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Why Private Equity Cannot Get Enough of Pro Sports · The Financial Exchange Show

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  Speaker 1: and Mike Armstrong.
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  Speaker 2: It's Chuck, Mike and Tucker with you here on a Friday,
• 1:12
  Speaker 2: and markets are completely checked.
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  Speaker 3: Out for the weekend.
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  Speaker 2: Everyone's in the Hampton's. Where else the traders go aside
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  Speaker 2: from the Hampton Nantucket that.
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  Speaker 3: Seems a little far.
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  Speaker 2: Yeah, it's a longer helicopter ride from Uh, that's true,
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  Speaker 2: from New York or Westchester County or Greenwich, you know,
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  Speaker 2: Hampton's Hampton's.
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  Speaker 3: I've never been to the Hamptons. It looks nice.
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  Speaker 4: Probably never will.
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  Speaker 2: We should go sometime. Can we do a remote from there?
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  Speaker 3: Who's paying? There's a lot of wealthy people. It's gonna
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  Speaker 3: be in February. Still everywhere in the Hamptons.
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  Speaker 4: Still can't afford it.
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  Speaker 2: It's true, it's uh.
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  Speaker 3: We could do like.
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  Speaker 2: We could like be in someone's like first flour bathroom
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  Speaker 2: or something like that. Not as far as I think
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  Speaker 2: we could get.
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  Speaker 3: So. In any case, not really much going on in
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  Speaker 3: markets today.
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  Speaker 2: The S Andp's down eight points, dows off sixty seven,
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  Speaker 2: nasdacs off eighty three. Again, just not much to write
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  Speaker 2: home about. Ten Your treasury is moving up a few
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  Speaker 2: basis points.
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  Speaker 3: It's fine.
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  Speaker 2: It went down a few yesterday so again we're just
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  Speaker 2: kind of treading water here, which is fine, Like I'm
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  Speaker 2: not complaining, but not every day has to be the
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  Speaker 2: most exciting one. What is interesting to me today. The
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  Speaker 2: one thing that caught my eye is so you've got
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  Speaker 2: rates moving up, but you get the dollar moving down,
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  Speaker 2: which always peaks my interest when that happens. Dollars off
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  Speaker 2: point four two ninety nine, forty four, gold catching a
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  Speaker 2: bit of a bid as a result of eighteen bucks
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  Speaker 2: nouns to forty four to thirty nine after a couple
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  Speaker 2: of days of weakness. Crude oil up fifty eight cents
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  Speaker 2: a barrel. Again, not much movement there, triple a gas prices,
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  Speaker 2: You've got the national average up six tenths of a
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  Speaker 2: cent to four seven and seven tenths. I will point
• 3:03
  Speaker 2: out diesel continues to move up. Diesel crack spreads are
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  Speaker 2: through the roof now now touching one hundred bucks a barrel.
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  Speaker 2: Diesels at five forty two and six tenths the all
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  Speaker 2: time eyes five to eighty one and five tenths. So
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  Speaker 2: diesel price is continuing.
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  Speaker 3: To move up.
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  Speaker 2: The other thing, and I know that people listen to
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  Speaker 2: our show from all over the country. But if you
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  Speaker 2: happen to live north of Pennsylvania, You've got like a
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  Speaker 2: twenty five percent chance that your home is heated by
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  Speaker 2: home heating oil. For the rest of you, you're like,
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  Speaker 2: what is that? Like, what does that mean? Here's the deal.
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  Speaker 2: In the Northeast, about a quarter of homes, maybe a
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  Speaker 2: little less than that are heated through a process by
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  Speaker 2: which a truck comes to your house, puts a hose
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  Speaker 2: into a hole in the side of it, and fills
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  Speaker 2: up a big oil tank, and then you burn that
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  Speaker 2: tank in order to generate the heat for your heating
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  Speaker 2: system in the winter.
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  Speaker 3: You very, what's in the tank? What's that you burn?
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  Speaker 3: What's in the tank? Now?
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  Speaker 2: Yeah, you don't burn the tank. No, the tank is
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  Speaker 2: engineered to not burn's that's why it's there. But so,
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  Speaker 2: home heating oil, you know, heats a large number of
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  Speaker 2: homes in the New England region again, about twenty to
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  Speaker 2: twenty five percent, depending on the state and the price
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  Speaker 2: of home heating oil trades almost in tandem with diesel.
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  Speaker 2: So what I got to tell you is, if the
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  Speaker 2: last time you filled up was like January or something.
• 4:26
  Speaker 2: If we stay in this range and you need to
• 4:27
  Speaker 2: fill up in the next couple months before the winter,
• 4:30
  Speaker 2: it's gonna suck. Potentially a rude awakening coming here. We'll
• 4:34
  Speaker 2: see how these prices evolve. They could go down before
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  Speaker 2: that happens, they could go up, but just something that
• 4:40
  Speaker 2: that bears watching as we get towards the fall, which
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  Speaker 2: September is now seventeen days away. Michael, I gotta tell
• 4:47
  Speaker 2: you it's September. That September is my favorite month the year.
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  Speaker 3: I couldn't disagree more. Really, what do you dislike about September? Nothing?
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  Speaker 3: I just you s couldn't disagree more. Summer months all
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  Speaker 3: the way.
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  Speaker 2: I am a big for me, I am a big
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  Speaker 2: fall guy personally. You got like those cool Chris temperatures
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  Speaker 2: coming in, you got football on the television, you got
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  Speaker 2: wings cooking.
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  Speaker 3: I mean, it's.
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  Speaker 2: It's a beautiful thing. And this is before you even
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  Speaker 2: get to like the fall holidays and stuff. I mean
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  Speaker 2: like Thanksgiving peak holiday in my opinion.
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  Speaker 3: Yeah, famous September holiday.
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  Speaker 2: I was saying fall, Michael, And we're on the path there.
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  Speaker 2: So in any case, let's talk a little bit about
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  Speaker 2: the Los Angeles Lakers, not the team on the court,
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  Speaker 2: because honestly, aside from Mugadancic. I don't know anyone else
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  Speaker 2: on the team at this point. It's just I don't
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  Speaker 2: here's the deal they got sold are they're They're going
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  Speaker 2: to be sold pending approval from the rest of the
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  Speaker 2: NBA owners, for twelve and a half billion dollars a
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  Speaker 2: year after they were bought. And again, we can speculate
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  Speaker 2: as to the reasons for this. If you want, you
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  Speaker 2: can go online. There's plenty of speculation as to why
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  Speaker 2: this is happening. But the fact is the team was
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  Speaker 2: bought for ten billion dollars a year ago and got
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  Speaker 2: sold for twelve point five billion this week. Two and
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  Speaker 2: a half billion dollar profit on you know, twenty five
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  Speaker 2: percent gain in a year on an asset like that
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  Speaker 2: is pretty attractive, and it gets to the headline of
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  Speaker 2: this piece from Yahu Sports Lakers twelve point five billion
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  Speaker 2: dollar sales shows why private equity loves sports and won't leave. No,
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  Speaker 2: the reason that they won't leave is because we're at
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  Speaker 2: the point now where the price of these teams is
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  Speaker 2: high enough that the only groups that can afford it
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  Speaker 2: are either private equity consortiums or sovereign wealth funds, and
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  Speaker 2: that kind of sucks. As a sports fan, to be honest.
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  Speaker 3: Or Elon Musk, he could afford it.
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  Speaker 2: Yeah, he could probably buy the entire NBA if he
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  Speaker 2: wanted to, and still have money left over for the
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  Speaker 2: NHL Major League Baseball. I don't think he could wrap
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  Speaker 2: the NFL into the whole thing.
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  Speaker 3: Yeah, yeah, but he.
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  Speaker 2: He could have three of the four major US sports
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  Speaker 2: and then toss in MLS just for you know, kicks
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  Speaker 2: pun intended.
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  Speaker 3: What about professional sports is appealing to private equity?
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  Speaker 2: The return It's it's purely a supply and demand story.
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  Speaker 3: It's scarcity, but it's not like you can consolidate sports
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  Speaker 3: franchises in the way that you can you know, veterinarians offices.
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  Speaker 2: Too, though they're already consolidated. Like, the big thing is
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  Speaker 2: if you have thirty of these things that exist. Think
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  Speaker 2: about this as like the bitcoin argument, but it actually
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  Speaker 2: like makes sense and does something in the real world
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  Speaker 2: if you think about it in terms of there's thirty
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  Speaker 2: of these things that exist or thirty two depending on
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  Speaker 2: the league. If there are more and more people getting
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  Speaker 2: very wealthy every year, they want to own the things
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  Speaker 2: that are scarce.
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  Speaker 3: It's why art has value.
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  Speaker 2: Uh, it's why you know, the Hamptons have value, is
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  Speaker 2: like there's only one. Well, there's how many Hamptons are there?
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  Speaker 3: One?
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  Speaker 2: No, there's the one relevant one that No, there's like four, right,
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  Speaker 2: there's East Hampton, there's Southampton like no, like there's like
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  Speaker 2: there's they're called the Hampton's because there's more than one.
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  Speaker 3: Got it?
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  Speaker 4: Two municipalities?
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  Speaker 3: Twenty two municipalities. Do they all have Hampton in their name?
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  Speaker 5: I don't know.
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  Speaker 3: I don't think they do.
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  Speaker 4: No, they don't.
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  Speaker 2: See that that's a branding issue. But I digress.
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  Speaker 3: You sure do. In any case.
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  Speaker 2: The thing about these teams is there's only so many
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  Speaker 2: that that to go around. So we do get to
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  Speaker 2: a point though, where eventually the pricing gets so high
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  Speaker 2: that what's actually happening now again I said private equity consortsums.
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  Speaker 2: It used to be one private equity firm where going
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  Speaker 2: in buy the team. Now you've got like five that
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  Speaker 2: get together that all own pieces of it, because it's
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  Speaker 2: even big enough that not one can own it. And
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  Speaker 2: so a lot of the leagues have had to change
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  Speaker 2: rules to allow for multiple you know, private equity owners
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  Speaker 2: within a team, which wasn't you know how it was
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  Speaker 2: before It's dramatically different from even fifteen or twenty years ago,
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  Speaker 2: where it would be you know, either a like this
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  Speaker 2: family's owned the team in this region for like sixty years,
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  Speaker 2: or b you know, kind of the Bob Kraft story.
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  Speaker 2: Hey local, you know, season ticket holder makes it big
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  Speaker 2: and buys the team and that's how it went. Those
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  Speaker 2: days are gone at this point. Does that also bring
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  Speaker 2: you to the point where many private equity firms have
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  Speaker 2: ownership stakes in multiple different franchises in the same league. Yes,
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  Speaker 2: is that allowed? It is in some of them, not
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  Speaker 2: in all of them. I don't know which ones allow
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  Speaker 2: it specifically, and there's like limits as to the amount
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  Speaker 2: of ownership you can have in any one particular team
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  Speaker 2: in those cases. But this is where we're heading and
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  Speaker 2: sounds I mean, here's the thing. It's well it potentially,
• 10:08
  Speaker 2: but it's not just as you see. It's not like
• 10:11
  Speaker 2: just small teams the Yankees, the New York Yankees, is there?
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  Speaker 2: New York Yankees are what Tucker probably like a top
• 10:19
  Speaker 2: three or four sports brand worldwide, Like basically like Yankees, Cowboys, Lakers,
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  Speaker 2: Manchester Uniteds.
• 10:26
  Speaker 3: Go overseas and look for a franchise's logo. I would
• 10:32
  Speaker 3: imagine that the Yankees logo will be the most commonly
• 10:35
  Speaker 3: one found.
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  Speaker 2: I'm going like top three or four. Like, again, you
• 10:39
  Speaker 2: have plenty of like Cowboys ones, you got plenty of Lakers,
• 10:42
  Speaker 2: you know. Like it's but like top three or four
• 10:44
  Speaker 2: sports franchise worldwide. Yes, they just took a two point
• 10:48
  Speaker 2: six billion dollar financing deal with Apollo. So again, this
• 10:57
  Speaker 2: this deal that was a combination of debt and equity.
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  Speaker 2: The New York Yankees are taking two point six billion
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  Speaker 2: dollars of private equity money and private credit money. Like
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  Speaker 2: that's the world that we live in now. I don't
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  Speaker 2: like it as a sports fan, but we're not going back.
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  Speaker 2: There are no like individuals out there who are going
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  Speaker 2: to have the liquidity and wherewithal to do that, who
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  Speaker 2: actually care about it enough. Yeah, Like for all we
• 11:29
  Speaker 2: talk about like Elon Musk, like there's like, okay, there's
• 11:31
  Speaker 2: like a dozen of those people, and there's tons of
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  Speaker 2: these teams, you know. So I don't know, it's it's
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  Speaker 2: a new era. I don't love it, but it is
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  Speaker 2: what it is. Let's take a quick break when we
• 11:44
  Speaker 2: come back any more sports. Are we done with that?
• 11:49
  Speaker 2: Do we want to talk about how annoying and just
• 11:51
  Speaker 2: to watch sports it is. I love doing that. Let's
• 11:54
  Speaker 2: do that, Tucker. Do we also have some trivia?
• 11:56
  Speaker 3: We do trivia?
• 11:57
  Speaker 2: Oh boy, can't wait. Let's take a quick break. Will
• 12:00
  Speaker 2: trivia when we return.
• 12:02
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  Speaker 2: Actually just signed up for the dav five k myself
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  Speaker 2: did yeah this week yep. Bye uh, I'm going so
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  Speaker 2: last year I finished in nineteen twenty eight. I'm going
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  Speaker 3: What place was that.
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  Speaker 2: I finished third in my age bracket? Sixteenth overall?
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  Speaker 3: Oh wow, that's obsressive.
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  Speaker 2: I'm gonna beat Chuck.
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  Speaker 3: Yeah.
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  Speaker 2: If you want to try to beat me in a race,
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  Speaker 2: here's your chance.
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  Speaker 3: Yeah.
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  Speaker 2: Or if you want to say I race Chuck and lost,
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  Speaker 2: here's your chance.
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  Speaker 3: That's been my typical tagline.
• 14:44
  Speaker 2: So it should be fun. Uh piece in Bloomberg. It's
• 14:47
  Speaker 2: never been more annoying and expensive to be a US
• 14:50
  Speaker 2: sports fan. It It's true, it sucks. It really is
• 14:54
  Speaker 2: just awful right now in that like, even for one
• 14:58
  Speaker 2: team's game games, you need like six different subscriptions to
• 15:05
  Speaker 2: watch every game. It used to be when I was,
• 15:09
  Speaker 2: you know, a we lad, it used to be okay,
• 15:12
  Speaker 2: big Boston Red Sox fan. Growing up, you needed two stations.
• 15:15
  Speaker 2: One of them was three, one of them was free
• 15:17
  Speaker 2: Tucker which one?
• 15:20
  Speaker 4: Wait what say again?
• 15:21
  Speaker 2: What was growing up? You needed two stations to be
• 15:23
  Speaker 2: able to watch the Red Sox. One of them was free.
• 15:26
  Speaker 2: What was the free one?
• 15:27
  Speaker 3: Nope?
• 15:28
  Speaker 2: Fox, Nope, that was free Fox was not the standard
• 15:32
  Speaker 2: for Red Sox games upn Channel thirty eight correct, okay,
• 15:38
  Speaker 2: free over the air. You didn't even need cable if
• 15:41
  Speaker 2: you didn't want it. The one you did need cable
• 15:42
  Speaker 2: four was Nesson. But either way it was Okay, I'm
• 15:46
  Speaker 2: gonna turn on the TV and Channel thirty eight has
• 15:49
  Speaker 2: on the Red Sox, or it's on fifty one, which
• 15:51
  Speaker 2: is nesson Easy Today. Hey, you want to watch the
• 15:55
  Speaker 2: Red Sox game? Okay, great? Is it on Nesson?
• 15:57
  Speaker 3: No?
• 15:58
  Speaker 2: Okay, it must be on Fox because it's Saturday. No,
• 16:01
  Speaker 2: well it must be on NBC because it's Sunday. No. Well,
• 16:04
  Speaker 2: maybe it's on Apple TV because it's their game of
• 16:06
  Speaker 2: the week. Maybe, Or it's on Peacocker. This one's on HBO.
• 16:11
  Speaker 2: Like it's it's ridiculous, and it's just getting to the
• 16:16
  Speaker 2: point where it's annoying to watch sports, and so I
• 16:20
  Speaker 2: just don't do it if it's not on a free platform.
• 16:22
  Speaker 3: At this point, I tend to do it the same way.
• 16:25
  Speaker 3: I think it is really annoying to be a sports
• 16:28
  Speaker 3: fan in your own hometown these days in terms of
• 16:31
  Speaker 3: watching it very frustrating. Is again this comes to availability
• 16:38
  Speaker 3: and what people complain about is pricing but thirty years ago, yeah,
• 16:42
  Speaker 3: maybe it was, But when did direct TV come out?
• 16:45
  Speaker 3: Early nineties? Sure, if I lived in Chicago and was
• 16:49
  Speaker 3: a massive Red Sox fan in the eighties, I just
• 16:52
  Speaker 3: couldn't watch the games, could I?
• 16:54
  Speaker 4: No?
• 16:54
  Speaker 3: But that's fine, right, I guess my point would be,
• 16:57
  Speaker 3: it is very annoying now to be a sports fan
• 17:00
  Speaker 3: in your own home city. It's pretty, you know, dramatically
• 17:04
  Speaker 3: better than it was in decades past. If you are
• 17:07
  Speaker 3: a sports fan living in somebody else's city, even there,
• 17:11
  Speaker 3: it's not though, that's the thing. It's annoying and costly,
• 17:13
  Speaker 3: but it's at least available.
• 17:15
  Speaker 2: But it's worse though, because even in another city you
• 17:19
  Speaker 2: still need like eight subscriptions to get there.
• 17:21
  Speaker 3: Yeah, but at least I can actually have the availability
• 17:24
  Speaker 3: of it.
• 17:24
  Speaker 2: So if we all just move, it'll be better.
• 17:27
  Speaker 3: No.
• 17:27
  Speaker 4: Oh, I mean, did you see the NBA release yesterday
• 17:32
  Speaker 4: of the schedule, Chuck Tucker?
• 17:34
  Speaker 3: Tucker.
• 17:34
  Speaker 2: I looked at it, and I'm going, this is just
• 17:37
  Speaker 2: not gonna work for me.
• 17:38
  Speaker 4: Do you see every outlet that the primetime games are on? NBC, Netflix,
• 17:44
  Speaker 4: Amazon Prime, Peacock, Like, ugh, you need you need.
• 17:48
  Speaker 2: Fifty dollars a month in subscriptions just to watch the NBA.
• 17:51
  Speaker 4: The Celtics openers on Amazon Prime on a Friday night, Like,
• 17:54
  Speaker 4: what what are.
• 17:57
  Speaker 3: We doing about?
• 17:57
  Speaker 2: No, Tucker, not on a Friday night, It's on a
• 17:59
  Speaker 2: Friday afternoon three o'clock.
• 18:01
  Speaker 3: No, that's I'm sorry.
• 18:02
  Speaker 4: This home opener is on Friday, Okay, but the opener
• 18:06
  Speaker 4: opener is on local TV.
• 18:08
  Speaker 3: I think who schedules a three o'clock opening game. I
• 18:10
  Speaker 3: don't hate it.
• 18:12
  Speaker 2: It's good for me, It's true. Yeah, it's not bad
• 18:15
  Speaker 2: for you. So I don't know. Like, look, ultimately, they
• 18:19
  Speaker 2: must be making more money off of this stuff because
• 18:22
  Speaker 2: they're doing it, but it's ruining the fan experience and
• 18:27
  Speaker 2: it's just frustrating when you get like all excited about
• 18:29
  Speaker 2: a big game and then you realize it's on Peacock
• 18:31
  Speaker 2: and you're like, well, I don't have a Peacock subscription
• 18:33
  Speaker 2: and I'm not getting one just for this game, so
• 18:36
  Speaker 2: I guess I'm gonna miss it.
• 18:38
  Speaker 3: Like it's yeah, I wonder if this actually reaches a
• 18:41
  Speaker 3: breaking point or if they just are that powerful that
• 18:44
  Speaker 3: they can just say screw you.
• 18:46
  Speaker 2: Honestly, I'm very much starting to go in different directions
• 18:50
  Speaker 2: with my sports viewing experience, like the stuff that's easy
• 18:53
  Speaker 2: to watch. Like I'll give you just an example. I
• 18:56
  Speaker 2: love the Boston Bruins. I can't watch them on TV
• 18:59
  Speaker 2: because I'm not willing to pay for nesson Yeah, I like,
• 19:03
  Speaker 2: so I don't watch them.
• 19:05
  Speaker 3: My streaming package that I could get it.
• 19:06
  Speaker 2: I literally don't watch them on TV unless they're one
• 19:10
  Speaker 2: of the national broadcasts. Yeah, And like I'm at peace
• 19:14
  Speaker 2: with that. But it's just how it is, Like it's
• 19:16
  Speaker 2: not worth it to me. Other than that's like, honestly,
• 19:21
  Speaker 2: I go and I watch a lot more like local
• 19:23
  Speaker 2: high school games of stuff, and like it's great, like
• 19:25
  Speaker 2: you get to see actually like people who care about it.
• 19:27
  Speaker 3: It's it's fun. I don't know.
• 19:29
  Speaker 2: Let's take a quick break and when we come back,
• 19:32
  Speaker 2: well and joined I was getting there, And we're joined
• 19:36
  Speaker 2: by Susan Powers.
• 19:37
  Speaker 1: Bringing the latest financial news straight to your radio. Every day.
• 19:42
  Speaker 1: It's the Financial Exchange on the Financial Exchange Radio Network.
• 19:48
  Speaker 1: Do now full whoa Street watch treking the stocks, FATO
• 19:52
  Speaker 1: and the headlines driving markets so far today right here
• 19:55
  Speaker 1: on the Financial Exchange Radio Network.
• 19:57
  Speaker 4: Markets are modestly lower following weaker than expected retail sales
• 20:01
  Speaker 4: for the month of July, which pulled back zero point
• 20:04
  Speaker 4: six percent as consumers pulled back on purchases at online
• 20:09
  Speaker 4: stores and auto dealers. Right now, the dows down about
• 20:13
  Speaker 4: two tenths of one percent, or ninety six points lower,
• 20:16
  Speaker 4: SMP five hundred down about sixteen points, also down two
• 20:19
  Speaker 4: tenths of a percent, NASDAC down about half a percent
• 20:22
  Speaker 4: to one hundred and thirty four points lower. Rush two
• 20:25
  Speaker 4: thousand is up about a third of a percent. Ten
• 20:27
  Speaker 4: New Treasure reeled up four basis points at four point
• 20:30
  Speaker 4: six eighty two percent, and Oil up about half a percent,
• 20:34
  Speaker 4: trading at eighty one dollars a barrel. Well two years
• 20:37
  Speaker 4: after its IPO social media platform, Reddit is officially joining
• 20:41
  Speaker 4: the SMP five hundred, replacing avalon Bay Communities on August eighteenth,
• 20:46
  Speaker 4: Reddit rallying fourteen percent on that news. Meanwhile, Applied Materials
• 20:51
  Speaker 4: posted higher quarterly net income and increased revenue. However, the
• 20:55
  Speaker 4: sales within its key semiconductor systems division only narrowly beat XPEC,
• 21:00
  Speaker 4: seemingly disappointing investors, with shares now down about five percent
• 21:05
  Speaker 4: and Workday retreating four percent after its eighteen percent rally yesterday.
• 21:10
  Speaker 4: On the heels of a report from Reuters that private
• 21:13
  Speaker 4: equity firm Silver Lake was in talks to buy the company.
• 21:18
  Speaker 4: I'm Tucker Silva and that is Wall Street Watch. And
• 21:21
  Speaker 4: in the previous segment we asked you the trivia question
• 21:23
  Speaker 4: which hurricane was the costliest in US history. That would
• 21:27
  Speaker 4: be Hurricane Katrina, which costs an estimated two hundred billion
• 21:31
  Speaker 4: dollars in damages back in two thousand and five. And
• 21:34
  Speaker 4: Bill and Milton Mass is our winner today, taking home
• 21:36
  Speaker 4: the Financial Exchange Show t shirt. Congrats to Bill, and
• 21:41
  Speaker 4: we play trivia every Friday here on the Financial Exchange
• 21:44
  Speaker 4: See complete contest rules at Financial Exchange Show dot com.
• 21:49
  Speaker 3: Joining us now is Susan Powers from the Armstrong Advisory Group.
• 21:52
  Speaker 3: Just as a reminder, Susan is going to be hosting
• 21:55
  Speaker 3: event next Thursday, August twentieth out in framing him at
• 21:58
  Speaker 3: the Renaissance Hotel there right off I ninety If you're familiar,
• 22:03
  Speaker 3: five pm August twentieth. More details to come Armstrong Advisory
• 22:07
  Speaker 3: dot Com slash events. But Susan, thanks for joining us.
• 22:10
  Speaker 6: Happy to be here.
• 22:10
  Speaker 3: So you're gonna be discussing social security with folks, and
• 22:16
  Speaker 3: you're here for a little teaser, I guess on the subject.
• 22:18
  Speaker 3: So let's start with the very basics. What do you
• 22:24
  Speaker 3: need to consider just you know, broad decisions when deciding
• 22:29
  Speaker 3: just when to collect your Social Security benefit.
• 22:31
  Speaker 6: Well, there's a lot of things you need to consider,
• 22:33
  Speaker 6: but kind of the main ones. If you're retiring and
• 22:36
  Speaker 6: you need the money, you're gonna claim it, right, That's
• 22:39
  Speaker 6: that's just a fact of life. If you're single and
• 22:42
  Speaker 6: you're in poor health, you're gonna claim it. You're not
• 22:44
  Speaker 6: worried about a survivor benefit. If you're married and in
• 22:47
  Speaker 6: poor health, well, it depends do you need a larger
• 22:50
  Speaker 6: survivor benefit for your spouse or do they have a
• 22:54
  Speaker 6: larger benefit on their own. You want to claim it early,
• 22:56
  Speaker 6: So those are kind of the major things to look at.
• 22:59
  Speaker 6: Do you have asked they can bridge the gap by waiting,
• 23:02
  Speaker 6: or you know, you have to look at your true
• 23:04
  Speaker 6: bottom line impact because if you claim it early, there's
• 23:06
  Speaker 6: going to be a permanent reduction to the amount that
• 23:08
  Speaker 6: you receive for Social Security.
• 23:10
  Speaker 3: Right. Let's let's go further into the married couple conversation,
• 23:13
  Speaker 3: because that's where most of us find ourselves or married
• 23:17
  Speaker 3: or divorced or somewhere in that category. So key considerations
• 23:21
  Speaker 3: as a married couple trying to make the social Security decision.
• 23:25
  Speaker 6: So if you are maybe you have a lower earning spouse,
• 23:29
  Speaker 6: maybe you don't qualify for a benefit on your own,
• 23:31
  Speaker 6: you would get a spousal benefit. As long as you're
• 23:33
  Speaker 6: at least sixty two years old, you've been married for
• 23:36
  Speaker 6: one year, and your spouse is on Social Security, then
• 23:40
  Speaker 6: you would get a spousal benefit.
• 23:42
  Speaker 3: Okay, what's the spouse.
• 23:43
  Speaker 6: Depending upon the age that you collect at. If you
• 23:46
  Speaker 6: wait until your full retirement age, you're going to get
• 23:49
  Speaker 6: a fifty percent benefit. Your spouse is getting four grand,
• 23:51
  Speaker 6: you're going to get two grand. If you claim that early,
• 23:53
  Speaker 6: you're going to get about twenty five percent less than that. Okay,
• 23:56
  Speaker 6: So really depends upon that. Maybe you have a lower
• 23:59
  Speaker 6: earth spouse that's going to claim at sixty two for
• 24:02
  Speaker 6: their own benefit. The higher earning spouse is going to
• 24:05
  Speaker 6: claim it's seventy, so that they're getting the max benefit.
• 24:08
  Speaker 6: Because when one of you dies, you're only keeping the
• 24:10
  Speaker 6: higher of the benefits.
• 24:11
  Speaker 3: I know there's some confusing rules around divorce as well
• 24:16
  Speaker 3: as the survivor of a deceased spouse a widow briefly
• 24:21
  Speaker 3: like some of the ins and outs of those rules,
• 24:22
  Speaker 3: if you don't mind, I don't want to get too
• 24:24
  Speaker 3: lost in the weeds here, but it's complicated.
• 24:26
  Speaker 6: The first factor you have to consider you have to
• 24:29
  Speaker 6: be married at least ten years to qualify for a benefit.
• 24:32
  Speaker 6: If you are divorced, okay, so that's right out of
• 24:34
  Speaker 6: the gate. If you had been married for ten years,
• 24:37
  Speaker 6: you have to be sixty two. You cannot have been
• 24:39
  Speaker 6: remarried before the age of sixty. That's a big factor.
• 24:42
  Speaker 6: So then you can look at that. If you're married
• 24:45
  Speaker 6: after sixty, you can look at the greater of your
• 24:49
  Speaker 6: current spouse and your ex spouse and see.
• 24:51
  Speaker 2: Which one's lot better.
• 24:53
  Speaker 6: You really do if you have lost a spouse, and
• 24:57
  Speaker 6: you can be as young as sixty subject to an
• 25:00
  Speaker 6: earnings test, but you could take that benefit as young
• 25:03
  Speaker 6: as sixty. For widows widowers out there, you have different
• 25:07
  Speaker 6: options for yourself. You could claim a spousal benefit and
• 25:11
  Speaker 6: then switch over to your own benefit at age seventy.
• 25:15
  Speaker 6: You can claim a survivor benefit. Excuse me. You can
• 25:19
  Speaker 6: claim your own benefit and then switch to a survivor benefit.
• 25:22
  Speaker 6: So there's lots of things to consider.
• 25:25
  Speaker 3: One of the biggest complaints I hear is my social
• 25:28
  Speaker 3: Security is getting taxed. I thought it was a whole
• 25:30
  Speaker 3: tax to begin with. Talk to me about taxation of
• 25:33
  Speaker 3: benefits here and what sort of planning you can do
• 25:35
  Speaker 3: for that taxes.
• 25:36
  Speaker 6: Yeah, so you're taxed. If you're single, you're making less
• 25:39
  Speaker 6: than twenty five thousand a year, no tax. Okay, If
• 25:43
  Speaker 6: you're between twenty five and thirty four, fifty percent is
• 25:47
  Speaker 6: going to be taxed. And anything over thirty four eighty
• 25:50
  Speaker 6: five percent of your social Security is going to be taxed. Okay,
• 25:53
  Speaker 6: Married couples, those ranges go. If you're making over thirty
• 25:55
  Speaker 6: two fifty percent, tax over forty four eighty five percent
• 26:00
  Speaker 6: tax I'm a silver linings girl. The good news is
• 26:03
  Speaker 6: fifteen percent of your Social Security is not taxed, regardless
• 26:06
  Speaker 6: of your income.
• 26:08
  Speaker 3: On the taxation subject here a little bit off of
• 26:11
  Speaker 3: the course here, but especially for folks here in Massachusetts
• 26:15
  Speaker 3: and a few other states across the country, there used
• 26:17
  Speaker 3: to be this rule or a series of rules called
• 26:19
  Speaker 3: the WEB and the GPO, and now they're gone. And
• 26:23
  Speaker 3: yet there are still a bunch of people that are
• 26:25
  Speaker 3: probably eligible for Social Security that aren't yet aware of it.
• 26:28
  Speaker 3: So what we don't need to get deep into the
• 26:31
  Speaker 3: weeds of how these rules work. But who should be
• 26:33
  Speaker 3: aware of this right now?
• 26:35
  Speaker 6: If you are married, or you're divorced and qualified, or
• 26:39
  Speaker 6: you are a survivor, if you never qualified for Social scurity.
• 26:42
  Speaker 6: Let's say you have a government pench and you never
• 26:44
  Speaker 6: worked in the private sector, you are not on the
• 26:47
  Speaker 6: Social Security roles. So if you were married, divorced, widowed,
• 26:53
  Speaker 6: you should contact Social Security because now you may be
• 26:57
  Speaker 6: eligible for a survivor benefit or bousal benefit. So those
• 27:02
  Speaker 6: folks have to reach out to Social Security to let
• 27:05
  Speaker 6: them know, Hey, I'm here, do I qualify a head
• 27:07
  Speaker 6: of client?
• 27:08
  Speaker 3: This happened to leaving money on the table.
• 27:10
  Speaker 6: Leaving money on the table. She had a pension because
• 27:12
  Speaker 6: she was a school teacher. She called them. She ended
• 27:15
  Speaker 6: up getting a three thousand dollars a month benefit.
• 27:18
  Speaker 3: If you couldn't already tell, I can't say that without laughing.
• 27:22
  Speaker 3: If you couldn't already tell, social Security is complex. It's
• 27:26
  Speaker 3: clear as mud, as is medicare. There's a ton of
• 27:29
  Speaker 3: different choices to be made on these subjects. There are
• 27:33
  Speaker 3: potential pitfalls, there are potential advantages to different strategies that
• 27:37
  Speaker 3: you can use when claiming your Social Security benefits if
• 27:41
  Speaker 3: you have these questions. The reason we are hosting this
• 27:44
  Speaker 3: entire event is because we get more questions about these
• 27:48
  Speaker 3: two government programs than just about anything else from pre
• 27:51
  Speaker 3: retirees and a lot of the rules. As Susan said,
• 27:55
  Speaker 3: clear as mud, we'd love for you to attend our
• 27:58
  Speaker 3: free event. Registration ahead of time is required, but it's Thursday,
• 28:02
  Speaker 3: August twentieth the Framingham Renaissance Hotel right off the mass
• 28:06
  Speaker 3: Pike if you're familiar with it, five pm next Thursday.
• 28:09
  Speaker 3: Free to attend, but you must register ahead of time.
• 28:12
  Speaker 3: Two ways to do it. You can call our office
• 28:14
  Speaker 3: eight hundred three nine three four zero zero one. You
• 28:18
  Speaker 3: can get more information at Armstrong Advisory dot com slash events.
• 28:22
  Speaker 3: But again next Thursday, August twentieth, eight hundred three nine
• 28:26
  Speaker 3: three four zero zero one for your free spot. Susan,
• 28:30
  Speaker 3: thanks so much for joining U. Appreciation pleasure, have a
• 28:32
  Speaker 3: great weekend.
• 28:32
  Speaker 6: Thank you.
• 28:33
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 28:36
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 28:38
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 28:41
  Speaker 1: your own financial tax into state planning advisors before making
• 28:44
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 28:47
  Speaker 1: advisory services.
• 28:48
  Speaker 3: We are going to take a quick break here on
• 28:50
  Speaker 3: the Financial Exchange. When we return, bit of stack roulette
• 28:53
  Speaker 3: is next.
• 28:55
  Speaker 1: From Markets to Money, to Business and Financial News. Wat's
• 28:58
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• 29:02
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• 29:05
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• 29:09
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• 29:13
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• 29:16
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• 29:19
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• 29:21
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• 29:25
  Speaker 1: from eleven to noon on Series XM's Business Radio Channel
• 29:28
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• 29:33
  Speaker 5: Ladies and gentlemen the weekend, All right, Michael, I'm gonna
• 29:42
  Speaker 5: do a little bit of a stack roulette here.
• 29:46
  Speaker 2: Mark Zuckerberg's AI manifesto is sixty five hundred words and
• 29:50
  Speaker 2: barely says anything.
• 29:51
  Speaker 3: Saw this.
• 29:53
  Speaker 2: I mean sometimes like Tucker puts something in the stack
• 29:56
  Speaker 2: and he just knows that it's catnip. For me, it's
• 29:58
  Speaker 2: like it's it's just there.
• 30:00
  Speaker 3: So yes.
• 30:02
  Speaker 2: So Mark Zuckerberg wrote a sixty five hundred word manifesto
• 30:05
  Speaker 2: on AI and basically as you would expect, like it
• 30:13
  Speaker 2: doesn't say anything. And I'll quote here from Brian Barrett
• 30:16
  Speaker 2: from Wired who was talking about this, it's marketing. What
• 30:20
  Speaker 2: his marketing screed said is, Hey, everybody, don't worry. AI
• 30:22
  Speaker 2: is just fine. It's gonna be great for you. Why
• 30:24
  Speaker 2: is everybody so upset? Don't you trust us to make
• 30:26
  Speaker 2: your life better? And the answers will no, like your meta,
• 30:29
  Speaker 2: You generally don't make our lives better, You don't respect
• 30:33
  Speaker 2: our privacy, and no, like we just we don't trust you,
• 30:37
  Speaker 2: but we still can't stop using Facebook and Instagram because
• 30:40
  Speaker 2: it's really addictive.
• 30:42
  Speaker 3: But no, we don't like you full stop. Yeah, I'm good. Okay.
• 30:48
  Speaker 3: Text line has been busy today, so I'm gonna get
• 30:50
  Speaker 3: to a few of them during during Rudelette here, so
• 30:53
  Speaker 3: one somebody was bringing up, you know, recessions and the
• 30:57
  Speaker 3: Steak and Eggs versus Ham and Egg's economy, which I like.
• 31:00
  Speaker 3: I generally like weird recession indicators. It's one of my
• 31:03
  Speaker 3: favorite things to look at. So there's famously the underwear index, like, yes,
• 31:07
  Speaker 3: how frequently are men buying new underwear? Fidelity allegedly used
• 31:12
  Speaker 3: to track the number of taxi cabs in New York
• 31:16
  Speaker 3: City that we're operating on a daily basis to try
• 31:18
  Speaker 3: and get a gist for what's going on. I love
• 31:22
  Speaker 3: weird recession indicators. I don't know if you have any others, Chuck,
• 31:24
  Speaker 3: but the underwear one is always pretty funny for me.
• 31:28
  Speaker 3: Another text about our drone conversation, so commercial and enterprise
• 31:32
  Speaker 3: class drones are designed and manufactured in the US. However,
• 31:36
  Speaker 3: consumer type drones made almost entirely outside the US. Somebody
• 31:43
  Speaker 3: complementing you chuck on our semicolon conversations. The entire reason
• 31:47
  Speaker 3: apparently tune into the show in the first place is
• 31:49
  Speaker 3: for silly conversations like that. And then a couple of
• 31:53
  Speaker 3: texts just about the horribleness of TV these days and
• 31:59
  Speaker 3: live sports, and everybody seems to agree with us there
• 32:02
  Speaker 3: good and I think it leads me to the one
• 32:04
  Speaker 3: path where we are going back to the bundle, because
• 32:07
  Speaker 3: one of the text was I don't watch live sports,
• 32:10
  Speaker 3: yet they're adding them to all these streaming bundles that
• 32:12
  Speaker 3: I love so there's only one path, which is the
• 32:15
  Speaker 3: price is going to go up for me, even though
• 32:18
  Speaker 3: I don't watch any of the live sports that are
• 32:20
  Speaker 3: being offered on Apple TV, for example, So yeah, I
• 32:23
  Speaker 3: agree with you. TV watching these days kind of stinks. Yeah.
• 32:26
  Speaker 4: Disney Plus is like the ESPN addition, Yeah, all that stuff.
• 32:30
  Speaker 3: Yeah, So there you have it. Also, if you don't mind,
• 32:34
  Speaker 3: talk about pick a ball, because the town of Mashpee
• 32:37
  Speaker 3: just instituted a quiet ball rule on pick a ball courts,
• 32:41
  Speaker 3: and obviously, with you know, pick a ball fans being
• 32:45
  Speaker 3: what they are, pretty loud objections coming from them, and
• 32:49
  Speaker 3: this is one of those opportunities for just malicious compliance
• 32:54
  Speaker 3: on the part of pickaball players because I would imagine
• 32:56
  Speaker 3: that there is no town rule, for instance, about clearing
• 33:00
  Speaker 3: the court every morning with a gas powered leafblower or
• 33:04
  Speaker 3: playing insane clown posse on a loud boom box while
• 33:08
  Speaker 3: you play pick a ball probably totally allowed or no.
• 33:11
  Speaker 2: I would be like, okay, fine, you want me to
• 33:12
  Speaker 2: play with the quiet ball, I'm gonna turn myself into
• 33:17
  Speaker 2: Serena Williams.
• 33:18
  Speaker 3: Yeah, I'm gonna just be like grunts.
• 33:20
  Speaker 2: I Am going to be grunting on every single ball,
• 33:24
  Speaker 2: I hit as loud as I can.
• 33:26
  Speaker 3: I was thinking about maybe I would just keep a
• 33:28
  Speaker 3: supply of dying smoke detectors on the court at all times.
• 33:31
  Speaker 3: That would be a good way to comply with this rule,
• 33:33
  Speaker 3: because that's definitely not illegal. You know, maybe just back
• 33:37
  Speaker 3: up a truck for the first hour of play, right,
• 33:40
  Speaker 3: like exactly, things like that. There's so many good opportunities here,
• 33:45
  Speaker 3: mash Pee to maliciously comply with these rules. Not that
• 33:49
  Speaker 3: I don't find pick a ball sound to be annoying,
• 33:53
  Speaker 3: but it's not something that I would petition the town
• 33:56
  Speaker 3: to make a new rule over, because there are plenty
• 33:58
  Speaker 3: of annoying sounds that we all just need to learn
• 34:00
  Speaker 3: to live with.
• 34:00
  Speaker 2: Like, there's a pickle ball court right near our office.
• 34:03
  Speaker 2: There is, It's right next to our office.
• 34:06
  Speaker 3: In fact, it was the site of a controversy when
• 34:10
  Speaker 3: somebody's cut up all the pickleball that what all?
• 34:14
  Speaker 2: That's two years ago. Someone came through one night and
• 34:16
  Speaker 2: cut all the nets.
• 34:17
  Speaker 4: Okay, thanks, we'll get new ones.
• 34:20
  Speaker 3: Yeah, these are twenty dollars. I don't worry about it.
• 34:23
  Speaker 2: Imagine getting so upset about the sound of like a
• 34:26
  Speaker 2: sport that you go and just try to ruin it
• 34:28
  Speaker 2: for other people.
• 34:29
  Speaker 4: It takes exactly eighteen minutes to replace these nets.
• 34:32
  Speaker 3: But Amazon, I'll have this redelivered to me in forty
• 34:35
  Speaker 3: five minutes. It's just it's wild.
• 34:39
  Speaker 4: I also love the photo in this article of the guy,
• 34:43
  Speaker 4: one of the residents in Mesh.
• 34:44
  Speaker 2: The guy looks like Charlie Day was, Like he's got
• 34:47
  Speaker 2: like documents all over his house.
• 34:48
  Speaker 4: Yeah, but he also set up like this like very
• 34:51
  Speaker 4: high tech microphone with headphones on, and he's like trying
• 34:54
  Speaker 4: to like measure the decibels of the pickleball sound.
• 34:58
  Speaker 2: If you have to measure this sound, it's not that bad.
• 35:02
  Speaker 2: Like I don't know, Like getting upset about living next
• 35:06
  Speaker 2: to a pickleball court is like being upset that when
• 35:09
  Speaker 2: you live next to Logan airport planes are taking off.
• 35:11
  Speaker 3: Yeah.
• 35:12
  Speaker 2: I used to live next to a basketball court in Summerville.
• 35:14
  Speaker 2: Guess what people like to play basketball until midnight? Right,
• 35:17
  Speaker 2: Like it's it's fine, Like it's it's how it is.
• 35:19
  Speaker 4: They sell quiet basketball is now, Mike, you know they're basketball,
• 35:23
  Speaker 4: they do they're foam. You're kidding me, no, But they're
• 35:26
  Speaker 4: meant for indoor play.
• 35:27
  Speaker 2: I'm just pointing it out quiet basketballs just preposterous.
• 35:31
  Speaker 3: So anyway, I've given you a number of different ways
• 35:34
  Speaker 3: to maliciously comply with the new laws mash Pee residents,
• 35:37
  Speaker 3: and I suggest you take a look at a few
• 35:39
  Speaker 3: of them.
• 35:40
  Speaker 2: Mike, I want to talk about this piece from the
• 35:41
  Speaker 2: Wall Street Journal, the mystery vacations that give you no
• 35:44
  Speaker 2: idea where you're actually going.
• 35:46
  Speaker 3: Love it so.
• 35:47
  Speaker 2: Love this idea prior to me being an adult with children.
• 35:50
  Speaker 2: So I've done this once when when my wife and
• 35:54
  Speaker 2: I we were maybe twenty seven or twenty eight, we
• 35:58
  Speaker 2: didn't have kids yet, and we decided we were like,
• 36:01
  Speaker 2: you know what, like, we've got nothing to do this weekend.
• 36:04
  Speaker 3: We've saved a little money.
• 36:06
  Speaker 2: Let's go to the airport and just get on the
• 36:08
  Speaker 2: first flight and see what happens. And so we go
• 36:11
  Speaker 2: to the airport and it was kind of disappointing because
• 36:13
  Speaker 2: the people at the airport were like, you guys, can't
• 36:16
  Speaker 2: buy a ticket here. We're like, we're at the airport.
• 36:18
  Speaker 2: What do you mean we can't buy a ticket. They're like,
• 36:19
  Speaker 2: you gotta buy it online. So first it was like, okay,
• 36:23
  Speaker 2: like this is kind of a letdown that you can't
• 36:24
  Speaker 2: just buy a ticket at the ticket counter, like they
• 36:26
  Speaker 2: can make changes to your reservation, but you have to
• 36:29
  Speaker 2: go like back behind the line and book it on
• 36:31
  Speaker 2: your phone.
• 36:32
  Speaker 3: I'm also just imagining the TSA conversation these days, like
• 36:36
  Speaker 3: so you did pack your bag, but you came here
• 36:39
  Speaker 3: not knowing where you're going, so extra screen.
• 36:43
  Speaker 2: So finally we're just like, okay, like whatever, can you
• 36:46
  Speaker 2: just tell us what like the next flight out is.
• 36:48
  Speaker 2: They're like sure, like here it is, because like we
• 36:49
  Speaker 2: wanted to just do the next flight. This is how
• 36:52
  Speaker 2: you end up in New Orleans in the middle of July. Yeah, sure,
• 36:55
  Speaker 2: which I don't recommend because about that packing issue. I
• 37:00
  Speaker 2: did not pack four shirts per day to wear in
• 37:04
  Speaker 2: New Orleans. Now it was fantastic, like we had never
• 37:06
  Speaker 2: been before, Like we had a great time, like you know,
• 37:09
  Speaker 2: it was awesome, but a little little warm on the
• 37:12
  Speaker 2: Mississippi River in you know, mid to late July in
• 37:16
  Speaker 2: New Orleans.
• 37:17
  Speaker 3: So the way this actually works is you book its
• 37:19
  Speaker 3: sight unseen. They do tell you where you're going before
• 37:21
  Speaker 3: you arrive at the which is a little disappointing. I
• 37:24
  Speaker 3: didn't know group on still existed. Used to me, never
• 37:30
  Speaker 3: have I been treated so poorly as walking into a
• 37:32
  Speaker 3: restaurant with a group on, Like, ah, this guy. Nobody
• 37:37
  Speaker 3: was happy about that situation.
• 37:38
  Speaker 2: No group on massage or something like that.
• 37:43
  Speaker 4: Oh Jesus, this guy isn't gonna give us any money.
• 37:45
  Speaker 2: God, you guys didn't have to offer it, you know,
• 37:49
  Speaker 2: like if you didn't want me to come in with it,
• 37:50
  Speaker 2: then you shouldn't have put it up. Like, no one
• 37:52
  Speaker 2: made you sell the group on. But yes, I do agree,
• 37:57
  Speaker 2: they did not enjoy that. We're gonna take quick break
• 38:00
  Speaker 2: for the whole weekend. I hope you all get some
• 38:02
  Speaker 2: pickleball in. I hope you all have uh maybe some
• 38:06
  Speaker 2: fun trips planned and uh you.
• 38:09
  Speaker 3: Just semi colon or two. You might like it. We'll
• 38:12
  Speaker 3: see you on Monday.