SP 500 Hits New All Time Highs! What’s Next?

WEBVTT100:00:00.520 --> 00:00:04.679Well, good morning everybody. It'sthat time again, Sunday morning. Right200:00:04.719 --> 00:00:07.400here, eight o'clock to ten o'clock, you're gonna hear the Money Matter Show300:00:08.080 --> 00:00:11.679with Dean Greenberg and friends. We'regonna talk about the markets, and we400:00:11.800 --> 00:00:16.839got other things to talk about too. It is the Money Matter Show.500:00:17.559 --> 00:00:21.039And on the Money Matter Show,we don't only talk about stocks. We600:00:21.079 --> 00:00:24.800talk about the geopolitical side. Wetalk about what's going on in our nation.700:00:25.199 --> 00:00:30.440We talk about how different things areaffected by different things and cause and800:00:30.480 --> 00:00:36.719effect. It's important, but wealso try to navigate through things when we900:00:36.799 --> 00:00:41.200are cautious, which we have been, so that on days like Friday,1000:00:41.240 --> 00:00:45.000when we go up and make alltime new hides and all the indices all1100:00:45.240 --> 00:00:51.439time new highs, not one hundredpercent, not aggressively, but we are1200:00:51.520 --> 00:00:56.439participating. Participation is important. Ican't tell you how many people would love1300:00:56.479 --> 00:00:59.320to have gone to cash two monthsago, six months ago, a year1400:00:59.359 --> 00:01:03.000ago and a half ago because theydon't believe it's gonna happen now. Do1500:01:03.120 --> 00:01:10.239I think it's overdone? Do Ithink that maybe we are probably too high1600:01:10.280 --> 00:01:14.480with evaluations? Do we think doI think we're too giddy with the fed1700:01:14.599 --> 00:01:18.439going to be able to lowess interestrates. Yeah, I do. But1800:01:18.640 --> 00:01:22.719that does not mean I'm selling everythingand going to cash. And that doesn't1900:01:22.760 --> 00:01:25.920mean that I'm not going to tryto make some money as we do as2000:01:25.920 --> 00:01:29.280the market goes higher. But Iwill mitigate risk. I won't make as2100:01:29.359 --> 00:01:32.680much, maybe if we go upanother fifteen to twenty percent this year,2200:01:33.560 --> 00:01:38.640but I'll be in the categories often twelve percent on a balanced account,2300:01:38.879 --> 00:01:46.439earning interest, making some appreciation.Remember the nineties, it got ridiculous,2400:01:46.799 --> 00:01:49.760but it kept going and going andgoing and going. We are in a2500:01:49.799 --> 00:01:53.400presidential year. I don't see howwe have a big crash and burn.2600:01:53.840 --> 00:01:59.959I do see us in a tradingrange forty nine hundred maybe to five thousand2700:02:00.079 --> 00:02:04.959on the upside and probably forty fivehundred forty six hundred on the down side2800:02:05.000 --> 00:02:12.319on the S and P five hundred. This week we went out point seven2900:02:12.400 --> 00:02:15.840percent on the down one and zopoint two percent on the S ANDP two3000:02:15.919 --> 00:02:22.240and a half percent on the Nasdaq. But interesting in this industry. Interesting3100:02:22.680 --> 00:02:25.159The rest of two thousand was downa half a percent, and the equal3200:02:25.319 --> 00:02:31.000weighted S ANDP was down point one, which means guess what one percent,3300:02:31.280 --> 00:02:36.319one point three percent of the Sand P is moving up again because of3400:02:36.400 --> 00:02:39.719the big tech stocks, those sevenstocks, six stocks, whatever you want3500:02:39.719 --> 00:02:44.319to call them, but those arethe ones, the Googles, the Amazons,3600:02:44.360 --> 00:02:49.199the Apples, and you know NavidiaNvidy is five hundred and ninety one3700:02:49.319 --> 00:02:52.919dollars. And as a money managedyou say, I gotta take some money3800:02:52.919 --> 00:02:57.000off the table. But this one'sa little different. I have a target.3900:02:57.199 --> 00:03:00.960I have a target on it's sixfifty to seven hundred to start reducing4000:03:00.479 --> 00:03:04.080some of my exposure. And ifit wants to go high from there,4100:03:04.120 --> 00:03:07.680I'm still going to own some,but I am not going to go ahead.4200:03:07.120 --> 00:03:14.120And you know, stay fully investedin that position and hope that it4300:03:14.159 --> 00:03:16.240goes to eight hundred and nine hundredtimes it could, and I hope it4400:03:16.240 --> 00:03:21.520does. I mean, you realizethat Apple was saying that, not Apple,4500:03:21.599 --> 00:03:25.159Meta was talking about spending billions ofdollars on buying their chips. That's4600:03:25.199 --> 00:03:34.599what's sentence so high on Friday.Bottom line is allocations balance make a portfolio4700:03:35.479 --> 00:03:39.080where individuals were not institutions where we'reonly trying to be able to beat one4800:03:39.159 --> 00:03:44.639part. Large caps, small cab, value, cap international, whatever it4900:03:44.759 --> 00:03:47.199is, fixed income, no,your portfolios are made up of all of5000:03:47.240 --> 00:03:52.080it, all of it, Soyou got to realize where it's going.5100:03:52.159 --> 00:03:54.879So for the year so far,the nazac's upt the most two percent.5200:03:57.840 --> 00:04:00.159S and P was up one anda half percent for the year, and5300:04:00.319 --> 00:04:03.960that was only up half a percent. Russell two thousand is down four percent,5400:04:04.639 --> 00:04:11.960and the equal weighted SMP is downone point three percent on the year.5500:04:13.319 --> 00:04:15.840So where does that put you,Well, it puts you in a5600:04:15.919 --> 00:04:20.720nice position to say, if I'min these stocks running, you better know5700:04:20.759 --> 00:04:25.839where you're going to cut some back. If you're in the SMP and all,5800:04:26.600 --> 00:04:30.839that's great, you can mitigate thatrisk. If you're in the in5900:04:30.879 --> 00:04:36.480the dividend paying stocks, you'll holdon because you're paying you of the dividends.6000:04:36.519 --> 00:04:44.040And eventually there's giddiness and the thethe the narrowness of the market is6100:04:44.079 --> 00:04:46.439going to spread out, and it'sgoing to spread out to more down type6200:04:46.480 --> 00:04:51.519industrial type stocks as we move higher. Very important to understand how to do6300:04:51.560 --> 00:04:56.560that and how to keep an allocationin the portfolio. If you're just sitting6400:04:56.600 --> 00:05:02.839there, if you're just sitting thereand not doing anything, well, then6500:05:02.839 --> 00:05:08.000don't ever think about it, andnever worry about it and enjoy the ride.6600:05:10.199 --> 00:05:12.839Very few people can do that.When the markets are falling and the6700:05:12.879 --> 00:05:15.279news media is out there trying toget eyeballs on whatever they're doing, whether6800:05:15.319 --> 00:05:21.839it's news clicks, social media,they will make sure that you are uncomfortable.6900:05:24.439 --> 00:05:29.079So the best way to be notuncomfortable is to be able to use7000:05:29.120 --> 00:05:34.600these rallies and take some money offthe table so you have whatever allocation you7100:05:34.639 --> 00:05:41.199want. So say you like thesixty forty situation, but because your courses,7200:05:41.199 --> 00:05:44.399you're only at fifty. But nowyou move back up to sixty because7300:05:44.399 --> 00:05:47.519the markets are running again. Youcompare that back to fifty five. You7400:05:47.519 --> 00:05:54.519compare that back to fifty, andthat's easy to do. You just cut7500:05:54.560 --> 00:05:58.240the backs from the stocks that arerunning that are more allocated than you want7600:05:58.279 --> 00:06:00.519it to be. You want tobe three or five five percent in the7700:06:00.560 --> 00:06:02.920position, and now it's eight orten. You cut that back. It7800:06:02.959 --> 00:06:08.160doesn't mean you sell the whole position, you sell part of it. But7900:06:08.360 --> 00:06:16.879managing money for individuals is a lotdifferent than managing money for institutions. You8000:06:16.959 --> 00:06:29.519have a much more important role inunderstanding the individual's risk tolerance mindset and how8100:06:29.560 --> 00:06:34.519to navigate that along with a portfoliothat meets his risk tolerance and is emotional8200:06:34.560 --> 00:06:40.399tolerance. Is emotional tolerance. Themarket's are rallying. Why am I not8300:06:40.439 --> 00:06:44.399making more money? Is emotional tolerance? When the markets are going down?8400:06:44.560 --> 00:06:46.920Why didn't you protect me? Whydon't you get me out? Why didn't8500:06:46.959 --> 00:06:49.759you see this coming? What areyou gonna do? Forget all that.8600:06:50.759 --> 00:06:54.160I have a game plan when themarket goes up, and I have a8700:06:54.199 --> 00:06:58.319game plan with if the market goesdown. You try to anticipate, which8800:06:58.360 --> 00:07:02.920is probably more risky. You're notrisky, And right now I believe that8900:07:02.959 --> 00:07:06.800there's more risk in the market thanwe would Yeah. Yeah, we can9000:07:06.839 --> 00:07:10.839go up two three percent from here. I don't I don't see that.9100:07:10.839 --> 00:07:13.639It's a probably. We can beup five percent for the first quarter or9200:07:13.639 --> 00:07:16.480so first five six months, whichwould put us up another three percent or9300:07:16.519 --> 00:07:23.600so four percent, and that wouldput us where probably uh maybe two ordre9400:07:23.600 --> 00:07:28.120more points run around the five thousandlevels or so. I'm not saying we9500:07:28.160 --> 00:07:30.639can't get there. What I'm sayingis weird as it go from there.9600:07:32.560 --> 00:07:35.240We have a debt ceiling that wejust moved back. So the market gets9700:07:35.279 --> 00:07:40.759all excited and rallies like this,the fundamentals have to happen. What is9800:07:40.800 --> 00:07:43.240the Fed going to say? Youthink the Fed wants inflation, They don't9900:07:43.279 --> 00:07:45.839want more inflation. They're gonna havethe raise rates, not lower rates.10000:07:45.959 --> 00:07:48.399If there's ever a hint of themhaving the raise rates again, you're gonna10100:07:48.399 --> 00:07:54.759see this market tumble. That doesn'tmean to get scared. It means understand10200:07:54.759 --> 00:07:59.199how to hedge, how to takemoney off the table. Hey, right10300:07:59.240 --> 00:08:01.959now you can put money and marketthe money market funds. They get close10400:08:01.000 --> 00:08:07.040to five percent. That's pretty good. While you sit and wait for an10500:08:07.079 --> 00:08:11.600opportunity to arise. There's always opportunities. Or people say, well where are10600:08:11.639 --> 00:08:15.839the opportunities now? Well, let'sgo back not too long ago. Last10700:08:15.879 --> 00:08:20.240year. I remember when Target gotdown to about one ten to one twenty.10800:08:20.240 --> 00:08:24.279Nobody wanted to buy it. Butwhere is it now one forty one?10900:08:24.439 --> 00:08:26.560They didn't want to buy it?You know, they have this wokeness11000:08:26.560 --> 00:08:28.600and all this that. Well,eventually they get rid of it. They11100:08:28.639 --> 00:08:33.360change, and people forget and theygo and they remember why they're backing buying11200:08:33.399 --> 00:08:37.559Target. So where are we today, Boeing Bowey had a problem a couple11300:08:37.559 --> 00:08:39.879of years ago, went all theway down to ninety nine. Nobody wanted11400:08:39.919 --> 00:08:41.279it. Now it got to twoseventy. Everybody wanted it. Now they11500:08:41.279 --> 00:08:43.879are problems with the planes again.It got down to two hundred again.11600:08:45.399 --> 00:08:50.120Eventually that's going to be another goodopportunity if everything falls in the right places11700:08:50.559 --> 00:08:54.919for that to happen. Going forward. I think Raytheon it got battered.11800:08:54.000 --> 00:08:56.360It was one ten and got allthe way down to the I don't know11900:08:56.440 --> 00:09:01.440seventy one. It's about eighty twoto eighty three. That's situation. That's12000:09:01.559 --> 00:09:05.720I believe they turnaround situation over time. You say there's no opportunities, they12100:09:05.759 --> 00:09:09.480am telling you. You look forthese great companies that have gotten beaten up,12200:09:09.519 --> 00:09:11.919and you give them a few yearsto come out of where they are.12300:09:13.120 --> 00:09:16.320Disney, whether you like Disney andDonnie you don't want to buy it,12400:09:16.360 --> 00:09:18.679that's your own preference. But atthe end of the day, I'm12500:09:18.679 --> 00:09:22.080looking on how to make money,and Disney got down into the high seventies,12600:09:22.120 --> 00:09:26.639low eighties. It's ninety two.There's a couple of these people that12700:09:26.679 --> 00:09:31.919want proxy fights going on. Thesehedge fund guys that want more of things.12800:09:31.919 --> 00:09:35.080And you know what, every comingto time they do that, the12900:09:35.120 --> 00:09:37.759stocks end up doing better because theyget rid of the fluff, They get13000:09:37.840 --> 00:09:41.799rid of the expenses that don't needto be there, and they and they13100:09:41.840 --> 00:09:48.039streamline it, and they get thecompanies working on a profitable basis to move13200:09:48.080 --> 00:09:52.360forward. They they insert capital inthe right places. And that's why I13300:09:52.360 --> 00:09:56.600see it happening with Disney. Doesthat mean it's gonna go straight up?13400:09:56.679 --> 00:09:58.240Hell? No, I don't knowwhat's gonna happen with it, but I13500:09:58.279 --> 00:10:03.080do know that is better to buythese stocks are twenty thirty dollars cheaper than13600:10:03.080 --> 00:10:07.840where they were than buying stocks thatare closer to their highs or highs and13700:10:07.919 --> 00:10:13.720are overvalued on a on a ona valuation basis. So that's how I13800:10:13.759 --> 00:10:16.039look at it, and that's whatI do, and that's how I go13900:10:16.159 --> 00:10:18.399forward, and that's what the markets. We're going to talk a lot more14000:10:18.399 --> 00:10:22.759about that, but remember the showis brought to you by Greenberg Financial Group.14100:10:24.480 --> 00:10:26.840And Greenberg Financial Group is both aregistered investment advisory and they broke a14200:10:26.879 --> 00:10:35.600dealer registered with the SEC members withwith SIPIK and and and and now Zach14300:10:35.159 --> 00:10:41.519Okay and Finra. But we alwaystalk about risk, and we have to14400:10:41.559 --> 00:10:43.919tell you you got to understand yourrisk. You gotta understand risk tolerance,14500:10:43.919 --> 00:10:48.960you gotta understand the risk that's involved. It's so much fun to ride a14600:10:48.000 --> 00:10:52.759stock like in the video from onehundred and fifty to five hundred and eighty14700:10:52.840 --> 00:10:56.960dollars ninety dollars, but there's riskif you don't take someone at offer,14800:10:56.000 --> 00:11:00.559that pulls the other way. Yes, if you don't want and you want14900:11:00.559 --> 00:11:01.919to and you want to roll thedice, that's great. Maybe it's going15000:11:01.960 --> 00:11:05.320higher. I believe it is goingto go higher, but that that's I15100:11:05.399 --> 00:11:11.000understand where it fits with my allocation. Is my allocation probably more than I15200:11:11.039 --> 00:11:13.960want it to be in some portfolio, Yes it is. But I have15300:11:13.039 --> 00:11:16.039a place where I want to selland there will be a place that I15400:11:16.039 --> 00:11:20.360will take some money off the tableeven if it goes higher. So understand15500:11:20.440 --> 00:11:24.960your risks, understand your risks,and then we can move forward from there.15600:11:26.519 --> 00:11:28.240So there's a couple of things Iwanted to talk about a little bit15700:11:28.320 --> 00:11:33.799off of the investment track. We'llget back to that as we go through15800:11:33.799 --> 00:11:37.480the show. With everybody but youknow, obviously this week it was pretty15900:11:37.480 --> 00:11:41.440tough for the community and all.Some of you don't care about sports,16000:11:41.440 --> 00:11:46.320and I get that, but thisis beyond just sports. It's beyond just16100:11:48.399 --> 00:11:52.159you know, kids playing getting scholarshipsmoney, you know, and you read16200:11:52.200 --> 00:11:54.799all these things and you hear allthese things. Oh, I would go16300:11:54.879 --> 00:11:56.120for the money. I would dothis, I would do that. Don't16400:11:56.120 --> 00:12:03.320tell me. You know what,ten has no price. You lose your16500:12:03.360 --> 00:12:11.320integrity. It's very difficult to everbuy that back. It only takes once,16600:12:11.879 --> 00:12:16.919only takes once. Coach Fish cameto town. I get it.16700:12:18.240 --> 00:12:20.960Nobody knew anything that too much abouthim. But the only thing we did16800:12:20.000 --> 00:12:24.159know about him and we were allright, he wouldn't stay here long because16900:12:24.159 --> 00:12:28.720if you look at his history,we were the seventeenth stop. Every place17000:12:28.759 --> 00:12:33.919he went was only one point fiveseven years on the average. That's not17100:12:33.080 --> 00:12:39.799normal. So why is that?What type of person does that? Somebody17200:12:39.799 --> 00:12:46.440that doesn't care about anybody else butthemselves. The one thing he doesn't realize17300:12:46.480 --> 00:12:50.840is he was lucky this year.Good coach, great coaching staff. He17400:12:50.960 --> 00:12:54.720was lucky. He brought in DuynaKena, who absolutely helped out the defense17500:12:56.159 --> 00:13:03.559Duayna Keene is one of the bestcoaches in all of football college football.17600:13:03.840 --> 00:13:09.320What he also did was not realizethat Noah was better than the lawyer.17700:13:11.799 --> 00:13:15.840Because all summer, all spring,all all the first three, four,17800:13:16.000 --> 00:13:22.120five games, whatever it was,Noah was sitting on the bench. The17900:13:22.200 --> 00:13:28.399lawyer gets hurt, Noah comes in. Noah proves himself one game, two18000:13:28.440 --> 00:13:31.919games, three games, it becameimpossible to remove him from quarterback. And18100:13:31.960 --> 00:13:35.440then they got on a roll,and then they got confidence and the rest18200:13:35.440 --> 00:13:39.440of the team got confidence. Anyfootball coach in America will tell you it's18300:13:39.519 --> 00:13:43.960lucky. And you want to knowwhy that's lucky. Think about TCU.18400:13:43.080 --> 00:13:48.360Not this year, but last year. TCU's starting quarterback went down before the18500:13:48.360 --> 00:13:52.600first after the first game down,couldn't come back the rest of the year.18600:13:52.919 --> 00:13:56.639Their backup quarterback comes in. Ittakes them all the way to the18700:13:56.759 --> 00:14:03.159championship, all the way. Theylost in the championship, they got killed.18800:14:03.559 --> 00:14:07.360But TCU made it this year thatstarting quarterback they were supposed to start18900:14:07.440 --> 00:14:13.679last year came back and started thisyear after he got healed dismal year.19000:14:13.000 --> 00:14:18.879I think they won five games,five and seven after going to the championship.19100:14:18.480 --> 00:14:24.399Not everybody laught, Trust me,it means a lot got lucky.19200:14:24.679 --> 00:14:30.000Sonny Dice would tell you it turnedout that it worked out perfectly. That19300:14:30.159 --> 00:14:31.559was what's supposed to happen. Yes, you got to work hard and do19400:14:31.639 --> 00:14:37.600all the things and things even out. But he got lucky. You're lucky19500:14:37.639 --> 00:14:41.200because you don't know who's going tobe the best game player in there.19600:14:43.159 --> 00:14:46.399You assume as a coach, butyou go from there. So the way19700:14:46.440 --> 00:14:48.559I look at it, everyone,oh you can do what you want.19800:14:48.600 --> 00:14:52.240You can do it. When youcoach Tucson and you built it from where19900:14:52.240 --> 00:14:58.639it was, you have a responsibilityto this community. You didn't just hurt20000:14:58.840 --> 00:15:03.879the players, hurt the students andthe university. You heard it, the20100:15:03.919 --> 00:15:09.519community. We are not a bigcommunity. We started to rally behind it20200:15:09.759 --> 00:15:13.960for all those that don't think sportsmatter. The money that it brings to20300:15:13.039 --> 00:15:18.360the university, for other kids toget scholarships, the money it brings to20400:15:18.399 --> 00:15:24.080the all the stores and businesses aroundthe university is incredible. The merchandise they20500:15:24.120 --> 00:15:28.720can sell out, go into theBowl games, things like that. It's20600:15:28.759 --> 00:15:37.639the community and Tucson has a communitythat pulls together once things are going going20700:15:37.879 --> 00:15:41.120in the right direction. They don'tpull together beforehand. Afterwards, this man20800:15:43.279 --> 00:15:50.039sat down with the donors and toldthem what their number was, and within20900:15:50.120 --> 00:15:56.360three weeks, four weeks maybe theygot ten million dollars worth of commitments to21000:15:56.399 --> 00:16:02.919give to Coach Fish. They shookeach other's hand, looked each other in21100:16:02.960 --> 00:16:11.639the eye and said, I'm stayinghe got what he wanted. He didn't21200:16:11.639 --> 00:16:15.000tell him they wanted seven million.He said he wanted five million, and21300:16:15.039 --> 00:16:18.360he wanted money for his coaches,and he needed nil money. They raised21400:16:18.440 --> 00:16:22.360that. It was there people whoare going. They were able to raise21500:16:22.440 --> 00:16:27.440ticket prices. It's gonna be almostimpossible to raise ticket prices until things are21600:16:27.480 --> 00:16:33.720proven. That's the problem that aguy like that doesn't realize what he leaves21700:16:33.759 --> 00:16:40.000behind. If he starts taking allthe players, it gets even worse.21800:16:41.159 --> 00:16:45.559So what kind of person does this? I told you an individual that's very21900:16:45.600 --> 00:16:52.919selfish and doesn't care about anything elsebut themselves. He could have said he22000:16:52.960 --> 00:16:56.080wanted seven million and they said no, he didn't. He said five.22100:16:56.399 --> 00:17:02.919Coach Fish never played football in hislife. He was a tennis player from22200:17:03.000 --> 00:17:06.839back East. A tennis player.What is a tennis player tennis player is22300:17:06.839 --> 00:17:11.799an individual, selfish person who justcares about how he does in his matches.22400:17:12.039 --> 00:17:15.519You say, there's a tennis team, but you don't really care about22500:17:15.519 --> 00:17:19.200the tennis team. You care abouthow you do as an individual. Because22600:17:19.240 --> 00:17:26.039it's Jew that wants to get rankedand move up and move forward. He22700:17:26.160 --> 00:17:30.839uses football as his corporate business tostep up the ladders, to move on,22800:17:32.680 --> 00:17:37.839and everybody's gone with him because he'sgot that personality that sucks you in.22900:17:40.279 --> 00:17:41.200Now. People say, oh,I don't wish him bad, I23000:17:41.200 --> 00:17:45.839don't wish him ill, let himgo, let him do you know what.23100:17:45.960 --> 00:17:49.240I don't do that. I tellyou the way I feel. I23200:17:49.279 --> 00:17:52.880will support you. You do yourhard work, you come to work,23300:17:52.880 --> 00:17:56.319you're ethical, you're bringing kids.You do everything hard, and you win,23400:17:56.400 --> 00:18:00.960you lose. I support you,but you your word, your handshakes,23500:18:00.000 --> 00:18:03.079your handshake, You look me inthe eye, and we do that.23600:18:03.000 --> 00:18:07.720When you leave. Don't ask meto tell your good luck. Don't23700:18:07.759 --> 00:18:11.119ask me to tell you your everything'sgreat, because I don't wish that on23800:18:11.359 --> 00:18:17.400him. I want him to falland fall hard. So people down the23900:18:17.519 --> 00:18:22.200road understand when you leave like heleft, when your word is in your24000:18:22.200 --> 00:18:26.519word, and your integrity goes downhill. It doesn't help you. The grass24100:18:26.599 --> 00:18:30.480is not greener on the other side. I do not want him to be24200:18:30.519 --> 00:18:34.640successful because it will hurt us.He hurt us as a community, and24300:18:34.720 --> 00:18:41.319I want a community to rise abovethis. Now with that said, I24400:18:41.359 --> 00:18:45.960know some people are involved with ournew coach Brennan and some aren't. Yeah,24500:18:47.000 --> 00:18:49.000I'm going to tell you this.I think it's a great hire.24600:18:51.039 --> 00:18:53.079We didn't have the money to goget seven million, eight million dollars because24700:18:53.119 --> 00:18:57.839the regions won't allow it for whateverreason. Maybe we got to deal with24800:18:57.880 --> 00:19:02.119that and figure that out. Butthat's not on us. That's gonna have24900:19:02.160 --> 00:19:04.599That's the fight that the university hasto make with the regions and the donors25000:19:04.599 --> 00:19:08.200have to make with the regions.We got to hope that the donors are25100:19:08.200 --> 00:19:11.680still behind the new guy. Ithink over time they're going to get there.25200:19:12.720 --> 00:19:18.920But everybody in this community has torise up and help if this coach25300:19:18.960 --> 00:19:22.400is going to be good and continueto go. I know all the things.25400:19:21.680 --> 00:19:25.920He came here, his brother playedhere, and he was a graduate25500:19:25.920 --> 00:19:29.839assistant. His wife went to Uvai. Those are great. How about that's25600:19:29.839 --> 00:19:34.480where we start. That's good I'vebeen told by high end coaches in the25700:19:34.519 --> 00:19:40.920coaching profession that this coach Brennan isa great guy, and he's a great25800:19:40.920 --> 00:19:45.079coach, and players love playing forhim. As a football coach myself,25900:19:45.119 --> 00:19:48.720I am telling you, when youare players that are playing for you,26000:19:48.960 --> 00:19:52.960all these other things go out thewindow. They care about you because you26100:19:52.480 --> 00:19:56.839care about them. Fish said hecared about him, but didn't. So26200:19:56.880 --> 00:20:00.759these kids have been more burned.Now what has to happen is they got26300:20:00.759 --> 00:20:06.119to develop trust. So all Iask for this new guy is develop trust.26400:20:06.680 --> 00:20:11.119Develop trust so we can go aheadand cheer and support every kid that's26500:20:11.160 --> 00:20:17.799on there now. Noah for theFitter and t Mac and some of these26600:20:17.839 --> 00:20:22.240other guys stay. I am tellingyou they will go down as legends.26700:20:22.559 --> 00:20:26.079Our town will support you whether youwin or lose, because you're the character26800:20:26.160 --> 00:20:30.559that your parents have taught you.The character that comes out inside of you26900:20:30.880 --> 00:20:33.680will be better than anything you willlearn in your life. And I promise27000:20:33.720 --> 00:20:37.559you when you look back twenty thirtyforty years from now, just like my27100:20:37.640 --> 00:20:41.759friends and I do in our footballcareer, you will be excited that you27200:20:41.839 --> 00:20:45.880made this decision to stay and playyour hearts out and who knows where we27300:20:45.920 --> 00:20:49.519go with it. Just imagine ifyou stay together, you guys with a27400:20:49.559 --> 00:20:52.880team, You guys were the oneson the field. It's not always the27500:20:52.960 --> 00:20:57.880coach. Trust me, you guysmake it happen. You made it happen,27600:20:59.480 --> 00:21:02.440and we go to the Big twelveand then we do great and we27700:21:02.519 --> 00:21:06.960get into the playoffs. The legendyou guys will be to start with by27800:21:07.039 --> 00:21:10.359going ahead and saying screw you NCAA. It ain't about money to us.27900:21:10.640 --> 00:21:12.599We came here, we're a family. We're gonna stay that and we're gonna28000:21:12.599 --> 00:21:17.799build this. Believe me when Itell you, the force of everybody else28100:21:17.799 --> 00:21:21.839will be behind you. The stadiumbetter be full. They will cheer their28200:21:21.880 --> 00:21:26.079asses off for you, and youknow what we're gonna do well if you28300:21:26.119 --> 00:21:29.720make that decision to stay. Obviously, if you don't, you know,28400:21:29.759 --> 00:21:33.160I'm not gonna put you in afish category. But you learn the lesson28500:21:33.440 --> 00:21:38.839about life and sometimes it sucks,but they do hope that you understand that28600:21:38.920 --> 00:21:42.960you're both gonna go and have achance for the NFL. You're already superstars.28700:21:44.160 --> 00:21:48.279You've got more recognition than anything.You guys can rise above this all28800:21:48.480 --> 00:21:52.480we're down the road, they'll bemaking a documentary movie of you guys,28900:21:52.240 --> 00:21:57.519because you did the right thing inthe face of what's horrible greed in America29000:21:57.599 --> 00:22:03.119today when it comes to college football. We lost Nick Saban because of this.29100:22:03.200 --> 00:22:07.720You're gonna lose more of these oldcoaches that have taught kids how to29200:22:07.759 --> 00:22:12.640be great kids because of what's goingon. It's a terrible thing. Do29300:22:14.240 --> 00:22:17.759you can do whatever you want.I will not root for Coach Fish other29400:22:17.799 --> 00:22:22.640than to fail, all right,And that's not because I'm a mean person29500:22:22.000 --> 00:22:26.880or anything else. He hurt mycommunity that I came here over thirty five29600:22:26.960 --> 00:22:30.160years ago, and I never wentto u of A. I don't have29700:22:30.200 --> 00:22:33.839any kids that went to U ofA. But I support U of A29800:22:33.920 --> 00:22:37.359because I'm a community person and Isought and I support many other things in29900:22:37.400 --> 00:22:41.880town because I'm a community person.This is where I live, is what30000:22:41.960 --> 00:22:45.200I do. So if I supportyou, I don't expect you to walk30100:22:45.240 --> 00:22:49.000out. Hey, listen. Bottomline is if he had enough confidence in30200:22:49.119 --> 00:22:53.000himself Coach Fish, which he didn't, which is a very weak spot that30300:22:53.079 --> 00:22:56.400most people don't see. He thinkabout it. Will you go eighteen different30400:22:56.400 --> 00:23:00.559places? You don't have any confidencein yourself that you can go past whatever30500:23:00.559 --> 00:23:04.640you accomplished at that time. Becauseif he had confidence in himself, he30600:23:04.680 --> 00:23:07.640would be bringing people in and going, hell, yeah, baby, we're30700:23:07.640 --> 00:23:11.160going to get into the playoffs nextyear. This town was ready to rally.30800:23:11.440 --> 00:23:15.519More money was coming his way.And then when the dream job is30900:23:15.599 --> 00:23:21.519real, dream job not Washington becauseit's cold and rainy and really bad up31000:23:21.519 --> 00:23:25.400there. Okay, I don't careabout the tradition. He could have taken31100:23:25.480 --> 00:23:27.960that Florida job because that's going tobe opening up pretty soon. We would31200:23:27.960 --> 00:23:32.519have all recognized, hey, he'shere four years, five years, fulfill31300:23:32.599 --> 00:23:34.160the contract, wants to leave.Get it. He put it us in31400:23:34.200 --> 00:23:37.920a good spot. You can blameNCAA, you can blame the rules,31500:23:37.960 --> 00:23:40.359you can blame that they all suck. But at the end of the day,31600:23:40.759 --> 00:23:45.400men can make decisions based on interrogaty. I remember in nineteen nineties,31700:23:45.400 --> 00:23:49.559about ninety five or so ninety six, I was offered a job back in31800:23:49.599 --> 00:23:52.839New York. I was here.I met a guy on the golf course31900:23:52.359 --> 00:23:56.599and he brought me back and interviewedme and say, here's the deal,32000:23:56.680 --> 00:24:00.160Dean, I will give you fivehundred thousand dollars as a base, and32100:24:00.200 --> 00:24:03.799you'll probably make a million to twomillion dollars over the next few years as32200:24:03.200 --> 00:24:06.599you grow and do this stuff.You'd be great at this. But don't32300:24:06.640 --> 00:24:08.200take the job. Don't take thejob. Quality of life is better than32400:24:08.200 --> 00:24:11.759it is. And I didn't takethe job when it came back and talked32500:24:11.799 --> 00:24:14.960to my wife because you know whatI wanted to do it. I had32600:24:15.039 --> 00:24:19.839confidence myself to do it, somethingthis vagabond fish did not confidence. It's32700:24:19.880 --> 00:24:23.839something. You can not do anythingunless it's inside you. You can't you32800:24:25.000 --> 00:24:26.920earn the right to be here.All right, thanks for listening. We'll32900:24:26.960 --> 00:24:32.960be back. We have a lotmore on the Money Matter Show. Welcome33000:24:32.960 --> 00:24:34.759back, everybody. This is DeanGreenberg and this is the Money Matter Show.33100:24:34.759 --> 00:24:40.200I got Dave, I got Todd, that' SEBASTI here today. We're33200:24:40.240 --> 00:24:45.640all here. We're here. Thisis it all time new highs baby,33300:24:45.759 --> 00:24:48.200And when's the last time we saida new all time high? Two years33400:24:48.200 --> 00:24:52.640ago January of twenty twenty two,right before we went in the toilet,33500:24:53.039 --> 00:24:56.799right twenty two. The end ofthe twenty two was bad though, all33600:24:56.839 --> 00:25:00.480those tech stocks in the December gotwhipped. Remember they want them to fifty33700:25:00.519 --> 00:25:03.759down to like one hundred. Here'ssomething you won't remember because I didn't remember.33800:25:03.240 --> 00:25:07.000Uh. In January of twenty two, we set a new all time33900:25:07.079 --> 00:25:11.279high forty eight eighteen on the Sand P five hundred. Less than five34000:25:11.480 --> 00:25:17.119weeks later, we were down fifteenpercent. Fifteen percent, Okay, that's34100:25:17.160 --> 00:25:19.400significant. Obviously, we're not tellingpeople to sell everything, of course not34200:25:19.519 --> 00:25:22.680okay, of course not. WhatI was talking about is how to mitigate34300:25:22.799 --> 00:25:26.799risk. It's one of the thingsyou have to do now if you're not34400:25:26.799 --> 00:25:30.000fully invested, if you're only fiftypercent, you're supposed to be sixty and34500:25:30.039 --> 00:25:33.240you only fifty four percent, that'sfine, keep writing it, okay,34600:25:33.559 --> 00:25:37.160But if it gets up there andyou want to pull back, sell some34700:25:37.200 --> 00:25:41.359stuff. I think probably the mainthing we're trying to impress on people,34800:25:41.440 --> 00:25:45.720Dean is this is not a timeto be aggressive. This is a time,34900:25:45.759 --> 00:25:48.319if anything, to be conservative.Well, like I said in my35000:25:48.400 --> 00:25:52.279monologue, there's always opportunities. Imean, you know, I just remember35100:25:52.279 --> 00:25:55.279what was it last year? Youremember Target? Nobody want to buy Target?35200:25:55.279 --> 00:25:57.440It was on ten hundred and fifteen. You know, my naum Milowa.35300:25:57.519 --> 00:26:03.200But now it's what one Yeah,okay, this' Boeing a few years35400:26:03.200 --> 00:26:07.799ago. Low Otherwise, I meanthere's always reasons they come down. Well,35500:26:07.839 --> 00:26:11.680Boeing has another problem. Okay,eventually in here they could be a35600:26:11.680 --> 00:26:15.640good buy opportunity. It's still high, but a good buy opportunity. But35700:26:15.640 --> 00:26:18.400remember it was two seventy about aweek ago. We said last week that35800:26:18.480 --> 00:26:22.880we thought there'd be some buying interestunder two hundred. It dropped a one35900:26:22.039 --> 00:26:26.519ninety nine bang back to two thirteen. Yeah, is it over? Probably36000:26:26.599 --> 00:26:30.400not, I don't think so.They have to get through the regulations and36100:26:30.440 --> 00:26:33.799everything else. Even can drag onfor months. Yeah, thank god,36200:26:33.839 --> 00:26:36.400nobody got hurt, so there's nota lot of They're not gonna be lawsuits.36300:26:36.559 --> 00:26:40.880Right. The other side of everythingis Raytheon. Okay, we're not36400:26:40.880 --> 00:26:42.960going to not have defense. Theyhad some problems you know, that got36500:26:44.000 --> 00:26:45.759down to low seventies. They wereone hundred and ten and fifteen. Disney's36600:26:45.759 --> 00:26:48.720the other one. I mean,there's always going to be an opportunity if36700:26:48.720 --> 00:26:51.559you say, well, if Ihave cash and it keeps going, what36800:26:51.559 --> 00:26:56.200am I going to do? Lookat the the the the move from one36900:26:56.279 --> 00:27:00.359one side to the other. Imean, the Dow's down and the equal37000:27:00.359 --> 00:27:03.400way to SMP is down for theyear. So we'll back to the situation37100:27:03.480 --> 00:27:07.319that these other stocks just ran,the tech stocks ran to make us up,37200:27:07.400 --> 00:27:08.319you know, two and a halfpercent. Maybe we can get up37300:27:08.319 --> 00:27:12.480for a five percent at that level, switch out and move onto different type37400:27:12.480 --> 00:27:17.000of stocks, find some different painstocks, find some stocks that have been37500:27:17.039 --> 00:27:18.960out of favor, because if that'swhat you want, or just go to37600:27:18.960 --> 00:27:23.640the money marketing annoying yourself five percentto sell. We had Investment committee meeting37700:27:25.039 --> 00:27:29.000last week and the thing that wecame away from it was two major themes.37800:27:29.279 --> 00:27:33.119One is fixed income be you're okayextending maturities okay, to buy some37900:27:33.160 --> 00:27:38.599preferred stocks okay, to to buythings that require interest rates to stay flat38000:27:38.799 --> 00:27:44.480or decline. And the other wasto favor a value over growth. And38100:27:44.559 --> 00:27:47.559I think that just those are justwe want to be a little bit more38200:27:47.599 --> 00:27:52.160conservative in here. With the marketat an all time high similar to twenty38300:27:52.200 --> 00:27:55.160twenty two, I don't think we'regoing to have that kind of a downside38400:27:55.160 --> 00:28:00.279because I don't think we're going tobe facing interest rates rising dramatic, but38500:28:00.319 --> 00:28:04.519the interest rates did rise every singleday this week and back to a five38600:28:04.559 --> 00:28:07.720week high the ten years. Wesaw though with the retail sales report,38700:28:07.720 --> 00:28:12.119which initially was negative on the market'spart because it came in above expectations,38800:28:12.119 --> 00:28:15.960but when you really look at it, saying that in December the retail consumer38900:28:17.079 --> 00:28:19.839was very strong, that bows wellfor quarter to four earnings reports that are39000:28:19.880 --> 00:28:22.720starting to get released over these nextmonths, So the market could be looking39100:28:22.759 --> 00:28:26.839at that saying, sure, thatmade interest rates come up a little bit,39200:28:26.119 --> 00:28:30.000but that means the earnings reports areactually going to be somewhat equal what39300:28:30.039 --> 00:28:33.200we're pricing in here on the markets. And that was really the concern is39400:28:33.599 --> 00:28:37.720with these seven stocks being so muchhighly valued compared to the rest of the39500:28:37.759 --> 00:28:41.839market, they have to have reallygood earnings. Looks like they're going to.39600:28:41.920 --> 00:28:45.720When we've had a couple of semiconductorsalready and they've done very well.39700:28:45.319 --> 00:28:48.359The big tech stocks are going tostart next week. The only way we39800:28:48.440 --> 00:28:52.079hit a new all time high withinterest rates rising every single day is if39900:28:52.119 --> 00:28:56.960you believe that interest rate increased thistemporary. It's not going to hold because40000:28:56.960 --> 00:29:00.640if interest rates, I think youmentioned in your model, if rates are40100:29:00.720 --> 00:29:03.759going to be going up. That'snot good. That's a problem for the40200:29:03.759 --> 00:29:06.279market. And if the rates aregoing down, there's a problem already.40300:29:06.480 --> 00:29:08.640If they're going there's a real problem, don't you. It feels like the40400:29:08.640 --> 00:29:12.759market is becoming less and less worriedabout where rates are at currently. And40500:29:12.799 --> 00:29:17.799as long as the economic reports continueto stay strong, what's the issue of40600:29:18.119 --> 00:29:21.319the They're afraid they're gonna raise them. They're gonna switch from thinking, here's40700:29:21.359 --> 00:29:23.559the thing right now, the pendulumhas swung that they think, even the40800:29:23.559 --> 00:29:26.279most conservative of thinking the second partof the year, they're going to lower40900:29:26.279 --> 00:29:30.200them. They're out of the mind. There's no unless there is a black41000:29:30.200 --> 00:29:36.400Swan event that that turns us intoa very ill liquid position that they need41100:29:36.440 --> 00:29:37.920to stimulate the economy. They don't. I don't see them with a lowering41200:29:38.039 --> 00:29:41.920rates, and they're not gonna doit right before the election. So I41300:29:41.920 --> 00:29:45.359don't know where these pundits that comeon and talk and then and and people41400:29:45.359 --> 00:29:49.519look at them as being experts becausethe CEOs of these uh major companies and41500:29:49.519 --> 00:29:55.400stuff like that, I don't seehow it happens. Was five rate cuts41600:29:55.400 --> 00:29:57.480next year five or this year?Five rate cuts this year. If we41700:29:57.519 --> 00:30:00.200have five rate cuts this year,we've got some real problems. Yeah.41800:30:00.599 --> 00:30:03.000Well, I'm saying, is whatif we stayed at the terminal rate of41900:30:03.039 --> 00:30:07.160five point twenty five and we continueto have strong earnings reports, we continue42000:30:07.200 --> 00:30:10.720to have strong economic data, theFed doesn't need a raise or lower and42100:30:10.759 --> 00:30:12.440we just stay where we are,still have an inverted I old curve.42200:30:14.799 --> 00:30:17.480Nobody seemed to care. I don'tthink that will happen over it too.42300:30:17.799 --> 00:30:21.240If we're too strong, the anticipationwould always be that the Fed will raise42400:30:21.319 --> 00:30:23.000rates. And the fact that theythink we're gonna have cuts right now,42500:30:23.240 --> 00:30:26.400think about how that pendulum is gonnaswing from one side to the other.42600:30:26.440 --> 00:30:30.920We have came up and made newhighs because people are on the bandwagon of42700:30:30.039 --> 00:30:33.759thinking that there's gonna be new,Uh, we're going to lower rates.42800:30:33.799 --> 00:30:37.519Well, when that doesn't happen andthey actually start thinking they're gonna raise rates,42900:30:37.799 --> 00:30:40.720we would see a ten to fifteenpercent move down pretty damn quickly.43000:30:40.880 --> 00:30:44.200That it's helped us so far asnone of these economic reports, the cpis,43100:30:44.240 --> 00:30:47.640the labor reports, nothing have beentoo hot, right, They've been43200:30:47.680 --> 00:30:49.400a little above, but it haven'tbeen anything where the market's like, oh,43300:30:51.079 --> 00:30:53.480FED might be changing its tune here. So as long as we continue43400:30:53.519 --> 00:30:57.599to just get these minute economic reports, maybe the FED just doesn't do anything.43500:30:59.000 --> 00:31:00.319Yeah, and you know, remember, how do you get to even43600:31:00.359 --> 00:31:06.559being comfortable with this? Through youthrough your plan, You're finding out how43700:31:06.599 --> 00:31:11.400much money do you need to allocatetowards risk assets, how much money do43800:31:11.480 --> 00:31:14.960you need to live on, whereyou're going to get your income from that's43900:31:14.960 --> 00:31:18.559coming what do you have enough moneycoming to you? I mean, this44000:31:18.640 --> 00:31:21.400all has to be set up.You just can't have a portfolio and say44100:31:21.599 --> 00:31:23.240I'm just gonna live on my portfoliobecause it's going to go up fifteen to44200:31:23.279 --> 00:31:27.240twenty percent a year or ten percenta year, because sometimes it doesn't.44300:31:27.319 --> 00:31:33.119You have to have a plan,a whole financial plan beforehand by by fiduciary44400:31:33.160 --> 00:31:37.799financial advisors period. Dean. We'vegot a couple of housekeeping things from last44500:31:37.799 --> 00:31:41.400week, things that we told themwe check out. One was and we44600:31:41.400 --> 00:31:45.559were talking about uranium prices and thespikeing uranium prices, and one of the44700:31:45.599 --> 00:31:49.160questions that we had is how doyou make sulfuric acid? Which I thought44800:31:49.200 --> 00:31:52.039was kind of interesting. It's theKing of chemicals. Right. They call44900:31:52.079 --> 00:31:57.480it that because it's highly reactive acidthat can even dissolve other acids. That's45000:31:57.480 --> 00:32:01.160pretty powerful. Huh. How doyou make it? Produced by burning sulfur45100:32:01.319 --> 00:32:07.240together with potassium nitrate in the presenceof steam. And we asked a question45200:32:07.279 --> 00:32:12.599what is sulfuric as Why is sulfuricacid important in uranium mining? Uranium is45300:32:12.680 --> 00:32:16.720different from other origin. It requiressulfuric acid to be fed into the electric45400:32:17.039 --> 00:32:22.039mining drill to mine it. Itcannot be mined by hand. And what45500:32:22.079 --> 00:32:27.000we were saying is that the biggest, one of the biggest producers in Kazakhstan,45600:32:27.079 --> 00:32:30.920a company there, had problems sourcingsulfuric acid, which means that their45700:32:30.319 --> 00:32:35.200uranium production is going to be reducedin what they were planning for in twenty45800:32:35.200 --> 00:32:39.799four which led to obviously supply constraintsleading to uranium price skyrocketing. We've talked45900:32:39.799 --> 00:32:44.599a lot about renewable energies on theshow, but the most underutilized and the46000:32:44.599 --> 00:32:47.359most important one is uranium because ofthe power of nuclear right, And this46100:32:47.440 --> 00:32:50.960is one of those. The lastone is be careful what you wish for,46200:32:51.119 --> 00:32:54.599right? Why is there a globalshortage of sulfuric acid, which there46300:32:54.640 --> 00:33:00.200is right because eighty percent of theworld sulfuric acid. It is a byproduct46400:33:00.440 --> 00:33:07.799of fossil fuel production. Eighty percentof the world suffering acid is a byproduct46500:33:07.039 --> 00:33:12.400of fossil fuel production. So cuttingback on coal, oil and natural gas46600:33:12.400 --> 00:33:17.319means producing less sulfuric acid. Thatmeans what we need to we get harder46700:33:17.359 --> 00:33:22.680to mine uranium, higher prices.You know, it's crazy. It's one46800:33:22.680 --> 00:33:28.799of those unintended consequences, right right. I mean, it's like producing lithium46900:33:28.799 --> 00:33:30.559out of the mind, Like youstill are using a lot of fossil fuels47000:33:30.559 --> 00:33:34.680to produce that, and so ifyou get rid of them, it cost47100:33:34.680 --> 00:33:37.839it more costs more to produce thatlithium then, which makes it eve more47200:33:37.920 --> 00:33:42.079expensive. I had something crazy happenedto me last week, and I found47300:33:42.079 --> 00:33:45.079out today why it happened. ActuallyI found out last week, but it47400:33:45.160 --> 00:33:49.759was confirmed today. Travelers hit anew all time high. The Dell component47500:33:50.279 --> 00:33:54.960produced a strong quarterly report. Insurancepremiums are soaring up fourteen percent in the47600:33:55.039 --> 00:34:00.039last three months. Now, lastweek I got my homeownersurance bill and it47700:34:00.160 --> 00:34:07.279jumped by thirty five percent. SoI called Anthony's figaroa Owan's Hartline Insurance.47800:34:07.279 --> 00:34:10.679Our insurance Guy Right and Anthony explainedthat about eighty percent of the houses in47900:34:10.760 --> 00:34:16.719Tucson have flat or built up roofs. Right. Starting last year, every48000:34:16.719 --> 00:34:23.079insurance company Anthony represents started raising rateson homes with flat roofs that are more48100:34:23.119 --> 00:34:29.440than fifteen years old. The insurancecompanies have experienced substantial losses on rous's older48200:34:29.480 --> 00:34:34.800than fifteen years as the plywood underthe tar paper tends to rot at that48300:34:34.880 --> 00:34:38.400age, creating gigantic problems. Ifyou've got a twenty twenty five thirty year48400:34:38.440 --> 00:34:42.760old roof that had the tree fallon it or something, you're going to48500:34:42.800 --> 00:34:45.519be replacing the entire roof. Sothey've just they've essentially said, if you've48600:34:45.519 --> 00:34:50.039got a built up roof that's morethan twenty years old, number one,48700:34:50.079 --> 00:34:52.880you're going to pay more for yourhomeowners insurance a number two, if you're48800:34:52.920 --> 00:34:58.239new, we're really not that interestedin even writing an insurance policy for you.48900:34:58.760 --> 00:35:02.079So insurance company's really seem to bein control of things right now.49000:35:02.280 --> 00:35:07.800With premiums up fourteen percent in thelast ninety days, thirty five percent jumped49100:35:07.800 --> 00:35:09.960from My Homeowners insurance over the lasttwelve months. If you haven't gotten your49200:35:09.960 --> 00:35:15.880Homewards insurance bill recently, stand byand don't forget. Your credit score also49300:35:15.960 --> 00:35:19.639affects the premium. Yeah, that'strue. Most people don't realize that that's49400:35:19.639 --> 00:35:22.960true. And people say, well, why would that matter, because they49500:35:22.000 --> 00:35:27.119look at your credit score of seeingwhat your responsibility is and if you're not49600:35:27.559 --> 00:35:30.079responsible in the credit you're not goingto be responsible on taking care of the49700:35:30.119 --> 00:35:35.400things that are going to make them. You not to ensure things. It49800:35:35.480 --> 00:35:38.559is amazing how and Dean, itwasn't this way when we were younger,49900:35:38.559 --> 00:35:44.760but how credit has become just allthat yeah, right, in so many50000:35:44.800 --> 00:35:47.199different areas, not just when you'reacquiring things, not just when you're trying50100:35:47.199 --> 00:35:51.880to borrow money, but like Deansaid, when you get car insurance,50200:35:52.559 --> 00:35:54.719Homeward's insurance. Amazing. All right, we'll be right back. We're coming50300:35:54.800 --> 00:35:58.920up to the break. Thank youfor listening. This is the Moneymnter Shows.50400:36:00.599 --> 00:36:07.599No welcome back, everybody. Thisis the Money Matter Show. Dean50500:36:07.639 --> 00:36:14.039Greenberg, Dave Sherwood, Todd andSebastian. Yeah, we had a couple50600:36:14.000 --> 00:36:16.239of fun plans this week that wedid throughout the office, and a lot50700:36:16.280 --> 00:36:21.280of the times the plans we didthis week were not even ones that really50800:36:21.920 --> 00:36:25.559we helped necessarily today for and whatI mean by that is a lot of50900:36:25.599 --> 00:36:30.559plans. For example, there's onefederal employee that we were helping. He's51000:36:30.599 --> 00:36:35.320retiring early, but he's not he'sretiring early in a way that the four51100:36:35.360 --> 00:36:38.039oh one K. He's retiring atfifty seven. So normally you would say,51200:36:38.239 --> 00:36:40.639when you retire, take that fourone K and turn into an IRA,51300:36:42.239 --> 00:36:45.239right, But when you're before fiftynine and a half, you can't51400:36:45.239 --> 00:36:49.039take out of an IRA without penalties, right, that's what the IRS says.51500:36:49.440 --> 00:36:52.599But in a four oh one Kor a TSP, you can take51600:36:52.639 --> 00:36:55.599out before that fifty nine and ahalf without penalty. For what we learned,51700:36:55.639 --> 00:37:00.280also for regular four one ks,Dean, this week is just for51800:37:00.360 --> 00:37:04.480regular people, even if you're anofficer, So it's not necessarily that you51900:37:04.480 --> 00:37:07.559have a federal pension or you're withthe federal government, but you're an officer52000:37:07.599 --> 00:37:12.320or any public safety official can pullout of their four oh one K after52100:37:12.400 --> 00:37:17.079fifty without penalty. Now they haveto be a public official. I'm not52200:37:17.199 --> 00:37:22.920official, sorry, a public safetyperson employee employee. And then on top52300:37:22.960 --> 00:37:28.199of that, anyone can take outof their four one K after fifty five,52400:37:28.280 --> 00:37:30.400but that is not to get confusedwith the IRA. It has to52500:37:30.440 --> 00:37:34.840stay in the employer sponsored plan.So it's either the TSP or the four52600:37:34.920 --> 00:37:38.360one K. Why I bring thisall up is this particular person needed potentially52700:37:38.400 --> 00:37:43.400some money out of his TSP duringthose years, where if I told him52800:37:43.400 --> 00:37:45.599to convert it into an IRA,he wouldn't be able to do so without52900:37:45.679 --> 00:37:51.880incurring a ten percent penalty from theIRS. Therefore, I was able to53000:37:52.039 --> 00:37:55.840not only get around potentially a tenpercent penalty, but plan for liquidity during53100:37:55.840 --> 00:38:00.480those three years, and then showinghow that income bridge got APPS and it's53200:38:00.519 --> 00:38:04.360completed. He's has on the incomehe needs after those three years, but53300:38:04.400 --> 00:38:07.840we're able to bridge that gap duringthis weird three year period. By working53400:38:07.840 --> 00:38:10.480with the planner, we're actually ableto show him those type of things.53500:38:10.679 --> 00:38:15.599And so those are the little thingswhere even if you worked with a normal53600:38:15.599 --> 00:38:19.360money manager, he might not understandyour situation of potentially needing to pull out53700:38:19.360 --> 00:38:22.960of that IRA, so he mightrecommend that you switch into an IRA without53800:38:23.000 --> 00:38:28.320ever knowing your potential liquidity needs morethan anything as well. Dean was talking53900:38:28.360 --> 00:38:30.559on the last segment about people alot of times like you, use Excel54000:38:30.760 --> 00:38:34.360as their own financial planners. Sothey'll put in a two percent, four54100:38:34.400 --> 00:38:37.840percent, six percent growth rate andjust put that every single year. And54200:38:37.880 --> 00:38:42.480there's no market, there's no anythinginstrument that will return exactly the same rate54300:38:42.519 --> 00:38:45.440every single year unless you have sometype of CD. But even then there's54400:38:45.480 --> 00:38:47.159a term associated with that. Right. So at the end of the day,54500:38:47.320 --> 00:38:51.840especially if you're in the market,sequence of returns matter more than anything.54600:38:52.239 --> 00:38:54.679So how you're pulling out during downyears, and how you're pulling out54700:38:54.679 --> 00:38:57.960in up years, and how thatlasts over the course of the plan,54800:38:58.280 --> 00:39:00.920that's what truly matters. A planthat shows you six percent every year,54900:39:01.079 --> 00:39:05.960that's an unrealistic plan. You know, it's interesting you say that, because55000:39:06.079 --> 00:39:08.800you know, I gotta I gottagive you guys a few kudos, you55100:39:08.880 --> 00:39:13.679and Dylan and stuff, because youknow, people, obviously, our system55200:39:13.800 --> 00:39:17.960is we work as a team financialplan, put the program together, manage55300:39:19.000 --> 00:39:22.559the money. We all work together. Okay, But I've had a bunch55400:39:22.559 --> 00:39:27.719of prospects that were thinking about doingbusiness and then signing and coming in and55500:39:27.719 --> 00:39:29.960I always like to talk. Don'twhat made you do this and do that?55600:39:30.400 --> 00:39:32.119Why do you like us? Wheredo you see us? Radio?55700:39:32.159 --> 00:39:37.639TV? Referrals and stuff? Butthe financial plan is what they said that55800:39:37.719 --> 00:39:44.480they sat down with you guys,and what impressed them is they had another55900:39:44.519 --> 00:39:46.840financial plan. They went to anotherperson financial plan, and all they wanted56000:39:46.880 --> 00:39:51.119to do was sell them product.And they love the fact that we don't56100:39:51.159 --> 00:39:54.960sell them product. Okay, andthey they and most of the products are56200:39:54.960 --> 00:40:00.159annuities. We all know because we'vebeen in this business, especially Dave and56300:40:00.199 --> 00:40:04.280I, that most people will tryto use these things to sell a nudies56400:40:04.320 --> 00:40:07.639because they get their beautiful seven percentup front. You know, you sell56500:40:07.679 --> 00:40:08.719a million, now you get seventythat you do ten million, you make56600:40:08.719 --> 00:40:13.559seven hundred thousand dollars a year.Okay, that's not what we do.56700:40:13.760 --> 00:40:19.320That's not what we want to do. In fact, that basically doesn't ever56800:40:19.360 --> 00:40:22.639fit in with our theory. Evenif when we do annuities it's on a56900:40:23.039 --> 00:40:27.000trail basis. We want to beable to be involved and build a business,57000:40:27.079 --> 00:40:30.280build a relationship. So that's onegood thing. The second thing they57100:40:30.320 --> 00:40:32.840said, they said to me,a lot of people say, this is57200:40:32.880 --> 00:40:39.039that you guys, you and Dylansit and answer the questions until they're comfortable57300:40:39.719 --> 00:40:44.360they go. So many people don'twant to answer the questions and be direct57400:40:44.400 --> 00:40:46.639and be open and be able todo it. And then the other thing57500:40:46.719 --> 00:40:53.159is and it is that you talkto them not from a twenty or thirty57600:40:53.199 --> 00:40:59.199or forty year old mindset, butfrom a sixty year old mindset seventy so57700:40:59.639 --> 00:41:04.440you thinking about what their needs are, not what you would do when you're57800:41:04.480 --> 00:41:07.039younger. And they said, I'veheard you talk about that that you you57900:41:07.159 --> 00:41:09.639kind of meant to them and teachhim that. And they said, I58000:41:09.679 --> 00:41:13.960just want you to know that comesacross that way. And I think that's58100:41:13.960 --> 00:41:19.039great because most financial plan is inthere for one reason, not to be58200:41:19.079 --> 00:41:23.760financial advisors, but to be salesmenafterwards. The financial advisor tool is what58300:41:23.800 --> 00:41:28.599we've always done, but now weback it up with a financial planning tool58400:41:29.079 --> 00:41:31.119that makes us, you know,I think, pretty damn good. And58500:41:31.159 --> 00:41:34.880what we do. We had oneclient that came in this week that had58600:41:34.880 --> 00:41:42.519a very complex plan because they hadannuity sold to them that they weren't designed58700:41:42.559 --> 00:41:45.800correctly, that weren't really what theyneeded and it was bought in a high58800:41:46.079 --> 00:41:50.559low interest rate environment. Excuse me, and for like I've said many times58900:41:50.559 --> 00:41:52.800in the show, buying annuities wheninterstratees are super low means you don't get59000:41:52.840 --> 00:41:57.400a lot for them. So thisannuity that they had barely grew it.59100:41:57.400 --> 00:42:00.360It was something that really was justlocking the money up. It was a59200:42:00.400 --> 00:42:05.199problem. So me and Dylan andI were able to construct a plan where59300:42:05.239 --> 00:42:08.760over a course of five years wewere able to drain those assets using penalty59400:42:08.760 --> 00:42:13.880free withdrawals, bridging income gaps withother accounts, with investment accounts, social59500:42:13.960 --> 00:42:17.360security, turning social Security on atdifferent ages, then turning on new annuities59600:42:17.400 --> 00:42:21.840once that gets out of surrender.There's so many complex things with just this59700:42:21.880 --> 00:42:24.800one plan that we were actually ableto all lay out in a timeline,59800:42:25.039 --> 00:42:29.840show them action steps, when thingshappen, when things change, what the59900:42:29.840 --> 00:42:32.559income buckets look like in each phaseof retirement. That's that type of peace60000:42:32.559 --> 00:42:36.000of mind that you're just not goingto be able to give to yourself because60100:42:36.039 --> 00:42:38.320one you're not gonna be able tofind the products, and two it's likely60200:42:38.360 --> 00:42:42.559you don't have the expertise in allareas to I really know the plan three.60300:42:42.679 --> 00:42:45.280You probably don't have the software tobegin with to construct a financial plan60400:42:45.320 --> 00:42:49.920of this nature, so we areable to do all this for you completely60500:42:49.920 --> 00:42:52.239free of charge. There's many peoplethroughout this week where we didn't do any60600:42:52.280 --> 00:42:55.079business with and all we did washelp. I mean, there's one client60700:42:55.599 --> 00:42:59.840came in. We're going to havea seven year relationship until they retire,60800:43:00.199 --> 00:43:04.199until eventually then when they retire,we'll convert into an IRA and then we'll60900:43:04.239 --> 00:43:07.360help them from there. But there'snothing that we'll get for this seven years61000:43:07.400 --> 00:43:09.559other than making sure that we helpthe relationship. They do what they need61100:43:09.599 --> 00:43:14.039to do over the seven years,and then that's how we build relationships.61200:43:14.039 --> 00:43:16.519It's not about what we get today. It's about how we can service you61300:43:16.559 --> 00:43:21.880today and how can we continue toservice you throughout the future years. Relationships61400:43:21.880 --> 00:43:24.000that's important, that's all about.That's why I want to bring this one61500:43:24.000 --> 00:43:28.840thing up. Okay, I've beenon the radio almost thirty four years.61600:43:29.239 --> 00:43:31.199I've heard people say, I don'tlike what you say, I don't agree61700:43:31.199 --> 00:43:34.559with you, I agree with youall that stuff, and that's great.61800:43:35.159 --> 00:43:37.360I don't like you for this,I don't like you for that, but61900:43:37.679 --> 00:43:42.440I like you for this this pastweek. After thirty four years, I62000:43:42.440 --> 00:43:45.480don't think I've ever been trying.Someone's tried to insult me to the core.62100:43:46.239 --> 00:43:51.320Okay, And I'm gonna read thisto you because it really bothers me62200:43:51.880 --> 00:43:54.719that in today's world, when everybody'ssupposed to do stuff and be nice,62300:43:55.039 --> 00:44:00.719here's a guy we'll just call themPaul. Okay, and he writes this62400:44:00.800 --> 00:44:05.639to me. Okay, And obviouslywe are who we are. We try62500:44:05.679 --> 00:44:09.920to do it the best we can. He says, take speech lessons.62600:44:12.039 --> 00:44:15.280I agree with what you say,but you sound like a three year old62700:44:15.719 --> 00:44:22.880since you cannot pronounce an R sound. I'm sorry, I'm from New York.62800:44:22.920 --> 00:44:29.800We don't say ours. Okay,Paul, you use a w like62900:44:29.840 --> 00:44:34.960a little baby, like a speechlike a little baby. Fix your speech,63000:44:35.480 --> 00:44:39.400Dean Greenberg. Let me tell yousomething, Paul. You know you63100:44:39.440 --> 00:44:45.599didn't just insult me. You insultedthe entire New York population. Okay.63200:44:46.320 --> 00:44:51.360And I know from your email andstuffs you're an educator. And I can't63300:44:51.360 --> 00:44:55.280believe an educator that's not maybe wokebecause you listen to a conservative station who63400:44:55.519 --> 00:45:00.039likes what I say and agrees towhat I'm saying wants to make fun of63500:45:00.039 --> 00:45:05.199me, wants to make fun ofme. Well, let me tell you,63600:45:05.239 --> 00:45:08.119Paul, you make fun of meall I want. I like my63700:45:08.239 --> 00:45:15.039accent, okay, and it's notthat I can do anything about it.63800:45:15.119 --> 00:45:20.320I'm not going to speech lessons,okay, to please you. I am63900:45:20.440 --> 00:45:23.480who I am. I don't havegreat diction and I don't have great English.64000:45:23.559 --> 00:45:28.239I get that. My wife,who is my girlfriend, who told64100:45:28.239 --> 00:45:31.000me to go do the radio showstarting in nineteen ninety, told me that64200:45:31.199 --> 00:45:35.559thirty four years ago. You knewthis, Okay, she told me I64300:45:35.639 --> 00:45:38.119don't have good diiction, and infact my English is worse. But what64400:45:38.159 --> 00:45:44.400she also said is I have somethingthat most people wouldn't have, and she64500:45:44.599 --> 00:45:49.480said that they would pay millions ofdollars for that. You come across as64600:45:49.519 --> 00:45:57.639an honest, straightforward person. Well, Paul, here's my honesty. Start64700:45:57.840 --> 00:46:01.679understanding. There's different people out thereand not you just wonderful professors of whatever64800:46:01.760 --> 00:46:06.239school you're at. Okay, AndI know what school you're at or what64900:46:06.840 --> 00:46:08.519all right, we know where itis. But I will offer you this,65000:46:08.760 --> 00:46:15.119Paul, Come visit me in myoffice, shake my hand, get65100:46:15.159 --> 00:46:17.960to know me other than that Icannot pronounce ours, that I'm not a65200:46:17.960 --> 00:46:23.960three year old baby that doesn't contributeto the people's lives, not only financially65300:46:24.960 --> 00:46:30.119in the financial business, but wayoutside what I do with kids, how65400:46:30.159 --> 00:46:35.599I handle myself and everything else.I guarantee you you're the one that can't65500:46:35.639 --> 00:46:37.480stand up and come do that,because I promise you if you did,65600:46:37.679 --> 00:46:40.960you would find a totally different personthan that three year old baby. You65700:46:42.000 --> 00:46:46.159think it's sitting behind a microphone becauseI can't say my os. Okay,65800:46:46.760 --> 00:46:52.400So, Paul, educator, wholets what I say? Listen to what65900:46:52.480 --> 00:46:57.159I say, because trust me,that's a lot more important than how I66000:46:57.239 --> 00:47:00.360say it, because at the endof the day, that's how you gonna66100:47:00.360 --> 00:47:05.599make money. Four years Well saidBuddy, Well said, well said,66200:47:05.760 --> 00:47:07.440And you can't say you're ours.We don't care. And I'll defend every66300:47:07.480 --> 00:47:10.639New Yorker that has the same accent. Don't worry about it, Paul.66400:47:12.800 --> 00:47:15.920It's not like this is something new, right. I guess maybe Paul's never66500:47:15.960 --> 00:47:20.280known in New Yorker. I don'tknow why it's the way it is.66600:47:20.320 --> 00:47:23.119I don't know why I still haveit, Okay, but I will say66700:47:23.159 --> 00:47:28.280this, I've been told over themany years. When you're not around like66800:47:28.440 --> 00:47:30.159women here in my accent, thatNew York accent, I go, I'm66900:47:30.199 --> 00:47:34.280sorry, No, I like it. It's sexy, so I guess I'm67000:47:34.320 --> 00:47:37.800gonna stay with it. A friendfrom Australia who's lived here fifty years still67100:47:37.840 --> 00:47:40.159has the Australian. There's nothing wrongwith accents. It's not who you are,67200:47:40.199 --> 00:47:43.400it's what you say. If youlike what you say, don't cut67300:47:43.480 --> 00:47:45.280them off, don't call him ababy. We'll be back. It's the67400:47:45.280 --> 00:47:58.440money matter, shechelle, thanks forlistening. Say it's only a welcome back,67500:47:58.519 --> 00:48:00.559everybody. It is the second withthe moneymatter shell. The first one67600:48:00.559 --> 00:48:04.920went fast and it was hot.It was good. But we get excited.67700:48:04.960 --> 00:48:06.960There's a few things out there thatmake me pumped up, you know.67800:48:07.079 --> 00:48:08.360Well, you know, it's easyto get pumped up on that email.67900:48:08.440 --> 00:48:12.280But also we had new all timehighs, which I hope gets you68000:48:12.320 --> 00:48:15.239a little more pumped up than normal. Of course, I love all time68100:48:15.239 --> 00:48:16.960new highs. Yeah, but theyalso get nervous and scanned and cautious.68200:48:17.400 --> 00:48:22.320Absolutely, of course. But weactually talked about it last week. Dave68300:48:22.559 --> 00:48:25.199hitting new all times highs is normallya good thing. But let's round out68400:48:25.199 --> 00:48:30.039the week and what we had onaction Dalla was up point seven percent,68500:48:30.159 --> 00:48:31.800the SMP was up one point two. The Nasdaq led the way at two68600:48:31.840 --> 00:48:36.039point three higher. Russell two thousandactually down on the week point four,68700:48:36.400 --> 00:48:39.880and the equal weight is slightly downpoint one year to date. What we're68800:48:39.880 --> 00:48:43.960seeing is kind of reversal. Right, so we're three weeks in. The68900:48:44.000 --> 00:48:47.239first week was dominated by the equalweight to SMP. Now the equal weighted69000:48:47.320 --> 00:48:51.159S and p's down on the yearand the S and P five hundreds up69100:48:51.159 --> 00:48:53.840on the year. It's a secondconsecutive week that looked like twenty three.69200:48:54.119 --> 00:48:59.719EXAC looked like twenty twenty three,with the tech running away AI everywhere,69300:49:00.119 --> 00:49:06.199all this Mark Zuckerberg talking about howmany AI chips Meta is buying and just69400:49:06.320 --> 00:49:12.039propelling Nvidia close to six hundred dollarsa share, a md AMU all time69500:49:12.119 --> 00:49:16.320highs yep, yep, both ofthem. We had WelCom strong up Microcorp.69600:49:16.639 --> 00:49:20.599I didn't even know about them.They were thirty six percent on Friday.69700:49:20.719 --> 00:49:25.159Oh wow, yeah, I meanthe van Ek semi conductor ETF was69800:49:25.239 --> 00:49:29.960up something like three point five percenton the week, which is really that's69900:49:29.960 --> 00:49:32.760a that's a big move for anETF huge you know. Yeah, the70000:49:32.760 --> 00:49:37.920semi conductor sector was just hot.Yeah, Microsoft, Alphabet, Google,70100:49:38.159 --> 00:49:42.719l So we talked about last week, Amazon and Netflix all hit either fifty70200:49:42.760 --> 00:49:47.440two week highs or all time highs. Bitcoin continued to drift south, down70300:49:47.519 --> 00:49:53.360another five percent this past week,down nine percent since those ETFs were approved,70400:49:53.639 --> 00:49:58.360which we thought would be a catalystfor buying, right, Well,70500:49:58.440 --> 00:50:01.440I mean not necessarily. Well,I think that's what everyone's piling in,70600:50:01.559 --> 00:50:06.639thinking that once the ETFs were approved, the ETF companies are going to have70700:50:06.679 --> 00:50:09.320to go out there and just buya load of bitcoin to support those ETFs70800:50:09.320 --> 00:50:13.159and the way it was going togo back to. She could also make70900:50:13.199 --> 00:50:19.480the case that the day before itactually came on trading, it kind of71000:50:19.559 --> 00:50:22.679did spike there, so maybe that'swhere they bought it. At some point,71100:50:22.679 --> 00:50:24.000they had to buy the bitcoin,right, you would think, so71200:50:24.079 --> 00:50:29.280it had to happen for the sellYeah, you would think. I don't71300:50:29.280 --> 00:50:31.480know how these big companies do thatin quantity. I don't know if they71400:50:31.559 --> 00:50:35.920shorted ahead of time and then it'sput to them, I don't know,71500:50:36.280 --> 00:50:40.360but they've got a way of doingthat that that's not disruptive to the market,71600:50:42.000 --> 00:50:44.679and they do it in size.Oil was up a dollar on the71700:50:44.719 --> 00:50:50.320week to seventy three eighty gold downsixteen dollars. Again, rising interest rates71800:50:50.719 --> 00:50:53.599good for the dollar, bad forgold. Gold moves inversely to the dollar,71900:50:53.719 --> 00:50:58.519So inflation hedge not so much.I've been tracking oil a lot,72000:50:58.559 --> 00:51:01.679and it's in this little like suppressiontriangle right now. I think there's a72100:51:01.679 --> 00:51:05.559big move coming in the next coupleof weeks. I think a big move72200:51:05.679 --> 00:51:08.639south. I just either way,I'm not saying we're down. You know.72300:51:08.679 --> 00:51:12.079That's we're in the business of tryingto predict the future, and every72400:51:12.119 --> 00:51:15.280now and then we get it right. I'm just predicting volatility. I would72500:51:15.320 --> 00:51:17.039think that's good. Next week,a couple of things on the calendar for72600:51:17.119 --> 00:51:22.199next week. Thursday, we getQ four GDP, the first look at72700:51:22.199 --> 00:51:24.960the fourth quarter GDP. One couldargue, hey, that's hindsight, who72800:51:25.000 --> 00:51:30.199cares, right and I get that. I get that. And then of72900:51:30.199 --> 00:51:32.679course Friday, the all important PCE. Well, we've had a couple of73000:51:32.719 --> 00:51:37.320quarter three GDPs that made the marketmoves south. Yeah, they can,73100:51:37.519 --> 00:51:39.760so they definitely can if it's toohot. Absolutely, absolutely, And the73200:51:39.840 --> 00:51:45.239PC on Friday's got me a littlenervous with the tick up we've been seeing73300:51:45.239 --> 00:51:50.519in inflation. It's a personal consumptionindex that the FED supposedly the Fed's favorite73400:51:50.639 --> 00:51:53.840indicator, and if that ticks upbig, then we're going to see rates73500:51:53.880 --> 00:51:57.559continue to rise, which they didall week this week. I mean,73600:51:57.599 --> 00:52:00.519it doesn't seem like it's likely thatit doesn't. I mean, it seems73700:52:00.519 --> 00:52:04.880like it has to increase. Retailsells good thinks above expectations, the labor73800:52:05.079 --> 00:52:08.320market stays hot. I mean,the housing has increased. We saw in73900:52:08.400 --> 00:52:13.599December. Yeah, oil doesn't reallydo anything, so I mean, how74000:52:13.639 --> 00:52:16.400it doesn't increase, it'd be prettysurprising. One of the cool things about74100:52:16.599 --> 00:52:23.000continuing to do this at my advancedage is I learned things every week.74200:52:23.360 --> 00:52:28.360You would think after fifty years ofdoing this I would know everything, but74300:52:28.480 --> 00:52:32.159I don't. Every It seems likeevery week I come across something different,74400:52:32.800 --> 00:52:38.639there's a different challenge. Last weekI learned about something called a donor advised74500:52:39.079 --> 00:52:43.880fund. Have you heard of thisterm either, you guys? I had74600:52:43.960 --> 00:52:45.719not heard it in nonprofits. Ihad never heard of it. If you74700:52:45.800 --> 00:52:52.679sell something that generates a large capitalgain, and you're a charitably inclined individual,74800:52:52.519 --> 00:52:59.079you can place a portion of thosefunds into a donor advised fund.74900:53:00.039 --> 00:53:05.920You control. The fund must overtime be donated to charity, but you'll75000:53:05.960 --> 00:53:09.719not pay any capital games on thosefunds, and you control the funds and75100:53:09.719 --> 00:53:15.079what the charity receives, what charityreceives them. And when a donor advised75200:53:15.159 --> 00:53:22.239fund a way to gift some capitalgains to a charity, similar to a75300:53:22.320 --> 00:53:25.360qualified charitable donation from an IRA whereyou avoid tax on. I do have75400:53:25.559 --> 00:53:30.159an interesting story about Okay advice fundsbecause I am on the board of a75500:53:30.239 --> 00:53:37.199nonprofit here locally. I'll leave thename out just for to protect protective I75600:53:37.239 --> 00:53:38.480don't know. So this is like, this is what happened, right.75700:53:38.519 --> 00:53:44.639One of the donors that wanted todonate to this place, they wanted to75800:53:44.960 --> 00:53:47.599give the donor advised funds. Sosame thing you've heard of it. I75900:53:47.639 --> 00:53:51.760had never heard of it, butit was interesting. As you said,76000:53:51.960 --> 00:53:58.079the donor still controls the funds.So the place we accepted the donation.76100:53:58.719 --> 00:54:01.599Hindsight, it was a bad moveon our part who had ended up happening76200:54:01.679 --> 00:54:07.159is he owned the account was inRussian securities. Oh so when the whole76300:54:07.320 --> 00:54:12.440Russia Ukraine thing happened, what happened? You can't trade Russian securities, right,76400:54:12.880 --> 00:54:15.039so they're basically zeros. Right,well he dumped him on you.76500:54:15.719 --> 00:54:22.199Well it was before Russian Ukraine everhappened. So yeah, yeah, so76600:54:22.320 --> 00:54:24.840right now we you know, wehave something on our ballacy where it's not76700:54:24.920 --> 00:54:30.679it doesn't show up, you know, obviously it's not tradable, but yeah,76800:54:30.800 --> 00:54:34.400it's it's not something the non profitcan control. You know, there's76900:54:34.480 --> 00:54:38.079nothing we can do about it.It's donor advise. Is it up at77000:54:38.400 --> 00:54:42.199what points? Well? Absolutely,okay, absolutely, and of course if77100:54:42.280 --> 00:54:45.440you die then it has to goto charity. But these people had sold77200:54:45.519 --> 00:54:51.400a second home and had had asubstantial capital gain on it, which there77300:54:51.400 --> 00:54:54.360had no exclusion because it was nota primary residence. So they were looking77400:54:54.360 --> 00:55:00.079at a fairly significant tax bill.They are well to do people who are77500:55:00.159 --> 00:55:02.480charitably inclined, and they said,let's just put I think they put a77600:55:02.519 --> 00:55:09.199quarter million dollars into this donor advisedfund and every year they give to charity,77700:55:09.599 --> 00:55:14.239you know, fifty thousand whatever theycontrol who it goes to They control77800:55:14.239 --> 00:55:17.760when it goes there, they controlthe assets in the donor advised fund.77900:55:19.519 --> 00:55:22.280I guess why would I do thisinstead of the QCD that you were talking78000:55:22.280 --> 00:55:25.320about earlier. QCD has to comefrom an IRA. Gotcha, April gains.78100:55:25.400 --> 00:55:29.679This is outside of an ir Solike another thing that we learned about78200:55:29.800 --> 00:55:34.519was those charitable remainder trusts for iras, And if you are charitably inclined,78300:55:34.559 --> 00:55:39.079you could set that up as somethingwhere it will pay to the charity,78400:55:39.119 --> 00:55:44.559probably around ten percent of whatever theprinciple is, but you can still give78500:55:44.559 --> 00:55:46.559it to your errors and even increasethe amount of time that they would have78600:55:46.599 --> 00:55:50.159to take distributions out of. Insteadof ten years, you can make it78700:55:50.199 --> 00:55:54.639twenty for example. And as asmaking it longer, the principle obviously grows78800:55:54.719 --> 00:55:58.599longer, sure, making it kindof a wash at the end of the78900:55:58.679 --> 00:56:00.599day. So there are a lotof things that we continuously learn about.79000:56:00.599 --> 00:56:05.840But the one thing that makes usunique more than any other managing manager money79100:56:05.840 --> 00:56:08.920manager is that we're not just moneymanagers because we have resources all around to79200:56:09.039 --> 00:56:13.559us. I mean, we hadan individual come in yesterday where he first79300:56:13.639 --> 00:56:16.000met with me. We looked athis accounts. Then we did his financial79400:56:16.039 --> 00:56:21.360plan. Then we went over toJohn, talked about his business accounting,79500:56:21.400 --> 00:56:23.519cleaning up his books, cleaning uphis old tax returns, then talking about79600:56:23.519 --> 00:56:28.960his estate planning. Then going acrossthe door to Dave Hand talking about how79700:56:29.000 --> 00:56:31.679he wants to get up property.So we're talking to him about loans and79800:56:31.880 --> 00:56:37.719what's the best program for him inhis situation. I mean, we really79900:56:37.800 --> 00:56:40.079are that one stop shop. Andhe left the door and says, well,80000:56:40.119 --> 00:56:44.519what a productive day. I mean, we got everything done in two80100:56:44.559 --> 00:56:49.280hours. We are financial services mall. I mean every day was right here.80200:56:49.360 --> 00:56:52.440It was amazing. Absolutely. Doyou want a fun fact? What80300:56:52.639 --> 00:56:54.000is it? Haven't had a funfact for a while. You know,80400:56:54.039 --> 00:56:59.480we refer to coins as cents,you know, ten cents, twenty five80500:56:59.559 --> 00:57:04.400cents, fifty cents. Where isthis? Where does the word cent centurion?80600:57:05.199 --> 00:57:07.719What is this sent? What doyou think action? Because centurion's one80700:57:07.800 --> 00:57:12.000hundred and a cent is one onehundred? What do you think to be?80800:57:12.159 --> 00:57:15.119I think Todd's guest is pretty good, pretty close. It's actually a80900:57:15.159 --> 00:57:22.679short for percent of a dollar.Wow. Cent is actually abbreviation for percent.81000:57:22.679 --> 00:57:25.119It's a good fun fact. It'skind of a fun fact. Yeah,81100:57:25.159 --> 00:57:29.440so twenty five cents is twenty fiveI got another fus act. But81200:57:29.480 --> 00:57:34.079it's only a fun fact for oneyear. What is this the year?81300:57:34.440 --> 00:57:37.360Yeah, this is the well,that's fun. This is the maximum Social81400:57:37.400 --> 00:57:40.000Security benefit you can receive at seventyin twenty twenty four, because I guess81500:57:40.079 --> 00:57:44.360what it will change next year.Yes, that's how it works. But81600:57:45.000 --> 00:57:49.320this year, at age seventy,the most you can receive if you retired81700:57:49.320 --> 00:57:53.400in twenty twenty four is four thyeight hundred and seventy three dollars per month81800:57:53.920 --> 00:57:57.840at age seventy. Yes, ifyou waited until seventy and you're in this81900:57:57.920 --> 00:58:00.280year, so you got all thecola's, you got all that, and82000:58:00.480 --> 00:58:04.000that's the max. No one inthis country will earn more than that.82100:58:04.119 --> 00:58:07.320Yeah, because the max is themaxx men, if you paid in the82200:58:07.360 --> 00:58:10.599max each year, doesn't matter whetheryou're anyways. We have many times question82300:58:10.679 --> 00:58:14.039comes up in this office. What'sthe maxim score? You know, what's82400:58:14.039 --> 00:58:15.920the maxim? That is the maximumthat is here is what it is,82500:58:15.960 --> 00:58:20.639forty hundred. A lot of news, a lot of news in the in82600:58:20.679 --> 00:58:23.679the media this week about electric vehicles. So let me take a trip to82700:58:23.679 --> 00:58:27.559the EV garage, and then I'vegot a couple of comments if if it's82800:58:27.559 --> 00:58:30.440okay with you, guys. Sawan article a few days ago suggesting it82900:58:30.480 --> 00:58:35.840would be a real problem for anelectric vehicle that's stuck in traffic, whether83000:58:35.880 --> 00:58:38.440it be stuck in traffic because it'sevacuating ahead of a storm or dealing with83100:58:38.480 --> 00:58:44.519an accident. Remember, EV's havean advantage in it. If they're not83200:58:44.679 --> 00:58:50.360moving, they're not using the battery. Where an internal combustion engine is continually83300:58:50.760 --> 00:58:53.400draining your tank unless you turn itout joining any power whatsoever. Yeah,83400:58:53.559 --> 00:58:57.480no, you're not using any powerwhatsoever. Radio if you have the radio83500:58:57.519 --> 00:59:00.400on a little bit right, butyou could, you could probably there.83600:59:00.599 --> 00:59:04.000I had a guy tell me thathe used to sit outside of the hospital83700:59:04.079 --> 00:59:05.800way for his wife to get offwork, and he said, I might83800:59:05.880 --> 00:59:08.320use two percent of my battery ina half an hour just sitting there waiting83900:59:08.360 --> 00:59:14.199for us. So most EV ownerscharge it home, so most days begin84000:59:14.440 --> 00:59:19.639for an EV owner with a fullcharge, unlike gasoline powered cars that don't84100:59:19.679 --> 00:59:22.119generally start off the day with afull tank. Yes, the range of84200:59:22.159 --> 00:59:28.039gasoline powered cars is much longer,but other than that I would argue that84300:59:28.119 --> 00:59:31.480evs are pretty well equipped for delays. We saw a lot of news.84400:59:31.559 --> 00:59:35.880That's my EV garage. Now thisis commentary about what we saw this week84500:59:36.239 --> 00:59:39.440Chicago, right, lots of storiesall week about the extremely cold temperatures in84600:59:39.559 --> 00:59:45.079Chicago causing problems with batteries and chargingstations. Everybody loves it. Not everybody.84700:59:45.239 --> 00:59:47.679A lot of people love it whenEV's have problems, you know,84800:59:47.960 --> 00:59:53.000Ah, yeah, I knew atthis. We know extreme weather impacts batteries,84900:59:53.039 --> 00:59:58.000as the batteries being used not onlyto power the car during extreme weather,85000:59:58.039 --> 01:00:00.079but also to keep the battery coolin the summer time and warm in85101:00:00.119 --> 01:00:05.519the winter. If it doesn't haveto expend power doing that keeping the battery85201:00:05.519 --> 01:00:08.280cool or warm, it can goa lot further. I've said for the85301:00:08.280 --> 01:00:12.800past several months you do not wantto own an EV without a home charger,85401:00:13.280 --> 01:00:16.840and events in Chicago last week confirmedthat. Thinking if you're charging at85501:00:16.880 --> 01:00:22.119home, like most EV owners,that whole news media debacle last week in85601:00:22.199 --> 01:00:27.719Chicago was irrelevant. Now with thatsaid, I saw a Twitter post last85701:00:27.800 --> 01:00:34.039night that said this, I drovemy Tesla to O'Hare Tuesday morning in minus85801:00:34.079 --> 01:00:38.239eighteen degree weather. I charged itin the garage before I left. I85901:00:38.320 --> 01:00:43.239was gone for forty eight hours andthe car sat in sub zero temperatures.86001:00:43.840 --> 01:00:46.239On return, I got in thecar and I drove home. The guy86101:00:46.239 --> 01:00:52.639who posted it said, I know, pretty boring story. That's the typical86201:00:52.880 --> 01:00:55.719ev experience, and that's never goingto be reported because that's not anywhere near86301:00:55.719 --> 01:01:00.480as much fun as EV's freezing upat the station trying to charge and the86401:01:00.480 --> 01:01:06.079station's star frozen anyway. So youknow, do you know why range does86501:01:06.119 --> 01:01:08.679decrease for evs in cold temperature?Yes, I just told you. No,86601:01:08.760 --> 01:01:12.480there's an actual reason. Yeah,it was because the battery is expanding86701:01:12.480 --> 01:01:16.360power trying to keep it warm.No, I found something different, actually,86801:01:16.440 --> 01:01:20.800So I saw that EV's can loseforty one percent of its range and86901:01:21.119 --> 01:01:24.039heat heat hot, extreme hot orcold temperatures. Right, But what it87001:01:24.119 --> 01:01:29.400said is the chemical reaction in thebattery. So you know, it's basically87101:01:29.440 --> 01:01:35.239just atoms going around making chemical reactionsthat those chemicals slow down because of the87201:01:35.239 --> 01:01:38.599coldness, so it has to extractmore energy. It has to use more87301:01:38.719 --> 01:01:43.760energy to create the fast enough reactionto create the energy, because that's how87401:01:43.760 --> 01:01:47.039the battery creates its energy, actuallyexpanding energy, keeping it warm so they87501:01:47.079 --> 01:01:52.880will move around. That's the chemicalreaction itself slows down. That's why it87601:01:52.920 --> 01:01:57.159needs to warm back up. Weknow that it's that extreme weather, cold87701:01:57.159 --> 01:02:00.920and hot is a problem. It'sa fun factor people who don't know how87801:02:00.000 --> 01:02:05.800evs produce energy in the first place. The actual battery itself is a chemical87901:02:05.840 --> 01:02:09.960reactor, yes, and not itselfproduces the energy that's fed to the car.88001:02:10.079 --> 01:02:16.000So obviously even hot or really cooltemperatures messes the chemical reaction to a88101:02:16.000 --> 01:02:21.039certain extent. Absolutely. You know, the most important stock on the market88201:02:21.119 --> 01:02:23.920is Apple, the largest company inthe world most days. Once in a88301:02:23.960 --> 01:02:28.559while, Microsoft is, but forthe most part Apple is. The stock88401:02:28.719 --> 01:02:32.079was lower on Tuesday after they announceda rare discount on products in China.88501:02:32.199 --> 01:02:36.880Turns out the discounts only for threedays ahead of the Chinese New Year,88601:02:37.199 --> 01:02:40.039But it's something that they have neverdone in the past, and it's because88701:02:40.079 --> 01:02:45.519of increasing competition. Also, theywere once again barred from selling watches with88801:02:45.639 --> 01:02:52.320blood oxygen sensors by the US Courtof Appeals that had lifted that stay that88901:02:52.440 --> 01:02:55.639had allowed sales to continue. Well, that court came back last week and89001:02:55.679 --> 01:02:59.360said, Nope, can't do it. We're gonna have to gonna shut you89101:02:59.400 --> 01:03:02.119down. I lost a patent infringementsuit with them. I think it was89201:03:02.159 --> 01:03:06.960Mosimo is the name of the companywho has the blood auxygen level. So89301:03:07.000 --> 01:03:09.000I thought, well, Apple's goingto have to come to some type of89401:03:09.079 --> 01:03:15.119an agreement with this company to allowthem to go ahead and sell the watches.89501:03:15.440 --> 01:03:17.320Apple turned the tables on them.They came out and said, hey,89601:03:17.320 --> 01:03:22.519we're just gonna sell watches without bloodoxygen sensors. And I'm thinking,89701:03:22.039 --> 01:03:25.719my ap my I watch Apple Watch. How how often have I used the89801:03:25.760 --> 01:03:31.079blood oxygen sensor? And I'm thinkingI've had it for three years now and89901:03:31.119 --> 01:03:36.639I've used it a total of zerotimes. So I'm not sure the blood90001:03:36.639 --> 01:03:44.840oxygen sensor is a make or brickright now? Ninety six percent that's good90101:03:44.880 --> 01:03:50.159garment, garment undefeated. I couldget them. I've got the blood oxygen90201:03:50.199 --> 01:03:52.119sensor on my not for long,three year old watch. No I've updated.90301:03:52.239 --> 01:03:54.519Oh no, it's on the watch. I don't as long as they90401:03:54.519 --> 01:03:58.320don't sell it and get another watch. I've got a blood oxygen sensor.90501:03:58.480 --> 01:04:00.760Well, didn't they say that They'relike, when you update it, it's90601:04:00.800 --> 01:04:04.280gonna go away. You can Idon't ever updated, so I guess not90701:04:05.400 --> 01:04:10.000talked a little bit about I Robotsand previous shows. Shares are down over90801:04:10.039 --> 01:04:14.719twenty seven percent on Friday after companiesproposed one point four billion dollar acquisition by90901:04:14.719 --> 01:04:18.880Amazon was expected to be blocked bythe European Union's anti trust regulators. This91001:04:19.039 --> 01:04:24.079was over concerns that the deal wouldharm other robots vacuum makers. Make the91101:04:24.119 --> 01:04:28.679most absurd statement of like robot vacuummakers, like how many people I agree?91201:04:28.719 --> 01:04:31.840I think that it's the craziest antitrust regulation. That's like, we're91301:04:31.880 --> 01:04:36.760protecting the consumer over one company owningall the right. So initially when I91401:04:36.760 --> 01:04:40.639read it Robot, Initially, whenI read it Todd, I was thinking,91501:04:40.679 --> 01:04:44.039you know what, this was ananti trust violation on the on Amazon's91601:04:44.079 --> 01:04:45.800level, not Eye robots. SoI was thinking, you know, this91701:04:45.880 --> 01:04:48.440is kind of you know, unfairto I Robot. Let them sell on91801:04:48.480 --> 01:04:51.519Amazon or let them sell out.You guys have an eye robot. I91901:04:51.559 --> 01:04:56.280don't. I don't. Do youhave one? You have a house.92001:04:56.559 --> 01:05:00.960It seems like my daughter has oneand it and when I go to visit.92101:05:00.000 --> 01:05:02.119It runs around the house, youknow, and here it'll come and92201:05:02.119 --> 01:05:05.239I get, it's this creepiest thingeverard And the other day I did,92301:05:05.239 --> 01:05:08.599it's a two little story house,and she has one on both levels.92401:05:09.039 --> 01:05:12.199I went downstairs and I was doingsome stuff, and I came back upstairs92501:05:12.239 --> 01:05:16.000and the stupid thing had had eatenup my phone charger. Really, so92601:05:16.039 --> 01:05:20.079I guess you has to keep everythingoff the floor. Demand for that product92701:05:20.440 --> 01:05:26.039drops nearly fifty percent since twenty twentyone pandemic. Little really the demand for92801:05:26.079 --> 01:05:28.920the robot. I was kind ofsurprised to see that there was a huge92901:05:28.920 --> 01:05:32.079demand spike, you know, upwardsduring the pandemic because more people are home,93001:05:32.159 --> 01:05:34.599you know, just use her backingguys. Yeah, I was just93101:05:34.639 --> 01:05:40.480saying that that seems like a prettyeasy thing to spirit. Airlines had an93201:05:40.519 --> 01:05:44.599up day on Friday, but it'sdown largely this week because of the whole93301:05:44.639 --> 01:05:49.239issue with what happened on one oftheir planes last week with the whole door93401:05:49.280 --> 01:05:53.360blowing up and things. So thatdidn't go well. House things looking with93501:05:53.480 --> 01:05:58.400Boeing Boying the same same problems Boyingdid. Boying did drop to eight percent,93601:05:58.440 --> 01:06:00.480to a two month low. OnTuesday, after or Wells Fargo downgraded93701:06:00.559 --> 01:06:05.719the stock, saying the ongoing governmentreview could uncover other issues. And we've93801:06:05.719 --> 01:06:10.320talked about that that these types ofthings tend to drag on and on.93901:06:11.039 --> 01:06:13.800Like we said last week on theshow, we thought there would be some94001:06:13.840 --> 01:06:15.679buying interest under two hundred, likeI said earlier in the show, And94101:06:15.679 --> 01:06:20.159sure enough take down to one ninetynine and then bang back to two thirteen.94201:06:21.840 --> 01:06:25.960Is it time to buy? Youknow, who knows. But it94301:06:26.119 --> 01:06:30.719seems to us that this probably isgoing to drag on for a while.94401:06:30.199 --> 01:06:33.199So I don't think I'd get tooexcited and start loading up on Boying here94501:06:33.440 --> 01:06:38.119if it were to drop under twohundred. Maybe take a small position talk94601:06:38.159 --> 01:06:42.239about Dragon for the while. Thesewars, oh my goodness, they're not94701:06:42.280 --> 01:06:45.119gonna stop. So don't forget aboutthose defense companies. Yeah, and they94801:06:45.199 --> 01:06:47.639kind of got some you know,they're kind of out of the news now,94901:06:47.679 --> 01:06:50.760so people tend to forget about them. You know, Ita is a95001:06:50.760 --> 01:06:55.880good way, it's a good etfair defense. And you can find a95101:06:55.920 --> 01:07:00.639list of the companies that you couldtake a look at, Ita, tom95201:07:00.679 --> 01:07:05.719Apple. You know, the Teslacontinues to drift South. The stock under95301:07:05.719 --> 01:07:11.480pressure after the company cut prices inEurope last week similar to what they had95401:07:11.639 --> 01:07:15.239done in China. Competition and slowingdemand are to blame. It's always it's95501:07:15.280 --> 01:07:19.239always been an expensive stock, andit's price for perfection, right, and95601:07:19.320 --> 01:07:23.679there hasn't been a lot of perfection. I don't think it takes a genius95701:07:23.719 --> 01:07:29.920done to figure out that prices.Let's let me start with demand for suv95801:07:30.320 --> 01:07:34.199SUVs. Demands for electric vehicles isslowing down. We've talked about that on95901:07:34.239 --> 01:07:40.159the show for a year that eventuallyeverybody that can afford one has one,96001:07:40.840 --> 01:07:45.519and and now you need to getlower prices to bring more consumer and that's96101:07:45.519 --> 01:07:49.800what's happening for lower rates. Lowerrates helped too. Lower rates, lower96201:07:49.880 --> 01:07:54.559prices will help. And I thinkyou you've mentioned Todd a couple of times96301:07:54.559 --> 01:07:59.400that two thirds of all car purchasesare used cars, and there just haven't96401:07:59.440 --> 01:08:03.360been any used evs. They're startingnow. Hers is getting rid of twenty96501:08:03.400 --> 01:08:10.199thousand of their evs. It's interestingHurt's gotten upgrade. On Monday, stock96601:08:10.360 --> 01:08:14.159rallied nicely on the news. Stanley, yeah that theymp that, and then96701:08:14.559 --> 01:08:16.680on Friday they got a downgrade.You're right, Dave. That's how you'll96801:08:16.720 --> 01:08:21.239get some of the middle class,the lower middle class to start getting in96901:08:21.279 --> 01:08:26.119the EV space, as it hasto be through the used car space.97001:08:26.319 --> 01:08:28.960Well, there's ten the lag.There's a lag there, no question.97101:08:29.079 --> 01:08:32.600And about ten percent of the carsout there are are electric roughly, Okay,97201:08:32.640 --> 01:08:34.880maybe it's nine, maybe the eight, maybe it's ten, eleven,97301:08:35.359 --> 01:08:40.279around ten percent, just for forargument's sake, right, and about forty97401:08:40.399 --> 01:08:45.920percent of the public has expressed aninterest in having an electric vehicle. That's97501:08:45.960 --> 01:08:48.359a big gap. Well, sothere's a big gap of inequality in this97601:08:48.399 --> 01:08:50.760country. So it makes sense,no question, right, No, not97701:08:50.840 --> 01:08:55.800that we're talking about here, neverexpect that interest would ever meet who actually97801:08:55.800 --> 01:08:58.920has it in this country because there'sa lot of things that people want in97901:08:58.920 --> 01:09:01.520this country that they can't afford.You need to get a significant The point98001:09:01.560 --> 01:09:06.199is, we needed a significant secondarycar electric car market, yeah, for98101:09:06.439 --> 01:09:11.640to get anywhere near forty percent.How many people want griod education, secondary98201:09:11.720 --> 01:09:15.039education for the children can't afford it, sure, right, And so that's98301:09:15.119 --> 01:09:17.239that's kind of what the problem yourun into, Like, is this starting98401:09:17.239 --> 01:09:20.279to be, you know, goodfor just a certain class you hope it's98501:09:20.319 --> 01:09:26.439not because of what is said tobe the potential of that. So news98601:09:26.439 --> 01:09:30.720on Rivian last week, another electriccar maker in November. I had forgotten98701:09:30.720 --> 01:09:33.319this. In November of twenty one, the stock was one hundred and seventy98801:09:33.479 --> 01:09:39.600nine dollars, but it's spent mostof the last two years under thirty dollars,98901:09:40.239 --> 01:09:43.880and it was lower on Wednesday afterDeutsche Bank downgraded the stock from buy99001:09:43.960 --> 01:09:47.119to hold, seeing the path toprofitability is longer than expected. Well,99101:09:47.119 --> 01:09:53.880if Tesla is having the lower pricesbecause of declining demand, imagine where Rivian's99201:09:53.880 --> 01:09:58.239at. That's a lot more interestingaround two hundred, yeah, you know,99301:09:58.399 --> 01:10:00.079and then that's kind of where youwould maybe start a position. If99401:10:00.079 --> 01:10:04.199it gaps lower, it has earningsnext week on Wednesday. No Tesla.99501:10:04.800 --> 01:10:09.800Yeah, so you know, startingposition maybe at that two hundred. If99601:10:09.840 --> 01:10:13.680it drops lower, start adding aback end. You get an average price99701:10:13.720 --> 01:10:15.479around one eighty, right, andif you want two hundred schaares, maybe99801:10:15.479 --> 01:10:18.119a buy fifty, right, youknow know, just get your foot in99901:10:18.119 --> 01:10:20.399the water. Yeah, I agreewith you, Tata. I think there're100001:10:20.520 --> 01:10:26.720again with Boyne under two hundred,Tesla under two hundred, I would expect100101:10:26.760 --> 01:10:30.079there to be some interest, andI think the Tesla stock probably can get100201:10:30.079 --> 01:10:32.720there. And when the Tesla story, you know, once it comes back,100301:10:32.760 --> 01:10:35.840and it will, it's gonna run. I mean we saw the stock.100401:10:35.920 --> 01:10:39.479I mean it's after stock split,but I mean it was up around100501:10:39.479 --> 01:10:43.760four hundred dollars, you know,so I think before like the first initial100601:10:43.800 --> 01:10:45.359stock split, they hit one thousanddollars. Well, right, but you100701:10:45.359 --> 01:10:48.399know relative it's four hundred, soI mean it's it's it could double and100801:10:48.439 --> 01:10:51.000it's still when't had a new alltime high. Yeah, and so we100901:10:51.159 --> 01:10:55.079know that if it starts running,it's gonna run, like the video runs.101001:10:56.079 --> 01:10:59.840It's just it takes a catalyst,and it doesn't seem like there's anything101101:11:00.119 --> 01:11:02.920other than earnings potentially upcoming. It'skind of like Boying where we were talking101201:11:03.000 --> 01:11:08.960last week about there isn't It's hardto understand what would cause Boying's doctor rally.101301:11:09.000 --> 01:11:12.640What's the positive cattle, what's thepositive what positive thing can happen with101401:11:12.720 --> 01:11:17.039Boying in this environment and and Ican't think of anything. And the same101501:11:17.039 --> 01:11:24.199with Tesla. It's hard to imaginewith declining prices and declining demand that there's101601:11:24.279 --> 01:11:28.920anything significant that's going to happen.Declining hold of the Chinese market. Yeah,101701:11:29.079 --> 01:11:31.319and you're not one of the biggestissues. It's interesting China has sixty101801:11:31.359 --> 01:11:36.119percent of all the EV market.It is from China sixty percent. But101901:11:36.239 --> 01:11:41.239let's not forget they also want eighthof the entire world, so it's easier102001:11:41.279 --> 01:11:45.520for them to be a percentage ofthe market than we are. We're we're102101:11:45.560 --> 01:11:47.279winding down on the segment. Youknow, you want to find out all102201:11:47.319 --> 01:11:51.119the problems the people with the EVcause of having been west when it was102301:11:51.159 --> 01:11:54.159so cold. We talked about it. Yeah, we talked, We talked.102401:11:54.600 --> 01:11:56.720We talked about that a lot.You missed it. You've got to102501:11:56.760 --> 01:12:00.079have a home charger or you shouldn'thave an EV's I mean, it really102601:12:00.159 --> 01:12:03.880is. It's that simple. It'sa it's a complete pain if you if102701:12:03.920 --> 01:12:06.359you don't have a home charger.I had it for three weeks with no102801:12:06.399 --> 01:12:09.840home charger. No thanks, Idon't want to go down that road.102901:12:09.960 --> 01:12:13.399Once again, we appreciate your joiningus on this Sunday morning. Dean,103001:12:13.600 --> 01:12:16.760Sebastian Todd, Dave all here foryou. We'll be back after this break.103101:12:16.920 --> 01:12:25.880Thank you. Say it's only aname, Oh, welcome back everybody.103201:12:25.920 --> 01:12:29.239It's Dean Greenberg with Oh my buddy, you see it at Greenberg Financial103301:12:29.279 --> 01:12:32.600Group. It's Dave and it's Todd. Semi Conductor's really strong week. We103401:12:32.600 --> 01:12:36.119were talking about last week. Dean, What do you see that can continue?103501:12:36.199 --> 01:12:40.600Here? So many times I seelike this, you know, the103601:12:40.720 --> 01:12:45.039value investors having such a hard timewith themselves because their thesis worked for forty103701:12:45.119 --> 01:12:47.399years and it hasn't worked over thelast five. Is that something that continues?103801:12:47.399 --> 01:12:50.359Are we in a new era ofthe world where growth companies are just103901:12:50.399 --> 01:12:54.119where you should be in We're inthe nineties, baby, We're in the104001:12:54.199 --> 01:12:58.039nineties when every dot com company wouldgo up and everybody thought they should be104101:12:58.039 --> 01:13:01.960making twenty thirty percent, and untilit wasn't. You know, and believe104201:13:02.000 --> 01:13:05.399me when Dave will tell you,to those dot com companies, they just104301:13:05.439 --> 01:13:10.319go and there was nothing, nosubstance to it. So at least the104401:13:10.359 --> 01:13:15.119stocks that are running now, there'ssubstance. Microsoft the video, there's a104501:13:15.199 --> 01:13:17.960reason that they're going higher. Sothe semiconductors. I mean, that's the104601:13:18.000 --> 01:13:23.560world we're in right now with thisAI stuff. What we can't cannot and104701:13:23.600 --> 01:13:28.159I cannot evaluate is how big amarket that's not going to be? Is104801:13:28.199 --> 01:13:30.880that it's change? I know it'sa change and stuff, but we don't104901:13:30.880 --> 01:13:33.800know where the landscape. It's likewhen computers came in, did we know105001:13:33.920 --> 01:13:38.319everything that was going to happen fromthat? I mean, the computer itself105101:13:38.439 --> 01:13:41.960is nothing anymore. It's on yourphone. It's the chips that go into105201:13:42.000 --> 01:13:45.560it, the software that goes intoit. The creativity now is going to105301:13:45.640 --> 01:13:48.560be AI. Where's it going totake us? What about this quantum computing?105401:13:49.039 --> 01:13:53.119Right when they figure that out?How does that change things? That's105501:13:53.199 --> 01:13:56.720huge? That's that's huge. Ourclient, Mic has been on that for105601:13:56.760 --> 01:14:00.439a couple of years in high Micand he said articles all the time about105701:14:00.520 --> 01:14:05.760quantum computing and it's a it's abig it's huge. Whoever figures it out,105801:14:06.479 --> 01:14:11.000it's going to have a tenous globaladvantage. Google has one going.105901:14:11.640 --> 01:14:15.880I think even Saudi Arabia has Ithink this is this, US has one.106001:14:15.920 --> 01:14:18.520This is a new space race here. Yeah, it really is to106101:14:18.520 --> 01:14:25.000see who can really so with theend, what will the quantum computer do?106201:14:25.720 --> 01:14:29.720It essentially could hack any regular computerbecause it can, so why it106301:14:29.760 --> 01:14:32.079is that a good thing? It'sit's a good thing for who saves it106401:14:32.159 --> 01:14:34.960first. It's basically like the firstperson to create a nuclear bomb. Once106501:14:35.000 --> 01:14:39.640you create it, you controlled thepower. Not not true. We created106601:14:39.720 --> 01:14:43.119and now and other people have it. Yeah, but who's the world power?106701:14:43.520 --> 01:14:47.039We are. So when you controlthe most powerful tool in the world,106801:14:47.560 --> 01:14:49.840you can continue to be the mostpowerful country in the world. That's106901:14:49.840 --> 01:14:53.760why the United States is pending alot of money behind it to try to107001:14:54.079 --> 01:14:57.760be the first country. But Googleis doing their own, China's doing their107101:14:57.800 --> 01:15:00.760own. So it's really interesting tosee what ends up. And it's funny107201:15:00.760 --> 01:15:05.079that Google right nor really it's NationStates leading these huge projects, but it's107301:15:05.079 --> 01:15:09.399an actual company this time. Well, that's why they're saying. Google is107401:15:09.439 --> 01:15:12.840the type of stock you buy rightnow and you just hold it. It'll107501:15:12.880 --> 01:15:15.159have its ups and downs and maybeadd to it when it's down and you107601:15:15.279 --> 01:15:18.399trim back when it's up. Butyou don't sell Google. It's so many107701:15:18.399 --> 01:15:21.399different areas. It's not just anadvertising company. No, no, gosh,107801:15:21.479 --> 01:15:28.880no gosh no. The goldvin Zach'sglobal analyst Robert Oppenheim. Oppenheimer,107901:15:28.920 --> 01:15:32.520I think it is talked about him, the one that did the what do108001:15:32.560 --> 01:15:35.800you call it bomb the h ofthe movie. No, there's a different108101:15:35.800 --> 01:15:41.560one, maybe his cousin, huh. But he said last week that we108201:15:41.600 --> 01:15:45.960are in a new global similar tothe Internet, a new global expansion because108301:15:46.000 --> 01:15:51.159of AI that will run for yearsand will cause interest rates to stay elevated108401:15:51.199 --> 01:15:55.680for years. What it's going tobe amazing though, And I like it108501:15:55.720 --> 01:15:58.960on the healthcare I like the AIon the healthcare site. What they do108601:15:59.199 --> 01:16:02.479phenomenal. I'm I mean think aboutwhat the I mean. There's hearts now108701:16:02.520 --> 01:16:06.279you can put in that artificial heartsthat can keep running and stuff. Eventually108801:16:06.279 --> 01:16:09.439it's going to be every part ofyour body is going to be able to108901:16:09.479 --> 01:16:13.439be artificial. Now, what willdeteriorate after that will be you know,109001:16:13.600 --> 01:16:16.960obviously your skeleton and everything else.But people going to live longer and longer.109101:16:17.560 --> 01:16:23.000Yeah, and that puts the onuson what the person putting away money,109201:16:23.199 --> 01:16:27.960because what's going away and what's notlasting longer and longer? Pension systems.109301:16:28.399 --> 01:16:31.560Right, there's no pensions anymore comparedto what they're worth forty years ago.109401:16:31.960 --> 01:16:36.399So, and how much longer arepeople living today compared to forty years109501:16:36.439 --> 01:16:41.640ago? Much longer? So let'sexacerbate. You know, let's project what109601:16:41.720 --> 01:16:45.520looks like that from my age whenI'm in forty years? What does the109701:16:45.560 --> 01:16:48.159pension system look like then? Andhow longer am I? How much longer109801:16:48.159 --> 01:16:50.560am I going to live? Itell you how the pension system is going109901:16:50.640 --> 01:16:54.199to be. You're going to bepaying all the people that are forty and110001:16:54.239 --> 01:16:57.279fifty years old so they can live, and there won't be enough people to110101:16:57.279 --> 01:16:59.920give you money, and you're goingto put all this money into that,110201:17:00.079 --> 01:17:02.920so they don't I don't understand whythey have it. Over the last twenty110301:17:02.920 --> 01:17:08.319someone years been able to come upwith a system that phades out over thirty110401:17:08.399 --> 01:17:11.439or fifty years that we don't evenhave a solid security system, but the110501:17:11.479 --> 01:17:15.840money still comes out and goes intoprotected accounts. Well, because the only110601:17:15.880 --> 01:17:19.359way to do that means someone getscaught holding the bag, and no one110701:17:19.399 --> 01:17:23.119wants to get caught hold it's goingto be caught holding the bag. Someone110801:17:23.159 --> 01:17:26.560has to pay them. What doyou mean So if what you're your scenario110901:17:26.640 --> 01:17:29.880of phasing it out means that youget less and less income each year until111001:17:29.880 --> 01:17:32.960there's left nothing left. Now,how are you going to get money?111101:17:33.000 --> 01:17:36.000It's like, okay, you're yea, I'm paying taxes, right, I111201:17:36.039 --> 01:17:41.039forget. But you start with peoplelike you, well, only ten percent111301:17:41.159 --> 01:17:45.520is going into your account, whilehe's still putting into Social Security. But111401:17:45.720 --> 01:17:47.880in twenty years from now, peoplethat are not even born, they'll be111501:17:47.920 --> 01:17:50.279at the point that they won't needit because every year you go up ten111601:17:50.319 --> 01:17:55.960percent forty and people are dying off, so they don't need to solve security,111701:17:56.199 --> 01:18:00.239which then keeps it. I'm notsaying that it's perfect, but there's111801:18:00.239 --> 01:18:02.560an actual area you can put inthere and they know it. Of how111901:18:02.560 --> 01:18:06.960long that would take to do.And yes, the the the country I112001:18:08.000 --> 01:18:13.800mean the government would probably have tohave h pay out some of the money112101:18:13.840 --> 01:18:15.279in the middle of it, youknow, to keep to keep it going.112201:18:15.279 --> 01:18:19.079About what you fix all securities,like you said, somehow you phase112301:18:19.119 --> 01:18:26.399it out. But you give taxcredits to businesses to help increase matches.112401:18:26.439 --> 01:18:30.560So you have a company match,a government match, and then your own112501:18:30.600 --> 01:18:33.720contributa country companies do match. Nowyou know what I'm saying is have companies112601:18:33.840 --> 01:18:39.520have a pseudo company match, Imean a country match, a government match.112701:18:39.560 --> 01:18:43.600So the government incentive gives extra moneyfor the company to go above and112801:18:43.640 --> 01:18:47.479beyond their original match, So theemployee gets even more put away into their112901:18:47.479 --> 01:18:50.279Form one K. The government's stillgoing to get their money back when they113001:18:50.319 --> 01:18:53.359take it out. I don't wantto see that in full one care.113101:18:53.680 --> 01:18:56.479If that's going to go in money, it's got to go into an account113201:18:56.680 --> 01:18:59.880that has a lot of restrictions onit. Then you can't touch unless you113301:19:00.039 --> 01:19:03.239disabled the most restrictions. Now youcan borrow money against it, you can113401:19:03.840 --> 01:19:06.840sell, and you can do stuff. I know, but you still need113501:19:06.920 --> 01:19:10.399that. Don't get me wrong,you still need that, but do replace113601:19:10.439 --> 01:19:14.560Social Security's got to be in anaccount that has the same restrictions we have113701:19:14.640 --> 01:19:18.119on now, okay, and thenover time you fix them and do stuff.113801:19:18.119 --> 01:19:23.560That's how you do it. Imean, it's not that difficult other113901:19:23.640 --> 01:19:28.079than politically, because if someone bringsit up politically, what they're saying is114001:19:28.119 --> 01:19:30.600the other side is going to takeaway our social security for people over sixty114101:19:30.640 --> 01:19:34.399and seventy, And that's never thepoint. The whole idea is maybe you114201:19:34.560 --> 01:19:39.680get ten percent of what your socialsecurity would be back then, but people114301:19:39.720 --> 01:19:42.640that are not born yet, they'renever going to get social security, but114401:19:42.680 --> 01:19:45.399they're always they're gonna be on thesystem where the money is being put away114501:19:45.399 --> 01:19:48.039for them, and more than anything, what needs to happen is a whole114601:19:48.079 --> 01:19:55.359overhaul of our education system and makeit mandatory instead. And with also civil114701:19:55.600 --> 01:19:59.920government, but also financial literacy.Those are two courses that should be must.114801:20:00.159 --> 01:20:02.680You should have to take a semesterof civil government, understanding our political114901:20:02.720 --> 01:20:06.560system, understanding why we all havetaxes, why we all have to play115001:20:06.560 --> 01:20:10.800by the same rules, whether youlike them or not, we all understand115101:20:10.840 --> 01:20:14.640them right. Then the next semesteryou learn to financial literacy. How to115201:20:14.640 --> 01:20:17.000do your tax returns, how youlook at your balance account, what an115301:20:17.000 --> 01:20:20.840overdraft means, how to actually invest, what it means for your future.115401:20:21.079 --> 01:20:24.880You like to think deep, whydon't we have to have to such a115501:20:24.920 --> 01:20:30.319complicated tax system. The only reasonwe have a complicated tax system is because115601:20:30.960 --> 01:20:36.479organizations like the Federal Reserve and bigcorporations that want to continue to take money115701:20:36.479 --> 01:20:39.960out of our pockets. I meanthe government wants to control more and more.115801:20:40.039 --> 01:20:43.800I'm not talking about paying taxes.There is going to be complicated.115901:20:43.840 --> 01:20:46.319Why does it have to be likeif you really have a fair share and116001:20:46.359 --> 01:20:48.840you know where I go with this, because the time we didn't even have116101:20:48.960 --> 01:20:53.800income tax teing. Okay, stopthat we need to pay income tax.116201:20:54.000 --> 01:20:57.439But why isn't it the same bethe reason we have to add income taxes116301:20:57.479 --> 01:21:00.600because the old tax system didn't makeenough to cover the entitlements of the old116401:21:00.640 --> 01:21:03.560system, So then you have tomake new taxes and then that way,116501:21:03.600 --> 01:21:08.159Why does it have to be complicatedand then you have to make more interest116601:21:08.520 --> 01:21:12.279touch it special interest. No,it's because there's more and more entitlements out116701:21:12.279 --> 01:21:15.800of the system. When you haveso many entitlements added to a system,116801:21:15.840 --> 01:21:21.800you can't fund enough. There's somany welfare programs in this country, and116901:21:21.880 --> 01:21:26.199those that's not what I'm talking about. At the end of the day,117001:21:26.239 --> 01:21:29.880whatever the tax is that we needto do to make the money, put117101:21:29.920 --> 01:21:33.560it where it's not complicated to whereyou have to spend five thousand dollars to117201:21:33.600 --> 01:21:39.359get your damn tax returns done orsimple tax returns done for two hundred dollars.117301:21:39.439 --> 01:21:43.239Okay, just go ahead and makeit simple. That's all I'm saying.117401:21:43.520 --> 01:21:45.239You don't know all these write offsand all this other stuff. No,117501:21:46.399 --> 01:21:48.319this is where we're doing. Thisis what you're at. This is117601:21:48.319 --> 01:21:50.840where we go. Well, thenjust do a flat tax called a day.117701:21:50.960 --> 01:21:54.399Thank you. That's all I wantedout of your mouth. All right.117801:21:56.159 --> 01:21:58.880And you know, one of thesleepiest stocks over the last year has117901:21:58.880 --> 01:22:02.000been Murk and and they were uptwenty percent. They're up twenty percent in118001:22:02.039 --> 01:22:04.680the last six weeks. I sawit. I couldn't believe it. Wait,118101:22:04.680 --> 01:22:09.039is that what happened? What happenedhere? Their pe is five times118201:22:09.279 --> 01:22:13.800is five times at a Pfizer andclose to that of Eli Lily Dean,118301:22:13.800 --> 01:22:17.319who has some blockbuster drugs. Merk'spe is close to Lily, and it's118401:22:17.399 --> 01:22:21.880primarily being driven by this Harpoon Therapeuticstake a purchase that they made. Uh,118501:22:23.039 --> 01:22:26.760cancer drug is going to be theirthing there, and I think people118601:22:26.840 --> 01:22:29.920must be thinking that Mark is goingto come up with a cure for cancer.118701:22:30.039 --> 01:22:34.479Did you know that Merk made Johnsonand Johnson's COVID vaccine. Yeah,118801:22:34.560 --> 01:22:38.920I did not know that. I'mtalking to buddy. Would you rather buy,118901:22:39.520 --> 01:22:42.279you know, try to pick itat one, two or three healthcare119001:22:42.319 --> 01:22:45.039stocks or just pick xov Because whatDean's point is, I think it's well119101:22:45.239 --> 01:22:50.239well taken. I mean, AIis going to help healthcare continuously bring down119201:22:50.279 --> 01:22:54.000their cost, but also helps morepeople. More and more people are going119301:22:54.079 --> 01:22:57.600to be using things like Ozemba becausethey've come all kinds of different crazy things119401:22:57.600 --> 01:23:00.760that could be. Do you pickXLV that way you just pick the whole119501:23:00.800 --> 01:23:03.199industry itself, or do you tryto pick a one or two three?119601:23:03.199 --> 01:23:06.119Do I try to pick the Novos? Do I try to pick the merks?119701:23:08.319 --> 01:23:13.159Knowing your It depends on how biggyportfolio was too, you know,119801:23:13.399 --> 01:23:15.439I mean buying the et s givesyou a little bit of all the stocks.119901:23:15.439 --> 01:23:17.560Depends on when the stocks you're gonnahave. Then you might want to120001:23:17.600 --> 01:23:19.640pick one or two out there togive it a little boost. I like120101:23:19.680 --> 01:23:24.479Novo. You know they've come downthe weight, but I uh, from120201:23:24.520 --> 01:23:28.399the hive, not much. ButI do think that they are on the120301:23:28.399 --> 01:23:32.800cutting edge of these weight loss youknow drugs. Now, well there's that120401:23:32.880 --> 01:23:36.720in more journal and I'm one ofthe one of these weeks, Sebastian,120501:23:36.720 --> 01:23:43.039I'm gonna remember what the zepp boundbound. It's a session on yeah,120601:23:43.079 --> 01:23:45.840but now they're putting on there.These are not weight loss drugs, but120701:23:45.000 --> 01:23:48.239zet bound is zet bound. Theycan sell as a weight loss drug that's120801:23:48.239 --> 01:23:53.960been improved just now out there,and and it's supposed to be way better120901:23:54.000 --> 01:23:58.920than ozempic well is it ozempigo?Is it called cell the gluten tide?121001:24:00.239 --> 01:24:03.439I mean it's a zeptide better thansella gula tide or whatever. That's what121101:24:03.520 --> 01:24:08.800it comes down to. That's nota zeppic of a journal other stuff that121201:24:08.920 --> 01:24:15.560is there for diabetes stuff, rightManjaro. The zepp tiezep zep bound zet121301:24:15.600 --> 01:24:18.920bound is the is the weight lossversion of right. So they extract it121401:24:18.960 --> 01:24:23.720and just sell you right ze boundand you can actually get it off of121501:24:23.760 --> 01:24:26.840their website. Now they actually Lilyis actually so much a website where you121601:24:26.840 --> 01:24:30.039can get it directly as little asfive hundred and fifty dollars a month.121701:24:30.319 --> 01:24:32.079That's little as little as five hundredand fifty dollars a month if you go121801:24:32.079 --> 01:24:34.920on the website and get the couponsand all. All right, well we'll121901:24:34.960 --> 01:24:39.479be back. We have one moresection to come up, and we do122001:24:40.079 --> 01:24:45.279just happy that they listen either anywaythey can. This is Dean Greenberg.122101:24:45.279 --> 01:24:50.119This is the money matters. Theright back say it's only a name.122201:24:58.920 --> 01:25:01.560Welcome back, everybody, thanks forlistening. This is the Money Matter show.122301:25:02.760 --> 01:25:08.039All right, we got our famousstate planner on the show, John122401:25:08.079 --> 01:25:13.359sabilia John, we have some funmeetings together this week. More than anything,122501:25:13.359 --> 01:25:16.239I learned a lot about not somethingso fun to talk about, which122601:25:16.279 --> 01:25:23.000is when someone loses a loved one, when someone passes, and how that122701:25:23.079 --> 01:25:27.640process goes about. And obviously there'skind of let's start with like a normal122801:25:27.680 --> 01:25:30.319brokerage account, per se, ona brokerage account. You can just have122901:25:30.359 --> 01:25:34.359a brokerage account, and there's obviouslyno beneficiaries on a brokerage account. Or123001:25:34.399 --> 01:25:39.439you can do something called a TOD, which is called transfer on death sure123101:25:39.479 --> 01:25:43.520and it actually names the beneficiary.Yeah, kind of talk walk us through123201:25:43.520 --> 01:25:47.079those how when someone passes with thataccount, why one may be better?123301:25:47.159 --> 01:25:51.520What's the process? Like, howdoes it work? Well, you know,123401:25:51.560 --> 01:25:57.159typically the best thing you could doif it's if it's just one beneficiary,123501:25:57.199 --> 01:26:00.000the beneficiary is over eighteen, youtrust them, they're good with money.123601:26:00.159 --> 01:26:01.960Simple TOD would be just fine,right, if that's all you have123701:26:02.079 --> 01:26:05.880is a simple brokeer's account, mayberetirement, a gound TOD transfer on death.123801:26:06.840 --> 01:26:11.560It's a process. It's a fiveminute phone call sometimes just calling a123901:26:11.600 --> 01:26:15.520custodian and saying, hey, Iwant to place a beneficiary. Custodian is124001:26:15.520 --> 01:26:18.760the people who hold the assets.Correct, So for us Greenberg Financial,124101:26:18.760 --> 01:26:24.399it's RBC and still call Greenberg.We had we had a client on Friday124201:26:24.680 --> 01:26:30.960that came in and their mother haddied several years ago, their father was124301:26:30.000 --> 01:26:34.479still living and he recently passed away, and he had a TOD account.124401:26:34.520 --> 01:26:39.880How simple is that we open upan individual account for each of the two124501:26:40.000 --> 01:26:45.079daughters and the assets are given tothem, And then he had a trust124601:26:45.079 --> 01:26:49.520account for his grandchildren. How simpleis that we simply replaced the trustee him124701:26:49.960 --> 01:26:56.159with the successor trustees, who arehis daughter. However, he also had124801:26:56.319 --> 01:27:00.039other accounts that were not TOD andwe're not in a trust. They were124901:27:00.159 --> 01:27:06.399individual accounts in his name only,and that generated probate. Yeah. So125001:27:09.000 --> 01:27:14.840you know, had he had everythingin trust or everything in TOD, his125101:27:15.039 --> 01:27:18.600errors would not have had to bother. But because he didn't, they need125201:27:18.640 --> 01:27:24.000to bother. What does that looklike? Well, you know, it125301:27:24.079 --> 01:27:27.640depends on the state you're in,and it also depends on let's just say,125401:27:27.720 --> 01:27:30.319let's say Arizona. Let's say Arizona. So your you know, fingers125501:27:30.319 --> 01:27:33.680crossed. Well, it's probably betterto have more money than not. But125601:27:34.039 --> 01:27:38.520if it's less than seventy five thousanddollars here in Arizona, you do a125701:27:38.520 --> 01:27:41.520simple Affidavid. You know, wewere talking about that in your office,125801:27:42.039 --> 01:27:45.359saying, oh, it's an Xamount of dollars which came out to be125901:27:45.439 --> 01:27:46.960less than seventy five thousand. Isaid, you know, you can do126001:27:47.000 --> 01:27:50.720a simple small state Affidavid. Youcould simply just go to the Arizona Superior126101:27:50.760 --> 01:27:57.680Court website, download the Affidavid,get it notarized, indicate what the account126201:27:57.720 --> 01:28:00.520is, and give it to thecustodia or the holder of the amount,126301:28:00.760 --> 01:28:04.640and they should be able to distributeit. Not anybody can do it.126401:28:04.680 --> 01:28:11.520You have to be in air,right, and you're basically swearing under perjury126501:28:11.920 --> 01:28:15.439that you are in air, youknow, And I do have lots of126601:28:15.479 --> 01:28:17.760circuit two or three times this weekalready that we've had air steel money.126701:28:18.039 --> 01:28:24.439But if you are a legitimate airyou can use that and get access to126801:28:24.479 --> 01:28:27.199that money. Now, if it'sover seventy five thousand, like I just126901:28:27.239 --> 01:28:30.800had a phone call about it,husband died, didn't have the wife on127001:28:30.880 --> 01:28:34.600there. One hundred thousand dollars IRA. Now we have to go to probate.127101:28:34.880 --> 01:28:40.039Yeah, that is similar with mywith a client of mine who you127201:28:40.079 --> 01:28:44.359know, a daughter. The motherpassed away. She had an IRA and127301:28:44.319 --> 01:28:47.560an individual account. Obviously the IRAwith the beneficiary passed along really easily,127401:28:47.960 --> 01:28:51.800but the individual account didn't have aTOD so I had to go through probate127501:28:53.119 --> 01:28:56.960and once she got me the personalrepresentative paperwork back, all good and all.127601:28:57.159 --> 01:29:00.720However, I can't just transfer straightinto her individual I have to create127701:29:00.760 --> 01:29:03.479in a state account, which meansI need EI in. She didn't know127801:29:03.520 --> 01:29:08.000that, so then we needed toget more documentation to get EI in for127901:29:08.439 --> 01:29:13.079her mother's now a state and thentransfer the assets into that state account and128001:29:13.119 --> 01:29:16.680then transfer the money from the estateaccount to her individual account. All that128101:29:16.680 --> 01:29:19.880could be bypassed if you did havethat small estate AFFI David, it can128201:29:19.920 --> 01:29:24.960go directly from the deceased account tothe individual and you know, and an128301:29:24.960 --> 01:29:28.680EI in does right, it putsirs. I noticed that we may have128401:29:28.720 --> 01:29:32.239a taxable entity, so when youstart distributing to that state account, you128501:29:32.279 --> 01:29:35.239may have to file a tax returnfor the estate. But if it can128601:29:35.239 --> 01:29:39.840go directly to the air, youknow, with a simple TOD or a128701:29:39.880 --> 01:29:44.119simple affit, you can avoid thatless CPA fees or tax repayer fees.128801:29:45.920 --> 01:29:48.800You know, sometimes if it's anIRA and it goes into a state account128901:29:48.840 --> 01:29:54.000because there's not a beneficiary, whatare the rules? Five years? Not129001:29:54.159 --> 01:29:58.119ten? But if it goes directlyto an air it'll be it'll be ten129101:29:58.159 --> 01:30:00.880years. It'll be a ten yearpullout, right, and we can minimize129201:30:00.920 --> 01:30:03.720taxation there. It's got to startplanning, guys. I've I've had three129301:30:04.000 --> 01:30:09.560incidents this week of people not puttingTODs. Anybody that's listening, please call129401:30:09.600 --> 01:30:13.119your custodian. I oh, Ithink I have. It doesn't matter,129501:30:13.399 --> 01:30:16.560double check, triple check, becausethat is one of the biggest reasons people129601:30:16.560 --> 01:30:19.960go to probate. Yeah, itjust makes it so simple, very easy.129701:30:20.000 --> 01:30:24.720It really makes it free for Imean for us, it costs fifty129801:30:24.800 --> 01:30:29.159dollars to put it on one timefee and then it's at time of death129901:30:29.279 --> 01:30:32.640the asset transfer they hold. Ithink it's point zero three percent point zero130001:30:32.720 --> 01:30:35.560one point one point one point one. You know, you know what the130101:30:35.600 --> 01:30:41.880average probate is in Arizona costs threeto six thousand dollars. Really or you130201:30:41.920 --> 01:30:45.239can make a quick phone call forfifty bucks for fifty bucks. Is that130301:30:45.279 --> 01:30:47.359what it is? Fifty dollars fiftydollars one time fee. And then like130401:30:47.399 --> 01:30:50.279I said, point one of theasset trans the one tenth to one percent130501:30:50.319 --> 01:30:53.920of the assets when the client dies, or you can set it up when130601:30:53.920 --> 01:30:57.439you get the when you set upthe account right and when the account is130701:30:57.479 --> 01:31:00.399set up through our clearing firm,require fifty dollar charge. Plus they keep130801:31:00.439 --> 01:31:04.239one tenth to one percent of theassets when the client dies. Very nice,130901:31:04.720 --> 01:31:08.680So in most cases it's below thethree to six thousand, Like you're131001:31:08.680 --> 01:31:13.000saying, yeah, yeah, soAnd what else is the other part about131101:31:13.000 --> 01:31:15.479probate? When you have a todwhat do they do? They show up131201:31:15.479 --> 01:31:17.439with a death certificate and they getaccess to the money at that this morning,131301:31:17.720 --> 01:31:24.119they showed up with a death certificate. They each already had individual accounts,131401:31:24.760 --> 01:31:28.479so I just get a distribution form. They signed a distribution form,131501:31:28.720 --> 01:31:31.199give me the death certificate and leave. So how would now do the account131601:31:31.239 --> 01:31:34.359work on a joint account? Wouldyou still recommend that if your a join131701:31:34.399 --> 01:31:39.359account with obviously husband and wife onit, join writer survivorship with a with131801:31:39.479 --> 01:31:43.880a TOD. Why not now youhave to you know, here's the Let's131901:31:43.880 --> 01:31:46.239say both get killed in an airplanecrack, right right, I see that132001:31:46.279 --> 01:31:48.520all the time. Oh, we'vegot a joint account. We don't need132101:31:48.520 --> 01:31:54.680TOD. Well, yeah, becauseif you're with your wife or husband pretty132201:31:54.760 --> 01:31:57.439much all the time when they're notat work, right, So, if132301:31:57.439 --> 01:32:00.520you're driving out to dinner and getkilled in a car wreck, if you're132401:32:00.520 --> 01:32:04.119flying to see your grandkids and getkilled in the plane crash, and the132501:32:04.319 --> 01:32:08.359problem. And it's also a goodidea to have inside of a trust.132601:32:08.439 --> 01:32:12.279I mean, let's say you getinto that car accident and now you're incapacitated.132701:32:12.399 --> 01:32:15.319How are you paying the bills?Sure? Right, How who's getting132801:32:15.319 --> 01:32:18.319access to your money? Now you'remaking the medical decisions on your part?132901:32:18.680 --> 01:32:21.600Well yeah, and that's what powersof attorney does. So you know,133001:32:21.640 --> 01:32:25.000there's a lot of things that areinvolved with the state plan. You know,133101:32:25.119 --> 01:32:27.399like we were talking about before withthat small state Affidavid, I said,133201:32:27.399 --> 01:32:29.199you know what's involved with the TOD. You show up with a des133301:32:29.199 --> 01:32:32.239certificate and you get the money witha small state affidavit. When I was133401:32:32.279 --> 01:32:35.560discussing it with that person in youroffice, they have to wait. You133501:32:35.680 --> 01:32:39.399can't do it right away. Youhave to wait a certain amount of time133601:32:39.439 --> 01:32:43.399before you're able to use that smallstate Affidavid. So same thing with real133701:32:43.439 --> 01:32:45.119property, Affidavid. You know,if it's less than one hundred grand,133801:32:45.439 --> 01:32:49.479you can transfer real estate into yourname, but you have to wait six133901:32:49.520 --> 01:32:55.600months. The problem with setting uptood accounts or setting up living trust or134001:32:55.720 --> 01:33:02.000doing anything proactive for your beneficiaries isthere is absolutely no benefit to you.134101:33:03.039 --> 01:33:06.560And that's all that's kind of aproblem because I mean it's an issue because134201:33:06.600 --> 01:33:11.000there is no benefit to the personthat has to jump through these hoops.134301:33:11.479 --> 01:33:14.880If you jump through these hoops,it will be way better for your kids.134401:33:15.199 --> 01:33:18.079M I prepared taxes for fifteen years. You think any time I ever134501:33:18.119 --> 01:33:21.720prepared a tax return for somebody theysaid thank you, I can count on134601:33:21.760 --> 01:33:26.720my one hand because they're always payingat the end of the month. There's134701:33:26.720 --> 01:33:30.960no benefit. They just see,I have a ten thousand dollars liability.134801:33:31.119 --> 01:33:34.640You know, here you go,because there is no benefit to the person134901:33:34.680 --> 01:33:38.920that has to jump through these hoops. However, they do tend to be135001:33:39.000 --> 01:33:44.000procrastinating a bit, and I understandthat. Yeah, absolutely, there's not135101:33:44.159 --> 01:33:47.600one single thing. The individual thathas to do all of this work is135201:33:47.640 --> 01:33:51.439going to glean from doing all ofthis work. I think that's with anything135301:33:51.479 --> 01:33:54.199in life, you need you kindof a little bit of a slap in135401:33:54.199 --> 01:33:56.640the face sometimes to realize, oh, I got to get my things in135501:33:56.720 --> 01:34:01.600order. It's something that's the rightthing to do for your children. And135601:34:01.680 --> 01:34:06.520I think when you were raising thechildren, you always tried to do the135701:34:06.640 --> 01:34:10.760right thing for them, right,You always tried to have them do the135801:34:10.840 --> 01:34:16.000right thing. This is just simplysomething another step along that plan. You135901:34:16.039 --> 01:34:21.000ask, we ask what's your goalsand objectives? And if you raise any136001:34:21.199 --> 01:34:26.680son or daughter, I'm sure youwant one of your goals objectives is they136101:34:26.720 --> 01:34:30.680can be taken care of past yourdeath, whether they take care of themselves136201:34:30.920 --> 01:34:32.840or whether you help them in someway at least knowing that you make it136301:34:33.239 --> 01:34:38.159the easiest possible on them, notgiving them anything. I don't believe in136401:34:38.159 --> 01:34:41.319that. I don't think a lotof our clients believe in giving They don't136501:34:41.640 --> 01:34:44.680a lot of our clients believe inhaving their kids earn it. But again,136601:34:44.880 --> 01:34:49.119making it, facilitating it after thatprocess of death is really important.136701:34:49.600 --> 01:34:55.479Simplifying the transfer of your asses.You want to transfer your ass as to136801:34:55.520 --> 01:34:57.920your children, that's what you wantto do. We hear it all the136901:34:57.960 --> 01:35:00.560time. I want to have moremoney in this account because I want my137001:35:00.640 --> 01:35:03.880kid to have this, or Iwant my child to have that. Part137101:35:03.960 --> 01:35:11.119of that process is making that trendsferas simple as possible for the sure.137201:35:11.359 --> 01:35:17.039Sure. Yeah, and it alsoprevents theft. If you put multiple beneficiaries137301:35:17.079 --> 01:35:23.520on an account, a probate doesnot protect your beneficiaries. Legitimately had two137401:35:23.520 --> 01:35:26.640phone calls this week where they're goingthrough probate and one of the beneficiaries took137501:35:26.640 --> 01:35:31.399everything because they were deemed personal representatives. And just because there's a court supervised137601:35:31.399 --> 01:35:35.239process doesn't protect all the beneficiaries.Now they're going to be protected by law137701:35:35.319 --> 01:35:40.359because now there's litigation. But guesswho gets paid the attorneys. I will137801:35:40.880 --> 01:35:43.960mean, right, go ahead,but if you put TODs, you know,137901:35:44.000 --> 01:35:46.720fifty to fifty for both children,both children have to withdraw fifty percent138001:35:47.399 --> 01:35:50.880and the bank or bank or whomeverthe custodian is is going to direct that138101:35:51.479 --> 01:35:56.800right. I've worked in financial servicesin Tucson for fifty two years now,138201:35:57.159 --> 01:36:01.760and I've seen a lot of peoplecome and go and obviously dealt with a138301:36:01.800 --> 01:36:08.600lot of people that have passed on. And no matter what kind of children138401:36:08.760 --> 01:36:13.239you raised, no matter what kindof person you are, there is nothing138501:36:13.439 --> 01:36:18.000that will send things south faster thanmoney. So spend some time get us138601:36:18.039 --> 01:36:20.880set up right. Jonathan can doit. We'd love to help you.138701:36:21.239 --> 01:36:27.199And because the Greenberg Financial we're alltrying to be happy, right yep.138801:36:27.760 --> 01:36:30.079And I think at the end ofthe day, we're all working, specially138901:36:30.199 --> 01:36:32.479Utah working running like a madman.We're all trying to be healthy, of139001:36:32.479 --> 01:36:39.159course, but we're really trying tohear Greenberg Financial is berofitable to you next139101:36:39.199 --> 01:36:41.439week? Say it's only a ma