Latest / The Financial Exchange Show / What will Netflix do with Warner Brothers?

Transcript

What will Netflix do with Warner Brothers? · The Financial Exchange Show

• 0:00
  Speaker 1: The Financial Exchange is produced by Money Matters Radio and
• 0:03
  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.
• 0:26
  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
• 0:39
  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 Doug Boston and making
• 1:01
  Speaker 1: a donation today. This is the Financial Exchange with Chuck
• 1:06
  Speaker 1: Zada and Mike Armstrong.
• 1:09
  Speaker 2: Friday here on the Financial Exchange, Chuck, Mike and talker
• 1:13
  Speaker 2: with you, And just a few minutes ago, at ten
• 1:16
  Speaker 2: am Eastern Time, we received the PCE, the Personal Consumption
• 1:22
  Speaker 2: Expenditures data for the month of September. Now, Mike, I
• 1:28
  Speaker 2: got a couple bones to.
• 1:29
  Speaker 3: Pick here, I bet you do.
• 1:31
  Speaker 4: Well.
• 1:31
  Speaker 2: It's it's really just one to be honest. So the BLS,
• 1:35
  Speaker 2: not the BOS. So this is a PC comes from
• 1:37
  Speaker 2: the Census Bureau rights deal. Well, yeah, Census Burero. Sorry,
• 1:42
  Speaker 2: so the Census Bureau needed some time to get you know,
• 1:46
  Speaker 2: spooled back up for the release of the PCE data. Mike,
• 1:50
  Speaker 2: what time does the PCE data normally come out on
• 1:52
  Speaker 2: the last Friday of every month. It's not ten am,
• 1:57
  Speaker 2: eight thirty am.
• 1:59
  Speaker 4: Why there need the X It always it's always an
• 2:03
  Speaker 4: extra hour and a half.
• 2:04
  Speaker 2: What they need the extra hour and a half for?
• 2:06
  Speaker 2: Like the the date is already two months out of date.
• 2:10
  Speaker 3: Are you guys sure that it comes out of a thirty.
• 2:12
  Speaker 4: Michael positive, I know that the BLS data does. Michael
• 2:16
  Speaker 4: didn't look at this guy, Michael, I am doubt ye.
• 2:20
  Speaker 2: Against buddy Buddy boy allow me to. Just as an example,
• 2:25
  Speaker 2: I'm gonna go forward. I'm pulling up my calendar for
• 2:27
  Speaker 2: the end of this month, and where are you just
• 2:31
  Speaker 2: even scheduled yet? Hang on, let me see if they
• 2:33
  Speaker 2: even have it on the calendar yet. December December fifth, Oh,
• 2:37
  Speaker 2: here we go, December twel I know that's uh the see,
• 2:40
  Speaker 2: everything's weird because they don't have the normal schedule. No,
• 2:45
  Speaker 2: this is GDP report. That's not gonna do it. But yeah,
• 2:47
  Speaker 2: it's it's a thirty. Okay again enough I will get
• 2:51
  Speaker 2: it every single month. It's a thirty. So like, what
• 2:54
  Speaker 2: do you need the extra hour and a half for?
• 2:57
  Speaker 2: Like what did you have to like run it over
• 2:59
  Speaker 2: to the White House or something that you have to
• 3:01
  Speaker 2: run it to the Treasury? Do you have to run
• 3:03
  Speaker 2: it to the Fed leg what's going on? Guys? You know?
• 3:08
  Speaker 2: Can you just get me the report at eight thirty?
• 3:10
  Speaker 2: But I digress. The good News report came in exactly
• 3:13
  Speaker 2: as expected, which is nice for something that didn't matter anyways,
• 3:16
  Speaker 2: because it's two months out of date. Core PC point
• 3:20
  Speaker 2: two percent for the month, headline point three percent for
• 3:23
  Speaker 2: the month, which means that we now have both core
• 3:26
  Speaker 2: and headline PCE at two point eight percent for the
• 3:29
  Speaker 2: last twelve months through September. Again not really going to
• 3:33
  Speaker 2: influence policy in any way, shape or form, simply because
• 3:37
  Speaker 2: this is old data. Also included in this report is
• 3:40
  Speaker 2: personal income and personal spending, which we don't really need
• 3:43
  Speaker 2: because we've already gotten retail sales data. Not retail sales data,
• 3:47
  Speaker 2: but retail earnings. For Q three, of which September is
• 3:50
  Speaker 2: part of, they were fine, personal income up point four
• 3:53
  Speaker 2: percent for the month, personal spending up point three So overall,
• 3:57
  Speaker 2: you look at this and look, if i'm grading it out,
• 3:59
  Speaker 2: I say, okay, it's a solid B. I'd like that
• 4:02
  Speaker 2: headline number to be zero point two percent rather than
• 4:04
  Speaker 2: point three, But everything else being equal, it's fine. It's
• 4:09
  Speaker 2: not gonna matter. And yeah, that's what I got on it. Yeah.
• 4:15
  Speaker 4: So, as Barons said, this is clearly the most important
• 4:19
  Speaker 4: day in markets of the year, I don't.
• 4:22
  Speaker 2: Know if it is. And p rose a whole ten
• 4:24
  Speaker 2: points after the release.
• 4:25
  Speaker 4: Maybe they meant for the rest of the year, even then,
• 4:28
  Speaker 4: I have a tough time. No, they didn't say that.
• 4:30
  Speaker 4: They said for the entire year. This was always going
• 4:35
  Speaker 4: to be just a confirmation report that only mattered if
• 4:39
  Speaker 4: it was amazingly bad or amazingly good, and it was neither.
• 4:43
  Speaker 4: It was just fine, and repeated the same information that
• 4:47
  Speaker 4: we already know, which is inflation remains somewhat uncomfortably high,
• 4:52
  Speaker 4: but not so high that the FED is all that
• 4:55
  Speaker 4: willing to do much about it.
• 4:57
  Speaker 2: Which I will say, this does set us up nicely
• 5:00
  Speaker 2: for next week, because next week we got some fun stuff.
• 5:03
  Speaker 2: We get jolts for the first time in I don't
• 5:07
  Speaker 2: know when's the last jolts that we got. It was
• 5:08
  Speaker 2: the August one, so that must have been in early September.
• 5:12
  Speaker 2: It was late September. It was September thirtieth that we
• 5:15
  Speaker 2: got it, yea. So we get jolts for the first
• 5:17
  Speaker 2: time in a couple months. Coming out on Tuesday is
• 5:21
  Speaker 2: at ten am. Jolts.
• 5:22
  Speaker 4: Is that job openings report, So you remember, you know,
• 5:25
  Speaker 4: telling us telling you that there were two job open
• 5:28
  Speaker 4: top two, oh my goodness, two job openings for every
• 5:31
  Speaker 4: person looking for.
• 5:32
  Speaker 3: Work back in twenty twenty one. That's where we get
• 5:35
  Speaker 3: that data point from.
• 5:37
  Speaker 2: So next week we've got that. On Tuesday, Wednesday, we've
• 5:40
  Speaker 2: got a FED meeting with a summary of economic projections.
• 5:44
  Speaker 2: So that's going to be fun to work through. I
• 5:48
  Speaker 2: will raise one interesting question for you, Mike, does the
• 5:51
  Speaker 2: summary of economic projections matter? Given that we are going
• 5:56
  Speaker 2: to have a new FED chair next year who may
• 5:59
  Speaker 2: try to influenced the Open Market Committee differently than Jay Powell?
• 6:04
  Speaker 2: Has interesting thought exercise, Hey, does the fedce projections for
• 6:09
  Speaker 2: interest rates and things matter? If you may see some
• 6:12
  Speaker 2: turnover there. Thursday, we're gonna be getting jobless claims, as
• 6:16
  Speaker 2: we always do on Thursdays, and then we're back into
• 6:20
  Speaker 2: the Fed speaker schedule with three of them scheduled for
• 6:23
  Speaker 2: Friday morning.
• 6:24
  Speaker 3: Fun.
• 6:26
  Speaker 2: So next week will be a fun one. But yeah,
• 6:29
  Speaker 2: this inflation report, I've got really nothing else on it,
• 6:32
  Speaker 2: quite honestly. Is there anything else you want to touch
• 6:35
  Speaker 2: on here?
• 6:36
  Speaker 1: No?
• 6:37
  Speaker 4: Again, this was a outdated report that I hate saying
• 6:42
  Speaker 4: that things don't matter on this program that we cover
• 6:45
  Speaker 4: because it doesn't matter. It only mattered if it was
• 6:49
  Speaker 4: really bad or really good, and it was just kind
• 6:51
  Speaker 4: of the same basic old fine that's indicating. Yeah, inflation's
• 6:55
  Speaker 4: running close to three percent and a lot of people
• 6:58
  Speaker 4: are uncomfortable with that.
• 7:00
  Speaker 2: Let's now turn speaking of inflation, this piece from the
• 7:02
  Speaker 2: Financial Times there's a black hole where central banks theory
• 7:06
  Speaker 2: of inflation should be. Michael, what is the black hole?
• 7:12
  Speaker 4: The black hole that they are describing, I guess is
• 7:17
  Speaker 4: whether or not we are trying to target back down
• 7:19
  Speaker 4: to two percent and whether that target truly matters in
• 7:22
  Speaker 4: today's age and today's age. Is that your view of
• 7:26
  Speaker 4: what they're trying to describe here, Yes, and.
• 7:28
  Speaker 2: I think two things can be true at the same time.
• 7:31
  Speaker 2: It's a conversation worth having. It's probably not a conversation
• 7:35
  Speaker 2: worth having just after you've come off the highest inflation
• 7:37
  Speaker 2: in forty years.
• 7:40
  Speaker 4: So you mean readjusting your targeted inflation level? Yes, yeah,
• 7:44
  Speaker 4: you lose all credibility if you go and do that.
• 7:47
  Speaker 2: I think you know exactly the time to discuss an
• 7:51
  Speaker 2: appropriate level of inflation is when you've already been at
• 7:56
  Speaker 2: what most people would consider to be an appropriate level
• 7:59
  Speaker 2: of inflation for an extended period of time. It is
• 8:03
  Speaker 2: not appropriate to discuss this at a time when hey,
• 8:09
  Speaker 2: like again, like you just look at the year over
• 8:10
  Speaker 2: your numbers, and that's that's all I'm doing here. I'm
• 8:12
  Speaker 2: not doing anything fancy. I'm not like trying to, you know,
• 8:16
  Speaker 2: make whatever happen. But two years ago, two and a
• 8:19
  Speaker 2: half really, Like, beginning of twenty three, headline inflation was
• 8:23
  Speaker 2: still at six percent? Are we really okay with two
• 8:27
  Speaker 2: and a half years after that? Being like, Hey, what's
• 8:30
  Speaker 2: the appropriate level of inflation that central banks should allow?
• 8:34
  Speaker 3: No, you go back, I'm not.
• 8:35
  Speaker 2: I'm not quite there. Now, there is a valid discussion.
• 8:39
  Speaker 2: Mark Fandady's talked about this a lot. Is two percent
• 8:43
  Speaker 2: like the right level to have? Thank you? Mark? Oh yes,
• 8:48
  Speaker 2: say right back at you. Uh? Is two percent the
• 8:51
  Speaker 2: right level to have?
• 8:53
  Speaker 1: Like?
• 8:53
  Speaker 2: How do you know what? You know? What level you
• 8:55
  Speaker 2: should be targeting? I think that's a reasonable question to
• 9:00
  Speaker 2: ask because there is a wide disagreement amongst economists who basically,
• 9:05
  Speaker 2: like the consensus that you get to is yeah, low
• 9:08
  Speaker 2: single digits of inflation is fine, but low single digits
• 9:13
  Speaker 2: can mean one, two, three, four, Like again, like, there's
• 9:15
  Speaker 2: there's a range that you get to there, and I
• 9:20
  Speaker 2: think that ultimately it's one of those where, in my
• 9:26
  Speaker 2: personal opinion, which doesn't really count for much, I'd like
• 9:30
  Speaker 2: to see central banks eventually, not now, because you need
• 9:34
  Speaker 2: the credibility now get rid of specific inflation targeting goals, which,
• 9:39
  Speaker 2: by the way, the FED only put in place in
• 9:40
  Speaker 2: the last decade. Like the FED never had a two
• 9:44
  Speaker 2: percent mandate before the mid twenty tens.
• 9:49
  Speaker 4: They also have redefined, already redefined that inflation target they
• 9:53
  Speaker 4: have in twenty twenty they said, no, we're not targeting
• 9:56
  Speaker 4: two percent exactly, We're targeting an average of two percent.
• 9:59
  Speaker 2: And then this here with their framework revision, they said, well,
• 10:02
  Speaker 2: we might, you know, want to modify how we look
• 10:04
  Speaker 2: at that, and maybe that's not the best way to
• 10:06
  Speaker 2: do it either. So I think what it what it
• 10:10
  Speaker 2: comes back to for me is if there is a
• 10:14
  Speaker 2: two percent target and you never hit it, then is
• 10:16
  Speaker 2: it really a two percent target? The answer is no, right, yep,
• 10:22
  Speaker 2: you know that. That's like me being like, hey, you
• 10:24
  Speaker 2: know what, i'd like to be five eight, I ain't
• 10:30
  Speaker 2: gonna hit it like I'm I'm I'm just not. It's
• 10:33
  Speaker 2: it's I'm I'm locked in at five foot seven. So
• 10:37
  Speaker 2: I think ultimately, a goal and a target has to
• 10:40
  Speaker 2: be achievable in order for it to mean something. And
• 10:45
  Speaker 2: given that we have never hit two percent for you know,
• 10:49
  Speaker 2: a full decade, and given that some of the things
• 10:52
  Speaker 2: that even allowed us to get into the low twos
• 10:54
  Speaker 2: are reversing in terms of you know, globalization and things
• 10:57
  Speaker 2: like that. I don't know if keeping that two percent
• 11:00
  Speaker 2: target specifically is reasonable or if you know, we just
• 11:04
  Speaker 2: move back to you know, the FED wants to keep
• 11:05
  Speaker 2: you know, inflation in a low range for maximum price stability,
• 11:08
  Speaker 2: and they audiyatah, kind of lean that way. Anything else
• 11:12
  Speaker 2: that you want to add, Mike.
• 11:13
  Speaker 4: No, let's move on from the current talk about the
• 11:17
  Speaker 4: Fed and move on to some more exciting stuff.
• 11:20
  Speaker 2: Yeah, we got a fun one to discuss here, quick break.
• 11:22
  Speaker 2: Then Netflix and Warner Brothers trying to get together in
• 11:26
  Speaker 2: a merger. A lot of juice on this one. Will
• 11:29
  Speaker 2: discuss when we return.
• 11:31
  Speaker 1: Business and financial news affecting the markets and your wallet.
• 11:34
  Speaker 1: We've got it all straight from Wall Street right here
• 11:37
  Speaker 1: on the Financial Exchange Radio Network. Find daily interviews and
• 11:42
  Speaker 1: full shows of the Financial Exchange on our YouTube page.
• 11:45
  Speaker 1: Subscribe to our page and get caught up on anything
• 11:48
  Speaker 1: and everything you might have missed. This is the Financial
• 11:51
  Speaker 1: Exchange Radio Network.
• 11:55
  Speaker 5: This segmental Financial Exchange is powered by circle K Convenience.
• 12:00
  Speaker 5: Circle K is now the official convenience store of the
• 12:03
  Speaker 5: Davy Department of Massachusetts. On behalf of circle K. Thank
• 12:08
  Speaker 5: you veterans for all you've done all.
• 12:11
  Speaker 2: Right, So this one's got a lot of This one
• 12:16
  Speaker 2: might take more than a segment to get through because
• 12:18
  Speaker 2: there's a lot of juice in this one. So overnight
• 12:22
  Speaker 2: Netflix and Warner Brothers Discovery agreeing to a seventy two
• 12:26
  Speaker 2: billion dollar cash and stock deal. Total value the deal
• 12:32
  Speaker 2: against seventy two billion dollars. There's some debt out there,
• 12:34
  Speaker 2: so enterprise values about eighty two point seven billion dollars.
• 12:39
  Speaker 2: First of all, this is something where we've been seeing,
• 12:41
  Speaker 2: you know, reports of bidding on Warner brother Discovery by
• 12:45
  Speaker 2: I think the three main suitors, Mike, if I'm familiar
• 12:48
  Speaker 2: with it. You've got Netflix who appears to have won
• 12:53
  Speaker 2: at least at this point, Comcast and Paramount.
• 12:57
  Speaker 4: Correct YEP, wanted to merge it with NBC and build
• 13:02
  Speaker 4: this new entire network that the CEO. This is the
• 13:07
  Speaker 4: surprising part to me, is like that deal would have
• 13:10
  Speaker 4: put the CEO of of Warner Brothers in charge of
• 13:14
  Speaker 4: NBC in this newly created network, and yet they're going
• 13:17
  Speaker 4: for the Netflix deal.
• 13:18
  Speaker 2: So there's a few different things that I want to discuss.
• 13:21
  Speaker 2: The first, not first, but like, just in no particular order,
• 13:25
  Speaker 2: what this would mean for you know, Warner Brothers, Discovery
• 13:28
  Speaker 2: programming and studios and and you know video and movies
• 13:32
  Speaker 2: and things like that.
• 13:33
  Speaker 4: Because remember they you know, beyond HBO which everyone's talking about,
• 13:37
  Speaker 4: they own what CNN, t N T all all the time,
• 13:42
  Speaker 4: all of the all of the Turner Broaditoria broadcasting stuff,
• 13:45
  Speaker 4: which is a lot of network television.
• 13:48
  Speaker 2: So I think that when you look at you know,
• 13:54
  Speaker 2: a like, what what could happen to that? That's one piece.
• 13:56
  Speaker 2: The second is how like we do do we think
• 13:58
  Speaker 2: it is that this deal and up going through? Because
• 14:01
  Speaker 2: I think that's a major piece here. And the third
• 14:04
  Speaker 2: thing that I also want to do is just and
• 14:06
  Speaker 2: I'm gonna kick things off with this, the freaking history
• 14:11
  Speaker 2: of this company at this point is just insane, Okay, like.
• 14:14
  Speaker 4: It it really is, Go ahead and start there because
• 14:17
  Speaker 4: that is useful context.
• 14:18
  Speaker 2: So remember so when you look at where this has
• 14:21
  Speaker 2: come from, Time Warner was formed through the merger of
• 14:25
  Speaker 2: Time and Warner Brothers back in the early nineteen nineties,
• 14:29
  Speaker 2: and basically you had them you know, merged together, and
• 14:34
  Speaker 2: at that point, like the big thing on on the
• 14:36
  Speaker 2: Warner side, you had the studios, you had the broadcasting,
• 14:39
  Speaker 2: and you at HBO, Like those were kind of the
• 14:41
  Speaker 2: three pieces there. Time Warner then decides, obviously go to
• 14:46
  Speaker 2: go through the AOL Time Warner merger, which I think
• 14:49
  Speaker 2: we all remember fondly, you know, like just just again,
• 14:54
  Speaker 2: like the the biggest bust of a merger in history,
• 14:59
  Speaker 2: one hundred and eight billion do it's just like absolutely nuts,
• 15:02
  Speaker 2: uh And then you see, you know, okay, that finally
• 15:06
  Speaker 2: gets you know, cleared out and you end up with
• 15:08
  Speaker 2: this slimming down and you know everything, and then AT
• 15:12
  Speaker 2: and T comes along and says, hey, we're gonna buy
• 15:14
  Speaker 2: you for one hundred and eight billion dollars as well. Okay,
• 15:18
  Speaker 2: like and we talked about it at the time. We're like, guys,
• 15:20
  Speaker 2: this is this is a horrible fit. You've got. You've
• 15:24
  Speaker 2: got a bunch of telecom people that are gonna try
• 15:26
  Speaker 2: to run a movie studio in HBO that doesn't seem well.
• 15:29
  Speaker 2: And they go through like sixty four different names for
• 15:31
  Speaker 2: HBO during the ownership, and finally after like two and
• 15:34
  Speaker 2: a half years, they're like, no, we we didn't mean
• 15:37
  Speaker 2: to do this. We can can can we take it back? No,
• 15:40
  Speaker 2: we can't take it back. Okay, we got we gotta
• 15:42
  Speaker 2: spin this off because this is not a good fit
• 15:44
  Speaker 2: for us, and we're sorry that we ever tried to
• 15:46
  Speaker 2: do this. So AT and T says, hey, kick all
• 15:49
  Speaker 2: the Warner stuff back out, but in doing so, it
• 15:52
  Speaker 2: goes through this whole mess of a thing that ends
• 15:55
  Speaker 2: up finally basically ending up with Warner having to merge
• 15:58
  Speaker 2: with Discovery in order to make an entity that anyone
• 16:01
  Speaker 2: actually wanted to own in that format. So now you've
• 16:05
  Speaker 2: got Warner Brothers Discovery out there, and pretty much, you know,
• 16:09
  Speaker 2: Warner Brothers Discovery is like, yeah, you know, we've kind
• 16:14
  Speaker 2: of been having some trouble operating, you know, on our own,
• 16:18
  Speaker 2: and a year ago they say we might try to
• 16:21
  Speaker 2: you know, sell ourselves and spin off the linear television,
• 16:23
  Speaker 2: which we've talked about like why companies are doing that.
• 16:27
  Speaker 2: And so the thing that's kind of wild to me
• 16:30
  Speaker 2: is that Warner's just had this run for the last
• 16:32
  Speaker 2: thirty forty almost forty years now, thirty five years, where
• 16:37
  Speaker 2: it's just gone through failed merger after failed merger after
• 16:40
  Speaker 2: failed merger, and somehow HBO has kept kicking along despite that.
• 16:48
  Speaker 2: It's basically the only thing that's been working there. And
• 16:52
  Speaker 2: you know, you've got the the intellectual property beyond that
• 16:58
  Speaker 2: is you know, there's so interesting things there. I mean,
• 17:01
  Speaker 2: they've got the DC comic stuff that no one's really
• 17:04
  Speaker 2: been able to do anything with Batman and Superman. They've
• 17:07
  Speaker 2: got Harry Potter, which I don't know what anyone really
• 17:10
  Speaker 2: does with it now. It had a good run series characters.
• 17:13
  Speaker 4: Yeah, HBO has been producing a brand new, entire new
• 17:17
  Speaker 4: series of shows.
• 17:18
  Speaker 2: You how much time stuff. You've got Game of Thrones,
• 17:21
  Speaker 2: which was a big hit. Lately, the you know, spin
• 17:23
  Speaker 2: offs of that have been you know, mixed, and then
• 17:25
  Speaker 2: they got all like the cartoons and all that stuff. Sure,
• 17:28
  Speaker 2: but so like you look at this and to me,
• 17:30
  Speaker 2: the big the two big questions are what would Netflix
• 17:35
  Speaker 2: do with the movie studio in terms of theatrical releases?
• 17:39
  Speaker 2: And do they let HBO just be HBO or do
• 17:42
  Speaker 2: they try to bring it into the rest of Netflix's
• 17:44
  Speaker 2: streaming realm.
• 17:46
  Speaker 4: Your thoughts, huge questions So on the movie studio piece, right, Like,
• 17:51
  Speaker 4: they did not have a Hollywood movie studio, and I've
• 17:55
  Speaker 4: listened to other people described this as whether you want
• 17:57
  Speaker 4: it or not. Netflix felt as though they had to
• 18:00
  Speaker 4: go and do this. They've got a lot in Hollywood
• 18:02
  Speaker 4: now which farbia from me, I don't fully understand why
• 18:06
  Speaker 4: that's that important, but seemed hugely important to them, and
• 18:09
  Speaker 4: so they felt they needed to buy it. But yeah,
• 18:14
  Speaker 4: what do they do with that? I mean, Netflix doesn't
• 18:16
  Speaker 4: release movies like every other movie.
• 18:18
  Speaker 2: Studio, and they've said as part of this, one of
• 18:22
  Speaker 2: the things that could be coming is a compression of
• 18:24
  Speaker 2: the theatrical window, which means, hey, how much time does
• 18:28
  Speaker 2: a movie have as an exclusive in theater as opposed
• 18:32
  Speaker 2: to being able to be released onto Netflix or HBO
• 18:36
  Speaker 2: or However they would decide.
• 18:37
  Speaker 4: To do it right, and they weren't really big enough
• 18:40
  Speaker 4: as themselves to move the rest of the industry in
• 18:42
  Speaker 4: that direction, they suddenly would be right if they want
• 18:46
  Speaker 4: to say with this acquisition that hey, we're now going
• 18:49
  Speaker 4: to really apply the pressure to movie theaters, which already
• 18:51
  Speaker 4: are sucking wind. But if we really want to apply
• 18:54
  Speaker 4: the pressure, they can afford to do so now with
• 18:56
  Speaker 4: this acquisition.
• 18:58
  Speaker 2: So I think ultimately then we get to the question
• 19:02
  Speaker 2: that is the biggest one out there, which is will
• 19:07
  Speaker 2: this deal actually be allowed to come to fruition If
• 19:12
  Speaker 2: it were estimates that it would close somewhere in the
• 19:15
  Speaker 2: next twelve to eighteen months, so probably end of twenty six,
• 19:19
  Speaker 2: maybe first half of twenty seven is what we're looking at.
• 19:23
  Speaker 2: But will the deal actually be allowed to close. Let's
• 19:26
  Speaker 2: take a quick break and then we'll discuss that when
• 19:29
  Speaker 2: we return.
• 19:41
  Speaker 1: Like us on Facebook and follow us on Twitter at
• 19:43
  Speaker 1: TFE show, breaking business news is always first. Right here
• 19:48
  Speaker 1: on the Financial Exchange Radio Network, We're.
• 19:51
  Speaker 6: Proud to announce that circle K is now the official
• 19:54
  Speaker 6: convenience store of the dav Department of Massachusetts at circle K.
• 19:58
  Speaker 6: Supporting those who bravely served our isn't just a commitment,
• 20:01
  Speaker 6: it's a heartfelt mission. Circle K is honored to stand
• 20:04
  Speaker 6: with the dav Department of Massachusetts to ensure that veterans
• 20:07
  Speaker 6: receive the care and recognition they deserve. If you'd like
• 20:10
  Speaker 6: to do your part, please visit DAVMA dot org. Thank
• 20:14
  Speaker 6: you for standing with circle K and the dav Department
• 20:16
  Speaker 6: of Massachusetts, and thank you veterans.
• 20:19
  Speaker 1: For all you've done. Time now for Wall Street. Watch
• 20:24
  Speaker 1: a complete look at what's moving markets so far today
• 20:27
  Speaker 1: right here on the Financial Exchange Radio Network.
• 20:30
  Speaker 5: Market term positive territory to close out the week as
• 20:33
  Speaker 5: traders react to a core PCE index for the month
• 20:36
  Speaker 5: of September that came in line with forecasts. Outside of
• 20:39
  Speaker 5: the inflation reading, the big news comes from the media world,
• 20:43
  Speaker 5: where Netflix has agreed to a deal to buy Warner Brothers.
• 20:47
  Speaker 5: Right now, the Dow is up four tenths of a
• 20:49
  Speaker 5: percent or two hundred and four points. Highre SMP five
• 20:52
  Speaker 5: hundred and up over half a percent, NASDAC up nearly
• 20:55
  Speaker 5: three quarters of a percent or one hundred and seventy
• 20:58
  Speaker 5: one points. R US two thousand is edging higher. Tenure
• 21:01
  Speaker 5: treasure yield up one basis point at four point one
• 21:04
  Speaker 5: point one eight percent, and crude oil up one percent higher,
• 21:08
  Speaker 5: trading just above sixty dollars a barrel. As we discuss,
• 21:12
  Speaker 5: Netflix struck a seventy two billion dollar deal for Warner Brothers,
• 21:16
  Speaker 5: beating out bids for from Comcast in paramount. With the deal,
• 21:21
  Speaker 5: Netflix will add Warner's TV movie libraries, as well as
• 21:24
  Speaker 5: HBO and HBO Max shows. The deal is expected to
• 21:28
  Speaker 5: close in twelve to eighteen months, pending regulatory approval. Netflix
• 21:33
  Speaker 5: shares are now up over one percent after seeing losses
• 21:36
  Speaker 5: in pre market trading, while Warner Brothers is up three percent. Meanwhile,
• 21:40
  Speaker 5: digital document signing company DocuSign lifted its annual sales outlook
• 21:45
  Speaker 5: after quarterly results beat expectations driven by subscription growth. However,
• 21:49
  Speaker 5: the stock is dropping six percent as some analysts believe
• 21:52
  Speaker 5: the company's guidance may be conservative. Elsewhere, shares in Victoria's
• 21:56
  Speaker 5: Secret surging seventeen percent after the launder and apparel company
• 22:01
  Speaker 5: posted a narrower than expected quarterly loss in a nine
• 22:05
  Speaker 5: percent increase in net sales. The company also raised its
• 22:08
  Speaker 5: full year outlook, saying it's will positioned for a successful
• 22:12
  Speaker 5: holiday season. All to Beauty raised its full year sales outlook,
• 22:15
  Speaker 5: sending shares on the personal care care retailer up sixteen
• 22:19
  Speaker 5: percent and shares in Hewlett Packard Enterprise dipping after the
• 22:23
  Speaker 5: server in cloud software company logged lower than expected revenue
• 22:27
  Speaker 5: as customers hit delay in developing their AI products. I'm
• 22:34
  Speaker 5: Tucker Silva and that is welst You're watch and remember
• 22:37
  Speaker 5: you can watch the show live every day on our
• 22:39
  Speaker 5: YouTube page while breaking business news, and all of our
• 22:42
  Speaker 5: content is also archived, so if you want to see
• 22:44
  Speaker 5: an interview or discussion about a specific.
• 22:47
  Speaker 2: Topic, it's all there. With the click of a button.
• 22:50
  Speaker 5: Just searts the Financial Exchange on YouTube and hit that
• 22:54
  Speaker 5: subscribe button.
• 22:56
  Speaker 2: All right, so we're discussing the Netflix Warner Brothers Discovery
• 23:01
  Speaker 2: merger and at let's see nine twenty six am this morning,
• 23:07
  Speaker 2: CNBC pushed through an alert with this headline, Trump administration
• 23:12
  Speaker 2: views Netflix and Warner Brothers deals with quote heavy skepticism.
• 23:16
  Speaker 2: Senior official says, uh, and obviously you've got you know,
• 23:21
  Speaker 2: Paramount lawyers are already saying. And basically what this boils
• 23:24
  Speaker 2: down to is Paramount really wants to buy Warner Brothers Discovery.
• 23:29
  Speaker 3: Yes.
• 23:29
  Speaker 2: Uh. And the Paramount is it the the CEO or
• 23:33
  Speaker 2: what's the what's the what's what? David Ellison is, that's
• 23:38
  Speaker 2: the CEO? Yeah, with Paramount. So David Ellison is Larry
• 23:44
  Speaker 2: Ellison's son. Larry Elson runs Oracle and has a really
• 23:48
  Speaker 2: good relationship with the Trump White House. And so, you know,
• 23:53
  Speaker 2: one of the thoughts on this while this bidding was
• 23:55
  Speaker 2: going on was kind of, hey, like, Paramount probably has
• 23:58
  Speaker 2: to be seen as the front runner because it would
• 24:01
  Speaker 2: be just you know, again, it just fits when you
• 24:04
  Speaker 2: look at the ease of kind of navigating the regulatory landscape.
• 24:09
  Speaker 2: So Paramount is basically already pushing back on this. The
• 24:13
  Speaker 2: Wall Street Journal reporting that They've already filed a letter
• 24:18
  Speaker 2: to lawyers from Warner Brothers Discovery saying, quote, acquiring Warner's
• 24:22
  Speaker 2: streaming and studio assets will entrenched and extent Netflix's global
• 24:25
  Speaker 2: dominance in a matter not allowed by domestic or foreign
• 24:28
  Speaker 2: competition laws. So this gets at the real question, which
• 24:32
  Speaker 2: is is there an anti trust case to be made
• 24:36
  Speaker 2: against Netflix being able to buy Warner Brothers Discovery or
• 24:42
  Speaker 2: will it be able to go through?
• 24:45
  Speaker 4: So the second piece to this all too, is is
• 24:48
  Speaker 4: Paramount's antitrust side any better than Netflix's. That's the second
• 24:54
  Speaker 4: side of that question that you really have to answer
• 24:56
  Speaker 4: as well.
• 24:57
  Speaker 2: So the place that I get to is the one
• 25:01
  Speaker 2: company that I think can definitively say it's not in
• 25:04
  Speaker 2: a better position from an anti trust perspective is Comcast.
• 25:09
  Speaker 2: Comcast again already owns literally like the distribution of cable channels,
• 25:15
  Speaker 2: already has movie studios, already has its own, you know,
• 25:18
  Speaker 2: intellectual property. It's got the whole thing. And it's revenue
• 25:20
  Speaker 2: is one hundred and twenty three billion dollars. In every respect,
• 25:24
  Speaker 2: it's a bigger company than the other two. Netflix does
• 25:27
  Speaker 2: about forty three billion dollars in revenue. They again don't
• 25:32
  Speaker 2: really do anything on the movie side, but they've got,
• 25:34
  Speaker 2: you know, a significant market share on the streaming side.
• 25:38
  Speaker 2: But the question is, like how big is that market share?
• 25:41
  Speaker 2: And like, what are you actually comparing Netflix to Netflix?
• 25:46
  Speaker 2: Is going to make the comparison. Hey, our biggest competitors
• 25:49
  Speaker 2: are not just other streaming companies. It's YouTube, it's TikTok,
• 25:53
  Speaker 2: it's video games. Because these are things that they've said
• 25:55
  Speaker 2: all along, by the way.
• 25:56
  Speaker 4: And I buy that this is competition for I it's
• 26:01
  Speaker 4: genuinely by that. The real competition definitely is Disney and
• 26:07
  Speaker 4: Hulu and Hbo Max that they are buying Apple. These
• 26:13
  Speaker 4: are prime video. I forgot to mention, they're right up
• 26:16
  Speaker 4: there in terms of subscribers. But go look at what
• 26:20
  Speaker 4: your kids and grandkids are watching easily as much eyeball
• 26:24
  Speaker 4: time as going towards YouTube and TikTok and other social
• 26:28
  Speaker 4: media video streaming sites as these dedicated ones. And so
• 26:33
  Speaker 4: I don't know, I mean, I don't claim to fully
• 26:36
  Speaker 4: understand the direction that anti trust goes and whether or
• 26:38
  Speaker 4: not this actually goes in front of a court or
• 26:41
  Speaker 4: you know, the administ you know, the White House can
• 26:43
  Speaker 4: really pressure this away. But I compared to other deals
• 26:49
  Speaker 4: that have gone through. Have a really tough time saying
• 26:51
  Speaker 4: that this is a monopolistic concern of mine.
• 26:56
  Speaker 2: You know, Paramount Skydance does about twenty eight billion in
• 26:58
  Speaker 2: revenue compared to Netflix at forty three, so it's about
• 27:01
  Speaker 2: two thirds of the size. But already has movie studios,
• 27:04
  Speaker 2: already has you know, streaming, already has cable channels. So
• 27:07
  Speaker 2: you look at and you're like, okay, like there's you know,
• 27:09
  Speaker 2: there's all this stuff that already exists there where which.
• 27:13
  Speaker 4: One do you think more jobs get eliminated by? I
• 27:16
  Speaker 4: know that's not the anti trust. I think that honestly,
• 27:20
  Speaker 4: Paramount buying you end up killing more jobs than if
• 27:23
  Speaker 4: you have Netflix buying.
• 27:25
  Speaker 2: Because of the if they take a hatchet to the studio.
• 27:28
  Speaker 3: I think Paramount would Yeah, why wouldn't.
• 27:30
  Speaker 2: You Maybe you want to produce just more movies? I
• 27:34
  Speaker 2: I I don't know. I mean, if you have the
• 27:36
  Speaker 2: dollars and the IP, wouldn't you want to produce all those?
• 27:41
  Speaker 2: Like if if let's say Paramount buys this, and like
• 27:45
  Speaker 2: you think about the intellectual property that's there, is Paramount
• 27:48
  Speaker 2: going to say, hey, we're just not gonna make Harry
• 27:50
  Speaker 2: Potter movies anymore.
• 27:51
  Speaker 4: No, I think they definitely do, and they just kill
• 27:54
  Speaker 4: half the writers. But I guess here's the not literally yes,
• 27:59
  Speaker 4: don't literally killing here. Here's here's the place that I
• 28:04
  Speaker 4: get to though, Like Paramount already has its own stuff
• 28:06
  Speaker 4: that it's producing. Yep, if your existing writers are already
• 28:11
  Speaker 4: busy doing that, don't you need the new writers in
• 28:15
  Speaker 4: order to produce the additional content?
• 28:17
  Speaker 3: Well?
• 28:18
  Speaker 2: Or are we just gonna AI ourselves AI the living
• 28:21
  Speaker 2: hell out of this? Well, then screw this like that.
• 28:23
  Speaker 2: No one should produce content. It's gonna suck.
• 28:26
  Speaker 4: So in either case, what I come back to, I
• 28:29
  Speaker 4: don't know whether or not this deal gets accepted. I
• 28:31
  Speaker 4: don't know that the White if the White House, you know,
• 28:34
  Speaker 4: exerts enough pressure to have Netflix abandon the deal. I
• 28:38
  Speaker 4: personally have zero concerns about this from an antitrust perspective.
• 28:41
  Speaker 3: None.
• 28:43
  Speaker 4: I do not think this is a big enough deal
• 28:45
  Speaker 4: to be concerned about. HBO, Max and Discovery, from what
• 28:48
  Speaker 4: I saw, had something like one hundred and twenty million subscribers.
• 28:51
  Speaker 4: Netflix is at three hundred million. Amazon's got two hundred million.
• 28:55
  Speaker 4: I know that's because they're prime members. Disney has one
• 28:58
  Speaker 4: hundred and twenty eight plus million, and then YouTube, I
• 29:02
  Speaker 4: mean paid's YouTube premium has one hundred and twenty five million.
• 29:05
  Speaker 4: Forget about just the ones that go to it without paying.
• 29:10
  Speaker 4: I have no concerns about this, especially given that they
• 29:13
  Speaker 4: are rolling off the network TV and not participating in
• 29:17
  Speaker 4: that that's going to go get acquired by somebody else.
• 29:19
  Speaker 4: I'd have more concerns about that side. From a competition perspective, It's.
• 29:24
  Speaker 2: Tough for me to say I have no antitrust concerns
• 29:27
  Speaker 2: because I mean, quite honestly, in a perfect world, I
• 29:31
  Speaker 2: wouldn't want any of these mergers to go through. Sure,
• 29:34
  Speaker 2: like if you just look at it just from a
• 29:36
  Speaker 2: dollar value perspective, which is not like the perfect way
• 29:39
  Speaker 2: to look at this, I know, but like, let's just
• 29:42
  Speaker 2: just just hear me out for a second. The nineteen
• 29:45
  Speaker 2: nineties saw two mergers that would have been that are
• 29:49
  Speaker 2: bigger from a dollar value perspective. The two thousands saw
• 29:54
  Speaker 2: four mergers that were bigger from a dollar value perspective,
• 29:59
  Speaker 2: not an inflation justin terms, but I'm just talking like
• 30:01
  Speaker 2: nominally even in inflation adjusted, you know, it's it's bigger.
• 30:05
  Speaker 2: In the two thousands, they were seven that were bigger
• 30:07
  Speaker 2: than in the nineties there were you know, a dozen
• 30:10
  Speaker 2: or so, But like you also look at some of
• 30:13
  Speaker 2: these ones that fall into that category, and you say,
• 30:16
  Speaker 2: should we have been comfortable with these deals happening?
• 30:20
  Speaker 1: Like?
• 30:20
  Speaker 2: Do do we like as an example, that in twenty nineteen,
• 30:25
  Speaker 2: United Technologies was allowed to buy raytheon I dope because
• 30:29
  Speaker 2: now there's far less competition for government contracts, which means,
• 30:33
  Speaker 2: you know, let's less problems with bidding. Do we like
• 30:36
  Speaker 2: that in twenty fifteen ab InBev was allowed to buy
• 30:38
  Speaker 2: sab Miller. I don't know, like it makes it harder
• 30:42
  Speaker 2: to compete in the beer space. Do we like that?
• 30:47
  Speaker 2: You know in I don't know, like do we like
• 30:52
  Speaker 2: here's a recent one twenty twenty two. Do we like
• 30:54
  Speaker 2: that Microsoft was able to buy Activision Blizzard and now
• 30:56
  Speaker 2: they're starting to do the exact things from an availability
• 30:59
  Speaker 2: and price standpoint that every anti trust person said, what
• 31:02
  Speaker 2: happen as a result of that deal?
• 31:04
  Speaker 4: Let me take my words back then, I do have
• 31:06
  Speaker 4: concerns about it from a competition perspective, and I, if
• 31:12
  Speaker 4: I were able to judge these things, would prefer that
• 31:14
  Speaker 4: none of this gets rolled up in the context of
• 31:18
  Speaker 4: all the deals that you meant just mentioned that we're
• 31:20
  Speaker 4: perfectly allowable and we didn't have any administration shut down
• 31:27
  Speaker 4: or the court system shut down.
• 31:29
  Speaker 3: I don't see how you can judge this one any differently.
• 31:32
  Speaker 2: Which I think is fair, which is given all of
• 31:35
  Speaker 2: the other deals that have been allowed to go through.
• 31:38
  Speaker 2: It's kind of a tough put to look at this
• 31:40
  Speaker 2: one and be like, Hey, Netflix, Warner brother Discovery is
• 31:43
  Speaker 2: the straw that breaks the camel's back, right with it.
• 31:46
  Speaker 2: It's kind of a tough putt. Let's take a quick
• 31:49
  Speaker 2: break when we return. What do we want to talk
• 31:53
  Speaker 2: about when we come back. Let's see, Yeah, let's talk
• 31:59
  Speaker 2: about retirement, kind of year end portfolio review.
• 32:03
  Speaker 1: After this text, does six one seven, three, six, two
• 32:07
  Speaker 1: one three eight five with your comments and questions about
• 32:09
  Speaker 1: today's show. This is the Financial Exchange Radio Network. The
• 32:15
  Speaker 1: Financial Exchange streams live on YouTube. Subscribe to our page
• 32:19
  Speaker 1: and stay up to date on breaking business news All morning.
• 32:22
  Speaker 1: Long Face is the Financial Exchange Radio Network.
• 32:27
  Speaker 5: The Financial Exchange is a proud partner of the Disabled
• 32:29
  Speaker 5: American Veterans Department of Massachusetts. Planning is well underway for
• 32:33
  Speaker 5: the twenty twenty six dav five k, and if you
• 32:37
  Speaker 5: weren't able to attend this year's race, but would still
• 32:39
  Speaker 5: like to help ow great American heroes, please visit DAV
• 32:42
  Speaker 5: fivek dot Boston and make a donation. Your participation helped
• 32:47
  Speaker 5: provide vital services like free transportation to medical appointments and
• 32:51
  Speaker 5: safe housing first single veterans and their families. Donate today
• 32:55
  Speaker 5: at DAV fivek dot Boston. That's DAV fivek dot Boston.
• 33:00
  Speaker 2: Mike, we get a piece in Barns. Retirerees, it's time
• 33:02
  Speaker 2: for your year end portfolio review. Here's what to do.
• 33:06
  Speaker 3: I do so first things first, if you're actually talking
• 33:09
  Speaker 3: about a year.
• 33:10
  Speaker 4: End portfolio review, the main thing to just make sure
• 33:14
  Speaker 4: you've done is the stuff that has to be done
• 33:16
  Speaker 4: by December thirty.
• 33:17
  Speaker 3: First, make sure you do it the required.
• 33:18
  Speaker 4: Minimum distributions, the tax loss harvesting, if you're going to
• 33:22
  Speaker 4: try and do so like those are items that actually
• 33:25
  Speaker 4: must be done by December thirty.
• 33:27
  Speaker 2: First.
• 33:27
  Speaker 4: If you're in good shape there, then I think you
• 33:29
  Speaker 4: can move on to the things in this article which
• 33:31
  Speaker 4: are genuinely helpful.
• 33:33
  Speaker 3: And I've got a few to add to the lists.
• 33:35
  Speaker 4: So one they you know, especially for retirees, I think
• 33:38
  Speaker 4: this is incredibly important consolidation. And I don't just mean
• 33:42
  Speaker 4: this when it comes to investment accounts. I mean this
• 33:44
  Speaker 4: when it comes to all financials. Right, if you have
• 33:47
  Speaker 4: bank accounts at three different banks, really ask yourself why
• 33:52
  Speaker 4: we really really drive down there, because it's going to
• 33:55
  Speaker 4: become more and more difficult to handle that plus the
• 33:58
  Speaker 4: four oh one ks plus five everything else down the road.
• 34:01
  Speaker 4: And even if you are perfect at it, just accept
• 34:04
  Speaker 4: the fact that if you're heading towards retirement, there's going
• 34:07
  Speaker 4: to come a day where you won't be able to
• 34:09
  Speaker 4: handle it and you're gonna need somebody else to try
• 34:11
  Speaker 4: and pick it all up. And that's a lot more
• 34:13
  Speaker 4: difficult when it's in nineteen different places. I'm not telling
• 34:16
  Speaker 4: you to trust any one individual with all of your money.
• 34:20
  Speaker 4: I am saying that simplify things as you get older
• 34:25
  Speaker 4: and throughout life is a pretty good general advice that
• 34:29
  Speaker 4: you can take because, well, Chuck, I'm sure you've seen
• 34:32
  Speaker 4: it too, but the time I've spent with loved you know,
• 34:35
  Speaker 4: client's children, trying to map out all the stuff it's.
• 34:39
  Speaker 3: It can be really messy. We talked about this one yesterday.
• 34:42
  Speaker 4: Diversify and actually diversify, which is more difficult to do
• 34:46
  Speaker 4: now than previously harder.
• 34:49
  Speaker 2: With the S and P is concentrated as it is,
• 34:51
  Speaker 2: You've got you know, a number of stocks, five or
• 34:53
  Speaker 2: six of them that make up five percent or north
• 34:56
  Speaker 2: in the S and P five hundred. You're not necessarily
• 35:00
  Speaker 2: a diversified as you think you are. If you just
• 35:03
  Speaker 2: own the S and P five hundred. It doesn't mean
• 35:05
  Speaker 2: that it's inherently, you know, good or bad. It just means,
• 35:09
  Speaker 2: from a diversification perspective, you've got more concentration risk in
• 35:12
  Speaker 2: the S and P five hundred than any other time
• 35:14
  Speaker 2: in its history.
• 35:16
  Speaker 4: Morning Star points out usefully, if you had a sixty
• 35:18
  Speaker 4: forty portfolio a decade ago, given where stocks have run,
• 35:22
  Speaker 4: you're now sitting in an eighty twenty portfolio. So that
• 35:25
  Speaker 4: stallication and maybe rebalancing, Yeah, you know, those are pretty
• 35:28
  Speaker 4: basic but important ones. They have a whole section about
• 35:32
  Speaker 4: bonds being back, you know, compared to previous times. I
• 35:37
  Speaker 4: won't debate that interest rates are higher than twenty twenty.
• 35:40
  Speaker 4: I will just say that it's not clear to me
• 35:44
  Speaker 4: that there won't be problems in the bond market, especially
• 35:46
  Speaker 4: in some corners of it.
• 35:48
  Speaker 3: So It's not.
• 35:49
  Speaker 4: Exactly a fool proof idea to say, oh yeah, all
• 35:54
  Speaker 4: bonds are back, as this article, you know, pretty boldly
• 35:58
  Speaker 4: poses in one of their subsections managing your Taxes. We
• 36:02
  Speaker 4: talked a bit about that other ones. There was a
• 36:05
  Speaker 4: piece that a client sent me Wednesday, Tuesday or Wednesday.
• 36:10
  Speaker 4: It was a piece about boomer candy, which we've talked
• 36:12
  Speaker 4: about a few times. Here's what I'm just gonna say
• 36:14
  Speaker 4: about investment products. Generally, you've seen the SMP now return
• 36:20
  Speaker 4: twenty percent, more than twenty percent per year for the
• 36:23
  Speaker 4: last three years trailing. When that happens, there's a lot
• 36:27
  Speaker 4: of different things. There are a lot of different schemes
• 36:29
  Speaker 4: that start popping up of ways to make money, and
• 36:33
  Speaker 4: some of them are completely untested. There's also a lot
• 36:36
  Speaker 4: of fomo fear of missing out that I think starts
• 36:40
  Speaker 4: to take place. And I would just very simply state,
• 36:44
  Speaker 4: when you're being sold in new investment product, make sure
• 36:47
  Speaker 4: that you understand what it is and how it's actually
• 36:49
  Speaker 4: going to benefit you, because a lot of the ones
• 36:51
  Speaker 4: that I've seen recently benefit one group, and that's the
• 36:54
  Speaker 4: people selling them. In any case, it's important to do
• 36:58
  Speaker 4: year end planning for your overall financial strategy. It's even
• 37:01
  Speaker 4: more important if you're on the cusp of retirement. If
• 37:05
  Speaker 4: you are sitting there and thinking that this stuff might
• 37:08
  Speaker 4: apply to you. Armstrong Advisory has a roadmap to help
• 37:12
  Speaker 4: you along that path. The numbers eight hundred three nine
• 37:15
  Speaker 4: three for zero zero one. This is what Chuck and
• 37:18
  Speaker 4: myself do with the rest of our day after doing
• 37:21
  Speaker 4: the financial exchange, and we would love to help you
• 37:23
  Speaker 4: out too. The number again, eight hundred three nine three
• 37:26
  Speaker 4: for zero zero one, or you can check us out
• 37:28
  Speaker 4: at Armstrong Advisory dot com.
• 37:30
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 37:32
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 37:35
  Speaker 1: Armstrong guide a specific financial, legal, or tax advice. Consult
• 37:38
  Speaker 1: your own financial tax into state planning advisors before making
• 37:41
  Speaker 1: any investment decisions. Armstrong make contact you to offer investment
• 37:44
  Speaker 1: advisory services.
• 37:45
  Speaker 2: Wall Street Journal with the headline two types of shoppers
• 37:48
  Speaker 2: are powering holiday spending, the wealthy and deal hunters. Mike,
• 37:51
  Speaker 2: is that ever different?
• 37:52
  Speaker 4: I was gonna say what I wrote down is like
• 37:54
  Speaker 4: as opposed to broke college bros and people that love
• 37:59
  Speaker 4: overpaying for products.
• 38:00
  Speaker 2: What are you?
• 38:00
  Speaker 4: What are you talking about? Who's had not been funded
• 38:03
  Speaker 4: by this group of individuals.
• 38:05
  Speaker 2: It's it's just I'm really struggling with this mic. Yeah,
• 38:10
  Speaker 2: I'm really starting to struggle with it. Yeah.
• 38:12
  Speaker 4: Usually when I go to the mall, it's all seven
• 38:14
  Speaker 4: year olds who are emptying their piggyback who usually do
• 38:17
  Speaker 4: all the holiday shopping.
• 38:19
  Speaker 2: You know, like I don't know. Yes, the people who
• 38:23
  Speaker 2: typically are shopping are people who either have money and
• 38:28
  Speaker 2: aren't concerned about price, or people.
• 38:30
  Speaker 4: Who the dogs, all of our pets are power. No,
• 38:36
  Speaker 4: it's always the wealthy and or people that want to deal.
• 38:40
  Speaker 4: It's always been the case, has been for a hundred years.
• 38:43
  Speaker 4: It's not going to change.
• 38:44
  Speaker 2: Let's take a quick break here and when we return,
• 38:47
  Speaker 2: we got our two coming up. Paul Monica joins us
• 38:49
  Speaker 2: then as well, just a bit