Latest / Ron Verb / Thursday 6pm hour 06/04/26

Transcript

Thursday 6pm hour 06/04/26 · Ron Verb

• 0:00
  Speaker 1: It's Money Talks with John Arnold. And from NewsRadio 570 WKBN,
• 0:06
  Speaker 1: as we always like to say, it's good to hear
• 0:09
  Speaker 1: his voice and good to hear what he has to say.
• 0:13
  Speaker 1: John Arnold's back with us as he is on Thursdays
• 0:16
  Speaker 1: from 6 to 7 here on NewsRadio 570 WKBN on
• 0:18
  Speaker 1: a gorgeous Thursday evening, 84, 85 degrees. We sit with
• 0:23
  Speaker 1: John and we'll get into the hedge fund and talk
• 0:26
  Speaker 1: a little bit about that momentarily. But I always enjoy
• 0:28
  Speaker 1: talking to John in the beginning about the economy and
• 0:31
  Speaker 1: the markets and if he's bearish or bullish, and just
• 0:35
  Speaker 1: kind of do a general overview for me in the beginning,
• 0:38
  Speaker 1: if you don't mind, John?
• 0:40
  Speaker 2: Absolutely. Do you mind if I hit that disclosure?
• 0:43
  Speaker 1: Oh, yeah, absolutely. You have to.
• 0:45
  Speaker 3: Yep.
• 0:46
  Speaker 2: The Money Talk show is for informational and educational purposes only.
• 0:50
  Speaker 2: John Arnold is not currently a registered investment advisor and
• 0:52
  Speaker 2: nothing on this show is personalized investment advice. Please consider
• 0:56
  Speaker 2: your own life, financial, and tax profession before making any
• 0:59
  Speaker 2: investment decisions. All investing involves a potential risk of loss
• 1:03
  Speaker 2: of principal.
• 1:04
  Speaker 1: That's it.
• 1:05
  Speaker 2: We can go through it.
• 1:06
  Speaker 1: All right. Now the review. When I look at the
• 1:09
  Speaker 1: times that are going on right now, and I'd like
• 1:12
  Speaker 1: to get your reaction, there's a lot of uncertainty, if
• 1:17
  Speaker 1: I would define the times. Uncertainty because will the war
• 1:20
  Speaker 1: go on? Is there going to be an agreement? Is
• 1:23
  Speaker 1: there not going to be an agreement? It takes two
• 1:24
  Speaker 1: to tango. Everything's in flux as far as that situation
• 1:28
  Speaker 1: is concerned. What's going to happen with inflation? What's going
• 1:30
  Speaker 1: to happen with oil prices? there's just an uneasiness that
• 1:37
  Speaker 1: I sense out there, and I've always thought our uncertainty
• 1:42
  Speaker 1: is not good for the stock markets and volatility. I'd
• 1:47
  Speaker 1: like to get your thoughts.
• 1:50
  Speaker 2: Well, the VIX is the volatility index. That's actually pretty
• 1:53
  Speaker 2: low right now from the 15s, and that actually kind
• 1:55
  Speaker 2: of scares me. That tells me that we might be
• 1:57
  Speaker 2: heading for a little bit of a shakeup in the
• 2:01
  Speaker 2: summer as far as a little bit of a downturn.
• 2:04
  Speaker 2: You know, we've had a great two, three months, and
• 2:06
  Speaker 2: I think June's going to probably have a decent month. Again,
• 2:09
  Speaker 2: that's just a guess, but it looks like we might
• 2:12
  Speaker 2: have a, might come into a little bit of volatility
• 2:15
  Speaker 2: because I'm a buy low, sell high guy. And when
• 2:18
  Speaker 2: I see the VIX at 15 in March, it was
• 2:22
  Speaker 2: like a 24, 25. It tells me a lot. So
• 2:26
  Speaker 2: if you look at a five-year chart on the VIX
• 2:28
  Speaker 2: right now, you'll see if you draw a straight line
• 2:29
  Speaker 2: on the bottom resistance and the top resistance, you'll see
• 2:32
  Speaker 2: that it's on the gun 13, 14, 15 area where
• 2:35
  Speaker 2: it bottoms, and then you'll get a bounce off with
• 2:37
  Speaker 2: some volatility. Now, that doesn't necessarily always mean that the market's,
• 2:41
  Speaker 2: you know, dog crap or it's in a crapper, but
• 2:44
  Speaker 2: it does tell you that maybe some higher volatility, believe
• 2:47
  Speaker 2: it or not, is in store. You know, we talk
• 2:50
  Speaker 2: about oil. Oil is hovering around the mid-90s. Yields are stable.
• 2:55
  Speaker 2: And with that said, believe it or not, the things
• 2:59
  Speaker 2: that have been driving the market for the past, I
• 3:01
  Speaker 2: want to say decade, have been oil and interest rates.
• 3:04
  Speaker 2: Those have been kind of calm, believe it or not,
• 3:07
  Speaker 2: as of late. So I think, and listen, I try
• 3:10
  Speaker 2: to get so far away from politics on this because
• 3:12
  Speaker 2: it's a financial education show, but I think you would
• 3:16
  Speaker 2: agree with this. I think as long as Donald Trump
• 3:18
  Speaker 2: is president, I think volatility is always going to hang
• 3:22
  Speaker 2: around over our heads. And that just, that's kind of
• 3:25
  Speaker 2: the bad that comes with the good. Cause I'm a,
• 3:27
  Speaker 2: obviously I'm a supporter. I think his policies outweigh sometimes
• 3:30
  Speaker 2: the stupidity. So I, I, um, uh, you know, I
• 3:34
  Speaker 2: just think that's just what you get with a guy
• 3:36
  Speaker 2: like that. And I think as long as he's in
• 3:39
  Speaker 2: power and making decisions, you're going to always be on
• 3:42
  Speaker 2: edge on the market and, and just living as American.
• 3:45
  Speaker 2: And that doesn't necessarily mean what he's doing is bad.
• 3:48
  Speaker 2: I think he's fixing a lot of bad and putting
• 3:51
  Speaker 2: some certain together. It used to be, you know, band-aid. So,
• 3:54
  Speaker 2: That's how I feel about that. Maybe your thoughts on that.
• 3:58
  Speaker 1: Well, we saw it with the tariffs. They're on, they're off.
• 4:02
  Speaker 1: The market's up, the market's down. And you're seeing the
• 4:05
  Speaker 1: same thing with this situation. But some of the stuff
• 4:08
  Speaker 1: that I read from some of the oil analysts are saying, oh, man,
• 4:11
  Speaker 1: it's a mess and it's going to take a long
• 4:14
  Speaker 1: time to fix. You could see bearer. barrel of oil
• 4:17
  Speaker 1: at $ 160, $ 180. It's not going to be $ 90. It's
• 4:20
  Speaker 1: never going to be the same. If there's a potential
• 4:24
  Speaker 1: of it being the same, it's going to take quite
• 4:26
  Speaker 1: a while. That could lead to inflation. I mean, it's
• 4:30
  Speaker 1: like unprecedented, and so many people have opinions, but nobody
• 4:34
  Speaker 1: seems to know what can realistically happen because we've never
• 4:38
  Speaker 1: been in this type of situation before. And what I've
• 4:41
  Speaker 1: learned from you when you talk about educational purposes, and
• 4:44
  Speaker 1: I've educated myself a lot in listening to you, is
• 4:48
  Speaker 1: that the market doesn't like uncertainty.
• 4:53
  Speaker 2: It doesn't. You have a couple things there I wanted
• 4:55
  Speaker 2: to touch base on. We've actually been through this before,
• 4:58
  Speaker 2: and that was in the Bush administration with the Iraq War.
• 5:03
  Speaker 2: I disagree a little bit with the fact that this
• 5:06
  Speaker 2: is unprecedented, but maybe not you, but the analysts. And honestly,
• 5:09
  Speaker 2: the analysts are a bunch of bull crap. You know,
• 5:15
  Speaker 2: those guys tend to be way more wrong than they're right.
• 5:17
  Speaker 2: No one ever pins them down and shuts them up.
• 5:20
  Speaker 2: I would. I'd love to get in front of the
• 5:22
  Speaker 2: analysts and be like, hey, on this day you said this,
• 5:24
  Speaker 2: on this day you said this. But somehow, some way,
• 5:26
  Speaker 2: even though you and your Ivy League school degree are
• 5:28
  Speaker 2: always wrong. And I'd just like you to come out
• 5:30
  Speaker 2: and say, why are you always wrong and still getting paid?
• 5:33
  Speaker 2: But no one ever calls them out on their BS.
• 5:36
  Speaker 2: But with that said, I totally disagree with oil going
• 5:40
  Speaker 2: to $ 160 and $ 180. And I totally disagree with, oh,
• 5:43
  Speaker 2: we don't, this will never, you know. People always say, oh,
• 5:45
  Speaker 2: we'll never go, it'll never go back down. But it
• 5:47
  Speaker 2: always happens to go back down. You know, there's a
• 5:50
  Speaker 2: guy named John Arnold who's a billionaire who's a hedge
• 5:53
  Speaker 2: fund manager, spelled J-O-H-N. I think he's like 39, 40 area.
• 6:00
  Speaker 2: Real young guy. I think he's like the seventh wealthiest
• 6:03
  Speaker 2: guy in the entire world. Young guy. You know what
• 6:06
  Speaker 2: he did as a hedge fund manager?
• 6:07
  Speaker 1: What?
• 6:09
  Speaker 2: He bought oil in the 30s. in the 30s, and
• 6:12
  Speaker 2: then he shorted it when it went up over 100.
• 6:15
  Speaker 2: So he made money on both sides. I think he
• 6:17
  Speaker 2: retired at like 29 as a billionaire because of what
• 6:21
  Speaker 2: he did with his hedge fund. Here's my point. Those
• 6:25
  Speaker 2: never seem to be right, and I don't really put
• 6:27
  Speaker 2: a lot of weight into the analysts. I think they're,
• 6:30
  Speaker 2: you know, the guys that when I was with Steve Full,
• 6:33
  Speaker 2: like the analysts said, buy this, buy that. Their picks sucked.
• 6:39
  Speaker 2: We in the firm are like, we would do like
• 6:41
  Speaker 2: the Contra, like analyst fund, like whatever they said, let's
• 6:44
  Speaker 2: do the opposite because that's going to hold true. So
• 6:47
  Speaker 2: I get, I get a passion and fired up about
• 6:49
  Speaker 2: what you just said there. I just think that in time.
• 6:52
  Speaker 2: And I think that one day something's going to happen.
• 6:55
  Speaker 2: I don't know when, and I'm pissed off myself, probably
• 6:58
  Speaker 2: frustrated like you, like for the love of God, don't
• 7:01
  Speaker 2: Trump either attack him and blow them out of the sky.
• 7:03
  Speaker 2: Like you said, you're going to do a hundred times.
• 7:05
  Speaker 2: Or just get out of there because we need some
• 7:07
  Speaker 2: kind of certainty because every other day they're coming to
• 7:09
  Speaker 2: an agreement and every other day he's going to blow
• 7:11
  Speaker 2: them smithereens. He really does look stupid when he says
• 7:14
  Speaker 2: stuff like that. So that's where I'm at. And the
• 7:18
  Speaker 2: volatility helps me as a manager. You know, this is
• 7:22
  Speaker 2: a fourth day into the fund. You know, we had
• 7:24
  Speaker 2: the deposits coming in the May. And the fund is
• 7:27
  Speaker 2: on day three, because today's actually the end of day four.
• 7:31
  Speaker 2: We're already up 1.1% for the month, so we're being
• 7:34
  Speaker 2: the market handily. Today was a big, big win for us. Yesterday,
• 7:38
  Speaker 2: not so much. But here's my point. I cannot wait
• 7:42
  Speaker 2: to get on the radio, maybe after two months, and
• 7:46
  Speaker 2: after two NAVs get set, they're audited and say, this
• 7:50
  Speaker 2: is what the fund made, and just knock people's socks off.
• 7:53
  Speaker 2: Just literally just knock it out of the water. I'm
• 7:56
  Speaker 2: telling you, I was born to do this. I wish
• 7:58
  Speaker 2: I'd have done this a long time ago. It's my
• 8:00
  Speaker 2: cup of tea. I love everything about it.
• 8:02
  Speaker 1: All right. And for those of you that say, oh,
• 8:05
  Speaker 1: wait a minute, John Arnold, what do you mean this
• 8:07
  Speaker 1: is what you do, this is what you're born to do?
• 8:09
  Speaker 1: This is something that you've wanted to do a long time.
• 8:12
  Speaker 1: And just so people understand, you started your own hedge fund.
• 8:17
  Speaker 1: Your own hedge fund, which is, here it is, 100
• 8:21
  Speaker 1: people can... be participants in it, or co, I forget
• 8:26
  Speaker 1: what the proper term is.
• 8:28
  Speaker 2: Limited partners.
• 8:29
  Speaker 1: Limited partners. A hundred of them can be in that.
• 8:32
  Speaker 1: There can't be more than a hundred of them. There's
• 8:34
  Speaker 1: some criteria to get into it. And then you, basically,
• 8:40
  Speaker 1: you manage that money by buying and selling on an
• 8:46
  Speaker 1: hourly or daily basis is what you do in this
• 8:52
  Speaker 1: hedge fund. I mean, it takes a lot of time,
• 8:56
  Speaker 1: a lot of attention, and a lot of stress. And yet,
• 9:00
  Speaker 1: it's what you've always wanted to do.
• 9:04
  Speaker 2: It is. And the reason why I continue to say this,
• 9:07
  Speaker 2: because out of respect for the guys in the investment fields,
• 9:11
  Speaker 2: including the guys that bought my firm, they're kind of
• 9:13
  Speaker 2: handcuffed for what they can do. You got, I was saying,
• 9:18
  Speaker 2: the former firm I had had 1,600 clients, I think
• 9:20
  Speaker 2: that Adam and Joe together probably are managing $ 1, 800 to $ 2, 000.
• 9:25
  Speaker 2: So you have to believe that one-third of them are moderate,
• 9:29
  Speaker 2: one-third of them are balanced, one-third of them are a risk.
• 9:33
  Speaker 2: But even when you say aggressive risk, there's no way
• 9:36
  Speaker 2: that a lot of those people can handle what a
• 9:38
  Speaker 2: hedge fund risk is. A hedge fund risk is all-outs, no-holds-barred, kick-ass, take-no-names,
• 9:46
  Speaker 2: and give us a return no matter what. And the
• 9:49
  Speaker 2: investment industry as a whole can't do that. You're going
• 9:52
  Speaker 2: to get your eyeballs sued out. You're going to get fined.
• 9:56
  Speaker 1: It would make the average person very nervous. As you
• 10:00
  Speaker 1: talk about it, it takes a certain type of investor
• 10:04
  Speaker 1: that you're talking about. The person that's close to retirement
• 10:07
  Speaker 1: or the person that might be in retirement is, depending
• 10:11
  Speaker 1: on their financial situation, is is saying, oh boy, I
• 10:16
  Speaker 1: can't afford to lose money, I'm retired, or I can't
• 10:20
  Speaker 1: afford to take that kind of risk, right? I mean,
• 10:22
  Speaker 1: there's different..
• 10:23
  Speaker 2: Yeah, and that's why the guard... I apologize to interrupt you,
• 10:26
  Speaker 2: but that's why the SEC has guardrails. Like, I'm a
• 10:30
  Speaker 2: 3C1 fund, which means I'm allowed 99 accredited investors. And
• 10:33
  Speaker 2: what accredited means is these people have to be somewhat educated.
• 10:36
  Speaker 2: They have to have a minimum of $ 200, 000 in your
• 10:39
  Speaker 2: income or $ 300, 000 with your spouse. or have a million
• 10:44
  Speaker 2: dollars in assets. You know, in our area, that's not
• 10:47
  Speaker 2: a lot of people. And to be honest with you,
• 10:50
  Speaker 2: shame on the investment guy, excuse me, the hedge fund manager, me.
• 10:53
  Speaker 2: I'm what's called a general partner of the fund. If
• 10:57
  Speaker 2: I take a client that doesn't have an enormous amount
• 11:00
  Speaker 2: of wealth that's over 60, they can put $ 100, 000 or
• 11:03
  Speaker 2: $ 200, 000 without it affecting them no more, even if that
• 11:05
  Speaker 2: $ 200, 000 went to zero. My thing is it's not going
• 11:10
  Speaker 2: to affect the outcome of your life, and that's the
• 11:13
  Speaker 2: litmus test for me. If there's any danger of this
• 11:16
  Speaker 2: affecting their outcome or their retirement, I don't care how
• 11:19
  Speaker 2: much money they got, no thank you. Because if they're
• 11:23
  Speaker 2: making a couple hundred grand in retirement off dividends and
• 11:25
  Speaker 2: Social Security and interest and capital gains, and they're spending
• 11:30
  Speaker 2: every bit of that $ 200, 000 a year, on, you know, on,
• 11:35
  Speaker 2: on living, then it's a wash. It's, it's no good.
• 11:38
  Speaker 2: So we can't endanger it. So everything is perspective. Uh, I, I, I,
• 11:43
  Speaker 2: I would, you know, we've got some nice clients off
• 11:44
  Speaker 2: this show here from it. I got some clients from
• 11:48
  Speaker 2: just people that, that, that have been wanting into a
• 11:50
  Speaker 2: hedge fund, but didn't do. So I'm after like the, the, the,
• 11:54
  Speaker 2: I'm after like the blue collar or the normal millionaire.
• 11:58
  Speaker 2: All right. I'm after the normal guy that has a
• 12:01
  Speaker 2: couple of bucks is making a couple hundred thousand, et cetera.
• 12:04
  Speaker 2: I don't have the natural market to go after an
• 12:06
  Speaker 2: institution that's going to give me $ 20, $ 40, $ 50 million
• 12:10
  Speaker 2: as a deposit, like a 3B1 fund or even a
• 12:14
  Speaker 2: wealthier hedge fund. That's just not who I am. I
• 12:15
  Speaker 2: don't have that natural market. So I think I really
• 12:19
  Speaker 2: appeal to our area in Pittsburgh, in Cleveland, of the
• 12:23
  Speaker 2: people that have what we consider upper wealth.
• 12:27
  Speaker 1: Oh, I think there are plenty of those people in
• 12:29
  Speaker 1: this community. I think there are a lot of people
• 12:32
  Speaker 1: in there.
• 12:32
  Speaker 2: No, listen, you wouldn't believe how many. You wouldn't believe. Right.
• 12:35
  Speaker 1: I mean, when I hear– when I always hear the
• 12:37
  Speaker 1: Cleveland and Pittsburgh or some of these other communities, folks,
• 12:41
  Speaker 1: I sit back with pride and say, believe it. There
• 12:45
  Speaker 1: are plenty of very wealthy people there. that live in
• 12:48
  Speaker 1: this community that have been very successful people that could
• 12:51
  Speaker 1: easily invest in this hedge funds. I mean, it, it
• 12:55
  Speaker 1: takes us, it takes a certain economic thing. Like you,
• 12:58
  Speaker 1: like you're saying in this hedge fund by putting in $ 200, 000, uh,
• 13:04
  Speaker 1: it's actively managed and you can make a bunch of money,
• 13:08
  Speaker 1: but if you have a down market, you could lose
• 13:10
  Speaker 1: half the money or whatever. So volatility is part of
• 13:15
  Speaker 1: the risk involved, correct?
• 13:16
  Speaker 2: Excuse me. Well, the reason why it's called a hedge
• 13:19
  Speaker 2: is because I am, it's my responsibility to make the
• 13:22
  Speaker 2: return no matter what the market does. And that's what
• 13:25
  Speaker 2: makes them so aggressive because you better hope that the
• 13:27
  Speaker 2: guy doing that knows what he's doing. And I think
• 13:31
  Speaker 2: I know what I'm doing. I've been doing it, I think,
• 13:33
  Speaker 2: going on 25 years and a lot of crazy... I mean,
• 13:35
  Speaker 2: I got way above average success in the investment advisor world. So,
• 13:40
  Speaker 2: you know, with the handcuffs off, I think that I
• 13:42
  Speaker 2: can do even better. So, again, you pointed out something.
• 13:46
  Speaker 2: It's not for everybody. There is a certain clientele out
• 13:49
  Speaker 2: there that it's, you know, very high net worth wealth.
• 13:55
  Speaker 2: In this area, they just are very particular where they
• 13:58
  Speaker 2: put their eggs. And... I knew that because I used
• 14:01
  Speaker 2: to be on an advisory council board for Akron Children's Hospital.
• 14:05
  Speaker 2: And the people we would call on and talk and
• 14:08
  Speaker 2: try to invest as an endowment into Akron Children's, and
• 14:13
  Speaker 2: they were all around here. You wouldn't believe some of them.
• 14:16
  Speaker 2: You wouldn't believe the wealth that's around here that nobody knows.
• 14:19
  Speaker 1: Right.
• 14:19
  Speaker 2: So I'll leave it at that.
• 14:21
  Speaker 1: Right. And, I mean, that's a lot to be said
• 14:23
  Speaker 1: for our town and our community. We take a back
• 14:27
  Speaker 1: seat to absolutely no one is what I'm saying.
• 14:30
  Speaker 2: Absolutely, and I agree with that 100%.
• 14:32
  Speaker 1: All right, so when we talk about this, once you
• 14:35
  Speaker 1: hit 100 people in the hedge funds, then that's the
• 14:40
  Speaker 1: end of it. Are there still some openings available? I mean,
• 14:45
  Speaker 1: you started it in just a short period of time.
• 14:47
  Speaker 1: I mean, you got in in May. I think May
• 14:51
  Speaker 1: 15th was the official opening date, if you will, for
• 14:55
  Speaker 1: people to put money in. And the hedge fund officially
• 14:57
  Speaker 1: started on June 1st. Now, how does it go about
• 15:02
  Speaker 1: for additional investors to be a part of that 100 group?
• 15:06
  Speaker 1: Can they get in now in June or explain the
• 15:08
  Speaker 1: process now? We're beyond that. The May 15th to June
• 15:12
  Speaker 1: 1st gathering funds window, can you still get in at
• 15:16
  Speaker 1: this time?
• 15:18
  Speaker 2: Yeah, you can get– so they get your money in
• 15:20
  Speaker 2: for the June– the July deposit. You have to get
• 15:25
  Speaker 2: your money in before June's over. So we had 15
• 15:27
  Speaker 2: days in May, and we were up against it. Like
• 15:32
  Speaker 2: I said, and this sounds like sales talk. It's not.
• 15:35
  Speaker 2: I just call it like I see it. Um, you know,
• 15:38
  Speaker 2: we had 14 days to get the deposits into for
• 15:42
  Speaker 2: the LPs. And this, this was my first time doing it.
• 15:45
  Speaker 2: And I'm like, I was going day to day, sometimes
• 15:49
  Speaker 2: still in without sleep. I, I remember a couple of
• 15:51
  Speaker 2: times I woke up after like getting like two to
• 15:54
  Speaker 2: three hours of sleep. And I could, I was like, man,
• 15:56
  Speaker 2: why am I, I look so thin. Why am I
• 15:58
  Speaker 2: so hungry? And I forgot to eat. I forgot to eat.
• 16:02
  Speaker 2: I had been working so much and doing so many
• 16:04
  Speaker 2: things to get these deposits in that I just forgot
• 16:07
  Speaker 2: to eat. And Jen was kind of mad. My wife,
• 16:10
  Speaker 2: she didn't see me for four straight days, but we
• 16:12
  Speaker 2: live in the same house. But here's what I did
• 16:14
  Speaker 2: is I put that on hold a little bit for
• 16:18
  Speaker 2: like a week just to get caught up, to get
• 16:20
  Speaker 2: the people that were in the pipeline done. So we're
• 16:22
  Speaker 2: going to start taking new LP deposits probably Monday. Now
• 16:27
  Speaker 2: that I have a little bit of time to do it,
• 16:31
  Speaker 2: because right now my focus from 9 to 5 is
• 16:35
  Speaker 2: managing the fund, which only leaves me four or five
• 16:38
  Speaker 2: hours to get the administrative part done. And I don't
• 16:42
  Speaker 2: think we're at the point to where we should get
• 16:44
  Speaker 2: an operations team, but we have a couple. I've got
• 16:47
  Speaker 2: Gabe helping, et cetera, but he's only one man. So
• 16:51
  Speaker 2: we're trying to get there. I'm trying to get there
• 16:53
  Speaker 2: to where I can take on more LPs, but... That
• 16:56
  Speaker 2: will happen around probably Monday or Tuesday. And, yeah, we
• 17:00
  Speaker 2: have spots open. And in order to get into July,
• 17:04
  Speaker 2: you have to get into June. So hopefully I explained
• 17:07
  Speaker 2: that right. Right.
• 17:08
  Speaker 1: So, in other words, you'd put your money in in June.
• 17:11
  Speaker 1: It would sit idle until July 1st when you could–
• 17:17
  Speaker 1: the beginning of the month is when your money goes
• 17:19
  Speaker 1: active into the hedge fund, correct?
• 17:22
  Speaker 2: That's exactly right. That's how all hedge funds work. Everything's
• 17:25
  Speaker 2: measured on 30 days. So what's going to happen on
• 17:27
  Speaker 2: the 30 day at the end of four 30, because
• 17:30
  Speaker 2: I'm an equity strategy, um, they're going to measure my nav.
• 17:34
  Speaker 2: They're going to say your nav, let's say I'm just
• 17:36
  Speaker 2: making up a number. Let's say the nav is 10
• 17:39
  Speaker 2: June 1st and the nav is 12 June, uh, June 30th. Okay.
• 17:45
  Speaker 2: So there's a 20, I'm not saying there is, I'm just,
• 17:47
  Speaker 2: I'm just literally using a hypothetical number. There's a 20%
• 17:49
  Speaker 2: gain there. So then, so What's going to happen is
• 17:53
  Speaker 2: the administrator of the fund is going to say, all right,
• 17:55
  Speaker 2: here's what you made, here's the cost of doing it,
• 17:59
  Speaker 2: and the investors have a NAV of, say, 11.8. So
• 18:03
  Speaker 2: they made 18% on their money in a month, which
• 18:06
  Speaker 2: is what we're hoping to do, right? Is that going
• 18:08
  Speaker 2: to happen? Probably not. But that's the goal. So that's
• 18:12
  Speaker 2: how it's measured. And you get that NAV around the
• 18:15
  Speaker 2: fifth or sixth of the following month. Because the third-party
• 18:17
  Speaker 2: administrator has got to verify everything to make sure, auditing-wise,
• 18:22
  Speaker 2: it's exactly what it is. If the SEC comes knocking
• 18:25
  Speaker 2: on your door and you report the wrong NAV to
• 18:27
  Speaker 2: an LP, you're in big trouble. So we have to
• 18:30
  Speaker 2: have it perfect. So that's the situation.
• 18:33
  Speaker 1: All right, now I want you to talk. We've talked
• 18:35
  Speaker 1: on the program. I'm sure many of you have heard it,
• 18:39
  Speaker 1: but those of you who didn't, I want to talk
• 18:42
  Speaker 1: to you about your colleagues, Gabe and Steve and some
• 18:45
  Speaker 1: of the guys that we had on the program. Talk
• 18:48
  Speaker 1: a little bit to our listeners about those individuals, why
• 18:51
  Speaker 1: you selected them, a little bit about their background, and
• 18:54
  Speaker 1: a little bit about just the synergy of these guys.
• 19:00
  Speaker 2: Well, One of the things I look for is character
• 19:02
  Speaker 2: traits when I partner with anybody, and I want to
• 19:04
  Speaker 2: know how they grew up. I want to know what
• 19:07
  Speaker 2: they did in rough times. I want to see if
• 19:08
  Speaker 2: they buckled. I want to hear their story, you know,
• 19:12
  Speaker 2: share some time with their families. I want to see
• 19:14
  Speaker 2: what kind of men they are first, and I did that.
• 19:16
  Speaker 2: So in my research, I found that Gabe, Edward, and
• 19:20
  Speaker 2: Steve owned a small lawn mowing service right from 12
• 19:25
  Speaker 2: years old, 13, where they were going literally door to door,
• 19:28
  Speaker 2: And mowing lawns. And they ended up, like, having, like, honestly,
• 19:33
  Speaker 2: 300 or 400 lawns. And this was at a time
• 19:36
  Speaker 2: when Palm Beach County was not that big. And for,
• 19:39
  Speaker 2: you know, three young men, 12, 13, 14 years old,
• 19:42
  Speaker 2: to have that kind of success was amazing to me.
• 19:44
  Speaker 2: And then that carried, actually, until they were 24, believe
• 19:47
  Speaker 2: it or not. And then they had did it so long. And,
• 19:50
  Speaker 2: you know, firsthand, it was not an easy job. They
• 19:53
  Speaker 2: did it so long that they just burned out and, and,
• 19:56
  Speaker 2: They basically said, we don't want to smell another blade
• 19:58
  Speaker 2: of grass or oil. See, me, I personally love that.
• 20:01
  Speaker 2: I love getting on my mower and smelling that gas
• 20:03
  Speaker 2: and that grass and the oil, whatever. But, you know,
• 20:06
  Speaker 2: if you do it for a living, they can't stand it.
• 20:08
  Speaker 2: But here's the punchline. They ended up going to college.
• 20:12
  Speaker 2: Gabe ended up opening up a medical clinic, extremely successful.
• 20:17
  Speaker 2: Edward ended up being a Microsoft developer at like an
• 20:20
  Speaker 2: executive level. And Steve created the code for Travelocity, if
• 20:25
  Speaker 2: you can believe that, and sold us code rights to
• 20:27
  Speaker 2: Travelocity for millions of dollars. And these guys all did
• 20:30
  Speaker 2: that in their mid-20s, where I was just starting my
• 20:33
  Speaker 2: business in my mid-20s. And I was like, man, one,
• 20:36
  Speaker 2: they're unbelievably intelligent. Two, hardworking. All come from really hardcore
• 20:41
  Speaker 2: blue-collar families. Not afraid of hard work. And then Edward
• 20:45
  Speaker 2: and I, we spent a lot of time together as families,
• 20:48
  Speaker 2: because he lives right next to me in Jupiter. And
• 20:52
  Speaker 2: so I got to know him, and knowing him, and
• 20:54
  Speaker 2: I'm a firm believer you're the company you keep. He
• 20:57
  Speaker 2: told me about his best friends and how they grew up,
• 21:00
  Speaker 2: and I got to talk with them and interview them.
• 21:01
  Speaker 2: And I was like, you know what? I had a
• 21:05
  Speaker 2: lot of people over the past year and a half say,
• 21:08
  Speaker 2: you know, John, we want you to open up another
• 21:10
  Speaker 2: investment firm. And I said, you know, I'm a man
• 21:13
  Speaker 2: of my word, plus I have a legal document that
• 21:15
  Speaker 2: says I can't. You know, I can't. I sold the
• 21:18
  Speaker 2: firm to Rockport World, and I have a label document
• 21:19
  Speaker 2: that says I can't for five years, and I'm going
• 21:22
  Speaker 2: to adhere to that. And so I was thinking for
• 21:25
  Speaker 2: the past year, what could I do? And I said,
• 21:27
  Speaker 2: you know what? I can open up a hedge fund
• 21:30
  Speaker 2: because it doesn't compete with these guys, and I can
• 21:33
  Speaker 2: do what I want, which is manage money the way
• 21:36
  Speaker 2: I want to, and I can keep it small at
• 21:40
  Speaker 2: 99 people. And, oh, by the way, I have these
• 21:43
  Speaker 2: three guys that already have their own hedge fund that
• 21:44
  Speaker 2: I believe in, to help me manage it operationally and
• 21:49
  Speaker 2: from a true money management standpoint. And oh, by the way,
• 21:52
  Speaker 2: the guy managing his own fund is number four in
• 21:55
  Speaker 2: the country right now, and last year finished number six.
• 21:58
  Speaker 2: So with my own returns and his, I was thinking,
• 22:01
  Speaker 2: we're going to kick so much ass. It's going to
• 22:04
  Speaker 2: be incredible. And to be honest with you, so far
• 22:06
  Speaker 2: so good. It's exactly what I thought. So that's how
• 22:09
  Speaker 2: I got there. That's the truth. I don't know if
• 22:12
  Speaker 2: you're looking for more of an attractive story, but that
• 22:14
  Speaker 2: is exactly how it happened. And every day I talk
• 22:18
  Speaker 2: with these guys, I get more attracted, and I feel
• 22:20
  Speaker 2: like I made the right decision. And the more I
• 22:24
  Speaker 2: do the hedge fund, the more I feel like this
• 22:26
  Speaker 2: is where I belonged, probably. For seven or eight years.
• 22:29
  Speaker 1: All right, stand by, stand by. We're talking with John
• 22:31
  Speaker 1: Arnold on News Radio 570 WKBN about his hedge funds.
• 22:36
  Speaker 1: And we'll come back with more. John's here until 7 tonight.
• 22:39
  Speaker 4: Forest Service and the Ad Council.
• 22:41
  Speaker 1: From NewsRadio 570 to WKBN, Money Talks, the John Arnold Program,
• 22:45
  Speaker 1: NewsRadio 570 to WKBN. John with us till 7 tonight.
• 22:49
  Speaker 1: If you'd like to talk with John, feel free to
• 22:51
  Speaker 1: give me a call. And our phone number is 330-729-9977.
• 22:57
  Speaker 1: John Arnold with us till 7. You got a comment, question,
• 22:59
  Speaker 1: or something you'd like to talk with John about?
• 23:02
  Speaker 3: 330-729-9977. 330-729-9977.
• 23:02
  Speaker 1: The John Arnold Show. hedge fund is up and now running,
• 23:12
  Speaker 1: something you've always wanted to do, 100 investors is where
• 23:16
  Speaker 1: it caps out. Then on the radio program, you will
• 23:20
  Speaker 1: report after everything is calculated and certified, if you will,
• 23:25
  Speaker 1: how you did each month to month for your investors, correct?
• 23:31
  Speaker 2: That's exactly right.
• 23:33
  Speaker 1: All right. So, I mean, it's And John puts it
• 23:36
  Speaker 1: right out front to say, okay, here's what we did.
• 23:39
  Speaker 1: And so here's the percentages we did, whether it's win
• 23:41
  Speaker 1: or lose. It doesn't matter. The reports will happen right here.
• 23:45
  Speaker 1: And you can kind of just, I guess you would say,
• 23:49
  Speaker 1: observe it as we go along. Let's put it that way.
• 23:55
  Speaker 2: All right.
• 23:55
  Speaker 1: Well, John Arnold, you're on the air.
• 23:57
  Speaker 2: Hello.
• 23:59
  Speaker 5: Probably full inkwell caffeine.
• 24:01
  Speaker 1: The guy makes no sense to me, John.
• 24:03
  Speaker 2: That guy's still around. He deserves some kind of stupidity award.
• 24:09
  Speaker 1: I mean, it is a stupidity award, but I mean,
• 24:11
  Speaker 1: the reality is I'm interested in financial people that have
• 24:15
  Speaker 1: financial questions or have interest in the hedge fund. I
• 24:20
  Speaker 1: know we got a lot of smart financial people out
• 24:22
  Speaker 1: there that are familiar, obviously, with you or with hedge
• 24:27
  Speaker 1: fund investing that might have their interest peaked, I should say,
• 24:31
  Speaker 1: a little bit about all of what is going on
• 24:35
  Speaker 1: with this hedge fund that you're starting. The interesting thing, folks,
• 24:40
  Speaker 1: is that when you invest, it's almost like the ingredients
• 24:45
  Speaker 1: of Kentucky Fried Chicken. You don't get the recipe as
• 24:49
  Speaker 1: an investor, right? You're shown what the results are and
• 24:54
  Speaker 1: how much you made or where the fund is at,
• 24:57
  Speaker 1: but we don't disclose what the specifics are of it
• 25:01
  Speaker 1: because then that, as other hedge funds don't do that,
• 25:04
  Speaker 1: because then that gets leaked and the magic of insight
• 25:11
  Speaker 1: is then not, how do I say, exclusive. How's that sound?
• 25:16
  Speaker 2: No, you're exactly right. Listen, if you had us, look, Ron,
• 25:20
  Speaker 2: if you and your son built a secret mower and
• 25:21
  Speaker 2: you somehow were able to mow lawns in one fourth
• 25:24
  Speaker 2: of time and charge more money, you probably wouldn't let
• 25:27
  Speaker 2: your competitors know how to build a secret mower. Right.
• 25:31
  Speaker 2: So that's the same thing. It's the same reason why
• 25:33
  Speaker 2: Koch and Heinz still have, you know, a dead... You know,
• 25:40
  Speaker 2: no matter what, you're not going to get the recipe.
• 25:42
  Speaker 2: And so that, you know, that was the biggest thing
• 25:44
  Speaker 2: for me included, for me and my initial LPs to, like, digest. Like,
• 25:50
  Speaker 2: wait a minute. You just have to count on, like,
• 25:53
  Speaker 2: at the end of the month, like, we made a
• 25:55
  Speaker 2: bunch of money and John just did it by a
• 26:00
  Speaker 2: magic act. Now, the truth is I didn't. I did
• 26:03
  Speaker 2: what I've been doing for a long time at a
• 26:05
  Speaker 2: very high level. That doesn't guarantee he's going to get
• 26:07
  Speaker 2: a positive result. Right now we are. But, yeah, so
• 26:11
  Speaker 2: a limited partner at the end of the month gets
• 26:14
  Speaker 2: a printout, is like a board of directors saying, here's
• 26:17
  Speaker 2: how much we lost, here's how much we gained. And
• 26:21
  Speaker 2: this is the return that we got. And the cool
• 26:24
  Speaker 2: thing is it's audited by a third party. And that's
• 26:27
  Speaker 2: the key to that system because if it wasn't audited
• 26:29
  Speaker 2: by a third party, which is Ripple, and there's, by
• 26:32
  Speaker 2: the way, there's a bunch of them, you know, there's
• 26:33
  Speaker 2: a bunch of hedge fund manager, third-party administrators. This one
• 26:39
  Speaker 2: just happened to fit what we do and how we
• 26:41
  Speaker 2: do it for an aggressive cost. But that's how the
• 26:44
  Speaker 2: investors know that what they're getting is real. If I
• 26:48
  Speaker 2: just said on the radio or just gave a statement
• 26:50
  Speaker 2: at the end of the month, hey, we made this
• 26:53
  Speaker 2: much money, they're counting on me telling the truth. And remember, Ron,
• 26:57
  Speaker 2: I only achieve if there's no other way out. I'm kidding.
• 27:01
  Speaker 2: I'm kidding.
• 27:01
  Speaker 3: So..
• 27:03
  Speaker 2: That's something we used to say in poker at the
• 27:06
  Speaker 2: poker table. So my point is it's completely immune to
• 27:09
  Speaker 2: John Arnold lying or saying I did this or not,
• 27:13
  Speaker 2: without proof. It's completely audited. Whether I like it or not,
• 27:17
  Speaker 2: the results are going to be to the LPs. I
• 27:20
  Speaker 2: hope they're great. There will be probably months where they're not. But,
• 27:25
  Speaker 2: you know, I'm really proud of it because you know why?
• 27:28
  Speaker 2: You can say whatever you want, lie, rumor, whatever about
• 27:31
  Speaker 2: me or my result. Math doesn't lie. Math doesn't lie.
• 27:35
  Speaker 2: You can say whatever you want. The math is the math.
• 27:37
  Speaker 2: And that's why I love this business.
• 27:40
  Speaker 1: Talk to me about how would you describe the qualities
• 27:44
  Speaker 1: you're looking for of a typical– I just can't get
• 27:49
  Speaker 1: the word right– client relationship. that would be with you
• 27:53
  Speaker 1: investment-wise in this hedge fund. Give me how you would,
• 27:59
  Speaker 1: I want to say, describe or define them and what
• 28:03
  Speaker 1: you'd be looking for as far as their makeup.
• 28:07
  Speaker 2: I'm going to make sure they have enough wealth on
• 28:10
  Speaker 2: the side to, no matter what this fund does, it's
• 28:13
  Speaker 2: going to not hurt them. That's number one. Two, I
• 28:16
  Speaker 2: want to know about their experience. Have they been investing
• 28:19
  Speaker 2: for a long period of their life? Have they had
• 28:21
  Speaker 2: any investment experience at all? Because if they don't and
• 28:26
  Speaker 2: all hell breaks loose and they think that minus 8%
• 28:31
  Speaker 2: is a bad year or even month, then they're at
• 28:35
  Speaker 2: the wrong ballgame. They need to go get a CD
• 28:38
  Speaker 2: or whatever. So there's an experience as an educational checkmark
• 28:44
  Speaker 2: I want to hit. I want to see how their
• 28:47
  Speaker 2: personality is, if their personality is needy and drive me
• 28:50
  Speaker 2: crazy and, you know, they want to know about this
• 28:52
  Speaker 2: and that every day. Like, hey, listen, I'm managing money.
• 28:55
  Speaker 2: This isn't a buying-sell, you know, mutual funds deal where we're,
• 29:00
  Speaker 2: you know, we're sending you Christmas cards and asking you
• 29:02
  Speaker 2: how church is. We're literally managing money on an hourly
• 29:05
  Speaker 2: to sometimes minute-per-minute basis. Like today, I made $ 56, 000 in
• 29:08
  Speaker 2: eight minutes today, in eight minutes. Simply because I caught
• 29:15
  Speaker 2: five stocks at the exact right moment by really good
• 29:20
  Speaker 2: candlestick charting, which is technical analysis, and some luck. If
• 29:25
  Speaker 2: I'm busy talking a client off the ledge, an LP
• 29:30
  Speaker 2: or a client, I can't do that. So we're not
• 29:32
  Speaker 2: interested in that nonsense. Like, take that to somewhere else.
• 29:36
  Speaker 2: We're not doing that. So there's that. And I was
• 29:42
  Speaker 2: initially basing this on age and experience, but honestly, we've
• 29:46
  Speaker 2: had some senior citizens that have four or five million
• 29:48
  Speaker 2: bucks that said, hey, I'll never use this money. And
• 29:52
  Speaker 2: You know, why don't we put a couple hundred thousand
• 29:54
  Speaker 2: in this and I'll just hand it off to the
• 29:55
  Speaker 2: wife and kids. Hopefully you do good by it. Now,
• 29:59
  Speaker 2: there's a perfect client. But it's probably built more for the,
• 30:04
  Speaker 2: you know, a physician, an executive, or executives in the household. Or,
• 30:12
  Speaker 2: you know, I picked up some really successful blue-collar guys
• 30:15
  Speaker 2: that have their own company.
• 30:18
  Speaker 1: So whether that's a business owner, whether that's someone, of course,
• 30:23
  Speaker 1: it could be any number of people. It just has
• 30:25
  Speaker 1: to say somebody that says, hey, here's $ 200, 000 and isn't
• 30:27
  Speaker 1: going to be up at night working. tossing and turning,
• 30:34
  Speaker 1: if you will.
• 30:35
  Speaker 2: It's going to be meaningless to their financial profile. It
• 30:38
  Speaker 2: will not have an effect.
• 30:39
  Speaker 1: What I find interesting, John, is when you describe something
• 30:41
  Speaker 1: like that is you're finding more and more that age
• 30:44
  Speaker 1: isn't a factor in a lot of cases. You might think, oh,
• 30:48
  Speaker 1: you're close to retirement or you're retired, but this is
• 30:50
  Speaker 1: a different breed of cat, if you will. I mean,
• 30:53
  Speaker 1: that's what I find interesting in describing these people that say, okay,
• 30:57
  Speaker 1: I'm willing to, well, they're in a position where they
• 31:01
  Speaker 1: can do something like this.
• 31:04
  Speaker 2: Yeah, you hit it right dead center in the middle
• 31:07
  Speaker 2: of the ball. I'm surprised. When I think about senior
• 31:12
  Speaker 2: citizens and my grandfather and my grandmother who were..
• 31:16
  Speaker 1: Just regular people.
• 31:17
  Speaker 2: Yeah, they were regular people. They were just amazing people.
• 31:21
  Speaker 2: But could they understand even 1% what a hedge fund
• 31:25
  Speaker 2: is and how it works? No. They were about Social
• 31:28
  Speaker 2: Security or pension, and maybe they saved an IRA in
• 31:31
  Speaker 2: the old days with some bank. But now the new
• 31:35
  Speaker 2: senior citizen is very astute, very well-read, has way more
• 31:42
  Speaker 2: money than they'll ever spend, and they understand what I'm
• 31:47
  Speaker 2: talking about. And it's surprising to me because I have this...
• 31:51
  Speaker 2: I've been brainwashed because how I grew up, my grandparents
• 31:55
  Speaker 2: were your typical steel mill grandparents. So It's a new
• 31:59
  Speaker 2: generation of seniors.
• 32:01
  Speaker 1: You know, when you talk about how you grew up
• 32:03
  Speaker 1: and everything, just for a second, what I find interesting
• 32:06
  Speaker 1: is when you were talking about your associates, Steve and
• 32:12
  Speaker 1: the other associates that are in this fund and their background,
• 32:17
  Speaker 1: It reminds me very much of your background, just a
• 32:19
  Speaker 1: normal family, a normal background. And from you working at
• 32:25
  Speaker 1: a restaurant to you working at a car dealership to
• 32:27
  Speaker 1: you going and getting involved with learning the financial world
• 32:33
  Speaker 1: and MBAs and what have you. You evolved from all
• 32:38
  Speaker 1: the stuff that you did as a young man in
• 32:41
  Speaker 1: a work ethic. You evolved into the world of finances.
• 32:44
  Speaker 1: Then you evolved once you got into the world of
• 32:46
  Speaker 1: finances to say the typical stuff, annuities and that stuff
• 32:50
  Speaker 1: you didn't like. And then somehow you honed yourself to
• 32:55
  Speaker 1: be the technical analysis and to be able to read
• 32:59
  Speaker 1: charts and to do some investing that we've seen over
• 33:03
  Speaker 1: the years. And now you've you've said, okay, this is
• 33:08
  Speaker 1: what I've always wanted to do, and this is the
• 33:11
  Speaker 1: criteria to get in. I know sometimes it sounds like
• 33:15
  Speaker 1: the rich get richer, if you will, but that's the
• 33:18
  Speaker 1: criteria that you're not setting. That's a criteria that legally
• 33:21
  Speaker 1: is set to get into the hedge fund, correct?
• 33:23
  Speaker 4: Yeah.
• 33:23
  Speaker 2: Yeah, the SEC sets the rules on the fund, which
• 33:27
  Speaker 2: you're allowed to do and which you're not, period, end
• 33:29
  Speaker 2: of story. You know, someone could put a gun to
• 33:31
  Speaker 2: my head and say, hey, You know, I want to
• 33:34
  Speaker 2: put money in your hedge fund, but if they're only worth, say,
• 33:37
  Speaker 2: $ 400, 000 and make $ 100, 000 a year, that ain't going to happen.
• 33:40
  Speaker 2: So that's the way it is. But first of all,
• 33:44
  Speaker 2: I think what you gave me there was a huge compliment.
• 33:46
  Speaker 2: You're right, I'm a real guy, regular guy who just
• 33:48
  Speaker 2: works his tail off. And the greatest thing about me
• 33:51
  Speaker 2: and the other, well, not me, but the guys you described,
• 33:54
  Speaker 2: is I love a person that had to earn it.
• 33:59
  Speaker 2: that didn't have a silver spoon, that had to, like,
• 34:03
  Speaker 2: grind it out to learn, just like I did, because
• 34:06
  Speaker 2: you know what? No one's coming to save the day.
• 34:08
  Speaker 2: When you're middle class or lower middle class and you
• 34:12
  Speaker 2: want something better for the new generation, your family, whatever,
• 34:15
  Speaker 2: you either hit the lottery or you grind it out.
• 34:18
  Speaker 2: That's your options. And I don't give a raspitude. What
• 34:22
  Speaker 2: anybody says, there's no hidden secret. That's what it takes,
• 34:25
  Speaker 2: hard work, risk. And I'm going to tell you right now,
• 34:29
  Speaker 2: you make mistakes and you learn along the way. That's
• 34:32
  Speaker 2: the best education you can have. And when I talk
• 34:36
  Speaker 2: about my partners, that's exactly who they are. And the
• 34:40
  Speaker 2: companies they work for, you know, Edward has gone crazy
• 34:45
  Speaker 2: on the ladder of Microsoft. I mean, I think they're
• 34:48
  Speaker 2: legitimately scared to lose him, and I think they'll offer
• 34:51
  Speaker 2: whatever money they can to keep him from going full
• 34:54
  Speaker 2: hedge fund. But there's going to be a day where
• 34:56
  Speaker 2: this hedge fund is so successful, it would be stupid
• 34:59
  Speaker 2: for him to continue to work there. But you can't
• 35:02
  Speaker 2: work at Microsoft as a head developer without being unbelievably successful, well-educated,
• 35:07
  Speaker 2: but more importantly, A grinder, he works sometimes, I'm going
• 35:11
  Speaker 2: to say 12 to 16 hours a day to a
• 35:13
  Speaker 2: point where I get aggravated with him because I want
• 35:15
  Speaker 2: to get a hold of him sometimes. So it's just
• 35:17
  Speaker 2: we're grinders, okay?
• 35:19
  Speaker 1: We're grinders.
• 35:20
  Speaker 2: There's nothing special to us other than we've got, I think,
• 35:23
  Speaker 2: some better than average intelligence and poor work ethic that's undeniable.
• 35:28
  Speaker 2: And that means something to me. You know, I love
• 35:31
  Speaker 2: kicking the crap out of my– The guys that I
• 35:34
  Speaker 2: compete with sometimes, you know, the country club guys, you know,
• 35:38
  Speaker 2: they're in a penis measuring contest and acting like fools
• 35:42
  Speaker 2: or whatever because they're Silver Spring kids. I love killing them.
• 35:45
  Speaker 2: I love it. It's what gets me up in the morning.
• 35:47
  Speaker 2: It literally does because you can't beat math. You can
• 35:51
  Speaker 2: say whatever you want about me. My math is going
• 35:52
  Speaker 2: to whip your ass. That's the end, and I love that.
• 35:57
  Speaker 1: I mean, that's what it's all about. But this is,
• 36:03
  Speaker 1: when I talk about your hedge fund, it is a
• 36:06
  Speaker 1: team effort. I use you, John Arnold, but you've compiled
• 36:10
  Speaker 1: a team is what I want people to know, right?
• 36:12
  Speaker 1: I mean, we talk about Steve and these guys. This
• 36:15
  Speaker 1: is a team.
• 36:17
  Speaker 2: It is a team. You know, Gabe, operationally, Edward Technology, Steve,
• 36:23
  Speaker 2: I think is better than me on the investments. You
• 36:26
  Speaker 2: know my ego, man. That's hard for me to say.
• 36:27
  Speaker 2: I think I'll go up against anybody in the country,
• 36:31
  Speaker 2: but I think Steve is going to win seven out
• 36:34
  Speaker 2: of ten battles. I do. He's that good. So if
• 36:36
  Speaker 2: you've got me and Steve managing the money and the
• 36:39
  Speaker 2: other guys piggybacking out with operations, I think we're in
• 36:43
  Speaker 2: good shape.
• 36:44
  Speaker 1: All right, so I want to pause at this point,
• 36:46
  Speaker 1: and I'm talking with John Arnold, who started his hedge
• 36:49
  Speaker 1: fund on June 1st. All right, and on June 1st,
• 36:53
  Speaker 1: 100 people is where it stops. Once you hit 100,
• 36:55
  Speaker 1: you can't get in, and that's just where... The plane
• 37:03
  Speaker 1: is full, if I like to say. Please give the criteria,
• 37:08
  Speaker 1: if you will, of the people of the three points
• 37:11
  Speaker 1: that you have to have to get in. And then
• 37:13
  Speaker 1: the criteria, so everyone understands. I think the guy said
• 37:16
  Speaker 1: last time there's three or four criterias to get into
• 37:20
  Speaker 1: the fund. And then how to touch base with you,
• 37:23
  Speaker 1: both through the Internet and phone-wise, for folks that would say, hey,
• 37:28
  Speaker 1: John Arnold, I think I qualify for this, and I
• 37:30
  Speaker 1: might be interested in getting in. Show me your stuff.
• 37:36
  Speaker 2: Okay. Yeah, we have one of three criteria you have
• 37:39
  Speaker 2: to meet. And the first one is you have to
• 37:42
  Speaker 2: make at least $ 200, 000 a year, or if you and
• 37:46
  Speaker 2: your spouse together make $ 300, 000, that qualifies. So let's say
• 37:50
  Speaker 2: you make $ 120, 000 and your spouse makes $ 180, 000. You qualify. Okay.
• 37:54
  Speaker 2: Or if you don't do that, but you've saved your
• 37:57
  Speaker 2: money and you've done well for yourself and you have
• 37:59
  Speaker 2: a million dollars outside of your residence, is that worth?
• 38:03
  Speaker 2: Now you're talking turkey. So you got that. And then
• 38:10
  Speaker 2: what else is the one? There's another one. Oh, yeah,
• 38:17
  Speaker 2: so you can do a trust if you want. The
• 38:21
  Speaker 2: trust can equal $ 5 million. That means if your family
• 38:26
  Speaker 2: has a trust, and when I say family, it's aunts,
• 38:29
  Speaker 2: it's uncles, it's all kinds of stuff. That's going to
• 38:34
  Speaker 2: equal $ 5 million. So there could be 10 of you,
• 38:36
  Speaker 2: and that equals $ 5 million, and now you're in business.
• 38:40
  Speaker 2: So hopefully I broke that down for you. So to
• 38:45
  Speaker 2: make it simple, $ 200, 000 income or $ 1 million in assets.
• 38:50
  Speaker 1: All right, that's the criteria to get in to the fund. Now,
• 38:56
  Speaker 1: what's the phone number and what's the Internet site or
• 39:00
  Speaker 1: the Internet– not Internet site, Gmail address or whatever, email
• 39:05
  Speaker 1: address to get in?
• 39:05
  Speaker 2: You know how it plays, right?
• 39:06
  Speaker 6: I know.
• 39:07
  Speaker 1: Phone number. To a certain extent– I'm enjoying your excitement
• 39:13
  Speaker 1: about it all. Can I just tell you that? I'm
• 39:17
  Speaker 1: enjoying your excitement. I don't know what I can say
• 39:22
  Speaker 1: or what I what I can't say sometimes, but I,
• 39:27
  Speaker 1: you take a look at, it's just a different ballpark
• 39:31
  Speaker 1: to be in. It's a ballpark where you've wanted to
• 39:36
  Speaker 1: get all your life. And it's, it's a good place
• 39:41
  Speaker 1: for you to be where you're feeling pretty confident that
• 39:44
  Speaker 1: you can, you know, well, have an enjoyable time managing
• 39:50
  Speaker 1: this on a daily and hourly basis. I mean, and
• 39:54
  Speaker 1: I sense that enthusiasm. I'm trying to explain myself to
• 39:59
  Speaker 1: you in a sense. I look at your typical financial
• 40:04
  Speaker 1: guys and say, And that's an awesome job. I mean,
• 40:09
  Speaker 1: I'm very impressed with the folks I just tell you
• 40:11
  Speaker 1: at Rockport and Joe Kovach. I'm very impressed with them
• 40:14
  Speaker 1: and what they know and how they do things. But
• 40:18
  Speaker 1: a hedge fund is a whole different animal and a
• 40:22
  Speaker 1: whole different– it's just a different arena to be in.
• 40:27
  Speaker 1: And bigger risk, bigger reward, I guess, is what I
• 40:32
  Speaker 1: would like to say. And I sense your excitement about
• 40:34
  Speaker 1: all of that.
• 40:37
  Speaker 3: Yes.
• 40:37
  Speaker 2: You know, another thing, you know, there's a third thing
• 40:39
  Speaker 2: I didn't mention. It's a minimum of $ 100, 000. You don't
• 40:42
  Speaker 2: got to put $ 200, 000 in. You just got to be
• 40:44
  Speaker 2: able to make $ 200, 000. So if you have an income
• 40:46
  Speaker 2: of $ 200, 000, you can have a minimum investment of $ 100, 000.
• 40:49
  Speaker 2: So don't let the $ 200, 000 thing scare you. Get into
• 40:54
  Speaker 2: the fund with $ 100, 000. So you're exactly right. And you
• 40:59
  Speaker 2: said something that, you know, I try not to bring
• 41:01
  Speaker 2: up your name for compliance-wise, but You've got to give
• 41:04
  Speaker 2: Rockport a lot of credit. They gave me this opportunity
• 41:06
  Speaker 2: to allow me to do this. Because if you know
• 41:09
  Speaker 2: anything about John Arnold, I love my clients.
• 41:11
  Speaker 1: Oh, you love them to death. And I've got to
• 41:15
  Speaker 1: tell you this. I can't tell you how impressed I
• 41:17
  Speaker 1: am with Joe Kovacs from Rockport. And I interview him
• 41:21
  Speaker 1: on Mondays, as you well know, and very impressed with
• 41:24
  Speaker 1: his knowledge. Very impressed.
• 41:27
  Speaker 2: Yeah, he and I, from an investment standpoint, definitely have
• 41:30
  Speaker 2: a love affair with each other. I'm really impressed by
• 41:33
  Speaker 2: him as well. He's not your average BS, send your
• 41:36
  Speaker 2: Christmas card, put you in a pie model. He knows
• 41:39
  Speaker 2: his stuff.
• 41:40
  Speaker 1: I think he does great analysis.
• 41:41
  Speaker 2: He would tell you that about me.
• 41:42
  Speaker 1: Right, a great analysis, as you do when we start
• 41:45
  Speaker 1: the program with it. But that's a different arena than
• 41:49
  Speaker 1: the arena that you're in. You follow what I'm saying?
• 41:52
  Speaker 2: Absolutely. Oh, yeah. It's not even the same galaxy.
• 41:55
  Speaker 1: Right.
• 41:55
  Speaker 2: I mean, go ahead.
• 41:56
  Speaker 1: Go ahead. No, I mean, you kind of conquered that,
• 42:00
  Speaker 1: and these guys are doing a terrific job with that arena. Now,
• 42:05
  Speaker 1: this is a whole different thing. But do you understand
• 42:08
  Speaker 1: me when I say I sense your excitement as I'm
• 42:10
  Speaker 1: listening to you talk? I sense it. And, folks, sometimes
• 42:15
  Speaker 1: I sit back and I say to myself, this is
• 42:17
  Speaker 1: a lot of pressure because this is something that you
• 42:20
  Speaker 1: have to watch on a day-to-day, hour-to-hour basis. And you
• 42:24
  Speaker 1: thrive on that. It would drive the average person, I think, crazy.
• 42:28
  Speaker 1: But you thrive on this.
• 42:32
  Speaker 2: Yeah, I die on the other vine. So most people
• 42:36
  Speaker 2: want to relax and sit by the pool. You know,
• 42:37
  Speaker 2: I have two homes with two Olympic-sized pools. That's the truth.
• 42:41
  Speaker 2: You know, I don't think I've been in them in
• 42:42
  Speaker 2: the past year. The kids love it and all that,
• 42:46
  Speaker 2: and Jennifer loves it and all that. That's for them.
• 42:49
  Speaker 2: I'm not a golfer. The only thing I really enjoy
• 42:52
  Speaker 2: is a good MMA match or a jiu-jitsu role. Hopefully
• 42:57
  Speaker 2: I win, but even if I don't, the excitement of
• 43:01
  Speaker 2: potentially getting somewhere.
• 43:02
  Speaker 1: Is it that, or is it the competition in that?
• 43:05
  Speaker 2: It's the competition. You know, it's that.
• 43:07
  Speaker 3: Yeah.
• 43:08
  Speaker 2: The hedge fund thing got me back alive. Like, this is,
• 43:11
  Speaker 2: I was born to do this. Like, this is me.
• 43:14
  Speaker 2: And it's manageable because now I don't have to deal
• 43:17
  Speaker 2: with 100 people versus 2,000 people. I don't have to
• 43:19
  Speaker 2: be the CFO and the CPA and everything else. I
• 43:23
  Speaker 2: don't have to hire and manage and fire, you know,
• 43:26
  Speaker 2: employees and all the things that came with running a
• 43:28
  Speaker 2: big RA by myself. So this is me and the
• 43:32
  Speaker 2: LPs in the marketplace. And it's on me. If it's
• 43:36
  Speaker 2: meant to be, it's on me. And if I lose,
• 43:39
  Speaker 2: it's on me.
• 43:40
  Speaker 1: It's a different investment strategy and risk strategy, risk and
• 43:47
  Speaker 1: reward strategy for the clients.
• 43:52
  Speaker 2: It is.
• 43:53
  Speaker 1: I mean, I think it's important for everybody to understand that.
• 43:57
  Speaker 1: But you can get in. I'm glad you corrected that
• 43:59
  Speaker 1: because I always say $ 200, 000, but you can get in
• 44:01
  Speaker 1: with $ 100, 000. It's just that other criteria that you have
• 44:06
  Speaker 1: to meet. So that's just how hedge funds work, if
• 44:09
  Speaker 1: you will. I mean, that's the law.
• 44:12
  Speaker 2: Right.
• 44:12
  Speaker 1: That's the law. That's what it takes to get in.
• 44:17
  Speaker 1: You decided when you formed this, you decided to bring
• 44:20
  Speaker 1: that to our community where people are familiar with you
• 44:24
  Speaker 1: and what you've done in the past and your reputation.
• 44:28
  Speaker 1: You decided, I'm going to bring it to the community
• 44:30
  Speaker 1: because we really... I don't know that we've ever had
• 44:32
  Speaker 1: anything like this around here on a local level.
• 44:36
  Speaker 2: And you probably will not see it again. Listen, I'm
• 44:40
  Speaker 2: going to be straight with you, like always in this program.
• 44:43
  Speaker 2: It takes elephant balls to do this. It takes... A
• 44:46
  Speaker 2: ridiculous amount of costs, research, and balls, and avenues that
• 44:52
  Speaker 2: they don't put out there. The reason why you don't
• 44:53
  Speaker 2: know about private equity funds and hedge funds is because
• 44:56
  Speaker 2: it's like a secret sauce to even get into it.
• 45:00
  Speaker 2: That community is very ironclad tight, and it took me
• 45:04
  Speaker 2: a lot of years to learn how to get into
• 45:07
  Speaker 2: it and then do it right. So that's the reason.
• 45:10
  Speaker 1: And to find the people that you teamed up with.
• 45:14
  Speaker 1: As well.
• 45:15
  Speaker 2: Oh, that was key, yeah.
• 45:16
  Speaker 1: The right people. Because if I just mentioned Steve's name again,
• 45:20
  Speaker 1: he was, you said number four in the country or
• 45:23
  Speaker 1: was it number six in the country?
• 45:25
  Speaker 2: No, no, last year he was number six. He was
• 45:27
  Speaker 2: number two in March. You know, unfortunately, we went down
• 45:32
  Speaker 2: a couple of notches to number four. But needless to say,
• 45:35
  Speaker 2: he's different. He's like a Steve Jobs competitor. I'm an
• 45:40
  Speaker 2: out there brash competitor. Like, we both want to get
• 45:42
  Speaker 2: to the, we want to be number one. I would
• 45:44
  Speaker 2: love to put a billboard someday that says, John Arnold
• 45:48
  Speaker 2: envisioned number one in the country for performance in Youngstown, Ohio.
• 45:52
  Speaker 2: I mean, that's my ultimate dream, and we're trying to
• 45:55
  Speaker 2: get there. So we're not satisfied with the ranking right now.
• 45:57
  Speaker 2: We're really not.
• 45:59
  Speaker 1: Right. But it takes time. The hedge fund has just started.
• 46:02
  Speaker 1: The name of the hedge fund is what, John?
• 46:05
  Speaker 2: Vision 2030 Fund. Again, Vision 2030 Fund. And my vision
• 46:08
  Speaker 2: is to... Be number one by 2030. That's the reason
• 46:14
  Speaker 2: why I named it that way.
• 46:15
  Speaker 1: Right, which is a mere four years from now, incidentally.
• 46:19
  Speaker 1: So the bottom line is this. I mean, there's 100 openings.
• 46:23
  Speaker 1: You've got, obviously, a number of them are filled already
• 46:27
  Speaker 1: with the people that are in. And there are openings.
• 46:32
  Speaker 1: Once it hits 100, they close. John reports on our
• 46:35
  Speaker 1: program and on the air, incidentally, to people whether you're
• 46:39
  Speaker 1: a part of it or not. how they did the
• 46:42
  Speaker 1: previous month once it's all verified and all the legalities
• 46:47
  Speaker 1: of it is buttoned up to say, here's how we
• 46:49
  Speaker 1: did the previous month and here's the returns that we
• 46:52
  Speaker 1: got the previous month.
• 46:54
  Speaker 7: Month.
• 46:55
  Speaker 1: In a hedge fund, they move things around very rapidly
• 46:59
  Speaker 1: and very quickly on this type of approach. So if
• 47:04
  Speaker 1: that's something that you met the criteria that John mentioned
• 47:07
  Speaker 1: earlier on the program, then you can get a hold
• 47:10
  Speaker 1: of John and simply call or to ask questions or
• 47:14
  Speaker 1: to email him as well. And the number to do
• 47:17
  Speaker 1: that again, John, and the email address is?
• 47:20
  Speaker 2: The email address is john J-O-N. J-O-N, period, Arnold, at theinvestmentcoach.com. So, John, period, Arnold,
• 47:30
  Speaker 2: at theinvestment.coach. I accidentally said it wrong the first time again,
• 47:34
  Speaker 2: so let me give you one more time. John, period, Arnold,
• 47:38
  Speaker 2: at theinvestment.coach. Phone number, 330-288-7709. Again, 330-288-7709. You call that.
• 47:42
  Speaker 2: If I don't answer, I'll get back to you and
• 47:51
  Speaker 2: As always, thanks for the audience listenership. Great show as always, Ron.
• 47:54
  Speaker 2: I appreciate everything you do.
• 47:55
  Speaker 1: Thank you. That's John Arnold. Appreciate it, John. Thank you.
• 47:58
  Speaker 2: See you.
• 47:59
  Speaker 1: John Arnold on NewsRadio 570 WKBN. I sense the excitement
• 48:04
  Speaker 1: in his voice for the Vision 2030. I genuinely do.
• 48:09
  Speaker 1: It's always interesting to hear what John has to say. Hey,
• 48:12
  Speaker 1: I appreciate you listening and tuning in. We call it
• 48:15
  Speaker 1: a wraps for the night. Guardians played earlier today, so
• 48:18
  Speaker 1: that means a night of Sean Hannity straight ahead. And
• 48:23
  Speaker 1: more as the night goes on from NewsRadio 570 WKBN.
• 48:27
  Speaker 1: We'll regroup tomorrow afternoon at 3 o'clock, and we'll talk more.
• 48:31
  Speaker 1: Thanks for tuning in and listening. Ron Verb from the
• 48:33
  Speaker 1: Kingdom of Mahoning, NewsRadio 570 WKBN. Enjoy this gorgeous evening.
• 48:42
  Speaker 2: ABC News.
• 48:44
  Speaker 1: I'm Dave Packer.
• 48:45
  Speaker 7: President Trump now accusing four GOP congressmen of grandstanding, calling
• 48:49
  Speaker 7: their actions unpatriotic. after they helped pass a war powers
• 48:52
  Speaker 7: resolution on Iran.
• 48:53
  Speaker 8: Requiring the president to withdraw U.S. forces in Iran unless
• 48:56
  Speaker 8: Congress approves military action. Well, the measure is an uphill battle.
• 49:00
  Speaker 8: It's a sign of the growing fractures within the president's
• 49:03
  Speaker 8: own party over his handling of the war.
• 49:05
  Speaker 7: ABC's Rachel Scott, this is Hezbollah, rejects a ceasefire between
• 49:08
  Speaker 7: Israel and Lebanon.
• 49:09
  Speaker 9: Hezbollah's statement is pretty long, and it appears to reject
• 49:13
  Speaker 9: the idea of this deal between the Lebanese government and
• 49:16
  Speaker 9: the Israeli government. Their basic point is summarized in one.
• 49:20
  Speaker 9: one line, and it refers to the fact that there
• 49:21
  Speaker 9: are tens of thousands of Israeli troops occupying southern Lebanon,
• 49:26
  Speaker 9: north of Israel's border. Hezbollah saying as long as the
• 49:29
  Speaker 9: occupation exists, the resistance will continue.
• 49:32
  Speaker 1: B.C.
• 49:33
  Speaker 7: 's Tom Sophie Burridge. President Trump says his administration is
• 49:36
  Speaker 7: using hundreds of millions of dollars to upgrade coal-burning power plants.
• 49:40
  Speaker 7: Trump says he's repurposing funding Congress set aside for renewable
• 49:43
  Speaker 7: energy projects.
• 49:44
  Speaker 1: It was set aside for the Green News scam, but
• 49:47
  Speaker 1: the Green News scam has history.
• 49:49
  Speaker 7: President Trump nominating Acting Attorney General Todd Blanch to have
• 49:52
  Speaker 7: the job permanently.
• 49:53
  Speaker 6: We've already seen some pushback from career prosecutors who've since
• 49:56
  Speaker 6: left the Department of Justice. In a statement today, they
• 49:59
  Speaker 6: opposed the nomination. They said Blanch has basically never stopped
• 50:02
  Speaker 6: being Donald Trump's personal lawyer and that confirming him would
• 50:06
  Speaker 6: be a, quote, rejection of the rule of law.
• 50:08
  Speaker 7: ABC's Peter Haralambous. Sources telling ABC News that President Trump's
• 50:12
  Speaker 7: former National Security Advisor John Bolton is expected to plead
• 50:15
  Speaker 7: guilty to mishandling classified documents in a deal that would
• 50:18
  Speaker 7: allow him to avoid prison time. Pope Leo receiving a
• 50:22
  Speaker 7: hand-delivered check from the Illinois State Treasurer, the check for
• 50:26
  Speaker 7: $ 8. 65 from an old PayPal account. Pope Leo had tried
• 50:30
  Speaker 7: to update his account with details of his U.S. bank
• 50:32
  Speaker 7: after his election, but was hung up on when he
• 50:35
  Speaker 7: told them who he was. You're listening to ABC News.
• 50:41
  Speaker 4: Hot summer days and high energy bills are on the way.
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• 51:31
  Speaker 10: Learn more about BRICS, industry leaders, and their market predictions
• 51:34
  Speaker 10: for the future, along with what you might expect to
• 51:35
  Speaker 10: see in terms of precious metal performance in the weeks
• 51:38
  Speaker 10: and months ahead. Message and data rates may apply.
• 51:41
  Speaker 7: West Agriculture Secretary today confirmed a parasitic New World screwworm
• 51:46
  Speaker 7: has been detected in Texas cattle. The pest drills into
• 51:49
  Speaker 7: cattle wounds and lays eggs that hatch and eat their
• 51:52
  Speaker 7: host's flesh. Secretary Brooke Rollins said that the food supply
• 51:56
  Speaker 7: is not compromised and officials are taking full precautions.
• 51:59
  Speaker 3: We've established a 20-kilometer control area, a zone around the
• 52:04
  Speaker 3: detection and implementation. Quarantines, movement controls and surveillance in this area.
• 52:11
  Speaker 7: Police in Northern California asking for information after a shooting
• 52:14
  Speaker 7: in the parking lot of a high school graduation ceremony.
• 52:17
  Speaker 7: It happened in Fairfield between San Francisco and Sacramento.
• 52:20
  Speaker 5: An 18-year-old victim of the shooting is dead, and three
• 52:22
  Speaker 5: more victims who are 11, 20, and 25 years old
• 52:26
  Speaker 5: are injured after the shooting in the parking lot of
• 52:28
  Speaker 5: Fairfield High School on Wednesday evening. A graduation ceremony had
• 52:32
  Speaker 5: concluded for Sam Yetto Continuation High School. About 1,000 people
• 52:36
  Speaker 5: attended the event. Fairfield police say there are hundreds of
• 52:39
  Speaker 5: potential witnesses. At this time, police say there is no
• 52:43
  Speaker 5: ongoing threat to the public and they are following up
• 52:45
  Speaker 5: on leads. Alex Stone, ABC News.
• 52:49
  Speaker 7: Researchers at the artificial intelligence company Anthropic are advising AI
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  Speaker 7: development be able to slow down or pause AI when
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  Speaker 7: it needs to. In a post on the company's blog,
• 53:00
  Speaker 7: Anthropic says a pause would allow society and other research
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  Speaker 7: to catch up and keep up with AI technology. Dave Packer,
• 53:07
  Speaker 7: ABC News.
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