Latest / Ron Verb / Thursday 6pm hour 06/18/26

Transcript

Thursday 6pm hour 06/18/26 · Ron Verb

• 0:00
  Speaker 1: And it is here on a Thursday, June 18th edition,
• 0:03
  Speaker 1: 77 Degrees, NewsRadio 570 WQEN, on a glorious Thursday evening. Guardians,
• 0:09
  Speaker 1: big winners in an afternoon game today. And John Arnold,
• 0:14
  Speaker 1: hello there.
• 0:14
  Speaker 2: Hey, Ron, how are you?
• 0:17
  Speaker 1: I am doing well. Always looking forward to talking with
• 0:19
  Speaker 1: John Arnold here on NewsRadio 570 WQEN. Talk a little
• 0:23
  Speaker 1: bit about the markets and the economy and so much more.
• 0:27
  Speaker 1: Read that opening statement that you always have, John, or
• 0:30
  Speaker 1: whatever that thing is that you do.
• 0:33
  Speaker 2: Hey, I'm going to do it ad lib today because
• 0:36
  Speaker 2: I don't have it in front of me. I've been
• 0:38
  Speaker 2: so overwhelmed with the hedge fund stuff.
• 0:41
  Speaker 1: Well, before you do that, tell me a little bit
• 0:43
  Speaker 1: about that. When you say overwhelmed, overwhelmed in a good
• 0:46
  Speaker 1: way or watching it, describe overwhelmed to me.
• 0:53
  Speaker 2: Well, when I owned the firm before Rockport opened, I
• 0:55
  Speaker 2: had a big staff. not big, but sizable for a
• 0:59
  Speaker 2: one man show. And, uh, you know, they were great.
• 1:02
  Speaker 2: They did everything for me and I just managed money. Well,
• 1:05
  Speaker 2: now it's me and me, uh, and, and gave, and
• 1:09
  Speaker 2: he was on vacation when, uh, as far as operating,
• 1:12
  Speaker 2: you know, taking it, taking in the money, showing the
• 1:15
  Speaker 2: clients with the do, uh, it's just a whole different setup.
• 1:18
  Speaker 2: And it just, Between– you know, I'm managing money all day,
• 1:21
  Speaker 2: like literally all day long. All I'm doing is trading
• 1:24
  Speaker 2: back and forth.
• 1:26
  Speaker 1: So pause for a second. Describe a day then. Here's
• 1:31
  Speaker 1: what I picture when you talk about this, and just
• 1:34
  Speaker 1: bear with me for a second. You're like managing money
• 1:39
  Speaker 1: all day long. Are you looking at the computer screens?
• 1:42
  Speaker 1: Are you looking– describe that scenario.
• 1:45
  Speaker 2: Yeah. Do you remember– I got six of them.
• 1:47
  Speaker 1: Do you remember when you would go– Maybe I shouldn't
• 1:50
  Speaker 1: even say this. I'll get in trouble. Do you remember
• 1:53
  Speaker 1: when you'd go on vacation and you would call me
• 1:56
  Speaker 1: from wherever you would be, wherever your family would be
• 1:58
  Speaker 1: on vacation, and they'd be having a great time? And
• 2:02
  Speaker 1: what do you think you'd be doing? Managing money, looking
• 2:07
  Speaker 1: at the computer.
• 2:07
  Speaker 2: I learned the hard way. I'm sorry, go ahead.
• 2:11
  Speaker 1: No, where you and I'd be talking and you'd be
• 2:14
  Speaker 1: looking at the computer, managing money, you know, dealing, watching
• 2:18
  Speaker 1: what's going on in the market and all this kind
• 2:20
  Speaker 1: of stuff. Meanwhile, they'd be in the pool playing, having
• 2:23
  Speaker 1: a time of their life.
• 2:26
  Speaker 2: Yeah.
• 2:26
  Speaker 3: And, you know, beach walks and slide and, you know,
• 2:30
  Speaker 3: that is behind the computer making people money or trying
• 2:33
  Speaker 3: to at least and, It's just like in the real
• 2:36
  Speaker 3: estate business.
• 2:36
  Speaker 2: The business owns you. You don't own it. Yes. Don't
• 2:39
  Speaker 2: confuse it. Yes. And I guess it's even the same
• 2:42
  Speaker 2: in the long-term business.
• 2:43
  Speaker 1: It's just the way it is. Anybody that's self-employed that
• 2:48
  Speaker 1: owns a business, that's the bottom line. You don't own it.
• 2:52
  Speaker 1: It owns you. There's no question. And you took– if
• 2:56
  Speaker 1: I just relive a little history and stop me if
• 2:59
  Speaker 1: you wish. I mean you took everything very personal because
• 3:03
  Speaker 1: these were your clients and from a standpoint of, okay,
• 3:08
  Speaker 1: there were a lot of people who entrusted in you
• 3:11
  Speaker 1: their retirements that they– Worked very hard for. I remember
• 3:15
  Speaker 1: you telling me this, John. You said you'll be surprised
• 3:18
  Speaker 1: how much money so many people in our community have
• 3:21
  Speaker 1: saved with just regular jobs, just absolute regular jobs. They
• 3:25
  Speaker 1: weren't physicians or they weren't major business owners. Just people
• 3:32
  Speaker 1: who went to work and lived below their means and
• 3:34
  Speaker 1: saved a substantial savings plan. Some million, two million dollars
• 3:40
  Speaker 1: or what have you. And you felt a connection with
• 3:44
  Speaker 1: them because of your roots and your family. And you
• 3:48
  Speaker 1: knew what they did to save that in a personal
• 3:50
  Speaker 1: connection to make sure you manage that money as wisely
• 3:54
  Speaker 1: as you possibly could for that person. That's a lot
• 3:56
  Speaker 1: of stress, right?
• 3:59
  Speaker 2: Yeah, you know where the stress fell more on? The
• 4:01
  Speaker 2: guy came to me with $ 250, 000, who's 62, and this
• 4:04
  Speaker 2: is all the money in the world he has. That's
• 4:06
  Speaker 2: where the stress lies. Because the person that was lucky
• 4:10
  Speaker 2: enough and through hard work and disciplined savings, if they
• 4:16
  Speaker 2: lost some money or if they missed a day or
• 4:18
  Speaker 2: two of gains, they're going to be fine. The person
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  Speaker 2: that's counting on that money that I was sending them
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  Speaker 2: from their $ 250, 000 account and they had a pension or
• 4:26
  Speaker 2: a Social Security and they needed that to live on,
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  Speaker 2: that's when it was stressful. That's the guy that I
• 4:32
  Speaker 2: was looking out for. I was looking out for the
• 4:34
  Speaker 2: guy that no one else wanted to take. that needed
• 4:37
  Speaker 2: me to step up for him or her. And as
• 4:40
  Speaker 2: you pointed out, like it or not, if you care
• 4:43
  Speaker 2: about people, you care about people. And it's like that,
• 4:46
  Speaker 2: and I'm not a doctor, or it's like that attorney
• 4:48
  Speaker 2: that does pro bono work or a doctor that says,
• 4:50
  Speaker 2: you know what, I realize maybe you can't make the co-pay,
• 4:52
  Speaker 2: but you need my help. Uh, so I'm going to
• 4:55
  Speaker 2: see anyway, that's, I think you're either born that way
• 4:58
  Speaker 2: or you're not. And I'm fair. There's people who, who
• 5:01
  Speaker 2: got on the lifeboats on high panic with the kids
• 5:04
  Speaker 2: and the women. And there's people who stayed back and
• 5:06
  Speaker 2: let people, uh, let people, maybe they were less fortunate
• 5:10
  Speaker 2: or weren't in first class going to lifeboat. I'm the
• 5:12
  Speaker 2: kind of guy, I'm the guy that would have like,
• 5:14
  Speaker 2: let's get everyone lifeboats first. And if there's this class, but,
• 5:19
  Speaker 2: You're either built with that heart or you're not is
• 5:21
  Speaker 2: what I've come to find out in life, and I
• 5:22
  Speaker 2: think you have too.
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  Speaker 1: Don't you think a lot of that, though, came from
• 5:25
  Speaker 1: your mom and dad? It's 1,000%. I mean, you weren't
• 5:30
  Speaker 1: born into this. You worked as a kid, and you
• 5:34
  Speaker 1: worked in various jobs as you went to school, as
• 5:36
  Speaker 1: you got your master's degree and all this kind of stuff.
• 5:39
  Speaker 1: You saw this firsthand with how hard your mom and
• 5:44
  Speaker 1: dad worked and saved for their retirements. It wasn't as
• 5:47
  Speaker 1: though you're born with a silver spoon in your mouth
• 5:49
  Speaker 1: or anything like that. That is what I think is
• 5:52
  Speaker 1: the difference.
• 5:54
  Speaker 2: I think, too, the more I read about DNA and psychology,
• 5:59
  Speaker 2: I think a lot of it's DNA. My parents were
• 6:01
  Speaker 2: both very good people, and they groomed me very well
• 6:06
  Speaker 2: as far as doing the right thing all the time.
• 6:08
  Speaker 2: When someone needs a hand up, you give them a
• 6:10
  Speaker 2: hand up if you have it. My dad used to say,
• 6:13
  Speaker 2: your name's on that job, so damn it, if you're
• 6:15
  Speaker 2: going to do it, you're an Arnold, you better do
• 6:17
  Speaker 2: it right. And, uh, and if I didn't, there was
• 6:20
  Speaker 2: no pay. And of course, as a kid, you couldn't
• 6:22
  Speaker 2: stand that. Even as a young adult, I was pissed
• 6:25
  Speaker 2: because my dad, you know, made me do the drywall and, and,
• 6:29
  Speaker 2: and hang a ceiling or whatever. And if I haven't
• 6:31
  Speaker 2: asked it, it had to do it all over again. So, um,
• 6:34
  Speaker 2: problem is, is definitely installed a great work ethic. And,
• 6:37
  Speaker 2: but more importantly, I just think my parents are just
• 6:39
  Speaker 2: really good people. And they grew up with not much.
• 6:41
  Speaker 2: And they, I watched them, hope people that didn't have much. And, um,
• 6:44
  Speaker 2: even when people kind of, you know, crapped on them
• 6:47
  Speaker 2: or whatever, they would still lend them a hand. And
• 6:49
  Speaker 2: I'm not, I'm, I have a DNA in me. And
• 6:52
  Speaker 2: more importantly, I've seen that growing up. So I wasn't,
• 6:55
  Speaker 2: I wasn't the guy that had a minimum, like I
• 6:57
  Speaker 2: did have a minimum, but I didn't have a hard
• 6:59
  Speaker 2: minimum to where I was steadfast at 50 or whatever.
• 7:02
  Speaker 2: You know, if someone had came in to me with
• 7:05
  Speaker 2: a hundred grand or whatever and said, listen, man, I
• 7:07
  Speaker 2: was referred to you by X, Y, Z. And you know,
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  Speaker 2: I heard you're the guy. If I liked the guy
• 7:13
  Speaker 2: and I could tell you I was going to be
• 7:13
  Speaker 2: a pain in the ass or a woman or team
• 7:15
  Speaker 2: or whatever it was, I would take him on and
• 7:18
  Speaker 2: I would just give him the rules. Like, Hey, you're
• 7:19
  Speaker 2: going to pay a little bit more, but I'm going
• 7:20
  Speaker 2: to tell you, I'm going to give you everything you got.
• 7:23
  Speaker 2: I got like, if you had 10 million with me and, uh,
• 7:26
  Speaker 2: and sure enough, that was been my brand. John Arnold's
• 7:29
  Speaker 2: going to be the guy that helps you no matter what,
• 7:30
  Speaker 2: if you deserve it. And, uh, And like you taught,
• 7:33
  Speaker 2: being on vacation, you're right. I felt an obligation to
• 7:36
  Speaker 2: watch the money when I was on vacation.
• 7:38
  Speaker 1: You would never be on vacation. You could never be
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  Speaker 1: away from it. Right.
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  Speaker 4: Right.
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  Speaker 2: And so that fed into, you know, I retired at 47,
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  Speaker 2: about two and a half years ago.
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  Speaker 1: Well, let me tell that story, and you tell me
• 7:50
  Speaker 1: if I'm right or wrong, all right? And you correct me.
• 7:56
  Speaker 1: This was another case when you said, listen, I manage
• 8:00
  Speaker 1: money for my clients and, you know, did a really
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  Speaker 1: good job, but, but I want more for them. I
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  Speaker 1: want more for those clients. I want, I want them to,
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  Speaker 1: I want estate planning. I want the full, the full boat,
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  Speaker 1: if you will, you know, more than, and more than
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  Speaker 1: I'm able to give by, by myself on this large
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  Speaker 1: firm of mine. And that's when, that's when you teamed
• 8:23
  Speaker 1: up with Rockport and Rockport brought all of that on board. And, and,
• 8:29
  Speaker 1: and that's when it shifted over to Rockport, which, which,
• 8:32
  Speaker 1: which was a good fit, good marriage, if you will,
• 8:36
  Speaker 1: so that you got certified financial planners, Joe and Adam
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  Speaker 1: and the gang. You got a staff that deals with
• 8:46
  Speaker 1: Social Security, everything about life, right? You follow what I'm saying?
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  Speaker 1: So now you could set that aside and move on
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  Speaker 1: to something that's always been, I want to say, a
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  Speaker 1: dream of yours, which is your own hedge fund. Am
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  Speaker 1: I accurate?
• 9:01
  Speaker 2: You're half accurate. Believe it or not, I started looking.
• 9:05
  Speaker 2: I started looking. I pride myself on being very candid
• 9:08
  Speaker 2: on the show and probably getting a little TMI, but
• 9:11
  Speaker 2: that's just who I am, which is too much information.
• 9:13
  Speaker 2: But believe it or not, I was called out of
• 9:17
  Speaker 2: nowhere from a business broker saying, hey, I got another
• 9:21
  Speaker 2: buyer potentially for you. And I was so used to
• 9:24
  Speaker 2: being jacked off and jacked around by either a private
• 9:27
  Speaker 2: equity or somebody without the money or somebody that had
• 9:29
  Speaker 2: pipe dreams about buying our firm. but I just wasn't interested.
• 9:33
  Speaker 2: And then, so he came to me, this guy and said, Hey, listen,
• 9:35
  Speaker 2: I think my memory, his name was John. And, uh,
• 9:38
  Speaker 2: so no, these guys are serious and they're from Cleveland.
• 9:40
  Speaker 2: And I think they got the financing. I was like, really? So,
• 9:43
  Speaker 2: and the reason why I'm telling you that is because, um,
• 9:47
  Speaker 2: I had realized two years before even Adam and Joe
• 9:49
  Speaker 2: came around that I was wearing out. I was being
• 9:52
  Speaker 2: more irritable. I wasn't, I was, my success was working
• 9:56
  Speaker 2: against me. You know, I hired some people to kind
• 9:58
  Speaker 2: of take that load off. They didn't meet my standards.
• 10:01
  Speaker 2: And so I was being a human resource manager, a CFO,
• 10:06
  Speaker 2: a marketing guy, an investment manager, et cetera. And it
• 10:09
  Speaker 2: just was wearing me out. I had four kids, which
• 10:12
  Speaker 2: I hardly seen coming home irritable to my wife. It
• 10:14
  Speaker 2: was not a good fit, right? I had worn myself
• 10:17
  Speaker 2: out to max capacity because here's the problem with caring
• 10:21
  Speaker 2: about people. I couldn't say no. If someone needed my help,
• 10:25
  Speaker 2: I knew I could be better than the average Joe
• 10:27
  Speaker 2: around here and I could get better help, but I
• 10:29
  Speaker 2: was sacrificing myself for it. So it was a combination of, yeah,
• 10:33
  Speaker 2: I wanted better for my clientele. I am not Listen,
• 10:37
  Speaker 2: I know I could have easily passed the CFP and
• 10:39
  Speaker 2: took it. I was in that curriculum when I first started.
• 10:43
  Speaker 2: It's not me. It's not me. It will never be me.
• 10:45
  Speaker 2: I'm going to take the ball to the end zone
• 10:47
  Speaker 2: kind of guy resorts in here. But I will tell you,
• 10:50
  Speaker 2: that was something that I think on a 33% to 50%
• 10:54
  Speaker 2: of our clientele that probably needed it. I didn't want
• 10:56
  Speaker 2: to put that time and energy in order as my
• 10:58
  Speaker 2: personality to do that. So you're right. So I got
• 11:00
  Speaker 2: certified financial planners in there with a paraplanner who's going
• 11:04
  Speaker 2: to be a certified financial planner. She's, or maybe she is,
• 11:06
  Speaker 2: but like, like I sold to a great team, but
• 11:10
  Speaker 2: more importantly, a great, great people.
• 11:13
  Speaker 1: Right.
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  Speaker 2: And that's what I was behind. Like they were family,
• 11:17
  Speaker 2: many kids. They were an hour away. Right. You know,
• 11:20
  Speaker 2: Adam's as good as a person as anybody can be.
• 11:22
  Speaker 2: Joe is saying, but you know, brilliant investing mind. Like
• 11:25
  Speaker 2: it was the right fit. And then, so that's why
• 11:28
  Speaker 2: I did it. That's the truth. Yeah.
• 11:29
  Speaker 1: Joe and you guys are very similar.
• 11:32
  Speaker 2: We are.
• 11:33
  Speaker 1: You know what I mean? So then you did that.
• 11:38
  Speaker 1: But there's always this thing that was gnawing in the
• 11:42
  Speaker 1: back of your mind, and that was your own hedge fund.
• 11:46
  Speaker 1: That seed had been planted there for quite some time.
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  Speaker 1: Then after you did all of the things that we
• 11:51
  Speaker 1: just talked about, that's when you decided the time is now, right?
• 11:58
  Speaker 2: Yeah. And so when the right, you know, the right
• 12:00
  Speaker 2: bio came and the right personalities and the right characters came,
• 12:02
  Speaker 2: which was Rockport, it allowed me to chase that dream.
• 12:05
  Speaker 2: And here's the truth. My goal and that my initial,
• 12:07
  Speaker 2: my goal was to stay on board with Rockport, you know,
• 12:11
  Speaker 2: keep the clients of them, get them to a billion
• 12:13
  Speaker 2: dollars in assets and basically, you know, live life happily after.
• 12:18
  Speaker 2: But when I would go to Florida, I would just
• 12:21
  Speaker 2: so be bored out of my mind or twiddled my thumbs.
• 12:24
  Speaker 2: I'm like, man, this retiring gig is not for me.
• 12:26
  Speaker 2: And in the back of my mind, I was like,
• 12:27
  Speaker 2: you know what? I always want to do this hedge fund. Well,
• 12:30
  Speaker 2: let me dabble in this. And I investigated. I was like,
• 12:32
  Speaker 2: you know what? The average wealthier guy does exist here
• 12:37
  Speaker 2: and no one's really servicing those people. I was like,
• 12:40
  Speaker 2: let me create a hedge fund for the average wealthy
• 12:42
  Speaker 2: guy in this area.
• 12:44
  Speaker 1: And I did.
• 12:44
  Speaker 2: Because what people don't know is hedge funds are usually
• 12:47
  Speaker 2: only inviting people up $ 10, $ 20, $ 30 million. But there
• 12:51
  Speaker 2: is a 3C1 fund that allows me to have people
• 12:54
  Speaker 2: that are average wealthy. No one's calling all those people.
• 12:58
  Speaker 2: No one's servicing those people. So I created a fund
• 13:01
  Speaker 2: that caters those people, one, out of boredom, and two,
• 13:03
  Speaker 2: to see I'm the man in the arena. It's 100 people.
• 13:07
  Speaker 2: We're on the same team. We're all owners of the fund.
• 13:09
  Speaker 2: And it's on me to make the money. That's me.
• 13:13
  Speaker 2: I want the ball in my hands. Like I said,
• 13:15
  Speaker 2: go to the end zone. Give me the ball in
• 13:17
  Speaker 2: the TR line. I want to see if I can
• 13:18
  Speaker 2: punch it in. I'm that guy, and a hedge fund
• 13:22
  Speaker 2: forces you to do that. There is no excuses. If
• 13:25
  Speaker 2: the market's falling apart, you go short. If the market's
• 13:28
  Speaker 2: going crazy, you go long. Or what's called a hedge
• 13:31
  Speaker 2: is naturally you're going to be wrong on some, but
• 13:33
  Speaker 2: the hedge, the shorting of the other stuff, or buying
• 13:38
  Speaker 2: puts or whatever have you to hedge is going to
• 13:41
  Speaker 2: capture some kind of gain, even if the market's falling apart,
• 13:44
  Speaker 2: or even if your portfolio is not doing so well
• 13:46
  Speaker 2: on the long side. My point is it's on me
• 13:50
  Speaker 2: to give up the blended strategy to perform and kick ass.
• 13:53
  Speaker 2: There is no, the.
• 13:54
  Speaker 1: Market, but that is what you love.
• 13:58
  Speaker 2: That's me.
• 13:59
  Speaker 1: And I'm only allowed.
• 14:00
  Speaker 2: And now I only have to service, 99 people, not
• 14:04
  Speaker 2: 1,600 people. So I can give everything I got to
• 14:07
  Speaker 2: those folks. And I don't, it's just me and three
• 14:10
  Speaker 2: other guys who are doing their own special, me and
• 14:15
  Speaker 2: Steve are managing, but Gabe and Edward are doing their
• 14:19
  Speaker 2: thing on the operations side and marketing side that keeps
• 14:22
  Speaker 2: me focused. So you're getting the best John Arnold now
• 14:26
  Speaker 2: because I can devote everything I got to the 99 people.
• 14:30
  Speaker 2: And that's why I love it.
• 14:32
  Speaker 5: All right.
• 14:32
  Speaker 1: Now, that takes me back to my original question. So
• 14:36
  Speaker 1: describe a day like today when you talk about, you know,
• 14:40
  Speaker 1: they're so busy today. You're looking at all these screens.
• 14:44
  Speaker 1: Just describe what's going on.
• 14:48
  Speaker 2: I got six screens going on with one of them
• 14:50
  Speaker 2: being a trading screen. That's where I actually put in
• 14:52
  Speaker 2: the trades. The other ones have various– I might have
• 14:56
  Speaker 2: 16 screens. Stock chart's up at one time. I even
• 15:00
  Speaker 2: have my old school point and finger charting stock chart up.
• 15:04
  Speaker 2: And I'm just watching algorithms and trading off what's called
• 15:08
  Speaker 2: the weighted moving average and between the 200-day and 20-day
• 15:13
  Speaker 2: moving averages and some other stuff that I watch patterns-wise.
• 15:17
  Speaker 2: I do candlestick trading. And, hey, if I get a 1%
• 15:20
  Speaker 2: move in something for the day, I'm taking it. Versus before,
• 15:26
  Speaker 2: I would sit on it and maybe get 12% by
• 15:29
  Speaker 2: the end of the year. I'm going to use an
• 15:32
  Speaker 2: example of a stock like MU. MU is a great
• 15:35
  Speaker 2: day trading stock. Yeah, it's going to be in the
• 15:38
  Speaker 2: crapper for maybe a day or so, but if you
• 15:41
  Speaker 2: know what you're doing and you do volatile trading or
• 15:44
  Speaker 2: volatile weighted trading like I do, there's a really good
• 15:46
  Speaker 2: chance you're going to make a winner out of it. Um,
• 15:50
  Speaker 2: I'm doing that all day with various things like WDC
• 15:52
  Speaker 2: and MU and AMD and all the big names. But
• 15:55
  Speaker 2: I will also tell you like the first week in
• 15:58
  Speaker 2: June got killed. I mean, just the way it is.
• 16:02
  Speaker 2: But if you know what you're doing and you swing
• 16:04
  Speaker 2: trade it, there's a good potential. There's a really good
• 16:07
  Speaker 2: potential that you're going to make a really nice chunk
• 16:09
  Speaker 2: of change for your client, uh, over the course of
• 16:12
  Speaker 2: the year to year. So, That's what my day is, really.
• 16:17
  Speaker 2: You know, we live in a big house, but even
• 16:19
  Speaker 2: if we live in a small house, I can tell you,
• 16:21
  Speaker 2: Jennifer and I don't see each other throughout the day.
• 16:24
  Speaker 2: It's as if we live in a ghost town. And
• 16:27
  Speaker 2: that's because, you know, she's doing the kids and I'm
• 16:30
  Speaker 2: busy trading, but that's who I am. That's what I'm
• 16:34
  Speaker 2: made of. I'm just somebody who just can't sit on
• 16:36
  Speaker 2: the couch and eat bonbons. So my day is constant
• 16:39
  Speaker 2: trading and getting. And the other side is, The hedge
• 16:44
  Speaker 2: fund side is different than the investment firm side to
• 16:47
  Speaker 2: where you gave your data to the secretaries or the
• 16:50
  Speaker 2: administrative assistants and they put it in. You gave them
• 16:55
  Speaker 2: a handshake goodbye, we'll see you on your 90-day review
• 16:58
  Speaker 2: or whatever, and everybody goes on with their life. In
• 17:01
  Speaker 2: the hedge fund world, believe it or not, it's a
• 17:03
  Speaker 2: system that is designed to shield me from what's called
• 17:07
  Speaker 2: a limited partner. So the client has to put in
• 17:10
  Speaker 2: all their information into the system. So I don't see
• 17:13
  Speaker 2: their social security. I don't see their date of birth.
• 17:15
  Speaker 2: I don't see their checking account number. I don't wire
• 17:17
  Speaker 2: the money directly. The client's doing it. And so I'm
• 17:20
  Speaker 2: walking them through that, but they're doing it, which is very,
• 17:24
  Speaker 2: very frustrating. So if you don't know financial lingo, like
• 17:28
  Speaker 2: IRA and simple IRA, which sounds like common sense to
• 17:32
  Speaker 2: a lot of folks listening, but to a lot of
• 17:33
  Speaker 2: folks that don't do that and just maybe own an
• 17:36
  Speaker 2: electrician shop or are doing surgery, that is complete foreign trade.
• 17:42
  Speaker 2: talk to them. So sometimes I'll spend 40 minutes walking
• 17:45
  Speaker 2: a client to get an unlimited partner to get their
• 17:48
  Speaker 2: money into the fund. And that's very exhausting and very
• 17:52
  Speaker 2: aggravating because they're counting on me to do something that
• 17:55
  Speaker 2: I'm guessing at with them because I'm not allowed to
• 17:57
  Speaker 2: see their side of the screen. And that's purposely done
• 18:00
  Speaker 2: because they're also a business owner of this fund. It's
• 18:03
  Speaker 2: 100 of us that own this thing together. It's not
• 18:06
  Speaker 2: like an investment firm to where we're managing the assets
• 18:09
  Speaker 2: for their portfolio. We're actually together managing this stuff, and
• 18:13
  Speaker 2: they're counting on me as the manager to make it happen.
• 18:16
  Speaker 2: But I don't get to see their data. Imagine this.
• 18:20
  Speaker 2: I've got 99 board of directors, and I'm the CEO,
• 18:22
  Speaker 2: and I've got to report to them every month the good,
• 18:25
  Speaker 2: the bad, and the ugly. And that's a lot on
• 18:28
  Speaker 2: my plate. But that's okay. That's what I'm built for.
• 18:32
  Speaker 1: And that's what you wanted, right?
• 18:35
  Speaker 2: That is.
• 18:35
  Speaker 4: You know what the truth is?
• 18:39
  Speaker 1: Yes, sir.
• 18:39
  Speaker 2: Sorry to interrupt you. Go ahead. I didn't know. I'm
• 18:42
  Speaker 2: going to come out of the gate and I'm blessed,
• 18:45
  Speaker 2: first of all. I'm appreciative. I didn't know it was
• 18:47
  Speaker 2: going to be this busy. I didn't know coming out
• 18:51
  Speaker 2: in May to June, there's going to be so many
• 18:53
  Speaker 2: people that want to give it. So I thought it
• 18:54
  Speaker 2: was going to be a tough sale. Because when you
• 18:57
  Speaker 2: hear the term hedge fund, it's very intimidating. It's very,
• 18:59
  Speaker 2: I don't know, it's just very intimidating going back to
• 19:04
  Speaker 2: that first word because Everything you hear about hedge funds,
• 19:07
  Speaker 2: you hear about the movie stars and the billionaires and
• 19:09
  Speaker 2: the millionaires.
• 19:10
  Speaker 1: But your hedge fund is designed for... I don't want
• 19:13
  Speaker 1: to say... Your hedge fund is designed to a certain
• 19:16
  Speaker 1: extent for a Joe Bag of Donuts... Yeah, I mean,
• 19:20
  Speaker 1: you put in $ 100, 000 or $ 200, 000. I mean, there's some
• 19:24
  Speaker 1: criteria to get into it. We'll get into that later
• 19:28
  Speaker 1: in a broadcast. But you can get into this, your
• 19:31
  Speaker 1: hedge fund, with $ 100, 000 or $ 200, 000. So it's not something
• 19:36
  Speaker 1: that you need a million to get into. You've designed
• 19:39
  Speaker 1: it for that particular person in our community, correct?
• 19:45
  Speaker 2: Exactly. You know, it's kind of like... a big middle
• 19:49
  Speaker 2: finger back to those ultra wealthy people who have been shitting,
• 19:53
  Speaker 2: scrapping on people. You know, even the doctors and the
• 19:56
  Speaker 2: lawyers and the people well-to-do in our area, they're never
• 19:59
  Speaker 2: going to get to a hedge fund down in Florida,
• 20:01
  Speaker 2: Palm Beach. I look at the family offices down there.
• 20:05
  Speaker 2: They're across the street from the The place I do
• 20:09
  Speaker 2: jujitsu and self-defense, I'm telling you, they're monster buildings. And
• 20:13
  Speaker 2: there's Rolls Royces and exotic cars like I have pulling
• 20:17
  Speaker 2: in and out there constantly. And they're getting $ 10, $ 20.
• 20:20
  Speaker 6: $ 30 million.
• 20:21
  Speaker 2: And they walk around with their nose up in the
• 20:23
  Speaker 2: air and they think they're better than anybody. So I
• 20:25
  Speaker 2: was like, you know what, here's my big middle finger
• 20:27
  Speaker 2: to you guys. I'm going to create one for us,
• 20:30
  Speaker 2: for us. what you would think are just average wealthy people,
• 20:33
  Speaker 2: and I'm going to destroy you on performance. Because you
• 20:36
  Speaker 2: know what those ultra-wealthy people do? They're happy with 60%
• 20:39
  Speaker 2: because they don't need money. They're happy. They're more into
• 20:44
  Speaker 2: going to the country club and partying and this event
• 20:48
  Speaker 2: and this fundraising event. I hate all that. I'm a
• 20:51
  Speaker 2: real guy, and I'm investing real people's money that built
• 20:54
  Speaker 2: wealth the hard way. And I know that me versus them,
• 21:00
  Speaker 2: me versus their managers, I'm going to kick the crap
• 21:02
  Speaker 2: out of them. It's going to be a one-way ass kick,
• 21:05
  Speaker 2: and it's not even going to be close.
• 21:06
  Speaker 1: And you surrounded yourself with good colleagues, correct?
• 21:09
  Speaker 2: Exactly. Exactly. Exactly. Between Stevie, that's what I call him,
• 21:13
  Speaker 2: and me, it's going to be a bloodbath. It's going
• 21:16
  Speaker 2: to be a full down. It's going to be a
• 21:18
  Speaker 2: beat down. And when I get in front of them
• 21:20
  Speaker 2: and I go to those same parties in country clubs,
• 21:22
  Speaker 2: I'm going to say, well, tell me about your managers.
• 21:25
  Speaker 2: and his drawdown, et cetera. And when I come and
• 21:28
  Speaker 2: tell them ours, I'm going to embarrass them. And I
• 21:31
  Speaker 2: love that.
• 21:32
  Speaker 1: Absolutely. So it's happy to hear you say that the
• 21:35
  Speaker 1: hedge fund is going better than you dreamed as far
• 21:38
  Speaker 1: as people getting into it. And then Managing the Money.
• 21:41
  Speaker 1: We'll get into some specifics on that. I'm bouncing around
• 21:44
  Speaker 1: a little bit, just picking your brain. John Arnold's with us.
• 21:47
  Speaker 1: Money Talks on NewsRadio 570. Comment, please, SpaceX. Just talk
• 21:55
  Speaker 1: to me about that. I mean, it's Elon Musk. There's
• 21:59
  Speaker 1: a magic about that guy, his vision, his name, and
• 22:03
  Speaker 1: everyone wants to get a piece of it and hopefully
• 22:08
  Speaker 1: hang on to it because... You're thinking, I'm just rambling here.
• 22:12
  Speaker 1: Could it be the next Amazon? Could it be the
• 22:14
  Speaker 1: next whatever, NVIDIA when it's young? Could it be the
• 22:20
  Speaker 1: next thing that you hang on to and it could
• 22:21
  Speaker 1: be life-changing? That's how we think out here, John.
• 22:27
  Speaker 2: Well, I don't think it's you and us thinking out here.
• 22:30
  Speaker 2: I think it's everybody in the world.
• 22:31
  Speaker 4: Right.
• 22:31
  Speaker 2: I will tell you this. Don't bring it up to
• 22:33
  Speaker 2: Joe on Monday. or Wednesday, whenever you guys take, because
• 22:37
  Speaker 2: he is out of his mind pissed off about SpaceX
• 22:39
  Speaker 2: right now, including me.
• 22:41
  Speaker 4: Why?
• 22:41
  Speaker 2: When I tell you hundreds of phone calls, hundreds of
• 22:43
  Speaker 2: phone calls, are we in SpaceX? Are we in SpaceX?
• 22:45
  Speaker 2: Are we in SpaceX? That would be like calling your
• 22:47
  Speaker 2: surgeon and saying, when are we doing the surgery? When
• 22:49
  Speaker 2: are we doing the surgery? Or your architect, when are
• 22:51
  Speaker 2: we doing the plans? And that's enough. Like, Man.
• 22:57
  Speaker 1: Well, that's a good thing. What's a SpaceX thing?
• 23:00
  Speaker 2: What is it?
• 23:02
  Speaker 1: Because everybody's so excited about it, thinking that this is
• 23:07
  Speaker 1: the next big. You understand. Listen, I understand you guys
• 23:10
  Speaker 1: get involved in this stuff.
• 23:11
  Speaker 2: Of course I understand.
• 23:12
  Speaker 1: But we're all out saying, hey, you know, I wish
• 23:14
  Speaker 1: I went about Amazon when Amazon was selling books. Well,
• 23:18
  Speaker 1: a lot of people are now saying it's Elon Musk,
• 23:20
  Speaker 1: it's Tesla. And now with the shoulda, coulda, woulda, they're
• 23:24
  Speaker 1: saying maybe this time.
• 23:25
  Speaker 2: Maybe, maybe.
• 23:27
  Speaker 1: You understand.
• 23:28
  Speaker 2: I think Joe talked about this.
• 23:30
  Speaker 1: On the show FOMO. Hang on a second. I want
• 23:32
  Speaker 1: to come back to you, all right? Time flies by
• 23:37
  Speaker 1: when you're talking with the money coach himself. Money Talks,
• 23:40
  Speaker 1: John Arnold. NewsRadio 570, WKBNR. It's already 632, Thursday, June 18th,
• 23:42
  Speaker 1: 74 degrees. Back with John Arnold. So I want to
• 23:49
  Speaker 1: go back to SpaceX. Okay, you were saying it drives
• 23:53
  Speaker 1: you guys out of your mind because there's this buzz
• 23:55
  Speaker 1: and excitement about it. So give me your thoughts about it.
• 24:00
  Speaker 2: Oh, again, keep in mind this is an opinion, but
• 24:04
  Speaker 2: I think it's going to be outstanding. And I also
• 24:07
  Speaker 2: think there's a time and place for it. And I
• 24:10
  Speaker 2: also think that if you're near retirement, you don't put
• 24:14
  Speaker 2: a lot of your money into it because it could
• 24:15
  Speaker 2: blow up like any technology stock. And ironically, it's a
• 24:19
  Speaker 2: space rocket-type stock, and I don't mean to use the
• 24:23
  Speaker 2: word blow up or dive or skyrocket, which is all
• 24:30
  Speaker 2: stock market terminology, but it fits. But what drives Joe
• 24:35
  Speaker 2: and I crazy, and Adam, is... It's like overwhelming. It's
• 24:41
  Speaker 2: like telling a doctor, like, hey, did you know that
• 24:43
  Speaker 2: you can use a blood pressure cuff to get blood
• 24:46
  Speaker 2: pressure testing? Like, of course.
• 24:48
  Speaker 4: You know what?
• 24:49
  Speaker 2: Like, of course we know.
• 24:51
  Speaker 1: Like, we're good.
• 24:52
  Speaker 2: Like, I understand. I don't need you calling us every
• 24:55
  Speaker 2: three minutes or texting me. Like, hey, did you hear
• 24:57
  Speaker 2: about the SpaceX IPO? Like, what are you talking about? Like, wait,
• 25:00
  Speaker 2: there's something called SpaceX? Like, who's this Elon guy? Of
• 25:03
  Speaker 2: course I did. Like, unless I'm living under a rock
• 25:07
  Speaker 2: in Egypt somewhere, I think everybody knows who the hell
• 25:10
  Speaker 2: Elon Musk is and SpaceX. But here's what I didn't realize,
• 25:15
  Speaker 2: because I just assumed, which is a bad word, making
• 25:18
  Speaker 2: an ass out of you and me, but I assume
• 25:20
  Speaker 2: that people know, and I'm assuming that Joe and Adam assumed,
• 25:22
  Speaker 2: that once you get in an IPO, you're stuck in
• 25:25
  Speaker 2: it for 90 days. Did you know that, Ron?
• 25:26
  Speaker 7: No.
• 25:27
  Speaker 2: Okay, Ronnie kicks on that train, so... Imagine this. So
• 25:33
  Speaker 2: it comes out at 135, let's say it goes to 160,
• 25:36
  Speaker 2: but then the next day maybe one of the rockets
• 25:38
  Speaker 2: blows up or an analyst comes out and says this
• 25:41
  Speaker 2: thing is dog crap. And it falls to 90. It
• 25:44
  Speaker 2: goes from 135 to 90. How could we explain to
• 25:48
  Speaker 2: our six-year-old client who's got five years into retirement and say, hey,
• 25:53
  Speaker 2: even though we had no data history on this and
• 25:55
  Speaker 2: even though it's overwhelmingly high on expenses, we felt that
• 25:59
  Speaker 2: we were going to put 10% of your portfolio into SpaceX.
• 26:03
  Speaker 2: And oh, by the way, sorry, Charlie, we can't get
• 26:05
  Speaker 2: you out for 90 days. How do you think the
• 26:08
  Speaker 2: regulators would feel about that? The regulators would kill us
• 26:12
  Speaker 2: because we would not have a justified answer. In the
• 26:16
  Speaker 2: RegBI world, which is client first, means you've got to
• 26:20
  Speaker 2: do what's best interest for the client, we cannot explain
• 26:24
  Speaker 2: to an SEC auditor or an investigator why we put
• 26:28
  Speaker 2: somebody's money into something that has no history behind it
• 26:32
  Speaker 2: when it's truly a guess. So what we did is
• 26:35
  Speaker 2: Joe and I met on an investment community meeting with Adam,
• 26:38
  Speaker 2: and two or three weeks ago, we put him in NASA,
• 26:42
  Speaker 2: which is a space and technology ETF, which is we
• 26:46
  Speaker 2: assumed and probably does own SpaceX. Now, if we need
• 26:50
  Speaker 2: to get out of SpaceX, we have a liquidity event
• 26:54
  Speaker 2: and we can do it. And we're diversifying within a
• 26:59
  Speaker 2: bunch of space technology stocks, not just SpaceX. So I
• 27:03
  Speaker 2: think that was a pretty move. There'll be a time
• 27:05
  Speaker 2: and place where SpaceX comes back down to earth again,
• 27:08
  Speaker 2: another pun to where it makes sense to buy the
• 27:11
  Speaker 2: individual equity. But right now, Trap somebody's money for 90 days,
• 27:16
  Speaker 2: it's in a financial planning type scenario at Rockport, does
• 27:19
  Speaker 2: not make a lot of sense. And so I don't
• 27:23
  Speaker 2: know how else to make it clearer than that.
• 27:25
  Speaker 1: All right. So with that in mind, though, I mean,
• 27:29
  Speaker 1: let's see. I guess the people that got it have
• 27:33
  Speaker 1: to hold on to it for a while. And there's
• 27:35
  Speaker 1: some people that are saying, well, when that day comes
• 27:37
  Speaker 1: when they can sell it. Some of these people become
• 27:41
  Speaker 1: instant millionaires, you know, the Musk employees and that kind
• 27:43
  Speaker 1: of stuff. Perhaps they'll sell it and cash in, or
• 27:47
  Speaker 1: perhaps they'll hold it and see what happens five years
• 27:50
  Speaker 1: or ten years from now. It depends on your age,
• 27:52
  Speaker 1: your health, and all that kind of stuff. So, you know,
• 27:55
  Speaker 1: there are those out there that say, wait till you
• 27:58
  Speaker 1: reach that point before you buy the individual stock. It
• 28:02
  Speaker 1: could go down, could be less, but it could be
• 28:05
  Speaker 1: more too. It's typical of the market, right? No one knows.
• 28:09
  Speaker 2: It is difficult. Listen, I'm not an idiot. Of course
• 28:12
  Speaker 2: I'm excited. There is no bigger fan of Elon Musk
• 28:15
  Speaker 2: than John Arnold. I've been telling that people in that
• 28:17
  Speaker 2: program for years. I think he is amazing. I think
• 28:21
  Speaker 2: whatever he touches against all grains is going to, and
• 28:25
  Speaker 2: here's another pun, go to the moon. Would I sacrifice
• 28:31
  Speaker 2: someone's portfolio with a large amount of money in it? No.
• 28:35
  Speaker 2: Hell no, I would not do that. Even my own
• 28:37
  Speaker 2: hedge fund doesn't know a lot of it. So my
• 28:40
  Speaker 2: point is, like anything, you buy in the rumor and
• 28:44
  Speaker 2: you sell in the news. So the rumor is, you know,
• 28:46
  Speaker 2: the excitement is carrying this thing. Excuse me, I don't
• 28:50
  Speaker 2: think the fundamentals are there. So just, I guess what
• 28:54
  Speaker 2: I'm saying is obviously I'm excited. Obviously, learning about Elon
• 28:58
  Speaker 2: Musk excites me. I love the guy as far as
• 29:00
  Speaker 2: what he creates. And do I think that SpaceX is
• 29:03
  Speaker 2: probably a great long-term holder?
• 29:04
  Speaker 8: Absolutely.
• 29:05
  Speaker 2: Absolutely. Buying it at an unknown price doesn't make a
• 29:09
  Speaker 2: lot of sense in a lot of people's portfolios. Remember,
• 29:12
  Speaker 2: everybody's happy when they're winning. But boy, I've been in
• 29:15
  Speaker 2: this game for 25 years. You wouldn't believe how the
• 29:18
  Speaker 2: story changes when it goes the opposite way. Oh, you
• 29:21
  Speaker 2: should have looked out for us. That son of a,
• 29:24
  Speaker 2: you know what, you know, he tried to make money
• 29:26
  Speaker 2: on us. It's all kind of crazy, dumb stuff that
• 29:30
  Speaker 2: comes out of people's mouths.
• 29:32
  Speaker 1: Money changes people. If you don't have an understanding, could
• 29:35
  Speaker 1: be right, could be wrong, stocks go up, stocks go down.
• 29:37
  Speaker 1: That's the reality that you have. to– stocks could go
• 29:42
  Speaker 1: up a little, go down a little, go up a lot,
• 29:43
  Speaker 1: go down a lot. That's just the way of the world.
• 29:48
  Speaker 1: But I'm just interested in talking about the– Well, let me.
• 29:52
  Speaker 2: Piggyback that to this, and I'll shut up after this.
• 29:55
  Speaker 2: People think they're risk-takers. Until the risk hits, remember that.
• 30:00
  Speaker 2: They think that they're risk takers until they got to
• 30:04
  Speaker 2: prove they're risk takers. You get what I'm saying? You
• 30:06
  Speaker 2: put out $ 200, 000 together in something, and the market hits
• 30:10
  Speaker 2: the crapper, and now it's at $ 160, 000. And you needed
• 30:14
  Speaker 2: that $ 200, 000 to be there for you. Now what do
• 30:16
  Speaker 2: you do? Now are you disciplined enough and emotional enough,
• 30:19
  Speaker 2: not emotional enough to let it ride back up and
• 30:21
  Speaker 2: hopefully make money? Or do you sell and panic? I'll
• 30:25
  Speaker 2: tell you right now, I think 50% are selling panic
• 30:27
  Speaker 2: because they're dumb. And more importantly, they're over-emotional. And they're
• 30:33
  Speaker 2: not built for the stock market, even though they think
• 30:34
  Speaker 2: they are. Right. I can give you a hundred stories
• 30:38
  Speaker 2: about that. Right.
• 30:39
  Speaker 1: And everything is so individual based on your risk tolerance,
• 30:44
  Speaker 1: your age, whatever. Your health, your timeline. There's so many variables.
• 30:49
  Speaker 1: Everything is so unique to every individual. That's why we
• 30:52
  Speaker 1: say on the program, you know, we're talking for educational
• 30:55
  Speaker 1: purposes here. On the broadcast, everybody should obviously consult with
• 30:59
  Speaker 1: their own individual broker on their own individual situation. That
• 31:04
  Speaker 1: goes without saying. But I've never seen a buzz. You know,
• 31:08
  Speaker 1: you and I have talked a lot of years on
• 31:10
  Speaker 1: the radio. I've never seen a buzz like I did on– well–
• 31:15
  Speaker 1: There are two things. I take that back. SpaceX and Nvidia.
• 31:19
  Speaker 1: They would be in similar categories. Probably the buzz of
• 31:23
  Speaker 1: SpaceX was even bigger than Nvidia. But they're close.
• 31:27
  Speaker 2: I think second to that would be his IPO, but
• 31:29
  Speaker 2: go ahead, yeah.
• 31:30
  Speaker 1: I mean, but they are close. But a lot of people,
• 31:33
  Speaker 1: you know, looked at what happened with NVIDIA, and a
• 31:35
  Speaker 1: lot of people look at SpaceX and Elon Musk. And,
• 31:38
  Speaker 1: you know, if you're a young person, you might say,
• 31:41
  Speaker 1: you know, if you're 35 years old, maybe you do
• 31:45
  Speaker 1: want to, you know, say, well, I think I want
• 31:49
  Speaker 1: to look, I want to buy that stock, and I'm
• 31:51
  Speaker 1: not going to pay much attention to it for the
• 31:52
  Speaker 1: next 15 or 20 years or whatever, because... Who knows
• 31:55
  Speaker 1: what can happen? Let's just put it that way. Could
• 31:58
  Speaker 1: it be the next Amazon? Could it be whatever?
• 32:00
  Speaker 2: Yeah. And it probably will be wrong. It probably will
• 32:04
  Speaker 2: be the next Google, the next Nvidia, probably the next Amazon. Hell,
• 32:08
  Speaker 2: you look at Tesla had a nice ride. So again,
• 32:12
  Speaker 2: it's all about, it's all about risk perspective. Can you
• 32:14
  Speaker 2: take the risk and can you take the ride?
• 32:16
  Speaker 1: And what's your, and what's your timeframe? There's part of
• 32:18
  Speaker 1: that too.
• 32:20
  Speaker 2: That too.
• 32:21
  Speaker 1: Yeah.
• 32:21
  Speaker 2: From a financial planning standpoint, like, Do you have the
• 32:25
  Speaker 2: time to recover?
• 32:26
  Speaker 1: Now, I want to go next, and you tell me
• 32:29
  Speaker 1: if I can go next here. When we're talking about
• 32:33
  Speaker 1: the hedge fund and we're talking about just investing in general,
• 32:38
  Speaker 1: this AI sector is just on fire. What are your
• 32:44
  Speaker 1: thoughts about that sector?
• 32:49
  Speaker 2: I think it's just getting started. I think it's getting started.
• 32:53
  Speaker 2: If you're an investor, it's a home run. I mean,
• 33:01
  Speaker 2: you've got a lot of initial expenses setting it up,
• 33:04
  Speaker 2: powering it. But once you figure that mousetrap out, I
• 33:09
  Speaker 2: think you've got to run away freight train there. Because
• 33:12
  Speaker 2: your human capital costs are going to be insignificant. And
• 33:16
  Speaker 2: your machinery and your repair. It's one of those systems
• 33:20
  Speaker 2: to where it's just basically replacing... you know, semiconductors are
• 33:24
  Speaker 2: better semiconductors. And, you know, that's what it's going to
• 33:28
  Speaker 2: come down to. And that's why you go get TSM,
• 33:31
  Speaker 2: which is Taiwan's semiconductors, why that's such a powerful stock.
• 33:36
  Speaker 2: You look at NVIDIA, why that's such a powerful stock.
• 33:39
  Speaker 2: Just go to Home Depot, or excuse me, go to
• 33:40
  Speaker 2: Spotify and look at the computers with chips in them, AMD, NVIDIA.
• 33:46
  Speaker 2: So a lot of things are right in front of
• 33:48
  Speaker 2: your face. It just depends on, from an investment standpoint,
• 33:53
  Speaker 2: You're paying attention. What I'm paying attention to is what
• 33:56
  Speaker 2: you brought up, AI. And I think AI is a
• 33:59
  Speaker 2: runaway freight train. And I think, yeah, of course, like
• 34:01
  Speaker 2: any sector, in any market sense, there's going to be pull-downs.
• 34:05
  Speaker 2: There's going to be bad years. But if you look
• 34:08
  Speaker 2: at the big picture, I think that's going to probably
• 34:11
  Speaker 2: be the best-performing sector ever. Hard to ever live. And
• 34:16
  Speaker 2: I'm not happy about it.
• 34:17
  Speaker 1: But you've got to deal with the financial realities, whether
• 34:20
  Speaker 1: you're happy about it or not. You once said, listen— Yeah, you.
• 34:22
  Speaker 2: Have to overcome and adapt.
• 34:23
  Speaker 1: Right. It isn't about— if you're for Democrats or Republicans, you've
• 34:28
  Speaker 1: got to take a look at investment strategy on making money,
• 34:31
  Speaker 1: no matter who the president is. And it doesn't matter
• 34:33
  Speaker 1: whether you like or dislike a sector. You have to say,
• 34:36
  Speaker 1: is that where we can go to make some money?
• 34:39
  Speaker 1: And everyone— I mean, I'm just talking about the buzz that's
• 34:43
  Speaker 1: out there with people, you know, that seems— Everybody's talking
• 34:46
  Speaker 1: about it, and it seems where things are going, and
• 34:49
  Speaker 1: there's an excitement about all of that as well. And
• 34:52
  Speaker 1: it's kind of like when the Internet first came around,
• 34:54
  Speaker 1: when Al Gore invented the Internet, John.
• 34:59
  Speaker 2: Yeah, well, he is such a genius that he invented
• 35:01
  Speaker 2: the Internet. The president didn't carry him to the presidency.
• 35:07
  Speaker 2: It's amazing how people at that level, how stupid they
• 35:11
  Speaker 2: really are. Really, isn't it amazing?
• 35:13
  Speaker 1: I know, but I just felt I wanted to give
• 35:15
  Speaker 1: you one of those shots right there.
• 35:17
  Speaker 2: I thought all this time, I thought I am Aaron Neenat,
• 35:19
  Speaker 2: and there he goes stealing my thunder.
• 35:23
  Speaker 1: Now, I want to talk now. What a pleasant Thursday
• 35:28
  Speaker 1: evening I'm having, folks. I'm enjoying myself, all right?
• 35:31
  Speaker 2: Now, I want to talk about your hedge fund.
• 35:33
  Speaker 1: Because this is, how do I put it? I mean,
• 35:35
  Speaker 1: I must say, you're excited, you're driven, and... I don't know,
• 35:51
  Speaker 1: there's something about this. So talk about the hedge fund.
• 35:56
  Speaker 1: Talk about the requirements for people getting in. Talk about
• 35:59
  Speaker 1: how they get in, just so people understand it, please.
• 36:04
  Speaker 2: Yeah, well, I have to. So you have to be
• 36:07
  Speaker 2: an accredited investor of a 3C1 fund. You have to
• 36:11
  Speaker 2: be accredited, which means you have to have one of
• 36:13
  Speaker 2: the four I'm about to give you. You have to
• 36:16
  Speaker 2: have at least $ 1 million in liquid assets or assets
• 36:19
  Speaker 2: that outside of your residence. So if you have some
• 36:21
  Speaker 2: rental properties, you have some land, some oil, plus you've got, say,
• 36:25
  Speaker 2: a 401k worth $ 600, 000 to $ 800, 000, you're in. You're accredited.
• 36:29
  Speaker 2: It can include your personal home, so please don't try.
• 36:32
  Speaker 2: The heartbreaking part of this for me is people I
• 36:35
  Speaker 2: love and care about that want to get into this,
• 36:37
  Speaker 2: but I have to unfortunately tell them, like, listen, I'm
• 36:40
  Speaker 2: sorry I I would be breaking the law, plus we
• 36:42
  Speaker 2: have it set up to where we can't fudge any numbers. Like,
• 36:46
  Speaker 2: either the block fits in the hole or it doesn't.
• 36:48
  Speaker 2: And I've had to tell people, unfortunately, that we can't
• 36:51
  Speaker 2: accept you, and that was heartbreaking.
• 36:52
  Speaker 1: But there are four criterias. That's just one of them, though.
• 36:56
  Speaker 1: It doesn't mean you have to have all four of them, right?
• 36:58
  Speaker 1: You don't have to have all four. You have to
• 36:59
  Speaker 1: have one of the four.
• 37:02
  Speaker 2: You have to have one of the four.
• 37:03
  Speaker 1: All right.
• 37:04
  Speaker 2: One of the four is have a million dollars net
• 37:06
  Speaker 2: worth outside your residency, or... showing your taxes that you
• 37:11
  Speaker 2: made $ 200, 000 a year, or putting your wife together, a
• 37:16
  Speaker 2: total of $ 300, 000. So you made $ 120, 000, your wife made $ 180, 000, $ 300, 000,
• 37:20
  Speaker 2: you qualify. And the fourth and the easiest is, if
• 37:24
  Speaker 2: you have $ 200, 000 to invest, you're accredited. End. But it can't, listen,
• 37:30
  Speaker 2: the other thing about that is, you can't be your
• 37:34
  Speaker 2: only $ 200, 000. It can't be $ 200, 000 or $ 500, 000. And we
• 37:39
  Speaker 2: do a due diligence process to make that happen. So
• 37:42
  Speaker 2: it's one of those four, $ 1 million net worth outside
• 37:46
  Speaker 2: your residence or $ 200, 000 a year or $ 300, 000 with your
• 37:49
  Speaker 2: spouse or the ability to put $ 200, 000 in at one time.
• 37:51
  Speaker 2: You got one of those four, you can apply now.
• 38:00
  Speaker 2: to be one of our, I think we have some
• 38:01
  Speaker 2: subscriptions left. I'm not saying, I know we do, but
• 38:04
  Speaker 2: it's starting to get lean. And we're creating a backup fund,
• 38:08
  Speaker 2: just so you know, because this thing's filling up fast.
• 38:11
  Speaker 2: So for folks that are saying, well, listen, I'm waiting
• 38:13
  Speaker 2: on this settlement check or I'm waiting to sell my
• 38:15
  Speaker 2: business or I'm willing to use, we're going to have
• 38:19
  Speaker 2: another fund for you as a piggyback if this fills up.
• 38:21
  Speaker 2: So don't be fearful. That's that. Hopefully I explained that
• 38:26
  Speaker 2: in a very plain Jane way.
• 38:28
  Speaker 1: Right. All right, and then explain from a hedge fund standpoint,
• 38:33
  Speaker 1: once you invest, explain what you do then on a
• 38:36
  Speaker 1: daily basis with managing this hedge fund and explain the
• 38:40
  Speaker 1: operations of how you're trading daily. Just talk a little
• 38:44
  Speaker 1: bit about that.
• 38:46
  Speaker 2: Yeah, so if you go into like a firm like
• 38:48
  Speaker 2: Adam and Joseph or Rockport, they're putting together portfolios for
• 38:52
  Speaker 2: financial planning's perspective that are litmus testing your life experience. Basically,
• 38:57
  Speaker 2: you're this much, you're this age. you're going to retire
• 39:01
  Speaker 2: at this age or you're retired. Here's your income from
• 39:03
  Speaker 2: Social Security. Here's all these things. We're going to plug
• 39:06
  Speaker 2: you into the system. We're going to make sure that
• 39:07
  Speaker 2: you don't run out of money and we're going to
• 39:08
  Speaker 2: make sure that you don't take too much risk to
• 39:10
  Speaker 2: do so. And we're going to hold these portfolios for
• 39:12
  Speaker 2: X amount of time and reallocate them as needed. That's
• 39:15
  Speaker 2: exactly the opposite of what I do. Someone's giving me
• 39:18
  Speaker 2: X amount of dollars and we're putting into this pie together,
• 39:22
  Speaker 2: old owners, a hundred of us. And you're saying, John,
• 39:25
  Speaker 2: I don't care how you make us money, make us money.
• 39:29
  Speaker 2: If that's 10, to 20 or 30 trades a day,
• 39:32
  Speaker 2: so be it. If you find a way to cut
• 39:36
  Speaker 2: up trees and turn them into gold logs 30 days
• 39:39
  Speaker 2: from now.
• 39:40
  Speaker 1: So be it.
• 39:41
  Speaker 2: If you find a way to buy funeral homes at
• 39:43
  Speaker 2: a certain price and sell them at a 3x a
• 39:46
  Speaker 2: month later, so be it. We just want a return.
• 39:48
  Speaker 2: We want a positive return. Better than average return, we
• 39:51
  Speaker 2: want an alpha return. So what I'm doing all day,
• 39:54
  Speaker 2: because the stock game is my game, is I'm literally
• 39:58
  Speaker 2: trading equities all day long, and we're hedging with some shorts,
• 40:04
  Speaker 2: and we're also hedging to where I'm only willing to
• 40:06
  Speaker 2: take a certain risk. I'll stop while something else, I'll
• 40:12
  Speaker 2: stay disciplined and take a small loss to get maybe 6%
• 40:16
  Speaker 2: on something else. So to basically frame up everything and
• 40:21
  Speaker 2: I'm constantly managing the money all day long within the fund.
• 40:26
  Speaker 2: And the goal is to be what you can do
• 40:28
  Speaker 2: on your, you know, what an average investment person can do,
• 40:31
  Speaker 2: which I think we're going to do. And that's that. Right.
• 40:35
  Speaker 1: I mean, it's, it's too, it doesn't matter if the
• 40:38
  Speaker 1: market's up or down, it's trying to, to, to work
• 40:42
  Speaker 1: on an, on an hourly basis or even sooner on,
• 40:46
  Speaker 1: on those types of things. In a nutshell.
• 40:50
  Speaker 9: Yeah.
• 40:51
  Speaker 1: All right. Let's stand now. And stand by. I'll give
• 40:54
  Speaker 1: you a Gmail address or an email address, I should say,
• 40:58
  Speaker 1: and a phone number to call if you're interested in
• 41:01
  Speaker 1: talking with John about the hedge funds with whatever openings
• 41:05
  Speaker 1: are still left. All right. So if you're interested in
• 41:07
  Speaker 1: talking with John Arnold about the hedge funds, we'll give
• 41:11
  Speaker 1: you a phone number out here. Stand by for that.
• 41:13
  Speaker 1: And we'll give you an email address out for that
• 41:16
  Speaker 1: as well. I want to, and that'll be coming up momentarily,
• 41:20
  Speaker 1: but I want to ask you about the week's events
• 41:24
  Speaker 1: and the stock markets. I always bring it up. I
• 41:27
  Speaker 1: think the market was, bear with me a minute, up today.
• 41:31
  Speaker 1: So we have the, I just want to get your
• 41:33
  Speaker 1: reaction as far as the market is concerned, as far
• 41:36
  Speaker 1: as the memorandum of understanding and just your thoughts on
• 41:42
  Speaker 1: that situation, because it creates such volatility in the markets. Comment, please.
• 41:49
  Speaker 2: Well, yeah. The key word there is DT, Donald Trump.
• 41:54
  Speaker 2: You're going to have a lot of volatility, I think,
• 41:55
  Speaker 2: as long as he's president. And again, you're talking to
• 41:57
  Speaker 2: a guy that supports him. And for those listeners out there,
• 42:00
  Speaker 2: he's all about you're a conservative Republican. I am. But
• 42:02
  Speaker 2: I'm also a truth teller. So the guy's volatile. I
• 42:06
  Speaker 2: don't know what to tell you. And for me, it's great.
• 42:09
  Speaker 2: For people watching the headlines and managing money through it,
• 42:13
  Speaker 2: it's awful. So You know, the war coming to an end, supposedly,
• 42:17
  Speaker 2: which I think is tonight or tomorrow in paper, and J.D.
• 42:21
  Speaker 2: Vance was saying that we're already seeing great things come
• 42:24
  Speaker 2: out of it, and I hope it's true. You're going
• 42:28
  Speaker 2: to have some opportunities here in banking, some small-cap stuff,
• 42:32
  Speaker 2: some mid-cap stuff, some building stocks, I believe, like Caterpillar.
• 42:37
  Speaker 2: And I'm not telling you to buy those guys. I'm
• 42:38
  Speaker 2: telling you to investigate those with your own financial advisors
• 42:41
  Speaker 2: and say, hey, We've been in XYZ for the past
• 42:45
  Speaker 2: three years. You haven't moved my money. Maybe it's time
• 42:47
  Speaker 2: to take advantage of some things that are creative that
• 42:51
  Speaker 2: might make me above average returns. So you should be
• 42:53
  Speaker 2: talking to your portfolio managers, your investment advisors, your financial
• 42:58
  Speaker 2: planning people. I'm not talking about Adam and Joe because
• 43:00
  Speaker 2: they already do that. We do that all the time.
• 43:03
  Speaker 2: I'm talking about if you're not with those guys and me.
• 43:06
  Speaker 2: Go put your line of sand with some of your
• 43:09
  Speaker 2: people and say, hey, give me something that's going to
• 43:11
  Speaker 2: give me a positive out of this war. I'll tell
• 43:14
  Speaker 2: you something that we're doing on the hedge fund side is,
• 43:17
  Speaker 2: and this is extremely risky, so I don't tell anybody
• 43:19
  Speaker 2: to do it, but I think oil and energy overall
• 43:21
  Speaker 2: is a short. And I've made some money on that already,
• 43:25
  Speaker 2: shorting oil. It's very risky, one of the riskiest things
• 43:28
  Speaker 2: you can do. I'm not telling you to do it.
• 43:30
  Speaker 2: I'm just giving you some things that maybe might appeal
• 43:33
  Speaker 2: to you if you're a risk taker that– you might
• 43:38
  Speaker 2: want to reallocate to. But like I said, take a
• 43:40
  Speaker 2: look at building materials. Take a look at international infrastructure.
• 43:45
  Speaker 2: You know, the big bitch right now is, oh, you know,
• 43:48
  Speaker 2: we're going to rebuild Iran for $ 300 billion. Well, like
• 43:52
  Speaker 2: it or not, that's what happened in the previous wars
• 43:55
  Speaker 2: from World War II. We rebuilt Japan. So, you know,
• 43:58
  Speaker 2: you can bitch about all you want, but hop on
• 44:00
  Speaker 2: that gravy train and see if you can make some
• 44:01
  Speaker 2: money on that back. And the people financing it are
• 44:04
  Speaker 2: the regional central banks. I just think there's a lot
• 44:09
  Speaker 2: of opportunity here, and I hope that people ride that
• 44:12
  Speaker 2: wave in.
• 44:14
  Speaker 1: Yeah, it doesn't matter whether you're for it or against it.
• 44:17
  Speaker 1: It's an investment strategy, correct? I mean, you can't... How
• 44:21
  Speaker 1: do you say you got... Well, you often say you
• 44:24
  Speaker 1: got to take your emotions out of it, if I'm
• 44:27
  Speaker 1: paraphrasing you.
• 44:28
  Speaker 2: I talked a lot about that time, emotion, discipline at that.
• 44:31
  Speaker 2: If you can master those, you'll be the ultimate investor.
• 44:34
  Speaker 2: The problem with people is... You know, they can't master
• 44:37
  Speaker 2: the emotion. And then if they can't master the emotion,
• 44:39
  Speaker 2: then they can't master the discipline. If they can't manage
• 44:43
  Speaker 2: those two, then you're definitely not managing the time value
• 44:46
  Speaker 2: of money. The time value of money is the best
• 44:49
  Speaker 2: thing you can accomplish.
• 44:50
  Speaker 1: It reminds me of a story that you once told
• 44:52
  Speaker 1: where people, when Biden got elected, wanted to get out
• 44:54
  Speaker 1: of the market because Biden got elected. And you had
• 44:56
  Speaker 1: to talk them off the ledge and say, listen, the
• 44:59
  Speaker 1: stock markets do pretty good under Democrats, too. They do
• 45:04
  Speaker 1: better sometimes. You can't put your own personal... Feelings or
• 45:08
  Speaker 1: emotions into something when it's all about trying to make
• 45:12
  Speaker 1: an investment or make money. So the hedge fund, he
• 45:16
  Speaker 1: gave you the four criterias to get into the initial
• 45:20
  Speaker 1: hedge funds, 100%. Members, and then it can take no
• 45:25
  Speaker 1: more than that, basically. Once you hit the 100 mark,
• 45:28
  Speaker 1: that hedge fund is closed. Here's the interesting thing, folks.
• 45:31
  Speaker 1: On Thursday, as long as we're not preempted by the Guardians,
• 45:35
  Speaker 1: then coming July 1st, which isn't that far away, once
• 45:39
  Speaker 1: it gets all certified and everything, you can report in
• 45:42
  Speaker 1: to us publicly on the radio how the hedge fund
• 45:44
  Speaker 1: is done. Is that accurate?
• 45:47
  Speaker 7: Yeah.
• 45:47
  Speaker 2: I'm told that the NAB is going to be done
• 45:49
  Speaker 2: probably the 8th day of the month after. then that
• 45:52
  Speaker 2: was the value of the share. And I think majority
• 45:55
  Speaker 2: of a lot of our money will be in by July.
• 45:58
  Speaker 2: So I think you can expect our first reporting, maybe
• 46:03
  Speaker 2: August 8th, August 9th area, which my wife's birthday, by
• 46:05
  Speaker 2: the way. But yeah, I think you can expect that
• 46:08
  Speaker 2: in those first two weeks of August. And you know me,
• 46:11
  Speaker 2: I'm not, I'm not shy. Once I, once I keep
• 46:14
  Speaker 2: hitting it out of the park, I'm going to keep
• 46:15
  Speaker 2: pouring it on. They're going to be telling you a
• 46:17
  Speaker 2: couple of them every 10 months. Like this is where
• 46:19
  Speaker 2: daddy's at right now. That's where we're at. And shame
• 46:22
  Speaker 2: on you for not getting into it if you could
• 46:23
  Speaker 2: get into it. So, yeah, I'm going to be pouring
• 46:26
  Speaker 2: it on. Believe me on that. Right, right.
• 46:28
  Speaker 1: But here's the thing. You'll tell me, you know, you'll
• 46:32
  Speaker 1: tell me whether it was good or bad. I mean, that's. No,
• 46:36
  Speaker 1: I have to by law.
• 46:37
  Speaker 2: Right. What I report on the radio just now is audited.
• 46:40
  Speaker 2: I can't just say. Right. Arbitrarily, we made 5% when
• 46:44
  Speaker 2: I actually lost 2%. That's against the law. I'm telling you.
• 46:46
  Speaker 10: Right.
• 46:47
  Speaker 2: I'm going to be giving you to the extent what
• 46:49
  Speaker 2: it did.
• 46:49
  Speaker 1: Can I tell you I'm looking forward to the first week?
• 46:52
  Speaker 2: Oh, I know you are.
• 46:56
  Speaker 1: You're damn right I am.
• 46:57
  Speaker 2: Let me tell you something. If we're even half, let's
• 47:00
  Speaker 2: say that we're like even half as good as we
• 47:03
  Speaker 2: were last year, okay?
• 47:04
  Speaker 5: Yeah.
• 47:04
  Speaker 2: And I'm like in November, we're already up 40%. You
• 47:10
  Speaker 2: don't think I'll be coming on the radio and telling
• 47:11
  Speaker 2: people what's up? You don't think I'll be bragging about that? Yeah,
• 47:14
  Speaker 2: absolutely I am. But I'm going to do it the
• 47:16
  Speaker 2: legal way. I'm going to do it with audited results. Right.
• 47:19
  Speaker 1: Or if it's down, that's the part I love about
• 47:21
  Speaker 1: it all.
• 47:22
  Speaker 2: No, I'm going to be a man about it. Right.
• 47:24
  Speaker 2: You know, we took one on the chin or we
• 47:27
  Speaker 2: just had a bad market. We still beat the market,
• 47:29
  Speaker 2: but we're down 2%. Right. The math is going to
• 47:32
  Speaker 2: be whatever it is.
• 47:33
  Speaker 1: Right. And that's what I enjoy the most. And I
• 47:36
  Speaker 1: think you know it. You know I love those results.
• 47:40
  Speaker 2: All right.
• 47:40
  Speaker 1: Now, talk a little bit about, folks, here, if you're
• 47:43
  Speaker 1: interested in the John Arnold Hedge Fund. Wait, we lost him.
• 47:47
  Speaker 1: We lost him. Oh, call me back, John. Call me back.
• 47:51
  Speaker 1: You've got to talk more about the John Arnold Hedge
• 47:53
  Speaker 1: Fund and how to get in it. That's what we,
• 47:57
  Speaker 1: wait a second.
• 47:57
  Speaker 2: Are you there? Hello.
• 47:59
  Speaker 4: Hello.
• 48:00
  Speaker 2: Hey, Ron, I apologize. All right.
• 48:02
  Speaker 1: You almost got me nervous because I want you to
• 48:05
  Speaker 1: tell people I've been saying, how do you get into
• 48:07
  Speaker 1: the hedge fund? How do you make contact you as
• 48:11
  Speaker 1: far as email and a phone number? All right, folks.
• 48:15
  Speaker 1: So you heard John talking about it. They talked about
• 48:18
  Speaker 1: the four criterias. Here's how you get the ball rolling
• 48:22
  Speaker 1: if you're interested in.
• 48:25
  Speaker 2: All right, phone number 330-288-7709, 330-288-7709.
• 48:33
  Speaker 1: I want to be able to write it down slowly
• 48:36
  Speaker 1: so when people ask me, I can remember. All right,
• 48:38
  Speaker 1: say it again.
• 48:38
  Speaker 2: 330-288-7709.
• 48:40
  Speaker 4: All right, that's a phone number to call if you're
• 48:48
  Speaker 4: interested in getting in the John Arnold's Edge Fund.
• 48:51
  Speaker 1: There's also an email address, correct? Correct.
• 48:54
  Speaker 2: Yes, J-O-N period Arnold at theinvestment.coach. I'll repeat, J-O-N period
• 49:06
  Speaker 2: Arnold at theinvestment.coach.
• 49:11
  Speaker 1: All right,. coach. All right, there you have it. All right, John.
• 49:18
  Speaker 1: Quick hour, buddy. Thank you. Appreciate you coming on with us.
• 49:21
  Speaker 5: It really was.
• 49:21
  Speaker 2: Great show as always.
• 49:22
  Speaker 1: All right. So John Arnold's Thursday, 6 o'clock. All right.
• 49:26
  Speaker 1: It's going to be interesting. Join us every Thursday with
• 49:30
  Speaker 1: John Arnold's and Money Talks on NewsRadio 570. Hey, appreciate
• 49:35
  Speaker 1: you listening. It's a wonderful evening, 72 degrees. Sorry to
• 49:38
  Speaker 1: hear about Schwebel's. Ron Ver from the Kingdom of Mahoning
• 49:40
  Speaker 1: wishing you a great night. We'll be off.
• 49:51
  Speaker 5: From ABC News, I'm Dave Packer.
• 49:54
  Speaker 11: President Trump is facing mixed reaction to the ceasefire.
• 49:57
  Speaker 5: Deal with Iran.
• 49:58
  Speaker 11: The deal extends the ceasefire for 60 days, reopens the
• 50:01
  Speaker 11: Strait of Hormuz and ends the U.S.
• 50:03
  Speaker 5: Blockade.
• 50:04
  Speaker 11: But the key sticking point behind it all remains unaddressed,
• 50:06
  Speaker 11: Iran's nuclear program. Senate Minority Leader Chuck Schumer on the
• 50:10
  Speaker 11: Senate floor today.
• 50:11
  Speaker 10: Everyone who bought Trump's book, The Art of the Deal,
• 50:15
  Speaker 10: ought to ask him for a refund. Because what Trump
• 50:19
  Speaker 10: has done in Iran is the art of the disaster.
• 50:22
  Speaker 5: ABC's Selena Wang.
• 50:23
  Speaker 9: There's actually bipartisan concern that this deal gives a lot
• 50:27
  Speaker 9: of wins to Iran. In fact, this is not a
• 50:29
  Speaker 9: final agreement even. This is a framework of a deal
• 50:32
  Speaker 9: that gives 60 days to hammer out. that final agreement.
• 50:36
  Speaker 9: And when it comes to what Iran gets from this,
• 50:38
  Speaker 9: the U.S. will lift that naval blockade, allow Iran to
• 50:41
  Speaker 9: immediately resume selling oil, which is a big win for
• 50:44
  Speaker 9: Iran because that lifts major economic pressure from Iran.
• 50:49
  Speaker 11: Cleanup is underway in parts of the Midwest following another
• 50:52
  Speaker 11: bout of severe weather and in parts of the Gulf
• 50:54
  Speaker 11: Coast following what's left of Tropical Storm Arthur. ABC meteorologist
• 50:58
  Speaker 11: Leslie Lopez says flash flood emergencies have been popping up
• 51:01
  Speaker 11: from Louisiana to Mississippi.
• 51:03
  Speaker 12: Flooding is going to be the main concern right immediately
• 51:05
  Speaker 12: along the coast, but also now moving inland. Post-tropical storm
• 51:08
  Speaker 12: Arthur is moving out into areas of Mississippi, Alabama, getting
• 51:12
  Speaker 12: into areas of it looks like Georgia as well. And
• 51:15
  Speaker 12: with that, it's leaving behind flood watches, also flood emergencies.
• 51:19
  Speaker 11: Luigi Mangione's lawyers told a judge today that he will
• 51:22
  Speaker 11: no longer be asserting a psychiatric defense at a state
• 51:25
  Speaker 11: murder trial in the killing of UnitedHealthcare CEO Brian Thompson
• 51:28
  Speaker 11: just a day after telling the judge that they would.
• 51:31
  Speaker 11: President Trump today awarded the Medal of Honor to three
• 51:33
  Speaker 11: war veterans, including Major James Capers.
• 51:37
  Speaker 2: Jim, the nation kept you waiting far too long.
• 51:42
  Speaker 1: So I say to you, congratulations.
• 51:44
  Speaker 2: You made it.
• 51:45
  Speaker 5: You're listening to ABC News.
• 51:50
  Speaker 13: Hot summer days and high energy bills are on the way.
• 51:53
  Speaker 13: Upgrade your home's old, leaky windows this month during WindowNation's buy, forget,
• 51:57
  Speaker 13: for free sale. Yes, half of your new, beautiful, energy-efficient windows, free. Plus,
• 52:02
  Speaker 13: no money down and no monthly payments or interest for
• 52:04
  Speaker 13: two years. Call now, 866-286-70 or WindowNation.com. In select markets,
• 52:10
  Speaker 13: trust our family of brands, New South Window and Armor View.
• 52:13
  Speaker 13: That's 866-286-70 or WindowNation.com to book a consultation.
• 52:19
  Speaker 8: I've been telling you all about the secret war on
• 52:21
  Speaker 8: our cash and the free report you can receive a
• 52:23
  Speaker 8: copy of by contacting Swiss America at 800-289-2646. I'd also
• 52:28
  Speaker 8: like to encourage you to subscribe to their podcast on YouTube.
• 52:30
  Speaker 8: Just search Swiss America Trading. The podcast can provide you
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  Speaker 8: a ton of vital information and financial news in the
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  Speaker 8: challenging and uncertain times we're in. Subscribe today. Learn more
• 52:39
  Speaker 8: about BRICS, industry leaders, and their market predictions for the future,
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• 52:44
  Speaker 8: of precious metal performance in the weeks and months ahead.
• 52:47
  Speaker 8: Message and data rates may apply.
• 52:50
  Speaker 11: Supreme Court today ruled on whether habitual drug users can
• 52:53
  Speaker 11: legally own firearms. ABC's Devin Dwyer covers the court.
• 52:56
  Speaker 7: The Supreme Court's decision was unanimous, ruling that a long-standing
• 53:01
  Speaker 7: federal ban on guns from lawful users of any controlled
• 53:04
  Speaker 7: substance is unconstitutional, especially as applied to a Texas man
• 53:09
  Speaker 7: who simply consumed marijuana several times a week and was prosecuted.
• 53:14
  Speaker 5: The opinion by Justice Neil Gorsuch said..
• 53:16
  Speaker 11: It limits but does not end the government's power to
• 53:19
  Speaker 11: take guns away from drug users. A raisin company heir
• 53:22
  Speaker 11: is now facing hate crime charges in California.
• 53:25
  Speaker 6: Bruce Lyon is a 64-year-old heir to Lyon Raisins, one
• 53:29
  Speaker 6: of the world's largest raisin companies. He's now charged by L.A.
• 53:32
  Speaker 6: County's district attorney with a felony hate crime count for
• 53:35
  Speaker 6: allegedly threatening to kill a rabbi neighbor at his home
• 53:38
  Speaker 6: in Pacific Palisades. He was arrested after allegedly making repeated
• 53:42
  Speaker 6: anti-Semitic and racist remarks toward the rabbi In a statement,
• 53:45
  Speaker 6: Lion Raisins, based in Fresno, says the alleged conduct does
• 53:49
  Speaker 6: not reflect the values of Lion Raisins. Alex Stone, ABC News,
• 53:53
  Speaker 6: Los Angeles.
• 53:54
  Speaker 11: The United Arab Emirates has become the first Arab country
• 53:57
  Speaker 11: to set a minimum age for social media use, joining
• 54:00
  Speaker 11: other nations in placing age restrictions on social media. Under
• 54:03
  Speaker 11: a new law introduced today, children under 15 will be
• 54:06
  Speaker 11: prohibited from creating, using, or operating social media accounts. The
• 54:10
  Speaker 11: ban means they will not be able to post content, comment,
• 54:14
  Speaker 11: or share or join public groups.
• 54:16
  Speaker 5: Dave Packer, ABC News.
• 54:19
  Speaker 13: Hot summer days and high energy bills are on the way.
• 54:22
  Speaker 13: Upgrade your home's old leaky windows this month during WindowNation's buy, forget,
• 54:26
  Speaker 13: for free sale. Yes, half of your new, beautiful, energy-efficient windows, free. Plus,
• 54:31
  Speaker 13: no money down and no monthly payments or interest for
• 54:33
  Speaker 13: two years. Call now, 866-286-70 or WindowNation.com. In select markets,
• 54:40
  Speaker 13: trust our family of brands, New South Window and Armor View.
• 54:43
  Speaker 13: That's 866-286-70 or WindowNation.com to book a consultation.