Episode Transcript
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Speaker 1 (00:00):
I'm Stephen Bouchet.
Speaker 2 (00:01):
I'm your host today for Let's Talk Money, and I
apologize about the glitches that we're having. Hopefully we're going
to get that cleared up in a quick second. Technology
is a beautiful thing when technology works. In the meantime,
the phone lines are open, and if you have any questions, folks,
give us a call one eight hundred talk WGY one
(00:23):
eight eighty two, five five, nine, four nine, any questions whatsoever,
give me a call. I'm gonna take a quick fifteen
second break to get this technology cleared up.
Speaker 1 (00:34):
Don't go anywhere, folks.
Speaker 3 (00:49):
Want it.
Speaker 4 (00:49):
Dog.
Speaker 5 (00:50):
Everything is true, but what a dog gave you?
Speaker 3 (01:27):
Hello, folks. I think we got the technology cleared up.
As I said, it's a beautiful thing when it works.
When it doesn't, it just kind of throws a monkey
wrench in to your day. Speaking of monkey wrenches, how
much more rain can we take? Man? Oh Man, I
thought it was April showers bring May flowers. That seems
to be the other way around. Maybe it's May showers
(01:48):
bring June flowers. Regardless, I guess we got some nice
days coming, and hopefully we're going to have some better
days coming in the stock market. I know the talk
is still tariffs, tariffs, tariffs. It's all about the terar
I'm not so worried about the tariffs, Believe me. I
said weeks ago that it was going to throw a
little volatility into our trading days, and investors are going
(02:11):
to see some shaky times.
Speaker 6 (02:13):
And I don't think it's over.
Speaker 3 (02:14):
I don't think the ups and downs are over. But listen, folks,
if you have a good portfolio, well diversified, forget about
the teriffs, forget about the volatility. Before you know it,
we're gonna wake up. The world will be in a
better place. We'll have the tariff situation figured out. Everybody
will try to get along as best they can, and
(02:36):
investors will realize that the world's not coming to an
end again. The world is not coming to an end.
It feels it, I know it seems it. Whenever you
lose money, it just feels terrible. Why do I own stocks? Why?
Speaker 2 (02:51):
God?
Speaker 3 (02:51):
I could have just put my money under the mattress
and I would be able to sleep at night. But remember,
you want to sleep at night, Piauce. You'd have a
really rough life sleeping on a wumpy mattress if you
have all that cash under your mattress.
Speaker 2 (03:04):
But the.
Speaker 3 (03:07):
Long and short of it is, this will pass, and
you can't get all bent out of shape because of
the volatility, because of the terraff. So I'm here to
help you calm your nerves any way you want. If
you have questions, any questions whatsoever, please reach out. The
phone lines are open one eight hundred plark WGY one
(03:31):
eight hundred eighty two, five, five, nine, four nine, any
questions whatsoever. So what happened this pass week? Well, you know, Monday,
crude fell to a four year low as O pet
boosted output and you know, remember supplying demand when it
comes to oil, So the more output there is, you know,
(03:51):
the prices go down. The dollar slippedi is, Asian currencies,
particularly particularly the Taiwanese dollars surge. President Donald Trump again
urged the Federal Reserve to cut rates, but the Fed,
as I said last week, stayed put while warning of risks.
Stocks fell back, then rallied, then fell again. You got
(04:15):
news of the US China talks, You got news of
the United States and United Kingdom coming together with a
trade deal. It was a messed up week, no different
than the past few weeks right. So for the week
that Dow was off about two tenths of a percent,
SMT fell about a half a percent, Nastac about three
(04:36):
tenths of a percent. So Nastac actually hung in there
better than ever. On the company forefront, you had Warren
Buffett ninety four years old. Folks, it took them ten
years to name a successor, ten years to name a successor.
I think, at my young age, I'm sitting here. I'm
not looking to retire anytime too soon. And on Monday
(05:00):
I got to tell my team, listen, Warren Buffett at
eighty four took him ten years. I'm going to take
my sweet time. I'm not going anywhere. I you know,
as long as I'm mentally confident and able to walk
into the office, I love doing what I do, so
I don't plan on going anywhere. I just plan on
surrounding myself by people that can help me, people that
(05:21):
I can delegate to, so that I can spend more
time with my clients and more time looking at the
investments so that we can continue to get our investors
stellar return. So Warren Buffett ninety four said he would
step down as CEO Berkshire hand away at the year end,
and the successor will be Greg Abel. He's been with
(05:43):
Buffett for a while. Trump said he would slap one
hundred percent terris on foreign made movies. Now, what comes
to mind, Star Wars. I think a lot of Star
Wars is made in the UK. So you Star Wars fans,
maybe you know it's going to cost a little bit
more to make that money or at least bring it
into this great country of ours. And we do have
(06:04):
a great country, folks, Our country is second to none.
The administration blocked Harvard from federal research grants. Listen these
nandiose kids, and I'm sorry, I can't bite my tongue here.
I grew up with two brothers with special needs. I
know how hurtful it is when people call people names,
and my brothers were called names that it just makes
(06:27):
me cringe to this day, especially when I hear people
use the R word in a slag.
Speaker 6 (06:35):
In a bad way.
Speaker 3 (06:36):
It's it makes my heart ache. So there's no there's
no place for raisom, any form of rasom any form
at all. These snandios kids at these Ivy League schools,
what are they thinking? As far as I'm concerned, they
should be all made famous so that companies think twice
about hiring them. So all that money that mommy and
(06:59):
daddy spent for their higher education, I hope goes the
ways to these snoty knows kids. I hope they're going
to be flipping burgers at McDonald's instead of working for
hedge fund companies or whatever their dream job is. Because
they are the They are thugs in my mind. And
Trump said, listen, unless these universe diversities get it under control,
(07:23):
guess what we're pulling funding. You're not going to get
that tax exempt status. I am all in favor that
there is no room for raising in any form whatsoever
in this great country of ours, no room at all.
So these snati knows kids they're going to get what
they have coming to them. And as they said, let's
(07:44):
make them famous, Let's put their pictures up there. Let's
make sure they can't get a good job or the
job that they want it. Let's make sure they have
hell to pay for what they're doing. That's just my
personal opinion, folks. You may or not agree with it.
But as I said, growing up with to brothers with
special needs and seeing how hurtful it was for my
(08:09):
whole growing up to have kids not know any differently
or better call them names. And I think why to
this day that there's not a You couldn't find any
trace of racism in my blood or my family's blood.
It's just there's nowhere for it. So the administration blocked
(08:30):
Harvard from federal research grants. They may be taking away
their tax exempt status. Used to be pretty cool, right
if you got accepted to an Ivy League school. I
don't think that's the case anymore. Actually, if somebody applied
for a job with me, I think the first thing
I would do is a Google search to see if
they show up at any of these protest rallies, whether
(08:52):
whether they're coming from an Ivy League school or not.
Open Ai retreated from its plan to become a for
profit company that was interesting Ford Motor Pulp guidance one
that tariffs would produce a one point five billion profit
hit and constantly raise prices. Mattel said it was moving
(09:13):
movie production from China and planning to raise prices. Walt
Disney allowed, I'm sorry, announced a new theme park in
Abu Dubai, Abu Dhabi, and that's you know that was
the big news this week. You also, we know the
Fed came out on Tuesday and Wednesday, they left interest
(09:35):
rates alone. You had more than four hundred and fifty
of the S and P five hundred companies reported first
quarter earnings, almost eighty percent of them beating earnings per
share estimates, sixty percent beating sales production projections. That's beautiful
news on corporate America front. Remember it's important for corporate
(09:58):
America to continue earning prot That sounds really really important.
On Tuesday, you got the Bureau of Labor Statistics releases
the Consumer Price Index. Economist forecasts to two point four
percent year over year increase. The core CPI, which strips
out follttle, food and energy prices, is expected to rise
(10:19):
about two point eight percent. Both estimates would match launch
data the annual change in the March core CPA with
the lois in four years. That's good news. On Thursday,
the Census Bureau reports retail sales data for April. Consumer
spending is expected to be flat month over month after
a little bit of a jump in March. And on Friday,
(10:42):
the University of Michigan releases its Consumer Sentiments survey for
May April's fifty two point two reading was the lowest
since July twenty twenty two, while consumer's year ahead inflation
expectation six point five percent was the highest since nineteen
eighty one. There you have it, folks. If I created
(11:04):
any questions for you, give me a call. I would
love to talk to you. We have a new producer
that's on the phones with Zach today. Zach has been
my longtime producer, and Zach is retiring from the weekend
news business. He's got a beautiful family, and I admire
and respect Zach, and Zach's with us. I think this
(11:26):
is is last weekend and we have Daliah who will
be our new producer. So I'm lucky today I have
both Daliah and Zach. So if you have any questions,
give us a call. They are on the phones ready
to put you on so.
Speaker 6 (11:40):
I can talk with you.
Speaker 3 (11:41):
The phone lines are open one eight hundred talk WGY
one eight hundred, eight two, five, five, nine, four nine.
This time I'm going to take a real fifteen second
break to wet my whistle.
Speaker 6 (11:53):
Don't go anywhere.
Speaker 5 (12:13):
Well, welcome back, folks.
Speaker 3 (12:16):
Thank you for tuning in today. It's a dreary day
out there. But it's supposed to get nicer, I think
because the day gets going, especially in upstate New York.
There's other parts of the country that are having a
little better weather than we're having. There's other other parts
of the country that aren't having as nice as weather
as we're having. It's been a long week, though, hasn't
(12:36):
it long? Wet, damp, miserable, right, I mean, God, just miserable.
Yesterday the rain just would not stop. I mean, enough
is enough. Let's really, you know all, let's stop with
this with this rain. One eight hundred eight two five
(12:57):
five nine four nine one eight hundred eighty five forty nine.
If you have any questions, give me a call. I'd
love to talk to you. Oil prices, you know Darren's.
I went to Stewarts this morning. That's where I buy
my papers at the Stewarts. I used the Stewards today.
I used the Saratoga Stewarts Downtown Stewarts on Broadway in Saratoga.
(13:22):
Big sign as I walked in. They're looking for help.
So if you're looking for job, folks, there's jobs out there.
Seventeen nineteen dollars an hour with benefits.
Speaker 6 (13:32):
That's not bad.
Speaker 3 (13:33):
Folks. It was just a few years ago when those
jobs would be ten dollars an hour, and they've almost doubled.
That's what has happened over the last few years. People
are being paid more to do jobs where before they
were being paid a whole lot less. Not only are
they being paid more, but they're being treated better, they're
(13:53):
getting some benefits, and that's good. Hey, I'm okay with
companies making less money is if they're taking care of
their people, because it's there are people that make the
company successful. And I know, especially for the day family,
Gary and his dad. You know, the Stuarts is. You know,
there's a Stuart's just about in every city, town, village
(14:15):
that that you go to. I forget how many stores,
there's over three hundred. I'm very involved in the American
Cancer you know, the community. And tonight we have our
big galla and I'm proud to say we're honoring Gary
and Amy Dake be there with my you know, I
had my tuxedo all screw Stump and I'll be there
(14:38):
to to applaud Gary and Amy. They deserve it. They
do so much for the community. And as I said,
there's Stuarts in every city, village town. You can't not
find Stewarts, and it's a comfortable setting when you think
about it. You know, there's always a couple tables to
sit down at it if you want to enjoy your
coffee or your or sandwich or whatever it is. Stewards
(15:03):
that have have done a nice job, and Gary and
Amy deserved the honor that they're getting tonight, So I'm
looking forward to that. It'll be a nice night at
the Hall of Springs eighty two five five nine four nine.
You can also get gass at the storages and oil
prices have been sliding. The price of gas is coming down,
(15:24):
thank god. You know that's the one area that hurts
consumers the most when gas goes up. Just about everybody
has to book gas in their car, and it affects
you know, even the guy delivering door dash or your
pizza from your favorite pizza Rhea. You know, gas, you
(15:45):
think about it. So it's nice that that oil is
coming down. You're to date oil as we sit here,
it's close to sixty one dollars a barrel, down about
fifteen percent year to date, and you know, sixty one
dollars is something. But there's a little piece and barrens
that says oil may come down and fifty dollars. I
(16:08):
told you in the opening segment of the show that
there's going to be supply demand issues. OPEC is boosting
up supply that brings the price down. There's that supply
and demand problem OPECK and its allies. They're ramping up
supply faster than expected. Daily production set to rise by
(16:29):
nearly a million barrels by June from March. OPEC wants
to regain market share from countries such as this great
country of ours, and seems willing to endure lower prices
to make it happen. They can afford to do that.
Demand isn't rising fast enough to stop up that extra supply,
which is why the price of oil is coming down.
(16:51):
And that's not a bad thing. I'm good with oil
coming down. So at fifty dollars a barrel, most companies
can still make money on our operating wells, but they'll
almost certainly spend less on policies like stock buybacks. A
few we'll be able to drill new wells profitably. So
if you own a lot of these energy companies or
(17:13):
best yet, you know we believe in ets the the
ETS Exchange traded funds is really the way for you
to if you want exposure to energy, let's say by
by by the Energy x l E is the symbol.
You'll buy all the companies in the SMT five hundred
(17:35):
that are considered energy companies. And that's the safest way
to do it. So for the week, as I said,
you know, believe or not now, Russell two thousand was
the outlier. Russell two thousand was up point one two percent.
The Dial down almost zero point two percent, dan Stack
(17:55):
down about zero point three percent, SMP down almost half
a percent. So NASDAC actually did better than the S
and P, and Russell two thousand did better than the
other two major in DEXes you're today, the SMP is
down three point eight percent, Russell two thousand down nine
point three percent, NASDAK the composite, the entire Nasdaq index
(18:20):
is down seven point two percent. But when you buy QQQ,
you're buying the one hundred largest companies and that is
down only four point five. So the QQQ down four
point five the entire Nasdaq composite down seven point two. Oh,
my dear friend Joe, I'm going to use his last name.
(18:42):
He is a dear friend Joe Millanase. You know Joe
said that he's listened to the show. There's a big, big,
exclusive champions dinner. You know. The joke there is, I'm
a golfer, not a great golfer, and Joe keeps saying,
some ill win a tournament where I can go to
our clubs, the Country Club of Troy's Champions Dinner. Joe,
(19:05):
I know you're listening, and I hope you have fun tonight,
but be careful. I may put on you know, I'm
gonna be dressing a tuxedo anyway. I may stop by
the club and maybe Serbia a drink or two. I'll
look like one of our bartenders, if that's okay. So enjoy,
enjoy the big Champions dinner and give everybody a shot out,
(19:26):
shot out for me. I've been a member of the
country Club of Troy now for almost forty years. It's
a great club, beautiful little club. Also belonged to the
Saratoga Golf Polo, which you know was really my wife's club.
Soon joined that she loved of them with the women there,
and it's a nice little club too. One eight hundred
(19:47):
eight two five five nine four nine one eight hundred
eighty two five fifty nine forty nine. Give me a
call if you have any questions, any questions whatsoever. So
it was a mixed next week with with stocks, you know,
doing what they do, and that is go up and down,
(20:07):
up and down, up and down. The Trump administration, as
they said, announce a trade deal with the UK, signaled
a softer tone with China. That's important, folks. Maybe an
eighty percent tariff rather than one hundred and forty five
percent tarraff folks. I've said this more than once. Trump
is a school yard bully. You may like him as
(20:29):
a person, you may not like him as a person,
but he is he's he's got his heels dug in
on terriffs. He feels that tariffs will make this great
country of ours better than it is now, bring possibly
more jobs to our workers. We have a lot of
great qualified workers in this great country of ours, and
(20:52):
he feels that tariffs will you know, a lot of
countries make a lot of money on us, because just
about every country out there has tariffs on our products
going into their countries, but we don't. Coming in reverse.
And on the second half of the show, maybe we'll
talk a little bit more about that. There was a
day when tariffs really kind of was the income tax,
(21:13):
and then all of a sudden we kind of got,
you know, a little down on tariffs and brought in
income tax. And none of us wants to pay any
more income tax and we need to do we so
if we can have foreign countries help subsidize our income
tax and iro income taxes can go down, I'll take
a tax cut all day long. Actually, believe it or not,
(21:33):
a tax cut is healthy for the economy. Don't be
afraid of the tax cut. Tax cuts.
Speaker 6 (21:39):
It's been proven that.
Speaker 3 (21:40):
Tax cuts actually stimulate growth, and there's nothing wrong with that.
So I'm okay, we have a tax cut here or there.
Folks were coming up to the bottom of the hour.
You are listening to Let's Talk Money, brought to you
by Bouchet and Answer Group, where we help our clients
prioritize their help while we manage their wealth for life.
(22:00):
If you have any questions one eight hundred eighty two,
five five nine four nine one eight hundred eighty two,
five fifty nine forty nine, any questions whatsoever, give me
a call, go to our website after the show. We
got a lot of good stuff up there, the interviews
they did with me from Rome. I haven't even talked
about our new pope yet. Maybe we'll talk about that
(22:21):
on the other side of the news break. As I said,
the phone mines are open. One eight hundred eighty two
five five nine four nine, see you right after the news.
Speaker 4 (22:38):
Well, yeah, well.
Speaker 3 (22:47):
I like the songs the way. Yeah, hey, folks, welcome back.
Thank you for hanging in through the news, and more importantly,
thank you for tuning in today. I can't thank you enough.
Every weekend Saturdays at ten Sunday said eight, I'm on
this weekend. I have some really distinguished colleagues that helped
me with the radio. I've been doing the radio now
(23:08):
for thirty years, thirty years, three decades. I love doing
the radio. I love walking with you, helping you in
any way I can. And if you have any questions,
any questions whatsoever, give.
Speaker 6 (23:21):
Me a call.
Speaker 3 (23:22):
I promise I'll give you my honest opinion. May or
may not be what you want to hear, but it'll
be from my heart. One eight hundred eighty two five
five nine four nine. One eight hundred eighty two five
fifty nine forty nine. Let's go to the phone lines
where we have David calling from the car. Hello, Dave, Hello,
(23:44):
thank you for your time. Steve.
Speaker 4 (23:45):
As usual, I do have a curiosity question and then
I'll hang up and listen to say.
Speaker 7 (23:50):
Okay, absolutely, see when we just saw those massive swings
to the minus. I know, guys like me, you, anybody.
Speaker 4 (24:01):
Know didn't touch their money. What is the cause of
the massive swings? Is it algorithms? Is it day traders?
Speaker 7 (24:09):
And I'll hang up now and listen to your brilliant things.
Speaker 3 (24:12):
Yeah, well, thank you for the call of David. So
really the volatility in the market is listen, investors don't
like any surprises, anything that comes up unexpectedly.
Speaker 6 (24:28):
They don't like.
Speaker 3 (24:29):
And you know, these tariffs, they've been the best advertised
thing since since you know, the sliced bread, right, I mean,
we knew these tariffs were coming. It's it's no secret
why investors got spooked out of the markets. And a
lot of investors think with their heart, with emotions. I
always say, we get paid really to take emotion out
(24:53):
of the decision making process. That's probably the biggest and
best value that we bring to the relationships We manage
our client's money by discretion, we make investment decisions. We
do a good job. So a lot of the volatility
are you know, people just getting scared. You'll see people
come out of stocks because they think of that as
(25:14):
a risky asset. They'll go into something safe like bonds,
maybe gold, gold. You know, God, I never in a
million years would think that gold would be as high
as it is. I mean, the high was thirty four eleven.
It closed Friday at thirty three thirty five announce I
never thought I would see gold. I missed. I missed it.
(25:36):
We had gold in the portfolio for a while and
gold continued to do well. I was surprised by it.
So for those of you that had gold, you did well.
But remember there's no intrinsic value in gold. You can't
you know, it doesn't pay a dividend. There's you know,
(25:57):
you can't really go into stewards right shaves some some
you know, shavings to pay for your milk and bread
or gas. So gold is really buyers and sellers. If
you're looking to sell, what will the buyer pay? And
vice versa. That's how gold trades. But a lot of
investors went into safer investment. Some investors took their money
(26:20):
out of this great country of hours to go overseas,
thinking that there was better value there, and on paper,
you know, price to earnings ratio do look better. But
aside from that, there are a lot of program traders
out there. There's a lot of you know, stuff that
goes on that also adds to the volatility. Hope that
(26:42):
helps you Date one, two, five, four nine. We're going
to go back to the full lines. We have a
different day from Gildolin. Good morning, Gilberlin.
Speaker 8 (26:53):
Hi, thanks for taking my call. Can you hear me all?
Speaker 6 (26:59):
I can hear you.
Speaker 3 (27:00):
Yeah? What can I help you with this morning?
Speaker 6 (27:02):
Dave?
Speaker 8 (27:03):
Sorry, I am sorry. So I'm retired from New York State.
I got, you know, obviously collecting my pension and I
have not collected my Social Security yet. I'm thinking probably
with the next six months to a year. The old
question is I'm gonna six sixty five this month? All right,
(27:24):
all right, so do you have any comments and hold
off for well.
Speaker 3 (27:31):
I'm going to give you two comments. I'm gonna give
you my professional comment and then I'm going to make
it personal. I give you a real life story. So
my professional comment, and we say this to clients. If
you know you're going to live into you know, your
late seventies and beyond, it's always good to take social
(27:53):
Security at a later date because you're going to get
that much more. Full retirement age for you, Dave is
probably around sixty seven. That's when you get your full benefit.
Then from sixty eight, sixty nine and seventy it goes
up about eight percent a year. So seventy is the max.
And if you don't take it at seventy. For instance,
(28:15):
I had a client that I could not could not
get to take Social Security and by the time he
took it, he was seventy four years old and brilliant man,
a doctor, brilliant man. So you know, he just wanted
to take it, and I said, you know, you leave
the money on the table, they're not going to make
(28:37):
up for that. So he finally finally took it. And
seventy is the max. So that's my professional opinion. If
you can get by on your pension and you know
you're going to live into your late seventies and beyond,
then waiting is good. Now I'm going to give you
(28:59):
the personal side. So next Friday, will be a year
that I lost my beloved wife, Sue, and it's been
a long year. And the you know, the joke between
Sue and I, because I'm still working, and Sue always
wanted to take her Social Security and I told her
what I told you, Dave, I said, you know, baby,
(29:20):
I said, it just it behooves you to wait, you know,
let's wait. And you know she would ask me every year,
let's take it.
Speaker 6 (29:30):
Let's take it.
Speaker 3 (29:31):
Let's take it.
Speaker 6 (29:31):
Let me have a little check.
Speaker 3 (29:33):
Do you know, to this day, Dave, I regret putting
it off. I regret suggesting to her that we wait,
because Sue, you know, passed before she took it. And
I think about that often, that all she wanted was
to get that check that she felt was hers and
spend it anyway she wished she could. And in hindsight,
(29:57):
I wish, I wish she.
Speaker 6 (29:58):
Did take it.
Speaker 3 (30:00):
She had that that joy of cashing that check each
month and going out and doing whatever she wanted to
do with it. So that's my professional opinion, Dave, and
my personal opinion. On paper, it makes sense to wait
if you know you're going to live to your in
your late seventies, and if you are in doubt of that,
(30:22):
then take it. As I said, I wish i'd let
Suit take it. Does that help answer your question?
Speaker 5 (30:28):
Yeah, it does.
Speaker 8 (30:29):
And thank you, sorry for your lost and yet I
like the personal touch on that.
Speaker 3 (30:34):
Thank you all right day, thank you for thank you
for calling. Hey, folks, I'm gonna take a quick fifteen second.
Speaker 6 (30:44):
If you want to learn more about GRIP.
Speaker 3 (31:18):
Hello, folks. Thank you for letting me take that break.
I needed to take that break. That was a good
question from Dave, And as I promised you, I answered
these questions from my heart and that was his heart
felt of an answer as I can give. Because on
paper it makes sense to wait taking social Security. But
(31:42):
I regret to this day that Suit didn't take hers
because that's all she wanted. We used to joke about
it all the time, and you know, on hindsight, I
wish she took it. You know, who cares about more money?
It's not about money, you hear me say often. Our
tagline is health, wealth for life. When you have your health,
(32:02):
you have everything. When you have your loved one, your spouse,
your partner, you're pretty blessed. And if financially you can
do things, do things because you never know when your
health or your loved one maybe the situation may change.
And I found out last year the hard way my
health and you know, losing Sue. So that is as
(32:23):
heartfelt of an answer as I could give Dave from
Gilberlan about when it takes Social Security. If you have questions, folks,
give me a call one eighty two five four nine.
Let's go back to the phone mines. We have John
from Colony. Hello, John, Hi, Steve, good mornings to take
him a call.
Speaker 5 (32:44):
Good, how are you?
Speaker 3 (32:45):
I'm doing great, John, Thank you for asking.
Speaker 5 (32:50):
Yeah, looking forward to a little bit of sun this afternoon.
We'll see if.
Speaker 3 (32:54):
God let us hope. John, Right, I mean, I'm looking
out the window and come on, gray skies. You know gray,
it was a popular color. Let's paint everything blue for
God's sakes.
Speaker 5 (33:09):
I'm onm with you. So Berkshire anyway, has been in
the news this week because of the annual meeting, and
I've been aware of it for decades but didn't know
a whole lot about it. Took some time to study
up read about it, and I walked away wondering to you,
why wouldn't I put a large person of my rollover
IRA into Berkshire B shares and just was wondering what
(33:34):
you thought about that. And the second question was if
you had any thoughts on U n H stock. And
you're not a big individual stock guy, but I'm sure
you know all about it anyway at these levels as
a you know, long term investment.
Speaker 3 (33:50):
Yeah, no, good questions, you know. So let's talk about Berkshire.
Warren Buffett one of my one of my idols really
just he is just a dynamic individual. If you go
back to nineteen sixty five when Buffett took over Berkshire, Hadaway,
(34:14):
Berkshire Hathaway rose about you know, five point five million percent.
That makes it difficult to compare Berkshire's returns to anybody else's.
The S and P, you know, pales in comparison, and
right now Berkshire belie were or not? Once again, you know,
(34:35):
I said, listen, anybody who thought tariffs was a surprise,
what did you know? Do you get out in public much?
Because we knew Paris were coming. And I'm going to
use the same analogy with Warren Buffett. What a what
an investor ninety four years old? Did you think he
(34:59):
wasn't going to retire. I hired at some point and
for the last ten years he shared with us he
was going to look for his successor. It took him
ten years, but Hibbert or not investors actually sold Berkshire
half the way because he was retiring. There should have
been no surprise that he's retiring. If anything, I like
(35:19):
Berkshire Hathaway. It's a great holding company. I used to
refer to it john as a as a mutual fund
in a way because of all the different companies that
Warren Buffett has. You know, he's he's got you know, railroad, Energy,
Apple makes up a big part of his holdings. And
(35:40):
right now it's five percent discounted. People have sold off
Berkshire halfway and it's down about five percent since Warren
Buffett announced that it'll step down at the end of
the year. And you know, listen, anybody lucky enough to
put one hundred dollars in Berkshire halfway back in nineteen
sixty five would have five point five million dollars right now.
Speaker 2 (36:03):
Now.
Speaker 6 (36:03):
If you put the.
Speaker 3 (36:04):
Same hundred dollars in the SMP, you'd have about thirty
nine thousand. Do I think that Warren Buffet retiring will
change Berkshire Hathaway not that much. Warren Buffett has a
team under him, and he chose Greg Able to replace him.
They've been around for a long time, so I don't
(36:25):
think you're going to see a lot of changes. And
you know, from what I'm told, this guy is like
Warren Buffett. I mean you can literally drive by warm
Buffett's home and Omahammedabah or Nebraska. I've done it. I've
literally had parked my car in front of his house.
He lives in a simple house. He lives life simply,
(36:46):
and there's nothing wrong with that. And supposedly his successor
is the same thing. You know, as I said, you
know the bulk of his his his companies that invest
in you have, you know, Railroad Energy, It's insurance Empire
(37:07):
he owns. He loves insurance companies. They pay off nice cash.
So if you want to add it to your portfolio,
I have no problem with it, maybe up to ten
percent of your overall investing. It's just you know, right
right now he's sitting on three hundred and thirty three
billion dollars of cash. Now I'm going to have you
think about that. That cash pile is bigger than the
(37:30):
market capitalization of all but twenty five of the largest
S and P five hundred companies, So four hundred and
seventy five companies in the SMP. Warren Buffet has more
cash that Berkshire Hathway is sitting on than the than
the whole value of those four hundred and seventy five companies.
(37:54):
That's staggering. So it's a good company if you were
to buy it, I don't think you be disappointed. It's
you know, I don't think much is going to change.
And right now, as I said, you can get it
at about a five percent discount because people actually sold off.
They sold off Fordshire Hathaway because warm Buffett was going
(38:15):
to retire, Like come on, you know, he told us
ten years ago when he was eighty four that he
was looking for a successor, and he did his homework
and it took him a long time to find a successor.
And I get it. I do the same thing in
my firm when I choose people around me that I
want to help, you know, delegate things too. I'm really
(38:35):
careful because I've built the firm. I have twenty professionals
that rely on me, and they respect me and I'm
loyal to them. So I want to make sure that
if I decide to have people help me run the
day to day operations, that they're going to do the
job that I would do, because that's what my colleagues
and clients expect. So I hope that helps you. But
(38:57):
it's a good company. It's a great company. And he
got a lot of cash. He just as he says,
he's not going to just swing to miss you know,
he find anything that he wants to buy into, so
he's just holding on to that cash. Good call John
one eight hundred eighty two five five nine four nine.
If you have any questions, any questions whatsoever, give me
(39:19):
a call. One eight hundred eighty two five fifty nine
forty nine. So I started to say, you know, Cardinal
Robert Prevost, you know, talk about just a simple, good guy.
We never I don't think the world thought that an
American would be elected pope. He had the first American pope.
(39:42):
He's Italian, he's he's a Peruvian citizen. He spent so
much time there and from what I'm told, you know,
he you know, he was you know, he was not
in first place on the first actually number two the
(40:03):
gentleman who was right next to Pope Francis was the
lead of vote get her in the first go around.
But basically, you know, when the white smoke came out
on Thursday afternoon, applause rang out from the Red Cardinals.
They elected Robert Privos, who took the name of Pope
(40:26):
Leo the fourteenth, and everything that I'm hearing, everything that
I'm reading about this guy, I'm excited. Folks, whether you're
Catholic or not, you know, it's always nice to have
the leader of you know, we got one point five
billion Catholics around the world, and I think this guy
(40:46):
will continue on. I you know, I was in Rome
a couple of weeks ago. I shared that with you.
I was supposed to have a Mass said for me
at the Vatican and then meet Pope Francis on Wednesday,
and I flew into Rome and ironically watched the movie
Conclave on my way from Miami to Rome. I watched
(41:09):
the movie and as I touched down, the Pope just
passed away. So obviously, you know, everything was kind of
shut down on the Vatica and I did not get
to have a Mass read for me or obviously meet
the Pope, but it was a memorable trip in different ways,
and some of the local TV stations picked up on
the fact that I was there. A WNYT did a great,
(41:35):
great interview along with Spectrum News and it's up on
our website if you want to see it. It comes
from my heart, pretty emotional reflections from Stephen Bouchet and
Rome Honor and Pope Francis. And not only did the
local TV stations pick up on it, but you know,
(41:55):
talk about technology. I'm on Twitter and the BBC International
News saw the interview on Twitter and they actually reached
out to me when I was in Saint Peter's Basilica
and they said, hey, can we do an interview? I
said on DBC. They said, yeah, we would really like
(42:17):
to do an interview with you. So I ended up
doing an interview, an international interview with BBC. They met
me right outside the square and it's as I said,
it's on our website, Bouchet dot com. There's a lot
of good stuff there. Harmony did a white paper on
cash in or hold tight, how to decide when to
(42:37):
exercise your non qualified stock options, and then John Malay
avoiding unforced errors, staying in the game, what Eli Manning
can teach us about investing. And then, as I said,
the interview from me, so go to our website. There's
some good stuff there. And I'm really happy about this
new pope. I think I think the world is really
(43:00):
happy he you know, even though he's American. His whole
introduction to the world was in Italian and it was
pretty pretty special to watch them stand there, and I
was right underneath, right underneath there, just the week before. So,
(43:21):
as I said, my trip to Rome will be memorable
for different reasons. One eight hundred eighty two five five
nine four nine. One eight hundred eighty two, five fifty
nine forty nine. If you have any questions, give me
a call, any questions whatsoever. Let me help you answer
those questions anyway I can. One eight hundred eight two
(43:42):
five five nine four nine. So I shared with you.
I stop at Stewart's to pick up the barons in
the Wall Street Journal this morning, and there's some numbers
in the barons. No just I found him interesting. Seventy
six percent of one hundred and thirty eight US air
(44:03):
traffic control systems are deemed obsolete or too difficult to maintain.
Think about that, one hundred and thirty eight US air
traffic control systems and around the US are deemed obsolete
or too difficult to maintain. I know Nework hads and
(44:25):
problems with communications, and some flights were shut down. You
know that that's not a number I feel comfortable with.
Another number that I feel comfortable with, Thirty one percent
of IRS auditors have taken buyouts or were recently fired.
Thirty one percent of Internal Revenue Service auditors have retired
(44:49):
one way or the other, whether they decided to retire
or they were forced down. That was pretty interesting as well.
Sixty eight percent the increase in trade between Russia in
China between twenty twenty one and twenty twenty four last year,
a record two hundred and forty five billion dollars worth
of goods between Russia and China. Something to watch out for.
(45:14):
We know that there's a lot going on. Hopefully, hopefully
President Trump can negotiate a deal with you know, basically
shutting down the war between Ukraine and Russia. I'm hopeful
that that will have happened sooner than later. I'm also
hopeful that we'll get all the hostages out of Gaza
(45:36):
sooner than later. I'm hoping that, you know, the world
becomes a more peaceful place. I'm gonna go see my
brother Brian. You know, first half of the show I
talked about how race has hurt so much, and my
brother Brian has down syndrome. And believe me, there's still
some some uneducated, some dopes around the world that just
(45:59):
don't understand and people with special needs. People with special
needs are special folks. They're special for a reason. My
brother Brian, my brother Brian, all he wants to do
is be like everybody else. He wants to, you know,
walk around the neighborhood. He wants to be in the community,
he wants to be able to work, and he just
(46:21):
wants to be like everybody else.
Speaker 6 (46:23):
There's nothing wrong with that.
Speaker 3 (46:24):
My brother Brian is a beautiful soul. He has a smile,
he grins from ear to ear. He is just. He
loves unconditionally. If more people were like my brother Brian,
the world would be a better place. To see him
later and he just made He's taught me so much
(46:45):
about life and so forth. Folks you're listening to Let's
talk Money brought to you by Bouchet and Andrew, where
we help our clients prioritize their health while we manage
their wealth for life. We're coming up to the end
of the show. I can't thank you enough for tuning in.
I hope you come back tomorrow morning, eight am, bright
and early. I'll be on. Put the coffee on, you know,
(47:09):
have a cup of jaba, and the sun's going to
be out and I'll be here with you at eight am.
Go to our website in the meantime get a lot
of good information. Thanks for listening, folks, have a great day.
I'm Stephen Bouchet.
Speaker 2 (00:01):
I'm your host today for Let's Talk Money, and I
apologize about the glitches that we're having. Hopefully we're going
to get that cleared up in a quick second. Technology
is a beautiful thing when technology works. In the meantime,
the phone lines are open, and if you have any questions, folks,
give us a call one eight hundred talk WGY one
(00:23):
eight eighty two, five five, nine, four nine, any questions whatsoever,
give me a call. I'm gonna take a quick fifteen
second break to get this technology cleared up.
Speaker 1 (00:34):
Don't go anywhere, folks.
Speaker 3 (00:49):
Want it.
Speaker 4 (00:49):
Dog.
Speaker 5 (00:50):
Everything is true, but what a dog gave you?
Speaker 3 (01:27):
Hello, folks. I think we got the technology cleared up.
As I said, it's a beautiful thing when it works.
When it doesn't, it just kind of throws a monkey
wrench in to your day. Speaking of monkey wrenches, how
much more rain can we take? Man? Oh Man, I
thought it was April showers bring May flowers. That seems
to be the other way around. Maybe it's May showers
(01:48):
bring June flowers. Regardless, I guess we got some nice
days coming, and hopefully we're going to have some better
days coming in the stock market. I know the talk
is still tariffs, tariffs, tariffs. It's all about the terar
I'm not so worried about the tariffs, Believe me. I
said weeks ago that it was going to throw a
little volatility into our trading days, and investors are going
(02:11):
to see some shaky times.
Speaker 6 (02:13):
And I don't think it's over.
Speaker 3 (02:14):
I don't think the ups and downs are over. But listen, folks,
if you have a good portfolio, well diversified, forget about
the teriffs, forget about the volatility. Before you know it,
we're gonna wake up. The world will be in a
better place. We'll have the tariff situation figured out. Everybody
will try to get along as best they can, and
(02:36):
investors will realize that the world's not coming to an
end again. The world is not coming to an end.
It feels it, I know it seems it. Whenever you
lose money, it just feels terrible. Why do I own stocks? Why?
Speaker 2 (02:51):
God?
Speaker 3 (02:51):
I could have just put my money under the mattress
and I would be able to sleep at night. But remember,
you want to sleep at night, Piauce. You'd have a
really rough life sleeping on a wumpy mattress if you
have all that cash under your mattress.
Speaker 2 (03:04):
But the.
Speaker 3 (03:07):
Long and short of it is, this will pass, and
you can't get all bent out of shape because of
the volatility, because of the terraff. So I'm here to
help you calm your nerves any way you want. If
you have questions, any questions whatsoever, please reach out. The
phone lines are open one eight hundred plark WGY one
(03:31):
eight hundred eighty two, five, five, nine, four nine, any
questions whatsoever. So what happened this pass week? Well, you know, Monday,
crude fell to a four year low as O pet
boosted output and you know, remember supplying demand when it
comes to oil, So the more output there is, you know,
(03:51):
the prices go down. The dollar slippedi is, Asian currencies,
particularly particularly the Taiwanese dollars surge. President Donald Trump again
urged the Federal Reserve to cut rates, but the Fed,
as I said last week, stayed put while warning of risks.
Stocks fell back, then rallied, then fell again. You got
(04:15):
news of the US China talks, You got news of
the United States and United Kingdom coming together with a
trade deal. It was a messed up week, no different
than the past few weeks right. So for the week
that Dow was off about two tenths of a percent,
SMT fell about a half a percent, Nastac about three
(04:36):
tenths of a percent. So Nastac actually hung in there
better than ever. On the company forefront, you had Warren
Buffett ninety four years old. Folks, it took them ten
years to name a successor, ten years to name a successor.
I think, at my young age, I'm sitting here. I'm
not looking to retire anytime too soon. And on Monday
(05:00):
I got to tell my team, listen, Warren Buffett at
eighty four took him ten years. I'm going to take
my sweet time. I'm not going anywhere. I you know,
as long as I'm mentally confident and able to walk
into the office, I love doing what I do, so
I don't plan on going anywhere. I just plan on
surrounding myself by people that can help me, people that
(05:21):
I can delegate to, so that I can spend more
time with my clients and more time looking at the
investments so that we can continue to get our investors
stellar return. So Warren Buffett ninety four said he would
step down as CEO Berkshire hand away at the year end,
and the successor will be Greg Abel. He's been with
(05:43):
Buffett for a while. Trump said he would slap one
hundred percent terris on foreign made movies. Now, what comes
to mind, Star Wars. I think a lot of Star
Wars is made in the UK. So you Star Wars fans,
maybe you know it's going to cost a little bit
more to make that money or at least bring it
into this great country of ours. And we do have
(06:04):
a great country, folks, Our country is second to none.
The administration blocked Harvard from federal research grants. Listen these
nandiose kids, and I'm sorry, I can't bite my tongue here.
I grew up with two brothers with special needs. I
know how hurtful it is when people call people names,
and my brothers were called names that it just makes
(06:27):
me cringe to this day, especially when I hear people
use the R word in a slag.
Speaker 6 (06:35):
In a bad way.
Speaker 3 (06:36):
It's it makes my heart ache. So there's no there's
no place for raisom, any form of rasom any form
at all. These snandios kids at these Ivy League schools,
what are they thinking? As far as I'm concerned, they
should be all made famous so that companies think twice
about hiring them. So all that money that mommy and
(06:59):
daddy spent for their higher education, I hope goes the
ways to these snoty knows kids. I hope they're going
to be flipping burgers at McDonald's instead of working for
hedge fund companies or whatever their dream job is. Because
they are the They are thugs in my mind. And
Trump said, listen, unless these universe diversities get it under control,
(07:23):
guess what we're pulling funding. You're not going to get
that tax exempt status. I am all in favor that
there is no room for raising in any form whatsoever
in this great country of ours, no room at all.
So these snati knows kids they're going to get what
they have coming to them. And as they said, let's
(07:44):
make them famous, Let's put their pictures up there. Let's
make sure they can't get a good job or the
job that they want it. Let's make sure they have
hell to pay for what they're doing. That's just my
personal opinion, folks. You may or not agree with it.
But as I said, growing up with to brothers with
special needs and seeing how hurtful it was for my
(08:09):
whole growing up to have kids not know any differently
or better call them names. And I think why to
this day that there's not a You couldn't find any
trace of racism in my blood or my family's blood.
It's just there's nowhere for it. So the administration blocked
(08:30):
Harvard from federal research grants. They may be taking away
their tax exempt status. Used to be pretty cool, right
if you got accepted to an Ivy League school. I
don't think that's the case anymore. Actually, if somebody applied
for a job with me, I think the first thing
I would do is a Google search to see if
they show up at any of these protest rallies, whether
(08:52):
whether they're coming from an Ivy League school or not.
Open Ai retreated from its plan to become a for
profit company that was interesting Ford Motor Pulp guidance one
that tariffs would produce a one point five billion profit
hit and constantly raise prices. Mattel said it was moving
(09:13):
movie production from China and planning to raise prices. Walt
Disney allowed, I'm sorry, announced a new theme park in
Abu Dubai, Abu Dhabi, and that's you know that was
the big news this week. You also, we know the
Fed came out on Tuesday and Wednesday, they left interest
(09:35):
rates alone. You had more than four hundred and fifty
of the S and P five hundred companies reported first
quarter earnings, almost eighty percent of them beating earnings per
share estimates, sixty percent beating sales production projections. That's beautiful
news on corporate America front. Remember it's important for corporate
(09:58):
America to continue earning prot That sounds really really important.
On Tuesday, you got the Bureau of Labor Statistics releases
the Consumer Price Index. Economist forecasts to two point four
percent year over year increase. The core CPI, which strips
out follttle, food and energy prices, is expected to rise
(10:19):
about two point eight percent. Both estimates would match launch
data the annual change in the March core CPA with
the lois in four years. That's good news. On Thursday,
the Census Bureau reports retail sales data for April. Consumer
spending is expected to be flat month over month after
a little bit of a jump in March. And on Friday,
(10:42):
the University of Michigan releases its Consumer Sentiments survey for
May April's fifty two point two reading was the lowest
since July twenty twenty two, while consumer's year ahead inflation
expectation six point five percent was the highest since nineteen
eighty one. There you have it, folks. If I created
(11:04):
any questions for you, give me a call. I would
love to talk to you. We have a new producer
that's on the phones with Zach today. Zach has been
my longtime producer, and Zach is retiring from the weekend
news business. He's got a beautiful family, and I admire
and respect Zach, and Zach's with us. I think this
(11:26):
is is last weekend and we have Daliah who will
be our new producer. So I'm lucky today I have
both Daliah and Zach. So if you have any questions,
give us a call. They are on the phones ready
to put you on so.
Speaker 6 (11:40):
I can talk with you.
Speaker 3 (11:41):
The phone lines are open one eight hundred talk WGY
one eight hundred, eight two, five, five, nine, four nine.
This time I'm going to take a real fifteen second
break to wet my whistle.
Speaker 6 (11:53):
Don't go anywhere.
Speaker 5 (12:13):
Well, welcome back, folks.
Speaker 3 (12:16):
Thank you for tuning in today. It's a dreary day
out there. But it's supposed to get nicer, I think
because the day gets going, especially in upstate New York.
There's other parts of the country that are having a
little better weather than we're having. There's other other parts
of the country that aren't having as nice as weather
as we're having. It's been a long week, though, hasn't
(12:36):
it long? Wet, damp, miserable, right, I mean, God, just miserable.
Yesterday the rain just would not stop. I mean, enough
is enough. Let's really, you know all, let's stop with
this with this rain. One eight hundred eight two five
(12:57):
five nine four nine one eight hundred eighty five forty nine.
If you have any questions, give me a call. I'd
love to talk to you. Oil prices, you know Darren's.
I went to Stewarts this morning. That's where I buy
my papers at the Stewarts. I used the Stewards today.
I used the Saratoga Stewarts Downtown Stewarts on Broadway in Saratoga.
(13:22):
Big sign as I walked in. They're looking for help.
So if you're looking for job, folks, there's jobs out there.
Seventeen nineteen dollars an hour with benefits.
Speaker 6 (13:32):
That's not bad.
Speaker 3 (13:33):
Folks. It was just a few years ago when those
jobs would be ten dollars an hour, and they've almost doubled.
That's what has happened over the last few years. People
are being paid more to do jobs where before they
were being paid a whole lot less. Not only are
they being paid more, but they're being treated better, they're
(13:53):
getting some benefits, and that's good. Hey, I'm okay with
companies making less money is if they're taking care of
their people, because it's there are people that make the
company successful. And I know, especially for the day family,
Gary and his dad. You know, the Stuarts is. You know,
there's a Stuart's just about in every city, town, village
(14:15):
that that you go to. I forget how many stores,
there's over three hundred. I'm very involved in the American
Cancer you know, the community. And tonight we have our
big galla and I'm proud to say we're honoring Gary
and Amy Dake be there with my you know, I
had my tuxedo all screw Stump and I'll be there
(14:38):
to to applaud Gary and Amy. They deserve it. They
do so much for the community. And as I said,
there's Stuarts in every city, village town. You can't not
find Stewarts, and it's a comfortable setting when you think
about it. You know, there's always a couple tables to
sit down at it if you want to enjoy your
coffee or your or sandwich or whatever it is. Stewards
(15:03):
that have have done a nice job, and Gary and
Amy deserved the honor that they're getting tonight, So I'm
looking forward to that. It'll be a nice night at
the Hall of Springs eighty two five five nine four nine.
You can also get gass at the storages and oil
prices have been sliding. The price of gas is coming down,
(15:24):
thank god. You know that's the one area that hurts
consumers the most when gas goes up. Just about everybody
has to book gas in their car, and it affects
you know, even the guy delivering door dash or your
pizza from your favorite pizza Rhea. You know, gas, you
(15:45):
think about it. So it's nice that that oil is
coming down. You're to date oil as we sit here,
it's close to sixty one dollars a barrel, down about
fifteen percent year to date, and you know, sixty one
dollars is something. But there's a little piece and barrens
that says oil may come down and fifty dollars. I
(16:08):
told you in the opening segment of the show that
there's going to be supply demand issues. OPEC is boosting
up supply that brings the price down. There's that supply
and demand problem OPECK and its allies. They're ramping up
supply faster than expected. Daily production set to rise by
(16:29):
nearly a million barrels by June from March. OPEC wants
to regain market share from countries such as this great
country of ours, and seems willing to endure lower prices
to make it happen. They can afford to do that.
Demand isn't rising fast enough to stop up that extra supply,
which is why the price of oil is coming down.
(16:51):
And that's not a bad thing. I'm good with oil
coming down. So at fifty dollars a barrel, most companies
can still make money on our operating wells, but they'll
almost certainly spend less on policies like stock buybacks. A
few we'll be able to drill new wells profitably. So
if you own a lot of these energy companies or
(17:13):
best yet, you know we believe in ets the the
ETS Exchange traded funds is really the way for you
to if you want exposure to energy, let's say by
by by the Energy x l E is the symbol.
You'll buy all the companies in the SMT five hundred
(17:35):
that are considered energy companies. And that's the safest way
to do it. So for the week, as I said,
you know, believe or not now, Russell two thousand was
the outlier. Russell two thousand was up point one two percent.
The Dial down almost zero point two percent, dan Stack
(17:55):
down about zero point three percent, SMP down almost half
a percent. So NASDAC actually did better than the S
and P, and Russell two thousand did better than the
other two major in DEXes you're today, the SMP is
down three point eight percent, Russell two thousand down nine
point three percent, NASDAK the composite, the entire Nasdaq index
(18:20):
is down seven point two percent. But when you buy QQQ,
you're buying the one hundred largest companies and that is
down only four point five. So the QQQ down four
point five the entire Nasdaq composite down seven point two. Oh,
my dear friend Joe, I'm going to use his last name.
(18:42):
He is a dear friend Joe Millanase. You know Joe
said that he's listened to the show. There's a big, big,
exclusive champions dinner. You know. The joke there is, I'm
a golfer, not a great golfer, and Joe keeps saying,
some ill win a tournament where I can go to
our clubs, the Country Club of Troy's Champions Dinner. Joe,
(19:05):
I know you're listening, and I hope you have fun tonight,
but be careful. I may put on you know, I'm
gonna be dressing a tuxedo anyway. I may stop by
the club and maybe Serbia a drink or two. I'll
look like one of our bartenders, if that's okay. So enjoy,
enjoy the big Champions dinner and give everybody a shot out,
(19:26):
shot out for me. I've been a member of the
country Club of Troy now for almost forty years. It's
a great club, beautiful little club. Also belonged to the
Saratoga Golf Polo, which you know was really my wife's club.
Soon joined that she loved of them with the women there,
and it's a nice little club too. One eight hundred
(19:47):
eight two five five nine four nine one eight hundred
eighty two five fifty nine forty nine. Give me a
call if you have any questions, any questions whatsoever. So
it was a mixed next week with with stocks, you know,
doing what they do, and that is go up and down,
(20:07):
up and down, up and down. The Trump administration, as
they said, announce a trade deal with the UK, signaled
a softer tone with China. That's important, folks. Maybe an
eighty percent tariff rather than one hundred and forty five
percent tarraff folks. I've said this more than once. Trump
is a school yard bully. You may like him as
(20:29):
a person, you may not like him as a person,
but he is he's he's got his heels dug in
on terriffs. He feels that tariffs will make this great
country of ours better than it is now, bring possibly
more jobs to our workers. We have a lot of
great qualified workers in this great country of ours, and
(20:52):
he feels that tariffs will you know, a lot of
countries make a lot of money on us, because just
about every country out there has tariffs on our products
going into their countries, but we don't. Coming in reverse.
And on the second half of the show, maybe we'll
talk a little bit more about that. There was a
day when tariffs really kind of was the income tax,
(21:13):
and then all of a sudden we kind of got,
you know, a little down on tariffs and brought in
income tax. And none of us wants to pay any
more income tax and we need to do we so
if we can have foreign countries help subsidize our income
tax and iro income taxes can go down, I'll take
a tax cut all day long. Actually, believe it or not,
(21:33):
a tax cut is healthy for the economy. Don't be
afraid of the tax cut. Tax cuts.
Speaker 6 (21:39):
It's been proven that.
Speaker 3 (21:40):
Tax cuts actually stimulate growth, and there's nothing wrong with that.
So I'm okay, we have a tax cut here or there.
Folks were coming up to the bottom of the hour.
You are listening to Let's Talk Money, brought to you
by Bouchet and Answer Group, where we help our clients
prioritize their help while we manage their wealth for life.
(22:00):
If you have any questions one eight hundred eighty two,
five five nine four nine one eight hundred eighty two,
five fifty nine forty nine, any questions whatsoever, give me
a call, go to our website after the show. We
got a lot of good stuff up there, the interviews
they did with me from Rome. I haven't even talked
about our new pope yet. Maybe we'll talk about that
(22:21):
on the other side of the news break. As I said,
the phone mines are open. One eight hundred eighty two
five five nine four nine, see you right after the news.
Speaker 4 (22:38):
Well, yeah, well.
Speaker 3 (22:47):
I like the songs the way. Yeah, hey, folks, welcome back.
Thank you for hanging in through the news, and more importantly,
thank you for tuning in today. I can't thank you enough.
Every weekend Saturdays at ten Sunday said eight, I'm on
this weekend. I have some really distinguished colleagues that helped
me with the radio. I've been doing the radio now
(23:08):
for thirty years, thirty years, three decades. I love doing
the radio. I love walking with you, helping you in
any way I can. And if you have any questions,
any questions whatsoever, give.
Speaker 6 (23:21):
Me a call.
Speaker 3 (23:22):
I promise I'll give you my honest opinion. May or
may not be what you want to hear, but it'll
be from my heart. One eight hundred eighty two five
five nine four nine. One eight hundred eighty two five
fifty nine forty nine. Let's go to the phone lines
where we have David calling from the car. Hello, Dave, Hello,
(23:44):
thank you for your time. Steve.
Speaker 4 (23:45):
As usual, I do have a curiosity question and then
I'll hang up and listen to say.
Speaker 7 (23:50):
Okay, absolutely, see when we just saw those massive swings
to the minus. I know, guys like me, you, anybody.
Speaker 4 (24:01):
Know didn't touch their money. What is the cause of
the massive swings? Is it algorithms? Is it day traders?
Speaker 7 (24:09):
And I'll hang up now and listen to your brilliant things.
Speaker 3 (24:12):
Yeah, well, thank you for the call of David. So
really the volatility in the market is listen, investors don't
like any surprises, anything that comes up unexpectedly.
Speaker 6 (24:28):
They don't like.
Speaker 3 (24:29):
And you know, these tariffs, they've been the best advertised
thing since since you know, the sliced bread, right, I mean,
we knew these tariffs were coming. It's it's no secret
why investors got spooked out of the markets. And a
lot of investors think with their heart, with emotions. I
always say, we get paid really to take emotion out
(24:53):
of the decision making process. That's probably the biggest and
best value that we bring to the relationships We manage
our client's money by discretion, we make investment decisions. We
do a good job. So a lot of the volatility
are you know, people just getting scared. You'll see people
come out of stocks because they think of that as
(25:14):
a risky asset. They'll go into something safe like bonds,
maybe gold, gold. You know, God, I never in a
million years would think that gold would be as high
as it is. I mean, the high was thirty four eleven.
It closed Friday at thirty three thirty five announce I
never thought I would see gold. I missed. I missed it.
(25:36):
We had gold in the portfolio for a while and
gold continued to do well. I was surprised by it.
So for those of you that had gold, you did well.
But remember there's no intrinsic value in gold. You can't
you know, it doesn't pay a dividend. There's you know,
(25:57):
you can't really go into stewards right shaves some some
you know, shavings to pay for your milk and bread
or gas. So gold is really buyers and sellers. If
you're looking to sell, what will the buyer pay? And
vice versa. That's how gold trades. But a lot of
investors went into safer investment. Some investors took their money
(26:20):
out of this great country of hours to go overseas,
thinking that there was better value there, and on paper,
you know, price to earnings ratio do look better. But
aside from that, there are a lot of program traders
out there. There's a lot of you know, stuff that
goes on that also adds to the volatility. Hope that
(26:42):
helps you Date one, two, five, four nine. We're going
to go back to the full lines. We have a
different day from Gildolin. Good morning, Gilberlin.
Speaker 8 (26:53):
Hi, thanks for taking my call. Can you hear me all?
Speaker 6 (26:59):
I can hear you.
Speaker 3 (27:00):
Yeah? What can I help you with this morning?
Speaker 6 (27:02):
Dave?
Speaker 8 (27:03):
Sorry, I am sorry. So I'm retired from New York State.
I got, you know, obviously collecting my pension and I
have not collected my Social Security yet. I'm thinking probably
with the next six months to a year. The old
question is I'm gonna six sixty five this month? All right,
(27:24):
all right, so do you have any comments and hold
off for well.
Speaker 3 (27:31):
I'm going to give you two comments. I'm gonna give
you my professional comment and then I'm going to make
it personal. I give you a real life story. So
my professional comment, and we say this to clients. If
you know you're going to live into you know, your
late seventies and beyond, it's always good to take social
(27:53):
Security at a later date because you're going to get
that much more. Full retirement age for you, Dave is
probably around sixty seven. That's when you get your full benefit.
Then from sixty eight, sixty nine and seventy it goes
up about eight percent a year. So seventy is the max.
And if you don't take it at seventy. For instance,
(28:15):
I had a client that I could not could not
get to take Social Security and by the time he
took it, he was seventy four years old and brilliant man,
a doctor, brilliant man. So you know, he just wanted
to take it, and I said, you know, you leave
the money on the table, they're not going to make
(28:37):
up for that. So he finally finally took it. And
seventy is the max. So that's my professional opinion. If
you can get by on your pension and you know
you're going to live into your late seventies and beyond,
then waiting is good. Now I'm going to give you
(28:59):
the personal side. So next Friday, will be a year
that I lost my beloved wife, Sue, and it's been
a long year. And the you know, the joke between
Sue and I, because I'm still working, and Sue always
wanted to take her Social Security and I told her
what I told you, Dave, I said, you know, baby,
(29:20):
I said, it just it behooves you to wait, you know,
let's wait. And you know she would ask me every year,
let's take it.
Speaker 6 (29:30):
Let's take it.
Speaker 3 (29:31):
Let's take it.
Speaker 6 (29:31):
Let me have a little check.
Speaker 3 (29:33):
Do you know, to this day, Dave, I regret putting
it off. I regret suggesting to her that we wait,
because Sue, you know, passed before she took it. And
I think about that often, that all she wanted was
to get that check that she felt was hers and
spend it anyway she wished she could. And in hindsight,
(29:57):
I wish, I wish she.
Speaker 6 (29:58):
Did take it.
Speaker 3 (30:00):
She had that that joy of cashing that check each
month and going out and doing whatever she wanted to
do with it. So that's my professional opinion, Dave, and
my personal opinion. On paper, it makes sense to wait
if you know you're going to live to your in
your late seventies, and if you are in doubt of that,
(30:22):
then take it. As I said, I wish i'd let
Suit take it. Does that help answer your question?
Speaker 5 (30:28):
Yeah, it does.
Speaker 8 (30:29):
And thank you, sorry for your lost and yet I
like the personal touch on that.
Speaker 3 (30:34):
Thank you all right day, thank you for thank you
for calling. Hey, folks, I'm gonna take a quick fifteen second.
Speaker 6 (30:44):
If you want to learn more about GRIP.
Speaker 3 (31:18):
Hello, folks. Thank you for letting me take that break.
I needed to take that break. That was a good
question from Dave, And as I promised you, I answered
these questions from my heart and that was his heart
felt of an answer as I can give. Because on
paper it makes sense to wait taking social Security. But
(31:42):
I regret to this day that Suit didn't take hers
because that's all she wanted. We used to joke about
it all the time, and you know, on hindsight, I
wish she took it. You know, who cares about more money?
It's not about money, you hear me say often. Our
tagline is health, wealth for life. When you have your health,
(32:02):
you have everything. When you have your loved one, your spouse,
your partner, you're pretty blessed. And if financially you can
do things, do things because you never know when your
health or your loved one maybe the situation may change.
And I found out last year the hard way my
health and you know, losing Sue. So that is as
(32:23):
heartfelt of an answer as I could give Dave from
Gilberlan about when it takes Social Security. If you have questions, folks,
give me a call one eighty two five four nine.
Let's go back to the phone mines. We have John
from Colony. Hello, John, Hi, Steve, good mornings to take
him a call.
Speaker 5 (32:44):
Good, how are you?
Speaker 3 (32:45):
I'm doing great, John, Thank you for asking.
Speaker 5 (32:50):
Yeah, looking forward to a little bit of sun this afternoon.
We'll see if.
Speaker 3 (32:54):
God let us hope. John, Right, I mean, I'm looking
out the window and come on, gray skies. You know gray,
it was a popular color. Let's paint everything blue for
God's sakes.
Speaker 5 (33:09):
I'm onm with you. So Berkshire anyway, has been in
the news this week because of the annual meeting, and
I've been aware of it for decades but didn't know
a whole lot about it. Took some time to study
up read about it, and I walked away wondering to you,
why wouldn't I put a large person of my rollover
IRA into Berkshire B shares and just was wondering what
(33:34):
you thought about that. And the second question was if
you had any thoughts on U n H stock. And
you're not a big individual stock guy, but I'm sure
you know all about it anyway at these levels as
a you know, long term investment.
Speaker 3 (33:50):
Yeah, no, good questions, you know. So let's talk about Berkshire.
Warren Buffett one of my one of my idols really
just he is just a dynamic individual. If you go
back to nineteen sixty five when Buffett took over Berkshire, Hadaway,
(34:14):
Berkshire Hathaway rose about you know, five point five million percent.
That makes it difficult to compare Berkshire's returns to anybody else's.
The S and P, you know, pales in comparison, and
right now Berkshire belie were or not? Once again, you know,
(34:35):
I said, listen, anybody who thought tariffs was a surprise,
what did you know? Do you get out in public much?
Because we knew Paris were coming. And I'm going to
use the same analogy with Warren Buffett. What a what
an investor ninety four years old? Did you think he
(34:59):
wasn't going to retire. I hired at some point and
for the last ten years he shared with us he
was going to look for his successor. It took him
ten years, but Hibbert or not investors actually sold Berkshire
half the way because he was retiring. There should have
been no surprise that he's retiring. If anything, I like
(35:19):
Berkshire Hathaway. It's a great holding company. I used to
refer to it john as a as a mutual fund
in a way because of all the different companies that
Warren Buffett has. You know, he's he's got you know, railroad, Energy,
Apple makes up a big part of his holdings. And
(35:40):
right now it's five percent discounted. People have sold off
Berkshire halfway and it's down about five percent since Warren
Buffett announced that it'll step down at the end of
the year. And you know, listen, anybody lucky enough to
put one hundred dollars in Berkshire halfway back in nineteen
sixty five would have five point five million dollars right now.
Speaker 2 (36:03):
Now.
Speaker 6 (36:03):
If you put the.
Speaker 3 (36:04):
Same hundred dollars in the SMP, you'd have about thirty
nine thousand. Do I think that Warren Buffet retiring will
change Berkshire Hathaway not that much. Warren Buffett has a
team under him, and he chose Greg Able to replace him.
They've been around for a long time, so I don't
(36:25):
think you're going to see a lot of changes. And
you know, from what I'm told, this guy is like
Warren Buffett. I mean you can literally drive by warm
Buffett's home and Omahammedabah or Nebraska. I've done it. I've
literally had parked my car in front of his house.
He lives in a simple house. He lives life simply,
(36:46):
and there's nothing wrong with that. And supposedly his successor
is the same thing. You know, as I said, you
know the bulk of his his his companies that invest
in you have, you know, Railroad Energy, It's insurance Empire
(37:07):
he owns. He loves insurance companies. They pay off nice cash.
So if you want to add it to your portfolio,
I have no problem with it, maybe up to ten
percent of your overall investing. It's just you know, right
right now he's sitting on three hundred and thirty three
billion dollars of cash. Now I'm going to have you
think about that. That cash pile is bigger than the
(37:30):
market capitalization of all but twenty five of the largest
S and P five hundred companies, So four hundred and
seventy five companies in the SMP. Warren Buffet has more
cash that Berkshire Hathway is sitting on than the than
the whole value of those four hundred and seventy five companies.
(37:54):
That's staggering. So it's a good company if you were
to buy it, I don't think you be disappointed. It's
you know, I don't think much is going to change.
And right now, as I said, you can get it
at about a five percent discount because people actually sold off.
They sold off Fordshire Hathaway because warm Buffett was going
(38:15):
to retire, Like come on, you know, he told us
ten years ago when he was eighty four that he
was looking for a successor, and he did his homework
and it took him a long time to find a successor.
And I get it. I do the same thing in
my firm when I choose people around me that I
want to help, you know, delegate things too. I'm really
(38:35):
careful because I've built the firm. I have twenty professionals
that rely on me, and they respect me and I'm
loyal to them. So I want to make sure that
if I decide to have people help me run the
day to day operations, that they're going to do the
job that I would do, because that's what my colleagues
and clients expect. So I hope that helps you. But
(38:57):
it's a good company. It's a great company. And he
got a lot of cash. He just as he says,
he's not going to just swing to miss you know,
he find anything that he wants to buy into, so
he's just holding on to that cash. Good call John
one eight hundred eighty two five five nine four nine.
If you have any questions, any questions whatsoever, give me
(39:19):
a call. One eight hundred eighty two five fifty nine
forty nine. So I started to say, you know, Cardinal
Robert Prevost, you know, talk about just a simple, good guy.
We never I don't think the world thought that an
American would be elected pope. He had the first American pope.
(39:42):
He's Italian, he's he's a Peruvian citizen. He spent so
much time there and from what I'm told, you know,
he you know, he was you know, he was not
in first place on the first actually number two the
(40:03):
gentleman who was right next to Pope Francis was the
lead of vote get her in the first go around.
But basically, you know, when the white smoke came out
on Thursday afternoon, applause rang out from the Red Cardinals.
They elected Robert Privos, who took the name of Pope
(40:26):
Leo the fourteenth, and everything that I'm hearing, everything that
I'm reading about this guy, I'm excited. Folks, whether you're
Catholic or not, you know, it's always nice to have
the leader of you know, we got one point five
billion Catholics around the world, and I think this guy
(40:46):
will continue on. I you know, I was in Rome
a couple of weeks ago. I shared that with you.
I was supposed to have a Mass said for me
at the Vatican and then meet Pope Francis on Wednesday,
and I flew into Rome and ironically watched the movie
Conclave on my way from Miami to Rome. I watched
(41:09):
the movie and as I touched down, the Pope just
passed away. So obviously, you know, everything was kind of
shut down on the Vatica and I did not get
to have a Mass read for me or obviously meet
the Pope, but it was a memorable trip in different ways,
and some of the local TV stations picked up on
the fact that I was there. A WNYT did a great,
(41:35):
great interview along with Spectrum News and it's up on
our website if you want to see it. It comes
from my heart, pretty emotional reflections from Stephen Bouchet and
Rome Honor and Pope Francis. And not only did the
local TV stations pick up on it, but you know,
(41:55):
talk about technology. I'm on Twitter and the BBC International
News saw the interview on Twitter and they actually reached
out to me when I was in Saint Peter's Basilica
and they said, hey, can we do an interview? I
said on DBC. They said, yeah, we would really like
(42:17):
to do an interview with you. So I ended up
doing an interview, an international interview with BBC. They met
me right outside the square and it's as I said,
it's on our website, Bouchet dot com. There's a lot
of good stuff there. Harmony did a white paper on
cash in or hold tight, how to decide when to
(42:37):
exercise your non qualified stock options, and then John Malay
avoiding unforced errors, staying in the game, what Eli Manning
can teach us about investing. And then, as I said,
the interview from me, so go to our website. There's
some good stuff there. And I'm really happy about this
new pope. I think I think the world is really
(43:00):
happy he you know, even though he's American. His whole
introduction to the world was in Italian and it was
pretty pretty special to watch them stand there, and I
was right underneath, right underneath there, just the week before. So,
(43:21):
as I said, my trip to Rome will be memorable
for different reasons. One eight hundred eighty two five five
nine four nine. One eight hundred eighty two, five fifty
nine forty nine. If you have any questions, give me
a call, any questions whatsoever. Let me help you answer
those questions anyway I can. One eight hundred eight two
(43:42):
five five nine four nine. So I shared with you.
I stop at Stewart's to pick up the barons in
the Wall Street Journal this morning, and there's some numbers
in the barons. No just I found him interesting. Seventy
six percent of one hundred and thirty eight US air
(44:03):
traffic control systems are deemed obsolete or too difficult to maintain.
Think about that, one hundred and thirty eight US air
traffic control systems and around the US are deemed obsolete
or too difficult to maintain. I know Nework hads and
(44:25):
problems with communications, and some flights were shut down. You
know that that's not a number I feel comfortable with.
Another number that I feel comfortable with, Thirty one percent
of IRS auditors have taken buyouts or were recently fired.
Thirty one percent of Internal Revenue Service auditors have retired
(44:49):
one way or the other, whether they decided to retire
or they were forced down. That was pretty interesting as well.
Sixty eight percent the increase in trade between Russia in
China between twenty twenty one and twenty twenty four last year,
a record two hundred and forty five billion dollars worth
of goods between Russia and China. Something to watch out for.
(45:14):
We know that there's a lot going on. Hopefully, hopefully
President Trump can negotiate a deal with you know, basically
shutting down the war between Ukraine and Russia. I'm hopeful
that that will have happened sooner than later. I'm also
hopeful that we'll get all the hostages out of Gaza
(45:36):
sooner than later. I'm hoping that, you know, the world
becomes a more peaceful place. I'm gonna go see my
brother Brian. You know, first half of the show I
talked about how race has hurt so much, and my
brother Brian has down syndrome. And believe me, there's still
some some uneducated, some dopes around the world that just
(45:59):
don't understand and people with special needs. People with special
needs are special folks. They're special for a reason. My
brother Brian, my brother Brian, all he wants to do
is be like everybody else. He wants to, you know,
walk around the neighborhood. He wants to be in the community,
he wants to be able to work, and he just
(46:21):
wants to be like everybody else.
Speaker 6 (46:23):
There's nothing wrong with that.
Speaker 3 (46:24):
My brother Brian is a beautiful soul. He has a smile,
he grins from ear to ear. He is just. He
loves unconditionally. If more people were like my brother Brian,
the world would be a better place. To see him
later and he just made He's taught me so much
(46:45):
about life and so forth. Folks you're listening to Let's
talk Money brought to you by Bouchet and Andrew, where
we help our clients prioritize their health while we manage
their wealth for life. We're coming up to the end
of the show. I can't thank you enough for tuning in.
I hope you come back tomorrow morning, eight am, bright
and early. I'll be on. Put the coffee on, you know,
(47:09):
have a cup of jaba, and the sun's going to
be out and I'll be here with you at eight am.
Go to our website in the meantime get a lot
of good information. Thanks for listening, folks, have a great day.
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