July 31, 2025 • 46 mins
New corporate earnings are dropping this week. Hosts John and Giuseppe take a look at the US companies reporting their quarterly numbers to find trends. Plus, over spending at the Fed, EV conversion, Trump trade deals, and our One Source Wealth Management philosophy. The Wise Money Guys.
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Episode Transcript
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Speaker 1 (00:00):
The Wise Money Guys Radio Show is brought to you
by One Source of Wealth Management SEC licensed three one
nine zero seven eight. For disclosures and more information, visit
our website One Source WM dot com.
Speaker 2 (00:14):
Hello and welcome to the Wise Money Guys Radio Show.
I'm your co host John Scambri. I'm in here with
my partner extraordinaire Giuseppe Viscontin, Certified Portfolio Manager, Masters and
Economics and Finance, Chartered Retirement Planning counselor what else? I
undergrad from San Francisco Youth University of San Francisco and Economics.
Speaker 3 (00:36):
Or was it finance, Business economics?
Speaker 2 (00:38):
Business economics? I mean you need more alphabet suit behind
your name.
Speaker 3 (00:42):
I like snickerdoodles, long walks on the beach.
Speaker 2 (00:45):
And as I said, we are certified portfolio managers. If
I didn't say that, and what that basically means is
we're different, in my opinion, better than your typical financial advisor.
In fact, over and over and over again, we meet
with people that have significant amounts of money and they
(01:08):
have like I mean, the people we just got as
clients that have well over a million dollars and they
had what thirty mutual funds. And then when you looked
each have some mutual funds. Yeah, you looked into the
mutual funds. Granted they were different brands.
Speaker 3 (01:22):
I randomly picked five from the roster that all had
to deal with equity because iknew they were all like
one hundred percent equities exposure. I picked five And it
wasn't set up like we did live with the client.
Oh yeah, we didn't even We just just explaining funds. Yeah,
just explaining and we and they're all different brands, and
(01:43):
so to the client's naked eyes, like, oh, ones, Vanguard one's,
TiO Price one's, you know, JP Morgan, So they probably
have different stuff. I'm diversified. But I purposely picked five
different ones, right, and we picked different brand names and
went through the top holdings and said, here, let's go
through the top holdings. I think a few of them
where a couple of them had a little bit different
(02:04):
top holdings, but they all had mainly the magnificence.
Speaker 2 (02:07):
Study Microsoft, Amazon, Google, Apple, Apple, Netflix, over and over
and over again.
Speaker 3 (02:14):
Right, And we were explaining to them, like we've explained
several times on this radio show and podcast, that sometimes
when you have a glimpse of your portfolio, and you
have all these different names and they can be you know,
phrased or titled differently, or it could be different you know,
investment firms like we mentioned, it could be Fidelity and
Vanguard and whatever. Growth equity fund, US equity fund.
Speaker 2 (02:39):
Equity income funds.
Speaker 3 (02:40):
Yeah. Yeah, But then you look into the top holdings,
which is going to be the higher weighted or more
important names of that fund because it'll move that fund more.
And when you have a lot of the very same
things across multiple funds with then you say in portfolio,
your correlation is one.
Speaker 2 (03:00):
So just to throw this out there early on in
this conversation this morning, if you're looking at your statement
and you have two hundred and fifty thousand, five hundred
thousand a million or more all in mutual funds or ETFs,
you definitely need to call us for a new obligation
(03:21):
consultation because you don't and probably have much and a
lot of overlap that you don't even realize, which means
you're not diversified, and certainly you're not getting the skill
set and value proposition and service model and expertise that
(03:44):
Giuseppe and High have for building custom portfolios. Your own
mutual fund if you will when you have means, and
so call us at nine one, six ninety six, seven
thirty five hundred. Well that was a good way to
start the day. But we've got a lot on the agenda.
As usual. We got to revisit we were talking about
(04:06):
the FED last week, so we're going to revisit, you know,
this whole remodel thing and whether or not, you know,
there's fraud and there was a big deal last week.
So we'll talk about what that big deal was when
it came to the Federal Reserve and they're now three
point two billion dollar remodel. I mean, come on, give
(04:26):
me a break. Earnings, of course, we're smack dab and
the biggest names, you know, hottest companies reporting and are
they are they exceeding expectations, are they meeting expectations or
are they're missing And there's a very big name that
missed earnings which absolutely took a massive hit that I
(04:49):
bought a put on, by the way, so very happy
I did that, and we'll tell you who that is.
And then of course the the FED meeting coming up,
which is part and parcel to anything you know economic,
especially with the pressure coming from the Treasury Secretary, obviously
(05:13):
coming from the President, now coming from even some of
the Federal Reserve Board presidents around the country that they
may be waiting too long. I mean, what do you
need to happen the banks collapse before you cut interest rates,
which tends to be the mo But we'll dive into that.
(05:33):
And then finally, we also have the deadline for tariffs.
Speaker 3 (05:37):
Yeah, we've had some new trade deals pop up, so
dive into what those are and hopefully what will come
before the deadline.
Speaker 2 (05:46):
And then finally on our agenda as usual is we'll
talk about various sectors of course, important strategies that we're
employing now to manage people's livelihoods, their financial livelihoods, their
money that you know, our listeners could duplicate or certainly
(06:08):
use it for consideration of whether or not they're getting
the level of professional money management that we offer, and
if not, you're gonna want to call nine one six
nine six seven thirty five hundred and by the way,
before we get into it. For more information, always you
(06:29):
can go to our website wisemoneyguys dot com. Then also
you can always shoot us an email as well. I
haven't thrown that out two or three shows at question
at wisemoneyguys dot com. That's question at wismoneyguys dot com.
And then keep in mind that you know, when it
(06:49):
comes to investments and the taxes or things like that,
especially the taxes, we are not tax attorneys or CPA,
so always can soult I'm your tax professional for how
some of the things we're doing might affect your income
tax And then also keep in mind that past performances
(07:12):
and a guarantee of future results and all investments involve risk.
And if anybody ever tells you that or you listen
to some other radio show or you guarantee we guarantee
you ten percent, there is no such thing. So if
(07:32):
if if you hear things like that, you know, run
or you know, give us a call to make sure
you know, you know what it really is and what
guarantees really are or may or may not be, and
we'll we'll give you that advice for free, of course.
So call nine one six ninety six seven thirty five hundred.
Speaker 3 (07:53):
All right, what do you want to where do you
want to start? Too many different things? Yeah, you want
to jump out at earning market.
Speaker 2 (08:00):
We know we got to start with the market because
all the time, you know, I get texts and calls
and emails, Hey what what should we buy? What are
we buying now? And and quite frankly, I mean one
of the things that I said a high point, yeah,
is like, uh, we're just riding the wave and and
until we see some sort of major shift. You know,
(08:22):
fixed income investments are still attractive from a price and
a and a and a yield. There are undervalued stocks
that haven't you know, shot through the roof and haven't
broke records, even though the S and P five hundred
is that in a setting records?
Speaker 3 (08:39):
And in video? You know, are you talking about stocks
in all these sectors and strategies, but really what matters
most is in video.
Speaker 2 (08:48):
Yeah. So I'm sad to say so, you know, I'm
looking at this and looking at your notes, and I
mean every single one of these things up set. For
maybe the small cap Russell two thousand has performed, but
the S and P five hundred, the Dow Jones, the
NASDAC all.
Speaker 3 (09:05):
The Dow actually has had a little bit of trouble.
Speaker 2 (09:07):
They're a little bit less of a of a high
flyer right now.
Speaker 3 (09:11):
Yeah, SMP and Nasdak have been really the you know,
glimmer and what's been taking over the show as far
as the all time high rhetoric that's been out there
and news and financial sources and social media and what
have you. Dow not as much, but.
Speaker 2 (09:28):
Yeah, United Health got Clawbird, United Renolds did go up.
These are Dow stocks. But Apple has just been ho hum.
And because Apple is such a large waiting of the
Dow thirty, if Apple doesn't go through the roof, you know,
the Dow's not going to set records. I mean, it's
possible with Microsoft, and.
Speaker 3 (09:46):
There's been rumors that Tim Cook is going to be leaving,
so I don't know if if there's any validity to
that or not, but you know, and there just hasn't
been much. There's you know, versus when when Steve Jobs
was running the show.
Speaker 2 (10:00):
I don't know about you, but people look at my
folding me too phone all the time and.
Speaker 3 (10:05):
Going you looked at you looked at mine, which I had,
you one, which you had an iPhone before, And that's
exactly now you're experiencing it.
Speaker 2 (10:12):
Yes, and so many people are so hopeful that it's
an Apple. They go, is that Apple? No? Not even close.
Apple hasn't come out with a new thing and this
whole thing of oh what are we going to be
on the on the iPhone seven hundred before they you
know what I mean, because now twice a year, it
(10:32):
seems like it was just the fifteen, you know, last
year sometime, and then the sixteen came out, then the seventeen.
Speaker 3 (10:39):
Sixteen Pro whatever. Well they do like a sixteen and
the sixteen Pro and the fifteen fifteen Max.
Speaker 2 (10:46):
But it'll be the seventeen and the eighteen and the
twenty five and same format, and it's just tired.
Speaker 3 (10:52):
They're a little bit. Yeah, they're they're kind of a
little bit late to the game. Maybe their argument is
that they just want to make sure they perfect things great,
but they're they're behind the game. Yeah, like you said,
the flip phone is I've done a lot of comments too.
Speaker 2 (11:03):
If you if you haven't seen one and you're watching
our videos, this is the flip phone. And we are
not sponsored by Samsung or Motorola, but maybe we should
be because we absolutely love these things. You flip them
and you can't fit in your pockets. For us, in
putting in your front pocket is crucial.
Speaker 3 (11:22):
You put a big brick, you know, candy bar phone
which the screens are getting bigger and bigger. Are you're
able to fold it?
Speaker 2 (11:27):
Yeah? So for a no obligation consultation on how to
use a flip phone, give us a call at nine
one nine six seven thirty five hundred. But that aside,
I mean, I'm kind of in the at least personally,
I'm in the pause area, and we need to we
need to dive into, you know, the earnings now and
(11:49):
where we go from here when we come back. You're
listening to the wise money guys, John Scambery to Septi Visconti,
and we're certified portfolio managers that specialize in helping people
who are retired are about to retire. Is their money
and we got to dive in to the to the
earnings because this is the game we play. This is
the game that the industry plays. That you know, it's
(12:11):
always about the expectation of the future. Value is based
on the expectation of earning's growth and continuing or not continuing.
Speaker 3 (12:26):
Right, So does does this earning season support this rally
that we've had since the lows of April?
Speaker 2 (12:33):
So far from what we've seen and so if you
don't mind going over a couple of these, but let
me mention the one that I was alluding to when
I was walking through what we were going to talk about.
So it was Tesla that you know, I mean without
the subsidies which are ending, you know, inventories are now high.
(12:54):
Profit margin is down on Tesla. Tesla's always traded like
a AI or a tech company.
Speaker 3 (13:01):
Yes, but you're talking about the auto right.
Speaker 2 (13:05):
Fundamentally, the cars are still the major portion of you know,
what makes up its earnings and what drives its stock
price to way beyond what a typical you know, gm Ford,
because it's definitely not typical Atlantis, you know, those types
(13:26):
of things. And so you know, do you buy Tesla here?
I would say, you know, wait for a few more days.
I'm not selling the put yet.
Speaker 3 (13:37):
Fundamentally it's it still shows overvalued. Fundamentally, just looking fundamentally
the car earnings and the report, the stuff that's being
reported which is on the autos, it's still at its
current price shows overvalued. So I think more of a
fair value from what I've seen and read out there
is more like two sixty five a share.
Speaker 2 (13:57):
Yeah, so we're not adding to Tesla if we have
clients with Tesla. I'm not personally buying Tesla here, but this.
Speaker 3 (14:07):
Is a testament to what you were just saying before.
Is you have I really like when you do that?
Speaker 4 (14:13):
Go on?
Speaker 3 (14:14):
Is there going to be you looks great today?
Speaker 2 (14:16):
John Mike, our producer, already commented on how lovely my
what you call this chral colored shirt is?
Speaker 3 (14:26):
I could say, I could say pink, but I don't
want to take away from my my trend so far
like getting you a compliment, so I'll say coral.
Speaker 2 (14:33):
By the way, I was going to say, oh, you
could see what we're wearing today by going to our
YouTube channel, but our YouTube channel got canceled because apparently
we are too conservative, and obviously YouTube is not a
free speech and.
Speaker 3 (14:52):
So we're trying to figure out.
Speaker 2 (14:54):
We're trying to get us back on YouTube so you
can see us doing our radio show. But you know,
our bread and Butter is and and and always has
been the iHeart radio station.
Speaker 3 (15:06):
Just nice.
Speaker 2 (15:09):
If you want to see my beautiful salmon colored shirt,
you're gonna wait till Salmon YouTube channel goes back live again.
Speaker 3 (15:16):
Where was it going with Tesla though, Yeah, we were
talking about that the car, and then the testament to
what you were saying before and regarding stocks and prices
that people see and the shared price and when when
things rally versus valuation and fundamentals and it catches up
with it. So if a stock has run away and
(15:39):
becomes a hot stock, and like you said, sometimes clients
you know, will tax or call us and like, hey
can we get into you know, we've had it before,
like bitcoin, Bitcoin goes over one hundred thousand dollars a
bitcoin and like, hey, can we get some bitcoin? Is
this a good point to get into bitcoin? Right? How
much higher does it go?
Speaker 2 (15:56):
I've I've always called that the coast is clear. That's
the mentality, right, Oh, stocks go down, you get out
and you lock in a loss, and then stocks rally
and go hiring, and you get back in because now
you think the coast is clear to invest again, and
and really it it. You don't have to you don't
have to sell at the perfect top, and you don't
have to buy at the perfect bottom or the absolute bottom.
(16:19):
You know, you just have to be cautious of the
value some of the fundamental and the entry point.
Speaker 3 (16:25):
Fundamental and some of the indicators. Right. So the so
Tesla went up into the three fifties, it and it
just it just took off right from its from its
lower point in the lower two hundreds and a pretty
quick period of time. And so then you have to
ask yourself is this valid? Is their merit behind this?
Do are the numbers going to support it? So now
(16:46):
you see.
Speaker 2 (16:47):
Your signal kind of around the two sixty five.
Speaker 3 (16:50):
No, no, no, the signal that you're talking about deals with
technical that's one side of the picture, right, And then
you can say, and has nothing to do with fundamental,
has nothing to do with earnings, nothing like that, right,
But earnings that came out and now it's been impacted
and you see Tesla coming down, it's because it's not
aligning the fundamentals and the earnings that came out is
not aligning. Were how far the price has ran up to? Right?
(17:12):
The price has ran up to because of demand and
people are wanting to buy more and more Tesla, right,
And they say, and they see it go up, and
so some of it's maybe euphoria fomo if you're missing out,
could be technicals, or they see it on a price
chart and say, oh, it looks like it has more
room to grow based off these.
Speaker 2 (17:30):
Different is How and when will SpaceX you know, impact
Tesla if it ever? Does? You know, does it.
Speaker 5 (17:40):
Does Neurlink, neuro Optimis yep, Starlin, Robotaxis, Starbo Taxi, I
mean exactly embedded in Tesla is obviously those organizations that
Elon Musk has created that are just I mean, they're
priceless quite frankly, how do you value, you know, from
a share price SpaceX if it was publicly traded, I think.
Speaker 3 (18:03):
They did mention that was the SpaceX or Starlink and
it was like five or six hundred billion or something.
Speaker 2 (18:08):
Valuate that would have to be immediately, I mean, because
no other entity in the world, not even governments, have
six thousand satellites.
Speaker 3 (18:19):
Well, here's another testament to that is who went up
and rescued those astronauts SpaceX that were stranded on the
space station?
Speaker 2 (18:29):
Yeah?
Speaker 3 (18:30):
Was it a NASA or some government entity?
Speaker 4 (18:32):
Me.
Speaker 2 (18:32):
I think that's what drives the price beyond and Robo
multiple expansion levels. Is that because even with the sales
slumping in Tesla, I think it rallied into the three
hundreds and I think it hit a high in the
last couple of years of four to h eight somewhere
around there, because of the long term play of how
(18:56):
does neulink, how does starlink, how does SpaceX, how does robo?
Speaker 3 (19:00):
How does it all?
Speaker 2 (19:00):
How does optimists? How does all these things? Uh impact
the price?
Speaker 3 (19:05):
But but yes, and Tesla initially started rallying with a
whole ROBOTAXI announcement, and so yes on the long game eventually,
but kind of like AI and all these AI names
and video and super microcomputer and Pallanteer and so on
and so forth. Sometimes this information that's coming out that hey,
(19:27):
we're coming out with this, so we're doing that or
so on and so forth, and they get ahead themselves
and then earnings come out and say, oh, you haven't
actually made a profit on robotax and all these other
things that sound fantastic, and we're back to actually what's
the core of the business. So what's been the core
of the business, and it hasn't been performing too well
and now the stocks like whoops, yeah.
Speaker 2 (19:46):
So and in a similar story on the on the
ev car front, is Rivian, is Lucid, you know those
those stocks initially just on the potential, you know, bullet
share of the EV market, you know, it exploded, but
then when it came down to it, people started diving in.
(20:08):
Go You've burned through how much capital? How many billions
and billions of dollars and you're still not profitable.
Speaker 3 (20:16):
Well, Lucid recently got to bump up in stock press too,
because I think you're announcing or announced a SUV with
like a five hundred mile range, right, yeah, so again,
so now so there you go. It's the expected, projected, forecasted,
whatever you want to say of what the stock could be.
Speaker 2 (20:33):
Yeah.
Speaker 3 (20:34):
Right, but now we'll see once they come out with
it and how much profit are they actually versus Again, it's.
Speaker 2 (20:39):
One hundred thousand dollars EV. And it to me, the
Lucid one they're talking about looks like a Toyota Vianza.
It looks like a minivan. And so the five hundred
mile range I think is awesome. Yeah, but you have
the Cadillac you know, evs, especially the Escalade, the Vistick
(21:04):
I think it's called. Then the other GM products like
the EV Hummer line there they're in the mid four
hundred range. So there are no you know, short distance
EV like my Audi. My Audi EV goes two hundred
and fifty miles at best, and.
Speaker 3 (21:23):
You can barely and you can barely get in and
out of it, maybe with a shoehorn.
Speaker 2 (21:28):
Yeah, oh boy. But you know what it what it
all boils down to is fundamentals do matter. Yes, technicals
are important, but at the end of the day, fundamentals
always come home to roost, always do.
Speaker 3 (21:44):
And to that point, both on the technical and the
fundamental side. And fundamental side and.
Speaker 2 (21:50):
When we mark fundamental that means the financials.
Speaker 3 (21:53):
Yes, I think about an accountant going through all of
the books, the books of a company and saying, what
does this company really worse? Right, based off of what
they've done so far. The technicals does not take into
account any of that. It's just all price action, pure
supply and demand. But on both fronts, things are looking
(22:14):
a little frothy here as far as valuation and and
and overbought and some of these big names, it's got to.
Speaker 2 (22:22):
Be a five percent pullback.
Speaker 3 (22:24):
We're also entering the beginning of the slow and volatile
seasonality period of the year, which is starts in late
July and goes through August.
Speaker 2 (22:37):
August, September, October. Can all be you know, for a
lack of a better word, crappy yeahs.
Speaker 3 (22:44):
And frankly, I think we need a little bit of
a pullback just to continue to have a healthy up trend,
uh for the market, because you know, the further away
it goes, and volatility stays low and it just goes
up and up and up and up, and then you
have these like what happened in Tesla. One day it's
down you know, nine.
Speaker 2 (23:04):
Yeah, but then you look at you know, one of
the stocks that's in our core portfolio or is it
in the S and P ten ten months? Well, it's
in both ge Verona, right and my god, Verona. Yeah,
come a little closer, Yeah, that's my Sharona. But I
(23:25):
know it just sounds but you look at that and
my god, one day last week or during the week
rather since it's still this week. I think it was Wednesday,
it went up eighty two bucks a share, and since
we put it in the portfolio at two, it was
two sixty nine I think is the average price for
(23:46):
the shares that our clients own that we put it
into the portfolio, and it's six hundred and change. Let's see,
let's see what it ended at or what it's traded around,
but I think it was around Yeah, it out about
six hundred bucks.
Speaker 3 (24:02):
Yeah, I mean to talk about a.
Speaker 2 (24:04):
Home run as a Grand Slam actually.
Speaker 3 (24:07):
Yeah, see I was in the six twenties. Yeah, so
but again that could that that could be overvalued.
Speaker 2 (24:16):
Well, and I think we we probably will lock in
I mean, we have to lock in some profit here.
We'll see if the momentum, you know, starts, and then
we'll probably lock in some profit, which is you know,
a lot of this conversation really has a lot of
the strategies that we do, and we'll talk more about
those when we come back. You're listening to Johnscamberan. I'm
(24:37):
here with my partner and just a little bit of
our background. If you just tuned in, Giuseppe and I
are what we call battle tested. And you know, if
you think about the markets over the last couple of decades,
I mean, I've been in this industry now in various capacities,
none better than helping clients for thirty two thirty three years.
(25:02):
I mean, what is that I've got in it? I
got in the industry nineteen times in nineteen ninety two,
and you got in Columbus, Yes, yes, yes, first await
joke now in age joke next next you're going to
go after my hair, But.
Speaker 3 (25:22):
No, I gave you plenty of other compliments and you sure,
okay your hair? What you know, the comments that you made,
I give you, you know, props for Yeah, I started in
two thousand and eight. Yeah, ends a boot camp.
Speaker 2 (25:33):
And what's important about that is we've seen it. You know,
we've seen complete banking collapses, real estate market collapses, dot
com you know, technology collapses. And why that's important is
if you're working with an advisor that hasn't been and
(25:53):
helped people with their money, with their financial planning, with
their retirement, with their legacy, like we have through just
about every situation. On top of that, different geopolitical.
Speaker 4 (26:06):
Things, wars, uh, all kinds of different conflicts, certainly none
more terrible than the wars going on, which do impact
investment results and really make it important on how you
diversify your money.
Speaker 3 (26:25):
Different presidencies and administrations. I mean it's like you know,
and the drastic differences between one administration to another.
Speaker 2 (26:36):
Which brings me to want to buy the Federal Reserve Board,
the FED Chairman Jerome Powell, I mean, I just can't
fathom how you can have an entity, if you will,
(26:57):
an agency and dependent branch without tax holder, or at
least without congressional approval or oversight. Just decide that, hey,
we're going to spend two point five billion dollars just
renovating our nineteen thirties.
Speaker 3 (27:17):
They're building, they're flexing and abusing their independence.
Speaker 2 (27:20):
Right.
Speaker 3 (27:20):
The whole idea of the Federal Reserve is to be
independent and not have any affiliation or influence from the
political bodies in that you know, term or period of time,
and they can solely make decisions. But that's outlandish.
Speaker 2 (27:36):
Yeah, I mean, I think this is a perfect cause
for re redrawing. Whatever the doctrine of the FED is.
That Congress originally, that Congress originally created you know, decades
and decades ago, because you know, one person, you know,
(28:00):
one committee, the FOMC, the Federal Open Market Committee, should
not have this sort of unelected Powell power. Powell over
the world, quite frankly, I mean, think about it. It's
over the world. It's not just over the US economy,
over the world.
Speaker 3 (28:21):
When meeting happens, like every every other major country kind
of definitely stops and listens and when you.
Speaker 2 (28:29):
See a person that thinks it's okay to literally build
something more expensive than what the Dallas Cowboys spent on
their stadium. Think of how massive a football stadium is
and how many acres that involves, and this the FED
(28:50):
remodel and the infrastructure, it is more expensive. It's going
to be three point two billion dollars. I mean, clearly,
that's an out of control entity that has no oversight.
There is oversight, but it was all run by Obama appointees.
The National you know, I forget what it is. Somebody
(29:12):
will probably call us or email us and help us with.
Speaker 3 (29:14):
The National Spending Committee.
Speaker 2 (29:16):
That's basically basically what it is. There's an oversight committee
on the budget. And isn't it interesting in twenty twenty
that the budget was put in to Obama and appointees
that go back to Obama and that of course, you know,
the the director I believe was a Biden appointee, and
(29:39):
they approve a two point five billion dollar remodel, and interestingly.
Speaker 3 (29:44):
It's going more than that, right.
Speaker 2 (29:46):
Yeah, seven hundred million dollars over budget.
Speaker 3 (29:50):
Yeah, and why would so, I think, you know, if
you're going to just blow that money on a remodel
why not take that three point two billion and go
find all of the small businesses that were forced to
be shut down during the COVID fraud chaos COVID that
happened and then ended up permanently having to close and
(30:12):
lose their livelihoods. Why don't you go and find a
way to incentivize those small businesses and entrepreneurs to reopen
and have like a very low interest or a no interest,
some sort of not not to just give it away,
right because that's not an incentive, but some sort of
incentive to let them borrow to rebuild the business that
(30:33):
they lost.
Speaker 2 (30:34):
You know, if you rebranded DEI, you know, secretly, then yeah,
you could get you could get that those programs put
in place. That's what's how would you rebrand? What would
it stand for me? Well, I'm just meaning it's horse
manure the money that was spend, you know on initiatives
for companies. Oh, your DEI initiative to get fed money.
Speaker 3 (30:57):
The push of ESG, ESG, black Rock and Vanguard and
these big financial institutions were all on board with ESG.
They came out with specific mutual funds and ETFs that
were ESG focused, and then they found that the performance
was around.
Speaker 2 (31:13):
You know, Now there's a fun company and I forget
the brand. It's all I mean, if we weren't you know,
portfolio managers that specialize in custom portfolios with individual investments
versus funds. Now, not to say we don't have some
funds here and there, especially in the alternative good stuff.
We really like the hedge fund funds, the private equity
(31:34):
ones and those types of things. But that being said,
there's actually a fun company and I don't know the name,
but maybe I'll look it up for the for the
next radio show that now will not invest. You know,
it put in the pool of stocks inside the fund
companies that have a DEI or WOKE or EESG, you
(31:59):
know those names. Yes, so they actually now look through
the tens of thousands of companies that are publicly traded
for ones that don't have.
Speaker 3 (32:09):
Just try and jump on the bandwagon of whatever.
Speaker 2 (32:11):
That are about, you know, the economics, the profitability, you
know about you know, American entrepreneur entrepreneurship. But yeah, I
mean it's just amazing. Back to the FED, I think
(32:34):
that they learn what eight more, seven more months to
go before this buffoon is May out.
Speaker 3 (32:41):
May next year. Yeah, so that's a little longer than that,
a little longer. Yeah. I think the lesson, though, is
clear is when something is government driven and forced down
people or heavily influenced or encouraged down private sectors throats,
it doesn't work. There's a bigger track record of things
(33:05):
not working and coming to fruition than the opposite and
versus letting the market and be free and really produce
goods and services for the society out there. And the
demand is going to drive the success of that. If
people like it and it serves the needs and wants
(33:27):
of people, then it will thrive. If it doesn't, it
will fail. But when you have government coming in and
saying what we're going to come out with this mandate.
You know, we saw it with ev electric vehicles. We
saw it, and we've had plenty of conversations on that
previous episodes. And the failure. The highlight was basically the
forward lightning truck. And how much of a failure that was.
(33:47):
You seeing a lot of manufacturers now going against it.
If it was so great. Now the current administration is
saying no, we're doing away with that, But if it
was so great, they would continue to push towards that,
but that's not what they're doing.
Speaker 2 (33:59):
Yeah, dare I say it, though? I think, I mean,
you can't. I don't, dare you You can't discount ev
cars obviously entirely. The mandates and all the things you
were saying. You're saying it's government driven, government in taking
free market and capitalistics. And you know, we saw it
with ESG. We saw with some of the woke stuff.
(34:20):
You saw Target Budweiser, Low's Yeah, and all the narrative
that they wanted them to drive thought is once you
get something that there's all So we were talking about
Lucid and they've got that car that will be five range,
but it hasn't exceeded the range of automobiles a diesel
(34:41):
trust there's well, no, there's all kinds of automobiles. I mean,
the Voltswagon like hybrids passat diesel went like eight hundred
miles on a tank of gas because it got fifty
miles you know to the gallon. I mean, and there's
still I mean my wife's suv, you know, albeit it
has twenty five gallons, but it does into the mid
(35:04):
high five hundred mile range, and so five hundred miles
isn't that big of a deal. But once, once electric
cars can go further than what a gasoline car can
go on it on a normal average tank size, I
think that's.
Speaker 3 (35:21):
Well more, that's a game. More importantly, the infrastructure has
to be there.
Speaker 2 (35:24):
Yep.
Speaker 3 (35:24):
Well, it's easy to it is to drive a gas
car anywhere across the nation and have somewhere to fill.
Speaker 2 (35:29):
Up when that too. But for California obviously you know
the Yeah, it's a few states that have infrastructure, and
that's exactly all right. Uh, stay tuned, you're listening to
the wise money guys. John's Gambrian. I'm here with my partner,
Deceppe Veskani. By the way, I haven't thrown out the
phone number in a while. If you're interested in no
obligation consultation, and I highly recommend you take us up
(35:51):
on it because there is a better mouse trap than
what you're probably currently doing. Give us a call at
nine to one six ninety six seven thirty five hundred.
All right, before we get into you know, the meat
and potatoes of what are we buying, because that's the
whole point of this what do we like? What are
(36:12):
we buying? At least from a sector or a category perspective.
We still need to just talk about, you know, uh,
some of the stuff that is going on economically. But
let me also touch upon real quick that one of
my favorite sectors of the market, let me guess. Take
(36:32):
a guess starts with an E with a why yes, energy.
I've to me and for years now doing this radio
show and telling people, you know that energy should be
in your portfolio, especially on the dips when you can
buy it, buy it because.
Speaker 3 (36:52):
But not not anything and everything.
Speaker 2 (36:54):
Not anything and everything, but you're not a fictional sources
of ev was.
Speaker 3 (36:59):
A benefit of that because you're more energy.
Speaker 2 (37:01):
Exactly right, well, and they're really benefiting from the data
center electricity needs. But but again, the energy sector is
you know, on fire again, and you know it. It
does get out of favor here and there, but it
always comes back to that. Just about everything begins and
ends with access to affordable and abundant power of every variety,
(37:27):
whether it's coal, which is now making a resurgence around
the world. I just do clear which is resurging China
surgeon China.
Speaker 3 (37:36):
Is breaking their own record of how many new coal
fired power plants.
Speaker 2 (37:40):
And if you think about that, do you want China
burning coal? Do you want the US?
Speaker 3 (37:45):
I'm just saying, and they but on top of it,
they're doing it alongside this new initiative that they put
out there, which they're having a little bit of a tiff,
you know with US, and they I think, put a
cap on or stop on someone who videos chips because
they said they weren't energy efficient and so on and
so forth. In this new like environmental initiative, I forget
(38:06):
what it's called. I have to look it up. Yet
they're breaking the record of how many new coal fire
power plants are going to be online.
Speaker 2 (38:15):
But we put smog equipment on our coal factories, whereas
other countries do not. So exactly, coal plants in China
is a bad thing for the environment. Coal plants in
the US are drastically less of a pollutant than it
used to be or that it currently is in China
and other countries, you know, especially Eastern Europe, the Middle
(38:39):
East obviously Asia, where well there's a lot of no
fog controls.
Speaker 3 (38:45):
Well no regulations around it and no regulations, there's not
a lot of red tap.
Speaker 2 (38:48):
But that being said, you gotta look at the you know,
the mid tier you know, gas companies or oil companies,
look at the transportation being of energy. Those are still
doing really well. And the dividends have been fantastic in
(39:10):
some cases double digits or high single digit anyway. But
but again, I could go on and on and on
about my favorite second.
Speaker 3 (39:19):
The energy sector definitely gives John energy. Your coral shirt
is actually glowing almost.
Speaker 2 (39:28):
But you mentioned Nvidia, you mentioned China and its issue
with the chips. But you know, a really big deal
this last week was the deal, really big deal was
the deal with Japan?
Speaker 3 (39:43):
Yes, yeah, fifteen percent.
Speaker 2 (39:45):
But more importantly, aren't they something that I've ever seen
in my life.
Speaker 3 (39:51):
People might be able to buy the new Corvette and
Mustang over there now too.
Speaker 2 (39:54):
Well Europe loves old Mustang, I know that. But but yeah,
that's a big deal, you know for our autumn mobile manufacturers,
that we're going to be able to sell in Japan. Yeah,
they've never been as far as I know, maybe maybe
a long long time ago before Honda and Mitsubishi and
(40:16):
Toyota and all of those became just the lifeblood, you know,
or at least one of the big in Japan. But
now you'll be able to buy you know, American cars
uh in Japan, which is which is huge. So it
just gets back to that this tariff thing, and what
(40:37):
the original point of the tariff thing, you know was
from President Trump wasn't to just you know, create you know,
inflation with consumer prices being increased because of tariffs by
on goods being imported in the United States. No, it
was to get open the floodgates or open the doors
(41:01):
US exports, you know, to go around the world and
for imports to be cheaper or more importantly lower the
bar low lower exactly. So that's a good thing financially
and quite frank and hopefully in numbers. It hasn't affected jobs,
it hasn't affected consumer spending, minuscule effect on CPI, the
(41:24):
Consumer Price index.
Speaker 3 (41:26):
Not as much. Not as much has been put out
there going to be the end of the beginning of
the year. How much is going to impact inflation and
so far hasn't happened.
Speaker 2 (41:35):
So so what what what?
Speaker 3 (41:37):
But hopefully hopefully the European Union follows suit with Japan, Yeah,
because that'll be that'll be a huge win because we
have that deadline coming up in August first, and Trump
has been saying that there is going to be no
foot Well we.
Speaker 2 (41:49):
Did to deal with with uh Great Britain. There's been
talking about with the EU, which if you think about it,
the other I mean England, you know, Ireland, Scotland, Wales, GDP. Wise,
that's a lot of the what used to be the
(42:12):
European Union.
Speaker 3 (42:13):
That's some good.
Speaker 2 (42:14):
That's some good Scotch, right if you think about it. Yeah,
I guess Germany is Germany is the larger Germany France.
But but then you look at Italy, Portugal, Spain. There's
nothing there. I mean there's not.
Speaker 3 (42:28):
An olive oil, pasta.
Speaker 2 (42:37):
Wine, sour dough bread, pizza, sour bread.
Speaker 3 (42:41):
I don't know as much, but you know the semolina
and the bread same on the outside and the did
you eat did.
Speaker 2 (42:50):
You eat some of that that I gave you have
to stick already that you gave me. I got home
and my mouth to is watersted that.
Speaker 3 (42:57):
That's from that styles from southern Italy.
Speaker 2 (43:00):
Yeah.
Speaker 3 (43:00):
No, So look at how much we've we've we've actually
listed what's important about Italy and their product.
Speaker 2 (43:05):
Still, that being said, the trade imbalance with you know,
a lot of the EU just isn't there. It's not
a concern. You know, Japan was big, the UK was big.
You know China, Uh, if that ever happens, would would
be big. I don't think it's going to Canada and
Mexico obviously are big. So. But but what are we buying?
(43:28):
Obviously we're still buying individual bonds.
Speaker 3 (43:32):
Why I bought salami and I gave you one, right,
that's for sure.
Speaker 2 (43:35):
Uh. Do we have some food companies in our in
our client's portfolios.
Speaker 3 (43:39):
Yeah, cal Maine Calman actually had a pretty good week too.
Speaker 2 (43:42):
That's in the core. That's a good one.
Speaker 3 (43:46):
Calman's and the core we've already had that. Not buying
more of that currently stocks right now is kind of tricky.
I think, like, as we said, things are pretty lost
right now. We're entering the slower, more volatile part of
the season, so you know, being prudent on that end,
but you know, I think with the pressure and the
anticipation of the Feds lowering rates and anticipation of rates
(44:11):
starting to lower because inflation hasn't been pumped up like
everybody thought it was going to be with with this
tariff action going on, Uh, you want to take advantage
if you haven't a fixed income and the way of
buying individual bonds instead of through funds and ETFs because
you can lock those in and you're still seeing you know,
fixed income and individual bonds in the fives. I mean
(44:33):
just just a couple of days ago, it's like two
three days ago, we're finding JP Morgan bonds, you know
in the mid fives. Yeah, which is great.
Speaker 2 (44:40):
Even I thought it was even five six if the
last five.
Speaker 3 (44:44):
Six and you're and you're not paying you know, these
big premiums for these.
Speaker 2 (44:49):
Returns, they're very close to pars, close to par.
Speaker 3 (44:53):
Some are actually at a disc some are actually still
at a discount, and you're still getting a five percent
or north of five percent coupon or interest.
Speaker 2 (44:59):
Rate unieds recently for a client. So if you have
a high income and taxes are concerned, you know, the
muni bond market is better than it's been in a
long long time. And then of course we love the
alternative space, whether it's private credit, private equity, private debt,
private real estate, so on and so forth. In some
(45:22):
of these funds that we really like are absolutely crushing it.
So for more information on maybe what you have already
and aren't aware of, and for a new obligation consultation.
Give us a call at nine six nine six seven
thirty five hundred. Again that number is nine one six
nine six seven thirty five hundred. You've been listening to
(45:44):
John Scambray and to Seppi Vescani the Wise Money guys.
Hope you enjoyed the show and hope you have a
wonderful weekend.
Speaker 3 (45:50):
Have a great weekend. Talk to you next week.
Speaker 2 (45:52):
Bio
The Wise Money Guys Radio Show is brought to you
by One Source of Wealth Management SEC licensed three one
nine zero seven eight. For disclosures and more information, visit
our website One Source WM dot com.
Speaker 2 (00:14):
Hello and welcome to the Wise Money Guys Radio Show.
I'm your co host John Scambri. I'm in here with
my partner extraordinaire Giuseppe Viscontin, Certified Portfolio Manager, Masters and
Economics and Finance, Chartered Retirement Planning counselor what else? I
undergrad from San Francisco Youth University of San Francisco and Economics.
Speaker 3 (00:36):
Or was it finance, Business economics?
Speaker 2 (00:38):
Business economics? I mean you need more alphabet suit behind
your name.
Speaker 3 (00:42):
I like snickerdoodles, long walks on the beach.
Speaker 2 (00:45):
And as I said, we are certified portfolio managers. If
I didn't say that, and what that basically means is
we're different, in my opinion, better than your typical financial advisor.
In fact, over and over and over again, we meet
with people that have significant amounts of money and they
(01:08):
have like I mean, the people we just got as
clients that have well over a million dollars and they
had what thirty mutual funds. And then when you looked
each have some mutual funds. Yeah, you looked into the
mutual funds. Granted they were different brands.
Speaker 3 (01:22):
I randomly picked five from the roster that all had
to deal with equity because iknew they were all like
one hundred percent equities exposure. I picked five And it
wasn't set up like we did live with the client.
Oh yeah, we didn't even We just just explaining funds. Yeah,
just explaining and we and they're all different brands, and
(01:43):
so to the client's naked eyes, like, oh, ones, Vanguard one's,
TiO Price one's, you know, JP Morgan, So they probably
have different stuff. I'm diversified. But I purposely picked five
different ones, right, and we picked different brand names and
went through the top holdings and said, here, let's go
through the top holdings. I think a few of them
where a couple of them had a little bit different
(02:04):
top holdings, but they all had mainly the magnificence.
Speaker 2 (02:07):
Study Microsoft, Amazon, Google, Apple, Apple, Netflix, over and over
and over again.
Speaker 3 (02:14):
Right, And we were explaining to them, like we've explained
several times on this radio show and podcast, that sometimes
when you have a glimpse of your portfolio, and you
have all these different names and they can be you know,
phrased or titled differently, or it could be different you know,
investment firms like we mentioned, it could be Fidelity and
Vanguard and whatever. Growth equity fund, US equity fund.
Speaker 2 (02:39):
Equity income funds.
Speaker 3 (02:40):
Yeah. Yeah, But then you look into the top holdings,
which is going to be the higher weighted or more
important names of that fund because it'll move that fund more.
And when you have a lot of the very same
things across multiple funds with then you say in portfolio,
your correlation is one.
Speaker 2 (03:00):
So just to throw this out there early on in
this conversation this morning, if you're looking at your statement
and you have two hundred and fifty thousand, five hundred
thousand a million or more all in mutual funds or ETFs,
you definitely need to call us for a new obligation
(03:21):
consultation because you don't and probably have much and a
lot of overlap that you don't even realize, which means
you're not diversified, and certainly you're not getting the skill
set and value proposition and service model and expertise that
(03:44):
Giuseppe and High have for building custom portfolios. Your own
mutual fund if you will when you have means, and
so call us at nine one, six ninety six, seven
thirty five hundred. Well that was a good way to
start the day. But we've got a lot on the agenda.
As usual. We got to revisit we were talking about
(04:06):
the FED last week, so we're going to revisit, you know,
this whole remodel thing and whether or not, you know,
there's fraud and there was a big deal last week.
So we'll talk about what that big deal was when
it came to the Federal Reserve and they're now three
point two billion dollar remodel. I mean, come on, give
(04:26):
me a break. Earnings, of course, we're smack dab and
the biggest names, you know, hottest companies reporting and are
they are they exceeding expectations, are they meeting expectations or
are they're missing And there's a very big name that
missed earnings which absolutely took a massive hit that I
(04:49):
bought a put on, by the way, so very happy
I did that, and we'll tell you who that is.
And then of course the the FED meeting coming up,
which is part and parcel to anything you know economic,
especially with the pressure coming from the Treasury Secretary, obviously
(05:13):
coming from the President, now coming from even some of
the Federal Reserve Board presidents around the country that they
may be waiting too long. I mean, what do you
need to happen the banks collapse before you cut interest rates,
which tends to be the mo But we'll dive into that.
(05:33):
And then finally, we also have the deadline for tariffs.
Speaker 3 (05:37):
Yeah, we've had some new trade deals pop up, so
dive into what those are and hopefully what will come
before the deadline.
Speaker 2 (05:46):
And then finally on our agenda as usual is we'll
talk about various sectors of course, important strategies that we're
employing now to manage people's livelihoods, their financial livelihoods, their
money that you know, our listeners could duplicate or certainly
(06:08):
use it for consideration of whether or not they're getting
the level of professional money management that we offer, and
if not, you're gonna want to call nine one six
nine six seven thirty five hundred and by the way,
before we get into it. For more information, always you
(06:29):
can go to our website wisemoneyguys dot com. Then also
you can always shoot us an email as well. I
haven't thrown that out two or three shows at question
at wisemoneyguys dot com. That's question at wismoneyguys dot com.
And then keep in mind that you know, when it
(06:49):
comes to investments and the taxes or things like that,
especially the taxes, we are not tax attorneys or CPA,
so always can soult I'm your tax professional for how
some of the things we're doing might affect your income
tax And then also keep in mind that past performances
(07:12):
and a guarantee of future results and all investments involve risk.
And if anybody ever tells you that or you listen
to some other radio show or you guarantee we guarantee
you ten percent, there is no such thing. So if
(07:32):
if if you hear things like that, you know, run
or you know, give us a call to make sure
you know, you know what it really is and what
guarantees really are or may or may not be, and
we'll we'll give you that advice for free, of course.
So call nine one six ninety six seven thirty five hundred.
Speaker 3 (07:53):
All right, what do you want to where do you
want to start? Too many different things? Yeah, you want
to jump out at earning market.
Speaker 2 (08:00):
We know we got to start with the market because
all the time, you know, I get texts and calls
and emails, Hey what what should we buy? What are
we buying now? And and quite frankly, I mean one
of the things that I said a high point, yeah,
is like, uh, we're just riding the wave and and
until we see some sort of major shift. You know,
(08:22):
fixed income investments are still attractive from a price and
a and a and a yield. There are undervalued stocks
that haven't you know, shot through the roof and haven't
broke records, even though the S and P five hundred
is that in a setting records?
Speaker 3 (08:39):
And in video? You know, are you talking about stocks
in all these sectors and strategies, but really what matters
most is in video.
Speaker 2 (08:48):
Yeah. So I'm sad to say so, you know, I'm
looking at this and looking at your notes, and I
mean every single one of these things up set. For
maybe the small cap Russell two thousand has performed, but
the S and P five hundred, the Dow Jones, the
NASDAC all.
Speaker 3 (09:05):
The Dow actually has had a little bit of trouble.
Speaker 2 (09:07):
They're a little bit less of a of a high
flyer right now.
Speaker 3 (09:11):
Yeah, SMP and Nasdak have been really the you know,
glimmer and what's been taking over the show as far
as the all time high rhetoric that's been out there
and news and financial sources and social media and what
have you. Dow not as much, but.
Speaker 2 (09:28):
Yeah, United Health got Clawbird, United Renolds did go up.
These are Dow stocks. But Apple has just been ho hum.
And because Apple is such a large waiting of the
Dow thirty, if Apple doesn't go through the roof, you know,
the Dow's not going to set records. I mean, it's
possible with Microsoft, and.
Speaker 3 (09:46):
There's been rumors that Tim Cook is going to be leaving,
so I don't know if if there's any validity to
that or not, but you know, and there just hasn't
been much. There's you know, versus when when Steve Jobs
was running the show.
Speaker 2 (10:00):
I don't know about you, but people look at my
folding me too phone all the time and.
Speaker 3 (10:05):
Going you looked at you looked at mine, which I had,
you one, which you had an iPhone before, And that's
exactly now you're experiencing it.
Speaker 2 (10:12):
Yes, and so many people are so hopeful that it's
an Apple. They go, is that Apple? No? Not even close.
Apple hasn't come out with a new thing and this
whole thing of oh what are we going to be
on the on the iPhone seven hundred before they you
know what I mean, because now twice a year, it
(10:32):
seems like it was just the fifteen, you know, last
year sometime, and then the sixteen came out, then the seventeen.
Speaker 3 (10:39):
Sixteen Pro whatever. Well they do like a sixteen and
the sixteen Pro and the fifteen fifteen Max.
Speaker 2 (10:46):
But it'll be the seventeen and the eighteen and the
twenty five and same format, and it's just tired.
Speaker 3 (10:52):
They're a little bit. Yeah, they're they're kind of a
little bit late to the game. Maybe their argument is
that they just want to make sure they perfect things great,
but they're they're behind the game. Yeah, like you said,
the flip phone is I've done a lot of comments too.
Speaker 2 (11:03):
If you if you haven't seen one and you're watching
our videos, this is the flip phone. And we are
not sponsored by Samsung or Motorola, but maybe we should
be because we absolutely love these things. You flip them
and you can't fit in your pockets. For us, in
putting in your front pocket is crucial.
Speaker 3 (11:22):
You put a big brick, you know, candy bar phone
which the screens are getting bigger and bigger. Are you're
able to fold it?
Speaker 2 (11:27):
Yeah? So for a no obligation consultation on how to
use a flip phone, give us a call at nine
one nine six seven thirty five hundred. But that aside,
I mean, I'm kind of in the at least personally,
I'm in the pause area, and we need to we
need to dive into, you know, the earnings now and
(11:49):
where we go from here when we come back. You're
listening to the wise money guys, John Scambery to Septi Visconti,
and we're certified portfolio managers that specialize in helping people
who are retired are about to retire. Is their money
and we got to dive in to the to the
earnings because this is the game we play. This is
the game that the industry plays. That you know, it's
(12:11):
always about the expectation of the future. Value is based
on the expectation of earning's growth and continuing or not continuing.
Speaker 3 (12:26):
Right, So does does this earning season support this rally
that we've had since the lows of April?
Speaker 2 (12:33):
So far from what we've seen and so if you
don't mind going over a couple of these, but let
me mention the one that I was alluding to when
I was walking through what we were going to talk about.
So it was Tesla that you know, I mean without
the subsidies which are ending, you know, inventories are now high.
(12:54):
Profit margin is down on Tesla. Tesla's always traded like
a AI or a tech company.
Speaker 3 (13:01):
Yes, but you're talking about the auto right.
Speaker 2 (13:05):
Fundamentally, the cars are still the major portion of you know,
what makes up its earnings and what drives its stock
price to way beyond what a typical you know, gm Ford,
because it's definitely not typical Atlantis, you know, those types
(13:26):
of things. And so you know, do you buy Tesla here?
I would say, you know, wait for a few more days.
I'm not selling the put yet.
Speaker 3 (13:37):
Fundamentally it's it still shows overvalued. Fundamentally, just looking fundamentally
the car earnings and the report, the stuff that's being
reported which is on the autos, it's still at its
current price shows overvalued. So I think more of a
fair value from what I've seen and read out there
is more like two sixty five a share.
Speaker 2 (13:57):
Yeah, so we're not adding to Tesla if we have
clients with Tesla. I'm not personally buying Tesla here, but this.
Speaker 3 (14:07):
Is a testament to what you were just saying before.
Is you have I really like when you do that?
Speaker 4 (14:13):
Go on?
Speaker 3 (14:14):
Is there going to be you looks great today?
Speaker 2 (14:16):
John Mike, our producer, already commented on how lovely my
what you call this chral colored shirt is?
Speaker 3 (14:26):
I could say, I could say pink, but I don't
want to take away from my my trend so far
like getting you a compliment, so I'll say coral.
Speaker 2 (14:33):
By the way, I was going to say, oh, you
could see what we're wearing today by going to our
YouTube channel, but our YouTube channel got canceled because apparently
we are too conservative, and obviously YouTube is not a
free speech and.
Speaker 3 (14:52):
So we're trying to figure out.
Speaker 2 (14:54):
We're trying to get us back on YouTube so you
can see us doing our radio show. But you know,
our bread and Butter is and and and always has
been the iHeart radio station.
Speaker 3 (15:06):
Just nice.
Speaker 2 (15:09):
If you want to see my beautiful salmon colored shirt,
you're gonna wait till Salmon YouTube channel goes back live again.
Speaker 3 (15:16):
Where was it going with Tesla though, Yeah, we were
talking about that the car, and then the testament to
what you were saying before and regarding stocks and prices
that people see and the shared price and when when
things rally versus valuation and fundamentals and it catches up
with it. So if a stock has run away and
(15:39):
becomes a hot stock, and like you said, sometimes clients
you know, will tax or call us and like, hey
can we get into you know, we've had it before,
like bitcoin, Bitcoin goes over one hundred thousand dollars a
bitcoin and like, hey, can we get some bitcoin? Is
this a good point to get into bitcoin? Right? How
much higher does it go?
Speaker 2 (15:56):
I've I've always called that the coast is clear. That's
the mentality, right, Oh, stocks go down, you get out
and you lock in a loss, and then stocks rally
and go hiring, and you get back in because now
you think the coast is clear to invest again, and
and really it it. You don't have to you don't
have to sell at the perfect top, and you don't
have to buy at the perfect bottom or the absolute bottom.
(16:19):
You know, you just have to be cautious of the
value some of the fundamental and the entry point.
Speaker 3 (16:25):
Fundamental and some of the indicators. Right. So the so
Tesla went up into the three fifties, it and it
just it just took off right from its from its
lower point in the lower two hundreds and a pretty
quick period of time. And so then you have to
ask yourself is this valid? Is their merit behind this?
Do are the numbers going to support it? So now
(16:46):
you see.
Speaker 2 (16:47):
Your signal kind of around the two sixty five.
Speaker 3 (16:50):
No, no, no, the signal that you're talking about deals with
technical that's one side of the picture, right, And then
you can say, and has nothing to do with fundamental,
has nothing to do with earnings, nothing like that, right,
But earnings that came out and now it's been impacted
and you see Tesla coming down, it's because it's not
aligning the fundamentals and the earnings that came out is
not aligning. Were how far the price has ran up to? Right?
(17:12):
The price has ran up to because of demand and
people are wanting to buy more and more Tesla, right,
And they say, and they see it go up, and
so some of it's maybe euphoria fomo if you're missing out,
could be technicals, or they see it on a price
chart and say, oh, it looks like it has more
room to grow based off these.
Speaker 2 (17:30):
Different is How and when will SpaceX you know, impact
Tesla if it ever? Does? You know, does it.
Speaker 5 (17:40):
Does Neurlink, neuro Optimis yep, Starlin, Robotaxis, Starbo Taxi, I
mean exactly embedded in Tesla is obviously those organizations that
Elon Musk has created that are just I mean, they're
priceless quite frankly, how do you value, you know, from
a share price SpaceX if it was publicly traded, I think.
Speaker 3 (18:03):
They did mention that was the SpaceX or Starlink and
it was like five or six hundred billion or something.
Speaker 2 (18:08):
Valuate that would have to be immediately, I mean, because
no other entity in the world, not even governments, have
six thousand satellites.
Speaker 3 (18:19):
Well, here's another testament to that is who went up
and rescued those astronauts SpaceX that were stranded on the
space station?
Speaker 2 (18:29):
Yeah?
Speaker 3 (18:30):
Was it a NASA or some government entity?
Speaker 4 (18:32):
Me.
Speaker 2 (18:32):
I think that's what drives the price beyond and Robo
multiple expansion levels. Is that because even with the sales
slumping in Tesla, I think it rallied into the three
hundreds and I think it hit a high in the
last couple of years of four to h eight somewhere
around there, because of the long term play of how
(18:56):
does neulink, how does starlink, how does SpaceX, how does robo?
Speaker 3 (19:00):
How does it all?
Speaker 2 (19:00):
How does optimists? How does all these things? Uh impact
the price?
Speaker 3 (19:05):
But but yes, and Tesla initially started rallying with a
whole ROBOTAXI announcement, and so yes on the long game eventually,
but kind of like AI and all these AI names
and video and super microcomputer and Pallanteer and so on
and so forth. Sometimes this information that's coming out that hey,
(19:27):
we're coming out with this, so we're doing that or
so on and so forth, and they get ahead themselves
and then earnings come out and say, oh, you haven't
actually made a profit on robotax and all these other
things that sound fantastic, and we're back to actually what's
the core of the business. So what's been the core
of the business, and it hasn't been performing too well
and now the stocks like whoops, yeah.
Speaker 2 (19:46):
So and in a similar story on the on the
ev car front, is Rivian, is Lucid, you know those
those stocks initially just on the potential, you know, bullet
share of the EV market, you know, it exploded, but
then when it came down to it, people started diving in.
(20:08):
Go You've burned through how much capital? How many billions
and billions of dollars and you're still not profitable.
Speaker 3 (20:16):
Well, Lucid recently got to bump up in stock press too,
because I think you're announcing or announced a SUV with
like a five hundred mile range, right, yeah, so again,
so now so there you go. It's the expected, projected, forecasted,
whatever you want to say of what the stock could be.
Speaker 2 (20:33):
Yeah.
Speaker 3 (20:34):
Right, but now we'll see once they come out with
it and how much profit are they actually versus Again, it's.
Speaker 2 (20:39):
One hundred thousand dollars EV. And it to me, the
Lucid one they're talking about looks like a Toyota Vianza.
It looks like a minivan. And so the five hundred
mile range I think is awesome. Yeah, but you have
the Cadillac you know, evs, especially the Escalade, the Vistick
(21:04):
I think it's called. Then the other GM products like
the EV Hummer line there they're in the mid four
hundred range. So there are no you know, short distance
EV like my Audi. My Audi EV goes two hundred
and fifty miles at best, and.
Speaker 3 (21:23):
You can barely and you can barely get in and
out of it, maybe with a shoehorn.
Speaker 2 (21:28):
Yeah, oh boy. But you know what it what it
all boils down to is fundamentals do matter. Yes, technicals
are important, but at the end of the day, fundamentals
always come home to roost, always do.
Speaker 3 (21:44):
And to that point, both on the technical and the
fundamental side. And fundamental side and.
Speaker 2 (21:50):
When we mark fundamental that means the financials.
Speaker 3 (21:53):
Yes, I think about an accountant going through all of
the books, the books of a company and saying, what
does this company really worse? Right, based off of what
they've done so far. The technicals does not take into
account any of that. It's just all price action, pure
supply and demand. But on both fronts, things are looking
(22:14):
a little frothy here as far as valuation and and
and overbought and some of these big names, it's got to.
Speaker 2 (22:22):
Be a five percent pullback.
Speaker 3 (22:24):
We're also entering the beginning of the slow and volatile
seasonality period of the year, which is starts in late
July and goes through August.
Speaker 2 (22:37):
August, September, October. Can all be you know, for a
lack of a better word, crappy yeahs.
Speaker 3 (22:44):
And frankly, I think we need a little bit of
a pullback just to continue to have a healthy up trend,
uh for the market, because you know, the further away
it goes, and volatility stays low and it just goes
up and up and up and up, and then you
have these like what happened in Tesla. One day it's
down you know, nine.
Speaker 2 (23:04):
Yeah, but then you look at you know, one of
the stocks that's in our core portfolio or is it
in the S and P ten ten months? Well, it's
in both ge Verona, right and my god, Verona. Yeah,
come a little closer, Yeah, that's my Sharona. But I
(23:25):
know it just sounds but you look at that and
my god, one day last week or during the week
rather since it's still this week. I think it was Wednesday,
it went up eighty two bucks a share, and since
we put it in the portfolio at two, it was
two sixty nine I think is the average price for
(23:46):
the shares that our clients own that we put it
into the portfolio, and it's six hundred and change. Let's see,
let's see what it ended at or what it's traded around,
but I think it was around Yeah, it out about
six hundred bucks.
Speaker 3 (24:02):
Yeah, I mean to talk about a.
Speaker 2 (24:04):
Home run as a Grand Slam actually.
Speaker 3 (24:07):
Yeah, see I was in the six twenties. Yeah, so
but again that could that that could be overvalued.
Speaker 2 (24:16):
Well, and I think we we probably will lock in
I mean, we have to lock in some profit here.
We'll see if the momentum, you know, starts, and then
we'll probably lock in some profit, which is you know,
a lot of this conversation really has a lot of
the strategies that we do, and we'll talk more about
those when we come back. You're listening to Johnscamberan. I'm
(24:37):
here with my partner and just a little bit of
our background. If you just tuned in, Giuseppe and I
are what we call battle tested. And you know, if
you think about the markets over the last couple of decades,
I mean, I've been in this industry now in various capacities,
none better than helping clients for thirty two thirty three years.
(25:02):
I mean, what is that I've got in it? I
got in the industry nineteen times in nineteen ninety two,
and you got in Columbus, Yes, yes, yes, first await
joke now in age joke next next you're going to
go after my hair, But.
Speaker 3 (25:22):
No, I gave you plenty of other compliments and you sure,
okay your hair? What you know, the comments that you made,
I give you, you know, props for Yeah, I started in
two thousand and eight. Yeah, ends a boot camp.
Speaker 2 (25:33):
And what's important about that is we've seen it. You know,
we've seen complete banking collapses, real estate market collapses, dot
com you know, technology collapses. And why that's important is
if you're working with an advisor that hasn't been and
(25:53):
helped people with their money, with their financial planning, with
their retirement, with their legacy, like we have through just
about every situation. On top of that, different geopolitical.
Speaker 4 (26:06):
Things, wars, uh, all kinds of different conflicts, certainly none
more terrible than the wars going on, which do impact
investment results and really make it important on how you
diversify your money.
Speaker 3 (26:25):
Different presidencies and administrations. I mean it's like you know,
and the drastic differences between one administration to another.
Speaker 2 (26:36):
Which brings me to want to buy the Federal Reserve Board,
the FED Chairman Jerome Powell, I mean, I just can't
fathom how you can have an entity, if you will,
(26:57):
an agency and dependent branch without tax holder, or at
least without congressional approval or oversight. Just decide that, hey,
we're going to spend two point five billion dollars just
renovating our nineteen thirties.
Speaker 3 (27:17):
They're building, they're flexing and abusing their independence.
Speaker 2 (27:20):
Right.
Speaker 3 (27:20):
The whole idea of the Federal Reserve is to be
independent and not have any affiliation or influence from the
political bodies in that you know, term or period of time,
and they can solely make decisions. But that's outlandish.
Speaker 2 (27:36):
Yeah, I mean, I think this is a perfect cause
for re redrawing. Whatever the doctrine of the FED is.
That Congress originally, that Congress originally created you know, decades
and decades ago, because you know, one person, you know,
(28:00):
one committee, the FOMC, the Federal Open Market Committee, should
not have this sort of unelected Powell power. Powell over
the world, quite frankly, I mean, think about it. It's
over the world. It's not just over the US economy,
over the world.
Speaker 3 (28:21):
When meeting happens, like every every other major country kind
of definitely stops and listens and when you.
Speaker 2 (28:29):
See a person that thinks it's okay to literally build
something more expensive than what the Dallas Cowboys spent on
their stadium. Think of how massive a football stadium is
and how many acres that involves, and this the FED
(28:50):
remodel and the infrastructure, it is more expensive. It's going
to be three point two billion dollars. I mean, clearly,
that's an out of control entity that has no oversight.
There is oversight, but it was all run by Obama appointees.
The National you know, I forget what it is. Somebody
(29:12):
will probably call us or email us and help us with.
Speaker 3 (29:14):
The National Spending Committee.
Speaker 2 (29:16):
That's basically basically what it is. There's an oversight committee
on the budget. And isn't it interesting in twenty twenty
that the budget was put in to Obama and appointees
that go back to Obama and that of course, you know,
the the director I believe was a Biden appointee, and
(29:39):
they approve a two point five billion dollar remodel, and interestingly.
Speaker 3 (29:44):
It's going more than that, right.
Speaker 2 (29:46):
Yeah, seven hundred million dollars over budget.
Speaker 3 (29:50):
Yeah, and why would so, I think, you know, if
you're going to just blow that money on a remodel
why not take that three point two billion and go
find all of the small businesses that were forced to
be shut down during the COVID fraud chaos COVID that
happened and then ended up permanently having to close and
(30:12):
lose their livelihoods. Why don't you go and find a
way to incentivize those small businesses and entrepreneurs to reopen
and have like a very low interest or a no interest,
some sort of not not to just give it away,
right because that's not an incentive, but some sort of
incentive to let them borrow to rebuild the business that
(30:33):
they lost.
Speaker 2 (30:34):
You know, if you rebranded DEI, you know, secretly, then yeah,
you could get you could get that those programs put
in place. That's what's how would you rebrand? What would
it stand for me? Well, I'm just meaning it's horse
manure the money that was spend, you know on initiatives
for companies. Oh, your DEI initiative to get fed money.
Speaker 3 (30:57):
The push of ESG, ESG, black Rock and Vanguard and
these big financial institutions were all on board with ESG.
They came out with specific mutual funds and ETFs that
were ESG focused, and then they found that the performance
was around.
Speaker 2 (31:13):
You know, Now there's a fun company and I forget
the brand. It's all I mean, if we weren't you know,
portfolio managers that specialize in custom portfolios with individual investments
versus funds. Now, not to say we don't have some
funds here and there, especially in the alternative good stuff.
We really like the hedge fund funds, the private equity
(31:34):
ones and those types of things. But that being said,
there's actually a fun company and I don't know the name,
but maybe I'll look it up for the for the
next radio show that now will not invest. You know,
it put in the pool of stocks inside the fund
companies that have a DEI or WOKE or EESG, you
(31:59):
know those names. Yes, so they actually now look through
the tens of thousands of companies that are publicly traded
for ones that don't have.
Speaker 3 (32:09):
Just try and jump on the bandwagon of whatever.
Speaker 2 (32:11):
That are about, you know, the economics, the profitability, you
know about you know, American entrepreneur entrepreneurship. But yeah, I
mean it's just amazing. Back to the FED, I think
(32:34):
that they learn what eight more, seven more months to
go before this buffoon is May out.
Speaker 3 (32:41):
May next year. Yeah, so that's a little longer than that,
a little longer. Yeah. I think the lesson, though, is
clear is when something is government driven and forced down
people or heavily influenced or encouraged down private sectors throats,
it doesn't work. There's a bigger track record of things
(33:05):
not working and coming to fruition than the opposite and
versus letting the market and be free and really produce
goods and services for the society out there. And the
demand is going to drive the success of that. If
people like it and it serves the needs and wants
(33:27):
of people, then it will thrive. If it doesn't, it
will fail. But when you have government coming in and
saying what we're going to come out with this mandate.
You know, we saw it with ev electric vehicles. We
saw it, and we've had plenty of conversations on that
previous episodes. And the failure. The highlight was basically the
forward lightning truck. And how much of a failure that was.
(33:47):
You seeing a lot of manufacturers now going against it.
If it was so great. Now the current administration is
saying no, we're doing away with that, But if it
was so great, they would continue to push towards that,
but that's not what they're doing.
Speaker 2 (33:59):
Yeah, dare I say it, though? I think, I mean,
you can't. I don't, dare you You can't discount ev
cars obviously entirely. The mandates and all the things you
were saying. You're saying it's government driven, government in taking
free market and capitalistics. And you know, we saw it
with ESG. We saw with some of the woke stuff.
(34:20):
You saw Target Budweiser, Low's Yeah, and all the narrative
that they wanted them to drive thought is once you
get something that there's all So we were talking about
Lucid and they've got that car that will be five range,
but it hasn't exceeded the range of automobiles a diesel
(34:41):
trust there's well, no, there's all kinds of automobiles. I mean,
the Voltswagon like hybrids passat diesel went like eight hundred
miles on a tank of gas because it got fifty
miles you know to the gallon. I mean, and there's
still I mean my wife's suv, you know, albeit it
has twenty five gallons, but it does into the mid
(35:04):
high five hundred mile range, and so five hundred miles
isn't that big of a deal. But once, once electric
cars can go further than what a gasoline car can
go on it on a normal average tank size, I
think that's.
Speaker 3 (35:21):
Well more, that's a game. More importantly, the infrastructure has
to be there.
Speaker 2 (35:24):
Yep.
Speaker 3 (35:24):
Well, it's easy to it is to drive a gas
car anywhere across the nation and have somewhere to fill.
Speaker 2 (35:29):
Up when that too. But for California obviously you know
the Yeah, it's a few states that have infrastructure, and
that's exactly all right. Uh, stay tuned, you're listening to
the wise money guys. John's Gambrian. I'm here with my partner,
Deceppe Veskani. By the way, I haven't thrown out the
phone number in a while. If you're interested in no
obligation consultation, and I highly recommend you take us up
(35:51):
on it because there is a better mouse trap than
what you're probably currently doing. Give us a call at
nine to one six ninety six seven thirty five hundred.
All right, before we get into you know, the meat
and potatoes of what are we buying, because that's the
whole point of this what do we like? What are
(36:12):
we buying? At least from a sector or a category perspective.
We still need to just talk about, you know, uh,
some of the stuff that is going on economically. But
let me also touch upon real quick that one of
my favorite sectors of the market, let me guess. Take
(36:32):
a guess starts with an E with a why yes, energy.
I've to me and for years now doing this radio
show and telling people, you know that energy should be
in your portfolio, especially on the dips when you can
buy it, buy it because.
Speaker 3 (36:52):
But not not anything and everything.
Speaker 2 (36:54):
Not anything and everything, but you're not a fictional sources
of ev was.
Speaker 3 (36:59):
A benefit of that because you're more energy.
Speaker 2 (37:01):
Exactly right, well, and they're really benefiting from the data
center electricity needs. But but again, the energy sector is
you know, on fire again, and you know it. It
does get out of favor here and there, but it
always comes back to that. Just about everything begins and
ends with access to affordable and abundant power of every variety,
(37:27):
whether it's coal, which is now making a resurgence around
the world. I just do clear which is resurging China
surgeon China.
Speaker 3 (37:36):
Is breaking their own record of how many new coal
fired power plants.
Speaker 2 (37:40):
And if you think about that, do you want China
burning coal? Do you want the US?
Speaker 3 (37:45):
I'm just saying, and they but on top of it,
they're doing it alongside this new initiative that they put
out there, which they're having a little bit of a tiff,
you know with US, and they I think, put a
cap on or stop on someone who videos chips because
they said they weren't energy efficient and so on and
so forth. In this new like environmental initiative, I forget
(38:06):
what it's called. I have to look it up. Yet
they're breaking the record of how many new coal fire
power plants are going to be online.
Speaker 2 (38:15):
But we put smog equipment on our coal factories, whereas
other countries do not. So exactly, coal plants in China
is a bad thing for the environment. Coal plants in
the US are drastically less of a pollutant than it
used to be or that it currently is in China
and other countries, you know, especially Eastern Europe, the Middle
(38:39):
East obviously Asia, where well there's a lot of no
fog controls.
Speaker 3 (38:45):
Well no regulations around it and no regulations, there's not
a lot of red tap.
Speaker 2 (38:48):
But that being said, you gotta look at the you know,
the mid tier you know, gas companies or oil companies,
look at the transportation being of energy. Those are still
doing really well. And the dividends have been fantastic in
(39:10):
some cases double digits or high single digit anyway. But
but again, I could go on and on and on
about my favorite second.
Speaker 3 (39:19):
The energy sector definitely gives John energy. Your coral shirt
is actually glowing almost.
Speaker 2 (39:28):
But you mentioned Nvidia, you mentioned China and its issue
with the chips. But you know, a really big deal
this last week was the deal, really big deal was
the deal with Japan?
Speaker 3 (39:43):
Yes, yeah, fifteen percent.
Speaker 2 (39:45):
But more importantly, aren't they something that I've ever seen
in my life.
Speaker 3 (39:51):
People might be able to buy the new Corvette and
Mustang over there now too.
Speaker 2 (39:54):
Well Europe loves old Mustang, I know that. But but yeah,
that's a big deal, you know for our autumn mobile manufacturers,
that we're going to be able to sell in Japan. Yeah,
they've never been as far as I know, maybe maybe
a long long time ago before Honda and Mitsubishi and
(40:16):
Toyota and all of those became just the lifeblood, you know,
or at least one of the big in Japan. But
now you'll be able to buy you know, American cars
uh in Japan, which is which is huge. So it
just gets back to that this tariff thing, and what
(40:37):
the original point of the tariff thing, you know was
from President Trump wasn't to just you know, create you know,
inflation with consumer prices being increased because of tariffs by
on goods being imported in the United States. No, it
was to get open the floodgates or open the doors
(41:01):
US exports, you know, to go around the world and
for imports to be cheaper or more importantly lower the
bar low lower exactly. So that's a good thing financially
and quite frank and hopefully in numbers. It hasn't affected jobs,
it hasn't affected consumer spending, minuscule effect on CPI, the
(41:24):
Consumer Price index.
Speaker 3 (41:26):
Not as much. Not as much has been put out
there going to be the end of the beginning of
the year. How much is going to impact inflation and
so far hasn't happened.
Speaker 2 (41:35):
So so what what what?
Speaker 3 (41:37):
But hopefully hopefully the European Union follows suit with Japan, Yeah,
because that'll be that'll be a huge win because we
have that deadline coming up in August first, and Trump
has been saying that there is going to be no
foot Well we.
Speaker 2 (41:49):
Did to deal with with uh Great Britain. There's been
talking about with the EU, which if you think about it,
the other I mean England, you know, Ireland, Scotland, Wales, GDP. Wise,
that's a lot of the what used to be the
(42:12):
European Union.
Speaker 3 (42:13):
That's some good.
Speaker 2 (42:14):
That's some good Scotch, right if you think about it. Yeah,
I guess Germany is Germany is the larger Germany France.
But but then you look at Italy, Portugal, Spain. There's
nothing there. I mean there's not.
Speaker 3 (42:28):
An olive oil, pasta.
Speaker 2 (42:37):
Wine, sour dough bread, pizza, sour bread.
Speaker 3 (42:41):
I don't know as much, but you know the semolina
and the bread same on the outside and the did
you eat did.
Speaker 2 (42:50):
You eat some of that that I gave you have
to stick already that you gave me. I got home
and my mouth to is watersted that.
Speaker 3 (42:57):
That's from that styles from southern Italy.
Speaker 2 (43:00):
Yeah.
Speaker 3 (43:00):
No, So look at how much we've we've we've actually
listed what's important about Italy and their product.
Speaker 2 (43:05):
Still, that being said, the trade imbalance with you know,
a lot of the EU just isn't there. It's not
a concern. You know, Japan was big, the UK was big.
You know China, Uh, if that ever happens, would would
be big. I don't think it's going to Canada and
Mexico obviously are big. So. But but what are we buying?
(43:28):
Obviously we're still buying individual bonds.
Speaker 3 (43:32):
Why I bought salami and I gave you one, right,
that's for sure.
Speaker 2 (43:35):
Uh. Do we have some food companies in our in
our client's portfolios.
Speaker 3 (43:39):
Yeah, cal Maine Calman actually had a pretty good week too.
Speaker 2 (43:42):
That's in the core. That's a good one.
Speaker 3 (43:46):
Calman's and the core we've already had that. Not buying
more of that currently stocks right now is kind of tricky.
I think, like, as we said, things are pretty lost
right now. We're entering the slower, more volatile part of
the season, so you know, being prudent on that end,
but you know, I think with the pressure and the
anticipation of the Feds lowering rates and anticipation of rates
(44:11):
starting to lower because inflation hasn't been pumped up like
everybody thought it was going to be with with this
tariff action going on, Uh, you want to take advantage
if you haven't a fixed income and the way of
buying individual bonds instead of through funds and ETFs because
you can lock those in and you're still seeing you know,
fixed income and individual bonds in the fives. I mean
(44:33):
just just a couple of days ago, it's like two
three days ago, we're finding JP Morgan bonds, you know
in the mid fives. Yeah, which is great.
Speaker 2 (44:40):
Even I thought it was even five six if the
last five.
Speaker 3 (44:44):
Six and you're and you're not paying you know, these
big premiums for these.
Speaker 2 (44:49):
Returns, they're very close to pars, close to par.
Speaker 3 (44:53):
Some are actually at a disc some are actually still
at a discount, and you're still getting a five percent
or north of five percent coupon or interest.
Speaker 2 (44:59):
Rate unieds recently for a client. So if you have
a high income and taxes are concerned, you know, the
muni bond market is better than it's been in a
long long time. And then of course we love the
alternative space, whether it's private credit, private equity, private debt,
private real estate, so on and so forth. In some
(45:22):
of these funds that we really like are absolutely crushing it.
So for more information on maybe what you have already
and aren't aware of, and for a new obligation consultation.
Give us a call at nine six nine six seven
thirty five hundred. Again that number is nine one six
nine six seven thirty five hundred. You've been listening to
(45:44):
John Scambray and to Seppi Vescani the Wise Money guys.
Hope you enjoyed the show and hope you have a
wonderful weekend.
Speaker 3 (45:50):
Have a great weekend. Talk to you next week.
Speaker 2 (45:52):
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