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<v Speaker 1>Your summer pocket knife of information. It's the only way

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<v Speaker 1>to stay informed. It's fifty five darc the Talk Station

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<v Speaker 1>eight oh five.

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<v Speaker 2>Here I think about karsd Talk station. It being Monday,

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<v Speaker 2>it's that time of week gets to talk money matters.

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<v Speaker 2>It's time for money Monday with Brian James from All

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<v Speaker 2>with Financial Brian James, Welcome back to the Morning Show.

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<v Speaker 1>Hope you had a great weekend. Good morning mister Thomas.

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<v Speaker 1>Happy hot summer to you.

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<v Speaker 2>Yeah, really, I thought we were done with that anyway.

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<v Speaker 2>It is August. I guess we'll have to roll with

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<v Speaker 2>it until the cooler temperatures come in. That's okay. Uh.

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<v Speaker 2>It takes a little while for these tariffs to kind

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<v Speaker 2>of settle in. You and I have talked a lot

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<v Speaker 2>about Trump's on again, off again tariffs. You know, one

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<v Speaker 2>minute there's a fifty percent tariff, next minute it's been

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<v Speaker 2>held off. Negotiations begin or not, as the case may be.

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<v Speaker 2>The point being, ultimately you hope to sit down with

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<v Speaker 2>a country negotiate something that's palatable to both sides, sometimes successful,

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<v Speaker 2>sometimes not. But higher tariffs everyone has been saying are

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<v Speaker 2>going to result in higher prices, which does make sense.

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<v Speaker 2>Apparently that's starting to trickle in in terms of the

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<v Speaker 2>numbers that are reported.

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<v Speaker 1>Yep, we're starting to see some you know, we've talked

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<v Speaker 1>about this before. We're hitting the point where, you know,

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<v Speaker 1>when the day we start talking about tariffs and the

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<v Speaker 1>headlines is not the day they start having an impact

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<v Speaker 1>on inflation, right, and in that situation for several months,

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<v Speaker 1>and the way companies work, and we've talked about this

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<v Speaker 1>several times too. Remember there was a spike in economic

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<v Speaker 1>activity in Q one. It looked fantastic, which wasn't bad

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<v Speaker 1>where the economy is still doing okay as we're sitting

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<v Speaker 1>here right now. The spike in Q one had a

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<v Speaker 1>lot to do with countries just staying ahead. Our companies

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<v Speaker 1>rather staying ahead when these tariffs are going to kick in,

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<v Speaker 1>because everybody knew something was on the horizon, we just

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<v Speaker 1>didn't yet know what. Therefore, they were front loading their

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<v Speaker 1>inventories and things they had to buy just to stay

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<v Speaker 1>ahead of the pricing to buy themselves a little time. Well,

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<v Speaker 1>clock's taking and we're now those resources are somewhat depleted.

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<v Speaker 1>We kind of got to get back to where we were.

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<v Speaker 1>So course, CPI, let's switch to today's headlines. Core CPI

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<v Speaker 1>is projected to increase by about a three tenths of

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<v Speaker 1>a percent in July. That's the largest gain since early

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<v Speaker 1>twenty twenty five. I hate when we have headlines like

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<v Speaker 1>that that compared to some historic period that is not

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<v Speaker 1>that long ago, right, largest gain since six months ago. Wooh, yeah,

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<v Speaker 1>it's a point. But it's the trajectory, of course. So

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<v Speaker 1>yet we are seeing this because this is coming from

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<v Speaker 1>tariff induced price increases, household furnishings, recreational goods, those kinds

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<v Speaker 1>of things. Headline CPI of course, Now this is kind

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<v Speaker 1>of ironic, Brian headline. CPI may only rise by point

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<v Speaker 1>by by about point two percent, and that is helped

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<v Speaker 1>by lower gasoline prices. How long has it been since

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<v Speaker 1>we looked at gas and oil as something that's keeping

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<v Speaker 1>inflation in check?

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<v Speaker 2>Oh? I know, but I mean you can't deny the

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<v Speaker 2>reality of it. Gas is a lot cheaper right now,

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<v Speaker 2>and we can talk.

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<v Speaker 1>About it all summer, right, we skipped you and I

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<v Speaker 1>skipped over the entire vacation period. We didn't talk about

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<v Speaker 1>the price of the pump. I don't think I said

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<v Speaker 1>those words all summer long.

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<v Speaker 2>No, and it's the first year, I think, and I

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<v Speaker 2>mean this is the heavy driving time. Of course it

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<v Speaker 2>has been since school let out. So the idea that

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<v Speaker 2>gasoline hasn't been up when it traditionally spikes, it's a

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<v Speaker 2>great omen are we are we should we anticipate lower

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<v Speaker 2>price gasoline into the future.

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<v Speaker 1>Brian, You know that that's always tough to guess. My

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<v Speaker 1>crystal balls as broke as everybody else is. However, we

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<v Speaker 1>do seem to be in an environment where things are friendly,

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<v Speaker 1>Supplies are okay, We've we've got more friendly regulation towards

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<v Speaker 1>drilling in this country. Uh, And I think that's what's

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<v Speaker 1>what's keeping it down. There's a lot of people not

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<v Speaker 1>happy about that, and there's you know, there's downsides to

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<v Speaker 1>all this as well, but currently that's what pushes it

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<v Speaker 1>down the list of stuff we should be worried about

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<v Speaker 1>in terms about the overall economy. Now, I'm not overly

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<v Speaker 1>worried that we're gonna be talking about gas prices in

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<v Speaker 1>the near future.

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<v Speaker 2>Well, I keep hearing about all these billions of dollars

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<v Speaker 2>that the US has taken in as a consequence of

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<v Speaker 2>these increased tariffs. Where's where's our slice of that?

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<v Speaker 1>Action. Brian. You know, that's a great question, and I

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<v Speaker 1>really wish somebody could get past Carolyn Lovett with that

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<v Speaker 1>and just force the president to answer to say, where

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<v Speaker 1>are all these dollars going? Great, we're generating all this money,

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<v Speaker 1>you know, from these tariffs, where does it actually land?

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<v Speaker 1>Is it getting distributed? Uh, you know, to to the

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<v Speaker 1>you know, to the people who voted all this into place.

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<v Speaker 1>My guess is going to be no. Otherwise we'd be

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<v Speaker 1>talking about that because it would start to sell votes

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<v Speaker 1>for the midterms. So my guess is it's simply going

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<v Speaker 1>in to fill the holes that were that are being

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<v Speaker 1>created with some of the tax cuts on corporations. And

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<v Speaker 1>since we focused more on cutting taxes and really haven't

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<v Speaker 1>done much in the way of spending, dose seems to

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<v Speaker 1>have kind of gone away very very quietly, I might add.

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<v Speaker 1>I you know, when you read all this on paper,

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<v Speaker 1>when it became clear what the platform was going to be,

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<v Speaker 1>it sounded like there was going to be a body

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<v Speaker 1>that was going to cut costs, and then there was

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<v Speaker 1>going to be a body that was going to figure

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<v Speaker 1>out how to lower taxes in response. So at least

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<v Speaker 1>we keep things whatever balanced means anymore. But that does

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<v Speaker 1>not seem to have happened. I haven't whatever happened to

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<v Speaker 1>that wall of receipts from dose. I don't know. That's

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<v Speaker 1>a long winded answer to say, I don't know, but

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<v Speaker 1>I sure am curious just like you.

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<v Speaker 2>No, I mean, it's a legit why I asked it

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<v Speaker 2>out a lot, it's a legitimate question. But I suppose

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<v Speaker 2>if you're looking at all the numbers, Let's say at

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<v Speaker 2>the end of the year, we've taken in X billions

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<v Speaker 2>of dollars. That's money that we got that we otherwise

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<v Speaker 2>wouldn't have received. So the numbers, at least in terms

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<v Speaker 2>of like deficit spending will be less, right, all things

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<v Speaker 2>being equal, just by virtue of the tariffs coming in.

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<v Speaker 1>Yeah, and that that is again on paper. I want

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<v Speaker 1>to see this work mechanically, so let's talk about the

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<v Speaker 1>mechanics of it. So when we collect tariffs, they're collected

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<v Speaker 1>by the customs and border patrols, sent directly to the treasury.

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<v Speaker 1>They're not ear marked specifically for anything unless that's unless

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<v Speaker 1>that's legislatively done, which that's not something we do anymore apparently.

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<v Speaker 1>But usually it just goes into the kind of overall

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<v Speaker 1>general government spending, reducing the federal deficit, and sometimes there

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<v Speaker 1>are specific earmarks for subsidies like we mentioned, but that

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<v Speaker 1>is in the past, that's what we've done in the past.

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<v Speaker 1>Now we are very not exactly transparent about where it's going.

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<v Speaker 1>So we're collecting about fifty billion dollars annually, and the

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<v Speaker 1>average tariff as we're sitting here right now is about

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<v Speaker 1>seventeen percent on imported goods. That's the highest it's been

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<v Speaker 1>since about the nineteen thirties, Brian, So somebody is going

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<v Speaker 1>to have to explain where all these dollars are going,

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<v Speaker 1>since we're bringing in more than we have in a century. Yep,

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<v Speaker 1>no doubt.

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<v Speaker 2>And one of the things I saw I noted in

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<v Speaker 2>the article in terms of price hikes, they say firms

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<v Speaker 2>are having a difficult time hiking prices in spite of

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<v Speaker 2>the fact that they're now facing these teriffs they have

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<v Speaker 2>to deal with because real disposable income growth has not

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<v Speaker 2>been very good for the household, so the tail in

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<v Speaker 2>people who are buying goods and services don't have any

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<v Speaker 2>more money to deal with a price increase, which is

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<v Speaker 2>causing firms and maybe hold off on increasing prices which

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<v Speaker 2>means their profits are lower, which means their quarterly earning

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<v Speaker 2>statements are going to be lower.

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<v Speaker 1>Yeah. So the narrative that that happened during the during

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<v Speaker 1>the campaign and has continued is that other countries are

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<v Speaker 1>going to pay for this, other countries will pay Well,

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<v Speaker 1>that's not really the case. What we're doing is we're

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<v Speaker 1>increasing the cost of doing businesses for domestic company companies

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<v Speaker 1>who have to bring in these resources to create and

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<v Speaker 1>sell their products, they have to pass those through so

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<v Speaker 1>and eventually the consumer has pricing power. We live pretty

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<v Speaker 1>high on the hog in this country, so yes, when

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<v Speaker 1>we have to, that's a good thing. But when we

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<v Speaker 1>have to, we can and do tighten our belts. That's

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<v Speaker 1>what we're starting to see. We're starting to see the

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<v Speaker 1>end consumer saying you know what, I really don't need this.

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<v Speaker 1>I can find another solution for this problem. I don't

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<v Speaker 1>need to spend this much. And that means those costs

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<v Speaker 1>are not being passed through. They are being born, however,

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<v Speaker 1>by the companies that produce those products and services, not

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<v Speaker 1>the countries that sell us the resources.

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<v Speaker 2>All right, and the whole hope I believe, but the

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<v Speaker 2>Trump administrations that over time that will re shore. A

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<v Speaker 2>lot of the things that we're buying from these higher

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<v Speaker 2>tariff countries, now you'll choose to build the products here

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<v Speaker 2>in the United States. But you know, there's still this long,

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<v Speaker 2>long standing reality that the reason these things got off

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<v Speaker 2>short in the first place, manufacturing, et cetera. If it's

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<v Speaker 2>going to a hell of a lot cheaper to do

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<v Speaker 2>it in those other countries. Question whether the tariff makes

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<v Speaker 2>that historic challenge, you know, to compete with United States,

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<v Speaker 2>which has all these ocean rules and these environmental rules,

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<v Speaker 2>and it has all these labor rules, and instead of

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<v Speaker 2>making the price of building something here more expensive, does

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<v Speaker 2>that balance that to create a better environment here to

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<v Speaker 2>the extent that it's going to negate the tariff So

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<v Speaker 2>far it.

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<v Speaker 1>Would seem to on paper, yes, we are. We are

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<v Speaker 1>seeing headlines of companies that are bringing manufacturing back on sure.

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<v Speaker 1>So Apple has committed to six hundred billion dollars over

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<v Speaker 1>four years. Right then there's a huge plant going in

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<v Speaker 1>down in Harrisburg, Kentucky. That's gonna be that's a corning

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<v Speaker 1>plant that they make gorilla gleyes all the glass and iPhones.

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<v Speaker 1>So there are things happening. Taiwan Semiconductors is committing a

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<v Speaker 1>lot in the United States, Nvidia, Hyundai, Ford. There are

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<v Speaker 1>a lot of plans to get these factories up and running, however,

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<v Speaker 1>but like you mentioned, what does it cost to pay

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<v Speaker 1>a factory worker here in the United States versus somewhere else.

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<v Speaker 1>There are so many moving parts to this, Brian. You've

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<v Speaker 1>got countries that we've relied on for I don't know,

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<v Speaker 1>maybe a notch or two above slave labor because they

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<v Speaker 1>earn nothing but they work in the factories here. You

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<v Speaker 1>can't do that because we do want to maintain a

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<v Speaker 1>certain standard of living for our citizens. However, that makes

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<v Speaker 1>everything more expensive. So what I have not yet seen

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<v Speaker 1>is what falls out. What's the cost of an iPhone

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<v Speaker 1>is that is manufactured completely in the United States. How

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<v Speaker 1>much does it go up so that we can have

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<v Speaker 1>that stamp on it. I don't know what's good or

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<v Speaker 1>bad about it, but that's a question has been answered

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<v Speaker 1>yet for me.

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<v Speaker 2>Maybe there's that component or element that, well, Americans be

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<v Speaker 2>more willing to pay a little bit more for something

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<v Speaker 2>made here. I know there's still some measure of patriotism

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<v Speaker 2>when it comes to choosing where goods and services are

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<v Speaker 2>created and.

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<v Speaker 1>Manage absolutely, that still results in inflation somehow, some way.

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<v Speaker 1>So it does you know, political support purposes. But money

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<v Speaker 1>is money.

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<v Speaker 2>Money is money. Let's come up on eight fifty fifty

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<v Speaker 2>five KRCD talk station. Do you want crypto in your

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<v Speaker 2>four oh one K and some new benefits companies are

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<v Speaker 2>offering those two more subjects'll get in the next segment

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<v Speaker 2>with Brian James. I'll be right back fifty five krc

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<v Speaker 2>dot Com eight nineteen fifty five kr CD talk station

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<v Speaker 2>doing that money Monday thing with all the financials Brian

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<v Speaker 2>James A. Brian, we've talked about this before. Private equity

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<v Speaker 2>as one of the things that they're opening up to

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<v Speaker 2>include in four to one K program investments along with

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<v Speaker 2>maybe cryptocurrencies in a state of FLUXI appear to be

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<v Speaker 2>I guess quick question up front, why can't we invest

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<v Speaker 2>our four oh one K dollars in these things? Or

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<v Speaker 2>haven't been able to deal with these things already? What's

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<v Speaker 2>what's wrong with them as an investment vehicle?

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<v Speaker 1>Well, in the past, I would say the Department of

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<v Speaker 1>Labor has rules in place. By the way the Department

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<v Speaker 1>of Labor governs four oh one k's retirement plans, not

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<v Speaker 1>directly the SEC. The SEC plays a role, But you

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<v Speaker 1>can own a mutual fund inside your four oh one K,

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<v Speaker 1>that is that the DL has an opinion on. You

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<v Speaker 1>can own the exact same tick or symbol mutual fund

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<v Speaker 1>outside in just a plain old broker's account, and the

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<v Speaker 1>DL has nothing to do with it. So Department of

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<v Speaker 1>Labor historically has weighed in on retirement assets and basically

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<v Speaker 1>decided that the companies who provide them, your employers and

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<v Speaker 1>my employer has a fiduciary obligation to some extent to

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<v Speaker 1>make sure that people don't you know, effectively have enough

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<v Speaker 1>rope to hang themselves. And so that's why over the

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<v Speaker 1>years you've probably seen the reduction in options in your

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<v Speaker 1>four one K. I would see people early in my career.

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<v Speaker 1>They would bring in the list of choices they have

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<v Speaker 1>for all their mutual funds, and there'd be like fifty

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<v Speaker 1>of them on there. The result of that is people

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<v Speaker 1>would do nothing, and they would leave it sit in

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<v Speaker 1>the money market for ten fifteen years, and then we

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<v Speaker 1>would have to kind of explain exactly how much money

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<v Speaker 1>had been left on the table because they didn't sit

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<v Speaker 1>down and figure out how that works. Now and the

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<v Speaker 1>pendulum kind of swung the other direction. Then we saw

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<v Speaker 1>a lot of reduction to the choices you have and simplification.

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<v Speaker 1>That's when target date funds came in. You know you're

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<v Speaker 1>gonna retire in twenty fifty five. Here's here's a catch

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<v Speaker 1>all fund. Throw it all in there and be done

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<v Speaker 1>with it. And you saw now nowadays there are funds

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<v Speaker 1>out there or four to one k's that have very

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<v Speaker 1>few options. Pendulum is now swinging back the other way.

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<v Speaker 1>We're throwing the door open. So President Trump signed an

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<v Speaker 1>order on the on August seventh, just the other day

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<v Speaker 1>called Democratizing Access to Alternative Assets for four oh one K.

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<v Speaker 1>I tried to figure out the acronym for that. There

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<v Speaker 1>isn't one. I was looking for qt C I. I

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<v Speaker 1>was disappointed. But anyway, this order directs that the d L,

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<v Speaker 1>the SEC, and the Treasury to update their regulations to

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<v Speaker 1>enable alternative assets. And this is the kind of stuff

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<v Speaker 1>such as private equity, real estate, cryptocurrency, private debt, private equity,

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<v Speaker 1>private debt. By the way, what those are. Those are

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<v Speaker 1>direct arrangements between you, you, one human being, and some business.

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<v Speaker 1>There's no exchange, there's no stock market, bond market behind it.

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<v Speaker 1>It's just an exchange between you and you know, whoever

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<v Speaker 1>is the borrowing entity or taking your capital for their investment.

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<v Speaker 1>Technology these days allows that to happen en mass, which

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<v Speaker 1>means it can look to the sort of like a

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<v Speaker 1>mutual fund, but there are just a lot more or

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<v Speaker 1>a lot fewer guardrails, if you will. So the reason

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<v Speaker 1>they're doing this though, Brian, twelve trillion dollars is out

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<v Speaker 1>there in four to one case that currently is limited

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<v Speaker 1>to mostly stock and bond and mutual fund type investments.

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<v Speaker 1>Obviously there's a lot of people out there who want

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<v Speaker 1>to get their pause on those dollars to push capital endeavors.

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<v Speaker 2>Okay, which you know crypto you know, it's like peace

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<v Speaker 2>of God to me, Brian James. There's so many different

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<v Speaker 2>crypto forms out there, I can't keep track of even

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<v Speaker 2>the names. They seem to come out almost on a

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<v Speaker 2>daily basis. Of course, Bitcoin's the most widely known among them.

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<v Speaker 2>And man, the price of bitcoin has gone through the roof,

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<v Speaker 2>But I mean, are are they really more valuable than

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<v Speaker 2>anything but ether?

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<v Speaker 1>Brian? You know I have said this before on these airwaves,

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<v Speaker 1>and I'll say it again and I'll say it to

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<v Speaker 1>my clients. Crypto has a role. It plays a role

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<v Speaker 1>somehow in our financial world, but to me, not yet.

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<v Speaker 1>It's just a medium of speculation, that's all it is,

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<v Speaker 1>not being We don't even call it currency anymore. We

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<v Speaker 1>just call crypto. Used to be cryptocurrency. Now it's just crypto.

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<v Speaker 1>A currency is something that gets exchanged for other things.

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<v Speaker 1>This is just something we own and we hope the

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<v Speaker 1>price goes up. That's not how it was touted to

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<v Speaker 1>begin with. I believe eventually it will take its role

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<v Speaker 1>there somewhere, because there are a lot of efficiencies and

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<v Speaker 1>things to be gained by doing business on the blockchain, frankly,

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<v Speaker 1>but whether it's bitcoin or dogecoin or trump coin or

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<v Speaker 1>all of that, that's the speculative side of things. So

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<v Speaker 1>I'm a little concerned. I'm not a little I'm significantly

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<v Speaker 1>concerned about people again having way too much access to this.

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<v Speaker 1>So think about it this way. If I'm somebody who

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<v Speaker 1>has never invested, and now I can in my four

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<v Speaker 1>to one K, but I never had the opportunity, so

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<v Speaker 1>I didn't bother to learn. If I just go check

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<v Speaker 1>a box that, yeah, I want twenty five percent or

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<v Speaker 1>fifty or worse in my four to one k and

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<v Speaker 1>whatever the new crypto fund is, then I'm going to

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<v Speaker 1>about to learn a hard lesson about life.

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<v Speaker 2>Well, and it sounds to me like a bubble that's

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<v Speaker 2>ripe to burst. Brian, Yeah, it's tough to say.

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<v Speaker 1>That's not the only thing to hold me back on

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<v Speaker 1>that is that the demand is obviously still there, I drew.

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<v Speaker 1>It's a little different from the other you know, manias

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<v Speaker 1>that we've had in the past, because there does seem

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<v Speaker 1>to be some utility to it at some point. However,

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<v Speaker 1>we are not yet using it that way, and really

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<v Speaker 1>our leaders aren't talking about it that way.

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<v Speaker 2>Yeah, you can't go to Kroger and pay your bill

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<v Speaker 2>with crypto, right.

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<v Speaker 1>They don't want it either, because they don't want their

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<v Speaker 1>unserceivable to bounce, you know.

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<v Speaker 2>And the widely fluctuating value of any cryptocurrency in terms

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<v Speaker 2>of its market value, like thirty thousand dollars per coin

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<v Speaker 2>on bitcoin, and that could change tomorrow, it could be

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<v Speaker 2>worth fifteen thousand. How do you judge the value of

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<v Speaker 2>any given transaction with an ever fluctuating, widely fluctuating market.

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<v Speaker 1>It's all again, all any investment is is the product

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<v Speaker 1>of an auction. That's all the stock market is. What

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<v Speaker 1>does everybody think it's worth right now? Today? Your house

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<v Speaker 1>isn't an auction. Somebody will pay something for it. What

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<v Speaker 1>is the something? Cryptocurrency changes twenty four hours, seven days

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<v Speaker 1>a week. The other thing i'll throw out here for

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<v Speaker 1>those of you who might be excited thinking about this,

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<v Speaker 1>remember if you're dipping your toe in the water, dip

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<v Speaker 1>your small toe, because even if this goes the wrong

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<v Speaker 1>way on you, you will not get to deduct the

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<v Speaker 1>loss because it's tax sheltered all ready inside your four

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<v Speaker 1>oh one ky ooh.

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<v Speaker 2>Valuable point from Brian James real quick here we won't

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<v Speaker 2>have time to dive on really deeply. But is the

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<v Speaker 2>market that competitive for employers out there hiring people that

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<v Speaker 2>they have to offer all these different extra options beyond

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<v Speaker 2>just four one K match and some some medical insurance apparently.

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<v Speaker 1>So we've got some companies out there offering some pretty

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<v Speaker 1>pretty crazy things out there. So there's there's the typical, right.

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<v Speaker 1>So Amazon will cover ninety five percent of tuition for

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<v Speaker 1>in demand career training, Starbucks does similar, Walmart target They're

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<v Speaker 1>they're all helping people get higher educations that's not too crazy.

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<v Speaker 1>That's been out there for a while, but we're now

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<v Speaker 1>starting to see things such as surrogacy, adoption and fertility

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<v Speaker 1>support out there. This isn't a bad thing, it's just

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<v Speaker 1>it's an interesting a step that we're taking. Morgan Stanley

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<v Speaker 1>into a Deloitte or some of the names on that list.

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<v Speaker 1>Here's a crazy one. Some of the fintech providers out there,

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<v Speaker 1>these these are the these are the sort of West

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<v Speaker 1>Coast kind of out there technology companies mortgage as a benefit,

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<v Speaker 1>so on buying education, interest rate discounts. So in other words,

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<v Speaker 1>what they're doing is what is scaring the pants off

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<v Speaker 1>of people, and then let's try to offer that as

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<v Speaker 1>some kind some kind of a benefit to work here.

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<v Speaker 1>And of course this is happening in well, California, because

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<v Speaker 1>that's where people are most scared of them.

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<v Speaker 2>Yeah, no doubt. Who can afford a home in California.

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<v Speaker 2>And of course something Joe Strecker gets paid vacations with

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<v Speaker 2>a stipend company, retreats music festivals there, you go add

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<v Speaker 2>it to the list. Well, if competition's out there, and

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<v Speaker 2>you're gonna have to step up to the plate to

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<v Speaker 2>compete in the market, that's what they're doing. Brian James

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<v Speaker 2>Allworth Financial, appreciate your company for loaning you out every

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<v Speaker 2>Monday for a few segments, and as like today, look

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<v Speaker 2>forward another edition of the segment next Monday. I hope

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<v Speaker 2>you have a wonderful week, my friend, you too. Go

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<v Speaker 2>Reds game and a half out, Go Reds eight twenty six,

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<v Speaker 2>and go cincinnti Va. We're gonna hear from the actually

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<v Speaker 2>every Federal Credit Union golf outing. We're gonna hear the

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<v Speaker 2>details from Todd Kine on that next, followed by the Cincinntiva,

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<v Speaker 2>the return of Todd Sledge. We'll get a recap of

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<v Speaker 2>the Voa Country Music Festival, and then the August twenty

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<v Speaker 2>third Veteran Appreciation Day coming up. We've heard a little

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<v Speaker 2>bit about that. We'll get a little bit more in

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<v Speaker 2>the eight to forty segment. I hope you can stick

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<v Speaker 2>around for that.

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<v Speaker 1>Fifty five KRC the talk station. The Simply Money Minute

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<v Speaker 1>is sponsored by m