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Welcome to another edition of the Chicks
on the Right podcast where we talk to

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our friend and sponsor of the show, Zach Abraham, chief investment officer at

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Bulwark Capital Management. And today we
have a topic that we were not expecting,

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but we're reading now that the Texas
Stock Exchange is going to be opening

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up in Dallas by twenty twenty six, that it has some major finance companies

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like Blackrock and Citadel behind it,
and that this is happening, and we

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wanted to get your thoughts because we
don't understand any of them. I thought

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it was fake. That I thought
it was fake, and then I had

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I was like, no, this
is real, this is really going to

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happen. Yeah, and my first
comment would be God blessed Texas. Yeah.

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So, you know, it's funny
watching this roll out because, in

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my opinion, this is exactly what
the founders had in mind when they set

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up the State of our Union,
meaning the fact do you have fifty individuals.

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I know that we started with less
than that, but the fact you

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have fifty individual states, They're meant
to be counterbalances for each other, right,

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hold each other accountable. Right,
So if one state starts doing something

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crazy, people leave and go to
another state, and we've kind of seen

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that happening over the last several years, right California. Yeah, yeah,

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So, and I think that this
Trump trial thing, obviously, this has

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been going on behind the scenes for
a while, you know, just announce

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that you're going to launch a new
exchange like that, you know, based

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off of one news you know,
one news report or the the you know,

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Trump being convicted. But it is
interesting to me when they announced this

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right right after the Trump conviction,
And in my opinion, I don't think

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there's any other way to and especially
considering that Ken Griffin, the head of

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Citadel, is backing this. And
in no way am I saying is he

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a good actor. I don't think
he's very good human being. As a

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matter of fact, I've known people
that have worked for him that I think

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he's a complete monster. So and
not to say that he hasn't done some

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nice things for employees, but just
he's not a very nice guy. Yeah,

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But he I think is much more
on our side. Is what he

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views the government's purview to be,
the role he thinks government should play.

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And I happen to be sympathetic to
a lot of his views. But bottom

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line is one of the reasons they
want to do this is why so many

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fund managers have moved out of New
York City, Right. I think one

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of the ramifications that they clearly didn't
think about prior to this what, in

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my opinion, is a complete sham
trial against Trump. And I really wish

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that was something that we could have
bipartisan support recognizing, because you know,

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I know a lot of people who
I think are intellectually honest and have a

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lot of intellectually intellectual intake integrity,
that do not like Trump at all,

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that hate him, that have said
this is a complete sham trial. Yeah,

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but one of the one of the
things those guys are saying is,

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hey, if you're gonna do that, right, we're not going to subject

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ourselves to the state of New York
whatsoever. So if we don't have offices

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in New York and if our trades
aren't being routed through New York stock exchanges,

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you know, you can kiss our
hind parts, man, because there's

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really nothing you can do about it. Right, And I'm not really one

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hundred percent sure on what the jurisdiction
rules are, but my belief is is

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that if you are a hedge fund
or if you are a fund or a

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financial institution routing trades through the New
York Stock Exchange, I would think that

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that would leave you somewhat subject to
New York state rules, right, New

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York State government, new York State
legal system. So just like these guys

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moving their businesses and their places of
you know, where they live and their

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residences out of the state of New
York, they're going to move their stock

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trades out of the state of New
York too, just like businesses are fleeing

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California. Right, And if you
think about it with New York, Uh,

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that is potentially a really big blow
to a lot of sources of revenue.

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Oh yeah, But but I'm I'm
encouraged by it because it's finally the

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state apparatus is finally kicking in and
doing what it should do, which is,

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if you want to go nuts,
and you want to and you want

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to go off the rails and in
my opinion, make a complete mockery of

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our constitution, great, we're going
to uphold it, right, and we're

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going to allow We're going to create
a turnstyle over here that's going to let

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all these other people that don't want
to be subject to your tyrannical enforcement of

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laws and non constitutional enforcement of laws, and we'll profit off of it.

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So do you think it'll look like
Because they're going to do it in Dallas,

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right, So do you think it'll
look like We'll be modeled off of

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the New York Stock Exchange, will
look like it, Everything will kind of

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look the What do you think,
Well, that's what's really interesting about it,

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because like everybody looks the same,
for everybody will be wearing cowboy hats.

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Yeah, or what I would what
I would think is that there will

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be far less people working there.
If you go to the exchange today,

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it is so much different than it
was. I've been on the floor of

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the exchange. It's just a bunch
of series of computers and pretty much the

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guys standing in there just it's almost
they do it pieces of paper like they

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did in trading places. Yeah,
yeah, yeah, machines back on.

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Yeah, we got we got to
get the crop report from mister Beaks.

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Right, I've seen it a few
times, right, But yeah, no,

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I I think it'll I think it'll
look similar, But I also think

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due to the people that are involved, I think it's probably right. There's

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a lot of there's a lot of
tradition, if you will, or a

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lot of things built into the New
York Stock Exchange that probably don't help on

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you know, execution price and speed, you know what I mean, there's

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every bureaucracy that's been around that long
is going to have vestiges that aren't really

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useful anymore. Well, so my
feeling is is that it's probably going to

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be the fastest, it's probably going
to be the best execution price if these

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guys roll this out, and looking
at who's backing it, I have a

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really hard time believing that it's not
going to be a step up. I

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love that. Yeah, how does
it impact like just regular schmos like us?

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You know what, I really don't
think that it does other than the

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fact that you'll be able to route
your trades to a to a you know,

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to a to a locale like Dallas
where you know, I think the

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three of us on this pot,
I would much rather have the city of

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Dallas and what what county is the
city of Dallas in? Uh? I

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should know this and I don't because
I'm I'm anyway, I know, I

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don't. I don't know off the
jappand but you know, I would I

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know that if that becomes viable,
and depending on how it's structured, assuming

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that I can route my trades through
there instead of New York Soccer change,

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I'll do that every single time.
Why I don't want to contribute to to

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that, you know, I want
to use the I want to use the

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cudgel of free markets to knock some
sense into these places because you know,

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like you think about CAW, I
love New York. I love New York.

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I think California is one of the
most spectacular. Well I haven't Okay,

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to be fair, I haven't been
the post COVID, right, I've

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been so yeah, a little bit. But I but but the city,

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the idea of what New York is, I love it. I've always really

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enjoyed that city. And I think
California is one of the most spectacular places

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on the face of the earth.
And I will yeah, oh it's it's

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it's ridiculous, right, I mean, it's one of the most It's just

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it's insane. And you know,
we go down to we haven't been down

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there before, but we used to
go down to San Diego every year for

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spring break. And I remember looking
around going, man, these people know

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how to mess up a beautiful place, right, and so any any any

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ancillary pressure I can put on to
save those places that I think are are

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quintessential America Americana, if you will, and kind of jewels of the crown,

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if you will, that have been
just completely tarnished, right, God

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bless free markets. Man, They're
doing what they need to do. Corporations

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are fleeing the state of California.
Stock exchanges are getting established outside in New

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York, you know, hail to
the founders, A ment to that.

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I love that of it, love
it. So we should be looking at

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this positively and watching with baited breath
about all of the progress with it.

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And I know this is probably one
of the things that people are going to

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ask you about in your seminars,
because you do seminars, and I know

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you've got one coming up soon.
Can you tell people how to sign up?

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That was such a good, such
a good transition there, bros.

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Yeah, no, thank you so
much for that. Yeah, we've got

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one coming up, I believe the
twenty seventh this month, which is a

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Thursday, Thursday, Yeah, Thursday, June twenty seventh at three thirty those

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of you in Texas, right,
yeah, we will discuss this, but

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yeah, just it's our normal virtual
road show where we discuss our risk management

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processes and that we use with different
clients. And and we're really focusing on

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the risk of inflation because kind of
pressient, right, How how do we

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address that? What do we do? How do we you know, how

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do we account for that? And
so we're going to walk you through how

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we do and how we account for
it with our clients. And at the

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very least it should be educational and
you can sign up at Yes, there

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we go, Gowork Capitalmanagement dot com, Know your Risk Radio dot com.

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You log onto those dialogue box pop
pops up. It costs nothing, it's

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free, and we'll send you a
link to the video day it comes out,

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or the or the or the seminar
of the day it comes out.

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And h yeah, the more more
that join us, the marrier, love

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it. Thank you, Zach,
All right, thank you ladies, thanks

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for having me. Investment advisory services
offered through Trek Financial LLC and SEC Registered

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investment advisor. Information presented is for
educational purposes only. It should not be

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considered specific investment advice. Does not
take into consideration your specific situation, and

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does not intend to make an offer
or solicitation for the sale or purchase of

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any securities or investment strategies. Investments
involve risk and are not guaranteed. A

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past performance is no guarantee of future
results. For specific tax advice on strategy,

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consult with a qualified tax professional before
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