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Speaker 1: A lot to talk about with my friend and brother,

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chief investment Officer Bowart, couple of management, Zach Abraham. We

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know about the shooting on Friday of the United Healthcare CEO.

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Speaker 2: He and I recording in advance.

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Speaker 1: But I had something pop into my mind the second

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I saw this, and it has to do with the

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only thing that's ever really concerned Zach, when he did

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an analysis on a company that got him to feel

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a little bit nervous.

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Speaker 2: We'll talk about that.

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Speaker 1: We'll also talk about this comeback of sanity within companies

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like Walmart who are dumping the Human Rights Campaign, which

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is this horrible group of two known pedophiles who have

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helped trans kids across the country, and then in manufacturing

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survey shows some optimism. And we'll talk to Zach about

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the economy. I mean, that's something he knows far better

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than any of us here. We'll do this with the

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help of our YouTube channel YouTube dot com slash at

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the Todd Herman Show, and of course, to the good

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grace of God Almighty.

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Speaker 3: But Todd Herman Show is one percent disapproved by big pharma,

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technocorrats and and sware from the High Mountains of Free America.

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Here's the Emerald City EXI Todd Herman.

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

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

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And you probably saw it. I saw it, the world

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saw it. The assassination. It appears of the United Healthcare

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CEO on the streets.

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Speaker 2: Of New York.

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Speaker 1: And I instantly wanted to talk to someone who's not

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an expert on assassinations but on corporate greed. And this

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seemed very very early similar to me to something that

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happened with another company. Let's welcome to the show, Zach Abraham,

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Chief investment Officer, Borlock Capital Management.

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Speaker 2: Zach, welcome in, good to be here, Thanks for having me.

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Speaker 1: So we were just talking about this thing that happens

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on a Wednesday in New York. You watched the video

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and I watched the video. Neither of us are experts

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on how shootings at this go down. But I want

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to get to some things that's reading in some military

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blogs and some gun blogs.

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Speaker 2: But you looked at this, what'd you see?

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Speaker 4: Well?

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Speaker 5: I mean, at first glance, it looked like a kid,

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you know, that hopped off his bike after school, you know,

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with the backpack on everything like that.

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Speaker 4: And I'll tell you what. Then he whips out the gun.

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Speaker 5: First thing I noticed was a suppressor on the end

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of it, which is not what a kid hopping off

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his bike at the end of school is going to do.

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You've got some other analysis that you'll walk through that

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I think adds to that perspective. And then the just

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the very calm, calculated, cool way that he operated.

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Speaker 4: Again.

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Speaker 5: I you know, I'm not an expert in you know,

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secret agents or clandestine operations, but I would be surprised

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if that guy had never done something like that before, right,

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just just I mean it was it was eerily cool.

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It almost looked like he was sneaking up behind his

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body he shooting him with a paint gun, right.

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Speaker 2: You know what I mean, that's the part I noticed.

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Speaker 1: Like he So he shoots the CEO the first time.

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The CEO, you know, stumbles up against the wall and

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then goes down. And the shooter continues to calmly walk forward,

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and he's got his eyes on the prize.

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Speaker 2: The whole time.

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Speaker 1: This is as Brian Thompson and this the shooter's got

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his eyes on the price. He steps forward, more shots,

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more shots, and you see him at one point look

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at the guy and it looked like he's saying, Okay,

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do I need a safety shot? Or is this guy gone?

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Speaker 2: That? Is he dead? I mean, that was a thorough job.

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There was something about the gun.

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Speaker 1: I didn't notice this, but there's some military blogs and

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gun blogs that follow noticed that he was using some

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rounds that they contender subsonic therefore, and they're noticing that

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because it didn't have enough power to cycle the gun

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automatically to bring the slide back automatically, so he had

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to hand cycle the gun. And a couple of different

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guys rode in and said, sure, it to be less noticeable,

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to have less sound come up rounds.

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Speaker 5: Yeah, And what was consistent about it too, is the

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way that he was hand cycling it, Like the consistency

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of it and the quickness of it from meaning you know,

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if it wasn't a subsonic round and if you just

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had some bad ammal or whatever and it was getting

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hung up, it's harder to dislodge than that in that case,

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right where subsonic rounds just doesn't it doesn't cycle it fully,

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so you don't get you don't get hung up right

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like you don't get one, you know, where you get

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one bullet halfway in, you know, and one bullet halfway out.

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Speaker 4: You got to do well.

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Speaker 5: Subsonic rounds just don't kick the hammer back far enough

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or the slide back far enough to grab the next bullet,

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so you just have to hand cycle it.

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Speaker 4: Right. So that made perfect sense when.

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Speaker 5: You said it, which added to what might what I

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was saying, which was, at first glance, kid looks like

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it looks like a kid that jumped off a bike.

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Then second glance, you watch the cool way operates, the

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fact that there's a suppressor on the end of it,

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and then the fact that he's using subsonic ammunition. You know, right,

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it's sounding less and less like a like a teenage

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kid hopping off a bike.

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Speaker 3: Right.

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Speaker 1: And he didn't look surprised that the gun wasn't autocycling.

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It was like, okay, so whatever, I just you know,

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hand cycle. And again you and I don't know. And

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again we're recording this in advance, so it might have

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come out that, hey, maybe it's just an amateur that

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got lucky.

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Speaker 2: I hate to say this.

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Speaker 1: As watching this, I saw his wife said that he'd

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received some threats, maybe lack of coverage, And then she'd said, look,

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I'm trying to comfort my kids right now, I'd have

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time to be really thoughtful on this. I wanted to

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pray for her or her family. I hope this guy

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knew the Lord. But Zach, I got to tell you immediately,

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I saw people saying this is unprecedented, This hasn't happened

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since World War Two. A corporate executive being assassinate. And

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I go, wait a minute, not a corporate executive. But

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I'm sorry, I still do not believe the story on

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the two Boeing whistleblower deaths, the one suicide who he

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was just getting ready to receive a payoff for being

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a whistleblower, and the other guy with this sudden dying

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of this this infection. And I just thought of you

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on this. I mean, did you think back to Boeing

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when you saw this hit?

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Speaker 4: Yeah, I mean a little bit.

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Speaker 5: I mean I think I think that you're kind of

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at a place in society, unfortunately, where I think it's

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more likely for a CEO of one of these companies

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to get taken out than it would be.

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Speaker 4: You know, somebody like me.

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Speaker 5: I will say this though, that when you saw the

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news come out about the whistle blowers from Boeing.

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Speaker 4: You know, again, I hate to jump to conclusions.

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Speaker 5: People know my thoughts on Boeing, accusing Boeing of the

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things that I did, versus accusing them of purposely taking

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out witnesses or two different things.

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Speaker 4: But yeah, I will not lie to you.

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Speaker 5: When I saw the news about the Boeing whistle blowers

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get taken out, I mean that sent chills for my body,

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you know, because you.

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Speaker 4: Just went holy.

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Speaker 5: You know, hopefully there's a national explanation for this. Again,

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you feel horrible for the family and the people that

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are lost. But well, and then there's some other ones

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you may know too. And I don't want to speak

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out of turn Todd, but weren't there a couple of

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folks that were whistleblowers against some of the big farmer

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companies that got taken out?

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Speaker 2: Yep, yep.

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Speaker 1: And that stuff never gets the focus it deserves.

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Speaker 2: But here's the focus for me.

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Speaker 1: Zach and Zach Airhem's with the chief investments for Board

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Capital Management, Know your Risk Grader dot com where you

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can find them.

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Speaker 2: We usually talked finance.

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Speaker 1: This is related to finance, So Zach is that United

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Healthcare and big companies I see an observable look of

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lack of morality. And then with Boeing like which you uncovered, Zach,

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when you guys were just simply analyzing stock that you

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had employees coming out and saying, yeah, these airplanes might

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crash because man, are they cutting significant corners.

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Speaker 2: That's lack of morality.

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Speaker 1: Yeah, they're putting lipstick on the pigs of their facilities

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where they're not keeping the facilities up, and those should

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be kind of kept up. That when you see an

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utter lack of morality DEI, the pushing of all the

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perverse agendas on kids coming out of corporate boardrooms, why

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would we not think that eventually it ends up with hey,

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we should take this guy out, right, I mean, where

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nothing is forbidden, all is allowed.

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Speaker 5: Well, I mean, and look it, there's this veneer I

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think that we all have right and it's a veneer

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that you can see evident every time one of us

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steps on a plane. There is this societal contract that

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the vast majority of us adhere to, and we assume

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that everybody else is adhering to that a societal contract

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as well. What you will be shocked by and what

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I think we see evidence of every single day on

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the news is an increasing percentage of people are not

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adhering to that societal contract right, and the guys at

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Boeing are a perfect example of that, where us, as

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rational people go, why would you ever kill the golden goose?

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Because these people are morally bankrupt, And one of the

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reasons they're more bankrupt is it's a reflection of culture.

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You also pull god and morality out of schools in

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the education system, and then oh shocker, you get these

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people who are sociopaths at the top. Well, of course

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you do right, because you haven't emphasized or mandated morality

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or character or you know, any of these things. You know,

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civic responsibility. None of this has mattered culturally. What are

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we telling kids do whatever feels right? Well, guess what,

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making my bonus at the end of the year and

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getting five million dollars worth of stock awards.

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Speaker 4: That feels right to me?

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Speaker 5: Right, So I'm gonna do it right, And and you know,

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here you go and we see it. We see it

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like in every segment of the culture where you go, look, man,

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I mean, you can you can say whatever you want.

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You can be agnostic, you can be an atheist, you

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whoever you want. I will just tell you history is

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replete with stories. When we pull out the genesis or

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the or the you know, the seeds of morality out

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of a culture. There's never been a scenario in which

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you had a good outcome and you just rotted from

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the head down, you know.

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Speaker 2: I mean, it's just right.

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Speaker 1: And if you take this like let's take we're talking

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about boweling or talking about United health Care some of

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these big companies. I don't want to indict everybody, because

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there's some big companies that have got their heads together

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and their souls together with good leadership, that does happen.

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But when morality is simply whatever you need to signal

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to be on the right side of demographics, on the

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right side of con artists like the Human Rights Campaign

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that's you know, pushed the transing chemical surgical mutilation of

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kids and they had their Human Rights Index. Whatever you

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need to be on the right side of that is

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the mowdy you communicate. This comes down to like a

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huge boweing customer. Last Airlines used to be my airliner choice.

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I used to love getting on a Last Airlines because

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they would give you your meal tray would come out

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and it would have it quote from the Bible on it,

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right there, little prayer for the Bible, something from the Bible.

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I thought that was always really cool. And then one

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day that was gone. And the next thing I know

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is their flight attendants are wear in pronouns and then

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there's a pride plane. Oh what's this. Oh it's the

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new thing. This is the new thing. This is the

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new moralty we need to display. We may not believe it,

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but doesn't matter. We need to display this.

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Speaker 4: So moral camouflage.

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Speaker 2: That's a great way to say it. Moral camouflage.

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Speaker 1: We are pretending to have morals, even in that case,

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morals that stand averse to the Word of God. So

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again I go back to like, we don't know at

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this point, and again you and I are recording an

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advance on this stuff. But I looked at this, I

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saw Alex Barence and say, this is probably someone who

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has denied coverage.

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Speaker 2: No, I don't think so.

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Speaker 1: I think this guy, Brian Thompson, the CEO of United Healthcare,

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I'm gonna guess he might have been about to say

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something that might have cost someone a whole lot of

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money or maybe some jail time, such as, yeah, we've

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come out and found out these shots are very very bad, right,

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and I hope that's not.

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Speaker 4: The case, but boy, it's sure as yeah, I hear you.

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Speaker 1: I know, and there'd be a lot of wisdom in

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getting a head of that, and people should get ahead

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of that using wisdom. I write into a product that

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is doctor Patrick and Tempo, so he decided to develop

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Trywisdom dot com slash todd. So, Zach Abraham's with us

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chief investment officer Bullwart Capital Management. As we're watching this, Zach,

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and we're continuing to see the news.

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Speaker 2: Unpeel.

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Speaker 1: We can go back and look at this as we

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learn more about it. But I wanted to ask you

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about we started to talk about Dei and Wilke, et cetera.

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There was an article that ran in CNBC and here's

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the way they cast this thing, the war on woke.

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How a gay rights index, once tuned by Walmart and others,

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became a conservative target because it was just sitting out there.

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Then conservatives decided to target it was just it was

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bothering nobody. Are we seeing. We've seen the Trump dance

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in the NFL. We've seen it in the NBA. We've

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seen entertainers do this. We see you now, younger and

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younger entertainers coming out and saying their pro Trump. We've

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seen the Silicon Valley people standing up. We should probably

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talk about Joe Rogan and this contention that Mark Andrason

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has that the government said there's only going to be

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three AI company.

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Speaker 2: Period, We're going to block everybody else. But is this real?

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Are we seeing a true churning in corporate America where

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woke is finally getting punished out of the boardrooms.

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Speaker 4: Yeah, I think you are. My hope is that it lasts.

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I think it will.

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Speaker 5: And the reason I think it will is because, yeah,

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I think it had already I think it had already failed.

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Speaker 4: But I think that the.

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Speaker 5: Election was sort of pulling back the cover and realizing

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that that.

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Speaker 4: That it had died, right like meaning meaning?

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Speaker 5: I think my contention is if you had the election today,

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I think Trump's margin of victory would be probably.

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Speaker 2: Double what it was today.

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Speaker 5: And yeah, and the reason I say that is, I

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think you have a ton of people who and I

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feel like you see it in evidence of more and

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more people have waves of people have come out and

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said they're supporting Trump that didn't say prior to the election.

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Some of that is going to be disingenuous, right to

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align themselves. But I think a lot of that is

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just people saying what they thought that they were afraid

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to say. And I think that that interview with Mark

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Andries and on Joe Rogan was really informative. And Mark's

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a really smart guy who was extraordinarily candid, in my opinion,

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in that in that interview confessed to precisely how he

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got where he got politically and mentally, and also what

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woke him up and what took him you know, uh,

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what led him astray politically and what brought him back.

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Speaker 4: Yeah, and and and and I thought he outlined it perfectly.

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Speaker 5: And I think he sums up a lot of people

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in the world who you know, sort of went along

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with the current of things, especially if that current of

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things ended up with them being very successful and very rich.

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Because like you and I have discussed before, you know,

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it's a natural human response to think that any system

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or or body that puts them a top and grants

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them wealth and power by default must.

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Speaker 4: Be a system.

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Speaker 5: Right, If it's picking me to be a winner, it

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must be a good, just system, and I think a

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lot of people got lulled into just kind of like

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and Reeson outlines in that in that in that interview,

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how when he went out to when he went out

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to California and he made that move out to California,

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how he assumed that the people out in California knew better,

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they were smarter, they were more educated than his Wisconsin background.

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Speaker 4: And I yes, I think that there's a big pushback.

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I think it's real.

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Speaker 5: I think that I also think that we shouldn't think

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that these people are on our side anymore. They they

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they've just realized that that form of moral camouflage is

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no longer working, and they'll look for their next right,

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they'll look for their next.

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Speaker 4: Source of camouflage.

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Speaker 5: But there have been the guys like Andreeson who I

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think have said, Okay, here we go.

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Speaker 4: You know, the game has changed.

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Speaker 5: And the other thing, remember what he was talking about

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is something again that you and I have talked about,

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which I've been talking about.

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Speaker 4: This for years, which is regulatory capture. Right.

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Speaker 5: He was saying that the government wants and you and

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I've had this conversation. I'm like, look, the government wants

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those three companies or those four companies to dominate that

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industry because they can make nice with them and play

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with it, you know, and keep that, you know, and

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it's in total violation of our constitutional rights. And government

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will have its reason to do that. But at the

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same time they're treading where they shouldn't be.

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Speaker 2: I agree.

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Speaker 1: I want to dig into these three companies in a

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second and the effect of this because but I want

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to make sure that I pay something off in terms

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of the CNBC thing, because you and I talking about

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Rogan and and Drason, we're talking about two Well, in

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the case of Joe Rogan, he'll probably be a billionaire

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one day if he's not one yet, but Mark Anderson's

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multi billionaire.

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Speaker 2: Two rich powerful men. One in media.

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Speaker 1: Mark Anderson has a really no well followed sub stack

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on Twitter, but he's.

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Speaker 2: Not a media guy.

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Speaker 1: And they've awakened Peter Teel, awakened other people awakens that Wow,

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the Democrats are tyrants and they don't want us to

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have any meaningful debate about anything.

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Speaker 2: And then I read this.

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Speaker 1: Piece from Brandon Gomez at CNBC and here's what he

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says about the Human Rights Campaign and they're Human Rights Index,

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the benchmark is widely considered a gold standard for value

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to winning companies.

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Speaker 2: Policies and benefits for LGB so.

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Speaker 1: Called t Q plus employees, and ratings are once talented

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by some of these same companies. It was widely considered

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the gold standard see in the world of a brand

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in Gomez. Widely considered means all my friends, right, all

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my friends.

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Speaker 2: Say this is the gold standard.

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Speaker 1: So I guess my point is, Zach, that you see

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Rogan andreson others awakening to this, to the con of transgenderism,

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et cetera. But the media stays locked just so inbred.

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That's the piece I'm going to be curious to see.

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Does revenue change this. CNBC is not doing well revenue,

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MSNBC is destroyed in revenue, CNN is destroyed in their

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subscriber base, in viewership base.

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Speaker 2: What brings them around?

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Speaker 4: I don't think. I don't think anything, and I think there.

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Speaker 5: I think that what you saw in the election is

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the final deathnell in their forms of having any real

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meaningful impact.

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Speaker 4: On the public discourse. I just think they're done.

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Speaker 5: I think they're irrelevant because even if they pivot back

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toward the middle right, even if they try to be

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a hard news organization. They're going to lose the only

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listening base they've got because their listening base doesn't want

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to hear the truth, right, they don't want to hear

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if you want to believe that January sixth was an

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insurrection and that Donald Trump is the greatest threat to democracy, going, okay,

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you don't want to hear the truth. You just don't,

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okay now, And that doesn't mean Donald Trump's perfect, right,

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just you are pushing a false narrative. And if that's

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what you want to believe, then the minute I pivot

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back and dedicate myself toward, you know, delivering real.

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Speaker 4: Content, I'm an alien at you too.

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Speaker 5: So I mean, by them doing what they should have

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done years ago, it's came over. I mean, the right,

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00:20:10,839 --> 00:20:12,920
this is just a point of I mean, at this point,

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it's like the rats off the Titanic in my opinion.

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I mean, you know, their constituency is dying, their customer

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base is leaving.

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Speaker 4: They've shot themselves in the foot.

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Speaker 5: And you know, we guys like us were saying years ago,

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and you know, arrogance is a heck of a drug man.

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Speaker 1: It is ignorance and arrogance, and I want to unfold

430
00:20:31,799 --> 00:20:34,000
get back into the AI discussion because there was a

431
00:20:34,079 --> 00:20:37,559
note a guy named David Marcus put this up on Twitter.

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He had been the heads of payments at because he

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was at Meta, he was at Messenger, he led PayPal.

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00:20:46,680 --> 00:20:48,359
You probably know who David Marcus is. He's at a

435
00:20:48,359 --> 00:20:51,880
company now called light Spark and it's the whole payment ecosystem.

436
00:20:52,359 --> 00:20:56,759
He talked about how his approach at Meta was destroyed

437
00:20:56,759 --> 00:20:59,240
by governments and how they slow rolled it and then

438
00:20:59,240 --> 00:21:01,799
destroyed it. We'll talk about these three AI companies as

439
00:21:01,799 --> 00:21:05,000
it relates to people investing in AI. So think about

440
00:21:05,000 --> 00:21:06,519
that where the government said there's going to be three

441
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companies and they ruined this company. So we'll talk about

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00:21:08,880 --> 00:21:11,880
this with Zach Abraham, chief and vestmofficer Bulwick at Capital Management.

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And while we're talking about Zach, let me tell you

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a little bit about why I choose to have Zach

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manager money. First of all is because I've gotten to

446
00:21:18,960 --> 00:21:21,480
know him long and it was gosh, probably two years

447
00:21:21,519 --> 00:21:25,440
before we put our money over with Zach when I

448
00:21:25,480 --> 00:21:27,599
got to know him as a man. First heard about

449
00:21:27,640 --> 00:21:29,640
him through a common friend who's passed on gone to

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00:21:29,680 --> 00:21:32,240
the Lord Dorry Monson. He said, you got to meet Zach,

451
00:21:32,559 --> 00:21:35,000
went to dinner and a charitablevent with he and his wife.

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Came away from it saying, these are good people. They're

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00:21:37,240 --> 00:21:40,640
down to earth people. He's a fiduciary who doesn't talk

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like one. He's a guy who talks in a plain

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way about finance, but super educated. Then I got the

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00:21:47,160 --> 00:21:50,559
personal story about t and his wife experiencing financial hardship

457
00:21:50,559 --> 00:21:54,279
and loss and deangitt that's so rare, it's so important.

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00:21:54,559 --> 00:21:56,039
Speaker 2: Then we talked risk management.

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Speaker 1: That's the focus at Bowick Capital Management, risk management, which

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00:21:59,519 --> 00:22:02,880
he does through actively managing every portfolio, which can in

461
00:22:02,920 --> 00:22:06,960
fact reduce risk and volatility. Then when I saw him

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00:22:07,000 --> 00:22:11,359
interact with viewers and listeners to this show in person,

463
00:22:11,799 --> 00:22:14,000
being the last person's leave a room, we gave a speech.

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00:22:14,079 --> 00:22:16,759
Zach came and gave a speech with me in Seattle,

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and we had gosh, three or four thousand people at

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this thing, and Zach stayed and he and I out

467
00:22:22,799 --> 00:22:24,480
of the last persons to leave.

468
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Speaker 2: Security was trying to finally kick us out. Poor guys.

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00:22:27,559 --> 00:22:30,400
Speaker 1: You know they've got families, and there's Zach to the

470
00:22:30,519 --> 00:22:34,920
last person answering questions. This is my guy, So do this.

471
00:22:35,400 --> 00:22:38,079
Have him take a look at your retirement portfolio. Really simple,

472
00:22:38,160 --> 00:22:41,880
no obligation, no promises. If you like what he says

473
00:22:41,920 --> 00:22:43,839
and you think that he makes more sense than move

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00:22:43,839 --> 00:22:44,480
your money over.

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00:22:44,799 --> 00:22:46,680
Speaker 2: So go to Know your Risk radio dot com.

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00:22:46,680 --> 00:22:49,519
Speaker 1: That's know Know your Risk gradio dot com or just

477
00:22:49,559 --> 00:22:52,119
call directly eight six six seven to seven nine.

478
00:22:52,200 --> 00:22:55,039
Speaker 6: Risk Investment Advisory services offered through Track Financial LLC and

479
00:22:55,160 --> 00:22:57,960
SEC Registered Investment Advisor. The opinions expressed in this programmer

480
00:22:58,000 --> 00:23:00,079
for general informational purposes only and are not intended to

481
00:23:00,079 --> 00:23:02,559
provide specific advice or recommendations for any individual or on

482
00:23:02,640 --> 00:23:05,279
any specific security. Any references to performance of security so

483
00:23:05,400 --> 00:23:07,880
thought to be materially accurate, and actual performance may different

484
00:23:07,880 --> 00:23:10,319
investments involved risk and are not guaranteed. Past performance doesn't

485
00:23:10,359 --> 00:23:12,440
guarantee future results. Trek twenty four to three zero eight.

486
00:23:12,680 --> 00:23:14,680
Speaker 1: So Zach Mark and Dreson said a lot of things

487
00:23:14,759 --> 00:23:16,960
on Rogan show. One of them he talked about was

488
00:23:17,079 --> 00:23:20,759
the Biden people wanting to install a pure China model

489
00:23:20,759 --> 00:23:23,400
where they monitor everything we do, control everything we say.

490
00:23:24,000 --> 00:23:26,480
Speaker 2: Then he talked about AI and that's what he said.

491
00:23:26,480 --> 00:23:28,079
Speaker 1: He said, there's going to be three companies that the

492
00:23:28,119 --> 00:23:31,440
government told them, hey, don't even bother investing, don't even

493
00:23:31,480 --> 00:23:31,839
do that.

494
00:23:32,400 --> 00:23:34,559
Speaker 2: We're not going to allow more than three companies to exist.

495
00:23:34,759 --> 00:23:37,440
Speaker 1: So what does that mean for people who are let's say,

496
00:23:37,440 --> 00:23:39,319
retail investors, who are going out and doing this on

497
00:23:39,359 --> 00:23:42,720
their own? Is there any point in spreading the bets

498
00:23:42,799 --> 00:23:44,599
or you just try to figure out what the three

499
00:23:44,640 --> 00:23:45,279
companies are?

500
00:23:46,200 --> 00:23:46,400
Speaker 4: Yeah?

501
00:23:46,480 --> 00:23:48,720
Speaker 5: No, well we know what the three companies are, okay,

502
00:23:48,880 --> 00:23:51,519
and it would truth be told, it's probably really four.

503
00:23:51,559 --> 00:23:53,039
But I think the three main players are going to

504
00:23:53,079 --> 00:23:56,519
be Microsoft.

505
00:23:54,920 --> 00:23:58,240
Speaker 4: Google, and Amazon.

506
00:23:59,519 --> 00:24:02,039
Speaker 5: Those can be primary three metas in there a little

507
00:24:02,039 --> 00:24:04,799
bit Apple to a degree as well.

508
00:24:05,799 --> 00:24:08,880
Speaker 1: But I mean, what about like the chat GPTs of

509
00:24:08,920 --> 00:24:10,839
the world. I mean, are they going to force them

510
00:24:10,880 --> 00:24:11,559
to get purchased?

511
00:24:12,279 --> 00:24:15,079
Speaker 5: Well, member, Microsoft already owns a big chunk of that

512
00:24:15,200 --> 00:24:19,400
right in a very complicated ownership structure. But this is

513
00:24:19,720 --> 00:24:21,640
this is an extension of what we've been talking about,

514
00:24:21,680 --> 00:24:25,240
which is the end of free market capitalism via regulation.

515
00:24:25,519 --> 00:24:28,440
And this is what we were saying, which is you know,

516
00:24:29,079 --> 00:24:33,160
it's why it's so ironic that the the trope that's

517
00:24:33,200 --> 00:24:37,400
constantly thrown at Trump is that he's a fascist right.

518
00:24:37,480 --> 00:24:39,759
Speaker 4: What you are watching is the.

519
00:24:41,240 --> 00:24:45,720
Speaker 5: Is a furthering creep of fascistic tendencies, right, which is, Hey,

520
00:24:45,759 --> 00:24:48,400
we're going to have privately held businesses, but they're going

521
00:24:48,480 --> 00:24:50,039
to be under the control of the government.

522
00:24:50,400 --> 00:24:51,799
Speaker 4: Right And what I people like that?

523
00:24:52,319 --> 00:24:55,400
Speaker 5: No, No, being regulated by a government being controlled by them

524
00:24:55,400 --> 00:24:58,640
are two completely different things. When the government is involved

525
00:24:58,680 --> 00:25:01,880
in a sector picking winner losers and saying who is

526
00:25:01,920 --> 00:25:06,319
going to control a transformational new that is not a

527
00:25:06,400 --> 00:25:07,000
free market.

528
00:25:07,000 --> 00:25:08,640
Speaker 4: That is a usurping of a free market.

529
00:25:08,759 --> 00:25:12,240
Speaker 5: Right, That is total interference and short circuiting of a

530
00:25:12,279 --> 00:25:15,519
free market. And this is what they've been doing, and

531
00:25:15,599 --> 00:25:19,759
they've been covering it up with greater regulation, greater security.

532
00:25:20,119 --> 00:25:21,240
Speaker 4: You're going to hear people.

533
00:25:20,960 --> 00:25:23,359
Speaker 5: Say we have to let these companies continue to grow

534
00:25:23,400 --> 00:25:27,680
because China is funding tech companies, and you're like, no, no, look,

535
00:25:27,720 --> 00:25:31,319
I've heard this all before. Okay, I don't care that

536
00:25:31,359 --> 00:25:33,400
the government is funding them in China.

537
00:25:34,039 --> 00:25:34,240
Speaker 4: Right.

538
00:25:34,480 --> 00:25:38,319
Speaker 5: The government is a horrible allocator of capital. Okay, that

539
00:25:38,680 --> 00:25:41,079
has never stopped us before. That didn't prevent us from

540
00:25:41,079 --> 00:25:43,720
beating the Russians, and it won't prevent us from beating

541
00:25:43,720 --> 00:25:44,240
the Chinese.

542
00:25:44,599 --> 00:25:47,480
Speaker 4: Hey, what why America works?

543
00:25:47,680 --> 00:25:50,599
Speaker 5: Is the very thing that you are retarding, the very

544
00:25:50,599 --> 00:25:52,960
thing that you're holding back. You're saying that the free

545
00:25:53,000 --> 00:25:55,079
market doesn't know well enough to do with this. Oh,

546
00:25:55,160 --> 00:25:57,759
yes it does. Right, You're the ones that have proven

547
00:25:57,759 --> 00:25:59,079
over and over that you don't know what to do

548
00:25:59,119 --> 00:26:03,680
with it. So no, it's just this regulatory capture game

549
00:26:03,759 --> 00:26:06,079
going on. The tech companies are wise to it, and

550
00:26:06,119 --> 00:26:08,920
they've gotten themselves to the size. This is this problem

551
00:26:08,920 --> 00:26:12,160
with this regulatory capture thing. They've gotten themselves to a

552
00:26:12,279 --> 00:26:15,759
size where when the government, the government's not irrational for

553
00:26:15,799 --> 00:26:18,440
coming to that conclusion. Right, if if your job was

554
00:26:18,480 --> 00:26:23,319
really to control and and shape and move AI, that's

555
00:26:23,359 --> 00:26:25,559
the easiest way to do it, right, is by by

556
00:26:25,680 --> 00:26:28,160
working in concert with those three or four companies. The

557
00:26:28,240 --> 00:26:30,319
problem is is that it violates the tenants on what

558
00:26:30,359 --> 00:26:33,839
we were built on, right and what we're constitutionally guaranteed.

559
00:26:33,880 --> 00:26:34,880
Speaker 4: So that's the issue.

560
00:26:35,119 --> 00:26:36,880
Speaker 1: So does this mean, and I agree with you, all

561
00:26:36,920 --> 00:26:40,160
the regulatory capture are grief you maybe on the on

562
00:26:40,240 --> 00:26:43,440
the big four players, big three to four players. Does

563
00:26:43,480 --> 00:26:46,240
this mean that you guys are not going to be

564
00:26:46,319 --> 00:26:51,319
looking at investments for let's say, you know, AI startups,

565
00:26:51,960 --> 00:26:53,480
or is it going to be that the startups are

566
00:26:53,480 --> 00:26:56,119
capped because I remember back in the day, you'd reach

567
00:26:56,160 --> 00:26:59,000
a point where you could see a startup growth to

568
00:26:59,079 --> 00:27:01,920
let's say, they'd allow them to reach about two million,

569
00:27:01,960 --> 00:27:03,599
two undred and fifty million, maybe five or a million

570
00:27:03,680 --> 00:27:06,160
value before they had to get purchased. Microsoft used to

571
00:27:06,160 --> 00:27:09,559
have a formula for this, so they're they're they're a

572
00:27:09,640 --> 00:27:14,960
and are there their acquisitions departments They had a formula

573
00:27:15,039 --> 00:27:17,759
four when you go acquire a company. It had to

574
00:27:17,799 --> 00:27:21,799
do with share of markets, revenues, et cetera. So is

575
00:27:21,839 --> 00:27:23,559
this gonna be a thing where there's all these little

576
00:27:23,599 --> 00:27:26,720
AI companies who sprout up, but they know that they're

577
00:27:26,759 --> 00:27:28,519
really only ever going to get to be a tutor

578
00:27:28,599 --> 00:27:31,200
or two undred and fifty million dollar company, and that's

579
00:27:31,200 --> 00:27:33,599
the bet they're never going to be able to or grow.

580
00:27:33,440 --> 00:27:35,119
Speaker 2: Into a you know, a trillion dollar thing.

581
00:27:36,240 --> 00:27:37,480
Speaker 4: Well, so now, I.

582
00:27:37,400 --> 00:27:39,279
Speaker 5: Mean, thank goodness the election with the way it did,

583
00:27:39,279 --> 00:27:41,119
because I think all those bets are off now right

584
00:27:41,519 --> 00:27:44,160
in my hope, Okay, firm belief is that is that

585
00:27:44,680 --> 00:27:47,559
is that the Trump administrations can take a decidedly different turn.

586
00:27:48,839 --> 00:27:49,799
Speaker 4: You think they're gonna.

587
00:27:49,559 --> 00:27:51,000
Speaker 2: Okay, so you think they're going to stop this.

588
00:27:52,319 --> 00:27:54,160
Speaker 4: No, I think that they're I think they're gonna not.

589
00:27:54,279 --> 00:27:56,599
Speaker 5: I think they're going to I think they're I don't

590
00:27:56,640 --> 00:27:59,240
think that they will pursue the same tactics and the

591
00:27:59,279 --> 00:28:02,720
same approach that the Biden administration did. I just would

592
00:28:02,759 --> 00:28:06,200
be absolutely shocked, especially when you look at who's involved.

593
00:28:05,799 --> 00:28:08,880
Speaker 4: There, Guys like Musk, you know, who know that.

594
00:28:09,079 --> 00:28:12,599
Speaker 5: Listen, if we want to win artific like just like

595
00:28:13,359 --> 00:28:16,519
we can even set aside the constitutionality part of it, right,

596
00:28:16,799 --> 00:28:20,000
but if we want to win the AI race, We've

597
00:28:20,119 --> 00:28:23,839
proven over and over and over that innovation is it

598
00:28:24,279 --> 00:28:28,319
is in the history of mankind has not been as efficient, fast,

599
00:28:28,480 --> 00:28:31,480
or violent as it is in the US system when

600
00:28:31,519 --> 00:28:33,960
government just gets out of the way. Now, have there

601
00:28:33,960 --> 00:28:37,039
been times where government is interviewinged and there have been partnerships, Yes, yes,

602
00:28:37,079 --> 00:28:39,279
I'm not saying that those haven't occurred. But in a

603
00:28:39,319 --> 00:28:43,119
situation like this, where the baseline technology has already been

604
00:28:43,200 --> 00:28:46,319
released and is already out there, right, how to best

605
00:28:46,359 --> 00:28:48,319
develop it, how to win, Let's do it the way

606
00:28:48,319 --> 00:28:50,559
we did everything else, right, which is just get out

607
00:28:50,559 --> 00:28:53,000
of the way. Trump knows that, Musk knows that. Intimately,

608
00:28:53,440 --> 00:28:56,000
I have to believe they're going to pursue another approach.

609
00:28:56,480 --> 00:28:59,519
I also don't think that either of them think it

610
00:28:59,559 --> 00:29:01,799
is a good idea for those tech companies to grow

611
00:29:01,799 --> 00:29:04,839
into perpetuity and just keep swallowing swaths of the economy.

612
00:29:05,119 --> 00:29:07,880
And to comment something further on what you've said, I

613
00:29:07,920 --> 00:29:09,839
think this is a perfect example.

614
00:29:09,400 --> 00:29:10,440
Speaker 4: Of where we're at. Right.

615
00:29:10,960 --> 00:29:14,000
Speaker 5: You were talking about your Microsoft days and that number,

616
00:29:14,119 --> 00:29:16,119
you know, that buyout number being around two to two

617
00:29:16,200 --> 00:29:18,920
fifty That buyout number is down to like twenty five

618
00:29:18,960 --> 00:29:19,799
to fifty million.

619
00:29:19,839 --> 00:29:22,960
Speaker 4: Now, is it really right a revenue? Yeah, for whatever reason.

620
00:29:23,000 --> 00:29:25,000
Speaker 5: In the VC world, part of it, part of it's

621
00:29:25,039 --> 00:29:28,799
the proliferation of VC funds, meaning the big companies know

622
00:29:28,880 --> 00:29:30,799
that they got to act sooner because the VC funds

623
00:29:30,799 --> 00:29:31,279
are out there.

624
00:29:31,160 --> 00:29:31,880
Speaker 4: Hoovering them up.

625
00:29:32,000 --> 00:29:36,400
Speaker 5: Yeah, but that's the approach, the approach anymore with most

626
00:29:36,440 --> 00:29:39,559
of these big companies. Now, it's not by that because

627
00:29:39,599 --> 00:29:41,759
we can plug it into our ecosystem we think it's

628
00:29:41,799 --> 00:29:44,680
going to be great. It's by that if we find

629
00:29:44,680 --> 00:29:46,920
a use for it, fantastic. But at the very least

630
00:29:46,960 --> 00:29:48,440
we won't have to compete against.

631
00:29:48,200 --> 00:29:51,799
Speaker 1: Gosh, it's just to negate it it's just to park it.

632
00:29:51,880 --> 00:29:55,000
I never I didn't believe it. When we sold our company,

633
00:29:55,039 --> 00:29:58,599
which had super super early it wasn't AI, but it

634
00:29:58,680 --> 00:30:01,839
was big data. And we've done a lot of I

635
00:30:01,880 --> 00:30:05,200
think unique licensing deals where we took different products and

636
00:30:05,240 --> 00:30:09,119
combine them into one. And WPP purchased us, the world's

637
00:30:09,200 --> 00:30:12,160
largest PR firm, and so we went to work there

638
00:30:12,200 --> 00:30:14,359
with all these earnouts and we're looking at the earnouts

639
00:30:14,440 --> 00:30:15,319
is big money.

640
00:30:15,839 --> 00:30:17,400
Speaker 2: And I realized they're killing this.

641
00:30:19,400 --> 00:30:21,599
Speaker 1: I watched technology people and I sat in a meeting

642
00:30:21,599 --> 00:30:24,359
with a person who said, is this better tech than

643
00:30:24,359 --> 00:30:24,720
what we have?

644
00:30:24,880 --> 00:30:25,160
Speaker 4: Yes?

645
00:30:26,000 --> 00:30:27,599
Speaker 1: Did I think it was smoking mirrors when I walked

646
00:30:27,599 --> 00:30:29,440
into the room. Yes, Do I think that now?

647
00:30:29,559 --> 00:30:29,839
Speaker 2: Nope.

648
00:30:29,880 --> 00:30:32,480
Speaker 1: I can see that this is very real and very

649
00:30:32,480 --> 00:30:36,000
scary and very potent. It's just that it's this. I

650
00:30:36,039 --> 00:30:37,839
don't think that we're prepared to take advantage of it

651
00:30:37,839 --> 00:30:40,759
from a billable hour's rate. So next thing I know,

652
00:30:41,119 --> 00:30:43,720
like wait a minute, we're not getting invited to RFP

653
00:30:43,799 --> 00:30:47,640
discussions to presentations anymore. And it occurred to me they

654
00:30:47,640 --> 00:30:49,640
couldn't figure out how to get themselves out of the

655
00:30:49,640 --> 00:30:53,480
billable hour thing to let our tech do what people

656
00:30:53,519 --> 00:30:56,279
were getting paid, you know, one hundred bucks an hour.

657
00:30:56,359 --> 00:30:59,039
Our tech would do for zero dollars an hour once

658
00:30:59,039 --> 00:31:01,559
they amortized it and got it all out of the way.

659
00:31:01,359 --> 00:31:03,200
Speaker 2: So that's where we're at now.

660
00:31:03,319 --> 00:31:05,240
Speaker 1: Is just I say these companies, I want to tell

661
00:31:05,519 --> 00:31:07,799
a workout story at a second, because you want to

662
00:31:07,799 --> 00:31:13,039
talk about innovation. In fact, as I do this, Alex

663
00:31:13,079 --> 00:31:15,480
is going to play a video of something called a

664
00:31:15,480 --> 00:31:18,480
reverse hyper and you won't see this act, but the

665
00:31:18,599 --> 00:31:20,400
viewers will. I'll send this to you later because we're

666
00:31:20,400 --> 00:31:22,759
talking about innovations. Zach just mentioned this. So my friends

667
00:31:22,799 --> 00:31:27,000
at Bioptimizers are innovators, and they innovated their way as

668
00:31:27,079 --> 00:31:30,480
bodybuilders in the case of Wade into being a world

669
00:31:30,759 --> 00:31:34,759
champ bodybuilder as these two things vegetarian and all natural.

670
00:31:35,319 --> 00:31:36,599
So now I had to work out and I had

671
00:31:36,599 --> 00:31:39,000
to compete in the all natural world because you know,

672
00:31:39,160 --> 00:31:42,440
you can't compete with the steroidd body. But as a vegetarian,

673
00:31:42,480 --> 00:31:45,559
he won world championships. But man did he punish his body,

674
00:31:46,039 --> 00:31:48,839
and so did his buddy Wade, who is his co founder.

675
00:31:49,079 --> 00:31:52,599
At Bioptimizers. They created this lab that was for elite

676
00:31:52,640 --> 00:31:56,200
athletes to help elite athletes overcome what they do to

677
00:31:56,279 --> 00:31:58,960
their bodies as elite athletes because there is a cost

678
00:31:59,119 --> 00:32:03,400
to be paid. And when that became successful, they started

679
00:32:03,480 --> 00:32:06,240
to notice they had some products that would work for everybody.

680
00:32:06,559 --> 00:32:08,480
One of them is magnesium Breakthrough. And you've heard me

681
00:32:08,519 --> 00:32:11,640
talk about this from a perspective of sleep. But let

682
00:32:11,640 --> 00:32:15,799
me focus on something about this season. Christmas time, Honka.

683
00:32:15,960 --> 00:32:19,039
The holidays are super stressful for a lot of people.

684
00:32:19,640 --> 00:32:21,559
Have people come over to your house, maybe people you love,

685
00:32:21,599 --> 00:32:23,279
some people, maybe you don't want to be in the house.

686
00:32:23,960 --> 00:32:27,519
You've got the timing of buying gifts and are they

687
00:32:27,519 --> 00:32:28,799
going to be delivered or we're going to make the

688
00:32:28,799 --> 00:32:32,400
airplane flight money becomes an issue. So here's a way

689
00:32:32,480 --> 00:32:35,400
to use magnesium Breakthrough during this holiday season to not

690
00:32:35,599 --> 00:32:40,559
let their self be robbed of joy. It helps deliver calm.

691
00:32:41,200 --> 00:32:45,799
It controls the stress hormone cortisol. It encourages and enables

692
00:32:45,960 --> 00:32:49,839
the optimal absorption of nutrition, which can give you more

693
00:32:49,960 --> 00:32:52,519
energy at the same time as creating calmness.

694
00:32:53,240 --> 00:32:55,319
Speaker 2: So do this. Choose calm this holiday season.

695
00:32:55,400 --> 00:32:58,680
Speaker 1: Go to boptimizers dot com slash todd use code tod

696
00:32:58,680 --> 00:32:59,640
to get an extra.

697
00:32:59,440 --> 00:33:01,279
Speaker 2: Ten percent off Magnesian breakthrough.

698
00:33:01,599 --> 00:33:05,160
Speaker 1: That's Boptimizers dot com, slash Todd Zach. You get a

699
00:33:05,200 --> 00:33:07,920
kick out of this. You know about the company called

700
00:33:07,960 --> 00:33:10,640
West Side Bar Bill. Have you ever seen these guys? Okay,

701
00:33:10,680 --> 00:33:12,440
so you've seen the videos. It was founded by this

702
00:33:12,480 --> 00:33:16,440
guy named Louis Simmons, insane powerlifter who was still squatting

703
00:33:16,559 --> 00:33:18,400
six hundred and seven pounds in his sixties.

704
00:33:18,599 --> 00:33:19,599
Speaker 2: He broke his back.

705
00:33:20,799 --> 00:33:23,319
Speaker 1: So dude breaks his back and he's an older guy,

706
00:33:23,440 --> 00:33:24,880
and surgeons say, you're done.

707
00:33:26,039 --> 00:33:28,400
Speaker 2: You might not walk again. Your back's broken. You every

708
00:33:28,440 --> 00:33:28,880
lift again.

709
00:33:29,079 --> 00:33:31,480
Speaker 1: So he goes home and he invents this device, which

710
00:33:31,519 --> 00:33:33,799
Alex is showing you in video called a reverse hyper.

711
00:33:34,720 --> 00:33:36,799
And you see someone using this reverse hyper. I'm saying

712
00:33:36,799 --> 00:33:39,599
this because I just bought one of these. He used

713
00:33:39,599 --> 00:33:42,279
that and he was able to squat and work out again.

714
00:33:43,000 --> 00:33:45,400
This is a guy who does not he's not a designer,

715
00:33:46,039 --> 00:33:49,279
he's not a surgeon, he's not a PhD. He is

716
00:33:49,480 --> 00:33:53,640
a roughneck weightlifter. That's innovation. He had this thing patent

717
00:33:53,680 --> 00:33:56,680
did for like ten years, fifteen years. You couldn't buy

718
00:33:56,720 --> 00:33:59,960
one for under five grand, and then people figure out

719
00:34:00,119 --> 00:34:02,240
to reverse engineer it. Now you can buy. Actually, one

720
00:34:02,279 --> 00:34:04,960
of his West Side hyper is three hundred and ninety

721
00:34:05,000 --> 00:34:08,039
five bucks. That's the person I got off a Facebook marketplace.

722
00:34:08,480 --> 00:34:12,480
That's the point, Zach, about this innovation that Americans, left

723
00:34:12,480 --> 00:34:16,239
to their own ends, will innovate, and that's what's being blocked.

724
00:34:16,280 --> 00:34:18,920
And you think that the Trump administration, with their attitude

725
00:34:18,920 --> 00:34:19,519
at least, is.

726
00:34:19,440 --> 00:34:21,320
Speaker 2: Going to enable innovation to come back.

727
00:34:22,320 --> 00:34:23,000
Speaker 4: Yeah, I mean that.

728
00:34:23,280 --> 00:34:25,960
Speaker 5: I mean when you think about DOGE, I think people

729
00:34:26,000 --> 00:34:28,519
think about the money saving.

730
00:34:28,719 --> 00:34:28,920
Speaker 4: Yeah.

731
00:34:28,960 --> 00:34:32,440
Speaker 5: Look, that's not the point of doage. DOGE is not

732
00:34:32,559 --> 00:34:34,639
going to save us money and get our balance our

733
00:34:34,679 --> 00:34:38,920
budget balance, right. The main advantage of DOGE is going

734
00:34:38,960 --> 00:34:42,960
to be economic productivity and getting out of the way

735
00:34:43,079 --> 00:34:47,119
of entrepreneurs and innovators. And like we've told you man

736
00:34:47,880 --> 00:34:50,079
or like you and I have talked about, this is

737
00:34:50,119 --> 00:34:56,679
not This isn't political or economic dogma, right. This is cyclicality,

738
00:34:56,760 --> 00:35:00,199
meaning there have been times in our country's history where

739
00:35:00,239 --> 00:35:03,840
we needed more regulation. A perfect example of that was

740
00:35:03,880 --> 00:35:07,760
the beginning of the twentieth century, right Teddy Roosevelt, antitrust laws,

741
00:35:08,599 --> 00:35:11,559
all that kind of stuff. There have been times in

742
00:35:11,599 --> 00:35:13,400
the past, like the beginning of the eighties at the

743
00:35:13,480 --> 00:35:16,000
end of the Carter administration where we needed less regulation.

744
00:35:17,039 --> 00:35:20,719
Today is one of those times where regulations have really

745
00:35:20,800 --> 00:35:26,199
been creeping in a very not unseubtle, but a scary

746
00:35:26,360 --> 00:35:30,800
or shockingly consistent way since eight nine. And you've gone

747
00:35:30,880 --> 00:35:34,239
too far. And I can give you example after example

748
00:35:34,360 --> 00:35:35,159
after example.

749
00:35:35,280 --> 00:35:36,840
Speaker 4: I can give you example of.

750
00:35:37,400 --> 00:35:45,599
Speaker 5: Regulatory in my opinion, which is regulatory harassment. If you've

751
00:35:45,679 --> 00:35:49,119
had to go up against one of these institutions or departments,

752
00:35:49,480 --> 00:35:52,559
you know exactly what I'm talking about. If you haven't,

753
00:35:52,719 --> 00:35:55,679
it probably sounds like a bunch of wealthy business people crying.

754
00:35:55,960 --> 00:35:57,119
Speaker 4: And I'm just telling.

755
00:35:56,880 --> 00:36:00,000
Speaker 5: You, people don't realize the kind of back alley muggy

756
00:36:00,679 --> 00:36:03,000
that are occurring with these regulatory bodies.

757
00:36:03,280 --> 00:36:05,880
Speaker 4: And it's happened to me. It's happened to me, and.

758
00:36:07,760 --> 00:36:13,559
Speaker 5: It is It is really unnerving, and it is one

759
00:36:13,599 --> 00:36:17,000
of the most odd, alienating feelings I have ever had,

760
00:36:17,039 --> 00:36:22,000
where you completely guiltlessly are being persecuted by a federal

761
00:36:22,039 --> 00:36:26,239
government with bottomless pockets and you've got no recourse, right

762
00:36:26,519 --> 00:36:29,760
even when you prove they're wrong, you've got no recourse.

763
00:36:30,159 --> 00:36:34,960
And this is blocking tremendous amounts of innovation. It's blocking

764
00:36:35,000 --> 00:36:37,559
tremendous amounts of capital formation.

765
00:36:38,239 --> 00:36:39,920
Speaker 4: And it doesn't bother the big guys.

766
00:36:40,000 --> 00:36:41,800
Speaker 5: You're not gonna hear it on CNBC because all they're

767
00:36:41,840 --> 00:36:45,519
focused on is the big companies that are funding people's

768
00:36:45,559 --> 00:36:46,440
election campaigns.

769
00:36:46,480 --> 00:36:46,960
Speaker 4: Right.

770
00:36:47,000 --> 00:36:49,800
Speaker 5: But then you flip around and you realize that the

771
00:36:49,800 --> 00:36:52,239
small business still employs sixty percent of the people in

772
00:36:52,239 --> 00:36:57,000
this country. And you have completely and I'm talking through

773
00:36:57,079 --> 00:37:02,199
both Obama administrations, you composee letly almost everything you passed,

774
00:37:02,719 --> 00:37:07,280
wittingly or unwittingly, was a benefit to giant corporations at

775
00:37:07,280 --> 00:37:09,639
the cost of small business. And you got to undo

776
00:37:09,719 --> 00:37:13,639
some of that, man, because your economy and your labor force,

777
00:37:14,320 --> 00:37:18,199
it is intricately tied to small business. That's where innovation

778
00:37:18,400 --> 00:37:21,440
comes from. It's just a talk about eating your corn

779
00:37:21,480 --> 00:37:25,039
seed or your seed corn, right. That's that that That's

780
00:37:25,079 --> 00:37:29,039
what you've been doing. And you know, yep uh, they

781
00:37:29,159 --> 00:37:32,119
got to reverse it. They they they I think they will,

782
00:37:32,559 --> 00:37:35,159
and if they don't, there's going to be pride. There's

783
00:37:35,199 --> 00:37:37,679
going to be a lot of unpleasant economic realities we

784
00:37:37,760 --> 00:37:42,400
have to face because that Microsoft ain't our engine of innovation. No,

785
00:37:42,679 --> 00:37:46,159
US consumer and the US dreamer and entrepreneur is right.

786
00:37:46,239 --> 00:37:48,880
Speaker 1: Microsoft is one of our engines of entropy. And I

787
00:37:48,920 --> 00:37:50,960
hate to say it, but Google's becoming the same way.

788
00:37:51,239 --> 00:37:54,079
Apple's becoming the same way. And we've got this consistent

789
00:37:54,159 --> 00:37:56,559
cash full as you've taught us about on the show, Zach,

790
00:37:56,639 --> 00:38:01,159
people buying their stock automatically through a lot of platforms,

791
00:38:01,320 --> 00:38:03,559
and it happens every month, and they don't need to care,

792
00:38:04,079 --> 00:38:06,360
they don't need to innovate. I'll share I know a

793
00:38:06,440 --> 00:38:08,400
little bit about what you went through with regulators, and

794
00:38:08,400 --> 00:38:12,960
maybe one day we'll talk about that. Completely unfair, absolutely terrifying,

795
00:38:13,000 --> 00:38:15,320
because as you said, they don't have to care. They

796
00:38:15,320 --> 00:38:17,840
have all the money they need. It's not their skin,

797
00:38:18,000 --> 00:38:21,480
it's not their risk. They go home at five o'clock

798
00:38:21,760 --> 00:38:24,679
and they don't care. They don't care what it does

799
00:38:24,719 --> 00:38:26,960
to you. I have a small example of this you

800
00:38:27,000 --> 00:38:28,639
can relate to as a homeowner. I'll share with this

801
00:38:28,719 --> 00:38:31,800
you in a second. In this season coming up, it's

802
00:38:31,880 --> 00:38:35,480
Christmas time. We've been talking about bone frog sellers. So

803
00:38:35,519 --> 00:38:37,440
what do we have coming We have Christmas, we have

804
00:38:37,519 --> 00:38:39,400
New Year's that's a big time for people.

805
00:38:39,159 --> 00:38:42,119
Speaker 2: Who love to get just stone cold drunk.

806
00:38:42,719 --> 00:38:45,159
Speaker 1: That's the stuff Tim Krukshank, the founder and CEO of

807
00:38:45,159 --> 00:38:47,519
Bone Frog Sellers, wants me to talk about He's a

808
00:38:47,519 --> 00:38:51,119
retired Navy seal. He's a medic with the Teams Physicians Assisted.

809
00:38:51,199 --> 00:38:54,480
He wanted me to talk about getting stone cold, passing out,

810
00:38:54,559 --> 00:38:55,400
vomiting drunk.

811
00:38:55,880 --> 00:39:01,519
Speaker 2: What oh, sorry, No, that's a different product.

812
00:39:02,000 --> 00:39:02,159
Speaker 4: Now.

813
00:39:02,239 --> 00:39:05,480
Speaker 1: Tim is about the responsible use of adult beverages, wines,

814
00:39:05,639 --> 00:39:07,800
and he has worked with a family who's been in

815
00:39:07,840 --> 00:39:10,960
this business for decades. He wanted to make wine. He

816
00:39:11,039 --> 00:39:13,280
didn't know how. He did the same thing with coffee

817
00:39:13,559 --> 00:39:16,239
and coffee. He got Dave Stewart to mentor him to

818
00:39:16,280 --> 00:39:18,719
make some of his roast for Bone Frog Coffee. So

819
00:39:18,800 --> 00:39:21,639
Tim traveled around Washington State and went into the Tri

820
00:39:21,760 --> 00:39:25,559
state area's Washington, Idaho Oregon area. Found a family who

821
00:39:25,599 --> 00:39:28,519
knows what they're doing. Loved the fact that Tim, a seal,

822
00:39:29,159 --> 00:39:31,800
wanted to create something for his family to last, to

823
00:39:31,840 --> 00:39:34,599
be a legacy, but also to support the memory of

824
00:39:34,719 --> 00:39:35,639
fallen seals.

825
00:39:35,880 --> 00:39:37,239
Speaker 2: That's what the Bone Frog maids.

826
00:39:37,639 --> 00:39:40,840
Speaker 1: Every bottle is really classic black and whites got the

827
00:39:40,880 --> 00:39:44,280
bone Frog image. That's the image of a fallen Navy seal.

828
00:39:44,400 --> 00:39:46,719
It says in the bottle of God Country Team and

829
00:39:46,920 --> 00:39:50,519
every bottle says God Country Team on it. We had

830
00:39:50,559 --> 00:39:54,039
at our home a tasting party from just new drinkers

831
00:39:54,079 --> 00:39:56,440
of wine. They loved the Cabernetes and the Merylows, the

832
00:39:56,480 --> 00:39:59,719
twenty fifteen vintage, my wife who drinks it a little

833
00:39:59,760 --> 00:40:02,519
more often. And then some friends of ours who I

834
00:40:02,559 --> 00:40:05,000
think is fair to say they're either wine snobs if

835
00:40:05,039 --> 00:40:06,920
you want to be snarky, or experts at it if

836
00:40:06,920 --> 00:40:07,800
you want to be kind, and.

837
00:40:07,719 --> 00:40:08,599
Speaker 2: They are experts.

838
00:40:08,719 --> 00:40:12,000
Speaker 1: So go to Bonefrog Sellers dot com slash todd. Get

839
00:40:12,000 --> 00:40:15,719
ten percent off the wines there Bonefrog Sellers dot com slashtot.

840
00:40:15,800 --> 00:40:17,119
Speaker 2: Remember that ten percent of.

841
00:40:17,039 --> 00:40:19,800
Speaker 1: Proceeds always go to the Navy Seal Foundation to help

842
00:40:19,840 --> 00:40:21,519
the families of fallen Navy seals.

843
00:40:21,519 --> 00:40:24,159
Speaker 2: Bone Fogshelters dot com, slash todd. You might be able

844
00:40:24,159 --> 00:40:25,679
to relate to this, Zach. It doesn't get up to

845
00:40:25,719 --> 00:40:27,880
the level of where you were at. But we were selling.

846
00:40:28,079 --> 00:40:30,880
Speaker 1: We were doing home improvement in our house in the

847
00:40:30,960 --> 00:40:34,519
Des Moines Numberdy Park area. Had a beautiful view these

848
00:40:34,559 --> 00:40:39,280
really classic Swiss made ceilings. This guy was a high

849
00:40:39,360 --> 00:40:42,239
level boweling engineer. He designed the house and he had

850
00:40:42,239 --> 00:40:44,480
these tongue and groove, and he was so proud of those.

851
00:40:44,559 --> 00:40:48,119
Not a nail up there, man, everything fits perfectly. The

852
00:40:48,239 --> 00:40:50,559
finish is perfect. It was one of the outstanding things

853
00:40:50,599 --> 00:40:52,320
about our house. Everybody came to our house and go, wow,

854
00:40:52,360 --> 00:40:55,280
the ceilings are you kidding? And they matched the wood

855
00:40:55,280 --> 00:40:55,920
floors to a t.

856
00:40:56,159 --> 00:40:57,519
Speaker 2: Yeah, this guy was solid.

857
00:40:58,400 --> 00:41:01,440
Speaker 1: So we're getting new windows. And we had thirty nine

858
00:41:01,440 --> 00:41:03,599
windows and we had a guy come out, and this

859
00:41:03,719 --> 00:41:06,800
might have happened. It's a possibility of this occurred. So

860
00:41:06,880 --> 00:41:08,639
it's possible that when he came in and he gave

861
00:41:08,679 --> 00:41:10,880
us a bid, he said, Okay, here's the windows you

862
00:41:10,960 --> 00:41:15,480
have to buy legally, and here's the drop ceiling you

863
00:41:15,559 --> 00:41:20,119
have to install legally. That is, unless you already have

864
00:41:20,119 --> 00:41:24,719
your permit. And I said, let me understand what you're saying.

865
00:41:25,519 --> 00:41:30,360
I have to buy white, ugly windows that will not

866
00:41:30,400 --> 00:41:33,800
match our brick house or paint. And I have to

867
00:41:33,800 --> 00:41:37,519
go from a twenty foot ceiling to an eight and

868
00:41:37,559 --> 00:41:40,599
a half nine foot ceiling that is going to be

869
00:41:40,760 --> 00:41:44,800
filled with styrofoam and sprayed with popcorn.

870
00:41:46,559 --> 00:41:49,159
Speaker 2: Like the popcorn white spray.

871
00:41:49,519 --> 00:41:51,360
Speaker 1: I have to do that unless I already have a

872
00:41:51,400 --> 00:41:53,559
building permit, and he goes, that's right.

873
00:41:53,599 --> 00:41:56,159
Speaker 2: I go, what the heck is this? He goes, it's

874
00:41:56,159 --> 00:41:57,920
called the port package of the Port of Seattle.

875
00:41:57,920 --> 00:42:02,159
Speaker 1: Purchase all these windows, all all these ceilings to abate

876
00:42:02,239 --> 00:42:02,880
airplane noise.

877
00:42:02,920 --> 00:42:05,440
Speaker 2: I go, we don't. We're not affected by airplane noise.

878
00:42:06,400 --> 00:42:06,760
We don't.

879
00:42:06,800 --> 00:42:08,519
Speaker 1: I mean we see the airplanes coming in, but they're

880
00:42:08,559 --> 00:42:11,760
not loud. We actually like watching them. Well, that's the deal.

881
00:42:13,679 --> 00:42:16,559
Speaker 2: Okay. I might have said to him, I have a

882
00:42:16,559 --> 00:42:19,280
building permit. Do you need to see it? And it's

883
00:42:19,320 --> 00:42:20,800
possible that he said no, no, I trust you.

884
00:42:22,639 --> 00:42:26,639
Speaker 1: I just sign this thing that says that you have one.

885
00:42:27,840 --> 00:42:30,920
I said, okay, So he put them in. I go,

886
00:42:31,039 --> 00:42:33,119
what would happen if a building is Spectra happened to

887
00:42:33,119 --> 00:42:36,480
come by? He goes, if they had the windows all

888
00:42:36,519 --> 00:42:38,519
done and we were just finishing up, yep, they'd make

889
00:42:38,599 --> 00:42:43,039
us take him out. They'd make us remove them at

890
00:42:43,079 --> 00:42:44,199
your cost.

891
00:42:44,519 --> 00:42:47,480
Speaker 5: So you don't get to pick what kind of windows

892
00:42:47,519 --> 00:42:48,480
you wanted in your house.

893
00:42:48,599 --> 00:42:51,000
Speaker 2: No, because the porta Seattle bought him in advance for each.

894
00:42:50,800 --> 00:42:53,920
Speaker 4: House, so that you get them for free.

895
00:42:54,119 --> 00:42:55,400
Speaker 2: Oh no, you still pay for him.

896
00:42:57,039 --> 00:43:02,440
Speaker 1: You get a reduced rate. But yes, they forced this

897
00:43:02,719 --> 00:43:06,440
into these homes that have these unbelievable views of the sound.

898
00:43:07,039 --> 00:43:09,679
Speaker 4: But what if you like airplay noise? What do you

899
00:43:09,760 --> 00:43:10,280
mean you get?

900
00:43:11,159 --> 00:43:13,320
Speaker 1: So this is what he told us, and I saw

901
00:43:13,360 --> 00:43:16,280
it in other houses. I'd been in my neighbor's houses

902
00:43:16,400 --> 00:43:21,000
that they got windows replaced, and they had the popcorn

903
00:43:21,039 --> 00:43:22,880
ceiling from the seventies.

904
00:43:22,400 --> 00:43:24,199
Speaker 2: Like, why is that there? Oh, that's the port package.

905
00:43:24,760 --> 00:43:27,480
Speaker 1: And then I drove around the neighborhood that I saw Wait, yeah,

906
00:43:27,639 --> 00:43:30,000
that's a brown house that's got these white frames and

907
00:43:30,039 --> 00:43:33,480
this those don't match. And I realized that other people

908
00:43:33,559 --> 00:43:37,679
had given into this. So I actually I actually said,

909
00:43:37,960 --> 00:43:41,360
and this is possible that I said this. I may

910
00:43:41,400 --> 00:43:43,960
have emailed my wife and said, I can't believe this.

911
00:43:44,559 --> 00:43:46,440
I just got home from a business trip and someone

912
00:43:46,480 --> 00:43:47,840
installed new windows in her house.

913
00:43:48,880 --> 00:43:50,360
Speaker 2: I don't know who to contact. I don't even know

914
00:43:50,360 --> 00:43:52,559
if this is okay. But I didn't sign off in this.

915
00:43:52,599 --> 00:43:55,559
Speaker 1: And it's possible that my wife wrote back and said, yeah,

916
00:43:55,599 --> 00:43:57,199
it's so weird. I saw the same thing all of

917
00:43:57,239 --> 00:43:59,400
a sudden, there's windows.

918
00:43:59,480 --> 00:44:01,800
Speaker 4: But random act of kindness. Man, what are you supposed

919
00:44:01,800 --> 00:44:01,960
to do?

920
00:44:02,079 --> 00:44:04,639
Speaker 1: He told me a story that they had done work

921
00:44:05,360 --> 00:44:08,480
windows in an apartment building that was twelve stories tall

922
00:44:08,559 --> 00:44:11,559
downtown and they were just getting ready to get them finished.

923
00:44:11,559 --> 00:44:13,800
There were then you know, there's this formula where they

924
00:44:14,239 --> 00:44:16,519
they leave some windows open until the last minute, like

925
00:44:16,559 --> 00:44:18,639
one on top, one in the middle, so that the

926
00:44:18,719 --> 00:44:20,719
airflow is okay, doesn't blow the windows out.

927
00:44:21,320 --> 00:44:22,760
Speaker 2: They're putting in some of the last windows.

928
00:44:22,840 --> 00:44:26,159
Speaker 1: The building inspectors there it is no, no, no, no,

929
00:44:26,159 --> 00:44:28,679
no nope. These need to be set back or had

930
00:44:28,679 --> 00:44:31,880
some rule. And so these guys go, okay, all right,

931
00:44:32,000 --> 00:44:33,800
we'll got it. We'll set it back. He no, no, no,

932
00:44:33,840 --> 00:44:41,159
you don't get it. Start over, start over, Go remove

933
00:44:41,519 --> 00:44:45,679
all the windows. I will reinspect them. But wait, you're

934
00:44:45,760 --> 00:44:47,920
you You already had this. These have already been inspected,

935
00:44:48,840 --> 00:44:55,800
like this is the finish shop. Go start over, right,

936
00:44:55,840 --> 00:44:58,760
And that doesn't even begin to match what you have seen.

937
00:44:59,239 --> 00:45:00,159
Speaker 2: So one question.

938
00:45:00,800 --> 00:45:03,920
Speaker 1: Earlier this week, the NASTAC jumped up to this new

939
00:45:03,960 --> 00:45:07,360
record to start as S and P five hundred indexing higher.

940
00:45:07,840 --> 00:45:09,280
Speaker 2: People all excited about this.

941
00:45:10,000 --> 00:45:12,079
Speaker 1: The more you've taught me about financing, Mary, look at

942
00:45:12,079 --> 00:45:13,039
this and go who cares?

943
00:45:13,519 --> 00:45:16,000
Speaker 2: Yeah, none of it's rational. I don't care. Should we

944
00:45:16,039 --> 00:45:18,440
even be spending any time looking at the s and p.

945
00:45:21,280 --> 00:45:21,519
Speaker 4: Look.

946
00:45:21,639 --> 00:45:27,559
Speaker 5: Ihh, Yeah, it's tough right now. And it's tough because

947
00:45:27,639 --> 00:45:30,119
I do think that we have got good economic things

948
00:45:30,159 --> 00:45:31,000
coming down the pipe.

949
00:45:31,480 --> 00:45:33,000
Speaker 4: Okay, that being said.

950
00:45:32,920 --> 00:45:35,480
Speaker 5: I think the vast majority of people are not paying

951
00:45:35,519 --> 00:45:42,079
attention to how crazily valued so many of the things

952
00:45:42,079 --> 00:45:45,159
in this market are. And like we've said, what makes

953
00:45:45,159 --> 00:45:49,039
it so difficult is there's things that aren't overvalued, and

954
00:45:49,239 --> 00:45:52,119
some of the things that are overvalued, there are reads.

955
00:45:52,519 --> 00:45:54,599
Speaker 4: It's it's tough.

956
00:45:56,000 --> 00:45:59,679
Speaker 5: What concerns me here, here's what concerns me is that

957
00:46:00,360 --> 00:46:02,719
so many of the companies that so many people are

958
00:46:02,719 --> 00:46:07,719
invested in are completely detached from underlying fundamentals, meaning they're

959
00:46:07,760 --> 00:46:09,840
not detached from the reasons they're going up. And I

960
00:46:09,840 --> 00:46:12,039
think you signed it pretty clearly. The reasons that the

961
00:46:12,119 --> 00:46:15,079
vast majority of these companies are going up is because

962
00:46:15,280 --> 00:46:17,840
of wage gains, and people are like, what do you mean, go? Well,

963
00:46:17,920 --> 00:46:20,320
wage gains feed directly into four to one K accounts.

964
00:46:20,599 --> 00:46:23,679
Four to one K accounts are almost exclusively now exchange

965
00:46:23,719 --> 00:46:26,440
traded funds, which means when you put money into your

966
00:46:26,440 --> 00:46:28,679
four oh one K account, that money is just getting

967
00:46:28,880 --> 00:46:31,679
thrown blindlessly into the market and buying all five hundred

968
00:46:31,679 --> 00:46:34,119
stocks in the S and P five hundred. So what

969
00:46:34,159 --> 00:46:37,119
you're seeing now is you're seeing kind of a weird

970
00:46:37,199 --> 00:46:40,400
market composition that we've never really witnessed before, which is

971
00:46:41,400 --> 00:46:44,480
most or the good portion of some of your most

972
00:46:44,719 --> 00:46:48,599
crazy expensive companies are now at the top half of

973
00:46:48,639 --> 00:46:50,800
the market, where that was never the case.

974
00:46:50,880 --> 00:46:51,000
Speaker 3: Right.

975
00:46:51,039 --> 00:46:51,960
Speaker 4: It was usually your.

976
00:46:51,840 --> 00:46:55,000
Speaker 5: Biggest, most boring companies at the top of the market

977
00:46:55,000 --> 00:46:57,559
because they're the biggest, right, But now you see some

978
00:46:57,639 --> 00:46:59,559
of these companies towards the top of the market that

979
00:46:59,599 --> 00:47:02,280
have value euations that make them look like you know,

980
00:47:02,360 --> 00:47:03,800
penny stock growth companies.

981
00:47:04,000 --> 00:47:04,280
Speaker 4: Yep.

982
00:47:05,079 --> 00:47:12,480
Speaker 5: And so now here's the crazy part. It when I

983
00:47:12,519 --> 00:47:14,519
look at this market right now, and I look what's

984
00:47:14,559 --> 00:47:16,840
going on, and you've got the NASDAC making fresh new

985
00:47:16,880 --> 00:47:20,159
all time highs today, SMP now making new all time

986
00:47:20,239 --> 00:47:23,480
highs today at valuations that you've only seen two other

987
00:47:23,519 --> 00:47:28,440
times in US history. Look, I think that you're setting

988
00:47:28,519 --> 00:47:30,840
up to where if you told me that a year

989
00:47:30,880 --> 00:47:32,960
from now the market was fifty percent higher than it

990
00:47:33,000 --> 00:47:35,599
currently is. Remember, remember we were having this conversation a

991
00:47:35,679 --> 00:47:37,320
year ago when I was telling you look at the

992
00:47:37,360 --> 00:47:39,280
sketchy things on the horizon, look at all this kind

993
00:47:39,320 --> 00:47:42,599
of stuff. But that being said, I would wouldn't be

994
00:47:42,639 --> 00:47:45,760
horrifically shocked if in the next twelve to twenty four

995
00:47:45,760 --> 00:47:48,920
months the market was you know, double where it's currently at. Well,

996
00:47:48,920 --> 00:47:52,559
we're about halfway there now, right, I mean you're about

997
00:47:52,559 --> 00:47:57,199
halfway there. So you know, when you get this expensive,

998
00:47:57,800 --> 00:48:01,519
you know, what is is it really any different when

999
00:48:01,519 --> 00:48:04,480
you've got a company like Apple trading at forty times

1000
00:48:04,519 --> 00:48:06,039
earnings as opposed to fifty five?

1001
00:48:07,119 --> 00:48:07,199
Speaker 3: No?

1002
00:48:07,920 --> 00:48:11,800
Speaker 4: Why not? Right? Costcos at sixty? Why not run a

1003
00:48:11,880 --> 00:48:12,199
d eighty?

1004
00:48:13,840 --> 00:48:16,039
Speaker 5: You know in vidio, I mean you know, you just

1005
00:48:16,039 --> 00:48:18,039
go down the list, You're like, well why not? There's

1006
00:48:18,039 --> 00:48:22,079
no like you're not connected to underlying valuations. Right now,

1007
00:48:22,360 --> 00:48:26,719
Apple's now hitting the highest market's been at ever, at

1008
00:48:26,719 --> 00:48:29,239
the highest valuation it's been at in twenty five years,

1009
00:48:29,280 --> 00:48:32,199
and it's got its weakest worst financial performance growth in

1010
00:48:32,239 --> 00:48:36,039
that entire time, right, which is and that's what people

1011
00:48:36,079 --> 00:48:36,679
need to understand.

1012
00:48:36,719 --> 00:48:38,440
Speaker 4: It's not just the price of the stock.

1013
00:48:38,599 --> 00:48:42,880
Speaker 5: It's Apple's growth is now at the lowest point it

1014
00:48:42,920 --> 00:48:47,400
has been at since inception, since jobs took back over

1015
00:48:47,440 --> 00:48:50,159
in the late nineties, and you are now paying the

1016
00:48:50,199 --> 00:48:53,599
most expensive price for the stock in terms of you know,

1017
00:48:53,679 --> 00:48:57,760
per earnings. Right, you're paying the highest valuation for the

1018
00:48:57,760 --> 00:48:59,679
stock ever and it's never grown at a slower pace.

1019
00:49:00,199 --> 00:49:03,159
So you know, these aren't opinions of mine, right, these

1020
00:49:03,199 --> 00:49:07,880
are just these are just observations. So but those dynamics

1021
00:49:07,880 --> 00:49:10,360
that have driven the market higher are still in play.

1022
00:49:10,559 --> 00:49:12,679
Not to mention that, I think that you've got positive

1023
00:49:12,719 --> 00:49:15,960
economic stuff coming down the pipe from the Trump administration.

1024
00:49:15,880 --> 00:49:19,679
Speaker 4: But what do you do here? I don't know this effectively.

1025
00:49:19,719 --> 00:49:21,760
Speaker 5: In my opinion, A big, a big part of this

1026
00:49:21,920 --> 00:49:24,400
market is turned into a casino where you're making a

1027
00:49:24,440 --> 00:49:26,360
bet does it go higher or not? But you're not

1028
00:49:26,440 --> 00:49:29,440
investing right when you're when you're buying up these companies

1029
00:49:29,440 --> 00:49:32,400
at you know, two two hundred and fifty three hundred

1030
00:49:32,440 --> 00:49:36,519
times earnings at thirty forty fifty times revenue, that's not

1031
00:49:36,599 --> 00:49:39,960
an investment, Meaning the valuation of that company is so

1032
00:49:40,119 --> 00:49:43,239
high that you are speculating and you just need to

1033
00:49:43,239 --> 00:49:45,519
write because you're hoping that the stock price goes up

1034
00:49:45,519 --> 00:49:47,480
at that point. You're not sitting there looking at cash

1035
00:49:47,480 --> 00:49:49,480
flows and margins going Okay, if I pay this price

1036
00:49:49,480 --> 00:49:51,760
for the stock, I'll get an ROI in four and

1037
00:49:51,760 --> 00:49:52,400
a half years.

1038
00:49:52,440 --> 00:49:54,199
Speaker 4: And but you're not doing that. That's investing.

1039
00:49:54,559 --> 00:49:57,000
Speaker 5: So I will just tell you, Look, this period of

1040
00:49:57,079 --> 00:49:59,840
time will end like every other period of time like it,

1041
00:50:00,280 --> 00:50:05,360
which is in disaster and collapse. Boy, it will, right,

1042
00:50:05,440 --> 00:50:07,280
But I think we could be a long way but

1043
00:50:07,360 --> 00:50:09,280
we could be a long way away from that. And

1044
00:50:09,320 --> 00:50:11,440
that's the tough part about it. And so when you

1045
00:50:11,440 --> 00:50:12,840
get down to well, what do we do?

1046
00:50:13,119 --> 00:50:15,440
Speaker 4: You manage risk. That's the only thing you can do

1047
00:50:15,519 --> 00:50:16,119
in this market.

1048
00:50:16,280 --> 00:50:17,679
Speaker 2: Yeah, I could agree more.

1049
00:50:17,800 --> 00:50:19,519
Speaker 1: Zach, Thank you so much for always coming on with

1050
00:50:19,599 --> 00:50:21,760
wise counsel, say a Lord to the family.

1051
00:50:21,840 --> 00:50:23,000
Speaker 2: Thank you for staying the course.

1052
00:50:23,119 --> 00:50:26,320
Speaker 1: And one day we'll tell that story about the regulatory stuff.

1053
00:50:26,320 --> 00:50:27,199
Speaker 2: I'm want to figure that out.

1054
00:50:27,239 --> 00:50:29,000
Speaker 4: Yeah, okay, hey with the bypoxs say hi.

1055
00:50:29,079 --> 00:50:33,079
Speaker 2: So all right, all right, back for the White Pawks show.

1056
00:50:33,159 --> 00:50:35,800
Speaker 1: Please go be well, be strong, be kind, Please make

1057
00:50:35,840 --> 00:50:37,519
every effort to walk in the light of Christ.