Latest / The Financial Exchange Show / Why does Trump want a weaker dollar?

Transcript

Why does Trump want a weaker dollar? · The Financial Exchange Show

• 0:00
  Speaker 1: The Financial Exchange is produced by Money Matters Radio and
• 0:02
  Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
• 0:05
  Speaker 1: registered investment advisor. All opinions expressed are solely those of
• 0:08
  Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
• 0:11
  Speaker 1: or anyone else. Investments can lose money. This program does
• 0:14
  Speaker 1: not offer any specific financial or investment advice. Please consult
• 0:17
  Speaker 1: your own financial, tax, and estate planning advisors before making
• 0:20
  Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
• 0:23
  Speaker 1: this program do not endorse each other or their services.
• 0:25
  Speaker 1: Armstrong and Money Matters Radio do not compensate each other
• 0:28
  Speaker 1: for referrals and are not affiliated. This is the Financial
• 0:34
  Speaker 1: Exchange with Chuck Zada and Mike Armstrong, Your exclusive look
• 0:38
  Speaker 1: at business and financial news affecting your day, your city,
• 0:42
  Speaker 1: your world. Stay informed and up to date about economic
• 0:46
  Speaker 1: and market trends, plus breaking business news every day. The
• 0:50
  Speaker 1: Financial Exchange is a proud partner of the Disabled American
• 0:53
  Speaker 1: Veterans Department of Massachusetts. Help us support our great American
• 0:57
  Speaker 1: heroes by visiting dav five k dot com Boston and
• 1:00
  Speaker 1: making a donation today. This is the Financial Exchange with
• 1:05
  Speaker 1: Chuck Zada and Mike Armstraw.
• 1:09
  Speaker 2: All right, it's Chuck, Mike and Tuckger with you here
• 1:12
  Speaker 2: on our to financial exchange and markets selling off today
• 1:17
  Speaker 2: after the big leap rally that took place from about
• 1:20
  Speaker 2: one fifteen to four pm yesterday. Obviously we had US
• 1:23
  Speaker 2: markets up anywhere from eight to twelve percent yesterday, so
• 1:27
  Speaker 2: that was nice. But here's the thing that I will say,
• 1:32
  Speaker 2: and I say this a lot. Look, just because volatility
• 1:34
  Speaker 2: is moving upwards doesn't mean it's not volatility and doesn't
• 1:38
  Speaker 2: mean that things are resolved.
• 1:40
  Speaker 3: The stuff that you like to see.
• 1:41
  Speaker 2: In order to be like feeling comfortable and confident about
• 1:44
  Speaker 2: markets is not a ten percent upward move. But days
• 1:48
  Speaker 2: where it's like, hey, the S and P move fifteen points,
• 1:52
  Speaker 2: Like the S and P moved three quarters of a percent,
• 1:55
  Speaker 2: the SMP moved half a percent, because that means that
• 1:57
  Speaker 2: investors are starting to feel more comfortable with how to
• 2:00
  Speaker 2: price things.
• 2:01
  Speaker 3: So today you've.
• 2:02
  Speaker 2: Got markets selling off a modest amount in the context
• 2:05
  Speaker 2: of you know, the last week or so. It's nothing huge,
• 2:08
  Speaker 2: but still like meaningful. You get the Dow off about
• 2:11
  Speaker 2: one thousand points two and a half percent, The S
• 2:14
  Speaker 2: and P's down one hundred and sixty points about three percent,
• 2:16
  Speaker 2: and the nasdack down six hundred points about three and
• 2:18
  Speaker 2: a half percent. So all three major US indices are
• 2:22
  Speaker 2: selling off a little bit after the exuberance of yesterday
• 2:25
  Speaker 2: afternoon war off bond market. Not a ton of movement there,
• 2:30
  Speaker 2: a little bit more stability, which is good. The tenure
• 2:32
  Speaker 2: Treasury is coming back in about six basis points to
• 2:35
  Speaker 2: four point three three nine percent. Shorter term rates coming
• 2:38
  Speaker 2: down a little bit further here. What this does mean
• 2:42
  Speaker 2: is that yesterday, Mike, I don't know if you saw,
• 2:44
  Speaker 2: but Mortgage News Daily, the afternoon average for the thirty
• 2:49
  Speaker 2: year national fixed rate mortgage came in six point ninety
• 2:52
  Speaker 2: five percent, So we were back up, you know, near seven.
• 2:55
  Speaker 2: The morning number was actually at seven just because of
• 2:58
  Speaker 2: how the bond market moved over the cour the day.
• 3:01
  Speaker 2: But uh, six nine five. Again, we're right in the
• 3:04
  Speaker 2: middle of the spring housing season.
• 3:06
  Speaker 4: There are gonna be no home sales prices, No, it's
• 3:10
  Speaker 4: it's not gonna be there.
• 3:11
  Speaker 3: It's gonna be some home sales.
• 3:12
  Speaker 4: But like you just think about that decision right now
• 3:15
  Speaker 4: to go and buy a home at these interest rates,
• 3:17
  Speaker 4: with this uncertainty, there's a shrinking number of people who
• 3:21
  Speaker 4: are going to be willing to do so.
• 3:23
  Speaker 2: And this is you know, yeah, right in the middle
• 3:26
  Speaker 2: of the spring home season. I mean you talk about
• 3:28
  Speaker 2: like the peak of it. It is April and May, right,
• 3:31
  Speaker 2: Like that is the volumes in April and May that
• 3:34
  Speaker 2: we see are like fifteen to twenty percent higher than
• 3:37
  Speaker 2: any other part of the year, and like compared to
• 3:40
  Speaker 2: the ends of the year, it's like one hundred percent higher.
• 3:43
  Speaker 2: Like you basically see, like it's February through September is
• 3:48
  Speaker 2: kind of a plateau with you know, this this peak
• 3:52
  Speaker 2: in this little mountain that springs up in April and May.
• 3:55
  Speaker 2: But it's like the home sales the next two months,
• 3:57
  Speaker 2: they're like fifteen to twenty percent higher per week than
• 4:00
  Speaker 2: any other weeks happening in the year. And so if
• 4:02
  Speaker 2: you can't make these sales now, then you get the
• 4:05
  Speaker 2: people who say, well, let's just wait till next year
• 4:07
  Speaker 2: because they don't want to move the kids in the
• 4:08
  Speaker 2: middle of the school year and stuff like that. And
• 4:11
  Speaker 2: so this is where you start worrying about, hey, what
• 4:14
  Speaker 2: kind of price cuts do you need to start seeing
• 4:16
  Speaker 2: how soon and how vast do they need to be
• 4:18
  Speaker 2: and we're already in a situation where price cuts and
• 4:20
  Speaker 2: this is according to data from Mike Simonson from Alta's Research,
• 4:24
  Speaker 2: price cuts right now are higher than they've been at
• 4:26
  Speaker 2: any point in the last decade. Based on the percentage
• 4:30
  Speaker 2: that we're seeing, it's like thirty five point seven percent
• 4:32
  Speaker 2: of single family units have price cuts. Normal this time
• 4:36
  Speaker 2: of year is like twenty five to twenty seven.
• 4:39
  Speaker 4: Quick breaking news clarification from the White House, which genuinely
• 4:42
  Speaker 4: doesn't clarify much, but the Trump White House just clarified
• 4:46
  Speaker 4: that total China tariffs on Chinese goods important to the
• 4:50
  Speaker 4: United States are now one hundred and forty five percent.
• 4:54
  Speaker 3: Can I say something on that?
• 4:56
  Speaker 2: I mean I can, it's it's yeh.
• 4:57
  Speaker 4: Show yeah, it's no different between one twenty five.
• 5:00
  Speaker 3: Is that what you're gonna say?
• 5:01
  Speaker 2: It doesn't matter, Like there's a difference in terif rates,
• 5:05
  Speaker 2: like between ten and twenty percent or twenty and thirty.
• 5:08
  Speaker 2: Businesses make different decisions there as to how am I
• 5:10
  Speaker 2: going to handle this? If you raise tariffs from one
• 5:14
  Speaker 2: hundred and twenty five percent to one hundred and eighty,
• 5:17
  Speaker 2: there's no decision to be made. Those businesses already weren't
• 5:19
  Speaker 2: going to be importing those goods in most cases, right
• 5:22
  Speaker 2: Like it's it's it's just it's not really relevant to
• 5:26
  Speaker 2: you know, the decision making. So I think what you
• 5:29
  Speaker 2: can maybe say just in the context of negotiations, I think,
• 5:36
  Speaker 2: if you want to look at it from that perspective,
• 5:38
  Speaker 2: it's the White House giving itself more room to negotiate
• 5:41
  Speaker 2: those down while still maintaining the rates they want to.
• 5:44
  Speaker 2: So maybe they eventually want to target a rate of
• 5:46
  Speaker 2: you know, seventy percent, and now they're negotiating from one
• 5:49
  Speaker 2: forty five to seventy instead of from one twenty five.
• 5:52
  Speaker 2: But the effective difference in how businesses will respond, it's
• 5:57
  Speaker 2: it's six and one half dozen of another. Yep, what
• 6:00
  Speaker 2: else are we seeing oil prices? Remember oil spiked yesterday
• 6:03
  Speaker 2: like ten percent intra day, which again just wild stuff
• 6:07
  Speaker 2: that you don't see very often.
• 6:09
  Speaker 3: It's back down five percent today.
• 6:11
  Speaker 2: Why if you think there's going to be less economic
• 6:14
  Speaker 2: activity and the imposition of tariff still points towards less
• 6:17
  Speaker 2: economic activity, not gonna need as much oil, and as such,
• 6:22
  Speaker 2: oil prices pull back. So oil down three thirteen a
• 6:24
  Speaker 2: barrel to fifty nine to twenty two, the triple A
• 6:27
  Speaker 2: national average gas price is continuing to slide as it's
• 6:29
  Speaker 2: now picking this up. Now that we're through that switch
• 6:32
  Speaker 2: over to the summer blends, you've got the triple A
• 6:35
  Speaker 2: national average gas price at three twenty two and two
• 6:38
  Speaker 2: tenths of ascent down another one point three cents overnight,
• 6:41
  Speaker 2: So you got some good movement downward on gas prices,
• 6:45
  Speaker 2: gold picking up. Uh. You know, here's what happens in
• 6:50
  Speaker 2: panic sell offs. Everything gets sold because you have big
• 6:54
  Speaker 2: investment books that are basically trying to de risk and deleverage,
• 6:58
  Speaker 2: and so even the stuff that's up that held up well,
• 7:00
  Speaker 2: like gold did for much of the last week or two,
• 7:03
  Speaker 2: eventually get sold because it's hey, now we want to
• 7:06
  Speaker 2: buy more equities. Sell the gold in order to buy
• 7:08
  Speaker 2: the equities.
• 7:09
  Speaker 4: Or what can also happen during this time if you're
• 7:11
  Speaker 4: if you were a big institution, or if you're trading
• 7:13
  Speaker 4: on margin, and all of a sudden you get to
• 7:15
  Speaker 4: a point where you are forced to sell because of
• 7:18
  Speaker 4: the level of destruction and equity markets. You will oftentimes
• 7:21
  Speaker 4: see these safe haven type assets that have actually done
• 7:24
  Speaker 4: quite well get sold at that point because it's okay,
• 7:26
  Speaker 4: I'm looking around at my portfolio. What's the least bad
• 7:29
  Speaker 4: thing to sell. Yes, and for a lot of people,
• 7:31
  Speaker 4: that was gold over the course of the last week. Right, So,
• 7:33
  Speaker 4: like during the actual panic, safe havens don't necessarily hold
• 7:36
  Speaker 4: up well, it's kind of all of the periods surrounding
• 7:38
  Speaker 4: that where you typically would expect them to. And so
• 7:41
  Speaker 4: gold today rallying ninety six dollars. Now it's up three
• 7:44
  Speaker 4: point one percent to thirty one seventy five, closing back
• 7:47
  Speaker 4: in on a new all time high. Still not there,
• 7:51
  Speaker 4: I believe we got up to let's see, we got
• 7:55
  Speaker 4: to thirty two oh one and sixty cents, so we're
• 7:57
  Speaker 4: still about one percent off of that, maybe a litle
• 8:00
  Speaker 4: bit less than one percent. But gold up over three
• 8:03
  Speaker 4: percent today as it surges forward here. So you've got markets,
• 8:07
  Speaker 4: you know, still making some pretty significant moves. I mean,
• 8:11
  Speaker 4: another one that's relevant, the dollars off one point seven
• 8:15
  Speaker 4: percent today. Like to put this in perspective, like this
• 8:18
  Speaker 4: doesn't happen a normal daily move for the dollar index,
• 8:23
  Speaker 4: if like, if you're just looking at this in the
• 8:25
  Speaker 4: context I'm looking at like the last.
• 8:27
  Speaker 2: Year, a normal daily move for the dollar index quarter percent,
• 8:33
  Speaker 2: half a percent. You know, things like that like that,
• 8:35
  Speaker 2: that's kind of the where you typically see the moves
• 8:39
  Speaker 2: that we saw at the beginning of March when the
• 8:41
  Speaker 2: US mech when the Mexico and Canada tariffs were announced,
• 8:45
  Speaker 2: those were similar to this. But again, when you when
• 8:49
  Speaker 2: you're seeing like a one point seven percent move in
• 8:51
  Speaker 2: a currency on a daily basis, that's not indicative of
• 8:55
  Speaker 2: a market that is showing you any stability there. Like
• 8:58
  Speaker 2: that is a huge move from a currency perspective, And
• 9:02
  Speaker 2: quite honestly, this is something that I also do think
• 9:04
  Speaker 2: is important. The Trump administration is talked quite a bit
• 9:09
  Speaker 2: about how there may be situations where they want a
• 9:12
  Speaker 2: week er dollar, and I think this is something that
• 9:16
  Speaker 2: we talked about after the election where we said, hey,
• 9:20
  Speaker 2: in Trump's first term, if you look at you know,
• 9:23
  Speaker 2: twenty seventeen is first year in office, the dollar weekened
• 9:26
  Speaker 2: about eight nine percent over the course of the year.
• 9:29
  Speaker 2: That wasn't an accident. And I think you could be
• 9:31
  Speaker 2: seeing something similar here in terms of, you know, dollar
• 9:34
  Speaker 2: weakness becoming a theme that is encouraged by the Trump administration.
• 9:40
  Speaker 2: Why would the Trump administration want to encourage dollar weakness
• 9:42
  Speaker 2: Two things, in my opinion. The first, it helps companies
• 9:47
  Speaker 2: that make stuff in the US to be able to
• 9:48
  Speaker 2: export more efficiently, not more efficiently, but more effectively, more competitively,
• 9:53
  Speaker 2: that's the word. The reason being, Hey, if other currencies
• 9:56
  Speaker 2: strengthen relative to the dollar, it's easier to buy US goods.
• 10:00
  Speaker 2: The second piece is if you are a US company
• 10:03
  Speaker 2: that is selling stuff overseas, likewise, your foreign earnings will
• 10:08
  Speaker 2: be worth more dollars. It helps out from an earnings perspective.
• 10:11
  Speaker 2: You have a currency tailwind instead of a headwind. There.
• 10:15
  Speaker 2: The counter to it is that US purchasing power then
• 10:20
  Speaker 2: goes down for things that are imported, making them more expensive.
• 10:24
  Speaker 2: And any kind of travel or anything that you're doing,
• 10:26
  Speaker 2: you know, overseas, becomes more expensive as well. Not saying
• 10:31
  Speaker 2: this is good, bad, or ugly, just saying this is
• 10:33
  Speaker 2: the lay of the land, and this is something I
• 10:35
  Speaker 2: think we need to be aware of because I think
• 10:37
  Speaker 2: currency is a big part of what the Trump administration
• 10:40
  Speaker 2: is trying to work with during this term. Here, let's
• 10:45
  Speaker 2: take a quick break. When we come back, we'll do
• 10:47
  Speaker 2: a little bit of trivia.
• 10:48
  Speaker 1: Right after this Tara fever is in high gear. We've
• 10:52
  Speaker 1: got the latest on what might be next and how
• 10:55
  Speaker 1: long it might last only here on the Financial Exchange
• 10:58
  Speaker 1: Radio Network. The Financial Exchange streams live on YouTube. Like
• 11:03
  Speaker 1: our page and stay up to date on breaking business
• 11:06
  Speaker 1: news all morning. Loan Base is the Financial Exchange Radio Network.
• 11:12
  Speaker 5: The Financial Exchange is proud of our partnership with the
• 11:15
  Speaker 5: Disabled American Veterans Department of Massachusetts. This year's five K
• 11:20
  Speaker 5: is Saturday, November eighth, and registration is now open. The
• 11:24
  Speaker 5: race has sold out each of the past four years
• 11:26
  Speaker 5: and slots will fill up quickly, so don't delay. Visit
• 11:30
  Speaker 5: DAV five k dot Boston and reserve your spot, or
• 11:34
  Speaker 5: join our team here at the Financial Exchange by registering
• 11:37
  Speaker 5: under Team TFE. That's Saturday, November eighth for this year's
• 11:42
  Speaker 5: DAV five K sign up now at DAV five k
• 11:47
  Speaker 5: dot Boston. Time for trivia here on the Financial Exchange
• 11:50
  Speaker 5: and on this day. Back in nineteen twelve, the Titanic
• 11:53
  Speaker 5: set sale from Southampton for its maiden and final voyage.
• 11:58
  Speaker 5: Four days later, the Titanic hitting Iceberg in sank. The
• 12:01
  Speaker 5: following morning tribute question today, which US city was the
• 12:04
  Speaker 5: Titanic sailing too? Once again, which US city was the
• 12:08
  Speaker 5: Titanic sailing too? Be the eighth person today to text
• 12:12
  Speaker 5: us at six one seven three six two thirteen eighty
• 12:15
  Speaker 5: five with the correct answer, and you get a brand
• 12:18
  Speaker 5: new Financial Exchange Show T shirt. Once again, the eighth
• 12:21
  Speaker 5: correct response to text us at the number six one
• 12:24
  Speaker 5: seven three six two thirteen eighty five, we'll get that
• 12:27
  Speaker 5: T shirt. See complete contest rules at Financial Exchange Show
• 12:31
  Speaker 5: dot com.
• 12:32
  Speaker 2: Mike, before we talk about how CEOs are still, you know,
• 12:36
  Speaker 2: nervous about potential recession, I want to do a quick
• 12:40
  Speaker 2: follow up on CPI. Uh. Every time we get CPI,
• 12:44
  Speaker 2: the Cleveland Fed produces two different metrics. One is called
• 12:47
  Speaker 2: median CPI and one is called trimmed mean. And basically
• 12:51
  Speaker 2: what these do is the median says, look, I don't
• 12:54
  Speaker 2: want to, you know, pay attention to any outliers. If
• 12:56
  Speaker 2: there are one hundred and one things in this series,
• 13:00
  Speaker 2: give me the fifty first one. Tell me what's right
• 13:02
  Speaker 2: in the middle and what has an equal number above
• 13:04
  Speaker 2: or below. So median CPI just tells you, like, what's
• 13:08
  Speaker 2: like the central number in CPI because obviously the weightings
• 13:12
  Speaker 2: and this and that can can move things. So median CPI,
• 13:15
  Speaker 2: even though headline came in at negative point one and
• 13:18
  Speaker 2: core at point one. Median was point three, which is
• 13:22
  Speaker 2: the same as it's been for the last six months now,
• 13:26
  Speaker 2: so that paints a picture that is different from the
• 13:30
  Speaker 2: initial release. They also do what's called a trimmed mean,
• 13:33
  Speaker 2: where what they do is they basically take like the
• 13:36
  Speaker 2: eight percent on the high end and low end and
• 13:39
  Speaker 2: kick them out, and they're like, look at like the
• 13:40
  Speaker 2: stuff that's in the middle, because we want to get
• 13:42
  Speaker 2: rid of those outliers.
• 13:43
  Speaker 3: Again.
• 13:43
  Speaker 2: We don't want to look at, you know, something that
• 13:45
  Speaker 2: might have moved ten percent in a month, because that's
• 13:47
  Speaker 2: not necessarily representative of what it's gonna do in the
• 13:50
  Speaker 2: long run, Like there's no price that falls ten percent
• 13:52
  Speaker 2: every month, is kind of the premise of it. And
• 13:55
  Speaker 2: the trimmed mean one came in at point two percent,
• 13:57
  Speaker 2: which is better than it's been in the last six months.
• 13:59
  Speaker 2: It's been fluctuating between point three or point four, but
• 14:02
  Speaker 2: still okay, like good and where you want to be,
• 14:06
  Speaker 2: but not as low as we saw. So the reason
• 14:09
  Speaker 2: I bring this up. Ten year treasury at one point
• 14:11
  Speaker 2: today was down to four point to six percent. It
• 14:16
  Speaker 2: subsequently has sold off and reversed about half of that
• 14:19
  Speaker 2: gain and now is at four point three to three
• 14:22
  Speaker 2: and this came right after the Cleveland Fed published this
• 14:25
  Speaker 2: about twenty minutes ago. So just trying to give some
• 14:27
  Speaker 2: context to what we're seeing out there in the bond market.
• 14:33
  Speaker 2: The more you know Michael's talk about this piece from Bloomberg,
• 14:35
  Speaker 2: it's titled CEO's brace for recession even after tariff for
• 14:38
  Speaker 2: pre boost stocks.
• 14:40
  Speaker 3: And this is the.
• 14:42
  Speaker 2: Thing that I think we were gonna come back to
• 14:44
  Speaker 2: quite a bit, which is, hey, even after the punting
• 14:50
  Speaker 2: for ninety days on the higher reciprocal tariff rates, you
• 14:54
  Speaker 2: still have a tariff environment today that is very different
• 14:57
  Speaker 2: from the beginning of the year, and companies are going
• 15:00
  Speaker 2: to be cautious about how they approach it, especially given Hey,
• 15:04
  Speaker 2: if you're not sure how long any given tariff is
• 15:06
  Speaker 2: going to be in effect, it makes you really cautious
• 15:10
  Speaker 2: about leveraging up and deploying capital because you don't want
• 15:13
  Speaker 2: to commit to a move if a week or two
• 15:16
  Speaker 2: later you might be staring down a different tariff picture
• 15:19
  Speaker 2: than you were originally looking at.
• 15:21
  Speaker 3: Yeah, really impossible to know.
• 15:22
  Speaker 4: Again, I keep going back to Apple on this on
• 15:25
  Speaker 4: this story here right, they have manufacturing facilities.
• 15:29
  Speaker 3: Mainly in China.
• 15:31
  Speaker 4: I don't know what percentage of Apple physical products come
• 15:33
  Speaker 4: from China, but it's a large portion. They've got manufacturing
• 15:36
  Speaker 4: facilities in India. They have is it the iPad? They
• 15:40
  Speaker 4: manufacture in Texas? They have something in Texas as well.
• 15:44
  Speaker 4: I don't recall exactly what. I can find it somewhere.
• 15:47
  Speaker 4: But in any case, if you are sitting there now,
• 15:51
  Speaker 4: as Apple CEO, first and foremost, what you want is
• 15:54
  Speaker 4: to get a waiver of your products being subject to
• 15:58
  Speaker 4: tariffs in China.
• 15:59
  Speaker 3: That's best case.
• 16:00
  Speaker 2: Okay, I got the information for you. If you'd like, yeah,
• 16:02
  Speaker 2: hit me so China. Eighty percent of Apple's production capacity
• 16:08
  Speaker 2: is still in China, ninety percent of iPhones there and
• 16:12
  Speaker 2: fifty five percent of Apple's mac products and eighty percent
• 16:16
  Speaker 2: of iPads. This is according to estimates from Evercore ISI India.
• 16:21
  Speaker 2: Apple's targeting to make around twenty five percent of iPhones
• 16:24
  Speaker 2: globally in India, and it may be up to fifteen
• 16:28
  Speaker 2: to twenty percent by the end of this year. That's
• 16:30
  Speaker 2: according to a Bernstein estimate. Vietnam. About twenty percent of
• 16:34
  Speaker 2: iPad production and ninety percent of Apple's wearable product assembly
• 16:38
  Speaker 2: like Apple Watch, takes place in Vietnam, Malaysia they are
• 16:43
  Speaker 2: trying to build MAX there, and Thailand they're starting to
• 16:46
  Speaker 2: try to build MAX there as well. But it's predominantly
• 16:51
  Speaker 2: again like China is the vast majority, with India and
• 16:54
  Speaker 2: Vietnam kind of distant second and third in Malaysia eight
• 16:57
  Speaker 2: and even more distant fourth place.
• 17:00
  Speaker 4: And you know, taking a look at what we knew
• 17:02
  Speaker 4: yesterday at this time, it was that products from India
• 17:05
  Speaker 4: faced a twenty seven percent tariff, products from Vietnam faced
• 17:08
  Speaker 4: a forty six percent tariff. Both of those two countries
• 17:10
  Speaker 4: are now facing a ten percent tariff instead, at least
• 17:14
  Speaker 4: for the next ninety days.
• 17:16
  Speaker 3: What do I do.
• 17:17
  Speaker 4: Do I go pour a whole bunch of investment into
• 17:19
  Speaker 4: India and assume that hey, because they had the lowest
• 17:22
  Speaker 4: rate on the list, they will continue to or do
• 17:25
  Speaker 4: I wait for clarity. If I'm Tim Cook, I'm waiting.
• 17:29
  Speaker 4: I'm not doing. I'm not throwing ten billion dollars into
• 17:33
  Speaker 4: a factory in India only to find out that tariffs
• 17:35
  Speaker 4: are going to bump up and triple in that country
• 17:39
  Speaker 4: in ninety days.
• 17:40
  Speaker 2: So a couple and this gets it the question of Okay,
• 17:43
  Speaker 2: what's the real reason for the implementation of tariffs. If,
• 17:48
  Speaker 2: like I believe it's really hey, we want to focus
• 17:52
  Speaker 2: on China and the rest of this was was kind
• 17:54
  Speaker 2: of noise and is probably not going to actually make
• 17:57
  Speaker 2: it into effect, then you can feel confident starting to
• 18:01
  Speaker 2: make those decisions.
• 18:02
  Speaker 3: Right.
• 18:03
  Speaker 2: But the entire roll out last week from the White
• 18:07
  Speaker 2: House was, Hey, this is about the trade deficit, Like
• 18:11
  Speaker 2: we did the math. Not we did the math, but
• 18:13
  Speaker 2: a lot of people did the math on how the
• 18:14
  Speaker 2: different terror formulas were calculated, and it boiled down to
• 18:17
  Speaker 2: trade deficit. So let's say that I'm Tim Cook and
• 18:22
  Speaker 2: I say, you know what, I believe it's the former.
• 18:24
  Speaker 2: I think it's about China, and so I want to
• 18:26
  Speaker 2: move production out of China. A couple things I got
• 18:29
  Speaker 2: to navigate then. The first is, hey, the Chinese government,
• 18:32
  Speaker 2: when they start seeing me making less stuff there, they're
• 18:35
  Speaker 2: probably gonna be a little less friendly to me. So like,
• 18:37
  Speaker 2: do I then have to like really hurry to get
• 18:39
  Speaker 2: stuff out of China?
• 18:40
  Speaker 4: Right?
• 18:41
  Speaker 2: One thing to worry about. The other piece is what
• 18:43
  Speaker 2: if I'm wrong and I'm saying I is Tim Cook
• 18:46
  Speaker 2: and me I guess Tim Cook and I are basically
• 18:49
  Speaker 2: the same person.
• 18:50
  Speaker 3: Yeah, everybody says that pretty much.
• 18:54
  Speaker 2: Let's say that they decide we're gonna move you know,
• 18:56
  Speaker 2: the bulk of this production to India, which, by the way,
• 18:58
  Speaker 2: is not easy. If you talk to people about like
• 19:01
  Speaker 2: ramping up production in India, it's a lot harder than
• 19:03
  Speaker 2: China because there's this whole regional you know, governance network.
• 19:06
  Speaker 2: It's not as streamlined as China like that. There's a
• 19:08
  Speaker 2: reason why companies went to China first. But let's say
• 19:11
  Speaker 2: that you move it to India and now you're exporting
• 19:14
  Speaker 2: a ton of stuff from India to the US, and
• 19:16
  Speaker 2: now India's trade deficit with the US rises. So the
• 19:19
  Speaker 2: Trump administration say, hey, India, your trade deficits bigger. Now
• 19:23
  Speaker 2: we're gonna tear a few impossible to know, don't know,
• 19:28
  Speaker 2: to take a quick break when we come back. We
• 19:30
  Speaker 2: got the trivia answer after this.
• 19:41
  Speaker 6: Bringing the latest financial news straight to your radio every day,
• 19:45
  Speaker 6: it's the Financial Exchange on the Financial Exchange Radio Network.
• 19:51
  Speaker 6: The Financial Exchange Show podcast drops every day on Apple, Spotify,
• 19:55
  Speaker 6: and iHeartRadio. Hit that subscribe button then leave us a
• 19:58
  Speaker 6: five star review. You're listening to the Financial Exchange Radio Network.
• 20:05
  Speaker 5: Trivia question today was which US city was the Titanic
• 20:10
  Speaker 5: sailing to when it left on this day back in
• 20:12
  Speaker 5: nineteen twelve, That would be New York City. Daniel for Plastao,
• 20:18
  Speaker 5: New Hampshire is our winner today, taking home a brand
• 20:20
  Speaker 5: new Financial Exchange Show to you. Sure, congrats to Daniel.
• 20:24
  Speaker 5: We played trivia every day here on the Financial Exchange
• 20:28
  Speaker 5: c Complete contest rules at Financial Exchange Show dot com.
• 20:32
  Speaker 2: Tucker, you know what else happened? Basically as the Titanic
• 20:38
  Speaker 2: was sinking.
• 20:39
  Speaker 3: No, somebody was left on a door that definitely could
• 20:42
  Speaker 3: have fit two people.
• 20:42
  Speaker 2: Yeah, true, idiot, True, But Fenway Park opened five days
• 20:48
  Speaker 2: after the sinking, but basically got no press attention because
• 20:52
  Speaker 2: everyone was obviously you know, rightly so paying more attention
• 20:55
  Speaker 2: to the sinking of the Titanic.
• 20:57
  Speaker 5: I didn't realize it was nineteen twelve.
• 20:59
  Speaker 2: Yep, nineteen twelve, America's most beloved ballpark.
• 21:02
  Speaker 3: There you have it.
• 21:03
  Speaker 2: The more, you know, I do want to do a
• 21:05
  Speaker 2: quick look at markets just as we're kind of halfway
• 21:08
  Speaker 2: through the hour here, because gotta be honest, little Puky today, Yeah,
• 21:15
  Speaker 2: it's gotten worse.
• 21:16
  Speaker 3: Starting down like three two and a half three.
• 21:19
  Speaker 2: Right, started down like two and a quarter percent, and
• 21:21
  Speaker 2: now you got the SMP down about four the Nasdaq
• 21:23
  Speaker 2: off four and a half percent, and the Vicks back
• 21:25
  Speaker 2: above forty. This isn't just going away, I guess is
• 21:30
  Speaker 2: what I'm I'm gonna say here. It's gonna take some
• 21:32
  Speaker 2: time to sort through what this looks like. So again,
• 21:36
  Speaker 2: I'm we just gotta let things play out a little bit.
• 21:40
  Speaker 2: But this is just because he had a you know,
• 21:44
  Speaker 2: a very positive afternoon in markets doesn't mean that everything
• 21:48
  Speaker 2: is just fine from here. There's still some dodgy stuff
• 21:51
  Speaker 2: that we need to sort through, and still some huge
• 21:54
  Speaker 2: like let's let's get back to this, also still some
• 21:57
  Speaker 2: huge changes in global trade that could be happening as
• 22:00
  Speaker 2: a result of the still imposed tariffs.
• 22:01
  Speaker 4: Yeah, I'm trying to think through, like what are the
• 22:03
  Speaker 4: lessons learned from the last few days and conclusions that
• 22:06
  Speaker 4: we have here for the every man. I mean, one, clearly,
• 22:10
  Speaker 4: we're not just we didn't flip the page on tariffs
• 22:15
  Speaker 4: and market volatility, and today is evidence of that. We
• 22:18
  Speaker 4: did remove, at least temporarily, some of what was being
• 22:22
  Speaker 4: described as the worst case scenarios. Right there were legitimate
• 22:25
  Speaker 4: sources talking about shortages on shelves, stocks, sinking further, worst
• 22:31
  Speaker 4: recession that's been seen since the Great Depression. Those were
• 22:34
  Speaker 4: legitimate conversations that were being had prior to the suspension
• 22:38
  Speaker 4: of these tariffs yesterday. What still exists is a massive
• 22:44
  Speaker 4: shift in the overall circumstances surrounding global trade. But I
• 22:49
  Speaker 4: think the key lesson that I hope most people listening
• 22:53
  Speaker 4: to this program have already learned at this point, but
• 22:56
  Speaker 4: it's that you cannot respond to this on a day today.
• 23:00
  Speaker 4: And we were saying that really since Thursday of last week,
• 23:03
  Speaker 4: when all of the volatility began. Is look, if you
• 23:05
  Speaker 4: try and respond to the headlines every day, then you
• 23:07
  Speaker 4: are going to get burnt, and more importantly, you might
• 23:10
  Speaker 4: lose your mind out of the nerves that you're going
• 23:13
  Speaker 4: to be feeling.
• 23:13
  Speaker 3: Because of it.
• 23:14
  Speaker 4: But I'm sure there were plenty of people across the
• 23:17
  Speaker 4: country who on Tuesday or even Wednesday morning said, I'm
• 23:23
  Speaker 4: too old, I'm too scared, I'm too nervous, I can't
• 23:26
  Speaker 4: manage this anymore, and I can't make it up because
• 23:29
  Speaker 4: I don't have enough time, so sell everything. At least
• 23:31
  Speaker 4: I know where I'm locking in. And then what happened,
• 23:34
  Speaker 4: You know, twenty minutes later is Oh yeah, tariff suspended
• 23:37
  Speaker 4: and markets moved higher by what did we say, the
• 23:42
  Speaker 4: eighth largest move in a single dass history.
• 23:45
  Speaker 2: Five hundred gain in history if we look at the
• 23:48
  Speaker 2: Nasdaq largest moves in on a daily basis, So the
• 23:54
  Speaker 2: Nasdaq it was the second largest percentage gain on a
• 23:58
  Speaker 2: daily basis. Here's one of the thing that I want
• 24:00
  Speaker 2: to say just about that, and again we're dealing with
• 24:05
  Speaker 2: really small sample sizes when we get into this. The
• 24:07
  Speaker 2: the only day in the Nasdaq's history that had a
• 24:10
  Speaker 2: larger percentage move again not points because point like yep
• 24:15
  Speaker 2: percentage move was the third of January in two thousand
• 24:21
  Speaker 2: and one. NASDAK went fourteen percent right before way down
• 24:26
  Speaker 2: another forty or something like that. Uh No, the Nasdaq
• 24:29
  Speaker 2: fell like sixty five percent from there. Yeah, so big
• 24:32
  Speaker 2: days are not necessarily all clear? Is you want to
• 24:34
  Speaker 2: know the other ones surrounding this, Michael, I do. I'm
• 24:37
  Speaker 2: gonna tell you even if you don't want these the
• 24:40
  Speaker 2: other biggest days in the Nasdaq's history October thirteenth, two
• 24:45
  Speaker 2: thousand and eight. NASDAK didn't bot him for five months
• 24:48
  Speaker 2: after that, uh, December fifth, two thousand Again like at
• 24:55
  Speaker 2: this point, the Nasdaq still had another I think it
• 24:57
  Speaker 2: was like seventy percent to go two thousand and eight
• 25:01
  Speaker 2: October twenty. I think he's kind of all cluster. The
• 25:04
  Speaker 2: only one in the top eight that had a positive result.
• 25:10
  Speaker 2: A year later, and again teeny tiny sample size was
• 25:14
  Speaker 2: twenty twenty March thirteenth, NAZDAK was up nine percent and change.
• 25:19
  Speaker 2: But remember, we pumped two point two trillion dollars into
• 25:22
  Speaker 2: the economy, bought a whole like the Fed was gonna
• 25:23
  Speaker 2: buy all the bonds if needed, and then we pump
• 25:25
  Speaker 2: more money into the economy. So it's not to say
• 25:29
  Speaker 2: that this is, you know, guaranteed to get worse from here,
• 25:32
  Speaker 2: because like no, I have no idea what the market's
• 25:35
  Speaker 2: gonna do tomorrow, the next week, the next month, the
• 25:37
  Speaker 2: next year. By the way, nobody else does either, no clue,
• 25:40
  Speaker 2: absolutely no little secret out there like this. There's a
• 25:45
  Speaker 2: viable path to like almost anything. But what I am
• 25:49
  Speaker 2: telling you is that if you think of daylight yesterday
• 25:52
  Speaker 2: signals the all clear, and that it's only gonna be
• 25:54
  Speaker 2: up from here, the historical precedent is not on your side.
• 25:58
  Speaker 4: Agreed, folks, If you are listening there and the last
• 26:01
  Speaker 4: week has spooked you in some way, shape or form.
• 26:03
  Speaker 4: If you add a difficult time removing the emotions from
• 26:06
  Speaker 4: the decision making process. I'm not going to tell you
• 26:09
  Speaker 4: not to have emotions. Where all human beings, we've all
• 26:10
  Speaker 4: been reacting to the day to day moves in the news.
• 26:15
  Speaker 4: But if you are sitting there with your investment portfolio
• 26:17
  Speaker 4: and uncertain of, hey, what do I do next to
• 26:21
  Speaker 4: account for this massive change that is sweeping the globe
• 26:24
  Speaker 4: in terms of how trade gets approached by the United States,
• 26:28
  Speaker 4: and you're wondering how it might affect you, give us
• 26:32
  Speaker 4: a call at the Armstrong Advisory Group. We would love
• 26:34
  Speaker 4: to chat review how you're allocated, review your overall financial strategy,
• 26:39
  Speaker 4: and see if there are likely changes that you should
• 26:41
  Speaker 4: be making today even with this continued volatility or not.
• 26:46
  Speaker 4: The phone number for the Armstrong Advisor Group is eight
• 26:48
  Speaker 4: hundred three nine three four zero zero one. Let us
• 26:52
  Speaker 4: guide you through that process of that second opinion so
• 26:55
  Speaker 4: that you can feel more comfortable with your overall strategy.
• 26:58
  Speaker 4: Then number, once again for the Armstrong Advisory Group is
• 27:01
  Speaker 4: eight hundred three nine three four zero zero one.
• 27:04
  Speaker 1: The proceeding was paid for by Armstrong advisory group a
• 27:07
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 27:09
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 27:13
  Speaker 1: your own financial, tax and to state planning advisors before
• 27:15
  Speaker 1: making any investment decisions. Armstrong may contact you to offer
• 27:18
  Speaker 1: investment advisory services.
• 27:20
  Speaker 2: I want to talk about Amazon. Andy Jasse put out
• 27:23
  Speaker 2: his annual letter. This is something that Jeff Bezos used
• 27:26
  Speaker 2: to do when he was running the company. And first, Andy,
• 27:29
  Speaker 2: I gotta tell you it's a little long, Like CNBC
• 27:33
  Speaker 2: has my full text.
• 27:35
  Speaker 3: Up a little bit and it's it's.
• 27:39
  Speaker 2: Just I'm copying it right now into Microsoft Word just
• 27:43
  Speaker 2: to see how many words it is.
• 27:45
  Speaker 3: Okay, here we go.
• 27:46
  Speaker 2: So Jeff Bezos, it used to be like again, like
• 27:49
  Speaker 2: reasonable to read. I found a website once that had
• 27:51
  Speaker 2: all of them and like you could actually like read
• 27:53
  Speaker 2: through them, and it was it was fine. This one
• 27:56
  Speaker 2: from Andy is five fifty words.
• 27:58
  Speaker 4: So yeah, that directly contry next to the old Jeff
• 28:01
  Speaker 4: Bezos mantra and rule for meetings. Do you guys remember
• 28:04
  Speaker 4: his rule for meetings late Amazon.
• 28:06
  Speaker 2: Yeah, it was like what like less than ten minutes,
• 28:08
  Speaker 2: ten people in one pizza or something like that.
• 28:10
  Speaker 4: Yeah, the one that I remember was if you can't
• 28:13
  Speaker 4: if you can't feed the whole meeting with one pizza,
• 28:15
  Speaker 4: then don't have the meeting.
• 28:17
  Speaker 2: Yeah, this this five thousand words too, make it one
• 28:21
  Speaker 2: hundred words. Okay, you know.
• 28:23
  Speaker 3: But anyways, so how did a I summarize it for you? Chuck? Oh,
• 28:28
  Speaker 3: good question. Michael hold On, please stand by.
• 28:33
  Speaker 2: So speaking of AI, because one of the things that
• 28:35
  Speaker 2: was interesting in here is this is that Jesse was
• 28:40
  Speaker 2: saying when talking about AI development, He's like, look, companies
• 28:44
  Speaker 2: that are not starting to figure out how to use AI,
• 28:51
  Speaker 2: they are going to fall behind very quickly. He said,
• 28:53
  Speaker 2: It's not gonna be in one or two years, but
• 28:55
  Speaker 2: it's going to be shorter than the next ten. So base, Hey,
• 29:00
  Speaker 2: if you are a company that's operating right now, you
• 29:03
  Speaker 2: need to figure out how to make this work in
• 29:08
  Speaker 2: the next three to five years. Here's how it summarizes it.
• 29:11
  Speaker 2: I'm not going to go through the financial highlights. Key
• 29:13
  Speaker 2: business developments, retail, expanded selection, lowered priced and improved delivery,
• 29:17
  Speaker 2: speed aws, launch, new AI and infrastructure services, trainium to Amazon, Nova,
• 29:22
  Speaker 2: Sage Maker, and Bedrock, those sound Fun, Prime video, delivered
• 29:26
  Speaker 2: hit shows, added Apple TV Plus and secured major sports
• 29:28
  Speaker 2: rights devices, release new kindle models, achieving best quarterly sales
• 29:32
  Speaker 2: in a decade. Pharmacy expanded same day shipping and price transparency.
• 29:36
  Speaker 2: Cultural philosophy, We thrive by asking why and why not
• 29:39
  Speaker 2: in challenging norms. Leadership principles like our write a lot,
• 29:43
  Speaker 2: learn and be curious, have backbone, disagree and commit working
• 29:47
  Speaker 2: norms supporting innovation, narrative memos over PowerPoint, working backwards documents,
• 29:51
  Speaker 2: in person collaboration, tolerance for messy meetings, startup like operations.
• 29:56
  Speaker 2: AI in future vision, Amazon C'SAI is transformative, driving deep
• 29:59
  Speaker 2: investment and an infrastructure. Alexa plus aims to be the
• 30:02
  Speaker 2: first truly capable personal assistant. Project Cooper targets global broadband access.
• 30:07
  Speaker 2: That is, if you're not familiar with it. It is
• 30:10
  Speaker 2: their plan for a space based Internet, similar to Starlink.
• 30:16
  Speaker 2: Cooper is an asteroid belt in the Solar System, so
• 30:19
  Speaker 2: that's where the name comes from for any of you
• 30:21
  Speaker 2: astronomy nerds out there. Delivery speed remains a priority. Amazon
• 30:26
  Speaker 2: views AI as a once in a generation opportunity, and
• 30:30
  Speaker 2: he reflects on his twenty eight year journey at Amazon,
• 30:32
  Speaker 2: emphasizing passion for the company's mission innovation and culture. So
• 30:36
  Speaker 2: what I will say, A I just took five thousand
• 30:38
  Speaker 2: words and gave me a nice little summary that I
• 30:40
  Speaker 2: could read to you all in about a minute maybe two.
• 30:43
  Speaker 3: That is kind of cool, impressive, kind of cool. It's
• 30:46
  Speaker 3: not bad. I will also say.
• 30:49
  Speaker 4: Amazon is trying to be too much to too many people.
• 30:53
  Speaker 4: I don't know how anyone possibly can effectively manage. And
• 30:58
  Speaker 4: I agreed it has been working for them tremendously well.
• 31:01
  Speaker 4: Now for the better part of I'm trying to think
• 31:06
  Speaker 4: when they became everyone everything to everyone a better part
• 31:09
  Speaker 4: of a decade and a half. I just don't know
• 31:11
  Speaker 4: how much longer it can continue to say that, yeah,
• 31:13
  Speaker 4: we are going to be both a drug delivery company
• 31:16
  Speaker 4: and a streaming platform and everything else that we do,
• 31:20
  Speaker 4: and do it all successfully. So facts in recent history
• 31:25
  Speaker 4: would have proven me wrong. But nonetheless it just shocks me.
• 31:31
  Speaker 2: So I think that. So there's there's a couple different
• 31:35
  Speaker 2: ways to look at this. The first is, hey, they're
• 31:38
  Speaker 2: doing too much, they're spreading themselves too thin. They're not
• 31:40
  Speaker 2: going to figure it out. The other is there are
• 31:45
  Speaker 2: companies that do operate in this way and they do
• 31:48
  Speaker 2: pretty well. Again, assuming that they can actually like execute
• 31:52
  Speaker 2: Berkshire halfway. Great example of it, probably the exception that
• 31:55
  Speaker 2: proves the rule, because there's only one Warren Buffett, right,
• 31:57
  Speaker 2: so let's toss them out. But I want to take
• 31:59
  Speaker 2: y'all over across the pond to uh South Korea and
• 32:03
  Speaker 2: South Korea. The dominant form of large company is something
• 32:07
  Speaker 2: called a kibaal uh c h A E b O
• 32:10
  Speaker 2: L is how it's spelled. Companies like Hyundai and LG
• 32:16
  Speaker 2: fall into these this category. And these companies are these
• 32:20
  Speaker 2: like hugely diversified things where like even if you look
• 32:23
  Speaker 2: at Hyundai, they make like cars and cranes and boats,
• 32:28
  Speaker 2: like they make everything that's like heavy. It's not just
• 32:30
  Speaker 2: one thing, yep. And you could argue, oh, like they've
• 32:33
  Speaker 2: you know, they've spread themselves too thin, but it's it's.
• 32:35
  Speaker 3: Worked really well.
• 32:37
  Speaker 2: So I think that you can find some examples, not
• 32:40
  Speaker 2: so much in the United States but overseas where you
• 32:43
  Speaker 2: can have these hugely diversified conglomerates that actually can operate
• 32:47
  Speaker 2: in this fashion. But again it's it's not the dominant form.
• 32:50
  Speaker 2: And even there you can make a case, Okay, it's
• 32:52
  Speaker 2: something cultural in how this has developed, not something unique
• 32:55
  Speaker 2: to the company agreed. I don't know, just just ideas
• 33:00
  Speaker 2: out there. Just take a quick break. When we come back,
• 33:02
  Speaker 2: we'll do a little bit of stack roulette.
• 33:04
  Speaker 1: The global trade war is in full swing. How long
• 33:07
  Speaker 1: will it last? Is anyone's gus? Keep it here for
• 33:09
  Speaker 1: the most up to date information plus breaking news every
• 33:13
  Speaker 1: day right here on the Financial Exchange Radio Network. Find
• 33:17
  Speaker 1: daily interviews and full shows of the Financial Exchange on
• 33:20
  Speaker 1: our YouTube page. Like us on YouTube and get caught
• 33:23
  Speaker 1: up on anything and everything you might have missed. This
• 33:27
  Speaker 1: is the Financial Exchange Radio Network.
• 33:31
  Speaker 5: This segment of The Financial Exchange is brought to you
• 33:34
  Speaker 5: in part by the US Virgin Islands Department of Tourism.
• 33:37
  Speaker 5: The US Virgin Islands are Saint Croix, Saint Thomas, and
• 33:40
  Speaker 5: Saint John and they are the perfect place to take
• 33:42
  Speaker 5: your next vacation. Enjoy spectacular beaches, world class cuisine, and
• 33:47
  Speaker 5: a wide variety of water sports. Don't miss your chance
• 33:50
  Speaker 5: to visit America's Caribbean paradise, the United States Virgin Islands.
• 33:54
  Speaker 5: Go to visit USBI dot com for more information and
• 33:57
  Speaker 5: to book your trip today. That's visit USBI dot com.
• 34:02
  Speaker 4: Mike, what do you got for me for stock Rula
• 34:04
  Speaker 4: continued conversation about Amazon being the everything to everyone company.
• 34:08
  Speaker 3: In Europe, they.
• 34:09
  Speaker 4: Tested out turning their drivers into first responders. What they
• 34:13
  Speaker 4: did there was they had about one hundred of their
• 34:15
  Speaker 4: drivers get trained by first responders across Europe to basically
• 34:20
  Speaker 4: operate to fibrillators. And the idea was, hey, these drivers
• 34:24
  Speaker 4: are moving all across the city neighborhoods at any given
• 34:28
  Speaker 4: point in time, can they get there faster than an ambulance.
• 34:31
  Speaker 4: They didn't really disclose whether or not they were able to,
• 34:35
  Speaker 4: and they're quote studying the results of the test and
• 34:39
  Speaker 4: seeing how it worked there. May not work in the
• 34:42
  Speaker 4: United States, given our litigious society around medical treatment and
• 34:47
  Speaker 4: things like that, probably why they were testing it out
• 34:49
  Speaker 4: in Europe where there's a bunch of protections for people
• 34:51
  Speaker 4: trying to provide aid.
• 34:53
  Speaker 3: But again, interesting idea.
• 34:55
  Speaker 4: I do see how it can make sense if they
• 34:58
  Speaker 4: can make this into a business, or even if they
• 35:00
  Speaker 4: don't make it into a business, just buying good will
• 35:02
  Speaker 4: in Europe to make sure they don't get broken up
• 35:04
  Speaker 4: and text to all hell. But this is just continued
• 35:10
  Speaker 4: story of Amazon becoming everyone everything to everyone. It also
• 35:14
  Speaker 4: did remind me of the Seinfeld finale taking place in Leatham, Massachusetts,
• 35:18
  Speaker 4: with the cast being charged with the Good Samaritan Law,
• 35:20
  Speaker 4: which which I don't know, just kind of brought that
• 35:23
  Speaker 4: to mind.
• 35:24
  Speaker 3: I was.
• 35:24
  Speaker 2: I was really hoping that this wasn't just hey, we're gonna,
• 35:28
  Speaker 2: you know, provide you, try to provide you life saving service,
• 35:31
  Speaker 2: but also yeah, we're gonna have space in our delivery
• 35:34
  Speaker 2: vans to be able to carry you.
• 35:36
  Speaker 4: Sit on these boxes while you get your gunshot wound treated.
• 35:41
  Speaker 2: I wasn't gonna escalate it to that.
• 35:42
  Speaker 3: I was, you know, like, why is there blood all
• 35:46
  Speaker 3: of my new iPhone?
• 35:47
  Speaker 5: Just move those diapers to the side, don't worry about it.
• 35:50
  Speaker 2: Yeah, try try not to kick too much.
• 35:52
  Speaker 1: Fit them in there.
• 35:53
  Speaker 2: You know, the breakables are down at that end, so
• 35:55
  Speaker 2: watch your feet a little bit.
• 35:57
  Speaker 5: Move that box of trail mix out of the way.
• 35:59
  Speaker 3: I don't know.
• 36:01
  Speaker 4: Boy, So not a terrible idea. Not not the transportation
• 36:05
  Speaker 4: to hospitals. But you know, the defibrillators those are pretty
• 36:08
  Speaker 4: much uh easy to You don't really need any expertise
• 36:12
  Speaker 4: to use the emergency defibrillator.
• 36:14
  Speaker 2: So I know, I'm generally like anti drone, but like,
• 36:18
  Speaker 2: if you really know if you really needed to get
• 36:20
  Speaker 2: people to hospitals quickly, isn't drones the answer?
• 36:24
  Speaker 3: Oh god, yeah, I don't know, because what could go wrong?
• 36:29
  Speaker 2: Well, look, you can always say what can go wrong,
• 36:32
  Speaker 2: like it's a drone, like of course, like, but I'm saying,
• 36:35
  Speaker 2: like assuming that you like build the thing safely in
• 36:37
  Speaker 2: this and that.
• 36:38
  Speaker 4: Now, I don't know if it is chuck, because I
• 36:39
  Speaker 4: feel like during the metavac flights you also have a
• 36:42
  Speaker 4: few paramat ICs kind of like okay, yes, yeah.
• 36:45
  Speaker 2: Right, you want someone to taking care of you during
• 36:46
  Speaker 2: that travel time. Yeah that's fair. Yeah, okay, Yeah, I
• 36:50
  Speaker 2: glad I hashered out in front of everyone in public.
• 36:56
  Speaker 2: Let's talk a little bit about uh coming next summer
• 36:59
  Speaker 2: to the seaport and Boss the American the Museum of
• 37:02
  Speaker 2: American Finance.
• 37:04
  Speaker 3: Ready to Tucker, I'm excited about this. I'm not sure
• 37:08
  Speaker 3: you guys are tucky.
• 37:09
  Speaker 2: You're missing the point. We're gonna do a remote from there.
• 37:12
  Speaker 4: Yeah, it's definitely sponsored by Fidelity. They're not gonna have us.
• 37:17
  Speaker 4: What do you mean I started out there, I'm not sure.
• 37:20
  Speaker 3: We're fine. I'll try and put in a good word,
• 37:22
  Speaker 3: but but no, they're.
• 37:22
  Speaker 2: Gonna have things like they're gonna have an eighteen ninety
• 37:25
  Speaker 2: seven bond certificate from the Boston Terminal company that helped.
• 37:27
  Speaker 3: Build South Station. That's so cool.
• 37:30
  Speaker 2: So again, I'm the guy who like when I go
• 37:32
  Speaker 2: to you know that the couple times I've been to
• 37:34
  Speaker 2: Mount Washington, I've gone to the Mount Washington in or
• 37:37
  Speaker 2: whatever it is, and I visit the Gold Room where
• 37:39
  Speaker 2: they hashed out, you know, the Breton Woods talks. Because
• 37:41
  Speaker 2: I thought it was cool, Like that's that. I don't know.
• 37:44
  Speaker 2: I I think this is great. I can understand why
• 37:46
  Speaker 2: my kids might not want to go see a piece
• 37:49
  Speaker 2: of paper.
• 37:51
  Speaker 3: Yes, sure, that's fair.
• 37:53
  Speaker 5: Gather round, kids, Look at this bond.
• 37:55
  Speaker 2: Check out this signature on this check from JFK.
• 37:58
  Speaker 3: It's a literal coupon.
• 38:02
  Speaker 4: That's where the term came from. And sorry, it's true.
• 38:05
  Speaker 3: Is there a gift shop or is uh?
• 38:07
  Speaker 2: Listen, if you get a gift car a coupon for
• 38:11
  Speaker 2: you know, Dijon mustard, it's a coupon coupon.
• 38:14
  Speaker 3: That's how we'll end the show.
• 38:16
  Speaker 2: Markets remain heavily negative. It's it's kind of ugly out there. Actually,
• 38:20
  Speaker 2: Dow off about thirteen hundred points, SMP off two fifty
• 38:23
  Speaker 2: NASDACV eight seventy five. We're back tomorrow to finish the
• 38:25
  Speaker 2: week on the Financial Exchange