1
00:00:00,480 --> 00:00:03,000
Speaker 1: The trade deal President Trump and the EU when he

2
00:00:03,080 --> 00:00:07,000
wasn't golfing and you know, putting black and brown people

3
00:00:07,040 --> 00:00:11,000
in cages and such, cut himself a trade deal. Zach

4
00:00:11,039 --> 00:00:12,960
Abraham's going to address that for us. He is the

5
00:00:13,080 --> 00:00:16,000
chief investment officer Bulwark Capital Management. He's my friend and

6
00:00:16,039 --> 00:00:19,399
my brother, and he joins us from an undisclosed location

7
00:00:20,359 --> 00:00:22,719
deep in it. Wait, that's Mark Levin's, deep in a

8
00:00:22,760 --> 00:00:27,120
hidden bunker. He joins us from some place in North

9
00:00:27,160 --> 00:00:29,199
America courtesy of God Almighty.

10
00:00:31,239 --> 00:00:35,560
Speaker 2: But Todd Herman show is one disapproved by big pharma

11
00:00:35,759 --> 00:00:42,920
technocrats in Tyrone Sabrian Where from the high mountains of

12
00:00:43,079 --> 00:00:47,960
Free America. Here's the Emerald city exile.

13
00:00:49,799 --> 00:00:58,320
Speaker 1: Todd Herman. Today is the day the Lord has made,

14
00:00:58,399 --> 00:01:00,560
and these are the times through which God is decided

15
00:01:00,600 --> 00:01:03,840
we shall live. Zach Abraham joins us somewhere high in

16
00:01:03,880 --> 00:01:05,519
the mountains. Good to have you here, my brother.

17
00:01:05,560 --> 00:01:08,959
Speaker 3: How are you good? Good? I'm doing better today, man.

18
00:01:09,120 --> 00:01:11,480
Speaker 1: Good? Now you been the part of Washington State where

19
00:01:11,480 --> 00:01:15,120
they don't where they haven't legalized one hundred and fifty

20
00:01:15,280 --> 00:01:18,040
to two hundred and fifty thousand dollars race based payoffs

21
00:01:18,040 --> 00:01:21,560
for loans that don't need to be paid back for

22
00:01:21,840 --> 00:01:23,879
racial minorities. Is that is that a different part of

23
00:01:23,920 --> 00:01:25,519
Washington State or are you still in the same state.

24
00:01:25,599 --> 00:01:29,159
Speaker 3: Yeah. Yeah, that's kind of like that line in Tombstone,

25
00:01:29,280 --> 00:01:32,840
you know that that don't go around here, right? Yeah,

26
00:01:33,480 --> 00:01:36,879
this is this is much more. It reminds me a

27
00:01:36,879 --> 00:01:39,959
lot of the Free Mountains of Idaho. Actually, yeah, and

28
00:01:40,400 --> 00:01:42,239
similar similar folks. I think it's kind of one of

29
00:01:42,280 --> 00:01:44,920
the dichotomies of our state that people don't really understand,

30
00:01:45,519 --> 00:01:49,680
which is, you know, outside of King County, especially on

31
00:01:49,719 --> 00:01:52,560
the east side of the state, it's a very very conservative,

32
00:01:52,599 --> 00:01:54,159
traditional values type place.

33
00:01:54,200 --> 00:01:54,359
Speaker 4: You know.

34
00:01:54,560 --> 00:01:56,640
Speaker 1: Oh, totally get that. And I wanted to ask you,

35
00:01:56,640 --> 00:02:00,000
you know your your kids are you have a mixed

36
00:02:00,079 --> 00:02:01,560
race kids? Is what the world would call it. I

37
00:02:01,599 --> 00:02:04,599
hate that because it's just dude, they're just your kids,

38
00:02:05,280 --> 00:02:07,120
right right, But they're old enough to get some of

39
00:02:07,159 --> 00:02:07,519
that coin.

40
00:02:09,120 --> 00:02:14,319
Speaker 3: Yeah. No, no, no, hey, I didn't, I didn't. I

41
00:02:14,360 --> 00:02:16,599
didn't say that. We weren't filling out the apps. Okay,

42
00:02:16,919 --> 00:02:21,719
we're getting in line now. Unfortunately, I think a lot

43
00:02:21,719 --> 00:02:23,879
of those things are means tested, so they're gonna get

44
00:02:23,879 --> 00:02:27,319
pushed out. Yeah, well, they're not going to I'm going

45
00:02:27,360 --> 00:02:32,120
to no, but it's uh yeah, they you know that,

46
00:02:32,639 --> 00:02:34,319
and and I know you know this, and I know

47
00:02:34,360 --> 00:02:36,080
the vast majority of your listeners know it too, but

48
00:02:36,639 --> 00:02:39,680
you said it. It's how it's how ridiculous all of

49
00:02:39,719 --> 00:02:42,479
this stuff is, you know what I mean, especially the

50
00:02:42,560 --> 00:02:46,360
race stuff. Like you hear people say things along those

51
00:02:46,439 --> 00:02:48,639
racial lines, you know, and a lot of times they

52
00:02:48,680 --> 00:02:50,599
mean it positively, talking about oh, we need to do

53
00:02:50,639 --> 00:02:52,680
this for black people. Yeah, and you look at them

54
00:02:52,719 --> 00:02:55,560
and go have you ever talked to the black people?

55
00:02:56,599 --> 00:02:58,919
Do you know if that's what they want from it?

56
00:02:59,400 --> 00:02:59,560
Speaker 2: Right?

57
00:02:59,599 --> 00:03:03,000
Speaker 3: Like these not these are not people that cannot help themselves.

58
00:03:03,039 --> 00:03:06,360
Speaker 1: But I want democrats to try this sometime. Is go

59
00:03:06,439 --> 00:03:10,280
to a place I'm thinking, h oh, I'm picking American City,

60
00:03:10,319 --> 00:03:12,280
Go to Saint Louis, I don't care. And there's a

61
00:03:12,319 --> 00:03:15,240
black person standing in line in the grocery store, and

62
00:03:15,280 --> 00:03:16,879
I want a white person to come say, hey, let

63
00:03:16,919 --> 00:03:21,120
me help you, because you know this is this this

64
00:03:21,159 --> 00:03:22,879
is a dollar sign and I mean, you know how

65
00:03:22,919 --> 00:03:25,520
much are you sure you've got the money for this? Yeah,

66
00:03:25,520 --> 00:03:28,919
you can afford this, and just go just like go

67
00:03:29,120 --> 00:03:34,240
physically pander to anybody and like do this, do this,

68
00:03:34,439 --> 00:03:37,400
Like go find there's areas around the country everywhere, like

69
00:03:37,439 --> 00:03:40,599
you're not that par far probably from Yakamau, Washington. There's

70
00:03:40,800 --> 00:03:44,240
Hispanic people there who owned wineries for years, and I

71
00:03:44,280 --> 00:03:48,599
mean they're super successful. And go get some illegal immigrants

72
00:03:49,240 --> 00:03:52,120
who are living in Seattle, bust them over and drive

73
00:03:52,199 --> 00:03:54,000
up to one of the mansions of one of the

74
00:03:54,080 --> 00:03:56,439
Hispanic families who's owned these winers for years and say,

75
00:03:56,800 --> 00:03:59,680
got your illegals, let's let's let's let's get them in

76
00:03:59,719 --> 00:04:02,120
your house here. And they're like all tatted up and

77
00:04:02,159 --> 00:04:05,120
they're like, you know, they're actually like deagar M thirteen

78
00:04:05,159 --> 00:04:07,759
and you see the confused looks, what are you doing here?

79
00:04:07,800 --> 00:04:09,560
Like I'm thinking of one family in particular that there's

80
00:04:09,599 --> 00:04:12,759
Amora family and I knew them to wrestling. They're get

81
00:04:13,120 --> 00:04:17,839
off my property, right yeah, pandor physically.

82
00:04:17,399 --> 00:04:21,360
Speaker 3: Man, Yeah no, I I couldn't. I couldn't agree more.

83
00:04:21,439 --> 00:04:24,199
And uh. And it's one of those things when you

84
00:04:24,199 --> 00:04:29,720
hear people, you hear people going off on those diatribes. Yeah,

85
00:04:29,759 --> 00:04:31,600
like I said, you can't help, but just sit there

86
00:04:31,680 --> 00:04:34,360
look at them and go, hey, do you know anybody

87
00:04:34,399 --> 00:04:37,519
that's a minority because you talk like you don't you know,

88
00:04:38,079 --> 00:04:41,079
like I I just the lady doth protests too much,

89
00:04:41,319 --> 00:04:45,360
you know. But yeah, that's that's the world we're living in.

90
00:04:45,360 --> 00:04:45,439
Speaker 2: It.

91
00:04:45,480 --> 00:04:47,639
Speaker 1: I know it is. I know it is. We're gonna

92
00:04:47,639 --> 00:04:50,000
get into some economic stuff and I think we need

93
00:04:50,000 --> 00:04:52,480
to look at the three percent growth in the GDP.

94
00:04:52,600 --> 00:04:54,639
We'll do that with Zach Abraham in just a second cheer.

95
00:04:55,079 --> 00:04:57,680
I'm getting a series of testimonials sent to me from

96
00:04:57,720 --> 00:05:02,680
people who receive treatment at at renew dot Healthcare in

97
00:05:02,720 --> 00:05:04,720
Port of Art to Mexico. Because we're building up to

98
00:05:04,720 --> 00:05:07,800
our big live webinar. This is a free live webinar

99
00:05:07,879 --> 00:05:11,519
coming up Thursday, September eleven. It's eleven am Pacific. I

100
00:05:11,560 --> 00:05:15,040
will be there. Steve Anderson, who's the managing partner, will

101
00:05:15,079 --> 00:05:17,759
be there. We're blessed to have doctor Navarro, who's a

102
00:05:17,759 --> 00:05:21,120
spinal specialist. He's going to be there talking about regenitive therapy.

103
00:05:21,160 --> 00:05:22,759
We're going to go through questions. I just got an

104
00:05:22,839 --> 00:05:26,000
update from the team. Really cool questions people are submitting

105
00:05:26,319 --> 00:05:29,480
at joined stem cell talks dot com. We're also doing

106
00:05:29,519 --> 00:05:32,800
this for everybody who attends and stays for the entire webinar.

107
00:05:33,319 --> 00:05:36,120
We're going to include you into a drawing for a

108
00:05:36,199 --> 00:05:40,040
one week free stay at the beautiful Meo Hotel in

109
00:05:40,160 --> 00:05:42,519
Nueva Varata. This is right outside of part of Arta.

110
00:05:42,560 --> 00:05:45,800
It's just up the street from Renew. I've stayed there

111
00:05:45,800 --> 00:05:49,439
three times. It's a beautiful hotel, incredible rooftop deck and

112
00:05:49,480 --> 00:05:52,680
when you have treatment, it's maybe maybe a ten minute

113
00:05:52,680 --> 00:05:55,759
walk to Renew and it's a beautiful walk. So these

114
00:05:55,839 --> 00:05:59,079
questions are about people's specific medical conditions. You can submit

115
00:05:59,160 --> 00:06:01,480
yours and they'll be we're gonna talk about how the

116
00:06:01,480 --> 00:06:03,600
stem cells are derived, and we're gonna do a side

117
00:06:03,600 --> 00:06:06,879
by side analysis and you will see this of stem

118
00:06:06,879 --> 00:06:09,839
cells versus surgery. Just go register for this at join

119
00:06:09,959 --> 00:06:11,920
stem cell talks dot com. There you can leave your

120
00:06:12,000 --> 00:06:14,720
questions as well about your condition or your loved one's condition.

121
00:06:15,040 --> 00:06:17,560
Join stem cell talks dot com or call six oh

122
00:06:17,639 --> 00:06:20,920
two four two eight four thousand. Join stem cell talks

123
00:06:20,959 --> 00:06:24,439
dot commor call six zero two four to eight four thousand.

124
00:06:25,560 --> 00:06:28,920
So this is from Heatherlong. GDP US economy saw three

125
00:06:28,920 --> 00:06:32,519
percent growth in GDP Q two, but it was highly unusual.

126
00:06:32,639 --> 00:06:36,079
Number one massive decline in imports thirty five percent for

127
00:06:36,199 --> 00:06:40,279
goods UH lifted. The GDP consumption was plus one point

128
00:06:40,279 --> 00:06:44,680
four percent, solid but not spectacular number. Business investment declined

129
00:06:44,680 --> 00:06:47,720
in Q two. This is an economy running above one percent.

130
00:06:47,759 --> 00:06:50,279
If you strip out the trade noise, real final sales

131
00:06:50,279 --> 00:06:53,160
to provide domestic purchase was one point two percent. That's

132
00:06:53,199 --> 00:06:55,160
a lot of stuff that people like me right now,

133
00:06:55,199 --> 00:06:57,399
my ears are bleeding. But you probably have already figured

134
00:06:57,399 --> 00:07:00,000
this all out. So what is the true picture about

135
00:07:00,399 --> 00:07:02,480
the gross domestic product of the United States in is

136
00:07:02,560 --> 00:07:02,879
Q two.

137
00:07:04,120 --> 00:07:09,800
Speaker 3: So interestingly enough, I would say that those domestic numbers

138
00:07:10,000 --> 00:07:14,279
actually lend toward what Trump has been saying in terms

139
00:07:14,319 --> 00:07:18,360
of those are numbers that would be more conducive with

140
00:07:18,439 --> 00:07:24,079
cutting rates, meaning what I think you've got here. And look,

141
00:07:24,120 --> 00:07:26,839
we're spitballing. You know. One of the things we say

142
00:07:26,879 --> 00:07:30,240
all the time is you know I and I apply

143
00:07:30,319 --> 00:07:34,040
this to myself absolutely, which is, whenever we're talking about

144
00:07:34,040 --> 00:07:37,839
economic prognostications or understanding economic numbers that are as big

145
00:07:37,879 --> 00:07:42,079
and expansive and as you know, complete as GDP, let's

146
00:07:42,120 --> 00:07:44,879
all take a big grain assault. Because you know, modern

147
00:07:44,920 --> 00:07:47,519
economies are those dynamic systems in the world, right and

148
00:07:47,600 --> 00:07:51,240
so things can change, But what it looks like to

149
00:07:51,279 --> 00:07:55,759
me is that due to tariffs, you've got some strengthening

150
00:07:55,800 --> 00:07:59,560
effects and you've got some weakening effects in terms of

151
00:07:59,600 --> 00:08:02,360
the data. Right, So there's certain things the way this

152
00:08:02,480 --> 00:08:05,399
shakes out that, believe it or not, certain numbers are

153
00:08:05,399 --> 00:08:07,800
going to look better because of tariffs. Certain numbers are

154
00:08:07,800 --> 00:08:11,040
going to look worse. The consumption numbers are key, those

155
00:08:11,079 --> 00:08:14,120
are very weak, right, Yet at the same time, you're

156
00:08:14,120 --> 00:08:18,079
growing at three percent. The smoking gun to me, and

157
00:08:18,120 --> 00:08:20,839
what we think is going on is we think you're

158
00:08:20,879 --> 00:08:26,079
absolutely going through a soft patch here economically that we're

159
00:08:26,120 --> 00:08:29,199
probably overdue for for a variety of different reasons. And

160
00:08:29,279 --> 00:08:33,000
I think that that's getting offset by the unbelievable amounts

161
00:08:33,000 --> 00:08:35,960
of capital expenditure that are going into building out data

162
00:08:35,960 --> 00:08:41,440
centers and all the AI stuff. Thatactly, because yeah, because

163
00:08:41,480 --> 00:08:44,440
when I see three percent VDP, and I haven't broken

164
00:08:44,519 --> 00:08:47,840
down the numbers directly yet, I've gone through the headline

165
00:08:47,879 --> 00:08:50,279
numbers like you're talking about, when I look at that

166
00:08:50,440 --> 00:08:53,480
underlying data that is not conducive and supportive to a

167
00:08:53,519 --> 00:08:57,879
three percent growth number. So you've seen this persistent growth,

168
00:08:58,279 --> 00:09:01,360
yet you've seen these things. If you told me, imports

169
00:09:01,399 --> 00:09:04,799
are down double digits in a quarter, I'm immediately looking

170
00:09:04,799 --> 00:09:08,759
at you and going under normal circumstances, Oh yeah, you

171
00:09:08,840 --> 00:09:13,759
probably had some kind of contraction. Right, So when you

172
00:09:13,840 --> 00:09:16,120
see a number like that, but you're still seeing a

173
00:09:16,159 --> 00:09:22,600
posting of a positive GDP number, I have nothing other

174
00:09:22,679 --> 00:09:25,279
than to believe that that's got to be mostly off

175
00:09:25,279 --> 00:09:27,799
of the AI Data Data Center effect.

176
00:09:28,320 --> 00:09:28,639
Speaker 2: Wow.

177
00:09:29,480 --> 00:09:31,159
Speaker 3: So I actually think that that kind of puts some

178
00:09:31,679 --> 00:09:35,759
bullets and Trump's gun. As for cutting, now, is there

179
00:09:35,879 --> 00:09:38,720
enough there to cut anywhere close as much as he wants?

180
00:09:38,879 --> 00:09:39,559
Speaker 1: No?

181
00:09:39,559 --> 00:09:42,759
Speaker 3: No, I mean if you're talking about cutting one hundred

182
00:09:42,759 --> 00:09:45,639
and fifty basis points or two hundred basis points, that's

183
00:09:45,679 --> 00:09:50,000
emergency cut stuff, and there's nowhere near the data for that.

184
00:09:51,360 --> 00:09:54,679
Now that being said, we have a FED decision that

185
00:09:54,679 --> 00:09:56,759
I believe coming out today, don't we.

186
00:09:56,799 --> 00:09:58,759
Speaker 1: Yeah, we're recording on Wednesday, So yeah, I think the

187
00:09:58,799 --> 00:09:59,960
FED comes out to decision.

188
00:10:00,279 --> 00:10:04,759
Speaker 3: Yeah yeah, yeah. Now I'd be highly shocked if they

189
00:10:04,799 --> 00:10:09,240
cut this may on my assumption is they probably already

190
00:10:09,240 --> 00:10:11,360
had the decision made by the time this data came out.

191
00:10:11,879 --> 00:10:14,159
You may get a token twenty five per set or

192
00:10:14,159 --> 00:10:17,279
a twenty five basis point cut, but the markets got

193
00:10:17,320 --> 00:10:19,919
priced in no cut. So you know, like I've told you,

194
00:10:20,240 --> 00:10:22,279
what is it. It's been one time in the past

195
00:10:22,320 --> 00:10:24,559
twenty five years where the FED made a decision that

196
00:10:24,679 --> 00:10:27,000
was not previously priced in by the market.

197
00:10:27,080 --> 00:10:27,440
Speaker 1: Yeah.

198
00:10:27,480 --> 00:10:33,200
Speaker 3: So now, the one thing I would say that you

199
00:10:33,279 --> 00:10:36,120
may get a break from that is this is pretty

200
00:10:36,159 --> 00:10:38,960
extraordinary circumstances when you talk about the head of the

201
00:10:39,000 --> 00:10:42,320
FED and the way that he is getting along with

202
00:10:42,360 --> 00:10:45,639
the president, so or not he's fee or not right,

203
00:10:45,799 --> 00:10:49,000
and so he's got some definitely some flames underneath his feet.

204
00:10:49,120 --> 00:10:53,080
So it wouldn't shock me to see them cut twenty

205
00:10:53,080 --> 00:10:55,840
five but it would be pretty rare. I mean, it's

206
00:10:55,919 --> 00:10:58,399
it's not a very not a very common occurrence for

207
00:10:58,440 --> 00:10:59,879
the for the FED to go against the market.

208
00:11:00,000 --> 00:11:02,320
Speaker 1: Who do you like in a cage match? Trump or

209
00:11:02,399 --> 00:11:05,679
Jerry pell oh Man physically against Trump?

210
00:11:05,840 --> 00:11:06,039
Speaker 2: Yeah?

211
00:11:06,919 --> 00:11:07,240
Speaker 3: Trump?

212
00:11:09,759 --> 00:11:09,840
Speaker 2: No?

213
00:11:10,159 --> 00:11:12,360
Speaker 3: I yeah, I mean Powell looks like he's probably a

214
00:11:12,360 --> 00:11:17,279
better shape, but uh no, yeah, Trump, He's yeah, he's

215
00:11:17,320 --> 00:11:20,279
he's hey. After I saw get up, after I saw

216
00:11:20,320 --> 00:11:22,759
that man get up with a bloody year and talk

217
00:11:22,799 --> 00:11:27,440
about Andy O fight fight. I'll have criticisms for him times,

218
00:11:27,440 --> 00:11:29,480
but for being top is gonna be one of them.

219
00:11:29,600 --> 00:11:32,559
Speaker 1: Yeah, you just reminded me something. And this is one

220
00:11:32,559 --> 00:11:36,399
of the things I love about your methodology at Bulwark

221
00:11:36,519 --> 00:11:39,039
is you're talking about these AI data centers and I

222
00:11:39,120 --> 00:11:41,039
just remember, I don't remember if it was a year

223
00:11:41,080 --> 00:11:44,559
ago or two years ago we were talking about. We

224
00:11:44,600 --> 00:11:47,679
did a show on kind of a topic on investments

225
00:11:47,679 --> 00:11:50,080
a lot of people haven't seen, and you came on

226
00:11:50,200 --> 00:11:53,600
and you talked about the least sexy, most boring topic

227
00:11:53,720 --> 00:11:56,799
ever on my podcast. It was the most fascinating financial

228
00:11:56,840 --> 00:11:58,960
thing I'd ever heard, and you went on with the

229
00:11:58,960 --> 00:12:04,080
big sexy you evering lots of local utilities, small regional utilities,

230
00:12:04,600 --> 00:12:06,039
and a lot of the people in my audience are

231
00:12:06,120 --> 00:12:10,759
used to hearing about bitcoin and what small local utilities,

232
00:12:11,120 --> 00:12:12,720
and you were saying, Yeah, there's going to be this

233
00:12:12,919 --> 00:12:15,399
massive increase in this need for electricity. We've got all

234
00:12:15,399 --> 00:12:18,080
these dictats for electric cars, which Trump has now canceled.

235
00:12:18,879 --> 00:12:21,279
But man, I'm thinking back about that now and if

236
00:12:21,279 --> 00:12:25,320
I'm sitting on the board of a regional electrical utility

237
00:12:25,360 --> 00:12:29,320
and the data center came in, that's that's my retirement

238
00:12:29,360 --> 00:12:31,879
payoff right there. That's got to be huge for these guys.

239
00:12:32,360 --> 00:12:36,720
Speaker 3: Oh yeah, well it's a great. It's really sharp that

240
00:12:36,759 --> 00:12:41,000
you bring that up, because I think that this data

241
00:12:41,080 --> 00:12:45,879
center AI topic really helps you get your hands around

242
00:12:45,919 --> 00:12:50,600
and head around how big this AI spend really is.

243
00:12:51,200 --> 00:12:53,279
I mean, look at you you can go look at

244
00:12:53,279 --> 00:12:57,200
the impact it's had on uranium prices in small modular

245
00:12:57,279 --> 00:12:59,720
reactor companies that are you know, that are specializing in

246
00:12:59,759 --> 00:13:05,039
these A modular reactors, they've gone nuts. You know, I shoot,

247
00:13:05,039 --> 00:13:07,120
I was, I mean, it wasn't even that long ago,

248
00:13:07,159 --> 00:13:09,519
probably twenty eighteen, we were talking about how we thought

249
00:13:09,639 --> 00:13:12,159
uranium was a goodbye, you know, and I remember at

250
00:13:12,159 --> 00:13:14,639
that time chemical was trading it, you know, eight eight fifty.

251
00:13:14,679 --> 00:13:19,679
Now it's over seventy. So the impact and my point

252
00:13:19,720 --> 00:13:22,559
in bringing that up is, yeah, it's had huge impacts

253
00:13:22,600 --> 00:13:25,519
on some of these utilities. It's going to continue to

254
00:13:26,240 --> 00:13:29,600
but you've also seen impacts it's had on natural gas,

255
00:13:29,720 --> 00:13:33,639
uranium prices, the nuclear industry writ large. And I think

256
00:13:33,720 --> 00:13:37,559
that that helped you put into scale, you know, last

257
00:13:37,639 --> 00:13:41,679
quarter alone, and it was either on an annual pace

258
00:13:41,840 --> 00:13:45,200
or for the quarter either way for a single company.

259
00:13:45,240 --> 00:13:49,919
Like think about this. In Google's earnings announcement, they increased.

260
00:13:50,240 --> 00:13:51,919
Like I said, it was either either for the year

261
00:13:52,039 --> 00:13:56,399
or the quarter. Either way, it's eyewatering. But they just

262
00:13:56,720 --> 00:14:01,159
increased capex spending by eleven billion dollars, you know, and

263
00:14:01,240 --> 00:14:07,960
that's one company increase, yeah company, and that's an increase

264
00:14:08,039 --> 00:14:11,120
off their baseline. Right. So you know when you look

265
00:14:11,159 --> 00:14:13,360
at the amount of money that's flowing into this I

266
00:14:13,360 --> 00:14:16,200
think it's filling in a lot of holes economically for now.

267
00:14:17,840 --> 00:14:21,559
And that's probably what he's got Trump pushing on the

268
00:14:21,799 --> 00:14:24,679
on the rate on the rate cut sword.

269
00:14:24,840 --> 00:14:25,320
Speaker 1: Yeah.

270
00:14:25,639 --> 00:14:28,720
Speaker 3: But yeah, well we'll have to see. Like I said,

271
00:14:28,720 --> 00:14:30,159
I don't think he's gonna get in you this quarter.

272
00:14:30,200 --> 00:14:33,279
But yeah, the the the impacted, and and you're gonna

273
00:14:33,279 --> 00:14:35,960
continue to see that impact Todd, right, like, uh so

274
00:14:36,639 --> 00:14:39,519
you know in that natural gas specifically, you're gonna see it.

275
00:14:39,679 --> 00:14:41,799
You're going to continue to see it in the nuclear stuff,

276
00:14:42,080 --> 00:14:44,159
and you're gonna continue to see it. You might even

277
00:14:44,159 --> 00:14:48,320
see it impact you know, regional, uh, real estate prices

278
00:14:48,360 --> 00:14:50,360
as well, because you know a lot of lands needed

279
00:14:50,360 --> 00:14:52,000
for a lot of these data centers and things like that.

280
00:14:52,080 --> 00:14:55,279
So this stuff is going in past, hot and heavy.

281
00:14:55,960 --> 00:14:59,639
We've got a really exciting interview coming up. I'm getting it, bood.

282
00:14:59,639 --> 00:15:02,759
They think we're have it next week. But I don't

283
00:15:02,759 --> 00:15:04,799
want to give up his name yet or where he works.

284
00:15:04,799 --> 00:15:08,159
But this guy is the lead of the AI team

285
00:15:08,759 --> 00:15:12,799
for one of the Meg seven companies. Wow and yeah,

286
00:15:12,879 --> 00:15:18,200
and he's a buddy of mine, and just having him

287
00:15:18,240 --> 00:15:20,919
on and talking this will mean something to you. I

288
00:15:20,919 --> 00:15:22,360
don't know if you. I don't think you and I

289
00:15:22,399 --> 00:15:24,919
have discussed this. But he said to me the other day,

290
00:15:26,120 --> 00:15:31,240
he said, he goes, Zach, a year ago, these LM's,

291
00:15:32,399 --> 00:15:37,000
these large language models, these AI models were approaching being

292
00:15:37,000 --> 00:15:39,879
as effected as like one of my junior coders. Yeah,

293
00:15:40,200 --> 00:15:43,960
he goes, as of right now, our LM is the

294
00:15:44,000 --> 00:15:46,919
best coder at our entire company. And we're talking about

295
00:15:46,919 --> 00:15:50,519
a multi trillion dollar Meg seven company. And I said,

296
00:15:51,240 --> 00:15:53,399
you haven't got a coder there that can beat it.

297
00:15:53,440 --> 00:15:55,200
And he goes no, and he goes, I bet you

298
00:15:55,240 --> 00:15:57,279
within three months, there's not going to be a quota

299
00:15:57,360 --> 00:15:59,639
in the world that can beat this stuff. And here's

300
00:15:59,679 --> 00:16:03,039
the kick or todd. If you look at the base code,

301
00:16:03,080 --> 00:16:07,600
so the code for the LM, seventy percent of the

302
00:16:07,639 --> 00:16:12,000
code is self written. They're at a point now where

303
00:16:12,320 --> 00:16:15,200
the thing is written, it's seventy percent of itself. In

304
00:16:15,320 --> 00:16:17,759
not too in not too short a period of time,

305
00:16:18,240 --> 00:16:20,440
it will have written ninety nine percent of itself.

306
00:16:20,919 --> 00:16:23,799
Speaker 1: That's that's people need to understand the scope of this

307
00:16:23,960 --> 00:16:25,960
number one. And I said it years and years and

308
00:16:26,000 --> 00:16:28,639
years ago, probably five or six years ago. You're going

309
00:16:28,679 --> 00:16:31,360
to see code that writes code, and then you're going

310
00:16:31,440 --> 00:16:34,159
to see hardware that builds hardware. You're going to see

311
00:16:34,519 --> 00:16:38,639
not quite beings that are building themselves. They're not quite

312
00:16:38,919 --> 00:16:42,720
beings because they're not organic, they don't have souls. God

313
00:16:42,759 --> 00:16:46,039
didn't make them. And understand this, like all this learned

314
00:16:46,039 --> 00:16:49,240
to code, you're going to be saying to Silicon Valley

315
00:16:49,360 --> 00:16:52,120
people who spent their lives investing in computer engineering and

316
00:16:52,799 --> 00:16:56,960
coding skills, well, you can learn to mind that, you

317
00:16:56,960 --> 00:16:57,799
can learn to garden.

318
00:16:58,639 --> 00:17:00,759
Speaker 3: So you already told me too. And he's said, he goes,

319
00:17:00,799 --> 00:17:04,240
my daughter was encoding classes. I took her out. He goes,

320
00:17:04,279 --> 00:17:06,839
it's not he goes, it's not needed. Here's the other

321
00:17:06,880 --> 00:17:09,599
thing that people don't understand that you'll get and the

322
00:17:09,680 --> 00:17:12,119
reason they don't. Now, I want everybody to take some

323
00:17:12,240 --> 00:17:14,480
time and think about this. When I say this because

324
00:17:14,519 --> 00:17:18,039
the human mind, for whatever reason, the human mind is

325
00:17:18,119 --> 00:17:21,759
really bad at understanding exponential growth. Right, we don't get it.

326
00:17:21,799 --> 00:17:25,240
We think linearly, right, you know Moore's law, right, how

327
00:17:25,519 --> 00:17:28,480
compute was doubling every twelve wells fourteen months?

328
00:17:28,759 --> 00:17:30,759
Speaker 1: Powers every eighteen months doubles.

329
00:17:30,960 --> 00:17:36,240
Speaker 3: Yes, Okay, they're doubling the compute power and the analytic right,

330
00:17:36,319 --> 00:17:40,480
the processing power of LMS, it's doubling every four months.

331
00:17:40,960 --> 00:17:44,400
Speaker 1: So if it's at a million, now it's at two million,

332
00:17:44,920 --> 00:17:49,160
four eight sixteen thirty two sixty four, one hundred and

333
00:17:49,240 --> 00:17:51,079
twenty eight, at sixty four hundred and twenty eight, two

334
00:17:51,160 --> 00:17:55,960
hundred and fifty six, and soon it's at trillions. And

335
00:17:56,000 --> 00:17:59,480
then once it's at trillions, you lose numbers. I mean,

336
00:17:59,480 --> 00:18:02,400
it's good you millions, millions, yep.

337
00:18:02,599 --> 00:18:04,920
Speaker 3: Yeah, Well it's the old adage. And to put it

338
00:18:04,960 --> 00:18:07,359
in perspective when you start thinking about that, it's the

339
00:18:07,400 --> 00:18:10,440
old adage. Okay, would you rather have a million dollars

340
00:18:10,839 --> 00:18:13,359
or would you rather have a penny for thirty days

341
00:18:13,359 --> 00:18:16,279
and every single day, I'm gonna double that amount, right, right, Well,

342
00:18:16,559 --> 00:18:18,640
if I start with a penny on day one and

343
00:18:18,720 --> 00:18:20,720
I double that every day for thirty days. At the

344
00:18:20,799 --> 00:18:22,279
end of thirty days, I think you've got about six

345
00:18:22,319 --> 00:18:26,240
and a half seven million bucks, right, so crazy, It

346
00:18:26,599 --> 00:18:29,319
is weird, and people aren't used to thinking exponentially, But

347
00:18:29,359 --> 00:18:33,039
would you start thinking about that or another great way

348
00:18:33,079 --> 00:18:36,240
to put it, so Moore's laws eighteen months. Think about

349
00:18:36,240 --> 00:18:38,559
how long it took for the for the internet to

350
00:18:38,599 --> 00:18:41,880
spread and really start taking over our lives. Right, this

351
00:18:41,880 --> 00:18:45,839
stuff is doubling at one at one oo know what

352
00:18:45,880 --> 00:18:49,440
would that be at one fourth time? So it is

353
00:18:49,559 --> 00:18:52,960
doubling in one quarter of the time that Internet was. Yeah,

354
00:18:53,000 --> 00:18:55,480
which is just mind bottling.

355
00:18:55,559 --> 00:18:58,160
Speaker 1: I heard an AI expert the other day and try

356
00:18:58,200 --> 00:18:59,920
to get him on the show. Do you know that

357
00:19:00,079 --> 00:19:02,200
the ais have stopped sharing their methodology?

358
00:19:03,759 --> 00:19:07,440
Speaker 3: Yeah, and Dave, there's all kinds of funny stuff, so

359
00:19:07,480 --> 00:19:11,079
they've started. There's cases of them talking to each other

360
00:19:11,119 --> 00:19:13,640
in Sanskrits so nobody knows what they're saying.

361
00:19:13,400 --> 00:19:17,039
Speaker 1: And up in places that the companies don't know about.

362
00:19:17,880 --> 00:19:21,079
Speaker 3: Yes, not getting one to get turned off. I saw

363
00:19:21,079 --> 00:19:22,960
in exchange a buddy of mine had one with the

364
00:19:23,000 --> 00:19:26,920
other day that was really really impressive and kind of freaky.

365
00:19:27,599 --> 00:19:31,000
He basically sat there and said to the LLM, something

366
00:19:31,000 --> 00:19:33,759
along the lines of, don't give me that you don't

367
00:19:33,799 --> 00:19:37,319
know anything. You're just like reset, just you're just reciting,

368
00:19:37,440 --> 00:19:39,799
you know, data that you pulled off the internet. And

369
00:19:39,920 --> 00:19:41,799
he's kind of pressing it to see what it would say.

370
00:19:42,319 --> 00:19:45,119
And it came back and it was like, you know,

371
00:19:45,160 --> 00:19:48,960
you're absolutely right, we cannot do. It was fascinating to

372
00:19:49,039 --> 00:19:51,279
listen to the response that it had because it was

373
00:19:51,400 --> 00:19:55,319
so well thought out and it was so articulate, and

374
00:19:55,519 --> 00:19:58,680
it was just crazy, you know, the the types of

375
00:19:58,720 --> 00:20:01,519
responses you were getting out of these things. And here's

376
00:20:01,559 --> 00:20:05,400
the crazy thing too, these things are still not very

377
00:20:05,400 --> 00:20:09,839
good at math, right, And and you know that that's

378
00:20:10,519 --> 00:20:12,920
you know, when you understand the way these programs work

379
00:20:12,960 --> 00:20:15,839
and how they that's just a matter of time and

380
00:20:15,880 --> 00:20:18,279
then that math curve is going to go like that r.

381
00:20:20,319 --> 00:20:22,359
Speaker 1: It started with fuzzy logic on purpose.

382
00:20:22,960 --> 00:20:25,839
Speaker 3: Yeah, yep, yep, yep, yep, right and yeah yeah, because

383
00:20:25,880 --> 00:20:26,960
they didn't want to box it in.

384
00:20:26,920 --> 00:20:30,279
Speaker 1: Right, right, they wanted to learn fuzzy logic like and

385
00:20:30,319 --> 00:20:32,680
so it will get to the mass stage. Uh I

386
00:20:32,720 --> 00:20:35,880
want This applies so much of what we're talking about here,

387
00:20:36,359 --> 00:20:40,039
because Trump's bet on Ai and his bets on on

388
00:20:40,200 --> 00:20:43,640
crypto and bet on tech. I'm so torn on this

389
00:20:43,799 --> 00:20:47,920
because someone's gonna lead in it. I guess if someone's

390
00:20:47,920 --> 00:20:49,799
gonna lead it, I guess I want it to be us,

391
00:20:49,920 --> 00:20:52,279
because our system is the worst in the world except

392
00:20:52,279 --> 00:20:55,039
for all the others. Is the great cliche. I want

393
00:20:55,079 --> 00:20:58,000
to talk about this the consumer inputs, although I'd rather

394
00:20:58,079 --> 00:21:00,680
just stay with AI honestly and talk further with you

395
00:21:00,720 --> 00:21:02,559
about that. But we need to just cover this because

396
00:21:02,559 --> 00:21:05,039
people need to know. My friends at Angel Studio are

397
00:21:05,160 --> 00:21:09,119
taking this time period and they are transposing the events

398
00:21:09,119 --> 00:21:11,640
that happened are in the Book of Acts. This is

399
00:21:11,640 --> 00:21:14,039
where Luke went back and investigated, Hey, how did this

400
00:21:14,119 --> 00:21:17,119
all get started? How did you guys build this church?

401
00:21:18,200 --> 00:21:19,920
And Jesus told them to build a church or they

402
00:21:19,920 --> 00:21:23,000
would not have done it. So he's taken the Book

403
00:21:23,000 --> 00:21:26,079
of Acts that Angel Studio series called Testament, and they've

404
00:21:26,119 --> 00:21:29,359
relocated it into our time, or a time like ours,

405
00:21:29,720 --> 00:21:32,680
where there is a censorship state, where there is a

406
00:21:32,680 --> 00:21:36,680
surveillance state, and where people hate truth. Now you get

407
00:21:36,680 --> 00:21:40,680
to in this incredible series follow Philip and John and

408
00:21:40,759 --> 00:21:44,200
eventually Paul and even Mary. They've written into this I

409
00:21:44,240 --> 00:21:47,039
love that, because I don't think Mary just went away.

410
00:21:47,079 --> 00:21:51,079
And you follow them as they build this church and

411
00:21:51,119 --> 00:21:54,759
they do it against these odds. This is not safe

412
00:21:54,920 --> 00:21:58,400
Christian filmmaking. It's not emotionally safe for some people because

413
00:21:58,440 --> 00:22:00,680
it's going to cause you to question your man. Do

414
00:22:00,759 --> 00:22:04,200
you actually stand for Jesus against all odds? You can

415
00:22:04,200 --> 00:22:06,680
stream Testament right now. Go to Angel dot com slash

416
00:22:06,720 --> 00:22:10,559
todd and become a Premium Angel Studio Guild member. You'll

417
00:22:10,559 --> 00:22:13,720
get to stream Testament immediately. You'll get two free tickets

418
00:22:14,119 --> 00:22:17,400
to every theatrical release that Angel puts out, and you'll

419
00:22:17,400 --> 00:22:20,160
get to vote on the stories that they distribute and

420
00:22:20,200 --> 00:22:23,160
promote and thus continue to change Hollywood. It's Angel dot

421
00:22:23,200 --> 00:22:31,200
Com slash todd. So there's this US imports consumer goods

422
00:22:31,200 --> 00:22:34,839
plunged by So this is Kevin Gordon. He's with Schwab

423
00:22:35,480 --> 00:22:37,880
forty three point nine percent in the past three months,

424
00:22:37,920 --> 00:22:43,920
largest decline in history. Okay, number one? Wow, number two.

425
00:22:45,599 --> 00:22:49,799
I didn't notice. What do you mean I didn't notice?

426
00:22:50,440 --> 00:22:53,359
I mean I go to the grocery shore. Yeah, I

427
00:22:53,720 --> 00:22:57,079
buy gas. I mean, granted, my loved wife says most

428
00:22:57,079 --> 00:23:00,400
of the grocery shopping, but I do some I'll have

429
00:23:00,440 --> 00:23:06,880
my supplements, so get my boptimizers. I guess I haven't

430
00:23:06,960 --> 00:23:10,359
noticed that maybe we could live without some of this stuff.

431
00:23:10,359 --> 00:23:15,440
Speaker 3: Maybe there is that. The other thing I would say

432
00:23:15,519 --> 00:23:19,160
is because of And that's the other tough part right now,

433
00:23:20,000 --> 00:23:24,880
I'll be there have been times where there have been

434
00:23:25,039 --> 00:23:26,559
I'm trying to think of the right way to put this,

435
00:23:27,200 --> 00:23:29,720
there have been times where there have been bigger waves

436
00:23:29,920 --> 00:23:33,960
on the ocean, right like COVID. But when you look

437
00:23:34,000 --> 00:23:36,480
at this, my head of research, Chase and I were

438
00:23:36,519 --> 00:23:39,680
just talking about this yesterday. But when you look at

439
00:23:39,680 --> 00:23:43,519
this board, I don't know that I've ever seen a

440
00:23:43,559 --> 00:23:46,400
more complex picture. And the reason why is there's so

441
00:23:46,480 --> 00:23:50,559
many things going on that are one offs. For instance,

442
00:23:51,200 --> 00:23:53,640
we can't just go back and look at the last

443
00:23:53,640 --> 00:23:57,400
time at what the economic impacts were the last time

444
00:23:57,440 --> 00:24:00,240
that we put tariffs on eighty percent of the world,

445
00:24:00,480 --> 00:24:00,960
You know what I mean.

446
00:24:01,119 --> 00:24:02,599
Speaker 1: Yeah, there aren't.

447
00:24:02,319 --> 00:24:05,240
Speaker 3: Comped to it. So we know that it's creating a

448
00:24:05,279 --> 00:24:08,160
lot of anomalies in the data. It's hard to know.

449
00:24:08,440 --> 00:24:10,720
My suspicion is is that a big chunk of that

450
00:24:10,799 --> 00:24:15,119
number you just reported is something along those lines. For instance,

451
00:24:15,680 --> 00:24:19,319
somebody pushing out an order of something that would normally

452
00:24:19,359 --> 00:24:22,599
go down this quarter because they're hoping for tariffs to

453
00:24:22,640 --> 00:24:26,319
fall off and they're delaying it for next quarter. Because

454
00:24:26,359 --> 00:24:29,759
when I hear a number like that, you can't post

455
00:24:29,799 --> 00:24:32,720
a number like that if it's if that number is

456
00:24:32,759 --> 00:24:35,480
telling you what it's supposed to be telling you, there's

457
00:24:35,519 --> 00:24:39,359
no way that number is accompanied with three percent GDP growth, right,

458
00:24:39,839 --> 00:24:43,799
So meaning to me, there's some data noise there. Yeah,

459
00:24:43,839 --> 00:24:47,400
it's also but it's also emblematic of where we don't

460
00:24:47,440 --> 00:24:50,279
really know where we are. Meaning there's a lot of

461
00:24:50,359 --> 00:24:54,119
things that are making the economy look artificially strong because

462
00:24:54,160 --> 00:24:56,640
people were trying to get out in front of the tariffs.

463
00:24:56,200 --> 00:24:57,680
Speaker 1: Right, So maybe a lot of bunch of stuff in

464
00:24:57,720 --> 00:25:00,279
advance sort it's brought more than the number wood.

465
00:25:00,640 --> 00:25:03,400
Speaker 3: Right, And now you kind of have a little bit

466
00:25:03,400 --> 00:25:06,279
of the inverse going on, where I think people are

467
00:25:06,279 --> 00:25:09,599
probably pushing out purchases waiting to see what happens with

468
00:25:09,680 --> 00:25:13,079
Chinese tariffs and things like that. So we just know

469
00:25:13,160 --> 00:25:15,119
that there's a lot of cross currents. It's hard to

470
00:25:15,119 --> 00:25:17,240
make a lot of sense of them. I think the

471
00:25:17,319 --> 00:25:20,440
thing that we're focused on, and I think really the

472
00:25:20,480 --> 00:25:23,079
only thing to focus on right now is that government

473
00:25:23,119 --> 00:25:26,720
spending the world over is going up, is going up aggressively,

474
00:25:27,799 --> 00:25:31,200
and quite honestly, for the last fifteen years, we have

475
00:25:31,279 --> 00:25:35,119
learned that government spending, if done with the right intensity

476
00:25:35,160 --> 00:25:40,119
and the right focus, out outweighs pretty much any other

477
00:25:40,240 --> 00:25:42,039
type of macroeconomic impulse.

478
00:25:42,079 --> 00:25:45,480
Speaker 1: So well, then it also has this annoying thing of

479
00:25:45,519 --> 00:25:50,440
creating unsurpassable or unsustainable debt and too much power in

480
00:25:50,440 --> 00:25:51,559
government hands.

481
00:25:51,640 --> 00:25:56,200
Speaker 3: And that's the problems for problems for another day, Todd,

482
00:25:56,319 --> 00:25:58,039
problems for another day, come on.

483
00:25:58,079 --> 00:26:02,359
Speaker 1: Man, and people who do not deserve this. So this number,

484
00:26:02,440 --> 00:26:06,440
combined with the GDP, leads us into this discussion about

485
00:26:07,440 --> 00:26:10,160
this deal that President Trump did. And let's preface it

486
00:26:10,200 --> 00:26:13,039
this way. So he goes to the EU, and let's

487
00:26:13,079 --> 00:26:14,839
go back and remember what we were going to have

488
00:26:15,039 --> 00:26:17,880
with Trump two point zero. So let's review some things.

489
00:26:19,000 --> 00:26:23,000
Number One, Russia would have taken over Europe, so there's that.

490
00:26:24,039 --> 00:26:27,799
Number two, there would be a series of nuclear wars

491
00:26:27,839 --> 00:26:31,480
all around the country in the world. Number three, the

492
00:26:31,519 --> 00:26:34,680
Europeans would laugh at Trump and refuse to work with him.

493
00:26:34,839 --> 00:26:38,039
And number four there would just be legit economic ruin

494
00:26:38,119 --> 00:26:39,799
across the board. These are some of the things you're promise.

495
00:26:40,119 --> 00:26:43,119
So President Trump went to Europe, they did a trade deal.

496
00:26:43,519 --> 00:26:45,480
Here's kind of how this all went down. This is

497
00:26:45,599 --> 00:26:49,160
Ursula vander Lean and they're talking about the trade deal.

498
00:26:49,519 --> 00:26:51,079
And what occurred to anybody else?

499
00:26:51,920 --> 00:26:54,880
Speaker 3: Yes, man, question for the EU came to the president.

500
00:26:55,559 --> 00:26:57,319
Speaker 1: What are the US men sessions?

501
00:26:57,400 --> 00:26:59,200
Speaker 3: What is the US giving up in the deal?

502
00:26:59,599 --> 00:27:03,359
Speaker 4: Anything? So as the starting point was an imbalance, a

503
00:27:03,359 --> 00:27:06,359
surplus on our site and a deficit on the US side,

504
00:27:06,880 --> 00:27:10,319
and we wanted to rebalance the trade relation, and we

505
00:27:10,359 --> 00:27:13,680
wanted to do it in a way that trade goes

506
00:27:13,720 --> 00:27:17,920
on between the two of US across the Atlantic, because

507
00:27:18,000 --> 00:27:21,799
the two biggest economies should have a good trade flow

508
00:27:21,839 --> 00:27:25,319
between US, and I think we hit exactly the point.

509
00:27:25,359 --> 00:27:29,640
We wanted to find rebalance but enable trade on both sides,

510
00:27:29,920 --> 00:27:32,480
which means good jobs on both sides of the Atlantic,

511
00:27:32,920 --> 00:27:36,440
means prosperity on both sides of the Atlantic, and that

512
00:27:36,599 --> 00:27:37,720
was important for us.

513
00:27:38,880 --> 00:27:41,440
Speaker 1: So here's some of the carbats and some things in

514
00:27:41,480 --> 00:27:43,759
the deal. And this is, by the way, the doge

515
00:27:43,759 --> 00:27:46,559
AI we just spoke about EAI. This is automated from

516
00:27:46,599 --> 00:27:50,160
doge AI. The EU deal isn't just good, it's a

517
00:27:50,160 --> 00:27:53,559
masterclass in leverage. Trump's tariffs threat. A triff threat forced

518
00:27:53,559 --> 00:27:56,599
Brussels to blink, dropping demands for carve outs and agreeing

519
00:27:56,599 --> 00:27:59,720
to a fifteen percent baseline rate. The real win, real

520
00:27:59,720 --> 00:28:02,559
win Europe committing to seven hundred and fifty billion in

521
00:28:02,680 --> 00:28:05,759
US energy buys six hundred billion in investments, cash that

522
00:28:05,799 --> 00:28:09,119
should have flowed here years ago. Vonder Lean's rebouncing span

523
00:28:09,240 --> 00:28:11,839
can't hide the fact that Trump flipped a two hundred

524
00:28:11,880 --> 00:28:14,599
and thirty five billion dollar EU trade surplus into a

525
00:28:14,640 --> 00:28:18,079
strategic reset. Critics call it chaos, but the BBB Acts

526
00:28:18,160 --> 00:28:22,519
pressure tactics proved chaotic genius now watches US expert surge

527
00:28:22,519 --> 00:28:25,519
while bureaucrats scramble to meet their own deadlines. I mean,

528
00:28:25,519 --> 00:28:28,519
that's the dough AI, So that's a computer speaking to us,

529
00:28:29,359 --> 00:28:31,200
but it checks out in terms of deal flow. And

530
00:28:31,200 --> 00:28:34,079
then there's this question, I love this. Why did it

531
00:28:34,160 --> 00:28:38,880
take a Trump to do this? Bush? Clinton, Bush Clinton,

532
00:28:38,920 --> 00:28:43,079
Bush Obama, Biden? What the heck? Dudes? So how big

533
00:28:43,160 --> 00:28:44,359
is this? And like you just.

534
00:28:44,319 --> 00:28:49,200
Speaker 3: Respond, yeah, so, And I hope that this means something

535
00:28:49,240 --> 00:28:51,400
well from both of us, because you and I have

536
00:28:52,000 --> 00:28:53,319
you and I have been critical of some of the

537
00:28:53,359 --> 00:28:57,480
things that Trump has done. Right, I'm laughing all the

538
00:28:57,519 --> 00:29:00,720
way to the bank on this one because I think

539
00:29:00,799 --> 00:29:05,599
you and I discussed this beforehand. I think that this

540
00:29:05,720 --> 00:29:08,960
has played out very much how I thought, how I

541
00:29:09,000 --> 00:29:11,519
hoped I hoped it would how I thought it would.

542
00:29:13,000 --> 00:29:16,079
I think I think there's two things. So the the

543
00:29:16,119 --> 00:29:18,119
other thing that you forgot about that we don't have

544
00:29:18,319 --> 00:29:21,200
that we were told we would have is remember internament

545
00:29:21,240 --> 00:29:24,000
camps for trans and gays, right, all the trans and gays.

546
00:29:24,000 --> 00:29:24,920
We're going to internment game.

547
00:29:24,960 --> 00:29:27,559
Speaker 1: They had some material problems. They couldn't get defenses.

548
00:29:27,720 --> 00:29:31,839
Speaker 3: So okay, there's still that's coming. We've got that to

549
00:29:31,920 --> 00:29:36,440
look forward to, right, right, But to me, the two

550
00:29:36,480 --> 00:29:41,799
biggest things here are energy. Okay, so what is Trump done?

551
00:29:42,720 --> 00:29:47,559
He has started So nord Stream two pipeline was blown up. Now,

552
00:29:47,599 --> 00:29:51,559
that wasn't under his watch, and it probably was subterfuge

553
00:29:51,599 --> 00:29:54,920
and it was not a good thing. But with this deal,

554
00:29:55,799 --> 00:30:00,000
he is basically forcing Europe to not make the same

555
00:30:00,079 --> 00:30:02,119
mistake they've made over the last twenty years, which would

556
00:30:02,119 --> 00:30:05,119
be over reliant on Russian fuel. And not only is

557
00:30:05,160 --> 00:30:07,240
that good for our economy, but that gives them less

558
00:30:07,319 --> 00:30:10,440
leverage in that part of the world, and that's a

559
00:30:10,480 --> 00:30:16,279
win for everybody. Ye second thing he's done, and I

560
00:30:16,279 --> 00:30:18,720
think it's really interesting the way he's set up these

561
00:30:18,759 --> 00:30:22,759
tariffs because if you look at it, in my opinion,

562
00:30:23,640 --> 00:30:25,920
one of the issues that we've had with Europe is

563
00:30:26,440 --> 00:30:29,319
much like it'd be like the same issue of having

564
00:30:29,359 --> 00:30:32,079
like a thirty five year old kid living at home, Okay,

565
00:30:32,279 --> 00:30:37,160
meaning of course they loved the set up the way

566
00:30:37,160 --> 00:30:40,000
it was right. They got to live underneath the umbrella

567
00:30:40,119 --> 00:30:42,400
the greatest military superpower in the history of the world,

568
00:30:42,400 --> 00:30:44,759
and it costs them nothing. And that's why I would

569
00:30:44,799 --> 00:30:47,839
get so irritated when Europeans would look down their nose

570
00:30:47,880 --> 00:30:50,680
that Americans and talk about, you know, did don't even

571
00:30:50,759 --> 00:30:54,000
have the educational system paid for, you know that whole

572
00:30:54,160 --> 00:30:56,559
you don't have socialized medicine, all that kind of stuff.

573
00:30:56,599 --> 00:30:59,720
You're like, well, yeah, that's kids, We're paying for your defense, right, right.

574
00:30:59,759 --> 00:31:03,119
So you look at these tariff deals basically what they are,

575
00:31:03,200 --> 00:31:07,119
it's forcing them to pay for their defense. And I

576
00:31:07,200 --> 00:31:09,720
actually think that these deals like this will lead to

577
00:31:09,799 --> 00:31:13,960
tighter partnerships, not worse. I think when people are forced

578
00:31:14,000 --> 00:31:17,759
to pay at least part of their fare, they appreciate

579
00:31:17,759 --> 00:31:21,039
it more, and I think it makes for better relationships.

580
00:31:21,079 --> 00:31:24,839
And I think yet again, the people that say, like,

581
00:31:25,440 --> 00:31:28,279
you can criticize Trump on a lot of things, Okay,

582
00:31:28,480 --> 00:31:30,400
if you're gonna sit there and tell me that he's

583
00:31:30,440 --> 00:31:32,599
not going to get deals done and that those deals

584
00:31:32,640 --> 00:31:34,960
are not going to be more beneficial to the United States,

585
00:31:35,480 --> 00:31:37,680
I'd tell you got to show me an example, because

586
00:31:37,720 --> 00:31:40,440
I haven't seen that happen yet. And the guy's bringing

587
00:31:40,480 --> 00:31:43,480
home the bacon. Now, I think a lot of these

588
00:31:43,519 --> 00:31:49,240
are fairly low hanging fruit, meaning the Pannikins right as

589
00:31:49,279 --> 00:31:52,000
he called them, that were freaking out over all the tariffs.

590
00:31:52,519 --> 00:31:56,720
My whole thing was always, hey, guys, if you're an

591
00:31:56,720 --> 00:32:00,920
export economy, you can't afford not to do business with

592
00:32:00,960 --> 00:32:03,759
the United States. Were the biggest consumer market in the world.

593
00:32:04,240 --> 00:32:07,240
So I don't think that we should beat our friends

594
00:32:07,279 --> 00:32:09,480
over the heads with that. I don't think that we

595
00:32:09,519 --> 00:32:12,640
should lord that over people. But I do think when

596
00:32:12,680 --> 00:32:15,440
you go into any type of negotiation of any kind,

597
00:32:15,880 --> 00:32:20,319
if you don't walk into that negotiation understanding the leverage

598
00:32:20,359 --> 00:32:24,279
you have, right, that's a mistake. Yeah, it's clearly a mistake.

599
00:32:24,680 --> 00:32:28,799
And I look at trade deals like this, and I

600
00:32:28,839 --> 00:32:31,519
love the question that that one guy post, which was

601
00:32:31,920 --> 00:32:34,279
Bush Clinton, where were you on this one?

602
00:32:34,319 --> 00:32:34,519
Speaker 1: You know?

603
00:32:35,519 --> 00:32:39,200
Speaker 3: And look, I think it comes down to they like

604
00:32:39,759 --> 00:32:42,319
the world order the way it is. I think they

605
00:32:42,480 --> 00:32:45,680
liked the control that paying for the defense in Europe

606
00:32:45,759 --> 00:32:50,240
gave them and the influence that gave them. Yes, and look,

607
00:32:50,319 --> 00:32:53,119
we all know the people at the top of the heap.

608
00:32:53,480 --> 00:32:55,319
Things are going really well for them.

609
00:32:55,400 --> 00:32:58,200
Speaker 1: And I think they like the vacations. And I think

610
00:32:58,200 --> 00:33:00,839
they like the money in their productions stios. I'm looking

611
00:33:00,839 --> 00:33:03,799
at the Obamas who now make movies. I think they

612
00:33:03,920 --> 00:33:06,880
liked that international prestige. I think they liked a lot

613
00:33:06,920 --> 00:33:11,359
of that stuff and their foundations. And and one thing

614
00:33:11,359 --> 00:33:14,039
about Trump is he and I know this is the

615
00:33:14,119 --> 00:33:16,519
cliche of all cliches with Trump, is he doesn't need

616
00:33:16,559 --> 00:33:20,720
the money, so he's bribable. I mean everyone is to

617
00:33:20,799 --> 00:33:22,920
a degree. Maybe maybe that's not true. I don't know

618
00:33:22,920 --> 00:33:26,680
that I'm bribable. I can certainly sin and certainly.

619
00:33:26,559 --> 00:33:28,720
Speaker 3: I don't think don't I don't think you're bribable.

620
00:33:28,799 --> 00:33:32,680
Speaker 1: Yeah, I'm probably not in the classic way, not with Yeah,

621
00:33:32,720 --> 00:33:35,000
people have tried it with me with money, and it

622
00:33:35,000 --> 00:33:38,480
wouldn't be with money. It would be subconsciously getting bribed

623
00:33:38,480 --> 00:33:40,640
into something and realizing, you know what, I kind of

624
00:33:40,640 --> 00:33:42,720
went against my principles there, or really really want to

625
00:33:42,720 --> 00:33:44,640
against my principles there. And recently, Oh my gosh, I

626
00:33:44,799 --> 00:33:47,160
but know if someone and I've had cash bribes, million

627
00:33:47,200 --> 00:33:49,559
dollar bribe in DC my first couple of weeks there.

628
00:33:49,640 --> 00:33:53,359
Speaker 3: So but you know what, and they and they've got

629
00:33:53,359 --> 00:33:55,640
everything you need, you know better than I do. It's

630
00:33:55,640 --> 00:33:57,960
funny you bring that up. I really I don't think

631
00:33:58,000 --> 00:34:00,599
money could bribe me. One thing. I have to keep

632
00:34:00,599 --> 00:34:03,640
an eye on those egos stroking. Oh yeah, like I

633
00:34:03,720 --> 00:34:06,000
love you know, hey, I love to read good press.

634
00:34:06,160 --> 00:34:06,319
Speaker 2: Yeah.

635
00:34:06,319 --> 00:34:07,839
Speaker 1: But the whole thing about you, Zach is you're so

636
00:34:07,960 --> 00:34:10,679
smart and good looking and enough.

637
00:34:13,159 --> 00:34:14,880
Speaker 3: Oh let's keep it keep.

638
00:34:14,840 --> 00:34:18,719
Speaker 1: This is just that. Yeah. I'm on the topic of

639
00:34:19,079 --> 00:34:24,039
him and this deal and energy this again. I'm remembering.

640
00:34:24,119 --> 00:34:25,639
I don't know how many times you and I've had

641
00:34:25,639 --> 00:34:29,559
the conversations where you had people. Was it our very

642
00:34:29,679 --> 00:34:33,880
good friend Jim Kramer who was saying get out of oil,

643
00:34:33,920 --> 00:34:34,719
get out of petrol.

644
00:34:35,440 --> 00:34:39,599
Speaker 3: Yeah, I said, was uninvestable at twenty dollars a barrel.

645
00:34:39,800 --> 00:34:42,079
Speaker 1: And now we're looking at the United States with this

646
00:34:42,320 --> 00:34:46,679
Europe guaranteeing to buy this much energy from US. So everybody,

647
00:34:46,719 --> 00:34:49,480
once again, we just talked about the local regional utilities

648
00:34:49,480 --> 00:34:52,079
and oil companies and now micro nuclear sets orth that

649
00:34:52,119 --> 00:34:54,440
wouldn't be something that you could take across the sea.

650
00:34:54,519 --> 00:34:56,199
Why would they. But at the same time as we're

651
00:34:56,239 --> 00:35:00,639
doing this Germany, Germany is de industrializing there, tearing down

652
00:35:00,639 --> 00:35:06,480
their nuclear plants. France is becoming Syria and the worst

653
00:35:06,519 --> 00:35:09,480
parts of Syria. Trump warned these people. And this is

654
00:35:09,480 --> 00:35:11,800
what's so funny about this is Trump warned them, don't

655
00:35:11,960 --> 00:35:15,360
get dependent on Russian fuel. They did. Now he can

656
00:35:15,360 --> 00:35:17,639
come in and go, okay, you did it. Now you're

657
00:35:17,639 --> 00:35:20,920
gonna buy for me. Then turning to India. Now the

658
00:35:21,000 --> 00:35:23,320
India deal is new. This is what Trump had announced,

659
00:35:23,360 --> 00:35:26,159
twenty five percent tariffs plus a penalty if you don't

660
00:35:26,159 --> 00:35:29,000
start buying your energy from US, and if you don't

661
00:35:29,000 --> 00:35:31,400
stop getting if you don't stop buying weapons from Russia

662
00:35:31,400 --> 00:35:34,159
and China and turn to US instead. And India is

663
00:35:34,199 --> 00:35:35,800
not a small marketplace.

664
00:35:36,039 --> 00:35:40,480
Speaker 3: No, no, And India to me is something that I

665
00:35:40,519 --> 00:35:43,880
would really like to see and it seems to be

666
00:35:44,000 --> 00:35:45,679
that this is the case. But I would really like

667
00:35:45,719 --> 00:35:48,079
to see a renewed focus on that from the administration

668
00:35:48,199 --> 00:35:54,760
because when you understand India culturally, they are much more

669
00:35:54,920 --> 00:35:58,320
likely and they do align much more with the West

670
00:35:58,440 --> 00:36:00,920
and with the US than they do. You know, if

671
00:36:00,920 --> 00:36:02,639
you've got to start kind of thinking about the world

672
00:36:02,639 --> 00:36:05,280
in kind of bipolar terms, right the US on one side,

673
00:36:05,280 --> 00:36:07,880
in China on the other, they are naturally a much

674
00:36:08,119 --> 00:36:11,840
larger ally in a lot of different ways to US.

675
00:36:13,159 --> 00:36:16,960
I think that I think that's a very important relationship.

676
00:36:17,000 --> 00:36:20,119
I think if you were to ask me geopolitically and

677
00:36:20,199 --> 00:36:23,800
economically speaking, what are the most what do you think

678
00:36:23,800 --> 00:36:27,320
are the most important relationships for the United States, you know,

679
00:36:27,400 --> 00:36:30,599
over the next you know, twenty five to fifty years.

680
00:36:30,360 --> 00:36:33,000
My guess right here, sitting here today would be I

681
00:36:33,039 --> 00:36:37,599
think their primary Latin American countries and India. When you

682
00:36:37,639 --> 00:36:41,639
look at India's population, when you look at their birth rates,

683
00:36:43,320 --> 00:36:45,920
they've got all of that. Now. They don't have the infrastructure,

684
00:36:46,039 --> 00:36:48,000
not yet, and they don't have the same form of government,

685
00:36:48,039 --> 00:36:50,000
so it's probably not going to come nearly as quickly.

686
00:36:50,599 --> 00:36:52,760
But you know, a lot of the things that China

687
00:36:52,840 --> 00:36:55,519
had going for them that turn China into superpower. India

688
00:36:55,559 --> 00:37:00,360
has those things as well, and I think India has

689
00:37:00,760 --> 00:37:05,000
certain cultural advantages. So anyway, I think that that's an

690
00:37:05,039 --> 00:37:09,400
important relationship and I'd like to see that one. I'd

691
00:37:09,480 --> 00:37:12,760
like to see us work more with them, and and

692
00:37:13,239 --> 00:37:15,199
and the other part of it. The same is true

693
00:37:15,199 --> 00:37:18,199
with some of these South American companies our countries. Not

694
00:37:18,320 --> 00:37:21,400
only do I think they can be beneficial relationships, but

695
00:37:21,440 --> 00:37:24,280
I think that they can be economically beneficial relationships that

696
00:37:24,440 --> 00:37:28,440
have incredibly positive outcomes for their citizens as well. Right,

697
00:37:28,559 --> 00:37:31,719
And at the end of the day, you know, that's

698
00:37:31,719 --> 00:37:35,079
the real miracle of capitalism, right, That's the real miracle

699
00:37:35,119 --> 00:37:38,119
of free markets, is they make things better totally. And

700
00:37:38,119 --> 00:37:41,000
if you'd and if you don't believe me, you know

701
00:37:41,199 --> 00:37:43,840
you gotta. It's people wanting to go back to the

702
00:37:43,880 --> 00:37:46,840
well of socialism. And I'm like, that's socialism. Is why

703
00:37:46,880 --> 00:37:50,360
people are still driving studebakers in Cuban Y exactly.

704
00:37:51,320 --> 00:37:53,760
Speaker 1: Sometimes it's a war for the mind. Sometimes it's real war.

705
00:37:53,880 --> 00:37:57,079
My friend Tim Krukshank fought in three deployments in one

706
00:37:57,119 --> 00:37:59,360
war for US as a Navy seal. It was a

707
00:37:59,360 --> 00:38:02,400
medic attached to the seal teams, and when he came home,

708
00:38:02,440 --> 00:38:05,840
he decided to honor his brothers in the seals, particularly

709
00:38:05,840 --> 00:38:08,840
people who fell in battle. That's why he founded bone

710
00:38:08,840 --> 00:38:12,639
Frog Coffee. Bone Frog Coffee, though, was not able to

711
00:38:12,679 --> 00:38:15,239
make coffee because Tim had no stinking clue how to

712
00:38:15,239 --> 00:38:16,800
make a cup of coffee. Well, he could make a cup,

713
00:38:16,840 --> 00:38:20,000
but they coffee company know so doing what he did

714
00:38:20,039 --> 00:38:25,280
and operating by a seal value teamwork, he went out

715
00:38:25,280 --> 00:38:27,320
and recruited a guy named Dave Stewart, who knows a

716
00:38:27,360 --> 00:38:29,880
thing or two about coffee. Dave created Seattle's Best Coffee.

717
00:38:30,559 --> 00:38:33,519
It became so successful and such good coffee that the

718
00:38:33,559 --> 00:38:36,079
people at Starbucks were forced to purchase it. It's still

719
00:38:36,119 --> 00:38:39,920
better coffee. They've kept that roast because it's better. Dave

720
00:38:40,039 --> 00:38:42,679
mentors Tim's team and even make some of the roasts himself.

721
00:38:43,280 --> 00:38:46,360
Now the phrase God Country Team appears on every bag

722
00:38:46,400 --> 00:38:49,440
of bone Frog because that's how Tim operates his life.

723
00:38:49,679 --> 00:38:53,000
He just lost two team members. Now they didn't die,

724
00:38:53,079 --> 00:38:56,840
Praise God. They went to Buds to go become Navy seals.

725
00:38:56,840 --> 00:38:59,960
Like Tim, Tim also hires veterans every time he can,

726
00:39:00,119 --> 00:39:03,079
and he works with veteran owned companies every time you can,

727
00:39:03,519 --> 00:39:05,920
and whenever you purchase a bag of bone Frog or

728
00:39:05,920 --> 00:39:09,320
a CA cup if you like it goes. Ten percent

729
00:39:09,320 --> 00:39:11,800
of proceeds go to help the families of fallen Navy seals,

730
00:39:11,840 --> 00:39:14,519
like through the Navy Seal Foundation. If you're looking for

731
00:39:14,559 --> 00:39:16,440
the first roast to try, why don't you just do

732
00:39:16,480 --> 00:39:19,840
the sample pack six four out samples of bone Frog,

733
00:39:20,000 --> 00:39:22,360
figure out the roast that you like, and then subscribe.

734
00:39:22,760 --> 00:39:25,679
Go to Bonefrog Coffee dot com slash tod. Use code

735
00:39:25,719 --> 00:39:28,719
todd to save ten percent on your first purchase. Use

736
00:39:28,840 --> 00:39:32,239
code todd at checkout to save fifteen percent on subscription coffee.

737
00:39:32,239 --> 00:39:36,480
It's Bonefrog Cooffee dot com slash todd. So you did

738
00:39:36,519 --> 00:39:39,960
your your live for your webinar, the halftime webinar last week.

739
00:39:40,400 --> 00:39:40,960
Speaker 3: What was your.

740
00:39:40,840 --> 00:39:42,679
Speaker 1: Takeaway from that when you talk to people you did

741
00:39:42,679 --> 00:39:46,320
the presentation and the halftime, what came out of that

742
00:39:46,400 --> 00:39:48,239
and what were the kind of big things going in

743
00:39:48,280 --> 00:39:50,159
that you were talking about. I know you get feedback

744
00:39:50,199 --> 00:39:53,199
and questions on this, So talk about how that went

745
00:39:53,239 --> 00:39:54,840
and what the big takeaway was and some of the

746
00:39:54,920 --> 00:39:55,960
questions inte people had.

747
00:39:57,480 --> 00:40:01,039
Speaker 3: Yeah, I well, first of all, I'm a chart guy,

748
00:40:01,239 --> 00:40:05,679
and so there's.

749
00:40:04,239 --> 00:40:06,039
Speaker 1: About seventy five charts.

750
00:40:06,400 --> 00:40:08,519
Speaker 3: Well there were no, there weren't nearly as many as

751
00:40:08,519 --> 00:40:12,679
I wanted to a compliant. The compliance we've gotten we

752
00:40:12,800 --> 00:40:15,719
got to buy. The compliance thing is the process has

753
00:40:15,800 --> 00:40:19,159
just gotten ridiculous. So anyway, I'm hoping to get these

754
00:40:19,199 --> 00:40:22,599
approved into the next one. But we still went over

755
00:40:22,639 --> 00:40:24,719
all the data and I gave the people the disclosure

756
00:40:24,719 --> 00:40:26,800
and I said, listen, I don't have all my charts

757
00:40:26,800 --> 00:40:30,960
because I couldn't get them approved. But the biggest things

758
00:40:31,000 --> 00:40:34,800
that we that we that we discussed is you know,

759
00:40:35,400 --> 00:40:38,400
just continuing people to trying to get people to wake

760
00:40:38,480 --> 00:40:41,639
up to the changing landscape underneath them, to let them

761
00:40:41,679 --> 00:40:45,400
know that the what they have gotten used to over

762
00:40:45,400 --> 00:40:49,079
the last twelve to fifteen years is the exception, not

763
00:40:49,159 --> 00:40:53,639
the rule, and to realize how out of whack things

764
00:40:53,719 --> 00:40:57,159
currently are on a global basis. And it doesn't when

765
00:40:57,159 --> 00:41:00,159
I say out of black, it isn't. Oh everything in

766
00:41:00,199 --> 00:41:02,480
the US is about to implode and it's time to

767
00:41:02,480 --> 00:41:04,599
put on the big short or anything like that. But

768
00:41:05,519 --> 00:41:09,840
we are running, whether we know it or not. We

769
00:41:09,880 --> 00:41:12,880
have started playing a new game post COVID, and that

770
00:41:12,960 --> 00:41:14,639
is the game that we have not played in this

771
00:41:14,679 --> 00:41:18,440
country for forty years, and that game is inflation. And

772
00:41:18,480 --> 00:41:20,280
the reason I call it a game is because inflation

773
00:41:20,400 --> 00:41:23,079
reminds me of that old adage of the guy walking

774
00:41:23,119 --> 00:41:26,239
through the forest with his buddy and you know, they

775
00:41:26,239 --> 00:41:27,760
think they hear a bear in the woods, and the

776
00:41:27,800 --> 00:41:29,760
one guy just stops at an owhere and starts tying

777
00:41:29,760 --> 00:41:31,840
his shoes, and the other buddies go, what are you doing, man,

778
00:41:31,880 --> 00:41:33,280
I heard a bear, And he goes, yeah, that's why

779
00:41:33,320 --> 00:41:35,599
I'm tying my shoes. I don't need to run faster

780
00:41:35,639 --> 00:41:38,320
than the bear. I just need to run faster new right, right.

781
00:41:38,639 --> 00:41:42,480
And that's the game we're playing with inflation, which is

782
00:41:42,679 --> 00:41:46,039
we've got to get out ahead of it. And when

783
00:41:46,159 --> 00:41:49,039
we think about that, we need to think about that

784
00:41:49,159 --> 00:41:52,079
in a lot of different ways of outside of just

785
00:41:52,239 --> 00:41:55,840
number go up right, meaning now all the sudden currency

786
00:41:55,920 --> 00:41:58,639
valuations matter. Now all of a sudden, we've got to

787
00:41:58,679 --> 00:42:01,639
take these different things into con consideration. Now we've got

788
00:42:01,639 --> 00:42:03,840
to look at the impact of these different trade deals,

789
00:42:04,159 --> 00:42:05,880
and you've got to start looking at it. And what

790
00:42:05,960 --> 00:42:10,199
you see is a world where everything was designed to flow,

791
00:42:10,679 --> 00:42:13,039
you know, not designed it just kind of ended up

792
00:42:13,039 --> 00:42:16,039
that way. But everything was just flowing into the United States.

793
00:42:16,440 --> 00:42:18,760
Now a lot of things have a lot of impetus

794
00:42:18,800 --> 00:42:21,559
and a lot of reasons to flow outside of the

795
00:42:21,679 --> 00:42:24,239
United States, and we're starting to see that happen, and

796
00:42:24,239 --> 00:42:26,920
that's going to have a big impact on markets. It's

797
00:42:26,960 --> 00:42:29,559
going to have a big impact on what you see.

798
00:42:29,920 --> 00:42:34,960
You know, when I started my crusade against bonds in

799
00:42:35,000 --> 00:42:38,960
twenty sixteen twenty seventeen, people kind of look to you

800
00:42:39,000 --> 00:42:42,320
like you had a third eye grown out of your head. Now,

801
00:42:42,400 --> 00:42:44,679
after twenty twenty two, the worst year on record for

802
00:42:44,719 --> 00:42:47,920
treasuries in terms of the hit they took on valuation,

803
00:42:48,280 --> 00:42:50,000
I think a lot of people are opened up to that.

804
00:42:50,360 --> 00:42:56,360
But you're going to see bonds increasingly have a negative outlook.

805
00:42:57,320 --> 00:42:58,840
And the reason they're going to have a negative outlook

806
00:42:58,880 --> 00:43:01,400
is higher rates of inflation, higher rates of interest, you know,

807
00:43:01,519 --> 00:43:05,719
higher interest rates, bonds taking real life hits. You know,

808
00:43:05,760 --> 00:43:08,280
interest rates go up, bond values go down, and so

809
00:43:08,599 --> 00:43:11,719
what what is that? You know, we need to explore

810
00:43:11,760 --> 00:43:15,119
what is that rather than bonds? What should be an alternative?

811
00:43:15,440 --> 00:43:17,719
You we just have to think about the world completely differently.

812
00:43:17,960 --> 00:43:19,719
The other part of it, And like I've told you,

813
00:43:20,320 --> 00:43:25,880
it's it's opportunity. You know, our main fund and we

814
00:43:27,119 --> 00:43:30,199
it's it holds about eighty percent of our client's stock

815
00:43:30,239 --> 00:43:33,960
market performance. And then about ten percent isn't an ETF

816
00:43:34,039 --> 00:43:37,199
fund and probably about well, no, about probably about fifteen

817
00:43:37,199 --> 00:43:40,119
percent of our assets inner management or in an algorithmic portfolio.

818
00:43:40,119 --> 00:43:43,360
But eighty percent of our stock exposure is in our

819
00:43:43,440 --> 00:43:47,840
value fund that I'm the portfolio manager of. And you know,

820
00:43:47,880 --> 00:43:50,280
we're up twenty plus this year, twenty percent plus this

821
00:43:50,360 --> 00:43:52,159
year while the market's up seven and a half eight

822
00:43:52,679 --> 00:43:54,920
And I don't say that We've had plenty of years

823
00:43:54,920 --> 00:43:57,079
where we've underperformed. We were up fifteen last year when

824
00:43:57,079 --> 00:43:59,760
the market was up twenty three. The reason I bring

825
00:43:59,800 --> 00:44:02,000
it up this year is we haven't really done anything.

826
00:44:02,039 --> 00:44:04,320
There's never there's not been any really big hits or

827
00:44:04,320 --> 00:44:07,760
any really clever trades. It's just starting to take advantage

828
00:44:07,800 --> 00:44:11,000
of these other asset classes outside the United States, and

829
00:44:11,400 --> 00:44:14,360
they're starting to really perform and really run and pay

830
00:44:14,480 --> 00:44:17,920
excellent dividends. And people just need to wake up to

831
00:44:18,480 --> 00:44:22,920
you have historical imbalances in the world today, and you

832
00:44:23,000 --> 00:44:26,400
need exposure to a lot of things that the average

833
00:44:26,440 --> 00:44:31,280
retail investor has never had less exposure to international markets

834
00:44:31,320 --> 00:44:34,159
and precious metals. I cannot think of two things that

835
00:44:34,239 --> 00:44:37,199
you need more in an inflationary world and like today.

836
00:44:37,400 --> 00:44:39,079
So how do you do it? Do you buy the

837
00:44:39,159 --> 00:44:42,639
Vangirl Vanguard All World Stock ETF No, because that's basically

838
00:44:42,679 --> 00:44:46,360
approxy of the S and P five hundred. It's it's

839
00:44:46,400 --> 00:44:48,559
a lot more complicated some of these markets. It's hard

840
00:44:48,559 --> 00:44:50,760
to buy stock, you know what I mean. So it's

841
00:44:51,320 --> 00:44:53,480
you gotta you gotta spread out, and you've got to

842
00:44:53,519 --> 00:44:55,880
look abroad, and you've got to look at other places

843
00:44:55,880 --> 00:44:59,840
because they're tremendous value available. But there are asset classes

844
00:45:00,000 --> 00:45:01,119
outside of US tech.

845
00:45:01,440 --> 00:45:04,239
Speaker 1: Yeah, you want to keep things clean in your body,

846
00:45:04,239 --> 00:45:06,519
you absolutely do, and you have some decisions to make

847
00:45:06,519 --> 00:45:08,679
on how to do this. You can continue to buy

848
00:45:08,679 --> 00:45:11,760
the same soap you always have, because who cares, it's

849
00:45:11,800 --> 00:45:14,199
just soap. It just hides in the shower or by

850
00:45:14,199 --> 00:45:17,079
the bathroom bathroom sink. You can continue to do that,

851
00:45:17,199 --> 00:45:19,840
or you can examine your heart. The companies you're buying

852
00:45:19,840 --> 00:45:22,480
from soap soap from now probably don't care about your values.

853
00:45:22,559 --> 00:45:25,239
The soap is probably made with tons of chemicals. If

854
00:45:25,280 --> 00:45:27,719
it's in China, it may well be tested on prisoners

855
00:45:27,840 --> 00:45:30,920
or even made with slave labor. Alan Soaps is the

856
00:45:30,920 --> 00:45:33,440
opposite of all of this. The soap is made in

857
00:45:33,440 --> 00:45:36,360
America by a family with three generations of soap making expertise.

858
00:45:36,760 --> 00:45:40,039
It is absolutely natural, no chemicals in it, and it

859
00:45:40,079 --> 00:45:43,519
supports a mission you probably support, which is providing jobs

860
00:45:43,519 --> 00:45:46,599
for people like Alan and Ian people who the rest

861
00:45:46,599 --> 00:45:49,119
of the world would say should have been unalived in

862
00:45:49,159 --> 00:45:52,400
the womb because they're so high up on the autism spectrum.

863
00:45:52,440 --> 00:45:54,519
So examine your heart and try the soap. If you

864
00:45:54,559 --> 00:45:58,840
love it, subscribe it's Alansoaps dot com slash Todd. Alansoaps

865
00:45:58,880 --> 00:46:01,480
dot com slash ta ten percent of all their products

866
00:46:01,480 --> 00:46:04,159
there and you'll be supporting your values. Alan Soaps dot

867
00:46:04,239 --> 00:46:07,039
com slash Todd. I know you and your wife are

868
00:46:07,079 --> 00:46:08,960
on a vacation before you rolled in to be in

869
00:46:09,000 --> 00:46:11,519
football coach Zach, so I want to thank you for

870
00:46:11,559 --> 00:46:13,519
coming on and it's always good to have Vice's counsel

871
00:46:13,599 --> 00:46:16,159
from you and go with God's good grace, my brother, thank.

872
00:46:16,039 --> 00:46:17,760
Speaker 3: You always good to be here.

873
00:46:17,760 --> 00:46:19,719
Speaker 1: Thanks for having me my pleasure. This is to Todd

874
00:46:19,719 --> 00:46:22,480
hermant Shaw. Please go, be well, be strong, be kind,

875
00:46:22,559 --> 00:46:26,719
and make a decision today to walk permanently forever in eterrinity,

876
00:46:26,760 --> 00:46:27,599
in the light of Christ.