 know, we know who you are. And uh, the pickle ball courts 727 00:49:39,880 --> 00:49:44,760 are full and you're keeping people up late at night and they're going up everywhere 728 00:49:44,800 --> 00:49:46,519 too. I was out of football tournament don A Keino a few weeks ago. 729 00:49:46,599 --> 00:49:50,519 Yeah, they probably have twenty pickleball courts, just pickleball. Like it 730 00:49:50,599 --> 00:49:52,639 wasn't old tennis courts or anything. Something popped them up for everybody to use, 731 00:49:53,239 --> 00:49:57,039 and they were packed at like eight. Anyone wants to challenge us at 732 00:49:57,039 --> 00:49:59,280 pickle ball, I haven't even played in a couple of years, but I 733 00:49:59,280 --> 00:50:00,920 guarantee you stretched, yeah, because he stretched, so you'll be all right. 734 00:50:01,360 --> 00:50:05,880 Yeah, I've never played all yeah, whatever game. Okay, I've 735 00:50:05,880 --> 00:50:07,440 never played pickleball either, but I've got a bunch of friends who and seemed 736 00:50:07,480 --> 00:50:10,960 to enjoy it. Seems like a fun game. Yeah, it seemed like 737 00:50:12,000 --> 00:50:14,280 a fun game. And then if you're one of those two guys that invented 738 00:50:14,320 --> 00:50:16,360 it in the backyard, their dog's name, his dog name was Pickle. 739 00:50:16,440 --> 00:50:22,400 Dog's name was Pickle. And I hope that Pickle's ball, right thought started 740 00:50:22,440 --> 00:50:24,960 it. I hope that that they got something out of this because it has 741 00:50:25,000 --> 00:50:30,960 become the rage. And we'll be back after this brief break with the second 742 00:50:30,000 --> 00:50:34,440 half of I promise you Johnson Stabilia will be here. He's run a little 743 00:50:34,519 --> 00:50:38,519 late. We'll look forward to Jonathan joining us on this beautiful Sunday morning. 744 00:50:39,119 --> 00:50:45,559 Talk to you soon. How do you trademark the game? Yeah, I 745 00:50:45,559 --> 00:50:49,280 think you're I think you're screwed. I don't think they I don't think though, 746 00:50:49,920 --> 00:50:52,480 I don't think they made anything off of that. What they could have, 747 00:50:52,679 --> 00:50:58,079 what they could have trademark was the racket. Yeah, you can't trademark 748 00:50:58,199 --> 00:51:01,360 the ball is a softball like a basketball or Wolff the ball the game of 749 00:51:01,360 --> 00:51:05,519 basketball. No. I think what they could have trademark to like do it 750 00:51:05,639 --> 00:51:13,559 was the bracket, I think, or maybe the name pickleball. It's a 751 00:51:13,559 --> 00:51:17,000 different age than like eighteen ninety four when basketball is invented. All right, 752 00:51:17,280 --> 00:51:21,440 we'll just a long one and after this we'll see if Johnson's round to do 753 00:51:21,559 --> 00:51:29,360 his part. Right, Let's get it started and hop like you three two 754 00:51:30,679 --> 00:51:36,480 three two one. Welcome back. This is our number two of the Money 755 00:51:36,519 --> 00:51:40,039 Matters Show. We're here on a beautiful Sunday morning, July second, getting 756 00:51:40,039 --> 00:51:45,400 ready for Independence Day, getting ready for half a day of work on Monday. 757 00:51:45,159 --> 00:51:50,159 No, no work on Tuesday, probably very little work on Wednesday. 758 00:51:50,239 --> 00:51:52,960 Wait wait, wait, wait, do you have any plans for the fourth 759 00:51:53,039 --> 00:51:57,800 I had a theme going there, right, I'm gonna celebrate our nation's independence. 760 00:51:57,840 --> 00:52:00,519 Yea, doing what? Well, it's a secret. Please just eat 761 00:52:00,519 --> 00:52:04,559 a hot dog, you know, get a hot dog, eat a burger. 762 00:52:04,639 --> 00:52:08,079 In tradition, a hot dog brought We're an American Bandanna Burger Burger something 763 00:52:08,079 --> 00:52:10,480 to do something like that. Right, So it's a good holiday. It's 764 00:52:10,480 --> 00:52:14,920 a good holiday. Uh, it's gonna be probably be a warm day here. 765 00:52:14,960 --> 00:52:16,679 I didn't look at the will be forecast, but we can guarantee it's 766 00:52:16,679 --> 00:52:20,559 probably gonna be above one hundred. That would be my guess. It will 767 00:52:20,599 --> 00:52:23,199 be interesting to see if the monsoon season, which the weather serve us a 768 00:52:23,239 --> 00:52:28,159 few years back just determined, starts to June fifteenth, which is just complete 769 00:52:28,159 --> 00:52:34,039 Bunkum. The idn't know that. I thought it started to officially starts to 770 00:52:34,440 --> 00:52:37,519 June fifteenth. I think to September fifteenth. Get over. That's not the 771 00:52:37,920 --> 00:52:40,960 like Douglas or something. It's ridiculous. Yeah, it's ridiculous. It's now. 772 00:52:40,960 --> 00:52:45,079 It doesn't start June fifteenth. Um, it starts the fourth of July. 773 00:52:45,239 --> 00:52:47,599 We know that everybody lives here knows that that's that's kind of the official 774 00:52:47,679 --> 00:52:51,840 kick off of the monsoons. And hopefully this year in the fourth of July, 775 00:52:52,039 --> 00:52:55,840 we'll be able to have some fireworks and then we'll have some heavenly fireworks 776 00:52:55,840 --> 00:53:00,239 that'll bring us a bunch of rain and we can we can start start feeding 777 00:53:00,239 --> 00:53:05,280 the desert the water that it needs. We wish everyone a happy Independence Day. 778 00:53:05,320 --> 00:53:08,599 We'll hope you have fun with your family and friends and enjoy a real 779 00:53:08,639 --> 00:53:14,000 special holiday, and be careful with the fireworks. People are gonna want to 780 00:53:14,039 --> 00:53:16,239 hear about no fingers being loss No, and then that happens every year. 781 00:53:16,320 --> 00:53:19,880 And it's in the shooting up the guns in the air. I know, 782 00:53:20,480 --> 00:53:22,760 you know who, you are, not a smart thing. Stop doing that. 783 00:53:22,880 --> 00:53:24,559 That's not a smart thing to do. Those bullets have to come down, 784 00:53:24,800 --> 00:53:28,360 and they come down really fast and really hard, and they can kill 785 00:53:28,400 --> 00:53:31,480 people. You know. Just stop shooting the guns up in the air. 786 00:53:31,559 --> 00:53:37,559 And if it's you know, one of the one of the mysteries. First 787 00:53:37,559 --> 00:53:40,280 of all, First, just starting the second half of while we recap the 788 00:53:40,280 --> 00:53:42,920 market, Yeah, let's do it. You know, the doll was up 789 00:53:42,920 --> 00:53:45,960 two percent this week, SMP two point three, NASDAC up two point two. 790 00:53:46,320 --> 00:53:50,599 Russell led the way at three point eight percent. But the interesting number 791 00:53:50,599 --> 00:53:52,400 to me is that equal weighted up three point three percent, about an extra 792 00:53:52,480 --> 00:53:58,639 point higher than the s and P five hundred obviously are equal weighted SMP, 793 00:53:59,079 --> 00:54:05,400 showing that the broad breadth of the market took off more so than just the 794 00:54:05,440 --> 00:54:08,679 more weighted stocks. So normally the Magnificent seven was leading the way because year 795 00:54:08,719 --> 00:54:12,800 to date you see that the S and P five hundreds up sixteen percent and 796 00:54:12,880 --> 00:54:16,440 the equal weight is only up six But this week equal Weighted actually one out. 797 00:54:16,639 --> 00:54:20,599 Yeah, you actually did have other companies rather than just the Magnificent seven 798 00:54:20,599 --> 00:54:22,599 that did well last week. You see Eli Lily. Yeah, they had 799 00:54:22,639 --> 00:54:29,000 that Phase two complete of their next weight loss drug called street name No, 800 00:54:29,119 --> 00:54:34,239 it's ut True Tide and I also known as Triple Gus. That's going to 801 00:54:34,320 --> 00:54:37,239 be an oral version of one journal that I didn't get. But that's that's 802 00:54:37,239 --> 00:54:42,119 a kicker. I think that's the key. Yeah, because Zampec and Majournal 803 00:54:42,199 --> 00:54:45,880 they're injectables, and there are people who don't like injected it. Maybe, 804 00:54:46,079 --> 00:54:50,679 But what they said about it is that people lost on average twenty four percent 805 00:54:50,719 --> 00:54:53,920 of body weight during the phase two trials, and if this can be confirmed 806 00:54:54,280 --> 00:54:59,039 during the phase three trials, which will be going until about late of twenty 807 00:54:59,079 --> 00:55:02,960 twenty five, this will probably be the most profitable drug ever, more so 808 00:55:04,079 --> 00:55:07,519 than their turs zepetide drug, which experts already think are going to be the 809 00:55:07,519 --> 00:55:13,599 most profitable drug ever, because if they can absolutely have people lose twenty four 810 00:55:13,639 --> 00:55:17,239 percent of their body, that body weight the issue. Yeah, I wonder 811 00:55:17,320 --> 00:55:20,519 what it is. If it's like ozempic where you lose bone mass too. 812 00:55:20,679 --> 00:55:23,199 Oh yeah, No, I'm wondering if the drug does the same thing as 813 00:55:23,199 --> 00:55:28,559 ozempic. Why wouldn't it. I'm sure it's a similar chemistry. But anyway, 814 00:55:28,800 --> 00:55:31,559 a related story. Fiser um weight loss drugs, of course, are 815 00:55:31,599 --> 00:55:36,039 all the rage. Fiser gave up on their attempt to get away lost drug 816 00:55:36,360 --> 00:55:40,639 gave up on Monday Thursday, you know, Thursday, Credit Swist decided that 817 00:55:42,079 --> 00:55:45,400 uh Fiser, which has just hit a two year low, was a good 818 00:55:45,440 --> 00:55:50,199 place to go from buy to hold. So you've had it as a buy 819 00:55:51,639 --> 00:55:53,639 for and tell you HiT's a two year low and now you're gonna go hold. 820 00:55:54,079 --> 00:55:58,519 Yeah, that's that's I love. That drives me crazy, or just 821 00:55:58,559 --> 00:56:01,760 the best traders analysts are the best traders. I'm telling you that, you 822 00:56:01,760 --> 00:56:06,119 know the stock, the stock has a pe of ten times, it has 823 00:56:06,159 --> 00:56:09,599 a dividend of four and a half percent. That looks safe. But I 824 00:56:09,599 --> 00:56:14,360 don't know where the catalyst is going to come from. We were sellers. 825 00:56:14,599 --> 00:56:17,920 We talked about on the radio show back during the pandemic around the stock got 826 00:56:17,920 --> 00:56:22,320 into the mid fifties. We were saying, get out, get out, 827 00:56:22,360 --> 00:56:24,679 get out. We were twee me, the RSV vaccinees not going to be 828 00:56:24,679 --> 00:56:30,280 the new catalyst. I'm thinking not, but we were. We were saying, 829 00:56:30,400 --> 00:56:34,440 you know, the time to get out. COVID's waning stock could probably 830 00:56:34,519 --> 00:56:37,679 return to the mid thirties, and guess what, that's where it is. 831 00:56:37,079 --> 00:56:42,800 I've got a feeling that looking at the stock momentum, looking at the competition, 832 00:56:43,320 --> 00:56:49,199 looking at just the general attitude towards Speiser, that you might actually have 833 00:56:49,280 --> 00:56:52,760 a chance to buy it in the high twenties, which I think would be 834 00:56:52,119 --> 00:56:55,800 a pretty attractive deal. You'd be looking at a dividend over five percent, 835 00:56:57,119 --> 00:57:00,880 you'd be looking at a price earnings ratio under ten um. I don't know, 836 00:57:00,000 --> 00:57:02,920 you're not gonna get rich. It's just not gonna double. But if 837 00:57:02,960 --> 00:57:08,119 you want to get a steady, predictable dividend with a relatively safe stock, 838 00:57:08,199 --> 00:57:14,559 fights are under forty certainly looks attractive. We had we had a similar one 839 00:57:14,599 --> 00:57:20,280 that we were talking to about was Disney Miss down fifty five percent from Miss 840 00:57:20,360 --> 00:57:23,559 twenty twenty one high and down eleven percent in the last ninety days, and 841 00:57:23,760 --> 00:57:27,880 Key Bank says enough, they're going to move from a buy to hold. 842 00:57:28,400 --> 00:57:31,079 All of these analysts you know, oh my god, the stock has dropped, 843 00:57:31,159 --> 00:57:35,239 you know, eighty percent, seventy percent, let's go to hold. 844 00:57:35,800 --> 00:57:37,639 Yeah. I wonder why they're always so late to the saying that stuff and 845 00:57:37,679 --> 00:57:42,800 that Disney again, we talked about that when we've been we've been fans of 846 00:57:42,840 --> 00:57:46,280 Disney and we've been wrong. But when it gapped lower, when it dropped 847 00:57:46,280 --> 00:57:51,159 from like one oh eight to ninety eight back on earnings, we said, 848 00:57:51,199 --> 00:57:53,639 you're you're probably going to get a chance to buy it in the mid eighties. 849 00:57:53,639 --> 00:57:57,719 Not to buy it there when you see a big gap down like that. 850 00:57:58,079 --> 00:58:02,239 Don't ever buy those big gaps down nine out of ten or maybe nineteen 851 00:58:02,239 --> 00:58:07,360 out of twenty. That's not the bottom. That's actually happened twice with Disney 852 00:58:07,400 --> 00:58:08,960 too. In the last couple of years. It went from about one fifty 853 00:58:09,000 --> 00:58:13,760 five to gap down to one forty, and then it dropped to one twenty, 854 00:58:13,800 --> 00:58:15,920 and then it stayed around there, and then it did the same gap, 855 00:58:15,000 --> 00:58:17,840 but down from one of way to ninety eight. And there's really a 856 00:58:17,920 --> 00:58:21,400 lot of interest. When the stock gaps like that, Oh my god, 857 00:58:21,400 --> 00:58:22,800 look at that guy. I gotta buy the you gotta get in. And 858 00:58:22,880 --> 00:58:25,519 what will happen is that will create a little bit of a pop. You 859 00:58:25,639 --> 00:58:29,280 generally get a pop off the bottom, could be as much as a five, 860 00:58:29,440 --> 00:58:31,960 maybe even ten percent pop. But that's not the bottom. Yeah, 861 00:58:32,039 --> 00:58:36,119 let things settled down and still have the opportunity to buy it. And it 862 00:58:36,159 --> 00:58:39,599 typically takes three to six months after a gap like that for a market for 863 00:58:39,679 --> 00:58:43,920 a stock to establish a new low. Yeah, a new base, if 864 00:58:43,960 --> 00:58:45,679 you will. I'm still I'm still a believer in Disney, though. I 865 00:58:45,719 --> 00:58:50,880 think Bob Eyer coming back. He drove the company to all time highs. 866 00:58:50,880 --> 00:58:52,559 He did a really good job when he was the full time CEO for about 867 00:58:52,559 --> 00:58:55,360 twenty years. He came back a couple of years ago. Now he's trying 868 00:58:55,400 --> 00:59:00,719 to kind of redo what they were kind of undoing when the other Bob for 869 00:59:00,880 --> 00:59:05,400 Chepecker, how would you say his name. Park traffic is strong, Yeah, 870 00:59:05,440 --> 00:59:09,239 they're opening new parks. The streaming service is strong. The cruise lines, 871 00:59:09,960 --> 00:59:14,119 the cruise line is really picked up steam. The big thing about their 872 00:59:14,159 --> 00:59:15,679 streaming service, though, is what they're gonna need they're going to continue to 873 00:59:15,719 --> 00:59:20,639 need to build original content because the nostalgia only last was so long where you're 874 00:59:20,639 --> 00:59:22,719 going to go on Disney Plus all the time. That's a good point. 875 00:59:22,840 --> 00:59:23,920 It's just I mean, you'll do it for the holidays, you'll do it 876 00:59:23,920 --> 00:59:27,239 every once in a while, but it's not going to be the constant traffic 877 00:59:27,519 --> 00:59:30,760 if you don't create original content other than that, which they have some. 878 00:59:30,840 --> 00:59:35,880 But they're basing it off of spin offs of Star Wars, off of this 879 00:59:36,280 --> 00:59:38,440 franchise that did well and that franchise. They're kind of hanging on to people's 880 00:59:38,480 --> 00:59:43,079 nostalgia. That's just won't last forever. No, that's exactly right. I 881 00:59:43,079 --> 00:59:45,280 like that. And the cruise line business, of course, we don't have 882 00:59:45,360 --> 00:59:51,119 their numbers, they're not carved out separately. But Carnival has doubled this year. 883 00:59:51,280 --> 00:59:54,159 Carnival Cruise Line has doubled this year. Gained another ten percent on Wednesday 884 00:59:54,199 --> 00:59:58,880 to a new fifty two week high after reporting a quarterly lost. It was 885 00:59:58,920 --> 01:00:00,800 smaller than expected, but they issued a strong guidance. They said, people 886 01:00:00,840 --> 01:00:07,679 are still wanting to travel. We're booked up, and the biggest problem with 887 01:00:07,719 --> 01:00:12,440 the cruise lines after the pandemic. Is not getting back in business, but 888 01:00:12,559 --> 01:00:16,559 getting back in business and charging full price. That's the issue. Yeah, 889 01:00:16,719 --> 01:00:21,599 yes, they had to get back in business. They had to discount. 890 01:00:22,079 --> 01:00:24,920 You just give those cruises away, and so many of my friends took advantage 891 01:00:24,920 --> 01:00:28,079 of it all. Oh man. There's people that like, if you bought 892 01:00:28,079 --> 01:00:30,480 one full price cruise before they had to shut down and you still had your 893 01:00:30,480 --> 01:00:32,719 ticket, they would offer you like another free cruise, if not more. 894 01:00:32,840 --> 01:00:36,480 Oh man, they're just trying to get you back one so that it's safe. 895 01:00:36,519 --> 01:00:37,760 That's kind of stopped, that's kind of winding down now, and so 896 01:00:37,880 --> 01:00:43,119 they're getting back to a more normal and carnival cruise line. Stock is I 897 01:00:43,159 --> 01:00:45,760 think it was eighteen and a half on Friday. Yeah, it's been as 898 01:00:45,800 --> 01:00:49,559 high as forty fifty in the last two or three years, so it's got 899 01:00:49,559 --> 01:00:52,960 a ways to go yet. And of course Disney has a cruise line as 900 01:00:53,000 --> 01:00:58,559 well. The streaming service. You make an outstanding point about new content. 901 01:00:58,639 --> 01:01:01,960 You need new content, but as people savings get depleted, which we've talked 902 01:01:01,960 --> 01:01:06,920 about last week, those travels are not gonna happen as much, right, 903 01:01:07,280 --> 01:01:12,360 and so I would really expect next year. The travel season for cruises are 904 01:01:12,400 --> 01:01:15,840 just not as robust as they are this season because there's not going to be 905 01:01:15,840 --> 01:01:19,719 as much savings. I think my concern with Disney and fives or both is 906 01:01:19,840 --> 01:01:22,320 what is the catalyst, what's gonna make those stocks go? Yeah, I 907 01:01:22,320 --> 01:01:24,599 don't know. I don't agree with that though, because cruises, once you 908 01:01:24,639 --> 01:01:28,280 pay for your cruise, a lot of it's all included. If you go 909 01:01:28,280 --> 01:01:30,199 to other hotels, you pay for the hotel, then you gotta pay for 910 01:01:30,199 --> 01:01:31,440 food, then you gotta pay for amusements. Now you gotta pay for the 911 01:01:31,440 --> 01:01:35,880 cruise the first place. I'm saying you're gonna do it trips, Yeah, 912 01:01:35,920 --> 01:01:37,760 I'm just saying I don't. I think it's gonna be a little better than 913 01:01:37,800 --> 01:01:40,360 you but it's not. But economically it's not a bad deal. It's what 914 01:01:40,400 --> 01:01:43,480 you're saying, Joe. Yeah, right, if you're gonna do a trip 915 01:01:43,719 --> 01:01:47,440 versus going to Portugal and and what France and Ireland hotel, Yeah, that's 916 01:01:47,480 --> 01:01:52,519 my parents. They do their own thing. So we had little news on 917 01:01:52,559 --> 01:01:55,079 home prices. Did you see that, Todd? Yeah, they both were 918 01:01:55,079 --> 01:01:59,480 a little better than expectations. Well, I saw pending home sales and new 919 01:01:59,480 --> 01:02:01,400 home sales. Well number you referring new homesales rose for the third well, 920 01:02:01,440 --> 01:02:05,039 this is pending home sales. I'm sorry, rose for the third strade month 921 01:02:05,079 --> 01:02:08,400 in April, they're just two point four percent below the peak. I mean 922 01:02:08,519 --> 01:02:14,199 May, not April, that's no April. The case Shillers is a lagger. 923 01:02:14,239 --> 01:02:17,039 I was gonna say, yeah, homesales for May also was above expectations, 924 01:02:17,079 --> 01:02:21,039 But the case Shiller report runs six weeks behind, right, So I 925 01:02:21,400 --> 01:02:24,000 don't know who whose report you're looking at, but but yeah, the I 926 01:02:24,039 --> 01:02:29,039 thought it was finally interesting. It's only two point four percent below the June 927 01:02:29,480 --> 01:02:34,119 twenty two peak housing prices. But we know why. We've talked about it, 928 01:02:34,199 --> 01:02:38,760 right, We've talked about a lot about how people are just simply coveting 929 01:02:38,800 --> 01:02:44,119 their mortgage rate, not their house. I don't necessarily love their house, 930 01:02:44,159 --> 01:02:46,119 but but they love their mortgage rate. Yeah, where else? How could 931 01:02:46,159 --> 01:02:50,400 you not people with mortgage race under three percent? How could you not love 932 01:02:50,440 --> 01:02:52,679 that? Yeah? You know, yeah, they're not gonna get rid of 933 01:02:52,719 --> 01:02:54,000 that house. They're gonna just put stuff, put money into it, the 934 01:02:54,039 --> 01:02:58,719 remodel it. Right, So, however, housing prices going to be going 935 01:02:58,760 --> 01:03:01,639 down if you have nobody selling. I had, I had a house come 936 01:03:01,679 --> 01:03:07,440 on the market in my neighborhood, and full disclosure, my neighborhood is a 937 01:03:07,480 --> 01:03:15,800 fairly desirable neighborhood for old historic district. And this house came on the market 938 01:03:15,800 --> 01:03:19,320 and sold within twenty four hours full price. Yeah, I mean this was 939 01:03:19,360 --> 01:03:22,480 a last week. There's no inventory. There's no inventory to that Todd. 940 01:03:22,519 --> 01:03:28,320 That's exactly right. No inventory. So if you want to house, you 941 01:03:28,440 --> 01:03:31,880 either got to luck out dry by when the signs going up again twenty four 942 01:03:31,920 --> 01:03:35,440 hours, or new home, or you buy a new home. And a 943 01:03:35,480 --> 01:03:37,920 lot of those new home you know, we saw KB home. I think 944 01:03:37,000 --> 01:03:40,760 it reached a new fifty two week KAG and I'm not mistaken. These new 945 01:03:40,840 --> 01:03:45,320 home builders are really benefiting off the lack of inventory because they kind of are 946 01:03:45,360 --> 01:03:49,119 forced into the new homes and they're giving them a lot of deals. They're 947 01:03:49,119 --> 01:03:53,119 buying down interest rates, they're offering you know, free appliances like you know, 948 01:03:53,239 --> 01:03:57,760 the fridges and all that, so it makes it a lot more attractive. 949 01:03:57,800 --> 01:04:00,519 Free blinds, A lot of those costs that come that don't aren't associated 950 01:04:00,559 --> 01:04:03,440 with the pending home sales, right with the new home sales you do have 951 01:04:03,480 --> 01:04:08,119 to. There's a lot more costs associated, but with the new homebuyers already 952 01:04:08,159 --> 01:04:11,960 paying those that those costs for you, it makes a lot more attractive as 953 01:04:11,960 --> 01:04:15,039 well. I think one of the things we were looking at to see the 954 01:04:15,119 --> 01:04:23,559 economy and inflation frankly slow was was a fairly significant decline in the housing market, 955 01:04:23,599 --> 01:04:27,360 and that just simply has not happened. I don't know how inflation has 956 01:04:27,400 --> 01:04:31,480 gone from nine point one to four. Yeah, with the housing market continuing 957 01:04:31,519 --> 01:04:35,639 to be strong. Did you see the pc PC report that front of personal 958 01:04:36,000 --> 01:04:40,760 Do you want to explain what pc is versus CPI? Yeah? So CPI 959 01:04:41,000 --> 01:04:44,119 is the consumer price index. That's the one that everyone knows and hears about 960 01:04:44,119 --> 01:04:47,480 on the news, the one that's not reported because I really don't know why, 961 01:04:47,679 --> 01:04:50,960 but it's it's it's just not for whatever reason, it doesn't headline. 962 01:04:51,119 --> 01:04:56,480 It doesn't I think because they don't understand it. Maybe it's the price consumers 963 01:04:56,880 --> 01:05:03,159 price that the consumer expenditure personal consumers consumers. It works similar to the CPI. 964 01:05:03,360 --> 01:05:08,880 It's just it's the FEDS calculation of inflation that's the one they use to 965 01:05:08,920 --> 01:05:13,239 make their economic decisions based on well, and the difference is the consumer price 966 01:05:13,360 --> 01:05:19,239 Index is what consumers pay for things. The personal consumption indexes is what everybody 967 01:05:19,320 --> 01:05:25,079 pays for everything. And the example I think that it is the most clear 968 01:05:25,159 --> 01:05:29,639 is health insurance. Excuse me, medical bills. If you go to a 969 01:05:29,760 --> 01:05:33,840 hospital and spend two weeks in a hospital and have one hundred thousand dollars bill, 970 01:05:34,880 --> 01:05:39,800 you might pay five thousand of that. So the five thousand is in 971 01:05:39,840 --> 01:05:44,320 the consumer price Index, the one hundred thousand is in the personal consumption Index. 972 01:05:44,440 --> 01:05:45,639 Yeah. And the thing that like stood out to me on these numbers 973 01:05:45,719 --> 01:05:49,119 was the core PC came in at four point six percent, I believe, 974 01:05:49,400 --> 01:05:54,400 and then the regular PC, which includes food and energy, was at three 975 01:05:54,440 --> 01:05:58,760 point eight Yeah, so it was much lower than the one that excluded food 976 01:05:58,800 --> 01:06:03,719 and energy of its calculation. The good news is we're seeing a steady decline 977 01:06:03,760 --> 01:06:09,519 in inflation. Yes, both on the retail level and on the personal level, 978 01:06:09,920 --> 01:06:13,840 and from a number of different metrics. It's just not one number and 979 01:06:13,880 --> 01:06:16,719 you say, wow, that's not a good number. You know' that's wrong. 980 01:06:16,880 --> 01:06:21,239 But you know, if you're one of those investors who has this Goldilocks 981 01:06:21,320 --> 01:06:27,719 bull rally in your head, you need inflation to kind of stay up right, 982 01:06:27,760 --> 01:06:30,760 because that means the economy keeps growing. Well, you want to find 983 01:06:30,800 --> 01:06:32,599 your ear Yeah, you want a degree of inflation. That's why the FEDS 984 01:06:32,639 --> 01:06:35,840 target is two. Yeah, So you do want some inflation because if we 985 01:06:35,880 --> 01:06:40,679 go into deflation, that's where we really start to see problems in corporate profits 986 01:06:40,719 --> 01:06:45,159 and that's when valuations really really matter. That's bad. Yeah, that's bad. 987 01:06:45,639 --> 01:06:48,159 M with the regional bank. So we talked about the back in March. 988 01:06:48,239 --> 01:06:53,039 You mentioned the banks of the three banks failing, and of course for 989 01:06:53,079 --> 01:06:57,159 a period of time after that, late March into April, it was kind 990 01:06:57,199 --> 01:07:00,719 of walking on egg shells. Nobody wanted to be along the market on Friday 991 01:07:00,719 --> 01:07:02,599 because you didn't know who is going to go under over the weekend, and 992 01:07:02,960 --> 01:07:06,639 nobody has. No other banks have gone under. That's not to say that 993 01:07:06,719 --> 01:07:13,559 banks aren't struggling. But the KR which is the regional bank exchange traded fund, 994 01:07:13,599 --> 01:07:16,440 I watched that pretty closely. Uh. It includes a lot of different 995 01:07:16,440 --> 01:07:23,079 regional banks. It continues to rebound up up a twenty percent off of the 996 01:07:23,199 --> 01:07:28,599 May loll. Yeah. So that's that's telling you that the market at least 997 01:07:28,719 --> 01:07:32,920 is getting comfortable that we may have seen the end of the regional banking crisis. 998 01:07:33,000 --> 01:07:36,679 It's very possible. And while we spend time on banks, this week, 999 01:07:36,679 --> 01:07:42,679 the FED did their stress test on banks. This is I believe they 1000 01:07:42,679 --> 01:07:45,000 only do this once or twice a year, twice a year, twice a 1001 01:07:45,079 --> 01:07:48,880 year, twenty three of them right. And so the FED established this test 1002 01:07:49,000 --> 01:07:55,400 in following the twenty seven two thou nine financial crisis. They formerly began in 1003 01:07:55,400 --> 01:07:58,559 two tho eleven, And it's really just the Fed's way to make sure that 1004 01:07:58,559 --> 01:08:02,119 the banks are properly capitalized to avoid any crazy scenario like we saw in two 1005 01:08:02,119 --> 01:08:05,199 thousand and eight. So they kind of test against what happens if corporate real 1006 01:08:05,320 --> 01:08:09,639 estate mortgages at banks have on their balance sheet, what happens if they lose 1007 01:08:09,719 --> 01:08:13,519 thirty percent value? Do they have enough capital reserves to make sure that their 1008 01:08:13,519 --> 01:08:17,600 obligations are satisfied? And again all the banks passed this time in this bank 1009 01:08:18,039 --> 01:08:23,119 test, but it's not they don't test regional banks. So they actually the 1010 01:08:23,199 --> 01:08:27,640 only test I believe it was twenty three banks this year major banks, which 1011 01:08:27,720 --> 01:08:30,960 was down from previous years. I mean, in twenty twenty two is thirty 1012 01:08:30,000 --> 01:08:33,800 four banks, and they changed the test a little bit. This year they 1013 01:08:33,920 --> 01:08:38,680 put a little bit more. It's harder to pass the test, they say, 1014 01:08:38,720 --> 01:08:42,720 because they put into some criteria that normally isn't in There is what happens 1015 01:08:42,720 --> 01:08:46,119 when interest rates increased super fast? Right, and that wasn't something that was 1016 01:08:46,159 --> 01:08:51,119 included in previous tests. But the test that was formed this year was done 1017 01:08:51,159 --> 01:08:57,960 before the March crisis, so they weren't they didn't know anything about the banks 1018 01:08:57,960 --> 01:09:00,680 when they formulated this test. And just so anyone knows, in order to 1019 01:09:00,680 --> 01:09:04,079 be tested, you have to have between one hundred billion and two hundred and 1020 01:09:04,399 --> 01:09:10,800 fifty billion in assets. Okay, good to make major banks, yes. 1021 01:09:11,399 --> 01:09:14,159 And that's then when people are like, well, I couldn't have FED know 1022 01:09:14,279 --> 01:09:16,199 that the regional banks we're going to do this, Well, they don't test 1023 01:09:16,239 --> 01:09:20,520 them, right. That's more on the regional fed level, because regional feds 1024 01:09:20,920 --> 01:09:25,560 people don't know. There's do you have the overall feder reserve, but it's 1025 01:09:25,600 --> 01:09:30,399 a board of governors and a governor has each region the of America and they 1026 01:09:30,399 --> 01:09:32,800 all come and help make the decision on the interest rate policy. We'll hope 1027 01:09:32,920 --> 01:09:35,800 that that's no longer, although you know, it's interesting I do have clients 1028 01:09:35,840 --> 01:09:41,079 ask about it from time to time, Ask about the regional banks, ask 1029 01:09:41,159 --> 01:09:45,479 about insurance. That's sort of thing. Um. We are pleased to hear 1030 01:09:45,560 --> 01:09:50,319 the reports that our insurance from our clearing from OURBC is one hundred million dollars 1031 01:09:51,359 --> 01:09:56,960 per acount YEP. And so if you have more than that, we probably 1032 01:09:57,000 --> 01:10:02,239 can't help you. U of the one of the stocks, it's a mystery 1033 01:10:02,279 --> 01:10:06,920 to me. Maybe you guys can figure this out for me. Occidental Petroleum, 1034 01:10:08,119 --> 01:10:13,720 this is a lagging stock. Warren Buffett continues to buy the stock. 1035 01:10:14,359 --> 01:10:17,000 He now owns twenty five percent of the company. He's been buying it so 1036 01:10:17,079 --> 01:10:20,920 much and so long that when he announces he's bought more, nobody cares anymore. 1037 01:10:20,960 --> 01:10:27,319 They yawn. And stock is down six percent over the last twelve months. 1038 01:10:27,960 --> 01:10:30,800 Is trading at the same price that it was in two thousand and seven, 1039 01:10:32,119 --> 01:10:34,520 the same price as it was in two thousand and seven. You think 1040 01:10:34,520 --> 01:10:38,079 he's just years ago. You think he's just trying to buy it all. 1041 01:10:38,079 --> 01:10:43,239 Eventually, the pe is not extraordinary, Jalan. It's twelve point five Chevron 1042 01:10:43,279 --> 01:10:46,079 and Xon or eleven. So the PE is a little higher than the Chevron 1043 01:10:46,199 --> 01:10:53,560 Xon dividends only one point two x three point four Chevron three point nine makes 1044 01:10:53,560 --> 01:10:55,880 you wonder what he season in. I mean, it's a high pe, 1045 01:10:56,319 --> 01:11:01,520 low dividend, low growth. I wish I knew, I knew I see 1046 01:11:01,520 --> 01:11:04,359 a value investor. He's a value investor. But I will say that he's 1047 01:11:04,399 --> 01:11:09,640 been buying the stock for You're right that that segment of the market is out 1048 01:11:09,680 --> 01:11:13,760 of favor. But then wouldn't you say that as Chevron and Xon are also 1049 01:11:15,039 --> 01:11:18,520 value plays. That's why I tried to compare apples and apples here, and 1050 01:11:18,600 --> 01:11:24,600 if you take all of the apples, Warren's apple seems to have the most 1051 01:11:24,600 --> 01:11:27,760 holes. Yeah, but you know, if you're going to ask a group 1052 01:11:27,800 --> 01:11:31,279 of people, which are these companies? Do you know Chevron x Oxydental Petroleum, 1053 01:11:31,359 --> 01:11:35,359 It's like that's the last one. I think it's more so probably people 1054 01:11:35,439 --> 01:11:40,720 know the name chevn Xon a lot more. I guess. I guess I 1055 01:11:40,800 --> 01:11:45,439 keep asking myself what's Warren c here? And that's what I'm wondering, And 1056 01:11:45,439 --> 01:11:48,119 you're one and the same thing. Yeah, I thought have some brilliant idea. 1057 01:11:48,199 --> 01:11:51,640 But if you want to buy something that Warren Buffett is buying, that 1058 01:11:51,760 --> 01:11:58,239 hasn't gone crazy. Oxygenal petroleum apparently is available talk in a year and it's 1059 01:11:58,239 --> 01:12:00,680 going to be up like twenty you would think. I mean, he's the 1060 01:12:00,880 --> 01:12:05,359 excellent investor, has a big group of people working with him. They're seeing 1061 01:12:05,439 --> 01:12:10,800 something in oxy that I'm not seeing. They must. Yeah, Amazon, 1062 01:12:11,199 --> 01:12:14,680 mid March, the stock was mired in the eighties. Remember that. Back 1063 01:12:14,680 --> 01:12:16,520 in mid March you couldn't give it away. I mean, the socket dropped 1064 01:12:16,520 --> 01:12:20,880 from one hundred and fifty to eighty. And they had seen their day that 1065 01:12:21,039 --> 01:12:26,640 Walmart's going to do with the competition and Target and you know, they're having 1066 01:12:26,640 --> 01:12:30,199 to pay too much and they're going to unionize, and it's all that their 1067 01:12:30,199 --> 01:12:33,399 web services business, which is what drives the company, was slowing, and 1068 01:12:33,520 --> 01:12:36,960 you know, why would we want to do that? Everything was bad news. 1069 01:12:38,000 --> 01:12:40,720 And now just like that, it's I want thirty And along came AI. 1070 01:12:41,439 --> 01:12:45,640 Yep, along came artificial intelligence, and it has literally been off to 1071 01:12:45,680 --> 01:12:50,279 the races ever since. Stocks risen thirty two percent in the last thirty days. 1072 01:12:50,319 --> 01:12:55,880 Thirty two. This is why we scratch our heads and hesitate and have 1073 01:12:56,439 --> 01:13:00,640 talk about the irrational exuberance. Thirty two percent in thirty days for a for 1074 01:13:01,119 --> 01:13:05,159 one of the largest companies in the world. There's been another company that's been 1075 01:13:05,319 --> 01:13:10,680 quietly on a rise is Spotify. Yes, do you Spotify? Do not? 1076 01:13:10,840 --> 01:13:13,560 I do? Do you Spotify? Or Apple Music? I used Spotify 1077 01:13:13,640 --> 01:13:16,000 for podcasts. Yeah, so I used Spotify all the time. And it's 1078 01:13:16,000 --> 01:13:18,119 been up. So it's low. It's fifty two week low of sixty nine 1079 01:13:18,119 --> 01:13:23,319 dollars. It's currently at as a Friday is about one fifty two. It's 1080 01:13:23,359 --> 01:13:26,920 more than doubled in the last year. And what they did right now in 1081 01:13:26,960 --> 01:13:30,800 the last week was do a huge overhaul of their platform on the computer and 1082 01:13:30,840 --> 01:13:33,159 the app. They added AI. They added like an AI DJ, so 1083 01:13:33,199 --> 01:13:39,520 they started using They dove full into AI and they finally put it out and 1084 01:13:39,560 --> 01:13:43,399 it works great. But they've been on the rise pretty much not stop for 1085 01:13:43,399 --> 01:13:46,520 the last fifty two weeks. And since it's it debuted, it's still under 1086 01:13:46,560 --> 01:13:50,000 its IPO price of one sixty three, but it's been climbing back and no 1087 01:13:50,039 --> 01:13:53,119 one, I don't see it on the news. It almost it's just been 1088 01:13:53,239 --> 01:13:56,079 doing this thing, and I think part of it is because of the AI. 1089 01:13:56,800 --> 01:14:01,319 Yeah, it's amazing. We don't have any idea as we sit here 1090 01:14:01,720 --> 01:14:09,000 on July second, how much AI is going to impact us. Well, 1091 01:14:09,039 --> 01:14:11,920 they say it grows exponentially too, So I mean how fast it grew in 1092 01:14:11,960 --> 01:14:17,520 the last year ten years from regatively and negatively. Yeah, it wasn't a 1093 01:14:17,800 --> 01:14:23,960 positive and negative that's for sure. Yeah, it makes life easier. Yeah, 1094 01:14:24,279 --> 01:14:27,640 it's probably so that's kind of ironic, right, we're going positive and 1095 01:14:27,680 --> 01:14:33,359 negative in an electric vehicle world batteries. Oh, I was trying not to 1096 01:14:33,399 --> 01:14:35,399 laugh. I was just trying to go on and move on with that one. 1097 01:14:35,399 --> 01:14:41,880 But right along, wasn't that wasn't that AI that taught the robots how 1098 01:14:41,920 --> 01:14:45,760 to play soccer? Yeah? Remember that? That's scary. Well, it's 1099 01:14:45,760 --> 01:14:48,159 like the I robot movies coming alive from Will Smith's movie back in the early 1100 01:14:48,159 --> 01:14:51,760 two thousands. They taught it can be scary these robots start having a mind 1101 01:14:51,760 --> 01:14:56,760 of their own. They did this one where it was a drone was they 1102 01:14:56,760 --> 01:14:59,239 were trying to shoot things down and doing a test and stuff, and then 1103 01:14:59,560 --> 01:15:01,479 they saw it started kind of getting out of control, so the control tower 1104 01:15:01,600 --> 01:15:05,079 try to shut it off and say don't shoot this, and then the drone 1105 01:15:05,119 --> 01:15:10,319 they said in like different words obviously it got mad and started aiming at the 1106 01:15:10,319 --> 01:15:12,880 tower to shut it off, because that's the person I was telling it to 1107 01:15:12,920 --> 01:15:15,520 not do it so they could go rogue. Yeah, that's crazy. Well, 1108 01:15:15,520 --> 01:15:19,760 I mean when you when you teach these robots how to play basic soccer 1109 01:15:20,319 --> 01:15:25,920 and then they somehow teach each other how to play it, Well, that's 1110 01:15:25,960 --> 01:15:30,760 like, are you serious? I'm more scared of humans. But if you 1111 01:15:30,840 --> 01:15:33,359 really want to get scared, you can watch black Mirror on Netflix. Black 1112 01:15:33,399 --> 01:15:36,760 Mirror. Yeah, and that will make you feel a full ludlight. You 1113 01:15:36,800 --> 01:15:40,800 will be a you will never want to touch another phone again. Well, 1114 01:15:40,800 --> 01:15:43,359 I get scared to death every morning when I look in the white mirror, 1115 01:15:43,359 --> 01:15:48,560 so I don't need a black mirror for that. We'll be back with a 1116 01:15:48,600 --> 01:15:54,079 couple more segments right after this break. Thanks again for joining this. So 1117 01:15:55,479 --> 01:15:59,960 you guys just have no sense of humor, no sense of humor, nothing. 1118 01:16:00,680 --> 01:16:02,239 They're not giving me anything here because you don't want to laugh at my 1119 01:16:02,279 --> 01:16:05,520 jokes. Just leave me out there, just like hanging, dangling, like 1120 01:16:05,680 --> 01:16:13,000 dangling like a dangling party stepping listeners. Oh, Chris, you like it, 1121 01:16:14,319 --> 01:16:16,600 You'll text you let me see if he was ready. Eight minutes ago, 1122 01:16:16,760 --> 01:16:33,840 it was. Yeah, yes, it's buried in asking fuck off. 1123 01:16:36,800 --> 01:16:53,439 Yeah, don't mean to sit out. He get it twelve minutes, John, 1124 01:16:53,520 --> 01:17:02,319 take his seat. Yeah, by it right now we can talk about 1125 01:17:03,279 --> 01:17:06,680 I was reading stuff on the Secure Act two point Oh you guys want to 1126 01:17:06,680 --> 01:17:12,399 talk about that, okay, and we've talked about it before on that's fine. 1127 01:17:13,039 --> 01:17:15,399 Got some bullet and how does it involve you? That would be the 1128 01:17:15,399 --> 01:17:18,800 important part, right, Uh, well, they can always call. We 1129 01:17:18,800 --> 01:17:25,359 can talk a yout more about it because it and it is well I got 1130 01:17:25,359 --> 01:17:28,159 it from estate planning. And then I also want to talk about Durrible Powers 1131 01:17:28,159 --> 01:17:30,960 of Attorney. Okay, good right, Dylan, you ready, yep, 1132 01:17:31,359 --> 01:17:35,560 we need this, sure you can actually have it. I need right for 1133 01:17:35,600 --> 01:17:42,079 this segment. Terrible power of Attorneys. That's the stuff you've been working on 1134 01:17:42,119 --> 01:17:45,359 all week and all that stuff we're you're doing that huh oh, this stuff 1135 01:17:45,359 --> 01:17:47,960 you've been printing out for Yeah, I saw the Terrible Power attorney and stuff. 1136 01:17:47,960 --> 01:17:51,680 We'll talk about it, right, it's fresh in your mind. That's 1137 01:17:51,680 --> 01:17:55,640 all I do. These things. You wait, you're coming. Is it 1138 01:17:55,720 --> 01:17:59,600 just Edward Law? Okay, that's what I thought, Edward Law Firm. 1139 01:17:59,680 --> 01:18:02,479 Yeah, there's and Edward Law in Dallas, and there there's a couple other 1140 01:18:02,479 --> 01:18:08,720 words. I used to work the big firm and Scots used to work for 1141 01:18:09,319 --> 01:18:15,680 Dana Law firm. I fig, why Edward. Oh, my dad's named 1142 01:18:15,800 --> 01:18:18,319 Edward, my son's names Edward. My name is Edward. So your name 1143 01:18:18,359 --> 01:18:23,119 is actually Edward? Oh it is? Yeah? Yeah, okay, you 1144 01:18:23,279 --> 01:18:27,199 want to I just want to be a rebel. Your middle name, Well, 1145 01:18:27,239 --> 01:18:29,279 I was going to use my last name, and then I thought, 1146 01:18:30,159 --> 01:18:32,560 no, I'm in instead of using Edward or like when you when we yeah, 1147 01:18:32,560 --> 01:18:35,079 when we talked to you was Jonathan. Yeah. I don't know why 1148 01:18:35,079 --> 01:18:39,319 I didn't. I just decided Edward. I wasn't gonna work I was gonna 1149 01:18:39,359 --> 01:18:41,600 use my last name. But I thought, you know, there are people 1150 01:18:41,600 --> 01:18:44,840 out there that literally pick and choose on, you know, whether or not 1151 01:18:44,960 --> 01:18:46,640 the work with somebody just based on their last name. I thought, maybe 1152 01:18:46,640 --> 01:18:49,840 you should bought it from somebody else. What's that thought? Yeah, like 1153 01:18:49,840 --> 01:18:53,399 marked, you bought a client base from somebody. All right, let's hit 1154 01:18:53,439 --> 01:18:58,640 this twelve twenty five three two one. Welcome back. You're listening to the 1155 01:18:58,640 --> 01:19:01,800 Money Matter Show. It's been a jam show with a great end of the 1156 01:19:01,840 --> 01:19:05,359 second quarter, and we're gonna start the third quarter coming up tomorrow with a 1157 01:19:05,359 --> 01:19:09,640 half day, and then we do have Tuesday off for fourth of July, 1158 01:19:09,800 --> 01:19:13,720 our country's birthday. It's gonna be fun. But this segment we have Jonathan 1159 01:19:13,840 --> 01:19:16,720 Sabilia of Edward Law Firm. We got talking about I think we're gonna be 1160 01:19:16,720 --> 01:19:19,520 talking about power, durable, power of attorney and all that stuff in the 1161 01:19:19,640 --> 01:19:23,920 state planning world. He's a great estate planner and just teamed up with him 1162 01:19:23,920 --> 01:19:26,319 a few months ago. So how you doing, John Good Dylan, Thank 1163 01:19:26,319 --> 01:19:30,359 you very well. Happy fourth tomorrow? You got any fun plans for the 1164 01:19:30,359 --> 01:19:33,319 fourth on Tuesday? Tuesday? Excuse me? Any fun plans? Just making 1165 01:19:33,319 --> 01:19:36,039 sure that the kids stay safe and get to see some fireworks. You get 1166 01:19:36,039 --> 01:19:41,159 a couple of young kids, so that's a trying to keep the fireworks. 1167 01:19:41,399 --> 01:19:43,600 Yeah, and we live in the desert, so we had to worry. 1168 01:19:43,680 --> 01:19:46,000 I want to buy my own fireworks, but I'm afraid that everything's gonna go 1169 01:19:46,079 --> 01:19:49,479 up and fire around the house. I've been a heavily wooded area and my 1170 01:19:49,520 --> 01:19:54,159 biggest concern just fireworks been shot off and getting in the trees. Yeah, 1171 01:19:54,279 --> 01:19:57,439 and you and you take care of your lawns, so we don't want that 1172 01:19:57,560 --> 01:19:59,359 to go up in flames. Well, no, and the trees. U 1173 01:20:00,079 --> 01:20:03,560 there's hundreds of trees in my area. I live again for a little historic 1174 01:20:03,600 --> 01:20:06,119 district, but down by the river, so there's a lot of it's very 1175 01:20:06,159 --> 01:20:11,359 heavily wooded. And I always won every fourth of Joe. I always hold 1176 01:20:11,399 --> 01:20:14,600 my breath that sparks don't get in the trees and start something, because you 1177 01:20:14,640 --> 01:20:16,119 get a couple of trees on fire, you could have all hell break loose 1178 01:20:16,199 --> 01:20:20,079 down there, just like down about sixty miles south of here, Sierra Vista. 1179 01:20:20,239 --> 01:20:25,119 Yeah, yeah, I didn't you know that got so little coverage, 1180 01:20:25,520 --> 01:20:28,279 which is shocking to me. You could almost see the smoke that shot. 1181 01:20:28,800 --> 01:20:32,760 Yeah they did. There were houses threatened to our people's evacuated. Um, 1182 01:20:33,079 --> 01:20:36,960 your wife were afforded on it, right. So what she did she she 1183 01:20:38,239 --> 01:20:41,680 reported on a future She's the one that brought it to my attention, so 1184 01:20:41,880 --> 01:20:44,640 because you know, she's in the news, and I don't watch a lot 1185 01:20:44,720 --> 01:20:46,680 of the news, so I get it firsthand from her when she comes home 1186 01:20:47,119 --> 01:20:51,119 after a long day and she was telling me about how she reported on the 1187 01:20:51,279 --> 01:20:56,720 on the fires around Arizona. But it's it's nothing uncommon. We have fires 1188 01:20:56,720 --> 01:20:59,359 here every year, but it is uncommon for it to be so close, 1189 01:20:59,520 --> 01:21:04,079 so close to a residence to residences. Tucson threatened people up north by Prescott. 1190 01:21:04,399 --> 01:21:10,039 Yeah so, but you know, um Jo, I should mention that 1191 01:21:10,159 --> 01:21:14,960 Jonathan has his own law firm. You're not a Greenberg Financial employee or a 1192 01:21:15,000 --> 01:21:23,039 self employed lawyer who is domiciled within the beautiful office of Greenberg Financial. Yeah, 1193 01:21:23,039 --> 01:21:26,319 it's it's been great. I appreciate it. I have a spot over 1194 01:21:26,399 --> 01:21:30,720 here that uh, you know, working alongside you guys, not with you, 1195 01:21:30,800 --> 01:21:33,000 but alongside and see what you guys do on a day to day basis 1196 01:21:33,000 --> 01:21:38,159 pretty inspiring and it's it's good to see. It's nice to have people I 1197 01:21:38,159 --> 01:21:42,000 could bounce some ideas off of in an area that I don't um, you 1198 01:21:42,039 --> 01:21:45,560 know, I'm not always up to date on. Right. Then, you've 1199 01:21:45,640 --> 01:21:47,640 been meeting with our clients. So we've been meeting with some of your clients. 1200 01:21:47,680 --> 01:21:53,680 It's a wonderful relationship we got going. Uh first consultation with you is 1201 01:21:53,720 --> 01:21:58,119 free. Correct. So someone that's considering a trust or considering a will. 1202 01:21:58,560 --> 01:22:04,880 Uh, you have state planning abilities, you have uh tax knowledge uh knowledge 1203 01:22:04,920 --> 01:22:11,720 in your an attorney who specializes in taxation, so you know a lot of 1204 01:22:11,800 --> 01:22:16,600 things that uh the average attorney, god bless them, uh doesn't deal with. 1205 01:22:17,760 --> 01:22:21,880 So we we appreciate having you nearby. What's on your what's on your 1206 01:22:21,880 --> 01:22:25,319 plate, what have you been working on? What's on my list of things 1207 01:22:25,319 --> 01:22:28,359 to talk about? Um, well, we'll get to the durable power of 1208 01:22:28,399 --> 01:22:32,520 attorney next. I just wanted I did a cl this morning and they were 1209 01:22:32,520 --> 01:22:34,760 talking about the Secure Act. I know you guys talk about it a lot 1210 01:22:34,800 --> 01:22:40,560 because it's uh, it's very close to your heart, uh in your industry. 1211 01:22:40,600 --> 01:22:45,359 But the cl uh continuing legal legal education. Okay, So, and 1212 01:22:45,399 --> 01:22:49,560 we're required to have a bunch done by June June thirtieth, which is tomorrow. 1213 01:22:49,680 --> 01:22:54,920 So I'm cramming a little bit for some I'm getting a couple uh uh 1214 01:22:55,119 --> 01:22:58,159 some of those classes in, but actually had to have it done by June 1215 01:22:58,199 --> 01:23:03,119 thirtieth, June thirties, which was Friday. Right. June thirties is tomorrow, 1216 01:23:03,199 --> 01:23:11,920 right now. June thirties was Friday today, recording today exactly Friday. 1217 01:23:11,960 --> 01:23:14,960 Well, we're on the honor system here in Arizona, so I just have 1218 01:23:15,039 --> 01:23:18,520 to have it done by June thirtieth, which was Friday. So you saying 1219 01:23:18,600 --> 01:23:21,439 you got it done was enough, Like, well, I did get it 1220 01:23:21,479 --> 01:23:25,119 done. I did a bunch of ethics ones. But I'm you know, 1221 01:23:25,239 --> 01:23:27,880 just making sure, you know, I stay on top of things. And 1222 01:23:27,960 --> 01:23:32,840 this was a CLI that I was really interested in learning about. So um. 1223 01:23:32,880 --> 01:23:39,880 But with that said, um uh timing aside, you know, I 1224 01:23:39,880 --> 01:23:42,760 thought was really interesting on it. They were talking about five to twenty nine 1225 01:23:42,800 --> 01:23:45,520 plans and now that they get to roll those, if you have it for 1226 01:23:45,880 --> 01:23:49,199 fifteen years, you can roll that into a ROTH. Now yeah, I'm 1227 01:23:49,199 --> 01:23:53,399 not roth. It gets rolled into the kid's name, into the kid's name. 1228 01:23:53,479 --> 01:23:55,520 It gets rolled into the kid's name, not the parents name. I 1229 01:23:55,560 --> 01:23:59,119 thought that was really interesting. And uh, you know, obviously they're bumping 1230 01:23:59,199 --> 01:24:03,520 up the requirement distributions from seventy two to seventy three now, and then the 1231 01:24:03,560 --> 01:24:06,760 penalties will go down from fifty percent to twenty five percent. Yep, And 1232 01:24:06,840 --> 01:24:10,159 that is like on a progressive scale too. And a couple of years it 1233 01:24:10,159 --> 01:24:13,159 will be our new RMD age will be seventy four, and I think it's 1234 01:24:13,199 --> 01:24:15,560 by like twenty thirty two, the RMDAG will be seventy five. Yeah, 1235 01:24:15,600 --> 01:24:17,520 and one of the reasons why I took it, you know, because I 1236 01:24:17,520 --> 01:24:21,079 am I work with taxes, and I work with the IRS, and even 1237 01:24:21,079 --> 01:24:25,119 though you might get hit with those penalties, there's there you know, if 1238 01:24:25,159 --> 01:24:29,800 you do engage with a tax professional tax attorney, you might get those some 1239 01:24:29,840 --> 01:24:35,279 of those penalties waived if if if you approach one of us and we end 1240 01:24:35,319 --> 01:24:39,960 up dealing with the IRS. So that was one of the things that I 1241 01:24:40,000 --> 01:24:43,119 wanted to learn. I was learning about, is you know, dealing with 1242 01:24:43,159 --> 01:24:45,840 the IRS and trying to abate penalties for some of my clients. So uh 1243 01:24:45,880 --> 01:24:48,560 and I'm glad that you got you know, I'm still you know learning, 1244 01:24:48,880 --> 01:24:51,880 Uh, you know what you guys deal with, and you know how on 1245 01:24:51,880 --> 01:24:55,000 top of things you guys are. And I probably didn't even need to take 1246 01:24:55,000 --> 01:24:59,479 the CELA. I could probably want around the corner and questions our system though, 1247 01:24:59,560 --> 01:25:01,680 Yeah, got to do it all the honor system, right, uh 1248 01:25:01,800 --> 01:25:04,239 So and then we're you know, Dylan was kind of joking around because I'm 1249 01:25:04,279 --> 01:25:08,279 sharing the office and I had some trouble printing out some stuff, and he 1250 01:25:09,479 --> 01:25:14,560 noticed that I was printing out powers of attorney for a client because it was 1251 01:25:14,560 --> 01:25:18,359 a big, big lettering, Yeah we have I have some documentation, and 1252 01:25:18,439 --> 01:25:21,199 I'm very front and says durable power of attorney. And I kind of wanted 1253 01:25:21,239 --> 01:25:26,960 to chat about that because it's a really powerful tool, and it's come up 1254 01:25:27,000 --> 01:25:32,199 a few times this week. I have one client who's who's uh blind, 1255 01:25:32,920 --> 01:25:38,359 um, and she's having trouble, uh, you know, getting access to 1256 01:25:38,439 --> 01:25:41,960 assets, and she doesn't really trust very many people around her in her life. 1257 01:25:42,000 --> 01:25:44,800 You know, her husband passed away and a lot of her family lives 1258 01:25:44,800 --> 01:25:46,840 on the East Coast, so she just has caregivers and she doesn't want to 1259 01:25:46,840 --> 01:25:49,319 give them financial access. So she's asked me to be a you know, 1260 01:25:49,359 --> 01:25:54,800 a power of attorney for her, not just an attorney, but a power 1261 01:25:54,800 --> 01:25:58,840 of an attorney in fact, so I can deal with some of her financial 1262 01:25:58,880 --> 01:26:03,319 situations. Um. And you know these are important whether or not you are 1263 01:26:03,359 --> 01:26:09,680 blind or you know, you may be a married individual. Okay. Uh. 1264 01:26:10,000 --> 01:26:13,199 Let's say we live in a community property state and you only own some 1265 01:26:13,239 --> 01:26:17,560 property that's jointly all right, and then you and then your spouse uh becomes 1266 01:26:17,560 --> 01:26:21,000 incapacitated and they're fifty fifty on the house and you want to sell the house. 1267 01:26:21,039 --> 01:26:26,079 You need their signature, you know. One of the best ways to 1268 01:26:26,199 --> 01:26:29,840 alleviate that because you want to sell the house, get get a power of 1269 01:26:29,840 --> 01:26:33,600 attorney, have that set up beforehand. Um you know, UH, if 1270 01:26:33,600 --> 01:26:38,520 you're not going to do the trust uh, it's it's it's a very powerful 1271 01:26:38,560 --> 01:26:41,319 tool. It saves a lot of money. It avoids, you know, 1272 01:26:41,640 --> 01:26:45,439 a lot of times having to get a guardianship. Guardianships can be very expensive 1273 01:26:45,439 --> 01:26:48,680 because not only you're hiring an attorney for the person applying for the guardianship, 1274 01:26:48,720 --> 01:26:54,760 but the person who needs the guardian needs what's called uh. It needs an 1275 01:26:54,760 --> 01:27:00,399 attorney called UH that will basically make sure that their rights are protected and the 1276 01:27:00,399 --> 01:27:05,439 core process is um uh you know, make sure the process is flowing down 1277 01:27:06,520 --> 01:27:11,439 a straight line. So both attorneys have to be protected. What this durable 1278 01:27:11,520 --> 01:27:15,079 power of attorney does. It avoids that avoids the court intervention, avoids judges 1279 01:27:15,079 --> 01:27:20,920 and attorney fees and filings, and allows that power of attorney to make financial 1280 01:27:21,079 --> 01:27:28,079 and life decisions for that person and you and you use the word durable power 1281 01:27:28,079 --> 01:27:31,600 of attorney. The difference between durable power of attorney and power of attorney. 1282 01:27:31,840 --> 01:27:39,000 Well, a durable power of attorney withstands incapacity so hugely important. It's very 1283 01:27:39,000 --> 01:27:42,560 important, huguely important. Yeah. So once you become a capacitate, that's 1284 01:27:42,600 --> 01:27:45,159 and that's that's where it comes from. It's durable through that. Yeah. 1285 01:27:45,239 --> 01:27:46,960 The big thing you said too, is you got to get the set up 1286 01:27:46,960 --> 01:27:50,239 before you need it. It's like insurance. You can't do it after the 1287 01:27:50,279 --> 01:27:55,359 fact, right Exactly. If someone's acapacitated, then we're doing the guardianship, 1288 01:27:55,399 --> 01:27:58,960 and then we're hiring attorneys, and then we're makes a lot messier. Yeah. 1289 01:27:59,159 --> 01:28:03,319 Yeah, we're filing into probate exactly. Yeah. Yeah. I had 1290 01:28:03,359 --> 01:28:08,840 a client that I'm still dealing with because there we are going into probate because 1291 01:28:09,960 --> 01:28:15,479 her aunt finally passed away. But they were looking for an emergency conservatorship because 1292 01:28:15,520 --> 01:28:20,880 the mom was in the aunt was in the hospital. I don't do emergency 1293 01:28:20,880 --> 01:28:27,800 conservatorships. And the only attorney I did know they asked for fifteen thousand dollars 1294 01:28:27,800 --> 01:28:31,520 attainer um, and I, you know, I kind of instructed a late. 1295 01:28:31,560 --> 01:28:33,800 I said, well, you can pay him fifteen thousand dollars. But 1296 01:28:34,000 --> 01:28:38,520 it sounds like from the doctor she has about a day to live. So 1297 01:28:38,760 --> 01:28:43,640 you guys can eat one more day of the hospital hospital bills, or you 1298 01:28:43,760 --> 01:28:46,640 can you know, engage with this attorney and then you know, get access 1299 01:28:46,680 --> 01:28:50,760 to our bank accounts, because that's what the hospital wanted, is money to 1300 01:28:50,880 --> 01:28:55,720 be paid to place her in a hospice, right and then, And the 1301 01:28:56,399 --> 01:29:00,119 important thing to know about an attorney or about excuse me, about a power. 1302 01:29:00,359 --> 01:29:02,960 It has to be durable. That's the only thing that makes any sense 1303 01:29:03,000 --> 01:29:08,600 at all. It has to be durable. But when I had a call 1304 01:29:08,720 --> 01:29:13,920 the other day and they gal said, my sister has died, it's just 1305 01:29:14,079 --> 01:29:16,319 the sister is a client of ours. She said, I'm calling to tell 1306 01:29:16,359 --> 01:29:20,880 you my sister passed away. But I have her power of attorney, so 1307 01:29:20,920 --> 01:29:25,560 it's okay. I said, no, no, she has no parv of 1308 01:29:25,560 --> 01:29:30,279 attorney. She's dead. And and that the the par of attorney, whether 1309 01:29:30,319 --> 01:29:33,439 it be a regular power of attorney or a durable power of attorney, dies 1310 01:29:33,520 --> 01:29:39,039 when the client dies, because they when you essentially, when you don't have 1311 01:29:39,079 --> 01:29:44,079 the ability to revoke something, it dies, right exactly. And I had 1312 01:29:44,119 --> 01:29:47,399 that issue recently as well. Um we did in a state plan, we 1313 01:29:47,439 --> 01:29:50,319 did some power as of attorney. We did a will, and we did 1314 01:29:51,359 --> 01:29:59,840 beneficiary deeds and the person who was the poah after the principle finally passed away, 1315 01:30:00,199 --> 01:30:02,000 was wondering why she couldn't get access to the bank accounts and I said, 1316 01:30:02,039 --> 01:30:05,039 well, you know, that's why we put beneficiaries on the bank accounts. 1317 01:30:05,119 --> 01:30:06,800 And she's like, well, I want to get access to the bank 1318 01:30:06,800 --> 01:30:10,479 accounts. I'm like, well, you're not a beneficiary. We've already taken 1319 01:30:10,479 --> 01:30:14,279 care of that. Where the point was avoid probate and you to have power 1320 01:30:14,279 --> 01:30:19,239 of attorney while the principle was incapacitated, and um, it's important to know 1321 01:30:19,359 --> 01:30:25,680 that, all right, Um, that the power of attorney only goes ends 1322 01:30:26,199 --> 01:30:30,359 at the at the death of the principle. Who is the person is the 1323 01:30:30,399 --> 01:30:32,520 person signing the right? And there's something you have to have, like, 1324 01:30:32,600 --> 01:30:36,560 jonaanschais something you want to have him in place before these things happen. Yeah, 1325 01:30:36,560 --> 01:30:41,079 exactly, life in turance. You can't buy a life insurance you any 1326 01:30:41,079 --> 01:30:44,520 type of hissarance. Youne that before the fact. Jonathan, thank you for 1327 01:30:44,640 --> 01:30:48,119 joining us. Jonathan is here in our office. Um, he's a lawyer, 1328 01:30:48,239 --> 01:30:53,920 he had his own firm. Uh. The initial appointment is no charge. 1329 01:30:54,479 --> 01:30:58,960 Jonathan does wills, he does trust, he does very sophisticated tax planning 1330 01:30:59,079 --> 01:31:03,079 things. We love having him here and uh, if you have any needs 1331 01:31:03,119 --> 01:31:05,960 along those lines, please give us a call. We'll put you in touch 1332 01:31:06,000 --> 01:31:10,239 with Jonathan, and I know he'd love to meet with you. We'll be 1333 01:31:10,279 --> 01:31:14,640 back with the final segment of the Money Matter Show right after this break. 1334 01:31:14,640 --> 01:31:17,079 Thanks again for taking time to join us on the Sunday morn Jonathan. Thank 1335 01:31:17,119 --> 01:31:24,520 you. Happy Sunday, guys. Perfect hammered it. So there's also a 1336 01:31:24,600 --> 01:31:28,720 retirement planned loss and found searchable database that they're implementing. You guys know that 1337 01:31:29,680 --> 01:31:35,600 there's retirement loss and found retirement loss and database. Oh not, like what 1338 01:31:35,720 --> 01:31:39,840 if they died? Is that what you're talking about? Or if like what 1339 01:31:39,880 --> 01:31:45,279 it was taught talking about a retirement account that I don't know about? I 1340 01:31:45,279 --> 01:31:48,239 think I told you guys and content. Yeah. Yeah, the only reason 1341 01:31:48,239 --> 01:31:51,800 I knew about it was because I saw when I got my tax transcripts. 1342 01:31:51,800 --> 01:31:58,199 I saw that I had a fair market value and no idea I had interesting, 1343 01:31:59,479 --> 01:32:01,520 that's only I do That money's been sitting there forever, So I guess 1344 01:32:01,680 --> 01:32:10,680 this this uh thing retirement plan awesome found that creating I think anyway. Thank 1345 01:32:10,720 --> 01:32:14,880 you guys for the easy softball questions. Thanks buddy. We can make it 1346 01:32:14,960 --> 01:32:16,720 hard next time. I just don't even know how the questions ask. I'm 1347 01:32:16,720 --> 01:32:19,920 gonna look up hard ask questions now. I'm gonna I'm gonna do it. 1348 01:32:23,880 --> 01:32:26,319 Yeah, you're pretty smooth on it. You did, you guys, you're 1349 01:32:26,359 --> 01:32:30,960 great moths through your wife. I hope you guys get really drunk tonight. 1350 01:32:30,039 --> 01:32:33,680 Do you are you? Are you okay with the listeners knowing who your wife 1351 01:32:33,800 --> 01:32:38,560 is? Okay? I was gonna bring it now. I don't say unless 1352 01:32:38,560 --> 01:32:41,640 you get his permission. Your listeners are fake news, right? You know? 1353 01:32:41,680 --> 01:32:45,359 I heard you say that a few times. Fakes the very first time. 1354 01:32:45,479 --> 01:32:47,399 What's that fake news? When did you hear me say fake news? 1355 01:32:47,479 --> 01:32:54,960 You said you and I think time was on you guys were joking around about 1356 01:32:55,000 --> 01:32:58,920 fake news when you guys were on radio. There is a lot of fake 1357 01:32:58,960 --> 01:33:00,920 news out there, so awfully. Yeah, she's the one that told me. 1358 01:33:01,239 --> 01:33:05,760 She's the one back in two thousand and sixteen when it all started coming 1359 01:33:05,800 --> 01:33:12,159 out, we were Donald Jacksonville. He said, you wouldn't believe Monica said 1360 01:33:12,199 --> 01:33:15,640 that. Yeah, yeah, yeah, absolutely, She's like they don't know 1361 01:33:15,640 --> 01:33:19,720 where it's coming from. Well, you got a whole bunch of channels that 1362 01:33:19,800 --> 01:33:23,840 are twenty four seven news, and guess why there's not news twenty four seven. 1363 01:33:24,119 --> 01:33:29,000 Yeah, make sh up. Yeah, thank you Jonathan very much. 1364 01:33:29,479 --> 01:33:32,239 Oh you guys, let's do it. You bring it in. Todd Glick 1365 01:33:32,520 --> 01:33:38,399 Junior. Dylan brought in the Jonathan's Yeah, fucker, do something for God's 1366 01:33:38,399 --> 01:33:44,199 sake, make yourself useful. Three two one. Welcome back to the Money 1367 01:33:44,279 --> 01:33:46,680 Matters Show. My name is Todd Glick. I'm here with Dylan Greenberg and 1368 01:33:46,800 --> 01:33:50,000 Dave Sherwood. What a fun week, you know, and when you can 1369 01:33:50,079 --> 01:33:54,960 see a week that gains over two percent, you don't see too many of 1370 01:33:55,000 --> 01:33:57,479 them. No, it's and I will say, we did not see this 1371 01:33:57,560 --> 01:34:00,479 coming. We did not see this kind of a first half of the interest 1372 01:34:00,600 --> 01:34:04,439 rates are rising, the economy is slowing. They're trying to bring inflation down. 1373 01:34:05,840 --> 01:34:12,920 Many corporations that have reported earnings have reported disappointing guidance, suggesting things are 1374 01:34:12,920 --> 01:34:15,279 slowing down. It's not an environment where you would expect the market to be 1375 01:34:15,319 --> 01:34:19,039 setting a new fifty two weeks high, but it did. Yeah, and 1376 01:34:19,159 --> 01:34:23,760 people still continue to go into those megacap tech stocks, right, I mean, 1377 01:34:24,279 --> 01:34:28,680 right here, I have a charge shows that hedge fund managers are overweight 1378 01:34:30,199 --> 01:34:33,399 megacap tech stocks the most since twenty twenty. Uh those are you know, 1379 01:34:33,479 --> 01:34:38,880 your Apples and Amazon's, Google, Meta Microsoft. It makes sense too. 1380 01:34:38,880 --> 01:34:43,239 We've pointed out constantly the difference between the S and P five hundred and equal 1381 01:34:43,239 --> 01:34:46,439 weighted. Everyone is loading into that. A lot of people. These names 1382 01:34:46,520 --> 01:34:50,920 had a good day on Friday because if hedge fund managers weren't in there during 1383 01:34:50,920 --> 01:34:54,560 that quarter, guess what they're doing. They're buying those stocks so they can 1384 01:34:54,560 --> 01:34:57,359 show at the end of the quarter that they that they owned it. And 1385 01:34:57,399 --> 01:35:00,359 that's what it was on Friday. All of the big winners for the year 1386 01:35:00,640 --> 01:35:03,399 were up big on Friday. Yeah, I mean Apple hit over three trillion 1387 01:35:03,399 --> 01:35:09,319 dollars marketcount in the portfolio. They wanted to show that on their quarters, 1388 01:35:09,319 --> 01:35:12,760 which would be a shock if Apple hasn't been part of their portfolio. And 1389 01:35:13,479 --> 01:35:15,319 yes, you know, one of the sectors that has been lagging the SP 1390 01:35:15,439 --> 01:35:21,680 five hundred is the consumer staples sector of the SMP and those are things like 1391 01:35:21,800 --> 01:35:28,760 Walmart and Target and Altria, Philip Morris, those type of stocks the recession 1392 01:35:28,800 --> 01:35:30,600 proof stocks, as they say, right, yeah, well I saw an 1393 01:35:30,600 --> 01:35:35,640 interesting UH insight where insiders, corporate insiders, you you get to see their 1394 01:35:35,640 --> 01:35:41,760 buy or sell in the ratio of which and right now they're buying a lot. 1395 01:35:42,079 --> 01:35:45,720 The corporate insiders of consumer staple companies are buying a lot right now, 1396 01:35:45,760 --> 01:35:50,800 and normally when they do there's a very successful rin rate. And also it's 1397 01:35:51,000 --> 01:35:56,720 trailing, which you want to look for opportunities that aren't information technology right, 1398 01:35:56,760 --> 01:36:00,399 which is well exceeded the S and P five hundred returns. You want to 1399 01:36:00,439 --> 01:36:04,000 try to find some areas that maybe have a chance to come back. I 1400 01:36:04,000 --> 01:36:08,600 mean, really, we saw that coming into twenty twenty three, technology was 1401 01:36:08,720 --> 01:36:13,479 terrible. You go into technology that went great, Energy was the best performing 1402 01:36:13,479 --> 01:36:16,359 in twenty right, and they went opposite. So sometimes it makes sense to 1403 01:36:16,399 --> 01:36:19,520 try to find the areas that haven't been performing as well, things like we've 1404 01:36:19,560 --> 01:36:24,800 already pointed out with value stocks down four percent on the year on average with 1405 01:36:24,880 --> 01:36:30,199 those ETFs. Eventually these stocks will come back and the other stocks that are 1406 01:36:30,560 --> 01:36:33,199 have these meteoritic rises will come back to gravity as well. One of the 1407 01:36:33,239 --> 01:36:39,119 stocks in that segment is three M that's one of the worst performing dallastocks. 1408 01:36:39,119 --> 01:36:42,359 It was one of the worst performing dallastocks last year. It's one of the 1409 01:36:42,439 --> 01:36:47,079 worst performing dallastocks this year. They've been mired in litigation that has took the 1410 01:36:47,079 --> 01:36:51,680 stock down to levels not seen in ten years, hit a ten year low. 1411 01:36:51,840 --> 01:36:56,840 They got a bump this week after last week after reporting they've reached a 1412 01:36:56,960 --> 01:37:02,479 ten billion dollars settlement with US towns and cities over a claim that contaminated drinking 1413 01:37:02,520 --> 01:37:08,600 water. Whether Forever Chemicals so called Forever Chemicals. Have you heard about those 1414 01:37:08,640 --> 01:37:11,840 or not, But if you haven't google them, it's Forever Chemicals. The 1415 01:37:11,880 --> 01:37:15,159 stock is trading at twelve times earnings as a dividend of six percent. That 1416 01:37:15,239 --> 01:37:21,760 appears to be safe. They still have the military hearing aid lawsuit hanging over 1417 01:37:21,800 --> 01:37:26,520 their head, but they did settle one of the major lawsuits that many thought 1418 01:37:27,520 --> 01:37:30,479 they might not be able to settle and stay in business, and they settle 1419 01:37:30,520 --> 01:37:34,279 up for ten billions, at which the three M is workable. If they 1420 01:37:34,319 --> 01:37:39,560 can get a settlement of the hearing aid deal, that might be a stock. 1421 01:37:39,600 --> 01:37:43,479 But that's the kind of stock that is just languishing right now in this 1422 01:37:43,560 --> 01:37:49,039 market. That's on fire. Yeah. Another one's Walgreens DAL component already down 1423 01:37:49,119 --> 01:37:55,640 thirteen percent this year. Walgreens dropped to a thirteen year LOLL thirteen year low 1424 01:37:55,960 --> 01:38:00,439 last week as the end of COVID has seen it decreased to start traffic and 1425 01:38:00,560 --> 01:38:04,560 Amazon making big strides in the prescription business. You know, I don't see 1426 01:38:04,600 --> 01:38:10,600 new Walgerens popping up around Twucson. Have you noticed that it's always needs pops 1427 01:38:10,680 --> 01:38:14,319 up, Yeah, not new ones being built. Deutsche Bank I love this. 1428 01:38:14,640 --> 01:38:17,600 Deutsche Bank decides that a thirteen year lull is a good place to go 1429 01:38:17,680 --> 01:38:21,720 from buy to hold. Well, speaking of dotche Bank, they came out 1430 01:38:21,760 --> 01:38:27,520 with a recession probability factor of one hundred percent within the next twelve months. 1431 01:38:27,560 --> 01:38:30,399 There's a they say, there's one hundred percent probability level recession. That's according 1432 01:38:30,479 --> 01:38:38,800 Dotcha Bank, and recessions have historically come every four years throughout our economic cycles. 1433 01:38:39,079 --> 01:38:42,439 The last one was the shortest one in history, which was March of 1434 01:38:42,439 --> 01:38:45,119 twenty twenty. Right. Yeah, I mean in theory, you could go 1435 01:38:45,159 --> 01:38:48,439 into in the next year and the year after without a recession, but a 1436 01:38:48,479 --> 01:38:51,920 recession in the next twelve months. When you look at the inverted yield curve. 1437 01:38:53,239 --> 01:38:56,359 I would say one hundred percent might be a little strong, but ninety 1438 01:38:56,439 --> 01:39:00,079 nine. Yeah, you're saying the Amazon Farma Student close is done a little 1439 01:39:00,079 --> 01:39:04,399 bit better than how they're making they're doing. They're still struggling, and Whole 1440 01:39:04,399 --> 01:39:09,159 Foods is still struggling. There are parts of Amazon that are not on fire. 1441 01:39:09,359 --> 01:39:11,239 Right. If you're going into a recession, Whole Foods is going to 1442 01:39:11,279 --> 01:39:15,159 probably continue to struggle as well because that's pricier food. It is pricier and 1443 01:39:15,479 --> 01:39:18,079 you and it's not really a groceries what's the word I want to use. 1444 01:39:18,319 --> 01:39:24,720 If you need groceries, Whole Foods probably isn't some place to go because you're 1445 01:39:24,760 --> 01:39:28,319 gonna have a hard time finding ketchup, you know, it's it's all all 1446 01:39:28,399 --> 01:39:32,720 kind of one off. I'm not sure frankly who shops there, but there's 1447 01:39:32,760 --> 01:39:36,159 one a mile from my house and I'm in there probably once a week to 1448 01:39:36,399 --> 01:39:42,640 buy food or or meat or something some kind. But when I got down 1449 01:39:42,680 --> 01:39:45,800 the eye wine selection, Yeah, but if you know, if I need 1450 01:39:45,000 --> 01:39:47,279 my wife said, oh, we're out of ketchup front on this, I'm 1451 01:39:47,319 --> 01:39:50,600 gonna have to go three miles to the fries to get catch up. I'm 1452 01:39:50,640 --> 01:39:54,640 not gonna find ketch up a Whole Foods, find some organic catch up. 1453 01:39:54,680 --> 01:39:58,159 I'll find some organics you don't even know it's catchup or mixed with mustard or 1454 01:39:58,199 --> 01:40:01,760 some some some goofy goofy thing, you know. But you know, they 1455 01:40:01,800 --> 01:40:05,159 do have wonderful pastries. It's a good wine rack. They have a lot 1456 01:40:05,199 --> 01:40:09,319 of fresh food there. That's a nice store. I don't want to dis 1457 01:40:09,720 --> 01:40:11,960 I mean, if you've eaten there too, it's got good food. They 1458 01:40:12,000 --> 01:40:14,479 have an actual resta. You've absolutely there, and I know it's good. 1459 01:40:14,520 --> 01:40:18,159 It's good. I don't dislike like AJ's really but like a nation. It's 1460 01:40:18,159 --> 01:40:23,159 like a worldwide AJ's and it's I'm not sure what it is. It's somewhere 1461 01:40:23,399 --> 01:40:28,800 it's I don't know. I like AJ's better than Whole Foods, but that's 1462 01:40:28,840 --> 01:40:30,920 just that's just me. And maybe it's because I grew up. AJ's is 1463 01:40:30,960 --> 01:40:33,479 more boutique because it's only in Arizona. Yeah it is, it is. 1464 01:40:34,920 --> 01:40:39,279 Yeah, either way, they got good food. And you know it's not 1465 01:40:39,319 --> 01:40:42,359 a regular grocery store. As my point, Nope, Kroger that's what you 1466 01:40:42,399 --> 01:40:46,399 got. A Kroger's and video still continues to run the world again. They 1467 01:40:46,479 --> 01:40:51,800 have the chip that everybody wants for ai and they're scrambling to get it. 1468 01:40:53,319 --> 01:40:56,279 Uh. They are up one hundred and ninety percent this year. Finally found 1469 01:40:56,319 --> 01:41:01,159 some sellers on Monday that took about five percent off that rally. No particular 1470 01:41:01,199 --> 01:41:06,079 news, it's just been going higher on no news. Biden came out and 1471 01:41:06,079 --> 01:41:11,239 said, may have more restrictions. You may recall a couple months back, 1472 01:41:11,479 --> 01:41:17,520 Biden restricted shipment of high end ships to China. They're really concerned with China 1473 01:41:17,640 --> 01:41:23,600 being able to compete with us on chips, on computer chips which run everything 1474 01:41:23,680 --> 01:41:28,800 right, and China is not competing with us very well. We control the 1475 01:41:28,880 --> 01:41:33,479 high end ship market, but Taiwan actually manufactures most of those chips. I 1476 01:41:33,520 --> 01:41:36,560 can't remember what the number was, but something like ninety percent of all of 1477 01:41:36,600 --> 01:41:42,319 the high end ships in the world were developed here, and I think it 1478 01:41:42,359 --> 01:41:45,239 was seventy percent, and ninety percent of those chips are manufactured in Taiwan. 1479 01:41:45,279 --> 01:41:48,840 Well, that's why so beneficial of that Taiwan is opening their factories up in 1480 01:41:48,840 --> 01:41:51,840 Phoenix. Yes, it's going to make everything a lot quicker, right, 1481 01:41:53,239 --> 01:41:59,479 And Biden came out when Biden put those restrictions on, and Vidia came up 1482 01:41:59,520 --> 01:42:06,600 with a chip similar to their big H h the H one hundred, which 1483 01:42:06,760 --> 01:42:11,640 runs all of the artificial intelligence. They came up with a chip that wasn't 1484 01:42:12,680 --> 01:42:15,560 enough different from that that the US regulators said, yeah, that'll work, 1485 01:42:16,199 --> 01:42:20,000 you can sell that to China UM. And then what Biden did this past 1486 01:42:20,039 --> 01:42:25,760 week is he came out and he he said they're thinking about restrictions on those 1487 01:42:25,840 --> 01:42:29,399 chips. Now, Well, the A one hundred, oh is that the 1488 01:42:29,399 --> 01:42:33,920 newest one one hundred was not the newest one that's been selling out. That 1489 01:42:33,960 --> 01:42:38,800 was their previous large learning one. The one hundred is the newest one. 1490 01:42:39,079 --> 01:42:43,399 Believe is that the one they altered to sell the China one they re engineered 1491 01:42:43,439 --> 01:42:46,239 so it would be acceptable Chin went to China has a different it's like a 1492 01:42:46,439 --> 01:42:48,600 different No. I'm saying, yeah, but did they kind of take it 1493 01:42:48,680 --> 01:42:51,600 from the newest one the bottled after made it less power? Because I was 1494 01:42:51,600 --> 01:42:54,399 gonna say, if they took it from the H one hundred, that's already 1495 01:42:54,399 --> 01:42:56,680 outdated. Anyways, they've moved on. He just made it. I guess 1496 01:42:56,680 --> 01:43:00,359 the point is that that the biggest problem for n video is demand and is 1497 01:43:00,399 --> 01:43:03,960 far exceeds supply, so that whether far whether China can't get them or not, 1498 01:43:04,079 --> 01:43:08,000 it's really at this point for them matters not. I think it's a 1499 01:43:08,000 --> 01:43:10,600 good thing we have these restrictions because if you look at history, what is 1500 01:43:10,680 --> 01:43:13,800 China do? They think what we did really well and they just copy it 1501 01:43:13,920 --> 01:43:16,079 well, and they've gone from five percent of the world chip market to twenty 1502 01:43:16,079 --> 01:43:18,880 five percent in the last twelve years. Well, we've gone from fifty to 1503 01:43:19,000 --> 01:43:24,079 thirty. So it's been going the wrong direction. Well, I don't know 1504 01:43:24,239 --> 01:43:26,800 how many things Biden's done right. I probably can kind of. On one 1505 01:43:26,800 --> 01:43:30,680 hand, that was very important. I liked it. I liked the chip 1506 01:43:30,800 --> 01:43:32,520 chip. I think the chip thing was a was a move in the right 1507 01:43:32,520 --> 01:43:36,680 direction, and I think it was imperative that we do that. U and 1508 01:43:36,840 --> 01:43:44,039 China is a real threat. I love seeing their economy struggling as their exports 1509 01:43:44,039 --> 01:43:48,359 slow because the US is finding other places to get things. I love that 1510 01:43:49,960 --> 01:43:55,600 we need to we need to to distance ourselves from them. They are a 1511 01:43:55,640 --> 01:44:00,319 real threat on the global stage and they're a real threat to us, and 1512 01:44:00,079 --> 01:44:04,319 I think we need to do whatever we can to distance ourselves. And I 1513 01:44:04,399 --> 01:44:08,399 should think we're going in that direction, just slowly. I think other companies 1514 01:44:08,399 --> 01:44:12,279 are too. A lot of companies seem to be moving their factories to Indonesia, 1515 01:44:12,319 --> 01:44:15,800 to India, to a little bit in Mexico. They're kind of getting 1516 01:44:15,840 --> 01:44:18,159 tired of China. Yeah, it is hurting China a lot. It is 1517 01:44:18,239 --> 01:44:23,159 hurting China a lot. Edit there exports were what seven percent below what they 1518 01:44:23,159 --> 01:44:29,159 were a couple of months ago, and they're talking about infusing money into the 1519 01:44:29,159 --> 01:44:33,520 economy to try to stimulate because things are not recovering from COVID the way they 1520 01:44:33,560 --> 01:44:40,359 had hoped. And we'll see how it goes again. We're running out of 1521 01:44:40,479 --> 01:44:45,640 time here. We've enjoyed bringing you this Money Matters show. Dean will be 1522 01:44:45,760 --> 01:44:49,199 traveling for one more week, but then two weeks from today he will be 1523 01:44:49,199 --> 01:44:54,119 back real quick. How do you like your hot dog? Like it? 1524 01:44:54,279 --> 01:44:57,960 I do catch up mustard or do the whole fix catch it mustard? Relish? 1525 01:44:58,039 --> 01:45:00,880 I guess I'm catch up in relish. No mustard, are you? 1526 01:45:00,199 --> 01:45:06,039 Sometimes I don't need mustard. Sourcrout is good. And the potato salad America. 1527 01:45:06,199 --> 01:45:13,520 First day tomorrow absolutely yeah, the day after we have a half a 1528 01:45:13,600 --> 01:45:15,960 day we'll enjoy a half a day of work tomorrow, with no work on 1529 01:45:15,000 --> 01:45:17,399 Tuesday, and then Wednesday we have to come back to the grind tongue. 1530 01:45:17,439 --> 01:45:20,479 Anyway, we thank you for joining us. We all want to be happy, 1531 01:45:20,640 --> 01:45:25,399 of course, and of course healthy is really up there on the list 1532 01:45:25,399 --> 01:45:29,079 of things. But what we want to be here at Greenberg Financial is off 1533 01:45:29,319 --> 01:45:35,319 of all. Next week, three o'clock, right on the nose. That 1534 01:45:35,439 --> 01:45:40,640 one we killed at three o'clock, right on the nose. Get out of 1535 01:45:40,720 --> 01:45:50,439 here, man, h m hmm. Don't forget me, Dylan, don't 1536 01:45:50,439 --> 01:46:02,199 forgive me for taking me back? Are you you're reminded me? I could? 1537 01:46:02,199 --> 01:46:04,159 I can't be getting right with the nap. Where you going? Now? 1538 01:46:04,199 --> 01:46:06,479 You're good? I gotta do it, let's go. I can't want 1539 01:46:06,560 --> 01:46:11,079 to do it. It doesn't matter. I love I lived two seconds from 1540 01:46:11,079 --> 01:46:14,439 there. I'm going either if we're both going that one. No, damn, 1541 01:46:14,439 --> 01:46:15,840 I live two seconds. I do I think that. I think it. 1542 01:46:15,960 --> 01:46:18,319 Dylan can take you because you live right there. Yeah, we know 1543 01:46:18,359 --> 01:46:26,399 when you're ready. Um, are you wanting to the right way? Yeah? 1544 01:46:27,079 --> 01:46:45,760 I let's do it. Shout all right, Yeah, I'm trying to 1545 01:46:45,800 --> 01:47:12,560 sold meet you Tonstadt had just suck. H m hm m m m m 1546 01:47:15,680 --> 01:47:30,039 m thank you, m m hm. What you did leaving? Are you 1547 01:47:30,079 --> 01:47:33,680 gonna do? We're the market? All right, well I'm gonna start petting 1548 01:47:33,720 --> 01:47:39,239 that. But so I just k you, yeah, I guys, thank 1549 01:47:39,920 --> 01:47:51,039 yeah. Also I'm gonna stop. You can get up some cash for short 1550 01:47:51,119 --> 01:47:57,880 cloth. We end up your line. Are you guys off for me? 1551 01:47:59,319 --> 01:48:04,680 What you go to that? All right? There you go, y'all. 1552 01:48:04,800 --> 01:48:15,680 I'll go up there, Chase, I'll be on board off. H m 1553 01:48:15,920 --> 01:48:29,600 hmm. Well yeah, it's not righting any others probably h y weekend. 1554 01:48:30,439 --> 01:50:17,720 Yeah, yeah, what's up? One? M m sweet mark game In 1555 01:50:17,760 --> 01:50:25,199 the first half of the year. First, ESPN just got rid of David 1556 01:50:25,239 --> 01:50:29,640 Pollack, who's a game Day Paulish game day guy, the huge ere for 1557 01:50:29,800 --> 01:50:32,880 years. He's a Florida standout Army to Georgia, big Georgia player. We're 1558 01:50:32,920 --> 01:50:36,319 talking about that earlier they got rid of. You're telling me. They go, 1559 01:50:36,520 --> 01:50:41,079 oh, no, you were telling me that Matthew was stan Van Gundy. 1560 01:50:41,119 --> 01:50:44,920 So they fired stan Van Gundy. Oh he sucks, And now they 1561 01:50:44,960 --> 01:50:47,600 just fired Pulling. Yeah, but there's some big names they must not like 1562 01:50:47,680 --> 01:51:00,239 Polo either don't because I think they got Pat mccafee. How did that is? 1563 01:51:12,800 --> 01:51:15,279 Hello everyone, My name is Toddlick Jr. And this is your weekly 1564 01:51:15,319 --> 01:51:17,600 market update, brought to you by the Greenberg Financial Group. Today mark the 1565 01:51:17,720 --> 01:51:20,119 end of the first half of the trading year, and it was a good 1566 01:51:20,159 --> 01:51:25,319 one for all of the indexes all around. The SMP five hundred year to 1567 01:51:25,439 --> 01:51:29,520 day is up fifteen percent and the NASDAK is up about thirty one percent. 1568 01:51:29,920 --> 01:51:33,319 That is the best first half return from the NASDAK in its history as an 1569 01:51:33,359 --> 01:51:38,760 index. Also, furthermore, I study found that since nineteen forty five, 1570 01:51:38,840 --> 01:51:42,479 when the SMP five hundred has earned a positive return in the first half of 1571 01:51:42,520 --> 01:51:45,199 the year, the following second half of the year is on average of return 1572 01:51:45,279 --> 01:51:49,319 of around five percent. Also, when the return of the first half of 1573 01:51:49,359 --> 01:51:53,600 the year is more than ten percent, like it is this year, the 1574 01:51:53,720 --> 01:51:58,000 average return in the second half is eight percent. So if history repeats itself, 1575 01:51:58,039 --> 01:52:00,640 we should have a good second half of the year. But market pay 1576 01:52:00,720 --> 01:52:03,880 says history does not repeat itself at rhymes, so we'll still have to see 1577 01:52:04,319 --> 01:52:09,039 what happens in the second half. We did have some economic news this week. 1578 01:52:09,159 --> 01:52:13,079 New home sales for the month of May came in above expectations. Also, 1579 01:52:13,159 --> 01:52:16,239 pending home sales for the month of May came in above expectations. We 1580 01:52:16,359 --> 01:52:20,479 got our revision on the quarter one GDP print on Thursday, which sent the 1581 01:52:20,560 --> 01:52:25,119 markets higher and went from one point three percent to two percent, which is 1582 01:52:25,159 --> 01:52:28,800 a huge jump, showing that the market, well, sorry, the economy 1583 01:52:28,880 --> 01:52:32,119 did a lot better in quarter to one than originally thought. This, of 1584 01:52:32,199 --> 01:52:35,560 course gives credence to the fact that we probably should have two more rate hikes, 1585 01:52:35,760 --> 01:52:40,319 as Jerome Powell does not want to see the market taking off two hot 1586 01:52:40,720 --> 01:52:45,119 because that would increase inflation down the road. Obviously, his mandate right now 1587 01:52:45,239 --> 01:52:49,760 is to lower inflation, and he will succeed, and as he said multiple 1588 01:52:49,840 --> 01:52:54,199 times, there's probably going to be two more rate cuts until the end of 1589 01:52:54,239 --> 01:52:58,359 the year. Lastly, on Friday, we got the pc report, that's 1590 01:52:58,399 --> 01:53:03,039 the personal consumption Expenditure report, it's actually the inflation report that the Fed Reserve 1591 01:53:03,239 --> 01:53:09,520 uses for their economic decisions. That came in but low expectations, showing that 1592 01:53:09,600 --> 01:53:15,760 inflation is continuously slowing, and that's good news for inflation the inflation fight. 1593 01:53:15,319 --> 01:53:19,199 So far. Now, we had a great week in the markets. Here's 1594 01:53:19,239 --> 01:53:23,760 some performances. The Dow was up two percent, the S and P was 1595 01:53:23,880 --> 01:53:28,079 up two point four and the NASDAC was up two point two percent. US 1596 01:53:28,119 --> 01:53:30,960 oil also had enough week. They were up at a point three percent to 1597 01:53:30,039 --> 01:53:33,840 seventy dollars in barrel, and gold was flat at nineteen twenty announced. The 1598 01:53:33,920 --> 01:53:38,640 ten year US interest rate also did increase. It's now at three point eight 1599 01:53:38,760 --> 01:53:42,439 four percent. And something to note is the ten year two year inversion has 1600 01:53:42,520 --> 01:53:45,279 continued to increase. It is now above one percent, which is one of 1601 01:53:45,319 --> 01:53:49,359 the largest inversions we've ever seen in the history of a yield curve. Now 1602 01:53:49,439 --> 01:53:54,079 here's some look at some popular stocks in the performances this week. Apple had 1603 01:53:54,119 --> 01:53:57,159 a real thrilling week. They were up three point nine percent two hundred ninety 1604 01:53:57,159 --> 01:54:00,880 four dollars per share, and Netflix was up three point nine percent to four 1605 01:54:01,239 --> 01:54:05,000 forty dollars per share. And Tesla had another up week of two percent to 1606 01:54:05,039 --> 01:54:10,000 two hundred and sixty one dollars per share. Last week, bitcoint had a 1607 01:54:10,079 --> 01:54:14,000 flat week after a real doozy of a week to week fall a week before. 1608 01:54:14,079 --> 01:54:17,720 It was a fifteen percent This week, no real price movement action it's 1609 01:54:17,760 --> 01:54:21,000 now trading at thirty thousand, four hundred and sixty five dollars. If you 1610 01:54:21,079 --> 01:54:24,600 have any requests for stock up dates, please will for the email me atat 1611 01:54:24,600 --> 01:54:28,119 at Greenberg financial dot com and this has been your weekly market up date, 1612 01:54:28,199 --> 01:54:30,960 brought to you by the Greenberg Financial Group. We hope you'll stay happy, 1613 01:54:30,079 --> 01:54:31,279 healthy, and profitable.