1 00:00:00,560 --> 00:00:05,160 Speaker 1: Nothing says Christmas like family gathered around the hearth Christmas Eve. 2 00:00:05,160 --> 00:00:07,519 I don't know what your tradition is at home, open 3 00:00:07,599 --> 00:00:11,119 one gift, maybe to some snacks, family over, some friends, 4 00:00:11,160 --> 00:00:15,320 and then of course reading from Luke Orth of Jesus Christ. 5 00:00:15,560 --> 00:00:19,679 And then of course Congress on Christmas Eve voting in 6 00:00:19,719 --> 00:00:22,839 a continuing resolution to further bankrupt the country and to 7 00:00:22,920 --> 00:00:26,399 protect themselves from any form of investigation. Well, yeah, and 8 00:00:26,440 --> 00:00:30,000 the races, the races. We'll talk about this with our 9 00:00:30,039 --> 00:00:32,920 friend and brother, Zach Abraham, Chief Investments for Bowart Capital 10 00:00:32,960 --> 00:00:35,399 Management and through the good graces of God Almighty. 11 00:00:37,479 --> 00:00:41,799 Speaker 2: But Todd Herman show is one disapproved by big pharma 12 00:00:42,039 --> 00:00:49,200 technocrats and tyranne s everywhere from the high mountains of 13 00:00:49,320 --> 00:00:57,159 Free America. Here's the Emerald City exile Todd Herman. 14 00:00:57,920 --> 00:01:00,560 Speaker 1: Today is a day the Lord has made. These are 15 00:01:00,560 --> 00:01:04,959 the times to which God has decided with She'll lives, Zach. 16 00:01:05,040 --> 00:01:08,719 It's Christmas time. It means it's continuing resolution time. You're 17 00:01:08,760 --> 00:01:11,680 a guy who deals with people's paychecks at all and 18 00:01:11,799 --> 00:01:16,200 et cetera. As a fiduciariat Bulwark seventy thousand dollars per 19 00:01:16,280 --> 00:01:20,000 year rays for congressional members as a cost of living 20 00:01:20,519 --> 00:01:21,799 your thoughts. 21 00:01:22,400 --> 00:01:26,040 Speaker 3: I mean, that's what I'm here for. I love it. 22 00:01:28,359 --> 00:01:31,159 I would be willing to increase my own personal tax 23 00:01:31,239 --> 00:01:34,719 rate to finance it. But I'm a look, I'm a 24 00:01:34,799 --> 00:01:39,280 huge fan of DC in the Hill. Everybody knows that, right, No, 25 00:01:39,400 --> 00:01:43,560 I'm just chuckling reading this bill out, you know, classic 26 00:01:44,079 --> 00:01:47,400 classic Christmas Eve bill, right, stuff through all the stuff 27 00:01:47,439 --> 00:01:52,120 you don't want, yep, the FED or excuse me, the media, 28 00:01:52,200 --> 00:01:54,920 which is part of the DNC. Now, of course they're 29 00:01:54,959 --> 00:01:58,319 not going to report on it. As a matter of fact, 30 00:01:58,439 --> 00:02:00,840 I'm gonna jump out on a lift here and say, 31 00:02:01,359 --> 00:02:04,719 I'm gonna bet you didn't get the information about this 32 00:02:04,840 --> 00:02:05,799 bill from ABC? 33 00:02:06,280 --> 00:02:09,080 Speaker 1: How did you know that there are a team of 34 00:02:09,120 --> 00:02:11,800 people in social media who are taking this fifteen hundred 35 00:02:11,800 --> 00:02:14,840 page omnibus bill apart and bit by bit by bit 36 00:02:15,159 --> 00:02:17,319 it dribbles out, and it dribbles out. We'll talk about 37 00:02:17,360 --> 00:02:20,280 section six oh five here in a second. But this 38 00:02:20,599 --> 00:02:24,599 is the This bill represents a further permanent divorce of 39 00:02:24,680 --> 00:02:27,520 DC from the country. The seventy grand a year. I mean, 40 00:02:27,560 --> 00:02:30,360 you deal in the world of income. If I'm not mistaken, 41 00:02:30,639 --> 00:02:34,560 that's probably fifteen percent more than the average and American 42 00:02:34,719 --> 00:02:37,240 earns in a year. And Congress wants it in the 43 00:02:37,280 --> 00:02:39,560 form of a pay race. Am I right, it's about 44 00:02:39,599 --> 00:02:40,039 the number. 45 00:02:40,759 --> 00:02:43,960 Speaker 3: Yeah, so well so seventy seven thousand, Yeah, because they're 46 00:02:43,960 --> 00:02:45,919 going to increase it by seventy seven thousand. Yeah, that's 47 00:02:46,000 --> 00:02:47,159 right around there. 48 00:02:47,599 --> 00:02:47,840 Speaker 2: Yeah. 49 00:02:48,000 --> 00:02:49,639 Speaker 3: Yeah, they're going to get a pay increase that is 50 00:02:49,680 --> 00:02:53,520 commensurate or slightly larger than the average person's wage. And 51 00:02:53,560 --> 00:02:59,000 here's the thing. If it was part of a larger 52 00:02:59,120 --> 00:03:03,360 plan to overhaul the government, for instance, one of the 53 00:03:03,360 --> 00:03:06,759 things that I have been open to if, if, if 54 00:03:06,759 --> 00:03:12,680 it is combined with massive campaign reform, would be substantially 55 00:03:12,759 --> 00:03:16,240 higher salaries for elected officials. And I hate saying that, 56 00:03:17,039 --> 00:03:24,039 but if you want less corruption, if a bottom line, 57 00:03:24,080 --> 00:03:26,479 and again I hate saying this, okay, but if we 58 00:03:26,520 --> 00:03:29,400 want the best and brightest in DC, you got to 59 00:03:29,400 --> 00:03:32,840 pay more than one hundred and eighty gradiator, you know, 60 00:03:33,800 --> 00:03:39,080 or or you're just getting You have to have something. 61 00:03:39,080 --> 00:03:41,280 You got to have something change because you have a 62 00:03:41,319 --> 00:03:44,400 system now where the best and brightest are not incentivized. 63 00:03:45,080 --> 00:03:47,960 You you have a system that really the only people, 64 00:03:48,199 --> 00:03:50,639 the only people that would be incentivized to engage in 65 00:03:50,680 --> 00:03:54,319 this system are people that are wantonly and actively looking 66 00:03:54,360 --> 00:03:56,639 to be corrupt, or people that are idiots and don't 67 00:03:56,639 --> 00:03:57,840 realize what they're getting into. 68 00:03:57,719 --> 00:03:59,840 Speaker 1: Right, right, right, I get that, And I've heard this 69 00:03:59,879 --> 00:04:02,080 are before, like, hey, make it half a million bucks. 70 00:04:02,120 --> 00:04:04,199 I mean, we can't make it. We can't make it 71 00:04:04,240 --> 00:04:06,759 ten million a year. Make it half a million bucks, 72 00:04:06,919 --> 00:04:10,599 make it seven fifty. But then lockdown on all the corruptions. 73 00:04:10,599 --> 00:04:12,479 So but then how do you do that? And here's 74 00:04:12,520 --> 00:04:16,040 the deal. You can't take money out of Congress until 75 00:04:16,079 --> 00:04:19,160 you take money out of the process. You can't until 76 00:04:19,360 --> 00:04:23,720 you can strip their ability to have earmarks and bundle 77 00:04:23,759 --> 00:04:25,800 things in for friends and hide things until bills are 78 00:04:26,000 --> 00:04:29,920 single pages, yep, until you have a here's the Energy 79 00:04:29,959 --> 00:04:32,360 Department bill, nothing else goes in it, Here's the Defense 80 00:04:32,439 --> 00:04:35,040 Department bill, nothing else goes in it. And you give 81 00:04:35,040 --> 00:04:36,839 them an inability to have anything to do with the 82 00:04:36,879 --> 00:04:40,480 money supply at all. Until that happens, you can't weed 83 00:04:40,560 --> 00:04:41,519 out corruption. 84 00:04:41,839 --> 00:04:46,240 Speaker 3: Right Yeah, No, And that's then that's what ticks you 85 00:04:46,279 --> 00:04:51,160 off about this bill, right is because a you could 86 00:04:51,199 --> 00:04:52,839 make when I don't think you make the argument. I 87 00:04:52,839 --> 00:04:54,959 think it's fact that a bill like this actually puts 88 00:04:55,000 --> 00:04:58,160 you further away from making any serious change, right because 89 00:04:58,399 --> 00:05:03,199 we like you, uh until I want them making one 90 00:05:03,279 --> 00:05:05,439 hundred and eighty grand a year or as little as 91 00:05:05,480 --> 00:05:08,800 possible to provide part of the incentive to get a 92 00:05:08,839 --> 00:05:12,160 good bill passed. Right. And so now you're kicking them 93 00:05:12,160 --> 00:05:15,319 an extra seventy You're I don't know how much further 94 00:05:15,439 --> 00:05:18,480 away that puts us from a resolution, but it's seventy 95 00:05:18,519 --> 00:05:21,360 thousand dollars per congressional member further away, right. 96 00:05:21,639 --> 00:05:23,720 Speaker 1: And maybe one of the things we look at would 97 00:05:23,720 --> 00:05:27,240 be an incentive package. And I mean this, what if 98 00:05:27,279 --> 00:05:30,839 the incentive package is to get the country back into 99 00:05:30,879 --> 00:05:33,639 fiscal shape. Maybe we're getting some people in there who's 100 00:05:33,639 --> 00:05:35,800 seed upset in this. But the problem with this is 101 00:05:35,879 --> 00:05:39,319 with the best and brightest in DC. No, buddy, you're 102 00:05:39,319 --> 00:05:42,959 a million bucks from your Mirrorman's squat to me, I'm 103 00:05:42,959 --> 00:05:44,879 going to be a billionaire back here. I know what 104 00:05:44,920 --> 00:05:47,000 I'm doing. I'm going to go be a lobbyist. I'm 105 00:05:47,000 --> 00:05:49,319 going to be a billionaire. I've got the path all 106 00:05:49,360 --> 00:05:51,680 laid out. You want to pay me a millionaire chump change, 107 00:05:51,800 --> 00:05:54,120 I can go get that. Being a commentator on MSNBC. 108 00:05:54,240 --> 00:05:56,639 I just say some ridiculous things back here, and they 109 00:05:56,720 --> 00:05:59,839 pat this career path. So but let's let's let's fall 110 00:06:00,160 --> 00:06:02,439 down the road a little bit. In this continuing resolution. 111 00:06:03,000 --> 00:06:05,319 I want to tell you about section six oh five 112 00:06:05,360 --> 00:06:07,839 here in a second. Zach as a guy who's dealt 113 00:06:07,839 --> 00:06:10,800 from time to time with government agencies coming and sniffing around. 114 00:06:10,879 --> 00:06:13,639 I know I don't like it, and I've had those, 115 00:06:13,680 --> 00:06:16,560 you know, situations with my companies, et cetera. So I 116 00:06:16,600 --> 00:06:18,319 want to tell you something about seven six oh five 117 00:06:18,360 --> 00:06:20,920 we need to talk about. The stock market was at 118 00:06:20,959 --> 00:06:23,959 the lowest losing streak since nineteen seventy eight. I think 119 00:06:24,000 --> 00:06:27,079 that was on Tuesday or so. Losts to get to 120 00:06:27,079 --> 00:06:31,839 with Zach Abraham, who's it's a wise council day. Let 121 00:06:31,839 --> 00:06:35,480 me give you some wise counsel. I tripped across a 122 00:06:35,560 --> 00:06:39,120 product that I'm holding. It's called Wisdom, and the fact 123 00:06:39,240 --> 00:06:41,600 I haven't taken this today and I love the way 124 00:06:41,600 --> 00:06:46,120 it taste. It's an oil based herbals. Gosh, that's good supplement. 125 00:06:46,279 --> 00:06:49,680 Every time I take this, it's good cinnamon, et cetera. 126 00:06:49,920 --> 00:06:53,639 And doctor Patrick jen Tempo was caused to invent this 127 00:06:53,800 --> 00:06:57,079 he was in the Holy Land. He's a food freedom guy. 128 00:06:57,959 --> 00:07:00,199 He does it podcast about the Lord Jesus and the 129 00:07:00,199 --> 00:07:03,720 Word of God and food. And he came across all 130 00:07:03,800 --> 00:07:07,240 the smells, all of the herbs, and he was touring 131 00:07:07,279 --> 00:07:09,560 the Holy Land, and then looked in the Bible and 132 00:07:09,600 --> 00:07:11,800 realized that this stuff is mentioned so often in the Bible, 133 00:07:12,560 --> 00:07:16,040 almost in a sacred sense, that he studied this and 134 00:07:16,160 --> 00:07:18,040 ended up putting together this product. And I got a 135 00:07:18,040 --> 00:07:20,759 note from a nurse practitioner the other day. I'm probably 136 00:07:20,800 --> 00:07:24,839 a naturopathic naturopathic doctor who was saying I have not 137 00:07:24,920 --> 00:07:27,519 done a good enough job explaining the process of putting 138 00:07:27,519 --> 00:07:30,680 this together. The cold brewing locks in the nutrients the 139 00:07:30,800 --> 00:07:34,240 value to help you have joint health and mental clarity, focus, 140 00:07:34,720 --> 00:07:40,240 healthy response to inflammation that's locked into the cold brew 141 00:07:40,879 --> 00:07:44,399 The light infusion in the sound infusion makes the properties 142 00:07:44,439 --> 00:07:47,800 more stable. And he does this all in small batches, 143 00:07:47,839 --> 00:07:50,639 so quality control. I take this a couple of times 144 00:07:50,639 --> 00:07:52,839 a day. My daughter as it to her coffee, so 145 00:07:52,879 --> 00:07:55,439 she gets the taste what she loves, gets the lift 146 00:07:55,439 --> 00:07:58,480 of the coffee, but not the jagged edge. So try wisdom. 147 00:07:58,480 --> 00:08:01,800 Go to try wisdom now dot com. Slash Todd, you 148 00:08:01,800 --> 00:08:05,079 are going to get thirty three percent off, You're gonna 149 00:08:05,079 --> 00:08:08,519 get free shipping at triwisdomnow dot com and you get 150 00:08:08,519 --> 00:08:11,480 one hundred and eighty day money back guarantee. That's try 151 00:08:11,600 --> 00:08:15,079 wisdomnow dot com slash Todd, Zak Abraham's with us so 152 00:08:15,199 --> 00:08:20,319 Zach Section six oh five hidden away found by activists 153 00:08:20,639 --> 00:08:24,959 on substack and Twitter. There's three things. It makes congress 154 00:08:25,399 --> 00:08:29,199 permanent owners of a congressional data. So anything that touches 155 00:08:29,240 --> 00:08:33,720 a congressional staffer a congressional device belongs to them. And 156 00:08:34,600 --> 00:08:36,960 they go to the they go to the judicial branch 157 00:08:37,039 --> 00:08:42,919 and say you will quash or modify any subpoena for 158 00:08:43,159 --> 00:08:50,399 any congressional data. And it's retroactive, so any ongoing investigation warrants, 159 00:08:50,519 --> 00:08:56,240 subpoenas are quashed. What this means is congress and congressional 160 00:08:56,279 --> 00:09:00,399 members and staff could not be investigated by the DJ 161 00:09:00,720 --> 00:09:03,799 the sec. Uh, the I R S no go. 162 00:09:04,799 --> 00:09:06,080 Speaker 3: It's lawfair insurance man. 163 00:09:08,200 --> 00:09:09,679 Speaker 1: That's the perfect way to put it. 164 00:09:10,159 --> 00:09:12,720 Speaker 3: Yeah, well, I mean it's it's I was trying to 165 00:09:12,759 --> 00:09:15,440 explain this to my to my uh my personal trainer 166 00:09:15,480 --> 00:09:17,720 this morning. I said, look, I go, have you ever 167 00:09:17,759 --> 00:09:20,600 heard the analogy if you want to if you're if 168 00:09:20,600 --> 00:09:23,360 you're if you're walking down the block, right, and and 169 00:09:23,360 --> 00:09:25,960 and you have somebody told you, look, there's a criminal 170 00:09:25,960 --> 00:09:28,080 that lives in our neighborhood. Yep, we just don't know 171 00:09:28,120 --> 00:09:30,279 who it is, right, So how do we find them? 172 00:09:30,559 --> 00:09:35,600 Look for the guy with the greatest security system? Okay, hey, 173 00:09:35,759 --> 00:09:38,960 why well, because of course he thinks people are going 174 00:09:39,039 --> 00:09:40,919 to break into his house, because that's what he does 175 00:09:40,960 --> 00:09:43,840 for a living. Right. So the people that are trying 176 00:09:43,879 --> 00:09:49,559 to preemptively exonerate themselves from prosecution, shocker, they're the same 177 00:09:49,600 --> 00:09:53,000 people that illegally and and in a de defamatory way 178 00:09:53,039 --> 00:09:56,480 went after President Frump. Like it's it's so it's like 179 00:09:57,360 --> 00:10:00,679 every time I hear these people in this stuff, I'm 180 00:10:00,679 --> 00:10:05,840 reminded of the Shakespeare line the lady doth protests too much, methinks, right, yep, 181 00:10:05,919 --> 00:10:11,440 because you're like, you've said you're not guilty too many times, man, Right, 182 00:10:11,600 --> 00:10:15,919 Nobody that's saying that as much as you are, is right. 183 00:10:16,000 --> 00:10:19,159 And so it's kind of like a confession. Did you 184 00:10:19,159 --> 00:10:23,240 guys go after Trump unfairly? Well we know they did, 185 00:10:23,559 --> 00:10:25,879 but you know, I look at this bill it's a confession. 186 00:10:26,240 --> 00:10:29,000 Speaker 1: Well, it's a confession of guilt and that, but it's 187 00:10:29,000 --> 00:10:32,519 also there's so much in this. So here's some things 188 00:10:32,519 --> 00:10:36,320 that we're finding out. We found out this week that 189 00:10:36,519 --> 00:10:41,840 bureaucratic agencies, using our taxpayers money, were paid paid Reuters. 190 00:10:42,919 --> 00:10:46,639 They paid them what was it, three hundred million bucks. 191 00:10:47,159 --> 00:10:51,000 Biden administration paid Ruters three hundred million dollars. Eleven different 192 00:10:51,039 --> 00:10:55,879 government agencies targeted Elon Musk's business and all eleven agencies 193 00:10:55,919 --> 00:10:59,159 paid millions to Ruters. Routers. Then when the Pulitzer Prize 194 00:10:59,159 --> 00:11:02,159 for their work on on Elon Musk and misconduct at 195 00:11:02,200 --> 00:11:07,080 his business. So you're talking about Transportation, Justice, Labor Interior, 196 00:11:07,519 --> 00:11:13,679 National Labor Relations Board, Equal Employment Opportunity EPA, Securities in Exchange, 197 00:11:13,720 --> 00:11:18,159 Federal Communications, Federal Trade Commission all gave money to Reuters 198 00:11:18,200 --> 00:11:22,399 that amounted to three hundred million dollars. And interestingly, they 199 00:11:22,399 --> 00:11:24,399 turn around and to write this piece about Elon Musk, 200 00:11:24,399 --> 00:11:28,039 the great Enemy of the people. So that right there 201 00:11:28,279 --> 00:11:32,080 is government agencies paying a media company to attack a 202 00:11:32,120 --> 00:11:35,519 single American individual. To me, that almost rises above the 203 00:11:35,679 --> 00:11:40,200 censorship that could not be investigated. We couldn't find more 204 00:11:40,240 --> 00:11:44,200 information if there's an investigation ongoing. Remember when Lizzie Warren 205 00:11:44,279 --> 00:11:46,879 was talking about the guy who shot the United Healthcare CEO, 206 00:11:47,120 --> 00:11:49,279 she said something, she said, you can only push people 207 00:11:49,360 --> 00:11:49,919 so far. 208 00:11:51,320 --> 00:11:51,600 Speaker 2: Right. 209 00:11:52,279 --> 00:11:54,919 Speaker 1: Does she hear herself? I'm like Jade Vance going to 210 00:11:54,960 --> 00:11:58,039 Martha Rais, do you hear yourself? Do you know that 211 00:11:58,159 --> 00:12:00,600 we know that, we know that you know that you're 212 00:12:00,600 --> 00:12:04,200 making yourself immune from this stuff? I mean, you yourself 213 00:12:04,240 --> 00:12:07,600 have said in many, many sectors of this economy. I 214 00:12:07,639 --> 00:12:10,080 think I saw you on Twitter talking about health insurance 215 00:12:10,759 --> 00:12:12,679 that one of the things you could do to lower 216 00:12:12,759 --> 00:12:15,799 health insurance is get away from the web of state 217 00:12:15,879 --> 00:12:18,360 after state. Each state has different rules on what is 218 00:12:18,399 --> 00:12:21,799 health insurance what isn't right. So that's one aspect of this. 219 00:12:21,879 --> 00:12:24,360 But tell me state governments don't follow suit if they 220 00:12:24,399 --> 00:12:25,879 see Congress get this pasted. 221 00:12:26,440 --> 00:12:28,879 Speaker 3: Oh of course, well, of course. And I think that 222 00:12:28,960 --> 00:12:32,440 this is just this is this another uh, this is 223 00:12:32,480 --> 00:12:36,559 just another version of I mean, I think it's I 224 00:12:36,600 --> 00:12:40,159 think it's insane. Now, before I say this, I should 225 00:12:40,200 --> 00:12:44,600 probably go back and look at the history of salaries 226 00:12:44,639 --> 00:12:47,399 for congressional members and how much they've been raised over time, 227 00:12:47,519 --> 00:12:52,559 and what that process looks like, but my immediate response 228 00:12:52,679 --> 00:12:55,960 is whoa, whoa Whoahoa. Hold on a second. You're going 229 00:12:56,039 --> 00:12:58,360 to give these people a twenty five to thirty percent 230 00:12:58,440 --> 00:13:01,480 raise and we're not even have a discussion about it, right, Like, 231 00:13:02,480 --> 00:13:04,879 I don't know what the process is, but I'm going 232 00:13:04,919 --> 00:13:06,639 to go out on a limb here and assume that 233 00:13:06,720 --> 00:13:11,000 this is sort of unprecedented. But it's not unprecedented in 234 00:13:11,039 --> 00:13:15,039 this environment because like so many other things we've seen, right, 235 00:13:15,120 --> 00:13:19,960 they don't even hide it anymore. It's just it's it's 236 00:13:20,039 --> 00:13:24,679 just incompetence. But to even call it in competence is 237 00:13:24,679 --> 00:13:26,519 not fair because it's very purposeful. 238 00:13:26,559 --> 00:13:26,720 Speaker 2: Right. 239 00:13:26,759 --> 00:13:29,519 Speaker 3: This isn't these aren't these aren't errors of omission, These 240 00:13:29,519 --> 00:13:34,559 aren't mistakes these people are making. This is strategic and uh, 241 00:13:34,919 --> 00:13:37,720 it just blows me away that you've got our elected 242 00:13:37,759 --> 00:13:41,600 officials awarding themselves a twenty five to thirty percent pay 243 00:13:41,679 --> 00:13:45,480 raise while approval for Congress is at its lowest market 244 00:13:45,480 --> 00:13:48,799 in history, right, and we're not even going to have 245 00:13:48,840 --> 00:13:51,519 a discussion with the American taxpayer on whether we approve 246 00:13:51,519 --> 00:13:55,039 of that or not. Nope, No, that's just incredible time. 247 00:13:55,360 --> 00:13:57,159 Speaker 1: I would love to say, and I've sat with people 248 00:13:57,200 --> 00:13:59,519 who were new to Congress. I got to know Kathin 249 00:13:59,600 --> 00:14:02,720 mcmarsh Rogers way back in the day, lost touch. I'm 250 00:14:02,759 --> 00:14:04,639 not a person who keeps in touch with people like that. 251 00:14:05,200 --> 00:14:08,279 And she was a sweet lady going back to Congress 252 00:14:08,320 --> 00:14:12,559 for the right reasons, and she was astonished and shocked 253 00:14:12,559 --> 00:14:14,159 at the behaviors of Congress. And I sat there and 254 00:14:14,200 --> 00:14:16,000 I talked to her a Zach and I saw the 255 00:14:16,039 --> 00:14:18,480 look on her face where she was shocked. And she 256 00:14:18,519 --> 00:14:21,320 was talking about Nancy Pelosi crossing herself before a vote 257 00:14:21,360 --> 00:14:24,360 on abortion, and Kathy said, it's a most obscene thing. Touch. 258 00:14:24,399 --> 00:14:27,240 She's sit in the corner crossing herself. She's getting ready 259 00:14:27,240 --> 00:14:32,159 to vote for more abortion. Fast forward six years later, 260 00:14:33,519 --> 00:14:37,440 Kathy's heading up one of the big committees and she's 261 00:14:37,480 --> 00:14:41,559 defending continuing resolutions. She's continuing defending things like this. On 262 00:14:41,639 --> 00:14:44,639 Christmas Eve, she was still that dear sweet lady. But 263 00:14:44,720 --> 00:14:48,200 manpower seduces, doesn't it. It absolutely seduces. 264 00:14:48,840 --> 00:14:52,919 Speaker 3: It does unless you're It's funny because I had not 265 00:14:53,000 --> 00:14:56,639 extended and it didn't get like two personal, like, it 266 00:14:56,639 --> 00:14:58,639 didn't get too personal. But I was fortunate enough to 267 00:14:58,879 --> 00:15:01,279 play around the golf with Steve as a former Seahawk 268 00:15:01,360 --> 00:15:04,679 legend a number of congress and he said the exact 269 00:15:04,720 --> 00:15:06,720 same things that you're saying. And one of the reasons 270 00:15:06,720 --> 00:15:09,399 he left, he just said, you know something along the 271 00:15:09,440 --> 00:15:12,960 lines of I just didn't think I could maintain my 272 00:15:13,000 --> 00:15:14,679 integrity and my soul by staying in that. 273 00:15:15,399 --> 00:15:16,840 Speaker 1: It's at all levels. I had a friend of mine 274 00:15:16,879 --> 00:15:19,840 who ran for city council for the first time, first 275 00:15:19,840 --> 00:15:23,320 time he's in politics. He's an Air Force veteran, Christian man, 276 00:15:23,399 --> 00:15:27,559 honest man, level headed man, very conservative and really levelheaded, 277 00:15:27,600 --> 00:15:30,320 wants to try to find agreement. He was just sharing 278 00:15:30,320 --> 00:15:35,759 with us the other day how how more bunds he feels, 279 00:15:36,320 --> 00:15:41,840 because how special interests actually do own processes that he 280 00:15:41,600 --> 00:15:44,000 had he'd made a suggestion about a piece of legislation 281 00:15:44,080 --> 00:15:46,840 and said something about a company. Next thing, you know, 282 00:15:46,879 --> 00:15:49,559 he's got a note from lawyers, Oh, you know what, 283 00:15:49,600 --> 00:15:52,039 you've ran a foul of city council rules. We're going 284 00:15:52,080 --> 00:15:54,840 to sue you individually. You don't get to say that 285 00:15:54,879 --> 00:15:57,840 about companies. And they came to one of the city 286 00:15:57,879 --> 00:16:01,840 council meetings and smirked at him. Three lawyers from one 287 00:16:01,840 --> 00:16:05,559 of the most powerful firms in his area, sitting there 288 00:16:05,559 --> 00:16:07,799 in the front row smirking at him like, gon it 289 00:16:07,840 --> 00:16:09,799 come at us, We own you. 290 00:16:10,840 --> 00:16:12,600 Speaker 3: That's like the old mob trick. Right, you come home 291 00:16:12,639 --> 00:16:15,759 and there's a bullet sitting on your on your countertop. 292 00:16:15,320 --> 00:16:18,240 Speaker 1: Right, you know it's just who that is. Yeah, we 293 00:16:18,320 --> 00:16:20,200 swung by to say hi. So's a couple of the 294 00:16:20,200 --> 00:16:21,279 things I want to talk to you about that. Don't 295 00:16:21,279 --> 00:16:24,200 want to get to your Twitter chain because man, this uh, 296 00:16:24,240 --> 00:16:29,480 this bitcoin thing, this this this guy Michael Saylor continues 297 00:16:29,600 --> 00:16:32,159 to go out and somehow get away with what to 298 00:16:32,200 --> 00:16:34,480 me seems to be the biggest scam in the world. 299 00:16:34,679 --> 00:16:36,759 We need to talk about open a AI, et cetera. 300 00:16:36,799 --> 00:16:38,960 That one more thing from the Biden Harris people talk 301 00:16:39,039 --> 00:16:42,159 economics with Zach Abraham. Hey, I gotta tell you this, brother, 302 00:16:42,559 --> 00:16:46,320 I got three I have three friends, our age Christian men, 303 00:16:46,799 --> 00:16:48,559 and we're cooking up a trip to Port of our 304 00:16:48,600 --> 00:16:51,320 Art to go down and get the stem cells. 305 00:16:51,879 --> 00:16:53,120 Speaker 3: Wait when are you doing that? 306 00:16:53,120 --> 00:16:54,639 Speaker 1: See, that's what I wanted to talk about. We're gonna 307 00:16:54,639 --> 00:16:57,600 think we're thinking about March. For me, it's by lower back. 308 00:16:57,639 --> 00:17:00,879 I'm getting like numbing and numbing my fingers and I 309 00:17:00,919 --> 00:17:02,879 know What happened is I wrestled with my friend who's 310 00:17:03,159 --> 00:17:06,759 far bigger, stronger, more athletic, smarter, better looking, all those things. 311 00:17:07,119 --> 00:17:09,160 I took the first three takedowns. He took the fourth 312 00:17:09,200 --> 00:17:11,640 and he wrecked me. And since then I got this 313 00:17:11,759 --> 00:17:14,440 like numbness. So that's me. It's lower back, I think, 314 00:17:14,960 --> 00:17:18,200 And my friends it's their knees. One knee is a 315 00:17:18,279 --> 00:17:21,640 cartilage chear. The other is jumper's knee that's now constant. 316 00:17:22,119 --> 00:17:24,839 And I was thinking for you, I know, it's really 317 00:17:24,880 --> 00:17:26,759 the aesthetics that you wanted to go down and they 318 00:17:27,160 --> 00:17:27,839 can instead of. 319 00:17:29,599 --> 00:17:29,640 Speaker 3: You. 320 00:17:29,960 --> 00:17:32,200 Speaker 1: I don't want to get into your medical secrets, but 321 00:17:32,359 --> 00:17:34,480 I can't even believe we're at an age where we're 322 00:17:34,480 --> 00:17:39,000 talking about doing a wellcation as dudes to go down 323 00:17:39,039 --> 00:17:40,440 to get these stem cells, because man, I've had it 324 00:17:40,480 --> 00:17:42,039 done twice. I can't wait to get it done with 325 00:17:42,079 --> 00:17:44,359 my lower back. The stem cells come from a biblical 326 00:17:44,400 --> 00:17:46,720 cords Placenta's only never a thing to do with abortion. 327 00:17:47,319 --> 00:17:49,480 They are so remarkable. If you're of our age and 328 00:17:49,559 --> 00:17:51,680 you have any of this pain, please don't buy intopharma, 329 00:17:51,920 --> 00:17:53,440 and you got to get Sergey. Go to renew dut 330 00:17:53,480 --> 00:17:56,119 Healthcare it's our e in you e dot healthcare telling 331 00:17:56,119 --> 00:17:58,039 me you're part of the top Hermannshew family. They'll take 332 00:17:58,039 --> 00:17:59,279 care of you. But what what it take to get 333 00:17:59,319 --> 00:18:01,160 you down there? You've to me privately, dude, I gotta 334 00:18:01,200 --> 00:18:01,640 get down there. 335 00:18:02,160 --> 00:18:04,640 Speaker 3: Yeah, I would love to. I got to look, March 336 00:18:04,759 --> 00:18:06,640 is gonna be tough for me because that's the twentieth 337 00:18:06,680 --> 00:18:09,960 anniversary with the missus. Okay, March eleventh. 338 00:18:09,680 --> 00:18:11,359 Speaker 1: Well, but you can tell her maybe you could celebrate 339 00:18:11,400 --> 00:18:11,759 in April. 340 00:18:14,480 --> 00:18:17,559 Speaker 3: Yeah, she'd be a fan of that one. I'm taking 341 00:18:17,559 --> 00:18:21,519 a wellness Goo trip go with the fellas. Yeah, i'd 342 00:18:21,640 --> 00:18:23,920 like to. Well, I would like to make it twenty 343 00:18:24,000 --> 00:18:24,720 one years Todd. 344 00:18:25,039 --> 00:18:29,839 Speaker 1: So I'll just let me throw this out here. The 345 00:18:30,279 --> 00:18:32,519 one of the the managing partner lives on a world 346 00:18:32,519 --> 00:18:36,039 class golf course. He lives on the eighth eighth hole. 347 00:18:36,759 --> 00:18:37,799 Speaker 3: She'd be good with April. 348 00:18:43,119 --> 00:18:45,200 Speaker 1: Make you think of it, Yeah, I mean it's like 349 00:18:45,279 --> 00:18:47,839 almost doing it early. Well, we'll work that out. But 350 00:18:47,920 --> 00:18:50,599 I can't even believe I'm at this age where that 351 00:18:50,880 --> 00:18:52,519 this actually appeals to me, and it's it's far more 352 00:18:52,559 --> 00:18:53,799 about how I feel when I get back. 353 00:18:53,720 --> 00:18:53,960 Speaker 2: All right. 354 00:18:54,000 --> 00:18:55,119 Speaker 1: So one of the things, how long. 355 00:18:55,240 --> 00:18:56,839 Speaker 3: How many days would you be down there just out 356 00:18:56,880 --> 00:18:57,400 of curiosity? 357 00:18:57,920 --> 00:18:58,559 Speaker 1: But four or five? 358 00:18:59,599 --> 00:19:00,759 Speaker 3: You know what I might be able to do that, 359 00:19:01,039 --> 00:19:02,720 I might be able to swing it. Let let's let's 360 00:19:02,720 --> 00:19:03,680 discuss it, all right, So. 361 00:19:03,799 --> 00:19:05,119 Speaker 1: And we'll do that. If we can get it worked 362 00:19:05,119 --> 00:19:06,960 out advance, we'll make it a wellcation and you and 363 00:19:07,000 --> 00:19:08,799 I will get we'll even get paid for going them. 364 00:19:08,880 --> 00:19:12,680 So there's that. Can we talk about the stock market 365 00:19:12,720 --> 00:19:16,559 real quick? The Dow logged its longest losing streak since 366 00:19:16,759 --> 00:19:22,720 nineteen seventy eight. Yeah, so the Dow different from the NASTAC. 367 00:19:22,720 --> 00:19:26,119 I always hear the business reporters say the tech heavy NASTAC, 368 00:19:26,960 --> 00:19:30,039 right right, right, So that's so, so tell us what's 369 00:19:30,079 --> 00:19:30,279 going on. 370 00:19:30,920 --> 00:19:34,279 Speaker 3: So what's really interesting is right now we're looking at markets. 371 00:19:34,319 --> 00:19:38,359 The Fed announced their cut today. Markets are getting hammered. 372 00:19:38,599 --> 00:19:42,359 So SMP is down one point nine percent, nasdac's down 373 00:19:42,359 --> 00:19:46,319 about two point five percent. The dollar is skyrocketing. U 374 00:19:47,000 --> 00:19:49,920 this is this you're looking at a move in the dollar. 375 00:19:51,279 --> 00:19:54,440 That d x Y is up a buck twenty eight 376 00:19:54,480 --> 00:19:56,319 on the day, it's at one eight twenty four. It 377 00:19:56,400 --> 00:19:59,920 broke a massive resistance level at one oh seven. H 378 00:20:03,920 --> 00:20:07,640 So I'm getting to the dow. What we've been talking about, 379 00:20:08,160 --> 00:20:10,319 and what we were actually talking about yesterday on the 380 00:20:10,400 --> 00:20:14,319 Daily Dots is we said, guys, you need to be 381 00:20:14,440 --> 00:20:17,279 careful here, not because we think a big crash or 382 00:20:17,319 --> 00:20:19,880 a sell off is coming, but you have this market 383 00:20:19,960 --> 00:20:22,519 behaving in a way that is literally impossible for it 384 00:20:22,640 --> 00:20:27,000 to continue to do okay, Meaning you're watching this speculative 385 00:20:27,160 --> 00:20:31,079 fervor stuff just going through the roof and what you know, 386 00:20:31,400 --> 00:20:33,799 and it's impossible to know the timing on this kind 387 00:20:33,839 --> 00:20:38,519 of stuff. But what basically what we think was happening 388 00:20:38,640 --> 00:20:41,359 and what we've seen happening is it's sort of like 389 00:20:41,519 --> 00:20:45,160 twenty twenty one on steroids again, where you see money 390 00:20:45,359 --> 00:20:48,039 sucking out of all sectors of the market and dumping 391 00:20:48,119 --> 00:20:53,880 into all of these crazy speculative, frothy stocks, and people 392 00:20:53,920 --> 00:20:57,759 are sleeping on it. Every single metric we have leverage, 393 00:20:58,039 --> 00:21:02,160 the average leverage by retail, consumer, US, everything is far 394 00:21:02,400 --> 00:21:04,480 worse than it was at the peak in twenty twenty one. 395 00:21:04,960 --> 00:21:08,000 We are literally in rarefied error. So what we've been 396 00:21:08,079 --> 00:21:11,319 saying is it's not that we think the economy is 397 00:21:11,319 --> 00:21:15,759 gonna tip, but you're gonna see noise in this stock 398 00:21:15,880 --> 00:21:19,480 market in the next thirty to forty five days, because 399 00:21:19,559 --> 00:21:22,720 markets can't continue to do this. They just can't write. 400 00:21:23,000 --> 00:21:25,400 You start going up too quick on this stuff, and 401 00:21:25,440 --> 00:21:28,359 then you're gonna get It's just the way things work, 402 00:21:29,599 --> 00:21:32,000 And so that could be happening as we speak. The 403 00:21:32,079 --> 00:21:35,559 dollar is moonshotting. You're up one point one percent on 404 00:21:35,680 --> 00:21:39,759 the day. Put that into context, I would say that's 405 00:21:39,880 --> 00:21:42,799 probably about the equivalent of a three to four percent 406 00:21:42,960 --> 00:21:45,079 move in the overall market in a single day. So 407 00:21:45,599 --> 00:21:47,519 not unprecedented, but big. 408 00:21:48,000 --> 00:21:48,119 Speaker 2: Right. 409 00:21:48,200 --> 00:21:50,200 Speaker 3: If I see the SMB down three or four percent 410 00:21:50,200 --> 00:21:54,000 in a day, I'm gonna ask what happened? Right, I'm 411 00:21:54,039 --> 00:21:56,279 seeing the dollar up that much in a single day, 412 00:21:56,880 --> 00:22:01,400 and so I get back to it that stat right, 413 00:22:01,519 --> 00:22:04,480 There was another one we were discussing yesterday on the 414 00:22:04,559 --> 00:22:08,200 Daily Dots, and I was saying, one of the things 415 00:22:08,279 --> 00:22:12,240 that concerns me is the Dow just had it's ninth 416 00:22:12,359 --> 00:22:15,400 straight losing session, and that's the first time since nineteen 417 00:22:15,519 --> 00:22:19,400 seventy eight. Guess what has never happened in a healthy, 418 00:22:19,480 --> 00:22:23,720 booming stock market that, Right, while the S and P 419 00:22:23,880 --> 00:22:27,160 and Nasdaq are making all time highs and fart coin 420 00:22:27,319 --> 00:22:30,000 is making two hundred and fifty percent returns in a week. 421 00:22:30,720 --> 00:22:36,000 The Dow's returning nine days straight of losses. Something's amiss, right, right, 422 00:22:37,240 --> 00:22:37,559 That's all. 423 00:22:37,799 --> 00:22:39,319 Speaker 1: That's what I was concerned about. And to me, it 424 00:22:39,359 --> 00:22:42,680 goes back to the real versus the virtual. See me 425 00:22:42,799 --> 00:22:44,839 things back, because there's a bunch of virtual. It goes 426 00:22:44,920 --> 00:22:47,880 back to Dow has a lot more real things in it, 427 00:22:48,039 --> 00:22:52,640 things that we actually, you know, need to exist. The 428 00:22:52,759 --> 00:22:55,599 NASTAC has a lot more things in it that are convenience, 429 00:22:56,319 --> 00:22:57,839 nice to have it. Oh, by the way they spy 430 00:22:57,960 --> 00:22:58,240 on us. 431 00:22:59,359 --> 00:23:03,519 Speaker 3: It could all so be. It could also be symptoms 432 00:23:03,680 --> 00:23:07,640 of a market that is that overcooked. Meaning we've seen 433 00:23:07,799 --> 00:23:10,759 before where the nonsense was rallying and the rest of 434 00:23:10,839 --> 00:23:14,799 the market wasn't or wasn't right. But at a certain 435 00:23:14,880 --> 00:23:17,880 point you run out of money, right, and so in 436 00:23:18,039 --> 00:23:20,440 order to put more money into certain things, you got 437 00:23:20,559 --> 00:23:23,720 to sell other things. Okay, Well, if you're chasing these 438 00:23:23,799 --> 00:23:27,480 crazy tech stocks and you're sitting there looking at IBM, 439 00:23:27,920 --> 00:23:30,240 I don't think they're in the Dow, but you're sitting 440 00:23:30,240 --> 00:23:32,599 there looking at your Dow component stocks or your Dow 441 00:23:32,720 --> 00:23:36,160 Jones ETF. What are you gonna do well, you're gonna 442 00:23:36,200 --> 00:23:39,240 sell it, right, And so I think it could be 443 00:23:39,359 --> 00:23:43,160 a symptom of that's how out over the skis everybody 444 00:23:43,279 --> 00:23:45,799 is loaded up on this stuff that the only way 445 00:23:45,880 --> 00:23:50,240 they can keep buying more is by selling other stuff. Right. So, 446 00:23:51,279 --> 00:23:54,279 and all of the traditional all of the information we have, 447 00:23:54,519 --> 00:23:58,119 all of the averages, all of the positioning data, all supports. 448 00:23:57,759 --> 00:24:00,160 Speaker 1: That out look okay, So there's a bunch of tech 449 00:24:00,200 --> 00:24:02,400 stuff tied into this because I want to transfer into 450 00:24:02,400 --> 00:24:06,240 a discussion ending up at Apple because you posted a 451 00:24:06,359 --> 00:24:09,279 chart that finally, I mean I sort of understood it, 452 00:24:09,599 --> 00:24:12,720 but I finally get it. This this effect And we've 453 00:24:12,759 --> 00:24:15,359 talked about this enough, but I want people to understand 454 00:24:15,400 --> 00:24:16,440 the effect of your money. 455 00:24:16,599 --> 00:24:16,720 Speaker 2: Is it? 456 00:24:16,880 --> 00:24:20,000 Speaker 1: Did you say forty percent of people's money given ETFs 457 00:24:20,039 --> 00:24:23,119 are going into these big companies, five companies every month automatically, 458 00:24:23,680 --> 00:24:26,440 no matter what their valuation is, it's like forty percent, right. 459 00:24:26,640 --> 00:24:28,720 Speaker 3: Yeah, I'd have to check the exact numbers, but that 460 00:24:29,000 --> 00:24:29,759 sounds about. 461 00:24:29,519 --> 00:24:32,279 Speaker 1: Correct, okay. So yeah, and I'm just doing this for memory. 462 00:24:32,319 --> 00:24:33,680 So we'll get to this with Zach and a second 463 00:24:33,759 --> 00:24:37,440 a statement from Sam Altman who says he runs open 464 00:24:37,480 --> 00:24:40,160 API but then there's this weird corporate structure. He says, 465 00:24:40,200 --> 00:24:41,839 it's not because of the money. You got to hear 466 00:24:41,920 --> 00:24:45,160 this through December thirty. First, do you have an opportunity 467 00:24:45,160 --> 00:24:49,079 to save a ton of money on bone Frog Sellers. 468 00:24:49,160 --> 00:24:52,279 This is the wine created by bone Frog by friend 469 00:24:52,319 --> 00:24:56,240 Tim Kirkshak, founder and CEO of bone Frog Coffee, created 470 00:24:56,279 --> 00:24:59,160 bone Frog Sellers. You get thirty percent off bone Frog 471 00:24:59,200 --> 00:25:02,000 seller's wine, so you get a bone Frogsellers dot com 472 00:25:02,119 --> 00:25:06,519 slash Todd. There is a code it's bf Wine thirty 473 00:25:06,799 --> 00:25:10,599 exclamation point, so just think bone Frog Wine thirty percent 474 00:25:11,160 --> 00:25:14,799 BF Wine thirty excremation point. That's in the twenty eighteen, 475 00:25:14,839 --> 00:25:19,240 twenty nineteen cabs and Merlow's. But also this there are 476 00:25:19,359 --> 00:25:23,640 great deals on all the merchandise, coffee, mugs, caps, bone 477 00:25:23,680 --> 00:25:26,799 Frog Legacy Group challenge coin that's designed by the News 478 00:25:26,880 --> 00:25:29,519 Navy Seal. That's Tim designed this coin and it has 479 00:25:29,559 --> 00:25:31,839 a great story behind that t shirts. He makes some 480 00:25:31,960 --> 00:25:33,839 of the best merchants. Every time I think I'm wearing 481 00:25:33,880 --> 00:25:36,400 his merch I'm not a bellue bores merch all the time. 482 00:25:36,480 --> 00:25:39,640 That's also at Bonefrog Cooffee dot com dot Todd or 483 00:25:39,680 --> 00:25:44,279 Bonefrogsellers dot Com slash Todd sam Altman in Congress being 484 00:25:44,319 --> 00:25:46,119 asked about why he does what he does. 485 00:25:46,400 --> 00:25:47,119 Speaker 3: Make all the money? 486 00:25:47,160 --> 00:25:48,359 Speaker 1: Do you I make No? 487 00:25:48,960 --> 00:25:50,799 Speaker 3: I paid enough for health insurance. I have no equity 488 00:25:50,799 --> 00:25:53,519 and Open the Eye really yeah, that's interesting. You need 489 00:25:53,599 --> 00:25:56,559 a lawyer. I need a what you need a lawyer 490 00:25:56,680 --> 00:25:58,880 or an agent. I'm doing this because I love. 491 00:25:58,759 --> 00:26:01,960 Speaker 1: It, so Zach sam Maltman says it's not for the money, 492 00:26:02,079 --> 00:26:04,680 and yet as I was doing show research, it appears 493 00:26:04,799 --> 00:26:09,200 that he sometime recently became worth ten point five billion 494 00:26:09,279 --> 00:26:13,559 dollars more given open API. So it might not be 495 00:26:13,759 --> 00:26:16,759 for the money, but it certainly looks like money is 496 00:26:16,960 --> 00:26:20,000 part of that. He says. Open Eye is working to 497 00:26:20,039 --> 00:26:24,200 restructure for a for profit benefit corporation. This nonprofit would 498 00:26:24,240 --> 00:26:27,440 retain a minority stake. CEO Sam Outman would receive equity 499 00:26:27,519 --> 00:26:30,279 with open a API recordedly and talks to raised fresh 500 00:26:30,319 --> 00:26:33,680 fronts at a valuation of one hundred and fifty billion dollars, 501 00:26:34,079 --> 00:26:36,319 making him ten point five billion. But it's not the money. 502 00:26:38,039 --> 00:26:42,160 Speaker 3: Well, I mean, if he wasn't happy before, I'm sure 503 00:26:42,240 --> 00:26:47,640 he is now right, Like, I mean, maybe maybe maybe 504 00:26:47,720 --> 00:26:50,079 it is for the love, but it may not have 505 00:26:50,160 --> 00:26:53,119 always been. But like I said, I'm sure, I'm sure 506 00:26:53,160 --> 00:27:00,319 it is now. I look, I get a I yeah, 507 00:27:01,079 --> 00:27:03,160 I get it's not as bad, but I get kind 508 00:27:03,200 --> 00:27:05,759 of a somewhat like a bit of an SBF vibe 509 00:27:05,759 --> 00:27:06,440 from this guy. 510 00:27:08,599 --> 00:27:08,799 Speaker 2: I do. 511 00:27:09,319 --> 00:27:12,799 Speaker 3: And I part of that is I thought Elon Musk 512 00:27:12,799 --> 00:27:17,240 has had some interesting comments about him about Altman. Yeah, 513 00:27:17,440 --> 00:27:21,440 Musk knows him really well. And the interesting thing about 514 00:27:21,480 --> 00:27:25,640 coming from Musk is must is Musk. Musk's critiques of 515 00:27:25,799 --> 00:27:32,160 him are mostly centered around his intent and his for 516 00:27:32,319 --> 00:27:37,480 lack of a better term, morality, right, And when it 517 00:27:37,799 --> 00:27:42,119 when it comes to intent and morality surrounding these types 518 00:27:42,160 --> 00:27:45,519 of issues, I think Musk has a lot of credibility, 519 00:27:46,200 --> 00:27:50,839 right because he's shown that he will make altruistic moves 520 00:27:51,079 --> 00:27:56,480 that that have negative impacts on his on his personal wealth, right, right. 521 00:27:58,279 --> 00:28:00,960 And so when he's making critic peaks like that of 522 00:28:01,039 --> 00:28:06,160 a guy that he helped start Open AI with, I 523 00:28:06,319 --> 00:28:10,000 think that you should pay attention. And Musk says he 524 00:28:10,079 --> 00:28:14,240 doesn't trust him. And the reason Musk doesn't trust him 525 00:28:14,400 --> 00:28:18,799 is the reason it was called Open AI. To Musk's insistence, 526 00:28:19,400 --> 00:28:22,000 was he wanted it open sourced because he saw AI 527 00:28:22,160 --> 00:28:24,680 as too big of a potential threat, and one way 528 00:28:24,759 --> 00:28:28,359 to unthreaten it, right is to make it open source, 529 00:28:28,559 --> 00:28:31,880 so nobody really owns it. Kind of like bitcoin, right, right? 530 00:28:33,319 --> 00:28:36,559 Not kind of? I mean Bitcoin is open sourced. But 531 00:28:37,400 --> 00:28:40,119 you know what it looks like is Altman started seeing 532 00:28:40,279 --> 00:28:43,039 how much money could be made, and Altman started changing that. 533 00:28:43,680 --> 00:28:43,839 Speaker 1: Right. 534 00:28:44,039 --> 00:28:47,160 Speaker 3: So he's sitting here talking about all this altruism, and 535 00:28:47,240 --> 00:28:49,880 yet every move he's made to the corporate structure of 536 00:28:49,960 --> 00:28:53,119 open AI is so he can get paid, right, right, 537 00:28:54,200 --> 00:28:57,519 And you know how bad? Is it bad that he 538 00:28:57,559 --> 00:28:59,319 wants to get paid? No, but don't sit there and 539 00:28:59,359 --> 00:29:01,599 tell me you're doing it for altruistic reasons. The other 540 00:29:01,680 --> 00:29:04,640 thing is, I think Musk has a point. I think 541 00:29:05,440 --> 00:29:08,400 open I think that AI being dominated by a few 542 00:29:08,480 --> 00:29:11,920 tech names could be a very, very dangerous proposition. And 543 00:29:12,079 --> 00:29:14,640 I think that Musk. I also agree with Musk's assessment 544 00:29:14,680 --> 00:29:17,119 hundred percent, which is, if you want a d risk, 545 00:29:17,839 --> 00:29:20,720 if you want to optimize the effectiveness of AI and 546 00:29:20,920 --> 00:29:24,440 D risk it, simultaneously, open source. 547 00:29:24,160 --> 00:29:27,720 Speaker 1: It, yep, yep. And Rason with Rogan who said that 548 00:29:27,839 --> 00:29:29,839 the government has told Andrason there's only going to be 549 00:29:29,880 --> 00:29:33,200 three players. Don't bother getting invested in it, because we've 550 00:29:33,200 --> 00:29:35,000 already figured out who this they're going to be. I 551 00:29:35,119 --> 00:29:37,440 was listening to I didn't pull the video, but I 552 00:29:37,599 --> 00:29:40,799 was listening to a statement from the woman who runs 553 00:29:40,799 --> 00:29:44,359 the National Archives talking about how cool AI is going 554 00:29:44,440 --> 00:29:47,640 to be for searches because there's a lot of stuff 555 00:29:47,680 --> 00:29:49,839 that she doesn't want people to see because our founders 556 00:29:49,839 --> 00:29:54,480 were very bad people. I'm paraphrasing, but she said, like, 557 00:29:54,759 --> 00:29:57,559 you know, our nation has a troubled history. There were 558 00:29:57,599 --> 00:29:59,759 some very bad people that ran it, and open AI. 559 00:30:00,119 --> 00:30:01,759 We'll make sure that are not open air, but a 560 00:30:01,920 --> 00:30:03,559 I will make it possible for us to see those 561 00:30:03,559 --> 00:30:04,759 things that come back in search results. 562 00:30:05,279 --> 00:30:09,039 Speaker 3: What about Journey krantz Ukright, Italy? 563 00:30:11,119 --> 00:30:13,319 Speaker 1: They have a checkered history. 564 00:30:13,799 --> 00:30:18,920 Speaker 3: Well, I just this is so tired and so stupid. Right, 565 00:30:19,000 --> 00:30:22,119 everybody knows this. We've got a trouble pass Who doesn't? 566 00:30:22,400 --> 00:30:22,519 Speaker 2: Right? 567 00:30:22,680 --> 00:30:25,720 Speaker 3: But why are we what? Why are we trying to 568 00:30:27,079 --> 00:30:30,240 prosecute today the moral failures of two hundred and fifty 569 00:30:30,279 --> 00:30:32,440 years ago? It's the this is so dumb. 570 00:30:32,599 --> 00:30:35,200 Speaker 1: Hey, if you're not willing to prosecute the moral failage 571 00:30:35,240 --> 00:30:39,880 of today, you got to prosecute something. Right, we're of 572 00:30:39,920 --> 00:30:42,039 a cause bigger than ourselves. We're going to go back 573 00:30:42,079 --> 00:30:43,359 and reprosecute the Civil War. 574 00:30:44,680 --> 00:30:47,480 Speaker 3: Well yeah, but these are moral failures. Today we're rectifying 575 00:30:47,559 --> 00:30:50,720 the moral ills of yesteryear. And the way we do 576 00:30:50,880 --> 00:30:52,880 that is bi sexually mutilating children. 577 00:30:53,880 --> 00:30:54,279 Speaker 1: Exactly. 578 00:30:54,880 --> 00:30:56,680 Speaker 3: It's the only way we can get this blood off 579 00:30:56,720 --> 00:30:57,079 our hands. 580 00:30:58,039 --> 00:31:01,200 Speaker 1: Put more blood on our hands. All right, back into tech. 581 00:31:01,720 --> 00:31:05,799 You have been calling the alarm on this Michael Sailor 582 00:31:06,319 --> 00:31:09,319 micro strategy. You've made it clear these are your opinions. 583 00:31:09,759 --> 00:31:12,559 This is you are nuts, an insider in the company, 584 00:31:12,799 --> 00:31:16,000 and this is my opinion. But you wrote this on 585 00:31:16,319 --> 00:31:18,759 Twitter what I find amusing. And by the way, well 586 00:31:18,960 --> 00:31:21,319 let's just real quick if you don't know, this company 587 00:31:21,440 --> 00:31:24,200 was kind of a i mean a player, a billion 588 00:31:24,279 --> 00:31:28,039 dollar company hardware software. And then Michael Sailor said, you 589 00:31:28,079 --> 00:31:29,880 know what, I'm going to become an entity that buys 590 00:31:29,920 --> 00:31:34,079 bitcoin and now they're going to be worth are valued 591 00:31:34,200 --> 00:31:37,599 at one hundred billion or more dollars. It's nuts. All 592 00:31:37,640 --> 00:31:40,279 he does is buy bitcoin, but in a very interesting way, 593 00:31:40,599 --> 00:31:43,839 he's not even really buying it. He's renting it. And 594 00:31:43,960 --> 00:31:46,119 then you invest in his fund by giving him money 595 00:31:46,119 --> 00:31:48,799 at a zero interest rate loan that he can convert 596 00:31:49,359 --> 00:31:51,759 to equity if he chooses to so, then you'd have 597 00:31:51,839 --> 00:31:54,240 equity in a company that doesn't even own the bitcoins. 598 00:31:54,839 --> 00:31:56,799 Here's what you wrote in response to the fact that 599 00:31:56,920 --> 00:32:01,359 Michael Saylor went to Microsoft investors at the National Center 600 00:32:01,440 --> 00:32:04,759 for Public Pulsary Research and he decided to try to 601 00:32:04,799 --> 00:32:08,720 get them to buy up a bunch of bitcoin. Microsoft 602 00:32:08,759 --> 00:32:10,960 can't afford to miss the next tech wave, and bitcoin 603 00:32:11,079 --> 00:32:13,279 is that wave, Sailor said in the video presentation which 604 00:32:13,279 --> 00:32:15,920 you're released on Twitter last week. It's more than three 605 00:32:15,960 --> 00:32:20,839 million views. Microsoft's investors surprisingly said, no, We're not going 606 00:32:20,920 --> 00:32:23,559 to do that. You wrote this, Zach. What I find 607 00:32:23,599 --> 00:32:26,640 amusing is if you believe is Sailor claims too, that 608 00:32:26,720 --> 00:32:29,160 bitcoin is the ultimate asset in the future of money. 609 00:32:29,720 --> 00:32:32,880 If you believe scarcity is the key to its value proposition, 610 00:32:33,200 --> 00:32:35,759 why would you be lobbying others to drive up the price. 611 00:32:36,440 --> 00:32:39,359 More importantly, if you're so sure it's the asset of 612 00:32:39,440 --> 00:32:42,759 all assets, why would you jeopardize your own ability to 613 00:32:42,960 --> 00:32:47,160 stay long by making such a massive levered bet. If 614 00:32:47,200 --> 00:32:52,319 you get smoked long on this on Micro strategies. You 615 00:32:53,039 --> 00:32:56,079 deserve it. That's on you. So now that we have 616 00:32:56,160 --> 00:32:58,039 more longer form, it's not Twitter explain this to me. 617 00:32:59,480 --> 00:33:03,160 Speaker 3: So what what And we've and we've looked into this. 618 00:33:05,920 --> 00:33:10,519 There is one part about this investment strategy that if 619 00:33:10,640 --> 00:33:14,640 you're a big bitcoin believer, that is interesting, and that 620 00:33:14,839 --> 00:33:20,319 to me is the bonds that Sailor is selling. And 621 00:33:20,880 --> 00:33:22,480 I think I've walked you through this before, but what 622 00:33:22,640 --> 00:33:26,440 what micro Strategy is doing is they are selling you know, 623 00:33:26,519 --> 00:33:28,720 it's forty billions so far. They got to plan to 624 00:33:28,799 --> 00:33:32,200 do another forty six billion something like that, but piles 625 00:33:32,240 --> 00:33:34,279 of bonds that don't pay any interest. So what we 626 00:33:34,359 --> 00:33:37,720 call a zero coupon bond yep. And it is convertible 627 00:33:37,759 --> 00:33:41,200 in equity yep. Right, So if you're a bond holder, 628 00:33:41,799 --> 00:33:45,440 what you're hoping is that the value of bitcoin goes 629 00:33:45,519 --> 00:33:48,680 up a lot, it drives the price of the underlying 630 00:33:48,759 --> 00:33:52,400 equity up, okay, and then you would convert into the 631 00:33:52,440 --> 00:33:55,960 equity at that point. And meanwhile, as a bond holder, 632 00:33:56,119 --> 00:33:59,400 you're doing all of that backed by bitcoin effectively, right, 633 00:33:59,440 --> 00:34:02,839 because as a onholder, if something goes wrong with the company, 634 00:34:03,759 --> 00:34:08,760 you've got ownership rights to that bitcoin shareholders don't. And 635 00:34:09,119 --> 00:34:12,199 the reason we said that this is such a ridiculous play. 636 00:34:12,280 --> 00:34:15,360 If you want to go buy the bonds, and again 637 00:34:15,400 --> 00:34:18,079 I haven't done deep research on this, but just looking 638 00:34:18,159 --> 00:34:20,719 at it, there could be a reason to own the bonds. 639 00:34:21,519 --> 00:34:23,800 There could be, it could could be it could be 640 00:34:23,920 --> 00:34:26,519 a sound investment to buy the bonds. I Don'm not 641 00:34:26,639 --> 00:34:31,199 saying that the equity side of this makes absolutely zero sense, right, 642 00:34:31,320 --> 00:34:36,360 there's no ownership. Well, yeah, there's no ownership. And basically, 643 00:34:36,519 --> 00:34:39,840 if you wanted to think about how could we own 644 00:34:40,199 --> 00:34:44,840 bitcoin and neutralize all of the things about bitcoin that 645 00:34:44,920 --> 00:34:49,039 we like, this is how you do it. Okay, The 646 00:34:49,119 --> 00:34:52,480 biggest things about bitcoin are there scarcity, right, meaning you're 647 00:34:52,480 --> 00:34:54,119 not going to get diluted over time and you won't 648 00:34:54,119 --> 00:34:57,199 get inflated because they can't make any more of it, right, 649 00:34:57,360 --> 00:34:59,800 And no intermediaries you don't have to work with anybody else, 650 00:35:00,000 --> 00:35:02,320 don't have to have transa right, You've got it so 651 00:35:03,280 --> 00:35:05,639 well by doing it this way, if you consider this 652 00:35:05,760 --> 00:35:08,760 a bitcoin derivative or another way to have Bitcoin exposure, 653 00:35:09,119 --> 00:35:12,239 you just neutralize those two things. And they go, what 654 00:35:12,280 --> 00:35:15,760 do you mean neutralize? And I go, guys, the debt 655 00:35:15,880 --> 00:35:19,039 has zero coupon on it, and it's convertible, which means 656 00:35:19,079 --> 00:35:22,519 it's going to convert indequity, which dilutes you. Okay, so 657 00:35:23,079 --> 00:35:26,079 you basically just fiaded your bitcoin. 658 00:35:27,159 --> 00:35:30,519 Speaker 1: Huh you took it. You took the solution to the 659 00:35:30,599 --> 00:35:32,119 fiat currency and you fiaded it. 660 00:35:32,840 --> 00:35:37,639 Speaker 3: Yeah, exactly, Oh okay, and instead of inflation, you get dilution, 661 00:35:38,119 --> 00:35:40,559 and the net result is the exact same. And if 662 00:35:40,599 --> 00:35:42,800 the company goes under, you have no claim on the 663 00:35:42,880 --> 00:35:47,920 underlying asset. So literally, it's literally just like a crypt 664 00:35:48,000 --> 00:35:51,239 it's literally just like a fiat currency. Right, we own 665 00:35:51,280 --> 00:35:53,880 a US dollar? Does that mean that we have claims 666 00:35:54,320 --> 00:35:58,599 directly to underlying US assets? No? Right, but what do 667 00:35:58,719 --> 00:36:05,559 we get guaranteed over time? So literally it really is 668 00:36:05,639 --> 00:36:07,920 a clever structure, just like, hey, how could we own 669 00:36:08,000 --> 00:36:10,719 bitcoin and fiat our bitcoin? This is how you do it. 670 00:36:10,760 --> 00:36:12,559 Speaker 1: It's like lose money in every sale, but make up 671 00:36:12,599 --> 00:36:13,000 and volume. 672 00:36:13,480 --> 00:36:16,000 Speaker 3: Yes, And then on top of it, the underlying stock 673 00:36:16,480 --> 00:36:19,519 moves typically at about three x to the movement a bitcoin. 674 00:36:19,840 --> 00:36:22,840 So bitcoin goes up ten percent, this thing goes up thirty. 675 00:36:23,400 --> 00:36:26,800 So not only is it ridiculous, but it's raw and 676 00:36:26,880 --> 00:36:32,079 it like it's so you get less Bitcoin exposure, but 677 00:36:32,239 --> 00:36:35,760 it gives you more upside supposedly. It's just it's nonsense. 678 00:36:36,000 --> 00:36:36,840 It's a dream machine. 679 00:36:37,199 --> 00:36:39,199 Speaker 1: Okay, So then the dream machine of Apple we'll talk 680 00:36:39,239 --> 00:36:43,639 about here in a second. So we have a longtime 681 00:36:43,719 --> 00:36:46,119 partnership with Alan Soaps, and I want to make one 682 00:36:46,159 --> 00:36:50,039 more plea for Christmas time. There might still be time 683 00:36:50,079 --> 00:36:52,239 to get this into Christmas stockings, and I haven't done a. 684 00:36:52,239 --> 00:36:52,800 Speaker 3: Good job of this. 685 00:36:53,559 --> 00:36:56,159 Speaker 1: There are people who have special needs kids and this 686 00:36:56,360 --> 00:36:59,960 happens that they have to adjust their expectation for the care. 687 00:37:00,320 --> 00:37:03,199 And this is really hard for parents. Parents say, well, 688 00:37:03,239 --> 00:37:04,920 my kid's going to be he's going to go to 689 00:37:05,000 --> 00:37:07,079 my college and he's going to pursue my profession. And 690 00:37:07,480 --> 00:37:10,039 when they find out the kids have are non neurotypical, 691 00:37:10,079 --> 00:37:11,519 a lot of times for parents it can be oh 692 00:37:11,599 --> 00:37:15,519 my gosh, and it's a difficult thing to adjust expectations. 693 00:37:15,960 --> 00:37:18,840 Doesn't mean that you stop loving, you stop pushing, stop believing. 694 00:37:19,599 --> 00:37:21,800 If there's still time go to Alan soaps dot com, 695 00:37:21,880 --> 00:37:24,880 Sash Todd and there still might be for parents of 696 00:37:25,000 --> 00:37:27,599 kids who have special needs for them to understand that 697 00:37:27,800 --> 00:37:32,440 Alan has it really tough. He's effectively nonverbal. He has 698 00:37:32,519 --> 00:37:37,159 at eighteen operations. He's only fourteen years old, but he works. 699 00:37:38,000 --> 00:37:40,880 He invents soap. He works at the company in quality control. 700 00:37:41,239 --> 00:37:45,559 His brother Ian is impacted by autism. He works. He contributes. 701 00:37:46,440 --> 00:37:50,679 Amy who got late on set autism. She's thriving, helping 702 00:37:50,760 --> 00:37:53,599 with social media, et cetera. She was told she's hirable 703 00:37:54,280 --> 00:37:57,599 and the soap is of pristine quality. There's no way 704 00:37:58,079 --> 00:38:00,760 John would put his son's name on a that sucked. 705 00:38:01,239 --> 00:38:03,880 So they researched a family. They found them in the Midwest. 706 00:38:04,760 --> 00:38:08,840 They are three generations into the soap crafting world. That's 707 00:38:08,920 --> 00:38:11,960 what that's all they do. They took on the fragrances 708 00:38:12,000 --> 00:38:14,599 that Alan thought of, that came from special memories for him. 709 00:38:15,039 --> 00:38:15,440 Speaker 3: They create. 710 00:38:15,480 --> 00:38:18,519 Speaker 1: Those soaps are all natural, They're made in America. To 711 00:38:18,599 --> 00:38:21,360 give this to families with kids with special needs, partic 712 00:38:21,519 --> 00:38:23,760 of the younger kids, it's a side of hope and 713 00:38:23,800 --> 00:38:26,519 every time they wash their bodies they can remember that. Yep, 714 00:38:26,679 --> 00:38:29,400 our kids too can work. Our kids can contribute. What 715 00:38:29,519 --> 00:38:31,679 the word saying is not true. So go to alansaps 716 00:38:31,719 --> 00:38:35,480 dot com slash todd. That's alansoaps dot com slash todd. 717 00:38:36,599 --> 00:38:39,760 There's a chart in the show notes, and it's a 718 00:38:39,800 --> 00:38:42,960 pretty simple one, and it's this that the white line 719 00:38:43,920 --> 00:38:47,800 is the price of price and revenues. Blue line is 720 00:38:48,639 --> 00:38:54,039 the EPs Apple is now, that's the earning price per share. 721 00:38:54,679 --> 00:38:57,920 Apple's now trading just shy of ten times sales while 722 00:38:58,000 --> 00:39:01,360 revenue and earning growth have stalled. The largest corporation in 723 00:39:01,400 --> 00:39:03,320 the history of markets are index is just trading at 724 00:39:03,360 --> 00:39:05,920 ten times sales. That's what you wrote. And the chart 725 00:39:06,239 --> 00:39:10,679 is pretty amazing to look at that this is a 726 00:39:11,000 --> 00:39:15,800 visual picture of value of a company completely unmoored by performance. 727 00:39:16,480 --> 00:39:19,880 So much of this is driven by ETF. What percentage 728 00:39:20,039 --> 00:39:21,800 roughly speaking, and I know you have to, like you 729 00:39:21,880 --> 00:39:24,440 could go check on this and be precise, but roughly speaking, 730 00:39:24,840 --> 00:39:29,599 in our in this audience based podcast family, what percentage 731 00:39:29,639 --> 00:39:33,320 of people are victimized by ETF taking something like forty 732 00:39:33,320 --> 00:39:36,440 percent of their dollars and pumping it into Apple, Facebook, Google, 733 00:39:36,559 --> 00:39:39,599 et cetera. With these five companies with no with no 734 00:39:39,760 --> 00:39:41,239 performance ratings. 735 00:39:41,719 --> 00:39:45,559 Speaker 3: Well, well victimized. They haven't been victimized yet. 736 00:39:45,679 --> 00:39:48,039 Speaker 1: Yeah, right, right, No, this has been served them well 737 00:39:48,199 --> 00:39:48,559 right now? 738 00:39:49,079 --> 00:39:51,199 Speaker 3: Well yeah, I mean that's how you get Costco to 739 00:39:51,280 --> 00:39:53,519 sixty one times earnings. That's how you get a company 740 00:39:53,639 --> 00:39:58,119 like half times yeah costco. Man, that's how you get 741 00:39:58,239 --> 00:40:01,239 Apple putting up its worst growth numbers in the last 742 00:40:01,280 --> 00:40:03,639 twenty five years, and over that same period of time 743 00:40:03,719 --> 00:40:08,199 when its growth is collapsed, the multiple doubled. Right, So 744 00:40:08,480 --> 00:40:11,320 literally the growth and earnings went one direction, the price 745 00:40:11,360 --> 00:40:15,199 of the stock went the opposite. And and and that's why, right, 746 00:40:15,440 --> 00:40:18,239 I mean, that's why, because you've got this automated buying 747 00:40:18,719 --> 00:40:22,000 that happens every single you know, just pretty much every day, 748 00:40:23,639 --> 00:40:27,000 and it's just coming into the system and it's agnostically buying. 749 00:40:27,159 --> 00:40:29,440 So for the first time in the history of of 750 00:40:29,880 --> 00:40:35,880 US markets, over half of the transactions and probably and 751 00:40:36,119 --> 00:40:42,440 well over half of market transactions are done agnostic of fundamentals. 752 00:40:43,559 --> 00:40:46,440 Speaker 1: Right, fundamentals, No, because you've. 753 00:40:46,320 --> 00:40:48,599 Speaker 3: Done because when you buy an ETF, there there, the 754 00:40:48,719 --> 00:40:51,719 ETF isn't in there. It's just it's just market cap. 755 00:40:52,039 --> 00:40:54,119 So if you if you have a stock that you know, 756 00:40:54,239 --> 00:40:57,559 let's say, well, I mean look now, to get in 757 00:40:57,599 --> 00:40:58,960 the S and P five hundred, you have to have 758 00:40:59,039 --> 00:41:01,199 earnings over a certain and you have to have positive 759 00:41:01,199 --> 00:41:03,719 earnings for so many quarters. There's certain criteria you've got 760 00:41:03,800 --> 00:41:07,199 to hit. But let's say you had a company that was, 761 00:41:08,039 --> 00:41:10,559 you know, that went on a heater for whatever reason, 762 00:41:10,599 --> 00:41:14,199 you know, it captured the people's you know, imagination or whatever. 763 00:41:14,679 --> 00:41:16,039 And you had a company that was doing you know, 764 00:41:16,079 --> 00:41:17,840 two hundred million dollars a year in revenue and got 765 00:41:17,880 --> 00:41:20,239 up to a five hundred billion dollar market cap like 766 00:41:20,400 --> 00:41:23,760 every time somebody bought the S and P five hundred, which, 767 00:41:23,840 --> 00:41:25,760 on the face of it is is that that's a 768 00:41:26,199 --> 00:41:30,440 conservative long term investment, right, you're not speculating on individual stocks, 769 00:41:30,920 --> 00:41:33,840 you're just buying the market. Well, but you're not because 770 00:41:34,199 --> 00:41:39,000 investors used to determine right, buying and selling, researching, shorting, 771 00:41:39,039 --> 00:41:43,239 all that kind of stuff. Investors used to determine market prices. Okay, 772 00:41:43,320 --> 00:41:47,320 but now the biggest force in the market are index dtfs. 773 00:41:47,519 --> 00:41:50,639 Speaker 1: It's inertia. Yeah, force in the market is inertia. 774 00:41:51,239 --> 00:41:54,800 Speaker 3: Yeah. And what's really funny is that there are professional 775 00:41:54,880 --> 00:41:56,760 guys out there in this industry that will try to 776 00:41:56,800 --> 00:41:58,679 take the other side of this argument and try to 777 00:41:58,719 --> 00:42:01,320 convince you it's not impacting price, and you're looking at 778 00:42:01,360 --> 00:42:07,519 them going, how could it not, Like, why don't you 779 00:42:07,599 --> 00:42:11,039 explain to me how it couldn't and it's really simple. 780 00:42:11,599 --> 00:42:14,000 You look at the flows going in and out of 781 00:42:14,280 --> 00:42:17,880 triple Q in the SMP five hundred ETF, you do 782 00:42:18,039 --> 00:42:20,760 what six percent of that is? Because every time somebody 783 00:42:20,800 --> 00:42:22,960 buys one of those ETFs, six six and a half 784 00:42:23,000 --> 00:42:25,880 percent somewhere around there goes directly into Apple. So you 785 00:42:26,039 --> 00:42:28,639 do that basic math, and then you look at that 786 00:42:29,559 --> 00:42:33,239 amount of money versus the daily trading volume of Apple, 787 00:42:33,280 --> 00:42:38,320 and you're sitting there going, wow, that's a pretty substantial chunk, right, 788 00:42:38,360 --> 00:42:40,599 if not the majority of the trading activity. And then 789 00:42:40,639 --> 00:42:43,320 you're gonna sit there and tell me, because remember, everybody 790 00:42:43,440 --> 00:42:46,800 putting money into the SMP five hundred isn't making the 791 00:42:46,880 --> 00:42:51,599 implicit decision of saying, I like Apple. Here, I'm buying Apple. 792 00:42:52,440 --> 00:42:54,960 That's not the decision they're making. They're just throwing money 793 00:42:55,000 --> 00:42:58,039 in the market, right, And the ETF does not make 794 00:42:58,199 --> 00:43:03,800 any observations about out, you know, financial stability, affordability, price 795 00:43:03,960 --> 00:43:07,519 valuation fundamentals. The only thing it's looking at is market cap. 796 00:43:08,039 --> 00:43:11,639 So it keeps feeding the big companies the money, and 797 00:43:11,840 --> 00:43:14,480 they get bigger, and as they get bigger, they draw 798 00:43:14,599 --> 00:43:18,599 individual investors because look, those stocks never go down, so 799 00:43:19,039 --> 00:43:23,000 they buy them individually, right, and then the market performs 800 00:43:23,039 --> 00:43:25,639 better and people dump more money into the ETFs and 801 00:43:25,760 --> 00:43:28,280 just round and round and rounds you go. And at 802 00:43:28,400 --> 00:43:33,920 some point something tips over that first domino, and it's 803 00:43:34,000 --> 00:43:36,679 just it's hard to know. And like I said, when 804 00:43:36,719 --> 00:43:39,280 you look at the action of today, and this is 805 00:43:39,360 --> 00:43:43,159 what's scary. Now, don't panic about today. Right, the market's 806 00:43:43,199 --> 00:43:45,039 back to where it was a week and a half Agough, Okay, 807 00:43:45,119 --> 00:43:48,360 not a big deal. But here's what's the problem. Is 808 00:43:48,639 --> 00:43:52,480 in an environment like this, where the majority of money 809 00:43:52,760 --> 00:43:56,800 is getting placed into these investments in a value or 810 00:43:56,960 --> 00:44:03,880 fundamentally agnostic way, at some point the market focuses on 811 00:44:04,039 --> 00:44:10,639 reality and at that point, prices can evaporate just out 812 00:44:10,679 --> 00:44:12,519 of thin air. So you look at it today, just 813 00:44:12,599 --> 00:44:15,599 out of nowhere. Market was basically trading for la most 814 00:44:15,639 --> 00:44:19,400 of the session, boomin within over a twenty minute period 815 00:44:19,440 --> 00:44:20,639 of time, you're down three and a half percent. 816 00:44:21,000 --> 00:44:24,880 Speaker 1: Yep, that's what it looks like. And it's all in 817 00:44:24,960 --> 00:44:27,800 that tech sector. And again we've talked about this that 818 00:44:27,960 --> 00:44:30,559 that tech sector has some things in common like need 819 00:44:30,679 --> 00:44:35,840 for electricity and the ability to be hacked. 820 00:44:36,360 --> 00:44:40,239 Speaker 3: So you and that stuff so cheap, right, that stuff 821 00:44:40,360 --> 00:44:42,440 so cheap. I was looking at it. I was looking 822 00:44:42,440 --> 00:44:45,239 at the GDX, the gold mining ETF. Today it's getting 823 00:44:45,480 --> 00:44:48,960 up right. The GDX is back to the same level 824 00:44:49,000 --> 00:44:50,880 it was at when gold was at like fifteen hundred 825 00:44:50,920 --> 00:44:54,760 bucks an ounce. You're you're at twenty six changed today. 826 00:44:55,519 --> 00:44:58,719 Speaker 1: It's crazy, insane. It was great to have you on 827 00:44:58,840 --> 00:45:01,079 my friends. Merry Christmas to you and your family. Our 828 00:45:01,159 --> 00:45:02,159 Savior is born. 829 00:45:02,960 --> 00:45:04,880 Speaker 3: Hey, he was born. Indeed, it's going to be a 830 00:45:05,000 --> 00:45:08,079 very merry bipop Christmas at our house. And I wish 831 00:45:08,159 --> 00:45:11,400 you and the listeners are very merry Christmas and God's 832 00:45:11,440 --> 00:45:12,239 blessing in the new year. 833 00:45:12,360 --> 00:45:14,360 Speaker 1: Appreciate you, Zach Lord, Thank you for the gift of 834 00:45:14,400 --> 00:45:16,360 your son. Thank you for the gift of Christmas and 835 00:45:16,480 --> 00:45:18,840 the gift of boys counsel. This is the Todd Herman Show. 836 00:45:18,880 --> 00:45:21,320 Please go, be well, be strong, be kind, Please make 837 00:45:21,360 --> 00:45:23,119 every effort to walk in the light of Christ.