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<v Speaker 1>Welcome to another episode of the Chicks on the Right

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<v Speaker 1>podcast where we talk to our friend and sponsor of

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<v Speaker 1>the show, Zach Abraham from Bulwark Capital Management. And according

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<v Speaker 1>to an article in Finance, Yahoo's Finance section, Trump has

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<v Speaker 1>been pushing this new bill in Congress to make housing

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<v Speaker 1>more affordable by increasing the amount of it being available,

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<v Speaker 1>increasing supply, cutting a bunch of bureaucracy, which is always

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<v Speaker 1>a good thing, lowering costs for manufactured homes, and then

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<v Speaker 1>cracking down on big giant corporate investors from buying up

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<v Speaker 1>a whole bunch of them, which we know has been

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<v Speaker 1>a huge problem. That is a huge So for an

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<v Speaker 1>average family hoping to buy a home, right now, what

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<v Speaker 1>do you think a bill like this, if it passes,

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<v Speaker 1>would actually change for them?

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<v Speaker 2>Well, great question, so I will use I have been preoccupied.

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<v Speaker 2>My political life has been turned upside down a little

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<v Speaker 2>bit because I have always been nationally focused, right, it's

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<v Speaker 2>my job internationally focused. And I've gotten much more involved

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<v Speaker 2>in state politics because of the insanity that's happening in

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<v Speaker 2>Washington State, right, which which got me targeted by the government,

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<v Speaker 2>which has been fun. But what we have looked at

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<v Speaker 2>in here and I've talked to I've talked to contractors

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<v Speaker 2>about this, and don't hold me to it, but it's

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<v Speaker 2>it's close currently in the state of Washington to build

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<v Speaker 2>a home. When you look at the cost of building

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<v Speaker 2>a home, somewhere between one hundred and forty thousand to

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<v Speaker 2>one hundred and seventy thousand dollars of cost to build

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<v Speaker 2>that home is purely permitting in loops you've got to

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<v Speaker 2>jump through business. My gosh, one hundred and forty to

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<v Speaker 2>one hundred and seventy thousand dollars per home. So our

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<v Speaker 2>governor puts out a tweet the other day where he goes,

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<v Speaker 2>we've got to attack the home affordability crisis and we're

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<v Speaker 2>going to do this and we're going to do that.

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<v Speaker 2>And I I just sat back and I went, okay,

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<v Speaker 2>so here and look, this is just for a guy

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<v Speaker 2>that studied finance and economics in college, this is really

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<v Speaker 2>really simple. Okay. There can be all kinds of different

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<v Speaker 2>ways to do things, so we're gonna have different benefits

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<v Speaker 2>and we're gonna have different costs. The one benefit that

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<v Speaker 2>anybody in economics wouldn't argue that capitalism delivers and that

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<v Speaker 2>free markets deliver is the lowest cost of production. Okay,

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<v Speaker 2>And it's just the way that free markets work, meaning

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<v Speaker 2>the bid goes to or the group that wins is

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<v Speaker 2>the one typically that is the lowest bidder. Right. And

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<v Speaker 2>they're able to be the lowest bidder and still make

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<v Speaker 2>money because they govern themselves, right, they're making sure that

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<v Speaker 2>they're controlling costs on their levels. When government steps into anything.

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<v Speaker 2>And this isn't a political ideological statement, it's not, it's

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<v Speaker 2>just factual. The minute government steps into a situation, they're

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<v Speaker 2>making decisions for a whole lot of reasons, a lot

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<v Speaker 2>of which have nothing to do with the cost of production.

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<v Speaker 2>And it's why whenever government says we're going to get

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<v Speaker 2>involved in something and lower the cost, that never happens.

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<v Speaker 2>Not because and here's where here's where that argument goes

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<v Speaker 2>off the rails. Not because they're incompetent, not because they're evil.

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<v Speaker 2>Some of the mom are, yeah, but it's just government.

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<v Speaker 2>Meaning when you're running a business and you're building homes,

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<v Speaker 2>your singular number one focus is build that home as

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<v Speaker 2>safely and as efficiently and as profitably as possible. Right,

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<v Speaker 2>And your business and your children and your wife and

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<v Speaker 2>your mortgage rely on your ability to do that when

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<v Speaker 2>you're a government bureaucrat trying to fix a home affordability crisis.

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<v Speaker 2>Your paycheck isn't the online Your kids aren't you know

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<v Speaker 2>what I mean? Feeding your family isn't ter rich. Do

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<v Speaker 2>you think they're going to have the same urgency and

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<v Speaker 2>the same of course not. That goes with everything.

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<v Speaker 3>That's how they feel about everything, basically.

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<v Speaker 2>So if you want to lower the cost of anything,

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<v Speaker 2>just and this is where it gets so frustrating with

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<v Speaker 2>this mod these modern liberals, is you look at them

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<v Speaker 2>and go listen. I don't disagree with you, but if

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<v Speaker 2>you want to do the thing you say you want

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<v Speaker 2>to do, that isn't the way to do it right,

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<v Speaker 2>because we'd all universally agree we want to bring down

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<v Speaker 2>home prices. Listen to them talk that we got to

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<v Speaker 2>We had another one. I don't know if you guys,

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<v Speaker 2>Promella primel Giapalas or not. Yes, another treat from the

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<v Speaker 2>Pacific Northwest courtesy, Thank you very much. But she gets

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<v Speaker 2>on there same thing. We've got to stop picking developers

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<v Speaker 2>over people. That's what she boiled down the lack of

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<v Speaker 2>affordable housing as we've picked developers over people and I go.

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<v Speaker 2>You know what developers like to do. They like to

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<v Speaker 2>sell things to people. It's kind of how they make money. Right,

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<v Speaker 2>So the fact that there are no homes to buy

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<v Speaker 2>and nobody's buying them and there are no transactions, we're

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<v Speaker 2>going to chalk that up to picking developers over people.

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<v Speaker 3>Yeah, well it doesn't even make any offense. But how

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<v Speaker 3>do you But but how do you feel about like

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<v Speaker 3>the people, like the big investors that are coming in

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<v Speaker 3>Because you know, Mack and I a couple of years

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<v Speaker 3>ago in Texas, even we stayed in Irving. Do you

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<v Speaker 3>remember when we stayed in Irving and we were at

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<v Speaker 3>that Airbnb and they were like swaths of houses that

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<v Speaker 3>in this neighborhood, really nice, upscale neighborhood. They were not

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<v Speaker 3>owned by single families. They were owned by these like

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<v Speaker 3>these guys or investors that came in and just bought

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<v Speaker 3>like blocks of houses and then they runed them out

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<v Speaker 3>as Airbnbs. So like, if if the government comes in

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<v Speaker 3>and says you can't do that anymore, will that help

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<v Speaker 3>or does it even matter?

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<v Speaker 2>Well it does, does that make a dent? Yeah, it's

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<v Speaker 2>it's hard to it's hard to predict because you know,

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<v Speaker 2>I hate this sound like the cliche guy, but real

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<v Speaker 2>estate is so local. It's really going to depend on

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<v Speaker 2>where you're at. I personally have always thought that I

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<v Speaker 2>wouldn't have a problem if if, if the law was

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<v Speaker 2>put together that restricted the ability for corporations to do

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<v Speaker 2>that to some degree. The flip side is, though, is

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<v Speaker 2>that more housing's more housing, right, Like, at the end

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<v Speaker 2>of the day, the more houses we have, the laws

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<v Speaker 2>of supply and demand have not been muted. If we

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<v Speaker 2>have more housing, generally speaking, the cost of housing will

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<v Speaker 2>go down, right.

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<v Speaker 3>Yeah.

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<v Speaker 2>So what I would say is I would and I'd

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<v Speaker 2>have to look into this. This is just me kind

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<v Speaker 2>of shooting from the hip here. I would sit there

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<v Speaker 2>and say, I have no problem if corporations own large

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<v Speaker 2>swaths of retail homes, assuming they built them. Does that

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<v Speaker 2>make sense? Yeah, but it'll buying up.

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<v Speaker 1>I'm just curious too, like, because you hear a lot

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<v Speaker 1>about these corporations buying up like second homes or homes

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<v Speaker 1>that people did use for airbnbs. So is there a

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<v Speaker 1>downside to them not having those, you know what I mean?

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<v Speaker 1>Like if they just sit on the market forever, nobody

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<v Speaker 1>wants them. It feels like it would be better for

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<v Speaker 1>somebody to own it.

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<v Speaker 3>But I don't know.

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<v Speaker 1>I can't tell like I can't I don't know enough

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<v Speaker 1>about real estate to know. Is this a great idea

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<v Speaker 1>to completely eliminate them from being able to own them

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<v Speaker 1>at all? Or does this actually solve a lot of problems.

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<v Speaker 2>Look, that's a great question, Okay, So let me answer

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<v Speaker 2>it this way. At the end of the day, when

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<v Speaker 2>we're talking about making things less expensive, the number one

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<v Speaker 2>word that should pop up in our head is efficient. Right.

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<v Speaker 2>The more efficient something is, the cheaper it will be.

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<v Speaker 2>What I do know, generally speaking, is looking at laws

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<v Speaker 2>that prohibits this person from buying it, prohibits this person

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<v Speaker 2>from buying it, all that kind of stuff. Those things

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<v Speaker 2>can work on the margin. If we are serious about

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<v Speaker 2>lowering the cost of real estate in this country, the

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<v Speaker 2>number one thing we will do is drastically cut using

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<v Speaker 2>technology that we have times it takes to get permits,

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<v Speaker 2>drastically cut the cost. And like I've always said, you were, well,

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<v Speaker 2>if we cut those regulations. No, those regulations are dumb.

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<v Speaker 2>All they do is slow things down and make them

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<v Speaker 2>more expensive. Cut the regulations, increase the penalties. Right, Well,

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<v Speaker 2>we're the cost to do business, increase the penalty if

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<v Speaker 2>you do it wrong or if you you know, if

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<v Speaker 2>you're cut into a cut, you know cut and for

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<v Speaker 2>people that have not dealt with government like this and

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<v Speaker 2>and seen how ridiculous it is and the money waste,

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<v Speaker 2>and you know, the different subject. But I'll give you

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<v Speaker 2>a class. Another example. Good friend of ours works for

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<v Speaker 2>the state and and was telling us this story. And

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<v Speaker 2>they're not like a they're not a super political person,

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<v Speaker 2>so this was not a political critique coming from them.

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<v Speaker 2>It was just a competent secretique. In the state of Washington,

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<v Speaker 2>we bought this uh data center. We were not data

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<v Speaker 2>center program, a software system to manage our data, okay,

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<v Speaker 2>And we bought it and we started the implementation process

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<v Speaker 2>and you do the initial purchase and then you got

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<v Speaker 2>to pay subscription fees, right like you know, licensing fees

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<v Speaker 2>what they call it. You're gonna have four hundred users,

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<v Speaker 2>so we're gonna give you four hundred logins. Each user

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<v Speaker 2>is gonna cost you this much month. Okay. We purchased

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<v Speaker 2>that software twelve years ago. It still is not implemented,

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<v Speaker 2>and we've been paying the licensing fees for twelve.

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<v Speaker 1>Oh my gosh right, it's ridiculous.

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<v Speaker 2>And so then they then these people are telling you

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<v Speaker 2>that we're going to pass laws that they write, I'm

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<v Speaker 2>going to lower the cost of housing. Right, So people

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<v Speaker 2>won't like this answer. But if we look at the

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<v Speaker 2>cost of housing, you can look at the cost of

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<v Speaker 2>housing right now, and I can. I will tell you that,

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<v Speaker 2>I bet you the national average if the government just

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<v Speaker 2>stayed well enough alone, the national average would be somewhere

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<v Speaker 2>lower by about twenty five to thirty percent. Because part

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<v Speaker 2>of of what part of what his kept housing price

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<v Speaker 2>is high is the stock market. Meaning we decided after

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<v Speaker 2>two thousand and eight, two thousand and nine that regardless

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<v Speaker 2>of the cost, regardless of how much debt it piled

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<v Speaker 2>onto us, we weren't going to tolerate recessions anymore. And

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<v Speaker 2>when the economy slows down, we're going to give people money.

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<v Speaker 2>And we're well, now you have. Isn't it weird? Nobody

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<v Speaker 2>sits there and asks this question. You started doing all

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<v Speaker 2>those games fifteen years ago, and here we are with

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<v Speaker 2>the most unaffordable housing situation in history of the rest

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<v Speaker 2>Is there any correlation there? I would think, so right,

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<v Speaker 2>and so like, And this is what I've talked about

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<v Speaker 2>if you're sixty five years old and ninety percent of

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<v Speaker 2>your retirement savings is in an account that is rising

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<v Speaker 2>with the SMP five hundred, this has been great for you. Okay,

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<v Speaker 2>If you're twenty eight to thirty years old and you

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<v Speaker 2>want to buy a house, it's been it's been atrocious.

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<v Speaker 2>You've got a record amount of student loans on your

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<v Speaker 2>now a student loans right, student debts, and on top

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<v Speaker 2>of it, you're looking at record and affordability and housing prices.

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<v Speaker 2>Both of those things could not have existed without, in

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<v Speaker 2>my opinion, the reckless and short sighted monetary policy we've

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<v Speaker 2>had since two thousand and eight two thousand and nine,

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<v Speaker 2>artificially low interest rates that were suppressed pushing home prices up.

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<v Speaker 2>And we were saying it for years. Right, if you

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<v Speaker 2>keep doing this, eventually you're going to get the inflation

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<v Speaker 2>that you say you want, and here it. Yeah. And

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<v Speaker 2>the problem with inflation is it can be stubborn to

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<v Speaker 2>get started, but once it started, it's like a grease fire.

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<v Speaker 2>You can't put it out. And we're seeing it right now.

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<v Speaker 2>If we go a year, if we went twelve months

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<v Speaker 2>ago and said, hey, where do you guys, think inflation

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<v Speaker 2>measured by PPI, so price producers index, what do you

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<v Speaker 2>where do you think that would be? Nobody would have

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<v Speaker 2>predicted six percent. We just printed six percent last week.

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<v Speaker 2>And if you want to know what that means, like

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<v Speaker 2>PPI leads into CPI. So right where you first see

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<v Speaker 2>inflation is what the producers, the people that are actually

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<v Speaker 2>making the good you see it first they start paying

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<v Speaker 2>that higher cost, so their costs start rising, and then

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<v Speaker 2>it get passes through to the consumers. So you're seeing

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<v Speaker 2>another ripper here at inflation. I think you're going to

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<v Speaker 2>see a lot more. But all of these things, the

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<v Speaker 2>chickens are coming home to roost. Right. We've been living

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<v Speaker 2>on a credit card for the last fifteen years. I

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<v Speaker 2>get and we're paying. And the only way to really

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<v Speaker 2>effectively combat that cost increase is you just have to

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<v Speaker 2>get government out of the way.

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<v Speaker 1>And these are the You always give us the hard truths,

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<v Speaker 1>and I appreciate and also dislike you very much for it.

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<v Speaker 2>You know what's funny, I feel similarly. I feel similarly.

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<v Speaker 1>I waited, like every time we talk, I'm just like.

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<v Speaker 2>Man, I missed the eighties. It's the thing I missed

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<v Speaker 2>the eighties right now is what I do it. Man,

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<v Speaker 2>It's it's a you know, I think we all know it,

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<v Speaker 2>but it's a really tough time, right Like, it's a

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<v Speaker 2>tough time politically, you know again looking at Washington State,

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<v Speaker 2>we're kind of ground zero for that right now. And

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<v Speaker 2>it's it's a tough time because there's such a there's

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<v Speaker 2>such a cacophony of right noise and you know, social

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<v Speaker 2>media and all this kind of stuff. And I think

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<v Speaker 2>it's really helps where you get back down to basics

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<v Speaker 2>and you go, Okay, what are the basics here? Right?

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<v Speaker 2>How do we really make costco down? Get government out

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<v Speaker 2>of the way. Yeah, I mean I know that.

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<v Speaker 1>It's I know we don't like to hear it, but

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<v Speaker 1>we need to hear it, and people need to hear

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<v Speaker 1>it because they need to know how to plan better

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<v Speaker 1>for their own financial portfolios. And this is why we

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<v Speaker 1>always point them in your direction, because you're the expert.

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<v Speaker 1>So how can people hear you on your own show,

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<v Speaker 1>get into your webinars and maybe get a second opinion

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<v Speaker 1>about their own retirement from you?

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<v Speaker 2>Yeah? No, yes, I appreciate that. Another great hand off there.

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<v Speaker 2>That's always she is, man, She's like an NFL quarterback,

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<v Speaker 2>you know audish in handing off always a point guard

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<v Speaker 2>if you will, right, yeah, yeah, So we do a

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<v Speaker 2>daily show where we try to in thirty to forty minutes,

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<v Speaker 2>summarize everything important to happen that day in economics, finance,

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<v Speaker 2>and global politics. It's called Know Your Risk Podcast. You

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<v Speaker 2>can just search that on YouTube. And then we got

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<v Speaker 2>our our Energy the Impact of Energy webinar coming up.

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<v Speaker 2>I believe it is this Thursday. Makes this Thursday? Is

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<v Speaker 2>this Thursday? Yeah, three thirty and that's free of charge.

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<v Speaker 2>Just go to Borgercapitalmanagement dot com and we explain to

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<v Speaker 2>you a the impacts that energy you're going to have

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<v Speaker 2>on you, especially over the next year and in your portfolio.

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<v Speaker 2>And then we summarize what we do, how we do it.

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<v Speaker 2>You know, we're active managers, very different than most firms,

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<v Speaker 2>and so by the time you know forty five minute

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<v Speaker 2>to fifty minute presentation, you'll know who we are, how

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<v Speaker 2>we do it, and what we do. And if you

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<v Speaker 2>want to talk to us, great, none if it costs

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<v Speaker 2>you any money, We're not going to call you on Saturdays. Right,

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<v Speaker 2>We're looking for partners. But yeah, so you go to

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<v Speaker 2>our website Borercapital Management dot Com. Dialogue box will pop up.

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<v Speaker 2>You can sign up for the free webinar coming up

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<v Speaker 2>this Thursday. Thank you, Zach. All right, thank you ladies.

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<v Speaker 2>Some advisory services offered through Track financialc and SEC Registered

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<v Speaker 2>Investment Advisor. The opinions expressed in this programmer for general

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<v Speaker 2>informational purposes only, and are not intended to provide specific

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<v Speaker 2>advice or recommendations for any individual or on any specific security.

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<v Speaker 2>Any references to performance of security so are thought to

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<v Speaker 2>be materially accurate, and actual performance may differ investments involved

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<v Speaker 2>risk and are not guaranteed. Past performance doesn't guarantee future results.

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<v Speaker 2>Track twenty four three zero eight