Latest / The Financial Exchange Show / President Trump doesn't want you paying too much for that 'fat shot'

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President Trump doesn't want you paying too much for that 'fat shot' · The Financial Exchange Show

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  Speaker 1: and Paul.
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  Speaker 2: Lane, Good morning, Welcome back to the Financial Exchange. It's Mike,
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  Speaker 2: Paul and Ben with you on a Tuesday morning, and
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  Speaker 2: we continue to digest the news from Monday morning of
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  Speaker 2: the negotiation of a deal with China, or at least
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  Speaker 2: the suspension of the very high level of teriffs we
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  Speaker 2: had been facing with China. The newly agreed upon deal
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  Speaker 2: sets those tariff levels at thirty percent for Chinese made
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  Speaker 2: goods coming into the United States, ten percent for American
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  Speaker 2: made goods going into China. There is also a reduction
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  Speaker 2: in the price paid for the deminimus goods. So these
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  Speaker 2: would be direct imports that are finished products coming into
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  Speaker 2: the US from China. Say you buy something on Temu
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  Speaker 2: or Shen that is coming down into the fifty percent range.
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  Speaker 2: On the heels of that, you have just about every
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  Speaker 2: retailer and up their suppliers in China and saying, load
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  Speaker 2: up the ships, fire up the factories again, we want
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  Speaker 2: to get this stuff into the US within the next
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  Speaker 2: ninety days. Not knowing what comes next, we Chuck and
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  Speaker 2: I talked about this, like, are there some out there
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  Speaker 2: who are saying, you know, we already got down from
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  Speaker 2: one forty five to thirty. Do I just wait this
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  Speaker 2: out and see if we get even lower? My sense
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  Speaker 2: would be no. My sense would be no, I'm just
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  Speaker 2: gonna pay the thirty while I know what it is
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  Speaker 2: and just suck it up and deal with that, rather
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  Speaker 2: than try and skirt this thing on the tail end,
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  Speaker 2: assuming it'll be lower at the end of it. But nonetheless,
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  Speaker 2: the activity seems to be fire up the factories, get
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  Speaker 2: this stuff over to the United States. The other big
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  Speaker 2: announcement that came yesterday on the just right after was
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  Speaker 2: the president's planned to slash drug prices and what he
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  Speaker 2: is attempting to do there, And so that's where we're
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  Speaker 2: going to start the show today, is that attempted plan
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  Speaker 2: to cut those drug prices and what it might mean
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  Speaker 2: for you. Look, this is not a new issue on
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  Speaker 2: the campaign trail anywhere. In Vermont, for example, you talk
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  Speaker 2: to plenty of people who go across the border into
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  Speaker 2: Canada to get their drugs at a cheaper price than
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  Speaker 2: they can here in the United States, even with Medicare
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  Speaker 2: coverage and things.
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  Speaker 3: Along those lines.
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  Speaker 2: And it's been a constant area of debate as to
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  Speaker 2: how it should be handled. So what's been announced so
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  Speaker 2: far has been an executive order to slash those drug
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  Speaker 2: prices and give the United States a Most Favored Nation
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  Speaker 2: status that would allow or force drug companies to price
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  Speaker 2: their drugs at the same rate that they do other countries.
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  Speaker 2: Not the first time it's been attempted, not an act
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  Speaker 2: of Congress. I think it's going to be difficult to
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  Speaker 2: actually enact something like this, But the goal is to
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  Speaker 2: reduce drug prices by fifty nine to eighty percent. That's
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  Speaker 2: an ambitious target. Let's just call it that it is.
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  Speaker 4: The difficulty that you have is that in some of
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  Speaker 4: these other foreign countries across the globe, they are products
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  Speaker 4: of a single payer health system. So it is much
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  Speaker 4: different than the infrastructure in place on the pharmaceutical drug
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  Speaker 4: side of things here in the United States, which is
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  Speaker 4: kind of a patchwork of public, public, and private insurers,
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  Speaker 4: and it relies on middlemen rather for benefit negotiation, the
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  Speaker 4: likes of CBS, Care Mark and others. Out there is Cardinal,
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  Speaker 4: the other big one that does price negotiation on the
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  Speaker 4: pharmaceutical side of things.
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  Speaker 5: So it's very different. That's the point of it.
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  Speaker 4: And what levers would have to be tweets here is
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  Speaker 4: either the drug manufacturer is going to say, will lower
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  Speaker 4: our price. Not a lot of incentive for any business
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  Speaker 4: out there to lower its prices, or foreign countries say
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  Speaker 4: we'll pay more. Again, not a lot of incentive on
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  Speaker 4: that end of things either. And it's a long, an
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  Speaker 4: arduous process to get any type of negotiations through with
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  Speaker 4: these drun manufacturers. So while ambitious and a lot of
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  Speaker 4: US could get on board with this idea, difficult to
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  Speaker 4: implement readily.
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  Speaker 2: Look, there are plenty of pitfalls of the American healthcare system,
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  Speaker 2: and I have no love for health insurance companies that
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  Speaker 2: make those decisions as to what they cover and what
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  Speaker 2: they don't. But what are the advantages. Happens to be
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  Speaker 2: that if the drug works, you can generally get it
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  Speaker 2: in the United States and get it covered by health
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  Speaker 2: insurance more readily, especially if it's a new drug. Then
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  Speaker 2: some of the other single payer healthcare systems out there
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  Speaker 2: who will negotiate with the pharmaceuticals and say no, we're
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  Speaker 2: not going to cover that drug at all, and it
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  Speaker 2: might not even be available in the United Kingdom for example.
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  Speaker 2: That obviously creates a huge burden on the US system
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  Speaker 2: because the prices end up being a lot higher without
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  Speaker 2: a single payer negotiator that's taking a look at, Okay,
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  Speaker 2: we're going to buy this drug. We're not going to
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  Speaker 2: pay for this drug. We are going to you know,
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  Speaker 2: allow this procedure and not that one. And it also
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  Speaker 2: makes it incredibly complex for any you know, I don't
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  Speaker 2: practically really understand how a pharmaceutical company will go about this, right, So,
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  Speaker 2: do I have to go offer every US insurer the
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  Speaker 2: lowest price that I'm offering to any other nation? Do
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  Speaker 2: I have to take an average of all those other
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  Speaker 2: prices and make sure that I'm there. Does does every
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  Speaker 2: US insurance company, even if they only have a few
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  Speaker 2: thousand participants, need to be offered the lowest price that
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  Speaker 2: I'm facing elsewhere? It is pretty complicated. One thing is true.
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  Speaker 2: I mean we are a huge market, and so you know,
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  Speaker 2: if for instance, a drug is getting priced cheaper in
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  Speaker 2: France with a much smaller population, I would think that
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  Speaker 2: we do have some negotiating power on that. But it's
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  Speaker 2: also one of these items that you know, given our
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  Speaker 2: free market system, I don't know how the president executes
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  Speaker 2: this via executive action.
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  Speaker 4: Probably your best bet is going through Medicare, just the
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  Speaker 4: leverage that it has because it just represents such a
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  Speaker 4: huge swath of the population that rely on many drugs
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  Speaker 4: just given their age range. That would probably be your
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  Speaker 4: best starting point is to levers the negotiating power that
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  Speaker 4: you have from Medicare to get better prices than some
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  Speaker 4: drugs out there. That probably seems like the best bet.
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  Speaker 4: But anything with the healthcare system is just complex and
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  Speaker 4: very artuous to figure out. So we're just a couple
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  Speaker 4: armchair quarterbacks here who have here a thing, no expertise.
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  Speaker 2: Here are things I know. It's amazingly complicated. Yes, it
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  Speaker 2: is not a new issue. It has been getting campaigned
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  Speaker 2: on for twenty thirty years. And the last thing I
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  Speaker 2: know is that the drug lobby, the pharmaceutical lobby, is
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  Speaker 2: one of the most powerful ones that we have here.
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  Speaker 2: Big oil, maybe the tech lobby is pretty big, but
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  Speaker 2: not in the same way as pharma would be. And
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  Speaker 2: so they've managed to negotiate their way into a number
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  Speaker 2: of different deals to make sure that their carve outs
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  Speaker 2: are there, their exemptions are there, including you know the
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  Speaker 2: fact that until recently Medicare could not negotiate drug prices
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  Speaker 2: with pharma companies. So long road ahead I think would
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  Speaker 2: be the answer to all of this almost undoubtedly. You know,
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  Speaker 2: this doesn't take This doesn't cause any action to be taken.
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  Speaker 2: But if companies start taking action as a result of this,
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  Speaker 2: probably lands in the courts pretty rapidly. And I'm not
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  Speaker 2: sure just how far it will go, but suffice to say,
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  Speaker 2: the health the pharmaceutical companies that are impacted their stocks
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  Speaker 2: are not taking any big hits as of right now,
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  Speaker 2: and so it does not seem to be getting digested
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  Speaker 2: as a terrible, terrible news for any of them. Let's
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  Speaker 2: take a quick break. When we come back, we're going
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  Speaker 3: Either of you have any friends or family in Chicago,
• 10:35
  Speaker 3: Ben and.
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  Speaker 5: Paul, No No, I don't.
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  Speaker 2: Okay, So what's going on in Chicago right now? Is
• 10:41
  Speaker 2: anyone with any roots to Chicago is drawing their line
• 10:44
  Speaker 2: of connection to the new Pope. Oh yes, it's quite humorous.
• 10:48
  Speaker 2: My wife did the exact same thing. She felt guilty
• 10:50
  Speaker 2: to it almost immediately. She grew up in a town
• 10:52
  Speaker 2: called South Holland, Illinois. That it's unclear whether he grew
• 10:56
  Speaker 2: up there or the town over, but you like brought
• 10:59
  Speaker 2: it up at dinner the other The most recent news
• 11:02
  Speaker 2: is that one Chicago pizza chain is claiming to be
• 11:07
  Speaker 2: the favorite of the Pope because he did visit there,
• 11:09
  Speaker 2: and they are developing their own menu for, you know,
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  Speaker 2: to honor the Pope, including a Poperoni pizza which.
• 11:17
  Speaker 3: Is just top.
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  Speaker 2: But the alleged favorite in the pizza battles of Chicago,
• 11:22
  Speaker 2: which are pretty serious, is Aurelio's not my personal favorite.
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  Speaker 2: We I bring this up because I spent a lot
• 11:28
  Speaker 2: of time in Chicago. My personal is lu Mel Naughties.
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  Speaker 4: That's like the most famous deep dish in Chicago, right.
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  Speaker 2: Think so, But it's tough to make that claim, I think.
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  Speaker 2: But Aurelios has I think some twenty odd locations and yeah,
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  Speaker 2: developing the full pope menu, including I did like poparoni.
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  Speaker 4: It's so funny that you mentioned that, because my mother
• 11:48
  Speaker 4: in law called us, my wife and the other night
• 11:50
  Speaker 4: and said that so and so's brother went to Villanova,
• 11:56
  Speaker 4: and you know, like not even Catholic, the same thing,
• 11:59
  Speaker 4: and so my wife and I wife Lutheran.
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  Speaker 5: My wife and I just fot it. Oh cool.
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  Speaker 4: She's like, that's all you guys got for really, Yeah,
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  Speaker 4: that's that's all we got.
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  Speaker 5: We got.
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  Speaker 2: So yeah, if you know anyone from Chicago, I am
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  Speaker 2: sure you have already heard about their personal connection to
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  Speaker 2: the new pope and the excitement of all that. But
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  Speaker 2: moving on, piece from the New York Times. According to
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  Speaker 2: a tourism group, the World Travel and Tourism Council, which
• 12:26
  Speaker 2: we've never quoted before on this program, so I'm not
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  Speaker 2: sure to what degree I should trust them, but nonetheless,
• 12:31
  Speaker 2: they are claiming in a New York Times piece that
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  Speaker 2: foreign touristing away could cost the US travel industry some
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  Speaker 2: twelve and a half billion, with a b dollars this
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  Speaker 2: year in foreign spending. It's expected that we're on track
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  Speaker 2: to lose that twelve and a half billion dollars, falling
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  Speaker 2: to less than one hundred and sixty nine billion dollars
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  Speaker 2: from one hundred and eighty one in twenty twenty four,
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  Speaker 2: which would be a fairly serious decline. And I don't
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  Speaker 2: know how much evidence there is of it yet, but
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  Speaker 2: most of the evidence that I've heard is primarily from
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  Speaker 2: a few clients that I have in Maine. For example,
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  Speaker 2: one of them mentioned that their kids manage a few
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  Speaker 2: airbnbs and they've seen a pretty big drop off in
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  Speaker 2: demand so far. I'm sure you're seeing it up and
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  Speaker 2: down that main coast line parts of New Hampshire. We
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  Speaker 2: weren't yet seeing it in the winter season, right, so
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  Speaker 2: you know you weren't seeing it, for instance, for the
• 13:26
  Speaker 2: skiing season at Jpeak, I don't imagine, but summer will
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  Speaker 2: be the first time here. Where do you see any
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  Speaker 2: sort of drop off in real demand for tourism to
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  Speaker 2: the United States as a result of some of the
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  Speaker 2: trade escalations that we've been seeing with Canada comes to
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  Speaker 2: mind for me, but.
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  Speaker 3: You know, it's everywhere.
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  Speaker 2: I think you're if you're going to talk about who
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  Speaker 2: would normally visit the United States, that's a little bit
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  Speaker 2: annoyed by all of this. Canadians and Europeans come to mind,
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  Speaker 2: right right, specifically EU Europeans, not necessarily the UK because
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  Speaker 2: that trade deal got kind of pushed through, So I
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  Speaker 2: don't think there's a drop off there. But you know,
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  Speaker 2: those are two areas that have some pretty serious.
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  Speaker 4: Well trade and also some immigration policy concerns coupled with
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  Speaker 4: that as well.
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  Speaker 2: Yeah, yeah, I suppose that's probably staying.
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  Speaker 4: Just issues with bordered attentions and confusion over visas are
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  Speaker 4: deterring international visitors a little bit. That could perhaps contribute
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  Speaker 4: to it. It's two point three six trillion of tourism
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  Speaker 4: we saw last year in the United States for twenty
• 14:29
  Speaker 4: twenty four. Ninety percent of that was domestic. The claim
• 14:34
  Speaker 4: is that international travelers, according to the US to Travel Association,
• 14:38
  Speaker 4: spend four thousand dollars a trip. That's eight times more
• 14:42
  Speaker 4: than domestic US travel, so a little bit more lucrative.
• 14:44
  Speaker 5: There are those international travelers.
• 14:46
  Speaker 2: Might my doubts on all of this. Here's my counterpoint.
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  Speaker 2: When I talked to myoperic, we have somebody that cares
• 14:56
  Speaker 2: for our children. She's from Brazil, she's on a special
• 14:59
  Speaker 2: visa to to work in the United States and care
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  Speaker 2: for my children right now. Number one thing I asked
• 15:03
  Speaker 2: her what she wanted to do while she was in
• 15:04
  Speaker 2: the United States go to Disney. Disney tell me right
• 15:09
  Speaker 2: now that their bookings for their resorts and for their
• 15:12
  Speaker 2: parks are just fine. Their most recent earnings reports said
• 15:16
  Speaker 2: that they are looking good in terms of bookings. There's
• 15:18
  Speaker 2: no real drop off, And I just look at that
• 15:21
  Speaker 2: as a pretty decent barometer of where spending is going
• 15:28
  Speaker 2: to come in in terms of total tourist travel in
• 15:31
  Speaker 2: the United States, because you go to those resorts and
• 15:34
  Speaker 2: there are definitely a lot of foreign travelers that are
• 15:36
  Speaker 2: booking that trip in order to attend a Disney theme park.
• 15:39
  Speaker 2: And I know we've been hearing here and there about
• 15:43
  Speaker 2: the drop off. I'm just not I'm not convinced that
• 15:45
  Speaker 2: we are seeing it right now in terms of what
• 15:47
  Speaker 2: everybody's claiming.
• 15:48
  Speaker 4: No, I've heard more the other side of the argument, like,
• 15:52
  Speaker 4: for example, the o pair you're speaking of, concern about
• 15:55
  Speaker 4: if she were to visit Brazil and come back here.
• 15:57
  Speaker 4: I've heard people very hesitant to do that, but not
• 16:01
  Speaker 4: the other way.
• 16:01
  Speaker 3: Around, agreed.
• 16:02
  Speaker 2: Speaking of travel, United facing some issues specifically with the
• 16:07
  Speaker 2: Newark Airport. United Airlines, if you're not aware, operates about
• 16:12
  Speaker 2: two thirds of the flights through Newark Airport, and they
• 16:16
  Speaker 2: have been struggling a little bit, let's just call it
• 16:21
  Speaker 2: Newark Airport with their outages on their radar systems, which
• 16:25
  Speaker 2: have been there's been two of them over the last
• 16:28
  Speaker 2: few weeks.
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  Speaker 3: Is that right, I believe so, yes, there's just these.
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  Speaker 2: Kind of I mean, look, the United CEO is going
• 16:35
  Speaker 2: out there and trying to calm the public and say, look,
• 16:37
  Speaker 2: it's safe. All the planes are equipped with technology to
• 16:40
  Speaker 2: be able to see the other air.
• 16:42
  Speaker 3: Traffic that's out there.
• 16:45
  Speaker 2: But again, like the stories that I'm hearing reported right
• 16:50
  Speaker 2: the Guardians reporting that Newark air Traffic Control had three
• 16:54
  Speaker 2: air traffic controllers on duty instead of fourteen during the
• 16:58
  Speaker 2: most recent times. All these questions about safety and flying
• 17:02
  Speaker 2: through Newark Airport. Now part of me would say, hey,
• 17:06
  Speaker 2: you know, flyers are going to try and not fly
• 17:09
  Speaker 2: through that airport. And frankly, there's three of them in
• 17:11
  Speaker 2: New York that you can choose from, and so you've
• 17:13
  Speaker 2: got a few options there. On the other hand, a
• 17:18
  Speaker 2: couple of years ago we had doors flying off airplanes
• 17:22
  Speaker 2: and it did not scare anyone away from flying, and
• 17:24
  Speaker 2: so I think they need to do some pr I
• 17:27
  Speaker 2: think it's embarrassing how crippled and embarrassed and just outdated
• 17:32
  Speaker 2: our technology is that gets used in these airports. I mean,
• 17:35
  Speaker 2: I'm just scratching the surface and starting to learn about it.
• 17:38
  Speaker 2: But you know, the Internet service has to be downgraded
• 17:41
  Speaker 2: when it goes into the airports in order for these
• 17:44
  Speaker 2: old machines to actually be able to handle the.
• 17:48
  Speaker 3: Stuff that comes in. It's really kind.
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  Speaker 2: Of embarrassing how far behind we are on this stuff.
• 17:54
  Speaker 2: But I also just don't think it's going to scare
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  Speaker 2: anyone away from flying.
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  Speaker 5: No, I don't. I don't think so. There's too many
• 18:00
  Speaker 5: flights and demand on a daily basis to erode that.
• 18:02
  Speaker 2: So, you know, maybe just coincidental here. But in order
• 18:07
  Speaker 2: to satisfy their customers who are worried about that Newark Airport,
• 18:10
  Speaker 2: New United is adding caviar service and luxury jammies to
• 18:17
  Speaker 2: their super premium travelers.
• 18:18
  Speaker 4: I know you were mentioned to me off air that
• 18:21
  Speaker 4: Armstrong was going to get in on this type of
• 18:23
  Speaker 4: travel come twenty twenty six.
• 18:25
  Speaker 2: No, you misunderstood. We are booking some stuff on Spirit.
• 18:30
  Speaker 2: We must have must have crossed the lines there. Yeah,
• 18:34
  Speaker 2: I don't think that they do offer caviar on Spirit.
• 18:37
  Speaker 2: I didn't fully look at the menu last time I
• 18:40
  Speaker 2: flew on them, but caviar just didn't seem like it
• 18:44
  Speaker 2: was on the list.
• 18:45
  Speaker 3: But yeah, I mean, look, if you're.
• 18:46
  Speaker 2: Gonna spend ten to fifteen grand on a sea dann well,
• 18:50
  Speaker 2: better serve me some caviar in that first class cabin.
• 18:53
  Speaker 4: Who's gonna want the lux jammies? You know, who is
• 18:56
  Speaker 4: gonna gonna go for those? Unless I guess maybe if
• 18:59
  Speaker 4: they're new. I'm sure obviously they so contract with some
• 19:03
  Speaker 4: other company out there to offer them.
• 19:05
  Speaker 3: But yeah, but.
• 19:07
  Speaker 2: Sitting in that first class reclining seed in my United jammies,
• 19:11
  Speaker 2: eating caviar while you stare at all the riff raft
• 19:14
  Speaker 2: going back to the coach, I mean, that's what it's
• 19:17
  Speaker 2: all about, right, It's.
• 19:20
  Speaker 1: A thing.
• 19:20
  Speaker 3: I hope it says first class like as a big badge.
• 19:23
  Speaker 2: Right on the jammies so that they can rub it
• 19:25
  Speaker 2: in your face a little bit more while you know,
• 19:28
  Speaker 2: sipping that champagne and eating the caviar.
• 19:30
  Speaker 3: We'll have the trivia winner when we come back.
• 19:32
  Speaker 7: Folks, stay tuned, bringing the latest financial news straight to
• 19:44
  Speaker 7: your radio every day. It's the Financial Exchange on the
• 19:48
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• 19:55
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• 19:57
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• 20:01
  Speaker 7: Radio Network.
• 20:10
  Speaker 6: Our trivia question today was what was the name of
• 20:12
  Speaker 6: Stephen Colbert's late night show on Comedy Central. Your answer
• 20:16
  Speaker 6: the Colbert Rapport. Today's winner is sal in Buxton, Maine.
• 20:21
  Speaker 6: He has won a Financial Exchange Show t shirt. We
• 20:24
  Speaker 6: play trivia every day here on the Financial Exchange. See
• 20:26
  Speaker 6: complete contest rules at Financial Exchange Show dot com.
• 20:30
  Speaker 2: We continue to get hints as to what is coming
• 20:33
  Speaker 2: out of the President's trip to the Middle East, and
• 20:36
  Speaker 2: he's about to take the stage on an announcement of
• 20:41
  Speaker 2: boosting US investments in a number of different areas. I've
• 20:44
  Speaker 2: seen numbers thrown around six hundred billion. The one that's
• 20:47
  Speaker 2: on the screen now is a trillion dollars and the
• 20:49
  Speaker 2: President just began speaking. But one beneficiary of this seems
• 20:52
  Speaker 2: to be in Video, whose stock is moving up about
• 20:55
  Speaker 2: five and a half percent today, dragging markets up alongside
• 20:59
  Speaker 2: of it. The the NASDAC now up one point six percent,
• 21:03
  Speaker 2: the S and P five hundred up nearly nine tenths
• 21:05
  Speaker 2: of a percent, and the Dow Jones Industrial Average, America's
• 21:08
  Speaker 2: most useless index, currently down one third of one percent.
• 21:14
  Speaker 3: It's just an easy target, yeah, they are.
• 21:16
  Speaker 2: The fact of the matter is, though, that the S
• 21:20
  Speaker 2: and P five hundred is now in positive territory after
• 21:23
  Speaker 2: yesterday's and today's gains. For the year, yesterday we finished
• 21:27
  Speaker 2: right around where we were on Inauguration Day or sorry,
• 21:30
  Speaker 2: on election Day of last year. And I guess it
• 21:34
  Speaker 2: brings me about a few different healthy reminders when it
• 21:38
  Speaker 2: comes to the stock market. One this period especially has
• 21:43
  Speaker 2: been defined by attempting to make investment decisions based on
• 21:48
  Speaker 2: a single person's tweets.
• 21:51
  Speaker 3: The lesson that I have.
• 21:52
  Speaker 2: Is what a dangerous game that is to play as
• 21:55
  Speaker 2: as an investor, maybe not as the president, like you know,
• 21:57
  Speaker 2: I know how he likes to negotiate, and not saying
• 22:00
  Speaker 2: he should or shouldn't do it that way, I am
• 22:02
  Speaker 2: saying that if you are an investor who's trying to
• 22:04
  Speaker 2: interpret what does this all mean for the economy and
• 22:07
  Speaker 2: me it was a pretty challenging couple of months here
• 22:10
  Speaker 2: to navigate the interpretation. Remember, like go back to where
• 22:15
  Speaker 2: we were in February. Markets were reaching all time highs.
• 22:18
  Speaker 2: We have not yet climbed back to those February all
• 22:20
  Speaker 2: time highs, by the way, but markets were hitting all
• 22:22
  Speaker 2: time highs at the same time. The President was talking
• 22:25
  Speaker 2: very hawkish on trade. It was threatening the teriffs that
• 22:28
  Speaker 2: he later followed through with, and once he followed through
• 22:32
  Speaker 2: with them, made it pretty clear that he was serious
• 22:35
  Speaker 2: about them and that they were there for the long term.
• 22:37
  Speaker 2: Turned out, long term lasted one week. The most severe
• 22:40
  Speaker 2: tariffs that were out there lasted seven days before they
• 22:44
  Speaker 2: had to be suspended. The higher Chinese tariffs I think
• 22:47
  Speaker 2: we lasted maybe four to six weeks on all of it.
• 22:50
  Speaker 2: The lessons out there for investors, I think are a fewfold.
• 22:54
  Speaker 2: One trying to manage a portfolio and adapt to that
• 22:59
  Speaker 2: changing narrative on a day to day basis. Look, if
• 23:03
  Speaker 2: you timed it perfectly, then you've made some money this year.
• 23:06
  Speaker 2: Right If if you managed to get out and then
• 23:08
  Speaker 2: get back in after markets were down by nineteen percent,
• 23:10
  Speaker 2: then good for you. You're one in a million on
• 23:13
  Speaker 2: all of this. The bigger lesson is, Look, nobody had
• 23:16
  Speaker 2: any idea that the President was about to cut tariffs
• 23:19
  Speaker 2: on China by thirty, you know, by one hundred and
• 23:22
  Speaker 2: fifteen percent. And if they had known, then markets would
• 23:26
  Speaker 2: you know, they would have known that, Hey, markets are
• 23:28
  Speaker 2: going to rally a good three percent on all of
• 23:30
  Speaker 2: this news. But for those that have been concerned about
• 23:35
  Speaker 2: their portfolios this year, I don't think that any of
• 23:39
  Speaker 2: this indicates to me that those concerns should be wiped away.
• 23:43
  Speaker 2: But I think a lot of the emotional investing that
• 23:46
  Speaker 2: I've been hearing about really since the president was elected
• 23:50
  Speaker 2: has a lot of room for error, and that goes
• 23:52
  Speaker 2: both ways. I've talked to folks who got more aggressive
• 23:55
  Speaker 2: when the president was elected and lost money almost immediately
• 23:58
  Speaker 2: on their investments. I've talked folks who were so spooked
• 24:02
  Speaker 2: by the thought of tariffs and and the actions that
• 24:04
  Speaker 2: the President was taking on that front that dramatically pulled
• 24:07
  Speaker 2: back their exposure and ended up missing out, especially if
• 24:11
  Speaker 2: they did it recently. And so here's my takeaway. Any
• 24:16
  Speaker 2: emotional investing by its very nature is bad investing. It
• 24:20
  Speaker 2: doesn't mean you will never make money on it. It
• 24:23
  Speaker 2: just means that long term, it's not a great strategy
• 24:26
  Speaker 2: if you have been facing down the last few months
• 24:29
  Speaker 2: with confusion, as many people have, in terms of what
• 24:32
  Speaker 2: do I do next? What does this mean for my
• 24:34
  Speaker 2: personal scenario? How are all the changes that the tax
• 24:38
  Speaker 2: level going to affect me personally? And what do I
• 24:40
  Speaker 2: do next? We'd love to talk to you here at
• 24:42
  Speaker 2: the Armstrong Advisory Group. The number to talk to one
• 24:46
  Speaker 2: of our real life human beings eight hundred three nine
• 24:49
  Speaker 2: three four zero zero one. We have a really methodical
• 24:52
  Speaker 2: process when we sit down with somebody for the first time.
• 24:55
  Speaker 2: Where we sit down, we really go through a lot
• 24:58
  Speaker 2: of questions about your personal situation. It's not just how
• 25:02
  Speaker 2: are you invested? I know we talk about that a
• 25:03
  Speaker 2: lot on the show, but it's what's your family situation,
• 25:06
  Speaker 2: what is your plans for retirement? How can we help
• 25:10
  Speaker 2: with any of these things? Do you actually fit into
• 25:13
  Speaker 2: the mold of what it is that we do here
• 25:15
  Speaker 2: at Armstrong And there's usually a second or even third
• 25:18
  Speaker 2: meeting before that final decision is actually made on whether
• 25:22
  Speaker 2: to move forward, if you could benefit from that type
• 25:25
  Speaker 2: of consultation, that type of free consultation. Again, the number
• 25:29
  Speaker 2: for Armstrong Advisory Group is eight hundred three nine three
• 25:33
  Speaker 2: four zero zero one.
• 25:35
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 25:38
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 25:40
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 25:43
  Speaker 1: your own financial tax into state planning advisors before making
• 25:46
  Speaker 1: any investment decisions. Armstrong may contact you to offer investment
• 25:49
  Speaker 1: advisory services.
• 25:51
  Speaker 2: Peace in the Wall Street Journal this morning, doctors Warren
• 25:53
  Speaker 2: accountants of private equity drain on quality quote you could
• 25:57
  Speaker 2: be next. So here's what's been happening in the medical
• 26:02
  Speaker 2: space for anyone that does not work in that area
• 26:05
  Speaker 2: or doesn't know somebody who does. Is private equity has
• 26:08
  Speaker 2: been gobbling up all sorts of hospitals, emergency rooms and
• 26:13
  Speaker 2: doing what private equity does, which is make it lean,
• 26:16
  Speaker 2: make it efficient. And that has allegedly led.
• 26:20
  Speaker 3: To some problems out there.
• 26:22
  Speaker 2: And I'll give the example of someone I know personally
• 26:25
  Speaker 2: who works in emergency room medicine. And the point that
• 26:31
  Speaker 2: they made was, frankly, they made the point to me
• 26:34
  Speaker 2: that they're trying.
• 26:34
  Speaker 3: To leave the industry.
• 26:36
  Speaker 2: They said, with the pressure that I have on me
• 26:39
  Speaker 2: to churn through patients, to not appropriately dedicate my time
• 26:43
  Speaker 2: to them and then pretty much be disallowed from following
• 26:47
  Speaker 2: up with them on recommendations and follow up diagnoses that
• 26:53
  Speaker 2: I genuinely am not sure I'm able to fulfill my
• 26:56
  Speaker 2: hippocratic oath. And so the individual I talked to it
• 27:00
  Speaker 2: was like, you know, I'm going to keep doing this
• 27:02
  Speaker 2: because I have nearly half a million dollars to student
• 27:04
  Speaker 2: loans that I'm in process of getting forgiven by, you know,
• 27:07
  Speaker 2: because they've worked in a public hospital system for a decade.
• 27:10
  Speaker 3: And but beyond that, they said, you know, I.
• 27:13
  Speaker 2: Don't know if I'm going to look in pharmaceutical or
• 27:15
  Speaker 2: some other area, but I don't know that I want
• 27:17
  Speaker 2: to continue to be a frontline physician. And had purely
• 27:21
  Speaker 2: everything to do with what's being described in this article
• 27:23
  Speaker 2: of the le private equity is playing with hospitals and
• 27:28
  Speaker 2: doctors pretty directly contradicts what I'm trying to do for
• 27:32
  Speaker 2: my patients. I don't see that as much of an
• 27:35
  Speaker 2: issue as the same degree of an issue for accountants.
• 27:38
  Speaker 2: I will just throw it out there that I don't
• 27:43
  Speaker 2: see how that's going to relate.
• 27:44
  Speaker 4: One for one, I could see possibly the ethical challenges
• 27:48
  Speaker 4: that could come as a result of that, you have
• 27:49
  Speaker 4: pe firms that are private equity firms that may be
• 27:52
  Speaker 4: investing in accounting practices and as such making them leaner
• 27:55
  Speaker 4: or perhaps encouraging them to take on riskier than normal
• 27:59
  Speaker 4: clients in order to boost profitability. And that puts accounting
• 28:03
  Speaker 4: firms and precarious positions to audit firms that they wouldn't
• 28:07
  Speaker 4: necessarily have considered as that's a fair point.
• 28:09
  Speaker 2: Yeah, I mean there's not much that I can think
• 28:11
  Speaker 2: of on the you know, individual or corporate tax return
• 28:14
  Speaker 2: side that is going to be a problem if a
• 28:15
  Speaker 2: private equity firm drives for more efficiency, but yeah, in
• 28:18
  Speaker 2: the search of new revenue, if they push to not
• 28:21
  Speaker 2: do a real audit on the financials and then it
• 28:23
  Speaker 2: turns out it's the next en run a few years
• 28:25
  Speaker 2: from now, you know, the person working on the audit
• 28:28
  Speaker 2: probably never works in the industry again. And the company
• 28:31
  Speaker 2: that did the audit, well, depending on how big they are,
• 28:34
  Speaker 2: probably is just fine and walks away from it scott free.
• 28:37
  Speaker 2: But that is some of the risk here. When you're
• 28:39
  Speaker 2: talking about what does private equity do. They combine firms
• 28:43
  Speaker 2: try and lay off a whole bunch of staff that
• 28:45
  Speaker 2: do the same things and focus on where can we
• 28:48
  Speaker 2: get new customers, how can we service them for a
• 28:50
  Speaker 2: cheaper price point.
• 28:51
  Speaker 4: And turn around a business usually in a very shorter
• 28:54
  Speaker 4: time horizon than normally you'd operate a business as a
• 28:57
  Speaker 4: founder for example. You know, they're just trying to eke
• 29:00
  Speaker 4: out and return to make sure their general partners and
• 29:02
  Speaker 4: limited partners get their prerequisite capital back plus the return
• 29:06
  Speaker 4: that they've been promised.
• 29:07
  Speaker 5: So it doesn't align with.
• 29:10
  Speaker 4: The ideas, particularly the ideology behind healthcare, which is, you know,
• 29:13
  Speaker 4: providing good care to many patients out there, is running
• 29:19
  Speaker 4: contrary to the idea of running a streamline, profle business
• 29:23
  Speaker 4: that is focused on efficiency and perhaps cutting. It kind
• 29:27
  Speaker 4: of goes against one another in often cases.
• 29:29
  Speaker 2: Yeah, there's a few areas that you just don't it's
• 29:32
  Speaker 2: not the primary goal.
• 29:33
  Speaker 3: Medicine is one of them.
• 29:34
  Speaker 5: Yep.
• 29:35
  Speaker 3: Defense is another.
• 29:36
  Speaker 5: Sure.
• 29:36
  Speaker 3: But this private equity story, it's everywhere, right.
• 29:38
  Speaker 2: It's at dentist offices, it's at veterinary offices, it's at
• 29:42
  Speaker 2: financial advisory firms office. I personally probably get five to
• 29:46
  Speaker 2: ten emails from private equity backed firms looking to merge
• 29:50
  Speaker 2: companies together every week. Wow, I'm not saying they should
• 29:56
  Speaker 2: or shouldn't exist. I think they should certainly exist, and
• 30:00
  Speaker 2: I really see no issue with what they're doing in
• 30:03
  Speaker 2: our industry. But what they are doing across many industries,
• 30:07
  Speaker 2: to be really clear, is buying up really small companies
• 30:10
  Speaker 2: that probably aren't the most efficient out there, combining them together,
• 30:14
  Speaker 2: laying people off, and packaging them together to sell them
• 30:17
  Speaker 2: for a larger price point. And that works really well
• 30:20
  Speaker 2: in some areas that haven't private previously had such exposure.
• 30:24
  Speaker 4: A couple of the corporate acquisitions that had been done
• 30:27
  Speaker 4: through PE backed hospital systems led to a wake of bacricies,
• 30:32
  Speaker 4: including Steward Healthcare and Prospect Medical Holdings. So that's where
• 30:35
  Speaker 4: some of the concerns stems from.
• 30:36
  Speaker 3: Yep, no doubt. Let's say a quick break when we
• 30:38
  Speaker 3: come back, stack Roulette.
• 30:42
  Speaker 1: Taras fears continue to grip markets. Get the latest straight
• 30:46
  Speaker 1: from Wall Street right here on the Financial Exchange Radio Network.
• 30:51
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• 31:21
  Speaker 2: Quick follow up on the tax bill we're making its
• 31:25
  Speaker 2: way through the Republican House. A quote from New York
• 31:29
  Speaker 2: Republican Representative Nick Lloda, quoted in Politico this morning, quote,
• 31:35
  Speaker 2: the legislation has currently written is dead on arrival. He
• 31:39
  Speaker 2: accused his party's chief tax writer of acting in bad faith. Quote,
• 31:42
  Speaker 2: the bill is dead effectively on the floor. This all
• 31:46
  Speaker 2: has to do with the state and local tax deduction.
• 31:48
  Speaker 2: So Lloda, alongside four other Blue state Republicans from New York, California,
• 31:54
  Speaker 2: and New Jersey, they've been pushing hard for a big
• 31:56
  Speaker 2: boost to the ten thousand dollars state in local tax
• 31:59
  Speaker 2: cap that is currently in place, and those five at
• 32:03
  Speaker 2: least calling for this bill to be dead on the
• 32:06
  Speaker 2: floor and to be done more. The proposal that was
• 32:10
  Speaker 2: mentioned was a raise threefold to thirty thousand dollars cap
• 32:14
  Speaker 2: with a four hundred thousand dollars income limit, and that
• 32:17
  Speaker 2: apparently not enough for those Republicans at least to get
• 32:20
  Speaker 2: the bill over the over the hump here. The reason
• 32:23
  Speaker 2: this all matters, of course, is because zero Democrats are
• 32:26
  Speaker 2: intending to vote for this bill, and so you can
• 32:29
  Speaker 2: have very few defectors to get this thing done. So
• 32:32
  Speaker 2: you know, don't count any of these tax changes in
• 32:35
  Speaker 2: until they are actually in and we'll have to continue
• 32:38
  Speaker 2: to digest this as time goes on, because you could
• 32:41
  Speaker 2: see massive changes to what's even being proposed right now.
• 32:43
  Speaker 5: Definitely.
• 32:45
  Speaker 3: What do you have for us, Paul, Well, I've got
• 32:46
  Speaker 3: a little.
• 32:47
  Speaker 5: Bit of news on the streaming front.
• 32:48
  Speaker 4: We've got two providers over the course of the last
• 32:51
  Speaker 4: several days announcing that they will be launching new streaming services.
• 32:55
  Speaker 3: Thank goodness.
• 32:57
  Speaker 4: Just in case your life wasn't confusing enough, Fox is
• 33:01
  Speaker 4: going to be launching a new streaming service, Fox One
• 33:04
  Speaker 4: before the NFL season. It's going to combine its news,
• 33:08
  Speaker 4: sports and entertainment content before the NFL and college football
• 33:13
  Speaker 4: seasons this fall.
• 33:15
  Speaker 5: It's going to.
• 33:15
  Speaker 4: Be put together at a quote unquote healthy but not
• 33:19
  Speaker 4: a discounted price, according to chief executive.
• 33:22
  Speaker 3: Officer Hell does that mean?
• 33:24
  Speaker 5: Great? Great question?
• 33:26
  Speaker 2: The reason that could be anywhere from seven to forty
• 33:28
  Speaker 2: dollars a month.
• 33:31
  Speaker 4: The reason that I bring this up along with another
• 33:34
  Speaker 4: story that came out with ESPN announcing that they're going
• 33:38
  Speaker 4: to launch their streaming service titled you guessed It, ESPN
• 33:43
  Speaker 4: coming for thirty dollars a month. This will combine together
• 33:48
  Speaker 4: Disney's other streaming services, Disney Plus and Hulu. If you
• 33:52
  Speaker 4: want the three of them together, it will cost thirty
• 33:54
  Speaker 4: six dollars a month. The standalone ESPN will come again
• 33:58
  Speaker 4: this fall for thirty bucks for the first twelve months,
• 34:01
  Speaker 4: and it will offer this differs greatly from where it
• 34:05
  Speaker 4: is today access to its live sports content. ESPN Plus
• 34:10
  Speaker 4: offerings are more niche offerings of UFC and.
• 34:15
  Speaker 5: Other areas out there.
• 34:16
  Speaker 4: And I just feel like my initial piece would be
• 34:19
  Speaker 4: an initial takeaway that the cable providers have to be.
• 34:24
  Speaker 4: They not like they didn't see this coming. They've had
• 34:26
  Speaker 4: to cline subscriptions for a long period of time. But
• 34:29
  Speaker 4: the affiliate fees that you generate from ESPN and some
• 34:32
  Speaker 4: of these other heavy hitters that have live sports really
• 34:35
  Speaker 4: carry the significant costs of what you and I are
• 34:38
  Speaker 4: for those people who pay their cable every month. And
• 34:41
  Speaker 4: this pushes someone like myself, who is pretty much just
• 34:44
  Speaker 4: locked into watching live sports and really not a lot
• 34:48
  Speaker 4: else on cable, further and further away from keeping up
• 34:51
  Speaker 4: with the cable subscription to the point where its erosion
• 34:55
  Speaker 4: seem like it's it's imminent in the next several years.
• 34:59
  Speaker 3: I just don't know. I'm with you, but we are
• 35:02
  Speaker 3: now getting to the point where you have.
• 35:04
  Speaker 5: To be bundled back many together.
• 35:06
  Speaker 3: Like, so, what was the ESPN service going for.
• 35:08
  Speaker 5: Twenty nine bucks a month? Thirty bucks a month.
• 35:10
  Speaker 2: Which, by the way, the fact that you can get
• 35:13
  Speaker 2: an ESPN subscription for the same price as a Neessen subscription,
• 35:16
  Speaker 2: which is twenty nine to ninety nine a month, is preposterous.
• 35:20
  Speaker 2: That is crazy. I know we're big New England sports fans,
• 35:24
  Speaker 2: but clearly the ESPN one should cost more.
• 35:26
  Speaker 5: There's well, you know that's a tea.
• 35:28
  Speaker 4: You know, that's a teaser, right, it's the first twelve months,
• 35:30
  Speaker 4: but that doesn't mean that it won't be forty five
• 35:33
  Speaker 4: dollars two years from now when we talk.
• 35:35
  Speaker 2: So I guess the question is, all right, how much
• 35:37
  Speaker 2: can I save if I have Disney Plus, Hulu Live
• 35:40
  Speaker 2: TV and this all together? And you know, should I
• 35:44
  Speaker 2: be considering all of that? It seems just absolutely crazy.
• 35:48
  Speaker 4: It's a great question. We should run through it quickly. Okay,
• 35:51
  Speaker 4: So that's thirty six months, thirty six bucks a month
• 35:53
  Speaker 4: right there. If you go Hulu, Disney Plus and ESPN,
• 35:56
  Speaker 4: you have to have Netflix for most people out there,
• 35:59
  Speaker 4: that's what eighteen right.
• 36:02
  Speaker 2: So it's only thirty six bucks. Well, that's that's not
• 36:05
  Speaker 2: Hulu Live TV. That's Hulu. They're streaming service which has
• 36:09
  Speaker 2: good content, but it's not the live TV option.
• 36:11
  Speaker 4: It just says Hulu, Disney Plus and this. There's other
• 36:14
  Speaker 4: streaming services. So you got let's call it. Maybe I'm
• 36:17
  Speaker 4: off on that seventeen eighteen bucks. So right there, you're
• 36:19
  Speaker 4: at fifty three between those two. Throw in Amazon Prime
• 36:24
  Speaker 4: most people have with the membership max. HBO Max is
• 36:27
  Speaker 4: probably twenty bucks a month. You get to seventy three. Yeah,
• 36:30
  Speaker 4: or somewhere where's Apple. It's I don't I don't know
• 36:33
  Speaker 4: that fifteen bucks a month. Okay, I'm the only person
• 36:36
  Speaker 4: I know that doesn't have Netflix. Yes, I do have Apple.
• 36:39
  Speaker 4: I didn't have HBO, but I resubscribed because my other
• 36:43
  Speaker 4: package that I have does not have Knesset or does
• 36:46
  Speaker 4: not have TNT, and the hockey playoffs are on TNT,
• 36:50
  Speaker 4: so I can get that through an enhanced HBO subscription,
• 36:54
  Speaker 4: which I'm going to cancel after the Stanley Cup playoffs.
• 36:58
  Speaker 5: It's it's like.
• 36:59
  Speaker 4: A hangover if of zach alfanaks running all the multiple
• 37:02
  Speaker 4: calculations of the black Tach table.
• 37:04
  Speaker 2: It's your head goes just gotten preposterous. I but to
• 37:09
  Speaker 2: your point, I don't have a cable package. Yeah, I've
• 37:12
  Speaker 2: got this Fubo thing, which I only subscribe to because
• 37:16
  Speaker 2: it has nesson, And I just figured, Hey, if I'm
• 37:18
  Speaker 2: going to pay thirty bucks a month for nesson three sixty,
• 37:22
  Speaker 2: I might as well pay like sixty bucks a month
• 37:24
  Speaker 2: for a full slate of channels that I can go
• 37:27
  Speaker 2: and stream.
• 37:28
  Speaker 3: But now I'm adding in Hbo. Now I'm adding in.
• 37:31
  Speaker 2: Apple TV and all these other services, and I'm probably
• 37:34
  Speaker 2: right back up at a basically, for your.
• 37:36
  Speaker 5: Kids, is it all YouTube that they consume when they.
• 37:38
  Speaker 2: Watch YouTube or Disney Plus? Yeah, those are the only
• 37:41
  Speaker 2: two services that we actually.
• 37:43
  Speaker 5: Yeah, our kids are not going to know cable at all.
• 37:46
  Speaker 5: I mean, my kids, it's all YouTube.
• 37:48
  Speaker 2: It's so bad out there on YouTube land. That is
• 37:51
  Speaker 2: all the time that we have today. On the financial exchange,
• 37:54
  Speaker 2: markets remain in mixed territory, but SMP and NASDAC moving
• 37:58
  Speaker 2: strongly higher. We've got the S and P five hundreds
• 38:01
  Speaker 2: still up eight ten percent, NAZDA C up nearly one
• 38:04
  Speaker 2: point six now, and the Dow Jones industrial average right
• 38:06
  Speaker 2: now off one hundred and fifty five points a little
• 38:08
  Speaker 2: bit more than a thirty percent. We will be right
• 38:11
  Speaker 2: back at it tomorrow, folks, so stay tuned and have
• 38:13
  Speaker 2: a great rest of your day.
• 38:14
  Speaker 3: We'll see you then