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Speaker 1: So the stock market, So the stock market. Didn't Donald

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John Trump say I feel like Joe Biden, it's gonna

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be an economic bloodbat. The stock market's gonna drop. Didn't

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he say that? I think he did say that, and

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then it done and done it. But fortunately we've got

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the swap out and now we have a new figurehead Harris,

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and she'll make things so much better. We'll talk about this.

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Zach Abraham, Chief Investment offs for Bulwark Capital Management. No,

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you're es gradio dot com. Thank you God Almighty for

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wise counsel.

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Speaker 2: The Todd Herman show is one disapproved by big pharma

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technocrats and tyrants everywhere. Now from the high mountains of

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Free America, here's the Emerald City exile Todd Herman.

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

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are the times to which God has decided we should live. Oh,

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the chief investment officer of Boat Capital Management, my friend

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and a guy growing a rough and rugged, manly looking beard.

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You know what that's not they do in the finance world.

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You're supposed to be all clean, shaving and sitting there

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in a double triple quadruple windsor h had a stack of

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business cards in the thing had a small child in it.

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There's some packs of cocaine. Is what they do back

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in the West East Ghost, How are you, brother?

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Speaker 3: I'm doing good man. Cocaine free?

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Speaker 1: Wait, free cocaine or cocaine free? Well, it depends, right, okay, right, gotcha?

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Speaker 3: You know we can get you whatever you need.

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Speaker 1: Yeah, I gotcha. No, I get it. No, I told

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you get it.

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Speaker 3: Ye got to stay away from the Peruvian marching powder.

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Speaker 1: Got it? No, do stay away from them.

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Speaker 3: Refer to uh no man, yeah, I Uh, it's just

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it's hard. It was hard to let go of the

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free and beard man, and then.

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Speaker 1: Uh, don't let go man, don't look out.

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Speaker 3: Yeah, And then the two most important women in my

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life said that, no, you don't look as good without it.

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So I said, all right, you know, so.

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Speaker 1: There it is. There it is.

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Speaker 2: So.

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Speaker 1: I guess I was hoping to have some drama this week,

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but there isn't any in the finance world.

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Speaker 3: No, everything is normal.

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Speaker 1: Tan was a thousand point drop in a single day,

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and I read a statistic that that ain't never happened before.

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Speaker 3: Uh, probably not one that big. I'd have to go

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but back and look at it. But we've had you know,

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we had I would say that's probably not accurate because

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I know there was a day during the COVID crash

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where at least the Dow was down thirteen percent in

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a single day.

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Speaker 1: Yeah, but that was planned.

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Speaker 3: Yeah, well shut down the economy, right right, right? So yeah,

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but in naturally speaking, I mean it's it's certainly up there. Yeah,

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it's big.

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Speaker 1: Okay, So this is what zero Hedge posted, and you know,

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me and zero edge, Meg seven down over a trillion.

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That was August five, twenty twenty four, six twelve am

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Navidia down three to twenty five billion, Apple three hundred billion,

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Google two hundred billion, Amazon one hundred and thirty five billion,

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Microsoft one hundred and twenty five, Meta eighty billion, Tesla

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down sixty billion. Remind all the gentle ladies and gentlemen

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and find people on both sides of the issue, you know,

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from the charles. Remind them of how many of those

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companies automatically get to help themselves to the A orders

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financial a orders of people using the electronic trading platforms.

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Speaker 3: Well yeah, not just that, but I mean I think

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the biggest day order is just the the the passive investing, right,

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the ETF.

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Speaker 1: Meanscause I mean, yeah, the ETF.

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Speaker 3: Yeah yeah, yeah, yeah. So I mean, you know, ETFs.

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It's hard to get an exact number around right now,

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but I mean in passive indexing ETFs, you've got about

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fifty five somewhere in neighborhood of like fifty five. Maybe

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it's a hi as sixty percent of all dollars going

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around the marketplace are invested that way, And people are like, well, okay,

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fifty five, that's a lot, and you're like, no, no,

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Like all things, you got to look at it in context.

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You've never had a form of investing period, any form

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that dominated that much of the money flowing around the markets. Now, look,

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you've had a couple bounce back days here, But there's

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two things. First of all, I think that way more

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of that got blamed on the economy being on the

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edge of recession than it should have. We had some

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weaker economic data. Obviously, people I think know my attitude

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or my take on what I think of current economic

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policies that are in place and the long term pernicious

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impacts of those. At the same time, I think that

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that economic data probably made up you know, let's call

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it four to six percent of the chaos that we saw.

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It certainly added to it, but the biggest part of

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it was what you and I have talked about before,

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which was whenever you see things, and we kept talking

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about how small and mid cap stocks were just getting

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left in the dust and the Nasdaq was just going

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through the roof, and that became what we call a

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carry trade, meaning so what or a pairs trade is

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some people refer to it meaning if I short the

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Russell two thousands small and mid caps, so I bet

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against small and mid caps, but then I bet for

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big tech if something bad happens, And this has been

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the way it's played out over the last several years.

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Even if I lose money on my big tech bets,

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the Russell two thousand and the small and mid cap

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stocks are going to get hit worse. So even if

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I lose, I still win, right because my bets against

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the market are going up faster than my bets for

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the market, right yep. So, and this always happens in markets.

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The longer those types of pair trades go on, the

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more people that pile into them, and the more fragile

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they become because they're flawed in the very way that

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they're looking at it. Right, the average guy goes, well, yeah,

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that makes sense because those companies suck compared to big tech. Right, Well,

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if AI is as powerful and as transformative as the

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prices of the big tech companies would have you believe,

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then the only way they can be worth that is

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if they're providing such unbelievable utility to the rest of

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the economy. Therefore, maybe the AI companies should be going

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up more. But you can't have a scenario where you've

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got whole indexes of small and mid cap companies not

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going anywhere and these transformative AI companies going through the roof. Right,

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those two things can't exist. If those AI companies aren't

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going to have a really positive impact on the small

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and mid cap companies, then why are you bitting them up?

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Speaker 2: Right?

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Speaker 1: And if the small and mid cap companies can't afford

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to buy the AI and then where's your customer base

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you're going to sell to each other? Because all the

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tech companies are getting into AI. And I found myself

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some news on AI pricing on our share with you,

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But I want to go through a quick checklist in

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just a second here with you, Zach on these companies

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because I really this concerns me, and maybe it's wrong

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for me to be concerned about it. So we'll go

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through this checklist in a second. If you guys go

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through a checklist in your physical life, can I just

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ask you this question? Does it take longer to recover

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from even something like playing football with the kids on Sunday?

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And I'm quoting a John mellencamp song. Bonus, bonus bonus

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if you know, playing football with the kids on Sunday,

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roaring with the lions all weekend long. No roaring with

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the Lions all week long. Just no, gosh, that's just

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to tell ourselves we're still the young Lions. It's check

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it out now. I screwed it all up. Well, just

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start over, all right, let's start over, John Mellencamp ard, No,

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here's the deal. If you go through the checklist, does

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it take you longer to recover from exercise? And I'm

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talking about muscle soreness, or if you begun to break

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bones or even little bones? So can I just suggest

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to you please do not passively allow this to happen.

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Do some passive investive in your body. It's super super easy.

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I mean, it requires the active swallowing of something. But

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that's not much to do. Go get Native Path collagen,

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which is scientifically backed to increase bone men mineral density

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and accelerate tissue recovery. It reduces wrinkles, it enhances hair thickness,

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it strengthens weaker damage nails, and it doesn't waste time

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with type two collagen. Super geeky. Let me just say

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it this way, one in two, one in three collagen

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fibers types are found in ninety percent of our body,

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so they don't waste time with type two. This is

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found in our cartilage, our bones, our skin, our hair,

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our gut. And when you are not properly getting enough collagen,

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and you're not unless you're drinking a bunch of bone soup,

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and I don't think you are, or eating bones or

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sucking on cartilage and chewing it and swallowing, which you're

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probably not, you're not getting enough of it. So here's

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what you can do. Go visit get Nativepath dot com

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through the three and six five day money back guarantee

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and you can try at risk free. That website again

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is get nativepath dot com sash Todd to get up

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to forty five percent off Get nativepath dot Com sash Todd.

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Now we'll go through the checklisters ex. So here's what

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I was asking these electronic trading platforms. So a lot

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of people involved in this is passive investing. Every month

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they're sending this money to these companies. I don't think

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the Video gets that right. They don't get that automatically

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usually right, NA Video is to Volta or is Nvidia

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getting that automatically?

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Speaker 2: Oh?

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Speaker 3: And Vidia is the second, well I think the second

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or first largest company in the SMP. So they're getting

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they're getting between six and seven percent of everybody's dollar

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they're putting into that ATF That's insane.

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Speaker 1: That's insane because that company is going up billions of

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dollars a day or a second. It's hard to keep track.

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Speaker 3: Hundreds of billions a day, yeah, a day, and the

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profits aren't increasing the companies.

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Speaker 1: That they that they rely on for their raw goods

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are increasing. Insane, Apple they get seven percent? Is that right?

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They're getting seven percent automatically yeah, they're right.

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Speaker 3: Around six or seven now. Now in Nvidia's profits and

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revenue have gone up unbelievably.

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Speaker 1: So, but they're not tracking to two hundred you know,

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two hundred per day.

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Speaker 3: No, that's the insanity is You've seen multiple days where

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you see one hundred and fifty to two hundred percent

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of their annual revenue. So you see market cap movements

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that are equal to one hundred and fifty to two

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hundred percent of their annual revenue in a day a day.

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Speaker 1: That's my point. It's not that they're not going up, right,

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but it's the comparisons. It has no grounding in. In fact,

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Apple has said Tim cook time and again, we are

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not a gross stock, right, We're not. We're six percent.

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We're not.

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Speaker 3: We're not.

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Speaker 1: We're not going to return you twenty five percent or

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hundred percent anything like that. Right, we're setting out a company.

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They're down three hundred billion. Google is getting seven percent, right,

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at least Google has thinned the metal five five percent.

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So every one of these companies, even Tesla, gets a

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taste of this stuff automatically.

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Speaker 3: Yeah. Yeah, it's just whoever's this? See, this is the

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problem with market cap weighted ETFs, right, especially when they

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control more than fifty percent of the money in the market.

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Is that what happens is the companies that go up

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the most quit being the companies that are performing the best.

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They just become the companies that are the biggest, right.

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And it's a self reinforcing wheel, because the better those

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companies do, the better the market does comparatively to any

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other form of investing and value stocks and all that

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kind of stuff. So more people jump on that train,

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and pretty soon they control sixty sixty five percent, seventy

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percent of the entire market. And these things make markets

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more fragile, which is why it's one of the reasons

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you saw this whole market gyration. But there's another really

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interesting tell in there, right, the father of value investing.

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I've been telling you that so many of these things

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don't make sense on a fundamental basis, right on price basis. Well,

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guess who is now sold about somewhere in the neighborhood

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of sixty to seventy percent of all their applestock and Buffet, right,

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And I've been hearing these wonder why Buffet's selling. I've

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heard people saying Buffett doesn't know what he's doing. And

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I'm like, Okay, you may not like him, but to

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say he doesn't know what he's doing or doesn't understand

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the valuation of a company, right, come on, right, give

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me a back, right, right? Why do he sell it

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for the same reasons that I've been saying. The price

240
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doesn't make any sense, right, Like they quit growing and

241
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now they're trading at thirty three times earnings, and it was, oh,

242
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it's the refresh of the AI empowered phone, and I go, guys,

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that that's a one year, one off type thing. And

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then the other thing is is you got to start

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looking at the numbers. Right when you get a company

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that's as big and as successful as Apple, you can't

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just see a ten percent increase in earning, right, Like

248
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to increase their earnings by ten percent, you'd have to

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have the most amazing phone launch they've ever had by

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four right, So you just you start bumping up against

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law of large numbers. And look, I mean, you know,

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I mean Apple's already you know, bounced off if it's

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low by seven and a half percent, and it's already

254
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higher than it was when Buffett sold it, So you

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know you're still in a place even though you have

256
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these market gyrations, nobody cares, and the market's been trained

257
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to think that. Look when when stocks sell off, just

258
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buy them. And everybody's like, well, isn't that true, and

259
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you go no, no, when stocks get cheap, you want.

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Speaker 1: To buy them, right, not when Yeah, but there is

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a difference, right, Yeah, you can still different lose billions

262
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of dollars in value and still still be way way overvalued.

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Then there's this, This is a fun piece. Intel says

264
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gouty three. That's I guess their AI focused product is

265
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going to be one third the price of the competition. Yeah,

266
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oh okay, so wait a minute, we see let's go

267
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back to Nvidia. Okay, so they're going to be powering

268
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the AI revolution Apple man, they're still in a bunch

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of new phones based on AI. You got that Google AI.

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That's fantastic because it turned our founders into into black

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women who are same sex attracted in some women with penises.

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So that's and that's an AI, right, that's a beautiful AI. Amazon,

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you know, Amazon, or at least they're not really betting

274
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on it. Microsoft is, but they're outsourcing it. It's going

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to be one third the price of the competition, and

276
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Intel has the ability, I don't know, they're relatively big,

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they might be able to make a market. So is

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that going to change the price of these AI companies

279
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that Google's going to come in and now start a

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price war.

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Speaker 3: Yeah, well, we've had this conversation before too, right, not

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doubting the efficacy of AI and its ability to transform

283
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things right from the beginning, we've said that. But you're

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attributing all of these wins like to think, maybe you

285
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know how many times have you and I had the

286
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conversation if you think all of these big tech companies

287
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are just going to sit back and let Nvidia own

288
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this market, You're out of your mind, right, It's it's

289
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not going to happen. So you're and you're already seeing

290
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that competition come to the four. Now Intel actually has

291
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the new chip that they came out is actually better

292
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than the Nvidia chip is. Right now, now in Vidia

293
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has a new chip on the on the on the

294
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uh you know, on the deck you know, getting ready

295
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to come out. That's delays in that and that ship

296
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will be another step forward. I'm just saying, like in

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video is unquestionably in the lead, but when you can

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get something that you know, a lot of people are

299
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building AI tools off of the existing in Vidia chip, right, Well,

300
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that means that it's functional and like you and I know,

301
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you know, anytime a company's making an investment in AI

302
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or anything else, you don't just blindly go out and

303
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buy the absolute best thing. You're looking for a merger

304
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of utility and costs, right right. So I'm not saying

305
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people are gonna quit buying in videos chip. What I

306
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am saying is you're going to increasingly see chips on

307
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the market that are more than suitable to do what

308
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a bunch of other players are doing. They may not

309
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be suitable for the top players, but the point is

310
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one of the biggest driver for in Vidia's revenue and

311
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profit surge is they were the only game in town.

312
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They now they're not, and you haven't even seen that

313
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be reflected in the stock price.

314
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Speaker 1: Yeah, and that's insanity. I can remember when people told me, well,

315
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no one's ever going to use an AMD ship, you know,

316
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and I remember Microsoft not ites Intel when an Intel

317
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world it is an Intel world. Plus you know Apple's

318
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never going to use Intel, So this is a way

319
00:16:13,639 --> 00:16:16,039
for us to have a competitive advantage. I remember one

320
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day reading, Oh well, look there's an Apple with an

321
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Intel in it. Oh wait, there's a Microsoft with an AMD.

322
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But wait, I was told in no uncertain terms that

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would never ever, ever happen. I want to bring politics

324
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into this in a second, Zach, because there was a major,

325
00:16:32,360 --> 00:16:36,440
major shakeup, a huge shakeup, and everything is different. So

326
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I want to present that scenario too, because there's people

327
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who believe that with this huge shakeup in politics, that's

328
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why the market took a nose dive, and we'll talk

329
00:16:43,000 --> 00:16:45,320
about that in a second. So, Zach, there was a

330
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major shakeup politically. We went from a demented old man

331
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who's probably suffering from Parkinson's who believes in open border

332
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policy allowing the cartels to sex traffic children across our border,

333
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changing the electrical from the back end, using the presence

334
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of these bodies, who believes in funding both sides of

335
00:17:04,599 --> 00:17:08,440
the war between Iran and hamas money laundering through Ukraine

336
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boys or girls. Girls or boys. Government should be able

337
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to steal your kid and trans them, allow crime to

338
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run rampant in the cities, and give all control to

339
00:17:18,400 --> 00:17:20,720
presidents to be able to jail their political opponents. Then

340
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they swapped and they put in a woman who doesn't

341
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have Parkinson's but believes all those things and more. And

342
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she has said that she's going to bring about the

343
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Green New Deal, that she will be the one who

344
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will make this happen, that finally this country will get

345
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off of our sick addiction. It's a carbon based energy,

346
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and she's going to duel with all carbon based things,

347
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which we are. I mean, you know, we're carbon based.

348
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So maybe she doesn't mean all because she doesn't mean herself.

349
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So there were people, but just us, there were people

350
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who say that this switchover to figurehead Kamala Harris, that's

351
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why the market dropped. Do you think there's any reality

352
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to that?

353
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Speaker 3: Look, I think that I think that it probably again

354
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played a role on the margins. But look, when we're

355
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talking finance and investing, and this is a warning I'll

356
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give to everybody. I would like nothing more to sit

357
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here and tell you that this is a market freaking

358
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out at the idea of Kamala Harris and this complete dole.

359
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I mean, he's smarter than she is, you know, but

360
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that's like, that's not saying much, right. I would love

361
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to tell you that's the reason the market freaked out, right,

362
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I would love It's not okay, the market freaked out.

363
00:18:41,279 --> 00:18:43,559
We've been talking about it for more than a month,

364
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month and a half. The market freaked out because you've

365
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had this insane environment going on so long that people

366
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start doing insane things because you know, getting way over leveraged,

367
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and those things always come apart like it just it,

368
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you know, and people go, how do you know that?

369
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Go go black guy back and listen to the shows

370
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that we've been doing for the last month. We were

371
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saying that this was going to unwind, and it was

372
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going to unwind very violently, because that's what always happens.

373
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It doesn't make us a prognosticator or no stradamus. What

374
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I will say, though, is it I think that that

375
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certainly played a role, you know, again on the margin.

376
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I don't think that it was a serious role. But

377
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but all all one up that I think one of

378
00:19:25,640 --> 00:19:31,319
the most concerning things about this whole deal is that

379
00:19:31,319 --> 00:19:35,519
that market drop isn't attributed to that, right, Okay, got

380
00:19:35,599 --> 00:19:39,759
to explain that, Meaning I would feel much more comfortable

381
00:19:40,480 --> 00:19:44,599
about the rationale and the foresight and the thinking of

382
00:19:44,640 --> 00:19:48,720
the American populace or the American investor if that was

383
00:19:48,799 --> 00:19:54,319
attributable to it. But here's the thing, A Kamala Harris.

384
00:19:54,440 --> 00:19:56,519
And again this is going to be offensive to people,

385
00:19:56,519 --> 00:19:59,960
but I'm just telling you a Kamal Kamala Harris president

386
00:20:00,079 --> 00:20:04,559
see on balance, probably means that big tech deserves to

387
00:20:04,559 --> 00:20:09,359
go even higher. Why because they're going to pad her pocketbook.

388
00:20:09,599 --> 00:20:12,440
This is not a smart human being. Okay. As a

389
00:20:12,519 --> 00:20:14,599
matter of fact, I think we could be looking at

390
00:20:14,640 --> 00:20:16,759
the lowest IQ that's ever been on a major ticket.

391
00:20:16,839 --> 00:20:19,480
Speaker 1: No, and people think that this might just be because

392
00:20:19,559 --> 00:20:23,519
you lean conservative and I'm slightly conservative. I'm mostly mattered.

393
00:20:23,559 --> 00:20:31,240
But this is demonstrable because anytime this and I've taken

394
00:20:31,279 --> 00:20:33,519
a pledge because people are saying, look are you Christian

395
00:20:33,599 --> 00:20:36,440
or not? Because if you're Christian, stopped calling your Cami.

396
00:20:36,759 --> 00:20:39,440
I mean, have at least the respect to use her name. Okay,

397
00:20:39,880 --> 00:20:43,960
I'll say figurehead Kamala Harris because she's a figurehead. She's

398
00:20:44,000 --> 00:20:48,799
not going to be afraid. This woman. Anytime she leaves

399
00:20:48,799 --> 00:20:52,039
her notes, you get things like this. Today, we're here

400
00:20:52,079 --> 00:20:57,279
to celebrate a very important relationship with North Korea. They've

401
00:20:57,319 --> 00:21:00,279
been an ally for a very long time. Or we're

402
00:21:00,279 --> 00:21:03,000
thinking about the significance of the passage of time, I

403
00:21:03,000 --> 00:21:05,640
mean time. Let me think about that, the significance of

404
00:21:05,680 --> 00:21:09,240
time and the passage of it. And then this, and

405
00:21:09,240 --> 00:21:12,119
this is why I called her Cami. That cackling laughter.

406
00:21:13,160 --> 00:21:14,400
She here's what she is.

407
00:21:14,480 --> 00:21:14,680
Speaker 2: Though.

408
00:21:14,720 --> 00:21:16,200
Speaker 1: You know who else is not smart? You know what

409
00:21:16,240 --> 00:21:19,920
else is not smart? A wolverine. A wolverine is not smart.

410
00:21:20,559 --> 00:21:24,000
But if you have what a wolverine wants, and you

411
00:21:24,039 --> 00:21:26,960
are alone in the woods and you don't have yourself

412
00:21:27,039 --> 00:21:31,079
a pretty serious weapon, the wolverine will have what you

413
00:21:31,160 --> 00:21:32,480
have and it will have you.

414
00:21:33,279 --> 00:21:33,680
Speaker 3: Yeah.

415
00:21:33,799 --> 00:21:33,960
Speaker 2: Right.

416
00:21:34,480 --> 00:21:36,680
Speaker 1: They're weasels too, by the way. Those are the people

417
00:21:36,680 --> 00:21:40,319
think they're bears. They're not. They're huge weasels, right, And

418
00:21:40,359 --> 00:21:42,559
they'll come and they'll get you, and they'll stalk you.

419
00:21:42,799 --> 00:21:45,319
Or you know what else, a komodo dragon. Yeah, yeah,

420
00:21:45,680 --> 00:21:47,039
do you know how kmodo dragons kill you?

421
00:21:47,480 --> 00:21:49,359
Speaker 3: Yeah? They bite you and follow you for like two

422
00:21:49,359 --> 00:21:50,400
weeks until diet.

423
00:21:50,519 --> 00:21:53,359
Speaker 1: Right, they don't even bother. I'm not gonna waste energy.

424
00:21:53,519 --> 00:21:57,599
They've got disgusting bacteria in their mouths. So they come

425
00:21:57,640 --> 00:22:00,160
and they'll bite you in a big muscle and they know, oh,

426
00:22:00,240 --> 00:22:02,279
Dud's gonna rotten the vine, and they're just sitting there

427
00:22:02,279 --> 00:22:05,000
with you. You know, you can climb a tree, and

428
00:22:05,000 --> 00:22:06,839
they're like, whatever, I mean, you're gonna fall out when

429
00:22:06,839 --> 00:22:10,000
you die, right, And then as your muscles are riding

430
00:22:10,000 --> 00:22:11,359
from them on the side, they're going, no, that one's

431
00:22:11,400 --> 00:22:14,279
cooking up nice. And they're looking at you with those reptiles. Yeah,

432
00:22:14,279 --> 00:22:15,960
I'll eat you in a little bit. And here's the

433
00:22:16,000 --> 00:22:19,559
thing with with with figurehead Kamala Harris. She's not smart,

434
00:22:19,720 --> 00:22:23,519
but she's got the instincts of a political killer. And

435
00:22:23,640 --> 00:22:25,839
don't tell me she wasn't working the phones in the

436
00:22:25,839 --> 00:22:28,000
back end and maybe working some other things in the

437
00:22:28,000 --> 00:22:30,599
back end with Barack Obama saying we got to get

438
00:22:30,640 --> 00:22:32,920
Joe out, And don't tell me she wasn't looking at chops.

439
00:22:33,400 --> 00:22:36,079
So don't tell me she's not mobbed up. And there's

440
00:22:36,119 --> 00:22:38,799
not big companies in there saying Okay, look, here's what

441
00:22:38,799 --> 00:22:41,079
we're gonna need. We're gonna need more infusions of cash.

442
00:22:41,079 --> 00:22:43,400
We've got to have a new flu like we got.

443
00:22:43,440 --> 00:22:45,759
We tried that cow flu thing that wouldn't don't tell

444
00:22:45,799 --> 00:22:49,279
me that she's not the perfect political predator to be

445
00:22:49,400 --> 00:22:51,799
to be taken advantage of by other political predators and

446
00:22:51,839 --> 00:22:52,680
cause to do their will.

447
00:22:52,759 --> 00:22:52,960
Speaker 2: Right.

448
00:22:53,519 --> 00:22:55,440
Speaker 3: Yeah, well she has to be mobbed up. There's no

449
00:22:55,480 --> 00:22:57,880
other there's no other way she'd make a ticket. And

450
00:22:57,920 --> 00:23:00,279
me sitting there saying that she's adult and as an

451
00:23:00,319 --> 00:23:03,319
incredibly low IQ. Look, my faith is my guiding light

452
00:23:03,400 --> 00:23:06,839
in my life too, right, I take it very seriously. Yeah,

453
00:23:06,920 --> 00:23:10,960
And this, this person has injected themselves into the public

454
00:23:11,000 --> 00:23:15,039
sphere saying that they're dumb. Right, that's that's not being

455
00:23:15,079 --> 00:23:19,279
anti Christian. It's what we got to think of ourselves

456
00:23:19,440 --> 00:23:22,640
as being on the board of us A right, And

457
00:23:22,680 --> 00:23:26,839
we're and we're effectively picking a board chairman, right. And

458
00:23:27,119 --> 00:23:29,799
if that board chairman walks in and can't string together

459
00:23:30,000 --> 00:23:33,359
seven words in a cohesive manner, it probably doesn't really

460
00:23:33,400 --> 00:23:37,160
look good to their you know, to their mental acuity, right. Right.

461
00:23:37,200 --> 00:23:41,799
And and so me saying that she's dumb, that's an observation, right,

462
00:23:41,880 --> 00:23:44,759
I say, I'm not making a judgment call. I'm not

463
00:23:44,880 --> 00:23:48,640
judging her. She's she is asking for me to approve

464
00:23:48,720 --> 00:23:52,720
her in a job that impacts my life. My job

465
00:23:52,759 --> 00:23:55,079
as a citizen is to put her through as many

466
00:23:55,079 --> 00:23:57,799
filters as I can and try to sit there and say,

467
00:23:58,079 --> 00:24:00,759
is this person if she walked into the boardroom of

468
00:24:00,799 --> 00:24:04,119
a single fortune five hundred company and she didn't have

469
00:24:04,160 --> 00:24:06,599
the weight of the federal government behind her, would she

470
00:24:06,680 --> 00:24:09,400
be elected to a single board position or the CEO

471
00:24:09,480 --> 00:24:12,039
position in any one of those five hundred companies? And

472
00:24:12,079 --> 00:24:16,680
the answer is resoundingly no, It's ridiculous. I know. Would

473
00:24:16,720 --> 00:24:21,440
Donald Trump? Yes? Multiple Right now, I'm not saying I'd

474
00:24:21,480 --> 00:24:23,559
hire him from I you know, right, but I'm just

475
00:24:23,599 --> 00:24:26,440
saying you have a competency issue. Joe Biden, you could

476
00:24:26,440 --> 00:24:30,000
say the same thing circa twenty sixteen was was he

477
00:24:30,079 --> 00:24:35,039
more mentally fit or more capable that none? There's no question, right.

478
00:24:35,079 --> 00:24:38,000
Like I said, I even know liberal people and people

479
00:24:38,000 --> 00:24:40,799
that disagree with me that will sit there and admit

480
00:24:40,839 --> 00:24:43,240
to you objectively and be like, yeah, she's not a

481
00:24:43,319 --> 00:24:44,039
sharp knife.

482
00:24:44,839 --> 00:24:49,319
Speaker 1: Well no, no. And in fact, there CNN did a

483
00:24:49,359 --> 00:24:51,359
piece about how she was a drag on the ticket.

484
00:24:51,920 --> 00:24:56,839
Guess what they mentioned, ha ha and her laugh, her

485
00:24:56,960 --> 00:25:02,039
laugh and her voice and the perception that she's not smart.

486
00:25:02,240 --> 00:25:05,640
They did it in a pre produced package that went

487
00:25:05,680 --> 00:25:09,039
through a whole bunch of different reviews. And now they're saying,

488
00:25:09,119 --> 00:25:12,440
oh wait, wait, she is a black woman. She grew

489
00:25:12,480 --> 00:25:15,000
up in the deep hood. She was with the crips.

490
00:25:15,079 --> 00:25:17,920
She survived to drive by shooting. Then she dealt drugs

491
00:25:17,920 --> 00:25:20,319
for a number of years until she made a rap album,

492
00:25:20,640 --> 00:25:22,519
and then she got her imprint, and then she went

493
00:25:22,559 --> 00:25:24,279
to prison for a while. She did a stretch there

494
00:25:24,319 --> 00:25:26,000
for a killing she did back in the gang days.

495
00:25:26,519 --> 00:25:28,599
And then she turned her life around and she adopted

496
00:25:28,599 --> 00:25:31,480
four hundred black children and raised each of them individually,

497
00:25:31,759 --> 00:25:34,440
with one minute of the day. They're all now MBAs

498
00:25:34,599 --> 00:25:37,240
and she's been through the struggle. But was she ever

499
00:25:37,279 --> 00:25:38,680
an Indian American? Well a little bit.

500
00:25:39,440 --> 00:25:42,359
Speaker 3: Yeah, all right, Well I didn't believe when it was convenient.

501
00:25:43,160 --> 00:25:46,039
Speaker 1: I know, race of convenience. I know you made me

502
00:25:46,079 --> 00:25:48,759
spit take. Yeah, I watched the video, just just witnessed

503
00:25:48,799 --> 00:25:50,680
the spit take, and it also went over to the screen.

504
00:25:51,359 --> 00:25:53,640
I do have a question about the stock market in

505
00:25:53,640 --> 00:25:56,440
people's lives, because I'll tell you something I did one

506
00:25:56,480 --> 00:25:59,039
day back when I was doing a film for a

507
00:25:59,119 --> 00:26:01,359
client who does not what you do. They do it

508
00:26:01,480 --> 00:26:04,440
very very differently. But back in the day, they did

509
00:26:04,480 --> 00:26:06,319
some investing by and hold investing. I'll tell you what

510
00:26:06,359 --> 00:26:08,240
I did, and I want to ask you about I

511
00:26:08,240 --> 00:26:10,680
want people to understand the stock market and their lives.

512
00:26:11,480 --> 00:26:15,119
People understand this about their lives that you have. Okay,

513
00:26:15,119 --> 00:26:19,200
I don't know how to put this all right, this

514
00:26:19,240 --> 00:26:21,599
is a very impolite thing to say. But if you

515
00:26:21,720 --> 00:26:23,640
have someone in your house who has to take a

516
00:26:23,640 --> 00:26:27,759
lot of medication, you love them dearly and you are

517
00:26:27,880 --> 00:26:31,880
sacrificing time and money to care for them, and they're

518
00:26:32,000 --> 00:26:34,960
living in these circumstances where they can't get out. You

519
00:26:35,039 --> 00:26:38,160
produce a smell of a hospital or old person smell,

520
00:26:38,799 --> 00:26:41,799
and they know that. I can remember going and visiting

521
00:26:41,839 --> 00:26:44,359
my aunties and they were not nice women. One of

522
00:26:44,400 --> 00:26:46,960
them was an angel. Kay was an angel, but the

523
00:26:47,039 --> 00:26:50,079
other ones were not nice and they didn't like kids.

524
00:26:50,160 --> 00:26:53,519
But they did apologize for the old lady's smell. Now

525
00:26:53,599 --> 00:26:56,359
they shouldn't have to do that. They're human beings. They're

526
00:26:56,759 --> 00:26:59,359
in bed. They don't want to be in bed. You know,

527
00:26:59,440 --> 00:27:01,799
you can give peace like this a gift. The the

528
00:27:01,839 --> 00:27:05,920
oxyoxy leaf too thunderstorm device. It'll take that smell away.

529
00:27:06,000 --> 00:27:08,160
Their room will smell like it's been a thunderstorm in there.

530
00:27:08,240 --> 00:27:11,640
And it does this with three that's ozone. So you

531
00:27:11,640 --> 00:27:14,519
don't get the chemical smells and the medicine smells and

532
00:27:14,559 --> 00:27:16,839
the I'm trapped in bed smells. That happened to my dad.

533
00:27:17,559 --> 00:27:19,319
He didn't want to smell that way in bed. He

534
00:27:19,359 --> 00:27:20,759
was in bed for a year before he died. He

535
00:27:20,759 --> 00:27:23,079
didn't want to smell that way. But there's all sorts

536
00:27:23,119 --> 00:27:24,960
of other smells. Like, for instance, I think about you

537
00:27:24,960 --> 00:27:27,000
guys who are long haul truckers and you listen to

538
00:27:27,039 --> 00:27:30,079
the podcast as you drive Number one, Thank you number two.

539
00:27:30,680 --> 00:27:32,240
Like if you're living out of the cap of your

540
00:27:32,279 --> 00:27:35,119
truck on these long cross country stretches, it can't always

541
00:27:35,160 --> 00:27:38,440
smell nice. So you put the oxy leaf to thunderstorm

542
00:27:38,480 --> 00:27:42,319
device in there, and these ozone molecules just negate the

543
00:27:42,359 --> 00:27:44,519
bad smells. That works with the things as awful as

544
00:27:44,599 --> 00:27:47,000
cat litter or kid puke that baked in a car

545
00:27:47,079 --> 00:27:49,279
over night, and it just negates it. It also does

546
00:27:49,279 --> 00:27:51,880
this to viruses plugs into the wall. In the case

547
00:27:51,880 --> 00:27:53,799
of your truck, it comes to the USB thing that

548
00:27:53,920 --> 00:27:57,640
easy and it's tiny. Go to eatinpyrdeals dot com and

549
00:27:57,799 --> 00:28:02,039
use code todd bogo WW because buy one, get one DIY,

550
00:28:02,039 --> 00:28:05,279
get buy one, get one by two, get two eatingpreredeals

551
00:28:05,279 --> 00:28:07,519
dot Com use code Todd bugle and breathe a breath

552
00:28:07,559 --> 00:28:09,799
of fresh air again or give that to your loved woods.

553
00:28:09,799 --> 00:28:11,680
And it's not just limited to old person smell can

554
00:28:11,720 --> 00:28:15,440
also be people living in military barracks or young person smell.

555
00:28:15,559 --> 00:28:18,079
That's not smell, that's stink, right, a bunch of kids

556
00:28:18,079 --> 00:28:20,880
in a college room that's full on stink. It's eatinpreredeals

557
00:28:20,880 --> 00:28:23,640
dot Com use code Todd bogo. So back in the day,

558
00:28:23,960 --> 00:28:27,480
Zach I made a little film for some friends who

559
00:28:27,519 --> 00:28:29,880
do buy and hold investing, and that's not something I

560
00:28:29,880 --> 00:28:32,599
can sponsor anymore. I think buy and hold is insane.

561
00:28:33,359 --> 00:28:35,720
And we would go make little films and we made

562
00:28:35,759 --> 00:28:38,720
it outside of Fidelity, and then we made it outside

563
00:28:38,720 --> 00:28:42,079
of a first interstate bank. Two places. These are people

564
00:28:42,200 --> 00:28:46,960
leaving Fidelity, okay, people walking out of Fidelity. And we

565
00:28:47,079 --> 00:28:50,119
had a sign that said free twenty five dollars Amazon

566
00:28:50,119 --> 00:28:52,119
get certificate. This was like fifteen years ago when that

567
00:28:52,160 --> 00:28:55,079
met something. So just come and do an interview. People

568
00:28:55,119 --> 00:28:56,480
walk up to us, Hi, thanks, Hey do you want

569
00:28:56,480 --> 00:28:57,880
to sign up for the Amazon Gifts a fig? Okay,

570
00:28:57,920 --> 00:28:59,920
you just have to answer some questions for us on camera.

571
00:29:00,680 --> 00:29:03,799
Do you invest in the stock market? Nine out of

572
00:29:03,839 --> 00:29:05,960
the ten people walking in and Fadilia said, oh no, no,

573
00:29:06,000 --> 00:29:08,440
I don't. I don't do any investing in the stock market.

574
00:29:10,079 --> 00:29:11,680
Oh you don't, So where do you put your money?

575
00:29:11,680 --> 00:29:15,119
Oh no, I'm all about mutual funds. I think this true.

576
00:29:15,319 --> 00:29:17,480
I think the stock market's too risky. Plus that's for

577
00:29:17,559 --> 00:29:20,039
rich people. So I'm just in mutual funds. What are

578
00:29:20,119 --> 00:29:27,759
mutual funds? Well, wait, is that the stock market? Yes?

579
00:29:28,400 --> 00:29:31,839
So there was that. Then this was the golden one

580
00:29:32,200 --> 00:29:33,880
because that was very embarrassing for people to laugh. Oh

581
00:29:33,920 --> 00:29:35,559
my gosh, I'm so stupid. Of course I'm on the

582
00:29:35,559 --> 00:29:38,359
stock market, and that was funny. We give them their certificate.

583
00:29:38,400 --> 00:29:40,440
Then we went to the U district where the college

584
00:29:40,519 --> 00:29:43,119
is Universe Washington. We went outside of a first inner

585
00:29:43,160 --> 00:29:45,559
stint bank twenty five bucks. Now they're college students. Man,

586
00:29:45,599 --> 00:29:47,680
we got a line, but we have to take them

587
00:29:47,680 --> 00:29:50,720
around the corner so they don't get the answer. So

588
00:29:50,759 --> 00:29:53,200
people come up, okay, hey, thanks, Hey you're in there.

589
00:29:53,240 --> 00:29:55,119
You have a checking account? Yeah, what about a savings account?

590
00:29:55,160 --> 00:29:55,319
Speaker 3: Yah?

591
00:29:55,319 --> 00:29:57,400
Speaker 1: Absolutely saves the account, too cool. Do you invest in

592
00:29:57,400 --> 00:30:02,160
the stock market? No, absolutely not, I'm not rich, it's filthy.

593
00:30:02,680 --> 00:30:05,519
It's for a stinking, disgusting capitalist. Or I don't have

594
00:30:05,640 --> 00:30:08,759
enough money or no, okay, but you have a savings account. Yeah,

595
00:30:09,079 --> 00:30:12,759
so where does that money go? These are college students. Well,

596
00:30:12,759 --> 00:30:16,799
it's in the bank, like it's in there right now. Well,

597
00:30:16,839 --> 00:30:18,960
not all of it, I mean some of it. What

598
00:30:19,000 --> 00:30:24,480
do you think the bank does with it? Stock markets?

599
00:30:24,759 --> 00:30:29,000
They would figure it out socratically within three questions. They

600
00:30:29,000 --> 00:30:29,960
would socratically.

601
00:30:29,960 --> 00:30:30,160
Speaker 3: Wait.

602
00:30:30,160 --> 00:30:33,759
Speaker 1: Wait, so I am invested in SCRAA. No, no, you're not. No, no, no,

603
00:30:33,799 --> 00:30:36,440
you're just getting your little one percent return. They're investing

604
00:30:36,480 --> 00:30:39,480
your money in the stock market. So everybody's in the

605
00:30:39,480 --> 00:30:42,960
stock market. My point is this a thousand point drop

606
00:30:43,039 --> 00:30:46,359
in a day, And it didn't I mean, okay, it

607
00:30:46,440 --> 00:30:50,200
really affected some people for sure. Now retirement's different. Now

608
00:30:50,240 --> 00:30:54,319
retirement's not five years, it might be seven. How tied

609
00:30:54,359 --> 00:30:58,960
in to the lives of folks? Is the stock market

610
00:30:59,000 --> 00:30:59,640
in your opinion?

611
00:31:00,720 --> 00:31:04,119
Speaker 3: Well, it's certainly much more today than it ever has been,

612
00:31:04,279 --> 00:31:06,559
even if you're not invested in it. And the reason

613
00:31:06,599 --> 00:31:10,640
why is, and look, I don't There's a lot of

614
00:31:10,680 --> 00:31:13,160
empirical data that I could present, but this is still

615
00:31:13,240 --> 00:31:15,519
kind of something that's in the theory stage because it's

616
00:31:15,880 --> 00:31:18,279
I wouldn't say it's widely recognized, but I think that

617
00:31:18,559 --> 00:31:22,000
I think the empirical data really points to it, which is,

618
00:31:24,319 --> 00:31:28,680
I think that the stock market has a bigger impact

619
00:31:28,880 --> 00:31:32,319
on the economy than at any other time. Meaning, you know,

620
00:31:32,359 --> 00:31:35,079
the way we think about it is that the stock

621
00:31:35,160 --> 00:31:37,519
market is a reflection of what's going on in the economy.

622
00:31:37,920 --> 00:31:42,160
But I think you've reached a point where I think

623
00:31:42,200 --> 00:31:45,319
the inverse is true. I think one of the largest

624
00:31:45,319 --> 00:31:48,960
inputs into the economy and the consumer spending is the

625
00:31:48,960 --> 00:31:51,200
stock market. And the reason I believe that is this

626
00:31:51,640 --> 00:31:54,160
A lot of us know that this, know these stats,

627
00:31:54,519 --> 00:31:56,319
but baby boomers, let me just give you and I'll

628
00:31:56,359 --> 00:31:58,440
pull up the real numbers while we're sitting here. If

629
00:31:58,440 --> 00:32:01,839
you had to guess how much of the country's wealth

630
00:32:04,599 --> 00:32:08,440
is held and owned by the baby boomers.

631
00:32:08,720 --> 00:32:14,119
Speaker 1: The country's wealth, I'm going to say eighty five percent.

632
00:32:16,519 --> 00:32:20,400
Speaker 3: Let's see just very no, so it's a little less

633
00:32:20,440 --> 00:32:20,680
than that.

634
00:32:21,039 --> 00:32:23,839
Speaker 1: But this is looking You can look me and say

635
00:32:23,839 --> 00:32:25,799
you're an idiot. It's it's a no no no, no, no,

636
00:32:25,680 --> 00:32:26,039
no no no.

637
00:32:26,359 --> 00:32:28,680
Speaker 3: Because because these numbers are a little bit deceiving. Meaning

638
00:32:29,559 --> 00:32:32,480
if we say total wealth, that includes real estate holdings

639
00:32:32,480 --> 00:32:34,720
and things of that nature. So it's not going to show.

640
00:32:34,960 --> 00:32:39,599
But baby boomers, by definition, okay, make up about twenty

641
00:32:39,640 --> 00:32:42,839
percent of the population of this country. And if we

642
00:32:42,880 --> 00:32:46,279
look at the total percentage of the country's wealth, baby

643
00:32:46,319 --> 00:32:48,599
boomers control fifty two percent of it.

644
00:32:48,680 --> 00:32:51,359
Speaker 1: Okay, I thought it was eighty two, but I was guessing.

645
00:32:51,519 --> 00:32:52,559
I was guessing that might.

646
00:32:52,559 --> 00:32:56,000
Speaker 3: Well, so that well, that's like top one percent, right,

647
00:32:56,039 --> 00:32:59,160
So the top one percent controls, you know, eighty five

648
00:32:59,200 --> 00:32:59,960
to ninety percent.

649
00:33:00,119 --> 00:33:02,400
Speaker 1: This goes to the question of what is wealth. And

650
00:33:02,440 --> 00:33:04,319
I'm going to defend myself a little bit here because

651
00:33:04,359 --> 00:33:06,279
I think most of those people in the top one

652
00:33:06,279 --> 00:33:08,799
percent are baby baby boomerage. Could be wrong, but I

653
00:33:08,839 --> 00:33:09,359
think most.

654
00:33:09,200 --> 00:33:11,960
Speaker 3: Of them are over ninety percent. Ok for sure, Okay,

655
00:33:12,000 --> 00:33:15,279
for sure? All right, okay, so if if but let's

656
00:33:15,319 --> 00:33:18,000
just think about let's let's just think about grandma and

657
00:33:18,000 --> 00:33:20,759
grandpa okayan are dead.

658
00:33:20,920 --> 00:33:21,759
Speaker 1: Why are you doing it to.

659
00:33:21,720 --> 00:33:24,880
Speaker 3: Me, our mom and dad? Whatever?

660
00:33:24,960 --> 00:33:27,079
Speaker 1: The kid's dead. Hold on a second, what do you think.

661
00:33:26,960 --> 00:33:30,359
Speaker 3: Of a retireing. We're looking for eighty year old retireing.

662
00:33:30,480 --> 00:33:33,920
A righty yeah, and they're getting ready for Christmas with

663
00:33:33,960 --> 00:33:37,160
the kids. In that individual year, they got two to

664
00:33:37,240 --> 00:33:41,200
three million dollars in the investment portfolio, and that year alone,

665
00:33:41,279 --> 00:33:45,359
the investment portfolios of twenty five percent. Does that increase

666
00:33:45,480 --> 00:33:50,359
their propensity to buy some extra Christmas presents for the grandkids? Well,

667
00:33:50,359 --> 00:33:52,119
you know, twenty five percent on a two to three

668
00:33:52,119 --> 00:33:56,720
million dollar portfolio, you're talking about five seven hundred grand Okay,

669
00:33:56,480 --> 00:34:01,200
So I think it's so. Then what you've seen, and

670
00:34:01,200 --> 00:34:03,920
you've seen this multiple times, You've seen the stock market

671
00:34:04,000 --> 00:34:06,200
drop and you've seen consumer spending start to tip over.

672
00:34:06,480 --> 00:34:08,360
Then you see the stock market recover and you watch

673
00:34:08,400 --> 00:34:11,199
consumer spending recover with it. The layman would sit there

674
00:34:11,239 --> 00:34:13,519
and go, oh, the market's so smart. The market's looking

675
00:34:13,599 --> 00:34:15,480
ahead and knows what's going to happen, And we've sat

676
00:34:15,519 --> 00:34:17,880
there and gone, huh. I don't think that's the case.

677
00:34:18,360 --> 00:34:21,599
I think the case is is that consumer spending by

678
00:34:21,679 --> 00:34:25,519
way of baby boomers especially, and then just the country's wealth. Right,

679
00:34:25,760 --> 00:34:29,440
the country's wealth by a percentage, is far more represented

680
00:34:29,480 --> 00:34:31,920
by the stock market today than it was, you know,

681
00:34:31,960 --> 00:34:34,800
forty years ago. Meaning if we look at the percentage

682
00:34:34,800 --> 00:34:36,840
of if you add up all the millionaires in the

683
00:34:36,840 --> 00:34:39,440
world and say how much of their or in our country,

684
00:34:39,440 --> 00:34:42,199
how much of their net worth is in the stock market.

685
00:34:42,400 --> 00:34:45,719
It is a substantially higher percentage than it was forty

686
00:34:45,760 --> 00:34:49,599
years ago. So even if you're not invested in the

687
00:34:49,599 --> 00:34:51,360
stock market. And this is why I tell you, yeh,

688
00:34:51,360 --> 00:34:53,400
don't invest in the stock market. I'm like, that's not smart,

689
00:34:53,599 --> 00:34:55,679
and they're like why, and I go, because the stock

690
00:34:55,719 --> 00:34:59,800
market is ground zero for inflation, right, it's the first

691
00:34:59,800 --> 00:35:03,519
s of inflation, right, meaning it's where people are putting

692
00:35:03,719 --> 00:35:05,440
you know, it's where people are putting money to grow

693
00:35:05,440 --> 00:35:07,840
and protect themselves from inflation. Should it be all of

694
00:35:07,880 --> 00:35:11,400
your investments? No? Should it be risk managed? I think so.

695
00:35:12,039 --> 00:35:15,119
But whether or not you think you're impacted by it.

696
00:35:15,440 --> 00:35:17,840
I mean, if you had the stock market drop by

697
00:35:18,039 --> 00:35:20,760
let's let's say nothing economically changed, and you had the

698
00:35:20,840 --> 00:35:23,679
US stock market drop by forty percent, you would a

699
00:35:23,800 --> 00:35:25,840
in a very short period of time, you would see

700
00:35:25,920 --> 00:35:29,039
unemployment go up sharply, and you would watch consumer spending

701
00:35:29,119 --> 00:35:31,000
come down rapidly.

702
00:35:30,960 --> 00:35:33,039
Speaker 1: Okay, and then unemployment would go up even more.

703
00:35:33,599 --> 00:35:36,840
Speaker 3: Yes, if you go back thirty years ago, right, if

704
00:35:36,880 --> 00:35:38,599
you could go back and look at nineteen eighty seven.

705
00:35:38,639 --> 00:35:41,440
For instance, in nineteen eighty seven, the stock market dropped

706
00:35:41,480 --> 00:35:44,400
over twenty one percent in a single day. Okay, it

707
00:35:44,440 --> 00:35:49,679
didn't even spur on a real recession. Right, you had

708
00:35:49,679 --> 00:35:51,599
a little bit of economic slowdown and things like that

709
00:35:51,679 --> 00:35:54,599
as people were a little under If you did that today,

710
00:35:55,119 --> 00:35:57,920
think about like COVID. Right, so COVID markets dropped thirty

711
00:35:57,920 --> 00:36:02,159
six percent in five weeks. That effect actively happened. That

712
00:36:02,280 --> 00:36:05,840
was market dropped about twenty nine eighty seven over the

713
00:36:05,840 --> 00:36:09,400
course of four weeks. Okay, So but you didn't have

714
00:36:09,480 --> 00:36:12,519
a shutdown, right, you didn't go compare the outcome different.

715
00:36:12,280 --> 00:36:14,320
Speaker 1: Well, and then look at the lasting change to the

716
00:36:14,320 --> 00:36:17,159
commercial real estate prices small businesses. There are states that

717
00:36:17,199 --> 00:36:19,480
lost forty percent of their small businesses and have not

718
00:36:19,519 --> 00:36:22,519
come back. And people working one small business JOP are

719
00:36:22,559 --> 00:36:24,679
now working three. And that's great for the economy because

720
00:36:24,679 --> 00:36:26,239
then they've got three jobs, and hey, look at the

721
00:36:26,320 --> 00:36:26,920
job numbers.

722
00:36:27,639 --> 00:36:27,760
Speaker 3: Right.

723
00:36:27,920 --> 00:36:30,159
Speaker 1: So I want to ask you a question about this

724
00:36:30,320 --> 00:36:34,039
happening again, and I want to remind people some trust

725
00:36:34,079 --> 00:36:37,920
in charos and horses and others trust in the everlasting

726
00:36:37,960 --> 00:36:40,679
word of God. If your charos and horses are in

727
00:36:40,679 --> 00:36:42,079
the form of your four to three B and your

728
00:36:42,079 --> 00:36:45,119
four one K. Hey look b wise stewards. You know,

729
00:36:45,239 --> 00:36:48,880
get risk management. My judgment, this is the dude and

730
00:36:48,960 --> 00:36:51,000
his company to work with. That's my judgment. That's what

731
00:36:51,039 --> 00:36:54,559
we do. But please please make sure that your trust

732
00:36:54,599 --> 00:36:58,159
is parked with God Almighty. Please make sure that my

733
00:36:58,199 --> 00:37:01,159
friend Tim Krukshank on his coffee company, Bone Frog Coffee,

734
00:37:01,159 --> 00:37:05,159
every Begs is God country team. And this weekend, Tim

735
00:37:05,159 --> 00:37:07,239
at Bonefog Coffee is a proud sponsor of the Navy

736
00:37:07,239 --> 00:37:10,679
Seal Foundation Swim Across the Hudson and this is taking

737
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place this Saturday, New York City. The SIM supports over

738
00:37:13,480 --> 00:37:16,719
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739
00:37:16,960 --> 00:37:19,639
active duty veterans in their families. You can get more

740
00:37:19,679 --> 00:37:23,760
information at Navyseal Foundation dot org. And Tim has come

741
00:37:23,800 --> 00:37:27,480
out with a summer coffee. It's a cold brew and

742
00:37:27,519 --> 00:37:30,159
these are packs. Okay, so you just all you need

743
00:37:30,320 --> 00:37:32,880
is cold water, make cold brew at home, place two

744
00:37:32,920 --> 00:37:35,400
pouches in filtered water, let them steep in the fridge

745
00:37:35,440 --> 00:37:38,199
for twenty fives. Please don't take a shortcut, don't do

746
00:37:38,280 --> 00:37:40,880
six hours, don't do twelve, trust me, do the full

747
00:37:40,920 --> 00:37:44,519
twenty four and what you're gonna get is an incredible

748
00:37:44,679 --> 00:37:48,559
ice roast coffee and it's gonna get you hooked. And

749
00:37:48,559 --> 00:37:51,920
by the way, sometimes ice roasts it gets faster into

750
00:37:51,920 --> 00:37:54,119
the system. I'm just saying, because believe it or not,

751
00:37:54,199 --> 00:37:56,599
your body has to cool down the other coffee before

752
00:37:56,599 --> 00:37:57,880
it can get into your blood. So if you're like

753
00:37:57,880 --> 00:38:01,679
me and you're saying mainline me the caffeine, well then

754
00:38:01,719 --> 00:38:04,000
it could do that. You can get multiple multiple blends.

755
00:38:04,000 --> 00:38:06,880
You can get the goat Locker Extra dark Roast, or

756
00:38:06,880 --> 00:38:08,800
you can do the door Kicker Light Roast, but with

757
00:38:08,840 --> 00:38:12,440
the highest caffeine amount that you can get in bone Frog.

758
00:38:12,719 --> 00:38:14,639
Go to bone Frog Coffee dot com slash todd to

759
00:38:14,639 --> 00:38:16,679
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760
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761
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762
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That's Bonefrog Cooffee dot com slash todd, ter code todd.

763
00:38:27,079 --> 00:38:31,000
So Zach, you are very very careful to always say

764
00:38:31,039 --> 00:38:33,719
you're not a prognosticator. You don't know the future. Always

765
00:38:33,719 --> 00:38:38,119
appreciate that this was a big, big drop do you

766
00:38:38,159 --> 00:38:40,679
think it's the worst we'll see in the next three

767
00:38:40,760 --> 00:38:43,400
years if you're guessing, Or do you think we'll see

768
00:38:43,440 --> 00:38:46,159
a thing like this again? Or was this the was

769
00:38:46,199 --> 00:38:49,280
this the tremor and the earthquake and now the tectonic

770
00:38:49,280 --> 00:38:51,360
plates are kind of relaxed for a little while, Or

771
00:38:51,400 --> 00:38:53,599
do you do you think this was the tremor leading

772
00:38:53,639 --> 00:38:55,440
to the bigger, the bigger earthquake.

773
00:38:56,519 --> 00:38:59,639
Speaker 3: Well, you know, I don't know what's coming up around

774
00:38:59,639 --> 00:39:01,639
the corner. What I will say, though, is I think

775
00:39:01,719 --> 00:39:04,880
history is probably our best guide. If we're looking and

776
00:39:04,920 --> 00:39:08,119
we're paying attention to what's going on, you should notice

777
00:39:08,199 --> 00:39:13,559
that these once in a lifetime aberrational market looks are

778
00:39:14,119 --> 00:39:18,840
a lot spright who lifetime, right, And And I think

779
00:39:18,920 --> 00:39:23,639
what that reflects is the growing fragility in the market,

780
00:39:23,760 --> 00:39:28,519
meaning the market is becoming increasingly brittle the further it

781
00:39:28,559 --> 00:39:31,840
goes up, because the concentration of money is going and

782
00:39:31,880 --> 00:39:35,239
fewer and fewer companies. The longer it goes up, the

783
00:39:35,280 --> 00:39:41,119
more that the average investor is comfortable using using leverage. Right.

784
00:39:41,559 --> 00:39:45,280
The I mean the other part to look is look

785
00:39:45,280 --> 00:39:50,239
at the relatively violent snapback you've seen, right, What you're

786
00:39:50,280 --> 00:39:54,000
seeing as a market that is unbelievably volatile both ways,

787
00:39:54,840 --> 00:39:59,400
and so I think you're going to continue to see

788
00:39:59,400 --> 00:40:01,920
that volatile grow. I was sitting there thinking about it today.

789
00:40:01,920 --> 00:40:05,880
I think that you know, you watch entire indexes and

790
00:40:05,880 --> 00:40:08,000
I'd have to break it down and have somebody sit

791
00:40:08,039 --> 00:40:10,440
there with me through the day, but you'll watch entire

792
00:40:10,519 --> 00:40:13,800
indexes swinging, you know, half a percentage point to a

793
00:40:13,840 --> 00:40:18,159
percentage point and inside of a minute. Right, if you

794
00:40:18,239 --> 00:40:19,920
were like, well it's just one percentage point, I'm going

795
00:40:19,960 --> 00:40:22,679
to think how much value you're talking about.

796
00:40:22,679 --> 00:40:26,360
Speaker 1: You're talking about what I mean, You're talking hundreds and

797
00:40:26,480 --> 00:40:30,000
hundreds of billions of dollars of value in a second.

798
00:40:30,280 --> 00:40:33,639
Speaker 3: In a second, right, and just things should not move

799
00:40:33,760 --> 00:40:34,280
that virus.

800
00:40:34,360 --> 00:40:36,960
Speaker 1: Well, unless let's say that you are a big time

801
00:40:37,000 --> 00:40:40,119
investor and you buy deal flow, which is the thing

802
00:40:40,119 --> 00:40:42,079
where you get to get in front of what the

803
00:40:42,079 --> 00:40:44,320
little people are doing. The little people are all lining up,

804
00:40:44,559 --> 00:40:46,159
We're all going to go out and buy Apple. Hey,

805
00:40:46,159 --> 00:40:50,239
Apple's low by low, right, and this is the common wisdom.

806
00:40:50,320 --> 00:40:52,559
Apple's low buy Apple today, and their brother in law

807
00:40:52,599 --> 00:40:55,800
by Apple. And so the people who get deal flow,

808
00:40:55,840 --> 00:40:59,760
these massive, massive investment companies so mobbed up somehow made

809
00:40:59,760 --> 00:41:02,239
it leagal for them to go, oh, look at that.

810
00:41:02,360 --> 00:41:04,360
All the little people are buying Apple, get us some

811
00:41:04,400 --> 00:41:06,679
deal flow. They don't even need to see anything. Their

812
00:41:06,679 --> 00:41:09,199
software goes out, it gets ahead of that, they buy,

813
00:41:09,360 --> 00:41:12,199
they bump themselves in line like it like at a

814
00:41:12,239 --> 00:41:15,239
Ticketmaster line, they go one hundred to the front that

815
00:41:15,280 --> 00:41:17,599
we're cutting in front. They buy, then turned it around

816
00:41:17,599 --> 00:41:20,079
to the little people. So what I'm saying is, Okay,

817
00:41:20,199 --> 00:41:23,559
that happens, and it's theft. In my judgment, it's utter theft.

818
00:41:23,920 --> 00:41:26,559
It's no different than someone butting in line at Ticketmasters

819
00:41:26,559 --> 00:41:28,440
for the pearl Jam tickets and then turning around and

820
00:41:28,480 --> 00:41:32,320
selling you out of scalpers price. But with this violence

821
00:41:32,440 --> 00:41:34,840
market flow, you're talking two hundred billion here, two hundred

822
00:41:34,840 --> 00:41:38,000
billion there. Am I honestly to believe that there aren't

823
00:41:38,000 --> 00:41:41,679
people who have software systems seeing that and even shaving

824
00:41:41,719 --> 00:41:43,039
one percent of the one percent?

825
00:41:43,639 --> 00:41:45,960
Speaker 3: Oh for sure. I mean there's whole investment strategies built

826
00:41:45,960 --> 00:41:47,880
around that. That's why they're not running in the first place.

827
00:41:47,920 --> 00:41:49,800
Speaker 1: Right Oh wait, wait wait wait wait wait, So there

828
00:41:49,840 --> 00:41:53,559
are investment strategyies in software that are sitting there monitoring

829
00:41:54,079 --> 00:41:57,760
two hundred billion dollars. Hey, this company's worth four hundred billion. No,

830
00:41:57,800 --> 00:41:59,840
it's not. It's worth two hundred Oh it is, well

831
00:42:00,000 --> 00:42:03,559
it's worth six hundred Wait now they're doing that one

832
00:42:04,320 --> 00:42:04,800
hundred percent.

833
00:42:04,920 --> 00:42:07,119
Speaker 3: Yeah, it's like you said, it's front running data. I mean,

834
00:42:07,119 --> 00:42:09,480
that's what that's what they're looking at. And you have

835
00:42:09,639 --> 00:42:11,599
so many of these things that have been built into

836
00:42:11,639 --> 00:42:14,920
the market now that have created this reflexivity, which is

837
00:42:15,719 --> 00:42:17,880
you know, and and and that's why there's a really

838
00:42:17,920 --> 00:42:19,599
good argument to make to be like, it's going to

839
00:42:19,639 --> 00:42:22,000
get even crazier. But I think as the further and

840
00:42:22,039 --> 00:42:24,679
further you go up, the more and more volatility you're

841
00:42:24,679 --> 00:42:26,719
going to see to both sides. I mean, for instance,

842
00:42:26,760 --> 00:42:30,079
look at this snapback right, Like the reason the market

843
00:42:30,280 --> 00:42:33,119
tanked the way it did was because you had this

844
00:42:33,360 --> 00:42:38,000
ridiculous over you know, over levered scenario where people were

845
00:42:38,000 --> 00:42:41,360
shorting small and midcaps going long tech. Okay, well, now

846
00:42:41,360 --> 00:42:44,360
what's getting bid back just as hard tech right now,

847
00:42:44,400 --> 00:42:46,519
like in the last two days anyway, Right, And so

848
00:42:47,199 --> 00:42:48,519
you sit there and go, what's the problem with that?

849
00:42:48,599 --> 00:42:51,760
And go, guys, the the whole reason we were so

850
00:42:51,920 --> 00:42:54,400
off sides is because people have bid tech up. So

851
00:42:54,519 --> 00:42:57,440
then the storm hits, you unwind that trade and everybody's

852
00:42:57,480 --> 00:43:00,000
first idea is well, text down, you gotta go buy it,

853
00:43:00,000 --> 00:43:02,119
and you go no, no, no tech was where was that

854
00:43:02,360 --> 00:43:05,280
because of this ridiculous carry trade? Right?

855
00:43:05,320 --> 00:43:08,280
Speaker 1: But okay, this is let me see it this way,

856
00:43:08,840 --> 00:43:11,360
because this is how my small brain thinks in terms

857
00:43:11,360 --> 00:43:13,960
of your big brain. We're all gifted differently. You see

858
00:43:13,960 --> 00:43:16,000
this stuff, so clearly this would be alike a lot

859
00:43:16,000 --> 00:43:18,960
of people showing up at the Chick fil A and

860
00:43:19,000 --> 00:43:20,519
they all go into the Chick fil A. They've got

861
00:43:20,519 --> 00:43:22,840
a special Chick fil A is the place there's foreigner

862
00:43:22,880 --> 00:43:25,519
people in line. You know what they're doing. They're giving

863
00:43:25,559 --> 00:43:28,440
you six of the Chick fil A chick sandwiches. Never

864
00:43:28,480 --> 00:43:30,480
I've only been there Chick fil A once. Someone brought

865
00:43:30,480 --> 00:43:32,920
it to me once in Texas. It was like a

866
00:43:32,960 --> 00:43:35,960
billionaire meeting. I'm not kidding. It was like we were

867
00:43:36,519 --> 00:43:39,800
in the lobby and there's Carl Rove and it was

868
00:43:39,840 --> 00:43:42,840
like billionaire investors wanted to invest in, you know, politics

869
00:43:42,880 --> 00:43:45,360
and win office. So they brought us into present and

870
00:43:45,400 --> 00:43:47,199
we're in the lobby and I see Carl Rove, who

871
00:43:47,199 --> 00:43:49,280
I knew. I mean, he wouldn't remember me. Well, he

872
00:43:49,280 --> 00:43:51,280
probably remembered me. He cooked me breakfast in his house.

873
00:43:51,280 --> 00:43:54,239
But you know he's in the he's in the lobby.

874
00:43:54,360 --> 00:43:56,320
I go through this meeting Zach and I'm presenting all

875
00:43:56,320 --> 00:43:58,480
these ideas and they're going to buy us lunch. And

876
00:43:58,519 --> 00:44:01,159
I'm thinking, okay. We're on the forty fourth floor of

877
00:44:01,199 --> 00:44:03,800
this building in downtown Dallas and they've got all the

878
00:44:03,840 --> 00:44:07,519
custom made furniture and the walls are white and they're soft,

879
00:44:07,559 --> 00:44:09,840
and the windows move and it's just there's like a

880
00:44:10,039 --> 00:44:11,800
waterfalls over the place. I'm like, oh, man, I can't

881
00:44:11,800 --> 00:44:14,559
wait to see lunch. And I know, hey, lunches here,

882
00:44:14,559 --> 00:44:20,559
you guys, what is it? Chick fil A? What Chick

883
00:44:20,599 --> 00:44:20,800
fil A?

884
00:44:21,440 --> 00:44:21,880
Speaker 3: Shit good?

885
00:44:24,119 --> 00:44:26,920
Speaker 1: I I thought, okay, this has to be genius. And

886
00:44:27,000 --> 00:44:28,840
the Chick fil A comes in like this is like

887
00:44:28,880 --> 00:44:32,280
a KFC sandwich. No, this is really good. What was

888
00:44:32,280 --> 00:44:33,039
they gonna talk about?

889
00:44:33,039 --> 00:44:33,199
Speaker 3: Oh?

890
00:44:33,239 --> 00:44:35,079
Speaker 1: It was this? Four hundred people in line at the

891
00:44:35,119 --> 00:44:37,320
Chick fil A. Here's what they're doing. They're giving you

892
00:44:37,360 --> 00:44:41,400
twelve Chick fil A sandwiches in one bag for this

893
00:44:41,480 --> 00:44:43,360
much money. And there's people going, wait, there's only six

894
00:44:43,400 --> 00:44:47,280
sandwiches and they leave, Wait, there's only six. There's only

895
00:44:47,360 --> 00:44:50,280
six sandwiches. And then other people are like, I'm out, man,

896
00:44:50,360 --> 00:44:52,440
I'm getting out of line because there's not twelve but six.

897
00:44:53,360 --> 00:44:55,480
And then they go in. They're yelling at each other,

898
00:44:55,519 --> 00:44:57,960
and then some guy goes and get back in line. Wait,

899
00:44:58,000 --> 00:44:59,360
he's back in line. I've bet they're doing twelve. No,

900
00:44:59,360 --> 00:45:01,599
I bet they're doing two twelve. Now they're doing twelve.

901
00:45:01,840 --> 00:45:04,440
Then everybody goes back and gets in line. Now they're

902
00:45:04,440 --> 00:45:07,920
doing eight. Yeah, okay, does that compare?

903
00:45:08,639 --> 00:45:12,920
Speaker 3: Yeah? Yeah, no, Noah does. And and the other thing

904
00:45:13,039 --> 00:45:16,079
that's gone on. This has gone on so long now.

905
00:45:16,440 --> 00:45:18,519
And the reason it's gone on so long is because

906
00:45:18,559 --> 00:45:21,039
I did an interview with a PhD economist from Harvard

907
00:45:21,159 --> 00:45:24,519
that's also a money manager, and believe it or not,

908
00:45:24,559 --> 00:45:27,119
has his head on pretty straight, really straight. Actually I

909
00:45:27,159 --> 00:45:29,039
did it today and he and I were talking about that.

910
00:45:29,440 --> 00:45:33,199
The reason it's gone on is because we live in

911
00:45:33,239 --> 00:45:37,679
a new age of government intervention in the markets. If

912
00:45:37,719 --> 00:45:40,599
you look at the last fifteen years or fourteen years

913
00:45:41,079 --> 00:45:43,239
out of the last fourteen years coming out of the

914
00:45:43,280 --> 00:45:47,480
financial crisis, you had stimulus activities going on in eleven

915
00:45:47,519 --> 00:45:49,840
of the fourteen years, okay, in one way or the other.

916
00:45:50,280 --> 00:45:52,840
And in the years where you didn't have stimulus going on,

917
00:45:53,159 --> 00:45:55,239
you had government spending an amount of money that they

918
00:45:55,239 --> 00:45:56,880
can't afford to spend in the long run. Right, you

919
00:45:56,880 --> 00:45:59,920
were running trillion plus dollar deficits, which is a form

920
00:45:59,920 --> 00:46:03,360
of stimulus in and of itself. Just last year, you

921
00:46:03,360 --> 00:46:07,039
know fed, Oh, the Feds raised rates, they're so constrictive. Well,

922
00:46:07,079 --> 00:46:09,159
the Treasury on the other side of it was effectively

923
00:46:09,199 --> 00:46:12,320
doing quantitative easing by not issuing any long term bonds.

924
00:46:12,679 --> 00:46:16,079
So you're building up this market and this economy that

925
00:46:16,159 --> 00:46:20,719
only function quote unquote correctly, right, i e. Going up

926
00:46:20,760 --> 00:46:24,440
in perpetuity as long as somebody is fueling it.

927
00:46:24,559 --> 00:46:24,760
Speaker 2: Right.

928
00:46:25,119 --> 00:46:26,840
Speaker 3: And so I think what you're seeing as a market

929
00:46:26,840 --> 00:46:34,639
that is increasingly reliant on artificial inflows, artificial stimulus. But

930
00:46:34,800 --> 00:46:39,000
here's the thing. I Now you've got a scenario, okay,

931
00:46:39,199 --> 00:46:41,880
and this is what people need to be worried about too.

932
00:46:42,960 --> 00:46:46,079
Now you have a scenario where, look, we all know

933
00:46:46,440 --> 00:46:49,039
that the powers that be are not going to sit

934
00:46:49,119 --> 00:46:52,280
back and let a great depressionary collapse happen. Okay, They're

935
00:46:52,320 --> 00:46:55,280
not going to They've showed that right. As a matter

936
00:46:55,320 --> 00:46:57,800
of fact, go back and look at the last fifteen years.

937
00:46:57,840 --> 00:47:00,000
Every single time the SMP gets down twenty to two

938
00:47:00,000 --> 00:47:04,079
twenty five percent from its high, they stimulate every single time. Okay,

939
00:47:04,679 --> 00:47:07,960
So what I think is, now you're sitting here looking

940
00:47:07,960 --> 00:47:10,760
at you just got a pretty decent jobs report this morning.

941
00:47:10,920 --> 00:47:14,079
It was significantly better than the last one and it

942
00:47:14,199 --> 00:47:17,159
and it does not point to imminent recession. You got

943
00:47:17,199 --> 00:47:19,960
stock markets knocking on the door very close to all

944
00:47:20,039 --> 00:47:23,360
time highs and valuations that are absurd. And now what's

945
00:47:23,400 --> 00:47:26,920
the Fed going to do in September? They're gonna cut rates? Okay,

946
00:47:27,719 --> 00:47:30,400
Remember though, now we were talking about this six months ago,

947
00:47:30,920 --> 00:47:33,079
but now you're kind of starting to see the path forward.

948
00:47:33,519 --> 00:47:35,480
Remember the last time the Fed cut rates into a

949
00:47:35,519 --> 00:47:41,800
strong economy, you do nineteen ninety eight. Oh right, tech bubble, right,

950
00:47:41,960 --> 00:47:46,599
NASDAK went up. So look, people shouldn't And this, guys,

951
00:47:46,639 --> 00:47:49,000
this isn't me advocating you go out and buy this

952
00:47:49,039 --> 00:47:52,159
stuff either. What I'm saying is you're going to see

953
00:47:52,199 --> 00:47:56,239
the moves of this thing continue to get exacerbated and

954
00:47:56,320 --> 00:47:59,320
blown up to both sides. And if a guy from

955
00:47:59,679 --> 00:48:02,360
the future, let's say, twelve to sixteen months in the future,

956
00:48:02,400 --> 00:48:05,280
we're to come back and say, hey, the market's going

957
00:48:05,320 --> 00:48:07,119
to be up one hundred and fifty percent over the

958
00:48:07,119 --> 00:48:11,159
next sixteen months. I'm not saying I'd make a bet

959
00:48:11,199 --> 00:48:13,760
on it, but I wouldn't bet my house cities wrong

960
00:48:14,119 --> 00:48:18,079
because in this environment, you're about ready to go cut rates,

961
00:48:18,400 --> 00:48:21,719
with the Treasury doing everything they can to stimulate running

962
00:48:22,000 --> 00:48:24,199
deficits that are six and a half to seven percent

963
00:48:24,199 --> 00:48:28,559
of GDP, and you got the economy still running at

964
00:48:28,559 --> 00:48:31,360
two point eight to three percent growth, unemployment at four

965
00:48:31,400 --> 00:48:31,880
point two.

966
00:48:32,239 --> 00:48:34,239
Speaker 1: I think you and I are talking after this. So

967
00:48:34,320 --> 00:48:35,960
for a business I'm thinking of starting, and you told

968
00:48:36,000 --> 00:48:38,639
me it's capital intensive, sounds like pretty stinking good time

969
00:48:38,639 --> 00:48:40,280
to go out and raise capital because people are going

970
00:48:40,360 --> 00:48:43,119
to put a whole bunch of money into risky ideas

971
00:48:43,159 --> 00:48:43,599
like mine.

972
00:48:44,320 --> 00:48:48,440
Speaker 3: Not Yeah, yeah, I would say that that, Anya, I'm

973
00:48:48,480 --> 00:48:51,480
not guaranteeing that. Look, nobody knows for sure, including me,

974
00:48:51,719 --> 00:48:53,880
these things are going to happen. But what I'm saying

975
00:48:53,960 --> 00:48:58,320
is we always think about crazy markets being to the downside. Yeah,

976
00:48:58,400 --> 00:49:02,039
you may be, this is yeah. I mean, you look

977
00:49:02,079 --> 00:49:04,639
at today's rally the NASDAK up virtually three percent on

978
00:49:04,679 --> 00:49:07,840
the day. It's absurd. It's absolutely absurd. The entire index

979
00:49:07,880 --> 00:49:10,239
is trading it nine times revenue. At the height of

980
00:49:10,280 --> 00:49:12,519
the dot called mania, you know what, the Nasdaq was

981
00:49:12,519 --> 00:49:14,719
trading at six point eight times revenue.

982
00:49:15,440 --> 00:49:18,599
Speaker 1: Okay, then I'm calling you. Let's just quit this, this

983
00:49:18,920 --> 00:49:23,000
this public conversation, and I'll phone you after this and

984
00:49:23,079 --> 00:49:25,719
you're gonna tell me Todd, put your fund raising back on,

985
00:49:26,079 --> 00:49:27,800
get your suit and tie, get ready to got to

986
00:49:27,840 --> 00:49:29,400
shave that I am shaved, you're not.

987
00:49:30,159 --> 00:49:30,360
Speaker 3: Yeah.

988
00:49:30,440 --> 00:49:32,880
Speaker 1: No, by the way, I got another face for the company.

989
00:49:32,960 --> 00:49:37,880
Will believe the faces by pac and same sex attracted

990
00:49:38,400 --> 00:49:42,920
plus indeterminate sex. And we had the genetic shrinding done.

991
00:49:43,000 --> 00:49:45,760
They can't tell. They can't tell. It's x Y. They

992
00:49:45,760 --> 00:49:49,320
had it masked. It's like shaving your fingerprints, so perfect,

993
00:49:49,480 --> 00:49:56,280
genderless and yeah no right, yeah no. And oh, by

994
00:49:56,320 --> 00:49:59,280
the way, can say the words ecosystem and mean it.

995
00:49:59,280 --> 00:50:03,119
It's so I mean, and it's solid right really right? Oh,

996
00:50:03,239 --> 00:50:05,840
by the way, ten million followers on the socials. I mean,

997
00:50:06,119 --> 00:50:10,039
this is a ten billion dollar company already.

998
00:50:10,119 --> 00:50:11,920
Speaker 3: I push for a twenty or thirty billion dollar.

999
00:50:11,840 --> 00:50:13,960
Speaker 1: Value right business plan? No that I meet Did you

1000
00:50:14,000 --> 00:50:15,800
meet the CEO? I mean this is this is what

1001
00:50:15,840 --> 00:50:18,719
we're doing right. Yeah, in fact, I demand money now

1002
00:50:18,800 --> 00:50:21,280
before I leave. All right, Zach thinks for the wise

1003
00:50:21,320 --> 00:50:23,280
counsel is always good to see you, say hi to

1004
00:50:23,320 --> 00:50:25,960
your precious family. And I actually will call you after this,

1005
00:50:26,159 --> 00:50:33,440
not necessarily because that's the CEO. But would God have

1006
00:50:33,599 --> 00:50:37,880
mercy on us for our prides and worshiping of the markets.

1007
00:50:37,880 --> 00:50:40,480
This is the Todd Hermanshaw. Please go, be well, be strong,

1008
00:50:40,519 --> 00:50:43,320
be kind, and please make every effort to walk in

1009
00:50:43,400 --> 00:50:44,159
the light of Christ.