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Speaker 1: Let's go across the financial world in just under an

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hour with Zach Abraham, Tim Cook on Tariff's Black Rock CEO.

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Larry Fink, now a co lead at the World Economic Forum,

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has a plan and a real estate company with private

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equity is now going to lower your cost for housing.

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You think there's a catch to that, of course there is.

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And then this one hundred thousand dollars payment to be

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an h one B visa an each application. We'll talk

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about this with the help of Zach Abraham, chief Investment

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Officer of Bulbart Capital Management, and through the great graces

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of God Almighty.

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Speaker 2: But Todd Herman show is one hundred percent disapproved. But

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big pharma technocurrats in tyrans everywhere from the high mountains

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of Free America. Here's the Emerald City exile Todd Herman.

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Speaker 1: Today is the day the Lord has made, and these

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are the times so which God has decided we shall

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live in. Joining me, Chief Investment Officer Bulvar Capital Management,

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Zach Abraham, Zach, welcome back to the program.

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Speaker 3: Well, it's good to be back, and it's casual day.

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The golf hat I see that in the T shirt. Yeah, yeah,

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Well I'm traveling later today, and you know, I just

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play a little casual.

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Speaker 1: Did you ever did you ever dress up for airplanes?

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Were ever have that generation where it used to.

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Speaker 3: Oh yeah, we had to Oh really yeah when I

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was a kid. Oh yeah, my parents. No, no, we're not

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wearing that on an air.

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Speaker 2: Uh.

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Speaker 3: Yeah. It's still it's still kind of throws me off.

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I still. I just just in the last few years,

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I've gotten the place where I can get on an

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airplane with like jim shorts and a T shirt. Yeah,

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you know, but it took me a long time just

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because of that. You know, it used to be you

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got dressed up to go on the airplane.

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Speaker 1: I can't do the shorts thing because there's that embarrassing

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moment where on on like if you're in first class

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at Alaska, where you sit up in your your the

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back of the like stick and they make that oh

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yeah it's sound when they're getting up. I don't like that.

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And I had a discussion with the guy one day.

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We're flying and and people a boarding and he looked

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at you and huh, I go, what he goes? I

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think we hit bottom? I go, what he goes? That's

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two men in pajamas there were yeah, adult men and

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and I'm talking about onesies and right, No, that's that's

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that's a level too far.

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Speaker 3: No, no, no, yeah, yeah, I mean you can go nice clean,

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fitness type relax clothes that but that's his that is

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as relaxed as it gets, right like you. No, no,

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you can't be sporting pajamas.

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Speaker 1: Okay, so now what about barefoot?

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Speaker 3: No, absolutely not.

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Speaker 1: He's never done. You've never liked, You've never seen some

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of that. I saw a guy take the shoes and

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socks off. I've seen the shoes come off, but the

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socks come off.

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Speaker 3: He's he's the guy. That's that's an animal. Yeah, you

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can't do and here's and and and it's not just

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about you, right like who obviously, Yeah, I'm stuck next

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to you. I don't want to smell your barking dogs,

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like keep your socks on, brother, you know, right, I

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mean yeah, but I'm kind of weird. I'm I'm I'm

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like my wife would tell you, like, I'm a big

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manners guy, like I just you gotta you gotta take

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care of your own business. I don't I don't want to,

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you know you know what I mean? Nothing involving your

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own hygiene. I don't want to discuss it. I don't

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want to see it. You know, just keep on the

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night in your.

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Speaker 1: Okay, I'll say one thing about this and then we

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can stop. I was sitting in the VIP lounge and

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a guy went to pick in his toenails.

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Speaker 3: No, come on, yeah, I leave the lounge. I couldn't

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stay there.

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Speaker 1: He actually got approached to the credit of Alaska Airlines.

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Someone actually did come by and they spoke with him

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softly and quietly, and uh, he was. He was kind

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of upset that he didn't get there, but he had

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some bad fungus. So when you got the bad fungus,

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now see. I once met a famous person, very very famous,

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an actor in the Simpsons, responsible for a whole bunch

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of their voices. And he was super cool. Let me

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come to his house. He had two houses connected to

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each other right on the Santa Monica Pio and I'm

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talking about directly across from the lifeguard station. You walk

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across the street, that's Santa Monica Beach. And he was yeah,

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and he was late getting there, and the one of

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his house keepers was kind of to give me fresh

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squeeze orange juice. I'm waiting for him, and he comes

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in in a robe, having swum, picks up his foot

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and begins to pick three inch thick toe fungus from

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his toenails. And now, mind you, we're sitting in twenty

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million dollars thirty million dollars of real estate twenty five

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years ago, and.

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Speaker 3: My class man, dude, you could walk up the street.

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Speaker 1: The toefogus stuff is six bucks. You're a billionaire. You

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have a sound recording studio in both of your houses,

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and there's a bridge that connects him and you. You

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take an elevator to work because you won't walk the steps.

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You can't afford toe fungus stuff. Yes, I'm sorry, I

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got off an attention.

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Speaker 3: Let's start this all against me.

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Speaker 1: Let's start this all again, joining me live now talk

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to financial stuff, Zach Abertine, Chief investment Officer, bull Or

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Capital managiner, Zach. Let's get into this thing with Tim

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Cook and tariffs in just a second. Now that I've

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done talk dirty stuff, let me just say this, Alan Soaps,

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Allen Soaps dot com, slash Todd does that count? That's

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all we need? Well, because you're gonna want to wash

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your mind at least. This is soap that's made in America.

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It's all natural and man, you're supporting the very, very

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very best cause. Right now. Alan works there. He's fourteen,

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he's been through eighteen operations. He's effectively nonverbal because of autism.

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His art is his soap. And this has been a

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love affair, a family affair, his dad, him his brother Ian,

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his dad is going to the Lord's Truly, John is

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probably six eight months maybe a year to live. He's

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handing the company off to his wife so it can

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continue to hire people like Alan and continue to have

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the world's best So go to Allen Soaps dot com

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slash todd. He's promo code to get promo code Todd

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to get temper sent off all their products. I don't

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know that they guarantee no toe fungus, uh, but they should.

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And if you have the toe fungus, it'll be good

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smelling to focus. Alan soap dot Com slash Todd. So Zach,

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here's Tim Cook, CEO of Apple, and he's talking about

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President Trump's tariffs. It looks like he's got red pilled. Man.

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He's all mega tell me the.

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Speaker 3: Reviews over and over again. There's always this caveat that

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they're expensive, and yet I see the training value to

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be far higher than I remember. Is trading better, And

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when you add in the incentives from the phone companies,

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I don't see any increase even from tariffs.

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Speaker 1: Trading is great.

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Speaker 4: There's no increase for tariffs in the in the prices

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to be totally clear. And you can get a phone

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for free today with a plan from from your favorite carre.

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Speaker 1: Now, wait, Zach, did you hear that free phones? They

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don't cost a sinking thing, and the tariffs aren't affecting

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the prices. And there's Jimmy Creme. Sorry he lost me

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when he said the phones are free. Now I don't

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believe him on tariffs.

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Speaker 3: Yeah, well, I mean right, they just build it in

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the price of your plan, right, I mean, it's not

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hard to see. And I'm just laughing at how I

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swear to God, Tim Cook must try to play Jim

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Kramer to deploy his stock. I no, no, I and

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I could be horribly wrong. And this is an investment

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advice to anybody out there. I just think Apple is

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one of the most ridiculously overpriced stocks out there, like

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and you can find stocks that are a lot more expensive.

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That look a lot worse. But I just don't think

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people have realized the scale of all this.

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Speaker 2: Right.

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Speaker 3: So you know Apple does about four hundred billion in

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revenue a year yep, all right, and and about eighty

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five to ninety billion of that's profit, all right, So

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they're approaching a four trillion dollar market cap, all right.

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So for that stock to go up ten percent, that's

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an increase of the company's value of one hundred percent

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of their annual revenue. Right. So, and this is a

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company that's growing at six percent, right.

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Speaker 1: So that that look possibly the math isn't math.

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Speaker 3: Right, And remember they're also losing market share on their

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bell weather product, the iPhone, right, So you you're looking

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at it and going, but it's free. If you're investing

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in this stock, it forty times earnings and it's growing

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at six percent a year, one of a couple things

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must be true. You must think that there's a massive

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earnings inflection that's coming from a company who's major product

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that makes up probably eighty percent of their revenue. Maybe

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more right, that that product is losing market share and

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you're projecting a giant growth, and what would that growth

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have to be? Remember for them to double their revenue. Right,

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that would equal, you know, doubling every The numbers have

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gotten so large that you know, if you think you're

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buying a stock, and I have to for me to

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buy a stock, I have to believe that that stock

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has the ability to gain more than eleven percent a year,

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basically the long term average of the stock market. Right

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for me to purchase an individual stock, that's interesting.

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Speaker 1: You have to the individual stock beats the market.

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Speaker 3: Right. And when I'm looking at Apple at this valuation,

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now i could be wrong. I've been wrong before, I'll

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be wrong again. But when I'm looking at Apple at

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this price, I'm scratching my head, going, I don't know

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how anybody thinks this thing is going to grow again? Right?

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A ten percent move in the stock is the equivalent

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of one hundred percent of their annual revenue. Right, So

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you're just like, so, are you buying the stock because

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you think it's going to double in the next six years?

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What would Apple have to release just to double their

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revenue in the next six years? Not let alone the

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stock price, but double the revenue. Right, And even if

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they doubled the revenue at this price, at the stock price,

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even after they doubled the revenue, assuming their margins didn't slip.

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You're talking about a company that's still trading it twenty

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times earnings, and it's currently growing at six percent. So

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you can't even extrapolate that out and say they're gonna

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double their revenue in six years, because at this rate,

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they won't double their revenue for ten. This they can

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continue growing, but they're losing market share.

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Speaker 1: Okay, So forgive me because I still I still want

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to try to scrape some sense out of this, and

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I'm sorry to think, oh, we should be short in

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the heck out of Apple. We should just short short,

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short Apple. But no, because no one's gonna let Apple fall.

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There you talk about banks too big to fail. Do

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we think the government would let Apple fall?

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Speaker 3: No, And this is why we did short it earlier

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this year. Last year, we shorted it from about two sixty,

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and then we covered that short at one ninety, even

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though we believed it was overpriced at one ninety. Why

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did we do it because for a couple other reasons,

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but primarily what you just said, meaning meaning we didn't

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believe that the market had suddenly started getting more efficient

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and more rational, and we were sitting there going, you know,

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until we're convinced that this bubble mania insanity is over,

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We're going to take that win. Should Apple continue to

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go down? Yeah, it's true. But but then again, I

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can't sit there and tell you there's so much of

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this like you know, you saw the other day China.

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China announced the other day that they're no longer going

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to accept and they don't need in Vidia's chip. Okay,

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now that's big. Yeah, Now, in Vidia announced a deal

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with open Ai the day after China made that announcement.

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In the combination of those two days, I think the

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stock was up three and a half percent, and it

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doesn't sound like a big deal. But again, we're talking

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about a four trillion dollar company. Okay, so what is

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three and a half percent of four trillion dollars? About

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one hundred and twenty billion dollars so so, and remember

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in Vidia did about one hundred billion in profit. So basically,

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their stock went up more than one or more than

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two x their profit over the course of a two

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day span in which China, who currently YEW conservative estimates,

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We believe that China is currently it's hard to track

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because a lot of their chips flow through Singapore, right,

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but we think that they probably make up about thirty

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percent in video's demand. They announced that they're going to

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invest one hundred billion, So they announced that, So China

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announces they're not going to take any more in video chips.

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The next day, in Video announces one hundred billion dollar

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investment in open Ai. Now to explain that open Ai

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in video deal, the best explanation I saw was like

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a power strip, you know where you can plug all

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the power cords in. Yeah, right, But instead of the

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power strip being plugged into the wall, it was plugged

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into itself. Yes, okay, And and here's why they're investing

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one hundred billion in open Ai. And open Ai is

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going to use those funds to buy one hundred billion

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dollars worth of chips from.

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Speaker 1: Vision Revenue Trading.

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Speaker 3: Yeah, it's like now, isn't it interesting?

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Speaker 2: Though?

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Speaker 3: And now again I'm not telling anybody to sell in

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video to shortened video to buy. This is not a recommendation.

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I'm simply pointing things out here. What I think is

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fascinating is that that open Ai deal, which is a joke,

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got announced the day after In it was announced that

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it China wasn't going to buy any more of their chips.

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You know what? All this screams to me. This screams

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to me that the internal demand for their chips is

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falling faster than they thought it was, and that they're

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not going to be able to meet revenue guides. And

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the reason why I said that is they remember doing

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that deal with open an Ai. That's a margin compression deal,

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meaning the very nature of that, right, they're having the fund.

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If you're in Vidia and you have endless demand for

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all these chips, why are you funding somebody one hundred

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billions so they can buyers? Okay, Now, if you think

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thirty percent of your sales are about to fall off

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because China no longer wants your chips, then that makes

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a lot of sense.

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Speaker 1: Right, Right, You're rich in monies that are on this

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insanely overvalued stock. They know it's overvalued. They know that

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they have been the recipients of good buzz and good

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good stock pumping from whoever. And maybe it's all just

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organic belief and that you've said they're a great company

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and they've got great product, but they have to know

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that they're doing here is trying to hide in their

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books a coming revenue loss by trading revenue. And this

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happened back in the dot com era. People do this

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to you all the time.

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Speaker 5: You'd sign a deal, you know what, it're reminded me

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of it reminding you so many of those Time Warner

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deals right right with the with the cable right, Oh,

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there's never gonna the demand is would be endless for

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this fiber, and here's what it's worth, and we're doing

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this deal, and all those revenue swapping deals back then.

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Speaker 3: Well when look, it's not saying that in video is

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not going bro not saying that. I don't think that.

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I don't think it's even close upon. It's nothing like that.

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What it is saying, though, is the reason that a

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four trillion dollar company is trading at nearly sixty times earnings,

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which is insane, right, there's nothing to comp it to

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in history. Now, they've done incredible things, So I'm not

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saying that they don't deserve a lofty valuation. They certainly do.

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But the reason it's trading at that multiple is because

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people believe this never ending demand story and the revenue story, right,

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and if that revenue story caves even a little bit,

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which I don't know how it does. Because here's the

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flip side. The reason China doesn't need in video chips

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is because it's got a replacement right like period, so

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that that replacement China will begin selling to other people.

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I'm just looking at this whole thing and going I

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could be wrong, but what this looks like to me

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is a company that is it's not going to go

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through a hard time, but it's revenues are going to

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miss because China isn't buying. And when you announce a

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revenue miss trading an evaluation like that, your stock's going

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to get smoked. So you know when I'm talking thirty

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thirty easy if go ahead, well, I mean if if

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you wiped off even twenty percent of expected revenue over

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the next four years off their books, yeah, the stock

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had drop forty percent at least.

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Speaker 1: And again you're being very careful to say this is

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not investment advice. You're not telling you know what to do.

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But again, looking at this, then could it be reasonable

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that someone might want to take a short position against Nvidia. No, okay,

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it could not be reasonable.

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Speaker 3: And I will not and I will not disclose whether

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we have.

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Speaker 1: Sir, I will not dignify that question with a response,

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I'm so yeah.

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Speaker 3: I listen and listen to. The One thing I want

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to say, though, is like, even if I was to

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tell you we were short the company, that doesn't mean

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you should. We've got traders watching it twenty four hours

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a day. We've got tight stops. When we short something,

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we don't let it beat us bad. Right, if it

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doesn't go our way in the first two or three percent,

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we're out.

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Speaker 1: Yeah. Plus I like the bugs in their office and

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all the listening differences.

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Speaker 3: No, I'm worried. Hey, look, if there's bugging going on,

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it's my offer. I'm certainly not bugging anybody else's or

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have the clout to.

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Speaker 1: Oh, I got to tell you this story. I was.

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You know, this is kind of kind of freak you out,

342
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and so I should just tell you gently. I was

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00:17:46,279 --> 00:17:52,400
in a gym. Weird. Yeah, there's a guy who came

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into the gym and this is you've seen these stories.

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00:17:55,880 --> 00:17:58,319
I've been in this story. I weighed almost like four

346
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pounds three eighty going back to the gym, there is

347
00:18:01,200 --> 00:18:03,079
that Man, I don't know what people are going to

348
00:18:03,119 --> 00:18:05,920
think of me. These sweats are awfully big, and I

349
00:18:05,960 --> 00:18:09,000
want to wear this thick T shirts and sweatshirt. I

350
00:18:09,000 --> 00:18:11,279
don't want to be seen. And there's a guy that's

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coming to the gym and he has his behavior and

352
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I finally got to talking with him, and he man,

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he went through the roughest of russ fresh, lost his wife,

354
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lost his daughter, lost his brother. Three year stretch and

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I'm talking one after each and he said, man, I

356
00:18:27,119 --> 00:18:30,559
just let myself go. But here's what he's discovering. He's

357
00:18:30,599 --> 00:18:35,160
discovering joint pain beyond belief. He's discovering that he gets

358
00:18:35,200 --> 00:18:39,599
sick constantly, and he's discovering that he just cannot seem

359
00:18:39,680 --> 00:18:42,000
to have any energy level in the gym. So I've

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talked him about a bunch of things because he asked,

361
00:18:44,119 --> 00:18:47,440
I didn't you go out and push this? But it

362
00:18:47,519 --> 00:18:49,359
turns out that one of the things people have done

363
00:18:49,400 --> 00:18:52,079
to themselves is we've given ourselves what I would refer

364
00:18:52,160 --> 00:18:56,200
to as sugar sickness now diabetes right type two diabetes.

365
00:18:56,240 --> 00:18:59,480
It manifests that way, but the amount of information floating

366
00:18:59,519 --> 00:19:01,920
around our blos boodstream can be responsible for things like

367
00:19:02,000 --> 00:19:07,200
carpal tunnel arthritis type feelings, sometimes arthritis itself. They can

368
00:19:07,240 --> 00:19:09,559
be responsible for all the joint pain and man, it

369
00:19:09,599 --> 00:19:13,920
can tank your metabolism. When I learned after our free

370
00:19:13,920 --> 00:19:17,599
live webinar from Renewed Healthcare that they have actually reset

371
00:19:17,640 --> 00:19:24,000
people's immune systems. You're talking about destroying inflammation sometimes system wide.

372
00:19:25,240 --> 00:19:27,960
What that can do for your intestines and taking the

373
00:19:27,960 --> 00:19:30,680
weight off, what that can do for things like myocarditis

374
00:19:30,759 --> 00:19:33,839
and peracrdiitis which appear to be kind of inflammation. Like

375
00:19:33,880 --> 00:19:36,000
I mean, it's fluid, et cetera. A lot of this

376
00:19:36,039 --> 00:19:39,799
from long COVID long shot stuff. If you're in this bag,

377
00:19:40,240 --> 00:19:42,720
you're going to hear from doctors here, well this and

378
00:19:42,799 --> 00:19:46,599
that a suppressant and a blood thinner. Then because we

379
00:19:46,640 --> 00:19:48,319
give you this blood thinner, we're going to need to

380
00:19:48,119 --> 00:19:51,119
have you more iron and then you're gonna be poly

381
00:19:51,240 --> 00:19:54,279
drugged and then quadruple drugs and then six template drug

382
00:19:54,519 --> 00:19:58,559
Or you can go to a website. It's not dot com,

383
00:19:58,559 --> 00:20:00,920
it's dot healthcare. It's renewed r E n you E

384
00:20:01,039 --> 00:20:03,680
dot healthcare. You can type that into your browser now

385
00:20:04,039 --> 00:20:07,359
renew dot Healthcare. You can fill out a form let

386
00:20:07,440 --> 00:20:09,240
them know you're part of the Todd Herman Shaw family.

387
00:20:09,519 --> 00:20:12,119
They'll get in touch with you. We have doctors reports.

388
00:20:12,119 --> 00:20:13,880
It's just looking at one. A dear friend of mine

389
00:20:14,000 --> 00:20:15,799
sent me and he's gonna send me a full write

390
00:20:15,880 --> 00:20:18,119
up on this. I firmly believe he can get help there.

391
00:20:18,759 --> 00:20:21,480
Don't give in to the pills, the pauly drugging, the

392
00:20:21,559 --> 00:20:24,400
quadruple dugging, the six trap put drugging. Don't do it

393
00:20:24,839 --> 00:20:26,960
before you find out from renew And if they rule

394
00:20:27,000 --> 00:20:29,960
it out, man, that sucks. But if they rule it in,

395
00:20:30,559 --> 00:20:33,319
this treatment is extraordinary. It's renew r e n U

396
00:20:33,359 --> 00:20:35,920
e dot Healthcare. That's our e n U e dot healthcare.

397
00:20:36,240 --> 00:20:38,160
I've been there three times and going back for or

398
00:20:38,240 --> 00:20:41,359
forth renew r E n U e dot healthcare. Different conditions,

399
00:20:41,359 --> 00:20:43,119
by the way, I mean, everything works, it's just a

400
00:20:43,119 --> 00:20:43,759
different condition.

401
00:20:43,839 --> 00:20:45,839
Speaker 3: Yeah, I want to I want to go do the

402
00:20:45,880 --> 00:20:50,279
inflammation thing. Man, it's funny. How uh And and you

403
00:20:50,400 --> 00:20:53,839
you're sponsored by them, I'm not yeah, you know, I'm

404
00:20:53,880 --> 00:20:57,640
just giving you the straight the straights focus on not well, No,

405
00:20:57,720 --> 00:21:00,119
I mean I'm just saying, look, you're like one of

406
00:21:00,119 --> 00:21:01,160
those evil capitalists.

407
00:21:01,200 --> 00:21:01,319
Speaker 2: Man.

408
00:21:01,359 --> 00:21:04,000
Speaker 3: You have you have, you have mal intent. You're not

409
00:21:04,039 --> 00:21:08,599
trying to make money. To make money, so no, but uh,

410
00:21:08,720 --> 00:21:13,880
it's been weird man. My Uh, it's happening slowly, but

411
00:21:14,519 --> 00:21:17,480
my like things are changing, Like my knee has not

412
00:21:17,599 --> 00:21:20,480
hurt in so long, and this time you.

413
00:21:20,599 --> 00:21:22,240
Speaker 1: Went there with me less than six months ago.

414
00:21:22,640 --> 00:21:25,680
Speaker 3: Yeah, I'm getting in. I'm getting into different positions and

415
00:21:25,720 --> 00:21:29,880
postures that I that that feel foreign, but like it's

416
00:21:29,920 --> 00:21:35,839
like they're like my structure is changing. It's it's really crazy,

417
00:21:35,960 --> 00:21:38,200
like I can sit for longer periods of time and

418
00:21:38,240 --> 00:21:42,079
not hurt. And it's not it's not treating the pain,

419
00:21:42,359 --> 00:21:45,079
it's the stuff is getting better. You know what I mean.

420
00:21:45,319 --> 00:21:47,880
Speaker 1: Oh, I know I talked to you about my back

421
00:21:47,920 --> 00:21:50,200
and my back stability, and my back doesn't click and

422
00:21:50,240 --> 00:21:53,759
it doesn't shift anymore. And that's because I know you

423
00:21:53,799 --> 00:21:57,839
know my vertebra and gosh, that whole complex is rebuilt

424
00:21:57,839 --> 00:21:59,960
because now the tissue has been rebuilt as much as

425
00:22:00,039 --> 00:22:03,279
gonna happen. And man, to not click and to not

426
00:22:03,519 --> 00:22:04,920
get out of bed, I don't know about you, but

427
00:22:04,960 --> 00:22:06,559
at my age, you get out of bed and sometimes

428
00:22:06,759 --> 00:22:10,960
this leg is fifteen feet longer. It doesn't happen to

429
00:22:11,000 --> 00:22:11,440
me anymore.

430
00:22:11,960 --> 00:22:14,759
Speaker 3: Get out of the car, the gas. Sometimes I feel

431
00:22:14,799 --> 00:22:18,839
like I got shot, right, So it's hobbling around the

432
00:22:18,880 --> 00:22:20,319
car trying to get things to warm up.

433
00:22:20,440 --> 00:22:22,480
Speaker 1: I totally get that. So waking up and then you

434
00:22:22,519 --> 00:22:24,599
wake up and put your ankles clicking.

435
00:22:25,039 --> 00:22:25,480
Speaker 5: What the heck?

436
00:22:25,839 --> 00:22:27,880
Speaker 1: Bankle didn't click yesterday? So that's that's not happened to

437
00:22:27,920 --> 00:22:29,480
me since I went down there. List all right, this

438
00:22:29,519 --> 00:22:31,519
is one of your favorite friends. And I know you guys.

439
00:22:31,839 --> 00:22:34,160
Is he there, Larry Fink? When check and see?

440
00:22:34,759 --> 00:22:38,039
Speaker 3: Oh no, I'm meeting him down I'm definite trapping. We're

441
00:22:38,039 --> 00:22:39,200
hooking up to play some golf.

442
00:22:39,759 --> 00:22:42,000
Speaker 1: So do see if people play golf for him? He

443
00:22:42,119 --> 00:22:45,640
just actually playing the golf, right, you just sick? Probably yes,

444
00:22:45,960 --> 00:22:48,519
my club right, See, I'm awfully tired, right, I'm very important.

445
00:22:48,839 --> 00:22:51,359
So he's now the co head of the World Economic Forum,

446
00:22:51,400 --> 00:22:53,640
and that is terrible news for the whole world. This

447
00:22:53,680 --> 00:22:56,960
is subtle, it's a little bit long, but let's watch this.

448
00:22:57,079 --> 00:22:59,799
Listen to it, because this is him talking about an

449
00:22:59,880 --> 00:23:02,920
un unprecedented level of access and influence over the highest

450
00:23:03,000 --> 00:23:05,839
levels of governments, even before they take power.

451
00:23:06,279 --> 00:23:07,559
Speaker 6: I mean, there are a lot they talk to a

452
00:23:07,559 --> 00:23:09,680
lot of people, but I but I do believe because

453
00:23:09,720 --> 00:23:13,079
of the business model of who and what we are

454
00:23:13,079 --> 00:23:16,839
our reach. We're heavily involved in most countries retirement. Whether

455
00:23:16,880 --> 00:23:21,400
it's in Mexico, we're the largest third non Mexican non

456
00:23:21,440 --> 00:23:25,720
A Foray retirement manager. We're the largest retirement manager non

457
00:23:25,799 --> 00:23:29,359
Japanese in Japan. You know, we're the largest retirement manager

458
00:23:29,559 --> 00:23:35,119
in the UK including the domestics, and so having that position,

459
00:23:35,799 --> 00:23:40,119
it's all about long term issues, but it's it's things

460
00:23:40,200 --> 00:23:42,759
that you can't replicate because it's based on years of

461
00:23:42,839 --> 00:23:50,079
relationships and trust and you know whether it is and

462
00:23:50,400 --> 00:23:52,400
then I do go out of my way when there's

463
00:23:52,440 --> 00:23:54,720
somebody who's new in their role, a new prime minister,

464
00:23:55,400 --> 00:23:59,000
you know, I will spend time. Generally, when I try

465
00:23:59,039 --> 00:24:02,000
to do is spend time before before they win and

466
00:24:02,079 --> 00:24:06,759
meet the candidate. So whether it's in Mexico spending time

467
00:24:06,799 --> 00:24:12,680
with Claudia before she won, or spending time with kiro Starma,

468
00:24:13,920 --> 00:24:16,359
you know, it's just spending time with them and just saying,

469
00:24:16,440 --> 00:24:20,480
you know, you have access to whatever information you need and.

470
00:24:20,119 --> 00:24:23,799
Speaker 1: Okay, Zach, what's the subtext to this? Because I don't

471
00:24:23,960 --> 00:24:27,400
I don't, I don't operate in that realm. What's the subtext?

472
00:24:27,920 --> 00:24:31,359
Speaker 3: Conflict of interest? It's why. It's why too big to fail,

473
00:24:31,440 --> 00:24:34,400
a hass is too big to work, right, Like, meaning

474
00:24:35,440 --> 00:24:39,960
there's so there, there's kind of this weird dichotomy where

475
00:24:40,480 --> 00:24:42,880
part of you, when you look at the scope and

476
00:24:42,920 --> 00:24:46,119
the size of black Rock, it makes perfect sense that

477
00:24:46,160 --> 00:24:49,759
he's having these conversations with these people, right, But the

478
00:24:49,759 --> 00:24:54,079
reason he's having conversations with these people is not because like,

479
00:24:54,119 --> 00:24:56,480
do you think he's meeting with Claudia's Shinbaum to explain

480
00:24:56,559 --> 00:24:59,920
to her the etfsiterre and he the state employees' pension plan.

481
00:25:00,200 --> 00:25:03,319
Speaker 1: I'm guessing not. No, I mean, come on, I guess

482
00:25:03,359 --> 00:25:05,680
I'm guessing he's meeting with her to say, here's how

483
00:25:05,720 --> 00:25:06,960
I can personally enrich you.

484
00:25:08,400 --> 00:25:10,440
Speaker 3: Yeah, and this is how you can enrich me, and

485
00:25:10,480 --> 00:25:12,640
this is how we can all win. And if we

486
00:25:12,680 --> 00:25:14,880
have to do it with some dirty cartel money, we

487
00:25:14,920 --> 00:25:17,599
can help you with that. I look, I don't want

488
00:25:17,599 --> 00:25:20,000
to accuse people of anything because I don't know what

489
00:25:20,039 --> 00:25:23,680
they're doing. I'm just saying, you know, it's sort of

490
00:25:23,720 --> 00:25:25,640
like the movie you never see the movie The Devil's

491
00:25:25,640 --> 00:25:26,920
Advocate with Keanu Reeves.

492
00:25:27,400 --> 00:25:29,599
Speaker 1: Yes, he's a lawyer for the Devil.

493
00:25:30,319 --> 00:25:33,319
Speaker 3: Yeah, And I think that kind of gives a good insight,

494
00:25:33,359 --> 00:25:37,599
which is, you know, to play at those levels in

495
00:25:37,640 --> 00:25:40,519
that game. I don't think you can be a good

496
00:25:40,599 --> 00:25:44,000
human being, right like you just I don't think you can.

497
00:25:44,160 --> 00:25:46,079
I just I don't think that that's the way it works.

498
00:25:46,319 --> 00:25:48,759
And the reason why I say that is because if

499
00:25:48,799 --> 00:25:51,400
you're not willing to do that untoward thing to get

500
00:25:51,400 --> 00:25:55,039
access to power, your competition is right like it just

501
00:25:55,319 --> 00:25:58,599
and and and that's the game you're playing. You're not

502
00:25:58,640 --> 00:26:01,480
sitting in front of people talking about their retirement plan

503
00:26:01,839 --> 00:26:04,240
and how you're going to manage their portfolio. You're meeting

504
00:26:04,279 --> 00:26:06,200
with heads of state trying to figure out how you

505
00:26:06,200 --> 00:26:08,200
can enrich each other. That's what you're doing.

506
00:26:08,440 --> 00:26:11,759
Speaker 1: And that's that's a realm that God blessed most people.

507
00:26:11,759 --> 00:26:13,480
And I mean it, you're blessed if you've never been

508
00:26:13,480 --> 00:26:16,799
in this realm, all the bribes, all the stuff.

509
00:26:16,480 --> 00:26:16,640
Speaker 2: Like.

510
00:26:18,160 --> 00:26:22,720
Speaker 1: I mean, I'm talking about when I had Microsoft money,

511
00:26:23,640 --> 00:26:28,880
being offered a night with two Playboy playmates just for

512
00:26:28,960 --> 00:26:31,240
having a deal, just offering him a deal with Microsoft,

513
00:26:31,640 --> 00:26:34,119
and I said, I'm married, I love my wife. Can't

514
00:26:34,160 --> 00:26:36,279
possibly do that. Oh we didn't mean that, No, you did.

515
00:26:36,319 --> 00:26:40,400
That's exactly what you meant in DC the million dollar

516
00:26:40,400 --> 00:26:43,279
bribe or this, like when that congressman's son wanted to

517
00:26:43,319 --> 00:26:45,160
charge US five million dollars to build a half million

518
00:26:45,160 --> 00:26:47,920
dollar website, and all I could have done, Like when

519
00:26:47,920 --> 00:26:50,400
the congressman had his chief of staff called me into

520
00:26:50,400 --> 00:26:53,559
the official office, the big, you know, huge high vaulted

521
00:26:53,559 --> 00:26:55,759
ceiling office. I could have said, you know, Congressman, I

522
00:26:55,759 --> 00:26:57,599
want to I want to work with your son. He's

523
00:26:57,599 --> 00:26:59,759
a really great guy. Five million is a lot. Could

524
00:26:59,759 --> 00:27:01,319
we do it for a million? That would be twice

525
00:27:01,319 --> 00:27:04,359
the market rate? And I would have come out of

526
00:27:04,359 --> 00:27:05,359
there and it would have been, Hey, if you ever

527
00:27:05,400 --> 00:27:08,039
need access to the Armed Services Committee, you know there's

528
00:27:08,039 --> 00:27:09,799
some things they can do. You're a good guy, Todd.

529
00:27:09,839 --> 00:27:11,559
I appreciate you, you know, kind of bringing a sense

530
00:27:11,559 --> 00:27:13,799
of reality to this. And and did you mention a

531
00:27:13,839 --> 00:27:15,240
consulting contract for my son?

532
00:27:15,799 --> 00:27:15,960
Speaker 6: Oh?

533
00:27:16,039 --> 00:27:18,160
Speaker 1: Yes, I did, forget that, right, Yep, there's that. There's

534
00:27:18,160 --> 00:27:20,759
a million dollar consulting contract. You're a good guy, Todd.

535
00:27:20,799 --> 00:27:23,440
And I guarantee Zach. Then it would have been a Congressman,

536
00:27:23,480 --> 00:27:24,920
I'm going to be leaving the committee, and Todd, how

537
00:27:24,960 --> 00:27:27,759
can I help you yep, who could have introduce you

538
00:27:27,839 --> 00:27:31,400
to And that's true. People are willing to do these things.

539
00:27:31,440 --> 00:27:33,160
And I would think, and I, like you, I don't

540
00:27:33,160 --> 00:27:35,480
want to bear false witness. I would think that there's

541
00:27:35,519 --> 00:27:39,519
no thing that can be done that Larry Fink hasn't done.

542
00:27:41,680 --> 00:27:46,680
Speaker 3: I again, I look, anything's possible. And I don't know him, right,

543
00:27:46,799 --> 00:27:49,960
but knowing the way those circles work and knowing people

544
00:27:50,039 --> 00:27:54,000
that swim in those circles, it would it defies logic

545
00:27:54,920 --> 00:27:58,160
because to be in that like it's it's to be

546
00:27:58,279 --> 00:28:02,559
in that position, you have to think about what you

547
00:28:02,680 --> 00:28:05,200
had to do to be in that position, right to

548
00:28:05,200 --> 00:28:07,839
to climb to the top of that barrel. I mean,

549
00:28:07,880 --> 00:28:12,319
that's that's a nasty barrel, right, Like, So you had

550
00:28:12,319 --> 00:28:14,480
to be kind of the boss of bosses. You had

551
00:28:14,480 --> 00:28:16,000
to be like the crime you know what I'm saying.

552
00:28:16,119 --> 00:28:18,400
Like you had to be the ultimate villain in a

553
00:28:18,400 --> 00:28:19,119
lot of ways.

554
00:28:20,039 --> 00:28:20,279
Speaker 2: I was.

555
00:28:20,480 --> 00:28:23,400
Speaker 3: And it's it's just dirty, man, It's just it's really

556
00:28:23,880 --> 00:28:27,359
really dirty. And I just I don't think you can

557
00:28:27,400 --> 00:28:29,079
be in a position like that without being dirty.

558
00:28:29,079 --> 00:28:29,720
Speaker 2: I don't.

559
00:28:29,720 --> 00:28:30,559
Speaker 3: I don't think it's possible.

560
00:28:30,640 --> 00:28:32,880
Speaker 1: As one person removed from this conversation told to me

561
00:28:32,960 --> 00:28:34,880
right after it happened by a guy that has proven

562
00:28:34,920 --> 00:28:37,440
himself in my life to be very, very truthful. There

563
00:28:37,480 --> 00:28:40,119
was a political actor in DC who is basically getting

564
00:28:40,200 --> 00:28:42,160
run out of town. He was no longer going to

565
00:28:42,319 --> 00:28:46,279
head this great, big committee, and so behind closed doors

566
00:28:46,319 --> 00:28:48,160
he talked to people who wanted to be a successor,

567
00:28:48,640 --> 00:28:51,640
and one on one and the conversations not like this,

568
00:28:52,640 --> 00:28:57,640
what are you offering me? And one lady said, look,

569
00:28:57,640 --> 00:28:59,000
I don't have a lot of money. I mean, I'll

570
00:28:59,000 --> 00:29:02,440
do a great job. I'll give you a credit. Not interested.

571
00:29:02,680 --> 00:29:04,640
Ya la la la la la la la la la la.

572
00:29:04,920 --> 00:29:06,359
I mean what do you want? You want my four

573
00:29:06,359 --> 00:29:08,960
to one K? How much is in it? Because that's

574
00:29:08,960 --> 00:29:12,519
a good start. Yeah, yeah, yeah, And there are people

575
00:29:12,640 --> 00:29:14,759
who would do this. I had a meeting with a

576
00:29:14,799 --> 00:29:16,920
guy who is one of the most wealthy guys in

577
00:29:16,960 --> 00:29:18,920
the world, connected to one of the big software companies

578
00:29:18,920 --> 00:29:21,519
at a super high level, connected to the beers at

579
00:29:21,559 --> 00:29:23,640
a super high level. He took me out to dinner

580
00:29:23,680 --> 00:29:26,359
at this amazing place, this amazing restaurant. They cooked this

581
00:29:26,400 --> 00:29:28,319
stuff at your table. How do you want your steak?

582
00:29:28,359 --> 00:29:30,680
Blah blah, And we talked about the R and C

583
00:29:30,839 --> 00:29:33,759
voter database, and he was talking to me about all

584
00:29:33,759 --> 00:29:35,960
the names, all the data, how far back does it go,

585
00:29:36,440 --> 00:29:40,240
societal change, societal shift, global shifting, how it could be

586
00:29:40,279 --> 00:29:41,599
applied to this. And at the end of the day,

587
00:29:41,599 --> 00:29:43,279
I said, are you interested in making a donation to

588
00:29:43,319 --> 00:29:47,759
the party? And he told people through channels. I didn't

589
00:29:47,759 --> 00:29:50,680
have a strategic bone in my body. I told people

590
00:29:50,680 --> 00:29:52,880
through channels, never let that guy near the data, because

591
00:29:52,880 --> 00:29:54,880
he does exactly what he could do this in order

592
00:29:54,920 --> 00:29:57,359
to take apart the committee and split the world. And

593
00:29:57,400 --> 00:29:59,240
he wants to own this and then sell it. He

594
00:29:59,279 --> 00:30:01,160
wants to steal in part and prove it and then

595
00:30:01,200 --> 00:30:02,759
run it back to us. But I didn't have a

596
00:30:02,799 --> 00:30:05,079
strategic pone in my body. What he meant was I

597
00:30:05,079 --> 00:30:08,119
didn't jump into bed with him right on the first date.

598
00:30:08,680 --> 00:30:11,160
So okay, I'm glad that we agree on that. Now

599
00:30:11,480 --> 00:30:15,519
this isn't the shifting of gears. This is going from

600
00:30:15,720 --> 00:30:19,400
he's in third gear, suggestive, we're gonna shift into fourth

601
00:30:19,440 --> 00:30:23,400
gear here with something going on in private equity and

602
00:30:23,440 --> 00:30:25,400
real estate. And I play this for you in a second, Zach,

603
00:30:25,440 --> 00:30:27,079
and this guy's this is so important to listen to

604
00:30:28,359 --> 00:30:32,759
I've been telling people, don't be the guy that trains

605
00:30:32,799 --> 00:30:36,519
for Let's say you train to run let's say a

606
00:30:36,559 --> 00:30:39,920
five k Okay, and you run that five k and

607
00:30:40,000 --> 00:30:45,319
you find out that you cannot complete the last twenty

608
00:30:45,359 --> 00:30:49,799
percent of it. You can't and that you tank. You

609
00:30:50,680 --> 00:30:54,920
don't just redline, you stop. How would that happen? Well,

610
00:30:54,960 --> 00:30:58,079
you wouldn't have run a ten k, you wouldn't have

611
00:30:58,119 --> 00:31:01,119
run a five k up a hill. You wouldn't have

612
00:31:01,160 --> 00:31:03,640
had sprint practice, you wouldn't have had pacing practice. And

613
00:31:03,680 --> 00:31:06,480
a five k is not a long race. Guys, I

614
00:31:06,519 --> 00:31:08,319
mean you could better apply this to a marathon or

615
00:31:08,319 --> 00:31:11,599
a half marathon. Don't be the guy that gets to

616
00:31:11,720 --> 00:31:14,559
the last mile of the half marathon and you cannot move.

617
00:31:14,640 --> 00:31:16,920
And here's what I mean. Do not get to the

618
00:31:16,960 --> 00:31:19,720
most crucial point of a business, which is where you've

619
00:31:19,759 --> 00:31:23,400
been handed as summons. And the summons is because there's

620
00:31:23,440 --> 00:31:27,599
a belligerate employee, a belligerent competitor. There was a slip

621
00:31:27,599 --> 00:31:29,720
and fall, God forbid, there was a terrible fire, there

622
00:31:29,759 --> 00:31:32,759
was something bad that happened. Don't wait for them to

623
00:31:32,839 --> 00:31:35,599
find out that you do not have the corporate veil

624
00:31:36,880 --> 00:31:39,799
like in that half marathon. Don't wait to the last

625
00:31:39,799 --> 00:31:42,759
mile to find out you can't do it, because it's

626
00:31:42,799 --> 00:31:44,759
not at that point where you want your lawyer to say, hey,

627
00:31:44,839 --> 00:31:47,240
I'm sorry, I can't help you. We can't build the

628
00:31:47,240 --> 00:31:49,720
corporate veil. Now, yes, this person can go after your

629
00:31:49,720 --> 00:31:52,640
four to one K, he can go after your wife's assets,

630
00:31:52,720 --> 00:31:55,440
he can go after anything you own. It's not just

631
00:31:55,519 --> 00:31:58,680
your business. Everything's in play. You better settle, even if

632
00:31:58,720 --> 00:32:01,759
it's junk. Here's how to avoid this. Go find out

633
00:32:01,799 --> 00:32:03,799
if you have the corporate veil. Here's a website. It

634
00:32:03,960 --> 00:32:08,079
is go bisible dot com. Go bisible dot com with

635
00:32:08,200 --> 00:32:11,880
a Z go bisible dot com number one. It's a free,

636
00:32:11,920 --> 00:32:16,039
no obligation consultation. The answer is free. Yes you have it,

637
00:32:16,119 --> 00:32:18,359
No you don't. Your decision at that point end is

638
00:32:18,400 --> 00:32:19,920
to put it off and go get a lawyer to

639
00:32:20,000 --> 00:32:24,240
look at it, or pay Bisible a comparatively very small

640
00:32:24,240 --> 00:32:27,160
amount of money. They will solve the problem in seven

641
00:32:27,200 --> 00:32:30,000
easy steps. They'll also do things that introduce you to

642
00:32:30,440 --> 00:32:33,279
lenders and investors who want to work with companies like yours.

643
00:32:33,400 --> 00:32:35,839
Only though, when you have the corporate veil, it's go

644
00:32:36,000 --> 00:32:41,200
bisible dot com So, Zach, this is a really state

645
00:32:41,200 --> 00:32:44,640
company and they and they love people, Zach. I. As

646
00:32:44,680 --> 00:32:47,319
I watch this, I get tears in my eyes because

647
00:32:47,319 --> 00:32:49,160
of their love for people. They want to lower housing

648
00:32:49,200 --> 00:32:52,599
costs for human beings. And Zach, this one, this one

649
00:32:52,599 --> 00:32:54,400
comes from the heart. It really is.

650
00:32:54,799 --> 00:32:57,759
Speaker 7: I would you like to hear about how sinister the

651
00:32:57,799 --> 00:33:00,359
Austin housing market is. I just saw this list sting

652
00:33:00,359 --> 00:33:03,400
on realtor dot com. It's for a four bedroom house

653
00:33:03,440 --> 00:33:06,240
that's listed at two hundred and ninety three thousand dollars.

654
00:33:06,279 --> 00:33:09,319
I said, well, golly g for Austin, Texas. That's a

655
00:33:09,319 --> 00:33:11,799
pretty dang good price. Let's see what this house is

656
00:33:11,799 --> 00:33:15,480
all about. It says this property is listed as a leasehold.

657
00:33:16,480 --> 00:33:20,079
Don't know what that is through Jubilee's joint purchase program. Okay,

658
00:33:20,160 --> 00:33:22,440
haven't met Jubilee yet, but I'm willing to learn more.

659
00:33:22,880 --> 00:33:26,079
Making home ownership more accessible with a lower entry cost.

660
00:33:26,200 --> 00:33:31,640
Love to hear that you buy the home while Jubilee

661
00:33:32,079 --> 00:33:38,279
buys the land and rents it back to you heavily,

662
00:33:38,319 --> 00:33:42,799
reducing upfront costs and keeping monthly expenses comparable to a

663
00:33:42,880 --> 00:33:48,039
traditional purchase. You can also buy the land back anytime Alternatively,

664
00:33:48,119 --> 00:33:51,720
the property can be purchased outright for seven hundred and

665
00:33:51,839 --> 00:33:57,440
ninety nine thousand dollars. Estimated land rent for a home

666
00:33:57,440 --> 00:34:01,079
in South Austin is two nine hundred forty six dollars

667
00:34:01,119 --> 00:34:04,480
per month. This home is not just a residence, it's

668
00:34:04,480 --> 00:34:05,960
a sanctuary.

669
00:34:06,039 --> 00:34:10,000
Speaker 1: So you have private equity firms getting into the business

670
00:34:10,079 --> 00:34:15,719
of selling people sticks and concrete and calling it a home.

671
00:34:16,519 --> 00:34:19,840
And this is this You know that guy made fun

672
00:34:19,920 --> 00:34:21,840
of me. I don't have a strategic phone in my body.

673
00:34:22,079 --> 00:34:24,199
Oh I think I see the strategy here, but you

674
00:34:24,280 --> 00:34:26,079
know more about it than I do. So what's your

675
00:34:26,159 --> 00:34:32,719
first read on this stuff?

676
00:34:33,480 --> 00:34:36,280
Speaker 3: Well? This is this. Look, this is what you get

677
00:34:36,360 --> 00:34:39,039
when you when you hot wire economies and when you

678
00:34:39,039 --> 00:34:41,880
hot wire markets more importantly, meaning, this is the kind

679
00:34:41,880 --> 00:34:45,079
of stuff that happens when you don't. Let see, we

680
00:34:45,159 --> 00:34:49,960
all think that recessions are horrible. Yeah, okay, but nobody

681
00:34:50,000 --> 00:34:53,760
has ever stopped to have a conversation. What does the

682
00:34:53,800 --> 00:34:58,360
absence of recessions? What does the absence of economic cyclicality

683
00:34:58,440 --> 00:35:02,519
look like? Okay, this is what it looks like, guys, Right,

684
00:35:02,559 --> 00:35:06,400
and getting back to everything has a cost. That's why

685
00:35:06,440 --> 00:35:09,719
we should not celebrate when the government steps in and

686
00:35:09,760 --> 00:35:12,440
bails out the market, or bails out this or bails

687
00:35:12,480 --> 00:35:16,599
out that. Yeah, in the short run, it alleviates the pain.

688
00:35:17,079 --> 00:35:20,760
But in the long run, the residual pain you get

689
00:35:20,800 --> 00:35:24,719
down the road is always worse. We know that in life.

690
00:35:24,840 --> 00:35:29,000
Don't put off toke and and that's what we've been doing. Culturally.

691
00:35:29,079 --> 00:35:33,519
We've been front loading fun and deferring cost. Right, and

692
00:35:33,599 --> 00:35:36,239
the chickens are coming home to roost, and so you

693
00:35:36,360 --> 00:35:38,280
look at them and go, do you know what we need?

694
00:35:39,000 --> 00:35:43,440
We need a good old fashioned recession. Now, the tough

695
00:35:43,480 --> 00:35:45,960
part is is you throw it in there in this

696
00:35:46,000 --> 00:35:49,000
political climate. If you have a recession prior to the

697
00:35:49,039 --> 00:35:53,360
next election, you're probably going out office. Right, We're probably

698
00:35:53,360 --> 00:35:55,960
getting a whole new load linear and god knows what

699
00:35:56,000 --> 00:36:00,960
that will look like. So I'm not saying that Trump

700
00:36:01,000 --> 00:36:03,599
should just let the market and economy go to pot

701
00:36:04,000 --> 00:36:06,880
But what I am saying is what you need is

702
00:36:06,920 --> 00:36:12,239
you need prices to come down. Guess what happens in recessions, right, yep.

703
00:36:12,320 --> 00:36:17,039
And so we've got to think about this. We've been trained.

704
00:36:16,719 --> 00:36:19,000
Speaker 8: Over and over and over and over and over to

705
00:36:19,000 --> 00:36:22,679
hear the recession, hear the recession. The only real fear

706
00:36:22,800 --> 00:36:25,360
you have of a recession is if you're somebody that

707
00:36:25,480 --> 00:36:28,519
has a substantial amount to lose, I e. A rich

708
00:36:28,599 --> 00:36:31,079
baby boomer. If you're a kid.

709
00:36:31,039 --> 00:36:33,639
Speaker 3: Making eighteen bucks an hour at Chick fil A, I

710
00:36:33,679 --> 00:36:36,960
got to tell you, a recession's probably all good news

711
00:36:37,000 --> 00:36:40,320
for you. Right, Bills are going to go down, gas

712
00:36:40,360 --> 00:36:44,840
prices go down, rent prices go down. It's it's fine.

713
00:36:45,119 --> 00:36:47,039
Like you go. Ask me and my wife. We were

714
00:36:47,039 --> 00:36:50,960
in the financial industry throughout eight oh nine. They went

715
00:36:50,960 --> 00:36:54,320
through some small and comfortable places. But basically our lives

716
00:36:54,360 --> 00:36:59,039
didn't change. Why because our salaries were not difficult to replace.

717
00:36:59,519 --> 00:36:59,639
Speaker 2: Right.

718
00:36:59,679 --> 00:37:02,800
Speaker 3: We didn't own anything at that time. Right, And this

719
00:37:02,920 --> 00:37:05,280
is one of the big lies that we've been sold.

720
00:37:06,119 --> 00:37:09,920
Recessions make homes more affordable for first time home buyers,

721
00:37:10,400 --> 00:37:13,760
and first time home buyers typically have salaries that are

722
00:37:13,800 --> 00:37:17,280
more much more durable in a recession, meaning this, you

723
00:37:17,320 --> 00:37:19,719
go into a recession, you get a contraction of GDP

724
00:37:19,840 --> 00:37:22,039
two and a half three percent. Chick fil A ain't

725
00:37:22,119 --> 00:37:25,320
laying people off now, the banks might The guy making

726
00:37:25,360 --> 00:37:26,960
two fifty to three hundred grand a year for the

727
00:37:26,960 --> 00:37:29,679
insurance company might, right, the guy working for the marketing

728
00:37:29,719 --> 00:37:32,039
company might make a half million a year. The guy

729
00:37:32,159 --> 00:37:34,840
the programmer for Microsoft make a half millionaire. He might,

730
00:37:35,440 --> 00:37:38,119
but you're not. You see what I'm saying. So we've

731
00:37:38,239 --> 00:37:40,840
been told to all fear the thing that you only

732
00:37:40,880 --> 00:37:45,000
really need to fear if you're already rich. Ye, and

733
00:37:45,119 --> 00:37:47,840
you want to talk about a lack of affordability. And

734
00:37:48,199 --> 00:37:50,239
this is where I come in, And sometimes people, my

735
00:37:50,400 --> 00:37:53,360
own clients get frustrating, Zach, don't blame the baby boomers.

736
00:37:53,360 --> 00:37:57,679
I'm not blaming you, but I'm saying, generally speaking, the

737
00:37:57,760 --> 00:38:01,400
baby boomers as a generation have been willing to rack

738
00:38:01,519 --> 00:38:04,639
up one hundred and thirty percent debt to GDP so

739
00:38:04,800 --> 00:38:07,679
their entitlements never get snagged. They don't have to worry

740
00:38:07,679 --> 00:38:11,039
about recessions. They get the biggest stock market run of

741
00:38:11,079 --> 00:38:14,280
all time while they control seventy percent of the assets

742
00:38:14,280 --> 00:38:16,920
in the United States. Right, it all benefits them, So

743
00:38:17,039 --> 00:38:19,079
of course they don't want to see a recession. Of

744
00:38:19,079 --> 00:38:21,159
course they don't want to see this because if you

745
00:38:21,360 --> 00:38:24,639
own all of the stuff already, all you want to

746
00:38:24,679 --> 00:38:29,679
see is prices go up. Right, And it's it's it's again,

747
00:38:29,760 --> 00:38:32,880
it's it's it's childlike thinking. It's like, hey, let's just

748
00:38:33,039 --> 00:38:38,039
live on candy, candy, candy canes and and Coca Cola classic, right, Like,

749
00:38:38,360 --> 00:38:41,719
there's no downside. Well tonight, you know, we're gonna have

750
00:38:41,719 --> 00:38:43,880
a great time, but there's gonna be downside.

751
00:38:44,000 --> 00:38:48,559
Speaker 1: It's it's look at this as forest fires or forest management.

752
00:38:49,119 --> 00:38:52,599
So we're not going to allow fires forest fires, right, Okay,

753
00:38:52,679 --> 00:38:54,920
so no matter what happens, we're not going to allow

754
00:38:54,960 --> 00:38:57,679
forest fires. But we're also not going to clean out

755
00:38:57,679 --> 00:38:59,760
the forest. So we're not going to clean out the

756
00:38:59,760 --> 00:39:02,519
debt would but it's going to be way too much,

757
00:39:02,719 --> 00:39:04,760
you know, available, way too much to burn. But we're

758
00:39:04,800 --> 00:39:07,039
not going to clear it out because it's all good

759
00:39:07,079 --> 00:39:10,599
because forest fires are bad. Do you know that? Biologically speaking,

760
00:39:10,960 --> 00:39:15,360
some species of plants and botanicals can only grow after fires,

761
00:39:15,760 --> 00:39:16,199
after the.

762
00:39:16,159 --> 00:39:20,440
Speaker 3: Cycles multiple, Yeah, there's multiple. There's multiple pine trees that

763
00:39:20,559 --> 00:39:24,480
actually drop pine cones that do not open if there

764
00:39:24,519 --> 00:39:27,679
is not flame there, like literally, that's how they procreate.

765
00:39:27,840 --> 00:39:29,599
They've got to have fire to release their seed.

766
00:39:29,760 --> 00:39:32,880
Speaker 1: Yes, there are species of flowers and plants that are

767
00:39:32,920 --> 00:39:35,840
important for the whole ecosystem that don't grow. There are

768
00:39:36,000 --> 00:39:39,079
runoffs that do not happen. There are parts of UH

769
00:39:39,280 --> 00:39:42,239
of ecosystems get starved with water and runoff. You have

770
00:39:42,280 --> 00:39:46,559
this this, all of it is eventually cataclysmic when we

771
00:39:46,639 --> 00:39:49,559
don't allow recessions. Just a phrase we use sometimes in training.

772
00:39:49,960 --> 00:39:55,519
If you don't choose rest, rest will choose you. Right, Okay,

773
00:39:55,559 --> 00:39:58,320
you get into an overtraining cycle. Guess what. You can

774
00:39:58,360 --> 00:40:01,119
train all you want, You'll get no gains. Rest is

775
00:40:01,159 --> 00:40:04,679
going to choose you. We could choose to let our

776
00:40:04,679 --> 00:40:07,320
foot off some of the conjuring of money and the

777
00:40:07,360 --> 00:40:09,800
sugar high and the shooting of meth into the economy

778
00:40:09,960 --> 00:40:13,480
and the nicotine mints in the economy that people are using.

779
00:40:13,760 --> 00:40:15,920
We could choose to do that, and in that case

780
00:40:15,920 --> 00:40:18,400
we could kind of have a recession that we expect.

781
00:40:18,559 --> 00:40:21,599
Or we can wait until there is that dry tender

782
00:40:21,639 --> 00:40:25,719
moment and then boom, that's when the bottom drops out.

783
00:40:25,719 --> 00:40:28,960
That's how you get these cataclysmic fires because you haven't

784
00:40:29,000 --> 00:40:30,199
allowed the little fires.

785
00:40:30,280 --> 00:40:30,480
Speaker 2: Right.

786
00:40:30,960 --> 00:40:33,320
Speaker 1: So, I mean, that's just my monkey way saying, what

787
00:40:33,440 --> 00:40:36,119
other big financial issue to talk about. I'm so curious

788
00:40:36,159 --> 00:40:37,559
what you think about this, because you and I have

789
00:40:37,639 --> 00:40:40,559
talked about H one B visas and what President Trump

790
00:40:40,639 --> 00:40:42,880
has done here. I kind of like this is my

791
00:40:42,920 --> 00:40:45,000
first take on it. We'll talk about this with Zach Abraham,

792
00:40:45,039 --> 00:40:48,239
Chief Investment Offs or Bulwark Capital Management. I do want

793
00:40:48,280 --> 00:40:50,400
to say that I got a note from a guy

794
00:40:50,440 --> 00:40:52,000
and I'm trying to figure out if this is real

795
00:40:52,039 --> 00:40:56,320
or parody. Todd. I stumbled upon your podcast, and you

796
00:40:56,360 --> 00:40:58,880
seem to be a guy who's really really committed to Trump.

797
00:40:59,199 --> 00:41:01,760
That causes me to doubt your veracity and honesty as

798
00:41:01,800 --> 00:41:04,320
a man. I listened anyway because you were talking about

799
00:41:04,320 --> 00:41:06,679
crossfits and you had a guy on to talk about CrossFit.

800
00:41:07,280 --> 00:41:09,880
He had an ad for a coffee company called bone Frog.

801
00:41:10,239 --> 00:41:12,920
I have just one simple question for you. You get

802
00:41:12,960 --> 00:41:15,599
some sort of kickback when people purchase the coffee in

803
00:41:15,800 --> 00:41:18,920
so I don't want anything to do with it, all right,

804
00:41:19,159 --> 00:41:24,239
that's is it a kickback? Tim is my dear friends.

805
00:41:24,360 --> 00:41:27,400
He's the CEO of bone Frog. He's a retired Navy seal.

806
00:41:27,840 --> 00:41:30,519
If the coffee sucked, I would have had to say,

807
00:41:30,599 --> 00:41:32,880
I can't talk about the coffee, I can't promote it.

808
00:41:33,000 --> 00:41:36,440
Do I get a kickback that's money under the table. No,

809
00:41:36,519 --> 00:41:38,679
I do not get a kickback. But to be frank,

810
00:41:39,800 --> 00:41:42,400
there's no way that bone Frog, given the size of company,

811
00:41:42,480 --> 00:41:46,360
could afford the slots that Renew pays for. You Like Renew,

812
00:41:46,440 --> 00:41:48,760
they have money. Look at what they sell, look at

813
00:41:48,760 --> 00:41:51,159
how they save lives. They can spend a lot of

814
00:41:51,159 --> 00:41:53,719
money bone Frog can't. So yes, I get a piece

815
00:41:53,760 --> 00:41:56,719
of the action when you buy coffee. The other reason

816
00:41:56,760 --> 00:41:58,800
I do this is because I believe in tim I

817
00:41:58,840 --> 00:42:01,400
believe in raising money for the families of fallen Navy seals.

818
00:42:01,440 --> 00:42:04,360
Every bag of coffee does that ten percent of proceeds

819
00:42:04,360 --> 00:42:07,559
go to the family of fallen Navy seals. So when

820
00:42:07,599 --> 00:42:09,960
we do things like this, it's because we believe in

821
00:42:10,000 --> 00:42:11,719
companies like this and they need a hand up. Now,

822
00:42:11,760 --> 00:42:14,719
to be honest with you, bone Fogs become a huge partner.

823
00:42:15,239 --> 00:42:17,519
I'm very pleased with this. You know, we're looking at

824
00:42:17,559 --> 00:42:21,000
this other relationship with a company that helps people with

825
00:42:21,119 --> 00:42:24,239
their prepaid legal Now I'm putting a lot of effort

826
00:42:24,239 --> 00:42:26,320
into that. Would I get paid. Yeah, they'd have to

827
00:42:26,360 --> 00:42:28,199
pay a dear amount of money to get on this program,

828
00:42:28,199 --> 00:42:30,239
because they've got the money and I know the margins

829
00:42:30,719 --> 00:42:32,159
and I know what they could earn from this. But

830
00:42:32,199 --> 00:42:33,559
in that case, I'm going to go make sure it's

831
00:42:33,559 --> 00:42:36,000
all locked and loaded. I did that with the coffee.

832
00:42:36,039 --> 00:42:37,800
I know that with the man. It's Bonefrog Coffee dot

833
00:42:37,840 --> 00:42:39,719
com slash Todd. Use promo code Todd to get ten

834
00:42:39,719 --> 00:42:43,119
percent off your first purchase, fifteen percent off subscription coffee

835
00:42:43,239 --> 00:42:45,360
or if you like, If you like, just send me

836
00:42:45,400 --> 00:42:47,559
the money if you don't want to get a kickback,

837
00:42:47,960 --> 00:42:49,639
Actually I don't want you to do that. Bonefrog Coffee

838
00:42:49,639 --> 00:42:52,480
dot com slash Todd promo code Todd. Zach abrahams with

839
00:42:52,519 --> 00:42:54,440
me chief Investment offs for Bulal Capital Measurement. I need

840
00:42:54,519 --> 00:42:56,920
to maybe talk to you about this prepaid legal company.

841
00:42:57,519 --> 00:43:00,440
They want to come on and end. Do you prepaid

842
00:43:00,519 --> 00:43:02,920
legal at bullwork? Do you like if if people sued you,

843
00:43:02,920 --> 00:43:04,480
do you have that? I used to have that at Microsoft.

844
00:43:04,519 --> 00:43:06,719
I loved that advantage. Oh go ahead and assume me

845
00:43:06,719 --> 00:43:07,679
I got prepaid legal.

846
00:43:08,840 --> 00:43:11,119
Speaker 3: No, I've got like actively paid legal.

847
00:43:14,519 --> 00:43:17,039
Speaker 1: You've got the you've got the lawyer down the hall?

848
00:43:17,719 --> 00:43:19,679
Speaker 3: Do you ever chant? Not down the hall? But okay

849
00:43:19,840 --> 00:43:22,119
with my good with my good friends at the SEC.

850
00:43:22,400 --> 00:43:22,639
Speaker 1: Yeah.

851
00:43:22,760 --> 00:43:24,880
Speaker 3: I've had the privilege of working very close with an

852
00:43:24,880 --> 00:43:26,480
attorney for the last couple of years. Whi's been a

853
00:43:26,519 --> 00:43:26,880
lot of fun.

854
00:43:27,000 --> 00:43:28,920
Speaker 1: My second startup. One of the things we talked about

855
00:43:28,960 --> 00:43:33,119
was having a VP of public affairs because we did

856
00:43:33,119 --> 00:43:34,840
big data. We did this stuff back there and I said,

857
00:43:34,840 --> 00:43:36,320
this is be an attorney, right, could they act as

858
00:43:36,360 --> 00:43:39,079
staff attorney or you know, attorney for us? I said, okay,

859
00:43:39,079 --> 00:43:41,000
I understand something. I'm going to bury that person in

860
00:43:41,079 --> 00:43:43,480
legal work. If that's person's if I ever walked by

861
00:43:43,519 --> 00:43:45,360
and they're not doing something, I'm gonna bury them and

862
00:43:45,599 --> 00:43:47,119
play in parking tickets.

863
00:43:47,119 --> 00:43:50,639
Speaker 3: And yeah, gotta make a quick comment about that that

864
00:43:50,760 --> 00:43:51,559
last ad that you.

865
00:43:51,519 --> 00:43:53,800
Speaker 1: Read, Uh I was in that email?

866
00:43:54,440 --> 00:43:58,159
Speaker 3: Oh yeah, the email? Yeah yeah, uh My My comment

867
00:43:58,159 --> 00:44:03,559
about that would be that comment is so is such

868
00:44:03,599 --> 00:44:06,199
a great example I think of what is so one

869
00:44:06,239 --> 00:44:08,480
of the things that's so wrong in our society. Yeah,

870
00:44:09,119 --> 00:44:13,480
first of all, Hu, and look, that gentleman could be

871
00:44:13,639 --> 00:44:15,480
I don't mean to denigrate him personally or anything like that,

872
00:44:15,519 --> 00:44:18,559
but that gentleman could be substantially older than me. But

873
00:44:18,639 --> 00:44:21,440
my first question would be how old are or how

874
00:44:21,480 --> 00:44:24,880
old are you? And and do you have any wisdom

875
00:44:24,920 --> 00:44:27,199
of any kind? Meaning where do you work? Sir?

876
00:44:27,719 --> 00:44:27,920
Speaker 7: Oh?

877
00:44:28,039 --> 00:44:31,079
Speaker 3: That's you know, I work at FedEx. Are you getting

878
00:44:31,159 --> 00:44:37,639
kickbacks from him. Get so what you call a kickback,

879
00:44:38,320 --> 00:44:40,880
he actually calls a salary. Right, So that's how he

880
00:44:40,920 --> 00:44:44,559
makes money. People pay them to review their goods and

881
00:44:44,599 --> 00:44:47,480
if Todd likes them, then he will rep them and

882
00:44:47,519 --> 00:44:53,079
give them visibility. Okay, so a don't be an idiot,

883
00:44:53,280 --> 00:44:55,800
look at your own life and examine your own life

884
00:44:55,840 --> 00:44:58,920
before you And but b here's the other thing. When

885
00:44:58,960 --> 00:45:02,119
you want to make judgement about somebody, it's best to

886
00:45:02,280 --> 00:45:05,679
listen probably to more than one or two episodes because

887
00:45:05,719 --> 00:45:08,840
if he had what he'd learn about you and what

888
00:45:08,880 --> 00:45:10,360
I know about you from knowing you for a very

889
00:45:10,360 --> 00:45:12,280
long time. But what you'd learned from this podcast is

890
00:45:13,199 --> 00:45:17,360
when Trump is right, yes, I'm gonna support what Trump says.

891
00:45:17,719 --> 00:45:20,239
When Trump is wrong or you disagree with them, you

892
00:45:20,400 --> 00:45:24,800
also say that why wait, you're a Trump supporter, and

893
00:45:24,840 --> 00:45:27,840
that makes me question your veracity. So are you a

894
00:45:27,880 --> 00:45:30,480
Biden supporter? And that should make us not question your

895
00:45:30,519 --> 00:45:32,719
forver ask like, what is your point? You know what

896
00:45:32,760 --> 00:45:33,039
I mean?

897
00:45:33,119 --> 00:45:33,280
Speaker 1: Right?

898
00:45:33,480 --> 00:45:36,440
Speaker 3: Like? And and also are you one of those people

899
00:45:36,480 --> 00:45:39,119
that if Trump says the sky's blue, you're gonna laugh

900
00:45:39,119 --> 00:45:40,920
and say it's purple because he's an idiot, or are.

901
00:45:40,840 --> 00:45:44,960
Speaker 1: You gobb Have you seen the pregnant women gobbling tailanol? No,

902
00:45:45,079 --> 00:45:47,800
there's there's pregnant women making videos where they're gobbling tailanol.

903
00:45:48,000 --> 00:45:48,679
Speaker 8: I know.

904
00:45:48,760 --> 00:45:51,599
Speaker 3: And my attitude is is like more than the Lord's work.

905
00:45:52,800 --> 00:45:55,280
Speaker 1: Well, I'd rather not have it harm their babies.

906
00:45:55,639 --> 00:45:55,920
Speaker 3: No.

907
00:45:56,000 --> 00:45:59,199
Speaker 1: I A. There's this argument going on even in so

908
00:45:59,320 --> 00:46:02,360
called red state Idaho, where there's a move to give

909
00:46:02,400 --> 00:46:04,199
people a five thousand dollar tax credit to be able

910
00:46:04,199 --> 00:46:06,920
to go to private schools. And so some of our

911
00:46:06,960 --> 00:46:10,440
principles here holding public meetings public schools at risk from

912
00:46:10,559 --> 00:46:12,960
poor profit entities. And I'm going to go to one

913
00:46:12,960 --> 00:46:16,639
of these meetings and say, hey, thank you teacher, principal,

914
00:46:16,880 --> 00:46:19,920
administrator for being on the panel of the day. Please

915
00:46:20,000 --> 00:46:21,480
raise your hand. Those of you who are not paid

916
00:46:21,480 --> 00:46:24,840
for working in the school, the circ everybody raise your hand,

917
00:46:24,840 --> 00:46:28,079
because Principal Jones, I looked at your pay scale. This

918
00:46:28,199 --> 00:46:30,760
is Idaho. Average income here is about sixty two thousand

919
00:46:30,760 --> 00:46:33,320
a year. You're pulling down one sixty nine months of

920
00:46:33,360 --> 00:46:35,159
work per year. You're get to get a pension when

921
00:46:35,199 --> 00:46:36,800
you retire. Your pension is going to be about one

922
00:46:36,960 --> 00:46:39,000
fifty per year. And we're going to pay for your

923
00:46:39,000 --> 00:46:40,840
health care for the rest of your life. Tell me

924
00:46:40,840 --> 00:46:41,039
you're not.

925
00:46:41,280 --> 00:46:42,760
Speaker 3: You're just looking out for the kids, right.

926
00:46:42,840 --> 00:46:44,800
Speaker 1: This has nothing to do with money, do it for free?

927
00:46:44,920 --> 00:46:51,239
Your union put forty nine million dollars into Democrat donations

928
00:46:51,239 --> 00:46:52,320
in this cycle.

929
00:46:54,039 --> 00:46:56,480
Speaker 3: Home On. They didn't invest it in a way to

930
00:46:56,519 --> 00:46:59,159
help offset the costs of private school for kids that

931
00:46:59,239 --> 00:46:59,960
want that as an option.

932
00:47:00,320 --> 00:47:03,159
Speaker 1: No, because that's common. That's at Wait, No, that's nazisn't.

933
00:47:03,639 --> 00:47:05,239
Speaker 3: And they didn't put it in the public plot to

934
00:47:05,280 --> 00:47:06,880
help subsidize the public schools.

935
00:47:07,039 --> 00:47:08,760
Speaker 1: No, and there's teachers who are paying out of their

936
00:47:08,760 --> 00:47:13,119
pockets for materials in the government schools. Well, your union's not.

937
00:47:13,239 --> 00:47:16,199
Randy Weingarten's net worth is up there around ten twelve

938
00:47:16,199 --> 00:47:18,920
million bucks. So, but this is not for profit.

939
00:47:19,559 --> 00:47:24,320
Speaker 3: Here's the other thing that look if you and I've

940
00:47:24,320 --> 00:47:26,519
looked into this and spent probably a stupid amount of

941
00:47:26,559 --> 00:47:30,440
time focused on it, But it is impossible to understand

942
00:47:30,480 --> 00:47:33,159
the construct of the modern education system in the United

943
00:47:33,159 --> 00:47:35,039
States if you do not look at it through the

944
00:47:35,119 --> 00:47:39,000
lens of total autocratic control by the unions, the teachers'

945
00:47:39,039 --> 00:47:42,159
unions meaning it. And it's not hard to figure out

946
00:47:42,199 --> 00:47:44,239
why it's dysfunctional. You and I have talked about this.

947
00:47:44,599 --> 00:47:48,039
To be successful or to be functional takes incredible purpose,

948
00:47:48,119 --> 00:47:53,440
incredible discipline, and incredible focus. Right when that isn't your goal,

949
00:47:53,679 --> 00:47:56,920
the chances of doing it are impossible. So when you

950
00:47:57,159 --> 00:48:01,000
show me an educational system that is construc and overseen

951
00:48:01,079 --> 00:48:04,519
by people that are looking out primarily for the control

952
00:48:04,599 --> 00:48:06,639
of that system via those that run it, right, the

953
00:48:06,679 --> 00:48:10,239
administrators and the teachers yep, and mostly the administrators. To

954
00:48:10,239 --> 00:48:12,840
be fair, right, the teachers aren't getting rich. The administrators are.

955
00:48:13,960 --> 00:48:16,599
And when you look at that construct and you view

956
00:48:16,639 --> 00:48:18,920
it through that lens, all of a sudden everything makes sense,

957
00:48:19,000 --> 00:48:23,039
absolutely right. You sit there and go lowering student standards, well,

958
00:48:23,079 --> 00:48:25,639
every time you hear that, you're lowering teacher standards. Okay,

959
00:48:26,079 --> 00:48:28,800
you know, more days off in service days, all this stuff.

960
00:48:28,880 --> 00:48:32,119
You look at all of it. It is all about this. Hey,

961
00:48:32,199 --> 00:48:35,840
how about this? How about we have a system where

962
00:48:36,239 --> 00:48:39,679
how we define success or failure is the performance of

963
00:48:39,719 --> 00:48:42,719
a student, and yet the people that interact with that

964
00:48:42,840 --> 00:48:45,360
student on a daily basis are the lowest paid people

965
00:48:45,360 --> 00:48:49,039
in that system. That literally would be like if the

966
00:48:49,119 --> 00:48:52,280
clubhouse managers for the Mariners made more than the players did.

967
00:48:52,280 --> 00:48:54,519
Speaker 1: Exactly, And there's this opposite. I want people to think

968
00:48:54,519 --> 00:48:59,039
about my daughter recently. Man, she pursued this job zact.

969
00:48:59,480 --> 00:49:02,400
She wanted work at this company. She's gotten there, and

970
00:49:02,480 --> 00:49:05,000
she's done a great job being there early. We've talked

971
00:49:05,039 --> 00:49:08,039
about this, you know, first to leave her first, to

972
00:49:08,199 --> 00:49:10,800
arrive last, to leave all those behaviors. So proud of her.

973
00:49:11,800 --> 00:49:14,440
In a business like hers, it's a retail setting. One

974
00:49:14,480 --> 00:49:16,639
thing that I've noticed with her is she does a

975
00:49:16,760 --> 00:49:21,320
really like, really quiet and friendly job of suggestive selling.

976
00:49:22,000 --> 00:49:24,159
I'm so proud of her. Was watching her work and

977
00:49:24,199 --> 00:49:26,920
this family came in and they ordered some lunch items,

978
00:49:26,960 --> 00:49:32,360
and my daughter walked by the baker area and she says, oh, wow,

979
00:49:32,400 --> 00:49:34,320
we just made these scones. And then she kind of

980
00:49:34,320 --> 00:49:36,559
walked by and they said what. She goes, oh, I'm sorry,

981
00:49:36,800 --> 00:49:40,239
we just baked these scones this morning. And the lady stops.

982
00:49:40,280 --> 00:49:42,199
She goes, you baked those here? Yeah, yeah, we just

983
00:49:42,199 --> 00:49:45,480
baked those this morning. Oh well, what flavors do you have?

984
00:49:45,559 --> 00:49:45,719
Speaker 2: Next?

985
00:49:45,760 --> 00:49:48,079
Speaker 1: Thing? You know, well, was this but if I were you?

986
00:49:48,920 --> 00:49:50,840
And my daughter kind of leans in and if I

987
00:49:50,880 --> 00:49:53,960
were you, and she's giving her the cinnamon punkman thing.

988
00:49:54,519 --> 00:49:57,280
And the lady's in right, she's getting this, and you know,

989
00:49:57,679 --> 00:50:00,519
she gives us to her, and as the ladies looking around,

990
00:50:00,760 --> 00:50:03,800
she said, did you want coffee with that? So all

991
00:50:03,800 --> 00:50:07,280
of a sudden, now it's some lunch salads, got the scones,

992
00:50:08,320 --> 00:50:11,239
got the coffees. And if I'm sitting there, I'm the

993
00:50:11,239 --> 00:50:13,559
manager looking there, an owner because I know the owners there.

994
00:50:13,599 --> 00:50:15,760
Often she'd look at that and go, that's my girl,

995
00:50:16,199 --> 00:50:19,039
that's my and you're pleasing the customer. Now compare this

996
00:50:19,079 --> 00:50:22,360
to the unions. Did you want some lower standards with that?

997
00:50:23,079 --> 00:50:26,840
And uh, less discipline? And could I introduce you in

998
00:50:26,840 --> 00:50:29,840
a gang shooting or two? How about some molestation by.

999
00:50:29,679 --> 00:50:32,679
Speaker 3: Some teachers and trans reading time right?

1000
00:50:32,760 --> 00:50:35,840
Speaker 1: And and and yeah we can have men come in

1001
00:50:35,880 --> 00:50:37,880
and t work for you and ladies underwear? Can I

1002
00:50:37,880 --> 00:50:42,079
interest you in that? It's the exact opposite of what

1003
00:50:42,119 --> 00:50:44,239
my daughter's doing. And yet the unions you're like, yeah,

1004
00:50:44,280 --> 00:50:45,320
bring more of that.

1005
00:50:45,320 --> 00:50:47,880
Speaker 3: That's well really because it absolves them of any source

1006
00:50:47,920 --> 00:50:50,800
of responsibility. Right, Like you'd be like, hey, here's the deal, man,

1007
00:50:51,079 --> 00:50:53,159
I got a deal for you as a Bulwark client.

1008
00:50:53,360 --> 00:50:54,960
You're gonna pay me a quarter and a half and

1009
00:50:54,960 --> 00:50:56,440
when we have a bad year, it's going up to

1010
00:50:56,480 --> 00:51:00,800
one and a half. Where do you want to sign?

1011
00:51:00,840 --> 00:51:01,519
Where do you want to sign?

1012
00:51:01,599 --> 00:51:05,119
Speaker 1: Right? Casher charge. Let me ask you this quick question.

1013
00:51:06,840 --> 00:51:08,679
How do you feel about the one hundred thousand dollars

1014
00:51:09,320 --> 00:51:13,199
h one B visa per applicant that President Trump signed

1015
00:51:13,199 --> 00:51:15,880
into being so mixed feeling?

1016
00:51:15,960 --> 00:51:23,360
Speaker 3: Mixed feelings all why A you want to protect I

1017
00:51:23,440 --> 00:51:25,559
even hate using that word because I'm a big believer

1018
00:51:25,599 --> 00:51:26,280
in free markets.

1019
00:51:26,320 --> 00:51:27,840
Speaker 1: But but we.

1020
00:51:27,880 --> 00:51:30,159
Speaker 3: All acknowledge that there have been a lot of things

1021
00:51:30,159 --> 00:51:33,800
that I think we've overlooked over the past, you know,

1022
00:51:33,880 --> 00:51:39,840
two three, four decades in terms of keeping a mind

1023
00:51:40,079 --> 00:51:43,360
and and and attention out for the workers of this country.

1024
00:51:43,440 --> 00:51:46,079
Right like this, I don't want to be protectionists, but

1025
00:51:46,159 --> 00:51:48,039
at the same time, we also don't want to just

1026
00:51:48,079 --> 00:51:49,800
open up our back door and let people, you know,

1027
00:51:49,880 --> 00:51:51,800
loot us for lack of a better term. Right, So,

1028
00:51:53,239 --> 00:51:58,400
uh so, I like I like the fact that there

1029
00:51:58,480 --> 00:52:01,599
is a barrier or a cost there that would incentivize

1030
00:52:01,639 --> 00:52:07,360
a company to hire domestically. I'm not nuts about the

1031
00:52:07,440 --> 00:52:11,679
idea that anything that stops the best and brightest or

1032
00:52:11,800 --> 00:52:14,000
is a roadblock from the best and brightest around the

1033
00:52:14,039 --> 00:52:19,159
world coming here. And I know that both opinions are

1034
00:52:19,199 --> 00:52:21,719
not that simple, right, because a lot of the people

1035
00:52:21,800 --> 00:52:24,559
that are coming here. I don't know what it is

1036
00:52:24,599 --> 00:52:26,599
as a percentage of the total, my guess is it's

1037
00:52:26,599 --> 00:52:29,119
probably pretty small. But there's a percentage of the people

1038
00:52:29,159 --> 00:52:31,320
that are coming here that are coming here for nefarious reasons.

1039
00:52:32,400 --> 00:52:34,840
I'm aware of that, right That troubles me. On the

1040
00:52:34,840 --> 00:52:37,960
flip side, I also know that you know, we wouldn't

1041
00:52:38,000 --> 00:52:43,159
be sitting here right now unless you know, we wouldn't

1042
00:52:43,199 --> 00:52:45,159
be sitting here in the exact same way we are

1043
00:52:45,199 --> 00:52:48,320
now probably having this conversation if we would have had

1044
00:52:48,320 --> 00:52:52,280
a similar attitude about bringing in talented workers, you know,

1045
00:52:52,559 --> 00:52:55,960
during or after World War Two, out of places like Germany.

1046
00:52:57,199 --> 00:52:59,039
You know, So when you when you when you understand

1047
00:52:59,079 --> 00:53:02,239
the economic history of this country, so much innovation and

1048
00:53:02,320 --> 00:53:04,760
so many things have been driven by people that weren't

1049
00:53:04,760 --> 00:53:08,679
born here. Yeah, and so it's it's it's a tough one, man.

1050
00:53:08,960 --> 00:53:13,159
I understand the move. But like anything, you know, like

1051
00:53:13,199 --> 00:53:16,199
everything you and I've talked about, it's a cost benefit analysis,

1052
00:53:17,159 --> 00:53:18,840
and I you know, it's one of those things kind

1053
00:53:18,840 --> 00:53:21,039
of like I've said about the tariffs, like, realistically, if

1054
00:53:21,039 --> 00:53:23,960
we want to sit back and take a look at things,

1055
00:53:24,079 --> 00:53:26,079
and you know, the tariffs are a perfect example of this,

1056
00:53:26,199 --> 00:53:28,519
todd because remember what everybody was saying when it first

1057
00:53:28,519 --> 00:53:30,199
came out, the iPhone is going to be twenty six

1058
00:53:30,320 --> 00:53:34,519
hundred bucks. Well it's not, okay, So there's now did

1059
00:53:34,519 --> 00:53:37,119
I understand and have sympathy for that? Take when when

1060
00:53:37,199 --> 00:53:39,760
when the tariffs are firs announced? Yes, But it's just

1061
00:53:39,800 --> 00:53:42,519
more proof of there's a lot of different moving factors

1062
00:53:42,559 --> 00:53:44,840
here and things will change as we go along and

1063
00:53:45,119 --> 00:53:48,159
and and accurately predicting the future is the most difficult

1064
00:53:48,159 --> 00:53:50,840
thing in the world to do, right, So you got

1065
00:53:50,880 --> 00:53:52,639
to keep you got to keep a you know, you

1066
00:53:52,679 --> 00:53:56,159
got to keep an open mind. But I yeah, this

1067
00:53:56,159 --> 00:53:57,920
this one is tough. I think we'll only know in

1068
00:53:58,000 --> 00:54:00,599
time if that's the right approach. I don't know, and

1069
00:54:00,760 --> 00:54:01,320
I agree with you.

1070
00:54:01,360 --> 00:54:03,519
Speaker 1: That we're only known time. The reason I'm sympathetic to

1071
00:54:03,559 --> 00:54:06,480
it is this that when I was reading about people

1072
00:54:06,559 --> 00:54:10,320
bringing in folks to work at convenience sources HBO and

1073
00:54:10,400 --> 00:54:13,719
visas UH and then putting them in their apartment buildings

1074
00:54:13,719 --> 00:54:18,760
that had to stay that entire swindle that no longer pencils, right, So,

1075
00:54:19,639 --> 00:54:24,280
and like, hey, Google, there's this great, huge, amazing mind

1076
00:54:25,039 --> 00:54:28,480
that he's escaping Iran. He's been in their nuclear facility.

1077
00:54:28,599 --> 00:54:30,840
He's escaped, and we can bring him here, and he

1078
00:54:30,880 --> 00:54:35,360
loves America supposedly, But there's this one hundred thousand Google

1079
00:54:35,440 --> 00:54:39,079
laughs at one hundred thousand dollars right right In one way,

1080
00:54:39,119 --> 00:54:43,159
that also then challenges startups. But again, if you're a

1081
00:54:43,199 --> 00:54:46,119
startup and you have any venture capital funding, and hey,

1082
00:54:46,159 --> 00:54:47,480
you know what, We've got the chance to bring in

1083
00:54:47,519 --> 00:54:51,280
the world's best AI coder, but it's going to cost

1084
00:54:51,320 --> 00:54:53,880
us one hundred grand. Your VC is going. Why am

1085
00:54:53,920 --> 00:54:54,519
I on the phone?

1086
00:54:55,320 --> 00:54:55,519
Speaker 2: Yeah?

1087
00:54:55,679 --> 00:54:56,119
Speaker 3: Just do it?

1088
00:54:56,239 --> 00:54:58,199
Speaker 1: Yeah? Why is this? Put it on your AMEX will

1089
00:54:58,199 --> 00:54:59,639
pay you back? Why are you right?

1090
00:55:00,119 --> 00:55:01,840
Speaker 3: They're like, what do you mean you said one hundred mil?

1091
00:55:02,119 --> 00:55:02,280
Speaker 2: Right?

1092
00:55:02,400 --> 00:55:03,360
Speaker 3: No, one hundred grand?

1093
00:55:03,599 --> 00:55:04,880
Speaker 1: Why am I this phone call?

1094
00:55:05,400 --> 00:55:06,360
Speaker 3: Yeah? I gotta go to lunch.

1095
00:55:07,000 --> 00:55:09,760
Speaker 1: I'm gonna go spend one hundred and fifty grand at lunch, right,

1096
00:55:10,000 --> 00:55:12,920
all right? Zach Abraham, my brother, chief investment Officer Board

1097
00:55:12,960 --> 00:55:15,199
Capital Management, thank you for joining us, my friends, and

1098
00:55:15,360 --> 00:55:16,599
please go with God's good grace.

1099
00:55:17,960 --> 00:55:19,360
Speaker 3: Ban As always man. Thanks for having me.

1100
00:55:19,400 --> 00:55:22,519
Speaker 1: Yeah, my pleasure. This is the Todd Herman Shaw. Please go,

1101
00:55:22,639 --> 00:55:25,639
be well, be strong, be kind, and please make every

1102
00:55:25,639 --> 00:55:27,840
effort to walk in the light of Christ.