Speaker 1: Lots of reasons to talk on Friday with my friend
and brother, Zach Abraham, chief investment officer Bullwark Capital Management.
Really curious to get Zach's take on the insurance industry
and the fires. And there's some news that Texas is
suing All State because of an app. We'll talk about that,
and then who makes money in these situations? Well, I
know some people who are intended to make money. It's
real estate speculators, right, Gavin Newsom.
Speaker 2: I was just talking to Josh Green and the governor
of down in Hawaii. You had some ideas around some
land juice concerns he has around speculators coming in buying
up properties and the like. So we're already working with
our legal teams to move those things fun.
Speaker 1: Absolutely, absolutely, Gavin Newsom's going to make sure ain't no
real estate speculators come in and buying things on the cheap.
We'll talk about this with the help of renew dot Healthcare,
that's our e n U E dot Healthcare, and with
God Almighty.
Speaker 3: The Todd Horman Show is one hundred percent disapproved by
Big Pharma technical carrats TYRN Safrian Ware from the High
Mountains of Free America. Here's the Emerald City. Exime Todd to.
Speaker 1: Herman, Today is the day the Lord has made, and
these are the times through which God decided we shall
live meeting. He has reason for planting us here at
this period of time. Zach Abraham joins me, friend and brother,
Chief investment Officer, Bulwark Capital Management.
Speaker 4: Zach, welcome back, Thanks for having good as always me here.
Speaker 1: You lived in California for a bit, right.
Speaker 4: On a fishing boat. It was it was. It wasn't
an It wasn't an optional It wasn't an optional choice.
It wasn't like I decided I wanted to live there.
Speaker 1: But he actually did live in a fishing boat.
Speaker 4: Yeah, I lived there. Yeah, I was a commercial. Was
one of the ways I paid my way through school
was worked on a fishing boat. That actually didn't end
up paying for a lot of school, because, as it
turns out, I went down to Ventura, California for fid
squid or squid fishing season, and wouldn't you know it,
I walked headfirst into the worst squid fishing season in
fifty six years, and a month on the boat cleared
me eight hundred dollars.
Speaker 1: Oh no, yeah, wow, you know. This is the reason
I love you as a fund manager is there are
very few people in your position who have ever done
anything like that. I mean, if you've ever spent time
around Silicon Valley or hedge funds, there's very few people
like I shook hands at the guy once back when
I was raising money at Silicon Valley when I started
lifting weights again, and he like, oh, well, let me
see your hand. Are you hurt?
Speaker 3: No?
Speaker 1: Those are calluses? Oh can I see those? So how
do you get those?
Speaker 2: Like?
Speaker 4: It's called the work.
Speaker 1: And if you think I'm lying or exaggerating, it's that way.
Speaker 3: No.
Speaker 4: I well, and my kids always like to ask me
about it too, because you know it's I was on
an interview with my head of research and he and I.
One of the ways he came to to work with
me is he and I connected because neither of us
are Ivy league guys. Neither neither of us are you know,
came from you know, families with money or connections or
anything like that, and we really wanted to break into
you know, that hedge fund world, that that higher level
of managing money and all that kind of stuff. And
we both came to the conclusion that if we're going
to do it, it's not based on talent or ability,
but if we're gonna be able to do if we
want to be able to do this, we're gonna have
to do it on our own because that industry, you know,
they don't they don't. They don't pick guys like us.
We don't have the right pedigrees. But no, I mean
I I I sold Christmas trees, weighted tables, bus tables,
painted stripped, you know, you name it.
Speaker 3: Man.
Speaker 4: I I was even a Carnie.
Speaker 1: You did well.
Speaker 4: I still do that. I've got an early channel.
Speaker 1: There's vocation versus avocation at this point, right.
Speaker 4: Yeah, well you know if yeah, so you know it's
I'm a I'm a I'm a beautiful man and I
just want to share the world, right So, No, yeah, no,
it's it's it's you know, I think and I think
all those jobs, and I think it's great for kids,
and I think it's great for me, and I think
it gives you a rounded view of the world, and
I think it's like part of an education.
Speaker 1: No, there's no doubt. There's no doubt. And I mentioned
California obviously because of the fires, and I was looking
at the costs, and I want to give you a
second to think about this, but this is from Statista.
So right now, the Western wildfare season twenty eighteen, four
hundred billion, Hurricane Helene two hundred and twenty five to
two hundred and fifty billion costs. This is this is
the primary and secondary costs, direct and indirect. Hurricane Milton
one hundred and sixty hundred and eighty billion, LA wildfires
one hundred and thirty five to one hundred and fifty
billion dollars in loss. One of the things I wanted
to just plant your mind to think about is who
makes money in these situations? Because I know there's people
who look for catastrophe as ways to make money. There's
other people who make money, and I think kind of
maybe a more honest way, and it's looking at the
gifts God gave them. There's a doctor named doctor Pat Tempo,
and God gave him the gift of communication. He's got
a very successful podcast called Christ Revealed and based on that,
he's in fact chaired one of the most respected chiropractic
organizations in the country for a number of years. Got
to go to a trip to the Middle East and
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dot com slash Todd. So Zach, I'm looking at this
right now. Devastation, devastation and lives, the lies, the insanity
that they allowed this to happen. It was predicted by everybody.
But I'm now starting to step back and say, okay,
putting on the cynical hat. I know California has a
plan to build back better. I know there's smart city
people coming in. I know there's people coming in to
make money on this. So who are the kind of
vulture capitalists that come into stuff like this?
Speaker 4: Man, there's a lot, especially in the shooting gallery that
is California. I mean I I from the outside looking in,
I mean I just think that that whole state's for sale,
meaning well, yeah, yeah, if you want to come in
there with money and power new some of those people
are going to lay they lay out the run of
the place. Yeah, you know, real estate speculators are going
to be huge. You're going to see a lot of
games played with people trying to accumulate more land and
muscle people out of it. Outside of that, though, for
the people that want to come in and you know,
make money that way, when you talk about disasters like this,
they don't tend to be big money makers for really
anybody other than that. I mean, you're going to get
the building supply companies in that area. They get a
boost home the world, lumber suppliers, things like that. But
you know these are bad for the for the homeowners.
There's a disproportionate amount of these people that didn't have
their homes.
Speaker 1: Insured because it was canceled.
Speaker 4: Wait, but here's the thing. And look, I I'm a
I like to think of myself as a very empathetic person.
Speaker 1: Sorry, was listening to what you were saying.
Speaker 4: I don't, but uh, and I feel very sorry for this.
So I don't want people to take this the wrong way.
But unfortunately, the people of California are getting exactly what
they voted for.
Speaker 3: Right.
Speaker 4: And I will say this again, that's not a political statement.
I know for a fact there are Democrats in the
state of California that are capable of running that state
and running that city in a responsible and efficacious way.
I know for a fact there are Okay, I'm not
saying you need to go red. What I'm saying is
you need to make hiring competent people one of your
top twenty priorities.
Speaker 3: Right.
Speaker 4: One of the things I've learned in life, whether we're
talking about business, sports, whatever, success is really hard, and
it's really hard when it is your singular focus. If
it's not in your top twenty criteria for picking a leader,
your chances of success are zero. There's zero. And you
look at this. Would any of these people voting in
California elections use the same criteria to select a nanny
or a babysitter for their children? No?
Speaker 1: No, And this is an endless source of frustration for me.
You have some of the smartest money people in the world,
some of the smartest entrepreneurs in the world, and you
don't have to like their products, but they run successful companies.
There's not a chance that for instance, for instance, the
reservoirs were empty. They didn't preposition fire trucks because they
were afraid of overtime. But all the DEI money, they
didn't go clear the forest, they didn't rake the forests.
None of these things happened. And they're gonna get re elected.
And these are the same people who if you went
into their business. Let's say the boss comes into the
business one day and five days in a row is like, hey,
you know, hey Hunt, can you bring me some coffee?
Speaker 3: Oh?
Speaker 1: Sorry, we're out a coffee. And then that's on Monday.
Tuesday comes in, Hey Hunt, can you bring me some coffe?
Speaker 3: Yeah?
Speaker 1: W out of a coffee?
Speaker 4: What?
Speaker 1: Okay, go get me some coffee and order some Wednesday? Hey, han,
where's my coffee? Okay? We're still out done? You know it,
and I know it. That person is gone and maybe
that's rightly so, and or likewise, what do you mean
my limo's out of gas?
Speaker 4: Did you see the one with the I believe it's
I'm not sure. I'm not sure the position that she
has in the fire department, But did you see the
one where she said, what do you mean carry him out?
What I tell him is why did he get into
a fire in the first place?
Speaker 1: Right? Right? I mean if I have to carry him out,
he's got himself in the wrong position.
Speaker 4: Well, and I said that, and I went I said that,
and I went, wait, hold on a second. Are you
telling me that a carrying a two hundred pounds dummy
over your shoulders down a flight of stairs is not
a requirement for every single fireman? Getting me out of
the fire is your job. That's why you have a job. Yep.
Speaker 1: She was the assistant fire chief, and her job is
to look like other short haired, black, heavy lesbian women.
Speaker 4: She was like if when somebody comes, if they look
like you did, they go, Actually, lady, I don't think
anybody gives a damn how you look when they're in
a fire. They want to know that you're gonna get
them out right. That's like that is. It is a
one answer test, and if you get that one answer wrong,
nothing else matters.
Speaker 1: I had a friend of mine say this on social media.
She said, I guarantee, she said, as one hundred and
forty pound middle aged woman, I guarantee the last thing
I want to see coming through the door if I'm
fighting for my life in a fire is another one
hundred and forty pounds middle aged woman.
Speaker 4: Yeah.
Speaker 1: I want a two hundred and twenty pounds six foot
three inch firefighter who's going to pick me up by
that like whatever the arm, throw mover's arm and run
out the door.
Speaker 4: This reminds me of the scene in Lord of the
Rings where Gandolf is talking to Saramon and he says
to him, you know, when did when did when did
Sarimon the Wise become a man of you know? When
when he's advocate that that. Gandalf joins him in saur
On and he said, well, you know, with something along
the lines and when did Sarrimon the Wise becomes a
man of foolishness or something like that.
Speaker 1: Alex is laughing the producer because he knows this by heart.
Speaker 4: Yeah, okay, well it's a great line. But you look
at you look at these people, and you go, what
are guys? What are we doing here?
Speaker 3: Right? Right?
Speaker 1: I agreed, Let's just this is Alex correct us both
on the line here, guys, this is are you okay
with this sack? This has never happened.
Speaker 4: I'm so sorry.
Speaker 1: I just have to say, he said, when did Saramon
the Wise abandoned reason for madness?
Speaker 4: There we yes, yes, that was that's the quote. But
it's where you're you're looking around going, okay, well hold on,
I know you guys are into this whole DEI thing, right,
but you went as far to do it with firenman like.
Speaker 1: Okay, but but Zach, I'm gonna give you the most
astonishing statement from Newsom and then from the Free Press,
which is an otherwise great organization. Newsome, well, you know,
there's a lot of debate on if having the water
would even make a difference. And I've talked to firefighters
and I mean having the water you're he merchandised the
idea that one hundred and seventeen million gallons of water
versus three million may not have made a difference. And
you know what I can present as a counter argument
a eighty one year old man who refused to leave
his home and instead put a pool pump into his
pool water and rescued his entire house, a massive estate.
I wondered what he did, Zach, when he saw sparks land, he.
Speaker 4: Sprayed water on, spread water on that there were I
was reading an article about a guy that did it
with a garden nose. House neighborhood burned down, he fended off,
saved his house with a garden os right, yes, And
you look at it and go, what is the percentage?
I don't want to overstate it, but some crazy percentages
of fire hydrants weren't even operational, right.
Speaker 1: About forty percent?
Speaker 4: I think, Yeah, just the level of incompetence if these
people continue to vote, like I said, Man, I'm not
sitting here saying you have to vote Republican to get
competent leadership. I'm not saying that if you continue to
vote for these same people, you just like, hey, you
don't when a good you don't what a good idea
to leave town is when you can't get your house insured? Right,
What Why in the hell were these people staying there?
Speaker 1: And you can vote, well, if they had the California
Fair thing to back then after the insurance companies, I
think were forced to leave, or maybe they're waiting for
the big build back better because you know, I'm a
very cynical guy and they'd love that build back better
because there's going to be condos where there were single
family houses. Mark my words, this is going to be now.
Santa Monica is going to change completely. These beautiful single
family homes are gone. But they were forced to leave.
They had the California Fair right, that's the California insurance
thing that if there's no insurance available, you get that
seven hundred and fifty six million dollars in that fund.
Seven and fifty six million in an area like Santa Monica,
that's a block of houses you're talking about, No, you're
talking about maybe twenty houses, maybe thirty in Santa Compuny
and the beach.
Speaker 4: But here's the kicker. The kicker to me is they
did exactly what they told you. They were going to
do right, like you're you're surprised that this state has
run this incompetently to the and to new some in
the mayor's credit. And I really mean this. They are
doing exactly what they told the voters they would do.
They're being true to their word. Right, They're focused on
the things that they said they'd be focused on.
Speaker 1: That's true.
Speaker 4: We sat there the whole time going, guys, don't do this.
You don't want it run that way, but you voted
that way and now you're all up in arms because
you got exactly what you bought. And that's what I
have a problem with. Where I'm literally looking at people going, hey,
if you didn't vote that way while you're still living there,
and if you did vote that way, I don't want
to hear you. I don't want to hear you complain
about it, like, yes, I feel horrible for you. I'm
not minimizing the loss of life. I'm not minimizing law.
It's it's it's awful. But if you if I can't
stop you, if you're not going to listen to me
when I tell you that that stove, that that burner
on that stove that is currently read that it's hot
and you've got to put your hand on it to
test it. I feel bad you're burned, but don't expect
me to cry about it with you, because it's just
completely self inflicted.
Speaker 1: And we're going to pay for it. Though Figurehead Biden
was caused to say on his way out the door,
the federal government's going to cover one hundred percent of
the initial rebuild. Meanwhile, in western North Carolina, and this
is now confirmed, Fela was kicking people out of hotel rooms. Yeah,
this this weekends. They have no place to go, and
Figurehead Biden's cause to say this on the spot. And
I want to extend the insurance conversation just a bit
for just a second here, Zach, after you talk about
bone Frog coffee, Bonefrog Coffee dot com slash todd this
and this is a big coffee day for me. Wednesdays
are big days, is Zach? And are sitting here to
record this big long days for me. I talked about
seven hours straight, So this is now my This will
be the thirtieth ounce of bone Frog coffee for the day,
plus of other some supplements that may have taken earlier
to workout. And I did take if you are drinking
coffee and you love the lift of it. You know
it's an antioxidant for me, it helps fight against oppression.
The only question is which coffee to drink. Let's go
eliminate some companies. There's that company that likes to talk
about rifles and a certain color of the rifles. Maybe
it's good coffee. Never had it. I know this. When
Kyle Rittenhouse needed his Second Amendment and used his rifle
of a certain color, that company criticized him on Twitter,
disqualified Starbucks. Well, if you like a company that helped
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So do you agree with me, Zach? My understanding is
that California came and capped how much insurance companies could charge,
how much they could raise their rates. So insurance companies,
looking at some of the richest contracts in the world
with some of the richest people who have no problem
paying out through the teeth for insurance, they actually had
to cancel because they do risk analyses, right, don't insurance companies,
and particularly in big homes like this, if they see
fire damage as a risk, they're getting out. So is
that what you've heard as well?
Speaker 4: Yeah, well, and not just fire damage but the certainty
of it, right, which was this is sort of like
you know, I'd make it akin to the whole Cascadia
at earthquake event here in Washington State, right, which if
you live here, you know, if it's the Cascadia fault
and it is bound to produce a large earthquake at
some point, right, it's only a matter of time. Well,
a lot of experts were spin saying that for the
last you know, several decades and saying that, look, it
is only a matter of time until one of these
fires that originates in the hills moves its way down
and rolls through La proper all the way to the ocean.
That was not that's not a surprise, right, So when
you see on top of that, you see that ever
present risk, and you know, a guy like Gavin Knwsombe,
they're coming in and they're making literally uneconomical insurance standards.
Insurance companies leave. I just it's not simple. If you're
not going to let me charge an amount that that
effectively allows me to you know, underwrite that risk, then
I'm not going to take it. And you know, once again,
you're doing what you're seeing here in LA And I
know you know this. I'm not telling you that you
don't know, but what you're just seeing as a classic
example of ideology running up against reality. And like you
and I have said reality, well, reality is undefeated.
Speaker 1: Matth Wins. I don't love insurance companies. I mean I
see the importance of them. Obviously, we have insurance in
our house, and so do you and I have Meta Share.
It's a company I don't respect, but I have them.
I don't know would it be possible. I mean, what
would you think about requiring insurance policies to have some
cash value. Here's my thing is they're leaving. They know
governments are risk, they know California is a socialist, communist state.
You've been paying into this so long and you've got
nothing from it. You've never filed the claim, and they
walk away. Hey, thanks so much, one hundred percent margin
in your business. Appreciate that you never got a dime
from us. We never did anything for you. We're canceling.
Speaker 4: Yeah.
Speaker 1: In a situation like that, I think they should actually
be forced to say, here's some cash value.
Speaker 4: I don't disagree with you in principle, but I disagree
with you in practice. Meaning if a state chooses to
make ridiculous yes policy like California does yes, then I
do not think that the reason you're exiting that state,
like it shouldn't hurt your business because an idiot named
Gavin Newsome, you know, UNILAD really changes insurance standards based
on nothing other than electability and wanting to say he
lowered premiums. Right, it's one of these. It's just it's
it's classic modern liberalism.
Speaker 3: Right.
Speaker 4: What we're gonna We're gonna treat the symptom, and in
doing so, we are going to risk stage four cancer, right,
Like we're gonna get rid of this little inconvenience, but
we're going to bring into it this existential threat. Right,
that's a The cost benefit analysis of these people is
as bad as any I've ever seen. Right, They continue
to they continue to buy a dollar for five uh,
you know it just they make the wrong, the wrong
decision at every turn. So no, I would say, if
if it was a predatory type of practice where the
insurance company was let's say the let's say the state
hadn't completely turned around its insurance standards and made these bos,
then then I think something like that should be able
to kick in, right, Right, But when it's purely caused
by the state, which is in the case of California
that I think you should be able to leave and
not have to give anybody any fair enough once again
once again, at some point we've got to return to
caveat m tour and another part of that. And it's
another thing that quite it frankly takes me off about
the federal government stepping in. They made their choice, they
hired these people, they voted these people.
Speaker 1: I'd agree with that.
Speaker 4: These people made their decisions. They got to carry the costs.
Speaker 1: So they bought that. And if I were tost suggest
one change, I've been trying to think about how you
can hold officeholders responsible because you know, and I know,
our constitution effectively forbids suing government officials for decisions they
made in their either going to work or being at
work in their official duties. That wasn't invented for President Trump.
That was simply the Supreme Court going, yep, that's what
the constitution says, here's what you could do. And this
is what I would love to see. States. Do you
take this lady who supposedly manage the water supply? Her
heard that number seven hundred and fifty grand a year,
that did you know that's her base salary base. So
you take her, you take uh chicks.
Speaker 4: But she made this is out. They are paying their
water manager, who's clearly not good at her job, double
the United what they pay the United States President.
Speaker 1: Right exactly as a base, meaning she can get bonuses.
Speaker 4: So here's what a gig man, I know, I want
to be the head of their water.
Speaker 1: You do a better job, because you might the day
one go. You might walk in and go. So are
the reservoirs fall?
Speaker 4: Oh yep?
Speaker 1: Hold on, yep, hold hold on. Well they're not, and
then you're gonna fill them. And then it's gonna be
like this guy's a genius.
Speaker 4: Yeah, he's sharp.
Speaker 1: He came up there.
Speaker 4: You got to pay him a million year.
Speaker 1: You came in and filled them. So here's here's what
I've come up with. You can't sue them for their jobs. Okay,
here's what you can do. They're going to sign off
on inspections for critical infrastructure. She's going to sign a
piece of paper that says, I attest, under penalty of
criminal perjury felony perjury, that I attest that the reservoirs
are full, and then working order the fire hydranturn working order,
I attest to this and if she can't she doesn't,
then she says, I do not attest to this. Now
you have her on public record that she refuses to
do this. If she lies, then you have a contract.
Now you already said criminal perjury. You're making a statement
of truth to the people. I mean, that would be
one way to exact some accountability.
Speaker 4: It would, And philosophically I love it because you know,
I think you and I are both the same that way.
You know, a huge fan of personal responsibility. Yeah, accountability
and whatever boosts that. At the same time, I don't
know that I'm in favor of it. And the reason
why I say that is voters have to start bearing
the weight of the votes that they cass.
Speaker 1: I totally agree with you, and yes, because we have.
Speaker 4: A mechanism to deal with these people. It's called voting.
Speaker 1: We do, right. But when Gavin Newsom can go on
TV and Adam Schiff both said the reserv urs were full.
Speaker 4: Copyaem tour man, you get the government you deserve and
if people want to keep voting these people in. Yeah,
Philosophically I'm right there with you. Man. It's infuriating. I'd
love to see these people pay at the same time,
these are the idiots the electorate pick if they like them,
then deal with it. What my problem is is that
federal funds now are coming in to clean up the
idiocy that and that to.
Speaker 1: Me is the whole deal that you and I are
in firm agreement there that if President Trump has said,
and he is, he said, now you want FEMA once
fix your forests and your water or you're not getting
any right, So I agree with that as well.
Speaker 4: And they're going to try to make him look like
he's an opportunist. Now he's trying to take advantage of
the buyers. They're gonna they're gonna do all those nonsense.
And I just see it's it's it's madness. It would
be it would be patently irresponsible if he didn't do that.
Speaker 1: You know who else did that? You know who else
said no money if you don't do what I say, Hitler.
Speaker 4: Well, right, it's a good call. It's a good.
Speaker 1: We need to talk about one other aspect of the
insurance industry, which will get us into the conversation. You
mentioned to me earlier you saw something in the Zuckerberg
interview with Joe Rogan I didn't see and want to
talk about with you a second about that if I
sound like I'm starting, as I just mentioned, had a
ton of coffee and this is a big coffee day
for me. Wednesdays are big recording days, going on like
seven hours of talking straight. So triple down on bone
Frog today, which means I'm going to have trouble sleeping.
That's what that means. I know this, So I know
I'm going to go have a second workout when I
get home. I know that's going to help. But I
also know this, I will quadruple down on magnesium breakthrough
and sleep breakthrough. Hey, this is a product stack I
use when I know sleep is going to be a challenge.
So magnesium breakthrough helps with things other than sleep. Regularity
is one of the things. It helps with abating stress
by controlling the stress hormone cortisol. It in fact is
responsible for six hundred important body interactions and sleep. Tonight
is going to be my focus. So I'm going to
take four versus two magnesium breakthrough. And every time I
do this, I start to feel warm and I get
this relaxed feeling, and I know tonight's going to be
particularly challenging because of my caffeine load that even for
me today is huge. So I'm going to stack Sleep
Breakthrough which comes in powdered form, and I drink that
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bibptemizers dot com slash Todd promo code Todd. So zach
Ken Paxton, who they tried to impeach and get rid
of in Texas, the shiny shoed Republicans and Democrats in
the Bush family is suing all states in arity for
unlawfully collecting, using, and selling over forty five million Americans
driving data to insurance companies, and the way they got
this surprise, surprise, surprise is the app. People download the
apps so they can have the convenience of I don't know,
checking their accounts, paying their bills via the phone, which
is something I don't do. And that app was driving
right along with you and it's looking at your speed,
in the amount of urns you're making, it's comparing that
against a map, and they're selling that to other companies.
When this happens, are you shocked and stunts and taking
a back? Are you looking at this going wait a minute,
does anyone think they're not doing this?
Speaker 3: Yeah?
Speaker 4: I mean that. Look, unless if a company is not
doing that, you're gonna know they're not doing it because
they're going to go to every length to tell you
and demonstrate to you constantly that they're not doing it. Yes,
if they're not doing that, they're selling every single piece
of data they have on you. Just know that right.
If they're and if they are telling you that they're
not doing it, it's a trust but verify scenario. But
if they're not saying anything to you, then they're selling everything.
Speaker 1: Everybody must understand something. Apps on your phones are spy devices.
Speaker 4: Yes, that's why they're trying to push you in them right, right,
That's why they've made the functionality on a lot of
the websites purpose flee not as good to push you
into the app because the app is like a captive place, right,
It's it's embedded into your phone, gives them access to
data on other apps, all that kind of stuff.
Speaker 1: I mean, you're looking at the guy who works as
a team to try to get Microsoft to release the
iPhone before the iPhone was invented. I didn't invent the UI.
I couldn't do anything like that. I couldn't revent a
shell and placement replacement. They were incredibly smart sciencests who
did that because they hated the way the Microsoft phone worked.
But they brought me to get a business model in
I'm like, oh, we call them applets.
Speaker 4: You know what's funny?
Speaker 3: Man?
Speaker 4: And I don't understand, speaking of Microsoft, I don't understand
why they don't team up with Google and go make
a competitor to the iPhone. I mean, the iPhone's trash.
Speaker 1: Okay, we're gonna talk about the iPhone trashing. Just one
thing I want to mention real quick. QR codes. Do
you use.
Speaker 4: Them everywhere I have. Yeah, when they're when it's applicable.
Speaker 1: Okay, I want everybody to think about this. A QR code.
Everyone knows what that is. That's at Goblygook Square. People say,
pointed at the code. Here's a question. Do you know
what else your phone could take a picture of and
send you to a website a URL? Oh, take a
picture of the URL and your phone to go there.
So why do you think QR codes are not human readable?
Because it's causing your phone to undertake functions they don't
want you to know about. Ah, you're taking a picture
of it, and your software on your phone is sending
you to a website and gosh, you know what they're
going to find out is it sends you to the
website and said, oh, by the way, it's this model phone.
Here's the device ID, this is the Wi Fi they're using.
Then they can take that data and apply that to Okay,
so device ID, this is this Wi Fi. Here's this
person's taking another QR code. Hey, same person. Wait a minute,
Now we can figure out where they live. And this
is the way they triangulate through on this data to
try to figure out who we are, and they very
quickly get there. And if people don't understand, these are
just utter spy devices. I was at There's a pizza
place I go to once a week called Ember's on
the Lake at Howser, Idaho. And the other day I'm
on Facebook, which I use for content, and this face
pops up of an employee people you might know. I'm like, yeah,
I know that kid. He works at the pizza place.
Now I'm fifty seven. I don't know how old he is.
I'm guessing twenty one. We've never gone to the same school.
I have my phone locked down, like no location data,
no microphone, no camera, none of those things. And so
he recommending that I become friends with this kid who
works young man who works at Ember's. So how they
do that? And if only figured it out this device proximity.
He has all his stuff turned on. So I sit
there and I have a conversation with him about NCAA
football in the NFL, and it's going into his phone.
My device is proximity to that. So at some point
or another, my device idea got into some database and
here we go. Now it's popping me out and basically
an ad to ping this guy. So of course, what
fifty seven year old men do is then ask to
be friends with a twenty one year old kid who
works at a restaurant, because that's not creepy in the least, right,
nothing creepy about that. He'd be absolutely thrilled. Hey, you
know that old man who comes in by himself, he
wants to be friends on Facebook. I think I'll say yes.
So you had a fascinating conversation you're telling me about
regards Apple and Mark Zuckerberg will talk about this in
a second. I do want to once again present this
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this is a fact for life. You're going to clean
your body unless you are disgusting. And if you choose
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that's what we are. We're an affirming society. Or like
you go to use soap so again in the cabinets
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soap you buy? Truly in a not same excuse, but
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For the rest of your life, when you're gonna be alive,
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This is Alan Soaps. They care because the product is
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Soaps dot com slash todd. That's Alan Soaps dot Com
slash todd. So Zach, you had yourself a conversation with
the guy who might know a little bit about the things.
Mark Zuckerberg was talking about with Apple, and let's start there. Zuckerberg,
apparently you heard him on Rogan say something that you've
been saying about Apple for a long time. I think
the word trash came out of your mouth.
Speaker 4: Yeah, the look. It's odd to say this because I
know so many people have big chunks of Apples sitting
in their portfolios. The stock has performed so well, everybody
loves it. But Apple, to me is the classic example,
and I've been saying this for a while, of a
company that's began to let the CPAs run it and
a company that is completely has a dearth of innovation.
It is an innovation black hole. The only new product
they brought to market is that vr Hebsah headset, which
was garbage for three thousand dollars a piece. Tim Cook
couldn't innovate himself out of a wet paper bag. Their
growth rates have completely fallen off. They are not making
increased profits by bringing new products to market. They're bringing
their increasing new products by trapping you further into their
ecosphere and figuring out new ways to nickel and dime
you on the service side. That's where their growth is
coming from. You go look at the iterations of phone.
The last iteration of phones that came out. The innovation
in that phone was that it had a titanium outside. Right,
they want you to pay eighteen hundred bucks for the
new phone, even though the new phone basically has no
new capabilities. But why do you pay up for the
new phone because all of a sudden, remember when you
first bought an iPhone. I remember at one point my dad,
this was probably like five or six years ago, he
still had like an iPhone six. And the reason he
still had it is because those new those old school
iPhones were indestructible. Yeah, okay, you get these new iPhones.
I don't care what Apple is saying telling you they
have started doing planned obsolescence. Oh Gusha iPhones last a
third of what the older ones do. Every time I
get a new update, all of my other apps that
aren't Apple don't run as well. Their buggy. Apple is
going down the road that you've seen so many other
companies go down, Which is it it is easier to
nickel and dime our customers than it is to innovate,
and they I, unless you get a change in leadership,
you will continue to see this company go down this
path because It's a tale as old as time. And uh,
you know, the one thing is how quick I don't know,
because they're in such a dominant market position.
Speaker 1: Yep, but your one phone.
Speaker 4: You're one company coming up with a phone and an ecosystem,
app access or ecosystem to rival Apple. And and I
think Apple could get flipped over rather quickly.
Speaker 1: I think that would be so sad. You can't see this,
but this is my iPhone eight, complete with the electrical
tape covering up the crack in this top of the screen.
Some more down here, and finally I found an app
that won't support this because they're not going to put
iOS or seventeen on this, So they're trapping me at
sixteen to five. I use this phone because it's small,
and I don't like the company, so I don't want
to give them more money. And yes, they've trapped me
because but all my music and all and I get that.
And that's the walled garden thing. And I'm telling you,
I worked at Microsoft when they were in the same
mental position, and I remember exactly hearing this from big
time execs. I'm talking like CORP SVPs yep. Where are
they going to go?
Speaker 4: Yep?
Speaker 1: Where are they going to go?
Speaker 4: They always go somewhere though, right right.
Speaker 1: I remember people saying when I started to see the
earbuds white earbuds, when there were the iPods in New York,
and I was like, wow, they're everywhere. And I said
something to a VP about do you notice all those
iPods that they're white? Because yeah, why is that? I go,
why is that? Because no one walks around with their
music player showing it to everybody. Yeah, but only Apple
thought of the white headphones or that's not going to
make a difference.
Speaker 4: No, it signifies that you owned an iPod, right.
Speaker 1: It's an ad Right, I want an iPod too, because
and now it's just multiplies yea. And Microsoft was in
this age of arrogance. They couldn't possibly see that they
were getting out innovated by Apple on this front on
the phones. And I remember when Bomber put the word
out we got to kill the iPod, and I was
just laughing, you're five years late, Steve, Yeah, right, yeah, yeah.
Speaker 4: And they're and not only that, but just dealing with
them in other circumstances. They just they're not a very
smart company. They they're just not like that VR headset
that they launched. We were looking at that going that's
gonna be bomb, and it was. And they were no surprise,
why because we had experience and we've done due diligence
in that industry.
Speaker 1: So Zuckerberg said the same thing though, right, Oh yeah, I.
Speaker 4: Mean Zuckerberg said the exact same thing and just said
that basically accused them of being anti competitive and monopolistic
without using those same words. But in that conversation you
brought up something that I think is even more interesting.
When we were talking about Zuckerberg, you said, you know,
has he been red pilled? Yeah, and it certainly sounds
like that, right, And I think there is an element
of that. But I had a really fascinating conversation this
last Friday night. I was out to a dinner with
There's about ten of us at this dinner, and all
of us were in the industry managing money. And we
got together at a dinner friends and associates, you know,
we get together probably we do these dinners a couple
times a year, you know, just to share ideas and
hear what other people are thinking of that kind of stuff.
And one of the guys there was the guy who
about as of about five years ago, was the guy
that was the head of Peter Teal's personal hedge funds.
So he managed Peter Teal's personal money, worked hand in
hand with Teal for several years, and we started getting
we started going down that conversation and we were talking about,
you know, because Peter Teal would be one that people'd
say has been red pilled as well. For those of
you that don't know, Peter Teal founded Palenteer. He founded
PayPal with Elon Musk, you know, prominent guy in one
of these Silicon Valley giants, probably worth ten to fifteen billion,
something like that. And I said to him, I go, Mike,
are these guys you know? Are they are? They like
sociopaths and narcissistic meeting The only thing they care about
his money and power. And he goes, no, he said,
they have other concerns. You know, they're not They're more
altruistic than that. But he goes, what they what they
do do is they always believe they're right. They always
believe they're morally justified, and they think they've got all
the right ideas and they think they're doing it for
all the right reasons. He goes, they do not question
their own motives. And he goes so. If he goes
so everything Peter Thiel says that he stand. Does he
believe that, yes, but he also believes it unyielding, meaning
he will not question himself. These guys think they're gods
of the universe, and it's scary. That's scary. And it
was just interesting to hear it from his perspective because
he likes him personally. They had a good working relationship.
But it was just, you know, I was trying to
figure out, are these guys do they mean what they
say or are they just speaking to get the desired
you know, what they want? Is it? Is it totally
self serving or is this somewhere in the middle. Do
they believe some life? And what he said basically was
it's further towards the self serving, But they they don't.
It's not just blindly about money, but usually that's the
underlying driver, which is odd for people that are that rich,
Like you know, if you're worth twenty billion, how does
another two billion change anything for you? Right, it doesn't,
there's no difference in that. Right. But what he said
to is, they do not they do not question their motives.
They do not question their own goodness. They do not
question their ability to make bad decisions and that and
one of the biggest reasons for that is they haven't
made a lot of them right, meaning some of the
biggest calls in their life they've gotten right. And what
they've done is they've confused that thinking that they're infallible
when yeah, they're brilliant. But you know, like you and
I both know, and anybody that's run a successful business,
if they're honest, will tell you this, Yes, there's a
lot of things that we did to make that success happen,
but there were also fratuitous, lucky things that happened along
the way. It's impossible any successful entity will tell you that,
whether it's a sports team, a company, a political party,
whatever it is, you got to get things to roll
your way too.
Speaker 1: So Zuckerberg's not going to be a guy who's going
to sit and be introspective and self reflective saying, well,
how come I gave into the government when they told
me I had to take down truthful information about COVID.
He's not going to spend five seconds in that. It's
going to be I was right, I did the right thing,
and now I'm doing the right thing. I'm talking about
it now, this is the right thing.
Speaker 4: And they're gonna play to the audience too, right. I
mean there's like they're you know, it's not it is not.
Basically what I was saying is I was like, are
are any of these guys altruistic? And Mike was just like, no, no,
not in the way that you and I think of it.
He goes there, he goes again. I've got no complaints
about Til. He was great to work for. I like
him personally, fair guy. But he goes Do they believe
they're God? Do they believe they're infallible? Do they believe
they're right?
Speaker 1: These are my my Silicon Valley moral the establishing quotes.
Number one. I'm at a company that had never turned
a profit, that wasn't going to turn a profit. The
CEO was buying a helicopter despite having never turned a profit.
He was buying one because Steve Jobs had one. They
had lunch. I went and they invited me to lunch.
He was doing business with these guys, so I got
the lunch with them. They had a live lobster tank.
Was the lobster lunch right, Yeah, live lobster they're pulling
lobsters out of tanks. They're making fresh omelets they had
brought in. People were picking herbs off of the plant
that they'd carried in in planters. Did you want to banana?
Because we have anana tree? And I said, this is
his dirut quote. I said to the CEO, So what's
the occasion? What do you mean? Well, I mean this
is pretty amazing food. A work hard, play hard? Okay?
That one? And then Museum of Technology in San Jose,
California getting ready to have a Draper Fision Servisen company
meet up or all of US CEOs, tim CEOs and
the other guy's CEOs got to present their companies and
meet other CEOs. Networking. I'm walking around. I talked to
a lady in a ten thousand dollars cocktail dress, which
I learned later from someone who was there, said that
dress cost ten thousand dollars and she's eating mashed potatoes
and gravy out of a very expensive martini glass. And
she said to me, and I quote, I would really
like to help poor people. I just don't know where
to find any.
Speaker 4: Are you talking about that bower clunch you attended? A
couple of.
Speaker 1: Well, I didn't want it. I didn't want to name
any names.
Speaker 4: Yeah, I mean we live lobster. We just refer to
it as the aquarium, right, matter of fact, I got
just lunch. Yeah yeah, bring in that tale.
Speaker 1: I want to still twitching. But she said that in
the presence of waiters and waitresses who are earning minimum wage.
So I totally agree with that assessment. And if only
there was a biblical quote about treasure, I mean there's
not because God never said anything about treasure.
Speaker 4: Or oh it's quite a few actually.
Speaker 1: Yeah, did he talked about money a lot. Do not
stirre up treasure on earth where thieves and moss can
get at it, but treasure in heaven. Right, that's the
paraphrase the last part. I always appreciate you coming on,
my brother, Thank you so much. Say hello to the
beloved bypox.
Speaker 4: I will do so, thank you, sir.
Speaker 1: I'll say well, I'll say hello to my white family,
the bitter clingers that they are well.
Speaker 4: Yeah, and please communicate to your wife that you know
that she needs to be more constructive. No. No, The
reason I'm telling you that is because I think that
will probably go over just as good with her as
it would.
Speaker 1: Mine, got it?
Speaker 4: So yeah, have fun with that one. Let me know
how that goes.
Speaker 1: This is Todd Herman Show. Please go, be well, be
strong and be kind to Please make every effort to
walk in the light of Christ.