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AI, Stagflation & Social Media on Trial · The Financial Exchange Show

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  Speaker 1: donation today. This is the Financial Exchange with Chuck Zada,
• 1:06
  Speaker 1: and Mike Armstraw.
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  Speaker 2: Chuck, Mike and Tucker with you here, and we've got modit.
• 1:16
  Speaker 3: Why don't we just run that back?
• 1:18
  Speaker 2: We've got markets off modestly today in equities, with the
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  Speaker 2: S and P down about two thirds of a percent.
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  Speaker 2: The Dow was off about a tenth of a percent.
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  Speaker 2: The Nasdaq Composite feeling a little bit more pained, down
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  Speaker 2: one percent.
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  Speaker 3: About two hundred and twenty one points.
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  Speaker 2: As memory stocks continue memory chip stocks, I guess, continue
• 1:36
  Speaker 2: to get bludgeoned pretty convincingly over the last month or
• 1:44
  Speaker 2: so after being some of the best performing parts of
• 1:46
  Speaker 2: the market, uh previously h semiconductors just are really having
• 1:51
  Speaker 2: a tough go over the last month. Micron Technology in
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  Speaker 2: particularly down another five percent today, this coming about a
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  Speaker 2: week or so after they were hoarded earnings bonds. We
• 2:02
  Speaker 2: get the ten year treasury back up four point two
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  Speaker 2: basis points to four point three seven percent. It appears
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  Speaker 2: in the last few days we found a little bit
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  Speaker 2: of kind of a uh tighter range to trade in
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  Speaker 2: between four point three and four point four on the
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  Speaker 2: tenure after seeing it rally in terms of yields, moving
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  Speaker 2: up from about three nine to five to that four
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  Speaker 2: to three range over the prior three weeks. But a
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  Speaker 2: little bit of consolidation happening now. Is that consolidation before
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  Speaker 2: another move higher?
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  Speaker 3: Don't know.
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  Speaker 2: Is it consolidation before rates move back down? Don't know either.
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  Speaker 2: What I can tell you is the impact that's happening
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  Speaker 2: on mortgage rates is pretty consistent as well. We're back
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  Speaker 2: up into that six point five percent range from around
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  Speaker 2: six and we're kind of holding there with some wiggles
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  Speaker 2: depending on the particular day. Other things that are moving today,
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  Speaker 2: Dollar index not moving a ton, up point one eight
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  Speaker 2: percent to ninety nine fifty eight, Gold back down nine
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  Speaker 2: twenty dollars announced to forty four to sixty one. In
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  Speaker 2: crude oil moving back up three to four percent, depending
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  Speaker 2: on the metric you're looking at. West Text Intermediate up
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  Speaker 2: three point fifty a barrel Brent crude up five twenty
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  Speaker 2: one a barrel in the triple A national average for
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  Speaker 2: gas prices coming in yesterday down two tents of ascent.
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  Speaker 2: I think that's the first downward move we've had since
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  Speaker 2: this kicked off. Diesel though continuing to move up another
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  Speaker 2: nine tenths of ascent to five thirty seven and five tenths.
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  Speaker 3: So that's what's going on in markets.
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  Speaker 4: Catching your I mic, No, I mean a lot of
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  Speaker 4: the country is going to be experiencing that four dollars
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  Speaker 4: gas if this continues very soon, if they're not already.
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  Speaker 4: Obviously West Coast is already there, but even here in
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  Speaker 4: the Northeast, we're pushing there.
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  Speaker 5: We are getting fairly West Coast.
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  Speaker 3: Closing on six.
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  Speaker 2: By the way, California is five to eighty four right now,
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  Speaker 2: which is the highest in the country. An idea which
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  Speaker 2: state has the lowest in the country at the moment?
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  Speaker 4: Usual?
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  Speaker 5: Oh no, I don't know. Give it to me.
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  Speaker 3: It's usually Louisiana.
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  Speaker 2: It's not right now, it's actually, uh, Oklahoma at the
• 4:02
  Speaker 2: moment is a three twenty five per gallon.
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  Speaker 3: I think that's what they measured.
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  Speaker 4: In right as far as I know in Oklahoma they
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  Speaker 4: do it too. It's not it doesn't change to like,
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  Speaker 4: I don't know, cowboy hat there you.
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  Speaker 3: Ever like, sorry, this is weird thing.
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  Speaker 2: So I was driving my car the other day and
• 4:23
  Speaker 2: you know, I was sitting at like a light or something.
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  Speaker 2: I was in traffic on one twenty eight and I
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  Speaker 2: was like, okay, like, you know, do you start flipping
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  Speaker 2: through like the settings on your car, just to be like,
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  Speaker 2: is there anything interesting going on here? Since I'm not moving,
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  Speaker 2: and I had the option to change to the metric system,
• 4:37
  Speaker 2: and I was like, I was like, oh, this could
• 4:39
  Speaker 2: be interesting, Like yeah, you know, let's go from MPG
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  Speaker 2: to mp MPL. It doesn't go to MPL.
• 4:47
  Speaker 5: What does it do?
• 4:48
  Speaker 2: It goes to like leaders per mile instead, which is
• 4:54
  Speaker 2: so it's like it like flips it. And so I'm like,
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  Speaker 2: I don't know if this is good or bad, because
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  Speaker 2: you know, you just never thought of it that way.
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  Speaker 2: It would be like going to gallons per mile. Wait,
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  Speaker 2: did hold on? Does it do leaders per meter? No,
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  Speaker 2: it's it's leaders per hundred miles. Sorry, we just per
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  Speaker 2: hundred kilometers. That's oh one hundred k Yeah, okay, that
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  Speaker 2: would make that would make s it.
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  Speaker 3: And I'm looking at it.
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  Speaker 2: I'm like, that's too much math. I'm like, I don't
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  Speaker 2: know how to do that, Like, that's that's too much.
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  Speaker 2: Like let's quick hit the button and turn it back
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  Speaker 2: before this gets too weird. So that was my experience
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  Speaker 2: with the metric system last week. Yeah, it was not
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  Speaker 2: all it's cracked.
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  Speaker 3: Up to me.
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  Speaker 2: Uh, let's talk a little bit about this piece from
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  Speaker 2: the Wall Street Journal. Uh, so, Meta and YouTube have
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  Speaker 2: been involved in There's actually been a couple of different
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  Speaker 2: cases for Meta, but they were involved in this case
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  Speaker 2: out in California where a jury found that Instagram's owner,
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  Speaker 2: Meta and YouTube were both negligent for operating a product
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  Speaker 2: that harmed kids and teens and failed to warrant about
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  Speaker 2: those dangers. So the jury ordered a three million dollar
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  Speaker 2: penalty paid to the plaintiff. And the plaintiff basically had said, look,
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  Speaker 2: I use social media, you know, while I was a teen,
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  Speaker 2: and it contributed to mental health issues and nothing, nothing
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  Speaker 2: you know, was was said about this and nothing prevented
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  Speaker 2: me from from doing this. And the jury also said
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  Speaker 2: that Meta YouTube should pay another three million dollars in
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  Speaker 2: punitive damages beyond the initial compensation awarded as well.
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  Speaker 3: And this was basically almost unanimous in terms of how
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  Speaker 3: it was done.
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  Speaker 4: So the question, the obvious question that the Wall Street
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  Speaker 4: Journal I think asks, is is this a you know,
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  Speaker 4: big tobacco type moment for social media companies. This is
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  Speaker 4: one lawsuit, there's a lot of discovery. It comes back
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  Speaker 4: the similarities are what did the companies know at the
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  Speaker 4: time that they were distributing this, and in the case
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  Speaker 4: of Big Tobacco, it was, hey, we are intentionally distributing
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  Speaker 4: free cigarettes in areas to children, full on knowing what
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  Speaker 4: the health ramifications are. And you know, I think you
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  Speaker 4: can paint a picture where there's obviously some of that
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  Speaker 4: with companies like Meta.
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  Speaker 2: Here's the tough stuff that you're gonna have to sort
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  Speaker 2: through on this. Look, those of you who've listened to
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  Speaker 2: our show for years, you know that I despise social
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  Speaker 2: media with every fiber of my being. Sure, I especially
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  Speaker 2: like the companies that run it. I generally think are deplorable.
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  Speaker 2: I think they're uncouth. Okay, well, no that's not I
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  Speaker 2: here's what I think. That the companies don't actually care
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  Speaker 2: about the people that are on their platform in any way,
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  Speaker 2: shape or form.
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  Speaker 3: And that's kind of where I land. The problem is.
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  Speaker 2: And look, I've seen all of the data showing, Hey,
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  Speaker 2: you know, ever since you know twenty ten, you know,
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  Speaker 2: mental health amongst you know, basically every demographic, in particular teenagers,
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  Speaker 2: has gotten worse.
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  Speaker 3: And I see this all.
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  Speaker 2: But and look, I think with all every fiber of
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  Speaker 2: my being, the smartphones are the problem. Like coupled with
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  Speaker 2: like the you know apps that are on them obviously,
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  Speaker 2: but it's also something where in the case of smoking,
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  Speaker 2: like you could look at and be like, hey, here
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  Speaker 2: are the lung cancer rates of smokers versus non smokers. Yeah,
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  Speaker 2: like we always pun intended a smoking gun. And frankly,
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  Speaker 2: we have a system in.
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  Speaker 4: Our courts where you put a value on, like a
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  Speaker 4: dollar value on somebody's health condition, on somebody's life. Right,
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  Speaker 4: we have insurance companies that actually have stated thresholds for Yeah,
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  Speaker 4: this is what an arm is worth, is, yes, what
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  Speaker 4: cancer is worth. We do not have that same measurement
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  Speaker 4: tool for mental health issues, even when they do result
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  Speaker 4: in suicide and other terrible outcomes.
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  Speaker 2: And part of that is just because they can evolve
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  Speaker 2: over time and there's rarely one clear, definitive.
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  Speaker 3: Trigger for them.
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  Speaker 2: And so this is where I think this is going
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  Speaker 2: to become a problem in terms of comparing this to
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  Speaker 2: the tobacco lawsuits, because it's not the same for.
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  Speaker 3: Both of those reasons.
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  Speaker 2: What I do think is coming and look, this is
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  Speaker 2: not just in you know, being discus in remote parts
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  Speaker 2: of the world. At this point, countries are gonna start
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  Speaker 2: banning this stuff for people that are younger, they already are.
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  Speaker 5: Australia already has, but it's.
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  Speaker 2: It's it's not just Australia, like it's expanding. Like there's
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  Speaker 2: been five or six in the last couple of months
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  Speaker 2: now that have talked about it, and it's not just like
• 9:16
  Speaker 2: the usual suspects, Like I think India was one of them.
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  Speaker 2: I forget who, Like, there's been a couple other ones
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  Speaker 2: that you're like, oh, like, wasn't expecting to see that there,
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  Speaker 2: you know, you you figure to be like, oh, like
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  Speaker 2: France is gonna do this, or like the UK is
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  Speaker 2: gonna do this. It was like some ones that you
• 9:32
  Speaker 2: go that made me think about it. And so I
• 9:35
  Speaker 2: think where we are heading is that you are going
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  Speaker 2: to see more bands of social media use for young people.
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  Speaker 2: The question is how effective to do those bands, you know,
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  Speaker 2: actually become. But the other thing that I will say
• 9:49
  Speaker 2: you will get the polling on so about social media
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  Speaker 2: that is, you know, directed at young people, and pretty
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  Speaker 2: much like if you read it, it's pretty consistent that
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  Speaker 2: all of them wish that they weren't on it, but
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  Speaker 2: all of their friends are, and so they feel like they.
• 10:03
  Speaker 3: Have to be.
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  Speaker 4: Yeah. The second to lawsuit Chuck. That we didn't talk
• 10:07
  Speaker 4: about was the three hundred and seventy five million dollar
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  Speaker 4: penalty awarded in New Mexico, which found the metaaliable for
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  Speaker 4: failing to protect young people from sexually explicit.
• 10:16
  Speaker 5: Content, solicitation, human trafficking.
• 10:19
  Speaker 4: I again, deplorable. I find Meta morally guilty on all
• 10:26
  Speaker 4: of this, but that one especially seems as though they've
• 10:29
  Speaker 4: got a pretty good Section two thirty argument on. I
• 10:34
  Speaker 4: don't know, but like, if you're going to appeal it, right,
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  Speaker 4: the entire idea of section two thirty is as disgusting
• 10:40
  Speaker 4: as it might be. Section two thirty says Facebook's not
• 10:44
  Speaker 4: responsible for any of the content that other people post,
• 10:46
  Speaker 4: and Facebook was not the one doing this listening. So
• 10:51
  Speaker 4: as morally repugnant as I find that, I have some
• 10:55
  Speaker 4: big questions about that.
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  Speaker 3: Now.
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  Speaker 2: The other thing that I will say that's interesting about
• 11:02
  Speaker 2: Meta is well, there's a few things. Number One, they're
• 11:07
  Speaker 2: getting rid of the metaverse. We covered that last week. Yeah,
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  Speaker 2: de metavizing I think is the technical term.
• 11:15
  Speaker 3: The other thing that.
• 11:15
  Speaker 2: Came out last week is that they're trying to pay
• 11:19
  Speaker 2: a bunch of like TikTok and I forget where else
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  Speaker 2: influencers to post on Meta instead of on those other platforms,
• 11:27
  Speaker 2: which I come back to, Look, if you have to
• 11:29
  Speaker 2: pay those people to post there, it's a sign that
• 11:31
  Speaker 2: you're kind of losing ground with the key constituency. Like
• 11:35
  Speaker 2: the thirteen to seventeen year old demo doesn't want to
• 11:38
  Speaker 2: hang out on the same platform as their grandparents, right, Sorry,
• 11:42
  Speaker 2: that's just how it is. It's not you, it's you.
• 11:46
  Speaker 2: It's just like that's the deal. Like, teenagers don't want
• 11:50
  Speaker 2: to hang out on social media with their parents and grandparents.
• 11:54
  Speaker 2: And so ultimately, I think the interesting thing to me
• 12:00
  Speaker 2: is going to be Look, the longevity of these companies
• 12:04
  Speaker 2: is an interesting question to kick around because for all
• 12:09
  Speaker 2: of their existence, I mean Metaphor, you know, as big
• 12:12
  Speaker 2: of an influence as it has now, it's been around
• 12:15
  Speaker 2: for twenty one years, maybe twenty two I think was
• 12:16
  Speaker 2: two thousand and four is when it was founded. It
• 12:19
  Speaker 2: hasn't actually gone a full generation yet of like, hey,
• 12:23
  Speaker 2: can we continue to be cool enough for everyone to
• 12:26
  Speaker 2: go there and the network effects be strong enough for
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  Speaker 2: people to continue beyond you know, the initial population, And
• 12:33
  Speaker 2: so I think that'll be something that's just interesting to
• 12:35
  Speaker 2: watch on all of these, which is, hey, there's always
• 12:38
  Speaker 2: a new cool one, and Meta to this point has
• 12:40
  Speaker 2: been impervious enough to it, largely through buying up their
• 12:43
  Speaker 2: competition so that no one else can.
• 12:45
  Speaker 3: Compete with them.
• 12:47
  Speaker 2: But at some point does that end when like future
• 12:49
  Speaker 2: generations just like, no, you guys kind of suck and
• 12:52
  Speaker 2: I'd prefer not to suck with uck. Like let's let's
• 12:54
  Speaker 2: go somewhere else rhymes, I know, I know. Let's take
• 12:57
  Speaker 2: a quick break. We've got trivia after this and then
• 13:00
  Speaker 2: we'll talk about other things.
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  Speaker 1: This is the Financial Exchange.
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  Speaker 6: Time for trivia here on the Financial Exchange and on
• 13:30
  Speaker 6: this day. In nineteen twenty, f Scott Fitzgerald's first novel,
• 13:34
  Speaker 6: This Side of Paradise, was published. The popularity of the
• 13:37
  Speaker 6: book immediately launched twenty three year old f Scott Fitzgerald
• 13:40
  Speaker 6: to fame and fortune. So our trivia question today, which
• 13:45
  Speaker 6: novel is considered f Scott Fitzgerald's masterpiece? Once again, which
• 13:50
  Speaker 6: novel is considered f Scott Fitzgerald's masterpiece? Be the fifth
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  Speaker 6: person today to text us at six one seven three
• 13:58
  Speaker 6: six y two thirteen eighty five. With the correct answer
• 14:02
  Speaker 6: along with the keyword trivia, you win a Financial Looks
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  Speaker 6: Shane Show T shirt On's again. The fifth correct response
• 14:07
  Speaker 6: to Texas to the number six one seven three six
• 14:10
  Speaker 6: to two thirteen eighty five with the correct answer along
• 14:13
  Speaker 6: with the keyword trivia, will win that T shirt. See
• 14:16
  Speaker 6: complete contest rules at Financial eks Shane Show dot com.
• 14:21
  Speaker 2: Better question, what is F Scott's Fitzgerald's actual first name?
• 14:30
  Speaker 5: Rank?
• 14:31
  Speaker 3: Close?
• 14:33
  Speaker 5: Just F Francis?
• 14:34
  Speaker 2: Yes, it is Francis. Do you know why he goes
• 14:36
  Speaker 2: by F. Scott Fitzgerald?
• 14:39
  Speaker 3: No? Do you know what his full name is? I'm
• 14:42
  Speaker 3: gonna tell you.
• 14:43
  Speaker 2: I would hope, So stop asking me questions. Francis Scott
• 14:46
  Speaker 2: Key Fitzgerald. And where else do we see a Francis
• 14:49
  Speaker 2: Scott Key?
• 14:50
  Speaker 5: Yeah?
• 14:50
  Speaker 2: Not just on the bridge in Baltimore, Yeah, which, by
• 14:53
  Speaker 2: the way, is finally being rebuilt.
• 14:55
  Speaker 3: But none other than who wrote The Star Spangled Band?
• 14:58
  Speaker 5: Yeah?
• 14:59
  Speaker 3: So there's that. The more, you know, let's talk about
• 15:03
  Speaker 3: this piece of the financial times.
• 15:05
  Speaker 2: Stagflation is back. Well, I don't think so.
• 15:09
  Speaker 4: I'll debate you. Maybe not in the US yet. This
• 15:12
  Speaker 4: isn't necessarily just written from a US perspective. Plenty of
• 15:15
  Speaker 4: countries are probably experiencing stagflation as we speak. Yeah it's fine, Yeah, yes,
• 15:21
  Speaker 4: it's not Yeah. US We're not there, plain and simple,
• 15:24
  Speaker 4: we are not there. I guess can we set you know,
• 15:29
  Speaker 4: we talk about these things hypothetically. We talked about, you know,
• 15:33
  Speaker 4: setting a benchmark for how do we define recession?
• 15:36
  Speaker 5: All these things? How are we going to define stagflation?
• 15:39
  Speaker 4: Because there is no you know, there's a clear term
• 15:42
  Speaker 4: for recession, there's a clear you know, marker for it.
• 15:45
  Speaker 5: How are we going to mark stagflation?
• 15:47
  Speaker 2: I'm gonna do it like the Supreme Court does with pornography.
• 15:50
  Speaker 2: You know, when you see it's good, it's what it is.
• 15:53
  Speaker 3: You know. Like, here's the thing.
• 15:55
  Speaker 2: The US economy right now is probably growing pretty close
• 15:58
  Speaker 2: to at a zero rate at this very moment in time.
• 16:03
  Speaker 2: But that's because of the changes in the composition of
• 16:07
  Speaker 2: the labor market that prevented from growing faster. It's probably
• 16:10
  Speaker 2: growing as quickly as it can given the demographic shifts
• 16:13
  Speaker 2: that are happening in the labor market. We've seen this
• 16:15
  Speaker 2: with how the the Q four number was revised down
• 16:17
  Speaker 2: to what point seven percent? Yeah, Q one, if you
• 16:21
  Speaker 2: will get GDP now from the Atlanta FED.
• 16:24
  Speaker 3: I haven't looked at in a while.
• 16:26
  Speaker 2: It was tracking two percent as of March twenty third.
• 16:30
  Speaker 2: I'm gonna take this slight under on it because the
• 16:32
  Speaker 2: data has evolved since then, and we still have another
• 16:34
  Speaker 2: month of data that obviously we're gonna get on Q one.
• 16:38
  Speaker 2: So you probably have you know, for the last two
• 16:40
  Speaker 2: quarters US economy growing somewhere around one percent. In general,
• 16:45
  Speaker 2: Historically we'd say, oh, like given that inflation is probably
• 16:49
  Speaker 2: going to be you know, touching the high threes within
• 16:51
  Speaker 2: the next month or two, Hey, that's kind of stagflationary.
• 16:55
  Speaker 2: You know, inflation at like three to nine and at
• 16:57
  Speaker 2: GDP growth at one, I'll make.
• 17:00
  Speaker 3: The case that it's inflationary.
• 17:01
  Speaker 2: But the stag is missing at the moment because the
• 17:04
  Speaker 2: labor market and I'm very much on the same camp
• 17:06
  Speaker 2: as you know, J.
• 17:07
  Speaker 3: Powell on this.
• 17:07
  Speaker 2: Now, the labor market can't grow any faster because you
• 17:12
  Speaker 2: got a bunch of baby boomers retiring, and immigration on
• 17:15
  Speaker 2: a net basis is probably close to zero right now.
• 17:18
  Speaker 4: Yeah, so we can all agree that the nineteen seventies
• 17:22
  Speaker 4: was defined by stagflation. Perfect example of stagflation. Nineteen seventies,
• 17:25
  Speaker 4: vast majority of it, different periods of stagflation.
• 17:27
  Speaker 2: And just one more thing, sorry to interrupt, the unemployment
• 17:30
  Speaker 2: rate's still in the force. It's tough for me to
• 17:32
  Speaker 2: call it staggy if you're in the forest on the
• 17:35
  Speaker 2: unemployment on the unemployment rate.
• 17:36
  Speaker 4: So okay, no, and you see it twenty twenty two
• 17:38
  Speaker 4: stagflation or no, Yes, unemployment didn't move.
• 17:42
  Speaker 3: What's that.
• 17:42
  Speaker 5: Unemployment wasn't a problem.
• 17:44
  Speaker 2: Uh, unemployment was a problem. It was just coming off
• 17:46
  Speaker 2: a very low baseline.
• 17:49
  Speaker 4: Yeah, this is yeah, like why I struggled without a definition. Right,
• 17:53
  Speaker 4: Like nineteen seventies, you had several different periods most of
• 17:56
  Speaker 4: a decade that you would define and define as stagflation
• 17:59
  Speaker 4: best case to two. You know, if you're trying to
• 18:01
  Speaker 4: meet that definition, what it last six months?
• 18:04
  Speaker 2: Uh?
• 18:04
  Speaker 3: Yeah, it was the first half of the year.
• 18:05
  Speaker 5: Really. Yeah.
• 18:06
  Speaker 2: Yeah, So again it's I don't think there is a
• 18:11
  Speaker 2: formal definition because it's all relative to where you were before.
• 18:17
  Speaker 2: You know, yes, like unemployment wasn't high in the first
• 18:21
  Speaker 2: half of twenty twenty two, but the real economy was
• 18:24
  Speaker 2: decelerating incredibly quickly, and you were starting to see that
• 18:28
  Speaker 2: pass through to the labor market. It was just coming
• 18:30
  Speaker 2: off of the hottest labor market that we've ever seen.
• 18:33
  Speaker 2: So right now, in this environment, Mike, here's how I
• 18:37
  Speaker 2: would say that the US has become stagflationary. If unemployment
• 18:41
  Speaker 2: gets to five to five and UH inflation is over four,
• 18:47
  Speaker 2: stagflation this year.
• 18:49
  Speaker 4: I was gonna say, I think that I am willing
• 18:51
  Speaker 4: to only call it stagflation. If you have a declared
• 18:54
  Speaker 4: recession combined with inflation over four, give me a.
• 18:58
  Speaker 3: One percent rise in the unemployment and in the in.
• 19:02
  Speaker 4: Which you're probably getting a declared recession, there probably not necessarily.
• 19:06
  Speaker 2: So here's the thing, Like, there's all kinds of weird
• 19:08
  Speaker 2: stuff going on. I've been paying attention to the trucking
• 19:10
  Speaker 2: market in the last month because even before any of
• 19:13
  Speaker 2: the like, even factoring in what we're seeing in terms
• 19:16
  Speaker 2: of diesel prices, the trucking market is insane right now
• 19:19
  Speaker 2: in terms of needing capacity because there's just a ton
• 19:23
  Speaker 2: of demand moving stuff back and forth, and so like
• 19:26
  Speaker 2: that's indicative of an economy that may actually be heating up.
• 19:29
  Speaker 2: So there's a lot of different signals right now. I
• 19:31
  Speaker 2: don't think they're pointing stagflationary. In the US Quick Break
• 19:34
  Speaker 2: Trivia Answer.
• 19:35
  Speaker 1: Next, bringing the latest financial news straight to your radio.
• 19:44
  Speaker 1: Every day, it's the Financial Exchange on the Financial Exchange
• 19:48
  Speaker 1: Radio Network, Tell you Now full whoa street watch trucking
• 19:54
  Speaker 1: the stocks, the data and the headlines driving markets so
• 19:57
  Speaker 1: far today right here on the Financial ex Jangs Radio Networks.
• 20:01
  Speaker 6: Markets remained vallable and are now selling off after President
• 20:04
  Speaker 6: Trump threatened this morning to escalate the conflict with Iran
• 20:07
  Speaker 6: after Iran rejected Washington's push for peace talks. Right now,
• 20:11
  Speaker 6: the Dow down four tenths of a percent, S and
• 20:14
  Speaker 6: P five hundred down over eight tenths of a percent,
• 20:17
  Speaker 6: NASDAC down one point two percent or two hundred and
• 20:20
  Speaker 6: sixty seven points, Rusted two thousand down over three quarters
• 20:24
  Speaker 6: of a percent.
• 20:24
  Speaker 3: Ten.
• 20:24
  Speaker 6: Your treasure yield is up five basis points at four
• 20:28
  Speaker 6: point three eight four percent, and Crew to Oil jumping
• 20:31
  Speaker 6: four percent higher, trading at ninety four.
• 20:34
  Speaker 3: Dollars a barrel.
• 20:35
  Speaker 6: Both Meta and Alphabet were recently dealt a blow in
• 20:37
  Speaker 6: a landmark addiction trial where la jury found that Meta
• 20:41
  Speaker 6: and YouTube were negligent for operating a product that harmed
• 20:44
  Speaker 6: kids and teens and failed to warrant about those dangers.
• 20:47
  Speaker 6: Both Meta and Alphabet plan to appeal the verdict. Those
• 20:50
  Speaker 6: stalks down five and two percent, respectively. Meanwhile, several memory
• 20:55
  Speaker 6: chip makers seeing losses on the day after Google revealed
• 20:58
  Speaker 6: its new AI model it could reduce the amount of
• 21:01
  Speaker 6: memory required to run large language models, sand Disc, Micron Technology,
• 21:06
  Speaker 6: Western Digital, Seagate Technology, all falling anywhere between three and
• 21:10
  Speaker 6: seven percent. Elsewhere, a Qualcom is up over one percent,
• 21:14
  Speaker 6: despite Bernstein downgrading the stock to market perform from outperform
• 21:19
  Speaker 6: citing memory headwinds in the industry, and Adobe downgraded by
• 21:23
  Speaker 6: William Blair to market perform from outperform, saying it's unclear
• 21:27
  Speaker 6: at this point whether the stock is an AI winner
• 21:29
  Speaker 6: or loser.
• 21:30
  Speaker 3: However, shares are.
• 21:31
  Speaker 6: Up by two percent at the moment. I'm Tucker Silva
• 21:34
  Speaker 6: and that is Wall Street Watch. On the previous segment,
• 21:36
  Speaker 6: we asked you the trivia question which novel is considered
• 21:40
  Speaker 6: f Scott Fitzgerald's masterpiece that would be the Great Gatsby.
• 21:45
  Speaker 6: Ryan from Westborough, Mass is our winner today taking on
• 21:48
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• 21:51
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• 21:54
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• 21:57
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• 21:59
  Speaker 2: Mike, we got a piece from Bloomberg investors switched to
• 22:01
  Speaker 2: cash from stocks and bonds, like it's twenty twenty two,
• 22:07
  Speaker 2: and is it true?
• 22:10
  Speaker 4: Not really, I don't even know where we turn to
• 22:16
  Speaker 4: evidence for how much cash individual investors are.
• 22:21
  Speaker 2: Well, so I do like the Bank of America does
• 22:23
  Speaker 2: a fund manager survey that they do every week, and
• 22:27
  Speaker 2: they're one from March six through twelve showed cash levels
• 22:29
  Speaker 2: went up to four point three percent of the portfolio.
• 22:32
  Speaker 2: I'm sorry they do it every month from three point
• 22:34
  Speaker 2: four percent in February. But that compares to five point
• 22:37
  Speaker 2: nine percent following the invasion of Ukraine and also during
• 22:41
  Speaker 2: the pandemic. So no, like the data there is telling
• 22:46
  Speaker 2: you that fund managers are not, you know, allocating to
• 22:48
  Speaker 2: cash the same way they were back in twenty twenty
• 22:51
  Speaker 2: two or in twenty twenty uh And I think that
• 22:54
  Speaker 2: when we look at even the data from JP Morgan
• 23:01
  Speaker 2: where they look at. Basically, they try to figure out
• 23:04
  Speaker 2: the implied amount of cash relative to equities and bonds
• 23:10
  Speaker 2: that you know, non bank investors have basically like basically
• 23:14
  Speaker 2: like the average person, and they're still showing that relative
• 23:18
  Speaker 2: to again, like what's invested in stocks and bonds and
• 23:21
  Speaker 2: things like that, we're basically still sniffing the lowest levels.
• 23:25
  Speaker 4: Ever, let's let's frame this in terms of bonds for
• 23:30
  Speaker 4: a moment, Chuck, because frankly, I think most people have
• 23:34
  Speaker 4: a pretty good semblance of an idea of stock invest
• 23:38
  Speaker 4: They might not know like how to trade options and
• 23:41
  Speaker 4: you know, sector by sector, but I think generally speaking,
• 23:44
  Speaker 4: people understand that, yeah, sometimes stocks take a big hit,
• 23:47
  Speaker 4: and it can oftentimes coincide with unpredictable events like war,
• 23:51
  Speaker 4: like like recession, et cetera. I don't find that that
• 23:55
  Speaker 4: knowledge carries over to bonds. So I think there could
• 24:00
  Speaker 4: be some recent bias in all of this. But can
• 24:02
  Speaker 4: we talk about the conditions that led to the worst
• 24:05
  Speaker 4: year for bonds since the nineteen seventies four years ago,
• 24:10
  Speaker 4: because I do find that to be.
• 24:11
  Speaker 5: Very relevant for investors today.
• 24:13
  Speaker 2: So twenty twenty two, heading into the year, if you
• 24:17
  Speaker 2: take a look at where things were. We were in
• 24:21
  Speaker 2: a situation where, effectively closing out twenty twenty one, the
• 24:27
  Speaker 2: ten year finished it off in about one point five
• 24:29
  Speaker 2: to one percent. Over the course of twenty two, it
• 24:32
  Speaker 2: then went from that one point five to one percent,
• 24:34
  Speaker 2: peaking at four point three to three in October, and
• 24:37
  Speaker 2: then even in twenty three things got worse. Is it
• 24:40
  Speaker 2: headed up to five percent by October of twenty three.
• 24:44
  Speaker 2: But in twenty two you saw yield's rise about three
• 24:47
  Speaker 2: percent over the course of the year on the tenure Treasury.
• 24:50
  Speaker 2: And remember when yields go up, bond prices go down.
• 24:55
  Speaker 2: And the reason is simple. Mike, if I lent you
• 24:58
  Speaker 2: one hundred dollars and you said, and I said, okay, great,
• 25:02
  Speaker 2: you know, I want you to pay me back that
• 25:04
  Speaker 2: one hundred with you know, two dollars by the end
• 25:07
  Speaker 2: of the year, you'd say, great, that's you know, two
• 25:09
  Speaker 2: percent interest.
• 25:09
  Speaker 3: I'm gonna pay you. That sounds fine.
• 25:12
  Speaker 2: And if you went to go unload that to someone,
• 25:14
  Speaker 2: you'd get that fair market value, you know, basically par
• 25:17
  Speaker 2: one hundred dollars, because that's what's out there. But now
• 25:20
  Speaker 2: assume that interest rates go up three percent and you're
• 25:23
  Speaker 2: sitting there and you're like, man, I'm only getting two
• 25:25
  Speaker 2: percent on Chuck's bond.
• 25:27
  Speaker 3: I don't want to hold that anymore.
• 25:29
  Speaker 2: Cause Jimmy over there is willing to give you know,
• 25:33
  Speaker 2: Jimmy or forget who I forget who's you know, letting
• 25:36
  Speaker 2: the money. But in any case, someone's saying, hey, now
• 25:38
  Speaker 2: I can give you five percent. And so the bond
• 25:41
  Speaker 2: that you're holding, Mike, it's not worth one hundred dollars anymore.
• 25:45
  Speaker 2: It's going to be worth whatever the number has to
• 25:48
  Speaker 2: be in order to get the yield equivalent to that
• 25:50
  Speaker 2: five because if there's five percent bonds on the market,
• 25:52
  Speaker 2: all else being equal, yours has to go down in
• 25:55
  Speaker 2: value to make the yield look the same.
• 25:57
  Speaker 4: For thirty plus years, inflation was a concern for investors,
• 26:03
  Speaker 4: but was honestly not really a phenomenon that investors turned
• 26:06
  Speaker 4: out to need to worry about. And in twenty twenties
• 26:09
  Speaker 4: it is at least once so far become a real
• 26:13
  Speaker 4: issue for investors, and you know, some thinking about how
• 26:17
  Speaker 4: it could become an issue again. If it does occur,
• 26:20
  Speaker 4: it can mean you know, big ramifications for both stocks
• 26:24
  Speaker 4: and bonds, and if you are trying to sort through
• 26:27
  Speaker 4: what it might mean for again, what most people perceive
• 26:31
  Speaker 4: as the conservative or safety bucket of their portfolio. That's
• 26:36
  Speaker 4: why the average investor at least invests in bonds in
• 26:39
  Speaker 4: the first place. If you're trying to sort through what
• 26:41
  Speaker 4: that all could mean for that, you know, bucket of
• 26:45
  Speaker 4: your retirement plan, give the folks at ar'm Strong Advisor
• 26:48
  Speaker 4: Group a call and let us work through how your
• 26:50
  Speaker 4: investments are set up for your financial future. The numbers
• 26:54
  Speaker 4: eight hundred three nine three four zero zero one. There
• 26:57
  Speaker 4: were big lessons to be learned from the inflationary environment
• 27:01
  Speaker 4: of twenty twenty two. And if you're unsure if your
• 27:03
  Speaker 4: a portfolio is poised to deal with that type of
• 27:07
  Speaker 4: situation again in the future, give us a call so
• 27:09
  Speaker 4: we can walk you through it. The number again, eight
• 27:12
  Speaker 4: hundred three nine three for zero zero one.
• 27:15
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 27:18
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 27:20
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 27:23
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 27:26
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 27:29
  Speaker 1: advisory services.
• 27:31
  Speaker 2: Price in the Wall Street Journal, are bots replacing workers.
• 27:34
  Speaker 2: These skeptics aren't so sure. And it talks about these
• 27:37
  Speaker 2: announcements from companies recently where they've cut large percentages of
• 27:40
  Speaker 2: their head count saying, hey, we can automate this with AI.
• 27:45
  Speaker 2: Here's the case I made at the time when some
• 27:46
  Speaker 2: of these announcements were coming out. I think it was
• 27:48
  Speaker 2: a block a few weeks back, and I forget who
• 27:51
  Speaker 2: the other one was that puts something out. Similarly, they
• 27:55
  Speaker 2: probably are going to use AI to replace some of this,
• 27:58
  Speaker 2: you know, some of the work that's being done. But
• 28:02
  Speaker 2: a lot of these companies hired way too many people
• 28:03
  Speaker 2: back in twenty one and twenty two, tried to get
• 28:06
  Speaker 2: rid of them through attrition over the last few years
• 28:08
  Speaker 2: by you know, return to office mandates and things like that,
• 28:11
  Speaker 2: and now we're finally getting to the point where they're like,
• 28:13
  Speaker 2: we over hired, we got to get rid of these people,
• 28:15
  Speaker 2: and we're just gonna do it. It's a combination of those two.
• 28:18
  Speaker 5: Yeah, there's gonna be a lot of AI washing in
• 28:20
  Speaker 5: the meantime. Eventually.
• 28:23
  Speaker 4: I do agree that all sorts of jobs are likely
• 28:25
  Speaker 4: to be automated away, but very few of them have
• 28:27
  Speaker 4: been to this point, and so you know, beware of
• 28:32
  Speaker 4: the executive that's saying we laid off all of this
• 28:35
  Speaker 4: stuff because of the phenomenal productivity increases from AI. I
• 28:40
  Speaker 4: don't think there's a ton of evidence of that yet.
• 28:43
  Speaker 2: I do think there's evidence that companies are seeing productivity
• 28:46
  Speaker 2: increases from AI, But I don't think there's evidence they're
• 28:50
  Speaker 2: laying people off in meaningful numbers.
• 28:52
  Speaker 3: Because of it yet.
• 28:52
  Speaker 2: Right so, I think both of those things can be
• 28:55
  Speaker 2: true at the same time. Let's see, I don't want
• 28:59
  Speaker 2: to talk about CUS. That seems just too nerdy to
• 29:01
  Speaker 2: me right now, deal, I do want to talk about housing.
• 29:06
  Speaker 2: So you've got this bill in the Senate that is
• 29:10
  Speaker 2: i'll quote here. One of the provisions among the forty
• 29:13
  Speaker 2: bills that make up the twenty first Century Road to
• 29:15
  Speaker 2: Housing Act would curb the role that institutional buyers play
• 29:17
  Speaker 2: in the housing market, and that includes the build for
• 29:20
  Speaker 2: rent industry. It would set new restrictions on investors who
• 29:23
  Speaker 2: own three hundred and fifty or more single family rental homes,
• 29:26
  Speaker 2: requiring them to sell newly built units to individual owners
• 29:29
  Speaker 2: after seven years or face stiff fines. So if there's
• 29:32
  Speaker 2: one thing that I know about anything, it's that when
• 29:37
  Speaker 2: you try to control at a micro level, who can
• 29:40
  Speaker 2: buy or sell a certain product.
• 29:43
  Speaker 3: You usually screw it up.
• 29:46
  Speaker 4: Yeah, I'm trying to think through the logical ramifications of
• 29:49
  Speaker 4: this one. Other than a lack of building, one of
• 29:51
  Speaker 4: them is going to be that every builder would probably
• 29:55
  Speaker 4: start focusing on rental duplexes in instead of single family homes, Like,
• 30:02
  Speaker 4: how can you basically build a single family home that's
• 30:05
  Speaker 4: not technically a single family home?
• 30:06
  Speaker 5: It's what they're going to focus their efforts on.
• 30:08
  Speaker 2: Yeah, it's gonna be okay, how do we end up
• 30:11
  Speaker 2: you know, doing that? And look, I'm very pro duplex,
• 30:15
  Speaker 2: but this isn't also gonna do.
• 30:17
  Speaker 4: I'm imagining a single family home that is just by
• 30:21
  Speaker 4: like a dryer vent or something like that, So they
• 30:23
  Speaker 4: don't even share a wall. It's just attached by like
• 30:25
  Speaker 4: some little tube that technically make it like they share
• 30:29
  Speaker 4: an h VAC unit and therefore it's considered a non
• 30:31
  Speaker 4: single family home.
• 30:32
  Speaker 2: Yeah, it's got duct work underground, Yeah that connects them
• 30:36
  Speaker 2: in some way, shape or form.
• 30:38
  Speaker 5: Do this?
• 30:39
  Speaker 2: Look, guys, if you want to make more homes, then
• 30:42
  Speaker 2: make more homes. Like this is the problem, and I'm
• 30:45
  Speaker 2: gonna go out of this piece from the end. Here
• 30:48
  Speaker 2: it's about Napa Valley, which the wine's great. The zoning
• 30:51
  Speaker 2: not uh, here's the deal. They are trying to build
• 30:57
  Speaker 2: more houses in Napa Valley, not near French Law right, specifically,
• 31:01
  Speaker 2: like down the street from French Laundry, which is Thomas
• 31:04
  Speaker 2: Keller's really expensive Michelin starred restaurant.
• 31:06
  Speaker 5: Just to the caveat here.
• 31:07
  Speaker 4: For a moment I went to look at like, oh,
• 31:09
  Speaker 4: that would be really cool to go to French Laundry.
• 31:12
  Speaker 4: Would you like to guess it might have been a
• 31:14
  Speaker 4: special event at the moment. Would you like to guess
• 31:17
  Speaker 4: the per person? You know, it's all prefixed.
• 31:19
  Speaker 6: Menu, it's eighteen hundred.
• 31:21
  Speaker 4: It was fifteen hundred like three years ago when I
• 31:23
  Speaker 4: went to look at it.
• 31:24
  Speaker 5: Per person seems.
• 31:25
  Speaker 3: Totally reasonable, So I do it. I'm sure the food's
• 31:29
  Speaker 3: quite good, don't get me wrong, but it's you know,
• 31:31
  Speaker 3: like somewhere folks.
• 31:33
  Speaker 2: Yes, So in any case, all of not all of,
• 31:37
  Speaker 2: but a lot of Napa, including chef Thomas Keller, who
• 31:41
  Speaker 2: again by all accounts like one of the best living
• 31:43
  Speaker 2: chefs alive, is basically like, no, you can't build this.
• 31:46
  Speaker 3: One hundred and twenty unit.
• 31:49
  Speaker 2: Complex for you know, these these studio apartments there, and
• 31:53
  Speaker 2: the arguments that are being made against it are like, oh,
• 31:56
  Speaker 2: these are going to be too small?
• 31:57
  Speaker 3: Who would want to live that way?
• 31:59
  Speaker 2: Well, why don't you let the mark could figure it out,
• 32:00
  Speaker 2: and if they're too small then they won't sell them.
• 32:02
  Speaker 3: You can knock the thing over.
• 32:04
  Speaker 5: Uh huh.
• 32:05
  Speaker 3: So like that seems pretty reasonable.
• 32:07
  Speaker 2: And you know they're like like, literally nobody wants to
• 32:10
  Speaker 2: live in a cage. Well then okay, if no one
• 32:13
  Speaker 2: wants to live there, it won't make any money and
• 32:14
  Speaker 2: you can knock it down.
• 32:15
  Speaker 4: If you want to, just say it, Just say you
• 32:17
  Speaker 4: don't want poor peer people near you, right, that's like,
• 32:20
  Speaker 4: just stop dancing around it. That's what you're trying to
• 32:22
  Speaker 4: say in a silly, eloquent way. You just got to
• 32:25
  Speaker 4: come out and say it. Yeah, I don't want poor
• 32:27
  Speaker 4: people near my restaurant. If that's what you want to say,
• 32:29
  Speaker 4: go say it. I think it's wrong, I think it's stupid.
• 32:32
  Speaker 4: But that's the argument that you're trying to make in
• 32:34
  Speaker 4: a you know, silly kind of way.
• 32:36
  Speaker 2: So ultimately the problem is that we don't build enough housing,
• 32:39
  Speaker 2: and it's always, well, I can't have this near me.
• 32:43
  Speaker 3: And it's like guys like you can't.
• 32:47
  Speaker 2: Here's the thing I always say. You can't simultaneously complain
• 32:50
  Speaker 2: about your property taxes going up if you don't allow
• 32:53
  Speaker 2: for new construction.
• 32:55
  Speaker 3: That's the deal. You get to do one or the other.
• 32:57
  Speaker 2: You can complain about your property taxes or you can
• 32:59
  Speaker 2: prohibit construction. You cannot do both them. The rules I
• 33:03
  Speaker 2: don't make them, but I just did. Just take a
• 33:05
  Speaker 2: quick break. When we come back, we'll make some new
• 33:08
  Speaker 2: rules and do some stack roulette right after this.
• 33:10
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• 33:14
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• 33:20
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• 33:48
  Speaker 6: Hey, if you got questions for Chuck and Mike, you
• 33:51
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• 33:55
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  Speaker 6: three nine three nine nine four triple three, or email
• 34:14
  Speaker 6: your question over to TFE Show at gmail dot com
• 34:18
  Speaker 6: and we may use it on the show.
• 34:20
  Speaker 3: Mike, what do you got for stack roulette?
• 34:22
  Speaker 5: AI?
• 34:23
  Speaker 4: And specifically this time in movies, So a fake Val
• 34:28
  Speaker 4: Kilmer is due to a premiere or due to show
• 34:33
  Speaker 4: up in a new movie called As Deep as the Grave.
• 34:36
  Speaker 4: Apparently he expressed a lot of interest in the script
• 34:39
  Speaker 4: in the movie, but passed away in April of last year,
• 34:44
  Speaker 4: and according to allegedly his family and wishes, they are
• 34:50
  Speaker 4: comfortable with effectively, you know, AI generated content of him continuing.
• 34:56
  Speaker 5: To star in the film.
• 34:57
  Speaker 4: And I feel a few ways about this, but the
• 35:03
  Speaker 4: main thing I feel about it is that I have
• 35:04
  Speaker 4: no interest in watching a movie where AI generated.
• 35:09
  Speaker 5: Dead actors are appearing in them.
• 35:12
  Speaker 4: Maybe it's something that society gets comfortable with eventually, it's
• 35:15
  Speaker 4: just not something that I feel great about.
• 35:17
  Speaker 1: No.
• 35:17
  Speaker 2: I mean, ultimately, look, the value of any art. Now
• 35:25
  Speaker 2: I'm not talking just about like the monetary value. But
• 35:27
  Speaker 2: the reason why any type of art has meaning is
• 35:32
  Speaker 2: because of its limited supply. There's only so many projects
• 35:36
  Speaker 2: that an artist can do during the course of their lifetime,
• 35:39
  Speaker 2: and so what they choose to work on is an
• 35:42
  Speaker 2: expression of what's important to them and what message they're
• 35:44
  Speaker 2: trying to get across. If you lose that through just
• 35:49
  Speaker 2: being able to generate unlimited videos or unlimited paintings or
• 35:53
  Speaker 2: unlimited whatever in the style of artist X, that's not
• 36:00
  Speaker 2: gonna be interesting or useful to people.
• 36:02
  Speaker 3: Beyond that.
• 36:03
  Speaker 2: Part of the reason that people care about movies is
• 36:05
  Speaker 2: because of the actual people performing. I mean, for better
• 36:07
  Speaker 2: or for worse, celebrities are celebrities because we get interested
• 36:10
  Speaker 2: in them. Right No one right now is like, Mike,
• 36:16
  Speaker 2: how many people do you know that are big Vincent
• 36:21
  Speaker 2: van Go fans, not like of the art, but of
• 36:24
  Speaker 2: the person. Not a ton There's not many like Vincent
• 36:28
  Speaker 2: van Go does not get like eighteen year old screaming.
• 36:33
  Speaker 2: It's something where ultimately the Beatles did because it was like,
• 36:36
  Speaker 2: oh look there's four like cute British guys.
• 36:39
  Speaker 3: Like look at all them, like they're great. And so
• 36:42
  Speaker 3: I think part.
• 36:43
  Speaker 2: Of it is also the idea that hey, there's actual
• 36:46
  Speaker 2: person here. If that is not a person who's alive anymore,
• 36:51
  Speaker 2: I don't know that we have the interest because there's
• 36:56
  Speaker 2: just nothing there. And I gotta be on. Look, we're
• 37:02
  Speaker 2: all gonna die, Like I know that. I know that
• 37:07
  Speaker 2: in America we have this like real problem with dealing
• 37:10
  Speaker 2: with death, and so like we botox the heck out
• 37:13
  Speaker 2: of ourselves and do this and that to pretend that
• 37:15
  Speaker 2: we're not like getting older. But this is just the
• 37:17
  Speaker 2: next extension of it. It's like trying to like preserve
• 37:20
  Speaker 2: ourselves after and it's it's just too much.
• 37:23
  Speaker 3: Man.
• 37:23
  Speaker 2: I'm sorry and love Val Kilmer like again like fantastic actor,
• 37:30
  Speaker 2: but I like, I just I don't know about this, man,
• 37:34
  Speaker 2: I just don't know. Yeah, that's where I am. Let's
• 37:41
  Speaker 2: see what else do we have to get. Did you
• 37:44
  Speaker 2: know that today is opening day from Major League Baseball?
• 37:47
  Speaker 5: I thought it was yesterday, but okay.
• 37:49
  Speaker 3: Was it yesterday? Yeah?
• 37:49
  Speaker 5: It was last night on Netflix and they've got a
• 37:51
  Speaker 5: new AI generated strike box.
• 37:54
  Speaker 2: Today's like the first like real day though, like when
• 37:56
  Speaker 2: most teams are playing.
• 37:57
  Speaker 6: Yeah, this's the big one.
• 37:58
  Speaker 3: Yeah, March is to our for baseball full stop like start.
• 38:06
  Speaker 2: I'm sorry you can't have baseball in March. That's regular
• 38:09
  Speaker 2: season baseball. It's just not appropriate. And that's all I
• 38:13
  Speaker 2: have to say about that. Markets remain broadly negative at
• 38:16
  Speaker 2: the moment. We'll see if we get a rally before
• 38:18
  Speaker 2: the end of the day, and we'll check in with
• 38:20
  Speaker 2: you tomorrow, or rather you should check in with us.
• 38:23
  Speaker 2: Check in with us to see if they rally before
• 38:25
  Speaker 2: the end of the week.
• 38:26
  Speaker 3: We'll see you then.