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<v Speaker 1>This show is produced and hosted by Mark Webber. The

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<v Speaker 1>show is sponsored by G three of Parow. The views

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<v Speaker 1>expressed in the following program are those of the sponsor

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<v Speaker 1>and not necessarily the opinion of seven tenor or iHeartMedia.

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<v Speaker 1>Who is Mark Weber. He's a self made business executive

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<v Speaker 1>here to help you find your success from the New

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<v Speaker 1>York City projects to the Avenue Montaigne in Paris. His

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<v Speaker 1>global success story in the luxury world of fashion is inspirational.

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<v Speaker 1>He's gone from clerk to CEO twice. Mark is classic

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<v Speaker 1>proof that the American dream is alive and well, here's

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<v Speaker 1>your host of always in Fashion, Mark Weber.

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<v Speaker 2>Mark Weber, I never gave much thought to what's next

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<v Speaker 2>until I did. One of the best statements ever made

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<v Speaker 2>on the future is I planned for the worst and

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<v Speaker 2>hope for the best. Caution and concern can save you

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<v Speaker 2>or your business. Another I admired. You can't reminisce about

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<v Speaker 2>the future. You can't look back and learn from that

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<v Speaker 2>which hasn't happened yet. You must plan for the future.

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<v Speaker 2>We get paid to see around the corner. Problem is

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<v Speaker 2>it's quite difficult without a crystal ball, but none the less,

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<v Speaker 2>we need to be soothsayers. That's a person who's set

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<v Speaker 2>to see into the future, but back to the future.

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<v Speaker 2>Illustrated how hindsight could be twenty twenty. Have the answers

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<v Speaker 2>in advance, and you be a genius, the richest man.

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<v Speaker 1>In the world.

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<v Speaker 2>But we don't get tipped off in advance. Yes, I

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<v Speaker 2>never planned until I woke up and realized all of

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<v Speaker 2>life is a plan. You can try to replan, but

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<v Speaker 2>they're no do overs. There's no road map. The greatest

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<v Speaker 2>generals that have ever lived have been quoted as saying,

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<v Speaker 2>the best paddle plan only less till the first shot

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<v Speaker 2>is fired. Said professionally, no plan of operations reaches certainty

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<v Speaker 2>beyond the first encounter with the enemy's main force. You

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<v Speaker 2>can ply this to life. You go to school, you graduate,

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<v Speaker 2>you get a job, you work hard, you find a

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<v Speaker 2>significant other, you have children, and you create the life

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<v Speaker 2>cycle for their lives. In business, your plan, execute, replan,

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<v Speaker 2>re execute. They are no guarantees. The one lesson I've learned,

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<v Speaker 2>the one lesson we've all learned. No matter how brilliant

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<v Speaker 2>the idea, no matter how strong the brand, no matter

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<v Speaker 2>how brilliant the product or the creativity of the marketing

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<v Speaker 2>it takes people. People are the ultimate resource in a business.

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<v Speaker 2>Brilliant plans need brilliant people to develop them, and people dedicated,

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<v Speaker 2>hard working, loyal people to the point. In order to

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<v Speaker 2>have a thriving company, your people, your associates, need to

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<v Speaker 2>be happy. Your need is to motivate them and then

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<v Speaker 2>retain them keep them in the company. You do it

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<v Speaker 2>through compensation, commending them on jobs well done, motivating them,

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<v Speaker 2>and ensuring that the company messages and goals are clear

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<v Speaker 2>and selfishly ensure that all key executives want to stay.

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<v Speaker 2>Having said this, well run companies ensure that people assets

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<v Speaker 2>are protected. Well run companies I love that phrase. More

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<v Speaker 2>on that later. The most senior or critically skilled people

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<v Speaker 2>in the company have contracts, then your HR team and

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<v Speaker 2>senior managers should understand it's okay to lose people as

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<v Speaker 2>long as you lose them to yourself. Make sure the

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<v Speaker 2>openings are there when they exist. The future is clearly

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<v Speaker 2>spelled out in positions delineated, and that whenever possible, you

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<v Speaker 2>promote from winning. And lastly, your board if there is one,

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<v Speaker 2>your lenders, if you have them, your shareholders want to

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<v Speaker 2>ensure a documented succession plan is in place. If your

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<v Speaker 2>CEO leaves, it gets hit by a truck, how will

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<v Speaker 2>the company go forward? Who will succeed him? It could

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<v Speaker 2>be the president, chief financial officer, the head of marketing,

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<v Speaker 2>could be anyone that may be the most critical decision

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<v Speaker 2>in the plan. Should our CEO leave, we have to

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<v Speaker 2>be prepared to go to the outside to find the

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<v Speaker 2>next one. A well crafted succession plan includes a backup

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<v Speaker 2>plan for every significant operating job in person. Now, succession

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<v Speaker 2>plans don't always work. Sometimes people really get angry. I

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<v Speaker 2>have a clip I want to play for you.

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<v Speaker 3>You're my kid brother, and you take care of me.

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<v Speaker 3>Do you have to think about that? Do you ever

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<v Speaker 3>once think about that? Save Fredo off to do this,

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<v Speaker 3>Save Fredo off to do that. Let Fredo take care

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<v Speaker 3>of some Mickey Mouse nightclub somewhere. Save Freido to pick

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<v Speaker 3>somebody up at the airport. I mean your older brother, Mike,

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<v Speaker 3>and I was stepped over. Ain't the way I wanted it.

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<v Speaker 3>I can handle things. I'm smart, like everybody says like dumb.

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<v Speaker 2>Let's smart and I want not. Everyone will be happy,

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<v Speaker 2>particularly if the succession plan links. Everybody has high visions

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<v Speaker 2>of where they are, and it can lead to mayhem.

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<v Speaker 2>But this is the way it works. Now, those of

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<v Speaker 2>you who know the show know me. You know this

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<v Speaker 2>is where I usually introduce Jesse, my co host, Jesse Weber.

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<v Speaker 2>He's not here again. He's busy. He work in twenty

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<v Speaker 2>four to seven, so he's not gonna be with us tonight. However,

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<v Speaker 2>I'm gonna go it alone and I want to talk

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<v Speaker 2>to you about succession plan, my own personal succession plan

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<v Speaker 2>that you might find interesting. Back in my PVH days,

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<v Speaker 2>my CEO was a young man. He was basically I'm

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<v Speaker 2>fifty four years old, and he started to talk about retiring.

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<v Speaker 2>I thought he was a Nazi's the CEO of the company.

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<v Speaker 2>I'm the president of company. It's running well. We have

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<v Speaker 2>a great chief financial officer. We're running the company. He

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<v Speaker 2>doesn't come in every day. He lives a life. He's

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<v Speaker 2>on the strategic side. Why would you possibly resign? Why

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<v Speaker 2>would you give that up? He says, I have other

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<v Speaker 2>things I want to do. I said, I don't believe

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<v Speaker 2>He says, well, don't believe me, but I'm going to

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<v Speaker 2>be leaving. And the more we spend time together, the

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<v Speaker 2>more he was driving home the point that he was

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<v Speaker 2>going to retire early and I was the president. Where

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<v Speaker 2>did that leave me? On top of which him and

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<v Speaker 2>I grew up together, and I was concerned. So one

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<v Speaker 2>day we're having a conversation and he said, uncategorically, Mark,

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<v Speaker 2>you better get ready. I'm getting serious. I'm going to

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<v Speaker 2>retire and move on, and you're going to be my replacement.

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<v Speaker 2>And I said, how do you know that? He says,

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<v Speaker 2>because I'm going to insist. I said, how do you

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<v Speaker 2>know that? I said, Look, if you're serious about leaving,

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<v Speaker 2>which I don't understand, if you want to stay here

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<v Speaker 2>for the rest of your life, I'll be your number

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<v Speaker 2>two president. I'm happy. I love working with you. That's

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<v Speaker 2>fine with me. But if you decide to leave and

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<v Speaker 2>I don't get to become the CEO, I want to leave.

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<v Speaker 2>I don't want to be stuck here with someone new.

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<v Speaker 2>I don't want to be stuck here thinking that the

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<v Speaker 2>company didn't think I was good enough to have the

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<v Speaker 2>number one spot. After all this slime, I need to

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<v Speaker 2>be taken care of. So what does that mean? I said,

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<v Speaker 2>I want a provision in my contract that says that

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<v Speaker 2>if I'm not made the CEO, I can walk off

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<v Speaker 2>into the sunset with you, and I henceforth called it

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<v Speaker 2>a sunset contract. And he looked at me and said

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<v Speaker 2>one of the dumbest things I ever heard in my life. Sindmy,

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<v Speaker 2>what are you talking about? Mark? This makes no sense.

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<v Speaker 2>If you can't get the CEO job, then you'll just

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<v Speaker 2>behave poorly and they'll fire you and you'll get your contract.

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<v Speaker 2>And I looked at him, I said, did you just

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<v Speaker 2>say that to me? I've been here for twenty five years.

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<v Speaker 2>I look at this company as if it's my own.

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<v Speaker 2>I treat the money as if it's my own, my heart,

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<v Speaker 2>my time, my life, my family invested here. And you're

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<v Speaker 2>telling me that should I not become the CEO, I

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<v Speaker 2>should behave like Peck's bad boy and hope to get fired.

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<v Speaker 2>That's what I want to do with my career. Unacceptable.

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<v Speaker 2>I want a contract that illustrates if I'm not going

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<v Speaker 2>to be the CEO, I can leave. I think it's

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<v Speaker 2>fair for the amount of time I've been here, for

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<v Speaker 2>the contribution I make to the company, He said, let

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<v Speaker 2>me talk to the board. The board had a compensation committee.

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<v Speaker 2>I don't know how the conversation went, but Lo and Behold.

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<v Speaker 2>A week later, he came back and he said, you're

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<v Speaker 2>going to have your sunset contract. Namely, if in fact

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<v Speaker 2>I leave and the board doesn't name you CEO, you'll

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<v Speaker 2>be able to walk off into the sunset. You'll be

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<v Speaker 2>able to get your package and leave and go with me.

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<v Speaker 2>And I thought that was amazing, and I won, and

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<v Speaker 2>I wanted using my brains and it was the right

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<v Speaker 2>thing to do. And after all is said and done,

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<v Speaker 2>in this life, you always have to plan. You always

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<v Speaker 2>have to have a succession plan. So what is a

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<v Speaker 2>succession plan? I'll tell you what it is. It's not

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<v Speaker 2>a Chinese menu. Contract is not a Chinese menu. You

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<v Speaker 2>don't get to pick what you want from column A

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<v Speaker 2>or column B. A succession plan outlines every single critical

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<v Speaker 2>role in the company. And you might wonder why am

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<v Speaker 2>I talking about this tonight, which, by the way, the

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<v Speaker 2>show is called succession. And I'll tell you why. You

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<v Speaker 2>know what got me thinking about this? Twice former person

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<v Speaker 2>in Trump was almost assassinated. Where would that have left

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<v Speaker 2>us as a country? And then the vice presidential debate

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<v Speaker 2>talk about succession? Hold that thought. If you're a family business,

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<v Speaker 2>I've found family business is very interesting and very peculiar.

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<v Speaker 2>No matter what happens, family members run the business. But

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<v Speaker 2>if there are three children, does the oldest get it

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<v Speaker 2>and the eldest what happens if the eldest son is

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<v Speaker 2>an idiot, or for that matter, what is the eldest

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<v Speaker 2>woman is an idiot. I'll tell you what. One of

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<v Speaker 2>the things impressed me most and my travels around the world.

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<v Speaker 2>In Hong Kong, the woman, if she was the most capable,

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<v Speaker 2>got it over the sun. They didn't fool around, they

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<v Speaker 2>passed it along. I'm not so sure that's the way

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<v Speaker 2>it's done here in the United States Corporate America, the

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<v Speaker 2>seriousness in which a planned discussion for succession is planned

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<v Speaker 2>and put and set in stone. The first thing you

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<v Speaker 2>have to ask yourself is what I was saying before

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<v Speaker 2>about contracts. The top most executives in the company have

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<v Speaker 2>to have great contracts. You want them with the company.

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<v Speaker 2>You want them to know that there's a future, and

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<v Speaker 2>there's a story and told and should they get fired,

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<v Speaker 2>they have a severance package. But here is the key.

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<v Speaker 2>There's always a non compete that mirrors the severance package.

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<v Speaker 2>So if you are a president of the company and

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<v Speaker 2>you get fired for not cause, if nothing, you did wrong,

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<v Speaker 2>cause generally is about legal things. You did a bad job,

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<v Speaker 2>you can get fired, it doesn't matter. You still get

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<v Speaker 2>your severance. But if you have two years, then you're

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<v Speaker 2>going to sign a non compete that says you can't

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<v Speaker 2>go to a competitor for the next two years. Now,

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<v Speaker 2>some come copanies will list every single company in the

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<v Speaker 2>industry that you're in to try to avoid you getting

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<v Speaker 2>a job anywhere. That's not valid. Can't stop a person

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<v Speaker 2>working forever, but they say, hey, I'm going to pay

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<v Speaker 2>you for two years. I don't want you working in

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<v Speaker 2>this industry. So you have to be smart when you're

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<v Speaker 2>negotiating a package. My severance package, the only thing it

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<v Speaker 2>included with companies that we considered taking over and buying

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<v Speaker 2>the rest I was free and clear. I refused to

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<v Speaker 2>sign a severance package and a non compete that would

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<v Speaker 2>keep me out of the industry forever. The second thing

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<v Speaker 2>that a good succession plan does it protects the executives,

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<v Speaker 2>the CEO, the president, and sometimes the chief financial officer.

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<v Speaker 2>In my case, the first thing they did after nine

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<v Speaker 2>to eleven they brought a consulting firm who specialized in security,

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<v Speaker 2>and they told us to build special rooms as bunkers

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<v Speaker 2>in our houses, so gofa bit something happens, you had

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<v Speaker 2>a room that was impregnable, that had its own air system,

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<v Speaker 2>its own water supply, conditioning, and food that they would

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<v Speaker 2>detail on what need to do. They wanted you safe.

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<v Speaker 2>The second thing that probably nobody thinks about when it

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<v Speaker 2>comes to a good succession plan is the senior VPS,

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<v Speaker 2>the executive VPS, and certainly the CEO and president can

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<v Speaker 2>never be on a flight together. We were not allowed

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<v Speaker 2>to fly together because God forbid something happened to the CEO.

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<v Speaker 2>The president needed to be available. In my case, I

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<v Speaker 2>was the successor to the CEO. I had to be available.

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<v Speaker 2>So nobody thinks about that, But there are detailed things

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<v Speaker 2>that go involved in each of those things. It also

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<v Speaker 2>includes a detailed job description of every position held in

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<v Speaker 2>the company and who that success it would be. If

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<v Speaker 2>you were a vice president in the warehouse, they wanted

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<v Speaker 2>to know if you disappeared, was there a vice president

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<v Speaker 2>available to pick up the place and walk right in.

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<v Speaker 2>If not, the HR team was told to have a

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<v Speaker 2>list of potential candidates should we need to press a

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<v Speaker 2>button to fill those positions. This was a very detailed, heart,

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<v Speaker 2>well thought out plan, and having said that, it was

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<v Speaker 2>presented to the board and generally speaking, an entire board

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<v Speaker 2>meeting would be set aside for the discussion of succession.

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<v Speaker 2>And when it came to the CEO to the president,

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<v Speaker 2>I was asked to recuse myself, which means you walk

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<v Speaker 2>out on your own volition, recognizing that it's confidential information

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<v Speaker 2>that in this case, because you're involved, the board might

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<v Speaker 2>not want you to hear. And what got me thinking

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<v Speaker 2>about it is the presidential election, as I started to say, politics,

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<v Speaker 2>It's always been said, but very few people think about

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<v Speaker 2>the vice president as a heart beat away. That's what

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<v Speaker 2>it is, a heart beat away that if something would

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<v Speaker 2>have happened to Trump, or something would have happened to

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<v Speaker 2>whom I wanver is President Biden. Now there's a succession plan,

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<v Speaker 2>believe it or not, it's the vice president and then

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<v Speaker 2>the Speaker of the House, Nancy Pelosi, or was Nancy Pelosi?

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<v Speaker 2>Mike Johnson? Is that his name? Anyway, There's never been

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<v Speaker 2>a time in our country where our populace was more

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<v Speaker 2>aware and evolved with the country than it is right now.

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<v Speaker 2>Whether it's a combination of the Internet, social media, Opinion

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<v Speaker 2>News twenty four to seven. We're all involved in the

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<v Speaker 2>government now, we're all invested citizens, and we're all aware

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<v Speaker 2>of what's going on in this presidential election. And let

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<v Speaker 2>me state it upfront before I tell you what I think.

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<v Speaker 2>I have tremendous respect for each candidate. For that matter,

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<v Speaker 2>anyone who runs for office and wins has my respect,

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<v Speaker 2>even if I don't like them personally, even if I

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<v Speaker 2>don't like their policies. I was trained to respect the

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<v Speaker 2>office that they hold. Kamala Harris is a woman. I

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<v Speaker 2>don't care. Woman makes no difference from me. Is she capable?

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<v Speaker 2>Is she strong decision making? Does she get what's important?

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<v Speaker 2>I'll come back to that. I want to play a

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<v Speaker 2>clip from you from a movie I saw when I

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<v Speaker 2>was thirteen years old. It was a comedy. It was

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<v Speaker 2>called No Time for Sergeants Andy Griffin anybody who knows them.

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<v Speaker 2>But I remember how young I was when I saw

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<v Speaker 2>this movie because it left an impact on me, and

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<v Speaker 2>I'm gonna play it for you.

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<v Speaker 4>I want you to turn around very slowly and look

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<v Speaker 4>very carefully this time and tell me exactly what you see.

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<v Speaker 4>I see or Cornel, Yeah, a captain, that's all.

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<v Speaker 1>And the captain's a woman nation.

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<v Speaker 4>I don't notice whether it's a man.

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<v Speaker 1>Or what.

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<v Speaker 4>All I see is a captain, that's all.

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<v Speaker 2>Look. Having a woman president is historic. Having a black

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<v Speaker 2>woman president is even more historic, and that is wonderful.

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<v Speaker 2>But I could care less. I want the best person

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<v Speaker 2>in the office, and if she's crazy on the left,

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<v Speaker 2>I don't want her. Trump an acquired taste, his own

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<v Speaker 2>worst enemy. Everything that comes out of his mouth is questionable.

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<v Speaker 2>So many people hate him, so many people dislike him,

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<v Speaker 2>so many people don't want him to be president. But

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<v Speaker 2>I have a problem. He did get the job done.

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<v Speaker 2>He did have a lot of great ideas. He did

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<v Speaker 2>make things happen, he did have strength. Now, obviously I'm

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<v Speaker 2>leaning towards him based on the way I'm saying, but

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<v Speaker 2>it doesn't matter. I'm only one vote you get to decide.

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<v Speaker 2>But back to succession, no one knows what life brings.

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<v Speaker 2>Remember I said it, I respect all. But what really

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<v Speaker 2>got me thinking about succession was the vice presidential debate. Now,

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<v Speaker 2>I was pleased as there was cordiality. I was pleased

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<v Speaker 2>that they shook hands, they respected one another. It's the

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<v Speaker 2>way debates should be in reality, I thought Jad've answers

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<v Speaker 2>a far right religious Yahoo. Turns out he's a brilliant,

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<v Speaker 2>accomplished served in the Marines for his country, and he's

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<v Speaker 2>a humble human being. The reality was in succession, I

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<v Speaker 2>saw him as a president, and I thought that was

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<v Speaker 2>important considering we're discussing a heartbeat away. On the other side,

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<v Speaker 2>Tim Walls, a self described knucklehead with buffoonish behavior. I'm

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<v Speaker 2>not making this up. He said it himself. Oh and

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<v Speaker 2>he admitted he was a liar and a truth changer,

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<v Speaker 2>this own version of the truth. And when he got caught,

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<v Speaker 2>he could have answered this whole thing in Tenement Square.

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<v Speaker 2>He could have said, I wasn't there for Tenement Square,

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<v Speaker 2>but I was there in the summer when the riots

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<v Speaker 2>were still going on and the problems were still going on.

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<v Speaker 2>But he made it come out differently. And I'm told

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<v Speaker 2>he did the same thing with his service record. Look

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<v Speaker 2>at you never come to it, But can you really

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<v Speaker 2>see that guy as president? A heart beat away. That's

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<v Speaker 2>what got me thinking about succession tonight. But we are

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<v Speaker 2>always in business life, politics and now this we have

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<v Speaker 2>to consider succession back in a minute, always in fashion.

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<v Speaker 2>As one of the world's most celebrated fashion designers. Carl

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<v Speaker 2>Lagafeld was renowned for his aspirational and cutting edge approach

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<v Speaker 2>to style. His unique vision of Parisian shit comes to

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<v Speaker 2>America through car Lagefeld Paris. He has women's collections, men's collections,

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<v Speaker 2>ready to wear, accessory, shoes and bags. The fashion house

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<v Speaker 2>Carlagafeld also off is a ring of watches I wear

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<v Speaker 2>in premium fragrances. You can explore the Carlagophil collection at

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<v Speaker 2>carlagofilpowers dot com. But it's more than that. I, for one,

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<v Speaker 2>love to shop. I love going around and seeing what's

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<v Speaker 2>happening and what catches my attention, what would make me

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<v Speaker 2>feel good to wear now. I don't wear the women's

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<v Speaker 2>wear obviously, but I can appreciate it and they look amazing.

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<v Speaker 2>If you want to look right, you want to have

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<v Speaker 2>clothes that fits you well. You want to look like

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<v Speaker 2>you're wearing something that's very expensive, that's exclusive for you

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<v Speaker 2>and yours. You can find it at very affordable prices

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<v Speaker 2>at Macy's Orcarlagofel dot com Paris. The women's ready to

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<v Speaker 2>wear fashion is extraordinary, as well as the handbigs and

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<v Speaker 2>the shoes. I for one wear men's clothes, unlike my

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<v Speaker 2>appreciation of women's clothes. I'm a modern guy. I want

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<v Speaker 2>to look current, I want to look the way I

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<v Speaker 2>want to feel. I go out at night, I'm in

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<v Speaker 2>black and Carlagofel is my buddy. Calls are great. They

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<v Speaker 2>fit great, and they have little tweaks and touches, whether

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<v Speaker 2>it's a stripe on the sleeve, button at the neck,

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<v Speaker 2>or on the shoulder. There's a lot of details that

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<v Speaker 2>go into Carl Lagafel because he's always been, he always

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<v Speaker 2>had been one of the world's great designers, and this

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<v Speaker 2>legacy and goes on and on. I can't speak enough

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<v Speaker 2>about it except to say to you, you want to

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<v Speaker 2>feel good about yourself. You want to know that you're

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<v Speaker 2>dressing properly. You want to clothes that fits you well.

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<v Speaker 2>Carl lagafeld Paris at Macy's Orcarl Lagafel dot com. A

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<v Speaker 2>favorite brand has always been ISOD. My company at one

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<v Speaker 2>time bought that brand. The CEO of the company handed

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<v Speaker 2>it to me and said, you better make it work.

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<v Speaker 2>And I put everything in my career to make Isaod work,

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<v Speaker 2>and I fell in love with that brand, and to

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<v Speaker 2>this day it is one of the most exciting endeavors

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<v Speaker 2>I've ever got involved with. ISOD is an incredibly strong

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<v Speaker 2>golf brand. If you play golf, if you play tennis

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<v Speaker 2>for that matter. They make a great polo shirts. I

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<v Speaker 2>mean great. They're fit perfect. The material is unique because

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<v Speaker 2>it's a PK fabric, that waffle weave you see, and

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<v Speaker 2>it's made of a blend of cotton and microfiber that

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<v Speaker 2>allows you to stretch. And very often they are treated

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<v Speaker 2>with solar protection as well, so they stretch, they're comfortable,

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<v Speaker 2>and they breathe well. And one thing about ISAC they

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<v Speaker 2>always fit. They'll never tug on you. You put it

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<v Speaker 2>in your waist, they'll fit you great. The colors, patterns

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<v Speaker 2>are sensational. Now I will also tell you ISOD makes

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<v Speaker 2>great shorts and great golf pants. You're a golfer and

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<v Speaker 2>you want to look good. You don't have to think

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<v Speaker 2>about how do I look. You want to think about

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<v Speaker 2>how you play, not how you feel. ISOD is the

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<v Speaker 2>brand for you. I know I was there when it

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<v Speaker 2>was created. The strategy behind that brand is brilliant. It's

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<v Speaker 2>one of my favorite brands. Will I talk about it?

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<v Speaker 2>I should tell you about the men's sportswear. ISOD wasn't

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<v Speaker 2>enough being a golf brand. It wasn't enough being just

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<v Speaker 2>great polo shirts with logos, without logos, incredible branded story

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<v Speaker 2>and history. ISOD makes salt weather programs. They have great

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<v Speaker 2>printed woven shirts, short sleeves that look excellent with colors,

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<v Speaker 2>excellent with shorts, excellent with cotton pants of which they

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<v Speaker 2>also make this whole salt order relaxed line from ISO,

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<v Speaker 2>whether it be fleece, cotton sweaters, knit polos, woven shirts

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<v Speaker 2>and pants of a range of colors and fabrics that

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<v Speaker 2>are perfect for a guy wants to go casually in

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<v Speaker 2>the spring and summer of this year. And here's the thing,

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<v Speaker 2>ISOD is affordable. Everyone listening to me talk about this

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<v Speaker 2>brand can afford to buy it and know that there

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<v Speaker 2>are a lot of other brands that also have a

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<v Speaker 2>look like ISOT. Although I don't believe it's fun as

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<v Speaker 2>ISOD is. The brand has a lot of energy in it,

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<v Speaker 2>but at the price points no one can compete. You

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<v Speaker 2>can find Isaac at your leading retails and online at

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<v Speaker 2>isad dot com. Talk to you later, guys. I wish you.

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<v Speaker 2>I'm very happy spring in summer, and I help you

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<v Speaker 2>by telling you if you were isaid, you're going to

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<v Speaker 2>look great.

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<v Speaker 1>Welcome back to Always in Fashion. Here's your host, Mark Webber.

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<v Speaker 2>Tonight, I'm discussing succession, the future, Who's going to be, whom, Who's.

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<v Speaker 3>Going to be?

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<v Speaker 2>What? What got me thinking about it was the vice

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<v Speaker 2>presidential debate, which was scary when you consider these folks

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<v Speaker 2>are a heartbeat away from the presidency. Nobody pays any

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<v Speaker 2>attention to the vice president. You listen to all the pundits,

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<v Speaker 2>they'll say nobody votes based on the vice president. Nobody

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<v Speaker 2>even gives it a second thought. And yet it's scary

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<v Speaker 2>because you never know what life brings. You pick from

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<v Speaker 2>those two candidates and ask yourself whether or not either

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<v Speaker 2>one of them would be a good presidential candidate. God

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<v Speaker 2>for bit, you know, we're talking about the most powerful

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<v Speaker 2>position in the world, the leader of the world. And

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<v Speaker 2>not only that, they're clearly I're gonna be decision making

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<v Speaker 2>policies for the rest of our four year policy if

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<v Speaker 2>something should happen, so it really matters, and that is

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<v Speaker 2>what they say. Words matter. And while I'm atter, I

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<v Speaker 2>want to talk about the rich paying their fair share.

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<v Speaker 2>I've told you that I used to be important. Then

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<v Speaker 2>I no longer am, and I guess, Jesse, if you

414
00:24:34.599 --> 00:24:37.440
<v Speaker 2>see us, say stop whining. You're still important. Your family

415
00:24:37.440 --> 00:24:42.160
<v Speaker 2>thinks you're important. You're always important. I used to be important.

416
00:24:42.400 --> 00:24:45.519
<v Speaker 2>I had huge jobs, considering I grew up in the

417
00:24:45.559 --> 00:24:48.039
<v Speaker 2>city projects. To get two CEO jobs, I think it

418
00:24:48.119 --> 00:24:50.160
<v Speaker 2>was pretty huge. And to work for one of the

419
00:24:50.240 --> 00:24:52.759
<v Speaker 2>largest companies in the United States in the paril sector,

420
00:24:52.759 --> 00:24:55.480
<v Speaker 2>and then the largest luxury company in the world. I

421
00:24:55.599 --> 00:24:59.720
<v Speaker 2>used to be important, and I don't think I am now.

422
00:24:59.799 --> 00:25:02.119
<v Speaker 2>But I tell you what that importance had done. It

423
00:25:02.160 --> 00:25:06.599
<v Speaker 2>taught me a lot of stuff. And when someone talk stupid,

424
00:25:06.599 --> 00:25:09.599
<v Speaker 2>get the rich to pay their fast share. Billionaires and

425
00:25:09.640 --> 00:25:12.640
<v Speaker 2>millionaires that have to pay their fast share. It is

426
00:25:12.680 --> 00:25:18.599
<v Speaker 2>the dumbest, stupidest lie in the world fair share. I

427
00:25:18.799 --> 00:25:23.039
<v Speaker 2>made a ton of money and everything I made was

428
00:25:23.160 --> 00:25:27.799
<v Speaker 2>tax through the roof. I've worked for a public company

429
00:25:27.839 --> 00:25:30.799
<v Speaker 2>who published my salary. They gave me the check, they

430
00:25:30.839 --> 00:25:33.680
<v Speaker 2>took my taxes out of it. I had no deductions

431
00:25:33.720 --> 00:25:36.440
<v Speaker 2>other than when anyone else had. At the time, I

432
00:25:36.440 --> 00:25:39.039
<v Speaker 2>guess I was in the thirty six thirty eight percentile,

433
00:25:40.200 --> 00:25:43.880
<v Speaker 2>and that's just for federal tax New York State tax.

434
00:25:44.960 --> 00:25:48.000
<v Speaker 2>I was seeing less than fifty percent of my money.

435
00:25:48.960 --> 00:25:52.960
<v Speaker 2>You think about it. Person works, they make one hundred

436
00:25:53.039 --> 00:25:56.880
<v Speaker 2>dollars and at best they get fifty dollars for their effort.

437
00:25:57.240 --> 00:26:00.920
<v Speaker 2>Don't tell me the rich don't pay them have fair share.

438
00:26:01.599 --> 00:26:04.920
<v Speaker 2>Of course, we pay our fair share. Now, this is

439
00:26:04.960 --> 00:26:08.680
<v Speaker 2>where it gets stupid, and where they bend the truth

440
00:26:08.759 --> 00:26:13.640
<v Speaker 2>and they try and work you up. I always work

441
00:26:13.680 --> 00:26:17.759
<v Speaker 2>for a public company. I guess the honesty is during

442
00:26:17.799 --> 00:26:22.279
<v Speaker 2>those days, I would be afraid to start my own business.

443
00:26:22.799 --> 00:26:25.440
<v Speaker 2>How do you do that? I mean, we'd even begin,

444
00:26:25.960 --> 00:26:30.799
<v Speaker 2>And yet these brilliant entrepreneurs figure out how to build businesses.

445
00:26:31.240 --> 00:26:33.319
<v Speaker 2>You could be a plumber. You went to plumber school.

446
00:26:33.720 --> 00:26:36.000
<v Speaker 2>You have your own business, you hire your own crew,

447
00:26:36.240 --> 00:26:38.799
<v Speaker 2>you work your own hours. You have to make customers happy,

448
00:26:38.799 --> 00:26:41.799
<v Speaker 2>and you build a business on your own. And that

449
00:26:41.839 --> 00:26:45.640
<v Speaker 2>plumber has to have a truck, he has to have equipment,

450
00:26:46.759 --> 00:26:49.200
<v Speaker 2>he has to have people to do his bills. He

451
00:26:49.279 --> 00:26:53.279
<v Speaker 2>needs staff, he needs plumber's assistants. He's making an investment

452
00:26:53.359 --> 00:26:56.519
<v Speaker 2>in his business. It's not like me. I go to

453
00:26:56.559 --> 00:26:58.799
<v Speaker 2>work and I show up, I get a salary. That

454
00:26:58.960 --> 00:27:01.839
<v Speaker 2>plumber has to do a lot, has to invest his

455
00:27:01.920 --> 00:27:06.400
<v Speaker 2>own money to establish himself in the plumbing business. In

456
00:27:06.480 --> 00:27:11.160
<v Speaker 2>this world, in every world, when you're paying your taxes,

457
00:27:11.240 --> 00:27:17.559
<v Speaker 2>you're allowed to deduct your expenses. If you're Louis Viton

458
00:27:18.519 --> 00:27:22.359
<v Speaker 2>and you invest thirty five forty fifty one hundred million

459
00:27:22.640 --> 00:27:26.599
<v Speaker 2>in advertising that brand to make it interesting to people.

460
00:27:26.960 --> 00:27:31.319
<v Speaker 2>You're allowed to deduct your expenses if you have a

461
00:27:31.359 --> 00:27:35.039
<v Speaker 2>store and it does one hundred million dollars on fifty

462
00:27:35.039 --> 00:27:38.000
<v Speaker 2>seventh Street, to pick a number out. It's not free

463
00:27:38.039 --> 00:27:40.759
<v Speaker 2>and clear, one hundred million dollars. You have to pay

464
00:27:40.799 --> 00:27:43.559
<v Speaker 2>your rent, you have to pay employees. Your profit is

465
00:27:43.640 --> 00:27:47.960
<v Speaker 2>based on what's left over, not the total number. And

466
00:27:48.039 --> 00:27:55.160
<v Speaker 2>because you're investing and you're taking a risk, corporations are

467
00:27:55.240 --> 00:28:00.279
<v Speaker 2>taxed at a different rate than individuals because it makes sense,

468
00:28:00.319 --> 00:28:05.640
<v Speaker 2>it's only fair. Which brings me to capital gains. That's

469
00:28:05.720 --> 00:28:09.920
<v Speaker 2>where the billionaires make their money. That's where many millionaires

470
00:28:10.000 --> 00:28:13.559
<v Speaker 2>make their money in capital gains. What is capital gains?

471
00:28:14.279 --> 00:28:16.000
<v Speaker 2>Before I go there, I would tell you any time

472
00:28:16.039 --> 00:28:19.319
<v Speaker 2>I've ever been in my position and an entrepreneur showed

473
00:28:19.359 --> 00:28:22.400
<v Speaker 2>up by my doorstep to offer me a service, to

474
00:28:22.440 --> 00:28:25.400
<v Speaker 2>sell me something, to talk about me, all we talked

475
00:28:25.400 --> 00:28:27.759
<v Speaker 2>about is whether they get the courage to start on

476
00:28:27.799 --> 00:28:31.319
<v Speaker 2>their own. You think about all the immigrants, and I

477
00:28:31.359 --> 00:28:35.240
<v Speaker 2>am in favor of legal immigration, not illegal immigration, but

478
00:28:35.759 --> 00:28:38.640
<v Speaker 2>whichever the case may be. Think about the risks they

479
00:28:38.680 --> 00:28:41.319
<v Speaker 2>took to come to this country, how they were willing

480
00:28:41.359 --> 00:28:44.480
<v Speaker 2>to do anything, to be in a caravan, to walk

481
00:28:44.599 --> 00:28:48.440
<v Speaker 2>through the jungle, through the woods, through the course rivers,

482
00:28:48.680 --> 00:28:53.880
<v Speaker 2>to come here to start anew It's really an extraordinary

483
00:28:53.920 --> 00:28:57.920
<v Speaker 2>set of experiences. If you ask an immigrant, weren't you

484
00:28:58.039 --> 00:29:01.720
<v Speaker 2>afraid to start your own businesusiness rather than get a job,

485
00:29:02.160 --> 00:29:03.799
<v Speaker 2>they'd look at you and say to you, after what

486
00:29:03.880 --> 00:29:05.279
<v Speaker 2>I went through to get here, how can I be

487
00:29:05.319 --> 00:29:10.039
<v Speaker 2>afraid of anything else in my life? Fascinating? Don't tell

488
00:29:10.119 --> 00:29:13.599
<v Speaker 2>me the rich don't pay that their share. Entrepreneurs are

489
00:29:13.599 --> 00:29:16.319
<v Speaker 2>investing their own money, which brings me back to capital gains.

490
00:29:17.599 --> 00:29:19.839
<v Speaker 2>I have two choices in theory what to do with

491
00:29:19.880 --> 00:29:22.720
<v Speaker 2>my money. As to you, you could have put it

492
00:29:22.759 --> 00:29:26.200
<v Speaker 2>in a bank or treasury bill, but it's guaranteed by

493
00:29:26.240 --> 00:29:28.480
<v Speaker 2>the government. You put it there, it gives you a

494
00:29:28.519 --> 00:29:30.960
<v Speaker 2>return and no matter what happens, you get your money back.

495
00:29:32.160 --> 00:29:37.960
<v Speaker 2>A stock, however, is a risk this country is built

496
00:29:38.480 --> 00:29:42.960
<v Speaker 2>on selling companies to the public market. I own Apple shares.

497
00:29:43.039 --> 00:29:44.920
<v Speaker 2>I'm an owner of Apple. I own a portion of

498
00:29:44.920 --> 00:29:49.799
<v Speaker 2>that company. I invest money and I wait and I

499
00:29:49.920 --> 00:29:52.599
<v Speaker 2>wait and I wait, and the stock can go up,

500
00:29:52.880 --> 00:29:57.160
<v Speaker 2>the stock can go down. But the government recognizes that

501
00:29:57.200 --> 00:30:01.279
<v Speaker 2>I'm taking a risk and to you move the economy

502
00:30:01.319 --> 00:30:06.319
<v Speaker 2>along to understand how it helps hire workers give people jobs.

503
00:30:06.440 --> 00:30:10.680
<v Speaker 2>The government understands that you are taking a risk investing

504
00:30:10.680 --> 00:30:14.200
<v Speaker 2>in companies, and for that, we're going to give you

505
00:30:14.880 --> 00:30:17.839
<v Speaker 2>a special tax break, which at the moment is between

506
00:30:17.880 --> 00:30:20.839
<v Speaker 2>twenty and twenty five percent instead of thirty six percent.

507
00:30:21.160 --> 00:30:24.640
<v Speaker 2>It tacks you at a capital gains rate to recognize

508
00:30:24.680 --> 00:30:27.960
<v Speaker 2>the fact that you are taking risk. That's where billionaires

509
00:30:28.000 --> 00:30:30.960
<v Speaker 2>make their money. They're not taking salaries, and if they do,

510
00:30:31.000 --> 00:30:33.920
<v Speaker 2>they pay the same tax as you do. But if

511
00:30:33.920 --> 00:30:37.000
<v Speaker 2>they invest in their company, like Elon Musk, and he

512
00:30:37.160 --> 00:30:40.079
<v Speaker 2>decides to sell this company, and the rule with capital

513
00:30:40.119 --> 00:30:43.279
<v Speaker 2>gains meaning you'll get a benefit on the tax rate

514
00:30:44.119 --> 00:30:46.319
<v Speaker 2>if you hold it for more than one year. You

515
00:30:46.359 --> 00:30:49.039
<v Speaker 2>buy a stock Apple tomorrow goes up ten points and

516
00:30:49.119 --> 00:30:51.519
<v Speaker 2>you sell it, you're gonna pay regular tax on that.

517
00:30:51.920 --> 00:30:53.480
<v Speaker 2>But if you buy a stock and you hold it

518
00:30:53.519 --> 00:30:56.000
<v Speaker 2>for a you're gonna pay capital gains twenty percent a

519
00:30:56.039 --> 00:31:02.680
<v Speaker 2>lot less big companies create jobs. All entrepreneurial companies create jobs.

520
00:31:03.319 --> 00:31:07.160
<v Speaker 2>What are these puntings saying there'd be no country without entrepreneurs.

521
00:31:08.079 --> 00:31:12.039
<v Speaker 2>Jobs aren't created by the government. Well, there's a lot

522
00:31:12.039 --> 00:31:15.680
<v Speaker 2>of jobs, but none of them make money. They're a

523
00:31:15.759 --> 00:31:21.279
<v Speaker 2>service sector to the country. So please, guys, I'm telling you,

524
00:31:21.359 --> 00:31:23.599
<v Speaker 2>nobody gave me anything in life. I came from the

525
00:31:23.640 --> 00:31:27.039
<v Speaker 2>city projects. I worked hard, I worked smart, I got lucky.

526
00:31:27.160 --> 00:31:29.960
<v Speaker 2>I made money. I paid my taxes the same amount

527
00:31:30.000 --> 00:31:32.400
<v Speaker 2>as any one of you. I want to be an

528
00:31:32.480 --> 00:31:37.240
<v Speaker 2>Uber driver, I gotta pay Uber, I gotta pay for gas,

529
00:31:37.640 --> 00:31:39.759
<v Speaker 2>I gotta buy a car. I have to pay for

530
00:31:39.880 --> 00:31:42.319
<v Speaker 2>maintenance on that car. So if you come in my

531
00:31:42.359 --> 00:31:44.359
<v Speaker 2>car and I charge you one hundred dollars, I didn't

532
00:31:44.359 --> 00:31:49.039
<v Speaker 2>make one hundred dollars. At least fifty or sixty percent

533
00:31:49.079 --> 00:31:51.279
<v Speaker 2>of that one hundred dollars goes to other people, or

534
00:31:51.319 --> 00:31:54.039
<v Speaker 2>it goes to costs. So of course I only pay

535
00:31:54.160 --> 00:31:56.440
<v Speaker 2>tax on the forty dollars that's left. Oh wake up,

536
00:31:56.680 --> 00:31:57.440
<v Speaker 2>don't be dumb.

537
00:31:58.519 --> 00:32:01.000
<v Speaker 4>Always in fashion, spent a.

538
00:32:00.880 --> 00:32:04.799
<v Speaker 2>Lifetime of my career building the van Usen brand, and

539
00:32:04.880 --> 00:32:07.480
<v Speaker 2>I am so pleased that they're back with us now

540
00:32:07.799 --> 00:32:12.559
<v Speaker 2>talking about suits. Men were dressing up again and it's

541
00:32:12.599 --> 00:32:15.319
<v Speaker 2>become cool to wear a suit. Suits can be won

542
00:32:15.400 --> 00:32:18.799
<v Speaker 2>on multip occasions in multiple ways. You could wear a

543
00:32:18.799 --> 00:32:21.400
<v Speaker 2>suit formally to go out at night or to an event.

544
00:32:21.680 --> 00:32:23.640
<v Speaker 2>You wear a suit to the office with or without

545
00:32:23.680 --> 00:32:27.440
<v Speaker 2>a tie. If you look closely, now fashion trends suits

546
00:32:27.440 --> 00:32:31.359
<v Speaker 2>are being worn with turtlenecks or mark next. The choices

547
00:32:31.400 --> 00:32:35.640
<v Speaker 2>are endless and every one of them looks right. You

548
00:32:35.680 --> 00:32:39.599
<v Speaker 2>could really really look the part. I believe that packaging

549
00:32:39.640 --> 00:32:42.559
<v Speaker 2>yourself is as important does the products you package, and

550
00:32:42.640 --> 00:32:44.880
<v Speaker 2>wearing a suit is one of those things that make

551
00:32:45.279 --> 00:32:49.160
<v Speaker 2>men look their best. Venues and invented a new idea.

552
00:32:49.240 --> 00:32:52.720
<v Speaker 2>It's called the cool flex suit. It's been engineered with

553
00:32:52.839 --> 00:32:56.799
<v Speaker 2>stretch technology, giving you the most comfortable fit and mobility.

554
00:32:57.039 --> 00:33:00.880
<v Speaker 2>It's wrinkle resistant fabric, it's cool moisture WICKI it makes

555
00:33:00.880 --> 00:33:04.079
<v Speaker 2>it perfect for all occasions. As we discussed just now,

556
00:33:04.400 --> 00:33:07.880
<v Speaker 2>this new style of looking sharp while feeling cool and

557
00:33:07.960 --> 00:33:11.480
<v Speaker 2>comfortable is amazing and I'm so excited that the van

558
00:33:11.640 --> 00:33:15.559
<v Speaker 2>Using company is involved in this new technology and is

559
00:33:15.640 --> 00:33:19.359
<v Speaker 2>embracing the whole idea of dressing up. Let's not forget

560
00:33:19.440 --> 00:33:22.160
<v Speaker 2>van Usen made it's name with dress shirts. It's only

561
00:33:22.319 --> 00:33:25.920
<v Speaker 2>proper that the suit business follows strongly in its way.

562
00:33:26.279 --> 00:33:29.519
<v Speaker 2>You can find van using Kolflex Men's stretch suits at

563
00:33:29.559 --> 00:33:34.720
<v Speaker 2>jcpenny are online at jcpenny dot com. Guys, they're great.

564
00:33:34.799 --> 00:33:37.640
<v Speaker 2>You should go look at them. D Knwhy Donna Karen,

565
00:33:37.720 --> 00:33:41.160
<v Speaker 2>New York. Donna Karen began her career as one of

566
00:33:41.200 --> 00:33:46.839
<v Speaker 2>the finest, most successful, powerful women in the fashion industry.

567
00:33:46.960 --> 00:33:50.759
<v Speaker 2>She developed a collection aimed at the luxury market for

568
00:33:50.880 --> 00:33:53.920
<v Speaker 2>women on the go, women who were powerful in their workplace,

569
00:33:54.119 --> 00:33:57.240
<v Speaker 2>women who had lives that extended beyond the workplace, and

570
00:33:57.279 --> 00:34:01.319
<v Speaker 2>her clothes went from day and tonight. An extraordinary collection.

571
00:34:01.640 --> 00:34:04.640
<v Speaker 2>But the interesting thing Donna Karen had a young daughter,

572
00:34:04.720 --> 00:34:06.960
<v Speaker 2>and she had friends and they couldn't afford to buy

573
00:34:07.000 --> 00:34:11.480
<v Speaker 2>the Donna Karon collection, and Donna invented dk NY Donna Aaren,

574
00:34:11.519 --> 00:34:14.440
<v Speaker 2>New York. It's an offshoot of the Donna Karen collection.

575
00:34:14.880 --> 00:34:17.920
<v Speaker 2>The same concept a lifestyle brand. Now we talk about

576
00:34:17.920 --> 00:34:21.239
<v Speaker 2>lifestyle brands, what does that really mean? Simply what they say,

577
00:34:21.280 --> 00:34:24.639
<v Speaker 2>there are brands that follow you throughout your lifestyle. You

578
00:34:24.639 --> 00:34:26.480
<v Speaker 2>get up in the morning, you start to get dressed

579
00:34:26.519 --> 00:34:30.119
<v Speaker 2>Donna Karen dcaan why as intimate apparel, as hosiery, as

580
00:34:30.159 --> 00:34:33.320
<v Speaker 2>all those products. You're getting dressed for work. You get

581
00:34:33.360 --> 00:34:36.760
<v Speaker 2>accessorized shoes, handbags, and it takes you through the day.

582
00:34:37.039 --> 00:34:39.760
<v Speaker 2>The remarkable thing about DK and Y clothes for work,

583
00:34:39.960 --> 00:34:43.960
<v Speaker 2>they work into the evening. The dresses, the suits, the pants,

584
00:34:44.280 --> 00:34:49.519
<v Speaker 2>the sweaters, the blouses, extraordinary clothes at affordable prices that

585
00:34:49.679 --> 00:34:53.119
<v Speaker 2>go from day in tonight. Part of your lifestyle is active.

586
00:34:53.400 --> 00:34:56.920
<v Speaker 2>You have weekends, you have events, you participate in sports.

587
00:34:57.239 --> 00:35:00.800
<v Speaker 2>Donna Karen's casual clothes did that under the DK and

588
00:35:00.960 --> 00:35:04.800
<v Speaker 2>Y label. A vast array of casual sportswear that make

589
00:35:05.000 --> 00:35:09.679
<v Speaker 2>women look great as they navigate their busy lives. Whether

590
00:35:09.679 --> 00:35:12.079
<v Speaker 2>you're going to soccer games for your children or whether

591
00:35:12.119 --> 00:35:15.000
<v Speaker 2>you're going out to the movies, whatever you want to do,

592
00:35:15.599 --> 00:35:19.880
<v Speaker 2>DK and Y, Jenes dc HY sportswear is there for you.

593
00:35:20.199 --> 00:35:23.360
<v Speaker 2>That's what a lifestyle brand is. And I need to

594
00:35:23.480 --> 00:35:29.119
<v Speaker 2>mention DKY Activewear, which is extraordinary, the leggings, the sports bras,

595
00:35:29.320 --> 00:35:34.360
<v Speaker 2>the sweats. You can wear DKY active Wear certainly in

596
00:35:34.440 --> 00:35:37.119
<v Speaker 2>the gym, certainly when you're working out at home, and

597
00:35:37.239 --> 00:35:40.159
<v Speaker 2>certainly if you want on the street, because it's that

598
00:35:40.360 --> 00:35:43.079
<v Speaker 2>well done. The quality of k Y is nothing short

599
00:35:43.119 --> 00:35:46.000
<v Speaker 2>of exceptional. And why shouldn't it be? Because it was

600
00:35:46.039 --> 00:35:50.360
<v Speaker 2>born from the idea of luxury made affordable for women

601
00:35:50.519 --> 00:35:54.880
<v Speaker 2>of America. Dk and Why a true lifestyle brand that

602
00:35:55.000 --> 00:35:58.039
<v Speaker 2>takes you from day and tonight, from the week into

603
00:35:58.079 --> 00:36:03.159
<v Speaker 2>the weekend. DCN Why you can find DCNHY and Macy's

604
00:36:03.599 --> 00:36:05.599
<v Speaker 2>DKNY dot com.

605
00:36:05.760 --> 00:36:09.559
<v Speaker 1>Welcome back to Always in Fashion. Here's your host, Mark

606
00:36:09.599 --> 00:36:10.639
<v Speaker 1>webber So.

607
00:36:10.719 --> 00:36:13.639
<v Speaker 2>On the subject of stuff, which is where I am

608
00:36:13.800 --> 00:36:15.119
<v Speaker 2>right now. There are a bunch of things that got

609
00:36:15.159 --> 00:36:18.119
<v Speaker 2>on my mind. I just discussed taxing the rich. I

610
00:36:18.119 --> 00:36:22.840
<v Speaker 2>have a question for everybody. Why isn't anybody talking about

611
00:36:22.920 --> 00:36:28.159
<v Speaker 2>astronauts trapped in the International Space Station. Isn't that crazy?

612
00:36:29.000 --> 00:36:30.760
<v Speaker 2>We put these two people up there and we can't

613
00:36:30.800 --> 00:36:34.519
<v Speaker 2>get them back, and no one's screaming, where's NASA, where's

614
00:36:34.519 --> 00:36:37.159
<v Speaker 2>Elon Musk. I've been told that Elon Musk might be

615
00:36:37.199 --> 00:36:40.320
<v Speaker 2>coming to help them out, but you would think we'd

616
00:36:40.320 --> 00:36:44.400
<v Speaker 2>be talking about this. It's hard to believe. It's amazing

617
00:36:45.400 --> 00:36:48.199
<v Speaker 2>how hard it is to believe you want to talk

618
00:36:48.199 --> 00:36:52.920
<v Speaker 2>about heroes and brave people. Oh my gosh. I mentioned

619
00:36:52.920 --> 00:36:57.840
<v Speaker 2>well run companies before. There are uncertainties in every business.

620
00:36:58.920 --> 00:37:02.559
<v Speaker 2>They're uncertainties and changes that happen that people have to

621
00:37:02.599 --> 00:37:05.440
<v Speaker 2>figure out what to do with to take the luxury

622
00:37:05.480 --> 00:37:09.320
<v Speaker 2>industry right now, luxury industry is taking a bath. It's

623
00:37:09.360 --> 00:37:13.039
<v Speaker 2>getting hit fairly dramatically. For one of the reasons is

624
00:37:13.039 --> 00:37:18.639
<v Speaker 2>is there is a move towards silent luxury, stealth looks.

625
00:37:19.199 --> 00:37:23.199
<v Speaker 2>There's a move towards buying great looking products without logos,

626
00:37:23.840 --> 00:37:27.119
<v Speaker 2>not bragging about who you are. You look at Laura Piano,

627
00:37:27.599 --> 00:37:30.360
<v Speaker 2>Nobody knows you're wearing Lorda piano unless there's another Laura

628
00:37:30.440 --> 00:37:33.920
<v Speaker 2>Piano person there who appreciates the quality, understands the looks.

629
00:37:34.960 --> 00:37:39.880
<v Speaker 2>Luxury industry is under attack. Another thing that has happened

630
00:37:40.400 --> 00:37:44.280
<v Speaker 2>is that luxury companies have driven their prices up. I'm

631
00:37:44.320 --> 00:37:47.000
<v Speaker 2>told to as much as fifty percent or more. And

632
00:37:47.079 --> 00:37:50.559
<v Speaker 2>some of the cork items that you would heretofore buy

633
00:37:51.000 --> 00:37:54.119
<v Speaker 2>something that costs one thousand dollars now costs three thousand.

634
00:37:54.599 --> 00:37:58.119
<v Speaker 2>And the world is changing because at one thousand dollars,

635
00:37:58.639 --> 00:38:01.360
<v Speaker 2>there's a lot of people who had saved their money

636
00:38:01.599 --> 00:38:05.440
<v Speaker 2>to purchase that one handbag and feel good about themselves

637
00:38:05.440 --> 00:38:08.280
<v Speaker 2>when they walk around carrying and put it over their shoulder.

638
00:38:09.119 --> 00:38:12.840
<v Speaker 2>It's not as easy selling three thousand or five thousand

639
00:38:12.840 --> 00:38:16.960
<v Speaker 2>dollars handbags. So I'm told what's happening is their numbers

640
00:38:17.000 --> 00:38:20.400
<v Speaker 2>are holding up, but they're selling less units. So they're

641
00:38:20.519 --> 00:38:23.599
<v Speaker 2>relying on a smaller group of people to buy and

642
00:38:23.679 --> 00:38:26.000
<v Speaker 2>spend more on the same items that they were spending

643
00:38:26.039 --> 00:38:29.719
<v Speaker 2>on before. We're losing that entry level person into the

644
00:38:29.800 --> 00:38:33.440
<v Speaker 2>luxury business, and it's starting to have an impact in general.

645
00:38:33.519 --> 00:38:36.920
<v Speaker 2>Of course the board. So what do you do? I

646
00:38:37.000 --> 00:38:40.599
<v Speaker 2>remember the last time we had a major recession that

647
00:38:40.679 --> 00:38:43.639
<v Speaker 2>the world went to crazy, not COVID, when we closed

648
00:38:43.679 --> 00:38:48.320
<v Speaker 2>the country, The question was what do you do? Even

649
00:38:48.400 --> 00:38:54.480
<v Speaker 2>during COVID, what do you do? I'll never forget. October seventeenth,

650
00:38:54.599 --> 00:38:58.039
<v Speaker 2>I think two thousand and eight, I get a call

651
00:38:58.119 --> 00:39:01.639
<v Speaker 2>from the Manning Gen, director of EL. He was in Paris.

652
00:39:01.679 --> 00:39:04.199
<v Speaker 2>I was in New York. I remember I was walking

653
00:39:04.239 --> 00:39:07.519
<v Speaker 2>on the street and I just tourned into the the

654
00:39:07.639 --> 00:39:11.000
<v Speaker 2>LVH compound on fifty seventh Street in Manhattan, and I

655
00:39:11.039 --> 00:39:13.079
<v Speaker 2>was in the lobby and he said Mark, we're very

656
00:39:13.119 --> 00:39:18.159
<v Speaker 2>concerned with the recession that's taking place in the country

657
00:39:18.199 --> 00:39:21.159
<v Speaker 2>and the world. We wanted to talk to you about

658
00:39:21.159 --> 00:39:23.599
<v Speaker 2>what you're seeing going on in America and what you

659
00:39:23.639 --> 00:39:26.920
<v Speaker 2>think about it. And I'll never forget what I said

660
00:39:26.920 --> 00:39:33.039
<v Speaker 2>to him is, yes, you should be concerned. The best

661
00:39:33.079 --> 00:39:36.400
<v Speaker 2>retailers are going to buy less. There's going to be

662
00:39:36.480 --> 00:39:40.960
<v Speaker 2>less opportunity to save money. Everything will be at a premium.

663
00:39:41.880 --> 00:39:44.719
<v Speaker 2>And you have to manage your business well. And I

664
00:39:44.760 --> 00:39:51.800
<v Speaker 2>said to him, well run companies thrive in difficult environments.

665
00:39:52.400 --> 00:39:54.639
<v Speaker 2>And he said, what does that mean to you, Mark,

666
00:39:55.400 --> 00:39:59.360
<v Speaker 2>I said, the first thing you need to consider is inventory.

667
00:40:00.239 --> 00:40:03.280
<v Speaker 2>Inventory is the lifeblood of the company. How much you

668
00:40:03.440 --> 00:40:07.039
<v Speaker 2>sell or how much you don't sell is the key

669
00:40:07.119 --> 00:40:10.880
<v Speaker 2>to your business. How much markup, how much you make

670
00:40:11.079 --> 00:40:13.880
<v Speaker 2>on the items you sell versus whether you lose on

671
00:40:13.960 --> 00:40:17.400
<v Speaker 2>those items you sell or as what makes or breaks

672
00:40:17.519 --> 00:40:22.400
<v Speaker 2>a business. At a time like this, everyone should clean

673
00:40:22.719 --> 00:40:26.840
<v Speaker 2>out their inventory. Now. In my case, mister managing director,

674
00:40:26.840 --> 00:40:29.719
<v Speaker 2>we've been talking about this recession for the last six months,

675
00:40:30.719 --> 00:40:34.159
<v Speaker 2>and I reduce my inventory levels across the board in

676
00:40:34.239 --> 00:40:36.159
<v Speaker 2>the company. Was it easy.

677
00:40:36.639 --> 00:40:36.880
<v Speaker 4>No.

678
00:40:37.639 --> 00:40:40.239
<v Speaker 2>In the case of the Donna Karen Company, Donna Karen Kampany,

679
00:40:40.280 --> 00:40:42.320
<v Speaker 2>what are you doing? Why are you buying less? The

680
00:40:42.400 --> 00:40:46.079
<v Speaker 2>designers dcyn Why Mark, I don't understand you're making the

681
00:40:46.079 --> 00:40:49.559
<v Speaker 2>line smaller. The production people saying, I usually buy one

682
00:40:49.559 --> 00:40:51.719
<v Speaker 2>thousand pieces of this item. You're telling me it only

683
00:40:51.719 --> 00:40:54.639
<v Speaker 2>buy five hundred. I said, yeah, that's exactly what I'm doing.

684
00:40:54.880 --> 00:40:57.039
<v Speaker 2>And every single division in this company is going to

685
00:40:57.079 --> 00:41:01.840
<v Speaker 2>buy less because I believe six months now every retail

686
00:41:01.880 --> 00:41:03.480
<v Speaker 2>in the world is going to buy less. And I

687
00:41:03.559 --> 00:41:06.719
<v Speaker 2>was right. I said to him at the time, here's

688
00:41:06.760 --> 00:41:09.360
<v Speaker 2>a way of looking at it, mister managing direct I said,

689
00:41:10.000 --> 00:41:13.960
<v Speaker 2>there are things that you should do. There are things

690
00:41:14.840 --> 00:41:18.159
<v Speaker 2>that would be nice to do, and there are things

691
00:41:18.519 --> 00:41:22.519
<v Speaker 2>that you must do. You have a business. You better

692
00:41:22.559 --> 00:41:25.000
<v Speaker 2>pay your electure bills. You want the lights to come on.

693
00:41:25.639 --> 00:41:28.679
<v Speaker 2>You have an office, you have retail stores. You have

694
00:41:28.719 --> 00:41:31.400
<v Speaker 2>to pay your landlord, otherwise he's going to lock you out.

695
00:41:31.880 --> 00:41:34.079
<v Speaker 2>I don't know that i'd be opening new stores right now.

696
00:41:34.079 --> 00:41:36.880
<v Speaker 2>I know I wouldn't. I'd wait. I don't know that

697
00:41:36.920 --> 00:41:39.480
<v Speaker 2>I would renew any lease higher than what I paid

698
00:41:39.519 --> 00:41:42.800
<v Speaker 2>for it at this time. But I would deal with

699
00:41:42.880 --> 00:41:46.480
<v Speaker 2>those things that only you had to do. And the

700
00:41:46.519 --> 00:41:48.559
<v Speaker 2>things that made me feel good are the things that

701
00:41:48.639 --> 00:41:53.360
<v Speaker 2>you should do. No if advertising wasn't proven. You know,

702
00:41:53.400 --> 00:41:56.760
<v Speaker 2>I've talked about this before. John Wanna make a famous

703
00:41:56.800 --> 00:41:59.679
<v Speaker 2>businessman famous retailers said, I know fifty percent of my

704
00:41:59.679 --> 00:42:03.119
<v Speaker 2>average tising works. I just don't know which fifty percent.

705
00:42:03.679 --> 00:42:07.760
<v Speaker 2>None of us know what works. Well run companies thrive

706
00:42:07.880 --> 00:42:13.239
<v Speaker 2>in difficult environments. Unless I was sure that an advertisement

707
00:42:13.440 --> 00:42:17.440
<v Speaker 2>or an expenditure would directly relate to increased sells or

708
00:42:17.519 --> 00:42:20.000
<v Speaker 2>to sales that I needed to capture, I wouldn't spend

709
00:42:20.079 --> 00:42:24.440
<v Speaker 2>the money anymore. Because well run companies must thrive in

710
00:42:24.559 --> 00:42:30.400
<v Speaker 2>difficult environments. Back in a minute, always in fashion, then

711
00:42:30.519 --> 00:42:32.880
<v Speaker 2>using for over one hundred and fifty years now has

712
00:42:32.920 --> 00:42:36.360
<v Speaker 2>been a mainstay in American fashion. This brand that was

713
00:42:36.400 --> 00:42:39.960
<v Speaker 2>invented for dress shirts was given to coal miners when

714
00:42:39.960 --> 00:42:43.719
<v Speaker 2>they exited the mills dirty and dusty. The Phillips venues

715
00:42:43.719 --> 00:42:46.800
<v Speaker 2>and company Phillips families there to give them fresh, new

716
00:42:46.880 --> 00:42:49.400
<v Speaker 2>shirts that they could wear at home and feel their best.

717
00:42:49.800 --> 00:42:52.679
<v Speaker 2>Over the course of time, venues and dress shirts grew

718
00:42:52.800 --> 00:42:55.840
<v Speaker 2>and grew and grew to suit shirts and ties for

719
00:42:55.880 --> 00:42:59.159
<v Speaker 2>the dress up, and now sportswear has become a dominant

720
00:42:59.159 --> 00:43:03.480
<v Speaker 2>part of the using collection. You can find these products

721
00:43:03.519 --> 00:43:09.079
<v Speaker 2>including sweaters, polos, quarter zips, trousers, and even the best

722
00:43:09.079 --> 00:43:11.960
<v Speaker 2>of fashion has to be preserved. I don't know if

723
00:43:11.960 --> 00:43:15.320
<v Speaker 2>I ever mentioned to you the advent of the men's necktie.

724
00:43:15.599 --> 00:43:19.480
<v Speaker 2>There's nothing better in a men's necktie business than the

725
00:43:19.519 --> 00:43:22.320
<v Speaker 2>business lunch because guys we go out, they'd have their

726
00:43:22.400 --> 00:43:25.719
<v Speaker 2>lunch that have their salads or their beef and potatoes

727
00:43:25.760 --> 00:43:28.840
<v Speaker 2>and snow stout about it. They would always stain their

728
00:43:28.920 --> 00:43:32.280
<v Speaker 2>die and therefore the business grew and grew venues. And

729
00:43:32.280 --> 00:43:34.599
<v Speaker 2>today doesn't want to make money on your hardships. They

730
00:43:34.679 --> 00:43:36.639
<v Speaker 2>want to do it and prevent you from having to

731
00:43:36.639 --> 00:43:39.519
<v Speaker 2>go through that. And they invented stain shield. It's the

732
00:43:39.599 --> 00:43:43.840
<v Speaker 2>technology that was invented to protect your favorite items. The

733
00:43:43.880 --> 00:43:48.280
<v Speaker 2>stain Shield collection provides extreme defense against water based stains

734
00:43:48.280 --> 00:43:50.920
<v Speaker 2>by causing spills to beat up before they can be

735
00:43:51.000 --> 00:43:54.159
<v Speaker 2>absorbed into the fabric. This collection, by the way, in

736
00:43:54.199 --> 00:43:57.519
<v Speaker 2>addition to regular fits, is also often in all body sizes,

737
00:43:57.719 --> 00:44:01.639
<v Speaker 2>including big and tall. You can find Vanues and Stainshield

738
00:44:01.800 --> 00:44:05.039
<v Speaker 2>and the great venues in style sports were at Vanues

739
00:44:05.079 --> 00:44:08.880
<v Speaker 2>in dot com. That's Vanusen dot com. As one of

740
00:44:08.920 --> 00:44:13.039
<v Speaker 2>the world's most celebrated fashion designers, carl Lagafeld was renowned

741
00:44:13.039 --> 00:44:16.320
<v Speaker 2>for his aspirational and cutting edge approach to style. His

742
00:44:16.480 --> 00:44:20.840
<v Speaker 2>unique vision of parisianshit comes to America through car Lagofeld Paris.

743
00:44:21.199 --> 00:44:24.840
<v Speaker 2>He has women's collections, men's collections, ready to wear, accessory,

744
00:44:24.880 --> 00:44:28.079
<v Speaker 2>shoes and bags. The fashion house Carlagofeld also offers a

745
00:44:28.159 --> 00:44:31.360
<v Speaker 2>range of watches, I wear and premium fragrances. You can

746
00:44:31.440 --> 00:44:35.599
<v Speaker 2>explore the car Lagofl collection at car Lagofelparis dot com.

747
00:44:35.880 --> 00:44:38.000
<v Speaker 2>But it's more than that. I have for one, love

748
00:44:38.079 --> 00:44:40.920
<v Speaker 2>to shop. I love going around and seeing what's happening

749
00:44:40.920 --> 00:44:43.840
<v Speaker 2>and what catches my attention, what would make me feel

750
00:44:44.039 --> 00:44:46.960
<v Speaker 2>good to wear Now. I don't wear the women's wear obviously,

751
00:44:47.000 --> 00:44:50.000
<v Speaker 2>but I can appreciate it and they look amazing. If

752
00:44:50.000 --> 00:44:52.000
<v Speaker 2>you want to look right, you want to have clothes

753
00:44:52.039 --> 00:44:54.400
<v Speaker 2>that fits you well. You want to look like you're

754
00:44:54.400 --> 00:44:59.599
<v Speaker 2>wearing something that's very expensive, that's exclusive for you and yours.

755
00:45:00.079 --> 00:45:03.159
<v Speaker 2>You can find it at very affordable prices at Macy's

756
00:45:03.199 --> 00:45:06.960
<v Speaker 2>Orcarlagofel dot com Paris. The women's ready to wear fashion

757
00:45:07.079 --> 00:45:10.239
<v Speaker 2>is extraordinary, as well as the handbigs and the shoes. I,

758
00:45:10.320 --> 00:45:15.039
<v Speaker 2>for one, wear men's clothes unlike my appreciation of women's clothes.

759
00:45:15.440 --> 00:45:18.000
<v Speaker 2>I'm a modern guy. I want to look current, I

760
00:45:18.039 --> 00:45:19.880
<v Speaker 2>want to look the way I want to feel. I

761
00:45:19.920 --> 00:45:22.800
<v Speaker 2>go out at night, I'm in black and Carlagafel is

762
00:45:22.880 --> 00:45:25.679
<v Speaker 2>my buddy. Carls are great, They fit great, and they

763
00:45:25.719 --> 00:45:28.000
<v Speaker 2>have little tweaks and touches, whether it's a stripe on

764
00:45:28.000 --> 00:45:30.679
<v Speaker 2>the sleeve or button at the neck or on the shoulder.

765
00:45:30.920 --> 00:45:34.199
<v Speaker 2>There's a lot of details that go into Carlagafel because

766
00:45:34.239 --> 00:45:36.639
<v Speaker 2>he's always been, he always had been one of the

767
00:45:36.679 --> 00:45:40.159
<v Speaker 2>world's great designers, and this legacy and goes on and on.

768
00:45:40.559 --> 00:45:42.880
<v Speaker 2>I can't speak enough about it except to say to you,

769
00:45:42.880 --> 00:45:45.039
<v Speaker 2>you want to feel good about yourself. You want to

770
00:45:45.079 --> 00:45:47.039
<v Speaker 2>know that you're dressing properly. You want to clothes that

771
00:45:47.159 --> 00:45:53.840
<v Speaker 2>fits you well. Carl Lagafeld Paris at Macy's Orcarlagafel dot com.

772
00:45:54.000 --> 00:45:58.559
<v Speaker 1>Welcome back to Always in Fashion. Here's your host, Mark Webber.

773
00:45:58.639 --> 00:46:02.000
<v Speaker 2>On a personal something drove me crazy this week. I'm

774
00:46:02.000 --> 00:46:05.559
<v Speaker 2>a homeowner. You know I mentioned plumbers before you want

775
00:46:05.559 --> 00:46:07.440
<v Speaker 2>to say, I say, I used to be important. You

776
00:46:07.440 --> 00:46:11.039
<v Speaker 2>know it's important now My plumber, my electrician, my heating

777
00:46:11.079 --> 00:46:14.119
<v Speaker 2>and air conditioning people, those people are important. Those people

778
00:46:14.159 --> 00:46:16.559
<v Speaker 2>are incredibly important. Something goes wrong, what do you do?

779
00:46:17.119 --> 00:46:18.840
<v Speaker 2>What do you do? I'm at the end of the season,

780
00:46:18.920 --> 00:46:21.440
<v Speaker 2>like everyone else. I've been running air conditioning all along,

781
00:46:22.239 --> 00:46:24.920
<v Speaker 2>and I had to switch to heat, or at least

782
00:46:25.000 --> 00:46:29.360
<v Speaker 2>make sure in order to keep my warranties. I had

783
00:46:29.360 --> 00:46:32.519
<v Speaker 2>to make sure that I made official adjustment. And they

784
00:46:32.559 --> 00:46:37.280
<v Speaker 2>come in and check my air conditioning and heat. So

785
00:46:37.360 --> 00:46:40.119
<v Speaker 2>they come in and after the workman is there for

786
00:46:40.159 --> 00:46:43.519
<v Speaker 2>around a half hour, he says, I'm afraid I have

787
00:46:44.199 --> 00:46:46.679
<v Speaker 2>some difficult news to you. You have two boilers running

788
00:46:46.719 --> 00:46:49.960
<v Speaker 2>your house. You need them because you have a big house.

789
00:46:50.760 --> 00:46:52.679
<v Speaker 2>One is the main, the other is the they call

790
00:46:52.760 --> 00:46:57.800
<v Speaker 2>it the slave helps the main, and both of them

791
00:46:57.840 --> 00:47:01.039
<v Speaker 2>are in trouble right now. Ye that it's a relatively

792
00:47:01.119 --> 00:47:03.440
<v Speaker 2>new unit, he said. I know it should have lasted

793
00:47:03.519 --> 00:47:06.159
<v Speaker 2>much longer, but it doesn't. And I have to go

794
00:47:06.199 --> 00:47:09.039
<v Speaker 2>out in the market and try and find parts. I said,

795
00:47:09.039 --> 00:47:11.039
<v Speaker 2>why are in the market? He said, Well, the company

796
00:47:11.079 --> 00:47:14.559
<v Speaker 2>that we installed this from you went bankrupt, so we

797
00:47:14.639 --> 00:47:16.559
<v Speaker 2>have to go out and try and track down parts.

798
00:47:16.559 --> 00:47:20.119
<v Speaker 2>And the problem is, let's say we find him now,

799
00:47:20.119 --> 00:47:22.360
<v Speaker 2>what's going to happen to the next time, and there'll

800
00:47:22.360 --> 00:47:25.159
<v Speaker 2>be a next time. I suggest you have to replace

801
00:47:25.199 --> 00:47:28.320
<v Speaker 2>this units. I said, what about the other one? He said,

802
00:47:28.360 --> 00:47:31.400
<v Speaker 2>that's also bad news. It has to be replaced. If

803
00:47:31.440 --> 00:47:33.400
<v Speaker 2>not now, it'll be six months from now, and it

804
00:47:33.400 --> 00:47:36.519
<v Speaker 2>could come at the worst possible time when it's cold outside, freezing,

805
00:47:36.840 --> 00:47:39.079
<v Speaker 2>and these things aren't generating the heat that you need

806
00:47:39.119 --> 00:47:42.519
<v Speaker 2>for your water or your house swell. I have to

807
00:47:42.559 --> 00:47:45.280
<v Speaker 2>ask you a question. You guys told me to buy

808
00:47:45.320 --> 00:47:49.599
<v Speaker 2>this brand. Are you responsible or I am? And after

809
00:47:49.639 --> 00:47:51.760
<v Speaker 2>clearing his throat, he said, well, you should call the owner,

810
00:47:51.800 --> 00:47:54.719
<v Speaker 2>but of course not, we're not responsible. We install this

811
00:47:54.760 --> 00:47:57.239
<v Speaker 2>in good faith, wear and tear. I don't know what

812
00:47:57.280 --> 00:47:59.159
<v Speaker 2>to tell you. Then he tells me the price, and

813
00:47:59.360 --> 00:48:02.039
<v Speaker 2>I thought my head would go through the roof. I

814
00:48:02.119 --> 00:48:05.199
<v Speaker 2>bought a system, put it in this house ten years ago,

815
00:48:05.440 --> 00:48:09.440
<v Speaker 2>the entire system. I have six processes outside, I've got

816
00:48:09.480 --> 00:48:12.320
<v Speaker 2>six inside. I got all this going on, and everything

817
00:48:12.320 --> 00:48:15.159
<v Speaker 2>has turned over in the last ten years. And the

818
00:48:15.199 --> 00:48:18.920
<v Speaker 2>cost of this is crazy. And what are you supposed

819
00:48:18.960 --> 00:48:22.920
<v Speaker 2>to do? You know what I did? I vented how

820
00:48:22.960 --> 00:48:24.639
<v Speaker 2>can you do this to me? Ba ba b b

821
00:48:24.440 --> 00:48:26.039
<v Speaker 2>b b b b b And you know what I

822
00:48:26.079 --> 00:48:30.000
<v Speaker 2>gotten for it? Nothing. I'm on plumbers tonight. If I

823
00:48:30.079 --> 00:48:32.000
<v Speaker 2>knew what I knew now, maybe I would have been

824
00:48:32.039 --> 00:48:34.960
<v Speaker 2>a tradesman. While I'm on the subject of stuff and

825
00:48:35.000 --> 00:48:37.039
<v Speaker 2>I'm off the subject of succession, those of you who

826
00:48:37.159 --> 00:48:39.440
<v Speaker 2>still listening want to learn how There's a few things

827
00:48:39.440 --> 00:48:41.159
<v Speaker 2>I have to make sure I get off my chest.

828
00:48:41.880 --> 00:48:43.760
<v Speaker 2>I was with one of my son's friends the other

829
00:48:43.840 --> 00:48:48.079
<v Speaker 2>day and I asked him, does your company match your

830
00:48:48.079 --> 00:48:51.599
<v Speaker 2>four oh one K contribution? And he said, I don't

831
00:48:51.800 --> 00:48:55.880
<v Speaker 2>invest in four o one k. I started screaming, are

832
00:48:55.880 --> 00:48:58.039
<v Speaker 2>you out of your freaking mind? But before I really

833
00:48:58.039 --> 00:49:00.320
<v Speaker 2>get great, do they match it? And yeah, they match

834
00:49:00.360 --> 00:49:03.599
<v Speaker 2>it up to six percent. A four oh one k

835
00:49:04.519 --> 00:49:08.719
<v Speaker 2>a company gives you free money. You put your money in.

836
00:49:08.800 --> 00:49:11.440
<v Speaker 2>You put fifteen thousand dollars a year, and what is

837
00:49:11.440 --> 00:49:14.039
<v Speaker 2>a four oh one k? The government says you do

838
00:49:14.079 --> 00:49:17.440
<v Speaker 2>not have to pay any taxes on the income that

839
00:49:17.519 --> 00:49:21.519
<v Speaker 2>fifteen thousand dollars makes until you retire in your seventies.

840
00:49:21.880 --> 00:49:27.000
<v Speaker 2>You get all of those earnings free of charge until

841
00:49:27.320 --> 00:49:30.400
<v Speaker 2>you retire. Now, from the government point of view. Thank

842
00:49:30.440 --> 00:49:32.920
<v Speaker 2>you when I'm making the least amount of my money.

843
00:49:32.920 --> 00:49:34.960
<v Speaker 2>When I'm retired and I'm not making money, that's when

844
00:49:35.000 --> 00:49:36.639
<v Speaker 2>you want to tax me. That's when you should leave

845
00:49:36.679 --> 00:49:39.440
<v Speaker 2>me alone. I spent my whole life paying taxes, which,

846
00:49:39.480 --> 00:49:42.039
<v Speaker 2>by the way, you want to talk about taxes, rich

847
00:49:42.079 --> 00:49:44.440
<v Speaker 2>don't pay the fair share. I live in a nice neighborhood.

848
00:49:44.840 --> 00:49:48.119
<v Speaker 2>I pay taxes on my house some crazy number, and

849
00:49:48.199 --> 00:49:50.760
<v Speaker 2>of the crazy number, I don't want to say it,

850
00:49:52.039 --> 00:49:56.199
<v Speaker 2>ninety percent is school tax I'm like hymen Roth and

851
00:49:56.239 --> 00:49:59.760
<v Speaker 2>the Godfather. I'm just a retiree living on a pension.

852
00:50:00.639 --> 00:50:04.480
<v Speaker 2>I'm not going to school. I have no children going

853
00:50:04.480 --> 00:50:07.960
<v Speaker 2>to school. I have no grandchildren living in this house

854
00:50:08.039 --> 00:50:10.679
<v Speaker 2>going to school. I have nothing to do with the

855
00:50:10.719 --> 00:50:13.559
<v Speaker 2>school system. And most of my taxes on my hom

856
00:50:13.599 --> 00:50:18.039
<v Speaker 2>are for schools. What's wrong with that system? Back to

857
00:50:18.079 --> 00:50:21.000
<v Speaker 2>four o one K. Anyone who doesn't find a way

858
00:50:21.800 --> 00:50:25.079
<v Speaker 2>to contribute to their four oh one K force themselves

859
00:50:25.119 --> 00:50:28.760
<v Speaker 2>to save money is a moron. Now you are a

860
00:50:28.760 --> 00:50:31.800
<v Speaker 2>more on for one or two reasons. Either you're spending

861
00:50:31.840 --> 00:50:35.519
<v Speaker 2>too much money or you're not taking advantage of one

862
00:50:35.519 --> 00:50:40.079
<v Speaker 2>of the greatest perks that God ever invented companies matching

863
00:50:40.119 --> 00:50:44.639
<v Speaker 2>your contributions, giving you free money, and the government telling

864
00:50:44.679 --> 00:50:46.440
<v Speaker 2>you don't have to pay anything. And while I'm on

865
00:50:46.480 --> 00:50:49.159
<v Speaker 2>the subject of this and money tonight tax the rich.

866
00:50:50.280 --> 00:50:52.559
<v Speaker 2>I'm not sure my son's friend talks to me anywhere,

867
00:50:52.639 --> 00:50:55.360
<v Speaker 2>by the way, after I let loose on them. But

868
00:50:55.480 --> 00:50:58.000
<v Speaker 2>again it happens something else for someone else. The other

869
00:50:58.119 --> 00:51:02.519
<v Speaker 2>woman talking about bonuses. We're talking about you know, is

870
00:51:02.559 --> 00:51:05.159
<v Speaker 2>Trump good for the economy? What's going to be with

871
00:51:05.280 --> 00:51:08.480
<v Speaker 2>interest rates? And I happen to say, do you shop

872
00:51:08.480 --> 00:51:11.199
<v Speaker 2>with credit cards? She said yeah? I said, do you

873
00:51:11.239 --> 00:51:13.360
<v Speaker 2>pay your credit card bills off every month? And know

874
00:51:13.480 --> 00:51:15.559
<v Speaker 2>I just pay a small amount and just keep charging.

875
00:51:16.079 --> 00:51:19.599
<v Speaker 2>I went crazy. I went crazy. Do you know what

876
00:51:19.760 --> 00:51:23.400
<v Speaker 2>credit card interest is? It's like twenty percent or more.

877
00:51:24.320 --> 00:51:26.360
<v Speaker 2>That means like you're borrowing money from people who are

878
00:51:26.360 --> 00:51:30.480
<v Speaker 2>taking incredible advantage of you. Do you imagine you borrow

879
00:51:30.519 --> 00:51:32.519
<v Speaker 2>one hundred dollars you're based only one hundred dollars and

880
00:51:32.559 --> 00:51:34.840
<v Speaker 2>by the andy die, oh, I'm one hundred and twenty dollars.

881
00:51:35.559 --> 00:51:38.880
<v Speaker 2>It's crazy. I'll tell you what. All of you out there,

882
00:51:39.239 --> 00:51:42.119
<v Speaker 2>anyone who wants to borrow money from me, call me up,

883
00:51:42.800 --> 00:51:45.719
<v Speaker 2>I'll charge you twenty percent. I'll do it with you.

884
00:51:46.440 --> 00:51:48.480
<v Speaker 2>The problem is you have to give me some collateral.

885
00:51:49.320 --> 00:51:51.400
<v Speaker 2>You have to sign over your children, or your house

886
00:51:51.480 --> 00:51:53.880
<v Speaker 2>or something that really has value to me. But the

887
00:51:53.960 --> 00:51:56.800
<v Speaker 2>reality is charging you twenties percent, I go to jail.

888
00:51:57.400 --> 00:51:59.559
<v Speaker 2>So how come the credit card companies can do that

889
00:51:59.599 --> 00:52:02.480
<v Speaker 2>I want? I don't know. Tonight is a lesson in finance,

890
00:52:02.559 --> 00:52:06.800
<v Speaker 2>I suppose, or succession. Hopefully you're learning from what I

891
00:52:06.840 --> 00:52:10.039
<v Speaker 2>have to say, If not, replace me. Jesse's here and

892
00:52:10.079 --> 00:52:12.360
<v Speaker 2>he'll do a better job than I will. That is

893
00:52:12.400 --> 00:52:15.719
<v Speaker 2>a backdrop. I hope you enjoyed tonight's show. Good Night,