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Is America still number one? · The Financial Exchange Show

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  Speaker 2: Welcome back to the Financial Exchange. If you didn't like yesterday,
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  Speaker 2: you're gonna love what you see today. Dow up two
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  Speaker 2: hundred twenty seven points half a percent, SMP up.
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  Speaker 3: Forty six points or three quarters.
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  Speaker 2: Of percent, and Nasdaq up one hundred and ninety six
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  Speaker 2: points or one full percentage points. Russell two thousand, up
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  Speaker 2: about nine tenths of a point. The ten year yield
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  Speaker 2: on the US Treasury down to four point five seven
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  Speaker 2: to three percent. We've got oil coming in at seventy
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  Speaker 2: three dollars eighty two cents per barrel. That brings us
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  Speaker 2: to the national average for gas prices, which, if you'll
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  Speaker 2: give me just about six seconds, we're sitting at a
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  Speaker 2: national average of three dollars and seven cents per gallon,
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  Speaker 2: with most of New England actually below that average other
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  Speaker 2: than Vermont. Let's see, I got a fine Rhode Island here,
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  Speaker 2: and Rhode Island is also also below the national average.
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  Speaker 2: So only Vermont sitting up there above the national average
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  Speaker 2: here in New England? Anything else catching your eye this morning?
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  Speaker 2: After yesterday's scary Apple and Tesla sell off.
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  Speaker 4: The US Surgeon General issued an advisory warning Friday about
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  Speaker 4: the link between alcohol consumption and increased cancerousk Can't I
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  Speaker 4: just came across my desk.
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  Speaker 2: Can't I just brew some moonshine in my backyard without
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  Speaker 2: the government being all up in my business.
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  Speaker 3: Yeah, I don't know.
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  Speaker 4: It's gonna sol me down tonight going off to dinner.
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  Speaker 4: But does he make me pause for a moment.
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  Speaker 2: Surgeon General wants to slap some warnings on alcohol labels, which, yeah,
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  Speaker 2: I guess, I guess we're we're going to get there, unfortunately.
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  Speaker 2: But yeah, the other piece that just slid across my desk.
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  Speaker 2: GM and Ford are reporting their best annual US sales
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  Speaker 2: since twenty nineteen. Ford's new vehicle sales increased four point
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  Speaker 2: two percent last year, representing the automaker's best year.
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  Speaker 3: Since twenty nineteen.
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  Speaker 2: Specifically, they're seeing big growth in their hybrid and all
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  Speaker 2: electric models. And then you also saw a report from
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  Speaker 2: where's General Motors in here? I don't see General Motors
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  Speaker 2: in here, so I'll get back to you on that one.
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  Speaker 2: But both of them reporting pretty solid numbers. At the
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  Speaker 2: same time, the Tesla is reporting their slowdown in sales
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  Speaker 2: and y GM competition.
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  Speaker 4: GM two point seven million vehicles up four point three
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  Speaker 4: percent from a year earlier. For comparison, we're selling two
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  Speaker 4: point nine million in twenty nineteen.
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  Speaker 2: Yeah, so that speaks to some of that competition that
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  Speaker 2: Elon Musk's going to want to continue to face. I
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  Speaker 2: am just I'm really just waiting for the I think
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  Speaker 2: Dodge is selling it this year in their in their
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  Speaker 2: Ram truck, the all electric truck with a built in
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  Speaker 2: gas power generator to power the battery.
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  Speaker 3: I know, I'm excited about that.
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  Speaker 2: I just completed a two thousand mile road trip out
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  Speaker 2: and back to Chicago, and I think a minivan equipped
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  Speaker 2: with that would be just the the sexom. Yeah, yeah,
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  Speaker 2: I think I would be really turning heads with that
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  Speaker 2: bad boy.
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  Speaker 3: Peace here from Bloomberg.
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  Speaker 2: America still leads the world in all the ways that matter.
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  Speaker 2: So look, there's been a lot of criticism of the
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  Speaker 2: Biden administration. We had a vote where they pretty resoundingly
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  Speaker 2: elected President Trump. We have a lot of problems, no doubt,
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  Speaker 2: in terms of inflation and a number of people describing
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  Speaker 2: their personal financial situation as challenging. But then you look
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  Speaker 2: across the globe and you take a look at how
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  Speaker 2: Europe's doing, how China's doing turmoil in the Middle East,
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  Speaker 2: and it's really tough to come to any conclusion other
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  Speaker 2: than while we face challenges here domestically, there are few
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  Speaker 2: places in the world where you would, i would say,
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  Speaker 2: arguably like to start a business. For example, point to
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  Speaker 2: one area across the globe where you'd say, yeah, I
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  Speaker 2: would feel more confident starting a business in this country
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  Speaker 2: over the United States. And it's really tough to come
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  Speaker 2: up with one. And some of it I think speaks
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  Speaker 2: to those productivity growth numbers that we've talked about, but
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  Speaker 2: I think some of it also just speaks to the
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  Speaker 2: power of American institutions.
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  Speaker 3: In all of this.
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  Speaker 2: Yes, we have, you know, resounding disagreement in Congress and
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  Speaker 2: real problems getting bills passed, but again, you take a
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  Speaker 2: look at other countries. South Korea at the moment, for example.
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  Speaker 2: I don't know if you guys saw the story the
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  Speaker 2: other day where they tried to arrest the sitting president
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  Speaker 2: and their bodyguards effectively blocked a arrest warrant that was
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  Speaker 2: out for like, it was just wild stuff that we
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  Speaker 2: don't still see here in the United States.
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  Speaker 4: Yeah, what did he he had declared martial law?
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  Speaker 2: Just yeah, Yeah, so, no, it's a great point.
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  Speaker 4: It's really important to think about. There is certainly a
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  Speaker 4: lot to work on and a lot to fix, but
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  Speaker 4: our nature is to complain, and it does seem like
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  Speaker 4: we do go around complaining quite a bit. But there
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  Speaker 4: are a lot of positive things to hang our hat on.
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  Speaker 4: When comparing us to our peers in terms of research
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  Speaker 4: and development, business innovation productivity GDP growth, all of those areas,
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  Speaker 4: the US still shines very strong.
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  Speaker 2: I think the other piece to acknowledge it, I think
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  Speaker 2: a lot of people left the last few years feeling
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  Speaker 2: extremely divided from the political turmoil standpoint right, Like that
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  Speaker 2: part seems to be resounding here in the United States.
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  Speaker 2: But that's another piece that I would say is not
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  Speaker 2: unique to the United States. For the first time in
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  Speaker 2: one hundred years, every single modern democracy in the world
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  Speaker 2: that was in power over the last few years in
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  Speaker 2: the most recent election lost power during this most recent election.
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  Speaker 2: It's the first time that has happened on a coordinated
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  Speaker 2: basis in one hundred years of history that we have
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  Speaker 2: on this and every single ruling party, whether conservative or liberal,
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  Speaker 2: across the globe lost share and in many cases flipped
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  Speaker 2: entirely go look at the UK for example, go look
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  Speaker 2: at New Zealand and other countries where you've seen that happen.
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  Speaker 2: That is incredibly unique this moment in time. And I'm
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  Speaker 2: not saying that it's a good thing. I'm merely saying
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  Speaker 2: that it is seemingly a byproduct of this incredibly volatile
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  Speaker 2: economy that we've had over the last few years.
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  Speaker 3: Yeah, I mean for good reason.
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  Speaker 2: When when prices go through the roof, people globally feel
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  Speaker 2: vastly uncomfortable and blame the people that were in charge
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  Speaker 2: when it happened. And so that seems to be what
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  Speaker 2: we saw over the last few years. And I'm not
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  Speaker 2: sure it's something we should be entirely discouraged by. Speaking
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  Speaker 2: of Congress and political turmoil more regarding Musk's Department of
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  Speaker 2: Government efficiency and seemingly every day, I'm not really sure
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  Speaker 2: why there's more and more attention from outsiders saying this
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  Speaker 2: is how Musk and Ramaswami should lead the department, or
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  Speaker 2: that's the way they should lead it. I don't know, Paul,
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  Speaker 2: I tend to be taking a point here of I
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  Speaker 2: think my biggest criticism of DOGE and what they are
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  Speaker 2: trying to create here is that I think it's pretty
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  Speaker 2: disingenuous in terms of what their actual targets are from
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  Speaker 2: what I have seen so far. But trying to grade
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  Speaker 2: this thing after a month and a half of what's
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  Speaker 2: been going on, I just don't really see much of
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  Speaker 2: a purpose at this stage.
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  Speaker 3: I think the.
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  Speaker 2: Biggest criticism I have is, don't come out and tell
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  Speaker 2: me that you're going to cut two trillion dollars of
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  Speaker 2: government spending when you very clearly are fundamentally unseerious about
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  Speaker 2: doing so.
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  Speaker 4: Yeah, I have two new I've tuned off from these
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  Speaker 4: stories so a little bit. I gotta be honest with you, Mike,
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  Speaker 4: just because ultimately it's Congress who needs to act. I
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  Speaker 4: get the role of this committee here. I've looked at
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  Speaker 4: the budget sheet one hundred different times, and I've said
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  Speaker 4: this probably one hundred different times in the show.
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  Speaker 3: The area is.
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  Speaker 4: That likely need to be cut to make a meaningful
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  Speaker 4: impact on the budget are areas that cannot be touched
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  Speaker 4: Social Security.
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  Speaker 3: Without Congress anyway, right, without Congress action.
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  Speaker 4: And let's be honest, they're just they're really they're not
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  Speaker 4: going to come in and cut them. I just find
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  Speaker 4: it very very unlikely social Security Medicare, military and defense spending,
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  Speaker 4: and so for me to spend my time, you know,
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  Speaker 4: scrutinizing these articles on what they may or may not
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  Speaker 4: do for the budget, let me know when something prints,
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  Speaker 4: let me know when there's actually a cut and what
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  Speaker 4: it is and how substantial. Otherwise, I just think it's
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  Speaker 4: strategically a way to sort of divert the responsibility away
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  Speaker 4: from the president of making any substantial cuts.
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  Speaker 2: I'm also unconvinced that Americans generally want a government that
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  Speaker 2: is more efficient and spends less money.
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  Speaker 3: I know, we say that we want that we want
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  Speaker 3: to do away.
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  Speaker 2: With government waste, we want to drain the swamp, But
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  Speaker 2: when it comes down to brass tax like, hey, should
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  Speaker 2: we repeal the weapon the GPO, Hey should we take
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  Speaker 2: a different look at Social Security or Medicare or the military?
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  Speaker 2: Pull after poll indicates that Americans don't want those programs
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  Speaker 2: to change.
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  Speaker 4: Hey, do you want your taxes to revert back to
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  Speaker 4: what they were in twenty seventeen?
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  Speaker 2: Right, So it comes back to me to like these
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  Speaker 2: big overall topics that people seem to have an opinion on,
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  Speaker 2: but then when you get into the.
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  Speaker 3: Weeds, everybody very much diverts.
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  Speaker 2: Immediately, Like I think there's general agreement that the government
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  Speaker 2: spends too much money as and is inefficient and wasteful.
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  Speaker 2: We all seem to agree on that, and then when
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  Speaker 2: we get into the brass tax of how you fix that,
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  Speaker 2: there's zero agreement at all. And generally people don't want
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  Speaker 2: the government to spend less money because it means that
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  Speaker 2: they are going to be financially harmed. It reminds me
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  Speaker 2: of the housing affordability conversation, it's going to do it
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  Speaker 2: all the time Nimby, which is, you know, yeah, I
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  Speaker 2: want there to be cheaper homes for sale, but not
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  Speaker 2: if it affects me negatively.
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  Speaker 4: Right right, not in my back.
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  Speaker 3: Those two things don't really work together.
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  Speaker 2: And I think if there's one piece that I think
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  Speaker 2: Elon Musk has actually been genuine about it is he's
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  Speaker 2: warned people. He said, look, if we're actually going to
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  Speaker 2: do this, it's going to be painful. He said that,
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  Speaker 2: and that's also why I don't think it's actually going
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  Speaker 2: to happen. Let's take a quick break when we come back,
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  Speaker 2: a little bit of trivia here on the financial exchange
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  Speaker 5: trivia here on the Financial Exchange on this day. In
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  Speaker 5: twenty twenty two, Elizabeth Holmes, the founder of Theronos, was
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  Speaker 5: found guilty on four counts of fraud. Furnos was a
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  Speaker 3: Paul.
• 13:43
  Speaker 2: Back in twenty fourteen, the combination of Costco, Walmart, and Amazon,
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  Speaker 2: those three retailers themselves accounted for about eleven percent of
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  Speaker 2: all retail sales in the country. Based on their most
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  Speaker 2: recent numbers from their last three quarters, those three companies
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  Speaker 2: now make up seventeen percent of retail sales. Roughly fifty
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  Speaker 2: seven percent of the growth over that period came from
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  Speaker 2: those three, and they are in particular just absolutely dominating
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  Speaker 2: most areas of retail, from grocery to just everyday shopping.
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  Speaker 2: These three are accounting for a bigger piece, and I'm
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  Speaker 2: not sure.
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  Speaker 3: They would have been the three that I would have.
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  Speaker 2: Banked on back in twenty fourteen, either, right, I mean,
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  Speaker 2: at that point in time, I think Target was playing
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  Speaker 2: a much bigger role in growing and since then they
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  Speaker 2: have very much struggled, but from any number of different areas,
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  Speaker 2: it has become increasingly difficult to compete with them. I've
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  Speaker 2: heard specifically a lot of complaints and lawsuits from small
• 14:44
  Speaker 2: liquor stores who say, you know, the deals that they
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  Speaker 2: get from distributors, the costcos and the total wines and
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  Speaker 2: others who get from big distributors, we just can't compete
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  Speaker 2: on price with them, and so you know, we're closing
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  Speaker 2: up shop because that's where all.
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  Speaker 3: The volume's going to.
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  Speaker 2: Grocers who are saying, you know, Kroger and Albertson's, for example,
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  Speaker 2: saying we cannot continue to compete with Walmart in this
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  Speaker 2: grocery business based on how they just on the pricing
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  Speaker 2: that they get to and on the exposure they get
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  Speaker 2: from other parts of their business, and yet they weren't
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  Speaker 2: allowed to merge. Rarely do we ever have companies that
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  Speaker 2: just dominate forever. And I'm sure the track will change
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  Speaker 2: at some point here, and we have had a bit
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  Speaker 2: of a resurgence of small businesses over the last five years,
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  Speaker 2: but it's tough for me to envision how really any
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  Speaker 2: of the competitors are going to stack up against these three.
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  Speaker 4: Yeah, these companies have built scale economies where they have
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  Speaker 4: just they're spending forty seven billion in CAPEX in twenty
• 15:43
  Speaker 4: twenty three to develop a significant amount of warehouses, logistical
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  Speaker 4: advantages and quite honestly, if you look at all three
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  Speaker 4: and Costco a little bit less so here have invested
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  Speaker 4: significantly on the delivery side of the and making things
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  Speaker 4: incredibly easy for the consumer, and Costco has started to
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  Speaker 4: develop that arm of business as well. But it's a
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  Speaker 4: time period where consumers are looking for efficiency, things to
• 16:13
  Speaker 4: be delivered same day or next day and for strong pricing,
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  Speaker 4: and when you're as large as these three are, you're
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  Speaker 4: able to command that and really deliver those services to
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  Speaker 4: the consumers.
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  Speaker 1: Zone.
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  Speaker 2: Yeah, it's not to say any but nobody else will
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  Speaker 2: succeed there. But you look around the around the country too.
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  Speaker 2: I mean, you've had bankruptcies from Big Lots, the Container Store,
• 16:35
  Speaker 2: party City just actually I believe I have to double
• 16:38
  Speaker 2: check this, but I believe Party City is going through
• 16:40
  Speaker 2: full liquidation bankruptcy this time. They had gone through it
• 16:43
  Speaker 2: several years ago. Private Equity took them private, and this
• 16:46
  Speaker 2: time it looks like finally liquidating the entire business here,
• 16:50
  Speaker 2: which is I might have been their only customer.
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  Speaker 3: So I was there my wife.
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  Speaker 4: My wife and I took the kids there in and
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  Speaker 4: around when my daughter was having a birthday, just so
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  Speaker 4: that they could walk through the store and go through
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  Speaker 4: the experience of picking out unicorn balloons or whatever. And
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  Speaker 4: I do walk around some of these stores.
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  Speaker 3: I don't know where I'm gonna get my unicorn balloons.
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  Speaker 2: Now, by the way, that that was the only place
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  Speaker 2: that I you know, Amazon, I can get everything else there,
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  Speaker 2: but I cannot get a helium filled mylar balloon.
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  Speaker 3: Anywhere other than parties. Yeah, exactly, but there are some stories.
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  Speaker 5: We bought a balloon on Amazon. What are you talking about?
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  Speaker 3: Filled with helium?
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  Speaker 5: No, we had to buy a helium tank, Michael, which
• 17:29
  Speaker 5: you can buy an Amazon.
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  Speaker 3: Really. Yes, Amazon does everything. I don't know.
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  Speaker 5: We never filled my own balloons. I guess I'm we
• 17:38
  Speaker 5: do that annually.
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  Speaker 3: Do you really want a helium tank around? Who wants?
• 17:43
  Speaker 3: Its not that bad.
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  Speaker 5: It's like this big Oh it's party. It's meant for parties.
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  Speaker 1: Yeah.
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  Speaker 4: Oh, I was thinking of something that was you know, okay, okay,
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  Speaker 4: it looks like it looks literally looks like a propane store,
• 17:54
  Speaker 4: and that in the garageul be the same size as
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  Speaker 4: the grill for a propane Okay, all right, not as
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  Speaker 4: bad as I thought. But sometimes you walk into some
• 18:01
  Speaker 4: of these business staples too. I've had to do some
• 18:03
  Speaker 4: runs in there. I'm like, you know, I just don't
• 18:05
  Speaker 4: know who where the customer foot traffic comes from.
• 18:09
  Speaker 3: Yeah.
• 18:10
  Speaker 2: Yeah, it is going to be increasingly challenging. It's not
• 18:13
  Speaker 2: going to be incredibly difficult for your very small store
• 18:17
  Speaker 2: with three locations to continue to exist, because I think
• 18:20
  Speaker 2: there will be still an immense amount of support for
• 18:23
  Speaker 2: companies like that. But when you talk about your big lots.
• 18:25
  Speaker 2: But even when I talk about you know, BJ's Wholesale
• 18:28
  Speaker 2: club for example, you know, other than geographic location, why
• 18:33
  Speaker 2: choose a BJ's over at cost Co? I think most
• 18:36
  Speaker 2: people would have a tough time coming up with the
• 18:38
  Speaker 2: answer to that. And more and more I think people
• 18:41
  Speaker 2: are answering that question when it comes to Target versus
• 18:44
  Speaker 2: Walmart or Staples versus Amazon's what's the compelling reason I
• 18:50
  Speaker 2: need to look elsewhere for this item?
• 18:52
  Speaker 3: And the more.
• 18:53
  Speaker 2: Businesses they get into, the more challenging it's going to be.
• 18:56
  Speaker 2: I even think of even a massive competitor in the
• 18:59
  Speaker 2: liquor space, you know, total wine and more. Well, if
• 19:02
  Speaker 2: Costco is allowed to sell beer, wine and liquor, I
• 19:06
  Speaker 2: might not be all that interested in going to some
• 19:09
  Speaker 2: of these other businesses that do compete in that space. Genuinely, today,
• 19:13
  Speaker 2: I know that's not certainly Amazon's business or Walmart's business,
• 19:16
  Speaker 2: but when they are able to offer these multi pronged
• 19:20
  Speaker 2: UH sales taxics to you, it's tough for many businesses
• 19:25
  Speaker 2: to compete in the same way. Quick break, we'll have
• 19:27
  Speaker 2: the trivia winner coming up, and then American's diets have
• 19:31
  Speaker 2: been changing a lot of the last decade. What it's
• 19:32
  Speaker 2: meant for some of the businesses that support that.
• 19:34
  Speaker 3: Next on the Financial.
• 19:35
  Speaker 6: Exchange, bringing the latest financial news straight to your radio
• 19:45
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• 19:49
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• 19:52
  Speaker 1: Text us six one seven, trink six to two one
• 19:55
  Speaker 1: three eight five with your comments and questions about today's show.
• 19:58
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• 20:08
  Speaker 5: Trivia questions today was how many years was Elizabeth Holmes
• 20:11
  Speaker 5: sentenced to in prison? That will be eleven years. Holmes
• 20:15
  Speaker 5: was charged with fraud in lying to investors to raise
• 20:18
  Speaker 5: money for the company. She was convicted in twenty twenty
• 20:21
  Speaker 5: two of three counts of wire fraud in one count
• 20:24
  Speaker 5: of conspiracy to commit wire fraud. Mike from Stoneham, Mass
• 20:29
  Speaker 5: is our winner today, taking home a Financial Exchange Show
• 20:32
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• 20:35
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• 20:39
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• 20:41
  Speaker 2: Paul, do you remember when ozempic and Manjaro and GOVI
• 20:45
  Speaker 2: We're going to ruin every snacking and bad for you
• 20:51
  Speaker 2: food brand out there.
• 20:52
  Speaker 3: I do remember that that was.
• 20:53
  Speaker 2: Going to be the end of all ice cream brands
• 20:56
  Speaker 2: and snack foods out there.
• 20:58
  Speaker 3: It turns out the rumor of their.
• 21:01
  Speaker 2: Demise has been pretty exaggerated here, and in fact, Americans
• 21:05
  Speaker 2: seem to be snacking more often than ever, which I
• 21:09
  Speaker 2: don't I'm not sure I get any of this. Like,
• 21:12
  Speaker 2: I don't know about your personal behaviors, but I buy
• 21:16
  Speaker 2: a bunch of snacks for my kids to go in
• 21:18
  Speaker 2: their lunchboxes because I'm lazy and I don't want to
• 21:20
  Speaker 2: hand make snacks. So I'll be the first to admit that,
• 21:24
  Speaker 2: But it really doesn't carry over to any of my
• 21:26
  Speaker 2: own habits and behaviors.
• 21:29
  Speaker 4: On the weekends and when I'm at home, then obviously
• 21:31
  Speaker 4: there's more stuff around, so you're more likely snack boat.
• 21:34
  Speaker 2: All it is is maybe people are just at home
• 21:36
  Speaker 2: more because we haven't socialized since COVID.
• 21:40
  Speaker 5: There are definitely moments on like a lazy Sunday where
• 21:43
  Speaker 5: you're stuck inside or something where you're just bored, like
• 21:46
  Speaker 5: let me go taste of stack?
• 21:47
  Speaker 3: But is that any different from your pre COVID life?
• 21:50
  Speaker 2: Like this seems to be making an argument that Americans
• 21:54
  Speaker 2: have made some tremendous transformation where we just sit around
• 21:58
  Speaker 2: and eat all day, and I don't know, it's not
• 22:01
  Speaker 2: like we're signific In fact, we got less fat over
• 22:04
  Speaker 2: the last two years. So I just don't really understand it.
• 22:08
  Speaker 2: But clearly, if you look at I always say, follow
• 22:10
  Speaker 2: the money, and you had some big transactions here in
• 22:14
  Speaker 2: these brands. So a few years ago, the company, the
• 22:19
  Speaker 2: Kellogg spread off, sorry, split off their cereal brands from
• 22:23
  Speaker 2: their snack brands. So they wanted to focus their snack
• 22:26
  Speaker 2: brands on Pringles and Cheese It's and rice Krispy's treats,
• 22:29
  Speaker 2: and so they spun off this brand called Kelenova, and
• 22:32
  Speaker 2: in August Mars said that they're going to acquire the
• 22:35
  Speaker 2: company for thirty six billion dollars. So clearly worked. Likewise,
• 22:40
  Speaker 2: Hostess was gobbled up by JM. Smucker based on again
• 22:45
  Speaker 2: their snacking brands, and I just my only conclusion is that, yeah,
• 22:51
  Speaker 2: if if I worked from home all day every day,
• 22:55
  Speaker 2: I would definitely snack a lot more than I do
• 22:58
  Speaker 2: because we're sitting here and chairs in a studio and
• 23:01
  Speaker 2: I generally think it would be rude to talk to
• 23:03
  Speaker 2: you while my mouth is full of pringles. But if
• 23:05
  Speaker 2: I were doing it from home, might I might partake
• 23:07
  Speaker 2: in that, and that doesn't to me seem like it's
• 23:10
  Speaker 2: going to be a successful, permanent shift, especially if there
• 23:15
  Speaker 2: is this strong desire from a lot of people to
• 23:17
  Speaker 2: get onto these weight loss drugs.
• 23:19
  Speaker 4: Yeah, I could certainly see the pandemic and post pandemic
• 23:23
  Speaker 4: a tremendous surge and snacking, and perhaps that those sales
• 23:27
  Speaker 4: numbers led to these future acquisitions that we're seeing here,
• 23:31
  Speaker 4: But a lot of food habits in terms of the
• 23:33
  Speaker 4: trends of what people eating, our cyclical and our trend based.
• 23:38
  Speaker 4: They do a good job of highlighting that there's been
• 23:40
  Speaker 4: an uptick in sales on sort of the charcoutery boards
• 23:44
  Speaker 4: sort of things, you know, meats and cheeses as well
• 23:46
  Speaker 4: as just standalone cottage cheese. But they made the parallel
• 23:50
  Speaker 4: to Greek yogurt, which just became really prevalent for toast alvocatta.
• 23:55
  Speaker 4: Toast is another one where it just seems more like
• 23:58
  Speaker 4: the gym and like different, you know, whether it's Peloton
• 24:03
  Speaker 4: or P ninety x or trends that come around, but
• 24:05
  Speaker 4: it's just are more short lived in nature.
• 24:07
  Speaker 2: Wasn't there a Super Bowl a few years ago where
• 24:09
  Speaker 2: they convinced us all that they're going to run out
• 24:11
  Speaker 2: of avocados. Am I making that up the avocado shortage
• 24:15
  Speaker 2: of like twenty seventeen.
• 24:16
  Speaker 4: Or there definitely has been an avocado stories in one
• 24:19
  Speaker 4: of the years.
• 24:19
  Speaker 2: In either case, I see a lot of this stuff
• 24:22
  Speaker 2: as temporary, because all the trends that we seem to
• 24:25
  Speaker 2: see in both exercise as well as food habits seem
• 24:29
  Speaker 2: to be very temporary in nature.
• 24:31
  Speaker 3: Intend to flip flop all the time.
• 24:33
  Speaker 5: According to jen Worth, the average monthly cost for a
• 24:37
  Speaker 5: private room in New England could double by twenty forty.
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• 25:32
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• 25:34
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• 25:40
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• 25:43
  Speaker 2: The legal ramifications of the Chevron doctrine continue to spill
• 25:47
  Speaker 2: over here, this time on net neutrality. So to paint
• 25:51
  Speaker 2: the history on this one, for a couple decades, the
• 25:53
  Speaker 2: FCC had enforced a policy of net neutrality, which pretty
• 25:58
  Speaker 2: simply meant that if you you are a broadband internet provider,
• 26:02
  Speaker 2: you can't intentionally slow down or speed up any Internet
• 26:05
  Speaker 2: traffic or prioritize one or the other. So as you
• 26:08
  Speaker 2: can imagine, if your Verizon delivering broadband internet to somebody's home,
• 26:14
  Speaker 2: and also you have a TV package for sale, you
• 26:17
  Speaker 2: might be interested, for example, in slowing down traffic Internet
• 26:21
  Speaker 2: traffic on YouTube or on Fubo, or on Hulu or
• 26:25
  Speaker 2: Netflix because you want more subscribers to your wired cable package.
• 26:30
  Speaker 2: Net neutrality prevented them from doing those types of slow
• 26:33
  Speaker 2: downs intentionally or otherwise. That was not a congressional law, though.
• 26:37
  Speaker 2: That was a policy passed decades ago that was overridden
• 26:42
  Speaker 2: by the Trump administration, put back in place by the
• 26:46
  Speaker 2: FCC under the Biden administration, and then that administration got sued.
• 26:50
  Speaker 2: And now with this overturning of the Chevron doctrine, which
• 26:54
  Speaker 2: is effectively, hey, if you want to pass laws, pass laws,
• 26:57
  Speaker 2: but we're not just going to defer to regulations posed
• 27:00
  Speaker 2: by government entities. This has again been overturned. And I'm,
• 27:07
  Speaker 2: by no means the foremost expert on this. I don't
• 27:09
  Speaker 2: really know how it will change the way the Internet
• 27:13
  Speaker 2: is delivered today and in the future. But you know,
• 27:15
  Speaker 2: one of the big concerns that has been spelled out
• 27:17
  Speaker 2: and why Google opposed this so much, is that, Yeah,
• 27:20
  Speaker 2: what if Comcast and AT and T and Verizon decide
• 27:23
  Speaker 2: to start slowing down traffic that comes from Google, like
• 27:28
  Speaker 2: YouTube or Netflix or these others. And my answer would be, well,
• 27:33
  Speaker 2: if they do, then they're acting as a monopoly. And
• 27:36
  Speaker 2: so we already have laws that would break you apart
• 27:39
  Speaker 2: for these reasons, and so go do so, right, Like,
• 27:42
  Speaker 2: I really I don't know that it's all that complicated.
• 27:46
  Speaker 2: Because where you live, Paul, how many choices of internet
• 27:49
  Speaker 2: service providers do you have?
• 27:51
  Speaker 1: Two?
• 27:52
  Speaker 5: Two?
• 27:53
  Speaker 3: Me as well? Do both of them also deliver cable? Yes?
• 27:56
  Speaker 2: Yes, So if either of them go say, hey, we're
• 28:00
  Speaker 2: going to intentionally slow down your Netflix subscription because we
• 28:04
  Speaker 2: are losing a ton of money to people cutting the cord, well,
• 28:09
  Speaker 2: then you're acting as a monopoly because I have nowhere
• 28:12
  Speaker 2: else to go in those scenarios. And so I'm sure
• 28:15
  Speaker 2: there are other ramifications here. I am sure the Internet
• 28:19
  Speaker 2: is going to change in some meaningful way, but I'm
• 28:22
  Speaker 2: not sure how. And what I ultimately come back to
• 28:26
  Speaker 2: is maybe we do need net neutrality, but Congress should
• 28:29
  Speaker 2: go pass a law if that's going to be the case.
• 28:32
  Speaker 4: Yeah, I'm with you on that. I struggle to to
• 28:36
  Speaker 4: know the full incasies of the SEC, FCC and how
• 28:41
  Speaker 4: Verizon and Comcast deliver you know, internet today, sure, how
• 28:46
  Speaker 4: the speed's translated out.
• 28:48
  Speaker 2: I just I do want to blowback if Verizon just started,
• 28:52
  Speaker 2: you know, making it so Netflix buffers all the time.
• 28:54
  Speaker 3: Right, I just don't see it happening.
• 28:57
  Speaker 4: I do wonder if that would. There's just you hope
• 29:01
  Speaker 4: that there's always competitors out there that to shift to,
• 29:03
  Speaker 4: whether it's from Verizon to Comcasts or you know, this
• 29:07
  Speaker 4: is probably further down the road, but SpaceX has Starlink. Yeah, Starlink.
• 29:12
  Speaker 4: Does that just become if they went down their road? Okay?
• 29:16
  Speaker 4: Do they just drop their prices down to a point
• 29:18
  Speaker 4: where they make it a lucrative and attractive for everyone
• 29:21
  Speaker 4: to switch over.
• 29:22
  Speaker 3: Let's take a quick break.
• 29:23
  Speaker 2: When we come back, Paulumonica from Baron's join us to
• 29:26
  Speaker 2: talk about the super Bowl that's next here on the
• 29:28
  Speaker 2: Financial Exchange.
• 29:30
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• 29:51
  Speaker 1: You're listening to the Financial Exchange Radio Network. Ladies and gentlemen.
• 29:57
  Speaker 3: The weekend.
• 30:05
  Speaker 4: As promised, we are joined by Paul la Monica from
• 30:09
  Speaker 4: Barons for a little bit of Friday chatter on a
• 30:13
  Speaker 4: company by the name of Caesar's. Did the real Caesar
• 30:17
  Speaker 4: actually live in this palace? Paul, thanks so much for joining.
• 30:20
  Speaker 7: Us, Thank you very much. Yeah, I don't think he
• 30:23
  Speaker 7: actually lived in Vegas, although that would have been interesting quoting.
• 30:29
  Speaker 4: The hangover there just for the listeners out there, of course.
• 30:32
  Speaker 7: Yeah.
• 30:33
  Speaker 4: So caesar stock, as you allude to in this piece,
• 30:36
  Speaker 4: was down thirty percent last year, but perhaps some optimism
• 30:40
  Speaker 4: heading into this year. And I just asked, first, Paul,
• 30:43
  Speaker 4: give us a breakdown on kind of how they generate
• 30:45
  Speaker 4: the revenue. Obviously we know that they have the mobile
• 30:48
  Speaker 4: sports book, but also of course they have the physical
• 30:52
  Speaker 4: location in Vegas and Nevada and New Orleans. But how
• 30:56
  Speaker 4: did they earn their money in general? Like from a breakdown, Yeah, I.
• 31:01
  Speaker 7: Mean, by and large, you know, Caesar's is still a
• 31:05
  Speaker 7: company that generates most of its money from the gambling
• 31:08
  Speaker 7: and hospitality side of the business, owning these casinos and
• 31:13
  Speaker 7: you know, lodging properties, you know, primarily in Vegas, but
• 31:17
  Speaker 7: you know they have other markets as well. In New Orleans.
• 31:21
  Speaker 7: Is an interesting story coming because of the Super Bowl.
• 31:26
  Speaker 7: You know, of course, we had the horrific events that happened,
• 31:30
  Speaker 7: you know, New Year's Eve night, in New Year's Day
• 31:32
  Speaker 7: mourning in Las Vegas. I doubt that that's going to
• 31:35
  Speaker 7: de tour tour, you know, tourists football fans from heading
• 31:39
  Speaker 7: to the Big Easy next month for the Super Bowl.
• 31:43
  Speaker 7: And because Caesars has the recently renovated Harrah's property in
• 31:49
  Speaker 7: New Orleans, they could get a big boost there and
• 31:52
  Speaker 7: obviously a lot of brand name exposure as well from
• 31:55
  Speaker 7: having the super Bowl being played at the Caesars super Dome.
• 31:59
  Speaker 7: But yeah, this is a company that obviously has many
• 32:02
  Speaker 7: of its more high profile properties in Las Vegas, which
• 32:07
  Speaker 7: is still a market that is you know, doing quite well.
• 32:10
  Speaker 7: You've got the you know, the namesake Caesars on the strip,
• 32:14
  Speaker 7: you know, and other companies like Flamengo, Harrah's Planet, Hollywood, Paris.
• 32:18
  Speaker 7: So you know, there's hopes that these companies could also
• 32:21
  Speaker 7: maybe benefit from some of the turmoil that's happened in
• 32:25
  Speaker 7: Vegas lately, the Mirage shutting its doors, Tropicana doing so
• 32:30
  Speaker 7: as well, So you know, maybe you get a boost
• 32:33
  Speaker 7: to those Vegas properties from the losses that you know
• 32:36
  Speaker 7: have taken place on the strip with you know, some
• 32:39
  Speaker 7: casinos closing.
• 32:40
  Speaker 4: You mentioned they're you know, they're in the online sports
• 32:43
  Speaker 4: betting business as well. I know that there is some
• 32:46
  Speaker 4: optimism that they had revenue search forty percent in the
• 32:50
  Speaker 4: third quarter of twenty twenty four. However, isn't that market
• 32:53
  Speaker 4: share mainly dominated by Fan Duel and DraftKings. How does
• 32:57
  Speaker 4: that break out in terms of where they rank compared
• 32:59
  Speaker 4: to those competitors.
• 33:00
  Speaker 7: Yeah, without question, what you have in the online sports
• 33:06
  Speaker 7: mobile sports business, it is as close to being a
• 33:10
  Speaker 7: duopoly as you can get between DraftKings and Fandual and
• 33:15
  Speaker 7: by Flotter Entertainment. But I think there are some opportunities
• 33:19
  Speaker 7: for the legacy casino companies, particularly Caesars and MGM, to
• 33:25
  Speaker 7: eat into some of that market share as well. And
• 33:27
  Speaker 7: since this is a relatively new market, only been a
• 33:31
  Speaker 7: couple of years since the Supreme Court, you know, legalized
• 33:35
  Speaker 7: it in various states, it is a growth opportunity for
• 33:39
  Speaker 7: Caesars that really didn't exist all that long ago. So
• 33:43
  Speaker 7: any kind of new revenue is kind of proverbial gravy.
• 33:47
  Speaker 7: But yeah, make no mistake, I don't get a sense that,
• 33:51
  Speaker 7: barring a major marketing push, I don't think that Caesars
• 33:56
  Speaker 7: is going to supplant either DraftKings or fan Duel as
• 34:00
  Speaker 7: a leader in market share anytime soon. But you know,
• 34:04
  Speaker 7: there are you know, there's a lot of revenue to
• 34:06
  Speaker 7: go around.
• 34:07
  Speaker 4: Certainly, How have their peers fared over the course the
• 34:09
  Speaker 4: last year? MGM and win. Hey, you know you mentioned
• 34:13
  Speaker 4: Caesar's down thirty percent last year. How has the casino
• 34:16
  Speaker 4: sector in general fared?
• 34:18
  Speaker 7: Yeah, the casino you know sector was a bit of
• 34:22
  Speaker 7: a lagger last year. You didn't really see much in
• 34:26
  Speaker 7: the way of growth for any of these stocks, but
• 34:28
  Speaker 7: Caesar's was among the you know, worst performers. And what's
• 34:33
  Speaker 7: interesting is that, you know, Carl Icon, who was a
• 34:36
  Speaker 7: big agitator in the stock a couple of years ago
• 34:40
  Speaker 7: before Caesar's merged with El Dorado, uh and now wound
• 34:45
  Speaker 7: up having its new management team in place. Is the
• 34:49
  Speaker 7: kind of legacy uh, you know, CEO from El Dorado,
• 34:53
  Speaker 7: Icon has a small stake in Caesar's. Again, there's no
• 34:57
  Speaker 7: indication that this is another to his stake. It might
• 35:00
  Speaker 7: be a little bit more passive, but the fact that
• 35:03
  Speaker 7: he still sees some upside with this company a confidence
• 35:07
  Speaker 7: in you know, in management. I think, you know, that
• 35:10
  Speaker 7: is kind of towel.
• 35:12
  Speaker 4: Paul A Monica from Baron's talking to us about Caesar Entertainment. Paul,
• 35:16
  Speaker 4: thanks so much for the time, and have a great weekend.
• 35:18
  Speaker 7: Thanks a lot, you, two guys.
• 35:20
  Speaker 2: Tucker mentioned earlier how Jet Blue has been slapped with
• 35:24
  Speaker 2: a two million dollar fine over there seeming inability to
• 35:27
  Speaker 2: get their planes where they're supposed to be on time.
• 35:31
  Speaker 2: Taking a look at global rankings of the world's air carriers,
• 35:35
  Speaker 2: it's pretty embarrassing for the United States. So they put
• 35:40
  Speaker 2: together these rankings regularly, and they're looking at the most
• 35:44
  Speaker 2: on time airlines across the globe. Only two US airlines
• 35:48
  Speaker 2: even made the top ten, United sitting at the ten
• 35:51
  Speaker 2: spot and Delta sitting at the number three spot. Other
• 35:54
  Speaker 2: than that, you had Ara, Mexico, Saudi Airlines, Latam, Qatar,
• 35:57
  Speaker 2: Azula or Avianza, I don't know, Iberia and Scandinavian airlines
• 36:04
  Speaker 2: rounding out the top ten. But here in the United States,
• 36:07
  Speaker 2: if you just look at the US and Canadian airlines
• 36:11
  Speaker 2: that do business here in North America, again, that Jet
• 36:16
  Speaker 2: Blue space is almost second to none in terms of reliability.
• 36:20
  Speaker 2: So Delta, as I mentioned, takes the number one spot,
• 36:23
  Speaker 2: eighty three and a half percent of their flights being online, which,
• 36:26
  Speaker 2: by the way, that's our definition of success is like
• 36:27
  Speaker 2: a B minus United at eighty percent. Rounding out the
• 36:32
  Speaker 2: bottom four here or the bottom five here, you have
• 36:35
  Speaker 2: Spirit Airlines only seventy six percent on time, Jet Blue
• 36:38
  Speaker 2: at seventy five, Frontier sitting at seventy two percent. Air
• 36:42
  Speaker 2: Canada is apparently terrible at seventy one, and then West
• 36:45
  Speaker 2: Jet at seventy one percent as well. So just taking
• 36:49
  Speaker 2: the look here at I don't know what makes American
• 36:53
  Speaker 2: airports and airlines so much worse than our global competitors
• 36:57
  Speaker 2: at getting places on time, but apparently there's something to that.
• 37:00
  Speaker 4: Have you seen some of the workers there, Yes, but
• 37:05
  Speaker 4: I've also ossed either it's true.
• 37:08
  Speaker 2: Yeah, I don't know what there is to it other
• 37:11
  Speaker 2: than to say I still love flying on Delta over
• 37:15
  Speaker 2: almost any airline that I can find. Yeah.
• 37:17
  Speaker 4: You wonder the impact of the Jet Blue and Spirit
• 37:20
  Speaker 4: not merging, you know, how that impacts their business and
• 37:23
  Speaker 4: some of these numbers going forward, you know, do they
• 37:25
  Speaker 4: get their their act together or do they sort of.
• 37:28
  Speaker 3: Get a little older?
• 37:29
  Speaker 4: Yeah?
• 37:30
  Speaker 3: Yeah, exactly what do you have for us? Stack Roulette
• 37:32
  Speaker 3: Paul Apple.
• 37:34
  Speaker 4: Agrees to pay a ninety five million dollar lawsuit over
• 37:37
  Speaker 4: recordings tied to Siri. I just want to briefly take
• 37:40
  Speaker 4: this moment to rail on Syria. I think it's so
• 37:44
  Speaker 4: useless and it has just been. It's just not a
• 37:46
  Speaker 4: very good tool at all. It never picks up voice
• 37:49
  Speaker 4: that well, and I.
• 37:49
  Speaker 2: Hate it as it goes off and apparently also records
• 37:53
  Speaker 2: your voice and allows Apple to monitor you for years
• 37:55
  Speaker 2: and years without.
• 37:56
  Speaker 4: Your never had it on, baby, Always turn.
• 37:59
  Speaker 2: That thing off all the time that we have for
• 38:01
  Speaker 2: today's and this week's financial exchange, we'll be right back
• 38:04
  Speaker 2: at it on Monday. Markets remain in positive territory and
• 38:07
  Speaker 2: accelerating now with the NASDAC up over one point four percent.
• 38:12
  Speaker 2: We'll have a full recap for you next week's folks.
• 38:14
  Speaker 2: Have a great weekend and happy twenty twenty five.