Latest / The Financial Exchange Show / Is the S&P 500 inflated because investors forgot fundamentals?

Transcript

Is the S&P 500 inflated because investors forgot fundamentals? · The Financial Exchange Show

0:00
Speaker 1: The Financial Exchange is produced by Money Matters Radio and
0:03
Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
0:05
Speaker 1: registered investment advisor. All opinions expressed are solely those of
0:08
Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
0:11
Speaker 1: or anyone else. Investments can lose money. This program does
0:14
Speaker 1: not offer any specific financial or investment advice. Please consult
0:17
Speaker 1: your own financial, tax, and estate planning advisors before making
0:20
Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
0:23
Speaker 1: this program do not endorse each other or their services.
0:26
Speaker 1: Armstrong and Money Matters Radio do not compensate each other
0:28
Speaker 1: for referrals and are not affiliated. This is The Financial
0:34
Speaker 1: Exchange with Chuck Zada and Paul Lane, your exclusive look
0:38
Speaker 1: at business and financial news affecting your day, your city,
0:42
Speaker 1: your world. Stay informed and up to date about economic
0:46
Speaker 1: and market trends, plus break in business news every day.
0:49
Speaker 1: The Financial Exchange is a proud partner of the Disabled
0:52
Speaker 1: American Veterans Department of Massachusetts. Help us support our great
0:56
Speaker 1: American heroes by visiting DAV five k dot Boss and
1:00
Speaker 1: then making a donation. Today The DAV five K Boston
1:03
Speaker 1: is presented by Veterans Development Corporation. This is the financial
1:07
Speaker 1: exchange with Chuck Zutta and Paul Lane.
1:12
Speaker 2: Our two of the financial exchange, Chuck, Paul and Tucker,
1:14
Speaker 2: and we got markets just kind of not knowing what
1:18
Speaker 2: the heck they're doing at the moment. So the S
1:20
Speaker 2: and P five hundred day opened at fifty nine forty,
1:23
Speaker 2: which was up twenty three points from yesterday. It promptly
1:28
Speaker 2: fell forty points to be down thirteen. It then went
1:33
Speaker 2: up another thirty points to be up about you know,
1:36
Speaker 2: twelve or thirteen, then fell another forty points again, went
1:40
Speaker 2: up another thirty points, down, another forty up fifty, and
1:44
Speaker 2: as we sit here at this very moment, the S
1:46
Speaker 2: and P's up sixteen, but it's been basically moving three
1:49
Speaker 2: quarters of a percent every twenty minutes or so and
1:53
Speaker 2: doesn't have any idea what it wants to do. It's
1:56
Speaker 2: just kind of flopping around there like do I go up?
1:59
Speaker 2: Do I go down? And it is not really finding
2:02
Speaker 2: stability anywhere. At the moment, the Dow is up three
2:05
Speaker 2: hundred and fifty three points, so that's been consistently up,
2:08
Speaker 2: but the Nasdaq still off seventy five points right now,
2:11
Speaker 2: down about four tenths of a percent. Tenure US Treasury
2:15
Speaker 2: is flat at four point fourh eight percent. We've got
2:18
Speaker 2: oil today up a dollar twenty seven a barrel to
2:20
Speaker 2: seventy dollars and two cents for West Texas intermediate tripa
2:24
Speaker 2: national average for gas prices down three tents of ascent,
2:27
Speaker 2: reversing yesterday's move back down to three oh six and
2:30
Speaker 2: three tenths of ascent. And we've got gold today up
2:33
Speaker 2: eighteen seventy an ounce twenty six seventy and forty cents. Paul,
2:37
Speaker 2: anything catching your eye in markets this morning?
2:41
Speaker 3: No, I think you hit on some of the major
2:43
Speaker 3: pieces there, Chuck.
2:44
Speaker 2: So we've got that going on. Uh, and let's see, Yeah,
2:48
Speaker 2: I guess we'll get right into Actually, no, we got
2:50
Speaker 2: just a couple pieces of economic data from this morning.
2:52
Speaker 2: I want to cover JABOS claims. Initial claims came and
2:55
Speaker 2: muted again two hundred and thirteen thousand, down from two nineteen.
2:58
Speaker 2: A little bit of a jump up in continuing jobless
3:00
Speaker 2: claims from one point eight seven million to one point
3:03
Speaker 2: nine to one So a little bit of movement up there,
3:06
Speaker 2: but hard to tell what's going on because the seasonal
3:09
Speaker 2: adjustment was responsible for most of that. So I'm not
3:11
Speaker 2: sure there's anything meaningful when it comes to those continuing claims.
3:17
Speaker 2: We also got existing home sales earlier this morning at
3:20
Speaker 2: ten am, I got an alert from who was it?
3:25
Speaker 2: Was it CNBC? Yeah, I got an alert from CNBC
3:28
Speaker 2: saying that the initials saying that existing home sales surged.
3:32
Speaker 2: They went up to three point nine to six million,
3:34
Speaker 2: which is still one of the lowest numbers we've seen
3:36
Speaker 2: in the last i don't know, twenty thirty years from
3:39
Speaker 2: three point eight three million. So yeah, they moved up
3:41
Speaker 2: a little bit in October. I'm not convinced that there's
3:45
Speaker 2: any there there, and that's basically what we have from
3:49
Speaker 2: a data perspective. This brings us to this piece from
3:54
Speaker 2: market Watch. It's a piece and it's title the S
4:00
Speaker 2: and P five hundred is inflated by twenty five percent
4:02
Speaker 2: because investors won't focus on fundamentals, Paul. They just won't
4:07
Speaker 2: do it. They're paying attention to other stuff. Why won't
4:11
Speaker 2: they pay attention to the fundamentals.
4:13
Speaker 3: Yes, this is referencing the price to earnings ratio that
4:18
Speaker 3: we often talk about and many economists out there relative
4:23
Speaker 3: way to assess what the economy or what the S
4:26
Speaker 3: and P. Five hundred is training at as a major
4:28
Speaker 3: benchmark to where it has been historically. And they point
4:31
Speaker 3: out in this piece, you've had a stock market that
4:34
Speaker 3: has risen significantly over the last two calendar years, but
4:38
Speaker 3: we haven't had the prerequisite earnings growth that matches that
4:41
Speaker 3: increase in valuations. It kind of goes all over the
4:46
Speaker 3: map here. It's a little hard to follow this whole piece,
4:50
Speaker 3: but largely the takeaway is that, yeah, the market is
4:54
Speaker 3: really expensive right now. And the other point it makes
4:57
Speaker 3: is that typically you have value expanding when interest rates
5:02
Speaker 3: come down. We've had that opposite effect here where interust
5:05
Speaker 3: rates have gone up over the last couple of years,
5:07
Speaker 3: but yet you still have had multiple expansion or the
5:10
Speaker 3: increase of valuations of US companies.
5:13
Speaker 2: So valuations, though they're only one story in markets, remember
5:19
Speaker 2: that the reason why anyone buys or sells the stock
5:21
Speaker 2: is because of a story. It No one buys or
5:25
Speaker 2: sells a stock just because of a number. They buy
5:29
Speaker 2: it because of what that number tells them. And there's
5:32
Speaker 2: all different numbers that you can use, and sometimes they
5:35
Speaker 2: buy it not even because of a number, but just
5:37
Speaker 2: because of you know, some story you think of, you know,
5:40
Speaker 2: all the times when we get headlines that come out
5:43
Speaker 2: think about you know, hey, you know, new drug approved
5:48
Speaker 2: for company X y Z, and people buy the stock
5:51
Speaker 2: because of it, because of the story of what that means.
5:54
Speaker 2: Fundamentals are just one story when it comes to stocks.
5:58
Speaker 2: I'm not saying that they're a good or bad one,
6:00
Speaker 2: but they're one that investors can pay attention to. But
6:03
Speaker 2: there are others. So it always kind of gets me.
6:06
Speaker 2: Is like sour grapes when people are like, well, this
6:08
Speaker 2: market is just not behaving in line with the fundamentals. Well, okay,
6:13
Speaker 2: why does it have to, Like is Paul, what, what's
6:17
Speaker 2: the rule about market fundamentals? How does it work that
6:21
Speaker 2: they have to The reason that people do that is
6:24
Speaker 2: because there's this expectation out there that reversion to the
6:28
Speaker 2: average is looming, and that's not necessarily the case. You know,
6:32
Speaker 2: Sometimes what can happen is new trends can be set.
6:35
Speaker 2: New price to earnings averages can become the norm. You
6:39
Speaker 2: can look at the last ten years and average out
6:42
Speaker 2: the price to earnings ratio. But we may be in
6:44
Speaker 2: a different time where valuations are going to trade more.
6:48
Speaker 3: Richly and people could be okay with that. It's that's
6:51
Speaker 3: the tricky part.
6:53
Speaker 2: There's no inherent valuation that is right. And remember, in
6:57
Speaker 2: the short term, valuation is a horrible metric for actually
7:01
Speaker 2: predicting what the market's gonna do. It may tell you, yes,
7:04
Speaker 2: things are expensive and if something goes badly, stocks have
7:07
Speaker 2: more room to fall, but it doesn't help you to
7:10
Speaker 2: figure out when that fall is gonna be or what's
7:12
Speaker 2: going to actually trigger it. And so I just I
7:16
Speaker 2: like to point that out when you get you know,
7:17
Speaker 2: these pieces talking about well, this market's you know, really expensive.
7:21
Speaker 2: And I'm not saying that stocks are only gonna go up,
7:24
Speaker 2: but markets can be expensive for a while. I mean,
7:27
Speaker 2: look at the tech bubble just as an example, the
7:30
Speaker 2: tech bubble people were saying was expensive in nineteen ninety
7:33
Speaker 2: eight didn't pop for two more years. And I'm not
7:39
Speaker 2: saying buysocks sell stocks that do nothing. I'm just saying
7:44
Speaker 2: you have to be able to see through all of
7:46
Speaker 2: this and figure out ultimately, why am I investing in
7:50
Speaker 2: what I'm investing in, what's my time horizon for that investment,
7:55
Speaker 2: and if I need money on you know, other time horizons,
7:59
Speaker 2: do I have a apropriate investments to be able to
8:02
Speaker 2: access those funds when I need them. Because just looking
8:06
Speaker 2: at pieces like this, well the the S and P
8:08
Speaker 2: is inflated by twenty five percent because you know investors
8:11
Speaker 2: aren't paying attention to the fundamentals. It doesn't tell you
8:13
Speaker 2: anything about what you should be doing for your specific situation. Yeah,
8:18
Speaker 2: like if Paul, if there's a twenty five year old
8:21
Speaker 2: who's dollar cost averaging into their four oh one k,
8:24
Speaker 2: should this piece mean anything to them?
8:26
Speaker 1: Oh?
8:26
Speaker 3: Absolutely not.
8:27
Speaker 2: No, like it shouldn't. If you've got a seventy five
8:31
Speaker 2: year old that has all of their money in the
8:32
Speaker 2: market and is trying to buy a new home next
8:36
Speaker 2: year with that money, it might mean something to them
8:40
Speaker 2: because they don't know if there's gonna be you know,
8:42
Speaker 2: a dip in the next month or year whenever before
8:46
Speaker 2: they buy that home where that down payment gets eaten up.
8:50
Speaker 2: But just saying hey, stocks are expensive, well that's not
8:53
Speaker 2: really enough to do anything. You got to you gotta
8:54
Speaker 2: give yourself a little bit of personal context on this.
8:57
Speaker 1: Fine daily interviews and full shows of the financial liks
9:00
Speaker 1: changehn how are YouTube page get cut up on anything
9:03
Speaker 1: and everything you might have missed This is the Financial
9:06
Speaker 1: Exchange Radio Network. Miss any of the show. The Financial
9:11
Speaker 1: Exchange Show podcast is available on Apple, Spotify, and iHeartRadio.
9:15
Speaker 1: Hit the subscribe button and leave us a five star review.
9:18
Speaker 1: This is the Financial Exchange Radio Network.
9:24
Speaker 4: This segment of The Financial Exchange is brought to you
9:26
Speaker 4: in part by the US Virgin Islands Department of Tourism.
9:30
Speaker 4: The US Virgin Islands are Saint Croix, Saint Thomas, and
9:32
Speaker 4: Saint John. With fall in full swing, now is the
9:35
Speaker 4: time to start looking at a fabulous holiday vacation. And
9:38
Speaker 4: there's no better place than the US Virgin Islands. Enjoy
9:41
Speaker 4: perfect weather, world class dining, incredible beaches and a vibrant nightlife.
9:45
Speaker 4: No passport is needed, and there's no money to exchange.
9:48
Speaker 4: Take your next vacation in America's Caribbean paradise the United
9:52
Speaker 4: States Virgin Islands. Go to visit USVII dot com to
9:55
Speaker 4: book your trip. That's visit USVII dot com.
9:59
Speaker 2: As promised for no now Joined by Ivan Drury, the
10:01
Speaker 2: director of Insights for Edmonds. Ivan, thanks for coming on
10:06
Speaker 2: with us today and when we talk about the current
10:09
Speaker 2: state of ev incentives, what incentives are currently in play
10:14
Speaker 2: for people who are trying to buy an electric vehicle
10:18
Speaker 2: right now, Hey.
10:20
Speaker 5: Juck, thanks for having me. When it comes to EV's,
10:22
Speaker 5: when we look at incentives, I mean, really, you've got
10:25
Speaker 5: almost everything available. There's cash on the hood, there's subvented aprs,
10:31
Speaker 5: and what's most popular, though, especially for ones that are
10:34
Speaker 5: being bought at a dealership, like at a Honda store,
10:37
Speaker 5: Ford store, things of that nature, leasing, And that's because
10:41
Speaker 5: you can work around the IRA tax credit limitations on income, battery,
10:45
Speaker 5: build location, things of that nature. So that seventy five
10:48
Speaker 5: hundred dollars credit that you hear about is fully available
10:51
Speaker 5: and almost every single automaker's finance company is utilizing it
10:56
Speaker 5: to put into addition to any other incentives. When it
11:00
Speaker 5: comes to a leaf on the.
11:01
Speaker 2: EV when we talk about that seventy five hundred dollars
11:05
Speaker 2: tax credit, what indications have we received from the incoming
11:09
Speaker 2: administration as to what they are going to do with that?
11:14
Speaker 5: Nothing other than remove it. We've only heard that it's
11:17
Speaker 5: going away eliminated in some way, shape or form. There's
11:21
Speaker 5: virtually been nothing indicating that that will be sticking around.
11:24
Speaker 5: So that's something that we don't know. When it's more
11:27
Speaker 5: a question of just how many months, how many is
11:31
Speaker 5: it gonna be a year, you know, things of that nature.
11:33
Speaker 5: But I definitely won't count on this sticking around late
11:36
Speaker 5: the next year.
11:37
Speaker 2: So if someone's nervous about that incentive, about that tax
11:41
Speaker 2: credit going away, what does the current landscape look like
11:45
Speaker 2: in terms of trying to squeeze in a purchase before
11:49
Speaker 2: it goes away. How favorable are some of the deal
11:52
Speaker 2: dealer deals out there that we're seeing.
11:56
Speaker 5: Some of these deals are extremely favorable. You have vehicles
11:59
Speaker 5: that are closer to forty five to fifty k MSRP
12:02
Speaker 5: for an EV with least monthly payments that are almost
12:06
Speaker 5: the same as something that has a thirty thousand dollars
12:09
Speaker 5: lease that's an ice vehicle. So there is so much
12:13
Speaker 5: money being thrown to them because there's a lot of
12:16
Speaker 5: them are just sitting on the lots.
12:17
Speaker 2: Right.
12:18
Speaker 5: We've tapped out of the early adopters and now you're
12:21
Speaker 5: looking at mainstream consumers about mainstream concerns, and what's happened
12:25
Speaker 5: is that they just don't last a lot the way
12:27
Speaker 5: they used to. You know, the typical days to turn
12:29
Speaker 5: something close to like eighty days verereaus. The industry average
12:32
Speaker 5: is close to fifty, and what they have to do
12:35
Speaker 5: is really pile on incentives and the number one that
12:38
Speaker 5: really triggers the consumers who have hesitations or never owned
12:42
Speaker 5: a vehicle. This nature's plicing, right, You're not getting married.
12:45
Speaker 5: It's like a short term commitment.
12:47
Speaker 2: When you look at what you're seeing out there, are
12:50
Speaker 2: you seeing deals that are getting better kind of week
12:53
Speaker 2: after week as dealers are trying to move these vehicles
12:56
Speaker 2: off their lots before a year end, or is it
12:59
Speaker 2: kind of a more static state of play.
13:03
Speaker 5: It's more like on a monthly basis, because the automakers
13:06
Speaker 5: every single month, like right after their sales announcement dates.
13:09
Speaker 5: That's when the institute can do programs. Couple that together
13:13
Speaker 5: with kind of revising, Hey where are we at for
13:15
Speaker 5: the entire month? And summer sell down right, and summer's
13:18
Speaker 5: been well out, But guess what, you still have a
13:20
Speaker 5: plethor of twenty twenty four Mali year vehicles on dealers' lots.
13:24
Speaker 5: In general, it's almost like a fifty to fifty mix
13:27
Speaker 5: of twenty fives and twenty fours. When it comes to evs,
13:30
Speaker 5: there's still something like three quarters for the vehicle's inventory
13:34
Speaker 5: is still twenty twenty four Mali year. So really we
13:37
Speaker 5: do know that unless there is a massive set of
13:41
Speaker 5: consumers that goes and scoops these up in the next
13:44
Speaker 5: month and a week or two, you're going to have
13:46
Speaker 5: these in you know, twenty twenty five. Now, whether or
13:48
Speaker 5: not that tax credit is gonna be available, you know,
13:52
Speaker 5: that's debatable. So I think that a lot of people
13:54
Speaker 5: who are risk adverse exactly, but who just don't want
13:58
Speaker 5: to roll the dice. And what's the point of waiting
14:00
Speaker 5: if you were going to buy in two or three
14:02
Speaker 5: months anyway, just pull ahead that sale to now you know,
14:06
Speaker 5: you've got selections, you've got incentives. Really, the time is right.
14:11
Speaker 2: Are there any brands in particular that are seeing more
14:15
Speaker 2: trouble moving vehicles off their lots and thus offering larger
14:19
Speaker 2: incentives than others?
14:22
Speaker 5: It's almost universal. The only brand I can think of
14:25
Speaker 5: that's not really having to go to these lengths is
14:29
Speaker 5: Honda's Prologue. Really, it's just one of the newest contenders
14:32
Speaker 5: out there, and they've had a lot of reservations for them,
14:34
Speaker 5: so there's not nearly as the high level of aggression
14:37
Speaker 5: when it comes to incentives. But otherwise you can look
14:40
Speaker 5: at something like Ford's Lightning Right, great product. I had
14:44
Speaker 5: a lot of consumers waiting for it. Now they're shuttering
14:47
Speaker 5: the plant for a few months to try to slow
14:49
Speaker 5: down that production and to slow down that build up
14:52
Speaker 5: of inventory. Now you have the GM products, A lot
14:55
Speaker 5: of those launch with high anticipation, but now they're sitting
14:58
Speaker 5: on dealers lots longer and longer. Or something like Toyota
15:01
Speaker 5: where they lost customers to Tesla for over a decade.
15:05
Speaker 5: Even their EV is just sitting on the dealer's lot.
15:09
Speaker 5: So it's one of these things where really you had
15:11
Speaker 5: so much ramp up as far as consumers want to evs,
15:15
Speaker 5: clamoring for them, and they got their fill. You know,
15:18
Speaker 5: it was really during that time of reservations and people
15:21
Speaker 5: almost think I could flip these things in twenty twenty
15:23
Speaker 5: two and even the US values skyrocketed. But then what happens, Hey,
15:29
Speaker 5: reality settles in. You know, NSRP cuts left and right,
15:32
Speaker 5: you send us start crickling in hurts, and other rental
15:36
Speaker 5: agencies say, look, we can't keep these in our fleet
15:38
Speaker 5: because they're just not good for our business model. So
15:41
Speaker 5: they start dumping these vehicles and the used market, you know,
15:44
Speaker 5: and that has its own effects for everybody who currently
15:46
Speaker 5: owns an ev So it's it's been quite the ride
15:50
Speaker 5: with evs. But if you want what now, you're definitely
15:54
Speaker 5: you're looking at deals virtually everywhere.
15:56
Speaker 2: Very good, Ivan, appreciate you joining us today. Thank you
15:59
Speaker 2: so much for the time, and we will catch up
16:01
Speaker 2: with you soon.
16:03
Speaker 5: Till next time. Cheers, Huck.
16:04
Speaker 2: That is Ivan Drury, the director of Insights at Edmunds.
16:09
Speaker 4: All right, let's do a little bit of trivia here
16:11
Speaker 4: on the financial looks change on April fifth, nineteen ninety three,
16:14
Speaker 4: and Video was founded on January twenty second, nineteen ninety nine.
16:18
Speaker 4: And Video went public at twelve dollars a share in
16:21
Speaker 4: late two thousand and one, and Vidia joined the S
16:24
Speaker 4: and P five hundred when it replaced this company that
16:27
Speaker 4: was going bankrupt due to large scale fraud and corruption.
16:31
Speaker 4: Trivia question today, which company did in video replace on
16:34
Speaker 4: the SMP five hundred? Once again, which company did in
16:37
Speaker 4: video replace on the SMP five hundred? Be the eighth
16:42
Speaker 4: person today it texts us at six one seven three
16:45
Speaker 4: six two thirteen eighty five with the correct answer and
16:48
Speaker 4: win a financial exchange showed T shirt once again. The
16:51
Speaker 4: eighth correct response to text us at six one, seven, three, six,
16:55
Speaker 4: two thirteen eighty five will be our winner. See complete
16:58
Speaker 4: contest rules at Financial Exchange Show dot com.
17:03
Speaker 2: Paul, do you want to talk a little bit about
17:06
Speaker 2: Warren Buffett for the next couple of minutes? Or do
17:08
Speaker 2: you want to talk about Target? Uh?
17:10
Speaker 3: Let's talk about Target.
17:13
Speaker 2: What about them? Target?
17:16
Speaker 3: We covered in yesterday's show had a massive earnings miss.
17:19
Speaker 3: The stock was off about twenty percent yesterday. They really
17:22
Speaker 3: were not seeing anything in terms of same sales store
17:25
Speaker 3: growth versus Walmart, which it had a very strong quarter
17:30
Speaker 3: with five percent sales growth. And so one of the
17:32
Speaker 3: things that's come out subsequently after the earnings miss is
17:36
Speaker 3: that apparently some of the trade import data from Target
17:41
Speaker 3: is really the main issue behind the earnings miss. That
17:46
Speaker 3: they had. The US port strikes and the needs to
17:49
Speaker 3: bring goods ahead of that strike was a reason for
17:53
Speaker 3: the big earnings miss on Thursday, allegedly according to Target executives,
17:57
Speaker 3: because of elevated freight costs and ovally stocks stores. I'm
18:02
Speaker 3: a little skeptical as to how much impact that may
18:06
Speaker 3: have played on numbers because it was largely sales that
18:11
Speaker 3: was the issue. But something that they are citing here
18:13
Speaker 3: as a potential other factor in the biggest earnings myth
18:17
Speaker 3: that Target has seen in the last two years.
18:20
Speaker 2: Yeah, it's uh, it's strange that you're citing, hey, we
18:23
Speaker 2: pulled forward too much supply when the issue, as you noted,
18:27
Speaker 2: seems to be the demand just didn't show up. And
18:31
Speaker 2: that's something where we cover this. We touched on this
18:35
Speaker 2: where look, they're getting the foot traffic same way that
18:38
Speaker 2: Walmart is, they're just not getting the people converting. And
18:42
Speaker 2: that doesn't suggest that the issue is, hey, we bought
18:45
Speaker 2: too much stuff too early. It's no, you're just you're
18:48
Speaker 2: not seeing the demand for that regardless of when the
18:52
Speaker 2: purchase is happening. So I I'm skeptical with you, Paul.
18:58
Speaker 2: I tend to be in agreement on this in that
19:01
Speaker 2: it it seems like a little bit of excuse making
19:03
Speaker 2: as opposed to, you know, getting at the core issue
19:06
Speaker 2: action sales. Tell all, Dow is currently up three hundred
19:10
Speaker 2: and ninety four points, the smp is up nineteen, and
19:13
Speaker 2: the Nasdaq still down fifty as it lags behind quick
19:17
Speaker 2: break Right now, We've got the Trivia Answer next.
19:25
Speaker 6: Bringing the latest financial news straight to your Radio every day.
19:30
Speaker 6: It's the Financial Exchange on the Financial Exchange Radio Network.
19:36
Speaker 6: Text us at six one seven three six two one
19:38
Speaker 6: three eighty five with your comments and questions about today's
19:41
Speaker 6: show and let us know what you think about the
19:43
Speaker 6: stories we are covering. This is the Financial Exchange Radio Network.
19:49
Speaker 4: Trivia question today was which company did in video replace
19:53
Speaker 4: on the SMP five hundred that'll be Enron. In late
19:56
Speaker 4: two thousand and one, n run was in the process
19:58
Speaker 4: of collapsing do years of fraud, and video was on
20:02
Speaker 4: the rise thanks to a large contract with Microsoft. Winner
20:07
Speaker 4: today of the Financial Exchange Show T shirt was Bill
20:10
Speaker 4: from Pembroke, Mass. Congrats to Bill, and we play trivia
20:14
Speaker 4: every day here on the Financial Exchange See complete contest
20:18
Speaker 4: rules at Financial Exchange Show dot com.
20:21
Speaker 2: Paul, We've got a piece in the New York Times
20:23
Speaker 2: title how retirement rules might change under President Trump, and
20:27
Speaker 2: there's a few different questions in here that I think
20:29
Speaker 2: are worth addressing. First one here, what did President Trump
20:34
Speaker 2: say he wanted to change about individual retirement accounts iras?
20:38
Speaker 2: Or for one case, the.
20:41
Speaker 3: Quick and easy on this is not very much Chuck, relatively,
20:45
Speaker 3: keeping everything the same in place, just criticism of ESG funds,
20:50
Speaker 3: but nothing that would change the crux of the four
20:52
Speaker 3: o one k IRA system.
20:54
Speaker 2: What about required minimum distributions?
20:57
Speaker 3: No real significant change on requirement just your for those
21:01
Speaker 3: out there, age seventy three is the required minium distribution
21:05
Speaker 3: age currently at the moment for those I believe born
21:08
Speaker 3: after nineteen sixty, that is set to increase to age
21:12
Speaker 3: seventy five. But there is no changes that President Trump
21:17
Speaker 3: has made or suggested he would make to the requirementimum
21:21
Speaker 3: distribution side of things here.
21:23
Speaker 2: Anything that Congress has been talking about in terms of
21:26
Speaker 2: potential changes that we should be aware of.
21:28
Speaker 3: There's something that's mentioned this piece here in the New
21:30
Speaker 3: York Times check that I don't know if you were familiar,
21:32
Speaker 3: because I certainly was not. This idea that Congress may
21:36
Speaker 3: limit the amount of pre tax for four on K
21:40
Speaker 3: savings that someone could have. So right now, an employee
21:44
Speaker 3: can contribute roughly nineteen thousand of their own pre tax
21:49
Speaker 3: money into a four oh one K. If they're under
21:51
Speaker 3: the age of fifty, it might be nineteen thousand, five
21:53
Speaker 3: hundred for twenty twenty five. They've mentioned here in this
21:56
Speaker 3: piece that the first ten thousand of four to one
21:59
Speaker 3: K savings could be capped as that would be the
22:02
Speaker 3: most that you could do pre tax, and that nineteen
22:05
Speaker 3: thousand I alluded to previously, the remaining nine thousand would
22:09
Speaker 3: have to go into ROTH four to one k, and
22:11
Speaker 3: that would mean that that nine k would be upfront taxed,
22:15
Speaker 3: rather than the full nineteen k being tax deductible from
22:20
Speaker 3: an employee's earnings. I've never heard that mentioned. I find
22:24
Speaker 3: it unlikely that that would be the case. That seems
22:26
Speaker 3: like a lot of work for four one K providers,
22:29
Speaker 3: but an interesting one to note. That would obviously mean
22:31
Speaker 3: more tax revenue upfront if that were the case.
22:34
Speaker 2: Yeah. If you want to know why Congress likes the
22:37
Speaker 2: idea of more WROTH contributions, it's because it gives them
22:41
Speaker 2: more money to play.
22:41
Speaker 3: With money no versus money later.
22:43
Speaker 2: This is why, you know. One of the questions that
22:45
Speaker 2: I hear from people sometimes is well, look what if
22:47
Speaker 2: they change the rules about rothey a raised down the road.
22:50
Speaker 2: And I always go, look, you never know what Congress
22:52
Speaker 2: will or won't do. But Congress loves WROTH retirement accounts
22:57
Speaker 2: because it makes people happy, their constituents, because they say, oh,
23:01
Speaker 2: I'm saving this tax free. You know forever, and it
23:04
Speaker 2: makes Congress happy because it looks better for the Budget
23:07
Speaker 2: Office because the tax revenue has received upfront instead of
23:10
Speaker 2: needing to be deferred thirty forty fifty years to when
23:13
Speaker 2: people take the money out. So just something that I
23:16
Speaker 2: like to point out when talking about the topic. But folks,
23:19
Speaker 2: if you have questions about your retirement accounts or you
23:24
Speaker 2: know what your retirement may look like going forward, this
23:29
Speaker 2: is the topic that the Armstrong Advisory Group deals with
23:32
Speaker 2: every single day. We help retirees make retirement plans and
23:37
Speaker 2: then go about executing those on a daily, weekly, monthly basis.
23:42
Speaker 2: It's it's what we do. So to set up a
23:45
Speaker 2: time to speak with someone from the Armstrong Advisory Group
23:48
Speaker 2: called eight hundred three nine three for zero zero one.
23:53
Speaker 2: That number again, it's eight hundred three nine three for
23:58
Speaker 2: zero zero one. We have offices all throughout the New
24:00
Speaker 2: England area. We can also chat with you via phone,
24:03
Speaker 2: via zoom, you name it. We've got ways to chat
24:06
Speaker 2: with you again. That phone number is eight hundred three
24:09
Speaker 2: nine three for zero zero one.
24:12
Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
24:15
Speaker 1: registered investment advisor. Nothing in the ad or in any
24:17
Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
24:20
Speaker 1: your own financial tax into state planning advisors before making
24:23
Speaker 1: any investment decisions. Armstrong may contact you to offer investment
24:26
Speaker 1: advisory services.
24:28
Speaker 2: Paul Turkey thoughts, yeah, your nay.
24:31
Speaker 3: I'm a big turkey fan.
24:32
Speaker 4: Tucker h yes, And I think it's a bad wrap.
24:37
Speaker 2: It gets a bad wrap. You also have to You
24:38
Speaker 2: got to cook it right and prepare it right.
24:40
Speaker 4: That's the biggest thing.
24:41
Speaker 2: I do think. It's it's an easy bird to dry
24:43
Speaker 2: out if you're not careful with it. But turkey this year,
24:47
Speaker 2: not just turkey, but Thanksgiving dinner. Estimates for costs are
24:52
Speaker 2: down about five percent from last year and nine percent
24:55
Speaker 2: from twenty twenty two, according to the American Farm Bureau Federation.
24:59
Speaker 2: So the eight that they have, the total cost of
25:03
Speaker 2: a Thanksgiving meal for ten will be fifty eight dollars
25:06
Speaker 2: and eight cents this year. Where does it come from?
25:09
Speaker 2: Sixteen pound turkey, twenty five dollars and sixty seven cents,
25:13
Speaker 2: twelve ounces of cranberries two dollars and thirty five cents,
25:17
Speaker 2: three pounds of sweet potatoes. Paul any guesses, Oh god,
25:22
Speaker 2: two dollars ninety three cents.
25:24
Speaker 3: Thank you.
25:25
Speaker 2: I'll let you off the hook on this.
25:26
Speaker 3: I'm thankful.
25:28
Speaker 2: Carrots and celery. I don't know, is celery a big
25:31
Speaker 2: Thanksgiving thing?
25:32
Speaker 4: Stuffing?
25:34
Speaker 2: Okay, sure, right, that's fine. But they have stuffing as
25:36
Speaker 2: another item on the list.
25:38
Speaker 4: I'm saying that you have to add celery into a
25:40
Speaker 4: lot of stuffing.
25:42
Speaker 2: I don't think celery in my stuffing. I'm not a
25:44
Speaker 2: celery stuffing guy. Eighty four cents there, green peas one
25:48
Speaker 2: seventy three, two nine inch pieshells three dollars and forty cents.
25:52
Speaker 2: The stuffing four dollars and eight cents. A dozen dinner
25:55
Speaker 2: rolls four sixteen, pumpkin pie mix four fifteen. A gallon
25:59
Speaker 2: of milk? What is one need a gallon of milk
26:03
Speaker 2: for on Thanksgiving?
26:04
Speaker 4: You don't wash down your Thanksgiving meal of a giant
26:07
Speaker 4: glass of milk?
26:08
Speaker 2: Yeah, we have. Everyone had glass at seven pm after
26:11
Speaker 2: dinner and then we're just out. That's weird.
26:15
Speaker 4: I don't know where that maybe the mashed potatoes.
26:18
Speaker 2: You don't need a gallon.
26:19
Speaker 4: It's a good amount though.
26:21
Speaker 2: Besides, they didn't even have regular potatoes on here. They
26:23
Speaker 2: had sweet potatoes, but not.
26:25
Speaker 4: Yeah, that's strange they didn't include potatoes.
26:28
Speaker 2: The gallon of milk is a question mark for me.
26:31
Speaker 2: The whipped cream dollar eighty one okay, I understand, you
26:33
Speaker 2: know how that gets used in everything you put it
26:35
Speaker 2: on the turkey obviously.
26:36
Speaker 4: Yep.
26:37
Speaker 2: So this is you know, again, kind of a continuation
26:41
Speaker 2: of grocery prices, you know, not coming down meaningfully, but
26:45
Speaker 2: you're seeing some improvement. The big one on this is
26:48
Speaker 2: that the turkey cost coming down, and so that's where
26:52
Speaker 2: you're seeing the biggest improvement. A lot of the other
26:54
Speaker 2: stuff not really moving around too much, but overall that
26:59
Speaker 2: turkey cost likely to be a little bit cheaper this year.
27:02
Speaker 2: I can tell you, uh, we already did. We do
27:05
Speaker 2: a friends giving each year the Saturday before Thanksgiving, so
27:08
Speaker 2: we already got you know, kind of two saturdays before.
27:11
Speaker 2: So we got a little bit turkeyed out last weekend.
27:14
Speaker 2: But I'll tell you if you if you prep that
27:16
Speaker 2: turkey right, man, you can get a juicy We we
27:19
Speaker 2: had a twenty four pound bird just because we had
27:21
Speaker 2: quite a few people and still able to get that
27:24
Speaker 2: thing nice and juicy if you do it right now.
27:26
Speaker 4: Correct me if I'm wrong, but you spatchcock you're a turkey, correct,
27:29
Speaker 4: I don't.
27:29
Speaker 2: You don't, oh, I thought, I don't. We do.
27:32
Speaker 4: I guess that's the way to go.
27:33
Speaker 2: I've done it sometimes, but we do a dry brine,
27:36
Speaker 2: which is basically you salt it and season it two
27:39
Speaker 2: days before and that helps to keep like kind of
27:41
Speaker 2: lock the juices. Yeah, so like for two days you
27:45
Speaker 2: just you know, basically lock in all those juices and
27:48
Speaker 2: then pop it in and you're you're good to go.
27:51
Speaker 2: I mean, look, this thing was again it was this
27:52
Speaker 2: is the biggest turkey I've ever done, twenty four pounds,
27:55
Speaker 2: and yeah, it was a good, good sized bird, Like
27:58
Speaker 2: it was actually almost too big for the pan. And
28:02
Speaker 2: it was about four hours and twenty minutes at three
28:04
Speaker 2: twenty five to get that puppy done.
28:06
Speaker 4: Wow.
28:07
Speaker 2: Yeah, it was a it was a good one though.
28:09
Speaker 2: It was one of the best that I've I've had
28:12
Speaker 2: to this point.
28:13
Speaker 4: Now, the problem with the people you know and their
28:15
Speaker 4: beef with turkey, no pun and done is they just
28:19
Speaker 4: overcook the turkey because everybody's so paranoid about this like
28:23
Speaker 4: one hundred and sixty five degree thing, where like you're
28:26
Speaker 4: supposed to pull it at like one fifty eight one
28:28
Speaker 4: sixty because it's continuing to cook. Yes, and if you
28:31
Speaker 4: leave it in the oven at one sixty five, well
28:32
Speaker 4: you overcook your bird and you ruin Thanksgiving.
28:35
Speaker 2: Exactly. Thank you, Tucker. I appreciate.
28:38
Speaker 4: Oh it dries me insane with people like no, it's
28:40
Speaker 4: be won sixty five. I'm like, no, it doesn't still cooks.
28:44
Speaker 4: Pull that bird and yeah, it's it. Look, trust me,
28:49
Speaker 4: I get it.
28:50
Speaker 2: No one's like sitting around like, hey, I'd really like
28:52
Speaker 2: to get some kind of food borne illness, Like yeah,
28:55
Speaker 2: that would really ruin Thanksgiving.
28:57
Speaker 4: Sure, but it's not gonna happen.
28:59
Speaker 2: It's really really rare that Like the American food safety system,
29:03
Speaker 2: it's pretty darn good. It's pretty darn good. Uh. The
29:07
Speaker 2: risk that you do have is thawing your bird out.
29:11
Speaker 2: Just a reminder, don't thought at room temperature. Do it.
29:17
Speaker 2: Do it in the fridge when that frozen bird comes back. Yep,
29:20
Speaker 2: you gotta do for basically every five pounds of bird.
29:22
Speaker 2: It's another day that you got a thought in the fridge.
29:24
Speaker 4: Yeah, we had to throw a bird out because somebody
29:27
Speaker 4: in the household did that once.
29:28
Speaker 2: Yeah, it's like that's that's where your food born illness
29:32
Speaker 2: comes from is if you thought outside for a day,
29:35
Speaker 2: but not outside but just you.
29:36
Speaker 4: Know, yeah room temp, Yeah, exact room temp.
29:39
Speaker 2: That's where the problem is, right, It's in that sweet
29:41
Speaker 2: spot where stuff can grow on it. You know, you
29:43
Speaker 2: don't want that, but as long as you thaw that
29:45
Speaker 2: thing in the fridge, keep it in the fridge. American
29:48
Speaker 2: food safety is generally pretty dark. By the way.
29:51
Speaker 4: We got a couple of milk defenders on the text
29:53
Speaker 4: line here milk defenders. Yeah, milk with dessert, duh, and
29:57
Speaker 4: uh also adding in coffee. Milk with coffee.
30:00
Speaker 2: You don't need a gallon?
30:01
Speaker 4: Yeah, maybe like a pint.
30:03
Speaker 2: You know, I can get milk with dessert if you're
30:05
Speaker 2: doing you know, if you've got some brownies or cookies
30:07
Speaker 2: as well, I can support that.
30:09
Speaker 4: You got the kids, Yeah, there's.
30:11
Speaker 2: Nothing, It's just that the gallon was the part that
30:13
Speaker 2: I kind of looked at and went, huh, like we're
30:16
Speaker 2: we're doing twelve ounces of cranberries, but a gallon of milk. Yeah,
30:20
Speaker 2: Like the ratio seems off there. That's that's the thing
30:23
Speaker 2: that's a little bit confusing to me. But it's uh,
30:26
Speaker 2: look to each their own, Like every family's got their
30:28
Speaker 2: own stuff that they do and all that. The other
30:30
Speaker 2: thing that I'm disappointed I don't see on this there's
30:33
Speaker 2: nothing for the green bean castrole. What gives we never
30:36
Speaker 2: really have that huge fan huge?
30:39
Speaker 4: Isn't that the almonds? Isn't that that thing?
30:41
Speaker 2: Or is that?
30:41
Speaker 1: No?
30:41
Speaker 2: No, no, it's got the like the onion strips on top.
30:44
Speaker 4: Ah right, okay, breadcrumbs yeah, cream mushroom soup. Yeah, we
30:48
Speaker 4: don't do that.
30:48
Speaker 2: That's fine. I like it. I'm big fan. Anyways, let's
30:51
Speaker 2: take a quick break here. When we come back, we'll
30:53
Speaker 2: do a little bit of stack Roulette.
30:56
Speaker 1: Miss any of the show ketchup and you're convenience by
30:58
Speaker 1: visiting Financial Extreme dot com and clicking the on demand icon,
31:02
Speaker 1: where you'll find all of our interviews and full shows.
31:05
Speaker 1: This is your home for the latest business and financial
31:08
Speaker 1: news in New England and around the country. This is
31:12
Speaker 1: the Financial Exchange Radio Network. Find daily interviews and full
31:16
Speaker 1: shows of the Financial Exchange on our YouTube page. Like
31:19
Speaker 1: us on YouTube and get caught up on anything and
31:22
Speaker 1: everything you might have missed. This is the Financial Exchange
31:25
Speaker 1: Radio Network.
31:35
Speaker 2: All right, Paul, what do you have for me? For
31:38
Speaker 2: stack Roulette?
31:39
Speaker 3: Title from a piece in the Wall Street Journal. Here
31:41
Speaker 3: strippers Christmas gifts and RVs workers push it with company
31:45
Speaker 3: cars expreends. Fraud runs rampant towards year end here, where
31:51
Speaker 3: all of the employees at companies that have expense accounts
31:54
Speaker 3: are looking to stuff in as many receipts as possible
31:58
Speaker 3: before year end comes about. Previously started in this business
32:02
Speaker 3: as a kind of a sales assistant and worked at
32:05
Speaker 3: a firm where the advisors had expense accounts there, and
32:09
Speaker 3: so part of my job would be to make sure
32:12
Speaker 3: that they depleted their expense account balance prior to your end.
32:15
Speaker 3: And we would run into similar predicaments where November would
32:19
Speaker 3: come around and all of a sudden there would be
32:21
Speaker 3: a big sum in the expense account, and I would
32:23
Speaker 3: be in charge of processing all these various receipts out there.
32:27
Speaker 3: And I won't go into the direct details, but it
32:31
Speaker 3: did get a little dodgy towards that's what we want
32:34
Speaker 3: to hear, getting a little dodgy towards the year end
32:37
Speaker 3: there where there was specific limits on dollar amounts and
32:40
Speaker 3: how many people were at the meal and names of
32:44
Speaker 3: clients and things like that, And so I'd often find
32:46
Speaker 3: myself being the bearer of bad news or just forced
32:50
Speaker 3: to stuff the receipts in as quickly as possible to
32:53
Speaker 3: try to get them approved prior to year end. So
32:55
Speaker 3: that's running everywhere. There's an instance here that's cited in
32:58
Speaker 3: this Wall Street journal piece where a man who discovered
33:02
Speaker 3: that a certain strip club was categorized as a restaurant
33:04
Speaker 3: by his corporate card issuer. He would then use the
33:07
Speaker 3: company card at the strip club and submit the expense
33:10
Speaker 3: as a business dinner. There was others ones mentioned out
33:14
Speaker 3: there where an employee lost their luggage and claimed that
33:18
Speaker 3: they had nothing to wear, so they decided that sure,
33:21
Speaker 3: you need to buy a new outfit for this business trick,
33:24
Speaker 3: but apparently that employee went for designer brands only. And
33:27
Speaker 3: there's just multiple instances here where a guy bought his
33:32
Speaker 3: family Christmas presents with the company card that was for
33:35
Speaker 3: twenty five hundred bucks that he did get fired. And
33:38
Speaker 3: then others who have tried to tie in vacations to
33:41
Speaker 3: where they travel for business often as an.
33:44
Speaker 2: Expense, seems problematic.
33:47
Speaker 3: Yes, it's estimated that five percent of revenue on average
33:53
Speaker 3: appears to be tied to expense fraud or costing businesses
33:57
Speaker 3: five percent of revenue on average.
34:00
Speaker 2: Did the two of you happen to see that the
34:02
Speaker 2: McRib is back at McDonald's on December third?
34:05
Speaker 3: Only because you mentioned it was that on the air
34:08
Speaker 3: or during break off air. You're very excited about it.
34:12
Speaker 2: Well, I'm not. I'm not a huge McRib fan. I
34:15
Speaker 2: stick with what works for me at McDonald's, which is
34:17
Speaker 2: most of the menu. Again, I love McDonald's as you know,
34:24
Speaker 2: restaurant like as a thing, but McRib is never really
34:27
Speaker 2: hit for me. And this year they're doing one other
34:32
Speaker 2: thing that they've never done before. If you're not a
34:36
Speaker 2: fan of you know, maybe a half gallon of milk
34:38
Speaker 2: or a gallon of milk for Thanksgiving. Instead, they're offering
34:41
Speaker 2: you what's called a whole lot of McRib sauce, which
34:44
Speaker 2: is a half gallon jug of the McRib sauce perfect
34:48
Speaker 2: for holiday parties. Festive recipes are the ultimate stocking stuffer
34:51
Speaker 2: for McRib loofers. I will say that's got to be
34:54
Speaker 2: a big stock stocking to get, you know, a half
34:56
Speaker 2: gallon of.
34:57
Speaker 4: McRib sauce in an industrial size.
34:59
Speaker 2: You want to make sure it's closed before you put
35:01
Speaker 2: it in the stocking, otherwise you're not using that stocking again.
35:04
Speaker 2: But yeah, apparently this is the big thing here, and
35:09
Speaker 2: so McRib is back in about two weeks now.
35:13
Speaker 3: McRib sauce right up there with Chick fil A sauce.
35:15
Speaker 3: I'm totally being sarcastic there. That doesn't seem like there'd
35:18
Speaker 3: be a ton of demand for that type of sauce.
35:20
Speaker 3: But maybe I'm wrong because I'm not a big McRib
35:23
Speaker 3: guy either. McDonald's also announced today that they were going
35:27
Speaker 3: to extend their five dollars value deals, and they had
35:32
Speaker 3: done this back in I think the spring or summer
35:34
Speaker 3: where they're trying to get more value out to customers
35:36
Speaker 3: boost some sales, and then they also were going to
35:39
Speaker 3: vote in as to whether or not to extend or
35:42
Speaker 3: maybe this was just unveil. It was buy one, add
35:46
Speaker 3: one for a dollar, so basically buy one item and
35:49
Speaker 3: then be able to add a subsequent item for an
35:51
Speaker 3: additional dollar dollar to pair with it. So McDonald's really
35:54
Speaker 3: trying to focus on delivering value to their customers. They
35:57
Speaker 3: had received a lot of blowback that thing were getting
36:00
Speaker 3: too pricey relative to what you used to on the
36:03
Speaker 3: McDonald's experience side of things.
36:05
Speaker 2: Paul, if you had to get trapped in a fast
36:08
Speaker 2: food franchise for one month, which one would it be
36:12
Speaker 2: and why?
36:12
Speaker 3: I would say probably Chick fil A because I think
36:16
Speaker 3: it is the best of the class, and I am
36:21
Speaker 3: probably a bigger chicken sandwich fan than the burgers at
36:25
Speaker 3: those respective other competitors Burger K McDonald's. Don't get me
36:28
Speaker 3: along wrong. I love a regular burger, but they don't
36:31
Speaker 3: really have the same sort of size and substance at
36:34
Speaker 3: those other ones. And you have just a bunch of
36:36
Speaker 3: different options that you could work through that are reasonable quality,
36:39
Speaker 3: and it's pretty clean in there for the most part.
36:42
Speaker 3: So that would be my pick.
36:44
Speaker 4: Talker, what about you fast food that I'm sorry twenty
36:49
Speaker 4: four hours as that were you? So a month a month,
36:51
Speaker 4: a month, you're stuck in a restaurant, it's like supersize me,
36:54
Speaker 4: I guess. I guess McDonald's because they offer the most
36:57
Speaker 4: variety out of all of them. They do have breakfast
37:01
Speaker 4: that breakfast coffee.
37:04
Speaker 3: Doesn't really have any breakfast, so I might be out
37:06
Speaker 3: of I might be eating chicken sandwiches for breakfast coffee.
37:11
Speaker 4: I don't think they're doing I'm.
37:12
Speaker 2: Going Wendy's on it personally, they do have breakfast see
37:15
Speaker 2: McDonald's fan, but Wendy's here. Here's what gives Wendy's the
37:18
Speaker 2: edge in my opinion. I can if I need something
37:21
Speaker 2: just to like break things up, I can get a
37:23
Speaker 2: chili for a meal. I can do a baked potato
37:26
Speaker 2: for a meal. I can go that route. The other
37:29
Speaker 2: plus is the one real knock that I have on McDonald's,
37:33
Speaker 2: same one that everyone else has. The ice cream machines,
37:35
Speaker 2: break a lot a frosty from Wendy's. It's gonna be there,
37:40
Speaker 2: It's gonna be there.
37:42
Speaker 4: It's uh, it looks.
37:45
Speaker 3: How often do you really have ice cream, Chuck, you're
37:47
Speaker 3: a healthy eater ice cream?
37:48
Speaker 2: Yeah, in the summer, at least two or three times
37:51
Speaker 2: a week.
37:53
Speaker 5: Uh.
37:53
Speaker 2: In the winter probably once a week. All right, so
37:57
Speaker 2: there's summer there. In the summer it can occasionally get out,
37:59
Speaker 2: like for July week, probably once or twice a day.
38:02
Speaker 2: But you know, it is what it is. Yeah, whatever,
38:07
Speaker 2: let's take a quick break. We'll see it tomorrow on
38:08
Speaker 2: the Financial Exchange