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Suze & Fitz Talk Money · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

0:07
Suze: February 15, 2026. Welcome everybody to the Women and Money
0:12
Suze: podcast and everybody's smart enough to listen. Today is a
0:16
Suze: special podcast because Keith Fitz-Gerald, I call him Fitzy, is
0:21
Suze: joining us to answer your questions about stocks, real estate, gold, silver,
0:28
Suze: the state of the market, what you need to know,
0:30
Suze: and a special announcement
0:32
Suze: at the end. So, let's get into this right away, Keith.
0:37
Suze: Everybody should know by now who you are. And if
0:40
Suze: they don't know who you are, they can just look
0:43
Suze: you up, OK? Cause you've been part of the Women
0:45
Suze: and Money family for quite a while now. First question
0:50
Suze: off the bat. We're in the middle of the day
0:52
Suze: when we're taping this. Markets are up, markets are down.
0:55
Suze: Friday here.
0:57
Suze: What do you want people to know today?
0:59
Keith: That you're OK, take a deep breath. These markets are
1:03
Keith: acting normally. There's nothing despite the headlines that makes me concerned.
1:08
Keith: We're on target, on path, and on goal, and that's
1:11
Keith: great to see.
1:12
Suze: Now that's hard for people given that many of the
1:16
Suze: stocks that we've been talking about are down considerably now.
1:21
Suze: I did a podcast last week and I did a
1:23
Suze: comparison between now and 2022 and all of these things,
1:28
Suze: but it's like, I want you to tell them,
1:32
Suze: that it's not just OK, but why? Because they are
1:36
Suze: scared to death, Keith. They should not be scared to
1:40
Suze: death right now because of the dramatic decline in many
1:43
Suze: of the stocks that they currently own.
1:45
Keith: Well, that's a great question, right? And it cuts to
1:48
Keith: the
1:48
Keith: absolute core of who we are as people, it cuts
1:50
Keith: to the core of who we are as investors and
1:53
Keith: it's important that we look at history. What's happening now, Suze,
1:56
Keith: is simply a shift in the institutional framework and it's
2:00
Keith: the world of high finance that is colliding with the
2:03
Keith: world of the individual investor.
2:05
Keith: And we've seen this playbook so many times, we know
2:08
Keith: the script. We've seen from all the way from 1871
2:11
Keith: to COVID to the Euro crisis to financial crisis. There
2:15
Keith: are always great shifts in liquidity, meaning the amount of
2:18
Keith: money on the move. What's happening right now has nothing
2:22
Keith: to do with the great stocks that we talk about frequently.
2:26
Keith: For example, during the internet crash, people forget that Amazon,
2:30
Keith: one of the greatest names today, lost 90%
2:34
Keith: or more of its market value. Things got so bad
2:37
Keith: that Jeff Bezos had to go around and assure all
2:40
Keith: the shareholders and investors that Amazon was going to be OK. Today,
2:44
Keith: you're simply seeing lots of hugely leveraged financial institutions making decisions,
2:50
Keith: trading with computers that have nothing to do with the
2:52
Keith: underlying merits of owning those particular stocks. If anything, we've
2:57
Keith: got trillions of dollars of value that has yet to
2:59
Keith: be created. So if you think about this like going
3:02
Keith: to a grocery store, Suze.
3:04
Keith: Everything you want to buy has just been put on
3:06
Keith: sale again. In a few years from now, if you
3:10
Keith: don't take the opportunity to shop for sale, you're gonna
3:12
Keith: be standing there in the aisle going, gee, I wish
3:14
Keith: I'd bought that when it was cheaper.
3:16
Suze: But how do you know when cheap is cheaper, really?
3:20
Suze: A lot of people, they saw a few stocks go
3:22
Suze: from 200 down to 185 to 165 to 150, now
3:28
Suze: around 127, and they're wanting to know, is now the time?
3:32
Suze: Or should I wait? Is it going to go to 100?
3:35
Suze: Is it gonna go 70? Should I be selling right
3:38
Suze: now and taking losses or taking gains? They are seriously
3:42
Suze: not knowing what to do and are looking for direction,
3:46
Suze: some solid direction.
3:49
Keith: Well, we talk about this a lot with folks all
3:51
Keith: over the world, right? And there's really two questions here.
3:53
Keith: If you're selling because you have to, that's one thing, right?
3:57
Keith: I mean, you, you have a need, you have to
3:58
Keith: fulfill that, whether you need to pay for an education,
4:00
Keith: you need to pay for next month, whatever. You should
4:02
Keith: be investing with money you don't need for at least
4:04
Keith: five years. I think you make that very, very clear.
4:07
Keith: But the difference between what's happening now and your emotions
4:10
Keith: running amok is that history shows very clearly that the
4:13
Keith: markets have an upward trajectory over time.
4:16
Keith: Now part of that is trust the system. Part of
4:19
Keith: that is looking at where you are in the market cycle.
4:21
Keith: But is it cheap enough? You don't know the answer
4:24
Keith: to that, right? But what you do know is that
4:26
Keith: there's a propensity for a rising tide to raise all boats.
4:29
Keith: We are estimating 4,5,6, $10 trillion a year coming online.
4:35
Keith: All of which has to find a home in the
4:37
Keith: world's best companies over time. That is a bullish input.
4:41
Keith: So really the question is not should I sell. The
4:43
Keith: question is why wouldn't you buy? And that's something you've
4:47
Keith: got to look in the mirror and take a hard
4:48
Keith: look at. What are you hoping to accomplish because if
4:51
Keith: you're buying the world's great companies.
4:54
Keith: Then this is no different again, than going to the
4:56
Keith: grocery store and buying the best steak you can see
4:58
Keith: on the shelf, or buying the best chicken or buying
5:00
Keith: the best soup, or buying the best ingredients, because that's
5:03
Keith: really what you're doing is you're making a soup, you're
5:05
Keith: making a delectable, delicious meal that you're going to enjoy
5:08
Keith: for many, many years to come. So, moments in time
5:12
Keith: are not the same thing as moments over time.
5:14
Suze: So let's talk about those moments in time.
5:17
Suze: One of the things people are always asking is, when
5:20
Suze: is the right time to dollar cost average? Do you
5:23
Suze: do it monthly? Do you do it every three months?
5:26
Suze: Do you, when you see the stock go down, do
5:28
Suze: you buy more? And what happens, Keith? When you bought
5:32
Suze: a position, you own the stock, and you have no
5:35
Suze: more money whatsoever to dollar cost average into it. What
5:39
Suze: do you do?
5:40
Keith: OK, well, let's, let's take those in order cause those
5:42
Keith: are all very important questions, right?
5:45
Keith: So dollar cost averaging is something a lot of people misunderstand.
5:48
Keith: They think it simply means buying lower, but that's not
5:51
Keith: true actually. If you're dollar cost averaging properly, the big
5:55
Keith: key is consistency because the whole premise behind dollar cost
5:58
Keith: averaging is that you go in consistently, whether it's the
6:01
Keith: first Monday of the month, whether it's the first Monday
6:04
Keith: of the quarter, and whether it's your birthday every year.
6:06
Keith: I mean, I know how some people do it that way.
6:08
Keith: The point is you don't chicken out when the prices
6:11
Keith: go down because if you do, then dollar cost averaging
6:14
Keith: doesn't work. In fact, you're defeating yourself at the worst
6:18
Keith: possible moment because the advantage to dollar cost averaging is
6:21
Keith: consistency and at moments like the present, having the discipline
6:26
Keith: to keep your emotions out of the equation and buy
6:28
Keith: in anyway, even if you're gritting your teeth and hating
6:32
Keith: every minute, and I personally feel those feelings too, right?
6:35
Keith: I mean, I'm an investor just like you are.
6:37
Keith: But the other part of this equation that people tend
6:39
Keith: to misjudge or misunderstand is, you know, they think they're
6:43
Keith: going to buy low just because it's low. That's not
6:47
Keith: quite right. Dollar cost averaging again is about consistency. It's
6:50
Keith: about execution, and it's about discipline. And if you're doing
6:53
Keith: it correctly, you should learn to embrace the sale. You
6:57
Keith: should learn to embrace the fact that many of these
6:59
Keith: stocks are off
7:00
Keith: significantly. If the reasons for which you bought those stocks
7:03
Keith: are still there, the question again you wanna ask is
7:07
Keith: why am I not buying? What's preventing me from doing that?
7:09
Keith: Is the story still there? Is Apple still the one
7:11
Keith: I want? Is Palantir IONQ? I mean, we're gonna talk
7:14
Keith: about all those stocks later, but...
7:15
Keith: ..but the thing is, think forward, think positive, because that's
7:18
Keith: what DCA is there to help you do.
7:20
Suze: All right, so one last question about dollar cost averaging,
7:24
Suze: which is, all right, stock's going down. I understand why
7:28
Suze: I should buy it as it's going down to bring
7:30
Suze: my cost bases down, but the real question is, all right,
7:33
Suze: we have a stock, and it's going up, and it's
7:36
Suze: going up, and it's going up. Do you dollar cost
7:39
Suze: average into it as well as it is going up?
7:44
Keith: Absolutely you do that. There's no question because, you know,
7:51
Keith: one of the sayings we have in this, in this
7:53
Keith: office in my team, and you know, it takes people
7:55
Keith: a lot of really internal hard thinking to, to come
7:58
Keith: to terms with it, is you really make your money
8:01
Keith: when the Bears come out to play. You just don't
8:03
Keith: realize it until the Bulls are running again.
8:05
Keith: And dollar cost averaging helps you stay in the game,
8:07
Keith: it helps you play to win, which brings me to
8:09
Keith: sort of that last part of your third question, which,
8:12
Keith: so what do you do if there's no money? If you,
8:14
Keith: if you, if you run out of money? Well,
8:16
Keith: every time I send out an email that says, hey,
8:18
Keith: you know what, maybe you ought to trim, you ought
8:20
Keith: to sell a little bit of this, sell a little
8:21
Keith: bit of that. If you have dividends coming in, if
8:23
Keith: you've got stocks that you own too much of or
8:26
Keith: something that's making you nervous at night, there's always the
8:29
Keith: art of selling. There's always a little bit you can
8:31
Keith: take from somewhere else. And my answer to people who
8:34
Keith: have that predicament is congratulations, you're doing the job right.
8:38
Keith: It means you're playing to win. Now...
8:40
Keith: Again, that may not feel great because it feels like
8:42
Keith: you're missing a sale, but that's your emotions talking. If
8:45
Keith: you've always got to way in, you've always got to
8:47
Keith: way out, that's what dollar cost averaging is all
8:49
Keith: about.
8:50
Suze: All right, so when I let everybody know that Fitzy,
8:53
Suze: they're all calling you Fitzy now, how does that feel, Fitzy?
8:56
Keith: I love it.
8:57
Suze: So when I was telling everybody on the podcast that
9:01
Suze: Fitzy was going to be on Sunday, even though it's
9:04
Suze: Friday right now, that send in questions. Well, we got
9:08
Suze: about 300 on the wall, thousands in emails, so I decided...
9:15
Suze: I'm not gonna choose. I'm gonna send them all to Robert,
9:18
Suze: the producer, right? And, uh, seriously, and I'm gonna let
9:23
Suze: him choose, and he'll ask you some. He'll ask me some,
9:27
Suze: and let's, let's just start. Let's do this rapid fire
9:30
Suze: so we can get as many answers in to as
9:33
Suze: many questions as possible. So Robert, now everybody, you're gonna
9:37
Suze: get to hear Robert's
9:39
Suze: voice, can you believe it? There you go. All right.
9:42
Robert: We got a ton of questions, as Suze said. So
9:45
Robert: I centered them around themes and categories. So these are
9:48
Robert: composite questions, so we're not gonna do names or anything,
9:50
Robert: but Keith, we're gonna start with you.
9:52
Keith: OK.
9:53
Robert: Given that the growth of AI will require vast amounts
9:56
Robert: of energy and other infrastructure, what
9:58
Robert: are some recommendations you have for new investments in this
10:02
Robert: space or surrounding AI?
10:04
Keith: Well, that's a literally a $1 trillion question. There's a
10:07
Keith: couple of thoughts here. First, and obvious is energy. Many
10:10
Keith: people are betting on nuclear development, and that's critical, definitely,
10:14
Keith: but that's also years away because we have a not
10:16
Keith: in my backyard problem anytime we try to build a
10:18
Keith: nuclear plant in this country, even if the permit is accelerated.
10:22
Keith: So my preference is to think about it as a
10:24
Keith: continuum and you want to look to conventional energy providers,
10:27
Keith: to natural gas players in particular, because every big AI company,
10:31
Keith: every big data center, every Mag 7 is talking about
10:35
Keith: fueling the incremental demand with natural gas. A company like
10:38
Keith: Chevron is ideal.
10:40
Robert: Suze...
10:41
Suze: Yes sir.
10:42
Robert: This is about general investing. I don't know when to
10:44
Robert: sell stocks, I can buy them for sure, but is
10:47
Robert: knowing when to sell them is as important as buying them?
10:51
Suze: So I think Keith kind of answered that you sell,
10:54
Suze: in my opinion, when all of a sudden you're too
10:57
Suze: nervous to hold or something has gone wrong in the company.
11:02
Suze: They've changed the CEO. They've changed their strategy. They're no
11:06
Suze: longer relevant, whatever it may be. Keith, what do you
11:09
Suze: think about answering that too?
11:11
Keith: Well, I agree with you 100%, and there's two sort
11:13
Keith: of litmus tests that we have. The best time to
11:16
Keith: buy stocks is when nobody wants them, i.e. a big drop,
11:19
Keith: and the best time to sell stocks is when people
11:21
Keith: can't get enough of them. And just as simple as that.
11:24
Keith: It's like a garden. You, you trim the vegetables, you
11:26
Keith: prune them, you harvest them every once in a while.
11:28
Suze: But Keith, I have to say this because the other
11:30
Suze: day on the podcast, I was telling people there are
11:32
Suze: some stocks you
11:33
Suze: just want to own forever and you never want to sell,
11:37
Suze: and that caused a ruckus of, well, what stocks are those? What,
11:41
Suze: how is it possible that there are some stocks you
11:43
Suze: never want to sell? Give them, and I know Robert,
11:45
Suze: I just took your job away from you for a second,
11:48
Suze: but what are some stocks, examples of stocks that you
11:52
Suze: personally own or I own that I would never want
11:55
Suze: to sell.
11:57
Keith: Well, I will cut right to the chase, and this
11:59
Keith: is a very controversial name, but I anticipate owning Tesla
12:03
Keith: for the rest of my life and hopefully for my
12:05
Keith: children and unborn grandchildren's lives.
12:08
Suze: Tell people why.
12:09
Keith: Well, the reason is that this is a company that
12:12
Keith: is not about cars, it's not about EVs, it's not about,
12:15
Keith: you know, wild executive antics. This is a company that
12:18
Keith: is changing data, it's changing transmission, it's changing energy, it's
12:21
Keith: rewiring humanity. And so the question people often bring to
12:26
Keith: me is, well, I can't get past Musk or I
12:28
Keith: can't get past this.
12:29
Keith: Great, because that means there's controversy. Controversy creates opportunity. If
12:33
Keith: you look at all of the trillions of dollars of
12:35
Keith: things that he's doing through those companies, I think we're
12:39
Keith: looking at a transformational moment in human history, which is
12:42
Keith: why I hope I'm smart enough to buy more shares
12:45
Keith: over time regardless of whether they're up and down. And
12:47
Keith: if I don't have money available, I'm going to make
12:50
Keith: some money available.
12:51
Suze: But in your opinion there are certain stocks that you've
12:54
Suze: probably owned for years, you probably will continue to own
12:58
Suze: for years. So it's those types of stocks that you
13:03
Suze: really want in your foundation to build upon, because in
13:07
Suze: my opinion, everybody, you don't want to pull out your foundation.
13:10
Suze: You pull out your foundation, everything on top of it
13:13
Suze: will crumble. So you always want
13:15
Suze: foundational stocks in your portfolio, Robert, what's the next question?
13:21
Robert: So related, where can people find reliable information as to
13:25
Robert: what they should invest in?
13:26
Suze: Well, I actually, I want to change that a little bit.
13:29
Suze: I think people, what they really want to know is, Keith,
13:33
Suze: where do you get your reliable information that you pass
13:37
Suze: on to everybody?
13:39
Keith: Well, I would make a joke about the magic 8 ball,
13:41
Keith: but that probably wouldn't go over very well. You remember those?
13:44
Keith: You shake them and you get this great, you know, answer.
13:46
Suze: Well, that's where I get it from, but don't tell anybody.
13:48
Keith: I know shhh. The best part, you know, the, the, the,
13:51
Keith: the key to getting past the noise and the nuance and.
13:55
Keith: And hype is you actually go to the most interesting
13:59
Keith: part of any corporate website or any corporate annual report.
14:03
Keith: Forget about the numbers, forget about the analyst calls, forget
14:06
Keith: about the research you're getting from people like Big Short
14:09
Keith: and Maximus, Michael Burry right now.
14:11
Keith: You know what you want to do is look at
14:13
Keith: the notes for any earnings call because the executives can't lie.
14:18
Keith: They have to meet certain accounting standards, they have to
14:20
Keith: meet forward looking statements, all of that. But the really
14:23
Keith: interesting stuff is almost always in the notes.
14:27
Suze: Which is why then, right, people come to somebody like
14:31
Suze: you or they come to me or whatever and they
14:33
Suze: look for guidance there. So everybody, I know you all
14:37
Suze: want to know, should I have a financial advisor? Should
14:39
Suze: I do this? I doubt highly,
14:42
Suze: that many financial advisors that all of you deal with,
14:46
Suze: by the way, do that research.
14:49
Keith: Bingo.
14:50
Suze: What they do is they take the research of the
14:52
Suze: firm that they are with and, and everything, but they
14:55
Suze: have to add to that that they have to meet
14:57
Suze: sales quotas sometimes. They have to make money sometimes that
15:01
Suze: way by buying and selling and everything, so...
15:04
Suze: Just keep that all in mind, but there are ways
15:09
Suze: for you to have reliable sources that you rely on
15:13
Suze: to find out what you need to know. Next question, Robert.
15:17
Robert: Well, Suze, you just mentioned financial planners. When do you
15:20
Robert: know that it's time to get a financial planner or
15:23
Robert: not use a financial planner?
15:26
Suze: I have to tell you, I have a saying, and
15:29
Suze: I've always had the saying, you wanna find the best
15:32
Suze: financial planner in the world, people, look in the mirror
15:37
Suze: because nobody is going to care about your money more
15:41
Suze: than you do.
15:41
Suze: And what happens to your money directly affects the quality
15:45
Suze: of your life, not your financial advisor's life, not your
15:48
Suze: banker's life, not your insurance agent's life, but your life.
15:53
Suze: And recently, I think it was actually Thursday, yesterday's podcast,
15:59
Suze: where a woman asked this question about her husband having
16:02
Suze: Parkinson's and should she go and give her money to
16:05
Suze: a financial advisor, and it's like, I would hope all
16:09
Suze: of you
16:11
Suze: become the masters of your own financial destiny, and you
16:15
Suze: all understand that you have the ability with the right
16:20
Suze: information to make the right decisions to keep your money
16:24
Suze: safe and sound. Now, if you have seriously large sums
16:28
Suze: of money, millions of dollars, then maybe then it can
16:32
Suze: become a little bit burdensome. Maybe then you want to
16:36
Suze: employ
16:37
Suze: a financial advisor, but you better know that that financial
16:41
Suze: advisor is a fabulous one, not just because your friend
16:46
Suze: says they are, or this one says it is, but
16:48
Suze: you better absolutely know they have a track record, and
16:52
Suze: they are worth it. Otherwise, I have to tell you,
16:56
Suze: I would really rely on myself. Next question.
16:59
Suze: I already know Keith agrees with that, so I'm not
17:01
Suze: gonna ask him what he thinks. Go on.
17:03
Keith: Yes, I do.
17:05
Robert: All right, so we had a number of folks that
17:07
Robert: said that Keith suggests an almost 100% individual stock portfolio,
17:11
Robert: while Suze suggests 50% in the S&P 500 and the
17:15
Robert: remaining in mostly individual stocks. Now the folks want to
17:19
Robert: know which approach should they follow.
17:21
Suze: Well, I gotta tell you the truth, I got that
17:23
Suze: approach from Keith.
17:25
Suze: Right? I actually had written an email to Keith saying,
17:28
Suze: somebody wants to know what they should do with this.
17:30
Suze: I'm not exactly sure, da da da da. What do
17:33
Suze: you think given who they are and everything? And it
17:35
Suze: was Keith's suggestion that that's where that came from. So, Keith,
17:41
Suze: you answer that now.
17:44
Keith: Well, there's a nuance here and it's not quite an
17:46
Keith: accurate reflection of, of the real question at hand. You know,
17:49
Keith: if you're just starting out and you need to do that,
17:51
Keith: Suze has properly, appropriately and profitably talked to you in
17:56
Keith: the audience for years about using index funds, using ETFs,
18:00
Keith: using those as a way to get started, get your
18:02
Keith: toe in the water, get some mileage under your feet, right?
18:06
Keith: As your portfolio matures and grows and you begin to
18:09
Keith: have additional money you can put to work or, or
18:12
Keith: maybe you're starting to, you know, move into a different
18:14
Keith: phase of life, that's when it really becomes appropriate to concentrate.
18:18
Keith: And what my research shows is that many investors begin
18:21
Keith: in the fund world and then over time begin to
18:25
Keith: add more and more individual stocks to their portfolio because
18:28
Keith: they are able to achieve their own personal
18:31
Keith: objectives and in our world today, diversification no longer works
18:36
Keith: the way it once did. That doesn't mean it's irrelevant
18:39
Keith: or wrong. It just means that what you need to
18:41
Keith: do is add stocks like Nvidia, for example, to a
18:45
Keith: simple ETF portfolio. The ETF portfolio is going to do very,
18:49
Keith: very well, particularly if you layer that extra salt and pepper,
18:53
Keith: the Nvidia on top of it, and I'll give you
18:54
Keith: some hard numbers that will make that case.
18:57
Keith: If you look at the average percent of the S&P 500,
19:00
Keith: you're 100% or so, maybe 150% over the last, what
19:02
Keith: is it, 15 years, 20 years. But Nvidia, even just
19:06
Keith: a small $1000 investment in Nvidia in 2011, mid 2011
19:11
Keith: is worth $509,000 today. So imagine what happened if you
19:16
Keith: had diversified appropriately, properly, and you added just a little
19:20
Keith: bit of spice. That's the difference that having a blend
19:24
Keith: of those two approaches can make
19:25
Keith: in your life, especially in today's volatile markets.
19:28
Suze: Think about it, everybody, as adding salt to the soup.
19:31
Keith: Bingo,
19:32
Suze: To make it taste a little bit better. Yep. All right,
19:35
Suze: we have time for a few more, Robert.
19:37
Robert: Absolutely. Should someone use extra income to pay down their
19:40
Robert: student loan, or should they keep making monthly payments and
19:43
Robert: send extra income to their Roth IRA?
19:47
Suze: Well, I can tell you this. Student loan debt, in
19:51
Suze: my opinion, is the absolute most dangerous debt you can
19:55
Suze: have bar none. And why is that? Because it is
19:59
Suze: not dischargeable in bankruptcy.
20:03
Suze: And it will follow you to your grave. I'm not kidding.
20:07
Suze: If you haven't paid it off, you're now collecting Social Security.
20:11
Suze: They have the legal authority to garnish your Social Security,
20:15
Suze: even your wages. So for me, depending on how you
20:20
Suze: feel about your student loan debt, how much you absolutely
20:23
Suze: still owe on your student loan debt,
20:27
Suze: I would do both, you know, please don't be an
20:30
Suze: all or nothing type of person. All my money is
20:33
Suze: going to my student loan debt, and or all my
20:35
Suze: money is going to my Roth IRA. I would do both.
20:40
Suze: And the reason that I would do both is, remember,
20:43
Suze: every year there's a maximum of what you can put
20:46
Suze: into a Roth. So, if you miss those years, then
20:50
Suze: you don't get as much money into the Roth.
20:53
Suze: So, I would do both. That's the answer there. Next question.
20:57
Robert: We had a number of questions about precious metals, specifically
21:00
Robert: gold and silver. So, this was directed at you, Keith.
21:03
Robert: What's your outlook on a gold position long-term? Would you
21:06
Robert: buy physical gold or ETFs? And then there's some silver
21:09
Robert: kind of goes in there too. A lot of folks
21:11
Robert: were asking about silver, that's starting to pop up more.
21:13
Keith: At the risk of committing financial heresy, let me tell
21:16
Keith: you why I would not buy either of those right now.
21:20
Keith: It has nothing to do with the metals. You know,
21:21
Keith: people think buying metals right now is a hedge against inflation,
21:24
Keith: which is not true. It is really a reflection of rates.
21:28
Keith: Are they rising or falling over time? The problem in
21:30
Keith: today's markets is not the gold or the silver or
21:33
Keith: other precious metals themselves. It comes down to hypothecation and
21:38
Keith: reborrowing of funds and leverage. The reason gold and silver
21:42
Keith: got shellacked recently and why they've risen so much is.
21:45
Keith: Absolutely the same. In the old days, an ounce of
21:47
Keith: gold used to back a single financial product. These days
21:50
Keith: there are single stock derivatives. There are fund derivatives, there
21:53
Keith: are ETFs, there's mutual funds. So there's about eight or
21:55
Keith: 10 claims on every single ounce of gold out there,
21:58
Keith: all of which trickle through the financial system. So that
22:01
Keith: magnifies price movement up or down or up and down
22:04
Keith: actually really.
22:06
Keith: And so, knowing the game is what it is and
22:09
Keith: seeing the global volatility lately, everybody's trying to figure out
22:13
Keith: who's got the real dollar in the system and stuff
22:15
Keith: like that is just going to get caught in the mix,
22:17
Keith: and I have no interest in doing that. I'd rather
22:20
Keith: buy a dividend producing company like Chevron because now I
22:23
Keith: know I've got a resource, I've got solid
22:25
Keith: management, I've got a dividend, and importantly, I've got growth potential.
22:29
Keith: If you've got gold and silver, you may think you're
22:31
Keith: playing smart, but the reality is you're not earning a dividend.
22:35
Keith: There's no management. There's no product. It's only worth as
22:37
Keith: much as the next person coming along is willing to
22:40
Keith: pay you. And with the institutions in the game, the
22:42
Keith: risks are a lot higher than people think.
22:45
Suze: So I just want to add to that for one
22:47
Suze: second is that a lot of people feel that they
22:50
Suze: want to participate. They just, they don't care about what
22:55
Suze: anything you just said.
22:56
Keith: Yeah, I know.
22:57
Suze: They want to participate in it. And what I've been
23:00
Suze: telling them, all right, if you want to participate now,
23:04
Suze: put a little bit of your money in an ETF, the,
23:07
Suze: you know, the GLD ETF. But a lot of people
23:11
Suze: are doing what they're absolutely taking advantage of
23:15
Suze: gold at Costco, they want to own the physical commodity,
23:19
Suze: and I'm telling you, everybody, that will be the biggest
23:22
Suze: mistake you make, bar none.
23:25
Suze: What else you got, Robert?
23:27
Robert: We had a number of questions about real estate, and
23:30
Robert: this one really stood out to me because I, I
23:33
Robert: think that folks might need a refresher on what you've done,
23:37
Robert: but I'm interested in Keith's opinion as well. Suze, I
23:41
Robert: have a feeling you sold all your real estate because
23:43
Robert: you think that the real estate market is going to
23:45
Robert: be obliterated.
23:47
Suze: No, that's the stupidest thing I've ever heard, right? Absolutely not.
23:53
Suze: We sold all of our real estate very simply cause
23:56
Suze: we didn't need it anymore.
23:59
Suze: When I was younger and I was touring, and we
24:02
Suze: went all over with my career, we were in San Francisco,
24:06
Suze: we were in South Africa, we were in New York,
24:09
Suze: we were in all these different places. So we had
24:12
Suze: homes there to serve us because truthfully, rather than renting
24:17
Suze: a hotel, I mean, cause people were paying me to
24:19
Suze: be there.
24:20
Suze: Also, everyone. So, rather than paying me to stay in
24:24
Suze: a hotel or whatever, it was like, all right, pay
24:26
Suze: me my condo fees, do this, and we made a
24:29
Suze: lot of money doing that, cause real estate went up.
24:33
Suze: We have sold all of our real estate except for
24:36
Suze: our Florida condominium, cause we really didn't need it anymore.
24:40
Suze: We're now older, we wanted to downsize, just that simple,
24:44
Suze: had nothing to do with the real estate market, Keith.
24:49
Keith: Well, I'm nodding because I resemble that remark. We have
24:53
Keith: gradually been selling off our real estate around the world
24:57
Keith: because we're getting older, our kids are grown, we simply
24:59
Keith: don't use it like we used to.
25:02
Keith: Uh, and we've put that money into the markets. I've
25:05
Keith: put it into a few of my motorcycles. Uh, my
25:07
Keith: bride is putting it into her cooking equipment, which she loves. So,
25:11
Keith: it's about what are you gonna do with it, not
25:13
Keith: necessarily a reflection of the markets themselves. The, the distraction
25:17
Keith: that you get in the hype is, you know, ok,
25:18
Keith: home starts, home finishes, sellers withdrawing, you know, that is
25:22
Keith: just all noise, food for the gristmill. If you need
25:25
Keith: the real estate, own it. If you don't need it,
25:26
Keith: don't own it.
25:28
Suze: Yeah, I just have to say one other thing. I
25:30
Suze: have never found that having an asset like real estate
25:36
Suze: as an investment for me is particularly smart. Why? Because
25:41
Suze: I have expenses that I need to make to keep
25:44
Suze: them property taxes, insurance, maintenance. I have all kinds of
25:50
Suze: risks like Mother Nature.
25:52
Suze: I have risk of selling, which means I want to
25:56
Suze: sell something. It took us one year, everybody, to sell
25:59
Suze: our island home. Think about that. If you need money,
26:04
Suze: and you're invested in an REIT or in the stock market,
26:08
Suze: put it up for sale. Guess what? It sells. Buyer, seller,
26:12
Suze: just that simple. That is not true in the real
26:14
Suze: estate market. So for me, I don't particularly think real
26:18
Suze: estate is a great investment. However, that's for me. Is
26:22
Suze: it a great place to buy when you want to
26:24
Suze: call it your home? Oh, you betcha.
26:27
Suze: But that's just what I think. What do you got, Robert?
26:30
Suze: How much more time do we have?
26:31
Robert: All right, we'll do a couple more questions here. Keith.
26:33
Robert: You mentioned bears and bulls at the top of the
26:36
Robert: episode here. We had a bunch of people ask, how
26:38
Robert: can the average person tell what stage the market is in?
26:43
Keith: Oh, this is a really interesting question with a very
26:47
Keith: simple answer actually. What you need to do is just
26:51
Keith: open your eyeballs and listen to the people around you.
26:54
Keith: If you go to the supermarket and everybody's talking about, oh,
26:58
Keith: you gotta buy this, you gotta buy that, you're probably
27:01
Keith: in a euphoria stage and guess what? That's a time
27:03
Keith: to be selling into strength, particularly if you're dollar cost
27:06
Keith: averaging to raise cash for the next downturn because the
27:09
Keith: herd makes the wrong decision, 85%
27:11
Keith: of the time if you're listening to everybody and they're
27:14
Keith: scared out of their wits and you understand history that
27:17
Keith: we've just talked about and you know that every single
27:20
Keith: running of the Bears has been followed by a greater
27:23
Keith: running of the Bulls, that's the time to buy. So
27:26
Keith: investing doesn't have to be complicated unless you want to
27:28
Keith: make it that way. Don't overthink it. Keep it really
27:31
Keith: stupid simple, in fact.
27:33
Suze: All right.
27:33
Suze: So I just have to add something here, not about
27:35
Suze: that cause I know we're coming to the end of
27:38
Suze: the podcast. There is one question that everybody I know,
27:42
Suze: Robert has it there somewhere. What about Palantir? What about IONQ?
27:48
Suze: Do you still like them? Do you still want to
27:50
Suze: buy them? Should we sell them? Especially those two stocks,
27:53
Suze: cause I looked at some of the questions. Everybody wants
27:56
Suze: to know about them. Tell them.
27:58
Keith: Oh my goodness. All right.
28:00
Keith: I can't advise any of you listening individually. If you
28:03
Keith: want to sell them, sell them, don't let the door
28:05
Keith: hit you in the rear on the way out, right?
28:06
Keith: That's just the deal. But if you're looking for foundational
28:09
Keith: companies that we spoke about, you're looking at companies that
28:11
Keith: are going to change the course of humanity, you're looking
28:14
Keith: at companies on the breakthrough of truly new technologies that
28:17
Keith: mean something to our planet.
28:19
Keith: I would respectfully submit there are probably no two better
28:22
Keith: candidates anywhere out there, and yes, I own both of them.
28:26
Keith: I don't intend to sell them. I probably will hold
28:28
Keith: those for the rest of my foreseeable future and or life.
28:32
Suze: And can you tell people why they have gone down
28:35
Suze: so much?
28:37
Suze: This is gonna get to him, everybody. We're also going
28:40
Suze: to be broadcasting this, by the way, on my YouTube channel,
28:44
Suze: on Keith's YouTube channel, so you might wanna watch us
28:47
Suze: there as well, but watch what he looks like right
28:50
Suze: now or listen to his voice. All right.
28:53
Keith: Steam is coming out my ears. This stuff makes my
28:56
Keith: brain explode. Both of these companies are doing very well.
29:00
Keith: They're doing very innovative things. Their customers cannot get enough
29:03
Keith: of what they're buying. These are
29:04
Keith: not companies in trouble. What you are seeing in Palantir's
29:08
Keith: case is there's an individual named Michael Burry who was
29:11
Keith: famous for The Big Short, and everybody's running around going, Oh,
29:15
Keith: is Michael Burry correct? His analysis is flawed. He's predicted
29:18
Keith: 10 out of the last 2 recessions. He is comparing
29:21
Keith: apples to oranges, and I think if there were a
29:24
Keith: serious investigation, it would be found that people like Mr.
29:28
Keith: Burry have engaged in systematically manipulating the stock lower.
29:32
Keith: And so, you know, I'm not alleging that. I don't
29:34
Keith: want to get sued. I want to be clear. I
29:36
Keith: don't know the answer to that, but I think there'd
29:38
Keith: be a high probability that there's a lot of funny
29:40
Keith: business going on, none of which has anything to do
29:44
Keith: with the underlying value of the stock. IONQ is another
29:47
Keith: one that is in the social meme space. It is
29:50
Keith: highly leveraged. There are people making bets all day long
29:53
Keith: on whether it's going to go up, whether it's gonna
29:55
Keith: go down. People are talking about the AI trade. Is
29:57
Keith: it gonna fail? Is it too much? Are they ever
29:59
Keith: gonna make money?
30:00
Keith: They are completely ignoring the fundamental issue which is this
30:03
Keith: company is breaking through into an entirely new computing space.
30:08
Keith: This is on par with the introduction of the chips,
30:10
Keith: the introduction of the internet itself, the way we transmit
30:13
Keith: and receive data, how data actually functions. I don't think
30:17
Keith: it gets any better than that. So if you want
30:19
Keith: to listen to the noise again and you want to sell,
30:21
Keith: you need to sell...
30:22
Keith: Do it. I'll be happy to pick up your shares
30:24
Keith: if I've got the cash.
30:25
Suze: So I know, like I said, we're coming to an
30:27
Suze: end here. So I have two questions for you. Number one,
30:31
Suze: people feel like the AI space is absolutely going to
30:34
Suze: destroy their job. Their unemployment's going to go up, that it's,
30:39
Suze: that there's no way it can continue on. Comments on that, Keith.
30:43
Keith: Well, I think that that's, you know, fear is real, right?
30:46
Keith: And I get it. The unknown is always that way.
30:48
Keith: But I think all the data I've seen, all the
30:50
Keith: scientists I've spoken with around the world, the exact opposite
30:53
Keith: is true. I think that 65 to 70% of the
30:55
Keith: people who are, are working today in fields that they
30:58
Keith: think they understand will be working in entirely new fields
31:01
Keith: that we don't even understand or exist, jobs that don't
31:03
Keith: exist yet.
31:04
Keith: And the parallel is agriculture. As recently as the early 1900s,
31:08
Keith: 95 to 98% of America worked in agriculture in one
31:12
Keith: way or another. And if you had walked into a
31:13
Keith: grange and said to everybody in the room, hey, 98%
31:16
Keith: of you are gonna be out of agriculture 100 years
31:19
Keith: from now, you would have been laughed out of the room.
31:21
Keith: But that's where we are very much with AI. So
31:23
Keith: the risk is not losing your
31:24
Keith: job to AI it's losing your job to somebody who
31:27
Keith: knows how to use AI. It's an opportunity, it's a tool,
31:31
Keith: and I would respectfully submit to anybody who's fearful about this,
31:35
Keith: that whatever field you're in, learn how to use it
31:38
Keith: because it's a tool. And if you know how to
31:40
Keith: do it, then instantly you are more valuable to your
31:43
Keith: employer or to whatever it is you do for a living.
31:45
Suze: All right, and then the very last question.
31:48
Suze: And one that I'm so excited, since I know the
31:51
Suze: answer to it is everybody wants to know.
31:57
Suze: When is Fitz... When are we gonna bring out this
32:00
Suze: ETF that we talked about almost two years ago? When
32:05
Suze: is that going to happen, sir? The floor is yours.
32:09
Keith: Oh my goodness. All right, people, here's some big news. Now.
32:14
Keith: Suze and I have been working on this for a
32:15
Keith: very long time, and the reason we have not been
32:18
Keith: able to talk about this is because there are very
32:21
Keith: strict, strict, strict rules about regulated securities product, but as
32:26
Keith: of yesterday, I filed with the SEC for a portfolio
32:32
Keith: that we intend to release when they are done vetting
32:35
Keith: it and when they are done approving it. I cannot
32:38
Keith: talk about what's in it. I cannot talk about what
32:40
Keith: it is. I cannot talk about when that's gonna launch
32:43
Keith: because I'm prohibited by low
32:44
Keith: from doing so, but what I can tell you is
32:46
Keith: the ticker is going to be F I T Z Fitz,
32:50
Keith: and you will hear more the moment I can tell you.
32:53
Suze: I wanted him to say Fitzy, but he said, no,
32:56
Suze: I'm just going to stay with Fitz. So it is coming.
33:01
Suze: It is out of our hands by all means. It
33:05
Suze: is now in the hands of the bureaucracy, but
33:09
Suze: we're working for you. We're working for you to give
33:11
Suze: you an alternative for you to say, oh, I don't
33:16
Suze: want to buy individual stocks. I don't know quite what
33:19
Suze: to do. I don't know when to sell, I don't
33:20
Suze: know when to buy. Well, soon, you probably aren't gonna
33:24
Suze: have to worry about that. Any closing comments, Keith?
33:28
Keith: Keep the faith, everybody. This is tough. It's emotionally uncertain.
33:32
Keith: But uncertainty and chaos create opportunity. And if you can
33:35
Keith: come to terms with the person in the mirror that
33:37
Keith: Suze mentioned, you know what? Everything is gonna be OK.
33:40
Keith: The sun's gonna come up tomorrow. You just don't know
33:42
Keith: it yet. So, thank you so much.
33:44
Suze: All right, two things here, which is we are going
33:48
Suze: to put this up on YouTube. My personal YouTube channel
33:52
Suze: is youtube.com/ Suze Orman. What's yours, Keith?
33:56
Keith: I have no idea. It's Keith Fitz-Gerald on YouTube.
34:00
Suze: You don't know your... see, we're supposed to be listening
34:03
Suze: to you about stocks, but that actually is a good thing.
34:06
Suze: It's like he doesn't know. He knows what he needs
34:09
Suze: to know, and he doesn't know what he doesn't need
34:11
Suze: to know. So until next week, there's really only one
34:15
Suze: thing that we want you to remember, which is we
34:18
Suze: love Fitzy. We love talking with him, and as always,
34:23
Suze: people first, then money, then things. All right, all of you,
34:27
Suze: stay safe. Bye.