Market Volatility Amid Tariffs and Fiscal Policy Changes on Memorial Day Weekend

Episode Transcript
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Speaker 1 (00:00):
Good morning, Welcome to the Money Matter Show. It's like
Dean said, is that time again? Dean is out of
the office. But I have Sebastian, I have Todd, I
have Dylan, I'm Dave, and we're here to bring you
the Money Matters Show on this Memorial Day weekend edition
of the show.

Speaker 2 (00:15):
Yep, my markets are going to be closed on Monday.

Speaker 1 (00:18):
Closed on Monday, three day weekend.

Speaker 3 (00:20):
Woo.

Speaker 1 (00:21):
My veteran friends have reminded me over the years that
this is not Veterans Day. Monday is to honor the
men and women who gave their lives for this country.
I honestly don't know how to properly honor those who
gave their lives for our freedom. But amidst the barbecues
and the picnics this weekend, I hope we'll all take
a moment to remember that freedom is not free. We

(00:45):
thank those people for their service. My goodness, I can't
even imagine. If you have someone who lost their life
in the service, we thank you, and we hope we'll
everyone will spend a little bit of time this weekend
to honor them. So what's going on, guys?

Speaker 2 (00:58):
Well, the market was going south this week because of
all the tariff tantrums, more of it, and we had
some drama on Capitol.

Speaker 1 (01:06):
Hill unbelievable, and tariff tantrums was exactly what's going on,
And if you look at it day by day, it's
just it was crazy. You know. We had a really
strong week last week. China and the US paused their
tariffs for ninety days and we figured, okay, well maybe
that's the end of it. And the market really liked
that and jumped up what five and a half percent thereabouts,

(01:27):
And then on Monday morning we walked in and learned
over the weekend the Moodies downgraded US debt and I
think the first question that investors ask themselves is where have.

Speaker 3 (01:38):
You been right?

Speaker 1 (01:39):
You know, first time since nineteen seventeen? Are you kidding me?

Speaker 4 (01:45):
Well?

Speaker 5 (01:45):
And they put it on in twenty twenty three, they
put a negative watch on this. It's just slow moving, right.

Speaker 1 (01:49):
Dylan, nineteen seventeen. I mean, we went through the Great Depression,
we went through World War two, Vietnam, the banking crisis,
the tech mailtdowns, and this is the first time.

Speaker 5 (02:00):
I mean, I think Standard and Poors downgraded the debt
in twenty eleven, the great Great recession, and then we
fitched it in twenty twenty three and moodies just didn't move.

Speaker 3 (02:10):
And that's ultimately why the news was kind of overblown.
You know, the market did soll off in the aftermarket
on Friday once that news came off, But then Monday,
what did we do, We'd just bounced right back up.

Speaker 2 (02:19):
Well, to be fair to the analysts too, I mean,
if you look at the old time debt, we've never
been this and debt in comparison to the GDP. So
from their standpoint, even though we had bad economic times
during the depression other times in this country, we also
never had this level of debt. So what happens if
we do go through a bad economic time with this
level of debt, what happens?

Speaker 1 (02:38):
I think you could go back to the end of
World War Two, and I think our debt to GDP
then was higher than it is now. But that was
the only time.

Speaker 5 (02:46):
Yeah, and then the debt increase over one thousand percent
during from nineteen thirty three to nineteen forty five.

Speaker 1 (02:53):
Okay, right, crazy, it's crazy. I mean if this were
a corporation, if the United States were a corporation, you'd
absolutely be downgrading the dead right. I mean, the last
twelve months, we've had four point nine trillion in income,
six point seven trillion inexpenses. Four point nine income, six

(03:13):
point seven inexpensive. How long you think your house would
run if you had it that way? I mean, somebody
has got to do something. And we're all excited about
about Trump because finally somebody is doing something. But then
here comes the big beautiful bill.

Speaker 2 (03:29):
Well, here's blowing the doors off. And here's the historical context.
Our death to GDP during the World War two peak
nineteen forty six, one hundred and six percent. Now at
the end of twenty four we're at one hundred and
twenty four percent.

Speaker 1 (03:40):
Okay, so we're much higher than yes, I would have
thought it was.

Speaker 2 (03:43):
And the projections with what we're kind of talking about
is that we're headed to about one hundred and thirty
four percent over the next decade. And this one big
beautiful bill, which it's really called that for those of
whom actually called that, it is actually called that one.
It's it's interesting because there is projections anywhere from three
to five trillion of it being added to the deficit.

(04:03):
Now that number is not including the offset of what
Trump's trying to do as well, like cutting dose, trying
to bring in revenue through tariffs. So what the net
effect is is going to determine on also our GDP
growth because Besset, the Secretary, said, if we get one
percent and Noles avoids all the extra spending we're doing
in this bill, according to him, and if we get

(04:23):
he thinks projecting three percent, which he thinks is realistic,
will be just fine and the bill pay for itself. Thoughts.

Speaker 1 (04:31):
My thoughts are, I've seen this supply side economic story
before and it has not worked one time, not one
single time. We've got to stop spending. We've got to
raise taxes something right and boy, you say raised taxes there,
but head starts spinning.

Speaker 4 (04:46):
Right point, How are we going to pay for this debt.

Speaker 1 (04:49):
They've done such a horrible job.

Speaker 5 (04:50):
Or change the tax code on corporations if you want
them to pay taxes so bad?

Speaker 1 (04:54):
Oh, Dean said last week, another one and a half
percent from millionaires where people have taxable income over a million. Okay,
well that's an idea, you know, that's part of it.
They never mind they pay ninety percent of the taxes already.

Speaker 2 (05:07):
And the debt that we already got on ourselves into
is not going to get even more costly if we
can't get that ten year down. And that's what we
saw kind of way on markets as well throughout this
entire week, is higher interest rates. That bill is considered
a little bit fiscally irresponsible. We didn't just see that
in rates. We also saw that in golden bitcoin this week.
We'll talk about that later, but there is some level

(05:28):
of fear about this fiscal irresponsibility.

Speaker 1 (05:31):
Yeah, So I think that became very clear on Wednesday
when the ten years started to approach five percent again,
which is a kind of a magic line in the sand,
if you will.

Speaker 3 (05:40):
What do we finish the weekend?

Speaker 1 (05:41):
We're above that for six the tenure was four let's see,
the ten year was four or five to one, four
or five to one, but up from four to three
to two last week. So that's pretty good up in
one week.

Speaker 4 (05:51):
It's still down a bit for the year.

Speaker 1 (05:53):
Yeah.

Speaker 5 (05:53):
Yeah, thirty years the one that's up. Thirty years over
five five, it's over five. It dropped after it's high
from earlier this we or earlier last week. We got
to like five point one to two, but it's still
about three percent.

Speaker 4 (06:04):
For the year.

Speaker 2 (06:05):
All the trades are back to the sevens.

Speaker 5 (06:07):
Yeah, but the main one that economist everybody follows is
a tenure because that's what auto loans and all that
stuff is.

Speaker 1 (06:13):
Yeah, so watch the ten year if you want to
know how things are going, Watch the ten year. You
want to see the coming down if at all possible.
We're keep in mind, this is the thing that makes
it so difficult when you look at the budget and
the budget deficit, about how you're going to get this
under control. Forty percent. Now, we spent six point seven trillion,

(06:35):
which was which was I'm sorry, we spent yeah, six
point seven trillion, which was one point eight trillion more
than we took in, trillion more than we took in.
Of that six point seven you're saying, well, how do
we cut that down? How do we cut down that spending?
Of that six point seven, forty percent of it is
social security and interest rates forty percent. You're not going

(06:58):
to get do anything with social security, certainly, So you've
got to get the interest rates down. And that's why
Trump keeps yelling for lower interest rates because he can
see that's one of the Yeah, you can't control the
market though you cannot control the market.

Speaker 4 (07:09):
Yea.

Speaker 5 (07:10):
And again, this bill passed the House, but there's a
lot of senators. It has to go through the Senate now,
and there's a lot of senators that said they need
to do a lot of changes to this bill today
even say yes, So this whole bill could change a
lot more in the next month or so before the
Senate actually passes it.

Speaker 2 (07:22):
And let's talk about the bill though. I mean, there's
a lot of things that were in it that most
people won't know until they listen to the show. So
one of the things is that's kind of interesting is
the MAGA accounts. There's a provision that maybe not like
Dylan says, some of these might get taken out, but
for now, this is what actually passed. The MAGA accounts
would be one thousand dollars for everyone born between the
start of twenty twenty five to the end of President
Trump's term in twenty eight and every kid gets a

(07:44):
thousand dollars. And it's trying to help for financial security.

Speaker 1 (07:48):
Well because we have so much extra money laying around.

Speaker 2 (07:49):
Interesting idea, right, yeah, it won't.

Speaker 5 (07:52):
Spend less than they do that, I mean, it's a
good idea. But then it kind of goes against it.

Speaker 2 (07:55):
They're raising they're raising tax credits for kids, so if
you have you're gonna get more money for that. They're
going to raise the standard deductions for family members. They're
trying to make permanent the twenty seventeen tax cuts so
we never have that increase in the tax code as well.

Speaker 5 (08:10):
They're also adding a senior deduction bonus for four thousand
dollars for individuals and eight thousand married filin.

Speaker 2 (08:16):
Jointly those five hundred bucks. It was about five hundred
bucks they think on the actual savings.

Speaker 4 (08:21):
On taxes for the senior deduction.

Speaker 2 (08:23):
Yeah, because that was like their way of doing the
Social Security thing. They couldn't get it in the non
tax because you.

Speaker 1 (08:29):
Know, they said, no, are you kidding me? If no,
you can't, you can't. You can't not tax Social Security. Man,
I love that.

Speaker 2 (08:37):
I get well, you know that's what they A lot
of people thought was gonna happen. Oh, I mean a
lot of people thought that Trumps was going to say, like,
no tax Sole Security. I'm gonna get that in and
I mean this is the bone they got. Oh my goodness, right,
So that was that was another thing that took place,
but there was also a lot of medicaid talk. If
you if people were watching the drama leading up to
the passage bill, that was one of the big things.

(08:59):
And the decaid work requirements as well as food stamp requirements,
I think are very incentivizing to get people off the system.
And it's basically saying work requirements, meaning that if you
are an able body person between the age of eighteen
and sixty four, So we're not talking miners, we're not
talking elderly people, but if you're an able body person
living off the system, you have to prove that you're

(09:20):
either trying to like you're either working a certain amount
of hours or you're at least doing community service, which
to me makes sense because if you are an able
body person, if you're living off the system, at least
give back to the system that you're taking off from.

Speaker 5 (09:30):
And these are able body people who have no dependents
and they can it's at least eighty hours a.

Speaker 2 (09:35):
Month you gotta work, so twenty hours a wee.

Speaker 5 (09:37):
Part time, and then other than that, yeah, ors community
service can do.

Speaker 2 (09:43):
And I think it incentivizes people who are just trying
to play the game and live off the system. Who like,
as you said, Dave, how do we make this one
point five trillion deficit lower. That's the way to do it,
you know, And that's part of what Doge was and
is doing still is trying to cut out that fat
and INCENTI devising the actual the whole society to do

(10:04):
their job right.

Speaker 3 (10:05):
And then on the part on the other end, incentsifies
a childbirth that we have enough people to pay for
social security later on.

Speaker 2 (10:11):
Yeah, that's something we don't talk about that. Declining birth
rates is something that's pretty prevalent in developing countries. We
see it a lot in Asia right now. But if
we have that, that's a really bad thing for not
only our social security system, but our labor force as well.
All of a sudden, you as much as you don't
like immigrants, if you're not having babies, you're gonna have
to have a lot more immigrants.

Speaker 3 (10:27):
Yeah, I think that for such a push pull conversation.
We've been talking about it all week with the incentive
incentivizing childbirth.

Speaker 2 (10:35):
The problem with it is most of the time the
people who are benefiting the most off of these credits
are the lower socio economic people that sometimes just have
kids to get more benefits from the system, right, and
that's not always the best thing for the overall country.

Speaker 1 (10:49):
There are there are two countries, speaking of Asia and
you just brought it up, there are two countries that
have a higher debt to GDP ratio than the United States.
And you're not gonna know who. You're not gonna one
of them, pretty odous.

Speaker 2 (11:00):
It should be Japan.

Speaker 1 (11:01):
Japan. On what's the other one?

Speaker 4 (11:03):
China?

Speaker 1 (11:03):
Good job doing it's amazing. And you always think of
China as just you a washing cash and everything's looking
good if you want to.

Speaker 4 (11:11):
Portray it, right, that's how they portrayed to everybody.

Speaker 5 (11:13):
It's not true that you know that. If you look
at videos that you see just about the day, like
in the average, it seems like it's not as good
as they always say it is.

Speaker 2 (11:19):
And if people want a history lesson of what our
country could go into, it is would be similar to
what Japan went into the nineteen nineties, where they inflated
so much leading up to that and then they just
had a dead decade of growth and nothing increased. There
had really low.

Speaker 3 (11:35):
Interest rates, negative interest rates.

Speaker 2 (11:37):
They had no actual growth in their economy, so that's
something we want to avoid. One thing that we have
in our back pocket that no other country has is
that money printer. So as much as yeah, you're right,
we had a deficit and you're saying, how could a
household do this, well, the household doesn't have a money printer.

Speaker 4 (11:50):
So that's why the bonds are still double.

Speaker 2 (11:52):
A rating right.

Speaker 1 (11:53):
Well, And in fairness, Moody's downgraded the US debt by
a notch they have moody Has, if you know their system,
they have seven different levels of A rating seven, so
it went from the very top A rated to the
second A rated. I mean, still higher than almost any
corporation up there with the finest corporation, strongest corporation in

(12:16):
the country and above them even what's the.

Speaker 5 (12:19):
Idea that they've finally got downgraded by all three by
one Moodies. But I mean, like you said, movies hasn't
done since seventeen. I mean, it got through World War
two and depression and everything.

Speaker 1 (12:29):
So many things that happened. I thought it was interesting
to see investors' reaction to it, and I saw that
on Sunday, and oh man, this is not going to
be pretty. How did investors react to that news about
the Moody's downgrade. Individual investors bought four point one billion
dollars worth of stock on Monday in the first three hours,
which is the largest amount of stock buying in history

(12:51):
for that three hours. That's how they reacted. Scared to
death about the you know, they yawn.

Speaker 3 (12:57):
Before we go any further, I'm going to do the disclaimer.
The show's sponsored by the Greenberg Financial Group and you
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have some type of an inherent risk, and we strongly
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(13:18):
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Speaker 1 (13:28):
That was well done.

Speaker 2 (13:29):
We only got halfway through the week because then on
you know, Thursday and Friday, that's where the tariff talk
really started to pick up.

Speaker 1 (13:35):
Thursday was pretty quiet, day though, Thursday down much. Then
Friday morning we woke up to this fifty percent tax
on the EU.

Speaker 3 (13:41):
And then twenty five percent, right, he.

Speaker 1 (13:43):
Threatened, So I mean on June first, No, it's effective
June first. He said he's going to do it effective
JUNI first, So he actually implemented, and.

Speaker 2 (13:50):
I did say later later in the day he did say,
he's like, there's no negotiation. It's done.

Speaker 1 (13:55):
Yeah, yeah, you know, obviously they've been flow coming to
the table and I worked with your right, it worked
with China.

Speaker 5 (14:01):
Well, I remember when the US and UK made the deal,
EU is going to the World Trade Organization saying this
isn't right, you can't put tariffs on it. So the
EU is nowhere close to making a deal at that time,
so he says, screw it, I'm gonna cut fifty percent.

Speaker 4 (14:14):
Terrifying.

Speaker 1 (14:15):
Yeah, you don't want it to talk, Okay, let's see
how you like this.

Speaker 5 (14:17):
And then this whole thing with Apple too, same announcement time,
he says he's gonna put twenty five percent tariff on
Apple phone iPhones that are made outside the US.

Speaker 4 (14:25):
He doesn't care what country.

Speaker 2 (14:27):
And Samsung, well, and Samsung.

Speaker 5 (14:29):
With Apple is a big one. I mean it's the iPhone.
It was based in the US. He wants the manufacturing
and be in the US. Apple's currently building a one
point five billion dollar factory in India.

Speaker 3 (14:38):
Yeah, what do you do?

Speaker 4 (14:39):
Just stop that?

Speaker 5 (14:40):
No, So, I mean ultimately the business, they're telling them
that it's just better to eat the twenty five percent tariff.
Pay for the tariff. It's cheaper, it's easier, it's gonna
make everything fine. You just eat it, right, which, in
a sense, okay, then I mean kind of get both.
The corporation's paying more money towards the tariff's iPhones won't
go up kind.

Speaker 2 (14:57):
Of, but then growth rates should go down for Apple.
You it's say, right, because in the margin they're getting
each iPhone, Selle is going to get less.

Speaker 5 (15:03):
Well you, depending on that, currently have a forty profit
margin on the iPhone, So I don't know how much that's.

Speaker 1 (15:08):
Going to drop, right, I know what what what's the
How does the triff impact Samsung? I didn't well this.

Speaker 2 (15:14):
Is a similar thing Samsung. Yeah, and then yeah, I
mean Apple was down around over seven percent on the week.

Speaker 3 (15:20):
It's don't if Apple eats the cost, how is that
gonna how doesn't that raise the price to the iPhones
to the consumer.

Speaker 5 (15:26):
Not as much as building it in the US is
what the got is what they're saying. It's cheaper to
do that than try and build the infrastructure in the US,
pay the workers in the US, because then iPhones are
going to be doubling in that case. So if you
put it it might be two or three hundred dollars
more as what I read.

Speaker 1 (15:43):
Yeah, it's you don't often have this much weight on
a company as successful as Apple. There's this many different things.
I mean, they're just it's coming from from the tariffs.
That's coming from their former design executive Johnny I who
joined open Ai. Welly bought by open Yeah, got yeah,

(16:04):
I got bought by his company.

Speaker 4 (16:06):
Who he's forgot about that.

Speaker 1 (16:07):
Yeah. He's kind of thought of as the the face
behind the iPhone, you know, they kind of the creative genius.
And he broke off from Apple in twenty nineteen, I believe,
was formed his own company and that was bought by
open Ai. Now they're saying, well, he's going to get
together to the open Ai. They're going to come out with
all these crazy AI devices. They're not going to need
your iPhone anymore, you know, and it's just and then
the tariffs, it's just this one thing after.

Speaker 2 (16:29):
Not well, Apple's getting punished for being a hardware company,
and so like Meta Google, I mean obviously not insulated
from tarif because it's still going to be impacted by advertisers.
But they're not like as much as building something like Tesla.
Obviously we could see how tariffs could or could not
impact them. They have hardware type of stuff. Netflix is
is completely digital, right, So some of these big Max

(16:50):
seven companies are just software companies, whereas we're talking a
lot this week about Meta turning into potentially a hardware company.
These new ray band Meta glasses are really fascinating and
where they could be headed. And I think Apple kind
of caught wind of it because later in the week
they actually dismissed the project of having a camera in

(17:11):
their Apple Watch that was going to be their new product. Instead,
they're gonna work on coming out with smart glasses AI
glasses in twenty twenty six, and so to me, that
makes a lot more sense. We know how bad the
vision pros did not perform well for the company.

Speaker 3 (17:25):
They say how much the glasses were gonna cost No,
I did not know such it. Yeah, because the vision
pros I mean those are thirty four hundred dollars give
or take. And the Metquest glasses you could buy go
and buy for what two hundred and fifty three hundred dollars.

Speaker 2 (17:36):
Well, I think about raid bands right, when you buy
ray bands, it would be probably two hundred two and
fift anyways, So now I get AI capability in.

Speaker 3 (17:42):
It within it.

Speaker 2 (17:42):
It's it's it's like you know how those shock headphones
are where it goes through your sole. Yeah, phones, the
glasses do the same thing I call bone phones. The
glasses will do the same thing, get on your obital bone.

Speaker 4 (17:54):
I guess the Apple glasses would be about the same price. Right.

Speaker 2 (17:57):
But if you think about it, like eventually, if you
have incorporated your phone into that, yeah, you have your
whole phone. I can call everyone, I can see everything
that I have on my phone in my glasses, or
maybe it turns into a cont whatever it may be
in the next five to ten years. That's what Apple
really has to compete with, especially with companies like Meta.
Meta has three point four daily active users on all

(18:18):
their platforms. When you combine What's App, Meta, Instagram, Apple
really has to be careful, especially with open Ai getting
steam as well, that they don't fall behind the hardware.

Speaker 1 (18:29):
So if you if you had Apple stock now it's
coming back down towards about five six months low, what
would you do with Apple? If you had Apple, would
you sell it?

Speaker 3 (18:40):
Depends on my position size. I'm probably holding it. I mean,
I believe in Apple is.

Speaker 1 (18:44):
A compromise position. You got three percent, you're not.

Speaker 4 (18:46):
Selling drop from this news for the year.

Speaker 3 (18:50):
I would not buy it, yes, kind of like attractive
enough made.

Speaker 5 (18:57):
A decision on what they want to do with the terrors.
If they say screw, we're going to everything in the
US whatever, they haven't made a decision. I wouldn't be
too rash on buying it. If I have a position,
I'm going to just let it stay.

Speaker 3 (19:06):
It could obviously change, but I think that they're definitely
the weakest company in the bag seven mac seven.

Speaker 2 (19:12):
Yeah, yeah, And I agree, which is tough because you
throw Tesla in there. I have right, right, right, Tesla's
business model in terms of like what they're warranting on
their price to earnings is.

Speaker 3 (19:21):
Completely Tesla is anomaly, you know.

Speaker 1 (19:24):
Yeah, Tesla is a hard one to get a handle
on because it is one hundred and seventy two times
earning and their business is declining.

Speaker 2 (19:33):
Well, you see the interview that they had with a
Musk on CNBC this week. Did you catch any of it?

Speaker 1 (19:37):
No?

Speaker 4 (19:38):
Well, I was.

Speaker 2 (19:39):
He used to always say this too, about his stock
being way too costly and no one should buy it,
and there's videos him saying this, like I was like,
I don't know, buy this. But this one was interesting
because this in this interview he finally did say, yeah,
I think it's a it's a good time to buy.
He thinks optimist robots are going to kill it for
the company. He thinks the robot tax. He's still going
to be coming online I think by the end of

(20:01):
tune or something like that.

Speaker 5 (20:02):
And that's how Tesla will grow with the robots and
the robotext. He's not gonna grow with the regular y
model anymore.

Speaker 1 (20:08):
Yah. You wouldn't think so, you wouldn't think. There certainly
is no evidence that it's growing. There's a market share everywhere.
I think that because you're dating wrong with this, just
because it's a competition and saturated.

Speaker 3 (20:17):
I think that I have I think that I have
a bias towards it, just because I went to test
Drova Tesla recently Tesla but no, okay, I did the
self driving feature right, and I drove for about five miles,
didn't even touch the wheel once, And it just got
me thinking, there's no reason that humans need to drive
at this point. The Elon is onto something with this
autonomous driving at some points, you know, I don't know

(20:38):
how many years from now, we don't need to drive.
There's no reason for it. It's safer.

Speaker 1 (20:43):
My my wife, I take my life's car and for
service last week, and so she had my Tesla Model
Why for a day and that night she said, we
can solve all the world's problems if everybody would just
have a Tesla.

Speaker 5 (20:57):
I don't know, the freaking uh program breaks and you
go one hundred miles an hour in to something, right,
that would.

Speaker 4 (21:04):
That's why I'm not I'm not trusting them just yet.

Speaker 3 (21:06):
But then you start to think about, you know, if
we get to that point in society that we're not
driving and we're depending on artificial intelligence to do so,
do insurance cost plummet?

Speaker 1 (21:18):
Likely you would think, yeah, you would think it could
be off youer accidents in theory.

Speaker 3 (21:23):
And that doesn't mean that the insurance companies go broke either, right.

Speaker 2 (21:26):
Yeah, And I think also the problem with the whole
idea of technology sounds really amazing because I'm with you,
it's definitely better for humanity net but the problem is
also someone's going to control that network, and so someone
if if they get mad at you, like if a
government's like, yeah, this guy, we need to offer them,
right and they just like Dylan says, throw your car
into a walk two hundred miles an hour and oops

(21:47):
it was a malfunction.

Speaker 3 (21:48):
Yeah, I mean we're gonna say, right, we're gonna have
to keep investing in cybersecurity.

Speaker 2 (21:51):
It's like this. It's like this, It's like the CBDC
Central Bank digital currency. It gives you a lot more
capabilities to help, but on the other side of that
gives them a lot more.

Speaker 1 (22:01):
You know. Whenever my wife some bizarre scenario like you
just mentioned, I always use the old Seinfelder that's the
show because every time something word will come up, that's
the show. And every time she comes up with something,
we're like and Nick Todd and Dylan going to have
somebody take over your car. You don't run, you don't
think they can do that into the wall. That's a

(22:23):
show they can do it.

Speaker 4 (22:24):
You have that in China where they can do it.

Speaker 5 (22:26):
They're like you're saying, for the digital currency stuff, your
bank accounts is all through the government. So you get
caught jaywalking, they have your face on it. They just
take the money out for and find you.

Speaker 1 (22:34):
And we're talking before about about why you see when
you see pictures of Asia, you see masks.

Speaker 4 (22:40):
Yeah, that's why because they.

Speaker 2 (22:42):
Have that why everywhere where Japan, though, they do wear
masks like that, and they don't have the same.

Speaker 1 (22:48):
Jokes about facial recognition. A lot of it's about facial recognition.

Speaker 2 (22:51):
It's also cultural they do have it is cultural.

Speaker 1 (22:54):
They is cultural, But I wonder if it's cultural because
of facial recognition.

Speaker 3 (22:58):
Yeah, it would make sense.

Speaker 2 (23:00):
I think Japan we're doing it way before and like
the like once the in the twenty tens.

Speaker 1 (23:05):
But my only experience was autonomous driving was about a
year and a half ago. Tesla gave free self driving
for a month. It cost one hundred and ninety nine
dollars a month back then a month, but it's free
for most of the competitors, so it won't be along
tell us to be free, but one hundred nine nine
dollars a month. They gave me a thirty day free trial.
So I'm going down River Road and you know, I

(23:26):
have it on. So it gets to a curve in
the road and all of a sudden, take control of
the wheel immediately. Really, I thought you were driving. If
you if you're not going to drive and you're gonna
have me drive when there's a problem, then I'm just
gonna drive all the time.

Speaker 3 (23:41):
Well, they want to blame the liability on you if.

Speaker 2 (23:43):
You're the one, you know, by car's ability to turn,
it could do some crazy.

Speaker 1 (23:46):
You have to touch your wheel from time to time.

Speaker 3 (23:48):
No, well not really though.

Speaker 1 (23:50):
I think that's what it was with the Tesla. You
have to touch the wheel. It has to know that
you're in.

Speaker 3 (23:54):
And then it also has a feature that if you,
you know, pull your phone up, it might yell at
you the same thing. Hey, put your hands on the wheel.
If they don't want you to.

Speaker 1 (24:00):
Falling asleep and you know, okay, I want to go
to flags. You have put it on our driving and
take a nap, right. They don't want that to happen. No,
I don't want them and I'm not sure why if
you're really good at this, this autonomous driving, why wouldn't
you let me take a nap? I mean, are you
gonna do this or you want me to do it,
or are we gonna do it together?

Speaker 3 (24:17):
Very well, I think there's too much of a liability.
It's too much of a liability on Tesla right now.

Speaker 1 (24:21):
So anywhere. We'll be back right after this break. Thanks
for joining us.

Speaker 2 (24:30):
Welcome back to the Money Matter Show. My name is
Todd Glick. I'm here with Sebastian Boords, Seni, David Surewoodend
Dylan Greenberg. This week we had tariff talk as well
as some drama on Capitol Hill. One big beautiful bill.
It might be coming to too fruition. One of the
other things we didn't talk about in the bill was
they did get in the no tax on overtime and

(24:51):
no tax on tips. Now, the no tax on tips,
I don't think really impacts the whole debt collection system.
Who is reporting tips anyways.

Speaker 1 (24:59):
I was just saying they're assuming we're already paying tips.

Speaker 2 (25:02):
And also it was saying up to one hundred and
sixty thousand, anyone one hundred and sixty thousand tips It's like, Okay,
if anyone making an undred six thousand is the server,
they're doing just fine.

Speaker 3 (25:10):
Fine, Yeah, they good for them.

Speaker 1 (25:12):
How about some fun facts on this three day weekend?

Speaker 4 (25:14):
What do you got?

Speaker 1 (25:15):
I got that This is kind of an interesting thing.
I saw this on Friday from May twentieth to May
twenty ninth. The date is the same forward as it
is backwards. Think about it. Today's five twenty five twenty five.
Reverse those numbers five twenty five twenty five for the

(25:38):
nine day period. That is cool, That's what I was saying. Oh,
that's kind of interesting.

Speaker 3 (25:42):
We need to give like a visual to the somebody.

Speaker 1 (25:44):
Somebody observed that, right. How about how about X rays?
You guys ever had X rays?

Speaker 2 (25:49):
Yeah, they're great for you. That what's a stand for xylophone?

Speaker 1 (25:53):
Xylophone? That's a good guess. But uh, the guy who
invented the X ray in eighteen twenty five used the
letter X indicating it was a newly discovered type of
radiation whose properties were then unknown, And he actually called
them X rays because he didn't know what they were,
what the property was on. It's amazing Todd asking me this,

(26:18):
of there's so many things that taste like chicken, right,
I mean, have that tastes like chicken? Have that tastes
like chicken? What you know, things that taste like chicken?
You never heard people say it tastes like chicken. A
rattle tastes like chicken, right, like chicken?

Speaker 4 (26:32):
Yeah?

Speaker 1 (26:32):
Okay, how come eggs don't taste like chicken?

Speaker 2 (26:35):
That's all I want to know. Yeah, that's a good point.
You know, maybe because you're eating a baby, oh before.

Speaker 4 (26:41):
It's a chicken baby taste like eggs.

Speaker 2 (26:45):
I wonder if you ate frog eggs but it tastes
like frog.

Speaker 1 (26:47):
I wonder. One of the mysteries in life is why
do we drive on a parkway and park on a hiveway.
That's kind of a weird one.

Speaker 4 (26:55):
Huh, are you gearing up for your stand up next week?
I try.

Speaker 1 (27:01):
There have been people throughout my life that think I
missed my calling, that I probably I probably should have
been a standard. But I don't know. I think I
would have enjoyed that, I think. But it's hard to say.
But I see these stand up comedians, the successful ones,
and it looks like a lot of work.

Speaker 3 (27:15):
Nig BARGOSSI though, Yeah, I was going to say you
could beat him.

Speaker 1 (27:19):
Have my Nate BARGOSSI, I would That's who I would be.
That's who I would be, A Nate Bargotti. It's a
so the market. It kind of interesting statistic. I saw
last week in January, the expectations for earnings pur Sure
for the S and P five hundred were expected to
go out fourteen point six year over year. That's January
fourteen point six year over year. Here we are five

(27:40):
months later now it's at nine. So it's gone from
a fourteen point six percent growth to nine. That was
kind of a that was a prison pretty significant drop.

Speaker 2 (27:52):
You know what I just did not get? How can
you have a nine point nine percent or average quarterly
growth for these companies but then you have a GDP
that was negative for quarter one? Where was all the negative?

Speaker 1 (28:04):
Okay?

Speaker 4 (28:05):
Right?

Speaker 2 (28:05):
I mean, I mean, isn't companies contributed to GDP?

Speaker 1 (28:08):
Absolutely? Absolutely? Probably the I don't know, I may have
something to do with they're dropping oil prices. To do
with what they're dropping prices?

Speaker 2 (28:16):
I know, how is gone from I kind oft figure
it out because then all of a sudden they're saying
quarter two now the aspect estimations are we're having a
plus two point four percent quarter in quarter two. New
York Fed came out with that. I'm just thinking, how
does it change? Like, where do they come up with
these numbers?

Speaker 1 (28:30):
Yeah, it would be interesting to know what the algorithms
are behind those numbers, because I'm sure they're they're I mean,
they're they're factual, But it would be interesting to know
if the algorithms, if we should looked at the algorithm
and go, well, that's just stupid.

Speaker 2 (28:44):
You could yeah, we.

Speaker 3 (28:45):
Just gonna import more.

Speaker 4 (28:47):
Well, government spending might have gone down.

Speaker 2 (28:51):
We're all just throwing guesses out right. Who knows, because
it's just a it's a big fluctuation to have all
of a sudden, we had Originally quarter one was gonna
be plus two and then it was negative, came into negative,
and now we're quarter two was gonna be nega and
now we're positive this. Yeah, Whip saw back and forth.

Speaker 1 (29:09):
That websage strictly on their Chinese caruff padge directly, and
I think I think you can make a case because
there was people pulling in their horns everywhere you looked,
and then when that happened, it's like, ah, sorry, really.

Speaker 2 (29:22):
But if if fifteen percent you last you said this
last week, fifteen percent of our GDP is to do
with China. Yeah, well then if this that's a huge jump,
you know.

Speaker 1 (29:32):
Yeah, it actually sixteen percent of rightly By comes from
China sixteen percent.

Speaker 2 (29:38):
Obviously, it just seems like they're a pretty big player
in our GDP numbers.

Speaker 3 (29:43):
You know what, the big beautiful bill did not include
or actually took out the solar tax credits, which I
absolutely destroyed the solar stocks.

Speaker 1 (29:52):
This week you got hammered.

Speaker 3 (29:53):
You had Sun Run those down thirty seven percent, you
had en Phase and Solar Edge down nineteen and twenty
four respectively, and have our top pick for solar only
down four percent.

Speaker 2 (30:02):
Thankfully it's down quite a bit though. I got call
from a listener about about the stock. And you know,
if you have a normal position size two to five percent,
I don't think you have to be uh doing anything here.
I mean it, it jumped quite a significant Obviously it
was a good place to take prof had a nice
twenty percent, but it's come down quite a bit. And

(30:24):
now the question is is just interest rates are probably
going to be the big player for that stock.

Speaker 3 (30:28):
And so the reason that you know, for solar wasn't.
Some companies got hammered for solar, didn't. Sun Run, for example,
they dropped thirty percent. Legislation ends tax credits for installers
like sun Run that lease equipments to the customers. Okay,
for solar, it only fell four percent because the bill
did not It left the manufacturing tax creadit really relatively unscathed.

(30:50):
They didn't touch that, and so that helps for solar.

Speaker 1 (30:54):
Often in spaces like that we recommend DT. This is
one of those rare exceptions where you have to pick
the company first sol, right, and if you're going to
be in that space, you need to be in that company.

Speaker 3 (31:05):
I mean they you know, with the ten you're going higher,
and again with the ten you're going higher. And for
solar dropping, maybe you could try to play as an
interest rate play there Again.

Speaker 2 (31:15):
Another thing that we have with the first solar I mean,
obviously that's the solar side of the ESG kind of thing.
And we knew that the ESG was going to get
carved out of the Washington landscape because of the administration.
It was to appease some of the conservatives to get
that bill past the House. And then the other things
that they cut out was obviously the wind and all

(31:35):
that stuff, but what they did leave in there was
the nuclear side of things, and that helped the space
out quite a bit.

Speaker 1 (31:42):
And that's one of those that's one of those spaces
where I think you're better off with the ETF right.
I I agree, there's so much volatility in that space,
or so many different companies involved in that space. There's
so many different angles that you can look at in
that space. That NLR, which is the most pot Yeah,
we used primarily.

Speaker 3 (32:01):
Yeah, we followed two of them were we hold a
position in l n l R as a firm, but
we also follow u r A. N l R on
Friday was up near ten percent and u r A
was up eleven percent, respectively.

Speaker 1 (32:14):
So yeah, yes, having a basket of those when you
don't know who's good, nothing can be more frustrating than
to pick the right industry and have the wrong stock.

Speaker 3 (32:23):
And I think ultimately the reason that we picked uh
NLR instead of the u R A's because u RA
had such a concentration in one company. I can't remember
exactly which ones, Maybe it was Camco and Constellation and Constellation.

Speaker 1 (32:36):
So you know, je Jamie Diamond said, the market is
too complacent about the impact of tariffs on the economy,
and I can't I can't argue with that. But you know,
a few weeks back, I gave you the term tariff tantrums.
I think I use that first. I've got another one
for you. What's driving this market? Trumptimism.

Speaker 3 (32:56):
Trumptimism.

Speaker 1 (32:57):
Trumptimism. We've got a lot of trumptimism going on. It's
gonna that's kind of keeping the market from doing anything
big on the down side, Kramer. On Priday, Kramer called
Trump the administrator of pain. From the stock investor point
of view, I can certainly see that, but also he
brings it quite a prize at the end. And it's

(33:18):
just it's his business style. He comes in hard and
then you sit down negotiating. You know. It's it's like
you had a house for sale for five hundred thousand
and some guy comes in that not worth two fifty,
you know. The way I see this the most. I
enjoy watching Pawn Stars. It's a very educational show. If
you haven't watched Pawn Stars, check it out. It's been

(33:38):
on for twenty years, twenty five years or whatever. Obviously
it's very, very popular. But the negotiations that go on there.
A guy comes in, well, I wouldn't take less than
five thousand dollars for this, and the guy goes, well,
it's worth three hundred. I goes, well, how about five hundred?
You know that would take less than five five hundred.

(34:00):
I'll get four hundred. Okay, deal. And that's Trump, I
mean that's Trump coming in there, going, you know, on
fifty percent tariffs across the board, Well, how about twelve?
How about fifteen? You know? And it gets people talking.
When you come in with a big stick like that,
it's it's scarce and we're not as politicians are not

(34:20):
used to dealing with other politicians who are business people
who know the art of negotiating. But he is the
administrator of pain whenever because of the way he comes
in so hard. This morning, when I looked in the
feudre doing the fifty percent on EU and the futures
are down six hundred points, I'm going, are you serious? Really?

(34:42):
You think that's what it's going to be. It's gonna
be fifty percent. Haven't we seen this movie before?

Speaker 4 (34:48):
Then?

Speaker 1 (34:48):
We see this movie just two weeks ago and We
saw the ending, and we know how it came out.
It came out with one of the biggest rallies we've
had in months at the end, what are you doing?

Speaker 3 (35:00):
I think it had it had to do with the
tandem effect of the apple tariff, just because that obviously
drove down.

Speaker 1 (35:06):
But you people is down more than one percent seriously
on Trump threatening You have the same token.

Speaker 2 (35:12):
You said that the optimism about the lack of impacts
from from the tariffs. So Jamie Diamond just said this.

Speaker 1 (35:19):
No, Diamond thinks the market's being too complacent. Thing right
about the impact of the tariffs, not the fifteen.

Speaker 2 (35:26):
That's that's why the market is responding to saying, hey,
if it's even worse than what it is, then it's
going to be even worse.

Speaker 1 (35:34):
We saw just was trying it when he went to
one hundred and forty five percent and the market went
down twenty percent. What happened all the way back.

Speaker 2 (35:39):
But what happens if it is more than ten percent
that the market originally thought it was going to be, right, Well,
the market thought it was going to be a ten percent.

Speaker 1 (35:46):
My point is you can't sell or buy based upon
a Trump headline.

Speaker 2 (35:51):
Definitely not at all.

Speaker 1 (35:52):
It's all they're all trial balloons and what actually happened
is very different. We'll be back right after this break.

Speaker 3 (35:59):
Welcome back to the Money Matter Show. My name is
Sebastian Borsini. I'm here with Todd Glick Junior, Dylan Greenberg,
and David Sherwood. I don't think that we've done a
rundown of the numbers, so I'm gonna go ahead and
do that real quick. The Dow was down two and
a half percent this week, the S and P five
hundred was down two point six percent, the Nasdaq tech
companies were down two point five percent, Russell two thousand,
small caps three point down three point five percent, and

(36:20):
the equal Weight to S and P RSP down three
point two percent.

Speaker 1 (36:24):
Yeah, it's hard to It's interesting that the RSP would
be down more than the Dow and the S and
P and the NASDAK. How's that possible? It would seemed
like the Dow of the S and P and the
nadduck would include all of the stocks that are in
the RSP. Like I found that puzzling.

Speaker 3 (36:40):
Yeah, this is puzzling.

Speaker 2 (36:41):
One of the spaces that got a headlined was the
defense names.

Speaker 1 (36:45):
This week.

Speaker 2 (36:46):
One of the announcements that Trump made was the Golden Dome.
And we talked about this a couple of times on
the show already. But the Golden Dome is that iron
dome that Israel has that shoots down the missiles that
come into the country. We're gonna have one here in
the country. It's gonna cost, Dylan said, in about one
hundred and seventy five billion dollars, so it's gonna be
He's trying to get it somewhat up and running by

(37:06):
the end of his term, but it's probably going to
be about a seven to ten year project. For those
who don't know, we already have these type of defense
missile systems around key locations around the country military basis,
especially manufacturers like raytheon that are key to defense in
times of needs. So that's already around, but this would

(37:27):
be more for the border sections. And the question is
on one point is how much do you need it.
I mean, of course, we kind of got the perfect
location in the world. We got oceans on both sides,
both south and north. We don't really have to worry
about because we could annihilate them in a night if
we really wanted to. So we don't really have to
worry about it, but it's nice to have. The question
is it worth the money? Right and especially now, and

(37:49):
it's a lot of money. Defense names originally popped. They
were probably about one percent on the news, but actually
traded off after the following couple of days.

Speaker 3 (37:57):
So I feel like you can't really make a case
for like, you know, in economics, you have the multiplayer
effect economic impact. What does a new stadium do to
the community? Right here, it's okay, we got the Golden Dome,
we built it. Yeah, I gave people jobs. We you know,
manufacturing companies got amount of period for an interim amount
of period. Right now, we have it, right, Okay, Well

(38:17):
that's a good point.

Speaker 1 (38:18):
The other side of that is is you get Trump
for four years, so you spend forty billion dollars in
the next president goes that's just stupid. It all gets abandoned.

Speaker 2 (38:26):
Also, don't forget about infrastructure. I mean, that's what building
new roads, new bridge that's what that is, you know,
And so you have to there. It's good overall, probably,
but it's definitely not.

Speaker 3 (38:37):
Oh I'm all for it.

Speaker 2 (38:38):
The left is probably going to have a field day
with it.

Speaker 3 (38:41):
Do we have one of those systems here in Tucson
next to Yeah, yeah.

Speaker 1 (38:46):
Yeah, And then you'll see when they talk about nuclear attacks,
the Duson is definite target for the Mississiato, Davis, Monton
and Raytheon. We're definitely a target. And you know, an
event of a new war, I hope so, because I
don't want to be I do not want to be
around if there's a nuclear war. I do not want
to be one of the one thousand survivors trying to

(39:09):
live on in this mess to figure it out. Well,
it's like when there was a there was a big
fire up in pineap and I had a home up
there years ago and there was a big fire up there,
and I said to my wife, I hope it takes
the house because it's you know, because I don't want to.
I just give me the money and I'm out of
there because I'm not going to rebuild in the middle
of an ash pit. Number one, everything around me has

(39:31):
burned down, all the trees are gone. All you've seen
areas that have been and it takes it takes years,
literally years, decades to get back to where it was.
And I'll just take the insurance money and go somewhere else.
But it never got there. Oil down seventy cents last week,
finished a sixty one steven.

Speaker 2 (39:50):
Hasn't really moved for two weeks. We got it, well,
you've had some calls in oil. Where are we going, Dave?

Speaker 1 (39:56):
I thought we'd get down into the fifties, and then
I thought it would rebound, but it seems stalled out
here in the sixty sixty iber area. It depends on
what the economy does. If the teriff agreements are to
come to fruition. I think that's positive for the economy.
I think you could say, oh, I'll pick up from here.
I've been buying a little Exxon down in here, in

(40:17):
a little chevron. I just think that those are places
to maybe put some money, that long term money.

Speaker 2 (40:24):
That's a good It reminds me, you know, one of
the things that we always talk about when we do proposals,
and most people don't know that. You know, when you've
come in for the financial plan, that's just the first step.
Obviously we're going to build out your plan based on
your goals and objectives, and then obviously find your risk tolerance.
But in the second meeting and the proposal we're actually
building our action steps, our suggestions for what we think
you should do based on the goals and objectives and

(40:45):
the risk tolerants for you, because there's a lot of
vehicles we can take to you the final destination to
accomplish those goals. So it's just really important to see
that that whole side of things.

Speaker 1 (40:58):
There were some interesting news items this week. I agree
with you, God, there was some interesting news out of
it this week. Department of Education. You know, Trump's been
after them. A federal judge in Boston ordered Trump on
Thursday to reinstate more than thirteen hundred Education Department employees.
He said the department must be able to carry out
his function and its obligations, as well as relevant statutes

(41:20):
mandated by Congress. I thought that was interesting. There's a
really interesting thing going on in immigration. We've all talked
about immigration and deportation. That's been in any of that. Now.
I don't see it as much now as I did,
but concerned about illegal immigrants and how now they're just.

Speaker 2 (41:37):
Deporting the Harvard International student.

Speaker 1 (41:40):
That's crazy. Did you see where a federal judge on
Friday halted Trump's administration's ban on Harvard enrolling international students.

Speaker 5 (41:47):
What is going on with it seems like Trump has
a personal fight with Harvard.

Speaker 1 (41:51):
Well, that is very personal. It feels very personal. And
what you don't want to do is you don't want
to get in a fight with the president of the
United States, especially if Donald Trump.

Speaker 2 (41:59):
Do you think Aaron got denied?

Speaker 1 (42:01):
Is that I don't know, but something I'm just joking,
But there's something's.

Speaker 2 (42:07):
Going on there with him, and I mean, it seems
a little personal.

Speaker 1 (42:10):
It's very it seems very personal.

Speaker 3 (42:11):
And on top of it, I mean, that's one thing, right,
no more immigrants allowed to come and study at Harvard,
But what about the kids, the immigrants that are already
studying there, What about the ones that are going to
be seniors this next time one countries? That's crazy.

Speaker 1 (42:25):
I don't know. The whole thing is just crazy. It
seems a little odd. But you get this. Did you
see we're on the where Congress voted to a block
California's ban on the sale of gas cars after twenty
thirty five, Like that was ever going to happen anyway.
I'm sure the state of California has to be going,
thank you, thank you.

Speaker 2 (42:45):
Another thing I was really glad they voted on was
they they did not ban the toush push. The touch
push is still around.

Speaker 4 (42:52):
So NFL got it right.

Speaker 1 (42:55):
Oh my god.

Speaker 4 (42:56):
I can't ban a good play, right.

Speaker 1 (42:58):
Big thing is that that's a play. To watch it
and what's going to be funn is to see if
the defensive side can come up with something to off.

Speaker 2 (43:04):
Yet that you lift more weights?

Speaker 1 (43:06):
Do I think they couldn't? If you're and do you
want to explain doing what we're talking about here?

Speaker 5 (43:12):
Yeah, the toush pushes what the Eagles are the best at.
And I mean if you watch NFL football, you know
what the toush push is, and it's it's a fourth
down player short yard is play where the quarterbacks a
QB sneak. But the Eagles perfected it where they got
guys pushing behind the quarterback. So the NFL is trying
to say, or owners were trying to say, it should
be illegal because it puts the players at harm and
defense can't push back.

Speaker 4 (43:33):
So but the Eagles.

Speaker 5 (43:34):
Every team could do it, no one's stopping them, but
the Eagles were the only ones that were good at it.
I mean, the Bills have Josh Allen and they couldn't
do it.

Speaker 3 (43:41):
So who's who was trying to stop it?

Speaker 4 (43:43):
The Packer.

Speaker 2 (43:44):
The Packers were the one that put don't forget Jalen
Hurt squat six.

Speaker 5 (43:48):
You got him, and then behind him as sake one
Barkley who can clean four hundred and fifty pounds, and
then before and they got one of the best centers
in the league.

Speaker 4 (43:55):
But then they say, the owners are trying to.

Speaker 5 (43:56):
Say that like Jason Kelsey, who was their Hall of
Fame center, he was really good at it because he's
a little undersize, and they were saying, oh, this is the
reason that he retired was because of the Tousch push.
So Kelsey said that he went into the meeting and
he's like, just to make it very clear, I don't
care what the outcome is of this, but if I
came back to that, like, I would come back to
the NFL solely just to run this play any times
a game.

Speaker 1 (44:16):
I love it.

Speaker 4 (44:17):
Take what that was, you will.

Speaker 1 (44:19):
It's interesting. It's a fun play to watch because you
can't stop this, right.

Speaker 3 (44:22):
I didn't realize that the Green Bay Packers communists.

Speaker 1 (44:27):
It was him and that team's got about it. They're
loyal to anybody and they're pretty this pretty strong FANA
the immigration kind of we've talked a lot about immigration.
This is interesting. The Supreme Court on Monday gave the
Trump administration the greenlight to revoke special legal protection for

(44:47):
thousands of Venezuelan immigrant. The High Court granted an emergency
application five by the administration, meaning officials can move forward.
Uh and in the three hundred thousand Venezueliams here that
are here illegally, right. But here's an interesting aside to this.
Because you've got all these sanctuary cities and sanctuary states

(45:10):
and people hiding these people and stuff. This is the
US Attorney in Los Angeles formed a task force. Task
forces made up of ICE, the FBI, the DEA, and
the ATF. Pretty good combination right there. They work out
of an office in downtown LA and their purposes to
identify illegals who were deported but have come back and

(45:32):
are now in jail. They are then able to get
a federal famiony arrest warrant for these people, and sanctuary
cities are required to turn them over. They have no choice.
Kind of interesting from southern California that helped to expand
it to the rest of the nation, But it's an
interesting way to get bad actors who have been deported

(45:56):
before out of the country.

Speaker 2 (45:59):
Yeah, and the actors that somehow are being protected by
states that are right entirely liberal and not thinking about
that they're populous.

Speaker 5 (46:07):
You look back on it, like, there's a reason the
pendulum is swinging so far right already with this deportations
and all this immigration thing, trying to get them out
because during Biden's administration they let inn over nine million people.
The seven million were accounted for, and then they're like,
there's about one and a half million that we caught
on camera but didn't do anything.

Speaker 4 (46:24):
Yeah, nine million people in four years come through.

Speaker 5 (46:25):
I mean, for example, like Barack Obama during his time,
like two million people during eight years. Trump was one
point eight million there his first term, and then al
sudden you get nine million. Of course, the pendulum has
to swing the other way. It's just not sustainable to
have that. It's gonna come back to the middle. But
it's just so just had to go the other way
because if you didn't stop nine million people in four
years and he kept going this other way, all of

(46:46):
suddenre's gonna be fifty million people in ten years.

Speaker 4 (46:49):
You can't account for that. You can't help that.

Speaker 2 (46:51):
And those one point five million that came over unaccounted
for that, Guess how they got over here? Most likely
the coyotes. And guess who you helped fund the cartels
and indirectly. But that's what you're doing and.

Speaker 1 (47:01):
Coming through with no plan, no way to sustain it,
no place to go. I mean, it's just crazy and.

Speaker 5 (47:06):
It's ruining for people that do want to come through
here the right way and do all that.

Speaker 1 (47:10):
It is right now, But it's nice that they've come
up with a way. It's kind of like the city
council voted to get the panhandlers off the medians and
the reason, and it's the liberal city council, was that
the reason they did that was they used safety. They're
concerned about their safety. Well I don't know about that,
but the panhandlers off the medians is a good look

(47:30):
for Tucson. I don't think that did a lot to
enhance the beauty of our city. And we'll be back.
We're coming up on a heart break here and we
appreciate you taking time out of a Memorial Day weekend
and please take a little time to thank the people
who gave it their lies for you.

Speaker 4 (47:44):
Welcome back.

Speaker 1 (47:45):
This is the Money Matters Show, our number two. We
thank you for taking time out of your Memorial Day
weekend to join us, and we appreciate those who gave
the ultimate paid the ultimate price for our freedom. Interesting
week in the market, two and a half percent, pretty
much across the board. Tariffs get the blame, the concerns

(48:08):
about rising interest rates as a result of the Big
Beautiful Bill, One big beautiful bill, one big beautiful bill.
Actually that was I think Wednesday was the worst day
than Friday. So when I say tariffs get the blame,
I guess the Big Beautiful Bill gets most of the blames.
Tariffs get some of the blame, right, But we gave
back about sixty percent of what we made the week before.

(48:28):
And here we are in the middle of May, or
near the end of May, with all of the chaos
that we've experienced this year. The market's down one point
three percent, So take a deep breath, yeah, relax.

Speaker 2 (48:40):
That vix also picked up a little bit. We saw that,
we talked about how it was in the teens and
got back above the twenty level. I think it was
finished around twenty two on the week, So that obviously
showed that the fear picked up, Like you said, over
the course of the year, not much prices.

Speaker 1 (48:57):
With all of this chaos, right, And we've said before
four on the show, equities are the best way to
build wealth in this country, and the more exposure you
can have to them, the better you will do. But
the price of admission is volatility, and you just have
to be you have to understand it. So we have

(49:17):
a risk all LIESE program. You want to talk a
little bit about that Risk lies program, Sebastian, How can
that can help people?

Speaker 4 (49:22):
Yeah?

Speaker 3 (49:22):
I mean if anybody ever wanted to, they could, and
they didn't want to come in for a meeting, they
could literally just send me Sebastian at Greenberg Financial dot
com their account statements and I will be able to
supply you with a risk assessment, a risk score. So
what a risk score? We measure risks from zero to
a hundred, to hundred being the most aggressive, zero being
the least aggressive. Within your portfolio, you're gonna have various positions.

(49:44):
Each one of these positions has a set risk score
associated with it. You could call Apple a ninety nine
risk score. You could call an Nvidia a ninety nine
risk score. It's very aggressive, it has a high beta.
It means it moves more than the market.

Speaker 4 (49:57):
Right.

Speaker 3 (50:00):
Ultimately, just giving some more information, I guess a bond
would have maybe a risk assessment of ten to twenty. Okay,
all of the whatever is within your portfolio is going
to make up a whole composite score. Let's call it
seventy five. You have a sixty forty, you have a
couple of aggressive stocks in there. You come in a
seventy five. I'm going to be able to run your

(50:21):
portfolio through stress test. Let's see what happens with this
sort of allocation in two thousand and eight, what happens
with a pandemic drop, what happens with a bull run right?
And see how it would perform. Aside from that, we
have our actual risk tolerance questionnaire. You if you send
me your risk portfolio and it comes back at a
seventy five, for example, and your risk questionnaire came back

(50:44):
at a fifty, you know that you should probably start
to pair back your accounts a little bit. You're getting
too aggressive, You're getting too ahead of yourself. Maybe it's
going to get emotional here if we see a market,
you know, event happen.

Speaker 1 (50:54):
And you want to do the risk analysis of their
existing portfolio. But it's worthless than you also have a
risk questionnaire, risk profile questionnaire, So what's your profile. Here's
where you're at. Are you comfortable with that? I think
one of one of the things I've enjoyed the most
over the years is have a man and wife come
in here, you take this, here, you take this, and

(51:17):
do them separately. It's so interesting because it opens up
communications between couples that on topics that they don't often have.
So it's a great tool, the risk analysis tool, and.

Speaker 2 (51:31):
We want part of the risk tolerance also is it's
finding the vehicle that makes most sense. Like someone who
might listen to us might assume that we're always putting
someone in an investment vehicle. They're money managers, they want
to always be in stocks and bonds, But that's not
the case. It depends on what the client's risk is,
as well as the goals and objectives.

Speaker 1 (51:51):
Totally, totally. If we find that someone is going to
be better served with an annuity, A good example of
that would be someone who is late in life and
has a limited amount of resources and needs the maximum
income that that can produce. Annuities are a wonderful tool
for that. You can often get a seven or eight

(52:12):
percent correct me if I'm wrong, seven or eight percent
paid in a monthly check.

Speaker 2 (52:19):
Yeah, I mean probably you'd have to be upwards of
the you know, it just depends on the product. You know,
spias are going to be upwards of fourteen percent if
you're above eighty years.

Speaker 1 (52:28):
Old, right what a spia.

Speaker 2 (52:30):
SPIA is going to be a single premium immediate annuity.
The problem with spiaz, though, is you're giving up that
lump sum right away.

Speaker 1 (52:36):
And that might be I had a gal come in
she was at the time probably seventy seven, and she
had one hundred thousand dollars and she said, I need
the maximum amount of income I can get from this.
And we found an innuity company, a rated innuity company
that would pay her nine percent per year. And she said,
I am going to kill them because I'm going to

(52:58):
kill this because everybody my family is up to be
a hundred. I am absolutely going to break this company.
You're gonna get her nine percent per year every year
for the rest of your life. Now she's never gonna
get an hundred grand.

Speaker 4 (53:10):
Back, right.

Speaker 2 (53:11):
But the reason that makes sense is if she then
instead gave that money to you, David, one hundred grand,
and you paid her nine thousand dollars nine percent every
single year, how long you think that account lasts.

Speaker 1 (53:21):
Wouldn't it wouldn't last one hundred that's.

Speaker 2 (53:23):
For maybe twelve years max, you could say.

Speaker 1 (53:25):
And literally, that's a that's a rare one, I think
the only one I've ever written in my in my career.

Speaker 2 (53:30):
Speeds are very rare. Most of the time. What we
do is the fixed indexinuity with an income writer, and
so you'll still get a guaranteed income, but they're lesser amounts.
They're around six to seven percent because you're not giving
up the lump sum. You still have that death benefit.

Speaker 1 (53:43):
You can take any amount of money and get seven
eight If you're again in your seventies, you can get
seven eight nine percent depend upon the annuity company for
the rest of your life period.

Speaker 2 (53:52):
Well, it's a good thing to just bring up as
a rule of thumb for people that don't know, is
higher interest rates allow annuity companies to offer better, better products.

Speaker 1 (54:01):
Yeah, rule of thumb, if you had five hundred thousand dollars.
So how much income can I get from this? Probably
get you a couple of grand a month. They probably
get you five percent. Five percent is kind of our
rule of thumb. As long as you're not taking more
than five percent a year, the principle should remain stable. Well,
I don't have any children. I don't care about the
principal remaining stable. I want as much income as I

(54:21):
can possibly get. Again, put them into an annuity and
you can get double that in many cases. And if
the principal exhausts itself over time. Who cares? Is not
It wasn't part of your I shouldn't say who cares,
but it wasn't part of your plan.

Speaker 2 (54:37):
Well, you have to change your mindset. You don't care
about growth if you care about income. Right, it's like
a dividend investor who's not looking at the total realized performance.

Speaker 1 (54:47):
One of the hardest things with the retirement is being
able to turn that dial from accumulation to support.

Speaker 2 (54:54):
Yeah, the accumulation hard to.

Speaker 1 (54:56):
Turn that down because you spend your entire lifetime accumulating that. Well,
now you're at a point where all of the assets
you're accumulated are going to support you.

Speaker 2 (55:05):
I'm going to help us point and you know you
don't have any idea how long the journey's going to end. No,
like if you knew, it would be a lot easier
to pick.

Speaker 3 (55:12):
And going back to the risk questionnaire, risk number real quick,
I just want to shut some light. The market s
and P five hundred is down to one point three
percent this year. Right, We've been on a wild ride
up and down both ways. It's been crazy volatile.

Speaker 4 (55:24):
Right.

Speaker 3 (55:25):
If you're constantly looking at your portfolio and you can't
sleep at night, you're scared, or maybe it's just too
much movements, it's probably telling you that you need a
pair back a little bit. Maybe we should revisit that score.
If you aren't the clients and just want to see
where you're at with it, shoot me, shoot us an email,
give us a call five two zero five four four
four nine zero nine. I'll be happy to send off
the risk questionnaire.

Speaker 2 (55:45):
And you know, Dave too. We have a lot of
listeners that maybe aren't even in Tucson anymore, if they
might have listened to us back in the day or
just moved for whatever reason, but still picks us up
on the iHeartRadio. For those people. We can still do
that free financial plan. I mean send us an email.
We can do it virtually. We have many clients all
across the country. Being Arizona specific is not something that

(56:06):
we are. We are countrywide. Feel free to if you're
anywhere give us a call. Well we can help.

Speaker 3 (56:12):
I think you did what to virtual meetings yourself this week, yep.

Speaker 1 (56:16):
And the purpose of the risk questionnaireon is to try
to get you to a place where you're comfortable, to
where you won't worry, to where you won't look at it,
to where you won't being pushed to do something silly.
You know. I had a client who's a very conservative investor,
and he's fifty percent treasuries and fifty percent blue chip stocks.

(56:38):
And when the I should also say not a fan
of Trump. I think that's probably the biggest problem in
this case. But he came in. They were very concerned.
We structured this portfolio so you wouldn't be concerned. Why
are you here? Well, he's just such a mad man, okay,
And I now know why you're here. You're here because

(56:59):
you don't you know, you're act with Trump. And I
was able to talk them off the ledge, and of
course everything's come back and thank you. They're fine, but
we need to find that spot for you. I have
clients that are I think I've told the story before
about the ninety seven year old client who have calling
me to be more aggressive.

Speaker 3 (57:19):
At all time highs.

Speaker 1 (57:20):
Yeah, I want to be more aggressive and he and
he's always been a very aggressive investor well as a
money manager with fiduciary responsibility. I can't be aggressive for
a ninety seven year old right because I'm going to
be answering to his children and or the authorities. You know.

Speaker 2 (57:36):
It's very similar to like annuities, Like there's certain times
where if you're trying to put your entire liquid net
worth and annuity, we're not going to do that. Like
our job is to make sure that we are prudent
advisors first, and sometimes that means not doing always what
the client wants you to do. I mean, if you
want to do it, you'll do it yourself. We're not
going to risk putting ourselves in a liable situation.

Speaker 1 (57:56):
And that's what I've said to this particular client. I
said he it was a million or kind of say
here's an idea, why don't I send you two fifty
open account with Vanguard and have as much fun as
you want, you know, but I can't. I can't do that.
As with produciary responsibility, I just can't because regardless of
how a depth I am at picking stocks, some of

(58:16):
them are gonna are not going to work.

Speaker 2 (58:18):
You know that Just remind me. There's a lot of clients,
not a lot, but I had a couple that reach
out and there. You guys never talk about your fees
on the show, and we do have a fee schedule.
It's not something I want to keep it not hiding.

Speaker 1 (58:30):
Every single account we have has a fee.

Speaker 2 (58:32):
Yep, yes, and so I mean and those who don't know.
We don't have account minimums either, right, so you can
start an account with five dollars a month, five dollars
and never add to it again. I mean, we wanted
to advise to do that's probably and you're never going
to commission, right, there's no commissions off fee base. But
accounts zero to two hundred and fifty thousand, we charge
one point five percent. Two hundred and fifty thousand to

(58:52):
a million, it's one point twenty five a million to
two million, it's one percent and above two million it's negotiable.
And obviously there's other accounts that will charge differ in
like a bond ladder, depending on the activity that's needed
and the management that's needed, and so there are one
offs here and there, But for the most part, that's
what you can know. That's our fee and that's how
we get compensated. There's no extra fee that we get

(59:13):
for doing financial plans or meeting you on review meetings,
or there's no kickback anywhere else. It's just truly that's
that's our fee, and that's what makes us fiduciaries. Right,
We're going to be compensated with the account as it
goes up or goes down.

Speaker 1 (59:27):
Right, And when you see the commercials on TV from Fisher,
you know, truly different money man There's nothing different than
going on there people, nothing, absolutely nothing.

Speaker 2 (59:36):
It's great marketing.

Speaker 1 (59:37):
And most of our clients come from other money managers.
Well guess what so to ours? Yeah, So, I mean,
it's it's it's it's you gotta It's like my wife
said that you can't really trust anything you see as
being actual fact. You have to second, third, fourth, especially
nowadays nowadays, everything is is there to try.

Speaker 2 (59:58):
To you know, It's also great marketing and we here
it all the time. Is the annuities with the bonuses.
Oh my god, I get a ten percent bonus, and
you got to know that it's for the most part,
it's talking about the income writer. There's a few accumulation
bonuses that you can find, but those accumulation bonuses are
ones that have to be vested over a couple of years.
It's never that you're going to get a bonus ten
percent you can take it out the next year. None

(01:00:19):
of that works like that. It's a surrender scheduled product,
which means if you do take out whatever bonus they
give you the mint you take it out, it's going
to be a lot less than what you started with.
So you have to keep that in mind. These are
long term products and people are getting really fat commissions
on the other side of it. So think about the
conflict of interest too before you put a large sum
of money that you aren't going to be able to
take out for a long period of time.

Speaker 1 (01:00:40):
Yeah, it's with an annuity especially and our recent change
from broker deal to registered investment advisor, and what that
means is that we went from a fee and commission
firm to a straight fee firm. Our annuity structures have
changed as well. We don't sell the same annuities that

(01:01:00):
a broker dealerselves. We sell only registered investment advisor annuities,
which are extremely different.

Speaker 2 (01:01:09):
Well, I do want to just caveat that with the
feed based world is still very new. So there is
certain products like magas and spias that don't have the
capability to be built on a feed based relationship yet.
So those products are there are still going to be commissioned.
So that's why we are fee based. We're not fee
only advisors because we can still technically be compensated. For example,
if we write a life insurance term policy, Greenberg Financial

(01:01:34):
will get a commission for that. There's no advisory fee
you can get from a term insurance policy course, right,
So we are feed based and that's the reason we
still can receive commissions, and those are the products we
use it. But the fee based annuities and those are
really the vas and the fias that we're dealing with
now are just so much cheaper in terms of the fees.
They strip all those fees out because the insurance company

(01:01:55):
is able to build a product that's best for the client.
They don't have to think about recouping the cost of
a large commission payout commission. You know, we kind of
realized this to day when we're thinking about why is
the clients that get to the age of eighties they
can't find the product of the magas. We had one
client that wouldn't even They wouldn't even write her for
a five year MAIGA right, and we're like, she's eighty
seent perfect health, wouldn't even do it. And the reason

(01:02:17):
being is because you're right, they have to pay out
that large commission to the agent, and then if the
client dies in two years, they're out the commission. And
so you start to realize that's what the innuity company
insurance companies are thinking about. How do they recoup their
commission then make their spread on top of it. And
the way they do that is by having all these
fees embedded into the product. If they never have to

(01:02:38):
worry about paying the commission and instead the fee is
just a one percent advisory fee, the way we're doing
it right now with all of our managed accounts, well,
then the insurance company can just worry about the product.
They know that they're going to have that money still
for the surrender scheduled period of time, and they can
make their money off it the way they normally do,
but they don't have to worry about recouping the cost
of the commission payout.

Speaker 1 (01:02:58):
I think, for what if for whatever reason, you're considering
an annuity, a friend told you, a relative told you,
you read something. If for any reason on this earth
you're considering an annuity and you don't talk to Todd
or Sebastian, you're doing yourself a disservice.

Speaker 2 (01:03:17):
Even current annuity too, especially if it's out of surrender.
We can run analysis, and especially with like I said,
when interest rates are higher, if you've got annuity anytime
from I might say to twenty ten to twenty twenty,
it's probably not as good as the annuities are now
because if interest rates are way higher than where they
were in during that.

Speaker 1 (01:03:35):
Time, good observation.

Speaker 2 (01:03:37):
So if you have in that period of time you're
likely out of surrender, it might be coming to out
of surrender. That's an opportunity to find a better annuity
for yourself.

Speaker 1 (01:03:45):
Yeah, and again you want to talk, you want to
talk to us. There are other financial advisors out there
who are doing a great job for their clients and
whom I trust. But there are many that are out
for the mission, and we've seen them here. We've had
people bring in intuities and we go, oh, my goodness.

Speaker 3 (01:04:05):
Humans are incentive based people, right, and say, in our world,
I mean when you throw commissions in there, it's a
little bit.

Speaker 1 (01:04:11):
Well, and if it could be a confident a little
bit financially and here's an opportunity.

Speaker 2 (01:04:16):
Yeah, Well, it's so funny. Most people don't know that.
Like these insurance companies they'll send sales contests to advisors,
say hey, if you make enough sales in this product,
we'll give you a one hundred thousand dollars bonus. So
whatever it may be, sure, And so they're literally saying, like,
think of us first from your product where in it
us as advisors. We are truly coming into a meeting

(01:04:37):
with no preconceived attachment to one vehicle.

Speaker 1 (01:04:40):
Or the other.

Speaker 3 (01:04:41):
US as independent advisors, right.

Speaker 2 (01:04:43):
We're going into me and say, we have all these
tools in our tool belt. I don't care which one
we use. We're just gonna know what type of product
am I building? You know, and that's I know what
tools I need for that Whereas other people they'll go,
you sit you on a plan and they already know
exactly what tool they're going to use. I remember I
was at Northwestern. I knew at the end of the
day insurance was going to be the answer.

Speaker 1 (01:05:02):
But yeah, how do I get there?

Speaker 2 (01:05:04):
Yeah? How do I make this story into an insurance story?
Whereas we don't care about what story it comes into.
We just care about helping you accomplish the goals.

Speaker 4 (01:05:13):
Right.

Speaker 3 (01:05:13):
We don't have a preconceived thoughts or product that we're
going to pitch into you. You're going to come in
and we're going to judge you as a person. We're
going to have a conversation to you as a human
being and judge your risk tolerance, see where your money
should be. What tools should we put you in?

Speaker 1 (01:05:27):
Right?

Speaker 3 (01:05:27):
What makes sense for you?

Speaker 1 (01:05:28):
Literally, terrible salesman. We really are there to help educate,
to make sure you at least know what product or
what service, or what strategy or what allocation we think
is the best for you.

Speaker 2 (01:05:43):
And people say it all the time. They're like, Hey,
I got a one hundred thousand in a savings account. It's
earning nothing. Where should I put it? I could say hey,
bring it over to us. Most of the time, what
we say is open up a Vanguard cash plus account
or Marcus Goldman sacks, do it online savings. It's going
to make you four percent.

Speaker 3 (01:05:57):
I will literally send you an email with a link
to Vanguard. Open up that money.

Speaker 4 (01:06:00):
Mark.

Speaker 2 (01:06:00):
Did we get anything from that?

Speaker 1 (01:06:02):
Absolutely enough, not apending.

Speaker 3 (01:06:04):
I think one of my first meetings when I started
here about three years ago, two years ago, ten and
a half years ago, I was sitting with Todd and
you know, one of somebody came in with their portfolio
and really I don't think that we even did a
financial plan with them, but they wanted us to review
their portfolios, look at their holdings, and Todd literally told
them I wouldn't do anything differently right, And that was
a little bit shocking to me, just being new to
this world, because I thought, okay, out of college, this

(01:06:26):
is a business. But I think that's what Greenberg Financial
is about, and I've learned that that's what that that's
what it's about, is helping people, being in education first
to people, because at that if you do that, the
business will come along later on.

Speaker 1 (01:06:40):
I had a client to refer a friend to us,
and I was speaking to him the other day and
he said, you know when you when you talk about
financial advisors, he said, you guys are at the gold standard,
and he goes, that's what my friend deserves. Well, thank you.
That's what we work really hard.

Speaker 2 (01:06:55):
It's very satisfying to get the amount of referrals we have lately.
You know, sometimes we say we do get a lot
of listeners calling in, but just as many referrals lately too,
because like you said, we are giving gold standard service
for the cost of nothing. Now anyone can take advantage
of it, and not only just anyone. We go out
and reach out to the people we think need it most.

(01:07:17):
Sebastian's going to go down to Riar Recle twice next
week to talk to firefighters first responders about how to
help themselves get started. We talk about all the time
with the young individuals that just don't get the education
you need in this day and age, about how to
do taxes, how to budget, no difference between debit and credit,
don't get the six hundred dollars payment the first time
you get an income on a car, right and putting

(01:07:39):
yourself behind the eight ball. If we can teach our
American public, especially the young ones, to make an investment
bill part of their their monthly budget. We're gonna be
just fine if we don't solid security. Yeah, that's gonna
be a problem one day.

Speaker 1 (01:07:55):
Yeah. And we're constantly doing things like that, not looking
for any payback. If we get paid back, that's wonderful.
I mean, that's why we're here. I just try to
grow the business. But we're not here strictly to grow
the business. We're here to educate and hopefully as in
that process, we grow the business.

Speaker 2 (01:08:12):
It's like when you plant seeds. Sometimes the wildlife is
going to eat some of them. Yeah, some of them are.

Speaker 1 (01:08:18):
Yeah. There's a service called Seeking Alpha. You guys, I'm
sure you've seen that. Yes, online services. It's a good
good money not money management, a good website.

Speaker 3 (01:08:28):
Good news resource.

Speaker 1 (01:08:29):
In I saw last week they came up with the
three biggest mistake investors. Make not know if these are
the three biggest, but they're biggies. All three of them
are biggiest. Number one unrealistic expectations. Wow, that is a
huge one.

Speaker 2 (01:08:47):
Unrealistic expectations, especially for the novice investor, right, yes, who
doesn't understand it's not a casino like, we're not betting
on black. It's not going to be a fifty percent
return next year.

Speaker 1 (01:08:57):
Right right, right. The unrealistic expectation, that's part of our
what our riskalized tool is all about. Here are expectations,
here's what you can expect. The bond market historically is
done three or four percent, stock market nine or ten percent.
So if you have fifty to fifty, well, okay, you've
got three and nine right, twelve, so six percent, we're

(01:09:18):
going to charge you one percent fee, So five percent
that's the next spec Yeah, well I think I wanted
to double my money in the next three years. Well,
Vanguard dot Com, here you go. You know what he good. Look,
I'll send you the link.

Speaker 3 (01:09:30):
And we tried to let you know what you should
expect when you come into the meeting, what model that
we're going to put you in. I had a meeting
yesterday with a twenty seven year old guy, and you know,
you could imagine his portfolio, how aggressive it could be.
I think, you know, he's in coinbase, he's buying doge coin,
this that it's a casino for him. But ultimately I
had a conversation with him and it's he understood that

(01:09:54):
he wants to set up another retirement bucket. So we
opened up a small ROTH iry. I said, hey, take
that money that you're you know, playing with, keep it,
but give yourself that investment bill every single month, right,
because ultimately it will do you justice. And it might
look boring. You know, we might put your your when
you when you're a super aggressive person and you come

(01:10:14):
in and you have a small dollar figure, we're gonna
put you in know load mutual funds. It might seem boring,
but you know what, it's proper.

Speaker 2 (01:10:21):
Yeah, one hundred dollars a month is not going to
feel sexy. You're not gonna think it's gonna do anything,
but it's so important.

Speaker 1 (01:10:28):
Point a guy called the air DA and goes, I'm
gonna take this money out of my raw thirty seven
year I'm gonna take the money out of my ros
because it hasn't done anything. It is tripled. It is tripled.
It gave us two thousand dollars just now sick.

Speaker 2 (01:10:39):
Yeah, think about you. It can grow for another thirty years. Yeah,
I mean an a tax compounded freak account.

Speaker 1 (01:10:44):
It hasn't done anything because you gave us nothing to
start with. Right, it's tripled. Its kind of true. Number
two lack of risk management. There you go, okay, so
that that definitely something that we do. Number three disposition errors.
You want to sell your losers and excuse me, you
want to hold your losers and sell your winners.

Speaker 2 (01:11:02):
That's biases of what.

Speaker 1 (01:11:05):
Sell your losers and hold your winners.

Speaker 2 (01:11:07):
Well, I think a part of that is like anchoring
and you know, self confirmation bias. There's a lot of
these like psychological things that kind of get in the
way of being a good investor. We talk about it
all the time, David. If you could just do the
exact opposite of what you're thinking, you'd be a millionaire.

Speaker 1 (01:11:20):
Yeah, that's for me for sure. And lastly, public service announcement.
I said a few weeks ago, it's going to be
one hundred degrees. Well now it's a hundred degrees. It's
going to stay one hundred degrees for the next ninety days.
We appreciate all of our winter visitors and what they
do for our economy, but it's time to go home.
And my wife's tells who who works in retail furniture

(01:11:42):
sales says they're not going home. They moved here and
when I set a stop lights for three and four
cycles in late May. I'm thinking I think she might
be right. I think they did move here. I don't
think they're going home anyway. We'll be back with the
next segment of The Money Matter Show. Happy tomorrow, Marrow Day.
We can thank you for taking time to listen to us.

(01:12:03):
Welcome back to The Money Matter Show, the Memorial Day
weekend edition. We hope you're all enjoying yourselves out there again.
We take a little time to thank those who gave
their lives for for us, so we appreciate.

Speaker 2 (01:12:13):
That we had a big week this week. Colationary Assets.
I almost where I was headed, you know, I had
to go. Yeah, no, Bitcoin, what a week?

Speaker 1 (01:12:25):
What a call? Last week? You said on this show,
and you said, it feels to me like Bitcoin's going
to break out. Huh, good call.

Speaker 2 (01:12:34):
You get lucky every now and then. But I've been
watching that chart since that was the first chart I've
ever seen in my entire life, back when I was
sixteen years old, so long.

Speaker 4 (01:12:43):
Ago, but.

Speaker 1 (01:12:45):
Two years ago.

Speaker 2 (01:12:48):
But yeah, no, bitcoin is the thing that started my
whole journey into finance. Oh yeah, yeah, I did. It
was it sparked what I didn't know what anything was
at the time. Of course, you're just it's a casino
and that's how you start. And then I learned everything
from there.

Speaker 1 (01:13:02):
Kind of captured your imagination.

Speaker 2 (01:13:04):
Yeah, the first time I saw a chart on it,
I was just no, that's it. So it's been really
fun to follow it throughout the years. It's been following
out for about eight years.

Speaker 3 (01:13:12):
Can I just say I've known Todd for a long time.
It's been remarkable to watch Todd follow bitcoin. He's learned
quite a ton of it, you.

Speaker 2 (01:13:20):
Know, so much. Again, I've been on it, this thing
since the six thousand and I was telling my teachers
back in high school, I would be posting to people.
I was a financial advisor before I was licensed kidding,
I'm kidding regulators. Yeah, I did not take anybody, no,
but seriously, I mean it was. It was really fun

(01:13:42):
to learn the whole thing. And now you see it
it's at a place where people back when I was
trying to get over ten thousand, people said one hundred thousand,
you're a lunatic, and it's actually there now one hundred
and twelve. We might see I've been saying it for
a while now. One twenty is my target for where
you start selling. Fifty is where you you probably sold
a lot. But this thing is very valatile. I'm telling

(01:14:05):
you can easily get back down to sixty thousand, and
you have to be okay with that if you want
to be in this class.

Speaker 1 (01:14:10):
Yeah, I've noticed those people that are successful with bitcoin.
You just have to ignore it and you have to
have kind of that blind faith that it's going to
be okay.

Speaker 2 (01:14:20):
It's kind of like a religions faith, like.

Speaker 1 (01:14:25):
You know, Page and I got faith and don't ask questions,
kind of like bitcoin, H Jesus and bitcoin. I wonder
how that.

Speaker 2 (01:14:32):
Another thing that's that's going really well is gold. This
week gold was up one hundred and sixty bucks to
thirty three fifty seven.

Speaker 1 (01:14:39):
Can regain a lost last week?

Speaker 2 (01:14:41):
Yes, and but I think again, both of these asset classes,
when I looked back on the week analyzed everything, why
did they go up? This one I think was pretty clear.
It was a one big, beautiful bill, a lot of
irresponsible fiscal money that's going to be pushed into the system.
What happens to that inflation? Inflationary assets hedges like gold
and bitcoin are going to benefit, So I think we

(01:15:02):
saw that this week. In my opinion, gold.

Speaker 1 (01:15:04):
Has historically been a terrible inflation I agree. I agree
because and the reason for that is gold's priced in dollars,
so typically when you have inflation, the dollar goes up,
the gold goes down. So there's been a terrible inflation Hedge.
I think it's more maybe the central government buying that
you've been talking about for a while, which I think
there's some validity to that. They may have said, Okay,

(01:15:24):
it's down for two weeks in a row. Now it's
gone down ten percent, let's let's buy some more, right,
or I've noticed it. Gold tends to rally when the
market sells off. It tends to be kind of a
contrary in indicator.

Speaker 2 (01:15:37):
This is another thing I want to talk about. Bitcoin
is really fascinating. Bitcoin is now bigger than Amazon. There's
only a couple companies bigger than bitcoin, Apple, Navidia, Microsoft,
the only companies bigger in market cap, bigger than bitcoin.
Bitcoin is not a company, people, No one runs it.
It is a decentralized network. Don't worry, it's like gold.
Think about it like gold, because gold market cap. Guess
what Gold's market cap is Dave two trillion, Bitcoin's two trillion.

Speaker 1 (01:16:02):
Twenty two trillion is the amount of gold that's in
circulation or how are you measuring that? The value of
all the gold, all the gold ever known, the inventory?
I mean, obviously there's more out there. No, I think
you could make a solid case that bitcoin is in
its infancy.

Speaker 2 (01:16:20):
Right, And I'm leading up to this question of saying,
you've heard some crazy calls about gold's say five thousand,
and then bitcoin crazy call two hundred thousand. Which one
gets there first? You know? And I think because of
the world we're headed into, unless there's some apocalypse, I mean,
I don't think digital gold is going to be the

(01:16:41):
second in the race on the long period of time.

Speaker 1 (01:16:45):
There's so little interest in bitcoin as a percentage of
all investors that there's a ton of additional investors to join.
I don't. I don't know. It's it's something that you
certainly would and put your life savings in it.

Speaker 3 (01:17:02):
Let me ask you this, just very if energy costs
were to decrease, would that, in theory bring bitcoin down?

Speaker 2 (01:17:10):
It could, But at the same time governments could not
keep increasing inflation, right, I mean, it's it's a tandem effect.
And the cost of energy has to do with the
money supply, right, I mean that's we're we're literally talking
is denominated in dollars, So the cost of the energy
would in theory always inflate unless we get our physical
responsibility in line.

Speaker 1 (01:17:32):
Right.

Speaker 3 (01:17:32):
And the reason that I asked that is because you know,
the intrinsic value of bitcoin is what is the energy
it takes to produce it?

Speaker 1 (01:17:37):
Right?

Speaker 2 (01:17:38):
Yes, I mean it's also intrinsically a technology of a
store value, right, And the way it backs it up
is the cost to actually confirm.

Speaker 1 (01:17:47):
Well, the other thing it's just gone. You talk about
intrinsic value that's gone from ten dollars to one hundred
and twenty or to one hundred and twelve thousand, right,
I promise you energy has not increased that.

Speaker 2 (01:17:58):
No, no intrinsic they actually say this. I think it's
only like forty I have to look it up. There
is an actual cost, and it's normally lower than the
actual price. There is normal normally a premium.

Speaker 3 (01:18:07):
So what's the additional But well, but.

Speaker 1 (01:18:09):
Now here's the interesting part.

Speaker 4 (01:18:10):
Though.

Speaker 1 (01:18:11):
At at some point in the near future, we're going
to have mined all the bitcoin that there are available.

Speaker 2 (01:18:18):
Period about twenty one thirty. I think it is the
twenty one thirty yeah, so still about one hundred years away.
But really yeah, because the way compounding works again, it
works on the other side. They keep having it right,
So know for a while.

Speaker 1 (01:18:31):
Nic see okay that I didn't think about the having
yeah yeah, when's the next having.

Speaker 2 (01:18:35):
To do it every four years? So now twenty twenty.

Speaker 1 (01:18:37):
Four years having yeah, and.

Speaker 2 (01:18:39):
When again we talked about this, how every happening you
get a little big bull run. Yep again it happened again.
So I don't know why or how there's something about
deflationary economics that makes things go up because we saw
it and it happened in twenty twelve when it first
came out sixteen twenty twenty four.

Speaker 1 (01:18:55):
And you don't need to open a coin based account.
You don't need to actually own bitcoin. There our ETFs
now exchange traded funds. If you wanted to put you know,
a few thousand dollars in your account and bitcoin just
to have some fun, you can do that. It's real simple,
easy to get in, easy to get out. The ETFs
are very good at mimicking the movement in bitcoin.

Speaker 2 (01:19:16):
We even have structured products that protect you on some
downside where they aim to of course, and it's something
that has we can get up to twenty twenty percent
like max downside, or you can get somebod that has
no downside other than the expense ratio of the fund.
So then you can still participate with bitcoin on that
level if you don't want the same volatility it comes

(01:19:36):
with it. But I had a client ask me, what
do you think gold, bitcoin, these things are going crazy
right now? Should we have this as a risk hedge
against the dollar if this continues over the next ten
to fifteen twenty years, And I said, you know, maybe
you know you have three to five percent of a
portfolio mixed up in that basket because if for some
reason the dollar continues to devalue, that five percent should

(01:19:58):
turn into ten over time, and I will help offset
the loss of whatever may happen that you're talking about.
But I don't think you go in and say I'm
going to bat all the horses in the carriage on
the world taking a one to eighty turn, because it's
gonna take a long long time for that ever to happen.

Speaker 1 (01:20:14):
Oh, Jamie Diamond, the CEO of JP Morgan Chase has
been one of the biggest critics of bitcoin from the
get go, all kinds of names, and now we learned
it last week. JP Morgan Chase is finally allowing clients
to buy bitcoin.

Speaker 2 (01:20:31):
Wow, and this is fascinating. You know, I just looked
up the cost to mind bitcoin. The average global cost
right now is eighty nine nine hundred and fifty three dollars.

Speaker 1 (01:20:39):
Now that's the cost in terms of energy.

Speaker 2 (01:20:42):
Yeah, yeah, to the energy it costs. But this is
very interesting and I ran it only costs one three
hundred and twenty four dollars per bitcoin due to subsidized
electricity they pay for it. For Ireland, it would cost
you three hundred and twenty one thousand dollars to mind
a bitcoin because of how expensive their energy is. So
you could just see why people are in Texas versus

(01:21:02):
other parts of the country.

Speaker 3 (01:21:03):
Like, it's very right.

Speaker 2 (01:21:05):
This bitcoin. It finds the cheapest energy in the world.
And that's what I think is really interesting. It's a
whole network that scours the world for the cheapest energy.
And we're even seeing this with some of the places
that mine oil and they have, you know, energy that
there's burning off into the air because they can't bring
into the market. That's bad oil. But they can build
a bitcoin minor right there and it will use that
energy and at least produces some bitcoin that helps offset

(01:21:27):
the cost of the project. So there's a lot of
interesting renewable things you could help build into the network too.

Speaker 3 (01:21:33):
Dave, if somebody asked you ten or fifteen years ago,
will there be a bitcoin ETF, what would you say?

Speaker 1 (01:21:39):
No, absolutely not. In fact, I would you would even
know what it is right that bitcoin would have gone
under right now.

Speaker 3 (01:21:45):
So that's what I mean. Like the fact that there's
ets out there, there's two times three times leverage products
for bitcoin, there's inverse products. You know, it's just more
and more getting adopted, and that's only going to get
extrapolated through the next couple of years.

Speaker 1 (01:21:59):
I'd say, I guess my only my only concern about bitcoin,
or the thing that kind of is always in the
back of my mind, is there really has nothing to
do with it. I mean, it's not it's not a
you can't do anything with bitcoin.

Speaker 4 (01:22:11):
That's what I mean.

Speaker 3 (01:22:12):
That's what I mean about the dollar though, right, That's
what I mean.

Speaker 1 (01:22:15):
Over the next that's what you can do with bitcoin,
not easily.

Speaker 3 (01:22:19):
Right, So ten years ago you could buy a bitcoin ETF.
But what if in ten years I could just go
to Walmart and hey with my bitcoin, just like that happened.

Speaker 1 (01:22:26):
I'm not just no, no, no, I completely missed it.
I've got this friend I hike with on Tuma Mak
who's about my age, and he's got seven bitcoin at
an average price of seventeen thousand dollars. Where was I?
You know, he didn't. He's got a nice four to
one cage, a retired executive from a utility company up
in the Northwest, but he didn't need his bitcoin, so
he it doesn't matter.

Speaker 2 (01:22:47):
I just wish I was born earlier.

Speaker 1 (01:22:49):
Yeah, you know, because I feel like I was born earlier.
Could happen to be old and I could pick on you, right.

Speaker 2 (01:22:55):
But I'm just saying, you know, you look back at
at bitcoin, I'm like, I wish I could have bought
it for one hundred bucks. That'd be cool.

Speaker 1 (01:23:00):
Yeah, how about ten bucks?

Speaker 2 (01:23:01):
Even better?

Speaker 1 (01:23:02):
First came out, I could have bought could have bought
it for ten bucks. Of course you would have had
to open a coin base account and the whole thing
is I don't think based specific if you to open
a cryptocount, and it was a crazy world. It was
literally literally literal mystery to me when it came out,
and I thought it was pine the sky silliness.

Speaker 3 (01:23:21):
And people still think that.

Speaker 1 (01:23:23):
The majority of people do the majority of people, And
that's why I'm saying there is still a lot of
potential investors as it gets more and more legitimate, so
that that's something that could drive it. That was an
interesting aside. We talked about the rate cuts and Trump's
wanting a bunch of them, and we talked about how

(01:23:44):
important it is to have a lower interest rates to
try to get this budget deficit under control federal government.
Fed governor last week said that he sees only one
this year and that probably later this year. Coming into
this year, we're thinking four or five. And so if
you're only going to get one rate cut, if that

(01:24:05):
and it's gonna be later this year, I'm kind of
with a fat It's hard for them to tell what
to do with the tariff tantrums are so up and
everything's up in the air right now. A lot of
forward guidance to We'll be back with the final segment
right after this masters, thanks again for joining us.

Speaker 2 (01:24:21):
Welcome back to the Money Matter Show. This is the
last segment. My name is Todd Glick. I'm here with
Sebastian Borsini and David Sherwood. If you haven't caught us
on the NBC gave youa channel, We're there on the
mornings and in the nighttime after the ten o'clock news.
If you miss the shows, though, you can always go
to our website. Sebastian posts them mostly every week of
the new ones that you can access any time. I

(01:24:42):
also put out my weekly market update, where it's a
quick two to three minute video of what happened in
the week. I got a Facebook page where we post
those things as well. If you want to get some
more information about just what's going on in the markets.
We have a monthly newsletter that you can sign up
for if you go to our website, Greenberg Financial dot com.
And if you ever want to get in touch with us,
an easy way to do guys, also go into the website.

(01:25:04):
If you ever miss our radio show, you can go
to the website as well and click that little microphone
icon and I'll send you to our podcast page, where
have all the different podcasts. You can listen it to
all the different services and all of our old podcasts
that you can go back and listen to anytime if
you really love us and the.

Speaker 1 (01:25:21):
First time you've ever heard us and just kind of
wonder what we're all about. All of the like touch
that all of the past shows are there on our
website Greenberg Financial dot com and just click on the
mic and a way to go. That's the interesting story
out of GM this past week. It ends higher on
Tuesday on a report that cadillacs expanded all electric vehicle
lineup is attracting a notable number of new buyers, including

(01:25:45):
an increase in Tesla owners who are trading their avs.
Ten percent of Cadillacs sales are ev Tesla owners trading
their or a Cadillac. They claim that their new Lyrics
has a range of four hundred and fifty miles. Now
that's versus Tesla's three hundred miles. If you've heard me

(01:26:08):
talk before, I've had a Tesla for two years right
now under absolute optimal conditions, and I mean your air
co insurance is not running, the radio is not running,
straight road, you're on flat ground. Seventy two degrees, there's
no wind. My three hundred mile model, I might get
to sixty might in the summertime with the air conditioner

(01:26:30):
blasting and the heat on, more like one sixty with
a three hundred mile range. With that said, if they're
advertising a four hundred and fifty mile range, you would
think that it's going to be at least three hundred hope,
which which is better than anything out there. And I
will tell you that an all electric with superior range

(01:26:53):
is going to sell. Whether you're a Cadillac, a Kia,
a Toyota, it doesn't matter. And all electric with superior
range is going to outsell everything.

Speaker 2 (01:27:06):
It's like what Navidia has with the Blackwell chip.

Speaker 1 (01:27:09):
Yes, yes, I agree with you. I agree with you.
See where Nike is really desperate that they they've gone
back to Amazon. Can you help us out here, we're
really dying. Yeah. One of the worst performing dallastocks Nike.
They went off of Amazon in twenty nineteen. Yeah, we
don't need you, guys.

Speaker 2 (01:27:25):
That's what I'm saying. Dix is gonna lose their Nike products.
What do they do then?

Speaker 3 (01:27:29):
Well, I think I think Dick's Sporting Goods has performed
so well because they don't just sell Nike.

Speaker 2 (01:27:34):
Well I get that, but goodness, Grace, Nike's like everything there.
What I want to talk about in the footwear space
as well happened on Friday. Decor down twenty percent. How
about that really not doing too bad other than the
fact that they didn't give the quarter one twenty six
sales guidance that the investors want shares job nearly twenty
big drop.

Speaker 1 (01:27:55):
We're saying we're seeing big hits on companies that are
coming out with pretty good earnings reports but being cautious
about the future. And if I'm running a publicly traded
company with all of the class action lawsuits flying around
in this world, I'm gonna give cautious guidance too. I mean,
how could you give aggressive guidance in this environment? You know,

(01:28:18):
I don't get it.

Speaker 2 (01:28:19):
You know a company we talked about for a while,
and it's in the nuclear space. We talked about the
ETF but Oaklow remember Oakloh Yeah, ol Man, I mean,
we didn't talk about that thing since thirteen dollars. It's
now forty.

Speaker 1 (01:28:30):
Eight, forty eight, forty eight dollars.

Speaker 2 (01:28:32):
This is the company that sam U s All movement right,
but it picked up what ten bucks on Friday. Yeah,
obviously with the executive orders because the Trump is trying
to help that space and saying I'm cutting all the
red tape, helping you do what you need to do.
So those nuclear stocks got a really big bounce. Obviously,
we saw that earlier in the week because of the
one big Beautiful bill, but that continued with the executive

(01:28:55):
order signings.

Speaker 1 (01:28:55):
One thing we've seen over the past few weeks is
this system of checks and bound says we have that
we've talked about that that ought to give people on
the left at least to some peace of mind. Absolutely,
because Trump Trump can want to do this, want to
do that. All they've got to do is file lost
it to Harvard thing. Uh. They filed that lost it
Friday morning, and they got an injunction at noon on

(01:29:18):
Friday against the Trump uh prohibiting these foreign students. That's
the system of checks and balances we have, where you
you can't do something crazy. Trump's I'm gone, I'm gonna
lower all the prescription drug prices to what they were
what they are. Another, he can't do that, you know,
he can't do that. It requires Congress. So if you're

(01:29:41):
not a fan of President Trump's, there are checks and
balances out there and you ought to take some solid
Did you see that COVID was back in the news
this past we called get ball ov Yeah, it was
back in the MODERNA and phizers is this is this
is funny modern adviser both rose on Tuesday after the

(01:30:04):
f d A outline new regulatory guidance for future COVID
vaccine boosters. Now the FDA records are.

Speaker 3 (01:30:12):
Still giving boosters out.

Speaker 1 (01:30:13):
Yeah.

Speaker 2 (01:30:13):
Here here's the funny party.

Speaker 1 (01:30:14):
The FDA recommended stronger standards of evidence for approval based
upon the patient's risks. This is what this is. This
is RFK saying, you know, we're not going to be
handing it out Willy Nelly. You're really you're really gonna
have to be my age, you know, and have some
underlying health conditions, or you're just not.

Speaker 3 (01:30:35):
Going to get I'm just gonna give them all.

Speaker 1 (01:30:36):
Yeah, that's something. Why would these two stocks rally. Maybe
they rallied because there are going to be some vaccines.
I mean maybe they.

Speaker 2 (01:30:45):
Were and investments thought there was going to be zero.

Speaker 1 (01:30:47):
I mean, maybe they were concerned that the K is
gonna say, you know, we're done with this COVID, whole
COVID thing. We're done that that ship is sailed.

Speaker 2 (01:30:53):
Have you been keeping up on the quantum stocks? Yes,
you're bringing man these quantum stocks. I mean, I just
I don't get them. I don't q I on q
d wave is qbts is the ticker, there's qubt.

Speaker 3 (01:31:06):
Have you heard of ion q Dave? Yes, Yeah, so
that one is that one. Made a note to me
just because of the CEO coming out and he's basically
saying that he's the in video of quantum computing.

Speaker 1 (01:31:16):
Yeah, but Google debut this latest chip called Willow in December.
Microsoft launched this first chip earlier this year. On Tuesday,
d Wave, like Todd said, the introduced their latest entry.
There are dozens and dozens of companies in this space.
Some are going to be great. Most are going to
go out of business. Yeah, that's why an ATF makes

(01:31:38):
so well.

Speaker 2 (01:31:40):
Yeah, but that's the same token, right if only one Wednesdave.

Speaker 1 (01:31:43):
No, No, if you got an ATF that has twenty
five of them in there and canabem quadruple, the other
fifteen can go out of business, you're still going to
do fine.

Speaker 2 (01:31:52):
I think we also mean Sebastian, we're talking about the
remember of the cannabis etf like, you could have said
the same thing about that, but that sector absolutely died.
And I don't think you can say the same thing
about quantum. But when I look at a like quantumy
TF do they have people like Google? Do they have
people like IBM? Or is it only the smallest quantum names?
And that's the thing I would care about, because you're right,

(01:32:12):
there are big companies like Microsoft, like IBM. Those are
likely the winners.

Speaker 1 (01:32:16):
They have, they have the money, they are the winners.
But will it really matter? For instance, if if Pfizer
came up with a cure for cancer, would it matter.

Speaker 2 (01:32:27):
Well, we talk about the chip so large, we talk
about Navidia, So if if Navidia has the best chip,
if someone has the best quantum computer, I mean, it
seems like it would matter.

Speaker 1 (01:32:35):
But that's the one that's a big difference. And video
is a one product company. That's it. You get company
like Google, Microsoft, Apple, Pfizer, MERK in the drug area,
they have so many trillions of dollars, billions of dollars
worth of things going on. Does any one thing really matter.

Speaker 2 (01:32:53):
Well, I feel like if you have the quantum computer,
but will you It's almost sounds like like we're not
going to mass scale quantic computers, you know what I mean,
you're not going to be making one a day like
you make maybe one a year. But these things that
are very hard.

Speaker 1 (01:33:10):
To make mean is different, different approaches. They're quantum computing. Right,
Microsoft's got their their candidate, and Google's got their candidate,
and d Wave's got their candidate. Well, what do you mean,
who's got the quantum computer? Won't nobody? Nobody's got the quantum.

Speaker 2 (01:33:27):
Well yeah, they're all different levels too. Like you said,
they're all relatively functionable, but this the spectrum of functionability
of what they're talking about is vastly different. One that
we are super excited about. Just solve a computational error.
I mean, it didn't actually do anything impressive that any
one of us would actually know what it did or
that you could monetize, and so it's a very And

(01:33:48):
Google's the forefront, right because Google did something that was
never done before. So that means all these other companies
are behind Google. So just because they started it something
at Google started seven years ago, how profitable is that.
That's the question, and you can't and.

Speaker 1 (01:34:03):
Do any of the things that have come come out
in this space, Can any of them be monetized at
this point?

Speaker 3 (01:34:10):
That's the question with the quantum Yeah not as that's
the question right now?

Speaker 1 (01:34:14):
Then you could you have these companies like d Wave,
a small company that they jump forty Yeah.

Speaker 2 (01:34:20):
I mean those those companies jumping crazy another company game Stop?

Speaker 1 (01:34:23):
Goodness, talk about the good stuff? How about the bad stuff?
Target already down twenty five percent this year? Are you
ready for that? Why are you laughing?

Speaker 4 (01:34:33):
Target?

Speaker 2 (01:34:33):
Let's do it? Makes no sense, though you're right, Targets
should be the one at least they're like a relatively
seal company that's a real company.

Speaker 1 (01:34:41):
Es actually a.

Speaker 2 (01:34:41):
Real company with sales and earnings and games up just
by his bitcoin.

Speaker 3 (01:34:45):
Put it put on their balance.

Speaker 1 (01:34:47):
Games is a meme stock, that's all it is. Game
Stop is uh was going out of business before the
meme thing popped.

Speaker 2 (01:34:54):
Out sixteen this week? What was Target doing?

Speaker 1 (01:34:57):
They'd be long gone? Uh uh? Game Stop. Had it
not been for the meme craze, they'd be long same
with AMC theaters, they'd be long gone.

Speaker 2 (01:35:06):
Blockbuster just missed it. If they held on for maybe
five more years, they could have got the men.

Speaker 1 (01:35:11):
Amazing that block that's so amazing that Blockbuster was, but
it was a Blockbuster was trying had an opportunity to
buy Netflix and said no, I don't.

Speaker 2 (01:35:21):
Yeah that business.

Speaker 1 (01:35:24):
When you think back and that that's probably maybe arguably
the worst business decision in the history of mankind. Blockbuster
not wanting to buy Netflix.

Speaker 2 (01:35:34):
I met you best Buy had a chance to buy
Amazon at one point, could be but Blockbusters could have
bought Netflix from was nothing I know, I mean it was.

Speaker 1 (01:35:41):
It was insane. It was I don't remember the amounts,
like two hundred million or.

Speaker 2 (01:35:43):
Some to make a good decision there.

Speaker 1 (01:35:46):
No, no, we all want to be happy. We're coming
to the end of the show, guys, and it's a
three day weekend, and we got a day tomorrow to
give thanks and hopefully enjoy a little time off, and
we all want to be happy. And of course we
want to be healthy, because if we're not healthy, we're
probably pably not that happy. And a Greenberg financial we're
trying to be profitable to be next week

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