November 4, 2024 • 36 mins
Chuck Zodda and Mike Armstrong discuss Boeing machinists holding a contract vote that could end their 7-week strike. With oil prices weak, OPEC+ postpones increases again. Grady Trimble from Fox Business joins the show to share his insight into voters biggest economic concerns. Traders prepare for a long, volatile election night. What are the IRA and 401(k) contribution limits for 2025? The mysterious fees inflating your grocery bill.
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Transcript
Episode Transcript
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Speaker 1 (00:00):
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(00:42):
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(01:04):
by Veterans Development Corporation. This is the Financial Exchange with
Chuck Zada and Mike Armstrong.
Speaker 2 (01:13):
Second hour kicking off here on the Financial Exchange, Chuck,
Mike and Tucker with you. We've got markets not really
moving much in advance of tomorrow's election at this point.
The Dow is off one hundred and fifty six points,
SMP's up four, NASDA up thirty eight, so just kind
of chopping around, not too much movement in either direction.
Tenure Treasury reversing Friday's sell off, down six basis points
(01:36):
to four point three percent. We've got oil today up
another dollar forty one barrel to seventy dollars and ninety cents,
so regaining a little bit of ground in the seventies.
There TRIPAA national average four. Gas prices down another two
tenths of ascent to three ten and one tenths of ascent,
So continuing the downward move that we've seen for the
(01:59):
last few months year.
Speaker 3 (02:00):
And we was after Iran came out with some I
don't know, escalating language over the weekend.
Speaker 4 (02:06):
I believe it was to respond to Israels.
Speaker 2 (02:08):
Yeah, they've been chatting for the last week and a half.
Or so, and we've got gold completely flat at the
moment at twenty seven, forty nine and twenty cent. So
just not a whole lot of excitement out there. Sure
you can find individual equities that might be moving a
little bit. You know, you've got energy stocks ex On
Mobile up three percent, as I noted on you know,
(02:28):
the higher prices that you're seeing from in oil. You've
got Berkshire Hathway off a couple percent. Some utilities that
are moving around because of some kind of interesting nuclear
news that we could touch on today, But overall, pretty
quiet market at this point, Tuck, I know you've got
(02:49):
a couple things that you want.
Speaker 5 (02:49):
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Speaker 2 (03:47):
Mike, We've got the third Boeing Machinist Union vote happening today.
First two were defeated by vote percentages. I think the
first one lost by like ninety in the ninety people
vote against it. The LA one was sixty five. This one,
which now includes a thirty eight percent raise over four years,
some additional four to one k benefits a larger signing bonus.
(04:10):
This one, I would say, reading the tea leaves on this,
I would be shocked now if it doesn't pass. This
is a quote from the union leadership at the International
Association of Machines and Aerospace Workers District seven to fifty one.
Speaker 4 (04:23):
Quote.
Speaker 2 (04:25):
Every negotiation and strike, there is a point where we
have extracted everything that we can in bargaining and by
withholding our labor. We are at that point now and
risk a regressive or lesser offer in the future. This
is in direct contrast to the last offer they got.
They basically they literally said, hey, here's the offer, whatever
you think.
Speaker 6 (04:43):
Is fine with us.
Speaker 3 (04:44):
Yeah, I mean, and the first offer, I don't even
remember what they said during the first.
Speaker 6 (04:49):
One, but it was we didn't even get anything on it.
Speaker 4 (04:51):
Yeah.
Speaker 3 (04:51):
Yeah, So this is a very distinct change in language
from union leadership. Hasn't always worked. We've seen cases where
union leadership has given strong advice to their workers who
have gone in the other direction.
Speaker 4 (05:05):
But it certainly would seem based on.
Speaker 3 (05:07):
The trend here where you had one vote in the
nineties against, one vote in the sixties against, and now
a very big change in tone from the leadership saying, hey,
vote this went in because we're not sure to be
able to extract anything else out of the company. That's
a pretty big shift, and I suspect you're right, Chuck,
that this does end up passing.
Speaker 2 (05:24):
So the good news is for all those who've been anxious,
we are going to have some election results tomorrow. Yeah,
it'll be for the Boeing election. Yeah, you know, we're
not sure about how the presidential election and all the
Senate and House races are going to go, but we're
gonna know what's going on with Bowe and tomorrow because
they do count these votes up pretty quickly.
Speaker 6 (05:43):
Yeah, so that's that's a plus.
Speaker 2 (05:46):
Do we want to touch a little bit on oil prices, Sure,
they're up.
Speaker 3 (05:54):
I guess the best thing you can say about them
is that they've been amazingly resilient to some of the
worst tensions in the Middle East we see in.
Speaker 4 (06:00):
The last several decades.
Speaker 1 (06:01):
It's been wild.
Speaker 3 (06:03):
I think a lot of that does have to do
with the United States role in all of this, not
the role they're in the Middle East, but that just
the mere fact that the United States produces how much.
Speaker 4 (06:10):
More oil than Saudi Arabia at this state.
Speaker 3 (06:13):
So it's not that the Middle East does not matter
for oil prices, but realistically, the United States in terms
of its total production, competes with OPEC plus in a
way that hasn't been seen.
Speaker 2 (06:26):
Ever and it is kind of broken Opek. Yeah, which
is amazing to hear.
Speaker 3 (06:31):
After I mean, how much did we talk about you know,
Opek really sticking it to US shale producers and the
twenty tens, and and well, no, that that has reversed
pretty significantly. The power that that organization has, while still
vastly significant and creating enormous amounts of wealth throughout the
Middle East, is not flexing in the same way that
(06:52):
they previously could.
Speaker 2 (06:53):
OPEC's afraid to raise production, and normally that would be
the move if OPEC said, Okay, we want to, you know,
get rid of some US product auction that's out there,
they'd say, fine, we can stomach lower prices better than
you can pump more and raise prices in lower prices.
I'm sorry, they're just they're not moving in that direction.
Speaker 3 (07:14):
And whether it's because they fear the US can withstand that,
whether it's because they fear political and just stability issues
in the Middle East, I don't know. And quite frankly,
I'm not sure it's relevant, because in either case, it
seems to be a larger cyclical change that might last
a little while based on where US production has come.
Speaker 6 (07:33):
Just take a quick break here.
Speaker 2 (07:34):
When we come back, we're gonna be joined by Grady
Trimble from Fox Business. We're talking about voters' biggest economic concerns.
Speaker 1 (07:41):
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Speaker 5 (08:22):
While the Ultimate Boston Sports Auction is officially here, we
have four incredible items to bid on and all the
proceeds will benefit to the Disabled American Veterans Department of Massachusetts.
We have two tickets to see the Patriots play the
Rams on November seventeenth, which includes a pregame visit to
the field, a Drake May autograph Team Jersey, and a
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(08:45):
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Speaker 2 (09:38):
As promised, we are now joined by Grady Trimble from
Fox Business here to talk a little bit about the
biggest economic concerns from voters. Grady, how are you today?
Speaker 7 (09:50):
I'm great, Chuck. I am driving a Grand Rapids Michigan
right now for the final Trump rally of the campaign cycle.
Speaker 6 (09:58):
When what are you expected to be there?
Speaker 7 (10:01):
About fifteen minutes?
Speaker 2 (10:03):
There you go, fantastic, Grady. What have we been seeing
in terms of the big concerns from voters on this economy?
Is it all inflation? Or are there other ones that
have been popping up as well.
Speaker 7 (10:15):
I would say it's largely inflation driven. Whether we're talking
about high prices at the grocery store, fuel prices maybe
not right now, they're relatively low compared to a couple
of years ago. And then also housing costs have come
up a lot when I've been talking to voters at
early voting places over the last couple of days. But yeah,
everything seems to relate to higher prices because, as you know,
(10:38):
when you look at the numbers, if you set aside
the most recent jobs report last week, which was obviously abysmal,
the economy is okay. GDP's growing, you know, the rates,
interest rates have been cut, but people still remember how
high prices are compared to four years ago. And so
(10:58):
that's what I'm hearing a lot from voters. But what's
interesting is when you ask them, Okay, so the economy
is the top issue for you, whether it's one number
one issue, number two issue, number three issue, it usually
falls somewhere in the top three. When you ask them
which candidate they support, I've heard mixed answers to that question.
A lot of voters say, well, life was better when
(11:20):
former President Trump was in office, and so that's why
I'm voting for him. Other voters that I've talked to,
wo lean more democratics say that they like a lot
of Vice President Harris's policies. I talked to, for example,
a first time home someone who's looking to buy a
house for the first time and grow their family, and
he was really drawn to Harris's twenty five k for
(11:43):
a down payment for first time home buyers. So it's
kind of mixed, and it's really hard to say which
way this particular state is going to go gretty.
Speaker 2 (11:51):
When listening to you talk there, it sounds like the
main thing that most people still are upset about is
it's not necessarily the rate of inflation right now, but
more the price level. Hey, this stuff costs way more
than four to five years ago. Is it a fair
statement that there is no way for us to go
back to the prices that we were seeing four years
(12:12):
ago absent economic calamity?
Speaker 7 (12:17):
I mean, I guess that's the case, you know, because
the target inflation rate that the FED looks for, obviously,
as you know, is two percent. We're not that far
off from two percent. But when you look at the
you know, inflation compared to when the current administration took office,
overall prices are up about twenty percent right now. I
(12:38):
don't think the expectation is necessarily that prices will get
back down, will drop twenty percent, because who knows what
the heck that could look like. But I think what
voters that I'm talking to, especially the ones that lean Republican,
are saying, is when former President Trump was in office,
this whole conversation around inflation wasn't an issue. And I think,
(12:59):
you know, the reason they think that's the case is
because there was a push for especially here in Michigan,
an important issue is you know, gas powered cars versus
electric cars. And you know, the message from the Trump
from form President Trump himself and the Trump campaign of
drill baby drill really resonates with them because when they
(13:20):
hear that, they say, they hear, Okay, we're not, you know,
gonna have only electric vehicles or majority electric vehicles in
the next five ten years. And you know, when you
look at the supply chain issues from twenty twenty one
twenty twenty two, those were largely driven by fuel costs,
and when fuel went up, the cost of everything else
(13:42):
went up. So that message really resonates with both. Even
though this isn't, you know, an oil and gas producing
state like Pennsylvania, for example, it's still a message that
resonates because not only do you have the auto industry
issue that's important in Michigan, but you also have just
the overall view that if you have more production of
oil and gas, it generally leads to lower prices for
(14:05):
everything across the board.
Speaker 2 (14:06):
Great, what about when we look at the labor market?
Are you hearing any concerns about what's going on there
simply because we have again, I know, there's been some
weird data the last few months where was looking a
little bit stronger and then this last month was kind
of a disaster though washed out by you know, a
couple of hurricanes. Is there any concern about the overall
(14:27):
trend in the last year in the labor market from
voters saying, Hey, it's become harder to find a job,
and that's something that I'm really concerned about.
Speaker 7 (14:36):
That's not something that I've really heard from the folks
that I've talked to, I think, but so fascinating about
kind of the economic conversation, especially over the last year,
because remember when when Trump announced that he was running,
it was the week after the midterms in twenty twenty two.
Back then, prices were really high and the rate of
inflation was still really high month over month, and obviously
(15:01):
here over year and now I think the conversation with
voters isn't so much you know, looking at jobs data,
or you know, I'm having a hard time finding a job.
It's more, you know, how I'm feeling about the economy
and how these higher prices have sort of made people
who have relatively high income feel that they don't have
(15:23):
the purchasing power that they used to or the disposable
income that they used to. I will say, though, sort
of a unique issue here in Michigan is like I
mentioned the transition to electric vehicles that the Biden Harris
administration has pushed for, and obviously Harris has the endorsement
of the United Auto Workers union. But when you talk
(15:44):
to a lot of rank and file members of the union,
many of them say, we're concerned about that. And to
go back to your question about jobs, that's where the
job's conversation comes into play. It's the concern that electric
vehicles take fewer workers to assemble, and so they are
worried that if we do kind of force this transition
to electric vehicles, especially when maybe mass adoption of them
(16:07):
hasn't taken place yet, that could affect the economy. Not
just of those UAW members and auto workers specifically, but
Michigan's entire economy is largely based on the auto industry,
and so the concern over jobs is more like a future,
a forward looking concern than a present concern.
Speaker 2 (16:26):
I know you mentioned one potential first time home buyer
that you chatted with, but clearly the price of housing
has risen dramatically, especially when you you know we'll get
it in terms of monthly payment on actual you know,
the prices that you have to pay. What kind of
sense do you get up there? As far as how
big of a concern housing costs are for people, I
(16:46):
think it's.
Speaker 7 (16:46):
A huge concern. I talked to another person who said,
I'm having to choose do I pay my mortgage this month,
do I buy the groceries that I would typically buy,
do I pay my utility bills? So it's it's the
combination of everything, all all of the expenses that every
(17:07):
single American has that they're they're looking at and that's
you know, the concern. It's not it's not necessarily housing
costs only. It's housing costs are high, food prices are high,
Electricity bills are higher, especially in a you know, in
a state that gets cold, and the same in your
neck of the woods. So it's sort of a combination
(17:30):
of all of these factors that's just making life feel
so much more expensive than it used to be. And
like I said, we're not talking about, you know, people
lower on the income scale. These are people who have
jobs where they feel like they should be able to
you know, have you know, disposable income, and they don't
necessarily feel that way.
Speaker 6 (17:51):
Very good, Graaty, appreciate you joining us today.
Speaker 2 (17:54):
Enjoy the rest of the day. Hope you get where
you're going safely and we will catch up with you soon.
Speaker 7 (18:00):
Sounds good. Shock we're falling off the highway and now
have a good one.
Speaker 6 (18:02):
There you go.
Speaker 2 (18:03):
That's Grady Tremble from Fox Business talking about voters biggest
economic concerns. Taking a look at markets as we had
towards the bottom of the hour, still just kind of
chopping around a little bit. The doas off one hundred
and ninety six points, but the S ANDP is flat,
the Nasdaq is up twenty five, so no clear movement
in either direction at the moment. Quick break, We've got
the trivia answer, and then we're talking about traders getting
(18:27):
ready for tomorrow's election night.
Speaker 1 (18:35):
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(18:57):
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This is the Financial Exchange Radio Network.
Speaker 2 (19:04):
Mike Tomorrow Night. Are you going to be engaged in
lots of trading as a result of the election?
Speaker 3 (19:13):
No?
Speaker 6 (19:14):
No, there's some people that do specifically both.
Speaker 2 (19:17):
You know professional Wall Street traders and you know amateurs
who like to go on prediction markets and trade those
things as well.
Speaker 3 (19:24):
And there's bets on the dollar, there's bets on bonds,
there's bets on equities, there's bets on correct all different things.
Speaker 2 (19:31):
And so if you're trading any of these after hours markets,
futures markets, things like that, there's all kinds of activity,
and it can be one of either the most or
least profitable nights of your year. Uh and either way,
probably one of the more stressful ones because of the
potential swings that you can see. I still remember back
in twenty sixteen, just the absolutely wild stuff that we
(19:54):
saw was around ten thirty Eastern and it was clear
that Donald Trump was going to win the twenty six election,
and I remember like CNBC alerts were being sent to
my phone every five minutes, like Dow futures down six
hundred points, Dow futures down seven hundred, eight hundred, nine hundred.
Speaker 6 (20:09):
I think we got to like.
Speaker 2 (20:10):
Down a thousand at one point, and I finally was
just like, okay, look like let's deal with in the morning.
Like I can't do anything right now, We'll see what
happens in the morning. I wake up and Dow futures
are up like five hundred points at that point, I think,
and I'm like, oh, like this is kind of wild.
Everyone finally realized that you're going to get, you know,
tax reform as a result of what happened last night,
(20:32):
and so you can just see these these monster swings
and it's it's also evidence where hey, even if you
have exactly right what you think is going to happen
in the election, you might get the market behaving completely
differently from how you think it's actually going to play
out in the event that you get what you think
you're gonna get election wise, Yeah, I would.
Speaker 3 (20:54):
Just you know, if you're thinking about we never tell
you do or don't invest on a certain promise or idea.
And there are probably people that have an idea of
how to make money on the election, but specifically, ask yourself,
what is my thesis here and what's my play? What
advantage do I have? And this is not specifically about elections.
This is the same story that we were just trying
(21:14):
to make with the Warren Buffett story.
Speaker 6 (21:16):
What's your edge?
Speaker 4 (21:17):
What is your edge here?
Speaker 3 (21:18):
To say, oh, yeah, I've got this theory where if
the election goes this certain way, then I think this
specific area of this specific market is going to out
or underperform if you have that. If you can't and
you can explain it to a child, if you can't
explain it.
Speaker 2 (21:34):
To a thirteen year old in thirty seconds, you don't
have an edge. Yeah, that's the general rule of thumb
that I have on and anything related to investing. Yeah,
because or if you explain it to a thirteen year
old and they say that's dumb, that's also not edge like.
You don't get to say to your thirteen year old, Hey,
I read in Barons that this is gonna happen. Okay,
(21:56):
so did everyone else. That's not edge like. It also
has to make sense and not everyone has to have
that view, and it can't be publicly known that way.
Speaker 3 (22:04):
Fortunately, I have to raise my hand here and say
that I don't think that this is a very common
investing mistake that I see amongst most people. I don't
see a lot of people gambling away their lives on
short term trading theories that they haven't parsed out very well.
Speaker 2 (22:20):
No, but here's what I will tell you is the
last two elections twenty sixteen, I have had people call
me the day after saying, hey, I don't like Trump,
I don't like that he won. I don't think I
want to own equities going forward. And I had the
exact opposite, and I had the same thing in twenty
(22:41):
twenty from people who didn't like Biden. Yep, and in
both cases, doing anything there was just a huge mistake.
It's not to say that like stocks always go up
after an election.
Speaker 6 (22:54):
They don't.
Speaker 2 (22:54):
Like there are plenty of times where hey, for a
couple of years, like look at two thousand.
Speaker 6 (23:00):
It is an example.
Speaker 2 (23:01):
You had an election in November, markets didn't bottom from
the financial crisis until was it March of nine? I
think yes. And so it's not I'm not saying, hey,
like stocks always go up after an election. What I
am saying is just because you might not personally like
the result in either direction. That's a that's a bad
(23:23):
reason to do something. I've said it before and I'll
say it again. Emotional investing is bad investing, right and
and this is just a different form of emotional No.
Speaker 3 (23:31):
Guarant no guarantee we're going to know specific results immediately either.
How long did it take for us to get the
makeup of the Senate after the twenty twenty election?
Speaker 4 (23:39):
A week?
Speaker 1 (23:39):
No?
Speaker 6 (23:40):
Three months? We had those Georgia specials in January.
Speaker 3 (23:44):
So like the entire idea that you can build a
full investment thesis on an election I find suspicious, I
guess is my point here. And it's not that I
haven't heard good ones, but I very I've rarely have
ever heard a successful one. And that's where I just
ask people to check their emotions at the door and
(24:04):
really genuinely ask.
Speaker 4 (24:05):
Themselves, do I have an edge here?
Speaker 2 (24:08):
The people I know that are actually good at this.
I do know some that are really good at this.
They've spent the last year formulating what they're going to do.
They've quite literally spent a thousand hours not reading CNBC
and stuff like that, but making their plans for how
(24:28):
they're going to go about this. If you haven't done that,
that's what you're competing against. Like, it's not that you're
going to win or lose. I have no idea. Like
everyone gets lucky. Sometimes they're unlucky, but you generally have
more luck the better prepared you are. And you're going
against people that have spent thousands of hours getting ready
(24:50):
for this.
Speaker 3 (24:51):
If you are finding yourself as by the way, so
many people that I have talked to have found themselves
in this election uncertainty, malaise, just unable to make decisions,
unable to decide what to do next with their careers,
with their investment portfolio, with their retirement, just saying I've
(25:13):
gotta wait till this thing is over with before I
make some sort of big decision, I guess my first
thing would be I think that's a mistake. But if
you're falling into that category, the worst thing you can
do is then see the election outcome, not like it,
and put your head in the sand for another few
years as you wait that out. If you're finding yourself
in that category of putting off decisions and waiting on
(25:36):
things that really don't deserve to be put off, please
call the folks at Armstrong Advisory Group for a review
of your investment and financial plan. It's always really, really important,
and I do understand why people put it off, but
I'm here to tell you that sticking your head in
the sand and waiting, especially in moments like this where
the economy is at a bit of a pivot point,
(25:57):
we have seen a slow down. We have a FED
meeting come up Thursday that's going to acknowledge some of
those points. Give us a call, let us sit down
with you and at least explain our process. The phone
number for a free consultation anywhere in New England is
eight hundred three nine three four zero zero one, almost anywhere,
just about everywhere in New England again. We offer free
(26:17):
consultations with the Armstrong Advisory Group and the phone number
is eight hundred three nine three four zero zero one.
Speaker 1 (26:24):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.
Speaker 2 (26:40):
On Friday, the IRS announced new contribution limits for four
to one K accounts in twenty twenty five. You're going
to be able to contribute up to twenty three thousand,
five hundred or four oh one K plan. That's up
from twenty three thousand this year. That also applies to
four h three B four p fifty seven and the
Government's thrift Saving Plan iras You're screwed again staying at
(27:03):
seven thousand. No bump there, and the ketchup contribution limit
stays the thousand for IRAS.
Speaker 6 (27:10):
For four to one k's.
Speaker 2 (27:11):
The ketchup contribution remains at seventy five hundred, So twenty
three five plus seventy five hundred equals thirty one thousand.
So that's what you're gonna be able to contribute if
you are over the age of fifty. But if you
are in the uh the super boost.
Speaker 4 (27:26):
God that twenty twenty five or is that twenty twenty six, No.
Speaker 6 (27:30):
It's it starts next year.
Speaker 2 (27:32):
It's not required to be wroth until the year after,
but that that super Ketchup group for four from age
sixty to sixty three can have the Ketchup contribution at
eleven two hundred and fifty dollars.
Speaker 3 (27:50):
Once again, Irs and Congress, thank you so much for
all the job security you provide to accountants, lawyers, and
financial advisors, because that's the only thing I can see
that you've meaningfully done with all of this. Yes, so
that's what I genuinely don't think that any of these
change boost retirement security.
Speaker 4 (28:07):
I just thrown out my hand.
Speaker 3 (28:09):
I think the one thing you can definitively say about
that is that boost job security for those rules.
Speaker 6 (28:15):
Yeah, I think that's fair. So that's what we're seeing.
Four contributional limits for next year. Quick break here. When
we come back stack root, let's.
Speaker 1 (28:23):
Text us six one seven, three, six two thirteen eighty
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(28:45):
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Speaker 5 (28:55):
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Speaker 6 (29:31):
Mike, what do you got for me?
Speaker 3 (29:32):
I want to talk about food because it's eleven fifty
and I'm hungry. The mysterious fees that are inflating your
grocery bill is the piece from the Wall Street Journal
talking specifically about some food distribution networks that have been
adding fees and you know, getting questions from people. But
the overall piece here is about general confusion as to
why food prices are up so much, And according to
(29:53):
the BLS, I think it's about twenty five percent since
twenty nineteen of total inflation in the food at home
CA category, which is about in line with overall inflation
generally speaking.
Speaker 4 (30:04):
So I was curious.
Speaker 3 (30:05):
Unfortunately, not many of these food distributors are publicly traded,
so I couldn't get data on them, but one of
them is United National, Sorry, United Natural Foods. I pulled
their earnings before ibit does so earning before interest, taxes, appreciation,
or amortization, and I just looked at their margins from
the average. The longest date I could get was since nine,
(30:27):
so from twenty nine through twenty nineteen, this company had
an average margin of about three and a third percent.
Average for twenty twenty three twenty twenty four one and
a quarter so I don't know if they're doing it,
but clearly it's not going to their margin. This is not,
you know, across the board. But when I looked at
the major grocers as well, Kroger, Walmart, profit margins in
(30:49):
Kroger's case about the same as they were pre COVID.
Walmart's lower five and a quarter in twenty twenty three
and twenty twenty four compared to seven percent pre COVID.
PEPSI we're margins twenty twenty three, twenty twenty four compared
to pre COVID, there are very few. Proctor Gamble actually
did see growth in margins over the last few years
(31:10):
compared to pre COVID, so I'll put them in the category.
But I went through a number of these to try
and see if I could find a glaring story here
of oh yeah, this company is bringing home much fatter
margins on their business since COVID, and I got to
tell you, in the grocery space, at least, I didn't
find much evidence of it.
Speaker 2 (31:29):
Yeah, I think that's fair, Mike. I'm gonna let you
pick what I'm going to talk about now. It's kind
of a lazy stack through lapps.
Speaker 4 (31:39):
Oh you're gonna be choices.
Speaker 2 (31:40):
Yes, are we going to talk about daylight savings time ending,
or are we going to talk about TGI Friday's filing
for bankruptcy.
Speaker 6 (31:47):
Let's go daylight.
Speaker 4 (31:48):
Savings, because I think we're going to disagree on it.
Speaker 6 (31:50):
We cover this every year.
Speaker 2 (31:53):
This day we turn the clocks back, everyone freaks out.
Speaker 5 (31:58):
We cut off with it one time, like three or
four years ago.
Speaker 1 (32:01):
Remember that.
Speaker 6 (32:02):
Oh yeah, yeah, it's we're leading off with this. Damn it.
Speaker 2 (32:05):
Everyone freaks out when we turn the clocks back, and
we get the pieces that are written that are like, hey,
most people don't want to do this anymore, we should
just keep things the same the whole time. And then
we get people, you know, naturally right in the responses, Well,
you can't keep it the way it is in the
summer because it's too dark in the morning when the
kids are going to school. Well you can't keep it
(32:27):
the way it is in the winter because then it
would be light so early.
Speaker 6 (32:30):
In the summer.
Speaker 2 (32:32):
Ultimately, what is the actual inconvenience of changing things by
an hour each time?
Speaker 5 (32:42):
You know, each time we do this setting my oven
clock back?
Speaker 3 (32:46):
Yeah, that radio, so the car radio pretty easy. The
oven clock my god.
Speaker 1 (32:51):
The microwave.
Speaker 6 (32:53):
Okay, so it costs you like thirty seconds, maybe twenty seven.
Speaker 3 (32:57):
So the biggest inconvenience to me is not the short
term I For me, it's just the genuine dislike of
how long I'm awake during the dark. And that's just
a me thing.
Speaker 4 (33:08):
I'm not a morning person.
Speaker 6 (33:10):
What does that mean.
Speaker 4 (33:11):
I'm not a morning person.
Speaker 6 (33:12):
I'm not playing Aaron Rodgers. I was born in the dark.
Speaker 3 (33:18):
I did not take away whatever that drug is before
the show. No aluasca, Yeah that one, Yeah, we should
do that.
Speaker 2 (33:25):
The show all in darkness on ayahuasca.
Speaker 4 (33:28):
Well, could go wrong.
Speaker 3 (33:29):
I uh yeah, just my genuine dislike for the sun
setting at four o'clock, that's all.
Speaker 6 (33:35):
So, which do you dislike more? Being this?
Speaker 1 (33:38):
This?
Speaker 6 (33:38):
Talking about it?
Speaker 3 (33:40):
I disliked I dislike being this time. Yeah, this period
of time. I dislike the period of time eleven four. Yeah,
the time where I'm locked in the.
Speaker 6 (33:56):
Trying to say she doesn't like the dark.
Speaker 4 (33:58):
I don't like the dark.
Speaker 1 (33:59):
Dark.
Speaker 4 (33:59):
Then you got to be in the afternoon.
Speaker 2 (34:00):
You've got to move south dark in the after can't
live in New England if you don't like it that way.
Speaker 5 (34:04):
Yeah, yeah, just want to remind everybody in case you
missed it, the Ultimate Boston Sports Auction is now officially open.
It's to benefit the Disabled American Veterans Department of Massachusetts.
And again we have four incredible items to bid on,
and again all to benefit the Disabled American Veterans Department
of Massachusetts. The high bidder between now and Friday at
(34:26):
eleven forty five will take home all four of the
following items. It's a pair of tickets to see the
Patriots play the Rams on November seventeenth, including a pregame
visit to the field that Drake May autograph Team Jersey
and a Ben Coates autograph Team Jersey. A pair of
tickets to see the Celtics play the Cavaliers on November nineteenth,
in addition to an autograph basketball from Chris STAPs porzingis
(34:51):
a pair of tickets to see the Bruins play the
Edmonton Oilers Very Good Team on January seventh, and a
Brandon Carlow autograph picture. And finally, four tickets to a
twenty twenty five Red Sox home game, as well as
a visit to the WEI broadcast booth and a Pedro
Martinez autograph baseball. Now, the current bid is twenty five
(35:12):
hundred dollars, and if you'd like to increase that amount
and take home all four of these incredible auction items,
call the bidline right now.
Speaker 6 (35:21):
It's eight eight eight.
Speaker 5 (35:22):
Two zero five two two sixty three. That's eight eight
eight two zero five two to two sixty three. And
again it's all to proceed to benefit the Disabled American
Veterans Department of Massachusetts.
Speaker 6 (35:35):
So if we're changing the cocks in the future, no.
Speaker 4 (35:37):
Now, keep them, keep them steady, just keep them, stop changing.
Speaker 3 (35:41):
I've even come around that if New York wants to
do their own thing, I'll still change them.
Speaker 6 (35:45):
What do you mean? What do you mean New York here?
Speaker 3 (35:47):
If we have to be on different time zones for
a period of time, I'm okay, I'm okay with that.
Speaker 2 (35:51):
I think that the obvious solution here is we need
more time zones, state minutes. Yes, the United States should
have sixteen different time zone just like India.
Speaker 6 (36:02):
Forget.
Speaker 2 (36:02):
I mean, yeah, India's wild, Like it's you go to
like a different city and it's like, oh, like I
was right, No, no, no, it's we have our own
time here.
Speaker 5 (36:09):
Ye.
Speaker 6 (36:10):
Oh okay, we're gonna take a.
Speaker 2 (36:13):
Quick break for the rest of the day, back at
it tomorrow, and we'll have uh everything you need to
get ready for election night tomorrow.
Speaker 6 (36:19):
On the Financial Exchange
The Financial Exchange is produced by Money Matters Radio and
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the hosts. Do not reflect the opinions of Armstrong Advisory
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(00:20):
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(01:04):
by Veterans Development Corporation. This is the Financial Exchange with
Chuck Zada and Mike Armstrong.
Speaker 2 (01:13):
Second hour kicking off here on the Financial Exchange, Chuck,
Mike and Tucker with you. We've got markets not really
moving much in advance of tomorrow's election at this point.
The Dow is off one hundred and fifty six points,
SMP's up four, NASDA up thirty eight, so just kind
of chopping around, not too much movement in either direction.
Tenure Treasury reversing Friday's sell off, down six basis points
(01:36):
to four point three percent. We've got oil today up
another dollar forty one barrel to seventy dollars and ninety cents,
so regaining a little bit of ground in the seventies.
There TRIPAA national average four. Gas prices down another two
tenths of ascent to three ten and one tenths of ascent,
So continuing the downward move that we've seen for the
(01:59):
last few months year.
Speaker 3 (02:00):
And we was after Iran came out with some I
don't know, escalating language over the weekend.
Speaker 4 (02:06):
I believe it was to respond to Israels.
Speaker 2 (02:08):
Yeah, they've been chatting for the last week and a half.
Or so, and we've got gold completely flat at the
moment at twenty seven, forty nine and twenty cent. So
just not a whole lot of excitement out there. Sure
you can find individual equities that might be moving a
little bit. You know, you've got energy stocks ex On
Mobile up three percent, as I noted on you know,
(02:28):
the higher prices that you're seeing from in oil. You've
got Berkshire Hathway off a couple percent. Some utilities that
are moving around because of some kind of interesting nuclear
news that we could touch on today, But overall, pretty
quiet market at this point, Tuck, I know you've got
(02:49):
a couple things that you want.
Speaker 5 (02:49):
Yeah, I just want to remind everybody. The Ultimate Boston
Sports Auction to benefit the Disabled American Veterans Department of Massachusetts. Well,
it's now officially open. The bidline is eight eight A
two zero five two to two six three. That's eight
eight eight two zero five two two six three and
it's four incredible items to bid on, and we'll be
(03:11):
taking bidders throughout the week through Friday at eleven forty five.
And again it's a pair of tickets to see all
four Boston sports teams play in addition to memorabilias such
as a Drake May autograph Team Jersey, autograph basketball from
Chris STAPs Porzingis and Pedro Martinez autograph baseball. So it's
(03:31):
really really a phenomenal package. And again it's all to
benefit the Disabled American Veterans Department of Massachusetts. So the
phone lines are now open. Eight eight eight two zero
five two two six three. Again that's eight eight eight
two zero five two two six three.
Speaker 2 (03:47):
Mike, We've got the third Boeing Machinist Union vote happening today.
First two were defeated by vote percentages. I think the
first one lost by like ninety in the ninety people
vote against it. The LA one was sixty five. This one,
which now includes a thirty eight percent raise over four years,
some additional four to one k benefits a larger signing bonus.
(04:10):
This one, I would say, reading the tea leaves on this,
I would be shocked now if it doesn't pass. This
is a quote from the union leadership at the International
Association of Machines and Aerospace Workers District seven to fifty one.
Speaker 4 (04:23):
Quote.
Speaker 2 (04:25):
Every negotiation and strike, there is a point where we
have extracted everything that we can in bargaining and by
withholding our labor. We are at that point now and
risk a regressive or lesser offer in the future. This
is in direct contrast to the last offer they got.
They basically they literally said, hey, here's the offer, whatever
you think.
Speaker 6 (04:43):
Is fine with us.
Speaker 3 (04:44):
Yeah, I mean, and the first offer, I don't even
remember what they said during the first.
Speaker 6 (04:49):
One, but it was we didn't even get anything on it.
Speaker 4 (04:51):
Yeah.
Speaker 3 (04:51):
Yeah, So this is a very distinct change in language
from union leadership. Hasn't always worked. We've seen cases where
union leadership has given strong advice to their workers who
have gone in the other direction.
Speaker 4 (05:05):
But it certainly would seem based on.
Speaker 3 (05:07):
The trend here where you had one vote in the
nineties against, one vote in the sixties against, and now
a very big change in tone from the leadership saying, hey,
vote this went in because we're not sure to be
able to extract anything else out of the company. That's
a pretty big shift, and I suspect you're right, Chuck,
that this does end up passing.
Speaker 2 (05:24):
So the good news is for all those who've been anxious,
we are going to have some election results tomorrow. Yeah,
it'll be for the Boeing election. Yeah, you know, we're
not sure about how the presidential election and all the
Senate and House races are going to go, but we're
gonna know what's going on with Bowe and tomorrow because
they do count these votes up pretty quickly.
Speaker 6 (05:43):
Yeah, so that's that's a plus.
Speaker 2 (05:46):
Do we want to touch a little bit on oil prices, Sure,
they're up.
Speaker 3 (05:54):
I guess the best thing you can say about them
is that they've been amazingly resilient to some of the
worst tensions in the Middle East we see in.
Speaker 4 (06:00):
The last several decades.
Speaker 1 (06:01):
It's been wild.
Speaker 3 (06:03):
I think a lot of that does have to do
with the United States role in all of this, not
the role they're in the Middle East, but that just
the mere fact that the United States produces how much.
Speaker 4 (06:10):
More oil than Saudi Arabia at this state.
Speaker 3 (06:13):
So it's not that the Middle East does not matter
for oil prices, but realistically, the United States in terms
of its total production, competes with OPEC plus in a
way that hasn't been seen.
Speaker 2 (06:26):
Ever and it is kind of broken Opek. Yeah, which
is amazing to hear.
Speaker 3 (06:31):
After I mean, how much did we talk about you know,
Opek really sticking it to US shale producers and the
twenty tens, and and well, no, that that has reversed
pretty significantly. The power that that organization has, while still
vastly significant and creating enormous amounts of wealth throughout the
Middle East, is not flexing in the same way that
(06:52):
they previously could.
Speaker 2 (06:53):
OPEC's afraid to raise production, and normally that would be
the move if OPEC said, Okay, we want to, you know,
get rid of some US product auction that's out there,
they'd say, fine, we can stomach lower prices better than
you can pump more and raise prices in lower prices.
I'm sorry, they're just they're not moving in that direction.
Speaker 3 (07:14):
And whether it's because they fear the US can withstand that,
whether it's because they fear political and just stability issues
in the Middle East, I don't know. And quite frankly,
I'm not sure it's relevant, because in either case, it
seems to be a larger cyclical change that might last
a little while based on where US production has come.
Speaker 6 (07:33):
Just take a quick break here.
Speaker 2 (07:34):
When we come back, we're gonna be joined by Grady
Trimble from Fox Business. We're talking about voters' biggest economic concerns.
Speaker 1 (07:41):
After this, tune in for trivia brought to you by
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(08:02):
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Speaker 5 (08:22):
While the Ultimate Boston Sports Auction is officially here, we
have four incredible items to bid on and all the
proceeds will benefit to the Disabled American Veterans Department of Massachusetts.
We have two tickets to see the Patriots play the
Rams on November seventeenth, which includes a pregame visit to
the field, a Drake May autograph Team Jersey, and a
Ben Coates autograph Team Jersey. We have two tickets to
(08:45):
see the Celtics play the Cabs on November nineteenth, as
well as an autograph basketball from Chris STAPs Porzingis two
tickets to see the Bruins play the Edmonton Oilers on
January seventh in a Brandon Carlow autograph picture, and finally,
four tickets to twenty twenty five Red Sox home game,
as well as a visit to the WEI broadcast booth,
(09:07):
in addition to a Pedro Martinez autographed baseball. Now, we
do have a bid. The current bid is twenty five
hundred dollars, and if you'd like to increase that amount
and take on all of these four incredible auction items,
call the bidline right now. Eight eight eight two zero
five two two six three. Again, that's eight eight eight
(09:28):
two zero five two two six three, and again it's
all to benefit the Disabled American Veterans Department of Massachusetts.
Speaker 2 (09:38):
As promised, we are now joined by Grady Trimble from
Fox Business here to talk a little bit about the
biggest economic concerns from voters. Grady, how are you today?
Speaker 7 (09:50):
I'm great, Chuck. I am driving a Grand Rapids Michigan
right now for the final Trump rally of the campaign cycle.
Speaker 6 (09:58):
When what are you expected to be there?
Speaker 7 (10:01):
About fifteen minutes?
Speaker 2 (10:03):
There you go, fantastic, Grady. What have we been seeing
in terms of the big concerns from voters on this economy?
Is it all inflation? Or are there other ones that
have been popping up as well.
Speaker 7 (10:15):
I would say it's largely inflation driven. Whether we're talking
about high prices at the grocery store, fuel prices maybe
not right now, they're relatively low compared to a couple
of years ago. And then also housing costs have come
up a lot when I've been talking to voters at
early voting places over the last couple of days. But yeah,
everything seems to relate to higher prices because, as you know,
(10:38):
when you look at the numbers, if you set aside
the most recent jobs report last week, which was obviously abysmal,
the economy is okay. GDP's growing, you know, the rates,
interest rates have been cut, but people still remember how
high prices are compared to four years ago. And so
(10:58):
that's what I'm hearing a lot from voters. But what's
interesting is when you ask them, Okay, so the economy
is the top issue for you, whether it's one number
one issue, number two issue, number three issue, it usually
falls somewhere in the top three. When you ask them
which candidate they support, I've heard mixed answers to that question.
A lot of voters say, well, life was better when
(11:20):
former President Trump was in office, and so that's why
I'm voting for him. Other voters that I've talked to,
wo lean more democratics say that they like a lot
of Vice President Harris's policies. I talked to, for example,
a first time home someone who's looking to buy a
house for the first time and grow their family, and
he was really drawn to Harris's twenty five k for
(11:43):
a down payment for first time home buyers. So it's
kind of mixed, and it's really hard to say which
way this particular state is going to go gretty.
Speaker 2 (11:51):
When listening to you talk there, it sounds like the
main thing that most people still are upset about is
it's not necessarily the rate of inflation right now, but
more the price level. Hey, this stuff costs way more
than four to five years ago. Is it a fair
statement that there is no way for us to go
back to the prices that we were seeing four years
(12:12):
ago absent economic calamity?
Speaker 7 (12:17):
I mean, I guess that's the case, you know, because
the target inflation rate that the FED looks for, obviously,
as you know, is two percent. We're not that far
off from two percent. But when you look at the
you know, inflation compared to when the current administration took office,
overall prices are up about twenty percent right now. I
(12:38):
don't think the expectation is necessarily that prices will get
back down, will drop twenty percent, because who knows what
the heck that could look like. But I think what
voters that I'm talking to, especially the ones that lean Republican,
are saying, is when former President Trump was in office,
this whole conversation around inflation wasn't an issue. And I think,
(12:59):
you know, the reason they think that's the case is
because there was a push for especially here in Michigan,
an important issue is you know, gas powered cars versus
electric cars. And you know, the message from the Trump
from form President Trump himself and the Trump campaign of
drill baby drill really resonates with them because when they
(13:20):
hear that, they say, they hear, Okay, we're not, you know,
gonna have only electric vehicles or majority electric vehicles in
the next five ten years. And you know, when you
look at the supply chain issues from twenty twenty one
twenty twenty two, those were largely driven by fuel costs,
and when fuel went up, the cost of everything else
(13:42):
went up. So that message really resonates with both. Even
though this isn't, you know, an oil and gas producing
state like Pennsylvania, for example, it's still a message that
resonates because not only do you have the auto industry
issue that's important in Michigan, but you also have just
the overall view that if you have more production of
oil and gas, it generally leads to lower prices for
(14:05):
everything across the board.
Speaker 2 (14:06):
Great, what about when we look at the labor market?
Are you hearing any concerns about what's going on there
simply because we have again, I know, there's been some
weird data the last few months where was looking a
little bit stronger and then this last month was kind
of a disaster though washed out by you know, a
couple of hurricanes. Is there any concern about the overall
(14:27):
trend in the last year in the labor market from
voters saying, Hey, it's become harder to find a job,
and that's something that I'm really concerned about.
Speaker 7 (14:36):
That's not something that I've really heard from the folks
that I've talked to, I think, but so fascinating about
kind of the economic conversation, especially over the last year,
because remember when when Trump announced that he was running,
it was the week after the midterms in twenty twenty two.
Back then, prices were really high and the rate of
inflation was still really high month over month, and obviously
(15:01):
here over year and now I think the conversation with
voters isn't so much you know, looking at jobs data,
or you know, I'm having a hard time finding a job.
It's more, you know, how I'm feeling about the economy
and how these higher prices have sort of made people
who have relatively high income feel that they don't have
(15:23):
the purchasing power that they used to or the disposable
income that they used to. I will say, though, sort
of a unique issue here in Michigan is like I
mentioned the transition to electric vehicles that the Biden Harris
administration has pushed for, and obviously Harris has the endorsement
of the United Auto Workers union. But when you talk
(15:44):
to a lot of rank and file members of the union,
many of them say, we're concerned about that. And to
go back to your question about jobs, that's where the
job's conversation comes into play. It's the concern that electric
vehicles take fewer workers to assemble, and so they are
worried that if we do kind of force this transition
to electric vehicles, especially when maybe mass adoption of them
(16:07):
hasn't taken place yet, that could affect the economy. Not
just of those UAW members and auto workers specifically, but
Michigan's entire economy is largely based on the auto industry,
and so the concern over jobs is more like a future,
a forward looking concern than a present concern.
Speaker 2 (16:26):
I know you mentioned one potential first time home buyer
that you chatted with, but clearly the price of housing
has risen dramatically, especially when you you know we'll get
it in terms of monthly payment on actual you know,
the prices that you have to pay. What kind of
sense do you get up there? As far as how
big of a concern housing costs are for people, I
(16:46):
think it's.
Speaker 7 (16:46):
A huge concern. I talked to another person who said,
I'm having to choose do I pay my mortgage this month,
do I buy the groceries that I would typically buy,
do I pay my utility bills? So it's it's the
combination of everything, all all of the expenses that every
(17:07):
single American has that they're they're looking at and that's
you know, the concern. It's not it's not necessarily housing
costs only. It's housing costs are high, food prices are high,
Electricity bills are higher, especially in a you know, in
a state that gets cold, and the same in your
neck of the woods. So it's sort of a combination
(17:30):
of all of these factors that's just making life feel
so much more expensive than it used to be. And
like I said, we're not talking about, you know, people
lower on the income scale. These are people who have
jobs where they feel like they should be able to
you know, have you know, disposable income, and they don't
necessarily feel that way.
Speaker 6 (17:51):
Very good, Graaty, appreciate you joining us today.
Speaker 2 (17:54):
Enjoy the rest of the day. Hope you get where
you're going safely and we will catch up with you soon.
Speaker 7 (18:00):
Sounds good. Shock we're falling off the highway and now
have a good one.
Speaker 6 (18:02):
There you go.
Speaker 2 (18:03):
That's Grady Tremble from Fox Business talking about voters biggest
economic concerns. Taking a look at markets as we had
towards the bottom of the hour, still just kind of
chopping around a little bit. The doas off one hundred
and ninety six points, but the S ANDP is flat,
the Nasdaq is up twenty five, so no clear movement
in either direction at the moment. Quick break, We've got
the trivia answer, and then we're talking about traders getting
(18:27):
ready for tomorrow's election night.
Speaker 1 (18:35):
Bringing the latest financial news straight to your radio. Every day,
it's the Financial Exchange on the Financial Exchange Radio Network.
Miss any of the show. Catch up at your convenience
by visiting Financial Exchange show dot com and clicking the
on demand icon, where you'll find all of our interviews
in full shows. This is your home for the latest
(18:57):
business and financial news in New England and on the country.
This is the Financial Exchange Radio Network.
Speaker 2 (19:04):
Mike Tomorrow Night. Are you going to be engaged in
lots of trading as a result of the election?
Speaker 3 (19:13):
No?
Speaker 6 (19:14):
No, there's some people that do specifically both.
Speaker 2 (19:17):
You know professional Wall Street traders and you know amateurs
who like to go on prediction markets and trade those
things as well.
Speaker 3 (19:24):
And there's bets on the dollar, there's bets on bonds,
there's bets on equities, there's bets on correct all different things.
Speaker 2 (19:31):
And so if you're trading any of these after hours markets,
futures markets, things like that, there's all kinds of activity,
and it can be one of either the most or
least profitable nights of your year. Uh and either way,
probably one of the more stressful ones because of the
potential swings that you can see. I still remember back
in twenty sixteen, just the absolutely wild stuff that we
(19:54):
saw was around ten thirty Eastern and it was clear
that Donald Trump was going to win the twenty six election,
and I remember like CNBC alerts were being sent to
my phone every five minutes, like Dow futures down six
hundred points, Dow futures down seven hundred, eight hundred, nine hundred.
Speaker 6 (20:09):
I think we got to like.
Speaker 2 (20:10):
Down a thousand at one point, and I finally was
just like, okay, look like let's deal with in the morning.
Like I can't do anything right now, We'll see what
happens in the morning. I wake up and Dow futures
are up like five hundred points at that point, I think,
and I'm like, oh, like this is kind of wild.
Everyone finally realized that you're going to get, you know,
tax reform as a result of what happened last night,
(20:32):
and so you can just see these these monster swings
and it's it's also evidence where hey, even if you
have exactly right what you think is going to happen
in the election, you might get the market behaving completely
differently from how you think it's actually going to play
out in the event that you get what you think
you're gonna get election wise, Yeah, I would.
Speaker 3 (20:54):
Just you know, if you're thinking about we never tell
you do or don't invest on a certain promise or idea.
And there are probably people that have an idea of
how to make money on the election, but specifically, ask yourself,
what is my thesis here and what's my play? What
advantage do I have? And this is not specifically about elections.
This is the same story that we were just trying
(21:14):
to make with the Warren Buffett story.
Speaker 6 (21:16):
What's your edge?
Speaker 4 (21:17):
What is your edge here?
Speaker 3 (21:18):
To say, oh, yeah, I've got this theory where if
the election goes this certain way, then I think this
specific area of this specific market is going to out
or underperform if you have that. If you can't and
you can explain it to a child, if you can't
explain it.
Speaker 2 (21:34):
To a thirteen year old in thirty seconds, you don't
have an edge. Yeah, that's the general rule of thumb
that I have on and anything related to investing. Yeah,
because or if you explain it to a thirteen year
old and they say that's dumb, that's also not edge like.
You don't get to say to your thirteen year old, Hey,
I read in Barons that this is gonna happen. Okay,
(21:56):
so did everyone else. That's not edge like. It also
has to make sense and not everyone has to have
that view, and it can't be publicly known that way.
Speaker 3 (22:04):
Fortunately, I have to raise my hand here and say
that I don't think that this is a very common
investing mistake that I see amongst most people. I don't
see a lot of people gambling away their lives on
short term trading theories that they haven't parsed out very well.
Speaker 2 (22:20):
No, but here's what I will tell you is the
last two elections twenty sixteen, I have had people call
me the day after saying, hey, I don't like Trump,
I don't like that he won. I don't think I
want to own equities going forward. And I had the
exact opposite, and I had the same thing in twenty
(22:41):
twenty from people who didn't like Biden. Yep, and in
both cases, doing anything there was just a huge mistake.
It's not to say that like stocks always go up
after an election.
Speaker 6 (22:54):
They don't.
Speaker 2 (22:54):
Like there are plenty of times where hey, for a
couple of years, like look at two thousand.
Speaker 6 (23:00):
It is an example.
Speaker 2 (23:01):
You had an election in November, markets didn't bottom from
the financial crisis until was it March of nine? I
think yes. And so it's not I'm not saying, hey,
like stocks always go up after an election. What I
am saying is just because you might not personally like
the result in either direction. That's a that's a bad
(23:23):
reason to do something. I've said it before and I'll
say it again. Emotional investing is bad investing, right and
and this is just a different form of emotional No.
Speaker 3 (23:31):
Guarant no guarantee we're going to know specific results immediately either.
How long did it take for us to get the
makeup of the Senate after the twenty twenty election?
Speaker 4 (23:39):
A week?
Speaker 1 (23:39):
No?
Speaker 6 (23:40):
Three months? We had those Georgia specials in January.
Speaker 3 (23:44):
So like the entire idea that you can build a
full investment thesis on an election I find suspicious, I
guess is my point here. And it's not that I
haven't heard good ones, but I very I've rarely have
ever heard a successful one. And that's where I just
ask people to check their emotions at the door and
(24:04):
really genuinely ask.
Speaker 4 (24:05):
Themselves, do I have an edge here?
Speaker 2 (24:08):
The people I know that are actually good at this.
I do know some that are really good at this.
They've spent the last year formulating what they're going to do.
They've quite literally spent a thousand hours not reading CNBC
and stuff like that, but making their plans for how
(24:28):
they're going to go about this. If you haven't done that,
that's what you're competing against. Like, it's not that you're
going to win or lose. I have no idea. Like
everyone gets lucky. Sometimes they're unlucky, but you generally have
more luck the better prepared you are. And you're going
against people that have spent thousands of hours getting ready
(24:50):
for this.
Speaker 3 (24:51):
If you are finding yourself as by the way, so
many people that I have talked to have found themselves
in this election uncertainty, malaise, just unable to make decisions,
unable to decide what to do next with their careers,
with their investment portfolio, with their retirement, just saying I've
(25:13):
gotta wait till this thing is over with before I
make some sort of big decision, I guess my first
thing would be I think that's a mistake. But if
you're falling into that category, the worst thing you can
do is then see the election outcome, not like it,
and put your head in the sand for another few
years as you wait that out. If you're finding yourself
in that category of putting off decisions and waiting on
(25:36):
things that really don't deserve to be put off, please
call the folks at Armstrong Advisory Group for a review
of your investment and financial plan. It's always really, really important,
and I do understand why people put it off, but
I'm here to tell you that sticking your head in
the sand and waiting, especially in moments like this where
the economy is at a bit of a pivot point,
(25:57):
we have seen a slow down. We have a FED
meeting come up Thursday that's going to acknowledge some of
those points. Give us a call, let us sit down
with you and at least explain our process. The phone
number for a free consultation anywhere in New England is
eight hundred three nine three four zero zero one, almost anywhere,
just about everywhere in New England again. We offer free
(26:17):
consultations with the Armstrong Advisory Group and the phone number
is eight hundred three nine three four zero zero one.
Speaker 1 (26:24):
The proceeding was paid for by Armstrong Advisory Group, a
registered investment advisor. Nothing in the ad or in any
Armstrong guide a specific financial, legal or tax advice. Consult
your own financial tax into state planning advisors before making
any investment decisions. Armstrong may contact you to offer investment
advisory services.
Speaker 2 (26:40):
On Friday, the IRS announced new contribution limits for four
to one K accounts in twenty twenty five. You're going
to be able to contribute up to twenty three thousand,
five hundred or four oh one K plan. That's up
from twenty three thousand this year. That also applies to
four h three B four p fifty seven and the
Government's thrift Saving Plan iras You're screwed again staying at
(27:03):
seven thousand. No bump there, and the ketchup contribution limit
stays the thousand for IRAS.
Speaker 6 (27:10):
For four to one k's.
Speaker 2 (27:11):
The ketchup contribution remains at seventy five hundred, So twenty
three five plus seventy five hundred equals thirty one thousand.
So that's what you're gonna be able to contribute if
you are over the age of fifty. But if you
are in the uh the super boost.
Speaker 4 (27:26):
God that twenty twenty five or is that twenty twenty six, No.
Speaker 6 (27:30):
It's it starts next year.
Speaker 2 (27:32):
It's not required to be wroth until the year after,
but that that super Ketchup group for four from age
sixty to sixty three can have the Ketchup contribution at
eleven two hundred and fifty dollars.
Speaker 3 (27:50):
Once again, Irs and Congress, thank you so much for
all the job security you provide to accountants, lawyers, and
financial advisors, because that's the only thing I can see
that you've meaningfully done with all of this. Yes, so
that's what I genuinely don't think that any of these
change boost retirement security.
Speaker 4 (28:07):
I just thrown out my hand.
Speaker 3 (28:09):
I think the one thing you can definitively say about
that is that boost job security for those rules.
Speaker 6 (28:15):
Yeah, I think that's fair. So that's what we're seeing.
Four contributional limits for next year. Quick break here. When
we come back stack root, let's.
Speaker 1 (28:23):
Text us six one seven, three, six two thirteen eighty
five with your comments and questions about today's show and
let us know what you think about the stories we
are covering. This is the Financial Exchange Radio Network. If
you missed any of today's show, catch up whenever you
want on our YouTube page. Find daily show segments and
full shows. Just go to YouTube dot com and search
(28:45):
for the Financial Exchange. This is your home for breaking
business and financial news. This is the Financial Exchange Radio Network.
Speaker 5 (28:55):
This segment of the Financial Exchange is brought to you
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Speaker 6 (29:31):
Mike, what do you got for me?
Speaker 3 (29:32):
I want to talk about food because it's eleven fifty
and I'm hungry. The mysterious fees that are inflating your
grocery bill is the piece from the Wall Street Journal
talking specifically about some food distribution networks that have been
adding fees and you know, getting questions from people. But
the overall piece here is about general confusion as to
why food prices are up so much, And according to
(29:53):
the BLS, I think it's about twenty five percent since
twenty nineteen of total inflation in the food at home
CA category, which is about in line with overall inflation
generally speaking.
Speaker 4 (30:04):
So I was curious.
Speaker 3 (30:05):
Unfortunately, not many of these food distributors are publicly traded,
so I couldn't get data on them, but one of
them is United National, Sorry, United Natural Foods. I pulled
their earnings before ibit does so earning before interest, taxes, appreciation,
or amortization, and I just looked at their margins from
the average. The longest date I could get was since nine,
(30:27):
so from twenty nine through twenty nineteen, this company had
an average margin of about three and a third percent.
Average for twenty twenty three twenty twenty four one and
a quarter so I don't know if they're doing it,
but clearly it's not going to their margin. This is not,
you know, across the board. But when I looked at
the major grocers as well, Kroger, Walmart, profit margins in
(30:49):
Kroger's case about the same as they were pre COVID.
Walmart's lower five and a quarter in twenty twenty three
and twenty twenty four compared to seven percent pre COVID.
PEPSI we're margins twenty twenty three, twenty twenty four compared
to pre COVID, there are very few. Proctor Gamble actually
did see growth in margins over the last few years
(31:10):
compared to pre COVID, so I'll put them in the category.
But I went through a number of these to try
and see if I could find a glaring story here
of oh yeah, this company is bringing home much fatter
margins on their business since COVID, and I got to
tell you, in the grocery space, at least, I didn't
find much evidence of it.
Speaker 2 (31:29):
Yeah, I think that's fair, Mike. I'm gonna let you
pick what I'm going to talk about now. It's kind
of a lazy stack through lapps.
Speaker 4 (31:39):
Oh you're gonna be choices.
Speaker 2 (31:40):
Yes, are we going to talk about daylight savings time ending,
or are we going to talk about TGI Friday's filing
for bankruptcy.
Speaker 6 (31:47):
Let's go daylight.
Speaker 4 (31:48):
Savings, because I think we're going to disagree on it.
Speaker 6 (31:50):
We cover this every year.
Speaker 2 (31:53):
This day we turn the clocks back, everyone freaks out.
Speaker 5 (31:58):
We cut off with it one time, like three or
four years ago.
Speaker 1 (32:01):
Remember that.
Speaker 6 (32:02):
Oh yeah, yeah, it's we're leading off with this. Damn it.
Speaker 2 (32:05):
Everyone freaks out when we turn the clocks back, and
we get the pieces that are written that are like, hey,
most people don't want to do this anymore, we should
just keep things the same the whole time. And then
we get people, you know, naturally right in the responses, Well,
you can't keep it the way it is in the
summer because it's too dark in the morning when the
kids are going to school. Well you can't keep it
(32:27):
the way it is in the winter because then it
would be light so early.
Speaker 6 (32:30):
In the summer.
Speaker 2 (32:32):
Ultimately, what is the actual inconvenience of changing things by
an hour each time?
Speaker 5 (32:42):
You know, each time we do this setting my oven
clock back?
Speaker 3 (32:46):
Yeah, that radio, so the car radio pretty easy. The
oven clock my god.
Speaker 1 (32:51):
The microwave.
Speaker 6 (32:53):
Okay, so it costs you like thirty seconds, maybe twenty seven.
Speaker 3 (32:57):
So the biggest inconvenience to me is not the short
term I For me, it's just the genuine dislike of
how long I'm awake during the dark. And that's just
a me thing.
Speaker 4 (33:08):
I'm not a morning person.
Speaker 6 (33:10):
What does that mean.
Speaker 4 (33:11):
I'm not a morning person.
Speaker 6 (33:12):
I'm not playing Aaron Rodgers. I was born in the dark.
Speaker 3 (33:18):
I did not take away whatever that drug is before
the show. No aluasca, Yeah that one, Yeah, we should
do that.
Speaker 2 (33:25):
The show all in darkness on ayahuasca.
Speaker 4 (33:28):
Well, could go wrong.
Speaker 3 (33:29):
I uh yeah, just my genuine dislike for the sun
setting at four o'clock, that's all.
Speaker 6 (33:35):
So, which do you dislike more? Being this?
Speaker 1 (33:38):
This?
Speaker 6 (33:38):
Talking about it?
Speaker 3 (33:40):
I disliked I dislike being this time. Yeah, this period
of time. I dislike the period of time eleven four. Yeah,
the time where I'm locked in the.
Speaker 6 (33:56):
Trying to say she doesn't like the dark.
Speaker 4 (33:58):
I don't like the dark.
Speaker 1 (33:59):
Dark.
Speaker 4 (33:59):
Then you got to be in the afternoon.
Speaker 2 (34:00):
You've got to move south dark in the after can't
live in New England if you don't like it that way.
Speaker 5 (34:04):
Yeah, yeah, just want to remind everybody in case you
missed it, the Ultimate Boston Sports Auction is now officially open.
It's to benefit the Disabled American Veterans Department of Massachusetts.
And again we have four incredible items to bid on,
and again all to benefit the Disabled American Veterans Department
of Massachusetts. The high bidder between now and Friday at
(34:26):
eleven forty five will take home all four of the
following items. It's a pair of tickets to see the
Patriots play the Rams on November seventeenth, including a pregame
visit to the field that Drake May autograph Team Jersey
and a Ben Coates autograph Team Jersey. A pair of
tickets to see the Celtics play the Cavaliers on November nineteenth,
in addition to an autograph basketball from Chris STAPs porzingis
(34:51):
a pair of tickets to see the Bruins play the
Edmonton Oilers Very Good Team on January seventh, and a
Brandon Carlow autograph picture. And finally, four tickets to a
twenty twenty five Red Sox home game, as well as
a visit to the WEI broadcast booth and a Pedro
Martinez autograph baseball. Now, the current bid is twenty five
(35:12):
hundred dollars, and if you'd like to increase that amount
and take home all four of these incredible auction items,
call the bidline right now.
Speaker 6 (35:21):
It's eight eight eight.
Speaker 5 (35:22):
Two zero five two two sixty three. That's eight eight
eight two zero five two to two sixty three. And
again it's all to proceed to benefit the Disabled American
Veterans Department of Massachusetts.
Speaker 6 (35:35):
So if we're changing the cocks in the future, no.
Speaker 4 (35:37):
Now, keep them, keep them steady, just keep them, stop changing.
Speaker 3 (35:41):
I've even come around that if New York wants to
do their own thing, I'll still change them.
Speaker 6 (35:45):
What do you mean? What do you mean New York here?
Speaker 3 (35:47):
If we have to be on different time zones for
a period of time, I'm okay, I'm okay with that.
Speaker 2 (35:51):
I think that the obvious solution here is we need
more time zones, state minutes. Yes, the United States should
have sixteen different time zone just like India.
Speaker 6 (36:02):
Forget.
Speaker 2 (36:02):
I mean, yeah, India's wild, Like it's you go to
like a different city and it's like, oh, like I
was right, No, no, no, it's we have our own
time here.
Speaker 5 (36:09):
Ye.
Speaker 6 (36:10):
Oh okay, we're gonna take a.
Speaker 2 (36:13):
Quick break for the rest of the day, back at
it tomorrow, and we'll have uh everything you need to
get ready for election night tomorrow.
Speaker 6 (36:19):
On the Financial Exchange
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