Latest / The Financial Exchange Show / AI valuations spark fear of AI bubble popping

Transcript

AI valuations spark fear of AI bubble popping · The Financial Exchange Show

0:00
Speaker 1: The Financial Exchange is produced by Money Matters Radio and
0:02
Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
0:05
Speaker 1: registered investment advisor. All opinions expressed are solely those of
0:08
Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
0:11
Speaker 1: or anyone else. Investments can lose money. This program does
0:14
Speaker 1: not offer any specific financial or investment advice. Please consult
0:17
Speaker 1: your own financial, tax, and estate planning advisors before making
0:20
Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
0:23
Speaker 1: this program do not endorse each other or their services.
0:26
Speaker 1: Armstrong and Money Matters Radio do not compensate each other
0:28
Speaker 1: for referrals and are not affiliated. This is the Financial
0:34
Speaker 1: Exchange with Chuck Zada and Mike Armstrong, Your exclusive look
0:39
Speaker 1: at business and financial news affecting your day, your city,
0:42
Speaker 1: your world. Stay informed and up to date about economic
0:46
Speaker 1: and market trends plus breaking business news every day. The
0:50
Speaker 1: Financial Exchange is a proud partner of the Disabled American
0:53
Speaker 1: Veterans Department of Massachusetts. Help us support our great American
0:57
Speaker 1: heroes by visiting dav five K Boston and making a
1:01
Speaker 1: donation today. This is the Financial Exchange with Chuck Zada,
1:06
Speaker 1: and Mike Armstrong.
1:10
Speaker 2: Chuck, Mike and Tucker with you here. And it is
1:15
Speaker 2: a Friday in November, and this weekend we got a
1:21
Speaker 2: big race that is happening in Boston, the da V
1:25
Speaker 2: five k, to raise money for the Massachusetts Department of
1:29
Speaker 2: the Disabled American Veterans. And we are today participating in
1:34
Speaker 2: our wrko's affiliate, in our affiliate wrko's da V fundraiser
1:41
Speaker 2: in order to help raise money for Disabled American Veterans,
1:47
Speaker 2: which is a you know, it's a radiothon we've participated
1:50
Speaker 2: in for years. At this point, I don't even know
1:53
Speaker 2: how many. I mean, it's I can't count, quite honestly
1:56
Speaker 2: how many years we've participated. But it is something that
2:00
Speaker 2: we think is quite honestly important. These are people that
2:05
Speaker 2: have spent a portion of their life, risking their life
2:09
Speaker 2: in order to provide us with the safety and security
2:13
Speaker 2: that we enjoy.
2:15
Speaker 3: Uh.
2:16
Speaker 2: They sacrificed years of their life and you know, came
2:20
Speaker 2: away with, you know, some significant pain that many of
2:22
Speaker 2: them are still dealing with and disabilities that have inhibited
2:25
Speaker 2: them in being able to have the way that a
2:28
Speaker 2: lot of us can. And so this I think is
2:30
Speaker 2: the least that we can do in order to support
2:33
Speaker 2: those who have you know, given so much for our
2:36
Speaker 2: country and so to donate in this radiothon, you can
2:40
Speaker 2: call nine seven eight six three two one nine eight five,
2:45
Speaker 2: or you can do it online at DAV five k
2:48
Speaker 2: dot Boston again that is nine seven eight six three
2:52
Speaker 2: two one nine eight five, or go to DAV five
2:55
Speaker 2: k dot Boston. There is also an auction for a
2:58
Speaker 2: six course dinner for eight people from Chef Paul Wahlberg
3:02
Speaker 2: that is out there. The dinner is at your home
3:05
Speaker 2: and with seven of your closest friends and family. It
3:08
Speaker 2: includes food, drinks, everything. The current bid on that is
3:12
Speaker 2: at eight thousand dollars and to increase that bid, you
3:17
Speaker 2: can again call nine to seven eight six three two
3:20
Speaker 2: nineteen eighty five and we'll be announcing the winner of
3:25
Speaker 2: that at the end of today's show. We've also got
3:28
Speaker 2: some guests that are going to be joining us for
3:31
Speaker 2: the radiothon along the course of the day. We're gonna
3:33
Speaker 2: be joined by Jim Blake from Eastern Propane, Bob Barlow
3:37
Speaker 2: from NBA Mortgage, Isaiah Moskowitz, the dav's media manager and
3:42
Speaker 2: host of the Great American Heroes, podcast, and Garrett Barton
3:45
Speaker 2: from Circle K is going to join us as well,
3:47
Speaker 2: So we got a nice slate of guests lined up.
3:50
Speaker 4: But Mark Fonner from Veterans Development Corporation, Oh, that's right, Yeah,
3:53
Speaker 4: Mark's joining us too. So YEAHDV of Massachusetts does a
3:57
Speaker 4: lot of important things that you know, all the to
3:59
Speaker 4: same American Veterans groups across the country do also a
4:02
Speaker 4: few unique things here in Massachusetts that really they were
4:06
Speaker 4: a first four in the nation.
4:07
Speaker 5: So yeah, we're.
4:08
Speaker 4: Excited to talk to these folks, learn a little bit
4:10
Speaker 4: more about their involvement with the DAV and and explain
4:14
Speaker 4: to all our listeners too what exactly is the DAV
4:16
Speaker 4: does for those disabled veterans here in Massachusetts.
4:20
Speaker 2: Again to donate nine seven eight six three two nineteen
4:23
Speaker 2: eighty five or go to DAV five K dot Boston. Mike,
4:28
Speaker 2: we had a little bit of a stock sell off yesterday,
4:30
Speaker 2: nothing huge, but you know, anytime you down more than
4:33
Speaker 2: one percent in the s and P five hundred, you
4:35
Speaker 2: look at and you go, okay, like, that's not it's
4:37
Speaker 2: not nothing, but it's not you know, historic volatility or
4:40
Speaker 2: anything like that. Continuing today, and this all really seems
4:45
Speaker 2: to be centered around tech. I mean, and this is
4:49
Speaker 2: kind of the story for the last week now, to
4:52
Speaker 2: be quite honest, Microsoft in the last week down more
4:54
Speaker 2: than four percent, in Vidia down almost ten, Oracle down ten,
4:58
Speaker 2: broad Calm down five, Meta down six. And that's before
5:01
Speaker 2: you get to you know, the twenty percent that metafl
5:04
Speaker 2: after earnings. So you know, Metas down almost twenty five
5:06
Speaker 2: percent now from its high ye Tesla down six percent
5:10
Speaker 2: during that time. So the stocks that have lifted this
5:13
Speaker 2: market over the last six months now running into some
5:17
Speaker 2: tough sledding. And I mentioned on our show on whenever
5:20
Speaker 2: it was hey, I think like there's the potential that
5:23
Speaker 2: this is, you know, a shift in that narrative about
5:27
Speaker 2: AI this week. And again, only time's gonna tell if
5:31
Speaker 2: that's actually the case. But it is continuing today with
5:34
Speaker 2: those stocks continuing to be the ones that are really
5:38
Speaker 2: lagging and dragging the index day and Video down two
5:41
Speaker 2: and a half percent, broad Calm down two, Google down two,
5:43
Speaker 2: Meta down two, Tesla down four, Oracle down three. That's
5:47
Speaker 2: the stuff that is pulling things.
5:49
Speaker 5: Down right now.
5:50
Speaker 4: So it's a Friday, and these fears over valuations didn't
5:54
Speaker 4: just come out of thin air. There's been commentary all week.
5:58
Speaker 4: Let's recap a few of the potential pieces that are
6:01
Speaker 4: contributing to this. I think would be a good use
6:03
Speaker 4: of our time. So earlier this week, I don't know
6:05
Speaker 4: if it was Monday or Tuesday we report. I think
6:07
Speaker 4: it was Monday we reported on the commentary from CEOs
6:10
Speaker 4: of Goldman Sachs Capital Group. Morgan Stanley might have been
6:14
Speaker 4: in there as well, and all of them speaking about
6:18
Speaker 4: rich valuations in US equities, and you know, specifically, I
6:22
Speaker 4: think it was Goldman CEO Solomon calling for a ten
6:25
Speaker 4: to twenty percent market correction, saying that would be healthy
6:28
Speaker 4: for markets and normal. You also had was it Michael
6:32
Speaker 4: Burry with the short positions that were announced?
6:34
Speaker 2: Whatever, Michael Burry loves to announce short position.
6:36
Speaker 5: He loves to announce our positions. I don't think it's relevant.
6:39
Speaker 2: But he made a cryptic post on X saying sometimes
6:43
Speaker 2: we see bubbles.
6:44
Speaker 5: Yeah, so why does that matter?
6:47
Speaker 2: Well, he was taking a bubble bath.
6:49
Speaker 4: He famously shorted the market ahead of the Great Recession
6:52
Speaker 4: and was well since then, has been featured every time
6:55
Speaker 4: he announces a short.
6:56
Speaker 2: Right, he makes one great trade and everyone thinks you're
6:58
Speaker 2: a genius. Not saying he's had a bad career or anything,
7:00
Speaker 2: but it's like, okay, you know, let's you know, put
7:04
Speaker 2: this in perspective here.
7:06
Speaker 4: So we had those announcements and those slightly sank markets,
7:08
Speaker 4: although they rebounded i think the very next day and
7:11
Speaker 4: made up a lot of those losses that they had experienced.
7:15
Speaker 2: Yeah, I mean, it was a choppy start to the
7:17
Speaker 2: week and now it's looking like a not great end
7:21
Speaker 2: to the week. I think is how things are setting
7:23
Speaker 2: up right now, with the obvious caveat that things can
7:25
Speaker 2: change dramatically in a short period of time.
7:27
Speaker 4: Here the stuff that we covered yesterday I also found interesting.
7:29
Speaker 4: Right we had the CEO of Nvidia making comments about
7:32
Speaker 4: the AI race in China. We had the CFO of
7:35
Speaker 4: open Ai making comments about the debt that's.
7:39
Speaker 5: Going to be needed to finance all this, yes.
7:41
Speaker 2: And for a government backstop, to the point where Sam Altman,
7:43
Speaker 2: who's the CEO of open Ai, had to write a
7:47
Speaker 2: like several hundred word post on x basically saying, no,
7:51
Speaker 2: this isn't what we meant by a backstop, which of
7:54
Speaker 2: course makes you think it is what you meant by backstop.
7:58
Speaker 5: Just didn't like the market reaction to right.
8:02
Speaker 2: So you know, you've got some of these cross ones
8:04
Speaker 2: out there, sought you in Adella saying earlier this week,
8:06
Speaker 2: the real bottleneck is not in compute, it's in electricity.
8:10
Speaker 2: So you've got like this, this whole thing that's out
8:13
Speaker 2: there that has people kind of scratching thereds and wondering, hey,
8:18
Speaker 2: like what gives And then, quite honestly, you had the
8:21
Speaker 2: chart of the year published yesterday by the Financial Times.
8:27
Speaker 2: I don't know if anyone listening subscribes to the Financial Times,
8:30
Speaker 2: but let me describe the chart. It's a blue line
8:33
Speaker 2: that's going up diagonally from left to right, which is
8:36
Speaker 2: what you like to see, and it's it's real GDP
8:38
Speaker 2: per capita, and it's showing you like, okay, here's how
8:41
Speaker 2: real GDP per capita has increased. They then say, okay,
8:45
Speaker 2: here's like the path that could happen if just you know,
8:48
Speaker 2: AI boost productivity by you know, zero point two percent
8:51
Speaker 2: a year, which is not an unreasonable assumption, and says okay,
8:55
Speaker 2: like yeah, this things could be better for you know
8:57
Speaker 2: the world. It then has a dark red line that
9:00
Speaker 2: goes like vertically up that says, hey, if we reach
9:03
Speaker 2: the techt singularity, which is basically artificial general intelligence, like
9:07
Speaker 2: a superintelligence that can solve problems that humans haven't been
9:11
Speaker 2: able to. You know, how do you produce you know,
9:13
Speaker 2: fusion power on Earth without blowing it up? Like all
9:16
Speaker 2: these things. You could end scarcity and real GDP per
9:21
Speaker 2: capita could go up twenty times in the next you
9:24
Speaker 2: know decade. Of course, well okay, okay, like sure, that's
9:29
Speaker 2: that's a path. And then they got this pink line
9:32
Speaker 2: that goes all the way down to zero and it
9:34
Speaker 2: says tech singularity human extinction because the AGI could also decide, hey,
9:40
Speaker 2: all of you humans are the problem. Get out of here, man,
9:45
Speaker 2: and so like like this is a real chart from
9:47
Speaker 2: the Financial Times. It's wild. If you haven't seen it,
9:50
Speaker 2: it's all over you know, social media. So just go
9:52
Speaker 2: on and be like Financial Times AI scarcity chart and
9:56
Speaker 2: I'm sure you'll find it somewhere. But this is the
10:00
Speaker 2: kind of discourse that is now coming out this week.
10:03
Speaker 4: So and again, the Financial Times is a very serious publication.
10:08
Speaker 4: You don't go to the Financial Times for uh no, Mike.
10:11
Speaker 2: They still print their paper on like brown paper, just
10:15
Speaker 2: out of historical like stodginess.
10:17
Speaker 5: It's like pink, isn't it.
10:19
Speaker 2: Yeah, it's like out of stodginess, like this is who
10:22
Speaker 2: we've always been and this is who will always be.
10:25
Speaker 2: And they're telling you, Hey, here's the path where AI
10:28
Speaker 2: decides to eliminate all the humans. Oh that's interesting. Let's
10:34
Speaker 2: take a quick break. When we return, as promised, we're
10:36
Speaker 2: gonna be joined by Jim Blake from Eastern Propane right
10:39
Speaker 2: after this again, to donate to the DAV in support
10:44
Speaker 2: of Disabled American Veterans and the Disabled Americans. Disabled American
10:48
Speaker 2: Veterans Department of Massachusetts called nine seven eight six three
10:52
Speaker 2: two nineteen eighty five, or go to DAV five k
10:56
Speaker 2: dot Boston.
10:58
Speaker 1: Missed one of our shows, Catch up any time by
11:00
Speaker 1: asking your Alexis Smart speaker to play the Financial Exchange.
11:04
Speaker 1: This is the Financial Exchange Radio Network. Find daily interviews
11:08
Speaker 1: and full shows of the Financial Exchange on our YouTube page.
11:12
Speaker 1: Like us on YouTube and get caught up on anything
11:15
Speaker 1: and everything you might have missed. This is the Financial
11:18
Speaker 1: Exchange Radio Network.
11:23
Speaker 6: This segment of The Financial Exchange is powered by circle
11:26
Speaker 6: K Convenience Stores. Circle K is now the official convenience
11:30
Speaker 6: store of the DAV Department of Massachusetts. On behalf of
11:34
Speaker 6: Circle K. Thank you veterans for all you've done as promised.
11:39
Speaker 2: We are now joined by Jim Blake. He is the
11:42
Speaker 2: regional manager for Eastern pro Pane. Jim, great to have
11:46
Speaker 2: you on with us today. Thanks so much for joining us.
11:49
Speaker 7: Thank you, Jack, it's a pleasure to be here.
11:51
Speaker 2: Jim, can you tell us a little bit about your
11:53
Speaker 2: partnership with the DAV of Massachusetts.
11:57
Speaker 8: I'd love to.
12:00
Speaker 7: Partner with DAV in Massachusetts. About three years ago. Previous
12:05
Speaker 7: to that, we've been supporting veterans organizations within the state
12:08
Speaker 7: and we were trying to improve, frankly, where the money
12:14
Speaker 7: goes and make sure it was getting directly to veterans
12:18
Speaker 7: and stuff. And after about a year of looking around
12:22
Speaker 7: and talking to people, we were able to connect with
12:25
Speaker 7: the dav mass and put together a program with them.
12:29
Speaker 7: Because it's really great. Ninety percent of everything that gets
12:33
Speaker 7: donated to them goes directly to the people that need
12:37
Speaker 7: the services, whether it be transportation, housing, mental health, occupational
12:43
Speaker 7: training is a big thing they're doing now, their food pantry,
12:47
Speaker 7: and of course the typical claims and benefits, and they
12:51
Speaker 7: encompassed everything and again ninety percent of everything that they
12:56
Speaker 7: collect in mass goes directly to the veterans, and that's
13:00
Speaker 7: the kind of company or kind of organization we wanted
13:03
Speaker 7: to be partnered with.
13:04
Speaker 2: And I know that Eastern Propane has a long history
13:08
Speaker 2: of this connection to veterans. Can you tell us a
13:10
Speaker 2: little bit just about how that partnership with the dav
13:14
Speaker 2: and other veterans causes has grown over time.
13:18
Speaker 7: Well, we do have a long connection. Our family business
13:23
Speaker 7: started in nineteen thirty two and we actually started writing Danvers,
13:26
Speaker 7: Massachusetts at a hardware store. And of course back during
13:30
Speaker 7: the war we had folks that worked with a company
13:33
Speaker 7: that had to go in even World War Two, and
13:38
Speaker 7: during those times, if you had a business, they kept
13:41
Speaker 7: your home. So the family always wanted to do something
13:44
Speaker 7: to support the people, and we had Frankly, one of
13:49
Speaker 7: our leaders of the company was a pow in World
13:54
Speaker 7: War Two when he escaped and came back. So we've
13:56
Speaker 7: always felt a strong connection so our ability to serve
14:00
Speaker 7: people because so many people serve to give us that right.
14:05
Speaker 2: One of the things that Eastern Propane does is you
14:08
Speaker 2: use your vehicles to support the dav of Massachusetts. Can
14:12
Speaker 2: you tell us a little bit about that and how
14:14
Speaker 2: that has worked for you.
14:17
Speaker 7: Absolutely. What we've done is, you know, we deliver fuel
14:22
Speaker 7: and comfort to people. And so what we started with,
14:26
Speaker 7: we started with one truck to see how the program
14:29
Speaker 7: would work, and a portion of every gallon of fuel
14:32
Speaker 7: that's delivered through that truck goes directly to DAV And
14:38
Speaker 7: then we added a second truck and this year we've
14:40
Speaker 7: added a third truck that they're all and these three
14:44
Speaker 7: trucks off operate in different markets in Massachusetts, and they
14:50
Speaker 7: operate all year long, twelve months a year, because you know,
14:54
Speaker 7: sometimes the business has seasonal needs, but we keep these
14:57
Speaker 7: trucks on the road all year. It spreads the word
15:00
Speaker 7: about DAV and a portion of every gallon that goes
15:04
Speaker 7: through those trucks goes directly back to the DAV Yeah.
15:10
Speaker 2: Jim, you've also got in addition to that, you have
15:12
Speaker 2: something called your Hometown Hero Season of Fuel Giveaway. I
15:16
Speaker 2: believe it's a program that Eastern Propane created in order
15:20
Speaker 2: to help veterans. Can you tell us a little bit
15:23
Speaker 2: about that program and how someone can get nominated for
15:27
Speaker 2: that program?
15:29
Speaker 7: Absolutely. The Hometown Hero Season of Fuel Giveaway is a
15:34
Speaker 7: program that we do every sea every winter season where
15:40
Speaker 7: people are allowed to go on to Eastern dot com
15:44
Speaker 7: Hometown Hero Season of Fuel giveaway and nominate a veteran
15:50
Speaker 7: and you can also nominate nominate a police, fire e
15:54
Speaker 7: MT or active service member, and generally the people that
16:01
Speaker 7: have fallen on hard times or a family that's having
16:03
Speaker 7: difficulty because somebody's overseas serving or something, or I could
16:09
Speaker 7: say one of our last recipients unfortunately had picked up
16:14
Speaker 7: a disease while they were over in Afghanistan. And so
16:21
Speaker 7: you go in, you nominate that person through our website,
16:26
Speaker 7: and then a committee reviews all of the nominations and
16:29
Speaker 7: that person will receive free heating for this season.
16:35
Speaker 2: Jim, that sounds great. We really appreciate you joining us today,
16:38
Speaker 2: appreciate the work that you and Eastern Propane do on
16:42
Speaker 2: behalf of the DAV and thanks again for the time
16:46
Speaker 2: and for your effort in this cause.
16:50
Speaker 7: Thank you. It's a great partnership. We're happy to be there.
16:53
Speaker 7: We're looking forward to the DAV five K that's coming
16:57
Speaker 7: up tomorrow. We've got fifty one one of our team
17:01
Speaker 7: members that have volunteered and are participating out there tomorrow.
17:06
Speaker 7: So it's more than it's about service and DAV gives
17:12
Speaker 7: that service, we want to provide them the support.
17:14
Speaker 1: To do it.
17:15
Speaker 2: Absolutely, it's it's a great thing. Jim, thanks again for
17:18
Speaker 2: the time today. That is Jim Blake, the regional manager
17:22
Speaker 2: for Eastern Propane.
17:24
Speaker 5: Again.
17:24
Speaker 2: To donate to the DAV in support, you can call
17:28
Speaker 2: nine to seven eight six three two nineteen eighty five,
17:32
Speaker 2: or go to DAV five k dot Boston again nine
17:37
Speaker 2: seven eight six three two nineteen eighty five or DAV
17:40
Speaker 2: five k dot Boston Mike. One of the things that
17:45
Speaker 2: is starting as of today, the FAA is restricting traffic
17:50
Speaker 2: to forty major airports. We covered the list on our
17:53
Speaker 2: show yesterday. It's basically all the major airports in the
17:57
Speaker 2: United States and some supplemental ones yep. And so this
18:01
Speaker 2: is now in effect, and to this point, it looks
18:03
Speaker 2: like about seven hundred flights have been canceled. Expectations or
18:07
Speaker 2: that you could see as many as about twenty to
18:09
Speaker 2: twenty five hundred being canceled daily if this were to continue.
18:14
Speaker 2: And there's also the possibility that this expands further. This
18:17
Speaker 2: as the FAA tries to cope with lower staffing levels
18:22
Speaker 2: due to workers not getting paid.
18:24
Speaker 4: Yeah, and so we'll see these flights get shut down.
18:27
Speaker 4: The airlines apparently are trying to focus on the shorter
18:30
Speaker 4: regional flights so that you have an alternative option to
18:33
Speaker 4: get between point A and point B. Problem, there is
18:36
Speaker 4: a lot of these flight crews and pilots commute via
18:40
Speaker 4: those shorter regional flights.
18:41
Speaker 5: Right.
18:41
Speaker 4: So I had a family member who flew for one
18:45
Speaker 4: of the major airlines, lived in Chicago, commuted to Detroit
18:48
Speaker 4: every time he needed to fly. So that's the exact
18:51
Speaker 4: type of flight that they are trying to cancel or
18:53
Speaker 4: spend here. And we will see, right. I mean again,
18:56
Speaker 4: if this lasted day or two, probably not a problem.
18:58
Speaker 4: But if the major airlines need to cancel between two
19:02
Speaker 4: and four thousand flights a day, you can be sure
19:05
Speaker 4: there's going to be you know, reverberations throughout the industry
19:09
Speaker 4: as they struggle to get the other flights filled with staff.
19:13
Speaker 2: Yeah, it certainly is something where these might be the
19:16
Speaker 2: cancelations that you see, but don't be surprised if there
19:19
Speaker 2: are other delays, and you know, just trying to get
19:21
Speaker 2: pilots and equipment to where you need them is challenging
19:24
Speaker 2: in these situations. Quick break, when we return, we've got
19:28
Speaker 2: wall Street Watch and more guests for the dav Radiothon.
19:40
Speaker 1: Like us on Facebook and follow us on Twitter at
19:43
Speaker 1: TFE show. Breaking business news is always first right here
19:47
Speaker 1: on the Financial Exchange Radio Network. Time now for Wall
19:53
Speaker 1: Street Watch. A complete look at what's moving market so
19:56
Speaker 1: far today right here on the Financial Exchange Network.
20:00
Speaker 6: Market's extending their losses as investors continued to show concern
20:04
Speaker 6: about high valuations around tech and a I. Right now,
20:08
Speaker 6: the Dow is down nearly two tenths of one percent,
20:10
Speaker 6: or seventy eight points lower. SMP five hundred down over
20:14
Speaker 6: two thirds of a percent, Nasdaq selling off over one
20:18
Speaker 6: point two percent, Russell two thousands down about eight tenths
20:21
Speaker 6: of one percent. Tenured Treasure realed flat at the moment,
20:24
Speaker 6: now at four point zero eight seven percent. In crude
20:28
Speaker 6: oil up about four tenths of a percent, trading right
20:31
Speaker 6: below sixty dollars a barrel. Tesla shares down over two
20:35
Speaker 6: percent after shareholders approved a one trillion dollar pay package
20:38
Speaker 6: for CEO Elon Musk, but offered mixed support to the
20:42
Speaker 6: idea of the EV maker investing in his XAI ventures. Meanwhile,
20:47
Speaker 6: sports betting company DraftKings cut its annual sales out look
20:51
Speaker 6: after reporting disappointing third quarter results. However, the stock is
20:54
Speaker 6: up three percent. Elsewhere, Airbnb posted a revenue beat for
20:58
Speaker 6: the previous quarter and lifted its fourth quarter revenue forecast.
21:01
Speaker 6: Despite that, shares are down two percent. Peloton swung to
21:05
Speaker 6: a surprise profit in the most recent quarter, sending that
21:09
Speaker 6: stock eight percent higher. Open Door sinking seven percent after
21:12
Speaker 6: the property company reported a sharp drop in sales. Open
21:16
Speaker 6: Door has seen some meme stock action recently, and shares
21:20
Speaker 6: in video game maker Take two Interactive falling over eight
21:23
Speaker 6: percent after the company announced yet another delay to its
21:26
Speaker 6: highly anticipated Grand Theft Auto six game, now slated to
21:30
Speaker 6: be released November nineteenth, twenty twenty six. On Tucker Silva
21:35
Speaker 6: and That is Wall Street Watch.
21:36
Speaker 5: Join us now is Bob Barlow.
21:37
Speaker 4: He's the president's and owner of NBA Mortgage out of Braintree, Massachusetts.
21:41
Speaker 4: He's an Air Force veteran and DAV member, and joins
21:45
Speaker 4: us now on the line to talk a little bit
21:46
Speaker 4: about his company's partnership.
21:48
Speaker 5: With the DAV. Bob, thanks for joinings, appreciate it.
21:52
Speaker 8: Yeah, I glad to be on so starting.
21:56
Speaker 4: Off here, I want to get to NBA Mortgage and
21:58
Speaker 4: its partnership with the DAV Would you mind telling us
22:00
Speaker 4: a little bit about your own military service and your
22:04
Speaker 4: time with the Air Force.
22:06
Speaker 8: Yeah. Absolutely. Uh. I come from a family where my
22:13
Speaker 8: grandfather was in the military, my dad was in the military,
22:18
Speaker 8: my uncle was in the military, the whole nine yards.
22:22
Speaker 8: So when it came to be my time, I felt
22:29
Speaker 8: compelled to serve. I grew up that way always, you know, uh,
22:36
Speaker 8: community service, country, that kind of that kind of an upbring.
22:44
Speaker 8: So yep, my turn, I'm in. So if I go
22:50
Speaker 8: in and you know, I spent a few years yside,
22:57
Speaker 8: you know, traveling, uh and getting the see a lot
23:00
Speaker 8: of the country, you know, the best parts of the country,
23:03
Speaker 8: you know, uh, Mississippi and Oklahoma and western Washington. Yeah,
23:13
Speaker 8: all the places you want to go. But if it's
23:15
Speaker 8: still are to still really great experience, and you know,
23:21
Speaker 8: ten years in and and you really realize that the
23:27
Speaker 8: people that you're working with is is what it really
23:31
Speaker 8: becomes all about, you know, more the mission more than
23:36
Speaker 8: anything else about the guys and girls that are that
23:42
Speaker 8: are with you when you deploy, that are you know,
23:45
Speaker 8: in the tent and uh, you know, the proverbial foxhole
23:51
Speaker 8: next to you so you leave that kind of stays
23:56
Speaker 8: with you and in the brotherhood, didn't sister heard that
24:02
Speaker 8: we will always share.
24:04
Speaker 4: So Bob, tell me a little bit about NBA Mortgage
24:08
Speaker 4: and how you got involved with the dav of Massa Chusetts.
24:12
Speaker 8: Yep. So NBA Mortgages. Well, we're a mortgage company and
24:17
Speaker 8: it's something that myself and previous partner we started in
24:24
Speaker 8: two thousand and five because it was always the smartest
24:27
Speaker 8: thing to do to get into mortgages, right four two
24:30
Speaker 8: thousand and seven, So we decided that that was a
24:35
Speaker 8: great time and and I guess because we just started
24:40
Speaker 8: in seven, we had you know, the hood spot to
24:46
Speaker 8: get three two thousand and eighty, two thousand and nine.
24:49
Speaker 8: But anyways, right around when we started in two thousand
24:53
Speaker 8: and five, my current partner Matt Scott and I, uh,
25:00
Speaker 8: we're doing a presentation. I forget which town, you know,
25:08
Speaker 8: hotel lobby room, but we were doing one and Matt
25:14
Speaker 8: meets Damn Stack and I think we all know.
25:21
Speaker 5: Yeah, sitting sitting right in our lobby all.
25:24
Speaker 8: Right, yea our former edgectant, but basically our you know,
25:34
Speaker 8: our d av Our d av guy. So Matt meets
25:40
Speaker 8: Dan Dan's doing, uh, a seminar for veterans in the
25:46
Speaker 8: same place. So he asked Matt he wants to come
25:51
Speaker 8: by and talk about the loans and so that and
25:59
Speaker 8: that's it. And Matt was like, I want you to
26:02
Speaker 8: meet the owner and veteran. And we met and we
26:10
Speaker 8: started talking about how we used to work together, and
26:13
Speaker 8: you know, Dan and I get the talking and uh,
26:16
Speaker 8: he's looking for us to help him out with some
26:18
Speaker 8: sponsorships with the golf tournament. So well, like, okay, we'll
26:26
Speaker 8: do the best ken kind of a you know, ten
26:29
Speaker 8: man shop. And I don't know how much of a
26:35
Speaker 8: corporate sponsorship we could do, but this is what I
26:38
Speaker 8: can tell you I can do. Dan, We are a
26:42
Speaker 8: very good group of people of networking and getting the
26:46
Speaker 8: word out, So how about I do that? And I
26:52
Speaker 8: am very very good at that. And it was Matt
26:56
Speaker 8: and our team, you know, we're out there meeting business partners,
27:02
Speaker 8: were talking about client so it was kind of an
27:07
Speaker 8: easy thing for us to do.
27:09
Speaker 4: Well Benny, Well, Bob, your story really echoes and mirrors
27:14
Speaker 4: the stories of so many I've heard from, and it's
27:16
Speaker 4: all a little bit different, obviously, from a lot of
27:18
Speaker 4: different industries. But the story I consistently hear that everybody
27:22
Speaker 4: that partnerships with the DAV is just very impressed by
27:25
Speaker 4: the work that they do and the impact that they
27:27
Speaker 4: have here in Massachusetts. Bob, I really appreciate you coming
27:31
Speaker 4: on the show today, talking a bit about your partnership,
27:33
Speaker 4: sharing a bit about your own service, and looking forward
27:37
Speaker 4: to this weekend in Castle Island in Boston.
27:39
Speaker 5: So, Bob Barlow, thank you so much.
27:42
Speaker 8: Yeah, absolutely, thank you again.
27:44
Speaker 5: That's Bob Barlow.
27:45
Speaker 4: He's the president and owner of NBA Mortgage out of
27:48
Speaker 4: Brain Trees, an Air Force veteran and DAV member, and
27:50
Speaker 4: join us today to talk about their firm's partnership with
27:53
Speaker 4: the Disabled American Veterans Department of Massachusett's just a reminder, folks,
27:58
Speaker 4: the auction for a six Core's dinner for eight people
28:01
Speaker 4: from Chef Paul Wahlberg still open. The You can place
28:06
Speaker 4: your bid by calling nine seven eight six three two
28:09
Speaker 4: nineteen eighty five. You can also make your donation at
28:13
Speaker 4: that same number or by visiting DAV five K dot Boston.
28:17
Speaker 4: But we're proud to participate in wrko's Radiothon two benefit
28:21
Speaker 4: the DAV of Massachusetts. You can donate and participate again
28:25
Speaker 4: by going to DAV FIVEK dot Boston or calling nine
28:28
Speaker 4: seven eight six three to two nineteen eighty five.
28:31
Speaker 5: Quick Break.
28:32
Speaker 4: We'll be right back with Mark Varner, CEO of Veterans
28:35
Speaker 4: Development Corporation and their partnership with DAV next on the
28:38
Speaker 4: Financial Exchange.
28:40
Speaker 1: Breaking business news as it happens only here on the
28:44
Speaker 1: Financial Exchange Radio Network. The Financial Exchange streams live on YouTube.
28:51
Speaker 1: Like our page and stay up to date on breaking
28:53
Speaker 1: business news all morning. Long Base is the Financial Exchange
28:57
Speaker 1: Radio Network.
29:11
Speaker 5: Welcome back to the Financial Exchange.
29:13
Speaker 4: If you're just joining us for participating today in wrko's
29:16
Speaker 4: radiothon to benefit the Disabled American Veterans Department of Massachusetts,
29:21
Speaker 4: you can donate by calling nine seven eight six three
29:24
Speaker 4: two nineteen eighty five. We're visiting DAV five K dot Boston,
29:28
Speaker 4: but right now I'm joined by both Dan Stacks, CEO
29:32
Speaker 4: of the DAV of Massachusetts, as well as Mark Vonna,
29:34
Speaker 4: the president's CEO of Developed Veterans Development Corporation.
29:38
Speaker 5: Gentlemen, thanks for coming on again. I appreciate it, Thank you,
29:42
Speaker 5: appreciate you. So I wanted to start off.
29:45
Speaker 4: I know Mark, you you've talked a bit about your
29:49
Speaker 4: firm's partnership with the DAV, But for those that haven't heard,
29:54
Speaker 4: talk to us a bit about that partnership and just
29:59
Speaker 4: how long and and how you got involved with the
30:01
Speaker 4: Disabled American Veterans.
30:02
Speaker 9: Okay, well, I met DAN through my brother Tim, who
30:05
Speaker 9: was working for DAN as a National Service officer.
30:09
Speaker 5: I don't know how many.
30:10
Speaker 9: Years now, nineteen ninety seve I got involved after that
30:16
Speaker 9: as a sponsor for one of the golf tournaments and
30:18
Speaker 9: from there we just grew and grew and grew.
30:21
Speaker 4: And for those listening, I mean, it's right in the name,
30:23
Speaker 4: but talk to us about what Veterans Development Corporation actually
30:26
Speaker 4: does and beyond the partnership of the DAV, just your
30:29
Speaker 4: involvement with veterans today.
30:31
Speaker 8: Yeah.
30:32
Speaker 9: Absolutely. We do a lot of construction work for the
30:35
Speaker 9: VA Healthcare System throughout New England, YP Florida, in Washington, DC,
30:39
Speaker 9: so we're doing a lot of renovation work for the hospitals.
30:43
Speaker 4: So one of the things that really stuck with me
30:44
Speaker 4: that the DAV does and of Massachusetts and what makes
30:48
Speaker 4: it truly unique, is some of the housing initiatives that
30:52
Speaker 4: you guys have taken on over the course of the
30:55
Speaker 4: last several years, I know that you are the only
30:58
Speaker 4: Disabled American Veterans Department in the country to provide housing
31:01
Speaker 4: solutions for veterans. And from what I understand, you guys
31:06
Speaker 4: have a new project going on, and so you know,
31:09
Speaker 4: whoever it can take this one, but talk to us
31:11
Speaker 4: about that new project, that new initiative that you guys
31:13
Speaker 4: are doing, and I'm excited to learn about it, and
31:16
Speaker 4: you can just pull that right towards you there you go.
31:18
Speaker 3: Well, what we wanted to be able to do was
31:20
Speaker 3: take one of the buildings that we have. We wanted
31:24
Speaker 3: to be able to take one of the buildings that
31:26
Speaker 3: we had at basically up in Gardener, Massachusetts, and we
31:30
Speaker 3: have a need for basically studio apartments for single veterans.
31:36
Speaker 3: On the campus up there. We have twenty two bedroom
31:39
Speaker 3: condominiums that we give out to families, but we have
31:42
Speaker 3: the great need for basically single veterans to be housed,
31:46
Speaker 3: but permanent housing. So we were looking for studio apartments
31:50
Speaker 3: that could be built naturally. The first guy I called
31:53
Speaker 3: and turned to was Mark Bonner. Sure said, Mark, how
31:57
Speaker 3: do we go about this? He's helped put together an
31:59
Speaker 3: entire team from architectural to everything that we need engineers
32:05
Speaker 3: in order to try to get this project off the ground,
32:07
Speaker 3: and we are working with Mark and the state in
32:10
Speaker 3: order to try to come up with all the funding
32:12
Speaker 3: that we need for this. But it's going to be
32:14
Speaker 3: state of the art. It's going to be every one
32:17
Speaker 3: of these studio apartments, the veteran will have their own kitchen,
32:21
Speaker 3: their own bathroom, their own basically their living space so
32:26
Speaker 3: that they too can utilize all of our services, and
32:29
Speaker 3: we'll try to work with them so that they can
32:31
Speaker 3: become not only independent living there, but if they wanted
32:33
Speaker 3: to be independent living elsewhere after they've worked with.
32:37
Speaker 4: Us, Danamar, I mean, talk to us again. For folks
32:40
Speaker 4: that are listening now and they're getting their first ever
32:43
Speaker 4: introduction to the Disabled American Veterans Department of Massachusetts, what
32:47
Speaker 4: are the biggest needs of our veterans in the state
32:51
Speaker 4: that you guys are trying to serve. I know there's
32:53
Speaker 4: a lot of different initiatives you have, from transportation to
32:56
Speaker 4: other types of assistance, and clearly the housing thing is
32:59
Speaker 4: a growing demand piece, especially in today's housing market. But
33:04
Speaker 4: talk to us about just the work that the dav
33:07
Speaker 4: does on a day to day basis because there's a
33:09
Speaker 4: lot of folks that I'm sure aren't familiar.
33:12
Speaker 3: The biggest program that we have that we help veterans
33:15
Speaker 3: out with is literally navigating the VA system, whether it
33:20
Speaker 3: be the healthcare system or whether it be the VA
33:22
Speaker 3: benefit system. That is the major job that we do
33:27
Speaker 3: on a daily basis, and those that's where we serve
33:30
Speaker 3: the most veterans in the state of Massachusetts. We have
33:34
Speaker 3: service officers all across the Commonwealth of Massachusetts. They help
33:39
Speaker 3: initiate the claims and then we have our staff of
33:43
Speaker 3: paralegally trained representatives at the JFK Federal billing They're known
33:48
Speaker 3: as National Service Officers, which give the best advice possible
33:53
Speaker 3: and actually take a claim before the VA to make
33:55
Speaker 3: sure that veteran gets the compensation that he's deserving.
33:59
Speaker 2: With we have all.
34:01
Speaker 3: Kinds of veterans volunteers that work within the VA medical
34:06
Speaker 3: system that helped not only take claims, but they also
34:08
Speaker 3: help transportation. They also help with basically our Local Veterans
34:13
Speaker 3: Assistant program, helping veterans that may need their just their
34:17
Speaker 3: yard rate for crimel or whatever it is. But you know,
34:21
Speaker 3: Mark talks about his brother Timmy, which I hired in
34:24
Speaker 3: ninety seven. Timmy unfortunately was a paratrooper and his shoe
34:30
Speaker 3: didn't open, and God bless him. He's suffering this day
34:33
Speaker 3: with some very severe disabilities. And that's how Mark and
34:37
Speaker 3: I got to know each other. But one of the
34:40
Speaker 3: things I want to say about basically the Vaughner family
34:44
Speaker 3: is not only did they serve this country right from
34:46
Speaker 3: their father Victor to Timothy to Mark, but every day
34:51
Speaker 3: they give back to the VA, whether it's veterans, whether
34:55
Speaker 3: it's being trying to rebuild the VA medical healthcare system,
34:59
Speaker 3: and the most office way possible to what Mark does
35:02
Speaker 3: personally out of his own parket to help the dav
35:04
Speaker 3: and what his company does. I'll be honest with you,
35:07
Speaker 3: it was a time that we didn't have anything.
35:10
Speaker 2: I call Mark. He covered our.
35:12
Speaker 3: Expenses for one year in order that I could keep
35:15
Speaker 3: this organization going, and today because of what he has done,
35:19
Speaker 3: we're in a much better spot that we can continue
35:22
Speaker 3: on to help veterans.
35:24
Speaker 4: Mark, I'm going to turn to you on this one
35:25
Speaker 4: because I could speak to it, but I think you
35:28
Speaker 4: could do it more justice. Tomorrow is the actual five
35:31
Speaker 4: K in Boston. You've attended many of them, I've attended
35:33
Speaker 4: a few of them. I find it to be inspirational
35:36
Speaker 4: and just a really fun event. Can you tell everybody
35:40
Speaker 4: that's listening a little bit about the event tomorrow and
35:42
Speaker 4: what folks can expect, even if they're not running, if
35:45
Speaker 4: they want to, you know, show up and check out
35:46
Speaker 4: the event.
35:47
Speaker 5: It's always a highlight of the year for Oh.
35:49
Speaker 9: Absolutely. It is one of the most amazing days that
35:52
Speaker 9: I can say I'm part of in my career as
35:55
Speaker 9: a construction contractor, but as a person in a veteran
36:00
Speaker 9: this is an amazing day where all these people come
36:03
Speaker 9: together for one day and we all meet and we
36:06
Speaker 9: collaborate together. Now, everybody is happy, everybody wants to be there.
36:10
Speaker 9: It's just one of those days that I think, if
36:12
Speaker 9: you haven't been there, try to make it this year,
36:15
Speaker 9: because you'll walk away a different person.
36:17
Speaker 5: Yeah.
36:17
Speaker 4: I couldn't agree more. It's tomorrow. Castle Island in Boston.
36:22
Speaker 4: Race has been sold out for months now, as it
36:24
Speaker 4: always does. It's a hugely popular event. Over a thousand people,
36:30
Speaker 4: fifteen hundred people running, food events, all sorts of really
36:35
Speaker 4: great stuff and just inspirational stuff too, and so it's
36:39
Speaker 4: a fantastic event every year Mark Varner, CEO of Veterans
36:43
Speaker 4: Development Corporation, as well as Dan Stack, the CEO of
36:46
Speaker 4: the Disabled American Veterans Department of Massachusett's joining us on
36:50
Speaker 4: the program today. Appreciate you coming in, both of you.
36:53
Speaker 4: Always great to see you and excited about the event tomorrow.
36:56
Speaker 3: Thank you, Thank you very much, Mike, and we truly
36:59
Speaker 3: appreciate what the Finance actually Exchange does in regards to
37:01
Speaker 3: keeping the word off there about what the DAV can
37:04
Speaker 3: do for veterans. Thank you so much.
37:05
Speaker 5: Thanks gentlemen, appreciate it and see you tomorrow.
37:08
Speaker 4: Taking a look here at markets, we continue to be
37:12
Speaker 4: in not a full on selloff mode. It doesn't seem
37:15
Speaker 4: to be accelerating dramatically, but we are seeing markets in
37:18
Speaker 4: negative territory, with the Nasdaq leading the way down off
37:22
Speaker 4: one point six percent, SMP off nine tenths of eight percent.
37:26
Speaker 5: Once again, all day today.
37:27
Speaker 4: We are supporting the DAV of Massachusetts and we hope
37:31
Speaker 4: you can too. To donate, you can call nine seven
37:34
Speaker 4: eight six three two nineteen eighty five. You can also
37:37
Speaker 4: visit DAV five k dot Boston and again there is
37:40
Speaker 4: an auction ongoing for a six course dinner for eight
37:44
Speaker 4: people from Chef Paul Wahlberg. It's still open, you can
37:47
Speaker 4: still bid on it, but it will be closing in
37:49
Speaker 4: the next hour.
37:51
Speaker 5: Again.
37:51
Speaker 4: To make your bid or to support the dav call
37:54
Speaker 4: up nine seven, eight, six three two one nine eighty
37:58
Speaker 4: five and excited to announce the winner of that at
38:01
Speaker 4: the end of today's show, quick Break a lot more
38:03
Speaker 4: from the Financial Exchange next