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Why Inflation Is the Real Risk Investors Keep Missing · The Financial Exchange Show

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  Speaker 1: and Mark Vandetti.
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  Speaker 2: Good morning, Welcome back to the Financial Exchange. It's Mike,
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  Speaker 2: Mark and Tucker with you on the unofficial kickoff of
• 1:22
  Speaker 2: summer here. And we've got a shortened trading week from
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  Speaker 2: the Memorial Day holiday weekend. But stocks are surging on
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  Speaker 2: this Tuesday on rumors of in Iranian ceasefire. There is
• 1:35
  Speaker 2: a ceasefire in place that's not being adhered too, so
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  Speaker 2: I don't know why we use that word, given that
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  Speaker 2: we exchanged strikes last night, but we're still calling it
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  Speaker 2: a ceasefire, which I like. And both the President and
• 1:50
  Speaker 2: Marco Ruby have talked about progress towards a deal here
• 1:54
  Speaker 2: with Iran. How close we are I think nobody knows
• 1:58
  Speaker 2: unless they are actually in the otiating room, and even
• 2:01
  Speaker 2: then you might not be all that certain of how
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  Speaker 2: close we are on a prolonged deal here. With the
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  Speaker 2: primary focus of getting traffic moving through the strait of
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  Speaker 2: horror moves economically, that's the big goal. Obviously, the President
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  Speaker 2: has a very clear goal of prohibiting around from ever
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  Speaker 2: developing nuclear weapons. But in terms of the economic goal
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  Speaker 2: that the markets are worried about is when do gas
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  Speaker 2: prices come back down? When can get fertilizer, aluminument of
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  Speaker 2: everything else out of the Middle East.
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  Speaker 3: The President has done an amazingly good job at keeping
• 2:30
  Speaker 3: stock prices elevated and oil prices down. I'm not sure
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  Speaker 3: if that's conducive to political solution because it exposes our vulnerability,
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  Speaker 3: our economic vulnerability. By that, I mean, we're so eager
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  Speaker 3: to keep the economy going and oil prices down that
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  Speaker 3: it limits how far we're willing to go militarily and politically.
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  Speaker 3: So I just want to talk about the market part
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  Speaker 3: of it, which is a pretty remarkable to me, given
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  Speaker 3: that outcomes here could have been bad. They may still
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  Speaker 3: be bad, sure, but markets are pricing in so to speak,
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  Speaker 3: seemingly unless this is just an average and the good
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  Speaker 3: outcome is even better than we've experienced. But markets seem
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  Speaker 3: to be pricing in a pretty seamless transition.
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  Speaker 2: It's a point I have no idea if we're going
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  Speaker 2: to reach a deal here with anything, but that's.
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  Speaker 3: Why I was trying to avoid that. I just wanted
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  Speaker 3: to comment on where we are in markets today.
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  Speaker 2: But I think that's an important point because you know,
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  Speaker 2: oftentimes to get a deal done between two parties that
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  Speaker 2: do not like each other a whole lot. Both parties
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  Speaker 2: need to be facing pressure of some sort, and I
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  Speaker 2: just don't really see.
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  Speaker 4: What pressure the Trump administration is facing right now.
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  Speaker 3: Economics. They've got elections coming, it's all domestic. Then we're
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  Speaker 3: not faced with serious military on it.
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  Speaker 2: No, I'm talking about economic pressures, but even those I
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  Speaker 2: wouldn't describe as insurmountably bad.
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  Speaker 4: Stocks are at all time highs.
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  Speaker 2: Gas prices are high, but not at a point where
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  Speaker 2: where I think it is genuinely breaking the bad year
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  Speaker 2: of a year.
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  Speaker 3: Inflation coming at almost four percent, we had it, We
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  Speaker 3: had it down to two and a half a year ago.
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  Speaker 4: I'm with you, okay, And maybe that's.
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  Speaker 3: More of a fetish of mind than the average person.
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  Speaker 3: I don't know.
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  Speaker 2: I just don't see again. Stock prices at all time highs.
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  Speaker 4: We are not in a nobody I hate to break
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  Speaker 4: it to you.
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  Speaker 3: I know this is a finance show. Nobody gives a crap.
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  Speaker 3: They just we assume that stocks will appreciate at somewhere
• 4:27
  Speaker 3: in the high single to low double digits. I assume
• 4:30
  Speaker 3: that's like my birthright, assuming we don't screw up our institutions.
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  Speaker 3: I don't give a politician, I didn't give Biden credit
• 4:37
  Speaker 3: for the for the twenty eight and twenty six percent
• 4:40
  Speaker 3: returns in the last two years of his term. I
• 4:42
  Speaker 3: didn't give Trump credit necessarily for the sixteen or seventeen
• 4:46
  Speaker 3: percent we got last year. I expect to be rewarded
• 4:50
  Speaker 3: for putting my dollars at risk. I expect the president
• 4:52
  Speaker 3: to not get in the way.
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  Speaker 2: So when people say that they vote with their wallets,
• 4:56
  Speaker 2: you don't think that stock price is part of that
• 4:58
  Speaker 2: wallet consideration.
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  Speaker 3: May have been in the eighties and nineties, I don't
• 5:02
  Speaker 3: believe it is any longer. Look at how popular the
• 5:04
  Speaker 3: previous regime was. Biden presided over excellent stock market returns.
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  Speaker 3: They were as good in a cumulative sense before inflation now,
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  Speaker 3: and this is important as Trump's were in his first term,
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  Speaker 3: and way better than anything we saw under Say, I
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  Speaker 3: don't know, George w not better than Barack Obama anyway, No, Mike,
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  Speaker 3: I don't think they do. I think they look at
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  Speaker 3: the things that you and Chuck talk about a lot here,
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  Speaker 3: which is stagnant real wages in this case over the
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  Speaker 3: past year, negative real wage growth, and they of course
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  Speaker 3: the price of gasoline and food. The conspicuous stuff I don't.
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  Speaker 2: Look, I'll continue to argue that I don't think that
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  Speaker 2: there's been a tremendous amount of economic pressure on the
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  Speaker 2: White House to make a deal here.
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  Speaker 4: Unemployment remains low, gas prices are high.
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  Speaker 3: I'm sorry, that's why else would he be so eager,
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  Speaker 3: the president to make They clearly view Iran, the threat
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  Speaker 3: from Iran as a threat to our very existence. What
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  Speaker 3: is stop them from being more aggressive there? It's it's
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  Speaker 3: the potential economic pain, I think. And by the way,
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  Speaker 3: that's a good thing. The purpose of war is what
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  Speaker 3: exactly to make everybody better off in the long run, Like,
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  Speaker 3: what's the point if we're all very poor?
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  Speaker 4: Like I don't.
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  Speaker 3: I don't like, what's the point of a well executed war?
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  Speaker 3: But if we're worse off economically?
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  Speaker 4: And the point that you just made, I think is
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  Speaker 4: the important.
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  Speaker 2: The reason that they are fighting is because of potential
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  Speaker 2: economic pain. I don't think that we've experienced the worst
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  Speaker 2: of the economic pain that I might have expected from this.
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  Speaker 3: The President isn't letting on that we have. He says,
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  Speaker 3: you know, it's peanuts, And I don't think about the
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  Speaker 3: average Americans economic welfare, he said, I'm not exaggerating. He
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  Speaker 3: said something like that, and I actually thought that was
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  Speaker 3: like refreshing. He appears to really believe. I might disagree,
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  Speaker 3: but what do I know. That's not really the point here.
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  Speaker 3: He believes that we need to take this. He believes
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  Speaker 3: there's a threat that needs to be removed, regardless of
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  Speaker 3: the economic pain. But he doesn't mean that because he
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  Speaker 3: does watch the stock mark, and he does watch oil prices,
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  Speaker 3: and he should.
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  Speaker 4: In early trading so far, we've got to split market
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  Speaker 4: right now.
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  Speaker 2: The Dow Jones Industrial average is off seventy one points,
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  Speaker 2: which makes me continue to believe that the Dow signifies
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  Speaker 2: almost nothing. The S and P five hundred is up
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  Speaker 2: fifty two thirds of percent, of the NASDAK up one
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  Speaker 2: point one percent. We've got oil prices falling today about
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  Speaker 2: two point three percent. Keep in mind that's from friday's price,
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  Speaker 2: not yesterday's prices. The market was closed yesterday down to
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  Speaker 2: ninety four dollars per barrel.
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  Speaker 4: Here.
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  Speaker 2: In terms of interest rates, those are falling two. We've
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  Speaker 2: got the ten year treasury yield now sitting at four
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  Speaker 2: and a half percent as we speak here. It's been
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  Speaker 2: on the move upwards since the outbreak of war in Irun,
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  Speaker 2: on that concern over inflation, and taking a look at
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  Speaker 2: a few other markets as they pertain to individual Americans.
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  Speaker 2: Price of gas down a little bit compared to last week,
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  Speaker 2: where we're sitting now at four dollars forty nine cents
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  Speaker 2: a gallon on the national average. And then finally, on
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  Speaker 2: that thirty year fixed rate mortgage that we like to
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  Speaker 2: track so much, hit a high recently on May nineteenth
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  Speaker 2: of six seven. As of the closed Friday six six'
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  Speaker 2: five is where we are on that thirty year mortgage rate.
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  Speaker 2: Mark we've been hearing from young people a lot in
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  Speaker 2: terms of surveys about their pessimism for the job, market,
• 8:15
  Speaker 2: specifically you, know college graduates looking for that white college.
• 8:19
  Speaker 2: Job this is a different take on that, story which
• 8:22
  Speaker 2: is the folks over At Challenger gray And christmas describing
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  Speaker 2: what looks like a terrible summer teen job.
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  Speaker 4: Market and, Yeah i'm just not sure THAT i buy.
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  Speaker 2: It But i'm worried that my own biases are playing
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  Speaker 2: too much into, this because these, days WHENEVER i see
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  Speaker 2: a peace Citing Challenger gray And, CHRISTMAS i tend to
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  Speaker 2: think that the interpretation by.
• 8:46
  Speaker 4: The media is going to be.
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  Speaker 2: Overblown Because Challenger gray And christmas is the one that
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  Speaker 2: has been telling us about all of these looming layoffs
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  Speaker 2: that have been coming for the last three years that
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  Speaker 2: have really done nothing to increase the unemployment. Rate and
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  Speaker 2: so they do cite some surveys that they have saying
• 9:02
  Speaker 2: that employers in the entertainment and leisure sector plan to
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  Speaker 2: fill seventy percent fewer roles this year than last, year
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  Speaker 2: which would be a tremendous drop in teenage. Employment and
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  Speaker 2: yet WHEN i look at the actual data we have
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  Speaker 2: on the unemployment rate for sixteen to nineteen year, olds
• 9:22
  Speaker 2: it's not substantially. High we're lower than we were anytime
• 9:27
  Speaker 2: in the twenty ten, decade other than starting around twenty
• 9:30
  Speaker 2: sixteen is when we reach these last. Levels and So
• 9:34
  Speaker 2: i'm just not sure how to interpret all of this
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  Speaker 2: in terms of whether or not it's truly atrocious out
• 9:38
  Speaker 2: there for Young but.
• 9:39
  Speaker 3: If you had to, guess you'd, say, well higher gas,
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  Speaker 3: prices they're probably going to persist through this. Summer more
• 9:44
  Speaker 3: regular economic growth this year and for that, matter last,
• 9:47
  Speaker 3: year for lots of different. REASONS i suppose IF i
• 9:51
  Speaker 3: had to, Guess i'd say fewer people will be working
• 9:55
  Speaker 3: as a proportion of the teen workforce than in really, heady.
• 10:00
  Speaker 3: Steady i'm not rhyming, intentionally just the word that comes to,
• 10:02
  Speaker 3: mind economic growth, Environments, Mike will it be as dramatically
• 10:09
  Speaker 3: lower as they're forecasting? Here you get to get into,
• 10:12
  Speaker 3: forecasting you know how very specific parts of the economy
• 10:18
  Speaker 3: are going to fare over the. SUMMER i mean it
• 10:20
  Speaker 3: could be a gangbuster summer for, parks in which case
• 10:24
  Speaker 3: they'll need a lot of people to do.
• 10:26
  Speaker 4: That, yeah it's an interesting.
• 10:27
  Speaker 2: QUESTION i, mean, clearly if you are operating the resort
• 10:30
  Speaker 2: On nantucket and you're dealing with the wealthiest of, wealthy
• 10:34
  Speaker 2: then you're hiring just as, many if not, more young
• 10:36
  Speaker 2: teenagers to work that resort than you were.
• 10:38
  Speaker 4: Last, year no doubt in my.
• 10:39
  Speaker 2: Mind if you're working the ice cream parlor In, Cranston Rhode, island,
• 10:46
  Speaker 2: yeah maybe there is some small impact of higher gas
• 10:49
  Speaker 2: prices making people pull back on that once a week
• 10:53
  Speaker 2: visit to the ice cream. Shop maybe there are fewer
• 10:56
  Speaker 2: theme park visits to Six flags because of the higher gas.
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  Speaker 4: Prices i'm not.
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  Speaker 2: SURE i have a really tough time believing that this
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  Speaker 2: is going to be some atrocious hiring season for the summer.
• 11:08
  Speaker 4: TEENAGERS i don't.
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  Speaker 3: Know i'm not SURE i buy it, Again you've got
• 11:11
  Speaker 3: to have a very specific forecast about how those particular
• 11:15
  Speaker 3: how leisure industries are going to. DO i, mean it's
• 11:19
  Speaker 3: just challenge. It forgive, Me but do they survey employers
• 11:22
  Speaker 3: or are they doing industry? Forecasts and then.
• 11:24
  Speaker 2: Just they never seem to tell, Us, okay they do track,
• 11:27
  Speaker 2: announced they do track announce the layoffs all the. TIME i,
• 11:30
  Speaker 2: know we cite their data frequently because they have this
• 11:32
  Speaker 2: layoff tracker Of, hey when companies file the right filings
• 11:36
  Speaker 2: or make a public, announcement they try and track, it
• 11:39
  Speaker 2: but then it gets interpreted in all these ways THAT
• 11:41
  Speaker 2: i feel like doesn't do us any.
• 11:43
  Speaker 4: Service what we do.
• 11:45
  Speaker 2: Know as Of april twenty twenty, six according to THE,
• 11:46
  Speaker 2: bls the sixteen to nineteen year old unemployment rate was
• 11:50
  Speaker 2: sitting at fourteen point four. Percent that is up from
• 11:54
  Speaker 2: thirteen percent a year. Ago but AS i pointed, out
• 11:58
  Speaker 2: in the twenty tens, decade you, know POST, gfc we
• 12:02
  Speaker 2: had sixteen to nineteen year old employment in the twenty percent.
• 12:05
  Speaker 2: Range we did not get back to the levels that
• 12:07
  Speaker 2: we're experiencing now until around twenty, seventeen and SO i
• 12:12
  Speaker 2: keep going back to these stories of people describing the
• 12:14
  Speaker 2: worst labor market for people that we've seen in, decades
• 12:18
  Speaker 2: AND i keep finding data that tells me it was
• 12:22
  Speaker 2: way worse in the early twenty tens than pretty much
• 12:24
  Speaker 2: any time that we've ever. Experienced So i'm just unsure.
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  Speaker 4: Of what to do with all. That but if, YOU
• 12:30
  Speaker 4: i will, SAY i am. INTERESTED i don't have.
• 12:32
  Speaker 2: TEENAGERS i don't know what it's like out there for
• 12:34
  Speaker 2: kids trying to find jobs right. Now if you have,
• 12:36
  Speaker 2: experience you feel free to text the. Show i'm always
• 12:39
  Speaker 2: curious sixty one seven three six two thirteen eighty Five
• 12:42
  Speaker 2: what does the labor market actually look like for sixteen
• 12:45
  Speaker 2: year olds out? There if you're a small, business are
• 12:49
  Speaker 2: you having a tough time finding? Them are you easily
• 12:51
  Speaker 2: filling the jobs with tons of? Applications because that's what
• 12:53
  Speaker 2: this piece from the journal seems to, indicate is, that you,
• 12:56
  Speaker 2: know if the town has one hundred summer jobs open
• 13:00
  Speaker 2: for lifeguards and, such they're getting three hundred applications and you,
• 13:03
  Speaker 2: know way way over applied to and a big increase
• 13:08
  Speaker 2: in people looking for those. Jobs but, yeah if you
• 13:12
  Speaker 2: have any take on this again six one, seven three,
• 13:14
  Speaker 2: six two thirteen.
• 13:15
  Speaker 3: Eight and if you are going To cranston to an
• 13:16
  Speaker 3: ice cream, SHOP i want to know what's your favorite,
• 13:18
  Speaker 3: flavor eggplant or.
• 13:20
  Speaker 2: Zucchini oh that that's the top ones over In. CRANSTON
• 13:23
  Speaker 2: i think.
• 13:23
  Speaker 4: So, YEAH i hear. You Rhode island's.
• 13:25
  Speaker 2: Different let's take a quick break when we come back
• 13:27
  Speaker 2: a little. Bit trivia's next on The Financial. Exchange miss the.
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  Speaker 1: Covering this is The Financial Exchange Radio, network.
• 14:01
  Speaker 4: All, right time For.
• 14:02
  Speaker 3: Trivia here on The Financial, exchange and on this.
• 14:04
  Speaker 5: Day in eighteen ninety, Six Charles dow calculated his first
• 14:08
  Speaker 5: average of industrial, stocks known as The Dow Jones Industrial.
• 14:13
  Speaker 5: Average one of the original members of The, dow was
• 14:16
  Speaker 5: the longest tenured company in the average before being dropped
• 14:21
  Speaker 5: in twenty. Eighteen after one hundred and twenty two. Years
• 14:25
  Speaker 5: so our question, today which legendary companies spend the most
• 14:29
  Speaker 5: time in The Dow Jones Industrial? Average once, again which
• 14:33
  Speaker 5: legendary company spent the most time in The Dow Jones industrial?
• 14:38
  Speaker 5: Average be the second person to text us at six
• 14:42
  Speaker 5: one seven three six two thirteen eighty five with the
• 14:45
  Speaker 5: correct answer along with keyword, trivia and you'll win A
• 14:48
  Speaker 5: Financial Exchange show t. Shirt once, again the second correct
• 14:52
  Speaker 5: response to textas to the number uh six one seven
• 14:56
  Speaker 5: three six two thirteen eighty five with the correct answer
• 14:59
  Speaker 5: along with keyword trivia will win that t. Shirt see
• 15:02
  Speaker 5: complete contest rules At Financial Exchange show dot. Com and
• 15:06
  Speaker 5: we did get several texts into that same. Number regarding
• 15:11
  Speaker 5: the teen summer jobs, question you pose their mic in
• 15:15
  Speaker 5: the previous, Segment.
• 15:16
  Speaker 4: Is it the same old teenagers are lazy and don't want.
• 15:18
  Speaker 3: To, now let's just go through them real, quick all?
• 15:20
  Speaker 5: Right eight SIX tozh saying ALL i ever hear from
• 15:24
  Speaker 5: employers is kids don't want to. Work FIVE o ways,
• 15:28
  Speaker 5: says gone are the days of kids looking for work
• 15:30
  Speaker 5: parents post On facebook rather than the youngsters actually making an.
• 15:35
  Speaker 5: EFFORT i don't know what that, means THOUGH i do see.
• 15:39
  Speaker 4: That parents posting for their kids looking for. Work ALL i,
• 15:43
  Speaker 4: SEE i. SEE i don't know how much of that is.
• 15:45
  Speaker 2: Them probably a lot of it is them, babying BUT
• 15:47
  Speaker 2: i think a good twenty percent of it is teenagers
• 15:50
  Speaker 2: don't Have facebook.
• 15:51
  Speaker 4: Accounts BUT i could be.
• 15:52
  Speaker 3: WRONG a you're gonna read the one about?
• 15:54
  Speaker 4: It?
• 15:54
  Speaker 5: Yeah, yeah another text out of the six one seven my.
• 15:57
  Speaker 5: Wife my wife works in a movie. Theater plenty of
• 16:01
  Speaker 5: jobs plus free. Movies the problem is they meaning the
• 16:04
  Speaker 5: young workers are unreliable and there are different rules for
• 16:08
  Speaker 5: minors nine seven, eight sixteen year. Old So i'm working
• 16:11
  Speaker 5: fifteen hours a week AT.
• 16:12
  Speaker 4: Dq there you, go they, go but.
• 16:18
  Speaker 3: You get free. Movies is this?
• 16:19
  Speaker 5: True apparently that's a great person like.
• 16:22
  Speaker 4: THAT i think my cousin got fired from a dairy queen.
• 16:24
  Speaker 3: Once why wouldn't you just take like a, weekend get
• 16:26
  Speaker 3: a job at a theater for the weekend.
• 16:28
  Speaker 4: And seems like a lot of work to apply to.
• 16:32
  Speaker 2: You it does submit YOUR w two's and, yeah you
• 16:35
  Speaker 2: get your paychecked for one weekend of free.
• 16:38
  Speaker 4: Movies BUT i could be.
• 16:39
  Speaker 2: WRONG i guess you know, What at, SIXTEEN i did
• 16:41
  Speaker 2: not have a lot going, on so that would have
• 16:42
  Speaker 2: been worth the.
• 16:43
  Speaker 3: Effort it seems like an.
• 16:43
  Speaker 5: Ideal jeremy out Of Vineyard haven says the report about
• 16:47
  Speaker 5: summer hiring at least WHERE i live on the, vineyard
• 16:50
  Speaker 5: so there you, go is totally out of. Base it's
• 16:53
  Speaker 5: harder than ever to get workers in the. SUMMER i
• 16:55
  Speaker 5: myself have a small business and have three employees that
• 16:59
  Speaker 5: come over dal from the.
• 17:00
  Speaker 2: MAINLAND i, mean, YEAH i wonder what the going hourly
• 17:05
  Speaker 2: rate is for, yeah summer workers On nantucket And Martha's,
• 17:10
  Speaker 2: VINEYARD i mean minimum waging. Masters this is fifteen bucks an,
• 17:13
  Speaker 2: Hour like you wouldn't be surprised to hear it's nearly
• 17:15
  Speaker 2: double that on you, know those places with limited.
• 17:18
  Speaker 4: Supply.
• 17:19
  Speaker 2: Yeah, AGAIN i think there are parts of the country
• 17:22
  Speaker 2: that are clearly hurting right now where the employment's going
• 17:26
  Speaker 2: to be. Down But i'm just not buying it's going
• 17:28
  Speaker 2: to be the worst summer for teenager employment in multiple.
• 17:32
  Speaker 4: Decades but, yeah there is something about these current.
• 17:35
  Speaker 2: Teenagers they sure are lazy and don't Use, Facebook so screw.
• 17:40
  Speaker 2: Them that's our, job Right i'm in my thirties, now
• 17:44
  Speaker 2: so my job is to bash on the fifteen year.
• 17:46
  Speaker 4: OLDS i, mean.
• 17:47
  Speaker 5: It's Like chuck, says all the, time every generation complains
• 17:50
  Speaker 5: about the previous. Generation so, like, LIKE i feel like
• 17:54
  Speaker 5: we're always having the conversation with kids.
• 17:55
  Speaker 3: Don't want to work.
• 17:56
  Speaker 4: Anymore, fairly years.
• 17:58
  Speaker 2: Ago we were on that, coment, fairly and that the
• 18:00
  Speaker 2: greatest generation was pretty pissed that all of those hippies
• 18:06
  Speaker 2: at seventeen year old years old were going to woodstock
• 18:08
  Speaker 2: instead of working their summer jobs at the. Factory so
• 18:11
  Speaker 2: Fair i'm fairly certain that this is a generational. Consistency
• 18:14
  Speaker 2: but MAYBE i could be. Wrong speaking of, youngsters they
• 18:17
  Speaker 2: don't want to buy, SUVs in a potential disastrous scenario
• 18:22
  Speaker 2: FOR us auto. Manufacturers i'm not sure if there's any staying.
• 18:25
  Speaker 2: Power there's been a few surveys, that you, know young
• 18:28
  Speaker 2: people gen Z, ers for, instance don't want the.
• 18:31
  Speaker 4: Suv they're looking for a sedan.
• 18:33
  Speaker 2: Instead part of, that obviously is, cost because SUVs are you,
• 18:38
  Speaker 2: know average cost to compact SUVs at like thirty seven to,
• 18:41
  Speaker 2: five whereas a sedan compact is like twenty eight, Grand
• 18:44
  Speaker 2: so part of its. Cost BUT i think there could
• 18:46
  Speaker 2: be something. Too my parents always drove that ugly. SUV
• 18:51
  Speaker 2: i don't want. One it happened with mini, vans maybe
• 18:54
  Speaker 2: it's going to happen with the COMPACT suv. Two of,
• 18:58
  Speaker 2: no this was always the car that my mom d
• 19:00
  Speaker 2: me to soccer practice. IN i don't want to be
• 19:02
  Speaker 2: seen driving A crv or you, know one of these
• 19:05
  Speaker 2: immensely popular cars, now and maybe we will.
• 19:08
  Speaker 4: Be reverting back To sedan's.
• 19:11
  Speaker 2: OR i, mean minivans are undergoing a surge right now in,
• 19:15
  Speaker 2: popularity so maybe we are set for something different from
• 19:18
  Speaker 2: the gen zs who don't seem to be responding well to.
• 19:22
  Speaker 2: SUVs but, AGAIN i will also point out that they
• 19:24
  Speaker 2: probably just can't afford.
• 19:26
  Speaker 4: Them and that might be the biggest contributing. Factor Quick
• 19:29
  Speaker 4: Break Wall street watches next.
• 19:30
  Speaker 2: To, me.
• 19:40
  Speaker 1: Bringing the latest financial news straight to your. Radio every.
• 19:44
  Speaker 1: Day it's The Financial exchange on The Financial Exchange Radio
• 19:48
  Speaker 1: network out full Whoa Street watch treking the, STOCKS fandato
• 19:54
  Speaker 1: and the headlines driving markets so far today right here
• 19:57
  Speaker 1: on The Financial Exchange Radio, network.
• 20:01
  Speaker 5: Our markets are mixed as traders return from the holiday
• 20:03
  Speaker 5: weekend amid the Fragile cy's fire between THE us AND
• 20:06
  Speaker 5: i ran AFTER us And iranian forces clashed. Overnight, however
• 20:10
  Speaker 5: hopes remain high on progress toward an interim peace. Deal right,
• 20:14
  Speaker 5: now The dow is down about a quarter, PERCENT smp
• 20:17
  Speaker 5: five hundred is up six ten seven, PERCENT nasdac up
• 20:20
  Speaker 5: over one percent, HIGHER russ two thousand is up about
• 20:22
  Speaker 5: one and a half, Percent tenor trais, reeled is down
• 20:25
  Speaker 5: six basis points at four point five zero, percent And
• 20:29
  Speaker 5: oil down over two, percent trading a ninety four dollars a.
• 20:33
  Speaker 5: Barrel micron is now surging sixteen percent AFTER ubs raised
• 20:37
  Speaker 5: its price target on the chip. Maker with today's, Gains
• 20:40
  Speaker 5: micron reached a market valuation of one trillion dollars for
• 20:44
  Speaker 5: the first time in its. History sticking with the chip,
• 20:47
  Speaker 5: sector After bloomberg Reported qualcom reached a deal with TikTok
• 20:50
  Speaker 5: own owner Byte dance to supply chips FOR ai data,
• 20:54
  Speaker 5: Centers qualcom stock climbing five. Percent, MEANWHILE bp is falling
• 20:59
  Speaker 5: four percent after The Energy Giants board said it decided
• 21:03
  Speaker 5: to remove Chairman Albert manfold immediately over serious conduct, concerns
• 21:08
  Speaker 5: And American airlines announced it will Install Starlink internet service
• 21:13
  Speaker 5: on over five hundred single aisle air bus planes beginning next. Year,
• 21:17
  Speaker 5: starlink the service operated By Elon Musk SpaceX has already
• 21:21
  Speaker 5: signed up other airlines Including United, Airlines Southwest, airlines And
• 21:26
  Speaker 5: alaska Air I'm Tucker silvaan and that Is Wallstreet Watch
• 21:30
  Speaker 5: and in the previous segment we asked you the trivia
• 21:33
  Speaker 5: question which led to which legendary company spent the most
• 21:37
  Speaker 5: time in The Dow Jones industrial. Average that would Be
• 21:41
  Speaker 5: General electric And gene From, Haveral mass is our winner
• 21:44
  Speaker 5: today taking on A Financial Exchange show t. Shirt congrats
• 21:47
  Speaker 5: To gene and we played trivia every day here on
• 21:51
  Speaker 5: The Financial Exchange seek complete contest rules At Financial Exchange
• 21:55
  Speaker 5: show dot.
• 21:56
  Speaker 2: COM a financial advisor out Of pennsylvania recently posted on
• 22:00
  Speaker 2: social media about saving for retirement and the point he
• 22:04
  Speaker 2: was making is not exactly news but a true, one
• 22:08
  Speaker 2: which is there's dual benefits to saving more for. Retirement
• 22:12
  Speaker 2: one is that you are saving more for retirement and
• 22:15
  Speaker 2: you're going to need to spend those dollars. Someday the
• 22:17
  Speaker 2: second is that you are getting used to living on less.
• 22:20
  Speaker 2: Income right if you boost your retirement saving them from
• 22:22
  Speaker 2: ten to fifteen, percent unless you've got a big increase
• 22:26
  Speaker 2: in your, wages you are living off of less money
• 22:28
  Speaker 2: and training.
• 22:28
  Speaker 4: Yourself to do.
• 22:29
  Speaker 2: SO i do get the question frequently about what's the
• 22:35
  Speaker 2: right amount for me to be saving for, retirement and
• 22:38
  Speaker 2: ten percent has been kind of thrown out there in
• 22:41
  Speaker 2: our industry as a goal to get. Towards, right like
• 22:45
  Speaker 2: saving ten percent of your. Income if you do so over,
• 22:47
  Speaker 2: Time i've seen it sighted like a good formula to
• 22:51
  Speaker 2: gets you.
• 22:51
  Speaker 4: To a comfortable.
• 22:52
  Speaker 2: Retirement What i'll also say is one of the most
• 22:55
  Speaker 2: common goals THAT i hear from folks in the workforce
• 22:59
  Speaker 2: IS i don't want to work until my full retirement
• 23:01
  Speaker 2: age of sixty. SEVEN i want to be able to retire.
• 23:04
  Speaker 2: Early and What i'm comfortable saying there is if that's your,
• 23:07
  Speaker 2: goal then in all, likelihoods saving just ten percent of
• 23:10
  Speaker 2: your income is unlikely to get you. There but, look
• 23:13
  Speaker 2: there are all different ways of doing this. Right, obviously
• 23:16
  Speaker 2: the most common one is the four to ONE k.
• 23:18
  Speaker 2: Plan But i've seen plenty of people be successful by
• 23:22
  Speaker 2: saving for retirement by investing in real estate because that's
• 23:26
  Speaker 2: what they. Do they, Do, Like, YEAH i love flipping
• 23:29
  Speaker 2: homes and being a, landlord AND i do that in
• 23:32
  Speaker 2: addition to my day. Job and that's a perfectly reasonable
• 23:35
  Speaker 2: way to build for. Retirement plenty of people can see
• 23:40
  Speaker 2: the value In, yeah you, know WHEN i make an
• 23:42
  Speaker 2: income off of real estate combined with the expected, appreciation
• 23:46
  Speaker 2: even if there's not much, there plus the DEPRECIATION i
• 23:48
  Speaker 2: get to write off of my, Taxes i've saved for
• 23:51
  Speaker 2: retirement that. WAY i think the point THAT i would
• 23:54
  Speaker 2: make about all of this is there is not a
• 23:57
  Speaker 2: one size fits all approach to how you save for
• 23:59
  Speaker 2: a time. Retirement but if you think you're going to
• 24:02
  Speaker 2: get there by putting away five to ten percent of
• 24:05
  Speaker 2: your income for the rest of your career and then
• 24:07
  Speaker 2: retiring at fifty five years, old it's not likely to
• 24:12
  Speaker 2: do it unless you are planning to dramatically reshape your
• 24:15
  Speaker 2: lifestyle in. Retirement if you have questions about how much
• 24:20
  Speaker 2: you need to save to be able to accomplish your,
• 24:22
  Speaker 2: goals that is what the folks At Armstrong Advisor group
• 24:25
  Speaker 2: do with our. Clients it's about setting out those goals
• 24:29
  Speaker 2: ahead of time and figuring out what you need to
• 24:31
  Speaker 2: accomplish to get. There maybe it's cutting, spending maybe it
• 24:34
  Speaker 2: is setting aside. More it's always. Tricky you, know what
• 24:38
  Speaker 2: vehicle DO i? Use SHOULD i be putting into the
• 24:40
  Speaker 2: four oh ONE. K DO i need a non retirement
• 24:43
  Speaker 2: bucket of money to save up BECAUSE i want to
• 24:45
  Speaker 2: be done with work earlier than. Anticipated all of those
• 24:48
  Speaker 2: things are what a good financial advisor. Does if you
• 24:50
  Speaker 2: have questions about how you're going to make your way
• 24:53
  Speaker 2: towards retirement the best tools to, use whether or not
• 24:56
  Speaker 2: you're on, Track give us a call At armstrong so
• 24:58
  Speaker 2: we can walk you through. It eight hundred three nine
• 25:01
  Speaker 2: three for zero zero one again eight hundred three nine
• 25:05
  Speaker 2: three for zero zero.
• 25:07
  Speaker 1: One the proceeding was paid for By Armstrong Advisory, group
• 25:10
  Speaker 1: a registered investment. Advisor nothing in the ad or in
• 25:12
  Speaker 1: Any armstrong guide a specific, financial, legal or tax. Advice
• 25:15
  Speaker 1: consult your own, financial tax into state planning advisors before
• 25:18
  Speaker 1: making any investment. Decisions armstrong may contact you to offer
• 25:21
  Speaker 1: investment advisory. Services.
• 25:22
  Speaker 2: MARK i feel Like i've been bemoaning gambling now for
• 25:26
  Speaker 2: the last couple of years, Here but there's a piece
• 25:29
  Speaker 2: over the weekend in The New York times title The
• 25:32
  Speaker 2: Average guys Out Smarting.
• 25:34
  Speaker 4: Wall street on Prediction markets and.
• 25:37
  Speaker 2: INTERVIEWS a whole bunch of average mostly guys for that,
• 25:42
  Speaker 2: matter who are talking about their bets that they've had
• 25:46
  Speaker 2: success on AND i got to tell you the way
• 25:52
  Speaker 2: that it is being, discussed at least in this, article
• 25:56
  Speaker 2: as well as the Way i'm hearing people talking about
• 25:58
  Speaker 2: these places Like Paul market And, calshi where you can
• 26:01
  Speaker 2: place what our futures contracts.
• 26:04
  Speaker 4: Bets but they are.
• 26:06
  Speaker 2: Bets they are not investments in a. Company they are
• 26:11
  Speaker 2: basically you gambling a yes or no on an outcome
• 26:16
  Speaker 2: that is. Measurable and my concern with, it by and
• 26:21
  Speaker 2: large is that the way it's being discussed, is, hey
• 26:27
  Speaker 2: look how Well i'm, investing, when in my, opinion the
• 26:32
  Speaker 2: people who have done really, well it's look how GOOD
• 26:35
  Speaker 2: i have done at? Gambling AND i think that we
• 26:38
  Speaker 2: are getting closer and closer to confusing the.
• 26:40
  Speaker 3: Two maybe it's always been a fine. Line if you
• 26:43
  Speaker 3: Own tesla, stock you're the reason for owning it is
• 26:49
  Speaker 3: in part the hope that must can conjure up profits
• 26:53
  Speaker 3: out of and he might be able to out of
• 26:55
  Speaker 3: sort of thin. Air it's always been outrageously. Valued is
• 26:58
  Speaker 3: that an investment or is it a, speculation a? GAMBLE
• 27:02
  Speaker 3: i don't know how to characterize.
• 27:03
  Speaker 2: That, likewise if you're, betting if you're investing in, gold
• 27:07
  Speaker 2: is it anything more than a, gamble, right it's a
• 27:09
  Speaker 2: non generative asset if you're betting on oil prices or something,
• 27:14
  Speaker 2: along you, know investing on oil. Futures is that anything
• 27:17
  Speaker 2: more than a? GAMBLE i would argue probably. Not but
• 27:22
  Speaker 2: this sure does feel a lot different the way in
• 27:26
  Speaker 2: which people are talking about this, stuff, RIGHT i mean
• 27:29
  Speaker 2: the very first second, paragraph how much will The fed
• 27:32
  Speaker 2: cut rates next? Month well the government shut? Down well
• 27:34
  Speaker 2: it did AND i lost an entire month's. Rent that really.
• 27:37
  Speaker 2: Hurt that's how people are using some of these. Sites
• 27:41
  Speaker 2: and in, fact some of these, sites LIKE i don't
• 27:43
  Speaker 2: remember if it Was polymarket Or, calci in fact advertised
• 27:47
  Speaker 2: recently about how you can try and make your rent
• 27:51
  Speaker 2: payment by winning bets on one of these gambling. Sites
• 27:55
  Speaker 2: and again they're not gambling sites because the states don't get.
• 27:58
  Speaker 4: To regulate them as such because their. Futures but.
• 28:03
  Speaker 2: Pieces like, this they are not just gushing over the
• 28:06
  Speaker 2: people who made a bunch of money on. Them they
• 28:09
  Speaker 2: are talking about the opposite stories two of the hordes
• 28:12
  Speaker 2: of people who have lost tremendous amounts of money on.
• 28:15
  Speaker 2: Them but they do interview a bunch of people who
• 28:17
  Speaker 2: have made a lot of money on these, sites AND
• 28:19
  Speaker 2: i got to tell, you it's no different than interviewing
• 28:23
  Speaker 2: that one off guy who made money at Mohegan son one,
• 28:27
  Speaker 2: time while ignoring all of the people who are depressed
• 28:32
  Speaker 2: and drinking too much because they lost a whole bunch
• 28:34
  Speaker 2: of money at Mohegan. Son and we seem to just
• 28:36
  Speaker 2: be as always fascinating over the rare winners on.
• 28:40
  Speaker 3: These out and they are. Rare unlike, stocks for the most,
• 28:43
  Speaker 3: part these propositions are zero sun.
• 28:48
  Speaker 4: Explain what that's exactly where every DOLLAR.
• 28:51
  Speaker 3: I win comes from somebody else's Losseslike unlike passive, management
• 28:57
  Speaker 3: active management is. Different if you make an active management,
• 29:00
  Speaker 3: bet there's somebody on the other. Side and WHEN i
• 29:02
  Speaker 3: mean active, MANAGEMENT i mean owning something in a proportion
• 29:05
  Speaker 3: different from what it's held. In and say THE s
• 29:07
  Speaker 3: AND p having twenty percent of your portfolio And apple or,
• 29:10
  Speaker 3: something and maybe you. Do i'm not commenting on. That
• 29:13
  Speaker 3: i'm just saying you're making an active, bet and your
• 29:15
  Speaker 3: gains will come at the expenses of somebody who's Underweighting
• 29:18
  Speaker 3: apple because there's only so much of it to go,
• 29:20
  Speaker 3: Around whereas this stuff is inherently zero some for every,
• 29:24
  Speaker 3: winner there's a, loser there's no net.
• 29:26
  Speaker 2: Gain, now it's different than a casino in that same,
• 29:28
  Speaker 2: way because there isn't the house betting against. You it
• 29:31
  Speaker 2: is other peer to peers betting against. You so it's
• 29:35
  Speaker 2: not that you, know the casino is taking the other
• 29:38
  Speaker 2: side of the.
• 29:38
  Speaker 3: Bet, well it's still zero. Sum it's just it is
• 29:40
  Speaker 3: Still zero's the question of who's very loss or who's
• 29:44
  Speaker 3: financing your? Gain, Yea and part of, me you, know
• 29:47
  Speaker 3: as a, LIBERTARIAN i say this is how people want
• 29:49
  Speaker 3: to spend their time and. Money who AM i to
• 29:52
  Speaker 3: say that's? Wrong part of me. Acknowledge at the same, time,
• 29:55
  Speaker 3: though you can condemn it and say this is, unproductive
• 29:58
  Speaker 3: biggest mistake the state's ever. Made to unleash this type of.
• 30:02
  Speaker 3: Stuff you cannot Watch you cannot watch sports without being
• 30:06
  Speaker 3: inundated with inducements to bet on every conceivable aspect of
• 30:11
  Speaker 3: whatever it is you're. WATCHING i find that a little bit. Nauseating,
• 30:14
  Speaker 3: yeah but apparently a lot of people. Don't it's the
• 30:16
  Speaker 3: world we live in.
• 30:17
  Speaker 1: Now.
• 30:17
  Speaker 2: YEAH i tend to be in the party of legalize
• 30:19
  Speaker 2: at tax it and move along. HERE i do acknowledge
• 30:25
  Speaker 2: that there seems to be a real problem with young,
• 30:27
  Speaker 2: people specifically young, men losing a boatload.
• 30:29
  Speaker 4: Of money on.
• 30:29
  Speaker 2: This AND i do just generally worry about the risk
• 30:33
  Speaker 2: longer term to financial markets if there is more and
• 30:37
  Speaker 2: more confusion AND i guess mixing between what is investing
• 30:43
  Speaker 2: and what is gambling because already big market players are
• 30:48
  Speaker 2: wanting to incorporate this stuff into Robin, Hood, Schwab, fidelity.
• 30:54
  Speaker 3: Etc don't think so you can do it all on
• 30:55
  Speaker 3: the same. PLATFORM i mean you go, in you trade
• 30:57
  Speaker 3: your retirement, account and you make a bet on one.
• 31:00
  Speaker 3: Tie Kevin warrish is going to be where at the
• 31:02
  Speaker 3: NEXT fed.
• 31:02
  Speaker 2: Meeting, YEAH i do not like that, mixing and not
• 31:06
  Speaker 2: everybody's okay with, that but some of the you, know
• 31:09
  Speaker 2: early movers Like, robinhood are very rapidly becoming okay.
• 31:12
  Speaker 3: With it's gonna this isn't gonna end. Well obviously the
• 31:14
  Speaker 3: wheel's going to. Turn this stuff will be illegal again
• 31:16
  Speaker 3: in five. Years just give it a little bit of,
• 31:18
  Speaker 3: time quick.
• 31:18
  Speaker 4: Break when we come, BACK a little bit of Stack
• 31:20
  Speaker 4: roulette is coming up.
• 31:21
  Speaker 1: Next subscribe now to our YouTube, page where you'll find
• 31:25
  Speaker 1: daily interviews and full shows of The Financial. Exchange we'll
• 31:28
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• 31:30
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• 31:35
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• 31:38
  Speaker 1: conversation About Wall street and economic. Trends this is The
• 31:42
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• 31:43
  Speaker 5: Network The Financial exchange streams live every day on. YouTube
• 32:00
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• 32:04
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• 32:08
  Speaker 5: just search The Financial exchange on YouTube.
• 32:12
  Speaker 3: And be sure to hit that subscribe.
• 32:13
  Speaker 2: Button we continue to follow the events coming out Of.
• 32:18
  Speaker 2: Ran the, latest according to reporting from The Wall Street,
• 32:21
  Speaker 2: journal is That aron's warns of retaliation after THE us strikes.
• 32:27
  Speaker 2: Again who's saying it at what? Time is always of.
• 32:30
  Speaker 2: Interest oil prices moving slightly higher on that. News starting this,
• 32:36
  Speaker 2: morning we were down as low as ninety one ninety
• 32:41
  Speaker 2: two dollars per. Barrel as of six. Am we're now
• 32:44
  Speaker 2: sitting at about ninety four dollars a. Barrel stocks to you,
• 32:48
  Speaker 2: know giving up some of their gains. Here The nasdaq
• 32:51
  Speaker 2: was up over one percent now up a TENSE smp
• 32:53
  Speaker 2: up now a little bit less than half a percent
• 32:56
  Speaker 2: in early, Trading so we will keep your praise as
• 33:00
  Speaker 2: things developed. There, mark what do you have for us
• 33:02
  Speaker 2: for Stack.
• 33:03
  Speaker 3: Roulette did we talk about inflation? Expectation i'm sorry this is,
• 33:07
  Speaker 3: dry BUT i couldn't find anything.
• 33:09
  Speaker 4: We talk ABOUT i want. EXCITED i don't know that we.
• 33:12
  Speaker 3: Did, Okay so inflation, expectations and there are lots of
• 33:16
  Speaker 3: different ways to measure, them and lots of different institutions do.
• 33:20
  Speaker 3: It but they've been creeping, up not not, well shooting.
• 33:23
  Speaker 4: Up creeping is not just describing.
• 33:25
  Speaker 3: It, yeah, sure, YEAH i don't think IT'S i don't
• 33:27
  Speaker 3: think it quite captures the little spike that we've. Experienced
• 33:30
  Speaker 3: maybe they'll come back down if oil. Does in, fact
• 33:32
  Speaker 3: they probably, will but and we've talked about why that's
• 33:35
  Speaker 3: a problem for THE. Fed these expectations can become self.
• 33:37
  Speaker 3: Fulfilling bloomberg has a story Today Bill, dudley former, governor
• 33:42
  Speaker 3: a former president of The New York, fed and, uh
• 33:46
  Speaker 3: sort of an. Illuminary he's a really respected, researcher he points,
• 33:51
  Speaker 3: out and it's worth remembering that THE fed as a
• 33:55
  Speaker 3: two percent long term, target haven't hit it in nearly six.
• 33:59
  Speaker 3: Years so if you believe so called anchored, expectations simply,
• 34:05
  Speaker 3: put we believe that THE fed will achieve its target
• 34:09
  Speaker 3: if we all believe, that or on, average we believe.
• 34:11
  Speaker 3: It you could say expectations are. Anchored that makes The
• 34:13
  Speaker 3: fed's job. Easier it makes it easier for them to
• 34:14
  Speaker 3: get inflation down because they're. Credible we. Haven't inflation has
• 34:19
  Speaker 3: averaged about four percent this, decade twice The fed's. Goal
• 34:22
  Speaker 3: haven't hit The fed's goal in several. Years we've got
• 34:26
  Speaker 3: a chairman coming in whose credibility is compromised by recent
• 34:31
  Speaker 3: will show we, say political. Events does anybody really Believe
• 34:36
  Speaker 3: i'll just ask this as sort of a rhetorical, question
• 34:39
  Speaker 3: that THE fed will achieve its target anytime. Soon even
• 34:41
  Speaker 3: financial markets don't seem to believe. It the break even
• 34:45
  Speaker 3: inflation rate that you can back out using inflation protected
• 34:48
  Speaker 3: treasuries and conventional treasuries is about two and a half
• 34:51
  Speaker 3: percent over a ten year. Period prospects just don't seem
• 34:55
  Speaker 3: good for getting anything close to getting inflation anywhere down
• 34:58
  Speaker 3: to two percent on average over the intermediate.
• 35:01
  Speaker 2: Term practically, speaking here just a few thoughts That i'll.
• 35:05
  Speaker 4: OFFER i don't know where inflation is.
• 35:07
  Speaker 2: Going my suspicions are that they'll it'll be higher than
• 35:10
  Speaker 2: it was the last few. Decades other than the implication
• 35:14
  Speaker 2: of people hate high. Inflation the other One i'll point
• 35:18
  Speaker 2: out is that if you are planning for your own
• 35:22
  Speaker 2: future and you're using inflation assumptions from the last three
• 35:26
  Speaker 2: decades or stock assumptions from the last three, decades they
• 35:29
  Speaker 2: could be completely useless now and the inflation Was like
• 35:35
  Speaker 2: people always focus on the piece about you, know what
• 35:40
  Speaker 2: happens if the stock market.
• 35:42
  Speaker 4: Crashes i'm worried about.
• 35:43
  Speaker 2: That they tend to not nearly focus enough on what
• 35:47
  Speaker 2: happens if inflation just creeps, up you, know over my
• 35:51
  Speaker 2: lifetime an extra percentage point compared to What i'm. Expecting
• 35:54
  Speaker 2: how devastating is that to my financial. Scenario compared to
• 35:57
  Speaker 2: a forty percent stock market. CRASH i recognize that one
• 36:00
  Speaker 2: of them seems scarier than the. OTHER a forty percent market,
• 36:04
  Speaker 2: crash to, me seems scarier on the surface because it's,
• 36:06
  Speaker 2: immediate it usually happens pretty. Quickly one percent higher inflation
• 36:11
  Speaker 2: for lifetime is far more damaging in all likelihood than
• 36:15
  Speaker 2: that one time market.
• 36:16
  Speaker 3: Pullback so, yeah price is double roughly. Twice.
• 36:19
  Speaker 2: Sorry Good if you're planning for your future and not
• 36:21
  Speaker 2: pricing in higher, inflation, sorry go. Ahead what you're saying
• 36:24
  Speaker 2: like it is. Devastating to thought it's. Devastating that's interesting
• 36:28
  Speaker 2: the way you put.
• 36:29
  Speaker 3: That the real threat is higher, inflation not a temporary
• 36:32
  Speaker 3: setback in stock. Price, yeah nobody thinks that, way, right
• 36:36
  Speaker 3: everybody freaks. Out you're absolutely. Right that's a really good.
• 36:38
  Speaker 3: Insight you should be a final shally have financial planning.
• 36:41
  Speaker 2: For the speaking of inflation. EXPECTATIONS i don't know exactly
• 36:47
  Speaker 2: who this information is for that The Wall Street journal
• 36:50
  Speaker 2: decided to, publish but it is moving the company's. Stocks
• 36:53
  Speaker 2: So ferrari has announced that they are launching a six
• 36:56
  Speaker 2: hundred and forty thousand Dollars. Joni i've designed glass clad
• 37:01
  Speaker 2: electric speedster that you can only really afford if you
• 37:06
  Speaker 2: were one of those people that arrived In nantucket on
• 37:08
  Speaker 2: your private jet this. Weekend so if you're listening, now
• 37:11
  Speaker 2: tune in because it's you, know a six hundred and
• 37:13
  Speaker 2: forty thousand Dollars. Ferrari take it by the studio, Please,
• 37:16
  Speaker 2: Yeah i'd love to see. It, nonetheless investors In ferrari
• 37:20
  Speaker 2: don't seem all that. Enthusiastic they're driving the stock price
• 37:23
  Speaker 2: down five and a quarter percent.
• 37:25
  Speaker 4: Today so, again if you are in the market for
• 37:27
  Speaker 4: a new ev.
• 37:30
  Speaker 2: And happened to make a few million dollars a, year
• 37:34
  Speaker 2: then this might be the one that that's what they.
• 37:37
  Speaker 3: Do they make very few copies of very profitable. Cars
• 37:40
  Speaker 3: what were they. EXPECTING i don't know if today's share
• 37:43
  Speaker 3: price action has anything to do with.
• 37:45
  Speaker 2: That, YEAH i don't know if it's just because it's
• 37:46
  Speaker 2: ugly or the sticker, price but.
• 37:48
  Speaker 4: In either, case investors didn't like.
• 37:50
  Speaker 2: It they, DON'T i, mean what's a regunny on everyone
• 37:52
  Speaker 2: that they? See what's the minimum you can spell on
• 37:53
  Speaker 2: a spend on A? Ferrari quarter million?
• 37:56
  Speaker 4: Dollars? Yeah so this isn't that, crazy is?
• 37:58
  Speaker 2: IT i.
• 38:00
  Speaker 4: Don't this is that.
• 38:00
  Speaker 2: Nuts markets are open in mixed territory the now as
• 38:04
  Speaker 2: we close in on the noon, hour off a quarter
• 38:06
  Speaker 2: of a, PERCENT smp holding on to, gains but only
• 38:09
  Speaker 2: now up a third of a, percent The nasdaq up
• 38:11
  Speaker 2: two thirds of a.
• 38:12
  Speaker 4: Percent we'll be back at it. Tomorrow. Folks have a
• 38:14
  Speaker 4: great rest of your day and keep. Cool