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Speaker 1: Well, he's up north in what they call the United States.

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They don't know how to say that properly. I'm down

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south in Mexico. But Zach Abraham and I are going

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to talk and we're going to visit about the economy,

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the tariffs, and what's Bulwark doing in comparison to the market.

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We'll talk about all of this with the help of

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Visible that's go visible dot com and of course God Almighty.

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Speaker 2: But Todd Herman show is one percent disapproved by big

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pharmer technocrats in tyron severywhere from the high mountains of

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Free America. Here's the Emerald City, Exime Todd Herman.

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

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are the times through which God has decided we shall live.

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And it's my joy to look across a screen and

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see my friend and brother, Zach Abraham, Chief Investment Officer

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Capital Management.

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Speaker 3: It's good to see your face. Man.

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Speaker 1: I'm I'm telling you you are going to love it

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down here. I've had such an incredible time. I know

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you've been in Mexico, but man, I just have.

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Speaker 3: I've just loved this.

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Speaker 4: I we're pumped with my wife and I were actually

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talking about it last night. I'm really I'm just I'm

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really excited. I love There's something about Mexico and the

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Mexican culture that I've always that I've always found really inviting.

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I love the people. You know, the country has its problems,

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like every country does. There's something so endearing about the

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Mexican people in the Mexican culture. I love the food. Yeah,

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I'm just I've always I've always been a fan of that,

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the Mexican people in the culture.

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Speaker 3: It's always same.

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Speaker 1: I've never had this heart pull. And I want to

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talk with you about this because it relates to tariffs

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and our economy and the fakir of our economy.

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Speaker 3: Let me just ask you, because I'm just not going.

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Speaker 1: To pretend, but you could have just dropped an economic

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good bomb for people who use Bulwark. And you are

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very honest. When you guys have a down cycle, you

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talk about down cycles, but tell us about how bullwork's

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doing right now.

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Speaker 4: Yeah, So whenever I talk about this, I need to

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be careful because there's there's very tight regulations about you know,

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pressing or discussing in public returns and things like that.

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But anyway, and this isn't our entire clients accounts. It's

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the portfolio that we manage, which makes up the majority

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of our client stockholdings, but all of our clients are

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positive on the ear and the value portfolio that we

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manage that again makes up the lion's share of our

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client's equity holdings. We're up five percent maybe a little

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more after today on the year, markets down about nine

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or ten after today, and I think the importance about

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that is we're not in that spot. And this is

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what I want people to understand. We're not in that

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spot because we're the only ones that ought to do this.

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We're not in that spot because we made some really

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cool trade that you're going to hear about on CNBC.

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That's we're where we're at because we are buying value,

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we are buying asset. We are doing fundamental research that

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nobody's been doing for a long time because people have

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gotten lazy, and we're buying things that make sense. And

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I was just talking to my one of my traders

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and I head of research, and we were laughing about

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how this is the most boring out performance we've ever

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had because we've traded less than we have all year long,

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Like this isn't active. We're not all over the place.

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We just got a bunch of really good things that

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are very undervalued. You know, gold. You heard me pounding

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the table on gold for the last six months. New

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all time highd gold today, So that has helped too.

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But again, you know we're talking about gold. This isn't

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some sexy tech company that nobody knows about. And you know,

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everybody's been on a roller coaster and and and on

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this free profit ride for a long time, and people

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have forgotten that valuations and cash flows and fundamentals really matter.

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And when you're looking at it that through the through

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that lens, there's a lot of wonderful stuff to be

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had out there. I think it's actually an exciting time

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if you're looking at it through the lens of things

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that have worked for the last ten to fifteen years.

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I think you're in trouble, and I think you're about

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to be in more trouble. I don't think that this

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is I don't think this has resolved itself. I don't

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think the US market's done going down. I don't think

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we're on the precipice of a giant black hole. But

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really interesting we're looking at charts today, Todd and remember

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I've said all along, I don't think that we're going

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to have a huge crash. But what I do think

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is that it's highly probable that US markets are going

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to underperform for a very extended period of time. We

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are five percent away from a level on the SMP

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five hundred, five or six right in there where if

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we get to that level, the US stock market, the

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S and P five hundred will have been flat for

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four years straight. Okay, yeah, and it makes sense because

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you got so overvalued that it's taking time to digest it, right,

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But now you've got a situation where Earning's outlooks are

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starting to go down, right. So, and I think, look,

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I think that that I've longed thought that that's going

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to be the way that this resolves, because that buying

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the dip. Every time the market drops, you get dip

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buyers coming in because it's worked for so long. Right, Well,

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well guess what happens. The dips aren't holding right there.

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And so what I think you're gonna get is you've

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got a bunch of people, and I hate to say it,

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but a lot of the listeners listening to your show

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are in the same spot because everybody is, but they've

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owned these stocks that have worked for so long and

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they've quit looking at the fundamentals. We had an investor

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come in and he's got about six hundred thousand dollars

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just in Applestock, okay, and he's made a ton on it,

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and he didn't want to sell it. And he goes, well,

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I don't think. He goes, well, it's dropped, it's cheaper.

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And we looked at him and said, you own an

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uneconomical asset, and he goes, what do you mean? He goes,

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the company is no longer growing. It's sales in China

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are going to be even worse this year. You can

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bank it and it is sporting a growth valuation and

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it is not growing. Okay, you need to ring the register.

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And we've been playing the same game for so long.

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And I think what's going to happen is you're gonna

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get these violent upswings where people think, oh, you know,

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it's done again, and after a few years they're going

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to look back and go, oh my gosh, we're down

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forty We're down forty percent, right, and and it kind

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of snuck up on you. And and the sad part

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about it is there is so much good stuff out there.

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They you know, you look at the way gold is run.

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Gold miners are up today. The gold the gold miners

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are getting cheaper and cheaper and cheaper because they're not

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keeping up with the pace of gold. Gold isn't teariffed

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they anyway. There's so many. That's the tough part about it,

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because you go, not only are you walking into a buzzsaw,

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but this isn't that complicated. You don't need to do this.

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There are a bunch of other things. You're just going

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back to the well won too many times, man.

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Speaker 1: So that's that's frustrating for you, being the business of

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shepherding our money. I do thank you for viewing it

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that way. Is shepherding our money and doing you know,

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paying attention to and managing their gifts God gave us,

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that has to be insanely frustrating. It's like me when

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I'm in when I'm in a state where people are

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asking me to explain something like why do Democrats think

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this makes sense? Why do they concentrate on defending illegal

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immigrants versus American you know, citizens and what? And I

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will give them all the explanations. They can't afford to

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come off that that pitch. They can't afford to come

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off that scenario. They are just trying to wait Trump out.

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They intend to go back to the same thing. And

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it doesn't matter how many times you say it, or

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you know someone in Washington State like, oh, well this time.

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Speaker 3: We're going to turn it around this and no, no

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you're not.

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Speaker 1: So let's expand on this a little bit economically, because

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my heart is changing in Mexico and I'm I got

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to tell you, I'm a little bit afraid of how

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it's changing, and you are complimenting me, you know, because

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I've been out on the I've been getting treatment at

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renew and this has been fantastic and part of ourtivit.

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You gave me this compliment that I'm looking lean. Thank

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you for that. Muscular I'm going to tell you guys,

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the Bioptimizer's product, the mass Simes product, it makes a difference.

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Speaker 3: And I'd say this to you too, Zach. This stuff.

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Speaker 1: I can tell the difference now that I've been taking

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this maniacally for about six months and I'm doubling, tripling

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down because I won't be able to do really insane

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CrossFit for a little while because of the injection I

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had in my lower back. So I'm going to do

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this with mass simes to create sixteen hundred times more

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amino acids in your body just based off the protein

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you eat. That came out of a research from Berkshire

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and Irish University in Bosnia, and it's a couple of

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pills a couple of times a day. I'm going to

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be tripling that down. So if you're at any age

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you want to grow a muscle, gain muscle, or you're

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at a certain age where I want to just maintain it,

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go to Bioptomizers dot com slash tidg use Pumbo Codade

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to get tempercent off all of their products, including Bioptimizers

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Magni or Bioptimizers, mass Simes ten percent off and subscribe

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to the products you need. And trust me, I could

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point you over there at sitting right on the desk

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in the hotel room. I wonder with the with the

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the cleaning staff things when they're come into my room,

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because there's all these powders and here's a white powder

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and I've actually got a tablespoon down here to take

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my creatin. I got to wonder when the housekeepers are

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going back, and I think we've got you know, remember that.

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Speaker 3: This guy's got he's got a spoon and a white

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powders room.

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Speaker 1: Maybe we should bring in the federal allies. Keep like

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to wonder if I'm going to come in, there's be

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a federal allies. So let me take what you were

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talking about with your economy, with the economy the United States,

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we need to talk about the tariffs and Trump coming off.

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I'm sorry, I'm sorry, he blinked. I'm sorry. Uh, he

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backed down. I'm sorry he got scared or and he

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came off of the phones and the hot screen TVs

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helped me process through this emotionally and economically. I'm troubled

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in Mexico, and I will tell you why is because

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I see this beautiful resort I'm in and people here

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have good work. They're paid to be nice to us,

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and I want to believe they're nice people, and I

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think they genuinely are. I've I've I know, I've created

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friends here at the renew Healthcare Clinic. I know because

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of the conversation we've had and the way we hug,

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you know, goodbye. And I'm looking at these resorts taking

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over the old haciendas Old Mexico. I see downtown part

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of Art that they're building these towers that are for

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tourists or expat Americans and Canadians. And in the case

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of America, so much of our economy is sugar high

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conjured Fiat currency driven. This this deal with the devil

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of the Chinese Communist Party underwriting these false high profit margins,

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and we export that zach down here where we can

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come and quote afford things that the Mexican people cannot.

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And I'm not the ugly American thing. I'm not embarrassed

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in my country. I love my country. Mexican citizens largely

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love theirs. But man, I'm feeling a little heartsick of

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them down here because we're exporting financial fraud in the way.

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Speaker 4: Yeah, and I had a very similar feeling the last

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time I was down there. I've got an uncle and

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Anthet lived down there half of the year, and they

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are two of the kindest, most wonderful people in the world.

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And because of that they have made friends not with

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just dex pats, but with a lot of locals, right,

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A lot of people that worked there, not rich locals,

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working class locals. And so I got to hang out

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with some of those people. The last time I was

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down there, and I felt much the same way. I

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felt a mixture of sadness and I felt a mixture

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of disgust, both things that our government has done to

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perpetuate this. Because you go in these areas and you

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sit there and you're looking at this country that has

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such unbelievable resources, beautiful land, natural resources, metals, gas oil.

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I mean, you name it right, It's a rich country,

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and yet there are so many that are destitute. And then,

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like you said, to exacerbate that, now US capital is

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flying out, and capital from other parts of the world

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as well, and it's it's increasing the desperation, or it's

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it's it's exacerbating the issues and like you said, gentrifying

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it making it even even more expensive for those people,

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in pricing those people out even further. And I think

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that these are you know, these are obviously multifaceted, really

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complicated economic discussions, but there's no question that that what

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we've done here in our country by way of monetary

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and fiscal policy, I don't think has helped that situation

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at all. But you know, I think I think the

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biggest issue that we face and this is a little

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bit more esoteric and a little bit more philosophical, but

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I keep coming back to it because I don't think

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that there's a way out or or or a way

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back to normal or or or a way to even

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the imbalances without no bless obleege. And I was I

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was just talking about this with with my with one

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of my employees, right with which is with nobility comes obligation, right,

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the old French saying, and that is that has disappeared

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from society, right, meaning when when when you get rich?

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And I'm gonna I'm gonna steal the words of my

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one of my coworkers, my head of research, and he said,

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you know, look at these tech billionaires. They get rich,

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they're not in the inner city helping kids out. They're

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in the city building or they're in New Zealand building

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exotic underground bunkers to save themselves. Right, And and where

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did no bless obliege go? Where did once you get ahead,

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when God has blessed you and you've been given more.

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I was having a discussion with my boys this morning.

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We do a Bible study once once a week, and

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we were having this discussion, and we live an extraordinarily

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blessed life. And what I was telling them is, I go, guys,

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God does not need another rich jerk. If you have

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been given more, it has nothing to do with deserving it.

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It has nothing to do with being better than anybody else.

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The only reason you've been given more is right or wrong.

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God is trusting you to take care of his children

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with the excess that he has given you, right period.

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And if you're doing anything other than that with it,

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it's an abomination and it's disgusting. And you look at

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so many of the problems we face culturally, you look

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at how like you said, those problems are pouring over it,

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you know, across borders, right, hurting other people. That that

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whole idea that when we get better we pull others

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with us, that's just gone.

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Speaker 2: Yeah.

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Speaker 3: And it's biblical too, to who much is given, much

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is expected.

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Speaker 2: Right.

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Speaker 1: So there's the French the philosophical view of this, there's

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the Christian view of this, and then there is just

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the it's flat out the right thing to do view

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of this.

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Speaker 3: Right, that's common sense.

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Speaker 1: And as our economy faced the most, I think promising

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pain and I want to make sure that people understand

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what I'm saying here promising pain. We are to choose

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the Christian pain. Here's what I mean by this. Right,

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we can choose a life of pleasure, and you can

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have fleshly pleasures throughout this life, and you'll have had

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your reward, and then you're going to spend eternity apart

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from God, apart from anything that's good. We sometimes choose

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Christian pain.

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Speaker 4: Right.

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Speaker 1: I would like to be able to cut this corner economically.

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I'd like to be able to shave the wages of

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my employees because I can't afford to pay payroll. But nope,

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the Christian says, hey, I'm not paying myself. Right, they

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need to be paid. The laborers must be paid. That's

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a painful decision. Sometimes do you struggle through things with

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family right where you have to stay if together as

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a family, and you do that because you choose the

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Christian way, you choose the Christian pain. We were at

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a point and President Trump had us there where we

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had an opportunity to crack through two of the major

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There's the macro problem where China has our companies trapped

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into the addiction of high margin based on slave labor

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and China's rigged economy, and then as people trapped on

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oh my gosh, I'm not going to be able to

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buy a smart screen TV that takes up the entire wall.

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Speaker 3: How will I ever live?

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Speaker 1: How will I ever live if my fourteen year olds

317
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don't have iPhones? And I'm sorry, I can't see this

318
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in any other way than the mockingbird. Media won around

319
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because they scared people about flat screen TVs, and President

320
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Trump came off of this. I know those other products.

321
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I know there's some core energy stuff. I know there's

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some core other you know, exchanges with China. But that one,

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that one really bothered me.

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Speaker 4: Yeah, no, no, look I get it. Let me throw

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another perspective at you, though, please, And it's not one

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that I find particularly palatable, but it is one that

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I think is nonetheless very true and very relevant, which

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is my only real issue with the way they've handled

329
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the teriff so up until this point, my only real

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issue with the whole tariff regime is the way they

331
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rolled it out, meaning, in my opinion, had I been

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in now when I say this, I am fully aware

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of the fact that there are many things that he

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knows that I don't, Right, So perhaps if I knew

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what he knew, I may not have a differing opinion

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or a different opinion in terms of how I would

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have approached it. But had I been in his shoes,

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I would have approached it differently. I would have had hard,

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closed door discussions with all friendly countries and allies, and

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I would have built a coalition prior to addressing China, okay,

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And I would have done my best to resolve all

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of these issues behind closed doors, so by the time

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we addressed China, we had shored up our support in

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our folks, and I would have applied pariffs in a

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more surgical way. Okay. Now having said that, I have

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also acknowledged and I still reiterate that regardless of maybe

347
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my difference or discrepancies that I see with how I

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would have rolled them out, I still think the most

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important thing is that the issue is getting addressed and

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it's getting tackled, right, So that's all there. But the

351
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flip side of it is the reality is one of

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the reasons that I would have rolled it out in

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a more progressive manner is the American people themselves. You

354
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have to if you're dealing politically in this country, you

355
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have to recognize the cold reality, which is we are softer,

356
00:18:33,319 --> 00:18:36,920
more spoiled, and more selfish than we have ever been. Okay,

357
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if you lose the American voter in the process, regardless

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if you are if you are pursuing the right track,

359
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but you lose the American voter in the process, you

360
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end up exactly where you are right. And he has

361
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got to be and he has to do it with

362
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the mockingbird media knowing that they're going to negatively spend

363
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no matter what he does right. And this would have

364
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been one of the reasons that I would have approached

365
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it this way because you know, look, it's it's you know,

366
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in war all the time, commanders deal with this all

367
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the time. Right, there's the right strategic move to make,

368
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and then there's the make that. Then there's the move

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that you are able to make right. And that to

370
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me is where I think there was a miss on

371
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this one. Meaning I idealistically I love the track he

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was on, but realistically, were you going to be able

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to keep the troops with you? No? I didn't think so.

374
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And part of that is understanding where China is meaning

375
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this is not going to be a quick resolution issue.

376
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It meaning if you're China, you have zero incentive to change.

377
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This is working great for you, right and truthfully, our

378
00:19:56,240 --> 00:20:01,000
greed is as much to blame as there, you know, taking.

379
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Speaker 1: Oh, there's no doubt, there's no doubt the fact that

380
00:20:03,359 --> 00:20:07,359
our companies dove straight into make everything over there, move

381
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things over as quickly as possible, turning up, you know,

382
00:20:10,880 --> 00:20:15,119
refusing to acknowledge what China is doing to human beings. Right,

383
00:20:15,720 --> 00:20:18,400
That's that's the very bite of the so called you know,

384
00:20:18,920 --> 00:20:22,119
poison apple. That's the very the very beginning of that

385
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that then creates this cascading issue of covening even more

386
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margins and turn more things over to China. And it's

387
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extraordinary to me that we still have economists like a

388
00:20:31,440 --> 00:20:34,119
I don't know if you saw Janet Yellen, and she's

389
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been Janet Yellen came out and said it's debatable as

390
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if it's a good idea to bring American manufacturing back here.

391
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She said, hey, I don't think it can be done.

392
00:20:42,039 --> 00:20:44,759
It's a pipe dream. And I'm like, it was done

393
00:20:44,799 --> 00:20:45,960
under President Trump's term.

394
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Speaker 3: It was just done.

395
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Speaker 1: It's happening now. In Vidia just said they're going to

396
00:20:49,160 --> 00:20:51,680
make chips here. It was just done. And then she says,

397
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and it's debatable as to if this is a good idea.

398
00:20:54,119 --> 00:20:57,319
Debatable to you, Janet Yellen, who gets paid enormous amounts

399
00:20:57,319 --> 00:21:00,039
of money to be wrong right when you have p

400
00:21:00,119 --> 00:21:03,319
but like that running the economy, no wonder, No one

401
00:21:03,359 --> 00:21:05,240
has said, hey, do you think it's a good idea

402
00:21:05,359 --> 00:21:08,880
to arm our greatest geopolitical foe who intends to destroy

403
00:21:09,000 --> 00:21:12,400
us with ninety percent of our products?

404
00:21:12,480 --> 00:21:13,599
Speaker 3: It's it's insane.

405
00:21:13,799 --> 00:21:16,319
Speaker 4: Well, and and then that, to me is one of

406
00:21:16,359 --> 00:21:20,000
the most frustrating points about this conversation, because then I

407
00:21:20,000 --> 00:21:22,279
would look at Jenny Ellen and say, okay, Janet, well,

408
00:21:22,400 --> 00:21:25,400
unlike you, most people that haven't had the head of

409
00:21:25,400 --> 00:21:27,880
the FED don't have a four hundred thousand dollars pension

410
00:21:27,880 --> 00:21:30,519
per year, and they don't get paid five hundred thousand

411
00:21:30,559 --> 00:21:34,519
dollars per speaking engagement. So for somebody that gets that

412
00:21:34,680 --> 00:21:38,799
type of setup and who spent their entire career in academia,

413
00:21:38,920 --> 00:21:42,279
I can understand why you're so off course. Okay, but

414
00:21:42,440 --> 00:21:46,319
you you act as if the status quo is acceptable.

415
00:21:47,200 --> 00:21:49,480
It's not. And the only reason why you think the

416
00:21:49,519 --> 00:21:52,359
status quo is acceptable because it's been great for you

417
00:21:53,119 --> 00:21:56,759
it's been great for you and your friends. Right, but again,

418
00:21:57,039 --> 00:21:59,640
take a trip to Detroit, take a trip to Cleveland,

419
00:22:00,000 --> 00:22:02,519
make a trip to West Virginia. Why don't you go

420
00:22:02,559 --> 00:22:06,799
spend some time there. Okay, it not only first and

421
00:22:06,880 --> 00:22:11,640
foremost anybody that says that, I initially revolt because I go,

422
00:22:12,039 --> 00:22:17,880
are you part of the cabal? Meaning you don't think

423
00:22:17,920 --> 00:22:19,920
it's a good idea to bring back? So you think

424
00:22:20,000 --> 00:22:23,839
we should let people who are militarily on the opposite

425
00:22:23,920 --> 00:22:28,400
side of us, right outspokenly our adversaries, they should be

426
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in charge of handling the manufacturing of all of the

427
00:22:30,799 --> 00:22:35,039
goods we need, including to build our own war machine. Again,

428
00:22:35,359 --> 00:22:38,640
like you think that's a good idea, You're an idiot.

429
00:22:38,920 --> 00:22:41,680
Speaker 1: Right, Well, and then she says, but we're pushing we're

430
00:22:41,680 --> 00:22:45,519
pushing the lower economic stata jobs over it to China,

431
00:22:45,559 --> 00:22:48,119
and everyone here's going to learn to be white collar

432
00:22:48,200 --> 00:22:50,079
and then they'll be like me, Janet Yellen, But no,

433
00:22:50,160 --> 00:22:54,160
but no, not everybody's willing to do the things necessary

434
00:22:54,200 --> 00:22:55,640
to go sell their soul to do that.

435
00:22:55,960 --> 00:22:59,680
Speaker 4: Yeah, so hey, Janet, newsflash, that was the way that

436
00:22:59,680 --> 00:23:01,440
that was sold to us thirty years ago.

437
00:23:01,839 --> 00:23:02,000
Speaker 2: Right.

438
00:23:02,599 --> 00:23:04,960
Speaker 4: I don't know if you've been keeping up on current events,

439
00:23:05,359 --> 00:23:08,079
but we just got our kicked right, the old line

440
00:23:08,079 --> 00:23:11,359
from aliens, like Janet, where have you been for the

441
00:23:11,440 --> 00:23:14,279
last thirty years? There was a really hot debate about

442
00:23:14,279 --> 00:23:17,640
this between a guy named Ross Paro and George HW

443
00:23:17,680 --> 00:23:20,920
Bush back in ninety three ninety two. Excuse me, day,

444
00:23:21,640 --> 00:23:24,079
Ross Perot won that debate. I don't know what you're

445
00:23:24,119 --> 00:23:26,920
talking about, right, No, we didn't get a bunch of

446
00:23:26,920 --> 00:23:28,599
white collar workers. What we got is a bunch of

447
00:23:28,680 --> 00:23:32,599
fentanyl and opiate addicted people. We've got a rust belt

448
00:23:32,599 --> 00:23:37,079
instead of a Bible belt. We've got cities melting down

449
00:23:37,200 --> 00:23:40,799
from the inside like a nuclear reactor. Like these people

450
00:23:40,960 --> 00:23:46,519
are so out of check. Like she is completely crystallizes

451
00:23:46,599 --> 00:23:49,680
what I was just saying about these people being out

452
00:23:49,759 --> 00:23:52,599
of touch with reality. Right, she thinks the status quo

453
00:23:52,720 --> 00:23:55,680
is defensible and you liter and go it is not this.

454
00:23:55,839 --> 00:23:59,400
It doesn't work. Look what's happening to our society? Right?

455
00:23:59,480 --> 00:24:01,839
Like you're going to have as many dependence as you

456
00:24:01,920 --> 00:24:03,000
do people that work.

457
00:24:03,079 --> 00:24:06,400
Speaker 3: Like there's a reason we call it the accelic corridor, Zach.

458
00:24:06,480 --> 00:24:09,559
Speaker 1: Because you pop onto a train, you sit in first class,

459
00:24:09,640 --> 00:24:11,880
you close the curtains when you go through certain parts

460
00:24:11,880 --> 00:24:16,160
of of Baltimore and certain parts of Philadelphia, just close

461
00:24:16,200 --> 00:24:16,839
the curtains.

462
00:24:16,880 --> 00:24:17,160
Speaker 3: Okay.

463
00:24:17,200 --> 00:24:19,400
Speaker 1: So people don't have they don't have all the walls

464
00:24:19,400 --> 00:24:21,599
in their house. Okay, so some of the brick has

465
00:24:21,599 --> 00:24:24,440
come off. Okay, so there's people sleeping with rain and

466
00:24:24,519 --> 00:24:25,920
snow coming through, but it's not you.

467
00:24:26,559 --> 00:24:29,319
Speaker 4: Yeah, you're so. I don't mean to cell you. So

468
00:24:29,440 --> 00:24:32,160
economically speaking, long term, if you look at the American

469
00:24:32,200 --> 00:24:34,279
economy for the last one hundred and fifty years, Hey,

470
00:24:34,319 --> 00:24:38,319
the average profit if we looked at and think about

471
00:24:38,319 --> 00:24:42,039
all the changes that have occurred, right, so many industrial Revolution,

472
00:24:42,319 --> 00:24:45,599
World War two, not being the world reserve currency being

473
00:24:45,640 --> 00:24:48,119
the world reserve currency. When you look at our markets,

474
00:24:48,160 --> 00:24:53,240
the average profit margin for the for US corporations historically

475
00:24:53,359 --> 00:24:57,359
is sixteen percent. Okay. We're running at twenty six right now. Okay,

476
00:24:57,440 --> 00:25:03,039
So so you're what that's what seventy five percent above

477
00:25:03,039 --> 00:25:06,039
the long term average? Okay. So what you're telling me

478
00:25:07,079 --> 00:25:10,559
is that if we enact policies that dial that back

479
00:25:10,599 --> 00:25:14,160
to a sixteen to eighteen percent historically normal range, and

480
00:25:14,240 --> 00:25:17,799
the difference is increased labor costs that go to our

481
00:25:17,799 --> 00:25:19,759
people what you're telling me is that what is built

482
00:25:20,000 --> 00:25:23,599
the same scenario that built this entire country. Fifteen to

483
00:25:23,640 --> 00:25:28,759
sixteen percent profit margins are just too onerous for corporate America, Right,

484
00:25:29,240 --> 00:25:31,559
what do we talk? There's a reason why all of

485
00:25:31,559 --> 00:25:34,400
a sudden. Jeremy Grantham, a famous money manager, said that

486
00:25:34,400 --> 00:25:37,640
profit margins are the most mean reverting data set in

487
00:25:37,680 --> 00:25:41,440
the world, meaning they've always been like clockwork until the

488
00:25:41,519 --> 00:25:44,920
last fifteen years. Well what shifted. It's for the first

489
00:25:44,960 --> 00:25:50,200
time in human history that we're manufacturing things offshore. So

490
00:25:50,359 --> 00:25:54,799
the production of goods does not lead to higher incomes

491
00:25:54,799 --> 00:25:57,480
for the country that produces the goods. So all of

492
00:25:57,519 --> 00:26:00,440
a sudden, you have this profit anomaly that will not seed,

493
00:26:01,319 --> 00:26:03,000
and everybody's like, well what could it be? And you're

494
00:26:03,000 --> 00:26:04,319
looking at them going are you joking?

495
00:26:04,799 --> 00:26:05,839
Speaker 3: Yeah?

496
00:26:05,920 --> 00:26:09,559
Speaker 1: I know, And to explain it that way economically beautifully,

497
00:26:09,559 --> 00:26:12,480
I couldn't have done that that way. To me, the

498
00:26:12,559 --> 00:26:15,279
common sense just this question is not to repeat ourselves,

499
00:26:15,319 --> 00:26:17,400
says Okay, so China wants to destroy us, so let's

500
00:26:17,400 --> 00:26:18,160
do business with them.

501
00:26:18,680 --> 00:26:20,480
Speaker 3: None of it makes any sense. It's the same, it's

502
00:26:20,480 --> 00:26:21,279
not the same thing.

503
00:26:21,319 --> 00:26:23,880
Speaker 1: But I mean, you know, I tend to like the

504
00:26:23,920 --> 00:26:27,720
people at my bank, right, they're not necessarily my friends,

505
00:26:27,799 --> 00:26:30,039
because when it came and said they offered me. You know,

506
00:26:30,039 --> 00:26:32,359
when I went from an LLC to a corporation, they

507
00:26:32,400 --> 00:26:34,920
came along and said, hey, you should get a corporate

508
00:26:35,000 --> 00:26:36,759
credit card, you know, and then it can say the

509
00:26:36,839 --> 00:26:38,880
name of the company on it, and okay, that would

510
00:26:38,920 --> 00:26:41,559
be interesting. So yeah, you know, okay, so maybe I'll

511
00:26:41,599 --> 00:26:44,240
do that. They give me a credit application. I'm like, wait, wait,

512
00:26:44,240 --> 00:26:47,119
why ask it about my house? Right? A, you know

513
00:26:47,720 --> 00:26:51,480
about this? And b wait why asking about my personal income?

514
00:26:51,519 --> 00:26:54,000
That's this is for the business, And oh no, no,

515
00:26:54,079 --> 00:26:56,640
it's just a background thing. And then I learned from

516
00:26:56,680 --> 00:27:00,839
you about your friend Brian mckechney who started Visible, and

517
00:27:00,960 --> 00:27:03,160
had a conversation with him, and he didn't charge me

518
00:27:03,200 --> 00:27:04,880
a dime. He doesn't charge people to die for the

519
00:27:04,920 --> 00:27:08,480
consult And I felt like such a bloom and fool

520
00:27:08,680 --> 00:27:11,400
because in seven easy steps, I can end up having

521
00:27:11,440 --> 00:27:14,200
four reel corporate credit and the rest of it I do,

522
00:27:14,279 --> 00:27:15,079
and I can do.

523
00:27:15,160 --> 00:27:17,359
Speaker 3: It's ten percent. He has you do ninety percent. They

524
00:27:17,400 --> 00:27:18,799
do so many things.

525
00:27:18,799 --> 00:27:20,519
Speaker 1: I mean, I knew I was putting myself at risk

526
00:27:20,559 --> 00:27:23,319
if something bad happened in the business or I got

527
00:27:23,319 --> 00:27:25,240
sued because it made fun of the figurehead and he

528
00:27:25,279 --> 00:27:27,960
got very upset, and people decided to sue me because

529
00:27:28,000 --> 00:27:30,160
that would never happen. You know, they'd never use lawfare

530
00:27:30,200 --> 00:27:32,319
against someone like me this way.

531
00:27:32,519 --> 00:27:35,599
Speaker 3: When I have corporate credit established for Reel through Bisible.

532
00:27:35,240 --> 00:27:37,359
Speaker 1: They can't come after my house, for my retirement fund,

533
00:27:37,400 --> 00:27:39,680
they can't do any of that. But what we're doing

534
00:27:39,720 --> 00:27:41,839
with their banks is we're piercing our own corporate shield.

535
00:27:42,279 --> 00:27:44,240
And then to find out that you're a customer of

536
00:27:44,480 --> 00:27:47,039
Bisible and this is why you became a minority investor.

537
00:27:47,359 --> 00:27:48,839
I mean, you saw the same thing and you're a

538
00:27:48,920 --> 00:27:49,960
very sophisticated guy.

539
00:27:50,799 --> 00:27:54,559
Speaker 4: Well, yeah, so it's it was something and I think

540
00:27:54,559 --> 00:27:56,240
I brought this up before. It was something that had

541
00:27:56,279 --> 00:27:58,279
been in the back of my mind for a long time.

542
00:27:58,319 --> 00:28:02,079
But as most entrepreneurs know, you're obsessed with running your

543
00:28:02,079 --> 00:28:06,680
business right and you're used to carrying risk, and sometimes

544
00:28:06,720 --> 00:28:08,920
you take a step back and you realize, I'm carrying

545
00:28:09,000 --> 00:28:11,200
risks that I don't need to carry. And I knew

546
00:28:11,240 --> 00:28:13,759
all along, by definite by the way we started our

547
00:28:13,799 --> 00:28:16,720
business that I was not at all taking it. Look

548
00:28:17,039 --> 00:28:19,400
if you've got a business out there and you have

549
00:28:19,519 --> 00:28:22,640
not established corporate credit, which the vast majority of business

550
00:28:22,640 --> 00:28:25,319
owners haven't for the same reasons I hadn't. And then

551
00:28:25,440 --> 00:28:27,680
on top of it, you're busy running your business, so

552
00:28:27,720 --> 00:28:29,359
you don't have time to take a week off to

553
00:28:29,400 --> 00:28:31,440
try to establish corporate credit and figure out what that

554
00:28:31,519 --> 00:28:33,640
means and monitor it and all that other kind of stuff.

555
00:28:35,000 --> 00:28:38,759
For a really, really reasonable price, you got these people

556
00:28:38,759 --> 00:28:40,319
that do ninety percent of the work for you.

557
00:28:40,400 --> 00:28:43,759
Speaker 5: So for me, it was sort of like saying, hey,

558
00:28:43,839 --> 00:28:50,440
would you like this really really tight, comprehensive indemnity protection,

559
00:28:51,000 --> 00:28:55,279
you know, plan for your business that costs you virtually

560
00:28:55,359 --> 00:28:56,400
nothing or not?

561
00:28:57,000 --> 00:28:57,519
Speaker 2: Right or not?

562
00:28:57,759 --> 00:28:59,519
Speaker 3: And that's the part I like, is the or not part.

563
00:29:00,359 --> 00:29:02,720
Speaker 1: Guys, if you have a debit card with your business

564
00:29:02,759 --> 00:29:04,200
name on it, or a credit card with your business

565
00:29:04,279 --> 00:29:04,519
name on.

566
00:29:04,559 --> 00:29:07,240
Speaker 3: It, that doesn't mean you have corporate credit if.

567
00:29:07,039 --> 00:29:09,160
Speaker 1: You didn't do it this way. So take us up

568
00:29:09,160 --> 00:29:12,680
on this offer. Here's the website, it's go bisible dot com.

569
00:29:13,039 --> 00:29:15,519
And here's my personal guarantee. When you chat with them

570
00:29:15,519 --> 00:29:18,480
in this free NA obligation discussion, you're gonna learn some things.

571
00:29:18,559 --> 00:29:19,920
Speaker 3: Zack and I have time to explain it all.

572
00:29:20,000 --> 00:29:25,640
Speaker 1: It's go bisible uh dot com. So are you, as

573
00:29:25,680 --> 00:29:28,960
I listened to you describe our our economy and what

574
00:29:29,000 --> 00:29:32,799
we put ourselves into in this Gordian knot. I don't

575
00:29:32,839 --> 00:29:36,440
see any other way out of this than getting to

576
00:29:36,480 --> 00:29:38,319
a point where there's gonna have to be some economic

577
00:29:38,319 --> 00:29:40,960
cold Turkey, and there's gonna have to be an economic

578
00:29:41,160 --> 00:29:41,480
you know.

579
00:29:41,480 --> 00:29:44,759
Speaker 3: We have to stop this. If you think of people who.

580
00:29:44,680 --> 00:29:48,119
Speaker 1: Get into addicted behaviors, so people who you know, they

581
00:29:48,119 --> 00:29:50,319
go back to drinking and they know the second they

582
00:29:50,359 --> 00:29:52,240
swallow that, oh my gosh, I've got to stop this.

583
00:29:53,039 --> 00:29:55,759
You know, people who are addicted to porn right, Oh,

584
00:29:55,880 --> 00:29:58,480
every time they do it, they feel horrible, right, and

585
00:29:58,519 --> 00:30:01,559
they feel sleazy, and I got to stop this. It

586
00:30:01,680 --> 00:30:03,519
was that way with me and fast food when I was,

587
00:30:03,960 --> 00:30:07,160
you know, anigally addicted to fast food. You don't think

588
00:30:07,200 --> 00:30:09,359
I felt like a complete loser going to the second

589
00:30:09,480 --> 00:30:13,200
McDonald's in fifteen minutes and pretending I'm buying food for

590
00:30:13,240 --> 00:30:16,200
other people and that's what I did, and hiding the

591
00:30:17,279 --> 00:30:20,079
wrappers because I just ate two double quarter pounders with

592
00:30:20,160 --> 00:30:24,279
cheese and two French fries and two mcfish sandwiches and

593
00:30:24,319 --> 00:30:25,599
shoved out all down to the car and then go

594
00:30:25,640 --> 00:30:26,640
to the next McDonald's.

595
00:30:27,279 --> 00:30:28,759
Speaker 3: Yeah, oh, I truly did that.

596
00:30:28,799 --> 00:30:30,920
Speaker 1: What I weighed like four under pounds, almost four and pounds,

597
00:30:31,400 --> 00:30:33,599
and I knew I got to stop this man. And

598
00:30:33,640 --> 00:30:35,519
every time I drive by McDonald's, i'd smell it, Well,

599
00:30:35,559 --> 00:30:37,440
just this one time, and ill you know, and I

600
00:30:37,480 --> 00:30:38,880
won't go to the next one. By the time they

601
00:30:38,920 --> 00:30:40,839
insulin high hat me and I'm chasing, I'm like, well,

602
00:30:40,839 --> 00:30:42,400
but just this time, I'll go to the next one,

603
00:30:42,400 --> 00:30:45,759
but I'll only get one mcfish and they'll get everything.

604
00:30:45,440 --> 00:30:46,039
Speaker 3: All the same.

605
00:30:46,440 --> 00:30:48,839
Speaker 1: So I go home, you know, having consumed six thousand

606
00:30:48,920 --> 00:30:52,599
calories of not food, and people know that they have

607
00:30:52,640 --> 00:30:56,079
to stop it, i'd zach. I don't think corporate America

608
00:30:56,319 --> 00:30:59,920
knows they're destroying their home, that they're destroying the kind

609
00:30:59,920 --> 00:31:02,400
of tree that made them what they are, or didn't

610
00:31:02,400 --> 00:31:04,599
make them, but made it gave them the life, liberty,

611
00:31:04,599 --> 00:31:05,359
pursuit of happiness.

612
00:31:05,440 --> 00:31:06,119
Speaker 3: To get this.

613
00:31:06,960 --> 00:31:09,079
Speaker 1: I don't think they understand they're soiling their own bed.

614
00:31:09,160 --> 00:31:11,799
To put it, you know, in gross terms, they're they're

615
00:31:11,839 --> 00:31:14,319
they're soiling their bed. I don't think they know they're

616
00:31:14,359 --> 00:31:15,720
going to have to stop this, and I don't think

617
00:31:15,759 --> 00:31:17,119
they know that if they don't stop it, it's going

618
00:31:17,160 --> 00:31:18,039
to get stopped for them.

619
00:31:18,480 --> 00:31:20,640
Speaker 4: Yeah. It reminds me of the oro boros, you know,

620
00:31:20,680 --> 00:31:23,839
the sign, the orol boros, the snake swallowing its own tail. Yes,

621
00:31:25,599 --> 00:31:29,160
and quite honestly, and I mean this, I don't mean

622
00:31:29,160 --> 00:31:31,759
it really. Yeah, I do mean it actually. And there's

623
00:31:31,759 --> 00:31:33,599
a part of me that tips my cap to China

624
00:31:33,640 --> 00:31:35,680
because they understood something that I don't think we were

625
00:31:35,680 --> 00:31:41,000
careful about, which was the inherent greed inside of capitalism.

626
00:31:41,039 --> 00:31:44,640
That's a driver that is not a bad thing if

627
00:31:44,640 --> 00:31:49,559
it's used constructively, but when it starts mixing and marrying

628
00:31:49,559 --> 00:31:54,119
with anyway. The Chinese realized something, which was if we

629
00:31:54,319 --> 00:31:57,319
offer them a way to cut their own throat and

630
00:31:57,359 --> 00:32:00,759
we cushing it with higher profits, they will line up

631
00:32:00,759 --> 00:32:03,400
for the privilege to do it. And this goes to

632
00:32:03,440 --> 00:32:06,480
the whole idea of noble less oblege. It also goes

633
00:32:06,519 --> 00:32:11,000
back to the moral vacancy that we have in this country.

634
00:32:11,400 --> 00:32:16,400
Meaning it used to be that any time you were

635
00:32:16,440 --> 00:32:20,680
put in a position of power or supervisory that you

636
00:32:20,839 --> 00:32:24,200
understood that you were being called to be a Steward,

637
00:32:24,279 --> 00:32:26,640
you understood that you had to look out for the

638
00:32:26,640 --> 00:32:29,559
greater good, that you had to look out for your community.

639
00:32:29,640 --> 00:32:33,599
And I think it's just moral decay over time. I

640
00:32:33,599 --> 00:32:38,160
don't really have another way to describe it, because there were,

641
00:32:38,200 --> 00:32:41,279
there are alternatives. There have always been alternatives. You know,

642
00:32:41,319 --> 00:32:44,359
you got to give must credit. You know, with Tesla

643
00:32:44,480 --> 00:32:47,720
being the most vertically integrated automobile manufacturer, and you know

644
00:32:47,759 --> 00:32:50,200
they're buying parts from around the world, but the vast

645
00:32:50,200 --> 00:32:53,559
majority of their cars are still assembled here. You can

646
00:32:53,720 --> 00:32:58,440
do it. Are there constraints yet? Yes, But but greed

647
00:32:58,519 --> 00:33:03,839
has just driven everything to the total disregard of everything else, right,

648
00:33:04,240 --> 00:33:07,200
and the pursuit of profits and all. And people would

649
00:33:07,200 --> 00:33:09,759
be like, oh, so you're saying there's something wrong with capitalism. No,

650
00:33:10,359 --> 00:33:15,039
I'm saying there's something wrong with capitalism when the punishments

651
00:33:15,440 --> 00:33:18,960
or the downside of capitalism gets taken off, right, when

652
00:33:18,960 --> 00:33:23,759
you don't let failed institutions fail, when big business starts

653
00:33:23,759 --> 00:33:26,759
getting in bed with big government. Right, this is where

654
00:33:26,960 --> 00:33:29,839
because now you no longer have you know, I think

655
00:33:29,880 --> 00:33:34,000
it's interesting that Musk is a founder, right, that Musk

656
00:33:34,079 --> 00:33:37,279
is a founder and he is taking the roles and

657
00:33:37,759 --> 00:33:40,559
doing the things that he is doing, whereas opposed you

658
00:33:40,559 --> 00:33:43,799
look at all these other CEOs who weren't founders, most

659
00:33:43,839 --> 00:33:46,960
of them are griping about the tariffs, right yep, And

660
00:33:48,400 --> 00:33:51,559
I think that's interesting, Right. It tells you something. The

661
00:33:51,680 --> 00:33:55,720
people that build something think differently than the people. Look

662
00:33:55,720 --> 00:33:58,480
at the difference between Steve Jobs and Tim Cook, right,

663
00:33:58,519 --> 00:33:59,960
another perfect example.

664
00:34:00,359 --> 00:34:00,519
Speaker 2: Right.

665
00:34:01,799 --> 00:34:04,279
Speaker 4: I may be wrong in saying this, but I have

666
00:34:04,319 --> 00:34:07,680
a very hard time believing and Jobs was no great

667
00:34:08,239 --> 00:34:11,360
moral panther like he had his issues too, right, He's

668
00:34:11,480 --> 00:34:15,559
but huge. Yeah, had he been running Apple, I still

669
00:34:15,599 --> 00:34:18,000
don't think it would be run the same way. I

670
00:34:18,039 --> 00:34:20,440
think that. I think that they would be. For instance,

671
00:34:20,440 --> 00:34:23,880
I think their manufacturing would be more diverse that That's

672
00:34:23,920 --> 00:34:25,480
the other part of it. If you want to look

673
00:34:25,519 --> 00:34:29,800
at how much greed has overrun it, look at the

674
00:34:29,840 --> 00:34:36,559
way these guys have violated supply chain laws. What if

675
00:34:36,599 --> 00:34:41,960
you're Apple, the world's largest corporation, How does it make

676
00:34:42,079 --> 00:34:47,039
sense that you would marry yourself up with one country

677
00:34:47,159 --> 00:34:51,440
that you know is diametrically opposed to your country. Think

678
00:34:51,440 --> 00:34:53,920
of the business risk inherent in that, Think of the

679
00:34:54,039 --> 00:34:57,920
lack of like that doesn't even make sense on a spreadsheet,

680
00:34:58,280 --> 00:34:59,440
let alone in a boardroom.

681
00:34:59,800 --> 00:35:00,000
Speaker 2: Right.

682
00:35:00,320 --> 00:35:01,719
Speaker 4: So the next question.

683
00:35:01,480 --> 00:35:05,679
Speaker 1: Is why, well, you know what, I'll put it down

684
00:35:05,719 --> 00:35:07,599
to this and I do this a lot with Silicon Valley.

685
00:35:07,639 --> 00:35:11,280
It's the word gods, right, So I mean, yeah, that's

686
00:35:11,280 --> 00:35:14,440
really risky, but not for Apple. And that's really risky

687
00:35:14,519 --> 00:35:16,400
because you know what, our our MBAs will figure it

688
00:35:16,440 --> 00:35:18,360
out and and we'll get out what it's time to

689
00:35:18,400 --> 00:35:20,800
get out. And plus you know, China needs us and

690
00:35:21,400 --> 00:35:24,519
know and well they're you know, they need our products

691
00:35:24,519 --> 00:35:26,159
and they need no no, no, no no.

692
00:35:26,280 --> 00:35:30,400
Speaker 4: I think it also suggests compromised executives, right, Like, I mean,

693
00:35:30,400 --> 00:35:32,760
you've got you've got people that are highly paid to

694
00:35:32,800 --> 00:35:35,119
make these decisions. And I'm just telling you. Had I

695
00:35:35,199 --> 00:35:37,760
been in a boardroom in any of those meetings, a

696
00:35:37,960 --> 00:35:42,280
natural question would have been, Hey, guys, that seems like

697
00:35:42,400 --> 00:35:45,679
a lot of manufacturing to have in one country, especially

698
00:35:45,719 --> 00:35:49,079
one that doesn't like us. Right, That's that's not a

699
00:35:49,480 --> 00:35:51,559
you don't have to be a scion of industry if

700
00:35:51,880 --> 00:35:52,280
In other.

701
00:35:52,119 --> 00:35:54,239
Speaker 1: Words, and guys, while we're here, can we do some

702
00:35:54,280 --> 00:35:58,599
forensic accounting of your your personal finances. There's some questions

703
00:35:58,639 --> 00:36:00,920
we have about the house as you own in China.

704
00:36:01,280 --> 00:36:04,719
Speaker 4: Yeah, or I also know that you just spent two

705
00:36:04,760 --> 00:36:07,960
weeks in Beijing. When you checked into your hotel, there

706
00:36:07,960 --> 00:36:10,159
weren't four young girls waiting in your room, were.

707
00:36:10,000 --> 00:36:12,719
Speaker 3: There, right, And they could look at you and go, well.

708
00:36:12,559 --> 00:36:14,880
Speaker 4: Not four, yeah, they were only three?

709
00:36:15,199 --> 00:36:15,440
Speaker 2: Right?

710
00:36:15,880 --> 00:36:16,880
Speaker 3: Oh yeah?

711
00:36:16,960 --> 00:36:19,280
Speaker 1: And if you think China didn't do the honeypot stuff,

712
00:36:19,440 --> 00:36:21,679
I mean, this is my friend Michael Rore.

713
00:36:21,599 --> 00:36:23,719
Speaker 3: Whose he retired Special Forces operative.

714
00:36:23,760 --> 00:36:26,760
Speaker 1: This is one of the things that he finds constantly

715
00:36:27,199 --> 00:36:30,000
when he gets called into companies where there's fraud, that

716
00:36:30,079 --> 00:36:32,199
he constantly is coming out and going, yeah, you know what,

717
00:36:32,320 --> 00:36:35,719
your executives got caught in a honeytrap and so they've

718
00:36:35,719 --> 00:36:38,000
been compromised this way. I need to ask you a

719
00:36:38,039 --> 00:36:41,519
financial question on the good side of things, and it's

720
00:36:41,519 --> 00:36:44,320
about Nvidia and bringing a bunch of manufacturing here and

721
00:36:44,360 --> 00:36:46,800
Apple bringing a bunch of manufacturing back. I do want

722
00:36:46,840 --> 00:36:48,639
to close out there making sure that we honor the

723
00:36:48,639 --> 00:36:51,800
fact that Good Friday's coming, and it said earlier people

724
00:36:51,800 --> 00:36:53,320
are going to hear this in Good Friday. I'm wrong,

725
00:36:53,360 --> 00:36:55,559
They're going to hear this in the Thursday before Good Friday.

726
00:36:55,920 --> 00:36:56,880
Speaker 4: But it is.

727
00:36:56,880 --> 00:36:59,159
Speaker 1: Coming up to Resurrection Sundays. We need to spend some

728
00:36:59,159 --> 00:37:01,320
time on that. Zach Abram's with me, of course, No,

729
00:37:01,400 --> 00:37:04,199
you're riskrated dot com. So we're talking about God and

730
00:37:04,320 --> 00:37:08,360
Country and Team. Can't do anything without mentioning Bone Frog Coffee,

731
00:37:08,360 --> 00:37:11,440
God Country Team. Tim Crookshank, the founder and CEO of

732
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that company, knows exactly what it's like to be in

733
00:37:13,760 --> 00:37:14,559
a real war.

734
00:37:14,639 --> 00:37:16,760
Speaker 3: Remember that in the Hunger Games. Tell me, Miss Everdeen,

735
00:37:16,800 --> 00:37:18,400
would you like to be in a real war? No,

736
00:37:18,519 --> 00:37:18,960
I would not.

737
00:37:19,719 --> 00:37:22,000
Speaker 1: Tim didn't want to either, but he served his country

738
00:37:22,119 --> 00:37:24,320
and he said he'd go back, even though it's been

739
00:37:24,360 --> 00:37:28,280
three deployments as a retired now Navy seal Bone Frog.

740
00:37:28,480 --> 00:37:32,199
The insignia is a fallen seal, That's what it stands for.

741
00:37:32,599 --> 00:37:34,400
The bag say God Country Team on him.

742
00:37:34,400 --> 00:37:35,639
Speaker 3: That is the classic bags.

743
00:37:36,000 --> 00:37:39,280
Speaker 1: The new bag, which is limited time, honors President Trump's

744
00:37:39,320 --> 00:37:42,719
commitment to returning manufacturing in this country, to returning us

745
00:37:42,760 --> 00:37:46,480
to energy independence and energy dominance, hopefully returning our food

746
00:37:46,519 --> 00:37:49,159
supply to sanity, so that most of our food is

747
00:37:49,239 --> 00:37:52,840
manufactured here or processed here. So go check this bag out.

748
00:37:52,840 --> 00:37:55,679
It's called Golden Age. Yes, it says God Country Team

749
00:37:55,719 --> 00:37:58,159
on all of them. Do go to Bonefrog Coffee dot

750
00:37:58,159 --> 00:38:00,760
com slash todd and use promo code to get temperssent

751
00:38:00,760 --> 00:38:03,840
off your first purchase fifteen percent off subscription coffee. It's

752
00:38:03,880 --> 00:38:07,360
Bonefrog Coffee dot com slash todd, so Zach and Vidia

753
00:38:07,440 --> 00:38:10,440
has said that they're going to move a ton of money.

754
00:38:10,480 --> 00:38:13,239
If I read it correctly, it was something on the

755
00:38:13,360 --> 00:38:17,239
order of magnitude of five billion dollars of manufacturing over here.

756
00:38:17,280 --> 00:38:18,079
Speaker 3: Apple has said.

757
00:38:17,920 --> 00:38:20,199
Speaker 1: They're bringing a lot of stuff back. There's been auto

758
00:38:20,280 --> 00:38:23,840
manufacturers who've wisely stepped up to say, hey, we're going

759
00:38:23,880 --> 00:38:27,159
to give employee discounts to customers over the next ninety days.

760
00:38:27,199 --> 00:38:31,559
Ford did that super super wise. So this pressure is

761
00:38:31,639 --> 00:38:35,199
having an effect. And when we get in Nvidia investing here,

762
00:38:35,559 --> 00:38:37,840
how much better is that for us than all that

763
00:38:37,880 --> 00:38:40,280
stuff being made in Taiwan. I mean it's jobs, and

764
00:38:40,320 --> 00:38:42,719
it's people investing here and people able to buy houses

765
00:38:42,760 --> 00:38:45,159
and products, And I mean that's helpful for us, is

766
00:38:45,199 --> 00:38:45,400
it not?

767
00:38:46,280 --> 00:38:49,000
Speaker 4: It is? It is, And it's helpful for us on

768
00:38:49,039 --> 00:38:53,159
a national security basis, and it's also helpful for us

769
00:38:53,320 --> 00:38:57,679
on a employment basis. And like I was talking to

770
00:38:57,719 --> 00:39:01,559
you about the excess profits you know, you and I

771
00:39:01,599 --> 00:39:04,440
both from businesses. We're not a verse to processing profits

772
00:39:04,480 --> 00:39:06,639
at all. Right, I manage money for bit. I love

773
00:39:06,719 --> 00:39:11,079
high profits. Okay, but what we're seeing I look at

774
00:39:11,079 --> 00:39:14,159
those profits seventy percent above seventy eighty percent whatever, that

775
00:39:14,239 --> 00:39:17,280
number is above the long term average, and I'm like, look,

776
00:39:17,480 --> 00:39:21,239
there's your cushion, right, Can we make them as profitably

777
00:39:21,320 --> 00:39:24,400
her as? No, you can't. But again, you and I

778
00:39:24,440 --> 00:39:27,840
have had this conversation one hundred times. Let's be adults

779
00:39:27,840 --> 00:39:31,360
and acknowledge there are costs and benefits. So your computer

780
00:39:31,480 --> 00:39:35,280
that you buy might be thirty nine bucks more expensive. Okay.

781
00:39:35,519 --> 00:39:39,920
The flip side of that is Ed isn't going to

782
00:39:39,920 --> 00:39:42,280
be sleeping on the slightest side of the street anymore

783
00:39:42,280 --> 00:39:44,800
because he's no longer addicted to opiates and going to

784
00:39:44,840 --> 00:39:47,960
the bathroom in the street because he's got a job. Okay.

785
00:39:48,440 --> 00:39:52,559
And that's the thing that makes me so angry about.

786
00:39:52,800 --> 00:39:56,400
Where as at owning the biggest consumer base and the

787
00:39:56,480 --> 00:40:00,440
richest consumer base in the world, you you have to

788
00:40:00,480 --> 00:40:03,440
protect that. You have to sit people go, well, that's

789
00:40:03,480 --> 00:40:06,800
not free trade. Nobody's free trading with you anyway. You're

790
00:40:06,840 --> 00:40:10,639
the only ones doing it effectively, right, and so you

791
00:40:11,280 --> 00:40:14,599
go look, if you want to access our markets, you know,

792
00:40:14,679 --> 00:40:18,159
for instance, go look at the automobile industry. Look at

793
00:40:18,159 --> 00:40:21,400
how many you look at how many restrictions we have

794
00:40:21,559 --> 00:40:25,079
around the world with different nations about which cars and

795
00:40:25,119 --> 00:40:27,679
which models we can send them, and then look at

796
00:40:27,719 --> 00:40:30,199
the ones that we've got on them. I'll tell you

797
00:40:30,280 --> 00:40:32,920
it's lopsided. We've got a couple of restrictions, but it's

798
00:40:33,039 --> 00:40:36,199
very lopsided. My whole point is saying, why are we

799
00:40:36,280 --> 00:40:39,880
still doing these things? Right? There was a time where

800
00:40:39,920 --> 00:40:44,280
you could argue it made some sense because we were

801
00:40:44,480 --> 00:40:50,480
so US based manufacturing that offshoring some of that, right.

802
00:40:50,840 --> 00:40:53,800
What it did it took a little bit from here,

803
00:40:54,360 --> 00:40:57,280
but it helped build a consumer base in another country,

804
00:40:57,559 --> 00:41:01,920
meanwhile lowering cost of production, which actually ended up benefiting

805
00:41:02,039 --> 00:41:05,840
US workers. Because now we're right, that's the whole idea.

806
00:41:06,000 --> 00:41:08,639
If you take that part out of it, right, we

807
00:41:08,760 --> 00:41:12,519
can do global trade quote unquote if it's done on

808
00:41:12,559 --> 00:41:15,719
a basis, like on a fair basis, like what I'm

809
00:41:15,719 --> 00:41:20,320
talking about, Because yes, their middle class or their lower

810
00:41:20,320 --> 00:41:23,480
class is benefiting, but that lower in middle class turns

811
00:41:23,519 --> 00:41:26,719
around and buys things from you, right, so it helps

812
00:41:26,800 --> 00:41:30,400
offset that pain that you feel. Well, we just went

813
00:41:30,480 --> 00:41:34,519
and said, well, let's send it all and you're like, whoa,

814
00:41:34,559 --> 00:41:37,719
that doesn't work, guys, No, no, now, you just now

815
00:41:37,719 --> 00:41:40,639
you just literally cut the gooses. You cut the golden

816
00:41:40,679 --> 00:41:42,599
goose's head off to pull the eggs off from inside

817
00:41:42,599 --> 00:41:44,920
of it, right, And that's and that's where we're at,

818
00:41:45,239 --> 00:41:47,840
and so like, yes, things are going to be a

819
00:41:47,880 --> 00:41:49,760
little more expensive. I am willing.

820
00:41:49,840 --> 00:41:50,000
Speaker 2: Now.

821
00:41:50,000 --> 00:41:52,639
Speaker 4: I also understand that I'm in an economic place to

822
00:41:52,679 --> 00:41:56,039
where you know, inflation really hasn't bothered me personally, right,

823
00:41:56,119 --> 00:41:59,280
hasn't impacted my spending decisions. So I understand that I'm

824
00:41:59,280 --> 00:42:02,880
a little bit different in that way, and I admit that.

825
00:42:03,320 --> 00:42:07,920
But at the same time, yes, guys, we should all

826
00:42:07,960 --> 00:42:10,559
be willing to pay a little bit more if it

827
00:42:10,639 --> 00:42:13,760
means greater levels of national security and it means better

828
00:42:13,800 --> 00:42:17,800
things here at home. Again, we've averaged sixteen percent profits,

829
00:42:18,039 --> 00:42:20,880
we're at twenty six, and the country's coming apart. I

830
00:42:20,880 --> 00:42:22,800
don't think a return to sixteen would be the worst

831
00:42:22,800 --> 00:42:23,760
thing that ever happened.

832
00:42:23,480 --> 00:42:24,639
Speaker 3: To with me, I totally agree.

833
00:42:24,800 --> 00:42:27,360
Speaker 1: And to who much is given much as expected, which

834
00:42:27,400 --> 00:42:31,400
brings us now coming to Good Friday and Resurrection Sunday.

835
00:42:31,760 --> 00:42:33,639
And I wanted to ask you a question, and I'll

836
00:42:33,639 --> 00:42:36,039
go first, but I wanted you to ask I want

837
00:42:36,119 --> 00:42:39,239
to ask you, when was the time that you thought

838
00:42:39,280 --> 00:42:44,159
about Jesus and the sacrifice and the gift of eternal

839
00:42:44,199 --> 00:42:48,440
life and coming off the cross and you had an

840
00:42:48,480 --> 00:42:52,400
epiphany of Oh, my gosh, it was for me that

841
00:42:52,480 --> 00:42:53,639
he did this for me. We used to do a

842
00:42:53,639 --> 00:42:55,239
thing at our Lutheran church where I thought was really

843
00:42:55,239 --> 00:42:58,159
effective before it completely went to the left and fell apart.

844
00:42:58,199 --> 00:43:00,320
Of course, we used to have to go up and

845
00:43:00,400 --> 00:43:03,360
nail or we got the opportunity to put nails into

846
00:43:03,400 --> 00:43:06,840
the cross on Good Friday US and that was difficult, man,

847
00:43:06,880 --> 00:43:08,159
that was really really hard.

848
00:43:08,760 --> 00:43:09,440
Speaker 3: It occurred to.

849
00:43:09,400 --> 00:43:14,039
Speaker 1: Me just this past couple days that we so often

850
00:43:14,079 --> 00:43:18,239
talk about Jesus going to the cross for I mean,

851
00:43:18,280 --> 00:43:21,199
the redemption of mankind, appreciation of sins, part of the plan,

852
00:43:21,280 --> 00:43:23,519
a debt we couldn't pay. But we think of that

853
00:43:23,559 --> 00:43:26,920
in the past tense and did Hebrews. I think it's

854
00:43:26,960 --> 00:43:29,840
a Hebrew six. It reminds us that when we choose

855
00:43:29,960 --> 00:43:32,320
to sin, and this isn't mistake making, I mean we

856
00:43:32,360 --> 00:43:35,239
are broken and we have with sin nature. Sometimes we

857
00:43:35,320 --> 00:43:38,360
make mistake, but when we choose to practice sin as

858
00:43:38,360 --> 00:43:41,039
if to get good at it, or we know there's

859
00:43:41,079 --> 00:43:44,480
a sin that we're just managing versus letting God conquer it.

860
00:43:44,599 --> 00:43:47,519
So it's sin management every time.

861
00:43:47,280 --> 00:43:47,679
Speaker 3: We do that.

862
00:43:47,800 --> 00:43:52,199
Speaker 1: Jesus paid for those two. So everything we're going to

863
00:43:52,280 --> 00:43:54,920
sin in the future he went to the cross for.

864
00:43:55,079 --> 00:43:56,880
And a way to look at this is every time

865
00:43:56,920 --> 00:44:00,360
you do that, you kind of recrucify him. So you're

866
00:44:00,440 --> 00:44:02,320
kind of saying, hey, Jesus, could you get up on

867
00:44:02,360 --> 00:44:04,760
the cross and well and get scourged and spit upon

868
00:44:04,840 --> 00:44:08,519
and tortured again because I'm having I don't want to

869
00:44:08,760 --> 00:44:10,400
get rid of the sin. I just want to management.

870
00:44:10,639 --> 00:44:13,360
I just want to contain it. And that, to me,

871
00:44:13,440 --> 00:44:18,159
that's breathtaking. Like if you were walking with Jesus and

872
00:44:18,480 --> 00:44:20,760
he I just imagine him carrying the cross and he's

873
00:44:20,760 --> 00:44:24,440
beaten and he's bleeding and he's not breathing. Well, probably

874
00:44:24,440 --> 00:44:26,960
one of you know, lung lungs could be collapsing given

875
00:44:27,000 --> 00:44:30,239
what they did to him. And you're on a smartphone

876
00:44:31,000 --> 00:44:33,079
and you're walking next to him, and he says, what

877
00:44:33,119 --> 00:44:36,880
are you looking at? And you say porn. Oh okay, Well,

878
00:44:36,880 --> 00:44:38,639
I'm doing this for you and every the time you're

879
00:44:38,639 --> 00:44:41,280
going to do this. So I think we need to

880
00:44:41,360 --> 00:44:44,159
recognize that every sin we're going to commit in the future,

881
00:44:44,280 --> 00:44:46,719
Jesus is paying for it. If that's not an incentive

882
00:44:47,599 --> 00:44:50,079
when you're in the sin management business, if that's not

883
00:44:50,119 --> 00:44:53,119
an incentive, if you're tempted by something, that's not an

884
00:44:53,119 --> 00:44:56,079
incentive to picture. Oh wait, do I want to ask

885
00:44:56,159 --> 00:44:58,840
Jesus to get on the cross again? Then I don't

886
00:44:58,840 --> 00:45:00,639
know what the incentive that would be. That that hit me

887
00:45:00,639 --> 00:45:01,239
pretty heavy.

888
00:45:02,320 --> 00:45:04,519
Speaker 4: Yeah, it's it's starting to hit me heavy. Were sitting

889
00:45:04,519 --> 00:45:07,159
here having a conversation about it, so I'm trying to

890
00:45:07,239 --> 00:45:09,519
I'm trying to hold it together. But it reminds me

891
00:45:09,559 --> 00:45:12,519
of one of my favorite songs that that I think

892
00:45:12,559 --> 00:45:15,679
everybody should download and listen to, and it's called because

893
00:45:15,840 --> 00:45:20,079
You Loved Me Anyway. Oh man, you're getting emotional exactly

894
00:45:20,599 --> 00:45:22,679
because a lot of the things that you said, I've done.

895
00:45:23,800 --> 00:45:25,880
You know, I've done a lot of things that I'm

896
00:45:25,920 --> 00:45:29,079
not proud of. And there's a line in that song

897
00:45:29,480 --> 00:45:34,920
where uh, he says, a man, I am the nail

898
00:45:34,960 --> 00:45:40,000
in your wrist. And you love me anyway, And I was,

899
00:45:40,320 --> 00:45:42,159
it's not a can't It's not far from what I

900
00:45:42,199 --> 00:45:47,239
was talking to my boys about this morning, which is

901
00:45:47,519 --> 00:45:50,119
and and and it goes back to no bless oblige

902
00:45:50,360 --> 00:45:55,760
that we were talking about earlier, right of it. Our

903
00:45:55,800 --> 00:46:00,239
whole life is about repaying, you know what, weather whether

904
00:46:00,280 --> 00:46:03,440
we've been blessed economically or with children or whatever the

905
00:46:03,480 --> 00:46:08,360
case is, we are deeply loved. We were designed specifically

906
00:46:08,400 --> 00:46:11,760
with a purpose in mind. We are not an accident.

907
00:46:13,280 --> 00:46:18,320
We were wonderfully and fearfully made. And there's a better

908
00:46:18,360 --> 00:46:21,039
way to do things. There's a there's a there's a

909
00:46:21,400 --> 00:46:25,079
there is freedom, there is relief, and uh, you know,

910
00:46:25,119 --> 00:46:29,079
I yeah, I think about my life and the good

911
00:46:29,079 --> 00:46:33,159
Friday is. I wouldn't say it's my favorite day of

912
00:46:33,199 --> 00:46:36,239
the holiday because or you know, I'm a Christmas guy

913
00:46:36,360 --> 00:46:39,679
just I love Christmas. But uh, but I think it's

914
00:46:39,719 --> 00:46:44,119
the most important for me, just because without this day,

915
00:46:46,000 --> 00:46:48,679
I certainly wouldn't be here having this conversation with you.

916
00:46:48,800 --> 00:46:50,760
And I don't even want to know what my life

917
00:46:50,760 --> 00:46:55,239
would look like. But I would encourage everybody download that song.

918
00:46:55,280 --> 00:46:58,559
I think it's I think it's I think it's by

919
00:46:58,639 --> 00:47:01,599
casting crowns. I want to say, but you love me anyway.

920
00:47:01,719 --> 00:47:04,760
And it's a great reminder that you just brought up,

921
00:47:04,800 --> 00:47:09,719
which is every time we do it, every time you

922
00:47:09,880 --> 00:47:14,559
do something, you know, yeah, just it keeps showing your toes.

923
00:47:14,320 --> 00:47:17,119
Speaker 3: Man and just it should it should. We got to

924
00:47:17,159 --> 00:47:17,679
do this better.

925
00:47:18,039 --> 00:47:20,599
Speaker 1: Always enjoy to talk with you, and I wish you

926
00:47:20,840 --> 00:47:23,559
the most beautiful, beautiful Easter morning with your family and

927
00:47:23,719 --> 00:47:26,079
reflective time on Good Friday.

928
00:47:26,119 --> 00:47:28,320
Speaker 3: And thank you for being emotional and vulnerable with us.

929
00:47:28,920 --> 00:47:31,159
Speaker 1: Zach Abraham, Chief of the Best Officer Boat Captain Management,

930
00:47:31,199 --> 00:47:32,559
Know Your Risk Radio dot com.

931
00:47:33,159 --> 00:47:34,400
Speaker 3: This is a Todd Herman show.

932
00:47:34,440 --> 00:47:37,719
Speaker 1: Please go, be well, be strong, be kind, and please

933
00:47:37,760 --> 00:47:40,719
make every effort to walk in the life of Christ.