Latest / The Financial Exchange Show / Holiday tipping doesn't need to stress you out.

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Holiday tipping doesn't need to stress you out. · The Financial Exchange Show

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  Speaker 1: Chuck Zata and Mike Armstrong.
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  Speaker 2: Kick it off.
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  Speaker 3: The final hour of the week of the Financial Exchange
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  Speaker 3: is Chuck, Mike and Tucker with you.
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  Speaker 2: And markets are kind of poopy today.
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  Speaker 3: You got the Dow off just seven points, not really
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  Speaker 3: much going on there, but the S and P was
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  Speaker 3: up about a third of a percent initially, now down
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  Speaker 3: about a quarter percent eleven points. The Nasdaq is off
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  Speaker 3: sixty three points, about a third of a percent after
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  Speaker 3: opening up big and with Broadcom up twenty percent as well.
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  Speaker 2: So you kind of have a.
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  Speaker 3: Situation today where the best way I can describe it
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  Speaker 3: is like poopy.
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  Speaker 2: Yeah, it's poopy. I'll tell you what. Having young children
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  Speaker 2: does very much prepare you to not say bad words
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  Speaker 2: on live radio. I'm much better at that. I would
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  Speaker 2: actually argue the otherwise the other Really, the inverse is true, really,
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  Speaker 2: in that live radio has prepared me for having kids
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  Speaker 2: so that I say bad things in front of them.
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  Speaker 2: Got it.
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  Speaker 3: I'm far less likely to let something slip than I
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  Speaker 3: otherwise would be Yeah.
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  Speaker 4: Real quick, just whatever, it's a Friday. My kid's been
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  Speaker 4: in this phase of my older kid has been in
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  Speaker 4: this phase of just shouting out gibberish words. Yeah, And
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  Speaker 4: the other day he did a gibberish word that was
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  Speaker 4: very bad.
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  Speaker 2: Nice.
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  Speaker 4: No, I felt so bad that you can't say what
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  Speaker 4: you just said.
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  Speaker 2: I I deal with the same thing where they like,
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  Speaker 2: my daughter's just trying to like make rhymes off a word,
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  Speaker 2: and I'm like, do I say something about that? Or
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  Speaker 2: does that draw more attention to it? And in doing
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  Speaker 2: so she's more likely to repeat it? So to this point,
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  Speaker 2: you didn't hear that school, did you?
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  Speaker 3: To this point, I basically approach most things with if
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  Speaker 3: you just ignore it, it'll go away. In ninety percent
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  Speaker 3: of the time it does. So it likes with duck
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  Speaker 3: and fit, yes my name, those ones are very popular.
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  Speaker 2: So it's yeah, we yeah, it's it's a problem, especially
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  Speaker 2: because the last thing we do at bedtime is rhyming
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  Speaker 2: practice every night, so it's like.
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  Speaker 3: Oh, gee, this isn't good anyways. Yes, market port performance
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  Speaker 3: today poopy, We've got bonds. The ten year treasury also poopy,
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  Speaker 3: selling off five basis points to four point three seven
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  Speaker 3: seven percent. Oil also poopy, up eighty four cents a
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  Speaker 3: barrel to seventy dollars and eighty five cents. The triple
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  Speaker 3: A national average for gas prices flat today at three
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  Speaker 3: dollars and twenty six cents. Its been there for the
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  Speaker 3: last couple days now and actually is in the same
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  Speaker 3: place as a week ago. So we still can't get
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  Speaker 3: below three.
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  Speaker 2: Dollars a gallon on the triple A national average four
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  Speaker 2: gas prices, and then we've got gold today also poopy
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  Speaker 2: down thirty one dollars and twenty cents to twenty six,
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  Speaker 2: seventy eight and twenty cents an ounce. Speaking of poopy.
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  Speaker 3: Enough, I'm just closing out the bit it gets.
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  Speaker 2: It's fine a minute ago.
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  Speaker 3: Wall Street Journal, your home and home insurance bill has
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  Speaker 3: only one way to go up? Well, thanks Wall Street Journal.
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  Speaker 3: What do you have to back this up? And the
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  Speaker 3: unfortunate thing.
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  Speaker 2: Is a lot of evidence, h quite a bit of evidence.
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  Speaker 2: So where where do we start on this? Mic? I
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  Speaker 2: guess let's start with what has already been the case,
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  Speaker 2: which is pretty substantial increases across the board. But what
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  Speaker 2: insurers are experiencing are substantially more claims by homeowners over
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  Speaker 2: the last decade or so compared to previous ones. And specifically,
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  Speaker 2: I know we talk a lot about wildfires and California devastation.
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  Speaker 2: That's not really where it's coming from. By and large,
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  Speaker 2: the big increases are coming from wind damage, water damage,
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  Speaker 2: and hail damage. You have, here's the unfortunate problem. As
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  Speaker 2: far as I can tell, nowhere's really all that safe
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  Speaker 2: from this. There are areas that seem worse than others,
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  Speaker 2: Like Florida has had just a terrible insurance problem over
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  Speaker 2: the last several years, sure or decades. But now you're
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  Speaker 2: seeing a big concentration of rate increases across the Midwest
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  Speaker 2: because they're experiencing massive hail damage at all sorts on
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  Speaker 2: very frequent storms.
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  Speaker 3: Yeah, it's anyone who thinks that, Oh, I live in
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  Speaker 3: place xyz and I'm not going to be impacted by this.
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  Speaker 2: Go look at Massachusetts and the wildfires that were sweeping
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  Speaker 2: across New England over the last two months. Like, when
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  Speaker 2: was the last time we had genuine concerns in Massachusetts
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  Speaker 2: about wildfire? It's been a while. I've been alive for
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  Speaker 2: a while. I don't recall ever here major wildfire concerns
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  Speaker 2: in Massachusetts.
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  Speaker 1: Yeah.
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  Speaker 3: Ever, now I'm sure that there's you know, some sporadic
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  Speaker 3: things here and there, but this was, like, you know,
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  Speaker 3: on a daily basis, basically for a month, I said, Massachusetts.
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  Speaker 2: I mean, go look at New Jersey, New York, they
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  Speaker 2: were there were far worse issues. You know, they probably
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  Speaker 2: it was all over listen, flying over, they got wildfire.
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  Speaker 3: They got drone storms going on. Now, so I don't
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  Speaker 3: know what insurance does about those, but yeah, this is
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  Speaker 3: something where you just have nowhere that I think is
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  Speaker 3: completely safe from these potential perils. And they're different in
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  Speaker 3: all parts of the country as far as what you're
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  Speaker 3: dealing with. So yeah, it's it's a combination of you're
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  Speaker 3: seeing more claims because of worse weather, and the cost
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  Speaker 3: of those claims has gone up as well, and so
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  Speaker 3: you couple that and it's it's basically, yeah, we've got
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  Speaker 3: this situation where homeowners insurance premiums are having to go
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  Speaker 3: up meaningfully and order for insurance to not take big losses.
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  Speaker 2: Now they're doing this in many different ways. By the
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  Speaker 2: way they're they're increasing premiums, they're increasing deductibles. One insurer said, hey,
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  Speaker 2: you know, we used to have a one percent deductible
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  Speaker 2: for hail damage. Now it's a two percent. It doesn't
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  Speaker 2: sound like a lot. But if you have a half
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  Speaker 2: a million dollar home, you're you're five Yeah, your deductible
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  Speaker 2: just went up five grand on hail damage.
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  Speaker 3: Now, I know that insurance companies are generally probably one
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  Speaker 3: of like the would you say, like four or five
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  Speaker 3: least sympathetic types of companies in the country.
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  Speaker 2: I hate to go here, but I mean, just look
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  Speaker 2: at the this is terrible, but the heroism that has
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  Speaker 2: been put on the murderer who killed this healthcare ceo
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  Speaker 2: in broad daylight, Like, yeah, these are some of the
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  Speaker 2: most unpopular companies in the country.
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  Speaker 3: Totally, and I completely get why because like a lot
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  Speaker 3: of people have experiences with you know, claims being denied
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  Speaker 3: or premiums going up in this and that. But ultimately,
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  Speaker 3: what I come back to on this is two things.
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  Speaker 3: The first is, look, if you think you can do
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  Speaker 3: a better job than the insurance do, go start an
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  Speaker 3: insurance company, like go start insuring homes and see how
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  Speaker 3: you actually do, because it's like it's not an easy
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  Speaker 3: business to operate in, especially in today's day and age.
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  Speaker 3: The second piece is, ultimately the reason why you want
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  Speaker 3: to have stable insurance companies is because if you don't
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  Speaker 3: have stable insurance companies, the entire trust in basically any
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  Speaker 3: kind of lending breaks down. And what I mean by
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  Speaker 3: that is, look, the real reason that we have homeowners
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  Speaker 3: insurance and auto insurance largely required on most of those
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  Speaker 3: things that are bought is not because of the potential
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  Speaker 3: damage to Mike Armstrong.
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  Speaker 2: It's not because of the potential damage to Tuck her Silve,
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  Speaker 2: It's not because of the potential damage of Chuck Zada.
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  Speaker 2: It's because if a giant storm comes and hits Massachusetts
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  Speaker 2: and all three of our homes are destroyed, there's mortgages
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  Speaker 2: on them, and the banks holding them do not have
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  Speaker 2: anything left in the event that the homes cannot be rebuilt.
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  Speaker 2: So it's not to prevent harm to you, Me or Tucker.
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  Speaker 2: It's to prevent harm to the broader financial system, because
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  Speaker 2: if Hurricane Andrew goes through Florida and there's no insurance coverage,
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  Speaker 2: all of those loans are gone, and a number of
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  Speaker 2: banks are gone as well, and then you're trying to
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  Speaker 2: dig out from a financial crisis in addition to digging
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  Speaker 2: out from a hurricane. It actually leads to a fairly
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  Speaker 2: interesting question when it comes to Florida. In California, these
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  Speaker 2: are two states, Florida in particular, that the state itself
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  Speaker 2: provides a large amount of insurance to the like fifteen
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  Speaker 2: percent of homes. I think it is a big chunce. Yeah,
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  Speaker 2: if you're a bank holding that mortgage, how do you
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  Speaker 2: feel about that? I mean, you a general look at
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  Speaker 2: the claims paying ability of a state as being you know,
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  Speaker 2: pretty secure, especially compared to a private insurer. But in
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  Speaker 2: a case like Florida, you start to wonder, like, hey,
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  Speaker 2: am I really comfortable issuing a bunch more mortgages in
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  Speaker 2: a market where the state is basically subsidizing homeowner insurance
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  Speaker 2: rates at a level below market.
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  Speaker 3: So this then leads me to the point why everyone
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  Speaker 3: dislikes insurers and we all get cynical and jaded about
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  Speaker 3: it because let's say giant hurricane hits you know, Tampa
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  Speaker 3: dead on next year instead of you know, missing by
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  Speaker 3: twenty miles, and you've got two hundred and fifty billion
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  Speaker 3: dollars in claims that are going through. Like, who is
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  Speaker 3: going to be pressing the hardest for the state to
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  Speaker 3: be you know, able to make the claims it needs
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  Speaker 3: to all of the banks.
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  Speaker 2: Yep. And if there's one thing that I've learned in
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  Speaker 2: my short time on this planet. Damn good lobbyists. You
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  Speaker 2: don't fight capital when there's billions of dollars involved. I'm
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  Speaker 2: not saying you have to like it. I'm not saying
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  Speaker 2: you have to like join capital side and like yaar.
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  Speaker 2: Whatever they do.
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  Speaker 3: Is write and I don't know why I just became
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  Speaker 3: a pirate, but now whatever capitol pirate.
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  Speaker 2: But I think what I'm saying is more Buffett with
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  Speaker 2: an eyepash. We saw this with Silicon Valley Bank just
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  Speaker 2: as an example. When the billionaires have their money threatened,
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  Speaker 2: they win. They generally get what they want. So what's
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  Speaker 2: I guess I come back to what's the conclusion? I
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  Speaker 2: guess one of the conclusions. Conclusion is Florida's insurance company
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  Speaker 2: whatever they call it. I forget citizens, Citizen, Public, whatever
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  Speaker 2: it is, ain't go and bust. Well it might, but
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  Speaker 2: then it might get bailed out. Yeah. If it does,
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  Speaker 2: it gets bailed out. Uh. And that's that's I guess
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  Speaker 2: the conclusion here. And by the way, the other conclusion is,
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  Speaker 2: like they said, home and auto insurance rates are going
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  Speaker 2: to continue to go up. And it's really interesting to
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  Speaker 2: me too that some of these historically affordable places to
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  Speaker 2: live are getting much more expensive because of it. Quick
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  Speaker 2: break here.
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  Speaker 3: When we come back, Ted Rossman from bank Rate joins
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  Speaker 3: us talking about their holiday tipping survey. One of my
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  Speaker 3: favorite interviews every year. Ted joins us right after this.
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• 12:52
  Speaker 2: Ted Rossman from bank Rate joins us now to talk
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  Speaker 2: about their holiday tipping survey, as they do every year
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  Speaker 2: over at bank Thanks for joining us, appreciate it, of course,
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  Speaker 2: thanks for having me so the title here. Four and
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  Speaker 2: five tippers just want to say thank you this holiday season.
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  Speaker 2: Does that mean if I talk to my bartender, shake
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  Speaker 2: their hand and just give them an earnest look in
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  Speaker 2: their eyes and say thank you very much, They're they're
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  Speaker 2: gonna be satisfied This year, or people tipping cash in
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  Speaker 2: the way of saying thank you.
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  Speaker 5: Yeah, service providers like to be tipped in cash. Okay,
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  Speaker 5: that's the primary motivation though around the holidays is tipping
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  Speaker 5: as a thank you. There are other motivations to tip,
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  Speaker 5: of course, Sometimes we do it because it's expected. Sometimes
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  Speaker 5: we do it because we want to get better service
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  Speaker 5: next time. Around the holidays, though, it tends to be
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  Speaker 5: more of just a nicety. And it's notable that holiday
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  Speaker 5: tipping is holding up better than year round tipping. People
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  Speaker 5: are getting pretty annoyed with tipping the rest of the year,
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  Speaker 5: but they're still feeling pretty generous around the holidays.
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  Speaker 2: Yeah, that's a piece that's interesting to me. Talk to
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  Speaker 2: me about how Americans are feeling about tipping culture in general.
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  Speaker 5: In general, they're feeling pretty negative. Six and ten have
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  Speaker 5: a negative view of the practice. About a third say
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  Speaker 5: that tipping culture has gotten out of control. About a
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  Speaker 5: third are annoyed by those pre entered tip screens that
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  Speaker 5: you see at coffee shops and elsewhere. And we've actually
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  Speaker 5: seen a pretty steady decline in recent years in the
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  Speaker 5: frequency of people tipping at restaurants and also for things
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  Speaker 5: like haircuts and taxis and ride shares. Now. Holiday tipping,
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  Speaker 5: on the other hand, has been pretty stable. It hasn't
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  Speaker 5: changed that much in the past four years. We've actually
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  Speaker 5: seen a little bit of an uptick since twenty twenty two,
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  Speaker 5: So there was a little bit of a downturn in
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  Speaker 5: twenty two when inflation peaked. People were tipping less around
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  Speaker 5: the holidays. Now they've rebounded more or less to twenty
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  Speaker 5: twenty one levels, which is better than we could say
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  Speaker 5: about year round tipping.
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  Speaker 2: One of the most common service providers that people are
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  Speaker 2: planning on tipping this holiday season.
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  Speaker 5: We're talking about people like your housekeeper if you have one,
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  Speaker 5: your childcare provider if you have one, the ki teacher.
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  Speaker 5: Those are the three most tipped holiday professions that we
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  Speaker 5: asked about. All of those are a little over half
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  Speaker 5: of the time people tip them a little over half
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  Speaker 5: of the time. It's about forty percent of the time
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  Speaker 5: for landscapers and snowplow services, about a third of the
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  Speaker 5: time for mail carriers, and a little bit less for
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  Speaker 5: trash and recycling collectors.
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  Speaker 2: I was going to say, I feel like a bit
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  Speaker 2: of a cheapscake because I genuinely hadn't thought about my
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  Speaker 2: landscaper as receiving a tip. He is also my brother
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  Speaker 2: in this case, so perhaps that perhaps that exempts me.
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  Speaker 2: I'm not sure, but how common is you know, how
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  Speaker 2: common is it to, for instance, you know, tip the
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  Speaker 2: mail carrier tip some of these less common groups, depending on.
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  Speaker 5: The service, it's usually anywhere from about twenty five percent
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  Speaker 5: to a little over half or who's tipping here? And
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  Speaker 5: the amounts ranged from about twenty bucks to about fifty okay,
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  Speaker 5: So the low end in terms of frequency and amount
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  Speaker 5: would be the trash and recycling collector the mail carrier.
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  Speaker 5: The higher end in terms of frequency and amount would
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  Speaker 5: be housekeepers and childcare providers. So they're getting a median
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  Speaker 5: tip of fifty bucks. Now, if you can afford it.
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  Speaker 5: One really nice thing you can do for service providers
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  Speaker 5: like that is to tip equivalent to one service. So
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  Speaker 5: whatever you pay your housekeeper for a weekly visit, or
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  Speaker 5: if you have a frequent nanny or babysitter, whatever you
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  Speaker 5: pay them for a service or a week, you could
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  Speaker 5: double it around the holidays. That's a really generous holiday tip.
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  Speaker 5: Others are going more of the flat amount, in which
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  Speaker 5: case maybe it's more like fifty bucks.
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  Speaker 2: I don't know many gen Zers with childcare providers or housekeepers,
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  Speaker 2: But what are you noticing from a generational difference in
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  Speaker 2: terms of holiday tipping.
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  Speaker 5: Gen z Ers are the best holiday tippers. But you
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  Speaker 5: have hit on something important there in that it's a
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  Speaker 5: little bit self selecting. You know, if you have a
• 16:48
  Speaker 5: housekeeper or if you have a private nanny, chances are
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  Speaker 5: you're doing better financially some of these other things. Everybody
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  Speaker 5: has a mail carrier and a trash and recycling collector,
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  Speaker 5: so it's not always true, but that is actually my
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  Speaker 5: biggest theory for why gen z Ers are the best
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  Speaker 5: holiday tippers is that we're talking about the gen Zers
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  Speaker 5: who are doing the best. They're the most stable, they're homeowners,
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  Speaker 5: they have kids. It's certainly not all gen z Ers,
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  Speaker 5: but those that have these services are tipping better.
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  Speaker 1: Now.
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  Speaker 5: The rest of the year, gen z Ers are the
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  Speaker 5: worst tippers. Only about a third of them always tip
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  Speaker 5: at a sit down restaurant give versus about eighty percent
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  Speaker 5: of gen Xers and boomers. So most of the year
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  Speaker 5: gen Zers are bad tippers, but around the holidays they
• 17:28
  Speaker 5: stand out in a good way.
• 17:30
  Speaker 2: Ted Rossman from Bankraade joining us today to talk about
• 17:32
  Speaker 2: holiday tipping. Thanks so much, Ted, Happy holidays, Happy New Year.
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  Speaker 2: We'll talk to you again soon.
• 17:37
  Speaker 5: Sounds great, Happy holidays, Thanks all right.
• 17:39
  Speaker 4: Time for trivia here on the Financial Exchange. Going to
• 17:42
  Speaker 4: continue our Christmas trivia questions here, So here we go.
• 17:46
  Speaker 4: One of the most enduring Christmas songs is the Twelve
• 17:49
  Speaker 4: Days of Christmas. It can be a frustrating song because
• 17:52
  Speaker 4: of all the gifts that are given over twelve days.
• 17:55
  Speaker 4: Trivia question today, it's going to make you think how
• 17:58
  Speaker 4: many gifts are given in the twelve days Christmas? Once again?
• 18:01
  Speaker 4: Think about this, how many gifts are given in the
• 18:04
  Speaker 4: twelve days of Christmas? Be the first person today to
• 18:08
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• 18:11
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• 18:14
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• 18:16
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• 18:19
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• 18:26
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• 18:28
  Speaker 3: Taking a look at markets, as we head towards the
• 18:31
  Speaker 3: bottom of the hour, the Dow is now turned positive
• 18:34
  Speaker 3: and is actually up three points for the day. The
• 18:37
  Speaker 3: S and P is still down eight in the Nasdaq,
• 18:39
  Speaker 3: still down fifty seven, so still kind of choppy out there,
• 18:42
  Speaker 3: and quite honestly, what we're seeing right now is just
• 18:45
  Speaker 3: a very narrow selection of stocks that's actually been driving
• 18:49
  Speaker 3: the positive action in markets thus far. Today we still
• 18:54
  Speaker 3: have the ten year treasury selling off a bit down
• 18:56
  Speaker 3: five point one basis points to four point three percent,
• 19:02
  Speaker 3: so again no major moves in any direction on equities,
• 19:06
  Speaker 3: but just struggling to get any momentum over the last
• 19:11
  Speaker 3: eight to ten days now after a little bit of
• 19:14
  Speaker 3: an early or rather a late November surge that we saw.
• 19:19
  Speaker 2: We're gonna take a quick break here.
• 19:21
  Speaker 3: When we come back, we've got the trivia answer, and
• 19:24
  Speaker 3: then we're talking a little bit about media consolidation, what
• 19:27
  Speaker 3: we might be seeing next year in the media space.
• 19:40
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• 20:42
  Speaker 4: today was how many gifts are given in the twelve
• 20:47
  Speaker 4: days of Christmas? That would be three hundred and sixty four.
• 20:51
  Speaker 4: The gift giveth gives three hundred and sixty four presents
• 20:54
  Speaker 4: over the course.
• 20:55
  Speaker 2: Of the song.
• 20:56
  Speaker 4: You have to remember that the gifts accumulative. Each day,
• 20:59
  Speaker 4: the gift giver gives the New days gifts and all
• 21:02
  Speaker 4: the previous days gifts.
• 21:03
  Speaker 5: Again.
• 21:04
  Speaker 4: Yeah, whatever made you think? Right, I don't want to
• 21:07
  Speaker 4: think on a Friday.
• 21:08
  Speaker 2: But Wesley did.
• 21:09
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• 21:12
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• 21:16
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• 21:19
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• 21:22
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• 21:23
  Speaker 2: Do you know how much the twelve Days of Christmas
• 21:25
  Speaker 2: would cost in today's dollars? Yes, with this inflamation, three
• 21:30
  Speaker 2: hundred and sixty four gifts live animals included. Well, it's no,
• 21:35
  Speaker 2: not the three sixty four, just the actual like gift
• 21:38
  Speaker 2: twelve days, Oh, the twelve I have both, actually gifts,
• 21:41
  Speaker 2: I have both.
• 21:42
  Speaker 1: Okay.
• 21:43
  Speaker 3: The total if you just did the twelve days of
• 21:45
  Speaker 3: gifts would be about forty nine, two hundred and sixty
• 21:48
  Speaker 3: three dollars and forty seven cents approximately. PNC Bank calculates
• 21:52
  Speaker 3: this each year as part of their h I don't know,
• 21:56
  Speaker 3: it's their Christmas Price Index. If you did the true
• 21:59
  Speaker 3: cost of the three and sixty four presents, it would
• 22:01
  Speaker 3: be two hundred nine thousand, two hundred and seventy two dollars.
• 22:04
  Speaker 2: Even that's more reasonable than I figured. Which of the
• 22:06
  Speaker 2: gifts do you think is the most expensive?
• 22:09
  Speaker 4: I gotta look it up.
• 22:10
  Speaker 2: What do you mean you gotta look it up? Five
• 22:12
  Speaker 2: gold rings?
• 22:13
  Speaker 1: Yeah?
• 22:13
  Speaker 3: Uh no, five gold rings twelve hundred and forty five dollars.
• 22:19
  Speaker 3: Gold rings are not very much gold, they're pretty light.
• 22:23
  Speaker 2: Piper's piping, geese laying hang huh, Yeah, I don't know.
• 22:29
  Speaker 4: Lords.
• 22:31
  Speaker 2: Yeah, I mean we're gonna find all these lords. It
• 22:35
  Speaker 2: is the lord's leapany the lord's leaping would go for
• 22:38
  Speaker 2: about fifteen thousan five hundred and seventy nine dollars. They're
• 22:41
  Speaker 2: up seven point two percent this year as well. Uh.
• 22:44
  Speaker 3: The next on this list, and this is not included
• 22:47
  Speaker 3: in the Core Christmas Price Index, the seven Swans of
• 22:50
  Speaker 3: swim and coming at thirteen twenty five.
• 22:52
  Speaker 2: Swans get pricey. The Swans are not cheap. Uh, if
• 22:57
  Speaker 2: you're looking for your bargains, eight maids of milk and bucks.
• 23:04
  Speaker 3: It's tied to the federal minimum wage, it says, So
• 23:07
  Speaker 3: that's what you got on that front. Also, the French
• 23:11
  Speaker 3: hen's not particularly expensive at three hundred and forty six
• 23:13
  Speaker 3: dollars about one hundred and fifteen bucks a bird.
• 23:16
  Speaker 2: Yeah, yeah, I can see that. So there you go.
• 23:19
  Speaker 2: I want to talk a little bit about a victory
• 23:21
  Speaker 2: lap that I want to take right now.
• 23:23
  Speaker 3: New York Times has a piece. Media moguls set the
• 23:26
  Speaker 3: stage for deal mania now. A couple months ago, Comcasts
• 23:29
  Speaker 3: said that they were going to spin out their cable networks.
• 23:32
  Speaker 3: They were thinking about doing it, and I at the
• 23:36
  Speaker 3: time said, this is because Comcast wants to use those
• 23:39
  Speaker 3: assets to then go and buy up other companies that
• 23:42
  Speaker 3: are going to be doing similar things. And by and by,
• 23:46
  Speaker 3: that is exactly what is coming to Fruition now as
• 23:49
  Speaker 3: you have multiple legacy media companies talking about, hey, we're
• 23:53
  Speaker 3: going to spin off our cable networks, and Comcast and
• 23:57
  Speaker 3: whatever this thing is going to be called that they're
• 23:59
  Speaker 3: spinning off is going to be sitting right there saying.
• 24:02
  Speaker 2: Yeah, we're ready to buy him. I told you so.
• 24:04
  Speaker 2: So yeah. I mean, look, you have Warner Brothers, Discovery
• 24:08
  Speaker 2: who owns CNN among others. Comcast owns NBC. You've got
• 24:11
  Speaker 2: Paramount with an MTV and Nickelodeon. I don't clearly the
• 24:16
  Speaker 2: value is not very much in the delivery of cable
• 24:21
  Speaker 2: television to households. What do I mean, It's just been
• 24:26
  Speaker 2: eaten away by all the other options for that. So
• 24:30
  Speaker 2: it is a much more competitive business than I think
• 24:33
  Speaker 2: it was ten years ago. And so I don't know
• 24:36
  Speaker 2: is that you mean the actual media properties, yeah, or
• 24:40
  Speaker 2: the you said delivery of cable to households right, Yeah,
• 24:43
  Speaker 2: so is the cable delivery. What is the value piece here?
• 24:46
  Speaker 2: What is valuable in these assets? The the delivery to households
• 24:49
  Speaker 2: through Comcast Infinity, or the ownership of giant networks like NBC.
• 24:54
  Speaker 2: I would think it's the NBC's I think it's the opposite. Actually, really,
• 25:00
  Speaker 2: I don't die. I don't think the networks have much
• 25:02
  Speaker 2: value at this point. And the reason why is it
• 25:06
  Speaker 2: is such a fragmented media landscape and things are evolving
• 25:11
  Speaker 2: so rapidly there that I'm not sure how much juice
• 25:17
  Speaker 2: is on the cable networks. The place where you have
• 25:19
  Speaker 2: actual value is.
• 25:20
  Speaker 3: Still on the broadcast networks or on anything that carries
• 25:24
  Speaker 3: live sports.
• 25:25
  Speaker 2: Other than that, don't want it, So NBC, I don't
• 25:30
  Speaker 2: know why. I don't know why anyone would want to
• 25:33
  Speaker 2: own Nickelodeon right now.
• 25:37
  Speaker 3: And I say this is someone who consumed a lot
• 25:39
  Speaker 3: of Nickelodeon growing up as a kid, like you are,
• 25:43
  Speaker 3: MTV or any.
• 25:44
  Speaker 2: Of these what do what do your kids watch now? YouTube? Yep,
• 25:50
  Speaker 2: Disney Plus sometimes Netflix yep. They watch a lot of
• 25:55
  Speaker 2: live Nickelodeon or any for that matter.
• 25:57
  Speaker 3: I don't know why anyone in their right mind would
• 26:01
  Speaker 3: want to own Sci Fi Network. And I'm not saying
• 26:04
  Speaker 3: that I don't like the content that's on it. I'm saying,
• 26:08
  Speaker 3: how do I make money on that content? I can't
• 26:11
  Speaker 3: turn it into a streaming service that makes money like
• 26:16
  Speaker 3: other than Disney, Plus everyone's kind of like, okay, what
• 26:19
  Speaker 3: do we do? And even Disney, they basically had to
• 26:21
  Speaker 3: pare down their content to the point where you can't
• 26:23
  Speaker 3: get a lot of Disney stuff there. Why do I
• 26:27
  Speaker 3: want to own these properties? At least if I, at
• 26:30
  Speaker 3: the very least, if I sit back and say, you
• 26:33
  Speaker 3: know what, I'm just gonna deliver cable to a householder,
• 26:36
  Speaker 3: deliver high speed internet. Okay, fine, I can figure out
• 26:39
  Speaker 3: like a really boring business to operate there that has,
• 26:43
  Speaker 3: you know, some high costs associated with it, but everyone
• 26:46
  Speaker 3: needs it. My customers don't lead like for as much
• 26:50
  Speaker 3: as every year I call up, you know, my internet provider,
• 26:53
  Speaker 3: and I'm like, hey, I'm going to leave for someone else.
• 26:55
  Speaker 2: I only do it to negotiate the rate. I don't
• 26:57
  Speaker 2: actually want to return the equipment. Yeah, I suppose. So
• 27:02
  Speaker 2: long as internet coming into your home via cables underground
• 27:07
  Speaker 2: is the only way to deliver it, then it's a
• 27:10
  Speaker 2: business model that's going to work quite well because you
• 27:12
  Speaker 2: have to own most of them, own both, right, I
• 27:15
  Speaker 2: own the TV package's coming to your home alongside the
• 27:17
  Speaker 2: internet package, and you're likely going to bundle them because
• 27:22
  Speaker 2: the competition that sprouted up over the last several years,
• 27:26
  Speaker 2: like Fubo and like YouTube TV is suddenly as expensive
• 27:30
  Speaker 2: as the cable.
• 27:31
  Speaker 3: The other thing I was thinking about this when when
• 27:33
  Speaker 3: I was reading this piece this morning, I was thinking
• 27:37
  Speaker 3: about everyone knows ESPN right now, but in nineteen seventy nine,
• 27:41
  Speaker 3: when the idea for ESPN was getting off the ground,
• 27:45
  Speaker 3: it was just a bunch of Yahoo's sitting around in
• 27:48
  Speaker 3: Connecticut like, hey, like let's launch a sports network, and
• 27:50
  Speaker 3: they figured out how to do it. Like if you
• 27:52
  Speaker 3: ever read about the initial years of it, it was freaking crazy.
• 27:55
  Speaker 3: They like didn't know what they were gonna have on
• 27:56
  Speaker 3: from hour to hour. They were just trying to license
• 27:58
  Speaker 3: stuff as quickly as they because they're like, what do
• 28:00
  Speaker 3: we put on at two am?
• 28:01
  Speaker 2: We don't know?
• 28:02
  Speaker 3: And that's how you got all this stuff Highli exactly,
• 28:06
  Speaker 3: you know, like the the like Azbekistan Hili League, if
• 28:12
  Speaker 3: you want to know where that stuff is now. Because
• 28:14
  Speaker 3: I was thinking, I'm like, man, how come no one
• 28:16
  Speaker 3: launches like new cable channels anymore? And the reason why
• 28:19
  Speaker 3: it's it's all on YouTube. Like it's YouTube and podcasts.
• 28:22
  Speaker 3: And I know that we poop pool a lot of
• 28:25
  Speaker 3: that stuff because you know, people are like, oh, like,
• 28:27
  Speaker 3: it's not The early days of ESPN were so unprofessional,
• 28:31
  Speaker 3: like again, they were just trying to figure out what
• 28:33
  Speaker 3: to do.
• 28:34
  Speaker 2: So I will tell you that my kids consume this
• 28:36
  Speaker 2: show on YouTube called Ninja Kids with a with a
• 28:39
  Speaker 2: Z and it is low budget, seemingly shot with an
• 28:44
  Speaker 2: iPhone type material. These people have products and target. They're
• 28:51
  Speaker 2: advertising to me on Facebook that they're going to have
• 28:53
  Speaker 2: a live performance in Medford, Massachusetts this year. They are
• 28:59
  Speaker 2: they are a creative TV program these days. Yeah, created
• 29:06
  Speaker 2: with an iPhone in their basement. Now, I'm not saying
• 29:08
  Speaker 2: that this is all like great for society. That basically
• 29:12
  Speaker 2: everything is like the shows.
• 29:14
  Speaker 3: That we're all watching now in the new, up and
• 29:16
  Speaker 3: coming stuff is basically controlled by you know, whatever algorithm
• 29:19
  Speaker 3: on whatever media platform you consume stuff on. I'm not
• 29:22
  Speaker 3: saying that's great or that you know, immediately upon coming
• 29:26
  Speaker 3: up with an idea, hey, we got to figure out
• 29:28
  Speaker 3: how to get our products into stores instead of like, yes,
• 29:32
  Speaker 3: like we're.
• 29:33
  Speaker 2: It's given takes. It's democratized it a little bit. You know, Yes,
• 29:36
  Speaker 2: you can get noticed a lot easier these days. You
• 29:38
  Speaker 2: can get a following on your own without being picked
• 29:41
  Speaker 2: by the Hollywood elites.
• 29:42
  Speaker 3: But one of the other things is look for the
• 29:45
  Speaker 3: better part of human history, we largely existed in.
• 29:49
  Speaker 2: A monoculture with the people around you. And what I
• 29:51
  Speaker 2: mean by that is we all saw and listen to
• 29:54
  Speaker 2: and watch the same things and read the same things.
• 29:57
  Speaker 2: If you go back to the fourteen hundreds, there were
• 29:59
  Speaker 2: like three books to read. Everyone's reading the same ones.
• 30:03
  Speaker 2: You go forward into you know, the eighteen hundreds. Hey,
• 30:05
  Speaker 2: everyone's got Thomas Paine's pamphlet that they're waving around. You
• 30:09
  Speaker 2: go forward into the nineteen hundreds, there's four networks you're
• 30:12
  Speaker 2: watching those. That's it.
• 30:13
  Speaker 3: Like, so you have things that you, you know, you
• 30:16
  Speaker 3: can talk about with people in your lives. Mike, our
• 30:20
  Speaker 3: kids are separated by like four years. This is the
• 30:22
  Speaker 3: first time I've ever heard of ninja kids. I didn't
• 30:25
  Speaker 3: even know it was a thing until just now. And
• 30:28
  Speaker 3: so one of the consequences of this is it does
• 30:31
  Speaker 3: become harder to talk to people in our lives because
• 30:35
  Speaker 3: we're not all familiar with everything that's out there, and
• 30:39
  Speaker 3: it's so easy to go down different rabbit holes.
• 30:41
  Speaker 2: So if you want to connect with Mike Armstrong, you
• 30:43
  Speaker 2: have to watch Ninja Kids these days. It's the reality
• 30:47
  Speaker 2: of it. Totally get it, totally get it.
• 30:50
  Speaker 3: But from a societal perspective, we're still kind of reckoning with, Hey,
• 30:53
  Speaker 3: what does this mean for us on a social level
• 30:56
  Speaker 3: that we don't have just basic things where you come
• 30:59
  Speaker 3: in to work on Monday or school on Monday and
• 31:01
  Speaker 3: you say, hey, do you watch this? It's a lot
• 31:04
  Speaker 3: more choice now, which is great, but how does that
• 31:07
  Speaker 3: actually impact us from a social perspective.
• 31:09
  Speaker 2: I think we're also still learned a little bit about that.
• 31:11
  Speaker 2: Let's take a quick break. Paul Monica from Baron's joins
• 31:14
  Speaker 2: us to talk Walmart.
• 31:15
  Speaker 1: Right after this, miss any of the show. Catch up
• 31:18
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• 31:21
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• 31:24
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• 31:27
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• 31:30
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• 31:35
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• 31:38
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• 31:41
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• 31:44
  Speaker 5: Ladies and gentlemen the weekend.
• 31:56
  Speaker 3: As promised, We're now joined by Paul Monica from Bear
• 32:00
  Speaker 3: and to talk a little bit about Walmart.
• 32:02
  Speaker 2: Paul, how are you today?
• 32:04
  Speaker 5: Good?
• 32:04
  Speaker 7: Thanks? Hey, you guys going We're doing.
• 32:06
  Speaker 2: Pretty well, Paul. Walmart stock up about eighty percent this year.
• 32:11
  Speaker 2: Not bad for a boring old retailer.
• 32:14
  Speaker 7: Huh, exactly, They're not so boring anymore. Walmart having a
• 32:19
  Speaker 7: fantastic year, actually even outperforming Amazon. Fellow gal component up
• 32:25
  Speaker 7: only about fifty percent this year. So yes, poor Amazon.
• 32:29
  Speaker 7: Everyone's shedding a tear for how they've underperformed. But you know,
• 32:33
  Speaker 7: kidding aside. Walmart is a stock that Wall Street is
• 32:39
  Speaker 7: really falling over itself to show their optimism. Thirty seven
• 32:44
  Speaker 7: of the forty one analysts that cover it have it
• 32:46
  Speaker 7: rated at least buy or outperform. There's only three holes
• 32:50
  Speaker 7: in one cell, So I think investors expect, you know
• 32:54
  Speaker 7: that Walmart will continue to take advantage of some of
• 32:57
  Speaker 7: the turmoil that rivals face. Me Arts having a tough
• 33:01
  Speaker 7: time and the dollar stores are getting crushed.
• 33:04
  Speaker 3: When you look at Walmart, what is it that they
• 33:07
  Speaker 3: are doing right? Like, where are they capitalizing from on
• 33:11
  Speaker 3: all of this?
• 33:12
  Speaker 7: Yeah, it's a great question. I think really what it
• 33:15
  Speaker 7: comes down to is that Walmart has done a fantastic
• 33:21
  Speaker 7: job in digital, so it's really caught up to Amazon
• 33:26
  Speaker 7: and the e commerce race, and they've also copied, if
• 33:31
  Speaker 7: you want to call it that Amazon in terms of
• 33:35
  Speaker 7: Walmart has something called Walmart Plus that is basically kind
• 33:40
  Speaker 7: of like the Amazon Prime service where you're a membership.
• 33:44
  Speaker 7: You know, you have a membership, and that's something that
• 33:48
  Speaker 7: a lot of consumers, particularly who want delivery, are signing
• 33:53
  Speaker 7: up for that subscription service, and those are tend to
• 33:57
  Speaker 7: be higher income consumers that are spending more. So I
• 34:00
  Speaker 7: think the knock on Walmart people used to say, oh,
• 34:02
  Speaker 7: Walmart's doing well, look out for the economy, We're heading
• 34:05
  Speaker 7: into a recession. I don't think that's really the case anymore,
• 34:09
  Speaker 7: because Walmart is not necessarily just for that lower income cohort.
• 34:15
  Speaker 7: It's definitely got a very strong presence with middle class
• 34:19
  Speaker 7: and even wealthy consumers because everyone likes to save money
• 34:22
  Speaker 7: at a time where inflation pressures are still sticky.
• 34:25
  Speaker 3: Does that speak to the fact that other retailers that
• 34:27
  Speaker 3: might target, you know, parts of those demographics, whether it's
• 34:30
  Speaker 3: you know, target kind of in you know that middle
• 34:33
  Speaker 3: to you know somewhat upper end retail experience, and down
• 34:37
  Speaker 3: wind you've got Dollar Tree and Dollar General. Is it
• 34:40
  Speaker 3: just execution problems with those other companies more than anything else,
• 34:43
  Speaker 3: then I.
• 34:45
  Speaker 7: Think that's a part of it. I mean, I think
• 34:47
  Speaker 7: Dollar Tree and Dollar General aren't necessarily as big of
• 34:52
  Speaker 7: a digital commerce player. So I think that is a
• 34:57
  Speaker 7: problem that if it used to be the case of,
• 35:00
  Speaker 7: if you really want the cheapest possible product to kind
• 35:05
  Speaker 7: of really save money, you would go to some of
• 35:07
  Speaker 7: these dollar stores. Now you're able to get something at
• 35:10
  Speaker 7: a comparable price from Walmart and you can get a
• 35:14
  Speaker 7: chip to you that helps. But I think with Walmart,
• 35:17
  Speaker 7: we can't also underestimate the impact that is having because
• 35:23
  Speaker 7: of its big grocery business, and you know, I think
• 35:25
  Speaker 7: that's something that is hurting you know, companies, you know
• 35:29
  Speaker 7: in the supermarket business. And then also Walmart again, like Amazon,
• 35:35
  Speaker 7: is trying to become more of an advertising company as well.
• 35:39
  Speaker 7: They have a Walmart Connect ad business that likely will
• 35:45
  Speaker 7: grow further from targeted ads because Walmart kind of surprised
• 35:48
  Speaker 7: a lot of people earlier this year they bought the
• 35:51
  Speaker 7: smart TV maker Visio, and I don't think that's necessarily
• 35:54
  Speaker 7: because they want to bolster their consumer electronics business, even
• 35:58
  Speaker 7: though they obviously do that with video as well. But
• 36:01
  Speaker 7: Visio helps Walmart sell even more targeted ads to all
• 36:06
  Speaker 7: those people who have smart TVs and probably are using
• 36:11
  Speaker 7: DVRs to zip past, you know, traditional ads during a
• 36:16
  Speaker 7: regular TV if they're not streaming in the first place.
• 36:20
  Speaker 3: Very good, Paul, appreciate you joining us today. Have a
• 36:23
  Speaker 3: great weekend and we will catch up with you soon.
• 36:26
  Speaker 4: Great.
• 36:27
  Speaker 7: Thanks a lot, guys, have a go.
• 36:28
  Speaker 2: That's Paul Monica from Baron's talking about Walmart. Do you
• 36:32
  Speaker 2: want to talk about alcohol or robin Hood? Chuck, Yes.
• 36:36
  Speaker 2: Robinhood is playing the long game, betting on younger customers kids,
• 36:41
  Speaker 2: as the Wall Street Barons Bloomberg puts it, sorry, the
• 36:45
  Speaker 2: Wall Street Baron Bloomberg, Yeah, Bloomberg puts it them daily.
• 36:50
  Speaker 2: The question mark is will it payoff for them? Will
• 36:53
  Speaker 2: they become loyal robin Hood customers? Robin Hood drove prices
• 36:59
  Speaker 2: to zero. I credit them with the fact that Schwab
• 37:01
  Speaker 2: and Fidelity no longer trade for or charge for equity trades.
• 37:05
  Speaker 2: But Robinhood has a few good ways of making money,
• 37:07
  Speaker 2: from you know, money on cash to payment for order
• 37:10
  Speaker 2: flow some technical areas. The question will be are they
• 37:14
  Speaker 2: playing it right? Will you see once these you know,
• 37:19
  Speaker 2: twenty let's call it twenty to thirty five year olds
• 37:23
  Speaker 2: who are massive Robinhood customers and have a huge market share,
• 37:26
  Speaker 2: once they get an inheritance, say, or you know, have
• 37:30
  Speaker 2: their four oh one k at Fidelity, will they maintain
• 37:32
  Speaker 2: that Robinhood relationship or will they look elsewhere with a
• 37:36
  Speaker 2: company that is maybe more all service like a Fidelity
• 37:39
  Speaker 2: or a Schwab. Yeah, I think the big question, hey,
• 37:45
  Speaker 2: are they going to be able to provide the stuff
• 37:46
  Speaker 2: that people want as they accumulate more assets and can
• 37:50
  Speaker 2: they do that cheaply? Right?
• 37:52
  Speaker 3: Ultimately, like, I don't know how many people if you're
• 37:57
  Speaker 3: managing your money yourself, I don't know how much loyalty
• 37:59
  Speaker 3: there is.
• 38:00
  Speaker 2: The brokerage platform doesn't seem like it to me, you know,
• 38:03
  Speaker 2: especially since it's been commoditized by robin Hood. So I
• 38:08
  Speaker 2: don't know.
• 38:09
  Speaker 3: It's interesting thought, like, yeah, We've got these kids early,
• 38:12
  Speaker 3: but how do you know what you're going to keep them?
• 38:14
  Speaker 3: That's I think a big question in that business. Quick
• 38:17
  Speaker 3: break here for the entire weekend. We'll see you on Monday.