Aug. 12, 2024

Market Volatility and Scam Prevention: Key Insights and Warnings

Market Volatility and Scam Prevention: Key Insights and Warnings

In this episode of Money Matters, we'll jump into recent stock market fluctuations and key financial insights, with a special focus on protecting vulnerable populations from scams. Our guest, Brian Watson, will highlight the crucial issue of scam...

Apple Podcasts podcast player badge
RSS Feed podcast player badge
Spotify podcast player badge
Amazon Music podcast player badge
Apple Podcasts podcast player icon RSS Feed podcast player icon Spotify podcast player icon Amazon Music podcast player icon

In this episode of Money Matters, we'll jump into recent stock market fluctuations and key financial insights, with a special focus on protecting vulnerable populations from scams. Our guest, Brian Watson, will highlight the crucial issue of scam prevention, particularly for those at risk such as lonely widows and individuals seeking companionship. He will provide essential tips for identifying and avoiding sophisticated scams, including romance and cryptocurrency fraud. Additionally, we’ll explore the latest trends in the tech industry, the effects of global market changes, and practical financial planning strategies from Greenberg Financial. Don’t miss it!

Transcript
WEBVTT

1
00:00:01.520 --> 00:00:04.960
Good morning. It's that time again. It's Money Matters Sunday morning,

2
00:00:05.040 --> 00:00:07.839
eight am. And you're right, I'm not Dean Greenberg.

3
00:00:08.720 --> 00:00:10.439
He's got to sound like him just a little bit.

4
00:00:11.320 --> 00:00:14.480
There's nobody nobody else is Dean, and nobody else can

5
00:00:14.519 --> 00:00:16.519
do this like Dean. And you know, he comes on

6
00:00:16.640 --> 00:00:18.640
in the first segment for those of you who don't know,

7
00:00:18.640 --> 00:00:21.320
it's twenty four minutes long, and he does the entire

8
00:00:21.359 --> 00:00:23.000
thing generally without notes.

9
00:00:22.800 --> 00:00:24.920
And he's looking at a wall. I remember all those

10
00:00:24.920 --> 00:00:27.399
listeners literally looking until Yeah, he's.

11
00:00:27.239 --> 00:00:29.160
Staring off in the space and talking. He does really

12
00:00:29.160 --> 00:00:31.120
well with it. He loves that monologue and.

13
00:00:32.159 --> 00:00:34.240
And he's excellent at it, and people love it and

14
00:00:34.640 --> 00:00:37.759
it's a great information. And anyway, uh, we don't have

15
00:00:37.880 --> 00:00:40.240
Dean because he's over in San Diego a wedding, and

16
00:00:40.280 --> 00:00:42.719
we don't have Todd because he's up in Seattle running

17
00:00:42.719 --> 00:00:45.479
a marathon. We don't talk a lot. Yeah, we don't

18
00:00:45.479 --> 00:00:47.679
talk a lot about Todd with his running, but he's

19
00:00:47.759 --> 00:00:53.960
quite an elite runner, qualified for the Boston Marathon next

20
00:00:54.159 --> 00:00:54.840
spring next.

21
00:00:54.759 --> 00:00:56.039
Spring, right right next bring.

22
00:00:56.119 --> 00:00:58.359
Yeah. Yeah, so that's pretty and that's pretty hard to do.

23
00:00:58.679 --> 00:01:01.560
I mean, yeah, he still last year, worked hard, got

24
00:01:01.560 --> 00:01:04.239
it at two hours and fifty three minutes this year.

25
00:01:04.799 --> 00:01:07.040
So then the Seattle Marathon, he says his goal is

26
00:01:07.280 --> 00:01:08.159
two forty six.

27
00:01:08.239 --> 00:01:10.040
Yeah, and I think, to put it in perspective, two

28
00:01:10.159 --> 00:01:12.400
years ago he ran his first marathon and it was

29
00:01:12.480 --> 00:01:14.920
like three hours and thirty minutes, So he's almost shaved

30
00:01:14.920 --> 00:01:16.959
a whole hour off of his time to this point

31
00:01:17.000 --> 00:01:17.599
in two years.

32
00:01:17.680 --> 00:01:20.560
He's a very focused young man and he is focused

33
00:01:20.599 --> 00:01:22.840
on running right now, and so we wish him nothing

34
00:01:22.879 --> 00:01:26.040
but good things today as he runs the Seattle Marathon.

35
00:01:26.359 --> 00:01:29.640
And what a crazy, crazy week in the market. Before

36
00:01:29.640 --> 00:01:31.599
we get started on that, Sebastian don't want to give

37
00:01:31.680 --> 00:01:34.719
us the disclosures. Disclosures because we have to do that.

38
00:01:34.840 --> 00:01:37.000
There we go. The show sponsored by green Brik Financial

39
00:01:37.040 --> 00:01:38.840
Group and you can listen on seven to ninety KNSD

40
00:01:39.000 --> 00:01:43.040
or iHeartRadio. The show discusses different investment products and strategies.

41
00:01:43.079 --> 00:01:45.719
Every product and strategy have some type of inherent risk,

42
00:01:46.040 --> 00:01:48.519
and we strongly encourage our listeners to properly understand the

43
00:01:48.560 --> 00:01:51.840
risk to determine whether to buy, sell, or hold. The

44
00:01:51.879 --> 00:01:53.680
show has been on air for over thirty years. The

45
00:01:53.719 --> 00:01:56.200
green Brik Financial Group is registered with the SEC and

46
00:01:56.239 --> 00:01:58.760
a member of FINRA and CIVIK. Visit our website at

47
00:01:58.760 --> 00:02:01.079
greenbrik Financial dot com some more information.

48
00:02:01.599 --> 00:02:03.239
I think if you did that again, even a little

49
00:02:03.280 --> 00:02:05.640
bit faster, you could get like one of those disclosures

50
00:02:05.680 --> 00:02:09.280
after the co commercial where you can actually.

51
00:02:09.159 --> 00:02:13.719
Yeah, no, that's like healthcare commercials. It's actually happening in

52
00:02:13.759 --> 00:02:16.000
the subjects this struggle.

53
00:02:16.159 --> 00:02:18.080
This struggle will stop you from being lazy, but it

54
00:02:18.120 --> 00:02:20.280
could kill you, right that real quick.

55
00:02:20.280 --> 00:02:22.840
Oh okay, we did have a crazy week though, I

56
00:02:22.840 --> 00:02:24.439
mean at the end of the week it really wasn't

57
00:02:24.520 --> 00:02:28.240
much changed. We've had amazing on from Thursday last Thursday,

58
00:02:28.319 --> 00:02:31.680
well two thursdays ago than Friday, and then Monday we

59
00:02:31.800 --> 00:02:34.919
dropped roughly seven percent of the NASDAK. Then the rest

60
00:02:34.960 --> 00:02:37.159
of the week Tuesday through Friday kind of just clawed

61
00:02:37.240 --> 00:02:39.039
its way back. We had a down day I think

62
00:02:39.039 --> 00:02:40.520
on Wednesday. Term negative again.

63
00:02:40.560 --> 00:02:44.319
But here's here. This describes the week. I think for me,

64
00:02:44.479 --> 00:02:47.439
this is best describes the week. Monday the S and

65
00:02:47.520 --> 00:02:50.680
P five hundred heads, worst day in nearly two years.

66
00:02:51.039 --> 00:02:53.680
Thursday the S and P five hundred head, it's best

67
00:02:53.719 --> 00:02:56.840
day in nearly two years. So there you go. So

68
00:02:57.439 --> 00:02:59.000
let me talk. I want to talk a little bit

69
00:02:59.039 --> 00:03:01.919
about what happened on because that was really kind of

70
00:03:02.080 --> 00:03:05.319
the nexus of the whole thing. What started the whole

71
00:03:05.360 --> 00:03:08.199
deal a global You were coming on Monday and there's

72
00:03:08.240 --> 00:03:11.639
a global market meltdown and you're wondering, what's going on. Oh,

73
00:03:11.680 --> 00:03:14.599
my goodness, Apparentlymber going into recession at the end of

74
00:03:14.639 --> 00:03:18.159
the world. It was caused by the Japanese market that

75
00:03:18.240 --> 00:03:21.159
had this worst day since nineteen eighty seven, if you

76
00:03:21.159 --> 00:03:24.719
can believe that. And then okay, so what's going on

77
00:03:24.800 --> 00:03:27.560
in Japan that caused that to happen is that sales

78
00:03:27.599 --> 00:03:33.400
are trailing off, dropping they headed into recession. None of

79
00:03:33.400 --> 00:03:37.719
those things. Japanese traders have been borrowing money at low

80
00:03:37.759 --> 00:03:41.280
interest rates and converting that to US dollars. It's called

81
00:03:41.319 --> 00:03:45.800
a carry trade the Bank of Japan, and the carry

82
00:03:45.800 --> 00:03:49.199
trade works only if the two currencies you're dealing with,

83
00:03:49.400 --> 00:03:53.400
the yen and the dollar, remained stable. Well, the Bank

84
00:03:53.439 --> 00:03:58.759
of Japan unexpectedly raised interest rates, sending the yen higher.

85
00:03:59.680 --> 00:04:02.680
The u US, of course, is thinking about lowering industrates,

86
00:04:03.000 --> 00:04:06.159
which would send the dollar lower, and that whole trade

87
00:04:06.240 --> 00:04:09.039
just blew up and when that happened, you have to

88
00:04:09.199 --> 00:04:12.960
unwind it as quickly as you can. Has nothing Did

89
00:04:12.960 --> 00:04:16.759
it have anything to do with US corporations, with US earnings,

90
00:04:16.839 --> 00:04:23.439
US sales zero? No, It was completely a very sophisticated

91
00:04:24.560 --> 00:04:29.000
currency trade that went wrong, and that gives us a

92
00:04:29.000 --> 00:04:32.720
world of panic. You know, the market was already overvalued.

93
00:04:32.759 --> 00:04:36.079
We have a slowing economy, there's no question about that.

94
00:04:36.120 --> 00:04:38.879
We're starting to see the numbers come in. It's not recession.

95
00:04:39.240 --> 00:04:42.040
We're not in a recessionary economy. But we have a

96
00:04:42.079 --> 00:04:46.079
slowing economy and the market's adjusting for that, which it should.

97
00:04:46.519 --> 00:04:49.120
It has to adjust for it. And so that we'd

98
00:04:49.120 --> 00:04:51.519
already had that going on, and then Monday morning we

99
00:04:51.639 --> 00:04:53.839
get this thing out of Japan and oh my goodness,

100
00:04:54.079 --> 00:04:56.839
it turned what it would normally be a tour or

101
00:04:56.920 --> 00:04:59.199
three month event into a two or three day of

102
00:04:59.279 --> 00:05:02.279
the event. Yeah, so it happened very very quickly. When

103
00:05:02.279 --> 00:05:05.240
that happens, the what I call the big money, the

104
00:05:05.279 --> 00:05:09.720
hedge funds, sit back and just watch. They don't they

105
00:05:09.720 --> 00:05:11.720
don't jump in. They just kind of sit back and

106
00:05:11.800 --> 00:05:13.720
let it play itself out. And you want to keep selling,

107
00:05:13.839 --> 00:05:16.079
just keep selling. And I'm standing here with billions of

108
00:05:16.120 --> 00:05:19.439
dollars and I'm going to buy with both hands when

109
00:05:19.439 --> 00:05:19.879
you're done.

110
00:05:19.959 --> 00:05:22.160
Well, it makes me question a little bit about how

111
00:05:22.439 --> 00:05:26.279
artificial these valuations we're seeing right now in the market, because,

112
00:05:26.360 --> 00:05:28.720
like you said, right, I don't know exactly how the

113
00:05:28.839 --> 00:05:32.720
end carry trade works, but these traders are able to

114
00:05:32.800 --> 00:05:36.720
collab collaterize, collateralizer a loan from ten to one, so

115
00:05:36.759 --> 00:05:38.439
they're basically trading on margin.

116
00:05:38.680 --> 00:05:38.920
Yep.

117
00:05:39.079 --> 00:05:42.040
So what that was, we were unwinding that ten to

118
00:05:42.120 --> 00:05:43.639
one essentially, right.

119
00:05:43.560 --> 00:05:46.240
Yeah, and you're having to do it quickly. The computers

120
00:05:46.240 --> 00:05:46.879
are doing a lot.

121
00:05:46.800 --> 00:05:51.720
Of it super quickly. So again, what valuation that we

122
00:05:51.720 --> 00:05:54.040
were seeing before was made up just with that ten

123
00:05:54.079 --> 00:05:56.920
of one. It's fake, essentially, It's what I'm trying to

124
00:05:56.920 --> 00:05:57.199
get at.

125
00:05:57.240 --> 00:06:00.720
No, it has nothing to do with corporate value euation none.

126
00:06:00.759 --> 00:06:03.199
That's what I was trying to say earlier. It's a

127
00:06:03.199 --> 00:06:06.839
foreign currency trade that blew up and they had to

128
00:06:06.920 --> 00:06:10.240
unwind a lot of positions that they had on which

129
00:06:10.279 --> 00:06:13.560
is what caused the selling. I really had zero to

130
00:06:13.600 --> 00:06:21.800
do with corporate earnings or sales or prospects. Let me

131
00:06:21.879 --> 00:06:24.040
tell I want to I had more calls on Monday

132
00:06:24.040 --> 00:06:26.279
than I've been doing this a long time. I had

133
00:06:26.279 --> 00:06:28.439
more calls on Monday than I've had in quite a while,

134
00:06:29.120 --> 00:06:31.560
to the point where it was just like, Wow, this

135
00:06:31.680 --> 00:06:35.639
is amazing because we weren't really down that far. Yes,

136
00:06:35.720 --> 00:06:37.399
Monday was the worst day for the S and P

137
00:06:37.519 --> 00:06:40.240
and almost two years. I get that. Okay, I get that,

138
00:06:41.680 --> 00:06:44.319
But we were only about six seven percent off of

139
00:06:44.399 --> 00:06:47.920
the all time high, you know, so I was a

140
00:06:47.959 --> 00:06:50.360
little confused about that. Let me just a couple of things.

141
00:06:51.160 --> 00:06:53.839
Corrections in the market are a drop of ten percent

142
00:06:53.920 --> 00:06:56.920
or more, and they typically happened once a year. I

143
00:06:56.959 --> 00:06:58.600
don't think we had one last year. We haven't had

144
00:06:58.639 --> 00:07:02.399
one this year. Right. If that ten percent decline gets

145
00:07:02.399 --> 00:07:04.959
to twenty percent, is technically a bear market, and we

146
00:07:05.000 --> 00:07:10.800
see that roughly every five years. And I've heard traders

147
00:07:10.839 --> 00:07:14.160
say that the market goes up the stairs and down

148
00:07:14.199 --> 00:07:18.360
the escalator, and that's exactly right. I mean, it goes up.

149
00:07:18.560 --> 00:07:20.839
And the reason for that is fear is a much

150
00:07:21.040 --> 00:07:24.959
much stronger emotion. It's the strongest human emotion. Fear is

151
00:07:25.319 --> 00:07:29.040
much stronger emotion than greed. That's why the market goes

152
00:07:29.120 --> 00:07:34.439
up more slowly than it goes down. Being able to

153
00:07:34.639 --> 00:07:37.600
ride through something like we just went through this week

154
00:07:38.360 --> 00:07:41.680
without making mistake. Is a mistake is what asset allocation

155
00:07:41.839 --> 00:07:43.439
is all about. And we spend a great deal of

156
00:07:43.480 --> 00:07:46.560
time early in our relationship trying to make sure your

157
00:07:46.639 --> 00:07:50.879
asset allocation aligns with your wrist tolerance. It's important that

158
00:07:50.959 --> 00:07:55.160
you can hold whatever stock allocation you're comfortable through with

159
00:07:55.519 --> 00:07:58.480
through these wings. That's really important because look what happened

160
00:07:58.519 --> 00:08:02.480
this week. Let's say under you freak out and you

161
00:08:02.560 --> 00:08:04.920
want to but I got to get some cash, I

162
00:08:04.959 --> 00:08:07.360
got to, you know, And here you are on Friday,

163
00:08:07.439 --> 00:08:09.839
right back to where where we were. What are you doing?

164
00:08:10.360 --> 00:08:12.160
You know? And you really have to And that's one

165
00:08:12.199 --> 00:08:13.800
of the things I've heard people say that one of

166
00:08:13.800 --> 00:08:17.399
the biggest advantages of money the manager brings to the

167
00:08:17.439 --> 00:08:19.079
table is taking the emotion.

168
00:08:19.480 --> 00:08:21.519
It's something that you can't it's something that you can't

169
00:08:21.560 --> 00:08:22.399
really quantify.

170
00:08:22.720 --> 00:08:25.920
Yeah right, Yeah. I've determined, after decades of doing this,

171
00:08:26.040 --> 00:08:29.480
that those who sell when the market's declining will either

172
00:08:29.720 --> 00:08:32.440
never get back in, or we'll get back in at

173
00:08:32.519 --> 00:08:35.679
higher prices. The reason for that is when you're selling

174
00:08:35.840 --> 00:08:38.840
in a panic, you're not going to get back in

175
00:08:38.960 --> 00:08:43.519
until things are much much better, much much better. And

176
00:08:43.799 --> 00:08:46.960
when things are much much better, the market's much much higher.

177
00:08:47.039 --> 00:08:49.759
Yeah, until that point, Dylan, how many times do we

178
00:08:49.759 --> 00:08:52.919
we have a chart in our little planning room. How

179
00:08:52.919 --> 00:08:54.480
many times do we have a client come in or

180
00:08:54.519 --> 00:08:56.519
a prospect come in and brag about the fact that

181
00:08:56.559 --> 00:08:58.559
they sold right before two thousand and eight drop, And

182
00:08:58.600 --> 00:09:00.480
then we asked the question, when did you get back in?

183
00:09:00.879 --> 00:09:01.039
Oh?

184
00:09:01.080 --> 00:09:03.480
Yeah, yeah, what's your answer? They didn't?

185
00:09:03.720 --> 00:09:05.960
No, Well, as you get out and you're happy about it,

186
00:09:05.960 --> 00:09:07.360
but then you're so happy that you never want to

187
00:09:07.399 --> 00:09:09.080
get back in because you feel like you won, but

188
00:09:09.120 --> 00:09:11.600
then you missed out on a ten year bowl market.

189
00:09:11.399 --> 00:09:14.080
And like you won't get back in until you're really comfortable.

190
00:09:14.120 --> 00:09:15.679
And for that to happen, the market it's gonna have

191
00:09:15.679 --> 00:09:16.639
to be a lot higher.

192
00:09:17.080 --> 00:09:19.519
And if you're that uncomfortable that you got everything out

193
00:09:19.519 --> 00:09:21.399
of the markets, you're not gonna be It's gonna take

194
00:09:21.440 --> 00:09:23.440
you a lot to be comfortable to get back in

195
00:09:23.480 --> 00:09:25.600
the markets. And by that time, you're probably gonna hit

196
00:09:25.639 --> 00:09:27.480
it on the exact opposite side of when you thought

197
00:09:27.480 --> 00:09:29.320
you won. You're probably gonna hit it the highs because

198
00:09:29.320 --> 00:09:30.879
then you're thinking that it's never gonna stop, and it's

199
00:09:30.919 --> 00:09:32.399
always going to go up, and it's never going to

200
00:09:32.480 --> 00:09:34.720
come down, and that that point is when it comes down.

201
00:09:34.919 --> 00:09:37.080
And that's why we always talk about dollar cost averaging.

202
00:09:37.519 --> 00:09:40.320
Dollar cost averaging is you put in roughly a quarter

203
00:09:40.360 --> 00:09:42.440
of your total that you want to put into, say

204
00:09:42.480 --> 00:09:46.440
one stock or an ETF or a whole model of allocation.

205
00:09:46.879 --> 00:09:49.159
You put in one quarter thirty days later, another quarter

206
00:09:49.159 --> 00:09:52.279
thirty days later, another quarter and thirty days later, another quarter.

207
00:09:52.720 --> 00:09:57.080
That helps build discipline investing. It helps maybe lower the

208
00:09:57.240 --> 00:10:00.159
average cost. I mean, if you're buying in July, I

209
00:10:00.159 --> 00:10:02.679
have twenty three. If you first put your first truncheon

210
00:10:02.720 --> 00:10:05.200
in July twenty three, those next three months the markets

211
00:10:05.200 --> 00:10:08.159
are down, so you're buying down, you're lowering your average.

212
00:10:07.840 --> 00:10:10.240
Cost, and you put it in a specific amount, in

213
00:10:10.799 --> 00:10:12.039
the same amount you.

214
00:10:12.039 --> 00:10:15.360
Got one hundred grand that you're putting into one stock. Hypothetically,

215
00:10:15.440 --> 00:10:17.799
you're putting twenty five thousand dollars in one day, thirty

216
00:10:17.879 --> 00:10:20.240
days later, another twenty five thousand, thirty days later, another

217
00:10:20.240 --> 00:10:22.679
twenty five thousand and thirty days later, the final twenty

218
00:10:22.720 --> 00:10:26.559
five thousand. That is dollar cost averaging, and it's discipline investing.

219
00:10:26.639 --> 00:10:29.879
You do it day thirty every time, regardless of what's happening,

220
00:10:30.559 --> 00:10:33.480
and that's what It helps build a good habit. And

221
00:10:33.960 --> 00:10:36.080
you can also dollar cost average out of put of

222
00:10:36.080 --> 00:10:39.519
a position. Say you're tired of Nvidia, you're tired of volatility,

223
00:10:39.639 --> 00:10:41.759
made money in it. Start then you want to take money,

224
00:10:41.759 --> 00:10:44.039
and I'll start taking twenty five percent off. You have

225
00:10:44.080 --> 00:10:47.600
a ten percent position in your portfolio of Nvidia, bring

226
00:10:47.639 --> 00:10:49.159
it down twenty five percent.

227
00:10:49.559 --> 00:10:52.720
You know, yeah, I agree with one hundred percent. My

228
00:10:52.799 --> 00:10:55.639
best advice when we're going through something like this is

229
00:10:55.720 --> 00:10:58.559
trying not to watch it too closely, because, as Warren

230
00:10:58.559 --> 00:11:02.080
Buffett said, now quote pardon me, Warren Buffer said, if

231
00:11:02.120 --> 00:11:06.200
your long term investor, it doesn't really matter. In fact,

232
00:11:06.960 --> 00:11:09.559
you'd be wise to ignore shirt short term ups and

233
00:11:09.720 --> 00:11:12.879
downs in the stock market altogether. This is warm Buffett.

234
00:11:13.240 --> 00:11:17.519
If you're worried about corrections, you shouldn't known stock. That's

235
00:11:17.519 --> 00:11:20.080
from warm Buffett. And I had a couple of calls

236
00:11:20.080 --> 00:11:23.159
on Monday, and I should stop watching it, turn the

237
00:11:23.200 --> 00:11:25.679
TV off, don't don't look at your You don't need

238
00:11:25.720 --> 00:11:28.799
to look at your account balanced every single day anymore

239
00:11:28.840 --> 00:11:31.679
than you need to have your house appraised every single day.

240
00:11:31.840 --> 00:11:33.840
Can you imagine pate your house appraised every single day?

241
00:11:33.879 --> 00:11:34.879
You drive yourself nuts.

242
00:11:35.000 --> 00:11:37.000
I got that call from one of my friends who

243
00:11:37.039 --> 00:11:38.840
was twenty nine, and he was asking about his four

244
00:11:38.840 --> 00:11:40.600
o K if he should just because we talked about

245
00:11:40.600 --> 00:11:42.720
what when he first started, how he should be allocated.

246
00:11:42.960 --> 00:11:45.000
And I was like, you're young, make it as aggressive

247
00:11:44.960 --> 00:11:46.879
as possible, because you're not gonna try and touch that

248
00:11:46.960 --> 00:11:50.159
for thirty five forty years until you retire. Five years later.

249
00:11:50.200 --> 00:11:52.759
He's sitting here three days, three down days. All he's

250
00:11:52.799 --> 00:11:54.639
been doing for five years is putting money into it,

251
00:11:54.679 --> 00:11:56.320
and he's gonna continue putting money into it as long

252
00:11:56.360 --> 00:11:58.600
as he's working. He's asking if he should get out

253
00:11:58.600 --> 00:12:02.159
because the market's turned down for three days. Said no,

254
00:12:02.679 --> 00:12:04.399
don't even touch it, don't even look at it. You

255
00:12:04.440 --> 00:12:06.279
put it in aggressive fund. You don't look at it

256
00:12:06.320 --> 00:12:08.120
until your maybe ten years out of retirement and you

257
00:12:08.320 --> 00:12:10.840
are starting to think about retirement where you will no

258
00:12:10.879 --> 00:12:13.159
longer be contributing to it. But if you're contributing to

259
00:12:13.159 --> 00:12:15.759
a four to one k for twenty thirty years, put

260
00:12:15.759 --> 00:12:19.159
it in something aggressive. Keep contributing to it. Whether the

261
00:12:19.200 --> 00:12:22.000
storm of a little downturn and move on.

262
00:12:22.519 --> 00:12:25.320
Like you said, your dollar cost averaging is built in

263
00:12:25.519 --> 00:12:29.039
for forty years, right, See, you have to win that game.

264
00:12:29.320 --> 00:12:30.279
You have to win that game.

265
00:12:30.360 --> 00:12:34.440
If you're within ten years of retirement and downturn of

266
00:12:34.480 --> 00:12:37.480
the last three days like last week made you feel

267
00:12:37.519 --> 00:12:39.840
really uncomfortable, that's when it's time to start thinking, Okay,

268
00:12:39.840 --> 00:12:42.159
maybe I'm not as aggressive as I should. I'm too

269
00:12:42.200 --> 00:12:44.879
aggressive now because I'm getting ready for retirement within ten years,

270
00:12:45.000 --> 00:12:47.919
five ten years. If you're outside the ten year mark,

271
00:12:48.039 --> 00:12:49.639
then whether the storm.

272
00:12:50.080 --> 00:12:54.440
But you've got to really pay attention to not getting

273
00:12:54.480 --> 00:12:56.960
caught up in the moment. And I think one of

274
00:12:57.000 --> 00:13:01.039
the ways that our most successful long investors are people

275
00:13:01.080 --> 00:13:05.000
that never look at it. They know that eventually it's

276
00:13:05.039 --> 00:13:07.000
going to go to a new all time high, and

277
00:13:07.399 --> 00:13:10.960
so they don't get whipsawed. Like I had a client,

278
00:13:11.240 --> 00:13:18.039
a retired guy, very successful national chain that you would

279
00:13:18.080 --> 00:13:21.759
know the name one of their corporate officers, and he

280
00:13:21.799 --> 00:13:25.279
came in about well, in fact, it was June twentieth.

281
00:13:25.759 --> 00:13:28.519
He came in and he wanted to take fifteen percent

282
00:13:28.600 --> 00:13:33.679
of his value stocks and get more aggressive. It was

283
00:13:33.679 --> 00:13:35.799
one of the first calls I had on Monday in

284
00:13:35.840 --> 00:13:38.000
a panic, I said, what happened to the guy who

285
00:13:38.000 --> 00:13:40.799
wanted to be more aggressive? He's gone, He's gone. You know,

286
00:13:41.480 --> 00:13:43.919
don't let that happen to you. Don't be that guy.

287
00:13:44.120 --> 00:13:45.600
Tons of noise out there and you have to be

288
00:13:45.639 --> 00:13:47.320
able to drone it out. I mean, at the end

289
00:13:47.320 --> 00:13:49.159
of the day, what are these media outlets here to do?

290
00:13:49.240 --> 00:13:51.840
They want to keep you watching, right, how are they

291
00:13:51.840 --> 00:13:53.600
going to do that? Keep pitching fear.

292
00:13:53.519 --> 00:13:57.000
Fear fear sales papers. Absolutely, it's just to give an

293
00:13:57.000 --> 00:14:02.200
example of the elevated level that the fear got to

294
00:14:02.480 --> 00:14:06.799
on Monday. And now this is kind of ridiculous when

295
00:14:06.840 --> 00:14:09.440
you look at the amount of decline that occurred on Monday,

296
00:14:09.799 --> 00:14:13.840
but it's because we've had fifteen, sixteen, eighteen months of

297
00:14:13.919 --> 00:14:17.480
up market, so everybody's kind of forgotten what a correction

298
00:14:17.720 --> 00:14:24.279
feels like. The fear index got to the highest level,

299
00:14:25.399 --> 00:14:29.519
excuse me, the second highest level in the last twenty years.

300
00:14:30.480 --> 00:14:34.759
Are you kidding me? Monday? There was more fear in

301
00:14:34.799 --> 00:14:37.799
the market on Monday than there has been at any

302
00:14:37.919 --> 00:14:41.200
given day for twenty years, with the exception of the

303
00:14:41.240 --> 00:14:44.960
banking crisis. And that was understandable. I mean, that was

304
00:14:45.000 --> 00:14:46.600
like the banking system was going to melt down.

305
00:14:46.639 --> 00:14:48.480
Yeah, I mean, I guess the fear comes from maybe

306
00:14:48.480 --> 00:14:51.240
people was just thinking, Okay, if that market turns down,

307
00:14:51.919 --> 00:14:54.200
it could not stop because just like it went up,

308
00:14:54.600 --> 00:14:56.240
it didn't stop going up for a while because of

309
00:14:56.320 --> 00:14:59.120
tech and because of those AI chips. But those turned

310
00:14:59.159 --> 00:15:01.600
down a lot, a lot in those three days because

311
00:15:01.679 --> 00:15:03.399
people are scared in them, trying to take their profits

312
00:15:03.399 --> 00:15:05.879
and move on. That could just be a snowball effect

313
00:15:05.919 --> 00:15:08.519
on the downside. So maybe that's why the fear is

314
00:15:08.559 --> 00:15:11.480
so big that maybe investors out there think the market's

315
00:15:11.480 --> 00:15:14.360
a little more fragile. And that was the first instance

316
00:15:14.399 --> 00:15:17.639
of it, because before it felt invincible. Marcus wouldn't stop

317
00:15:17.679 --> 00:15:20.279
going up because the AI chips just kept coming out.

318
00:15:20.279 --> 00:15:23.759
Anytime you said anything AI you could have crappy Arnie reports,

319
00:15:23.799 --> 00:15:25.840
but you're like, well, look we're gonna start investing in AI.

320
00:15:26.120 --> 00:15:28.960
Stock shoots septemb percent. Now all of a sudden they

321
00:15:28.960 --> 00:15:31.840
start shooting going down. That fear comes in. Okay, this

322
00:15:31.919 --> 00:15:34.720
market is held together by ten stocks. Now we've been

323
00:15:34.720 --> 00:15:37.000
talking about for the last year. Is it a more

324
00:15:37.039 --> 00:15:39.240
fragile market? Then it's portrayed to be.

325
00:15:39.879 --> 00:15:42.440
Well I think that also, like last week, what happens

326
00:15:42.679 --> 00:15:44.919
Thursday and Friday, we had a couple down days, right

327
00:15:44.960 --> 00:15:48.320
because of the soft a week before we before that, right, Yeah,

328
00:15:48.559 --> 00:15:53.799
soopts monthly jobs climbing claims suggested a labor market slow down, right,

329
00:15:54.039 --> 00:15:57.240
and then what happens with their weekends, the yen trade unwines.

330
00:15:57.399 --> 00:15:59.600
So I think some of those people from the prior

331
00:15:59.639 --> 00:16:03.919
weekend jumped into that fear and started selling, and that

332
00:16:03.960 --> 00:16:07.279
brings the vics the fear index dramatically higher.

333
00:16:07.559 --> 00:16:10.320
Well, I think a lot of people, even on TV,

334
00:16:10.440 --> 00:16:12.919
even to some of the commentators, didn't really understand what

335
00:16:13.000 --> 00:16:15.960
was going on, right, They didn't really understand it. And

336
00:16:16.039 --> 00:16:18.840
later in the day when I was hearing about what

337
00:16:18.960 --> 00:16:22.360
happened in the market, they didn't understand what had happened,

338
00:16:22.399 --> 00:16:26.120
what had actually happened. And you know, if you know

339
00:16:26.159 --> 00:16:28.320
what had actually happened, you knew it was going to

340
00:16:28.360 --> 00:16:31.200
settle down at some point. Now, we didn't expect Japan

341
00:16:31.679 --> 00:16:35.840
to rally ten percent on Tuesday, which which meant it

342
00:16:35.879 --> 00:16:37.320
was like a one day deal, could have been, a

343
00:16:37.320 --> 00:16:40.159
two to three four day deal, could have been easily

344
00:16:40.320 --> 00:16:41.759
could have been. So I think that was some of

345
00:16:41.799 --> 00:16:48.120
the angst about it, but the second highest fear level

346
00:16:48.159 --> 00:16:49.080
in twenty years.

347
00:16:49.120 --> 00:16:53.080
But then Thursday again the beast day and SI since

348
00:16:53.120 --> 00:16:55.799
twenty twenty two, just because of the cold. Then expected

349
00:16:55.840 --> 00:16:58.360
initial jobless claims figure the worst.

350
00:16:58.159 --> 00:17:00.320
Day in two years and the best day and two years,

351
00:17:00.320 --> 00:17:01.039
both in the same way.

352
00:17:01.080 --> 00:17:04.799
But that claims figure was just ridiculous too. I mean,

353
00:17:04.880 --> 00:17:06.839
I think they were expecting two hundred and fifty thousand

354
00:17:06.880 --> 00:17:08.960
claims and we got two hundred and thirty three thousand.

355
00:17:09.160 --> 00:17:11.599
So thank you to those seventeen thousand people that kept

356
00:17:11.640 --> 00:17:14.680
their jobs. But I think this is probably it seems

357
00:17:14.680 --> 00:17:15.799
a little overdone.

358
00:17:15.839 --> 00:17:17.480
It seemed a little I agree with Yeah. I think

359
00:17:17.480 --> 00:17:19.559
it's probably as good of example as you can get

360
00:17:19.559 --> 00:17:22.440
of not paying so close attention to it. Here, you

361
00:17:22.480 --> 00:17:24.680
had a week where you were down three percent, you

362
00:17:24.880 --> 00:17:26.920
rally back three percent in a flat. If you were

363
00:17:26.920 --> 00:17:29.440
on vacation, you go, oh, it's quiet, quiet, weak. Yeah.

364
00:17:29.480 --> 00:17:32.279
We always use that example of mar of twenty twenty.

365
00:17:32.640 --> 00:17:34.920
March of twenty twenty, the Marcus went down thirty three percent.

366
00:17:35.359 --> 00:17:36.960
If you just didn't have the news on for that

367
00:17:37.200 --> 00:17:39.720
entire year of twenty twenty, your account would have been

368
00:17:39.799 --> 00:17:42.039
up sixteen percent. If you're in the smp fiven great year,

369
00:17:42.279 --> 00:17:44.720
drop thirty three percent in one month. By December thirty

370
00:17:44.759 --> 00:17:46.839
first of that year, you were up sixteen percent.

371
00:17:47.000 --> 00:17:49.720
Now, I'm not trying to pitch fear or more noise

372
00:17:49.799 --> 00:17:52.039
to you guys, but you did bring up Warren Buffett earlier,

373
00:17:52.039 --> 00:17:53.799
and I wanted to talk about him selling half of

374
00:17:53.839 --> 00:17:55.839
his steak and apple. When do you think about that?

375
00:17:55.839 --> 00:17:57.440
That's kind of I'll tell you what I think about that.

376
00:17:58.000 --> 00:18:01.759
You know, he never sells if it has historically never sold.

377
00:18:02.079 --> 00:18:03.440
To realize a game like this.

378
00:18:04.000 --> 00:18:06.160
You've got to realize the gain. Not only that, but

379
00:18:06.240 --> 00:18:11.440
you're raising a ton of cash. He's ninety three years old.

380
00:18:11.920 --> 00:18:15.200
Is he getting ready to exit? Does he know something

381
00:18:15.200 --> 00:18:16.759
that we don't know about his health?

382
00:18:17.759 --> 00:18:20.480
Why would he be? I mean, he's got a whole company.

383
00:18:20.720 --> 00:18:22.319
They gotta does anybody.

384
00:18:21.960 --> 00:18:23.680
Else else there? It's his legacy, it's his legacy.

385
00:18:23.720 --> 00:18:25.480
Yeah, I know. Does anybody else have to sign off

386
00:18:25.519 --> 00:18:27.440
on him selling half of his apple stick and raising

387
00:18:27.480 --> 00:18:29.480
his cast? I doubt it. Seventy seven I doubt it.

388
00:18:30.680 --> 00:18:31.200
I doubt it.

389
00:18:31.240 --> 00:18:33.359
He's a public company. This is what I was thinking.

390
00:18:33.480 --> 00:18:35.839
Eighty four billion dollars worth of Apple stock is what

391
00:18:35.880 --> 00:18:36.279
he sold.

392
00:18:36.480 --> 00:18:38.920
Here's here's the interesting part about that, and you can

393
00:18:39.000 --> 00:18:42.240
you can make the case that Apple was extremely overweighted

394
00:18:42.279 --> 00:18:45.799
in his portfolio. I mean, if his health aside, his

395
00:18:45.880 --> 00:18:49.079
age aside, might have just decided they needed to catch

396
00:18:49.119 --> 00:18:51.920
some of that in before the before Kamala gets in

397
00:18:51.960 --> 00:18:54.240
and raises taxes. Maybe you know something, because he's a

398
00:18:54.240 --> 00:18:55.160
big Democrat, right.

399
00:18:55.079 --> 00:18:58.480
That's true. I'm pretty sure that still the largest steak

400
00:18:58.559 --> 00:19:00.039
in his portfolio, but it could be right.

401
00:19:00.079 --> 00:19:00.799
Apple, I think so.

402
00:19:01.039 --> 00:19:03.599
Yeah, maybe Occidental, Yeah, maybe after that.

403
00:19:03.880 --> 00:19:07.079
No Occidental, which has done nothing for decades.

404
00:19:06.680 --> 00:19:08.119
Did go up this week the second one.

405
00:19:08.160 --> 00:19:10.880
Yeah, probably getting ready to dump that and it will

406
00:19:10.920 --> 00:19:12.839
be a loss for him, and then that's how he's

407
00:19:12.880 --> 00:19:14.000
the capital gains on Apple.

408
00:19:14.440 --> 00:19:16.160
That could be the ox He's going to be lost.

409
00:19:16.519 --> 00:19:18.440
I think no, way, hasn't done anything.

410
00:19:18.480 --> 00:19:20.279
No way, he No, he bought it like a thirty

411
00:19:20.279 --> 00:19:21.119
four and cent like.

412
00:19:21.359 --> 00:19:23.519
It's been sitting there doing nothing ever since he owned it.

413
00:19:23.640 --> 00:19:25.599
I mean I've I've watched it. I mean when every

414
00:19:25.640 --> 00:19:27.799
time they say he's buying more so, it's never done anything.

415
00:19:30.039 --> 00:19:31.680
The most interesting part about.

416
00:19:31.440 --> 00:19:34.000
The housekeeping on that one next week, do well?

417
00:19:34.519 --> 00:19:38.319
They and and I'm I won't say that we're not wrong, okay,

418
00:19:38.319 --> 00:19:41.720
but it feels like it's done nothing. But here's the

419
00:19:41.720 --> 00:19:44.480
most amazing part about him selling that amount of apple.

420
00:19:45.640 --> 00:19:50.160
Warren Buffett now owns more short term treasury securities than

421
00:19:50.200 --> 00:19:55.119
the Federal Reserve. I mean, is that mind boggling. You've

422
00:19:55.119 --> 00:19:58.559
got one person that has more treasuries than the Federal Reserve.

423
00:19:59.400 --> 00:20:02.440
It's crazy. Interest rates that the ten year hit a

424
00:20:02.440 --> 00:20:07.240
one year low, keeps drifting lower, and the spread between

425
00:20:07.319 --> 00:20:09.279
the ten year and the two year, which we talk

426
00:20:09.319 --> 00:20:13.599
about every week, it was about ten basis points. It

427
00:20:13.680 --> 00:20:17.640
widened a little bit. Not not anything to be concerned about.

428
00:20:18.480 --> 00:20:22.799
When the Federal Reserve Open Market Committee does start lowering

429
00:20:22.920 --> 00:20:25.920
short term rates, obviously the two year is going to

430
00:20:26.000 --> 00:20:29.240
go lower fast, and we'll get ourselves. We should be

431
00:20:29.240 --> 00:20:31.240
able to get ourselves back to a normal yield curve,

432
00:20:31.880 --> 00:20:34.480
which is part and parcel of what we're trying to

433
00:20:34.519 --> 00:20:38.960
achieve here. Bitcoin. Wow, did we realize on Monday that

434
00:20:38.960 --> 00:20:40.720
that is a risk asset?

435
00:20:41.079 --> 00:20:42.160
What a ball will play?

436
00:20:42.319 --> 00:20:42.480
You know?

437
00:20:42.519 --> 00:20:44.359
There was talk about it being you know, you can

438
00:20:44.519 --> 00:20:47.400
kind of outside of the fray, right, It dropped twenty

439
00:20:47.480 --> 00:20:51.839
one percent on Monday twenty one percent and finish a

440
00:20:51.880 --> 00:20:54.720
week down just four percent. But if you think bitcoin

441
00:20:54.759 --> 00:20:58.160
is a place to hide out, wrong, wrong, wrong.

442
00:20:58.000 --> 00:21:01.400
Wrong, those bitcoin it's caught a bid two on Thursday.

443
00:21:01.599 --> 00:21:04.839
That's a it's a risk play. You're right.

444
00:21:05.359 --> 00:21:09.279
We did get a good July services PMI number, which

445
00:21:09.319 --> 00:21:12.559
is shows that there was a nice increase from June.

446
00:21:13.200 --> 00:21:16.480
The service sector is way more important than the manufacturing

447
00:21:16.519 --> 00:21:19.359
sector for the United States because it's a way bigger part.

448
00:21:19.400 --> 00:21:22.640
And the services sector continues to do well. Economy is slowly,

449
00:21:23.119 --> 00:21:25.480
no doubt about that. But there are no signs of

450
00:21:25.559 --> 00:21:29.000
recession at this point. But like we talked about last week,

451
00:21:29.079 --> 00:21:32.039
it can become self fulfilling. You know, if you if

452
00:21:32.039 --> 00:21:34.920
you're concerned that a recession is around the corner, you

453
00:21:35.000 --> 00:21:37.359
might pull in your horns. You might not take that trip,

454
00:21:37.440 --> 00:21:41.480
you might not buy that couch. You know, who knows. Whatever.

455
00:21:41.599 --> 00:21:44.240
What about those mortgage rates, they hit a fifteen month low.

456
00:21:44.279 --> 00:21:46.559
I think we're sitting around six eight six nine right now.

457
00:21:46.920 --> 00:21:51.160
Yeah. Refinancing, the refinancing jump sixteen percent month over a

458
00:21:51.200 --> 00:21:54.559
month and is fifty nine percent above last year. And

459
00:21:54.559 --> 00:21:55.839
I'm thinking who are these people?

460
00:21:56.000 --> 00:21:58.279
I think, like a month ago, it's scrolling through my

461
00:21:58.359 --> 00:22:00.720
Facebook or something, maybe it was Instagram and have a

462
00:22:00.720 --> 00:22:02.640
bunch of realtor friends and they're like, this is the

463
00:22:02.680 --> 00:22:05.519
best time to pre finance's best time to buy. About again.

464
00:22:05.599 --> 00:22:09.160
A month ago, I've we went back to Louisville to

465
00:22:09.240 --> 00:22:11.119
visit my wife's sister and she and her husband have

466
00:22:11.160 --> 00:22:13.240
lived in the same house for twenty five years, and

467
00:22:13.279 --> 00:22:15.279
he was complaining about his mortgage rate being six and

468
00:22:15.319 --> 00:22:17.960
a quarter and I'm thinking, you had a lot of

469
00:22:18.039 --> 00:22:21.119
chances to refine it, so refinanced that at three two

470
00:22:21.160 --> 00:22:23.799
and a half three and a half a lot of time,

471
00:22:23.880 --> 00:22:26.880
I mean years, and you didn't do that. Why is that?

472
00:22:26.920 --> 00:22:28.680
And he said, yeah, we probably should have done that,

473
00:22:29.440 --> 00:22:32.000
probably should have refin You kive me, you're paying three

474
00:22:32.039 --> 00:22:35.839
percent more per year on whatever you owe ouch. I mean,

475
00:22:35.880 --> 00:22:39.240
it's just kind of burning money and it can't would

476
00:22:39.279 --> 00:22:42.119
it really hurt you to pay attention? You know? I mean,

477
00:22:43.839 --> 00:22:46.680
you're saying now that they should have done that, And

478
00:22:46.720 --> 00:22:48.200
I was like, a duh, what.

479
00:22:48.359 --> 00:22:50.160
Just because they didn't want to reset the mortgage or something.

480
00:22:50.200 --> 00:22:53.480
That's a clue. And I'm not sure they know why

481
00:22:53.480 --> 00:22:56.480
they didn't do it. It's lazy. I didn't get around

482
00:22:56.480 --> 00:23:00.680
to it. You know, whatever hurts oil was two dollars

483
00:23:00.759 --> 00:23:04.200
last week to seventy five fifty. They keep. The excuse

484
00:23:04.319 --> 00:23:07.279
is the concern about the Middle East, and we're all

485
00:23:07.319 --> 00:23:11.119
concerned about the Middle East and making sure we'd all

486
00:23:11.160 --> 00:23:13.599
love to see peace in the Middle East. That's probably

487
00:23:13.599 --> 00:23:17.000
not gonna happen in your lifetime, Sebastian, and you're twenty two.

488
00:23:18.400 --> 00:23:19.960
I wouldn't even call it my kid's lifetime.

489
00:23:20.039 --> 00:23:22.079
No, probably not. I don't think peace in the Middle

490
00:23:22.119 --> 00:23:23.920
East is something as long as you have one group

491
00:23:23.960 --> 00:23:26.440
of people that wants to annihilate another group of people,

492
00:23:26.440 --> 00:23:29.880
it's gonna it's gonna go on. It's generational. You know,

493
00:23:29.960 --> 00:23:33.240
that's that's your job. What's your job, ametarist. You know,

494
00:23:33.279 --> 00:23:35.119
it's like the Taylor Swift thing. You heard about that

495
00:23:35.160 --> 00:23:37.480
and being that it's ridiculous. I mean, that's just scary

496
00:23:37.640 --> 00:23:39.319
that when you think about that, if you if you

497
00:23:39.359 --> 00:23:42.680
didn't pardon me, if you didn't hear about a google

498
00:23:42.680 --> 00:23:47.400
at Taylor Swift Vienna, there was really a plot that

499
00:23:47.640 --> 00:23:51.359
three teenage kids threw together that could have killed thousands

500
00:23:51.400 --> 00:23:52.160
of people.

501
00:23:52.039 --> 00:23:55.240
And why are they why are they attacking a place

502
00:23:55.559 --> 00:23:57.680
like that, and why are you picking on port Taylor.

503
00:23:58.319 --> 00:24:02.039
It's because because she's all about empowering empowering women, Dave.

504
00:24:02.079 --> 00:24:05.640
I guess yeah, that's the world that world likesided.

505
00:24:05.680 --> 00:24:09.559
People are gonna be still gonna pro Palaestine.

506
00:24:09.079 --> 00:24:11.039
Knowing that we're like a gold was unchanged on. The

507
00:24:11.039 --> 00:24:14.039
week finished at twenty four to twenty five. We've coming

508
00:24:14.079 --> 00:24:16.359
to the end of the first segment. Dylan's got a

509
00:24:16.400 --> 00:24:19.799
guest coming on a couple of segments. I'm actually looking

510
00:24:19.839 --> 00:24:22.039
forward to that. I think you'll enjoy it, starting off

511
00:24:22.079 --> 00:24:24.920
the second hour. We'll be back right after this break.

512
00:24:24.920 --> 00:24:25.599
Thanks for listening.

513
00:24:26.960 --> 00:24:29.359
Welcome back. You're listening to the Money Matters Show. Those

514
00:24:29.400 --> 00:24:31.640
of you just tuning in. I'm Dylan Greenberg, I'm Sebastian

515
00:24:31.680 --> 00:24:35.559
Borsini and Dave Sherwood. We have a guest coming on

516
00:24:36.119 --> 00:24:38.039
in the twenty four minute segment of the second hour,

517
00:24:38.119 --> 00:24:40.680
so that first long segment. His name is Brian Watson.

518
00:24:41.240 --> 00:24:46.279
He works with ROSE, which is Resource Outreach to safeguard

519
00:24:46.400 --> 00:24:49.039
the elderly and what they do, and he'll go into

520
00:24:49.079 --> 00:24:52.240
much more detail is talk about how elderly people are

521
00:24:52.240 --> 00:24:55.640
getting frauded all left and right. They're getting money scams

522
00:24:55.680 --> 00:24:57.799
and everything in their falling for him and having all

523
00:24:57.839 --> 00:25:00.640
these issues that they run into with them. So his

524
00:25:00.720 --> 00:25:03.200
company is trying to help them not get either get

525
00:25:03.240 --> 00:25:06.279
their money back, just try and not have it happen

526
00:25:06.319 --> 00:25:10.039
at all and all of that. So it's very timely

527
00:25:10.200 --> 00:25:12.400
in the sense that that's happening everywhere. Like we were talking

528
00:25:12.400 --> 00:25:14.240
about on the break, we see it all the time,

529
00:25:14.279 --> 00:25:16.319
but we are in this business, so we just can

530
00:25:16.400 --> 00:25:21.799
understand the difference. But they're pretty good. The scams, Oh,

531
00:25:21.799 --> 00:25:23.799
they're getting better and better every day they get They

532
00:25:23.839 --> 00:25:27.160
look real. So it's a good company to be helping

533
00:25:27.200 --> 00:25:30.200
people trying not to lose their money. The housekeeping thing

534
00:25:30.240 --> 00:25:32.119
that we're talking about in the first segment, Warren Buffett's

535
00:25:32.119 --> 00:25:36.079
average price is fifty four to twenty an Occidental petroleum.

536
00:25:36.720 --> 00:25:41.200
His average price, yes, fifty four to twenty, and what

537
00:25:41.279 --> 00:25:43.319
you're trading at like fifty eight bucks.

538
00:25:43.400 --> 00:25:45.240
So Sebastian is wrong.

539
00:25:46.480 --> 00:25:48.799
Yeah, I was wrong, But because we said thirty five,

540
00:25:48.839 --> 00:25:50.359
I thought that he was buying it a thirty five.

541
00:25:50.799 --> 00:25:53.160
He bought it like in the forties at the lowest.

542
00:25:53.160 --> 00:25:57.039
And then he's up roughly seven percent, So I think

543
00:25:57.039 --> 00:25:57.599
we're all wrong.

544
00:26:01.200 --> 00:26:03.440
Five years, eight years or whatever has been he had

545
00:26:03.680 --> 00:26:07.599
forever he held it. You know, the show is we

546
00:26:07.640 --> 00:26:09.799
spent a lot of time with education on the show,

547
00:26:10.319 --> 00:26:11.960
and every week, even though we've been on the air

548
00:26:12.000 --> 00:26:14.920
for thirty years, every week we get new listeners. We

549
00:26:15.000 --> 00:26:17.400
have younger people listening, know, have older people listening. I

550
00:26:17.480 --> 00:26:19.720
have people listening to say, look, gee, you know what

551
00:26:19.839 --> 00:26:22.759
is that? You know he used that term, what is that?

552
00:26:23.279 --> 00:26:28.160
So I was like, I was googling financial terms, right,

553
00:26:28.599 --> 00:26:31.960
and I came across this thing that there's seventy two

554
00:26:32.000 --> 00:26:36.519
stock market terms every investor should know. And before your

555
00:26:36.559 --> 00:26:39.400
eyes gloss over, I'm not going to read seventy two

556
00:26:39.839 --> 00:26:42.680
that's a lot terms. Is that amazing? But there were

557
00:26:42.720 --> 00:26:44.880
a few that I thought that we talk about from

558
00:26:44.920 --> 00:26:48.200
time to time that there are probably a good number

559
00:26:48.200 --> 00:26:51.480
of people that really don't know what they are and

560
00:26:51.480 --> 00:26:55.279
and don't be embarrassed ask we're here for that. Basis point.

561
00:26:55.759 --> 00:26:59.279
We use basis points a lot. Basis point. A basis

562
00:26:59.279 --> 00:27:05.559
point is one one hundredth of one of one of anything, right,

563
00:27:05.839 --> 00:27:07.720
So a basis point we use one hundred percent, so

564
00:27:08.559 --> 00:27:09.279
point one.

565
00:27:09.319 --> 00:27:12.000
So what's one hundred based basis points stave.

566
00:27:11.839 --> 00:27:15.039
One hundred basis points is one percent, yep yep so

567
00:27:15.400 --> 00:27:19.759
and uh a basis point is point zero one essentially,

568
00:27:20.000 --> 00:27:22.799
so it takes one hundred basis points to make one percent,

569
00:27:23.519 --> 00:27:26.240
with up two hundred basis points up two percent. Right.

570
00:27:27.319 --> 00:27:30.279
Another term we use a lot beta as a measure

571
00:27:30.319 --> 00:27:33.440
of volatility in relation to the market. A stock that

572
00:27:33.559 --> 00:27:38.839
has a beta of two is aggressive twice as volatile

573
00:27:38.880 --> 00:27:39.759
as the market. Right.

574
00:27:39.839 --> 00:27:42.599
And it's actually it corresponds with the S and P

575
00:27:42.680 --> 00:27:43.480
five hundred.

576
00:27:43.400 --> 00:27:47.240
Yeah, yeah, and it's a stock with a beta of

577
00:27:47.359 --> 00:27:53.200
point five would be conservative. Example would be Nvidia would

578
00:27:53.240 --> 00:27:56.559
have a beta over around two and Coca Cola would

579
00:27:56.559 --> 00:27:59.839
have a beta over around point five. So that's the

580
00:28:00.160 --> 00:28:01.279
is a beta.

581
00:28:01.480 --> 00:28:04.960
Yeah, And as a broad mart thing is, tech tends

582
00:28:05.000 --> 00:28:07.559
to have a higher beta, sure one, and then value

583
00:28:07.559 --> 00:28:08.599
stocks have a lower beta.

584
00:28:08.640 --> 00:28:10.799
And when you're putting together your portfolio, if you have

585
00:28:11.640 --> 00:28:14.680
a low tolerance for risk, your beta of your portfolio

586
00:28:14.720 --> 00:28:16.519
is going to be around point five points six point

587
00:28:16.519 --> 00:28:18.799
seven in there. If you have a high it could

588
00:28:18.799 --> 00:28:21.000
be as highest two percent. Deal and you talked about

589
00:28:21.039 --> 00:28:23.680
dollar cost averaging. That was one other thing that I

590
00:28:23.759 --> 00:28:27.160
was going to talk about margin, something you hear from

591
00:28:27.200 --> 00:28:31.799
time to time, essentially borrowing money to buy stock. That's

592
00:28:31.880 --> 00:28:35.960
what happened with the yen carry trade in Japan. These

593
00:28:36.000 --> 00:28:39.720
guys were all not only leveraged and not only along

594
00:28:39.839 --> 00:28:44.359
the short the yen long the dollar, but they were

595
00:28:44.559 --> 00:28:45.519
they were doing it.

596
00:28:45.440 --> 00:28:47.039
On margin ten to one.

597
00:28:47.160 --> 00:28:52.119
Huge. Yeah, it huge, hugely risky, but also hugely potentially

598
00:28:52.160 --> 00:28:57.400
profitable trade. Something else we talk about just a couple

599
00:28:57.400 --> 00:29:01.160
of them here, exchange traded funds ETF. You know, an

600
00:29:01.160 --> 00:29:04.559
ETF is a collection of stocks or bonds. It can

601
00:29:04.599 --> 00:29:08.799
be either one or a combination of the two in

602
00:29:08.880 --> 00:29:11.240
a single fund. They can be purchased or traded throughout

603
00:29:11.240 --> 00:29:13.599
the day. They're very much like a mutual fund, with

604
00:29:13.680 --> 00:29:16.880
the exception of their traded inter day, whereas the mutual

605
00:29:16.880 --> 00:29:18.599
fund is just priced once.

606
00:29:18.400 --> 00:29:19.799
A day at the end of the day.

607
00:29:19.920 --> 00:29:22.680
Yeah, and the last thing I thought was interesting is

608
00:29:22.920 --> 00:29:27.599
commission brokers versus fee brokers and commission accounts you pay

609
00:29:27.759 --> 00:29:30.279
per trade, and with a fee based account you just

610
00:29:30.279 --> 00:29:32.559
pay a quarterly fee based on the value of the account.

611
00:29:32.559 --> 00:29:36.079
We've always favored fee based accounts as we believe that

612
00:29:36.200 --> 00:29:40.240
structure better aligns the client and the money manager.

613
00:29:39.839 --> 00:29:42.920
And ultimately the industry has gone that way too. Most

614
00:29:43.119 --> 00:29:45.519
advisors out there should be phoebase at this point.

615
00:29:45.400 --> 00:29:48.839
I would argue that, really, yeah, it's shocking. I think

616
00:29:48.880 --> 00:29:50.960
if we were to google that, you might be surprised.

617
00:29:51.279 --> 00:29:53.400
I do not understand how.

618
00:29:53.279 --> 00:29:55.920
Anyone makes money on the brokers twenty twenty.

619
00:29:55.720 --> 00:29:59.680
Four could be a commission broker. I don't get it,

620
00:30:00.759 --> 00:30:02.480
especially when you have Schwab.

621
00:30:02.119 --> 00:30:05.000
And most of the brokers is that I've seen, Like

622
00:30:05.039 --> 00:30:07.960
when I was up in Minneapolis talking to different people

623
00:30:08.599 --> 00:30:11.799
a RBC's thing, it was like they do their brokers

624
00:30:11.799 --> 00:30:14.400
firms because they're bringing companies public and stuff like that.

625
00:30:14.640 --> 00:30:16.319
I didn't really talk to many people that were doing

626
00:30:16.359 --> 00:30:19.000
commission business in that sense. They have their brokers, they

627
00:30:19.039 --> 00:30:23.200
are the broker because they do that business or institutional

628
00:30:23.240 --> 00:30:25.880
stuff like that. Working on the other side, they're not

629
00:30:25.920 --> 00:30:28.400
necessarily working with retail investors doing commission.

630
00:30:28.440 --> 00:30:30.119
A couple of years ago, I was helping Dean with

631
00:30:30.880 --> 00:30:35.319
doing some recruiting and I was running into commission brokers

632
00:30:35.440 --> 00:30:38.440
all the time. Well, I was shocked. I really was shocked,

633
00:30:39.519 --> 00:30:42.960
because the fee things makes so much more sense.

634
00:30:42.920 --> 00:30:45.039
You know what, I feel like the feast side still

635
00:30:45.079 --> 00:30:47.039
has a commission in a sense. With a lot of

636
00:30:47.039 --> 00:30:52.319
companies charging a ton of money for financial plan, there

637
00:30:52.359 --> 00:30:54.400
is that it's kind of a commission in a sense.

638
00:30:54.720 --> 00:30:58.160
It's not obviously, but it's just seems like it goes

639
00:30:58.200 --> 00:31:02.119
that way because you're paying two grand before you do anything.

640
00:31:02.279 --> 00:31:05.240
We still have listeners taking advantage of our free financial plans.

641
00:31:05.279 --> 00:31:08.759
You guys are doing at least one or two every day,

642
00:31:08.880 --> 00:31:12.240
sometimes three or four every single day of the week.

643
00:31:12.720 --> 00:31:15.160
Yeah, we offer free because we're here to help and

644
00:31:15.200 --> 00:31:17.960
we just want We found that it's very beneficial to

645
00:31:18.000 --> 00:31:21.039
put all your financial life into one picture and then

646
00:31:21.079 --> 00:31:23.519
see the different scenarios that's been buzzing around your head

647
00:31:23.799 --> 00:31:26.359
for months, for years, see it out on a screen,

648
00:31:26.400 --> 00:31:29.400
and see it through a program that can kind of

649
00:31:29.440 --> 00:31:32.240
ease your mind. I mean, from all the financial plans

650
00:31:32.240 --> 00:31:33.640
we've done the last couple of years, we didn't really

651
00:31:33.640 --> 00:31:37.039
get a ton of calls. Got maybe two in those

652
00:31:37.079 --> 00:31:38.400
three days where the marks are down a couple of

653
00:31:38.400 --> 00:31:38.839
weeks ago.

654
00:31:39.599 --> 00:31:44.039
How you're saying calls from people who became clients.

655
00:31:43.720 --> 00:31:46.480
Calls from people who became clients to doing the financial plans.

656
00:31:46.720 --> 00:31:49.599
We didn't really get any calls of fear of what's

657
00:31:49.640 --> 00:31:53.079
going on, what's happening because the system, like the system

658
00:31:53.079 --> 00:31:55.279
that we've put in place, is that you do the

659
00:31:55.279 --> 00:31:57.359
financial plan, you find out what your risk tolerance is.

660
00:31:57.400 --> 00:32:00.000
We go through in depth how your account would look

661
00:32:00.079 --> 00:32:02.680
if you were to open a brokerage or a brokerage

662
00:32:02.680 --> 00:32:06.599
account or a retirement account here at Greenbrig Financial, and

663
00:32:07.119 --> 00:32:08.960
we sit there until we try and make sure that

664
00:32:09.000 --> 00:32:10.880
you understand everything that's going to go on inside of

665
00:32:10.880 --> 00:32:12.480
your account because we want you to know what you're

666
00:32:12.480 --> 00:32:15.160
invested in, how you're invested, why you're invested in, what

667
00:32:15.200 --> 00:32:18.279
you're in, because it's all based off that risk tolerance

668
00:32:18.279 --> 00:32:20.920
and your goals from the financial plan. So spending all

669
00:32:20.960 --> 00:32:23.039
that time, I mean they could be anywhere from two

670
00:32:23.039 --> 00:32:26.319
weeks to two months to longer to make them feel

671
00:32:26.319 --> 00:32:29.680
comfortable that they know what's going on with their plan

672
00:32:29.759 --> 00:32:32.559
that's going to be going through their retirement, so when

673
00:32:32.559 --> 00:32:35.920
they finally pull the trigger and open the account, they

674
00:32:35.960 --> 00:32:38.599
understand everything that's going on, so they're not so scared

675
00:32:38.640 --> 00:32:40.480
when a volatility happens.

676
00:32:40.640 --> 00:32:42.720
You understanding two weeks to two months, you're not keeping

677
00:32:42.759 --> 00:32:44.440
them in the office for two weeks to two months.

678
00:32:44.759 --> 00:32:45.960
No, we got a hotel over here.

679
00:32:46.000 --> 00:32:48.759
Yeah, we keep it's a question.

680
00:32:50.079 --> 00:32:51.960
No, no, but I mean it depends on the person.

681
00:32:51.960 --> 00:32:53.319
Some people want to move faster, some people.

682
00:32:53.440 --> 00:32:55.480
When you say two months to two weeks, what are

683
00:32:55.519 --> 00:32:56.319
you referring to the.

684
00:32:56.319 --> 00:32:58.680
Whole process from first meeting to opening an.

685
00:32:58.640 --> 00:33:01.519
Account media first meeting typically last about an hour.

686
00:33:01.680 --> 00:33:03.720
Yeah, both meetings do, and then the second meeting. So

687
00:33:03.799 --> 00:33:06.599
after the first meeting, the first meeting, we gather all

688
00:33:06.640 --> 00:33:09.960
your information, we create the financial plan. We go through

689
00:33:10.000 --> 00:33:13.319
whatever initial scenarios that you've been thinking about, whether it's

690
00:33:13.720 --> 00:33:16.359
what if I live long? What if what if inflation

691
00:33:16.480 --> 00:33:18.920
stays high? What if social Security gets cut? We can

692
00:33:18.960 --> 00:33:21.680
go through all those scenarios and how it would impact

693
00:33:21.920 --> 00:33:24.720
your plan, and we can see all the different things.

694
00:33:24.720 --> 00:33:26.279
We can see what happens if you start putting more

695
00:33:26.279 --> 00:33:28.119
money away in this account or that account? What's most

696
00:33:28.119 --> 00:33:32.119
tax efficient? Would roth conversions make sense for my plan?

697
00:33:32.480 --> 00:33:34.000
We can look at all that and that's what we

698
00:33:34.079 --> 00:33:36.359
usually do in the first plan. After that, we send

699
00:33:36.359 --> 00:33:38.279
you a risk tyle. On this questionnaire. It's pretty dynamics,

700
00:33:38.279 --> 00:33:41.480
like ten to fifteen questions that really tries to boil down.

701
00:33:41.480 --> 00:33:43.799
Which risk is from one to ninety nine, ninety nine

702
00:33:43.839 --> 00:33:46.880
being the most aggressive, one being least aggressive. You'll fall

703
00:33:47.000 --> 00:33:50.480
somewhere around there, and it all depends on how you

704
00:33:50.519 --> 00:33:53.039
answer the questions and how you view the markets and volatility.

705
00:33:53.039 --> 00:33:55.119
That's the main part of that. Once we get that,

706
00:33:55.160 --> 00:33:57.759
we have the second meeting, where it's the proposal meeting,

707
00:33:57.759 --> 00:34:00.160
in the sense that we're showing you our suggestion and

708
00:34:00.319 --> 00:34:02.000
our idea is what we talked about the first meeting.

709
00:34:02.000 --> 00:34:04.440
We bring it all to light where your income would

710
00:34:04.440 --> 00:34:06.680
be coming from, if you were to have a retirement

711
00:34:06.680 --> 00:34:09.159
account that you need to generate income, how your accounts

712
00:34:09.159 --> 00:34:10.719
would be invested, if you were to open an accoun

713
00:34:10.760 --> 00:34:14.360
at Greenberg Financial, and timing. When do you want to

714
00:34:14.400 --> 00:34:16.280
take the money? Do you want to take Social Security

715
00:34:16.320 --> 00:34:19.800
at sixty seven, seventy, sixty two, sixty five, any of that.

716
00:34:20.159 --> 00:34:24.199
All that is put into a presentation. We go over

717
00:34:24.239 --> 00:34:27.440
that and then from there it's just that's when it's

718
00:34:27.480 --> 00:34:30.039
all different. Timing. Some people are like, Okay, we understand

719
00:34:30.039 --> 00:34:32.440
it all, We're good, let's go. Other people take more

720
00:34:32.519 --> 00:34:34.920
time to want to be more comfortable.

721
00:34:35.000 --> 00:34:37.400
Yeah, six months obligation at all.

722
00:34:37.400 --> 00:34:39.400
It's no obligation, all of it's free, all of this

723
00:34:39.440 --> 00:34:41.679
for you to take home. It's just trying to make

724
00:34:41.679 --> 00:34:44.000
you feel comfortable about what's going on with your retirement life.

725
00:34:44.159 --> 00:34:46.639
Yeah. I've been in the business for decades and I've

726
00:34:46.679 --> 00:34:50.679
never seen anything like this in terms of the number

727
00:34:50.760 --> 00:34:53.440
of people that are interested. Because most people do not

728
00:34:53.559 --> 00:34:56.920
have a financial plan and aren't really wild about laying

729
00:34:56.920 --> 00:35:00.760
out two, three, four thousand dollars to get one. What's

730
00:35:00.840 --> 00:35:04.559
the incentive? So I think the thing that comes to

731
00:35:04.559 --> 00:35:08.000
my mind, Dylan, is as busy as you guys are

732
00:35:08.199 --> 00:35:12.760
in early August, when in theory, anyone who can be

733
00:35:12.880 --> 00:35:16.159
somewhere else is somewhere else. I can't imagine what it's

734
00:35:16.199 --> 00:35:18.239
gonna be like in October November. So if you're out

735
00:35:18.239 --> 00:35:23.400
there listening and you have any inklean about getting a

736
00:35:23.440 --> 00:35:26.119
financial plan, having the guys look at your financial plan,

737
00:35:26.760 --> 00:35:29.760
risk question that sort of thing, it now is a

738
00:35:29.760 --> 00:35:32.280
pretty darn good time to come here because it isn't

739
00:35:32.320 --> 00:35:36.119
going to get any choieter that is now, and I

740
00:35:36.119 --> 00:35:39.159
promise you it's not quiet now. But what comes to

741
00:35:39.199 --> 00:35:42.400
the end of the second segment. We appreciate your listening

742
00:35:42.400 --> 00:35:45.400
to us on this Sunday morning, and the Three Musketeers

743
00:35:45.400 --> 00:35:46.840
are here to bring you the rest of the show.

744
00:35:46.880 --> 00:35:48.880
We'll be back right after this break.

745
00:35:49.280 --> 00:35:51.039
Welcome back to the Money Matter Show. My name is

746
00:35:51.039 --> 00:35:54.320
Sebastian Borsini. I'm here with David Sherwood and Dylan Greenberg.

747
00:35:55.440 --> 00:35:57.800
Now we're talking about like what's going on everything with

748
00:35:58.639 --> 00:36:00.239
those three days where the markets are on it, and

749
00:36:00.320 --> 00:36:01.960
it just had a lot of questions about are we

750
00:36:02.000 --> 00:36:04.239
having a recession, are we in the recession right now?

751
00:36:04.320 --> 00:36:06.119
Is this the downturn that we're going to see forever?

752
00:36:06.760 --> 00:36:08.400
And then it came back on the rest of the

753
00:36:08.400 --> 00:36:10.239
week last week, so it really I mean the SMP

754
00:36:10.280 --> 00:36:11.039
five hundred was.

755
00:36:11.000 --> 00:36:13.000
Flat, totally flat, yeah.

756
00:36:12.960 --> 00:36:15.280
Monday, which never would have thought it dropped over two percent.

757
00:36:16.039 --> 00:36:19.400
I will say, I mean we different industries see different things.

758
00:36:19.840 --> 00:36:22.719
And I was looking at this article talking about the

759
00:36:22.719 --> 00:36:28.199
shipping industry. Marsk. Is that how you say the shipping giant? Yes, yeah, Marsk.

760
00:36:28.519 --> 00:36:31.400
They're saying they're not seeing a recession according to their

761
00:36:31.920 --> 00:36:36.519
how they do business. They're seeing shipping frights. All that

762
00:36:36.639 --> 00:36:39.119
is very resilient, has been resilient for the last two years.

763
00:36:39.559 --> 00:36:43.920
So they're not seeing really any recessions fears yet in

764
00:36:44.000 --> 00:36:48.440
their business, which they're a global barometer for recessions and

765
00:36:48.760 --> 00:36:51.159
business and how well the globe is doing with all

766
00:36:51.159 --> 00:36:52.000
the trade and everything.

767
00:36:52.519 --> 00:36:55.360
I think your dad mentioned it. Restaurants are seeing some

768
00:36:55.440 --> 00:36:57.400
slowing and I would agree with that. I when I

769
00:36:57.440 --> 00:36:59.280
go to different restaurants, I can see it's slowing a

770
00:36:59.320 --> 00:37:03.400
little bit there. That's kind of the ultimate discretionary dollar,

771
00:37:03.559 --> 00:37:04.280
unless you're me.

772
00:37:05.360 --> 00:37:10.440
Yeah, right, so, I mean, you know, on the larger side,

773
00:37:10.599 --> 00:37:12.519
maybe they haven't seen it yet, it hasn't hit them,

774
00:37:12.559 --> 00:37:16.320
but yeah, definitely at the personal level, Yeah, the restaurants

775
00:37:16.320 --> 00:37:18.840
are getting expensive, so people aren't going out as much.

776
00:37:18.840 --> 00:37:20.559
I mean, I was reading this other article on credit

777
00:37:20.559 --> 00:37:24.000
card debt. The average balance is now sixty three hundred dollars,

778
00:37:24.159 --> 00:37:26.440
which is up four and a half percent from last year.

779
00:37:26.519 --> 00:37:30.039
At this time, collectively, American zero one point one four

780
00:37:30.079 --> 00:37:32.159
trillion on their credit cards, which is a record high,

781
00:37:32.199 --> 00:37:35.079
which we've continue to hit record highs just because there's

782
00:37:35.119 --> 00:37:36.960
more spending. Inflation is a reason for that.

783
00:37:37.199 --> 00:37:39.199
About one thirtieth of what the government has on their

784
00:37:39.199 --> 00:37:39.639
credit card.

785
00:37:39.880 --> 00:37:41.920
Yeah, it's just about I think they got a little more.

786
00:37:43.239 --> 00:37:45.400
And then since twenty twenty one, I mean, credit card

787
00:37:45.440 --> 00:37:48.719
balances have increased by forty eight percent, so we're seeing

788
00:37:48.719 --> 00:37:52.079
the credit card balance is still be an issue. It's

789
00:37:52.079 --> 00:37:54.840
getting harder to pay off because people are draining their savings.

790
00:37:54.840 --> 00:37:56.440
They don't have as much savings, but they still need

791
00:37:56.480 --> 00:37:59.719
savings for emergencies that come out of nowhere. But there's

792
00:37:59.719 --> 00:38:03.800
more credit card maxie now is that's transusing TransUnion is seen.

793
00:38:04.280 --> 00:38:06.440
So that's still an issue and that's probably why they're

794
00:38:06.480 --> 00:38:08.599
not going to spurts on restaurants, because it's not cheap

795
00:38:08.639 --> 00:38:10.559
to go to a restaurant anymore. I mean, and or

796
00:38:10.880 --> 00:38:14.400
just entertainment. Callaways reevaluating Top Golf. They bought Top Golf

797
00:38:14.440 --> 00:38:17.360
a few years ago. Their Top Golf sales declined eight

798
00:38:17.360 --> 00:38:20.599
percent last year, so callaways in they're wondering why what's

799
00:38:20.639 --> 00:38:22.280
going on, And it's because it's expensive.

800
00:38:22.400 --> 00:38:24.639
And unfortunately it's not even the company's fault. I mean,

801
00:38:24.719 --> 00:38:26.159
it can be if you really think about.

802
00:38:25.960 --> 00:38:27.840
It, the fault they make the prices.

803
00:38:27.920 --> 00:38:30.679
Okay, but how can I afford to pay this employee

804
00:38:30.679 --> 00:38:35.719
this much and not increase my margin On the other side, Yeah, it's.

805
00:38:35.599 --> 00:38:38.400
Also like your the bay you rent for it's like

806
00:38:38.440 --> 00:38:40.840
all night. You're not going to do that much. You're

807
00:38:40.840 --> 00:38:44.159
thinking about maybe once a year we pay the top

808
00:38:44.199 --> 00:38:46.639
golf is just expensive. Yeah, and that's why it's hurting.

809
00:38:46.880 --> 00:38:50.360
That's just what we talked earlier about the refinance boom

810
00:38:51.159 --> 00:38:53.440
that happened within the last couple of weeks with interest

811
00:38:53.519 --> 00:38:56.760
rates just coming down a little bit. Dave Hand, who

812
00:38:56.760 --> 00:38:59.320
owns All American Landing, who has an office next to us,

813
00:38:59.360 --> 00:39:02.400
he predicted six months ago. He said, what's going to

814
00:39:02.440 --> 00:39:04.320
happen is people are going to get their credit card

815
00:39:04.519 --> 00:39:08.039
bills up to where they can't take it anymore, and

816
00:39:08.079 --> 00:39:10.599
they're going to use their house as equity and refinance.

817
00:39:10.800 --> 00:39:13.000
I think there's a big part of that because why

818
00:39:13.039 --> 00:39:16.840
would you now, you know, four years after interest rates

819
00:39:16.880 --> 00:39:19.840
were zero, why would you pick now to refinance right

820
00:39:20.159 --> 00:39:21.039
unless you had to.

821
00:39:21.119 --> 00:39:23.719
When you're thinking that this downward pressure is coming about.

822
00:39:23.840 --> 00:39:25.760
People they can handle the six and a half interest

823
00:39:25.840 --> 00:39:28.039
rate like refinance even though they had a five percent

824
00:39:28.079 --> 00:39:29.679
They can still handle that monthly payment. But they got

825
00:39:29.719 --> 00:39:31.480
to get rid of the credit card desk half.

826
00:39:31.639 --> 00:39:33.800
Twenty right instead of twenty exactly.

827
00:39:33.800 --> 00:39:35.280
Even higher twenty five percent.

828
00:39:35.880 --> 00:39:38.000
There has to be a silver lining within it, right,

829
00:39:38.480 --> 00:39:38.920
I think so?

830
00:39:39.119 --> 00:39:40.360
Or they just made a rash decision.

831
00:39:40.840 --> 00:39:42.760
Yeah, I saw an interesting I know you guys love

832
00:39:42.840 --> 00:39:44.239
when I talk about electric vehicles.

833
00:39:44.360 --> 00:39:44.800
I love it.

834
00:39:44.880 --> 00:39:47.079
I thought, oh my god, it's been so long since

835
00:39:47.079 --> 00:39:48.239
the EV garage were back.

836
00:39:48.360 --> 00:39:50.480
Well, I can't bring the EV garage because I get

837
00:39:50.519 --> 00:39:53.119
chast tags every time I every time I call it that.

838
00:39:53.639 --> 00:39:57.239
I'll just have little TV snippets from time.

839
00:39:56.679 --> 00:39:58.840
There we go, spread it out between the whole show.

840
00:39:59.039 --> 00:40:02.920
Get this. Electric vehicles, including the various hybrid models, now

841
00:40:02.960 --> 00:40:07.079
account for more than fifty percent of Chinese new car sales.

842
00:40:07.199 --> 00:40:10.760
Whoa more than fifty percent first seven history. In the US,

843
00:40:10.800 --> 00:40:13.239
it's about eighteen percent. Now, I understand China with the

844
00:40:13.320 --> 00:40:15.639
pollution issues, why you might be drawn.

845
00:40:15.440 --> 00:40:17.360
Towards that of new car sales.

846
00:40:17.360 --> 00:40:19.840
You're saying eighteen percent of new car sales are all

847
00:40:19.880 --> 00:40:24.519
electric or hybrid. Interesting number. From twenty twenty through twenty

848
00:40:24.559 --> 00:40:28.360
twenty three, twenty twenty one to two to four years. Right.

849
00:40:28.880 --> 00:40:33.280
In that four year period, sales of internal combustion engine

850
00:40:33.400 --> 00:40:37.079
vehicles declined by nineteen percent. In that four year period

851
00:40:37.119 --> 00:40:41.360
declined by nineteen percent, sales of hybrids up two hundred

852
00:40:41.400 --> 00:40:44.639
and thirteen percent in that same period. Sale of electric

853
00:40:44.719 --> 00:40:48.960
vehicles up four hundred percent in that same period.

854
00:40:49.679 --> 00:40:51.320
You go from zero to one to four.

855
00:40:51.400 --> 00:40:53.159
No, I get that, it's the number. Say I get that.

856
00:40:53.400 --> 00:40:55.599
I get that, you know, but also twenty two to

857
00:40:55.599 --> 00:40:56.599
one hundred percent. I get that.

858
00:40:56.679 --> 00:40:59.039
Yeah, But also I mean think about China, how a

859
00:40:59.079 --> 00:41:01.360
lot of their cities are very dense and close together

860
00:41:01.800 --> 00:41:03.719
and probably easier to charge the probably have more of

861
00:41:03.719 --> 00:41:06.320
the infrastructure because it's just that way. They're the more

862
00:41:06.639 --> 00:41:09.880
apartment buildings at all, would be my thought. More dense.

863
00:41:10.079 --> 00:41:11.760
You get to the US. We're on the West coast.

864
00:41:12.039 --> 00:41:13.760
It takes a long time to drive places if you're

865
00:41:13.800 --> 00:41:15.280
on the highway. That's why a lot of people in

866
00:41:15.280 --> 00:41:18.000
the West Coast don't necessarily want electric cars unless you

867
00:41:18.000 --> 00:41:18.679
have multiple cars.

868
00:41:18.679 --> 00:41:20.360
I'll tell you, I see a lot more electric cars

869
00:41:20.320 --> 00:41:22.719
down the West Coast than I did in Louville.

870
00:41:23.679 --> 00:41:26.199
Well, okay, Louis it's the same way. Yeah, it's spread out.

871
00:41:26.320 --> 00:41:29.119
Kentucky's spread out. You're going to la it's more dense.

872
00:41:29.159 --> 00:41:32.480
They have more often infrastructure. But like, that's what I'm thinking.

873
00:41:32.559 --> 00:41:35.159
China has more opportunity to put the infrastructure up quicker

874
00:41:35.519 --> 00:41:39.159
you Wyoming, North Dakota, Montana. It's hard to put good

875
00:41:39.239 --> 00:41:42.960
electric infrastructure in quickly for people.

876
00:41:43.119 --> 00:41:43.599
I guess to it.

877
00:41:43.599 --> 00:41:45.880
That's why I think it's not so popular in the US.

878
00:41:46.079 --> 00:41:48.480
We're big, we're spread out, We're not so dense like

879
00:41:48.559 --> 00:41:50.320
Europe and everything and Asia.

880
00:41:50.920 --> 00:41:54.960
The bottom line is, in twenty twenty four there will

881
00:41:55.039 --> 00:41:59.559
be more hybrid and all electric car sales than there

882
00:41:59.559 --> 00:42:02.119
were in only twenty three. So if you're thinking that

883
00:42:02.199 --> 00:42:04.039
whole thing's falling apart and you wish it would just

884
00:42:04.079 --> 00:42:07.079
go away, it's not gonna happen. It's gonna keep coming.

885
00:42:07.639 --> 00:42:10.119
And guess what. China's got fifty percent of their cars

886
00:42:10.119 --> 00:42:12.960
that are either electric vehicles or hybrids and their power

887
00:42:13.000 --> 00:42:15.440
grid is still running. What ideo you.

888
00:42:15.400 --> 00:42:20.559
Know the charge points? Yeah, charger over at then Kintata Mal.

889
00:42:20.480 --> 00:42:22.199
There's a couple of different chargers. Yeah, charge point.

890
00:42:22.440 --> 00:42:24.800
That one is a type? Which one at the Cantata Mall.

891
00:42:25.039 --> 00:42:26.400
Well Ona is Tesla.

892
00:42:26.599 --> 00:42:28.480
No, Well, they have the Tesla ones, but there's also

893
00:42:28.519 --> 00:42:30.679
a parking lot where they have the shade.

894
00:42:30.760 --> 00:42:32.719
Right that pretty area where they've got charge They.

895
00:42:32.639 --> 00:42:34.599
Only have one or two, right, but I'm pretty sure

896
00:42:34.599 --> 00:42:37.480
that they're the Level one chargers, and I'm daing sure

897
00:42:37.480 --> 00:42:40.119
that nobody ever uses them because it takes however long.

898
00:42:40.159 --> 00:42:43.159
You've said, well, I have to be a level two. Well, anyways,

899
00:42:43.239 --> 00:42:44.840
I was what I was trying to get it at was.

900
00:42:44.880 --> 00:42:47.559
I was mad because I couldn't find a parking spot

901
00:42:47.920 --> 00:42:50.239
in cantatam all the other day, and I knew that

902
00:42:50.440 --> 00:42:53.400
was a Type one charger and it was gonna take forever,

903
00:42:53.519 --> 00:42:56.079
and I almost just ended up taking it. But I

904
00:42:56.079 --> 00:42:57.400
don't know. It's just a little funny story.

905
00:42:57.599 --> 00:43:00.440
Level one is plugging it into the wall. It takes forever, right.

906
00:43:00.559 --> 00:43:03.760
Level two is what you hit my home charger. It

907
00:43:03.800 --> 00:43:06.840
recharges my vehicle as I sleep, right, I pull and

908
00:43:06.840 --> 00:43:11.199
then people say, well boy, that's no Friday night I

909
00:43:11.239 --> 00:43:14.159
plug it in because I use the car a lot

910
00:43:14.239 --> 00:43:16.639
on the weekend, and on Sunday night I plug it

911
00:43:16.679 --> 00:43:20.039
in again. That's it. Oh wow, that's it. And uh

912
00:43:20.159 --> 00:43:23.159
it has a feature that the in the cabin of

913
00:43:23.559 --> 00:43:25.800
the car never gets above eighty five degrees.

914
00:43:25.880 --> 00:43:28.159
All right, So just uh, I just want to tell

915
00:43:28.199 --> 00:43:30.159
in Katata, mall get rid of the type one charger.

916
00:43:30.559 --> 00:43:32.280
Make it a parking spot again, because you have the

917
00:43:32.280 --> 00:43:32.880
test chargers.

918
00:43:32.920 --> 00:43:35.519
Now the charge point. What what store are they near?

919
00:43:36.079 --> 00:43:38.400
They're kind of on the back by lou Lemon. Maybe

920
00:43:38.440 --> 00:43:40.519
if you're parking behind the raw Sushi.

921
00:43:40.159 --> 00:43:42.280
Because there's that whole roll of Tesla chargers.

922
00:43:42.559 --> 00:43:45.960
Yes, that's not where though, it's right behind the wall,

923
00:43:46.599 --> 00:43:48.000
kind of close to Firebirds.

924
00:43:48.079 --> 00:43:50.559
And I say, every every Saturday I go, I dropped

925
00:43:50.599 --> 00:43:54.320
my wife a sandwich off at work and in linkintatam all,

926
00:43:54.760 --> 00:43:57.960
and then I drive out and every Saturday all almost

927
00:43:58.000 --> 00:44:01.360
all of those chargers are busy, those Tesla chargers. There

928
00:44:01.440 --> 00:44:03.679
must be ten or twelve of them there, and they're

929
00:44:03.679 --> 00:44:06.519
almost all busy. And I think to myself, what a

930
00:44:06.639 --> 00:44:08.800
nightmare that would be to have to do that. I

931
00:44:08.840 --> 00:44:11.239
have a home charger, and I don't think you would

932
00:44:11.239 --> 00:44:13.920
want an electric car unless you had a home charger,

933
00:44:14.280 --> 00:44:18.760
because the public charging is just a hassle because it

934
00:44:18.800 --> 00:44:20.800
does take a long time to half an hour, forty

935
00:44:20.840 --> 00:44:23.480
five minutes, you know, to get it up to charge.

936
00:44:23.760 --> 00:44:26.840
There's quite a learning curve, honestly, with electric vehicles. It

937
00:44:26.880 --> 00:44:28.559
seems like I learned. I've had it a year, and

938
00:44:28.679 --> 00:44:31.639
it seems like I learned something new every day. It's

939
00:44:31.679 --> 00:44:34.079
a three year lease. If the lease were up tomorrow,

940
00:44:34.239 --> 00:44:40.519
would I get another electric vehicle? Probably sixty forty? Yes, okay,

941
00:44:40.719 --> 00:44:44.400
but I'm not, oh, absolutely, because the range is a problem.

942
00:44:44.920 --> 00:44:49.360
The range is a problem only because I have a

943
00:44:49.400 --> 00:44:51.199
wife who doesn't want to sit and cast a grand

944
00:44:51.239 --> 00:44:53.960
for half an hour? Well we charge, or in Dateland

945
00:44:54.000 --> 00:44:55.320
for half an hour, Well we charge?

946
00:44:55.360 --> 00:44:55.920
Who does?

947
00:44:56.280 --> 00:44:59.159
Yeah? Yeah? Well I guess from what I hear the

948
00:44:59.199 --> 00:45:02.639
dayline Shakespeare, I get pretty darn good. So maybe you

949
00:45:02.679 --> 00:45:04.360
do want an excuse to go to Dyland.

950
00:45:04.599 --> 00:45:09.679
Not familiar? Remember what happened to CrowdStrike? Their a little outage? Yes, right,

951
00:45:09.719 --> 00:45:13.480
so they're denying responsibility for Delta. Delta's thousands of flights

952
00:45:13.519 --> 00:45:19.760
cancelations last month on Sunday, they came out and rejected.

953
00:45:20.440 --> 00:45:22.679
They came out and said the Delta Airlines rejected the

954
00:45:22.760 --> 00:45:25.639
online or on site help. So CrowdStrike was trying to

955
00:45:25.639 --> 00:45:28.960
go to whatever airports and help these help Delta, but

956
00:45:29.000 --> 00:45:32.199
for whatever reason Delta said no, don't come. They ended

957
00:45:32.320 --> 00:45:35.239
up canceling more than five thousand flights. This is going

958
00:45:35.320 --> 00:45:38.199
to be about a five hundred million dollar lawsuit against them.

959
00:45:38.280 --> 00:45:41.119
And Microsoft is the one that came out because they're

960
00:45:41.159 --> 00:45:44.360
suing both CrowdStrike and Microsoft. Microsoft the one that came

961
00:45:44.360 --> 00:45:46.559
out and said, hey, we tried for four days to

962
00:45:46.639 --> 00:45:50.079
say to offer help, and they they did not return

963
00:45:50.119 --> 00:45:51.760
our calls. They didn't want to help.

964
00:45:52.079 --> 00:45:52.760
It's so weird.

965
00:45:52.840 --> 00:45:54.880
So's it's just it's so weird, and.

966
00:45:55.440 --> 00:45:57.360
That's interesting how they wanted to know help from either

967
00:45:57.400 --> 00:45:58.079
of them.

968
00:45:58.400 --> 00:46:01.280
He Now, you young guys might know this. Uber down

969
00:46:01.320 --> 00:46:04.159
five percent this year, but they opened on Tuesday higher

970
00:46:04.199 --> 00:46:08.599
after reporting this strong quarter. Lift down eighteen percent on

971
00:46:08.679 --> 00:46:11.280
Wednesday after they reported a lousy quarter.

972
00:46:11.519 --> 00:46:13.880
I don't know, you know Lift and Uber.

973
00:46:13.920 --> 00:46:18.800
I mean Uber delivers food and things of that nature, right,

974
00:46:18.880 --> 00:46:21.239
maybe that could be it Lift does not Lift is

975
00:46:21.400 --> 00:46:22.159
just people, right.

976
00:46:22.239 --> 00:46:23.079
I mean Uber.

977
00:46:22.920 --> 00:46:24.920
Eats is a huge no as far as I know.

978
00:46:25.000 --> 00:46:26.039
Lyft doesn't.

979
00:46:26.079 --> 00:46:27.280
They're just taxing space.

980
00:46:27.400 --> 00:46:29.360
But Uber reach is pretty popular and you see it

981
00:46:29.400 --> 00:46:32.039
around quite a bit. Maybe that's the difference the ones.

982
00:46:32.320 --> 00:46:34.760
Maybe they're marchin Baller and the other ones. That's all

983
00:46:34.800 --> 00:46:37.079
and everything, and they have a package service to where

984
00:46:37.079 --> 00:46:38.280
they run packages around.

985
00:46:38.400 --> 00:46:41.920
So maybe that's the biggest difference as to why diversification. Yeah. Also,

986
00:46:41.960 --> 00:46:44.639
I mean when you're thinking of a taxi like that

987
00:46:44.679 --> 00:46:46.559
you just say Uber. I'm gonna go Uber, Like I'm

988
00:46:46.559 --> 00:46:48.559
a Google list which might not use it my thing

989
00:46:48.639 --> 00:46:51.480
or something, but I'm gonna google it. So maybe people

990
00:46:51.559 --> 00:46:52.440
just use Uber more.

991
00:46:53.079 --> 00:46:53.880
Oh, it could be.

992
00:46:54.000 --> 00:46:56.360
I've always found that lift ends up being cheaper, so

993
00:46:56.440 --> 00:46:58.840
that's typically what I use. I have boats, so I

994
00:46:58.920 --> 00:47:02.360
checked both. But I do think you're on something there

995
00:47:02.400 --> 00:47:05.360
with the Uber eats food for limery services.

996
00:47:05.519 --> 00:47:08.639
I've actually, I've actually, every time I've needed a ride,

997
00:47:08.880 --> 00:47:14.199
I've viewed Uber both times, and both times both times.

998
00:47:15.440 --> 00:47:17.719
I'm not exactly an expert. I don't drink, so I

999
00:47:17.719 --> 00:47:19.679
don't need to ride home, you know, and I don't

1000
00:47:19.679 --> 00:47:22.639
go anywhere. So yeah, that's where I am. So we

1001
00:47:22.679 --> 00:47:24.679
appreciate you joining us. We're coming to the end of

1002
00:47:24.679 --> 00:47:27.719
the first hour. We're looking forward to having a guest

1003
00:47:27.800 --> 00:47:30.599
in the second hour, and I think it'll be very interesting,

1004
00:47:30.639 --> 00:47:33.079
So stay tuned. We'll see you right after the break.

1005
00:47:33.800 --> 00:47:36.320
Welcome back to the second hour of the Money Matters Show.

1006
00:47:36.360 --> 00:47:38.199
For those of you tuning in, I'm Dylan Greenberg. I'm

1007
00:47:38.239 --> 00:47:40.840
here with Dave Sherwood and Sebastian Borsini, and we have

1008
00:47:40.880 --> 00:47:43.239
a guest for this segment. His name is Brian Watson.

1009
00:47:43.239 --> 00:47:46.559
He is with ROSE, which is stands for Resource Outreach

1010
00:47:46.679 --> 00:47:49.039
to Safeguard the Elderly, and he'll be going to the

1011
00:47:49.039 --> 00:47:51.599
depth about everything they do, how they held the elderly

1012
00:47:51.639 --> 00:47:54.519
from financial scams and fraud and all of that different things.

1013
00:47:54.559 --> 00:47:57.239
It's becoming more prevalent nowadays with all the Internet. But

1014
00:47:57.280 --> 00:47:59.760
before we get that for those tuning in them. Dow

1015
00:47:59.920 --> 00:48:01.880
was down point six percent for the week. The S

1016
00:48:01.920 --> 00:48:04.400
and P five hundred was flat, the Nasdaq was down

1017
00:48:04.400 --> 00:48:06.960
point two percent, the Russell two thousand was down one

1018
00:48:06.960 --> 00:48:09.719
point two percent, and the RSP, which is the equal

1019
00:48:09.719 --> 00:48:12.239
way to SMP five hundred, was down point one percent,

1020
00:48:12.639 --> 00:48:15.440
which is not too bad after Monday's the bacle.

1021
00:48:15.800 --> 00:48:18.239
And I think the most interesting part about the week

1022
00:48:18.400 --> 00:48:21.480
was the SMP five hundred had its best day in

1023
00:48:21.519 --> 00:48:24.039
two years and its worst day in two year in

1024
00:48:24.079 --> 00:48:24.639
the same week.

1025
00:48:24.760 --> 00:48:27.840
Yeah, so for the month, I mean really it started

1026
00:48:28.400 --> 00:48:31.800
on Thursday, where on two thursdays ago where they just dropped.

1027
00:48:32.159 --> 00:48:34.360
So everything's down for the month because it was August

1028
00:48:34.440 --> 00:48:35.400
second and third.

1029
00:48:35.400 --> 00:48:38.239
The three percent dropping the first two days of August, right.

1030
00:48:38.360 --> 00:48:40.440
I mean, yeah, the Nasdaq is down five percent, the

1031
00:48:40.519 --> 00:48:44.480
Russell two thousands down eight percent, rsp's down three, smps

1032
00:48:44.519 --> 00:48:46.480
down three point two and then downs down three and

1033
00:48:46.519 --> 00:48:48.199
a half. So it's not a great start with August.

1034
00:48:48.239 --> 00:48:50.239
But we did have a little rally at the end

1035
00:48:50.239 --> 00:48:52.440
of last week, so that was nice to see. You're

1036
00:48:52.480 --> 00:48:54.960
to date. We're still doing well though, so it's mark

1037
00:48:55.039 --> 00:48:57.440
is still up twelve percent for the year, Downs up

1038
00:48:57.480 --> 00:49:01.639
five percent, nasdak's up twelve percent, the Russell two thousands

1039
00:49:01.719 --> 00:49:03.760
up three percent of the equal way to SMP's up

1040
00:49:03.800 --> 00:49:04.280
six percent.

1041
00:49:04.679 --> 00:49:06.639
Russell two thousand had caught up with the s and

1042
00:49:06.639 --> 00:49:09.039
P five hundred a week ago and now it's.

1043
00:49:08.639 --> 00:49:10.800
Well, that's why it's the vault behind it, right, I

1044
00:49:10.800 --> 00:49:14.079
mean that's why it is the Vautle Index small caps,

1045
00:49:14.320 --> 00:49:17.400
so they do move a lot more. But we're going

1046
00:49:17.440 --> 00:49:19.480
to move on to Brian Watson.

1047
00:49:19.639 --> 00:49:21.400
Welcome Brian, thanks for having me.

1048
00:49:21.639 --> 00:49:23.639
Yeah, thanks for being on the show. It's what you

1049
00:49:23.639 --> 00:49:25.920
guys do is great with how to try and help

1050
00:49:26.159 --> 00:49:28.760
older people just not get scammed nowadays. I mean all

1051
00:49:28.800 --> 00:49:31.719
those emails we get, I get docusiged emails three times

1052
00:49:31.760 --> 00:49:33.320
a week telling me about all this stuff that we

1053
00:49:33.360 --> 00:49:36.599
do for our business. For me personally. And as we know,

1054
00:49:36.599 --> 00:49:38.559
because we get all these emails talking about do not

1055
00:49:38.599 --> 00:49:41.639
open this stuff from our business, we understand it, but

1056
00:49:41.679 --> 00:49:43.599
I mean it's very it's easy to fall for.

1057
00:49:43.880 --> 00:49:46.079
They're right. The scammers are way better than they used

1058
00:49:46.079 --> 00:49:50.199
to be. They're sophisticated, they're organized, they're organized criminal gangs

1059
00:49:50.239 --> 00:49:53.039
at this point. You know, when I first started, when

1060
00:49:53.159 --> 00:49:55.239
I was a special agent for the IRS for twenty

1061
00:49:55.239 --> 00:49:58.199
eight years, and when I do public presentations for this

1062
00:49:58.360 --> 00:50:01.480
nonprofit rose, I like show people a picture of me

1063
00:50:01.559 --> 00:50:04.039
from twenty years ago. Well one, I had no gray hair,

1064
00:50:04.079 --> 00:50:06.400
and people get a chuckle out of that. But number two,

1065
00:50:06.519 --> 00:50:09.119
twenty years ago, scammers were not very good. They were

1066
00:50:09.119 --> 00:50:11.719
few and far between. They were easy to spot. And

1067
00:50:11.719 --> 00:50:14.280
then nowadays we all are carrying this cell phone in

1068
00:50:14.320 --> 00:50:17.480
our pocket which is a portal to our finances and

1069
00:50:17.519 --> 00:50:18.519
our personal information.

1070
00:50:19.840 --> 00:50:21.800
Yeah, and it makes it a lot easier. And it's

1071
00:50:21.840 --> 00:50:24.920
the Internet as a whole has become way more connected.

1072
00:50:24.920 --> 00:50:28.280
Well, and they're texting too. Get these scams, texting scams

1073
00:50:28.280 --> 00:50:30.960
and they're so thank you for your order, you know,

1074
00:50:31.000 --> 00:50:32.760
And that's a new one.

1075
00:50:32.639 --> 00:50:35.880
Right click where they get access and you going waste second.

1076
00:50:35.920 --> 00:50:37.920
I didn't order anything to these people. I gotta check this.

1077
00:50:37.920 --> 00:50:40.239
Out well, and that's they want you to bite. Of course,

1078
00:50:40.679 --> 00:50:43.480
we do something. We have an infographic that we use

1079
00:50:43.719 --> 00:50:47.280
and it's called Anatomy of a scam, and it's three parts.

1080
00:50:47.280 --> 00:50:49.480
The first thing, you get contacted out of the blue,

1081
00:50:49.920 --> 00:50:52.880
like you said, it could be text, message, phone, it

1082
00:50:52.880 --> 00:50:55.280
could be email, social media. And then they give you

1083
00:50:55.320 --> 00:50:58.639
a compelling reason to act you just ordered something, or

1084
00:50:58.679 --> 00:51:01.480
your grandkids in jail where your Social Security has been

1085
00:51:01.480 --> 00:51:03.800
shut off, something like that. And then they don't leave

1086
00:51:03.840 --> 00:51:05.960
it there. They always ask for money and they want

1087
00:51:05.960 --> 00:51:08.840
it now. That's the urgency, is the overarching theme. But

1088
00:51:09.000 --> 00:51:11.280
so many of these scams are easy to spot if

1089
00:51:11.280 --> 00:51:14.159
you just think of that Anatomy of a scam three parts,

1090
00:51:14.440 --> 00:51:16.199
because they want you to make a quick decision.

1091
00:51:16.440 --> 00:51:19.199
Yeah, I mean I remember, like Snapchat, there's scams going

1092
00:51:19.199 --> 00:51:21.000
on there all the time. I got hacked a couple

1093
00:51:20.960 --> 00:51:23.400
of years ago, and it's sent a message out to

1094
00:51:23.679 --> 00:51:26.920
all my friends on Snapchat saying, Hey, I'm broken down

1095
00:51:26.920 --> 00:51:28.400
in the middle of a highway. I need one hundred

1096
00:51:28.400 --> 00:51:30.760
and twenty dollars to fix my car. Can you send

1097
00:51:30.760 --> 00:51:34.159
it to me? Whatever? Send it wherever. Two people sent

1098
00:51:34.199 --> 00:51:35.920
it and they're asking me. The rest of the people

1099
00:51:35.920 --> 00:51:38.840
that saw were asking me, like they texted me. They're like, hey, okay,

1100
00:51:39.000 --> 00:51:40.199
they get are you okay? And I was said, what

1101
00:51:40.239 --> 00:51:42.480
are just going on? And then I realized I got hacked.

1102
00:51:42.880 --> 00:51:45.159
But before they even asked me, two people sent the money.

1103
00:51:45.199 --> 00:51:46.320
And then that's how scammers get it.

1104
00:51:46.320 --> 00:51:47.840
Well, at least you have some good friends.

1105
00:51:48.519 --> 00:51:51.000
They're good friends. But I was like, guys, gotta ask

1106
00:51:51.039 --> 00:51:53.679
me first. Why would I snapchat message Brian?

1107
00:51:53.719 --> 00:51:56.400
What are some of the latest trends in the scams

1108
00:51:56.400 --> 00:51:56.960
that you're seeing.

1109
00:51:57.280 --> 00:52:00.960
The biggest thing we're seeing right now is chriminals directing

1110
00:52:01.039 --> 00:52:04.519
people to go to bitcoin ATMs because it's a method

1111
00:52:04.559 --> 00:52:08.039
of payment people aren't used to, so they'll get one

1112
00:52:08.119 --> 00:52:11.360
reason or another. There was a lady up in Phoenix,

1113
00:52:11.800 --> 00:52:14.559
a lady named Sue, not her real name. She got

1114
00:52:14.559 --> 00:52:18.639
a phone call from purportedly her bank and they were correct.

1115
00:52:18.719 --> 00:52:20.960
I don't know if they guessed or if they knew whatever,

1116
00:52:21.480 --> 00:52:23.400
And they said, someone who's trying to take money from

1117
00:52:23.440 --> 00:52:25.840
your bank account, work with me quickly, don't hang up.

1118
00:52:25.880 --> 00:52:27.840
We need to move this money quickly. It's like an

1119
00:52:27.880 --> 00:52:31.760
insider they convinced her to withdraw all her cash from

1120
00:52:31.760 --> 00:52:35.280
the bank go down to a bitcoin ATM over thirteen

1121
00:52:35.880 --> 00:52:39.280
different times. And she lost two hundred thousand dollars and

1122
00:52:39.320 --> 00:52:42.039
it was about eighty percent of her life savings. And

1123
00:52:42.079 --> 00:52:44.840
she actually contemplated suicide. She was going to take all

1124
00:52:44.840 --> 00:52:47.920
of her sleeping pills. But I'm hearing one story after

1125
00:52:47.960 --> 00:52:51.159
another where the criminals want people to use the bitcoin

1126
00:52:51.199 --> 00:52:55.079
ATMs because people aren't familiar with it. It's weird, it's different,

1127
00:52:55.239 --> 00:52:57.719
and most of these people don't even have any sort

1128
00:52:57.719 --> 00:52:58.760
of crypto investments.

1129
00:52:58.760 --> 00:53:01.000
It's such uncharted territory.

1130
00:53:00.719 --> 00:53:02.760
It really is. And then then they then they get

1131
00:53:02.760 --> 00:53:04.599
the money and they can move it real quick. And

1132
00:53:04.960 --> 00:53:07.519
but that's probably the thing that we're seeing in the

1133
00:53:07.599 --> 00:53:08.400
last month or two.

1134
00:53:09.119 --> 00:53:11.360
So I'm saying they get scammed. She's lost two hundred

1135
00:53:11.360 --> 00:53:13.800
thousand dollars. How do you go about trying to get

1136
00:53:13.800 --> 00:53:16.480
that back? Or is that and that's where you come in, right, Well,

1137
00:53:16.519 --> 00:53:18.440
it's in a sense or tough. I mean, try to

1138
00:53:18.440 --> 00:53:19.280
prevent it in general.

1139
00:53:19.840 --> 00:53:21.480
The key is to prevent it in the first place.

1140
00:53:21.559 --> 00:53:25.440
Now with cryptocurrency, there is that blockchain and it can

1141
00:53:25.480 --> 00:53:28.840
be clawed back. But you got to find a law

1142
00:53:28.920 --> 00:53:33.880
enforcement agency that has the expertise and the time and

1143
00:53:34.239 --> 00:53:35.960
you know, and you know, get in line with all

1144
00:53:36.000 --> 00:53:39.679
the other people that have been defrauded. So is it possible. Yeah,

1145
00:53:39.719 --> 00:53:42.400
but you know, you're gonna call the FBI and they

1146
00:53:42.440 --> 00:53:45.599
have a whole list of similar to this going on,

1147
00:53:45.679 --> 00:53:49.719
and so does IRS and postal and Homeland Security, you know.

1148
00:53:49.760 --> 00:53:51.679
And you can go to your local police departments. They

1149
00:53:51.679 --> 00:53:54.599
have some amazing people, you know, at the Sheriff's Department.

1150
00:53:54.800 --> 00:53:58.679
I've worked with their detectives. There's some amazing investigators, but

1151
00:53:58.719 --> 00:54:01.880
they're overworked and there's just way more criminals out there

1152
00:54:01.960 --> 00:54:04.679
than there are, you know, people on the good side.

1153
00:54:06.239 --> 00:54:08.320
And it's one of those things. It's kind of like

1154
00:54:08.360 --> 00:54:13.920
the shoplifting at Walgreens, right Sebat. I was in Brian

1155
00:54:14.039 --> 00:54:17.280
Not to digress, but I was in Walgreens yesterday and

1156
00:54:18.000 --> 00:54:20.679
paying for my order and a young man walks in

1157
00:54:20.719 --> 00:54:24.159
his late twenties and grabbed six six twenty four pack

1158
00:54:24.719 --> 00:54:29.400
of sodas and walked out. And I said, what's I

1159
00:54:29.440 --> 00:54:32.079
said to Kirk, what's that? And she goes, He's all them,

1160
00:54:32.599 --> 00:54:34.719
I said, And she goes and nothing.

1161
00:54:36.000 --> 00:54:38.320
And there you go you wonder why Walgreen stock is

1162
00:54:38.360 --> 00:54:41.199
done a lot. But going back to this, we're talking

1163
00:54:41.239 --> 00:54:43.800
about it and we're saying there's five telltale signs of

1164
00:54:43.840 --> 00:54:46.639
a scam. What are those five telltale signs?

1165
00:54:46.800 --> 00:54:48.280
So I came up. I came up with this because

1166
00:54:48.280 --> 00:54:50.519
I was writing an article for the Green Valley News,

1167
00:54:50.519 --> 00:54:52.519
which is one of my favorite things to do. Once

1168
00:54:52.559 --> 00:54:54.320
a month I get to write an article. So I

1169
00:54:54.360 --> 00:54:56.440
came up with I did top ten was too much,

1170
00:54:56.519 --> 00:54:58.559
so I went with top five. So number one. If

1171
00:54:58.559 --> 00:55:02.079
someone's calling you that you don't know incessantly, you know,

1172
00:55:02.280 --> 00:55:06.760
using different phone numbers, not letting you hang up, they

1173
00:55:07.239 --> 00:55:11.679
they're you're likely being scammed someone you have someone who's

1174
00:55:11.719 --> 00:55:13.800
telling you not to talk to anyone else. You know.

1175
00:55:13.840 --> 00:55:16.719
Those are kind of things that child monsters tell victims,

1176
00:55:16.760 --> 00:55:20.639
you know. Or you find yourself at a bank withdrawing cash,

1177
00:55:20.679 --> 00:55:23.000
like the story I just mentioned of that lady Sue,

1178
00:55:23.800 --> 00:55:26.199
and then when the banker asks what what are you

1179
00:55:26.199 --> 00:55:28.760
doing this money for? The scammer has told you a

1180
00:55:28.800 --> 00:55:31.119
lie already in the first place, like I'm buying a car.

1181
00:55:31.280 --> 00:55:34.039
Things like that. The fourth one we already mentioned this

1182
00:55:34.119 --> 00:55:36.440
as well. If you find yourself putting money in a

1183
00:55:36.440 --> 00:55:39.440
bitcoin ATM for like the first time in your life.

1184
00:55:39.760 --> 00:55:42.079
You're probably doing something wrong. I mean, you're getting you're

1185
00:55:42.079 --> 00:55:45.519
getting scammed. And then the last one and this also,

1186
00:55:45.639 --> 00:55:48.639
you know, falls up on Sebastian's question about like, you know,

1187
00:55:48.679 --> 00:55:52.159
what's the latest trend. We're seeing a lot of remote access.

1188
00:55:52.480 --> 00:55:57.079
So remote access is when someone gets control over your computer.

1189
00:55:57.400 --> 00:55:58.000
And you know, the.

1190
00:55:57.960 --> 00:56:01.480
Criminals won't call it remote access, just say you're doing

1191
00:56:01.519 --> 00:56:05.679
overpayment from our company, and but you have to request it. Okay,

1192
00:56:05.800 --> 00:56:07.679
that sounds reasonable. And then they have a little pop

1193
00:56:07.760 --> 00:56:08.400
up on your screen.

1194
00:56:08.440 --> 00:56:10.559
You click yes, grand access right, and.

1195
00:56:10.519 --> 00:56:13.679
Then they have a little scam where they finagle it

1196
00:56:13.719 --> 00:56:16.639
where you actually shows a bigger number. Two hundred dollars

1197
00:56:16.679 --> 00:56:19.480
becomes twenty thousand, and then they want the money back.

1198
00:56:19.559 --> 00:56:22.199
So that would be the number five of the telltale

1199
00:56:22.280 --> 00:56:26.079
signs someone asking for control of your computer.

1200
00:56:26.519 --> 00:56:29.480
How much of a romance scam do you run into

1201
00:56:30.079 --> 00:56:30.559
a lot?

1202
00:56:30.920 --> 00:56:35.239
Unfortunately a lot. I did a presentation over in Veil

1203
00:56:35.679 --> 00:56:37.320
a couple months ago and a lady came up and

1204
00:56:37.360 --> 00:56:39.639
told me, you know, she thought she was in love

1205
00:56:39.679 --> 00:56:41.800
with this guy named Peter, and she gave him money

1206
00:56:41.800 --> 00:56:44.199
and she lost it and she's crying in front of me,

1207
00:56:44.239 --> 00:56:46.800
you know, and you can only say sorry so many times.

1208
00:56:46.840 --> 00:56:47.039
You know.

1209
00:56:47.679 --> 00:56:51.000
I met a lady up in northern Arizona who lost

1210
00:56:51.000 --> 00:56:55.719
seven hundred thousand dollars hers was the romance scam variation

1211
00:56:55.840 --> 00:56:57.400
that we call pig butcher.

1212
00:56:57.119 --> 00:56:59.039
It was literally just about asking, yeah.

1213
00:56:58.920 --> 00:57:01.880
You've got everyone listening today needs to know what pig

1214
00:57:01.880 --> 00:57:05.159
butchering is. It's kind of a crazy term. Pig butchering

1215
00:57:05.280 --> 00:57:08.599
is basically a romance scam. But they entice people to

1216
00:57:08.639 --> 00:57:11.880
invest in cryptocurrency and they get them excited because they

1217
00:57:11.880 --> 00:57:14.440
show them a little platform on their laptop that shows

1218
00:57:14.440 --> 00:57:17.920
they're actually like making money. You know. It's very sophisticated

1219
00:57:17.960 --> 00:57:20.079
looking and like, wow, this is working. I'll invest more.

1220
00:57:20.119 --> 00:57:22.599
I'll invest more in This lady who lost seven hundred thousand,

1221
00:57:22.840 --> 00:57:25.440
she actually sold her house to invest more. And I

1222
00:57:25.519 --> 00:57:29.280
talked to her and she's a very smart lady, extremely smart,

1223
00:57:29.360 --> 00:57:31.199
and she said, you know, at the end, I knew

1224
00:57:31.199 --> 00:57:33.480
I was being taken. But they call it pig butchering

1225
00:57:33.519 --> 00:57:35.800
because it emanated out of China and it's a play

1226
00:57:35.840 --> 00:57:38.679
on words. There's this thing called shazou pan which means

1227
00:57:38.960 --> 00:57:42.280
killing pigs plate and they basically fatten up their victims

1228
00:57:42.840 --> 00:57:46.320
by getting them to invest, and then when they're out

1229
00:57:46.320 --> 00:57:48.719
of money nothing else to invest, they just they go

1230
00:57:48.719 --> 00:57:50.039
in for the financial slaughter.

1231
00:57:50.679 --> 00:57:53.480
We had a client, we had a client fall prey

1232
00:57:53.559 --> 00:57:56.920
to that her husband passed away, and it's about six

1233
00:57:57.000 --> 00:58:00.400
seven years later, and she's lonely and she online and

1234
00:58:00.440 --> 00:58:03.360
she gets hooked up with this guy who's supposedly from Phoenix.

1235
00:58:03.679 --> 00:58:05.920
Now he's living in the Philippines, and they go, you know,

1236
00:58:06.000 --> 00:58:09.440
for a while, and then his father, who's a multimillionaire

1237
00:58:09.559 --> 00:58:12.400
dies in Europe, and he has to have money to

1238
00:58:12.480 --> 00:58:15.880
pay the stay tax before he can get that money,

1239
00:58:15.880 --> 00:58:19.519
but there's millions there for them if she can help

1240
00:58:19.599 --> 00:58:21.880
him pay the stay tax. Anyway, by the time she

1241
00:58:22.039 --> 00:58:26.800
got to me, she was down four hundred thousands.

1242
00:58:27.159 --> 00:58:30.360
And I've heard multiple variations of stories like that, and

1243
00:58:30.920 --> 00:58:34.360
that's what they do. They get complete control, and you'll

1244
00:58:34.360 --> 00:58:37.400
do anything because this is the person who is the

1245
00:58:37.440 --> 00:58:41.159
perfect mate. They say all the perfect things, and it's

1246
00:58:41.280 --> 00:58:46.440
unbelievable how successful these things are. Because the romance scams

1247
00:58:46.519 --> 00:58:49.760
don't fit the anatomy of a scam that I mentioned earlier,

1248
00:58:50.280 --> 00:58:52.559
in the fact that in the pattern that they're a

1249
00:58:52.599 --> 00:58:55.559
long play scam because they're going for all of it.

1250
00:58:55.880 --> 00:58:57.800
They're not going for a few thousand, they're going for

1251
00:58:58.159 --> 00:59:00.480
the four hundred thousand that you just mentioned. That never

1252
00:59:00.519 --> 00:59:01.960
would have been more if.

1253
00:59:02.000 --> 00:59:03.320
If she hadn't come to me and asked me a

1254
00:59:03.360 --> 00:59:06.360
question about something she'd gotten from in the from him

1255
00:59:06.800 --> 00:59:08.360
she was I think she was looking for a notary

1256
00:59:08.480 --> 00:59:11.719
or something. Do you understand what this is?

1257
00:59:11.360 --> 00:59:14.880
And that's great, but you know what, when you're in

1258
00:59:14.920 --> 00:59:17.440
the throes of that romance scam, you are not making

1259
00:59:17.480 --> 00:59:21.360
good decisions. And even this, you know, the thing that

1260
00:59:21.480 --> 00:59:24.719
shocked me about being in the nonprofit world is everyone

1261
00:59:24.760 --> 00:59:28.320
that I've met is extremely intelligent. They handle their own finances,

1262
00:59:28.320 --> 00:59:32.000
they live on their own, they work, they travel, they volunteer.

1263
00:59:32.599 --> 00:59:36.480
These aren't people who are locked up in a nursing

1264
00:59:36.480 --> 00:59:39.159
home or memory care. You know, by the time you

1265
00:59:39.199 --> 00:59:41.599
get to that point, you don't have a control your finance.

1266
00:59:41.679 --> 00:59:42.920
That's good point, very good point.

1267
00:59:43.199 --> 00:59:46.559
But the behavioral aspect behind emotions is just killer.

1268
00:59:46.840 --> 00:59:49.159
Right, it really is. You know, we we have a

1269
00:59:49.760 --> 00:59:53.239
I saw a psychologist named doctor Martina Dove, and she's

1270
00:59:53.280 --> 00:59:55.599
on our advisory Committee for Rose, and I've read her

1271
00:59:55.639 --> 01:00:00.000
book and she talks about how it is the psychological

1272
01:00:00.239 --> 01:00:04.320
controlled these criminals have over their victims. And then I've

1273
01:00:04.360 --> 01:00:08.400
spoken to another psychologist here in town and they actually

1274
01:00:08.440 --> 01:00:14.000
consider the romance scams to be abuse. You know, it's

1275
01:00:14.039 --> 01:00:18.079
a domestic abuse because they may not be punching someone

1276
01:00:18.119 --> 01:00:20.119
and giving them the black eyes and sending them to

1277
01:00:20.119 --> 01:00:23.559
the hospital because the distance, they can't, but they are

1278
01:00:23.559 --> 01:00:28.320
controlling them and separating them from family and friends. It

1279
01:00:28.400 --> 01:00:30.000
is a psychological control.

1280
01:00:30.199 --> 01:00:33.039
No, And I can't imagine the embarrassments that you have

1281
01:00:33.119 --> 01:00:36.039
to go through to say, hey to your family, I

1282
01:00:36.039 --> 01:00:39.320
lost two hundred thousand dollars. I was getting scammed, It's true.

1283
01:00:39.360 --> 01:00:43.360
And my fake boyfriend lost me two hundred thousand. You know,

1284
01:00:43.400 --> 01:00:44.480
it's just horrible.

1285
01:00:44.639 --> 01:00:49.119
Well, and Rose was founded by Joyce Petrowski three years ago.

1286
01:00:49.960 --> 01:00:52.519
She started it because she had a loved one taken

1287
01:00:52.639 --> 01:00:55.599
in one of these romance scams and she and the

1288
01:00:55.639 --> 01:00:59.840
rest of the people that tried to intervene could not

1289
01:01:00.159 --> 01:01:03.920
break that control. That's where they could not break that psychologically.

1290
01:01:03.920 --> 01:01:04.599
Isn't that amazing?

1291
01:01:04.960 --> 01:01:08.400
It's amazing over this loved one. It was crazy and

1292
01:01:08.679 --> 01:01:10.840
I since learned most of the people on our Board

1293
01:01:10.840 --> 01:01:16.159
of Directors have been personally affected from a scam, either

1294
01:01:16.480 --> 01:01:19.599
to them or family member or friends.

1295
01:01:20.440 --> 01:01:23.159
You're right, they get the emotional tie. It is almost

1296
01:01:23.639 --> 01:01:28.119
almost like the Stockholm syndrome, you know, where you've become

1297
01:01:28.199 --> 01:01:31.119
so uh, I guess. And in this case the scales

1298
01:01:31.199 --> 01:01:34.880
she was so desperate to believe that this was the

1299
01:01:34.920 --> 01:01:37.559
guy that's going to replace her husband and they would

1300
01:01:37.920 --> 01:01:40.480
live happily ever after. And as soon as he got

1301
01:01:40.519 --> 01:01:43.559
these millions of dollars, then he'd quit worrying about that

1302
01:01:43.599 --> 01:01:46.519
and come to comes here and they'd go off into

1303
01:01:46.519 --> 01:01:49.719
the sunset together. And there's a loneliness.

1304
01:01:49.320 --> 01:01:51.320
There is there is and that's the thing too. And

1305
01:01:51.360 --> 01:01:53.840
then what's so nasty about romance scams is not only

1306
01:01:53.880 --> 01:01:56.880
do people like lose all this money could be their

1307
01:01:56.880 --> 01:02:01.039
life savings, but then they don't trust people anymore, and

1308
01:02:01.119 --> 01:02:04.440
not even just love, but just trusting a neighbor or

1309
01:02:04.480 --> 01:02:08.079
a family member. It's they lose trust in society in general.

1310
01:02:08.199 --> 01:02:09.480
It's it's really awful.

1311
01:02:09.800 --> 01:02:12.159
So you're essentially a lost fith in man con.

1312
01:02:12.360 --> 01:02:14.360
Right, right, you know what? One just one other thing

1313
01:02:14.480 --> 01:02:17.320
I want to share about the romance scam. I was

1314
01:02:17.360 --> 01:02:20.760
in the Federal Building years ago and my coworker Marissa

1315
01:02:20.840 --> 01:02:23.199
was sitting next to me pleading with a woman to

1316
01:02:23.239 --> 01:02:26.079
stop sending money to a bank account in Africa. It

1317
01:02:26.199 --> 01:02:29.280
was like in Nigeria, and You're like, wow, you know Nigeria,

1318
01:02:29.360 --> 01:02:32.480
I have a reputation for these romance scams. And the

1319
01:02:32.559 --> 01:02:35.719
lady said, nope, I'm going to keep sending money. You know,

1320
01:02:35.760 --> 01:02:39.320
it's my boyfriend. We're gonna get married. And Marissa told him, ma'am,

1321
01:02:39.480 --> 01:02:42.639
there's five other women here in the United States sending

1322
01:02:42.679 --> 01:02:45.519
money to this same bank account. And the lady said, no,

1323
01:02:45.800 --> 01:02:47.719
it's my boyfriend. I'm going to keep doing it, and

1324
01:02:47.840 --> 01:02:51.480
there's nothing we can do. That's the complete psychological control

1325
01:02:51.559 --> 01:02:53.679
that they get.

1326
01:02:54.400 --> 01:02:58.039
They're desperation too, So what what what What they're doing

1327
01:02:58.159 --> 01:03:05.039
is fishing right Hi s hi ng fishing meaning that's

1328
01:03:05.079 --> 01:03:08.760
the computer version of a poll and a rod. Right

1329
01:03:09.239 --> 01:03:12.400
as you're actually out there putting these when you get

1330
01:03:12.400 --> 01:03:16.280
these things, they're looking. They're looking for that vulnerable person.

1331
01:03:16.679 --> 01:03:19.360
They might send tens of thousands of these in a

1332
01:03:19.400 --> 01:03:20.199
given day.

1333
01:03:20.159 --> 01:03:20.239
Ye.

1334
01:03:21.159 --> 01:03:23.440
So romance camp could start with a phishing scheme. It

1335
01:03:23.440 --> 01:03:26.639
could start with just an innocuous text. A lot of

1336
01:03:26.679 --> 01:03:31.119
times I've seen it on Facebook, Words with friends. Christian

1337
01:03:31.199 --> 01:03:36.440
dating sites are full of these predators trolling, just looking

1338
01:03:36.480 --> 01:03:39.360
for someone to start a little conversation.

1339
01:03:39.519 --> 01:03:40.039
Vulnerable.

1340
01:03:40.599 --> 01:03:43.719
Well, they're looking, you know, someone who is either divorced

1341
01:03:43.960 --> 01:03:46.800
or someone who's a widow or widower, and they're looking

1342
01:03:46.800 --> 01:03:49.920
for some companionship. And it starts out real innocent, and

1343
01:03:49.960 --> 01:03:52.360
then they say all the right things. They I mean,

1344
01:03:52.400 --> 01:03:55.400
they literally have scripts that they can go through and

1345
01:03:55.440 --> 01:03:57.880
they try these different things what they say, and then

1346
01:03:58.000 --> 01:04:00.119
you know, what I've learned too is a lot lot

1347
01:04:00.119 --> 01:04:03.760
of these the so called scammers in the romance scam

1348
01:04:03.800 --> 01:04:07.440
are actually victims themselves. They're in other countries in like

1349
01:04:07.480 --> 01:04:10.559
a call center, and they are being forced to do this,

1350
01:04:11.079 --> 01:04:13.960
and if they don't meet certain quotas, they're like beaten

1351
01:04:14.239 --> 01:04:19.119
or you know, punished. So it's it's really messy, you know.

1352
01:04:19.320 --> 01:04:23.039
So it's like victims attacking other victims. But obviously there's

1353
01:04:23.079 --> 01:04:24.519
someone at the top who's.

1354
01:04:24.800 --> 01:04:30.880
Benefit ran aside from the romance scams. In the world

1355
01:04:30.960 --> 01:04:33.480
of artificial intelligence, what are you seeing there? Are you

1356
01:04:33.519 --> 01:04:36.039
seeing stuff with deep fakes? Are you familiar with these?

1357
01:04:36.440 --> 01:04:40.159
I am and I've seen some really cool examples. For instance,

1358
01:04:41.280 --> 01:04:44.800
I've attended a couple of presentations that the detectives with

1359
01:04:44.960 --> 01:04:48.079
p Ma County Sheriff's Department, and they've done some amazing

1360
01:04:48.119 --> 01:04:50.480
things with voice cloning, and they show the audience You're

1361
01:04:50.559 --> 01:04:53.800
like wow. And I think that's going to become much

1362
01:04:53.800 --> 01:04:57.760
more prevalent, just because if you think about artificial intelligence

1363
01:04:57.840 --> 01:04:59.559
right now, is that the worst it's going to be.

1364
01:04:59.639 --> 01:05:02.400
It's all getting better, but it can be used in

1365
01:05:02.400 --> 01:05:05.239
good ways. I have a friend in California who operates

1366
01:05:05.280 --> 01:05:11.039
a nonprofit and he's using AI very successfully to put

1367
01:05:11.039 --> 01:05:14.079
together these videos, educational videos and this and that. But

1368
01:05:15.320 --> 01:05:17.719
I think, you know, most of these scams are not

1369
01:05:17.920 --> 01:05:21.920
that complicated. They're just executed very well. You know, a

1370
01:05:21.960 --> 01:05:24.360
lot of these phone scams are real simple, but they

1371
01:05:24.519 --> 01:05:27.280
just they're better at it than you are. You know,

1372
01:05:27.360 --> 01:05:30.679
this isn't your dad's scammers anymore. These they they're just

1373
01:05:30.760 --> 01:05:35.000
way better. And the secret is just don't engage, you know,

1374
01:05:35.039 --> 01:05:37.400
don't answer the phone screen the phone calls. And then

1375
01:05:37.400 --> 01:05:39.159
if you find yourself on the phone and you're not

1376
01:05:39.199 --> 01:05:42.440
sure what's going on, I'm giving you a permission to lie.

1377
01:05:42.559 --> 01:05:44.280
Or hang up or do whatever you need to do.

1378
01:05:44.880 --> 01:05:49.519
Yeah, something seems sketchy, just think twice before acting on it. Right.

1379
01:05:49.599 --> 01:05:52.000
Well, you know, and I did this presentation up in

1380
01:05:52.039 --> 01:05:55.400
Ora Valley in March, and there's a lady named Laura

1381
01:05:55.400 --> 01:06:00.000
who's a BEMO bank bank manager and she met us

1382
01:06:00.159 --> 01:06:03.039
victim who lost money in a phone scam. And Laura

1383
01:06:03.119 --> 01:06:05.119
said to her, and Laura was telling us the story

1384
01:06:05.159 --> 01:06:07.280
that night, why didn't you just hang up on this scammer?

1385
01:06:08.000 --> 01:06:10.320
And the lady the victim said, well, I didn't want

1386
01:06:10.320 --> 01:06:13.480
to be rude because she was raised. Well, yeah, no,

1387
01:06:13.679 --> 01:06:15.760
you grow you know, my age and older, we grew

1388
01:06:15.800 --> 01:06:19.159
up answering the phone. Yeah okay, and we're polite on

1389
01:06:19.199 --> 01:06:22.239
the phone. And you didn't hang up on people. And

1390
01:06:22.239 --> 01:06:25.039
that's what gets a lot of older adults in trouble.

1391
01:06:25.079 --> 01:06:26.760
I'd like to think that I was raised well, but

1392
01:06:26.800 --> 01:06:28.639
I do get a kick out of messing with them

1393
01:06:28.840 --> 01:06:29.960
back the scammers.

1394
01:06:30.000 --> 01:06:32.519
Well, there, you're okay doing that. I don't recommend it

1395
01:06:32.559 --> 01:06:35.119
unless you're very confident, because you just don't know what

1396
01:06:35.280 --> 01:06:38.079
information you might give out. But there are actually a

1397
01:06:38.119 --> 01:06:40.159
lot of videos online if you want to be entertained

1398
01:06:40.159 --> 01:06:43.440
of people scamming the scammers and messing with them, right.

1399
01:06:43.559 --> 01:06:45.800
Yeah, scamming the cameras is a good thing, right right.

1400
01:06:46.159 --> 01:06:49.199
But I mean, I think probably everyone is listening to

1401
01:06:49.320 --> 01:06:53.719
this radio show receives text or emails every single day

1402
01:06:54.440 --> 01:06:59.239
from people who are fishing. Go ahead, I just say,

1403
01:06:59.280 --> 01:07:01.960
I'm looking for that that person that Brian and I

1404
01:07:02.000 --> 01:07:05.360
have talked about, that lonely widow, that a Christian person

1405
01:07:05.400 --> 01:07:08.199
who's looking for a godly relationship with somebody, you know.

1406
01:07:08.280 --> 01:07:12.320
And and there's there's an awfully lot of lonely people

1407
01:07:12.360 --> 01:07:14.800
in this world, an awfully lot of lonely people in

1408
01:07:14.800 --> 01:07:15.559
this world. Sadly.

1409
01:07:15.840 --> 01:07:18.320
I was just gonna ask Brian, what would your advice

1410
01:07:18.400 --> 01:07:21.920
to us as wealth managers be to helper client sole.

1411
01:07:22.000 --> 01:07:24.920
Well, just the fact that we're covering this today. Bravo

1412
01:07:25.000 --> 01:07:29.599
to you guys. I mean, because I when I mentioned

1413
01:07:29.719 --> 01:07:32.079
the Green Valley News, which like I said, is a

1414
01:07:32.119 --> 01:07:37.039
huge privilege to write for them, I actually talk about

1415
01:07:37.199 --> 01:07:40.239
I wrote an article why scam prevention is more important

1416
01:07:40.280 --> 01:07:44.119
than a state planning or financial planning, because you could

1417
01:07:44.159 --> 01:07:46.320
do everything in the world you could, you know, do

1418
01:07:46.360 --> 01:07:47.840
all the right, you know, work hard your whole life,

1419
01:07:47.920 --> 01:07:52.039
have a secession plan for your business sacrifice where you're

1420
01:07:52.079 --> 01:07:54.400
you're doing that dollar cost averaging every month to put

1421
01:07:54.440 --> 01:07:57.440
money away in your four to one K or in

1422
01:07:57.519 --> 01:07:59.880
my case the TSP. When I work for the government

1423
01:08:00.239 --> 01:08:03.519
and you delay gratifications, you can always save because you

1424
01:08:03.559 --> 01:08:06.400
know the power of compounding. You know, you do all

1425
01:08:06.400 --> 01:08:07.880
this stuff and then you have a you have an

1426
01:08:07.960 --> 01:08:11.199
estate plan, and you know all these different things, and

1427
01:08:11.239 --> 01:08:15.519
then a scammer can swoop in all and possibly take

1428
01:08:15.559 --> 01:08:18.279
it all, like that seven hundred thousand I mentioned earlier

1429
01:08:18.279 --> 01:08:23.199
in this segment. So you you know, it's very important

1430
01:08:23.199 --> 01:08:26.520
that you guys know your clients, that you you share

1431
01:08:26.560 --> 01:08:28.880
this information with them. You know, I spoke at a

1432
01:08:28.960 --> 01:08:32.239
rotary club in Morana and an advisor came up to

1433
01:08:32.239 --> 01:08:34.760
me and he said, yeah, one of my clients was

1434
01:08:34.840 --> 01:08:38.600
asking to pull money out of her account and what for. Oh,

1435
01:08:38.640 --> 01:08:40.680
I just had to pay taxes on this money I won.

1436
01:08:40.760 --> 01:08:42.760
And he's like, whoa, whoa, whoa, whoa whoa, So he

1437
01:08:42.800 --> 01:08:45.880
was able to intervene. So just knowing your clients and

1438
01:08:45.960 --> 01:08:49.279
you know, I mean and their clients will be willing

1439
01:08:49.319 --> 01:08:51.680
to share stuff with you and not hide stuff. Ask

1440
01:08:51.720 --> 01:08:54.520
a lot of questions you know, like if you know,

1441
01:08:54.560 --> 01:08:56.600
like I talked to a lot of bank employees and

1442
01:08:56.640 --> 01:08:58.880
they get people who come in and they got to

1443
01:08:58.880 --> 01:09:01.000
ask a lot of questions. Ultimately they can pull the

1444
01:09:01.039 --> 01:09:02.079
money out because it's theirs.

1445
01:09:02.159 --> 01:09:05.159
It's one of the primary reasons we have not agreed

1446
01:09:05.199 --> 01:09:08.840
to allow electronic transfer from our accounts to other accounts

1447
01:09:08.880 --> 01:09:12.119
without talking to us. You have to physically talk to

1448
01:09:12.239 --> 01:09:14.439
us on the phone. Wow. So that's one of the

1449
01:09:14.479 --> 01:09:17.279
main reasons because we have run into more than a

1450
01:09:17.279 --> 01:09:18.039
few of these.

1451
01:09:18.119 --> 01:09:22.000
Because the scammer will know how to work the electronic transfer.

1452
01:09:22.039 --> 01:09:24.039
Oh absolutely, and they would walk they would walk the

1453
01:09:24.119 --> 01:09:26.920
victim right through it and get them through your your website,

1454
01:09:26.960 --> 01:09:28.680
your portal, and just get the money moved. And then

1455
01:09:28.680 --> 01:09:31.600
all of a sudden you look and you're like, well, Mary,

1456
01:09:32.119 --> 01:09:34.399
just two hundred thousand went out of her bank or

1457
01:09:34.640 --> 01:09:37.000
out of her investment account. What's that? And then you

1458
01:09:37.039 --> 01:09:39.520
call her up. Oh, you know, you would find out

1459
01:09:39.560 --> 01:09:42.800
after the fact that that's great, that's a great procedure

1460
01:09:42.840 --> 01:09:43.840
that you guys have in place.

1461
01:09:43.880 --> 01:09:46.880
Yeah, we recognize you. We know our client's voices, we

1462
01:09:46.960 --> 01:09:50.479
know our client's attitudes, we know their habits, what they

1463
01:09:50.600 --> 01:09:53.079
typically do, anything unusual.

1464
01:09:52.800 --> 01:09:54.520
You know, the last four digits of their account.

1465
01:09:54.720 --> 01:09:55.640
Yeah.

1466
01:09:55.760 --> 01:09:55.800
No.

1467
01:09:56.159 --> 01:09:59.680
Being part of the independent firm Streamer Financial really enables

1468
01:09:59.680 --> 01:10:03.079
that person, enables us to develop the person ability to

1469
01:10:03.119 --> 01:10:06.079
get to know you, to get to know Hey, Betty

1470
01:10:06.159 --> 01:10:09.159
LUs Is. You know she's vulnerable to being scammed, So

1471
01:10:09.199 --> 01:10:10.439
I'm going to keep an eye on her.

1472
01:10:10.760 --> 01:10:13.279
And we have personal relationships with everyone, so we know

1473
01:10:13.359 --> 01:10:15.840
what their habits are, we know what their trend is,

1474
01:10:15.880 --> 01:10:19.079
we know how with how they typically live. So and

1475
01:10:19.119 --> 01:10:22.000
so calls for money from time to time. So and

1476
01:10:22.039 --> 01:10:24.439
so has never called for money. All of a sudden,

1477
01:10:24.479 --> 01:10:28.000
she calls up Brian and wants a hundred grant. Why why? Why?

1478
01:10:28.319 --> 01:10:30.680
And I know it's her because of the voice, But

1479
01:10:30.920 --> 01:10:32.439
why do you need it? Well, like you said, to

1480
01:10:32.439 --> 01:10:36.439
pay taxes on the lottery, I want so the question

1481
01:10:36.479 --> 01:10:39.079
we're about out of time here on this segment. Question

1482
01:10:39.159 --> 01:10:42.800
if someone were to want to reach you, they would

1483
01:10:43.079 --> 01:10:44.960
call or online or right.

1484
01:10:45.039 --> 01:10:48.840
So, we have a great website, Roseadvocacy dot org. What

1485
01:10:48.880 --> 01:10:50.800
we really love people to do is sign up for

1486
01:10:50.840 --> 01:10:54.479
our monthly email list. It just goes out once a month.

1487
01:10:54.720 --> 01:10:56.720
A lot of just good information and these are good

1488
01:10:56.720 --> 01:10:59.439
conversation starters. I'm signed up for it. So are my parents.

1489
01:10:59.600 --> 01:11:01.920
They're both from their eighties. And I can sit there

1490
01:11:01.920 --> 01:11:04.359
and say, hey, mom, dad, did you read the Rose

1491
01:11:04.439 --> 01:11:07.680
email this month? And did you see that new scam?

1492
01:11:07.680 --> 01:11:07.760
Oh?

1493
01:11:07.840 --> 01:11:10.640
Yeah? And then that way, I'm not insulting their intelligence, absolutely,

1494
01:11:11.279 --> 01:11:13.960
but our contact information is right there. If you want

1495
01:11:13.960 --> 01:11:16.680
to reach out to us, schedule a presentation, or if

1496
01:11:16.720 --> 01:11:19.079
you want to report a crime, we can walk you through.

1497
01:11:19.319 --> 01:11:20.800
We have all kinds of resources there.

1498
01:11:20.920 --> 01:11:21.760
What's that website?

1499
01:11:21.800 --> 01:11:25.439
One more time, Roseadvocacy dot org and a phone number?

1500
01:11:25.840 --> 01:11:27.000
Do not know the phone.

1501
01:11:26.800 --> 01:11:32.760
Number doesn't matter if we know Rose Advocacy right, Roseadvocacy

1502
01:11:33.279 --> 01:11:33.880
dot org.

1503
01:11:34.800 --> 01:11:36.000
Your phone numbers on the website.

1504
01:11:36.079 --> 01:11:38.319
Yeah, and you can sign up for the service on

1505
01:11:38.359 --> 01:11:39.199
the website, right.

1506
01:11:39.039 --> 01:11:41.920
And it's great. And that's a scam prevention plan, you know,

1507
01:11:42.000 --> 01:11:44.960
because just hoping nothing bad will happen to me or

1508
01:11:44.960 --> 01:11:46.159
my loved ones is not a plan.

1509
01:11:46.640 --> 01:11:49.079
Thank you very much for being here, Brian. We appreciate it.

1510
01:11:49.119 --> 01:11:53.399
And one departing word in this segment, don't trust anybody.

1511
01:11:54.199 --> 01:11:55.600
We'll be back right after the break.

1512
01:11:56.239 --> 01:11:58.479
Welcome back and listen to the Money Matter show. We

1513
01:11:58.640 --> 01:12:02.479
just sat Brian Watson of Advocacy on He's there to

1514
01:12:02.520 --> 01:12:06.239
help you not get frauded, not get scammed for money,

1515
01:12:06.520 --> 01:12:09.479
and everything like that. He's it's a great resource. And

1516
01:12:09.520 --> 01:12:10.600
at the end of the day, I think what you

1517
01:12:10.640 --> 01:12:13.399
said the last part of the segment was don't trust anybody.

1518
01:12:13.520 --> 01:12:15.399
Don't trust anybody from.

1519
01:12:15.279 --> 01:12:19.880
A sketchy email, sketchy text, sketchy call. Just be cautious.

1520
01:12:20.319 --> 01:12:23.119
I don't know. My My iPhone is set up so

1521
01:12:23.199 --> 01:12:26.079
that if you're not in my contact, it doesn't ring.

1522
01:12:26.159 --> 01:12:27.479
It just goes straight to voicemail.

1523
01:12:27.560 --> 01:12:28.880
Yeah, but you did that by accident.

1524
01:12:29.520 --> 01:12:31.720
I did, but I actually did. But it doesn't mean

1525
01:12:31.720 --> 01:12:32.239
it's not good.

1526
01:12:32.319 --> 01:12:33.199
I'm kidding with you.

1527
01:12:33.199 --> 01:12:35.720
No, I did. I was trying to do it for years,

1528
01:12:35.760 --> 01:12:37.239
magg You could never figure it out. And one day

1529
01:12:37.239 --> 01:12:38.920
I woke up and it was fit. It was doing that,

1530
01:12:38.960 --> 01:12:40.239
and I, well, this is nice.

1531
01:12:40.319 --> 01:12:41.039
This is the best thing.

1532
01:12:41.159 --> 01:12:43.600
Now. The only negative about doing that is if you

1533
01:12:43.640 --> 01:12:45.560
get a call from let's say you have a new doctor,

1534
01:12:45.680 --> 01:12:48.159
new Dennis, new law or whatever, and they call you

1535
01:12:48.199 --> 01:12:51.159
and you don't have in the context, can be a problem.

1536
01:12:51.279 --> 01:12:53.640
Or if the Tesla mechanics trying to come upstairs to

1537
01:12:53.640 --> 01:12:55.840
get your key and he can't.

1538
01:12:55.680 --> 01:12:57.880
Happen too, right, I did he Yeah, because he's using

1539
01:12:57.880 --> 01:13:01.399
your cell phone from my annual service sixty five dollars,

1540
01:13:01.399 --> 01:13:05.760
comeing and rotate my tires. You're done? Yeah, that Rose

1541
01:13:06.760 --> 01:13:13.880
se Advocacy. That's ad the O C. A C. Y

1542
01:13:15.039 --> 01:13:20.560
Roseadvocacy dot org. Interesting newsletter. I think I've have to

1543
01:13:20.560 --> 01:13:21.479
sign up for that myself.

1544
01:13:21.760 --> 01:13:24.119
I'd something that's just becomeing more prevalent.

1545
01:13:24.520 --> 01:13:26.840
Yeah. Well, plus they get all the latest and greatest

1546
01:13:27.399 --> 01:13:29.399
scams going on out there, so you can be alert

1547
01:13:29.399 --> 01:13:32.039
to it. And if you hear someone that says, oh

1548
01:13:32.119 --> 01:13:33.960
this is going on or that's going on, it can

1549
01:13:34.319 --> 01:13:35.279
at least makes sense.

1550
01:13:35.439 --> 01:13:37.199
Yeah. And if you're out there thinking people can't be

1551
01:13:37.359 --> 01:13:41.319
that bad and just that diabolical, they can't be. Oh yeah,

1552
01:13:41.640 --> 01:13:43.720
are coming for you and they don't care about you.

1553
01:13:43.840 --> 01:13:44.720
They want your money.

1554
01:13:45.039 --> 01:13:47.119
So let's talk a little bit about a few stocks.

1555
01:13:47.159 --> 01:13:50.560
How about the Stock of the Year, which is in video,

1556
01:13:50.640 --> 01:13:53.720
of course, Stock of the Year. It had declined by

1557
01:13:53.760 --> 01:13:57.119
sixteen percent. We've seen a little profit taking, particularly in

1558
01:13:57.159 --> 01:14:00.399
the ship stocks dropped about sixteen percent of the last

1559
01:14:00.399 --> 01:14:05.000
thirty days. On the cell it plunged seventeen percent on

1560
01:14:05.159 --> 01:14:08.800
Monday during that global sell off. I've been saying on

1561
01:14:08.840 --> 01:14:11.319
the radio show that there's a gap in the chart

1562
01:14:11.359 --> 01:14:14.600
around ninety five dollars that was bothering me. When a

1563
01:14:14.640 --> 01:14:19.600
stock starts to come down, very seldom do you see

1564
01:14:19.600 --> 01:14:22.560
a gap in a chart up or down that isn't filled.

1565
01:14:22.840 --> 01:14:25.760
In other words, if you have an upside gap, generally

1566
01:14:25.800 --> 01:14:28.039
the stock will come down. And by a gap, I

1567
01:14:28.079 --> 01:14:31.359
mean it closed one day at seventy five and the

1568
01:14:31.439 --> 01:14:33.560
next day it opened at eighty and that's as low

1569
01:14:33.600 --> 01:14:36.039
as it got. There's a gap there, and when you

1570
01:14:36.039 --> 01:14:38.520
look at the chart, there's a gap. Those gaps almost

1571
01:14:38.600 --> 01:14:41.640
always get filled. So there's a gap around ninety five

1572
01:14:41.760 --> 01:14:44.159
that was bothering me and kind of kept me away

1573
01:14:44.159 --> 01:14:47.560
from it. That gap got filled on Monday, which they were,

1574
01:14:47.800 --> 01:14:49.840
So I think that's I think that's a that's a

1575
01:14:49.840 --> 01:14:52.479
good thing in terms of Nvidia, and if you can

1576
01:14:52.520 --> 01:14:55.319
get it under one hundred, it seems like and of

1577
01:14:55.319 --> 01:14:58.239
course that's one thing we don't do is we don't

1578
01:14:58.239 --> 01:15:02.039
make blanket recommendations because everybody has a different risk tolerance,

1579
01:15:02.079 --> 01:15:05.119
everybody has different investment objectives. I mean, if I've got

1580
01:15:05.159 --> 01:15:07.119
this is kind of going with what Brian was doing

1581
01:15:07.159 --> 01:15:10.600
it to roll you know, if I'm if I'm suggesting, yeah,

1582
01:15:10.600 --> 01:15:12.560
everybody needs to go out and buy Nvidia. And here

1583
01:15:12.600 --> 01:15:17.039
I've got this elderly listener who does nothing but CDs,

1584
01:15:17.079 --> 01:15:18.880
and she goes goes in and say that I need

1585
01:15:19.159 --> 01:15:20.960
I need to come in video. Yeah please, don't you

1586
01:15:20.960 --> 01:15:22.720
know Greenburgy, tell me I need some in video.

1587
01:15:22.840 --> 01:15:25.920
Speaking speaking about semiconductors, did you see the move on

1588
01:15:26.000 --> 01:15:30.159
Taiwan semiconductors? Yes, this week it was ridiculous. Yes, so

1589
01:15:30.319 --> 01:15:32.760
their sales are up forty five percent year over year.

1590
01:15:33.000 --> 01:15:35.520
Forty five percent. I mean, that's just what you say,

1591
01:15:35.680 --> 01:15:37.079
you have forty five It's.

1592
01:15:36.960 --> 01:15:40.479
Ridiculous, ridiculous That news was out on Friday and that

1593
01:15:40.520 --> 01:15:42.199
wasn't even an earning support. I don't know why they

1594
01:15:42.239 --> 01:15:46.439
released that, but obviously it helped the stock. On Monday morning,

1595
01:15:46.560 --> 01:15:48.880
the stock opened up around one hundred thirty dollars a share.

1596
01:15:49.600 --> 01:15:52.399
It's gone up thirty percent since then. The stock finished

1597
01:15:52.399 --> 01:15:54.079
at one hundred and sixty eight dollars a share.

1598
01:15:54.560 --> 01:15:58.479
It's Monday morning. Huh since Monday morning? Correct?

1599
01:15:58.560 --> 01:15:58.960
Correct?

1600
01:15:59.199 --> 01:16:01.800
Yeah, it's ridiculous.

1601
01:16:03.439 --> 01:16:06.239
Eli Lelly. Let's talk a little bit about talking about

1602
01:16:06.279 --> 01:16:08.960
it in my mount GLP one huh. PLP one be

1603
01:16:09.439 --> 01:16:12.199
the weight loss? How would you describe it?

1604
01:16:12.479 --> 01:16:16.119
Weight loss, obesity, diabetes, whatever you want to say, it's

1605
01:16:16.159 --> 01:16:18.680
it's it's a shot that makes you skinnier.

1606
01:16:18.800 --> 01:16:21.479
You know, this company's got the best weight loss drug.

1607
01:16:21.279 --> 01:16:23.359
But first weight I know that we're talking about. But

1608
01:16:23.439 --> 01:16:26.279
Novo came out and reported something before, and they were

1609
01:16:26.319 --> 01:16:27.279
down on some news.

1610
01:16:27.479 --> 01:16:28.479
Yes, Novo is.

1611
01:16:28.439 --> 01:16:31.600
The other competitor in this space, the other big one,

1612
01:16:31.960 --> 01:16:34.479
and they came out and said that's there's more competition

1613
01:16:34.600 --> 01:16:37.920
coming in to that market. Right, so those competitors start

1614
01:16:37.920 --> 01:16:40.039
to creep in, some of that market share gets taken away,

1615
01:16:40.079 --> 01:16:42.000
and the stock was down about ten percent off of

1616
01:16:42.000 --> 01:16:42.600
that news.

1617
01:16:42.920 --> 01:16:46.159
There's also the other news was that well, Goovi is

1618
01:16:46.199 --> 01:16:47.239
their drug. Correct?

1619
01:16:47.319 --> 01:16:48.560
Yes, Well GOV is.

1620
01:16:48.520 --> 01:16:52.000
Simply not showing the results that zet Bound is showing.

1621
01:16:52.119 --> 01:16:56.439
That manjar is, Manjaro is for diabetes, z that bound

1622
01:16:56.479 --> 01:16:58.880
is for weight loss. Gotcha right, So it would be

1623
01:16:58.960 --> 01:17:01.840
zet bound, it would be anyway, we'll GOOVI, right, so

1624
01:17:02.479 --> 01:17:08.560
zep bound is producing fIF twenty five to thirty percent

1625
01:17:08.640 --> 01:17:12.640
more weight loss, then we'll GOV and we'll go VI.

1626
01:17:12.720 --> 01:17:16.000
Of course, as Novo Nordics drug and zep Bound is

1627
01:17:16.039 --> 01:17:19.680
Eli Lilly's drug, so they've got a superior weight loss drug.

1628
01:17:19.680 --> 01:17:23.600
They've got the best Alzheimer's drug out there. Dropped seventeen

1629
01:17:23.680 --> 01:17:27.760
percent from its high just three weeks ago, dropped another

1630
01:17:27.920 --> 01:17:32.000
seven percent on Monday during that global sell off drug

1631
01:17:32.039 --> 01:17:34.800
stocks is seen as defenses, so American files that were

1632
01:17:34.800 --> 01:17:37.840
down less than Lily on Monday. And of course that's

1633
01:17:37.880 --> 01:17:41.279
because of these growing concerns. And it's not just Novo Nordists,

1634
01:17:41.279 --> 01:17:45.479
because feeling the heat of the competition, there's an awfully

1635
01:17:45.560 --> 01:17:48.439
lot of people getting involved in this weight loss space,

1636
01:17:48.960 --> 01:17:53.680
including these compound pharmacies who are throwing together not FDA

1637
01:17:53.800 --> 01:18:00.520
approved GLP one that's that's much much cheaper. So I

1638
01:18:00.560 --> 01:18:03.640
think that's it. Thursday morning, though, Thursday morning, Lily came

1639
01:18:03.680 --> 01:18:06.159
out and reported sales and earnings that were well by

1640
01:18:06.159 --> 01:18:10.960
the expectation. They raised their guidance guidance being what they

1641
01:18:11.000 --> 01:18:14.399
expect over the next twelve months. They raised their guidance

1642
01:18:14.439 --> 01:18:17.640
by three billion dollars with a b.

1643
01:18:18.159 --> 01:18:20.560
Up from one billion dollars from last quarter.

1644
01:18:20.680 --> 01:18:22.479
Yeah. Yeah, it was just insane.

1645
01:18:22.640 --> 01:18:25.720
So again, I think it's funny because Novo, like I

1646
01:18:25.760 --> 01:18:28.439
said that Scott slashed about ten percent upon their earning

1647
01:18:28.479 --> 01:18:32.520
supports talking about how people are entering the market more competitors, right, Yeah,

1648
01:18:32.560 --> 01:18:37.800
and then comes out and they just raised their guidance

1649
01:18:37.840 --> 01:18:41.199
by three billion dollars and then Novo actually recovers off

1650
01:18:41.199 --> 01:18:45.279
of their competitors' news a little bit backwards, thinking contradictory there, but.

1651
01:18:45.640 --> 01:18:49.199
Yeah, and I think that that the competition certainly is

1652
01:18:49.239 --> 01:18:52.039
going to impact all of them. But if you're Lily,

1653
01:18:52.399 --> 01:18:55.079
I mean, you're taking over the world with this zep

1654
01:18:55.119 --> 01:18:58.399
bound and it isn't even covered by most insurance plans.

1655
01:18:58.399 --> 01:19:01.119
So if it ever got covered by insurance plans number one,

1656
01:19:01.159 --> 01:19:04.439
all the insurance companies will go broke, or our premiums

1657
01:19:04.479 --> 01:19:06.479
For those of us who have taken zeb more.

1658
01:19:06.359 --> 01:19:10.359
And more insurance providers are more insurance companies are starting

1659
01:19:10.359 --> 01:19:13.920
to provide for that because why because they've found a workaround.

1660
01:19:13.960 --> 01:19:16.760
It's not for obesity, it's not for I don't have diabetes,

1661
01:19:16.800 --> 01:19:18.920
but you know what, it could help your sleep apnea,

1662
01:19:19.159 --> 01:19:20.920
it could help hard to your infertility.

1663
01:19:21.000 --> 01:19:24.359
Yeah, it's not it's unbelievable. It's it's a new aspect.

1664
01:19:24.520 --> 01:19:27.199
It's the new uh what's the what's the marijuana A

1665
01:19:27.279 --> 01:19:32.279
derivative GBPPD CBD. It's a new CBD. It's good for everything,

1666
01:19:32.319 --> 01:19:36.600
that's all. It's good for everything. We were comparing earlier

1667
01:19:36.880 --> 01:19:40.119
the the u A left and Uber. I got another

1668
01:19:40.199 --> 01:19:44.920
comparison that out and again for young people. Monster beverage

1669
01:19:45.479 --> 01:19:48.479
down twelve percent for the year, lost to another eleven

1670
01:19:48.560 --> 01:19:51.560
percent to a new fifty two week low, and Celsius,

1671
01:19:51.640 --> 01:19:54.840
one of the hottest docks earlier this year, down sixty

1672
01:19:54.920 --> 01:19:58.399
percent in sympathy with Monster to its own fifty two

1673
01:19:58.439 --> 01:19:58.880
week low.

1674
01:19:58.960 --> 01:20:01.439
Yeah, something weird going on with energy drinks. And I'm

1675
01:20:01.479 --> 01:20:04.359
not I'm a big Celsius guy personally. I don't drink

1676
01:20:04.399 --> 01:20:07.359
monsters anymore. I don't think that's really the trend anymore.

1677
01:20:07.520 --> 01:20:11.920
I think it's there's more to have any insight in it, Well,

1678
01:20:12.119 --> 01:20:13.279
do you guys have the age group?

1679
01:20:14.720 --> 01:20:17.159
I still do think that Celsius is definitely the front

1680
01:20:17.199 --> 01:20:19.239
runner in the energy space, especially because they have the

1681
01:20:19.319 --> 01:20:22.600
nil nil deals along with D one athletes.

1682
01:20:22.680 --> 01:20:23.800
Right, nil being.

1683
01:20:24.439 --> 01:20:27.000
Name, image and likeness is how college players get paid.

1684
01:20:27.680 --> 01:20:33.039
College paid, so they Celsius sends cases of Celsius to

1685
01:20:33.039 --> 01:20:35.039
all these D one athletes and then they go and

1686
01:20:35.079 --> 01:20:37.119
post it on their Instagram and that's It's got a

1687
01:20:37.159 --> 01:20:41.560
lot of traction, especially for the fitness people. I think

1688
01:20:41.680 --> 01:20:46.640
that Celsius has been really sold off because they're flooding

1689
01:20:46.680 --> 01:20:49.359
money into their international space. They're coming, They're trying to

1690
01:20:49.399 --> 01:20:51.479
get big in France, they're trying to get big in Europe,

1691
01:20:51.800 --> 01:20:53.760
trying to get big in that side of the world,

1692
01:20:53.840 --> 01:20:57.199
and they're waste, not wasting, but spending tons and tons

1693
01:20:57.199 --> 01:20:59.720
of capital on it. I think that it will turn

1694
01:20:59.720 --> 01:21:02.039
around at some point. You shall see.

1695
01:21:02.560 --> 01:21:07.079
Here's here's a comparison of two different economies. Yum Brands

1696
01:21:07.239 --> 01:21:12.079
is a k is Kentucky Fried Chicken. They're called Young Brands, Tako,

1697
01:21:12.479 --> 01:21:14.920
Taco Bell, Pizza Hut, Kentucky Fried Chicken, but it was

1698
01:21:14.960 --> 01:21:17.720
originally Kentucky Fried Chicken, and they took over Pizza Hut,

1699
01:21:17.760 --> 01:21:21.039
and they took over Taco Bell. So Young Brands owns

1700
01:21:21.119 --> 01:21:26.720
those franchises their operation in China. The Young China shares

1701
01:21:26.760 --> 01:21:30.000
have dropped forty six percent over the last twelve months

1702
01:21:30.680 --> 01:21:34.199
as the Chinese economy has struggled with the real estate bubble.

1703
01:21:34.600 --> 01:21:37.800
The US version of that company has a year to

1704
01:21:37.880 --> 01:21:40.560
day gain of three percent, and rallied on Tuesday after

1705
01:21:40.560 --> 01:21:43.000
they issued a solid re course. So there's two different

1706
01:21:43.000 --> 01:21:45.159
economies right there, same company.

1707
01:21:44.880 --> 01:21:47.760
But they are like they're US companies, right.

1708
01:21:47.680 --> 01:21:52.640
The Young China operates just in China, so US company

1709
01:21:52.640 --> 01:21:57.880
but operates and Yum operates just in the US. So

1710
01:21:57.960 --> 01:22:00.560
look at that, down forty six percent over the last

1711
01:22:00.560 --> 01:22:03.239
twelve months. You know, I'm China. We look at that.

1712
01:22:03.359 --> 01:22:07.560
We look at Starbucks, which has just gotten obliterated. Although

1713
01:22:07.600 --> 01:22:09.920
Starbucks had a little bit better tone to it this

1714
01:22:10.000 --> 01:22:15.680
week because Dutch Brothers reported weak results, and what I

1715
01:22:15.720 --> 01:22:19.680
was hearing is that shows that Starbucks is starting to

1716
01:22:19.720 --> 01:22:24.600
do something right. I mean, can you connect those dots?

1717
01:22:25.640 --> 01:22:28.239
The reason that I saw that Dutch Bros Felt twenty

1718
01:22:28.279 --> 01:22:31.800
percent this week is because they expect their new openings

1719
01:22:31.840 --> 01:22:33.520
for the year. It's range between one hundred and fifty

1720
01:22:33.520 --> 01:22:35.239
and one hundred and sixty five stores.

1721
01:22:35.079 --> 01:22:36.119
The low end of the range.

1722
01:22:36.159 --> 01:22:38.760
They had it up to like towards two hundred. Yeah,

1723
01:22:38.760 --> 01:22:41.520
they're still opening one hundred and fifty stores. They're little

1724
01:22:41.560 --> 01:22:43.399
to no overhead. I think that they're going to be okay.

1725
01:22:43.760 --> 01:22:46.520
But I'm a Starbucks guy personally.

1726
01:22:46.760 --> 01:22:49.920
Sack you know Stock had risen. Dutch Brothers had risen

1727
01:22:49.960 --> 01:22:52.520
thirty five percent in the last year's but dropped thirty

1728
01:22:52.520 --> 01:22:55.840
percent on Thursday. They did report better than expected journeys,

1729
01:22:55.880 --> 01:22:59.000
but like you said, Sebastian, the number of stores that

1730
01:22:59.079 --> 01:23:00.960
they're going to open over the next twelve months was

1731
01:23:01.000 --> 01:23:03.840
a bit below. Was somewhere were I saw. The one

1732
01:23:03.840 --> 01:23:07.640
that's really struggling is Blackrock Coffee. You know that's the

1733
01:23:07.720 --> 01:23:12.760
veteran owned company, this Black Rifle. None of that. Blackrock

1734
01:23:12.800 --> 01:23:17.560
Coffee is a veteran owned cock rifle. Yeah, I don't

1735
01:23:17.600 --> 01:23:19.399
have to google it during the break, but I was.

1736
01:23:19.439 --> 01:23:22.840
I was reading about Black Rock Coffee. Okay, we'll have

1737
01:23:22.880 --> 01:23:23.520
to check it out.

1738
01:23:23.960 --> 01:23:26.640
They're opening one up Yere White black Rock.

1739
01:23:26.800 --> 01:23:29.600
Oh, there's one over on Grant. Grant has been for

1740
01:23:29.680 --> 01:23:34.039
a year. It's a nice looking building. I wish I

1741
01:23:34.079 --> 01:23:36.880
wish them. Well, we'll have to clarify that. That's I

1742
01:23:36.880 --> 01:23:39.520
don't Black Rifle, Dylan, I know what that is. Not

1743
01:23:39.520 --> 01:23:43.840
doing well though, No, doing terrible. A year ago was

1744
01:23:43.880 --> 01:23:48.039
thirty four dollars a Yere close thirday at four. Oh,

1745
01:23:48.079 --> 01:23:49.039
that's not doing real well.

1746
01:23:49.359 --> 01:23:50.760
Everyone's making coffee at home.

1747
01:23:51.479 --> 01:23:53.319
I don't know, I don't know. Dutch brothers in Black

1748
01:23:53.399 --> 01:23:57.079
Rock and Starbucks all struggling. We think Starbucks are struggling

1749
01:23:57.079 --> 01:24:02.800
because of China. Win Resorts struggle because of China. The

1750
01:24:03.079 --> 01:24:07.000
young China struggling because of China. Their real estate bubble

1751
01:24:07.119 --> 01:24:09.000
is a big deal and it's gonna go on for

1752
01:24:09.119 --> 01:24:11.600
years and we'll have to see it. We'd like to

1753
01:24:11.600 --> 01:24:14.279
have them as part of the global economy, but that

1754
01:24:14.359 --> 01:24:17.159
doesn't make me cry that they're falling behind us. Anyway,

1755
01:24:17.199 --> 01:24:19.560
we'll be back right after this break. Thanks again for

1756
01:24:19.600 --> 01:24:20.039
being here.

1757
01:24:21.079 --> 01:24:22.840
Welcome back to the Money Matter Show. My name is

1758
01:24:22.840 --> 01:24:25.720
Sebastian Bors sing him here with Dylan Greenberg and David Sherwood,

1759
01:24:25.760 --> 01:24:27.640
and we are on our last segment here of the

1760
01:24:27.640 --> 01:24:28.439
Money Matter Show.

1761
01:24:28.960 --> 01:24:32.439
I've been watching BRCC thinking it was Blackrock Coffee Company

1762
01:24:32.479 --> 01:24:35.479
and it's actually Black Rifle Coffee Company. So scroll one

1763
01:24:35.520 --> 01:24:35.920
for dealing.

1764
01:24:36.079 --> 01:24:39.000
There you go do confusion because it's the same level.

1765
01:24:39.039 --> 01:24:41.680
Yeah, the same before letter Blackrock.

1766
01:24:41.239 --> 01:24:45.520
Because Blackrock is down on Campbell and I think Speedway.

1767
01:24:45.720 --> 01:24:47.000
Yeah, they're going to take it out and take it

1768
01:24:47.039 --> 01:24:47.439
verty as well.

1769
01:24:47.520 --> 01:24:49.640
Yeah, well they have one hundred and fifty stories cross,

1770
01:24:49.680 --> 01:24:51.840
but they are not the better known ones. Black Rifle

1771
01:24:51.920 --> 01:24:54.840
is and black Rifle is the public company. Black Rock

1772
01:24:55.039 --> 01:24:59.359
is still private, So we're talking about black Rifle in

1773
01:24:59.399 --> 01:25:00.159
the previous.

1774
01:25:00.319 --> 01:25:02.159
Yes we were, Yes we were, although I was calling

1775
01:25:02.159 --> 01:25:02.760
a black Rock.

1776
01:25:03.399 --> 01:25:07.840
Airbnb's a mistake. Airbnb this week plummeted more than thirteen

1777
01:25:07.880 --> 01:25:11.159
percent after the company issued weaker than expected revenue for

1778
01:25:11.199 --> 01:25:14.520
the third quarter. I've talked a little bit about this.

1779
01:25:14.560 --> 01:25:17.239
I think Airbnb is just as expensive, if not more,

1780
01:25:17.239 --> 01:25:19.119
than hotels. I think we're going to start seeing the

1781
01:25:19.119 --> 01:25:21.520
trend going back to hotels because at least I could

1782
01:25:21.520 --> 01:25:24.039
go get a free continental breakfast at a hotel. Well,

1783
01:25:24.039 --> 01:25:25.960
that's a good point Airbnb. You know what I have

1784
01:25:26.000 --> 01:25:27.439
to do. I have to go buy the breakfast, and

1785
01:25:27.479 --> 01:25:29.039
then I have to pay for a cleaning fee that's

1786
01:25:29.079 --> 01:25:31.279
probably about two hundred dollars more than I should have paid.

1787
01:25:32.359 --> 01:25:34.520
Yeah, yeah, that could be, so it could be a

1788
01:25:34.560 --> 01:25:36.920
little bit more costly. But before that, you get privacy,

1789
01:25:37.000 --> 01:25:40.680
and I think that's that's the draw, right Airbnb. That's

1790
01:25:40.720 --> 01:25:44.159
a great point is a privacy and location. You don't

1791
01:25:44.199 --> 01:25:46.079
have to be in the city center or a new

1792
01:25:46.159 --> 01:25:48.359
commercial outline. You can have you can be out on

1793
01:25:48.399 --> 01:25:51.319
the edge of the island. Yeah, so I think the

1794
01:25:51.439 --> 01:25:55.000
advantage there. Good job. You tell me. Asked me if

1795
01:25:55.039 --> 01:25:58.600
i'd turn off my phone, your phone goes on the

1796
01:25:58.600 --> 01:26:01.279
other side of the I turned off my phone this week,

1797
01:26:01.399 --> 01:26:03.399
just FYI for the first time maybe ever.

1798
01:26:03.680 --> 01:26:06.000
I like hearing that song, though.

1799
01:26:05.920 --> 01:26:08.479
I never get calls except when we're doing the radio show.

1800
01:26:08.560 --> 01:26:10.840
On the other side, you had Expedia, which moved eight

1801
01:26:10.840 --> 01:26:13.079
percent higher. And I know that's Expedia is more than

1802
01:26:13.239 --> 01:26:16.840
just hotels, but they also you could buy airfare through it,

1803
01:26:16.880 --> 01:26:19.760
so you could buy cruises through it. But again, it's

1804
01:26:19.800 --> 01:26:21.560
just kind of showing that hotels are doing a little

1805
01:26:21.600 --> 01:26:25.880
bit better than this airbnb company is. At this point one.

1806
01:26:25.680 --> 01:26:29.000
Of the worst performing DOO stocks. Intel still can't get

1807
01:26:29.000 --> 01:26:32.680
out of its own way, right. He continues to suffer

1808
01:26:32.720 --> 01:26:36.319
from the stock at a fourteen year old, continues to

1809
01:26:36.359 --> 01:26:39.640
suffer from the suspension of their dividend and the fifteen

1810
01:26:39.680 --> 01:26:43.800
percent reduction in the workforce that was that was announced.

1811
01:26:44.840 --> 01:26:49.439
So that keeps on going. Another one of the three

1812
01:26:49.479 --> 01:26:52.840
of them boying, Intel and Disney all battling for the

1813
01:26:52.920 --> 01:26:57.399
last place in the now. Disney you forgot Nike, Yeah, no,

1814
01:26:57.479 --> 01:27:00.000
good point, Nike Yeah, Disney just can't get out of

1815
01:27:00.119 --> 01:27:03.239
his own way. They ran up to around one hundred

1816
01:27:03.239 --> 01:27:05.239
and twenty hundred and twenty five dollars a share when

1817
01:27:05.560 --> 01:27:09.840
the hedgephone was involved trying to be then they won

1818
01:27:09.880 --> 01:27:13.439
the proxy battle, and that probably would have been a

1819
01:27:13.479 --> 01:27:16.359
good time to sell, because now the person that came

1820
01:27:16.399 --> 01:27:18.880
in that drove the stock from eighty five to one

1821
01:27:18.920 --> 01:27:22.800
hundred and twenty is gone. Right, we've beaten him and

1822
01:27:22.840 --> 01:27:25.119
now we're now here's we're back to what we were.

1823
01:27:25.960 --> 01:27:28.079
They got a boost on Tuesday after the company and

1824
01:27:28.159 --> 01:27:31.600
now starting in mid October, most plans for Disney Plus,

1825
01:27:32.119 --> 01:27:35.479
Hulu and ESPN Plus will cost a dollar to two

1826
01:27:35.560 --> 01:27:39.279
dollars more per month. The most expensive plan for Hulu

1827
01:27:39.720 --> 01:27:42.600
is six bucks a month. And you know, in this world,

1828
01:27:43.159 --> 01:27:46.159
if you have the power to raise prices, that's a

1829
01:27:46.319 --> 01:27:49.760
really good thing as an owner of a company or

1830
01:27:49.800 --> 01:27:50.520
as a shareholder.

1831
01:27:50.960 --> 01:27:53.600
Turned a profit on Disney Plus for the first quarter ever,

1832
01:27:53.880 --> 01:27:57.000
for the first time ever, it just wasn't as high

1833
01:27:57.000 --> 01:27:59.960
as they thought. They're also the biggest issue Disney's running

1834
01:28:00.039 --> 01:28:03.960
to right now. The brightest spot is streaming. The biggest

1835
01:28:03.960 --> 01:28:08.039
issue is a theme parks. Yeah, they're losing they're losing

1836
01:28:08.079 --> 01:28:10.479
customers there because it's too expensive. They can't you can't

1837
01:28:10.479 --> 01:28:11.119
afford it all the time.

1838
01:28:11.159 --> 01:28:15.279
Part of the economic slowdown, were part of They.

1839
01:28:14.319 --> 01:28:16.199
Spend five thousand dollars on a trip with your family,

1840
01:28:16.199 --> 01:28:18.199
because that's part of the economic slowdown.

1841
01:28:18.520 --> 01:28:21.000
It's so insanely expensive to good. At Disney end, we

1842
01:28:21.000 --> 01:28:22.920
were looking a little bit at the prices. So if

1843
01:28:22.920 --> 01:28:24.720
you want to you know, they have two parks there,

1844
01:28:24.720 --> 01:28:27.079
you have Disney and of California Adventures. If you want

1845
01:28:27.159 --> 01:28:29.439
a you don't have a park corp. You want to

1846
01:28:29.479 --> 01:28:32.760
go one day to Disneyland, one day to Californian Adventures.

1847
01:28:32.800 --> 01:28:34.359
One person. Guess how much that is?

1848
01:28:35.680 --> 01:28:38.239
I paid five hundred bucks. You go to Universal Studios, so.

1849
01:28:38.720 --> 01:28:40.239
It's around there four four fifteen.

1850
01:28:40.279 --> 01:28:40.840
Yeah, I'm sure.

1851
01:28:41.399 --> 01:28:42.840
And that's before you even walk in the door.

1852
01:28:42.880 --> 01:28:44.640
This is worldwide though. They got one in Paris, they

1853
01:28:44.640 --> 01:28:47.960
got one in China, they got Disney Disney's parks everywhere.

1854
01:28:48.000 --> 01:28:50.800
So we were kind of talking about how if you

1855
01:28:50.840 --> 01:28:53.039
could lower your price a little bit and maybe just

1856
01:28:53.119 --> 01:28:56.479
increase your prices on the inside, the volume would offset that.

1857
01:28:56.760 --> 01:28:59.479
I think what's happening there, and I take this from

1858
01:28:59.520 --> 01:29:02.079
my experience with the Universal Studios which was a shocker.

1859
01:29:03.479 --> 01:29:06.800
A California resident can buy an annual pass for five

1860
01:29:06.880 --> 01:29:10.800
hundred bucks those many times as they want, probably Disneyland

1861
01:29:10.840 --> 01:29:14.000
as well, so they're getting the tourists, they're getting those of.

1862
01:29:14.600 --> 01:29:16.399
Like my brother when he lived in California, he had

1863
01:29:16.399 --> 01:29:18.399
the annual Disney pass. Yeah, and it was like, I

1864
01:29:18.399 --> 01:29:20.239
don't know what it was, but it was cheap because.

1865
01:29:20.039 --> 01:29:21.680
He yeah, I mean five hundred thousand bucks.

1866
01:29:21.720 --> 01:29:23.640
You can go to the like he found himself going

1867
01:29:24.000 --> 01:29:25.560
a few times a year. He's like, it's cheaper just

1868
01:29:25.560 --> 01:29:26.439
to buy the annual pass.

1869
01:29:26.479 --> 01:29:29.760
Oh yeah, yeah. And Universal Studios the annual pass was

1870
01:29:29.880 --> 01:29:31.279
darn near what I paid for one day.

1871
01:29:31.359 --> 01:29:34.239
Well, I think that's super smart for them because then, okay,

1872
01:29:34.239 --> 01:29:36.319
as the California residents, I live an hour away. Cool,

1873
01:29:36.359 --> 01:29:37.960
Maybe I make the trip to Disneyland three or four

1874
01:29:38.000 --> 01:29:39.560
times a year and I spend two hundred dollars every

1875
01:29:39.560 --> 01:29:40.319
single time in there.

1876
01:29:40.680 --> 01:29:43.920
But that's why those are us who are visitors today

1877
01:29:43.960 --> 01:29:47.239
are shocked because they're it's like when you go to

1878
01:29:47.319 --> 01:29:50.239
a hotel and you get this hotel tax for thirty

1879
01:29:50.279 --> 01:29:53.640
dollars or whatever, just this random resort fee. Resort fee,

1880
01:29:53.720 --> 01:29:56.720
thank you. And that's why resort fee for thirty forty bucks.

1881
01:29:56.720 --> 01:29:58.560
And yeah, you know why do you do that? Well,

1882
01:29:58.600 --> 01:29:59.439
because we can.

1883
01:29:59.399 --> 01:30:02.880
In a world where events are becoming more expensive. Like

1884
01:30:02.920 --> 01:30:05.199
you go to the waist management tournament up in Phoenix.

1885
01:30:05.199 --> 01:30:07.720
The beers are fifteen dollars. You go to a concert

1886
01:30:08.279 --> 01:30:11.159
of hot dogs twelve dollars. You got the Atlanta Falcons

1887
01:30:11.600 --> 01:30:12.479
dropping prices.

1888
01:30:12.680 --> 01:30:13.319
Yeah it.

1889
01:30:13.640 --> 01:30:16.319
You can buy a hot dog, you can buy a water,

1890
01:30:16.439 --> 01:30:18.239
you can buy a beer, you can buy a pretzel,

1891
01:30:18.560 --> 01:30:20.479
and you can buy nachos, all for under twenty bucks.

1892
01:30:20.640 --> 01:30:21.439
Now that's total.

1893
01:30:21.640 --> 01:30:25.439
Where Atlanta Falcons home games this season, they can buy

1894
01:30:25.560 --> 01:30:28.560
two dollar pretzels, two dollars waters, five dollars beers, four

1895
01:30:28.600 --> 01:30:31.000
dollars burgers. They're going backwards.

1896
01:30:31.079 --> 01:30:32.399
Could anybody showing up or what?

1897
01:30:32.520 --> 01:30:36.479
And this I'm guessing that's why. That's probably why. But

1898
01:30:36.520 --> 01:30:37.199
I would go to a.

1899
01:30:37.159 --> 01:30:38.840
Game, Dylan, just buy season tickets.

1900
01:30:38.880 --> 01:30:42.640
Yeah, I would definitely go to the that of the

1901
01:30:42.640 --> 01:30:44.800
Cardinals game and just pay like twenty thirty bucks for

1902
01:30:45.119 --> 01:30:47.800
a whole day in the stadium. I would pay more

1903
01:30:47.800 --> 01:30:50.079
for a ticket because it's more about the experience, right,

1904
01:30:50.239 --> 01:30:52.039
But knowing that you got to pay one hundred fifty

1905
01:30:52.039 --> 01:30:54.640
dollars for a ticket, and then inside you're like a

1906
01:30:54.640 --> 01:30:56.680
twenty dollars burger. You're like, I don't want to go

1907
01:30:57.159 --> 01:30:58.720
when you do at Costco, give up burger and watch

1908
01:30:58.760 --> 01:30:59.199
it on TV.

1909
01:31:00.039 --> 01:31:02.960
That's my biggest problem when I go to California. Every

1910
01:31:03.000 --> 01:31:05.079
single thing that we do, it feels like I'm getting

1911
01:31:05.119 --> 01:31:09.319
ripped off. Yeah, every single thing. And I was just

1912
01:31:09.359 --> 01:31:10.079
in California.

1913
01:31:10.319 --> 01:31:12.880
It was seventy dollars for lunch for a turkey sandwich,

1914
01:31:13.000 --> 01:31:14.880
a tun of sandwich and chicken fingers.

1915
01:31:15.119 --> 01:31:16.079
Yeah.

1916
01:31:16.600 --> 01:31:18.800
I don't buy any alcohol or anything about a coffee.

1917
01:31:19.000 --> 01:31:19.960
It seventy dollars.

1918
01:31:20.039 --> 01:31:22.600
What's with that resort fee or whatever that California does.

1919
01:31:22.760 --> 01:31:25.520
That's everywhere, That's everywhere everywhere. That's popular.

1920
01:31:25.560 --> 01:31:27.600
If you can classify a hotel as a resort, you

1921
01:31:27.600 --> 01:31:28.319
get the resort fet.

1922
01:31:28.359 --> 01:31:30.319
I promise you it's two sound hotels have.

1923
01:31:30.520 --> 01:31:33.439
Oh yeah, Wapoloma has just a tax saying you could

1924
01:31:33.439 --> 01:31:34.720
afford this, so you better pay more.

1925
01:31:35.319 --> 01:31:37.680
No, it's yeah, help us keep the resort nice.

1926
01:31:37.880 --> 01:31:43.560
Almost every single financial firm has a annual I are

1927
01:31:43.720 --> 01:31:48.640
a custodial fee, including Fidelity including Banguard. I are a

1928
01:31:48.760 --> 01:31:52.920
custodial fee. Why do you charge that because we can?

1929
01:31:53.399 --> 01:31:58.159
It makes no sense. The thinking is that the excuse is, well,

1930
01:31:59.000 --> 01:32:01.039
it takes us time to make sure we're up to

1931
01:32:01.119 --> 01:32:03.600
speed on We're a custodium for your IRA and as

1932
01:32:03.640 --> 01:32:06.399
such we have a fiducial responsibility to be up to

1933
01:32:06.399 --> 01:32:09.000
speed on all of the all of the latest laws

1934
01:32:09.079 --> 01:32:12.439
and rules. And yeah, you're right whatever, I know the

1935
01:32:12.640 --> 01:32:15.119
rules and laws are changing every day on IRA's You know,

1936
01:32:15.479 --> 01:32:17.800
I've been in a way for since I had black hair.

1937
01:32:18.079 --> 01:32:23.000
You know, it's ridiculous. Hey, Rivian already down forty percent

1938
01:32:23.039 --> 01:32:25.960
in the last twelve months. The stock fell another nine

1939
01:32:26.000 --> 01:32:27.880
percent of the open on Thursday. This is kind of

1940
01:32:27.880 --> 01:32:32.840
crazy after a second quarter report showed losses widening. Now

1941
01:32:33.760 --> 01:32:37.239
correct me if I'm wrong. Didn't Volkswagen agree to invest

1942
01:32:37.399 --> 01:32:40.199
over a billion dollars in Rivian?

1943
01:32:40.960 --> 01:32:42.920
Pretty sure, you're right, But didn't.

1944
01:32:42.680 --> 01:32:44.800
Folkswagen a good to going to partnership with the Rivian

1945
01:32:45.159 --> 01:32:48.439
and give them more than a billion dollars. I'm not

1946
01:32:48.520 --> 01:32:52.359
sure that a widening loss is that meaningful in the

1947
01:32:52.439 --> 01:32:54.880
long run. If you've got somebody out there that's going

1948
01:32:54.920 --> 01:32:56.000
to billion dollars.

1949
01:32:56.079 --> 01:33:00.199
Does Amazon still have us deal with Rivian for their delivery.

1950
01:33:00.520 --> 01:33:02.680
I don't know. I don't know. I think it was

1951
01:33:02.760 --> 01:33:04.079
Rivian that they ain't to deal with.

1952
01:33:04.199 --> 01:33:05.680
It was Rivian for sure. I don't know if that's

1953
01:33:05.800 --> 01:33:07.000
over or if it's continuing.

1954
01:33:07.039 --> 01:33:10.439
I haven't I haven't seen a Rivian an Amazon truck

1955
01:33:10.720 --> 01:33:11.600
made by Rivian.

1956
01:33:11.880 --> 01:33:13.520
It might be only like one day right now, I

1957
01:33:13.520 --> 01:33:13.800
don't know.

1958
01:33:13.920 --> 01:33:17.359
Remember the dating app Bumble. This came out a couple

1959
01:33:17.399 --> 01:33:21.840
of years ago, February of twenty one. It was developed

1960
01:33:22.359 --> 01:33:25.680
and run by women, and the whole idea was that,

1961
01:33:26.039 --> 01:33:28.079
you know, women controlled the site, made it a little

1962
01:33:28.119 --> 01:33:30.960
bit more of a civil site, and the stock was

1963
01:33:31.039 --> 01:33:34.000
the stock was well, no, if you got women involved

1964
01:33:34.039 --> 01:33:37.760
in the controlling things, you know, guy, it's like Brian

1965
01:33:37.880 --> 01:33:39.760
was saying, with the scams out there, you know, those

1966
01:33:39.760 --> 01:33:42.000
are mostly guys that are creating a scam. Don't thinking

1967
01:33:42.000 --> 01:33:48.479
intimoy calls from women scammers. So anyway, started in February

1968
01:33:48.479 --> 01:33:51.000
of twenty one and it came out as an initial

1969
01:33:51.039 --> 01:33:53.640
public offering. It went to eighty five dollars a share,

1970
01:33:54.199 --> 01:33:56.359
and on the surface it sounded like a pretty good

1971
01:33:56.399 --> 01:34:00.880
idea to me. Is a dating app where the women control, right.

1972
01:34:01.800 --> 01:34:04.359
It's like, yeah, I mean the dating app is the

1973
01:34:04.399 --> 01:34:07.600
women have to respond first, like you can mention the

1974
01:34:07.760 --> 01:34:10.840
respond first. Yeah, but it's uh, it gives them a

1975
01:34:11.680 --> 01:34:14.359
funny as The woman who created that app was the

1976
01:34:14.439 --> 01:34:18.079
lead tech at Tinder. Oh really yeah, all she created

1977
01:34:18.119 --> 01:34:18.920
like the first two.

1978
01:34:19.840 --> 01:34:22.720
Well, it hasn't worked. It was eighty five bucks a

1979
01:34:22.760 --> 01:34:25.159
share in February of twenty one. It's been steadily moving

1980
01:34:25.279 --> 01:34:25.960
lower since.

1981
01:34:26.199 --> 01:34:28.800
But that's going to a real evaluation. Eighty five dollars

1982
01:34:28.800 --> 01:34:31.000
a share is not real. That was one of those

1983
01:34:31.239 --> 01:34:33.520
blown up stock IPOs that were still going crazy back.

1984
01:34:33.680 --> 01:34:33.840
Yeah.

1985
01:34:33.840 --> 01:34:36.439
Absolutely, and its a share is more accurate.

1986
01:34:37.119 --> 01:34:38.560
Yeah, I think it's about where it is now.

1987
01:34:38.640 --> 01:34:43.920
It is it dropped, like about share. That's more accurate

1988
01:34:43.960 --> 01:34:46.960
for something like that because it's those whole things that

1989
01:34:46.960 --> 01:34:48.560
are like designed to delete or whatever. You're not going

1990
01:34:48.640 --> 01:34:51.399
to have people on it forever in a sense. People

1991
01:34:51.399 --> 01:34:52.960
either get sick of it or they find somebody to

1992
01:34:53.079 --> 01:34:54.640
move on and delete that app, so they're not going

1993
01:34:54.680 --> 01:34:58.279
to keep buying and paying money on it. It's not Hulu,

1994
01:34:58.920 --> 01:34:59.399
I agree.

1995
01:34:59.439 --> 01:35:03.520
CBS down twenty three percent this year. This stock showed

1996
01:35:03.520 --> 01:35:06.640
little reaction Wednesday after reporting the quarter at mixed results.

1997
01:35:07.119 --> 01:35:10.039
They also slash their full year profit forecasts that they're

1998
01:35:10.039 --> 01:35:15.199
going to close nine hundred CBS non performing stores. I

1999
01:35:15.239 --> 01:35:18.159
believe the biggest beneficiary of the struggles at CBS and

2000
01:35:18.159 --> 01:35:23.520
Walgreens probably going to be Amazon. Yeah, probably because there's

2001
01:35:23.520 --> 01:35:25.800
an awful lot of us. I'm guilty as hell of

2002
01:35:25.880 --> 01:35:32.159
this Brazor Blades deodorant, be shampoo. I'm getting it from Amazon,

2003
01:35:32.840 --> 01:35:33.000
and I.

2004
01:35:33.039 --> 01:35:35.760
Bet Kruggers will benefit from it as well. Yeah, they're

2005
01:35:35.760 --> 01:35:38.039
a large grocery store chain, a little of the largest

2006
01:35:38.039 --> 01:35:40.119
over all around the crunchy, but they're mostly on the

2007
01:35:40.119 --> 01:35:42.319
East coast that name, they'll benefit from it.

2008
01:35:42.479 --> 01:35:45.119
Yeah, I suppose. Anyway, we're coming to the end of

2009
01:35:45.159 --> 01:35:48.159
the show. I appreciate you guys helping me out here.

2010
01:35:48.159 --> 01:35:50.159
It was nice having Brian on. That's some good stuff.

2011
01:35:50.239 --> 01:35:53.479
You want to get a hold of him. Roseadvocacy dot

2012
01:35:53.600 --> 01:35:56.119
Org is the website, or you can give us a call.

2013
01:35:56.159 --> 01:35:58.079
We can I don't think of it, and you want

2014
01:35:58.119 --> 01:35:59.920
to call us on under Tuesday, give us a call.

2015
01:36:00.279 --> 01:36:02.760
We want to be happy, we want to be healthy.

2016
01:36:02.920 --> 01:36:05.000
But here at Greenberg Financial, what we're trying to be,

2017
01:36:05.199 --> 01:36:07.600
is profitable. See you next week.