Let's Talk Money

July 27th, 2025. 

Episode Transcript

Speaker 1 (00:02):
Hello, folks. Well, the winning streak is over. I hate
to tell you. I've been up and out since seven
and all those days of sunshine and heat and warmth
and just gorgeous, drop dead gorgeous days, they are behind
us today. Well this morning, listen, if you want to

(00:23):
sleep in until noon, maybe you'll be okay, you'll skip
the rain. But if you're going out right and early
this morning and wait till nine o'clock, listen to the
show first, then go out. But if you're going out
this morning, more than likely you're going to get a
little wet. I'm Stephen Bouchet. I do have some amazing colleagues,
but you're stuck with me this weekend. I'm here with

(00:47):
you for you, and if you have any questions, any
questions whatsoever, give me a call. I would love to
talk to you. One eight hundred talk WGY one eight
hundred eight two five five to nine four nine, Any
questions whatsoever, folks, you know that's what I'm here for.
Delay and my producer and me, we're here to take

(01:10):
care of you. So if you are wondering what to
do with your portfolio of you know, somebody's trying to
say you're a mutual fund, an annuity. You want to
know about the fees. You want to know how you
should be invested, what's your tolerance for risk? All of
those questions and so much more. Remember I used to
bartend way way way back when. So not only was

(01:34):
they able to help people with their marriage problems and
everything else back then, but now I'm able to help
you with your financial future. You remember, you get one
opportunity to retire. You do not want to blow it.
You want to take advantage of it when you reach
that retirement each you want to be able to retire
one eight hundred eight two five five to nine four nine.

(01:57):
Any questions whatsoever. So, as I said, the winning streak,
and you know, I'm having a little fun with you.
But it is raining outside. But the winning streak, man,
let's hope it continues tomorrow. We you know, the s
and hit five records this week. I said it yesterday.

(02:17):
There are listen. When the stock market goes down, do
not do not, do not sell. I mean, if you
have some dogs, sure sell them, buy some you know,
better looking dogs. It's okay to do that. It's okay
to shuffle around, take advantage of volatility. You hear me
say it often. Volatility is your friend when it comes

(02:39):
to invest in. Do not be afraid of volatility. So
when the market goes down, listen, if you had some
things in the portfolio, maybe you wanted new stuff, but
it was always too expensive. The market's down, go in, buy,
take advantage of volatility. Do not do not get scared,

(03:00):
Do not have any knee jerk reactions. Do not sell
out of the market when there's volatility, peak to trough,
high to low. Ye're in year out for forty four years.
The market swings fourteen percent on average, some years more,
some years less on average, fourteen percent. When you think
about that, and when you see the market down, so

(03:24):
what and I know back and you know the spring
the markets were down, we had you know, the S
ANDP was down almost bear market territory twenty percent, and
that it's that twenty five percent. Guess what? They both
hit new record highs on Friday. It's funny how that happens,
isn't it. The market goes down, and ironically the market

(03:45):
always comes back. It always goes on to make new
all time highs. I love it when the investors say,
oh yeah, I can't invest my money now the market's
at an all time high. I said, yeah, wait, it'll
go and even get higher and make new all time highs.
When do you get in? You know the secret. There's
a lot of statistics out there. You can google it,

(04:08):
or better off, go to artificial intelligence. I talked about
that yesterday as well. Artificial intelligence. If you haven't used it,
use it, folks. It's here to stay. And it's a
beautiful then, I mean a beautiful thing. It's AI is
you know, picture it this way as Polo told me,
because I did not understand it at first. Pollow said, Steve,

(04:30):
think of Google. You put something into the Google search field,
you're going to get ten links, ten websites. With artificial intelligence,
you put something in that you're searching for, wondering about,
and it searches all those websites and gives you the answer.
What eight hundred eighty five five nine four nine one,

(04:53):
eight hundred eighty five fifty nine forty nine. So you know,
we had a pretty good week, folks. Listen as I said,
the markets are making new all time highs. In my mind,
that's a beautiful thing. SMP up one point four to
six percent, NASDAK up one point zero two percent QQQ.

(05:17):
When you buy NANSDAC, you're buying QQQ up point nine
h percent. You're to date, you have the SMP up
almost nine percent, over nine percent with diving in, and
the NASDAK can pounds it up nine point three QQQ
up eleven percent. Even the Russell two thousand is up
one point four percent. We like to see that Russell

(05:40):
two thousand catch up to the big dogs because we
need those mid caps small caps to do well. That
means that the market rally is broadening out, and you
want that, folks. You don't want the market to be
reliant just on Let's say the Magnificent seven, and the
magnificent seven is a beautiful it's for a lot of returns,

(06:04):
and that's all right with me. Listen, our clients are
riding that rally. They're making money. Our clients are very
happy with our investment strategy. Ryan does a good job.
He has a good investment committee follows part of it.
Ed Wilhelm, Casey Bird, Dave Clark. Ryan is doing a

(06:24):
good job. We're in some good, good, good holdings. We're
going to be making a little tweak here and there.
Coming up, so our clients will see some confirmations come through.
They give us discretion to manage their portfolio, do what
we feel is best for them on their behalf as

(06:44):
a fiduciary. That's really what we get paid to do.
And as I like to say, we get paid to
take the emotion out of the decision making process, and
I think we do it well. So you know you're
to date. The markets are up for a while down
funny how that happens, all of a sudden link of
an eye there, and they're rough. Gold a little bit off.

(07:08):
It's all time high. But you know I've said this
more than once. I wish I got into gold. I didn't.
I'm really not a gold bug. And gold has had
a great run up twenty seven percent year today closed
that thirty three thirty four. You know, it's high, just
just not too long ago. Is thirty four to thirty

(07:28):
nine announced? So thirty three thirty fours weren't closed. Oil
sixty five dollars a barrel. That's where that closed. And
you know, things are things are pretty good. The economy
is pretty resilient. I think the economy really is very resilient.
We have about a third of all the companies that

(07:51):
make up the S and P five hundred and guess what,
that's about five hundred companies. It's actually five hundred and
five companies. Speause, you have Google, for instance, let's call
it Alphabet. You have Alphabet, Well, let's call it Google,
whatever you want to call it. The official name is
Alphabet now, but I still call it Google. You know,
they have two share classes. Berkshire Hathaway has two share classes.

(08:15):
And Berkshire Hathaway is not Listen, I'm actually going to
talk to Ryan about maybe buying some It's almost like
a mutual fund, Berkshire Hathaway. It's it's it's a beautiful thing,
Berkshire Hathaway. And it's down ten percent since Warren buff
And on May third announce his retirement coming up at

(08:39):
the end of the year, and a lot of people,
you know, sold off thinking that was a bad thing.
It's not a bad thing. Listen, he has he didn't
make this decision overnight. He you know, he's he's put
a lot of thought into this and you know, losing
his long time you know, Patriad, Charles Munger and listen

(09:06):
at ninety four, he's not getting any any younger, and
he knows he has to have a succession plan, so
at the end of the year he will step down.
There will be a new, a new you know, CEO,
And I'm not worried about that. They're well trained and
well diversified. When you buy Birchshire Hathaway, you're you're, you're,

(09:32):
you're really buying almost a mutual fund, you know, when
you think about it, Geico, you know Burlington Northern Railway.
You have Birthshire Hathaway Energy, dairy Queen for those of
you fast food junkies, I want a nice milkshake, Sees Candies,

(09:54):
Thorough Cell, Precision car Parks what I mean, Apple, Coca Cola,
American Express, Chevron, Occidental. You know, it's pretty good. Bank
of America, pretty pretty pretty good. And it took warn

(10:17):
Buffet a long time to buy technology, and he hit
it well. He bought Apple. Apples are largest holding Apple
and Amazon, and he bought Apple and he did pretty good.
So when you buy Berkshire Hathaway, you really you're you're
you're doing just fine. You're getting a mutual fund and

(10:37):
well managed mutual fund. And it's ten percent. Since warn
Buffer announced this retirement, it's down in about ten percent.
And you know, I'm actually, as I said, I'm going
to talk to Ryan, I'm actually thinking about adding it in.
Why not. It's it's it's it's it's a great company,
a great company. And as I said, our top two
holdings Amazon and Apple, and I know you're to date,

(11:03):
and believe me, we've had some clients that asked us,
you know, geez, guys, why do you still hold on
Apple and Amazon? They're down and they are down year
to date. So here, you know, we had the SMP
up nine percent year to date, Apple is down about
fourteen fifteen percent. Amazon is up only five percent compared
to the market up nine percent. But let's go back.

(11:26):
You know two and a half years ago when I
asked Ryan that replaced me as chief investment officer. So
Apple since then up sixty nine percent, Amazon doubled up
one hundred percent, and the SMP up forty two percent.
Forty two percent is pretty good. But Apple and Amazon
by far, I would perform the market and these holdings,

(11:49):
and they're the largest holdings in the top ten of
NASTAK as well in the SMP. So when you buy
those indexes, you're buying those short term underperformance, it can
happen anytime, especially with these two stocks. But long term,
and we are long term investors, we remain confident that

(12:10):
these positions will continue to serve our clients well over time.
So am I worried that these companies are down? Absolutely not.
I'm not worried whatsoever. They're good companies and I like them,
and I'm just I believe in them so as I say,

(12:31):
you often until I'm mentally incompetent or not with you
any longer. And I don't plan on going anywhere. I'm
feeling actually, really really really good. And I had a
beautiful doctor's appointment in New York City on Thursday.

Speaker 2 (12:49):
They looked at me from head to toe and I'm
crystal clean, just a clean bill of health and every
way possible.

Speaker 1 (13:02):
I teared up. I was so so excited about getting
that news. So I'm feeling really good. I don't plan
on going anywhere. I love what I do, I love
my clients, I love you know. I may not be
doing as much day to day operations. I have a
leadership team Ryan Marty John that are helping me with

(13:26):
day to day operations. They're a lot smarter than I am.
They do a good job and we have you know,
we have a team of twenty colleagues, twenty professionals that
are really qualified, you know, nine cfps, three CPAs, an
i RS and rolled agent. We got a lot of expertise, folks,

(13:47):
expertise that I'm very proud of. There's not too much
we can't do for our clients. We may not be
able to repair their car or change the spark plugs,
but financially speaking, there's not much that we can do.
And we work with third advisors, third CPAs or attorneys
closely to make sure that they have a good plan

(14:08):
in place. So there you have it. And you know,
sometimes they help me out with the radio give me
a little break after doing the radio show for thirty years.
Every once in a while, and I believe me, I
worked a lot of weekends and never complained. I said yesterday,
I get energized when I come in to the show

(14:29):
and into the studio and do the show. I love
helping you the listening audience, and if I can help
you today with any questions. One eight hundred eighty two
five five nine four nine one eight hundred eight two
five fifty nine forty nine, give me a call, let
me help you. I'm gonna take a quick fifteen second
break because I'm looking at this nice cup of coffee

(14:52):
that I have and I just want to sip on that.
So let me take fifteen seconds. Don't go anywhere here.
I am thank you for letting me do that. You know,
that cup of coffee's been staring at me and I
didn't want to interrupt my chat with you, so I
appreciate you letting me take that quick break. I'm looking
at our website now, is I you know, like the

(15:16):
brag go off that every week we put up different articles.
Right now, I'm looking at the big beautiful breakdown what's
in the new tax bill? A lot of you are wondering.
Vincenzo Testa, who's a CPA, CFP E c A. He's
got a lot of credentials. Benn, Vincenzo wrote a nice
white paper. Ryan and Polo did the quarter to twenty

(15:39):
twenty five market update from tariff uncertainty to new all
time highs. Folks, if you got thirty minutes, go to
our website Bouchet dot com and watch that. They give
some good, good information. Marty Shields has one there, the
paradigm shift. The goal of life is to maximize your finances.

(16:03):
You know, Marty, Marty does a good job writing, and
you know it's all right on our right, on our right,
on our homepage Bouchet dot com. So go in there
and get some some good information. One eight hundred eighty
two five five nine four nine one eight hundred eighty
two five fifty nine forty nine Give me a call

(16:26):
with any questions. So, you know, this past week started
off with Japan's prime minister. He should be Ishida. You know,
basically there was a chance he was going to lose
his his his his power, but he got elected. In
the US, inbound container shipping fell for the second straight month,

(16:50):
and that could be because of tarns down about eight percent.
Treasury Secretary Scott has had called for an investigation into
the entire feed reserve. Well that you can't make copies
going to investigate the entire federal reserve. You know, President
Trump is not happy with Jay Powell, feels that he
should lower interest rates. Jay Powell in his Federal Market

(17:14):
Open Committee. They are they are hell bent, you know,
stuck on data and we know that doesn't always work
in their favor. They were late raising interest rates a
few years ago when inflation was nine point two percent.
They thought it was transitory. Them and Janet Yellen, who
was in the White House, idiots. They had no clue,

(17:38):
no touch with reality. They had their noses stuck in
the textbook, and that's all they were looking at was data,
day to day to day to day. They should have
stayed in college, for God's sakes, if they were going
to keep their nose stuck in the in the textbook.
We knew there was inflation. We knew we were paying
more at the gas pump more, and Stuart's buying milk

(18:02):
and bread more for our heating bills. We knew all
of that. But they did not. They thought inflation was
just transitory. And then when all of a sudden, whether
somebody kicked them in the shin and said, hey, guys
and gals, inflation is here and inflation is real, all
of a sudden, they got serious about it. They started
raising interest rates and they killed inflation. That went from

(18:24):
nine point two right now two point five to three percent.
Their target is two percent. I keep saying, why why
is it two percent for fifty years or one hundred years,
inflation is averaged over three percent a year, over three
percent a year. It was only two percent and less

(18:44):
after the financial collapse back in two thousand and nine,
when people really thought the world was coming to them
and talking about one heck of an opportunity. It was
one heck of an opportunity to invest. The world did
not apart, and inflation was under two percent. So for

(19:04):
some reason, these people in the Federal Reserve feel that
inflation should have a target of two percent. And they're
hell bent, you know, stuck once again looking at data, data, data.
That's all they do is look at data. So President
Trump thinks they're late to the party again. They should
be cutting interest rates, stimulating the economy. The economy has

(19:26):
been pretty resilient. We're doing pretty good. And as they
said SMP, after five days of new all time highs
up one point five percent, NaN's thank up one point
zero two percent, set a record on Friday. That's a
beautiful thing if you're invested. One eight hundred eighty two
five five nine four nine, one eight hundred eighty five

(19:49):
fifty nine forty nine. Let's go to the phone lines.
We have Jane in Catskill Good morning, Jane, Good morning.

Speaker 3 (19:56):
Thanks taking my call.

Speaker 1 (19:58):
I appreciate your calling. Is it raining down there, Yes,
it is, it's raining here too. That's good.

Speaker 3 (20:09):
Well, I did not do a good job and do
my investing. I only have total baby about twenty five
thousand and a four or one K from my job,
and I'm fifty five years old and I have I
don't know where to go. I was told to buy
silver because silver is really is on a bove, so

(20:33):
I was thinking about doing that and once it goes
up a little bit, then take it from there and
invest elsewhere. I'm sorry, but I just didn't do well
in my time. So do you have any suggestions? I mean,
I'm still putting away ten to eleven fifteen percent of
my salary every week in my current jobs for one k.

(21:00):
They only matge a little bit, So do you have
any suggestions?

Speaker 1 (21:04):
Well, first of all, my hack goes off to you, Jane.
I say often, if you're not putting ten to fifteen
percent away, you're not putting enough. So I admire you
for putting that much away, and that's what you need
to do. At fifty five, you have probably ten more
years you'll be working. You need to build up that balance.
You're going to get social Security when you retire, so

(21:28):
that'll help supplement your retirement. And then you need to
draw on the money that you say, so having that
money in your four overen k and adding ten to
eleven percent of your pay check, that's a beautiful thing.
As I said, I admire you for that. My hack
goes off to you. So now let's talk about where

(21:49):
to invest. Don't listen to those people that are telling
you to put in a silverb of gold when it
comes to your four overen k and my retirement dollars.
And I'm a little older than you, my retirement dollars
are one hundred percent invested in the stock market. I
could care less when the stock market goes down. Actually,
I get giddy when the market goes down. I get

(22:11):
excited when the market goes down. I love it when
the market goes down because it gives me an opportunity
to kind of buy some things that used to be
expensive that are no longer expensive. So what you want
to do. Your two core holdings should be the S
and P five hundred indecks and the NASTAC if you

(22:31):
have technology. Those are our two core holdings NASTAC and
the broad stock market indecks. So that's what you want.
If you're a nervous nelly and can't sleep at night,
you want to put some bonds in there. As I said,
my retirement dollars is, I don't plan on retiring anytime
soon either. I feel really good. I love what I do.

(22:54):
I'm not going anywhere, and you know I've so my
my my retirement is completely invested in the stock market.
So get a nice diversified portfolio. Sometimes you have what
we call a growth strategy, a lifestyle fund where you

(23:14):
don't have to pick the investments. They'll pick it for you.
But that's what you want to do. Jane, you're doing
good putting ten to eleven percent away. Thanks for calling in.
Be healthy, Jane.

Speaker 4 (23:25):
Folks, thank you.

Speaker 1 (23:26):
We're coming up to the end. You know, I can't
believe it. You're listening to Let's Talk Money, brought to
you by Bouchet and Ander, where we help our clients
prioritize their health while we manage the wealth for life.
We're going to take just a quick great for the news.
Don't go anywhere. I'll be here on the other side
of the news. One eight hundred eight two five five

(23:49):
nine four nine one eight hundred eight two five fifty
nine forty nine. Give me a call with any questions
you have. Here, I am folks. I had my headphones muted.
Here I am folks. I am Stephen Bouchet. I do
have some amazing colleagues that helped me with the radio.

(24:11):
After thirty years of working every weekend, it's nice to
have a little help here and there. But today you
have me Stevie b. If you have any questions one
eight hundred eight two five five nine four nine one
eight hundred eight two five fifty nine forty nine, any
questions whatsoever, give me a call. I'm just looking. I

(24:34):
was curious about bitcoin storm and some of the only
action that and betting the horses, or some of the
only action you can get on the weekend. Every Friday,
I send my clients an email and I guarantee them
they won't lose any money on Saturday and Sunday. No,
I don't really send them an email, but I do
like to say I guarantee my clients on the weekend

(24:55):
and holidays they won't lose any money. They think I'm
brilliant to guarantee that. But it's because the markets are
closed and the only thing you can really buy in
the markets is crypto, so bitcoin one hundred and eighteen
thousand dollars, you know, a bitcoin. So bonds. We talked

(25:18):
yesterday about bonds, and you know, bonds are are are
doing pretty good. You know, I said yesterday the yield
on a ten year right now is about just nunther
four point four percent. And I know we hit five

(25:38):
percent over the last year and that was great, but
remember for the fifteen years before that, it was near
zero percent. So anywhere in the four and a half
percent range looks pretty good. And I say ten years
because that's a good barometer. Yesterday I said, anybody that
wants bonds or CDs latter portfolio folks, you'll you'll, you'll, you'll,

(26:02):
you'll do better than the experts. And I like treasuries
because they're New York State tax free, so you get
a little bit more yield. So the four point four
actually comes out to be a little a little bit higher.
And what do I mean when I say ladder a portfolio, Well,
you never know when you may need that money, So

(26:23):
ladder in a portfolio, spreading you know, different bonds or
CDs out and CDs your tax on the treasuries, you're not,
so compare them. And as they said, more than likely.
I like the treasuries. But the one year treasury right
now is four percent. Three year is about three point

(26:45):
nine percent, five year three point nine five percent, ten
year four point three eight percent, twenty year, and thirty
year almost five percent. So if you want five percent,
there you have it. If you're young enough and you
want those those you know, that fixed income in your portfolio,
you can look at it as an emergency fund too.

(27:07):
You know, we always say you should have six months
worth of living expenses as an emergency fund. Now my
emergency fund is investing in the stock market. Now, I
take risk because volatility does not scare me, and I'm
forever the optimist. And one, I know the stock market
goes down, but I also know it goes back up.

(27:28):
And two, I'm working, so my paycheck is really my
dividend and having my emergency fund. Hopefully I'll never need
the emergency fund. But I've made more money in the
stock market than not. But as a certified financial planner,
I'm supposed to tell you you should have that money
somewhere safe and sound. So by laddering portfolio. So let's

(27:53):
say you start out with the six month, and believe
it or not, the six month is paying more than
the one year. The six month is four point three percent.
Almost have a six month and one year, a three year,
a five year, or seven year or ten year if
you really want to go out there, twenty year. When
that six month matures, buy another ten year, and when

(28:14):
that one year matures, buy another ten year. This way
you're taking the guessing out of the equation. You're always
going to have bonds or CDs that will mature in
case you need money, and you don't have to worry
about where interest rates are. Folks, you're not that smart.
Neither am I. Nobody is. We don't have chrystal balls.

(28:37):
We don't know what the market's going to do tomorrow.
We don't know where interest rates are headed tomorrow. So
if you're not that smart, then be smart about it.
Ladder yourself a nice portfolio and take the thinking out
of it. As I like to say, we get paid
to take the emotion out of the decision making process,

(29:00):
and we do that well for our clients. So there
you have it. So you know, this past week, as
I said, the markets were up new all time highs.
That's a beautiful thing. This coming week we're going to continue.
We have about one hundred and fifty right now, we
have about a third of the S and P five
hundred companies that have reported second quarter earnings. Eighty percent

(29:22):
of them beat earnings per share estimates, eighty percent of them.
So this coming week we have about one hundred and fifty.
It's a big week on the earnings front. We want
we want to see what corporate America is doing. We
want to see are they healthy, are they generating profits?
We absolutely want to see this. You got some good

(29:44):
consumer companies, you know, Procter and Gamble, United Health, especially
United Health. If you have any healthcare in your portfolio,
well you're taking it on the chin, mostly because of
United Health Group. You got these are releasing. You got
some of the Big Seven, the Magnificent seven. Meta that

(30:07):
used to be Facebook, folks. I still call it Facebook,
but the official name is Meta. You got Microsoft on Wednesday.
You gotta add the Amazon Apple MasterCard on Thursday. I'm
anxiously awaiting Amazon and Apple. As I said in the
first half of the show. They are our top holdings.
They are down here today, but we're not selling them.

(30:30):
I like them. They're good companies and over time they
made some good money for our clients. And Friday got
Chevron and Exxon, so you got, you know, one hundred
and fifty companies announcing earnings this week. On Wednesday, you
got that good old gentleman named J. Powell and his

(30:53):
Federal Open Market Committee. They meet Tuesday and Wednesday and
Wednesday afternoon somewhere around two fifteen. Get in front of
it and he won't say much. He'll just say they
decided to do with the Fed. I think they'll probably
leave it alone. There's a slight chain, but as I

(31:17):
said yesterday, the Federal Open Market Committee, they're pretty independent.
They don't listen to whoever's in the White House. And
believe me, every president in the White House wants interest
rates cut to stimulate the economy, to really heat up
the economy, get the economy going. When the FED cuts
interest rates, it's because they want the economy to chug along,

(31:41):
move forward. And right now this economy is pretty resilient.
So I think they'll probably leave the FED funds rate alone.
They may cut they should cut at some point, as
they said. They unfortunately these they don't take them those
out of the textbook. They're so driven by that and

(32:03):
they miss what's really going on in the world. But
we'll see what he says. That's Tuesday and Wednesday, and
then on Friday, August first, I know where did the
year go? Twenty twenty five is blowing right by us.
Enjoy the weather, folks, not today, not this morning. It's
rain unless you like going out, you know, splashing in

(32:27):
the puddles and stuff. It's raining this morning. That's the
bad news. The good news is it's supposed to stop
and get a little sunny this afternoon. So there you
have it. And on Friday, August first, you'll have the
jobs report for the month of July. Forecasts we should
have about one hundred and six thousand increase in non

(32:50):
farm payrolls after one hundred and forty seven thousand in June.
The unemployment rate is four point one. Maybe that'll tick
up a little bit. That's the economists are saying. And
his president Truman famously quoted, show me a one hand economist.
There is no such thing as a one hand economists.

(33:11):
What do I mean? By that because economist, on one hand,
it's this, on the other hand it's that, And you
never really know what they're thinking. So he economists forecast
and who the heck knows, We'll see what happens. And
and Ryan coined this phrase years ago. He says, Dad,

(33:34):
don't worry about the current jobs report because it always
gets revised up or down the following month in two months.
And that's what you want to look at, is what
will be the revised number for June in May, and
that'll be that'll be interesting. Eight eight two, five, five, nine,
four nine. Let me take another fifteen second break to

(33:57):
Liah and I'll be here, folks. On the other side
of this quick break. The phone lines are open, folks,
and I am here. Please call me if you're thinking
about this or that, or maybe you're working with an
advisor and they're recommending this or that. I'll give you
my honest opinion. One eight hundred eight two, five, five
nine four nine one eight hundred eighty two five fifty

(34:20):
nine forty nine. So after the show, I'm gonna do
some hot yoga. Don't laugh. Listen. My first yoga class,
they said I was tight. I left smiling feeling pretty
good until I thought about it. And yoga. You don't
want to be tight, right, that's the whole purpose of yoga.
You want to be loose, loosey, goosey. So I do

(34:41):
hot yoga. You know, I've been taking care of myself.
I work out with a trainer three days a week.
And she's killing me. She is absolutely killing me, Danielle
god I, you know, I just sent her some money.
I had up my classes. I ate classes in the
description I said, pre funeral arrangement. She started laughing. I said,

(35:06):
you're gonna kill me, dan Yelle. I said, I might
as well prepay this now. But in all seriousness, she's
doing an amazing job. I'm feeling so much stronger than
I was. And I'm trying to do hot yoga two
to three times a week so that I can touch
my toes and you know, just it's pretty good and

(35:27):
it's pretty hot, hot hot hot. It is hot. So
I'm gonna do that later. And I don't know what
I'm gonna do this afternoon. If it's really nice, if
by chance gets really nice, I may go up on
the lake. I may cook. I haven't cooked in a while,
and I may cook. And that's that's gonna be my Sunday.

(35:47):
Maybe I'll go to the racetrack. I don't know what
I'm gonna do, folks. My bench is too wet, you know.
I like to start out every morning in front of
the bench, in front of hotel with delp. If you
ever look in for me, folks, if you ever want
to meet me, just drive by the bench. If you
see a guy out there drinking his coffee looking at
his iPad, that's me in front of the hotel, looked

(36:10):
out by eight two five five nine four nine. Let's
go back to the phone lines. We have Jonathan in Stillwater.
Hello Jonathan, I have no idea what you just said. Jonathan. Well, Jonathan,
thanks for calling, but I don't know what. I don't
know what you're saying, big guy. What eight hundred eight

(36:33):
two five five nine four nine. So you know, listen,
President Trump. You know it's all about tariffs, right, President
Trump imposing terrors, literally attacking the Federal Reserve. J Powell
making life uncomfortable for business generally. This week, he actually

(36:57):
walked the new headquarters for the Fed to Reserve, questioning
why the Federal Reserve has to spend so money to
build out some offices.

Speaker 5 (37:07):
So why is the stock market at all time highs?
Because it's not all about Trump, folks. I could care
less whether you like them or not. I could care less.
I could care less who you like.

Speaker 1 (37:19):
Politically speaking, I don't like most of them. They lie
to you, They say whatever they can to get elected.
How about some of the dopes in Congress. How about
that woman from the Bronx Are you kidding me? You know?
How can she afford five thousand dollars dresses on a
public servant salary? I'll just plant that seed with you.

(37:43):
How can Bernie Sanders, who's.

Speaker 6 (37:47):
Electricficial of the people, have multiple homes and be worth
multi million dollars his only job is a public servant.

Speaker 1 (37:57):
You can't do that, folks. Well, I guess they can.
I don't know how. So I don't like most politicians.
I really don't. But whether you like President Trump or not,
he is fighting hard for this great country of ours,
and he's putting tariffs in and financially speaking, folks, we
will be better off for them. Even though we have

(38:20):
some short term pain, I think we'll have long term gain.
And I could care less whether you like him or not.
I could care less whether you're a Democrat or Republican.
I could care less. I really could care less. I'm
a blank. Senator Bruno told me that I was very
close to Senator Bruno and I'm in his office. He says,

(38:40):
you're a blank. And I said, Senator, I thought you
liked me. He says, oh, I do. I do. But
you know I looked up your political affiliation. You're not
a Democrat, you're not a Republican. And I said, no,
I'm an independent Senator. He says, no, you're not even that, Steve.
You're a blank. You never filled out anything. That's when
I found out I was a blank. I always like

(39:01):
to say I vote for who I think will lie
to me the least, and everybody wants my vote because
I'm a blank. But whether you like President Trump or not,
you know he's got terrifts. He's attacking Federal Reserve. J. Powell.
The stock markets are hitting all time highs because it's
not all about him. I say often, the stock market

(39:24):
really looks at the economy, the fundamentals, looks at corporate earnings,
looks at jobs. The economy is really you know, focused
on the economy and always looking out. So we had
a good week. Well, you know the Dow or not
the Dow. I don't even talk about the doll anymore.

(39:45):
There's only thirty stocks in the Dow. And just like
I could care less if you like President Trump or not,
I could care less about the Dow. It's a popular index.
A lot of people like to quote it, and I
ask them, why do you even know what the Dow is?
It's just a popular index. If you really want to
get a good feel for the markets, look at the
S and P five hundred index that represents the market,

(40:08):
that represents about eighty five percent those five hundred companies
of all companies that trade on the stock market. And
if you want a better barometer, look at the broad
stock market. We do. It's one of our core holdings
that takes into effect not only the S and P
five hundred, but the SMP mid cap four hundred and

(40:30):
a small cap six hundred, So you have fifteen hundred.
You can add up those numbers, fifteen hundred stocks altogether
in that broad stock market. So you know. The Gallop
did a poll. Six of ten investors recently pulled by
Gallup are concerned about the stock market fifty eight percent
believing the worst of the recent market folatility has yet

(40:54):
to come, and the reason for the fear is mainly
down to Trump is pushed to deglobalize, in turn inward
could upend generational engines of economic growth and risk stagflation.
That's the bare case. Democrats in particular appear to believe it.

(41:15):
Almost nine out of ten polls see the worst ahead.
But remember, folks, and I could care less if you're
a Democrat or a Republican. I said that a few
times already, because I could care less about it. But
I saw in this week's Parents they said that the
approval rating amongst Democrats is the lowest it's been I
think since nineteen ninety. Even the Democrats don't like themselves.

(41:40):
So nine out of ten see the worst ahead. But
that's because the Democrats they hate Trump. No matter what
Trump does, whether it's good or bad, they hate them.
How about what he's doing with these colleges and universities.
I love it when I look at a resume. Actually,
if I see a resume from Harvard or Colombia, I
may just not even interview that person. I'm so sick

(42:03):
and tired of these snotty nosed kids. You know, how
can they how can you know? How can they be
so racial, so mean spirited? How can they be so
anti semitic? Just how can they be? And we continue
to give these colleges in universities money when they do
absolutely nothing to police these snotty nosed kids. Their parents

(42:27):
had the money to send them to these elite schools.
Forget about it. I could care less about these elite schools.
And you know Trump is listen, he's yeah, he's, he's
he's he's taxing them and taxing them big, taking hundreds
of millions and billions of dollars away from them. That's

(42:50):
okay with me. The snotty knows kids need to get
a touch of reality. Listen, how about this new person
that may be the mayor of New York City? Are
getting me? How stupid can these voters be to think
that everything should be free. Somebody's got to pay for it, folks,
somebody's got to pay for all these things that that

(43:12):
that that the socialist politicians want to have. You believe
that should be free, where's it going to come from?
And why do you think you know, socialized medicine countries
that have socialized medicine. Why do you think people leave
those countries when they need good health care and come

(43:33):
to a great country like ours because they are going
to get good health care. Let's go back to the
phone once we have Bob and Castleton.

Speaker 4 (43:42):
Hello, Bob, Hi, Steve, thank you for doing your show
this morning. I appreciate it. You talked about the economists
with one hand that on one hand it's this way,
in the other hand, it's that way. I find the
I took economics in college. This is back back in

(44:03):
the late sixties. I think Arthur Burns was the head
of the said back then, and I remember that, you know, so, oh.

Speaker 1 (44:10):
Yeah, he did not leave in a good way.

Speaker 4 (44:15):
No, I guess I didn't know that much about it
quite frankly then, you know. I mean, I'm literally out
of high school in community college, and I remember I
was taking the money in banking, of course, you know, economics,
and the teacher comes into the classroom. He starts to race,
you know there early and he's erasing the board and

(44:37):
he's going, this is all wrong, this is all wrong.
And apparently you had the two schools of thought, the
Keynesian economists, which was this John Maynard Kinges who who
believed that. I get during the depression, you had to
have government spending to you know, bring the economy forward.
And it's been like the I don't know they basically

(45:02):
that's all these economists believe in government spending, you know,
That's that's it. And you talk about the you mentioned
the the political people and how they have all this money,
you know, yet their public servants. And I think it's
the you know, the the money that the government gets
and spends, and they wind up the politicians somehow weasel

(45:22):
the money, but the other anyway, Yeah, it is.

Speaker 1 (45:31):
Like walks like a duck. More than likely it's a duck.

Speaker 4 (45:36):
Yeah. Yeah. I was at a party last week and
and somebody was saying, oh, I'm doing well in the
stock market. I'm following Nancy Pelosi. Apparently there's some website
that you can watch and see whatever stock ticks she does,
you buy them. So yeah, I know, but there is the.

Speaker 1 (45:57):
We're coming up to the end of the show, Bob
next week, Promise me you'll call in. Thank you hey,
folks is President Truman said his famous line about economists
and Bob, I hope I don't upset you with this Bees.
You took economists major, give me a one handed economist.

(46:18):
President Truman said, all my economists say on the one hand,
on the other hand. And there you have it, folks, Folks,
we're coming up to the end of the show. I
can't believe it. You are listening to Let's Talk Money,
brought to you by Bruschet and Andrew, where we help
our clients prioritize their help while we manage their wealth

(46:41):
for life. I can't thank you enough for tuning in
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go to our website. We got some really good stuff
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(47:02):
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Thanks for tuning in.