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Speaker 1: Jim Kramer has advice, so get ready to do the

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opposite of that to Wi Wasserman. Schultz apparently caught in

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a violation of the Stock Act violation. We'll tell you

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about her three hundred and thirteen percent bump since her trade,

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and we'll talk about this with Zach Abram. Also might

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touch on the mayor of New York or the likely

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new mayor of New York. He's got himself a plan,

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a bold one. Zach Abraham joins U, Chief Investment Officer,

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Bulwark Capital Management.

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Speaker 2: The Todd Herman Show is one hundred percent disapproved by

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big pharma technocrats and tyrns everywhere from the hind mountains

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of Free America. Here's the Emerald City EXI.

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Speaker 1: Todd Herman. Today is the day the Lord has made,

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and these are the times through which God has decided

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we shall live. It is wise count today. Zach Abraham

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joins us. Zach, Welcome back to the Todd Herman Show,

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starring No Let's say it this way. Welcome back to

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Zach Abraham with Todd Herman.

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Speaker 3: I didn't think it's I think it's the other way around.

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But I'm the side this year. But no, good, good,

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to be back man plenty to talk about obviously, So.

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Speaker 1: Jimmy Kramer and I don't even get this. I'm normally

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I can kind of sus things out by anything.

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Speaker 2: Uranium.

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Speaker 1: Is this because Iran? Is this just because Jim Kramer.

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Speaker 3: It's because the chart broke out? Okay, Now, to be fair,

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that's it to be. To be fair, we have had

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uranium as a staple in our portfolio for probably the

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last five years.

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Speaker 1: You don't say precious metal.

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Speaker 3: Yeah, this is so let me give you. This is

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why if you want to listen to your Kramer at home,

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I would urge you not to. Okay, all right, So

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perfect example. So Camico for those for those at home,

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picker symbols CCJ, they are by far the biggest supplier

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and contractor of uranium outside of Kazakhstan. Okay, so they're

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they're the biggest company. They're kind of the bell Weather

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right yep. Jim Kramer is talking about everybody go buy uranium.

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When we got into Camico, we got into it about

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five or six years ago at about eight dollars and

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fifty cents a share. Today it hits seventy one eighty seven.

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And now Jim Kramer is telling you to go out there.

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So it's only nine xt since we bought it, but

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now it's a buye if you want to know Jim

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kra like, there's Jim Kramer right right. This is also

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this is also why this is also another example of

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why in the short run it can be so tempting

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to chase the things that are running by the breakouts.

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But this is why we believe in value investing, and

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and sometimes it takes a while, sometimes it's going to

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be frustrating. But when we were back buying Camico at

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eight point fifty, it was so bloody cheap. The only

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thing you were worried about was what would be the

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catalyst to get people to notice the stock right. And

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I'll be honest with you, it was a frustrating trade

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for the first two years. But then you look back

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six years and you know, a nine x return in

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six years isn't too bad, Todd. I'll take that annualized

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grade of gain right right, And it works over the

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long run, and that's how you're going to get big wins.

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And that's how we've gotten the majority of our big wins. Unfortunately,

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it's just become a very unpopular way of investing because

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everybody is so short term minded. But it's still not

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going to be how you find your biggest wins, and

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it's certainly not going to be jumping on the Jim

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Kramer bandwagon after nine x returns of already been name.

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Speaker 1: Let's tell you a second. He did a feature the

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day about business ideas. He's trying to help young entrepreneurs out,

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and I'll tell you an ID he had, and I'll

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see what you think of this one. This is a

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good opportunity to talk about this halfway webinar you're doing.

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It's you're looking at our country as if people's retirement

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accounts are sports teams, they're financial advisors. How are they

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doing if they have a fiduciary, big difference. Fiduciaries have

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to put their their financial interests behind ours, your fiduciary

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at Bulwark. So you're looking at it halfway through the year,

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and then you're gonna be looking at risk profiles, costs.

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How you guys are always looking to cut costs? Can

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you give people any like maybe hint in this because

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the webinar's free, but these things like they fill up.

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It's Know Your riskpodcast Dot com to register for this

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Know Your Risk podcast dot com. Just give someone just

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maybe a tiny little tease, just a taste of the cocaine.

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Speaker 3: Yeah. So, in investing, I think one of the biggest

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misnomers is that there's a right way to do it

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and there's a wrong way to do it. There's a

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lot of different ways to do it. But the thing

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that has always re resonated with me, and I think

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it makes all the sense in the world is our

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job is not to sell you a B and C.

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What our job to do. What our job should be

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as a money manager is to accomplish your goals while

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taking as little risk as possible.

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Speaker 2: Right.

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Speaker 3: So a perfect example of this, now listen, people hear

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me say this, Like, we have plenty of clients that

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don't use these products. It all depends on what's right

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for you. But a big example of what makes us

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different is we have we always used to own stocks

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and bonds. Okay, interest rates went to zero, so bonds

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lose money when interest rates go up. When should you

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get out of bonds, I'd say when rates are zero,

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it's probably a pretty good time.

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Speaker 4: Yes.

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Speaker 3: So instead of using bonds, we used our bond replacement

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strategy if it was appropriate for somebody, and we use

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something called the fixed indextinuity. Now they get ranked on

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a lot and people take shots at them. But the

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one thing I'd like people to remember is one of

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the reasons they take shots at them is because everybody

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taking shots out of them is an investment company. Okay,

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Annuities are an insurance product.

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Speaker 2: Yep.

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Speaker 3: They Investment companies can't charge fees on insurance products. So

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that doesn't mean all. Yeah, it doesn't mean all insurance

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products are good. It doesn't mean that. It doesn't mean

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that you should have insurance products instead of stocks. Yeah,

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But what it does mean is if I've got a

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bond that is paying me less than the inflation rate,

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and I am paying a management fee for that and

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interest rates are zero, and I'm doing that because that's

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a safer investment, why not go buy this investment that

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has no fee, that averages you know, four to six

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percent a year and is insured against loss. So a

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good example of this was in twenty twenty two, the

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worst year ever for bonds, when bond portfolios were down

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thirty to forty percent. Our clients didn't lose a dime, right, Yeah,

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So now again, we have plenty of clients that don't

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use those products. It's not right for everybody. But my

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whole point is saying, we're looking at a portfolio and going, Okay,

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what do you need to accomplish? What out there? What

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is the best way we can build this portfolio to

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insulate you against risk but also give you the most

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upside at the same time, right, because that's the other thing. Oh,

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you're you're a nuity. Didn't lose And I'm like, well, yeah,

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but you know what that means. That means that when

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that's used with the stock portfolio, not only did it

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not lose, but you have a higher net return, right

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Like you made more money, taking less risk, paying less

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and fees. That should be the goal, And those things

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change from time to time, and so you've got to

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stay up on it. So our attitude is, hey, when

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things are like this, we do it this way. If

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they change, we do too. You know, right now, a

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lot of our clients have way more exposure to value

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type stocks, international type stocks, commodity type stocks, specifically precious metals,

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way more than the average you know, just market oriented portfolio.

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Why we're in an inflationary environment and inflationary environments, a

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totally different type of stock benefits, So you should change

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your you know, your approach one of the and this

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is something I keep bringing up, and this is one

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of the things that you know. This to me, I

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feel just as adamant about pounding the table on when

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rates were at zero and people were still in bond portfolios,

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where you're sitting there going you are in a can't

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win investment. Okay, You're going to sit around and make

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less than the inflation rate until interest rates go up

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and you get hit for twenty five to thirty percent.

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I was saying that since twenty fifteen, that's exactly what happened.

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Right you flip around, you have a very similar dynamic

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right now. Not only are you in an inflationary environment,

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but because this past period of time has been so

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dominated by one type of stock, the kind of stocks

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you need right now also happened to be generationally cheap,

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which is a wonderful opportunity. And so you know, it's

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not just about avoiding risk, and it's not us saying

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the sky is going to fall. What it is saying, though,

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is there is a generational opportunity in so many of

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these types of things to buy them at valuations where

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you have never seen those types of things is discounted

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to the normal US stock market than they have ever been.

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So I like to buy things when they're really cheap.

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Speaker 1: It's a weird investment strategy, but it might work out.

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So if attend this halftime webinar at Zach is going

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to look at the country's performance. Halfway through, go to

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Know Your riskpodcast dot com to register investment advisors services

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up through check Financial LLC and sec Richard Investment Advisor

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Investments volve risk can not guaranteed past performances and guarantee

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future results truck twenty five. That's two five two. Since

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we have bagged Don Kramer a little bit and had

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some fun to expense, I did want to tell you

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I saw this feature. Apparently he does, and it's sort

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of to help out young entrepreneurs. And this was an

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interesting theory. He was talking about taking something that's sort

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of commodity, like just available anywhere, building an experience around it,

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like a you know, kind of a place. I think

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he called it a third place you would go and

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it would say And what he did is he said

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coffee that you could really kind of.

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Speaker 5: Okay, that's like literally, that's literally like Starbucks. I mean

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he's a little he's at themselves the third place. Like

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that's literally what they call you know that.

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Speaker 1: I know you know that No, I was, I was,

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I was not. I was babbelon being you.

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Speaker 3: He didn't.

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Speaker 1: He didn't really do that. Okay, but but you bought

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it because it would be very Cramer esque. Okay, let

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me run this by you.

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Speaker 4: Uh.

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Speaker 3: Look, is a guy is guys that are doing deep

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research all the time and really trying to find nuggets

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for our clients. It kills me because he's always telling

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these people to buy this stuff after all the money

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has been made right, and when it's dirt cheap, he

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doesn't like it. When it's expensive. Is he dirty?

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Speaker 1: I mean, you can't say I don't don't don't answer

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that legal problems, so I don't think something you's just

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think he's dumb.

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Speaker 3: I don't think he's dumb. I think that Jim is

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a I think he is a horse for a course,

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and I think, like a lot of investors for reasons

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that I will never understand, adapt completely to the environment

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they're in and forget all the lessons they've learned before.

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Why that happens every time? I don't I've never understood it.

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But that's you know, like the uranium thing's a perfect example.

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Speaker 4: Right.

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Speaker 3: We were buying uranium when literally the the price of

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uranium was was one third the production cost. So you

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knew it had to go up or it wasn't going

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to exist.

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Speaker 4: Right.

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Speaker 3: He didn't want to buy those stocks then because the

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stocks weren't doing well. And you're like, that's that's where

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buy it, you know, So you know, yeah again classic

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And guess what. Remember when I told you Camico, right

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is number Yeah, so he's like, buy anything uranium. One

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of the things he listens is you rn M. That's

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a fund, right, guess what the number one holding of

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you rn ms? I have Cammaco CCJ. And so you're

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just like, it's my it hurts. He's good on the TV.

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Speaker 1: I mean, I'll give him this credit. He's good on

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the TV.

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Speaker 3: He is. This is exactly. And now I'll tell you

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a real life story too, really short, same thing coming

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out of covid. Okay oil goes negative thirty eight. Now

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that was pretty wild to see, right. I remember a

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conversation we had in our office that day where we go,

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all right, boys, plug your nose, we're digging deep, load

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up on oil. Okay.

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Speaker 2: Yeah.

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Speaker 3: Everybody's like why and I'm like, cause they're giving it away, right.

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So Jim Kramer comes over out the next day and

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he goes, now, oil's uninvestable, and I'm going, you, you

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want to buy that sixty, but you don't want to

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get it when it's good. They're giving it away. Yeah,

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it's uninvestable. And so literally we heard that and we

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went double down. We increased our oil holdings on him,

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saying that because sitting there going it's never been better,

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it's never been cheaper. You know, the world needs oil.

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You think oil is gonna stay it twenty dollars a barrel?

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Speaker 1: Anyone ever? Does anyone ever confront him? Does he ever

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go to industry meetings? And does anyone ever like on

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a panel I got to tell industry. Okay, So I

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said this in a super rude way, and I deeply,

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deeply hate that I said this. I would love to

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figure out who this man is. I would love to

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go apologize to him. I was not to discappled Christian

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at the time. That's no excuse. I'm on a panel

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in Hollywood and there's a guy from a major agency

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there and we're talking about Facebook, okay, And I was

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in a period of time where Microsoft had asked me

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to study Facebook. How is this singing to make money?

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Speaker 3: What is it?

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Speaker 1: Is there any tech? What's our role in this? Should

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we buy it?

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Speaker 3: What should we do?

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Speaker 1: And so I'd come back with this recommendation, and what

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I was saying is, look, this is a data and

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an app play and that's what it was at the point.

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They have so much data, but it's behavioral data. You

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can't think of buying that they're getting in terms of

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how people interact, when they interacts, There's looks like they're

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looking at emotional data. There's a whole it's a massive

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data suck, data vacuum. So I'm on this panel and

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the panel leader, the moderator, says, do you think Facebook

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will be a viable platform for advertising? And this guy

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with a major international ad agency says, you know what,

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that really remains to be seen, That means to be seen.

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And it came to me and I said, well, are

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you asking me if the world's number one social platform

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that has data on when people are going to do

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a thing together? Such as twenty people going to a

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movie together, all of them are going to need gas,

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probably a place to eat, going on vacation together, that

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there are people who joined this support group for pre diabetes.

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Are you asking this, I don't know.

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Speaker 3: This is how rude it was.

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Speaker 1: Are you asking me if that's going to make money?

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That is the stupidest question I've ever heard in my

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entire life. And anybody who doesn't see that should never

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be in the advertising business.

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Speaker 3: Again.

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Speaker 1: Now, I mean, that was very, very rude, But this

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was in.

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Speaker 3: Hey, listen, you were dead right and all to the

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point where I was. So I learned I learned that

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same thing way later than you did, because I all

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of a sudden, I remember, I just kept it was

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social media, right, and it was just tech, and it

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was hype, and I just kind of dismissed it, dismissed it.

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And then all of a sudden I was reading and

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doing some research and I went, oh, my goodness, this

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is the greatest curator of consumer data that has ever

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been invented. Yep. Yes, Like, and you realize all of

305
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a sudden, You're like, they know where you're going, they

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know what you're buying, they know what you're wearing. They

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know who you're doing it with, they know who you're

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shopping with, they know what you're using to buy it with.

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Right They literally they know everything. They know when you

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do it, they know what types of the year you spend.

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More like you're putting it all on Facebook. It yes,

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you saw it earlier, and I did, man well, I

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was assigned to go look at it.

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Speaker 1: And then when when we had a product at Microsoft,

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I don't remember what it was called, there was MySpace.

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I think it was called spaces, and this is where

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you would go store notes, you know, ideas, are things

318
00:16:22,320 --> 00:16:26,720
you wanted to do, snippets of writing you're working on, pictures, photos,

319
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songs that you liked. And I looked at this and

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I remember going back to the guy who was running

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this and said, I've got a question for you. Why

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00:16:34,320 --> 00:16:37,320
not take this and integrate it with Messenger so that

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everybody can see everybody else's stuff and you could share

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this with your friends. And he goes, why so you

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could share it? But but this is what that's that's

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we don't see it this way.

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Speaker 3: This is true.

328
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Speaker 1: This is a storage place, this is a utility. And

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this was the same company I begged them when when

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when Facebook started to hit, I begged them to buy

331
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classmates dot com member that site yep, yep. Why it's

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not make any money, Because it's not making any money.

333
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They've got all this data, they've got everybody and where

334
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they graduated from, and they don't let them interact. All

335
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it is is you can you know, you know, sometimes

336
00:17:15,079 --> 00:17:18,240
go scan and see who's going to the reunion. They've stopped.

337
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They sell reunion books, they sell pictures of what you

338
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look like that and now they haven't said visit with

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your old high school friends. This could be a legit

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Facebook competitor tomorrow. And these mindsets, man, these mindsets people get.

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You don't work a software company and you know we're

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going to produce productivity software. That's great, be a productivity

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software company. Then don't pretend to go be a media company.

344
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Don't do that well.

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Speaker 3: And to get to your point, I mean in corporate

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America is very much the same. But investing too now

347
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and obviously like you can't be a contrarian just for

348
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the sake of being a contrarian, but contrary, it's but

349
00:17:53,559 --> 00:17:57,599
when you when you're chasing popular, when you're just following

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the crowd, especially in investing. If you think about it,

351
00:18:01,079 --> 00:18:03,839
Warren Buffett has a saying which nobody ever really thinks about,

352
00:18:03,880 --> 00:18:07,200
But it's so true that the number one thing that

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defines the success of an investment is the price you

354
00:18:11,279 --> 00:18:15,039
pay period. Right, Like that's the people don't think of that,

355
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but that is what defines it.

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Speaker 2: Right.

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Speaker 3: So, uh, even if that asset goes down, how much

358
00:18:20,440 --> 00:18:22,480
are you gonna lose, depends on what you bought it for.

359
00:18:22,920 --> 00:18:24,720
If the asset goes up, how much you're gonna make,

360
00:18:24,720 --> 00:18:26,799
it all depends on what you bought it for. Right,

361
00:18:26,920 --> 00:18:30,119
So when do you want to buy things? By definition,

362
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you want to buy them when all the guys like

363
00:18:33,000 --> 00:18:36,279
Jim Kramer aren't talking about them because by the time

364
00:18:36,400 --> 00:18:40,119
they're talking about them, right, because they're chasing what's hot.

365
00:18:40,200 --> 00:18:43,279
Right now, you're gonna have to pay, like for in

366
00:18:43,359 --> 00:18:45,880
the in the case of chemical, by the time Jimmy

367
00:18:45,960 --> 00:18:49,759
came around to uranium, that stock at already nine xt right.

368
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Speaker 2: Ye.

369
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Speaker 3: By the time he came around to oil, oil was

370
00:18:52,519 --> 00:18:55,039
backup at eighty a barrel and not fifteen where he

371
00:18:55,039 --> 00:18:58,359
said it was uninvestable. So like that's just the there's

372
00:18:58,400 --> 00:19:00,480
times where you see things. Why did we jump all

373
00:19:00,480 --> 00:19:02,920
over the oil trade? What are you joking? You think

374
00:19:02,960 --> 00:19:04,920
oils are gonna keep giving it away? It's gonna stay

375
00:19:04,920 --> 00:19:07,240
at twenty dollars a barrel. You're an idiot. How long

376
00:19:07,359 --> 00:19:08,680
do you think it's How long will it take to

377
00:19:08,720 --> 00:19:11,039
bounce back up? I don't know, but they're giving it

378
00:19:11,119 --> 00:19:13,400
away right now. So we're going to back up the truck.

379
00:19:13,440 --> 00:19:15,480
Speaker 1: But there's another way to not rocket science. There's another

380
00:19:15,519 --> 00:19:18,759
way to invest and this and I don't look you.

381
00:19:19,599 --> 00:19:21,759
You manage my money, most of it for a reason,

382
00:19:22,039 --> 00:19:25,359
my fiduciary, But there is another way. And I'm going

383
00:19:25,400 --> 00:19:27,480
to challenge you here, okay, And I don't like doing this,

384
00:19:27,599 --> 00:19:29,720
but I'll do this in just a second. So Zach,

385
00:19:29,759 --> 00:19:30,960
and one of the things that Zach and I both

386
00:19:30,960 --> 00:19:34,640
agree on is that politics is downstream of culture, right,

387
00:19:35,200 --> 00:19:38,720
and that culture is downstream of God Almighty, because God

388
00:19:38,759 --> 00:19:43,240
Almighty is upstream of every single thing. And Angel Studios

389
00:19:43,279 --> 00:19:47,039
appears to believe the same thing. Angels makes movies that's

390
00:19:47,240 --> 00:19:52,519
absolutely affirm faith. They're absolutely family valued, and they've done

391
00:19:52,559 --> 00:19:54,759
this despite the fact that they were told you can't

392
00:19:54,839 --> 00:19:57,960
do that, you can't build a family oriented faith oriented

393
00:19:58,039 --> 00:20:02,240
studio that can't happen. They it breakout movies like Sound

394
00:20:02,279 --> 00:20:06,240
of Freedom, breakout movies, or breakout programs like The Chosen. Recently,

395
00:20:06,319 --> 00:20:09,400
they took on Snow White, they took on this ridiculous

396
00:20:09,440 --> 00:20:13,319
Pixar movie that failed, and they won with King of

397
00:20:13,400 --> 00:20:16,200
Kings that is right now streaming on their platform. It

398
00:20:16,359 --> 00:20:19,359
was no longer in theaters, though it dominated theaters, and

399
00:20:19,559 --> 00:20:22,640
it's part of a very important movement that you should

400
00:20:22,759 --> 00:20:24,839
invest in. If you pay any money at all from media,

401
00:20:25,039 --> 00:20:27,240
any subscription money at all from media, some of it

402
00:20:27,359 --> 00:20:29,720
is stuff that doesn't even abide by your values. Like

403
00:20:29,799 --> 00:20:32,200
you probably have a Netflix subscription, you might have a

404
00:20:32,279 --> 00:20:34,359
subscription of other platforms. You might have a subscription to

405
00:20:34,400 --> 00:20:37,119
a gaming platform. So why would you not buy a

406
00:20:37,200 --> 00:20:40,920
subscription to the Angel Studio Premium Guild membership because you

407
00:20:41,000 --> 00:20:43,400
get much much more. Number One, you go stream King

408
00:20:43,480 --> 00:20:46,359
of Kings tomorrow, great story about Jesus Christ and an

409
00:20:46,359 --> 00:20:48,839
animated feature that will draw kids into it. Number two,

410
00:20:49,200 --> 00:20:51,000
you get to get two free tickets to any of

411
00:20:51,000 --> 00:20:53,799
their theatrical releases every time they come out. Number three

412
00:20:53,920 --> 00:20:56,599
stream all their fan creative programs and go back and

413
00:20:56,680 --> 00:20:58,519
watch your favorites like Sound of Freedom and a whole

414
00:20:58,519 --> 00:21:00,400
bunch of other shows that they're bringing in, all of

415
00:21:00,440 --> 00:21:04,319
them around faith and family. Then there's this. We vote

416
00:21:04,640 --> 00:21:07,400
this audience, the million people who've joined this, We vote

417
00:21:07,440 --> 00:21:11,079
on the movies. They pipeline, they make, they distribute, they promote.

418
00:21:11,319 --> 00:21:14,079
We're basically running the jerret So it's angel dot com

419
00:21:14,240 --> 00:21:18,519
slash todd. That's angel dot com slash todd. So, Zach,

420
00:21:18,559 --> 00:21:20,799
there's one other way to do this, and I get

421
00:21:20,960 --> 00:21:23,920
this is it's a it's a narrow path, it's difficult

422
00:21:23,960 --> 00:21:26,160
to get in. But what you do is you become

423
00:21:26,240 --> 00:21:29,839
Debbie Wasserman Schultz. So that's that's step number one. And

424
00:21:30,039 --> 00:21:34,039
let me run man, okay, man, let me run this

425
00:21:34,160 --> 00:21:38,920
through you. This is from Quiver quantitative breaking. We just

426
00:21:39,000 --> 00:21:42,519
caught another Stock Act violation. Representative w Wasserman Schultz just

427
00:21:42,759 --> 00:21:47,240
filed a twenty twenty four purchase of new gold stock NGD.

428
00:21:47,960 --> 00:21:50,160
She's the only member of Congress who've ever seen by

429
00:21:50,240 --> 00:21:53,359
this stock. It has risen three hundred and thirteen percent

430
00:21:53,519 --> 00:21:57,640
since you're trade. You just didn't dag that Schultz through

431
00:21:58,000 --> 00:21:58,400
what what?

432
00:21:58,519 --> 00:22:00,119
Speaker 2: What? No?

433
00:22:00,240 --> 00:22:03,079
Speaker 1: I think you've just reacted physically well yeah.

434
00:22:03,480 --> 00:22:07,240
Speaker 3: Well, because first of all, I love seeing congressional people

435
00:22:07,319 --> 00:22:09,599
buying gold miners. Yeah, that tells me that.

436
00:22:09,680 --> 00:22:12,160
Speaker 1: That's yeah all over it. So this is a gold

437
00:22:12,200 --> 00:22:12,720
mining company.

438
00:22:13,400 --> 00:22:15,079
Speaker 3: Oh yeah, yeah, yeah, yeah yeah.

439
00:22:15,160 --> 00:22:19,599
Speaker 1: And uh oh look Zach, Yeah no, I'm just yeah,

440
00:22:20,440 --> 00:22:23,240
you're all you're all a Whippley woodlash Now or whatever

441
00:22:23,240 --> 00:22:27,519
his name is. You're all rubbed your fingers together, Mary Burns. Excellent.

442
00:22:27,799 --> 00:22:30,240
Speaker 3: Yeah, because people like it and it and it's crazy

443
00:22:30,319 --> 00:22:33,720
how blind the market is because people do not understand. Like,

444
00:22:34,519 --> 00:22:37,000
I'll give you one of our top holdings. In the

445
00:22:37,119 --> 00:22:41,440
last year, their cost of production per ounce has gone

446
00:22:41,519 --> 00:22:44,440
up five dollars. Over the course of that same period

447
00:22:44,519 --> 00:22:47,079
of time, the price of gold has gone up eight

448
00:22:47,160 --> 00:22:51,960
hundred Okay, So like these guys are throwing off margins

449
00:22:52,519 --> 00:22:56,880
that are more than double Google okay, as a gold

450
00:22:56,960 --> 00:23:00,559
mining company, and nobody cares, nobody wants to own. These

451
00:23:00,640 --> 00:23:03,200
things are pumping out so much free cash flow it

452
00:23:03,359 --> 00:23:06,640
makes your head spin and no one's paying attention. I

453
00:23:06,799 --> 00:23:10,480
just I love it. I'm sorry, I digress.

454
00:23:11,359 --> 00:23:14,160
Speaker 1: Wait, actually was looking at our sub stack and I

455
00:23:14,279 --> 00:23:18,920
just saw a d Wasserman Schultz as a premium subscriber.

456
00:23:19,720 --> 00:23:23,960
Oh yeah, she might be listening to listening to this

457
00:23:24,079 --> 00:23:27,200
talk about this. This came off of your This came

458
00:23:27,240 --> 00:23:29,720
off of your Twitter. Sometimes you are show prep, or

459
00:23:29,759 --> 00:23:33,640
at least your Twitter is, and you you you posted

460
00:23:33,720 --> 00:23:36,720
something about or you reposted something about bitcoin, and we

461
00:23:36,759 --> 00:23:39,200
talk about this from time to time. And I had

462
00:23:39,240 --> 00:23:41,759
a discussion through the day because there's in this gym

463
00:23:41,920 --> 00:23:43,480
and there's a young guy there and I'm warming up,

464
00:23:43,519 --> 00:23:44,920
and hey, what do you do for a living?

465
00:23:45,079 --> 00:23:45,200
Speaker 2: Oh?

466
00:23:45,279 --> 00:23:47,880
Speaker 1: You know podcasts and radio. Oh that's interesting, et cetera.

467
00:23:47,960 --> 00:23:48,440
Speaker 3: What do you do?

468
00:23:49,160 --> 00:23:51,279
Speaker 1: Well, you know, I'm trying to be a professional athlete,

469
00:23:51,319 --> 00:23:53,720
so work out here because James works out here. But

470
00:23:53,839 --> 00:23:56,720
really I'm supporting myself through bitcoin. I go, oh, okay,

471
00:23:57,160 --> 00:23:59,079
so you're successful off this. He goes, well, you know,

472
00:23:59,559 --> 00:24:01,880
my dad bought bitcoin really really early, and he died

473
00:24:01,920 --> 00:24:04,400
and passed it on to me. So I'm kind of

474
00:24:04,480 --> 00:24:07,920
managing the portfolio. And so what does that mean, Well,

475
00:24:08,000 --> 00:24:09,079
I sell a little herd there.

476
00:24:09,319 --> 00:24:10,000
Speaker 3: This is what he said.

477
00:24:10,039 --> 00:24:12,759
Speaker 1: So apparently dad bought a lot of bitcoin, because I

478
00:24:13,079 --> 00:24:15,960
don't think he's stewarding it as much. It sounded to

479
00:24:16,039 --> 00:24:18,400
me like he's spending it, which is different.

480
00:24:19,200 --> 00:24:20,440
Speaker 3: This is from Sea.

481
00:24:20,279 --> 00:24:24,799
Speaker 1: Wolf Capital talking gold Bitcoin meals under this on a

482
00:24:25,000 --> 00:24:26,400
podcast with D M.

483
00:24:26,720 --> 00:24:27,160
Speaker 3: Moses.

484
00:24:27,559 --> 00:24:32,279
Speaker 6: Bitcoin's a hard one for me. You know, I much

485
00:24:32,319 --> 00:24:35,559
prefer gold over bitcoin. You know, I think in the

486
00:24:35,680 --> 00:24:40,039
near term the flows into bitcoin are going to keep going.

487
00:24:40,240 --> 00:24:42,680
When the flows stop, it's over. I mean, there's nothing

488
00:24:42,720 --> 00:24:45,640
else but flows, right, So I just but I think

489
00:24:45,720 --> 00:24:49,079
that the central banks are going to keep buying gold.

490
00:24:49,559 --> 00:24:52,119
I think that, you know, we have a nice pladium

491
00:24:52,240 --> 00:24:57,079
size in the pladium or platinum, which is I think

492
00:24:57,160 --> 00:24:58,799
now a substitute for gold. So if you go and

493
00:24:59,079 --> 00:25:03,279
get a jewelry, right, much cheaper to buy a platinum

494
00:25:03,359 --> 00:25:06,440
ringular or a lab diamond, yeah, or a lab platinum

495
00:25:06,440 --> 00:25:07,119
in a lab diamond.

496
00:25:07,160 --> 00:25:07,599
Speaker 2: Yeah, there you go.

497
00:25:07,720 --> 00:25:09,720
Speaker 3: There you go, platinum in a lab diamond seting, go out,

498
00:25:09,720 --> 00:25:10,279
perfect quarter.

499
00:25:10,319 --> 00:25:10,640
Speaker 2: You see that.

500
00:25:10,759 --> 00:25:11,079
Speaker 4: It's great.

501
00:25:11,119 --> 00:25:12,799
Speaker 3: Tell my wife what you should be making these days?

502
00:25:12,799 --> 00:25:13,519
Speaker 4: Actually making that.

503
00:25:14,000 --> 00:25:16,759
Speaker 1: So he's talking about the flow continuing into bitcoin, but

504
00:25:17,079 --> 00:25:21,200
governments and big entities continued by gold, like wa Washerman Schultz,

505
00:25:21,240 --> 00:25:24,039
she's buying minors. Now does bitcoin?

506
00:25:25,480 --> 00:25:25,640
Speaker 3: Does?

507
00:25:25,920 --> 00:25:29,720
Speaker 1: Is there a possibility? I mean I guess everything's possible,

508
00:25:29,799 --> 00:25:34,359
but is there a reasonable possibility that's bitcoin? I mean

509
00:25:34,720 --> 00:25:38,839
ultimately fails for real, I can't imagine, but could that happen?

510
00:25:40,319 --> 00:25:42,960
Speaker 3: Yeah? Well, in funny side note, actually, so that so

511
00:25:43,039 --> 00:25:45,079
the two guys getting interviewed there were Porter Collins and

512
00:25:45,200 --> 00:25:47,160
Danny Moses. I've actually had both of them on our

513
00:25:47,240 --> 00:25:50,759
podcast before. And and the reason if that name that

514
00:25:50,839 --> 00:25:54,200
those names sound familiar, they are two. They are two

515
00:25:54,319 --> 00:25:56,240
of the animals. Well, one was an analyst, one was

516
00:25:56,279 --> 00:25:59,640
a trader on the team in the Big Short where

517
00:25:59,680 --> 00:26:03,440
Steve Corell was the boss. Right, remember, they're like, why

518
00:26:03,519 --> 00:26:05,519
why are they bragging? Or no, no, why why are

519
00:26:05,559 --> 00:26:10,240
they why are they why are they confessing? They're not confessing,

520
00:26:10,279 --> 00:26:12,519
they're bregging, right they So if you go watch that

521
00:26:12,640 --> 00:26:15,240
movie again, they talk, they say the name Danny Moses,

522
00:26:15,319 --> 00:26:18,119
Porter Collins, They're they were on that Big Short team

523
00:26:18,200 --> 00:26:20,400
that had that Big Short, big win. That one of

524
00:26:20,400 --> 00:26:22,480
the reasons I was laughing in is because when I

525
00:26:22,559 --> 00:26:25,960
interviewed them, we had a ridiculous amount of crossover and

526
00:26:26,000 --> 00:26:28,319
our portfolios, like we were drawn to the same things.

527
00:26:28,599 --> 00:26:30,799
And he immediately said, we've got we've got a position

528
00:26:30,880 --> 00:26:33,839
in platinum and Palladium. We do too, So I I

529
00:26:34,039 --> 00:26:36,880
just they're they're great guys, and I love the way

530
00:26:36,920 --> 00:26:39,240
they think about things. But could bitcoin go to zero?

531
00:26:40,480 --> 00:26:44,519
So in investing, there is something that we look up

532
00:26:44,759 --> 00:26:49,359
look at called intrinsic value. Okay, so we intrinsic value

533
00:26:49,400 --> 00:26:52,880
can be a lot of different ways. Uh, we bought

534
00:26:52,920 --> 00:26:55,680
a we bought a South American airline company recently, all right,

535
00:26:56,240 --> 00:27:01,240
and when we counted up the the value the net

536
00:27:01,480 --> 00:27:03,480
value of all of their assets, so what we call

537
00:27:03,519 --> 00:27:05,920
their NAV or their net asset value. Right, So it's

538
00:27:06,359 --> 00:27:13,839
it's equity assets minus all liabilities. That equalled about eighty

539
00:27:13,920 --> 00:27:16,839
five percent of their total market capitalization.

540
00:27:17,440 --> 00:27:17,599
Speaker 2: Right.

541
00:27:17,960 --> 00:27:20,079
Speaker 3: So I would look at that and say, okay, that

542
00:27:20,319 --> 00:27:24,880
company has an intrinsic value of somewhere around eighty percent

543
00:27:24,960 --> 00:27:27,559
of its market cap, meaning we could part it out

544
00:27:27,720 --> 00:27:29,319
and sell the parts for this much.

545
00:27:29,400 --> 00:27:29,519
Speaker 2: Right.

546
00:27:29,599 --> 00:27:33,839
Speaker 3: That's the that's the internal value. The one of the

547
00:27:34,200 --> 00:27:38,759
issues that bitcoin has is that its internal value, its

548
00:27:38,839 --> 00:27:43,440
intrinsic value, is zero. Now, everybody that owns bitcoin, now

549
00:27:43,559 --> 00:27:46,279
keep in mind, we own some bitcoin in all of

550
00:27:46,319 --> 00:27:48,519
our client's portfolio, is a very small amount, and we

551
00:27:48,599 --> 00:27:51,839
trade it. Recently. We sold it at one oh eight,

552
00:27:52,759 --> 00:27:54,759
probably three or four months ago. The last time it

553
00:27:54,880 --> 00:27:57,640
was there. Bitcoin got smacked down, We picked it back

554
00:27:57,680 --> 00:28:01,160
up at seventy eight, wrote it back up. And the

555
00:28:01,240 --> 00:28:03,519
reason we trade it like that is because it does

556
00:28:03,640 --> 00:28:06,400
not have intrinsic value, meaning I'm not gonna sit there

557
00:28:06,440 --> 00:28:09,839
and hold it while it drops. And now when I

558
00:28:09,960 --> 00:28:12,680
say it doesn't have intrinsic value, I do not mean

559
00:28:12,759 --> 00:28:15,759
that it doesn't have any utility. Right, it does have

560
00:28:15,960 --> 00:28:18,920
some utility. It's it's a wonderful way to transfer money

561
00:28:19,000 --> 00:28:21,799
from one part of the world to the other. But

562
00:28:22,079 --> 00:28:27,640
what is its intrinsic value? It's zero, right, So could

563
00:28:27,680 --> 00:28:30,759
it go to zero? Yes? Will it go to zero

564
00:28:30,880 --> 00:28:33,240
at some point? I will be shocked if it does not.

565
00:28:33,799 --> 00:28:35,599
And the reason I'll be shocked if it does not

566
00:28:36,240 --> 00:28:37,920
is there is no asset on the face of the

567
00:28:38,000 --> 00:28:41,400
earth that has zero intrinsic value that doesn't eventually go there.

568
00:28:41,799 --> 00:28:45,119
People say, well, what about gold. Gold has a Hey,

569
00:28:45,200 --> 00:28:48,559
if you could buy gold for one hundred bucks an ounce,

570
00:28:48,880 --> 00:28:51,880
it has a ton of intrinsic value, right like, think

571
00:28:51,920 --> 00:28:54,200
about what gold. Think how useful gold could be like

572
00:28:54,279 --> 00:28:57,440
in the maritime industry, right like if gold was cheap

573
00:28:57,480 --> 00:28:59,440
enough to where you could coach somebody's out drive in

574
00:28:59,480 --> 00:29:01,359
gold and they never have to worry about erosion for

575
00:29:01,400 --> 00:29:03,160
the rest of their lives. I mean, I'd be all

576
00:29:03,240 --> 00:29:06,880
over that, right. What about electricity conducting if gold was

577
00:29:06,960 --> 00:29:07,839
cheap would yes?

578
00:29:08,559 --> 00:29:08,680
Speaker 2: Right?

579
00:29:08,759 --> 00:29:13,920
Speaker 3: So gold has tremendous utility and tremendous intrinsic value, meaning

580
00:29:14,200 --> 00:29:16,319
if the price of gold dropped to a certain level,

581
00:29:16,559 --> 00:29:18,160
you would get it. See, you would see it get

582
00:29:18,240 --> 00:29:21,119
used for all kinds of stuff. Not to mention it's fun,

583
00:29:21,200 --> 00:29:24,240
it's nice to look at, right. But what is bitcoin?

584
00:29:24,640 --> 00:29:26,559
And again this is coming from a guy that's owned

585
00:29:26,640 --> 00:29:28,519
some This is coming from a guy that when it

586
00:29:28,559 --> 00:29:31,359
first came out in nine said, quote unquote, this is

587
00:29:31,400 --> 00:29:35,319
a shot across the butt bow of fiat currencies. But

588
00:29:35,559 --> 00:29:37,640
if you want to get down to brass tax and

589
00:29:37,720 --> 00:29:40,000
you want to be intellectually on now, that doesn't mean

590
00:29:40,039 --> 00:29:42,400
you can't own bitcoin. But this is where I tell people,

591
00:29:42,759 --> 00:29:45,920
be honest with yourself about what you own to thine

592
00:29:45,960 --> 00:29:49,559
own self. Be true. Right, Know that to a certain

593
00:29:49,599 --> 00:29:52,079
degree you're playing with fire. And when I look at

594
00:29:52,160 --> 00:29:55,200
people that are sitting on giant winds of bitcoin, they

595
00:29:55,279 --> 00:29:57,039
look at me and go, you're saying you should sell it?

596
00:29:57,079 --> 00:29:59,880
And I go not all of it. But if you

597
00:30:00,000 --> 00:30:02,480
you have a big life changing win, if you have

598
00:30:02,599 --> 00:30:04,920
one hundred x win, if you have a two hundred

599
00:30:05,079 --> 00:30:08,839
x win, why would you not memorialize some of that

600
00:30:09,079 --> 00:30:12,680
win and put it into assets that do have an

601
00:30:12,720 --> 00:30:16,839
intrinsic value. That way, regardless of what happens. You know,

602
00:30:17,240 --> 00:30:20,160
if you own five bitcoin and bitcoin goes to one

603
00:30:20,200 --> 00:30:21,440
hundred million dollars.

604
00:30:22,079 --> 00:30:24,240
Speaker 1: You're gonna be in good shape, decent shape.

605
00:30:25,400 --> 00:30:29,400
Speaker 3: Okay, yeah, okay, So doesn't all have to be one

606
00:30:29,480 --> 00:30:29,839
or the other.

607
00:30:29,960 --> 00:30:33,480
Speaker 1: You know, this is how and you tweeted this guy

608
00:30:33,599 --> 00:30:37,519
named junked my Chronics wrote, someone said, I don't get

609
00:30:37,720 --> 00:30:39,720
I don't get bitcoin. This is a Twitter covers I

610
00:30:39,720 --> 00:30:41,960
don't get bitcoin. This guy writes back, imagine if Keeping

611
00:30:42,000 --> 00:30:45,799
your car Idling twenty four seven produced Solve Seducos, you

612
00:30:45,839 --> 00:30:46,759
could trade for heroin.

613
00:30:48,720 --> 00:30:52,200
Speaker 3: I had to repost that because that was so funny, right, Like,

614
00:30:52,440 --> 00:30:54,519
I mean, because that, if you think about it, that's

615
00:30:54,640 --> 00:30:56,440
effectively what we're doing.

616
00:30:56,680 --> 00:30:59,839
Speaker 1: Yeah, right, yeah, I mean, that's that intrinsic value thing.

617
00:31:00,119 --> 00:31:01,920
I mean, it's not it's not the same thing. But

618
00:31:02,480 --> 00:31:05,359
Ray Kroc, who was an unbelievable scoundrel, can we admit

619
00:31:05,480 --> 00:31:10,000
he was a just greasy scoundrel of a man. Smart,

620
00:31:10,400 --> 00:31:15,359
oh my gosh, smart vicious. He used to say about himself,

621
00:31:15,440 --> 00:31:18,319
it's croc with the K like a you know, like

622
00:31:18,400 --> 00:31:21,319
a crocodile, but not spelled that way, right, crocodile, not

623
00:31:21,400 --> 00:31:24,559
spelled that way. He used to have fun going out

624
00:31:24,720 --> 00:31:29,200
and making fools of business NBA students, and he'd get

625
00:31:29,279 --> 00:31:31,279
up and offer them money and a bunch of it.

626
00:31:32,200 --> 00:31:35,880
Who can tell me what business I'm in? The raised

627
00:31:35,880 --> 00:31:39,240
their head. You're in the people business. No, wrong, you're

628
00:31:39,240 --> 00:31:44,480
in the service business. No, I guess food business isn't

629
00:31:44,519 --> 00:31:47,400
right now. You're in the business of pleasing families. No,

630
00:31:48,240 --> 00:31:49,359
I'm in the real estate business.

631
00:31:50,960 --> 00:31:51,119
Speaker 2: Right.

632
00:31:51,480 --> 00:31:53,440
Speaker 1: I'm one of the biggest holders of real estates in America.

633
00:31:54,160 --> 00:31:56,279
And that wasn't his idea. By the way, that someone

634
00:31:56,400 --> 00:31:59,160
he was about to fail, and someone came to him

635
00:31:59,160 --> 00:32:01,920
and created the McDonald was Leasing Corporation, and they rode

636
00:32:01,960 --> 00:32:05,319
into the agreements with the franchisease. You had to purchase

637
00:32:05,400 --> 00:32:08,680
your land or leach your land through the McDonald's corporation.

638
00:32:08,799 --> 00:32:11,359
And that was the big turn. And he made a point,

639
00:32:11,440 --> 00:32:13,759
I owned real estate in Times Square, New York. I

640
00:32:13,880 --> 00:32:17,279
own real estate in downtown Los Angeles. In Tokyo, it

641
00:32:17,400 --> 00:32:20,920
was a real estate play. So can a McDonald's franchise

642
00:32:21,000 --> 00:32:21,519
go to zero?

643
00:32:21,799 --> 00:32:22,039
Speaker 3: Sure?

644
00:32:22,440 --> 00:32:24,880
Speaker 1: Right if they just do hold the horrible things. They

645
00:32:24,920 --> 00:32:27,200
get bad reviews, they make people sick, they make porrible

646
00:32:27,440 --> 00:32:30,039
dis iss decisions, but they've got that intrinsic value of

647
00:32:30,079 --> 00:32:31,880
the land, and that's the thing about bitcoin that it

648
00:32:31,920 --> 00:32:34,079
doesn't have. We'll continue to talk with Zach about this

649
00:32:34,559 --> 00:32:37,480
because speaking of real estate, there's a brilliant plan the

650
00:32:37,720 --> 00:32:39,759
likely new mayor of New York City is revealed, and

651
00:32:39,799 --> 00:32:41,880
we'll run through this with Zach and maybe this is

652
00:32:41,880 --> 00:32:45,000
an investment opportunity for us. In some former fashion. Zach's

653
00:32:45,039 --> 00:32:47,759
also joined me in Mexico, went down to Port of

654
00:32:47,839 --> 00:32:50,640
Art to Mexico with me to go to renew Dot Healthcare,

655
00:32:51,440 --> 00:32:53,839
and we both had different outcomes. I'm at a different

656
00:32:53,920 --> 00:32:56,480
time in my trim and I went down because my

657
00:32:56,599 --> 00:33:00,359
lower back was really bugging me. In any debt lift

658
00:33:00,640 --> 00:33:05,240
over like two seventy five, my back clicked. It felt

659
00:33:05,279 --> 00:33:09,119
like my if any decently heavy squat, it felt like

660
00:33:09,240 --> 00:33:12,279
my s I was shifting, which in your SI joint

661
00:33:12,359 --> 00:33:13,799
that's not a good feeling. By the way, with weight

662
00:33:13,880 --> 00:33:16,319
on your back that it feels like your backbone is shifting.

663
00:33:16,519 --> 00:33:18,960
Not a big, not a fun thing. I get a

664
00:33:19,000 --> 00:33:22,119
lot of pain doing this. So now I'm about three

665
00:33:22,160 --> 00:33:25,279
and a half months after treatment with the stem cells

666
00:33:25,279 --> 00:33:28,240
from umbilical cords in this world class lab. I've drawn

667
00:33:28,279 --> 00:33:31,039
from this world class lab at Debt renew and I

668
00:33:31,160 --> 00:33:36,160
have done now workouts with let's see deadlift at two

669
00:33:36,319 --> 00:33:38,759
twenty five. I think a total of fifty reps at

670
00:33:38,799 --> 00:33:42,640
that and then cleans and jerks in this and jush

671
00:33:42,720 --> 00:33:46,559
sit ups. Not a hint of clicking gone. And I'm

672
00:33:46,599 --> 00:33:50,559
not even through the rebuilding phase, Like my rebuilding tissue

673
00:33:50,559 --> 00:33:54,599
phase doesn't end for six months. Already changed. So and

674
00:33:54,720 --> 00:33:57,240
the numbness I was getting that's gone. Now this is

675
00:33:57,319 --> 00:33:58,720
just me want of the lift ways. You have a

676
00:33:58,799 --> 00:34:00,480
situation in your life where you need to move, you

677
00:34:00,559 --> 00:34:02,240
need to work, You maybe can't use your hands, You're

678
00:34:02,400 --> 00:34:04,720
you're at a different stage, and I don't think you're

679
00:34:04,759 --> 00:34:06,920
the clicking stuff. But how's it for you right now?

680
00:34:08,480 --> 00:34:12,719
Speaker 3: I you know, it's feeling, it's feeling really good. I

681
00:34:15,079 --> 00:34:19,239
the knee isn't. Everything feels better than when I went

682
00:34:19,280 --> 00:34:22,760
down there for sure. The the some of it is

683
00:34:23,760 --> 00:34:25,960
some of it is. One of the tough things you

684
00:34:26,039 --> 00:34:27,840
realize when you get some of these things is it

685
00:34:27,960 --> 00:34:30,400
creates some body imbalance. So my knee is not where

686
00:34:30,440 --> 00:34:32,119
I want it, But that's because I haven't gotten the

687
00:34:32,239 --> 00:34:34,559
imbalance part of it figured out. Mean I was, I

688
00:34:34,599 --> 00:34:36,199
was out shooting hoop with my boys last night and

689
00:34:36,239 --> 00:34:38,280
I realized I was just putting a lot of weight

690
00:34:38,400 --> 00:34:40,960
on my left knee in a in an abnormal way,

691
00:34:41,000 --> 00:34:43,000
and it has to do with kind of being off kilter.

692
00:34:43,159 --> 00:34:46,239
But man, the I went and did yoga for the

693
00:34:46,280 --> 00:34:48,519
first time yesterday. I got back on my yoga. Yeah,

694
00:34:48,599 --> 00:34:54,400
felt phenomenal. Woke up back felt great. So I you know, yeah,

695
00:34:54,559 --> 00:34:57,199
I just if anybody's dealing with some of those long,

696
00:34:57,719 --> 00:35:01,400
long term injuries that are bugging you, yeah, I can

697
00:35:01,519 --> 00:35:03,960
recommend them enough. And it's also just a it's also

698
00:35:04,000 --> 00:35:06,000
an enjoyable experience as well. Great people.

699
00:35:06,199 --> 00:35:06,400
Speaker 2: Yeah.

700
00:35:06,519 --> 00:35:09,480
Speaker 1: Yeah, And they really like the lab. And you look

701
00:35:09,480 --> 00:35:11,199
at that lab and realize it's one step below a

702
00:35:11,239 --> 00:35:14,280
biohazard lab. It's a big did they're doing a webinar, Zach.

703
00:35:14,280 --> 00:35:16,760
I'm going to join them for this. It's a July

704
00:35:16,960 --> 00:35:19,199
eighth to two o'clock Pacific. You go to the renew

705
00:35:19,280 --> 00:35:21,920
website register for that. You have to sign up, and

706
00:35:22,159 --> 00:35:24,159
they're gonna have their caregivers there. Steve is gonna be

707
00:35:24,159 --> 00:35:26,559
there as a managing partner. Some of their docks and

708
00:35:26,559 --> 00:35:27,960
stuff are going to be there. I'm gonna be there.

709
00:35:28,199 --> 00:35:31,039
It's renew dot Healthcare r e n u e uh

710
00:35:31,239 --> 00:35:33,639
dot Healthcare. So this is then likely.

711
00:35:34,880 --> 00:35:37,000
Speaker 3: Well, one other thing I think it's important to point

712
00:35:37,000 --> 00:35:40,119
out too, like they don't sponsor me, right like, so

713
00:35:40,199 --> 00:35:41,599
I went down there and paid for my treatment like

714
00:35:41,639 --> 00:35:43,559
everybody else. Yeah, that's won everybody. You know, when I'm

715
00:35:43,559 --> 00:35:45,920
repping them, I have no business affiliation with them. I

716
00:35:46,000 --> 00:35:48,039
went down and paid like everybody else else. I stayed

717
00:35:48,039 --> 00:35:51,000
in the same place everybody else stayed. Yeah, and I

718
00:35:51,920 --> 00:35:53,679
do it again. As a matter of fact, I will.

719
00:35:53,760 --> 00:35:55,079
I will go down there again at some point.

720
00:35:55,280 --> 00:35:57,119
Speaker 1: Thanks for pointing it out. And that's why I hope

721
00:35:57,159 --> 00:36:00,559
you take your wife next time, because we do this time.

722
00:36:00,599 --> 00:36:01,719
Speaker 3: But yeah, yeah, I thank you for.

723
00:36:01,719 --> 00:36:03,440
Speaker 1: Pointing out that is important our e n U e

724
00:36:03,599 --> 00:36:04,199
dot healthcare.

725
00:36:04,599 --> 00:36:05,159
Speaker 3: The new.

726
00:36:06,719 --> 00:36:08,440
Speaker 1: Nah I keep saying he's the new mayor. That's not

727
00:36:08,519 --> 00:36:10,760
a FATA company. It's Andrew Colma's going to stay in

728
00:36:10,760 --> 00:36:12,199
the race, and I think that this is just the

729
00:36:12,920 --> 00:36:16,239
I think Democrats know if this guy gets in, he's

730
00:36:16,280 --> 00:36:18,519
going to tank New York City and he's going to

731
00:36:18,639 --> 00:36:20,800
create New York is a Los Angeles two point zero.

732
00:36:21,480 --> 00:36:24,239
They know that people are watching this, They know that

733
00:36:24,400 --> 00:36:28,480
outside of the Manhattan Corridor, this guy's scene as nuts.

734
00:36:28,960 --> 00:36:31,320
Here's his plan for housing in New York.

735
00:36:31,920 --> 00:36:34,480
Speaker 4: We can establish community land trusts to gradually buy up

736
00:36:34,519 --> 00:36:37,440
housing on the private market and convert it to community ownership.

737
00:36:37,840 --> 00:36:39,760
We can give tenants a right a first refusal to

738
00:36:39,800 --> 00:36:41,760
buy out their landlords when buildings go up for sale.

739
00:36:42,360 --> 00:36:44,559
And we can fully commit to a new era of

740
00:36:44,639 --> 00:36:48,480
social housing, ending subsidies for luxury housing development and using

741
00:36:48,559 --> 00:36:52,000
our wealth to build beautiful, high quality social housing projects

742
00:36:52,199 --> 00:36:55,880
that offer good homes and strong communities to everyone. We

743
00:36:56,039 --> 00:36:59,119
won't decommodify housing overnight, but we know what we have

744
00:36:59,239 --> 00:37:00,920
to do, and we have history to guide us.

745
00:37:01,079 --> 00:37:05,199
Speaker 1: That's a very very smart phrase, because who doesn't like housing,

746
00:37:05,679 --> 00:37:09,000
who doesn't like society, who doesn't like being social? Very

747
00:37:09,119 --> 00:37:11,360
very smart. But I love this as well. We're not

748
00:37:11,400 --> 00:37:14,719
gonna then, that's a popularizing phrase, so he's using that

749
00:37:14,800 --> 00:37:17,199
phrase to make it seem friendly. Then he goes and

750
00:37:17,280 --> 00:37:21,639
obscures it. We're not going to decommoditize housing right away,

751
00:37:22,400 --> 00:37:24,480
so then he uses a more complicated phrase for what

752
00:37:24,559 --> 00:37:28,639
he intends to do. Is there a single model where

753
00:37:28,679 --> 00:37:30,719
this has worked? You guys did this in Seattle. I

754
00:37:30,920 --> 00:37:32,559
was there when this began, and they started buying up

755
00:37:32,599 --> 00:37:35,480
hotels and putting street people in the hotels with no

756
00:37:35,639 --> 00:37:38,559
rules like drink, sex, traffic, drug traffic. Do it everyone.

757
00:37:38,840 --> 00:37:40,199
Is there a model in the States where this has

758
00:37:40,199 --> 00:37:42,440
actually worked anywhere? And I'm open to it. Maybe there is.

759
00:37:45,119 --> 00:37:48,559
Speaker 3: Not, not in the States that I'm aware of. I mean,

760
00:37:48,639 --> 00:37:51,239
you could maybe point to some places in third world

761
00:37:51,320 --> 00:37:53,840
countries where you came and instituted some stuff, but no,

762
00:37:54,039 --> 00:37:58,440
not in a free now the one just to just

763
00:37:58,519 --> 00:38:00,639
to be fair and try to be amimal about this.

764
00:38:02,199 --> 00:38:05,159
The one thing that I think is somewhat interesting that

765
00:38:05,400 --> 00:38:08,239
that I don't think and I'd have to look into it.

766
00:38:08,719 --> 00:38:13,280
But giving current tenants a first ride a refusal to

767
00:38:13,920 --> 00:38:16,280
pay a market price, I wouldn't have a problem. I

768
00:38:16,400 --> 00:38:18,280
don't think I necessarily would have a problem with that,

769
00:38:18,760 --> 00:38:21,960
because because it's not coercive, right, You're just getting them

770
00:38:21,960 --> 00:38:24,519
a shot and saying, hey, would you like to would

771
00:38:24,559 --> 00:38:26,480
you like to buy that you know, would you like

772
00:38:26,559 --> 00:38:28,840
to buy this building instead? Or you get the ride

773
00:38:28,880 --> 00:38:31,320
of first review if you if you put that that

774
00:38:31,480 --> 00:38:33,360
language into a lease agreement, I would have no problem

775
00:38:33,400 --> 00:38:37,519
with that. So here in lies the issue. It is

776
00:38:37,679 --> 00:38:40,920
going to do a couple things. It's going to be

777
00:38:41,000 --> 00:38:46,760
disastrous for the city because perversely it's going to make

778
00:38:47,079 --> 00:38:50,519
real estate more rare in the sense that they're going

779
00:38:50,599 --> 00:38:52,000
to suck it up. But it's going to be controlled

780
00:38:52,000 --> 00:38:54,360
by the state. So I think what you're what you

781
00:38:54,480 --> 00:38:59,800
will see is you will see inadvertently way less so

782
00:39:00,039 --> 00:39:04,079
apply at the lower end, which will make prices worse

783
00:39:04,400 --> 00:39:08,000
or there just won't be any availability. And then it's

784
00:39:08,159 --> 00:39:11,639
probably going to hit prices at the higher end, which

785
00:39:11,719 --> 00:39:15,639
means less property tax, et cetera for the state. So

786
00:39:16,440 --> 00:39:19,119
it's just basic economics. And like he said in there,

787
00:39:19,159 --> 00:39:21,880
he goes, and we've got history and our and I'm

788
00:39:21,960 --> 00:39:25,760
like sitting there going which one yet? So history through

789
00:39:25,920 --> 00:39:29,199
this idea on the trash heat man, right, like your

790
00:39:29,599 --> 00:39:31,880
and and and and and the unfortunate part of it.

791
00:39:32,559 --> 00:39:35,719
The unfortunate part about this argument is that it always

792
00:39:35,800 --> 00:39:40,239
descends into like, well, that's your worldview, that's what you believe,

793
00:39:40,599 --> 00:39:43,800
that's not what I believe, and you go, Okay, I

794
00:39:43,960 --> 00:39:47,280
understand why you're approaching it this way. But this is actual,

795
00:39:47,519 --> 00:39:52,679
very basic economics. Okay, let's just picture this in a

796
00:39:53,079 --> 00:39:57,800
city that's too expensive to live, which means there is

797
00:39:57,840 --> 00:40:02,039
an off balance and supplying to me. Yep, the government

798
00:40:02,599 --> 00:40:06,800
is going to step in. Who is not a natural buyer, right,

799
00:40:07,079 --> 00:40:10,400
meaning they don't respond to market moves or gyrations. They're

800
00:40:10,519 --> 00:40:13,880
just buy it using the public checkbook. They're buying up

801
00:40:14,000 --> 00:40:18,519
more land and effectively giving it to people that couldn't

802
00:40:18,559 --> 00:40:24,880
otherwise afford it. Okay, so a that will make those

803
00:40:25,159 --> 00:40:32,119
properties much more scarce, right, there will be less supply. Uh.

804
00:40:32,719 --> 00:40:34,960
And then on top of it, I remember I got

805
00:40:35,000 --> 00:40:38,400
in a debate in college in a philosophy class about

806
00:40:38,480 --> 00:40:42,800
social No, yeah, it was philosophy. We're debating socialism versus capitalism.

807
00:40:42,920 --> 00:40:44,800
Can't remember how we got out of that topic, but

808
00:40:45,199 --> 00:40:46,840
we were going. I was going back and forth with

809
00:40:46,920 --> 00:40:49,039
professor because you know, everybody's like, you go to college

810
00:40:49,079 --> 00:40:51,800
to get liberal. I went to college to debate and

811
00:40:52,239 --> 00:40:55,599
drive my professor's nuts just because I wasn't much more soist.

812
00:40:56,039 --> 00:40:57,719
Oh yeah, this is I was like, this is nonsense.

813
00:40:58,159 --> 00:41:00,760
And I remember looking at the class. Oh, hey, guys, stop,

814
00:41:01,559 --> 00:41:04,360
let's let's say this. Let's say you got a Street

815
00:41:04,400 --> 00:41:06,960
of Dreams that you've been working your whole life to afford,

816
00:41:07,440 --> 00:41:10,000
and you finally get on there. You've been living on

817
00:41:10,079 --> 00:41:12,599
the Street of Dreams for a year, two years, whatever,

818
00:41:12,960 --> 00:41:14,559
and all of a sudden you find out that the

819
00:41:14,679 --> 00:41:17,400
state bought up eighty percent of the houses and the

820
00:41:17,440 --> 00:41:19,639
Street of Dreams and it's going to give it to

821
00:41:19,679 --> 00:41:22,119
low income people. What are you going to do? Everybody

822
00:41:22,239 --> 00:41:23,840
in the class said, we're going to sell the house,

823
00:41:24,360 --> 00:41:27,119
get out of there, right. Why Because it's not just

824
00:41:27,239 --> 00:41:31,280
the economic dynamic that housing, the quality of that housing

825
00:41:31,400 --> 00:41:33,280
is going to go in the tank. Those things are

826
00:41:33,320 --> 00:41:38,199
going to be magnets for crime. It's just it's just

827
00:41:38,360 --> 00:41:41,920
unfortunate because the outcome is certain. You don't even need

828
00:41:41,960 --> 00:41:43,320
to run the experiment we already have.

829
00:41:43,559 --> 00:41:47,199
Speaker 1: If you've different lived around government housing and I have,

830
00:41:47,800 --> 00:41:50,199
or next door to it, or in a neighborhood where

831
00:41:50,320 --> 00:41:56,199
it's dominated by housing, not vouchers, but housing. Subsidies. If

832
00:41:56,239 --> 00:41:59,400
you've different experienced this, there's a reason that what Michelle

833
00:41:59,559 --> 00:42:02,719
Obama called food ghettos, there's a reason they exist. And

834
00:42:03,280 --> 00:42:06,440
there was a UCLA professor who set out so look

835
00:42:06,519 --> 00:42:10,920
into this with the intention of killing gentrification, because he

836
00:42:11,000 --> 00:42:16,079
had determined emotionally that gentrification was a horrible, horrible, horrible thing.

837
00:42:16,119 --> 00:42:17,360
And then he went looked at the data. And I

838
00:42:17,400 --> 00:42:18,679
want to talk about this too with you in just

839
00:42:18,719 --> 00:42:22,000
a second. Sac there's like gentrification of housing.

840
00:42:22,119 --> 00:42:23,199
Speaker 3: This is what this is called.

841
00:42:23,679 --> 00:42:26,639
Speaker 1: There's this whole idea of independent housing. Now that you

842
00:42:26,760 --> 00:42:29,480
have this these independent dwellings in the backyard and you

843
00:42:29,519 --> 00:42:32,159
can become this you know, little Airbnb thing. There's also

844
00:42:32,280 --> 00:42:35,960
this reality of independent businesses. And we have reserved a

845
00:42:36,119 --> 00:42:39,280
slot on this program from day one for businesses that

846
00:42:39,360 --> 00:42:41,840
could not afford to advertise here. Alan SOPs is one

847
00:42:41,880 --> 00:42:44,440
of those businesses. Okay, here's why it is. Because soap

848
00:42:44,519 --> 00:42:47,199
is a very very low margin business. We do this

849
00:42:47,400 --> 00:42:49,880
because we love the mission of Allan's and it's not

850
00:42:50,000 --> 00:42:51,880
just the mission. The soap is amazing soap. It's made

851
00:42:51,920 --> 00:42:55,519
in America, it's gentle, it's it has no chemicals in it,

852
00:42:55,679 --> 00:42:58,239
all natural and it's the mission that we support. It

853
00:42:58,400 --> 00:43:02,440
started with Alan thirteen. He's been through about eighteen operations

854
00:43:02,519 --> 00:43:05,760
nonverbal because of autism. He was the reason for this

855
00:43:05,920 --> 00:43:08,320
because his parents wanted to have a place their son

856
00:43:08,360 --> 00:43:11,840
could work. Ian his brother joins him, Amy, and just

857
00:43:11,920 --> 00:43:15,079
to just imagine that you're neurotypical, you're in And this

858
00:43:15,280 --> 00:43:18,159
was her. She was in college, neurotypically, doing well, and

859
00:43:18,239 --> 00:43:20,920
then she started to get brain fog and have trouble

860
00:43:21,039 --> 00:43:24,840
like man, I can't read anymore, and she got autism

861
00:43:25,000 --> 00:43:29,280
in her late teens early twenties. She works at Allen's

862
00:43:29,320 --> 00:43:32,079
and she's thriving. And the soap is at the core

863
00:43:32,159 --> 00:43:35,440
of this. So it's an independent company. It's small. They

864
00:43:35,480 --> 00:43:38,679
could never afford to advertise here. We do this because

865
00:43:38,679 --> 00:43:40,599
we love them and we love John. So that's not

866
00:43:40,719 --> 00:43:43,880
a sob story by the soap. If you love the soap, subscribe.

867
00:43:43,880 --> 00:43:45,639
If you don't love the soap, then just you know,

868
00:43:45,760 --> 00:43:48,159
love the people. It's Alan Soaps, Alan Soaps dot Com,

869
00:43:48,239 --> 00:43:50,360
slash Todd tempercent off all other products there, Alan soaps

870
00:43:50,360 --> 00:43:53,519
dot Com, slash Todd so Zach. When I lived in

871
00:43:54,760 --> 00:43:59,400
what is correctly called the ghetto, I noticed that there

872
00:43:59,440 --> 00:44:05,280
were no nice stores. That the grocery stores had substandard goods.

873
00:44:05,519 --> 00:44:08,159
Because remember I grew up a kid in Spokane Valley.

874
00:44:08,679 --> 00:44:10,599
We weren't rich, far from it. In fact, we were,

875
00:44:10,920 --> 00:44:14,360
you know, lower middle class. I noticed that the like

876
00:44:14,800 --> 00:44:18,760
silly things like the beef jerkys in the little so

877
00:44:18,920 --> 00:44:21,320
called you know, little tiny convenience stores were a day

878
00:44:21,400 --> 00:44:26,320
from expiring. Sometimes after that, I noticed that the restaurants

879
00:44:26,360 --> 00:44:30,599
had like really decrepit seating and maybe questionable health practice.

880
00:44:30,679 --> 00:44:31,280
Speaker 3: Is great food.

881
00:44:31,360 --> 00:44:33,639
Speaker 1: By the way, there's a place this guy he knew branding.

882
00:44:33,960 --> 00:44:38,760
It was called barbecue. That was that's what it's called.

883
00:44:38,920 --> 00:44:41,000
First time it went in there, and the one white

884
00:44:41,079 --> 00:44:43,239
dude walking in and I sit down, he goes, want

885
00:44:43,280 --> 00:44:45,320
to get you, And I said, uh, I guess I'd

886
00:44:45,360 --> 00:44:47,320
like to try the ribs. Seems like a specially. What

887
00:44:47,440 --> 00:44:49,559
do you want to drink? I go, I said, die

888
00:44:49,599 --> 00:44:54,400
cocouse grape juice. I said no, I said, diet cocyus No, no, no,

889
00:44:54,519 --> 00:44:59,360
diet coke with ribs grape juice. So he made me

890
00:44:59,480 --> 00:45:02,159
have grape juice. By the way, grape juice and ribs.

891
00:45:02,159 --> 00:45:04,920
I'm telling you something. The way this man cooked these ribs. Incredibly.

892
00:45:04,920 --> 00:45:08,719
He cooked them out of fifty five gallon old oil drums.

893
00:45:08,760 --> 00:45:10,159
I'm not even sure the oil was out of it.

894
00:45:10,280 --> 00:45:14,639
I didn't care. But that was the rawity because the

895
00:45:14,760 --> 00:45:18,679
people in the neighborhoods couldn't afford the beef jerkey that

896
00:45:18,760 --> 00:45:21,440
had a week left on it. They couldn't afford the

897
00:45:21,559 --> 00:45:25,960
name brands. There are companies that they're not predation companies.

898
00:45:26,519 --> 00:45:29,079
They know who they're targeting. But the crazy thing is,

899
00:45:29,199 --> 00:45:32,440
and I finally noticed this. I started to drive over

900
00:45:32,559 --> 00:45:34,440
to the QFC, the Knights or Food Place when I

901
00:45:34,480 --> 00:45:36,400
started to make a little bit of money, and I

902
00:45:36,480 --> 00:45:39,800
had my little studio apartment in the true ghetto building

903
00:45:39,800 --> 00:45:41,800
where they were drive by shootings. I saw a dead

904
00:45:41,880 --> 00:45:44,639
man in my elevator. I knew he had a kid, heartbreaking.

905
00:45:45,800 --> 00:45:49,800
The food was less expensive. That was the crazy thing.

906
00:45:50,760 --> 00:45:54,360
I go to QFC. It's better food, it's less expensive,

907
00:45:55,920 --> 00:45:59,920
and in the ghetto, they're able to take advantage of people,

908
00:46:00,119 --> 00:46:02,480
not just and I'd up saying that these store owners

909
00:46:02,519 --> 00:46:06,199
were predators, but no one wanted to be there. It's

910
00:46:06,239 --> 00:46:08,159
a long drive to QFC. I had a car, A

911
00:46:08,239 --> 00:46:11,280
lot of people didn't. So this guy from UCLA. He

912
00:46:11,360 --> 00:46:14,000
did this study and he was looking at situations like this. Okay, well,

913
00:46:14,039 --> 00:46:17,639
the solution's not it's not gentrification. You know Whatady found out,

914
00:46:18,000 --> 00:46:22,960
gentrification helps the black communities because these people have held

915
00:46:23,000 --> 00:46:25,719
their homes forever. They have no idea they could make

916
00:46:25,760 --> 00:46:29,480
this much money. And those who don't sell, they all

917
00:46:29,519 --> 00:46:32,360
of a sudden are surrounded by nicer things. Their kids

918
00:46:32,440 --> 00:46:36,760
go make better money, they have better job opportunities. Then

919
00:46:36,880 --> 00:46:38,719
they get to clean up their houses, and then they

920
00:46:38,760 --> 00:46:41,199
start to get hip to Oh wow, you know the

921
00:46:41,320 --> 00:46:43,280
Johnson's up the street. They sold their house for ten

922
00:46:43,320 --> 00:46:45,800
times what they bought it for. They don't take that

923
00:46:45,880 --> 00:46:48,519
money and say, hey, let's move to another ghetto. They

924
00:46:48,599 --> 00:46:50,360
take that money and say, hey, you know what, we

925
00:46:50,519 --> 00:46:52,559
have some cash, let's go move to a nicer place

926
00:46:52,599 --> 00:46:54,760
for kids, put them through these private schools. He had

927
00:46:54,800 --> 00:46:56,239
his whole heart change from this.

928
00:46:57,159 --> 00:47:02,119
Speaker 3: Well, I mean, are we making the argument that desegregation

929
00:47:02,519 --> 00:47:04,400
isn't better for society written large?

930
00:47:04,760 --> 00:47:04,840
Speaker 2: Right?

931
00:47:04,880 --> 00:47:06,599
Speaker 3: Because I mean that's because it kind of gets down

932
00:47:06,639 --> 00:47:10,440
to a segregation issue, right. The idea is, Yeah, the

933
00:47:10,519 --> 00:47:13,639
same ethos that drives this whole idea about being anti

934
00:47:13,800 --> 00:47:18,039
gentrification is the same ethos that drives let's bring back

935
00:47:18,440 --> 00:47:21,880
black only dormitories on college campuses. Yeah, where you go.

936
00:47:22,320 --> 00:47:24,199
And here's the other thing that people if I if

937
00:47:24,239 --> 00:47:27,320
I had if I had a if I had a

938
00:47:27,960 --> 00:47:30,119
way to if I was talking full a room for

939
00:47:30,280 --> 00:47:33,280
young people at college level. Yes, And the debate of

940
00:47:33,320 --> 00:47:37,840
the topic about socialism versus capitalism came up. The one

941
00:47:37,880 --> 00:47:39,800
thing I would say to them, as guys, first of all,

942
00:47:40,679 --> 00:47:43,039
you're going to learn in life that there is no

943
00:47:43,199 --> 00:47:46,320
perfect solution. That what we need to look at is

944
00:47:46,519 --> 00:47:49,639
the costs and benefits of each thing, right, and what

945
00:47:49,960 --> 00:47:53,159
gives us the most at the least amount of cost.

946
00:47:53,920 --> 00:47:57,199
And when you look at capitalism, it is not perfect.

947
00:47:57,440 --> 00:48:00,440
There are some downsides to it. Why do we stick

948
00:48:00,519 --> 00:48:04,400
with it? Because there's way less? Yeah, right, there's way less.

949
00:48:04,679 --> 00:48:07,239
Will we see some inequality peak up at per cup

950
00:48:07,280 --> 00:48:09,400
at times? Yeah, But I'm gonna sit here and look

951
00:48:09,440 --> 00:48:11,320
at you and tell you right now, I think the

952
00:48:11,400 --> 00:48:14,239
majority of wealth and equality of this country is not

953
00:48:14,480 --> 00:48:17,400
something that can be fixed by government. I think it's

954
00:48:17,440 --> 00:48:20,840
something that's been caused by government, agreed, right, And and

955
00:48:21,400 --> 00:48:24,119
it is this unholy union between government and big business.

956
00:48:24,440 --> 00:48:26,719
It's the Federal Reserve has played a key role in this.

957
00:48:26,800 --> 00:48:29,119
People who have the Federal Reserve play role. Well, when

958
00:48:29,119 --> 00:48:33,639
you come in after a disaster, right, and normal people's uh,

959
00:48:33,960 --> 00:48:36,920
you know, normal people's balance sheets, normal people's credit scores

960
00:48:36,920 --> 00:48:39,960
have been wrecked. And in that environment, you dumped trillions

961
00:48:40,000 --> 00:48:42,679
of dollars into the market and artificially lower interest rates.

962
00:48:42,960 --> 00:48:43,719
Speaker 4: What did you just do?

963
00:48:44,440 --> 00:48:50,079
Speaker 3: Okay, you you just excluded everybody because they're they've lost

964
00:48:50,119 --> 00:48:52,159
their house, their credits wrecked, they can't buy house anyway.

965
00:48:52,519 --> 00:48:54,760
So now the only people that can take advantage of

966
00:48:54,880 --> 00:48:57,519
record low interest rates and all the stimulus money you

967
00:48:57,599 --> 00:48:59,800
pumped out there are the people that are already rich.

968
00:49:00,119 --> 00:49:02,159
And guess what they get to take that zero percent

969
00:49:02,199 --> 00:49:05,360
interest rate and go buy up neighborhoods full of four

970
00:49:05,440 --> 00:49:09,159
closed houses at fifty cents on the dollar. Right, So

971
00:49:09,800 --> 00:49:12,679
you're sitting there talking about housing getting too expensive. I'm

972
00:49:12,719 --> 00:49:17,159
sitting there going you guys NodD adhering the capitalist policies

973
00:49:17,559 --> 00:49:20,280
are the biggest reason for housing being where it's at

974
00:49:20,360 --> 00:49:22,519
in the last twenty years. Well, so why don't we

975
00:49:22,599 --> 00:49:24,159
focus why don't we focus on that?

976
00:49:25,320 --> 00:49:27,480
Speaker 1: Well said man, you get heated with this stuff.

977
00:49:28,480 --> 00:49:30,599
Speaker 3: You know, man, I do, because when you see the

978
00:49:30,639 --> 00:49:33,440
folks getting lied to, yeah, and they're getting told that

979
00:49:33,599 --> 00:49:37,000
this one thing that has been the greatest lever to

980
00:49:37,079 --> 00:49:39,119
get people out of the mere and the muck of

981
00:49:39,199 --> 00:49:42,440
poverty that has ever been introduced, and that you're going

982
00:49:42,519 --> 00:49:45,719
to sit there and tell them that the greatest enslaver

983
00:49:45,920 --> 00:49:49,719
of people, socialism is the answer. Not only are you wrong,

984
00:49:50,199 --> 00:49:52,920
you're a moral boom.

985
00:49:56,079 --> 00:49:57,559
Speaker 1: It's good to have you on the show, my brother.

986
00:49:57,679 --> 00:50:00,119
Thank you so much for wise counsel Zach Abraham, Know

987
00:50:00,199 --> 00:50:03,199
Your Risk podcast dot com. This is the Todd Herman Show.

988
00:50:03,280 --> 00:50:06,480
Please go, be well, be strong, be kind, and forget trying.

989
00:50:06,719 --> 00:50:09,960
When you stop that trying, just go follow the light

990
00:50:10,119 --> 00:50:10,960
of Jesus Christ.