Speaker 1: The Communist uprising and your retirement. Zach Abraham joins, a
chief investment officer of Bulwark Capital Management.
Speaker 2: Will do this all courtesy of God Almighty.
Speaker 3: But Todd Herman show is one disapproved by big pharma
technocrats in tyrans everywhere from the high mountains of Free America.
Here's the Emerald City exile, Todd Herman.
Speaker 1: Today is the day the Lord has made, and these
are the times to which God has decided we shall
live in. Joining me now, my friend and brother, Chief
investment Officer Bulwark Capital Management, Zach Abraham.
Speaker 2: Zach will come back to the program.
Speaker 4: Good to be back, man, especially on a day like today.
I saw you on the schedule when I was looking
at my calendar today and I thought, oh kind I
forgot we were going today, And I was like, perfect this,
perfect timing.
Speaker 5: I need to rehash this with my guy Todd here.
Speaker 1: Yeah, and man, last night, I wasn't hopeful for these elections.
But listen to Mondami here. This is why he says
he won. His speech was angry, it was vitriotic. Even
Van Jones says this. But Zach listened to his brief explanation.
Everyone and see if there's anything missing. He describes groups
of people, but tell me if there's something missing in
the groups of people he describes.
Speaker 6: Thank you to those so often forgotten by the politics
of our city who.
Speaker 5: Made this movement their own.
Speaker 6: I speak of Yemeny bodega owners and Mexican abuelas, Senegalese
taxi drivers, and who's beck nurses, Trinidadian line coach and
Ethiopian aunties.
Speaker 5: Yes, aunties.
Speaker 1: So that's an inside joke there, because he pretended that
his aunt was afraid to wear the his job in
New York, even though she never lived in New York,
didn't or the his job. What's missing is description of
these people and their nationalities.
Speaker 5: Americans, same.
Speaker 4: Here, and here's the This is so scary to me
because it is so odd to see people treat this
like moral morality and virtue. Where you go, guys, the
inscription on our coin is ecluribus union out of many one,
not out of one many. When you start dividing up
a constituency into original native land groups, you destroy a civilization.
You destroy it, you nuke the culture.
Speaker 5: It is gone.
Speaker 4: Because that's what everybody is missed about America. The reason
immigration doesn't work right now is the reason you have
a magnet for the exact wrong people. People are coming
for handouts, not for freedom and opportunity.
Speaker 5: Right. So the reason here's the other thing too.
Speaker 4: I'd sit there and say, hey, if you guys want
open borders, you could convince me.
Speaker 5: All you do.
Speaker 4: You gotta drastically increase criminal penalties for people that are
here illegally and automatic deportations if they get caught.
Speaker 3: Right.
Speaker 4: But you can have your open borders if you don't
have any social programs.
Speaker 2: Right, yep.
Speaker 5: Because then.
Speaker 4: When they talk about yesteryear and people coming through Ellis Island,
the only people that came here were people looking for
a fair shape.
Speaker 5: That's it, yep, right, So you have this filter.
Speaker 3: Right.
Speaker 4: We didn't get people's bumps, we didn't get people's ne'er
do wells.
Speaker 5: We got people's people that were.
Speaker 4: Oppressed, and that all they wanted, no guarantee of outcome.
They just wanted freedom of opportunity. That's all they were
looking for, right, And so that was the unifying characteristic.
Whether you were from Uzbekistan, Czechoslovakia, China, Singapore.
Speaker 5: Or whatever, you were all here for the same reasons.
Speaker 4: Yeah, And now that's not the case. And you sit there, Liver, No, No,
what about Americans? Out of many one? What are you
talking about? He is He's a classic example. And I
don't think this is hyperbolic at all. He's the classic
example of the enemy within. And I think it's insanity
not to recognize that.
Speaker 2: I totally agreed.
Speaker 1: He was funded from outside the country at Zorro's funding him,
his mom funding him, others.
Speaker 2: That used to be illegal. And it used to be.
Speaker 1: A controversy when we said African American or Chinese American
or Italian American. I remember articles what about the hyphen
in American? Now the hyphen's gone, So a nation's within nations,
you know. And there's a football metaphor to this I
want to share with you because I think it's an
important one. Then I want to talk about some voting blocks.
It's interesting the further back you get from retirement, the
more likely you are to vote for the guy and
one gender.
Speaker 2: And I'm sorry what I did it again?
Speaker 1: I'm sorry, Zach are attorneys here, okay, one of the
sixty four genders. I apologize, Zach, And I don't hope
I didn't misgender you.
Speaker 2: Are you okay?
Speaker 5: That's like seventy eight.
Speaker 2: Now I'm sorry seventy eight.
Speaker 5: I'm fired up.
Speaker 1: Okay, So I'm going to make a football metaphor here
in a second, because you just reminded me of something.
We have a friend in common, you and I. Steve Anderson,
the guy who runs Renewed Healthcare, the manager partner in there.
So guess who's going and getting stem cells? Is Steve
for lumbar stuff? And yeah he is. He gets thumb
cells tomorrow, his own stuff. I don't know about you,
but there are people in the medical world. They don't
use their own stuff. Think of a back surgeon. If
a backsurgeon tweaked his back golfing over a long period
of time and Steve golfs all the time, do you
think he's going to go, I want surgery first first
cut me. See in Mexico, they don't do that. They
do the least invasive thing first. So I point this
out because the guy is using his own stuff. These
are the stem cells that they get from umbilical cords
and plus to Z only using bbilical cord stuff from women,
they get to know. They actually get to know the
women they tracked the health of the of the women
and the babies during pregnancy and afterwards.
Speaker 2: So just say a little prayer for our friend Steve.
Speaker 1: He's going in for this tomorrow and he'll get his
procedure done, and if he has the same success you
and I had, he'll be back at the game, in
your case of golf, even better than before. In my case,
the game of a CrossFit even better before. It's renewed
r E and U E dot healthcare That Laura Lumbar
stuff man bread and butter for those guys.
Speaker 2: Renewed dot healthcare. Do you remember when, oh gosh, I remember,
I'm forgetting the name of the quarterback that took the
Green Bay Packers.
Speaker 1: Back to the Super Bowl Brett Farm. Do you remember
when they decided to build a super Bowl quality team
and there was a guy named Reggie White. Do you
remember Reggie?
Speaker 5: Yeah, it came from the Eagles.
Speaker 1: Yeah, defensive lineman. He was loved in the in the NFL.
Everybody loved Reggie. People who competed against him, they loved them.
People played with them. He and got together and said
we're building a super Bowl quality team.
Speaker 2: Farv took a pay cut.
Speaker 1: I'll never forget this because he wanted to win a
Super Bowl, so he takes a pay cut to get.
Speaker 2: Better offensive linemen.
Speaker 1: And Reggie White went there because he could. He was,
you know, towards the highlights, the ends of his career,
but still great master. They created this team and suddenly
you had players from around the league go and I'm
going to Green Bay. I got to get to Green Bay.
And it's because they wanted to win a Super Bowl.
It's the inverse of our immigration system. And look what happened.
They won a Super Bowl. They became a dominant team.
This is the history of America. We built a system
that worked. People said, I want to be part of
that system. It was pursuit of happiness, not guarantee of
outcome life liberty, pursuit of happiness. It was getting government
out of the way when we brought people in by choice,
not through slavery. And even after slavery, look what happened.
They succeeded for the most part. So what you've said
of turning the door around this, do you remember when
this happens, who actually.
Speaker 2: Made this happen. And let me, first of all with
the football things, like your football.
Speaker 4: Coach, Yeah, yeah, yeah, no, no, I mean yes, I mean
it read he I wouldn't say it was at the
end of his career.
Speaker 5: I mean he was at the height of his powers. Man,
the Minister of Defense, he was, he was the guy.
Speaker 2: Was he that he was that good at that time?
Speaker 5: Oh?
Speaker 4: Yeah, because he could play up and down the line.
I mean he could play anywhere.
Speaker 5: In the end, he had this he had this power
move where he would he would.
Speaker 4: Uh, he would fake outside and then use his left
hand as a club and he would like with one hand,
would knock over three hundred and twenty pounds offensive line man. Yes,
and you just sit there and you're like, you know,
just unbelieve. Yeah, the guy's and he was Nordain minister,
that's right.
Speaker 2: Yeah, So that added I think Tenna's humility.
Speaker 1: You know what, let's take a little bit extra money,
less money all of us, Let's build a fantastic team.
I remember that move that they tried to teach, that move,
the Regy white club move.
Speaker 5: Nobody could do it.
Speaker 2: No, no, not like he did it.
Speaker 1: So that's the inverse. Do you remember when who in
the Democrat Party made this decision to change your immigration philosophy?
Speaker 5: I don't not specifically.
Speaker 2: Yeah, Teddy Kennedy.
Speaker 5: Oh yeah, yeah, yeah, the lion of the Senate.
Speaker 1: Right, So he decided to change the philosophy of American
immigration from people seeking to pursue to have life, to
pursue liberty, to people who wanted handouts, to people who
needed to be rescued, and not just because we're taking
some refugees. Okay, we're five percent of the world's population.
We've taken in twenty percent of the displaced people's Teddy
Kennedy decided to do this and bring in this massive
change immigration. And can do you think there's a way
out of this now? Like, I mean your numbers, guy,
you think there's a way out of this?
Speaker 5: It's getting sticky? Yeah?
Speaker 4: Yeah, I honestly think you and everre having a conversation offline,
and well, I would ask that people please listen to
what I say because in no way am I waving
the white flag. But we were talking about the frog
and water cognitive dissonance, and I do I do think
you're at a place where, in places like California and
in places like New York, I think pushing back against
this stuff right now is feudal. I think the only
way we win this is by I think in a
weird way, it might be a really good.
Speaker 5: Thing that he won that election last night.
Speaker 4: Mom Dommy specifically, I think that it highly increases the
likelihood that the governor they elect is Republican because you know,
I know this will come as a big surprise. But
the more mom Domy is able to put his policies
in place, it will it will show itself for what
it is really quickly, right, and it's not going to
take long. The other thing is that you're going to
see it. You're going to see it. It'll be interesting
to see what the final toll is. You're going to
see it act a wealth out of there big time.
Speaker 1: Do you think this is a FATA company? I saw
you put on Twitter. You think the PJS is all
in the PJ class? You guys with private jets, you
call them pjs.
Speaker 4: I do, yeah, yeah, yeah, yeah, that's the inside terminal
R right, right, you got to be part of the club.
Speaker 5: You got to be part of the club. Uh so.
And I am entirely joking, So.
Speaker 4: I do think that, and I think a lot of
them will do it because you know, pardon my expression,
but kind of f you that's why, right, I think
that there are a lot of wealthy people in New
York that are very moderate politically and that see this
as the lunacy that it is and are willing to
sacrifice living where they want to live for a few years.
Speaker 5: To make a point that that is.
Speaker 4: That is my belief, having talked to people there, having
heard a lot of people, you know, in my business
industry discuss what.
Speaker 5: They're going to do.
Speaker 4: A lot of them won't divest themselves of their assets
or their or their houses there. What they will do
is they will just stay out of New York for
the requisite amount of time, do not have to pay
tax in the city.
Speaker 1: Yeah, so they live in Florida for the number of days,
which is what half a year plus a day.
Speaker 5: Yeah, I believe that's the case.
Speaker 4: Yeah, and then you can't be there for more than
two weeks at a time because then you start.
Speaker 5: You know, so you got to check in and check out.
I think a lot of them are going to do that.
I think a lot.
Speaker 4: I don't think. I know a lot of them already have.
And I think this is gonna flush out. Like I said,
I think I think this one will precipitate more of
that because it's not so much a dollars and cents
decision at this point. I think for a lot of people,
even the people to consider themselves on the left, and
I've heard several of them say that where they're like no, no, no, no, no,
there's a bridge too far right. Even Clinton didn't support
him for per office. Yeah, so you know, I think
that they're gonna lose was a big amount of their
tax revenue. I think they're going to be in big
trouble financially really quickly. I would expect if he follows
through with what he says, i'd expect the city to
turn into total chaos.
Speaker 1: And this is what the London model, which has happened
in London, and people say, Okay, you're gonna make this
like London. Now, I agree with you in some ways,
it's best to get out of the way.
Speaker 3: You know.
Speaker 1: It's the stupid easy metaphor is you come home and
your teenage son done broke into the whiskey cabinet, had
a couple of shots of whiskey.
Speaker 2: You like you like that?
Speaker 1: Well, it's gets just true. Yeah, let's let's just you
can cheach you a couple more. I mean, don't give
your kid alcohol poisoning. But I'll take a couple more
shots and when you see him start to get woozy,
now is just one last one son, right, Yes, and
I spoke some stogies too, and again you're there, and
there's something to make sure he doesn't, you know, die
and choke on his vomit and do a bellution and
all that. But it is a way to let them
have this, did you know DOMI said he'll use the
long arm tax if people do that. That he thinks
he can reach into Ford and take moneies even if
they're not living there.
Speaker 2: And he can't. Well he'll try it.
Speaker 5: Oh, I'm sure he will, but it'll get struck down.
I mean he can't. He can't. He can't impose that
for people that aren't living in the state.
Speaker 2: I mean, good luck, I did the funniest thing. We'll
go ahead.
Speaker 5: No, and I mean you can't.
Speaker 4: I just I don't think there's any way that that
would pass on the legal Even if you own a
home there, you're paying property tax, so they can't say, well,
they're taking a bit, No they're not. If they're not
living there, you can't say that they're using the services.
They're using things, they're paying property tax. They're still in
net benefit to your to your city because they're paying
that property tax.
Speaker 5: Yeah, whatever, I don't think.
Speaker 4: And I furthermore, I think that a lot of them
will probably if he is somehow able to do that,
I think a lot of them will divest of their
New York assets. And I think you'll see a massive
hit to New York real estate and it will continue
to devalue and they will step back in and buy
that property up when the city regains its its mind.
Speaker 1: So putting on the investor cap a chief investment officer cap,
is this something that you wanted to be ahead of,
like shorting? Can you short New York real estate? I'm
sure there's funds that are made up of East Coast
New York real estate. And I want you to think
about this for a second, the opportunities that exist, and
we need to talk about some of the demographics. And
then these sort of taxes as lawnmark taxes will do
this in Zach Abraham, did you hear this? This will
amuse you. Did you know that in Canada there's a
guy who remember Parliament and he wants to be able
to refer to quoting the Bible and a sermon as
hate speech.
Speaker 2: This is a true thing. This is a true thing.
He is seeking the ability to remove what's called the
good faith waiver in Canada. If you're charged with hate speech,
which you say you're speaking in good faith, you can
have a defense and the Crown may grant you an indulgence.
There's a movie called Disciples.
Speaker 1: In the Moonlight and this is from Angel Studios, and
it examined a group of Americans. This was supposed to
be far off in the future, but it's like next week.
I mean, this could be New York tomorrow. They're smuggling Bibles,
and they're smuggling in utterly you know.
Speaker 2: Ways.
Speaker 1: I did not figure this out until the end of
the movie. I love the Ultimate Easter Egg because I
remember saying to my wife, Oh, they left their Bibles behind.
Speaker 2: All up, they're getting tray. Oh wait, this guy got killed.
He left the Bible behind. You didn't.
Speaker 1: And then I get to that idiot, Oh my gosh,
this is beautiful. Light shines in the darkness. Darkness is
not over. Comment go watch this.
Speaker 2: It's it's Angel dot com, slash Herman, Angel dot com,
slash Herman and.
Speaker 1: Join the Angel Guild. That way, you're not just sitting
there watching, You're helping empower brave Christian filmmaking. It's angel
dot com slash Herman. The demographics on this sack. We'll
get to this in a second. But have you ever
been a hit with Have you ever been hit with
one of those taxes from a state you don't live
in and they call this a franchise tax? Have you
ever had that arrive in the mail of the franchise
tax thing?
Speaker 5: No, I haven't, I've never Yeah.
Speaker 1: No, okay, So way back in the day, I did
a consulting gig for Comedy Central and they brought me down.
Friend of mine, Liz, brought me into this deal. I
was in California for two two weeks. One week, get down,
going to investigate, another week to go back and present
what we suggested they do. They paid us a good
amount of money for this project, really good amount of money,
and get home, you know, report that to my taxes.
I get a letter from the state of California, you know,
a sitcom tax like what I worked on a project there,
I owe you income tax. So you know how I
approached this is I wrote them back a letter and said,
I am prepared to pay this tax.
Speaker 2: I have set aside the funds.
Speaker 1: Please introduce me to my representative so that I can
have some questions about this, because since I'm being taxed,
certainly I have a representative in the state legislature. Just
please introduce me to that person. The minute I meet
my representative, I will write a check for these taxes
and send it to you. They never came up, They
never said a thing. It just went away. How could
they kind of don't have a representative.
Speaker 4: I wonder why pro athletes pay that tax, because every
time a pro athlete plays a game in California.
Speaker 5: They pay that tax. But you're you're right, I've never
thought about that angle. It's unconstitutional. It's taxation without representation.
Speaker 2: Blatantly inconstitutional.
Speaker 5: Yeah, if you can't vote in the state of California,
you can't pay in come tax.
Speaker 1: Yeah, blatantly in constitutional, every single one of the right.
By the way, if you're an nflation should you and
you take advantage of this, I'll give you my email address.
Speaker 2: You can send me a.
Speaker 1: Just a up because it's okay to take a rank
on something like that. Right, that's what agents do.
Speaker 5: Well. I mean they should. Yeah, I mean they should.
Speaker 4: They should be paying me. I mean I can't wait. Yeah,
I mean if they yeah, I mean well, I mean
you know you could. You could throw a little my
way too. I mean, this is a collaborative process.
Speaker 5: We're a poet. We're doing it together.
Speaker 2: Man, right, No, I wouldn't be anywhere near where I.
Speaker 1: Am without you, So of course I'll give you a
percentage in. That is the demographicsir Zach. You want to
talk about fear, so you can look at men. This
is Arua Madami men eighteen twenty nine young guys uh
sixty eight percent men thirty thirty four sixty six men's
forty five sixty four or forty five sixty five plus
thirty five four mandami women, Zach, eighteen to twenty nine,
eighty four percent. You look at Mike Cheryl women eighty
one percent, eighteen to twenty nine. You look at Jay
Jones women eighteen to twenty nine, seventy six percent. You
look at Abigail Spaanberger, who's insane, women eighteen.
Speaker 2: To twenty nine percent.
Speaker 1: Now what do you think? What under what delusion delusions
do you think they're voting?
Speaker 4: I think it's I think it's really interesting that this
is happening at the same time that you have this
kind of unprecedented amount of people in that same age
group that aren't dating, aren't married, aren't aren't having families.
And when you look at the data, it's very abnormal, right,
Like it sticks out like a sort And in a
scenario like that with cultural breakdown, I think that the
men have a big part of the blame.
Speaker 5: I think way too many men are not, for a variety.
Speaker 4: Of different reasons, attractive partners, and I think when that happens,
I think that women and I don't mean this in
a sexist way, but I think the average woman, especially
between the age of eighteen to twenty nine, start probably
looking for some of those things that they would previously
look for in a partner. In elected officials, So they
start looking at Yeah.
Speaker 5: They start viewing politics more through it.
Speaker 4: And I don't mean this in a sex of sexist
way at all, but I think they start looking at
politics and they start ascribing more gravitas to it than
they should, in the sense that I think that they
started tying and attaching emotional emotions to it, feelings of security,
looking for government to play. I mean, just think about it,
like I mean, if you're a twenty seven year old
woman and you're married to a really great guy. It's
a really good provider, protector, you know that kind of stuff,
and good husband, and then you're looking at a twenty
seven year old girl who's single, who can't find a
good guy. I think it's kind of illogical to not
think that their worldview is going to be somewhat different.
Speaker 5: They're probably going to be voting for.
Speaker 4: Different things, and it's only natural, I think, for the
twenty seven year old girl who's not married.
Speaker 5: To look to government to play some of that role. Right.
Speaker 4: And then when you look at how the fact that
if you look at Gen Z's and millennials, the other
thing I think is pretty hard to argue is that
they are probably the least educated generation. Maybe not in
some ways as far as book sense, but as far
as street sense. You know, the amount of jobs they've
had by the time they're twenty one, right, just life
experience and things like this. I think you're looking at,
you know, one of the least hard working for a
variety of reasons, and I don't think they'll always stay
that way, but one of the least independents, one of
the most the most caudal generations.
Speaker 5: In US history.
Speaker 4: And I think you add all that stuff into those dynamics,
and and I think it makes perfect sense. And the
other thing I think that you have in here is
that you have it's really ironic, right, The stability that
free markets and capitalism have provided is the very thing
that makes these people feel comfortable voting this way. Yeah, right,
it's it's because yeah, because no no election outcome has
ever meant a negative change to their lives, right, I
think of right, really right. I mean you'll see it
on the streets, lamenting and freaking out and protesting and
screaming from their nether regions, you know, at Trump.
Speaker 5: But in reality, what really happened nothing.
Speaker 4: There was no there was no negative consequence except a
reduction in crime rate.
Speaker 2: Yep, there's been.
Speaker 1: There's there's a poll that NBC News put out and
they snuck in a question here that I don't think
they know they snuck in, But they asked about the
outlawing of having a miscarriage, because you know, it's the
legal of a miscarage.
Speaker 2: Well you know that, No, I don't, No, No, you
can get cross having a miscarriage because it counts an abortion,
because you're going to be denied adnai. So you're not
gonna be able to have the baby if you have
a miscarriage removed, if you can report that it's counter
as an abortion and you're gonna be forced to carry
around the dead feetus in your body. You did not that.
Speaker 1: No, there were twenty eight percent of women who counted
that as among their concerns.
Speaker 4: Look, I'm sitting there listening to interviews with people on
the streets and they're literally sitting there talking about mom
Dami's policies and talking about government run grocery stores and
how that's going.
Speaker 5: To lower prices.
Speaker 4: I know, and it's I mean, everybody listening to us
knows this. But that literally is like watching somebody take
their shirt off, walk to the end of the dock
and fully believe they can jump in lake without getting wet.
Speaker 2: I know what I mean, I know, and it's it's right.
Speaker 1: But what they've done, the Democrat Party one day, Zach,
what they've done to women eighteen to twenty nine years old.
Speaker 2: What they've done.
Speaker 1: There's a Now there's a new site called wine mom Antifa,
and it is tracking otherwise, ordinary moms who've gone from
sipping wine to flirting with and getting into Antifa because
they believe that same sex attracted people and black and
brown people, the same sex attracted people are going in
the camps, and black and brown people citizens are being removed.
They believe that Trump is removing black and brown American
citizens driving through cities because they're black and brown.
Speaker 2: Have you had the talk with their kids yet? If
they see dhs?
Speaker 1: But wait, I'm sorry, they have the country club card, right,
I'm sorry because if they'll just pull out, No, here's
my country club, golf card, my swimming.
Speaker 2: Oh okay, sorry, private school card? No, sorry, no that look.
Speaker 5: And this goes back to where we're at.
Speaker 4: I mean, and I think social media ironically, like I've
said before, I think we'll look back at social media
and see it as the tower of Babel, meaning we
all marveled at our technological advances and we can all
speak the same language, and then this technological advance blew
all that up and and and it nuked communication because
you have I mean, it is so we we've had
political debates in this country since the beginning of its inception, right,
what we have not done is had arguments about things
that are so obviously true or false, like somebody having
a penis being a woman or having a baby like you,
And you look around and you go, this is so nuts.
But this is literally how cultures tare themselves apart. Right,
You've got these people that believe all these things that
just aren't true and and and it it happens through
the ability or or lack of education of the populace
and the ability for those in the PA like that's
I can't believe that nobody talks about that.
Speaker 5: We talk about hate speech or inflammatory speech. What about
what's said.
Speaker 4: On the media every single day? Well what about when
calling these people fascists and all? And you know, how
is that not inflammatory speech? And you've got, like I said,
you've got forty to fifty percent of the country that's
running around that believes somethings that is objectively not true.
And it's crazy, especially coming.
Speaker 5: From the people to talk about misinformation.
Speaker 4: This gets us back to talking about none of this
makes sense unless you look at it through a spiritual ends.
Speaker 2: Oh no, I hate to no, it's not forgottedness.
Speaker 4: No, no, no, no.
Speaker 5: No, you can't say, can't say, can't reference the Bible right.
Speaker 1: And God told us Expect times like this, wars and
rumors of wars. Expect people who ignore sound teaching and
chase after false teachers, who wish tickle. They're wishing their
itching ears. And what we're seeing is people lording their
power over others, the hearts of many growing cold, people
who want to claim to speak of God, but none
of the majesty and of the divinity, et cetera. And
that is what we're seeing.
Speaker 4: The other thing that the other thing I think is
interesting here is it's not normalized.
Speaker 5: I think for one of the groups it is.
Speaker 4: But if you look at the left, you look at
this whole, you know, woke and all that nonsense.
Speaker 5: Who are the two groups? There are two groups that
are not afforded the same.
Speaker 4: Rights deferences, all that kind of stuff. There are two
groups that for some reason have been castigated and do
not get any protection from the last.
Speaker 5: Do you know what those two groups are?
Speaker 2: I can guess.
Speaker 5: Christians and Jews.
Speaker 2: Yeah, and white yeah, yeah.
Speaker 5: Yeah, especially if you're white.
Speaker 4: That's the other thing that weirds me out is when
you see a rise, an irrational rise, frankly, on both
sides for political aisle, which I find revolting of anti
Semitites and anti Semitism and simultaneously a turn against Christianity.
Speaker 5: The game is.
Speaker 2: Afoot m hm.
Speaker 4: Right when you see those things, you are not fighting
principalities of this world.
Speaker 1: No, And look, you can critique the government of Israel
all day long and you don't have to become a
Jew hater.
Speaker 5: Yeah right, yes, it's it that.
Speaker 4: I mean, that's like saying I mean, for instance, it's
like saying I hate I hate Carnie, and therefore I
hate all Canadians.
Speaker 5: Ridians are really nice people.
Speaker 2: Yeah right, I'm not anti Canadian exactly.
Speaker 1: Okay, I want to ask you about buying signals near
the apocalypse, So when we're getting towards the end days,
because just now less minute, we took one step closer
to the end days.
Speaker 2: No one knows the day at the time. But I
want to ask you this because we're talking about on
DOMMI these signals.
Speaker 1: The culture war continues. What's gonna happen New York? I
was thinking about Ken you short New York realistate, could
you have done this? So we'll talk about this in
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Speaker 1: All right, So here's where we're at. Were wars and
neervers of wars. We have the uprisings against the Christian faith.
We've got uprisings against the Bible attempting to stop out
God's word. We have countries being formed within countries, division
on top of division, and now an avowed so called
democratic socialists, funded from people outside of our country here
to defund.
Speaker 2: The police, seize property, take.
Speaker 1: Apartments from others, give to some, and government grocery stores
now putting on the chief investment officer hat at Bulwark
Capital Management A Could I have shorted New York rial
the States and be fixing to make a big amount
of money?
Speaker 2: Could I have done that?
Speaker 5: Maybe in some way, shape or form.
Speaker 4: There's probably some opportunities out there, but generally speaking, no,
it's and it's really it's really hard to short real
estate on that tide of a regional.
Speaker 5: Basis, Okay, you know what I mean?
Speaker 4: Yeah, so that that would be tough, but I but
I do think that there are other ways to benefit
from the stuff you.
Speaker 5: See going on.
Speaker 1: Oh oh good, I'd like to benefit from the destruction
of a good portion of our country. So so how
do we benefit from the destruction of the entire Eastern seaboard.
Speaker 4: So I look, I actually I'm going to say it's
fairly easy. And I think it's fairly easy in in
in concept. The execution of it is is definitely more
difficult and requires a lot more work. But you are
looking at a scenario. Now, Look, I want to talk
about this with no hyperbolely involved. Let's just and I
and I and I think it's I think it's best
to do that. So we can just focus on the
things that we know, right, Like I always say in investing,
try to sit aside as many other things you can
to look at just the fact right, set your politics aside,
set social b said, you want to just analyze the facts.
Speaker 5: So you're the facts.
Speaker 4: You are looking at a US stock market, an asset
market in general.
Speaker 5: Housings at all time, and affordability as well.
Speaker 4: But you're looking at US or US stock market that
is in i'd say ninety eight percent of different metrics
at by far and away the most overvalued has ever
been in history. Now, that overvaluation, I think, in all
reality is significantly more than any other time in history
because you've got certain things that make the valuations look
more tame, like stock based compensation, which is being used
at a record amount, all these different tricks, segregating different
liabilities off in a.
Speaker 5: Special purpose vehicles.
Speaker 4: There's a lot of different things right now that if
you undid those things and you actually looked at these
corporations in a way that a detailed investor would, you'd
come back and say, okay, actually value an all time high.
There's a lot of things in there that are that
are I don't want to say artificial, but window dressing
to make valuations.
Speaker 5: Look look lower. Okay, so there's an overvaluation problem.
Speaker 4: But here's here's the more interesting problem. There are a
lot of stock markets out there in the world, right,
There's a lot of stocks in the world.
Speaker 3: Right.
Speaker 4: They can think around the world, Europe and you know, Russia,
and you know all over the place, China and Japan,
all that kind of stuff. When you look at the
MSCI World Index, which is an index of the largest
stocks in the world, very representative of the international right,
the whole international community.
Speaker 5: Think about this.
Speaker 4: Of the MSCI World Index, thirty percent of the MSCI
World Index is the top seven stocks in the United States.
Speaker 5: That's thirty percent. That's seven.
Speaker 4: I didn't say the s m P five hundred made
up thirty percent of the MSCI World Index.
Speaker 5: I said seven stocks did. Okay.
Speaker 4: Now here's the crazy part. We are the largest economy
in the world. The second largest economy in the world
is China. By twenty thirty, as it relates to GDP. Now,
we will still have a far more productive economy and
will have a much higher GDP per person, But in
terms of total size of the economy by twenty thirty,
US and China are going to be relatively not connect. Okay,
So you look in the MSCI World Index at China stocks,
all of China, their stocks make up three percent of
the MSCI World Index. So, regardless evaluation, what you are
seeing right now, that is an absolute historical anomaly. We
have no comps the amount of concentration of global money
in US stocks and the lack of concentration of global
money everywhere else. You have never been more historically tipped
the other way. The difference in valuation of our markets
compared to every other the market has never been wider.
And what I think what you want to do here
is you've got a generational opportunity that we haven't seen
a setup like this in fifty years.
Speaker 5: Meaning literally, you've.
Speaker 4: Got you've got you've got markets and things that are
breaking twenty five year down friends to the S and
P five hundred twenty five years. So what what the
deal is is while everybody and their mother keeps throwing
money at ridiculously overpriced US.
Speaker 5: Stocks, they're giving them away in other parts of the world.
Speaker 4: And it's look, there will be ups and downs, there
will be volatility, But if you are not looking at
natural resources, commodities and international stocks, you're not an investor.
Speaker 5: You're not an investor because.
Speaker 4: Every every portfolio I look at Todd, guess what they
all own, they're all loaded up in those same seven stocks.
And meanwhile, I'm looking at them and the reason that
they're loaded up and is because they've done so well.
And I'm sitting there going, guys, yes, but look at
the valuations.
Speaker 5: Here. Here's the other thing. You look.
Speaker 4: Look at the valuations of these companies in terms of
just large numbers. Okay, Palenteer is everybody's darling right now, right.
Speaker 2: Yep, we got here Palenteer right here, yep.
Speaker 3: Yeah.
Speaker 4: So so Palenteer is doing four and a half billion
dollars of revenue, okay, yep, and they're at a five
hundred billion dollar market cap, so they're trading at one
hundred and twenty times revenue.
Speaker 5: Here's the issue.
Speaker 4: Okay, if let's say you, if you're buying Palenteer right now,
you must think that that stock is going to go up, right, like,
that's why buy stock right right?
Speaker 5: By?
Speaker 2: Low so high.
Speaker 4: So let's say your thesis. Now, now, Palenteer is growing revenues.
They've got a really healthy growth rate. They're growing revenues
at forty five to fifty percent.
Speaker 5: Okay. Let's say they hold that growth rate for the
next five years.
Speaker 4: Okay, and let's say that be you know, fifty percent
a year compounded for five years would put you up
around four x four x thing of your revenues. Okay, okay,
So if over the next five years you four extra revenue,
which is incredible growth, right, that's unbelievable, what is your
projection for the stock? If your four extra revenue, you're
probably hoping the stock triples.
Speaker 5: Right, Well, here's the issue.
Speaker 4: The if you if you four x the revenue like
we're talking about, Yeah, okay, you go to twenty billion, right,
if you get a two or three hundred percent gain
on the stock because your four x the revenue, you're
looking at a market cap of what so one point
five trillion dollars.
Speaker 5: So now now you've got.
Speaker 4: A company that's doing twenty billion in revenue with a
one point five trillion dollar market cap, meaning that you're
up against the law of large numbers, like for the
stock to move up anymore. A five percent move higher
in the stock equates to six years of revenue at
the current rate.
Speaker 5: So you're looking at it and going so.
Speaker 1: If Palaginer tried to sell the company, Let's say they're
doing that twenty billion and they go out they want
to sell the company outright, Okay, let's just pretend this
is the case we want to sell, and you can
have strategic implications. You know, they're going to be part
of the surveillance state, they're tied into the deep state,
so this could be strategic reasons, so they could be
a strategic bonus, right, right, and you go to investor.
Speaker 2: You say, okay, so what are your revenues? Twenty billion?
Twenty billion? Okay, what do you ask for the company?
One point five trillion? Yeah, right, so that's a big
business stuff. Zact.
Speaker 1: The way you're describing this and these seven companies, it's
just insane. Let me in a second. I want to
blow this down the small business. But while we're on
the topic of small business, we're going into the Christmas
season and Alan Soaps would make a fantastic Christmas gift
for a couple of reasons. Number One, it's the world's
best soap. It's made in America, all natural. The family
that makes this, this is what they do like this
is the family gig and they've done this for three generations,
so they're experts at this.
Speaker 2: All natural.
Speaker 1: There's not a chemical in this stuff. It's designed. The
fragrances are unique, designed by young Allen who works there
and he's not would be employable elsewhere, not because he
can't work, but because he's nonverbal and he's been he's
impacted by movement patterns that are unique. He has been
through eighteen operations. His brother Ian works there, also impacted
by autism. It makes a great Christmas gift because number one,
it's the greatest soap in the world. Number two, it's
made in America. Number three, you get to tell the
story of why the soap company. The soap company exists
to employ people like that, right, and it is a
mission bigger and better than just soap. Go to allansaps
dot com, slash Todd, use promo code Todd to get
temper sent off all their products and yeah, su you know,
get subscriptions soap for people like particular kids they need
soap all the time by a subscription plan, Alan soaps
dot Com and slash Todd. So that was big business
of Zach. I just mentioned a small business. Let me
give you kind of a small business metaphor for this.
So if you were going to go buy a fruit stand, well,
let's say a coffee stand. You go to the coffee
stand and you say, you know what, I lived here
here my daughter, you know, she wants a place to work,
and I kind of just want a retirement job. I
came out with people, what are your yearly revenues here?
You know, where do we do a quarter million? Oh
it's not bad soul coffee shop and yeah, you know
we sell some merch and some stuff, some meals.
Speaker 2: Okay, cool?
Speaker 1: So how many employees are I get three? What are
you paying them thirty grand a year? What do you
want for the place? Twenty two million dollars?
Speaker 2: Sweet? Is that relatively spot on to what we're talking
about here?
Speaker 5: Yeah?
Speaker 4: And the and here's why overvaluation almost more than anything
when you look at historically the lam's investors mostly retail investors, right,
even retail investors that are doing their doing their homework
a lot of times because they sit there and they
watch the arc of the stock and they're reading the
company results every quarter, and they're going, well, they're still growing, right,
the narrative is still in place, so the stock will
keep going up.
Speaker 5: But then you forget about Microsoft.
Speaker 4: Right, So the old story from Mike from two thousand
and two to twenty twelve, Microsoft stock went nowhere, Right,
It made no money over a ten year.
Speaker 5: Period of time. The stock went nowhere. Over that same
period of time, revenue tripled. Okay, And people go, well,
why didn't go anywhere?
Speaker 4: And you go because when at the beginning of that
ten year period it was trading at one hundred and
two times earnings, it needed to triple its revenue to
catch up to its valuation. Right, And so this is
what happens in manias is stock prices get detached from
the actual underlying cash flows and what people forget and
pallunteer shareholders. I put in this same place, Guys, you
currently are buying this thing at a price where it
is virtually impossible on a cash flow basis for you
to be profitable in this trade in the.
Speaker 5: Next ten years. Like it's it's it's virtually mathematically impossible.
Speaker 4: Yeah, and unless they do it, Nvidia and five extra
revenue over the course of a year and a half, and.
Speaker 5: I will just tell you you'll probably never see anything
like that again. I mean, it was a complete anomaly.
Speaker 4: So it just it doesn't make sense that the part,
the part that gives you heartburn note Todd is then
you look around internationally, they're given stuff away. I mean
they're just given stuff away. And it's it is a
it is a generational opportunity.
Speaker 5: And not only is it that I think people are going.
Speaker 4: To get smashed in US stocks. I think they're going
to get smashed for a while. And I think at
simultaneously they're missing out on one of the greatest. I've
never seen a buying opportunity with assets like this at
prices like this in my career.
Speaker 5: I've been doing this almost twenty years.
Speaker 1: There you go, So Zach explained the solid explanation. And look,
if you will go to Mexico and say, oh my gosh, honey,
they've got a leather jacket here for ninety nine bucks.
This is six hundred bucks in the States, and you
purchase it, then you should be looking at the international stocks.
Speaker 2: I mean, that's me. I just like to boil it
down to my monkey brain thing.
Speaker 1: It's great to talk with you. Great forgetting thank you
for the wise Council day. We miss you over here, uh.
Speaker 2: I know.
Speaker 1: You know I've talked about this tour to Tupelo and
some of these speaking dates and you coming out and
meet some of the folks.
Speaker 2: We need to do that. But we need your folks.
We need you to get back over here.
Speaker 4: You know. Yeah, My wife and I always talking about that.
It's been a while since we've been over there.
Speaker 5: Are you. Are you guys doing that that conference again
in like February.
Speaker 2: Yeah, and you got to come to that.
Speaker 1: We got to come to that love to and we'll
give a speech and we'll speak together and you can
meet a bunch of the folks, and then I'm committed
to the trip.
Speaker 2: Down to Mexico.
Speaker 1: I just got the numbers and the people got to
be there for renew got that's a little bit of
travel coming up. But we need to get you back
over here and do let's do a private event where
we just sit down and we bring folks in and
you answer questions, and we'll do it at a pizza place,
a certain pizza place.
Speaker 2: I'm not supposed to mention anymore the key.
Speaker 4: Okay, why can't you mention it anymore?
Speaker 1: It's a licensing thing and they, you know, make pizzas
with I'm just kidding.
Speaker 2: I'm just kidding, trying to play big timer and all that.
Speaker 1: All right, Zach Abraham, Chief best Officer, Boward Capital Management,
thanks for joining us, and we will do that again
next week.
Speaker 2: This is the Todd Herman Show.
Speaker 1: Please go, be well, be strong, be kind, and please
make every effort to walk in the life of Christ.