1 00:00:00,120 --> 00:00:02,040 Welcome back everyone. Today on the Joseph Carlson 2 00:00:02,040 --> 00:00:03,720 Show. We're getting close to the end 3 00:00:03,720 --> 00:00:05,560 of 2025. We're getting through it. 4 00:00:05,880 --> 00:00:08,600 And as investors, I believe it's time that we should take a step 5 00:00:08,600 --> 00:00:10,200 back and look at what's happened. 6 00:00:10,520 --> 00:00:13,240 We can look at our portfolios, we can assess the gains and 7 00:00:13,240 --> 00:00:17,160 losses, the winners, the losers are different strategies and 8 00:00:17,160 --> 00:00:20,080 compare and contrast them. I have two portfolios. 9 00:00:20,080 --> 00:00:23,200 One of them is a little over 900,001 of them is a bit over 10 00:00:23,200 --> 00:00:26,880 400,000. It's $1.3 million invested in 11 00:00:26,880 --> 00:00:30,760 the stock market, give or take. Now, over the past six years, 12 00:00:30,760 --> 00:00:35,320 I've made around $550,000 of gains purely from stocks and 13 00:00:35,320 --> 00:00:37,440 I've been able. To talk to. 10s of thousands of 14 00:00:37,440 --> 00:00:39,520 investors. Here are lots of strategies, 15 00:00:39,520 --> 00:00:41,880 lots of thoughts and opinions. And seeing all of that and 16 00:00:41,880 --> 00:00:45,240 considering where we are today has made me convinced right now 17 00:00:45,240 --> 00:00:47,280 is the best day to be an investor. 18 00:00:47,600 --> 00:00:50,160 There are specific reasons that right now is better for 19 00:00:50,160 --> 00:00:53,080 investors than it's ever been before, and I want to go over 20 00:00:53,080 --> 00:00:54,720 them. So in this episode, we'll be 21 00:00:54,720 --> 00:00:57,840 taking a step back, looking at our investing strategies and 22 00:00:57,840 --> 00:01:00,280 looking what I believe is the most profitable path going 23 00:01:00,280 --> 00:01:03,760 forward from the end of 2025. Now, of course, we have a lot of 24 00:01:03,760 --> 00:01:05,840 other news to get to. For example, we have a news 25 00:01:05,840 --> 00:01:08,280 article from the Wall Street Journal that Visa MasterCard 26 00:01:08,280 --> 00:01:11,560 reaches settlement with merchants to lower fees. 27 00:01:11,560 --> 00:01:14,560 This is news that as investors, you may read and think is 28 00:01:14,560 --> 00:01:18,000 bearish on Visa MasterCard. After all, how could lowering 29 00:01:18,000 --> 00:01:19,600 fees be good for those companies? 30 00:01:19,640 --> 00:01:22,000 To the contrary, this news is actually good for Visa 31 00:01:22,000 --> 00:01:23,520 MasterCard. We'll be going over why it's a 32 00:01:23,520 --> 00:01:25,440 benefit to them. We have the news that Trump is 33 00:01:25,440 --> 00:01:29,640 once again considering the 2000 dollar tariff stimulus. 34 00:01:29,680 --> 00:01:33,280 We'll be going over why a $2000 stimulus would directly benefit 35 00:01:33,280 --> 00:01:36,040 shareholders and investors more than anyone else. 36 00:01:36,040 --> 00:01:38,800 Gene Munster recently made a call that Apple is going to be 37 00:01:38,800 --> 00:01:41,160 the best performing stock over the next six months. 38 00:01:41,160 --> 00:01:43,200 We'll go over why he's so bullish on Apple and why I 39 00:01:43,200 --> 00:01:46,240 believe he's wrong. Wedbush's Dan Ives calls Meta a 40 00:01:46,240 --> 00:01:48,720 table pounder. We'll be looking at his thesis 41 00:01:48,720 --> 00:01:50,520 for Meta today after its recent sell off. 42 00:01:50,520 --> 00:01:53,640 And one of my favorite analysts, Mark Mahaney, gives commentary 43 00:01:53,640 --> 00:01:56,360 on all of these stocks that are selling off, the Doordashes, 44 00:01:56,360 --> 00:01:59,240 Duolingos, Pinterests, the stocks that investors seem to 45 00:01:59,240 --> 00:02:02,560 not want to deal with anymore. He has some thoughts on that and 46 00:02:02,560 --> 00:02:05,080 gives investors A broader context of what's going on. 47 00:02:05,080 --> 00:02:07,320 And then finally, we're starting off early on the week. 48 00:02:07,320 --> 00:02:09,320 We have the fail of the week, which in this case is a bunch of 49 00:02:09,320 --> 00:02:12,960 employees from a union that are upset about layoffs barraging 50 00:02:12,960 --> 00:02:17,560 the HR director filming him and trying to harass him into giving 51 00:02:17,560 --> 00:02:19,120 them answers. We'll be looking at all the 52 00:02:19,120 --> 00:02:20,640 footage at the end of this episode. 53 00:02:20,640 --> 00:02:23,040 So we have a ton to get to in this episode, a lot to go over. 54 00:02:23,040 --> 00:02:25,960 And before we jump in, as always, I just have to mention a 55 00:02:25,960 --> 00:02:29,880 quick shout out to Qualtrim Com Qualtrim is the best stock 56 00:02:29,880 --> 00:02:32,120 analysis platform. I know that because I've built 57 00:02:32,120 --> 00:02:33,400 it. Try it out. 58 00:02:33,400 --> 00:02:35,440 It will turn you into a super investor. 59 00:02:35,480 --> 00:02:38,640 Although the price is remaining the same at dirt cheap, 10 bucks 60 00:02:38,640 --> 00:02:40,480 a month, you can try it out with a free trial. 61 00:02:40,760 --> 00:02:43,880 The suite of tools underneath that is growing and growing. 62 00:02:44,200 --> 00:02:47,040 Of course, you have the insights page with KPIs and revenue by 63 00:02:47,040 --> 00:02:49,280 segment. You also have discounted cash 64 00:02:49,280 --> 00:02:51,360 flow calculators that's super easy to use. 65 00:02:51,640 --> 00:02:54,440 You have an earnings call transcript summary where you can 66 00:02:54,440 --> 00:02:56,000 see the bullet points of what happened. 67 00:02:56,000 --> 00:02:58,240 You have the earnings calendar for the week that's updated 68 00:02:58,360 --> 00:03:01,280 every single week. You have so many tools under one 69 00:03:01,280 --> 00:03:02,880 single umbrella. Try it out. 70 00:03:02,880 --> 00:03:05,520 I think you'll love it. Join the over 11,000 investors 71 00:03:05,520 --> 00:03:08,480 using it today. You can join at qualtrim.com. 72 00:03:08,560 --> 00:03:10,880 Now we start off today by going over a subject that I've wanted 73 00:03:10,880 --> 00:03:13,800 to talk about for some time and that is that I believe that 74 00:03:13,800 --> 00:03:17,560 you're basically being lied to. Now, you probably know this 75 00:03:17,560 --> 00:03:20,440 because a lot of what you see online, you know it's not 76 00:03:20,440 --> 00:03:23,800 reality, but I believe the extent of which we're all being 77 00:03:23,840 --> 00:03:27,520 deceived is pretty extreme. And that's due to a lot of 78 00:03:27,520 --> 00:03:30,320 factors between social media and the news. 79 00:03:30,720 --> 00:03:34,120 Social media companies are based off of algorithms and feeds. 80 00:03:34,480 --> 00:03:38,440 They almost never just give you the the feed in a linear format 81 00:03:38,440 --> 00:03:41,160 by date time posted. All of it's driven by what the 82 00:03:41,160 --> 00:03:44,960 social media company believes will be the most engaging, which 83 00:03:44,960 --> 00:03:47,440 will keep you around the longest on their platform. 84 00:03:47,920 --> 00:03:49,800 We know this. We know these companies are 85 00:03:49,800 --> 00:03:52,840 engagement driven. Part of getting engagement means 86 00:03:52,840 --> 00:03:54,360 that you keep people's attention. 87 00:03:54,680 --> 00:03:57,200 You first get their attention and then you keep it. 88 00:03:57,680 --> 00:04:00,520 And as humans, we're naturally more inclined to listen to 89 00:04:00,520 --> 00:04:03,040 things and to be alerted to things that we consider 90 00:04:03,040 --> 00:04:05,480 threatening. Things that are shocking, things 91 00:04:05,480 --> 00:04:08,000 that are that seem like they could be devastating, or even 92 00:04:08,000 --> 00:04:10,240 things that seem very negative things that we should be 93 00:04:10,240 --> 00:04:13,040 concerned about. Those drive engagement to more 94 00:04:13,040 --> 00:04:16,079 than positive things. So social media companies 95 00:04:16,279 --> 00:04:19,360 naturally tilt towards displaying more shocking, 96 00:04:19,360 --> 00:04:22,280 controversial, argumentative negative things online. 97 00:04:22,280 --> 00:04:25,120 And again, I assume most people understand this. 98 00:04:25,120 --> 00:04:27,400 But while we're pointing the finger, we also can't just blame 99 00:04:27,400 --> 00:04:29,800 social media companies. After all, it's all driven by 100 00:04:29,800 --> 00:04:31,760 humans as well. For example, if I was to 101 00:04:31,760 --> 00:04:34,880 hypothetically create two different video titles and test 102 00:04:34,880 --> 00:04:39,400 them AB, one of them says things are really bad and one of them 103 00:04:39,400 --> 00:04:42,640 says things are really good. The one that says things are 104 00:04:42,640 --> 00:04:45,760 really bad will get more clicks. It'll get more watch time. 105 00:04:46,120 --> 00:04:49,080 More people go out of their way to look at that video than the 106 00:04:49,080 --> 00:04:50,520 one that says things are really good. 107 00:04:50,880 --> 00:04:52,720 Now both of them will get clicks, both of them will get 108 00:04:52,720 --> 00:04:55,680 engagement. But if one of them gets 30% more 109 00:04:55,680 --> 00:04:58,800 clicks than the other, if it just has a marginal more 110 00:04:58,800 --> 00:05:01,600 interest in engagement than the other, that tells me as a 111 00:05:01,600 --> 00:05:04,960 content creator make more of that, make less of this. 112 00:05:05,000 --> 00:05:09,600 And that's in A1 video AB test. Now imagine a platform where 113 00:05:09,600 --> 00:05:12,480 that's the same type of test that you can do across the 114 00:05:12,480 --> 00:05:15,960 entire platform, across millions and millions of content creators 115 00:05:15,960 --> 00:05:19,520 of all different categories in politics and finance and news. 116 00:05:19,560 --> 00:05:21,640 If all of it. Gets a bit more engagement when 117 00:05:21,640 --> 00:05:24,520 it's tilted negative instead of neutral or positive. 118 00:05:24,640 --> 00:05:26,480 You can see the ongoing impacts of it. 119 00:05:26,960 --> 00:05:31,040 This leads to a vicious cycle where the news gets more and 120 00:05:31,040 --> 00:05:33,760 more negative, where it becomes more engagement hungry. 121 00:05:33,960 --> 00:05:36,200 The algorithms feed this negativity. 122 00:05:36,480 --> 00:05:40,480 It rewards content creators by posting negative things over 123 00:05:40,480 --> 00:05:43,240 positive things. And it does this to a huge 124 00:05:43,240 --> 00:05:46,240 extent when it's compounded over years and years. 125 00:05:46,600 --> 00:05:48,560 And I've seen that happen for some time period. 126 00:05:48,920 --> 00:05:52,240 Right now, I believe that young people, in particular, people my 127 00:05:52,240 --> 00:05:55,480 age and younger, are seeing more negative news than they've ever 128 00:05:55,480 --> 00:06:00,320 seen or humanity's ever seen at scale than any other, any other 129 00:06:00,320 --> 00:06:02,040 demographic, any other generation. 130 00:06:02,440 --> 00:06:05,480 We are seeing an enormous amount of negativity in the world. 131 00:06:05,880 --> 00:06:09,920 We're seeing bitter arguments and feuds, and everything that 132 00:06:09,920 --> 00:06:13,200 can be negative is being inundated in people's feeds. 133 00:06:13,480 --> 00:06:16,680 If you're not careful, if you're not extremely selective and 134 00:06:16,680 --> 00:06:20,080 filtering, if you're not on top of this stuff yourself, you'll 135 00:06:20,080 --> 00:06:23,520 notice it in your feeds as well. There's always something wrong. 136 00:06:23,560 --> 00:06:26,040 There's always something big and disastrous happening. 137 00:06:26,240 --> 00:06:28,160 There's always some problem to complain about. 138 00:06:28,680 --> 00:06:31,200 You can see it just in the way that people look at finance. 139 00:06:31,680 --> 00:06:34,880 There are some real concerns that I'm sympathetic about. 140 00:06:35,200 --> 00:06:37,640 For example, people being priced out of homes. 141 00:06:37,880 --> 00:06:41,360 That's a real problem. People losing jobs, unemployment 142 00:06:41,360 --> 00:06:43,520 sticking up, that's a real problem as well. 143 00:06:43,640 --> 00:06:46,360 I am sympathetic about people that are impacted by this. 144 00:06:46,560 --> 00:06:50,000 Those are real issues, but there's also a lot of good, a 145 00:06:50,000 --> 00:06:53,560 lot of good that I don't believe is accurately highlighted and I 146 00:06:53,560 --> 00:06:55,640 don't believe. It's just being optimistic. 147 00:06:55,680 --> 00:06:58,880 I believe that this good is rational, it's real. 148 00:06:59,240 --> 00:07:01,720 And I want to highlight some of the things that I believe put us 149 00:07:01,720 --> 00:07:05,680 in a better situation today that you as an investor, even if 150 00:07:05,680 --> 00:07:08,080 you're just starting out, even if you don't have really any 151 00:07:08,080 --> 00:07:11,760 assets that you as an investor today have it better. 152 00:07:11,960 --> 00:07:14,920 You have bigger opportunities, you have more opportunity to 153 00:07:14,920 --> 00:07:18,160 create wealth today. Than anybody else throughout any 154 00:07:18,160 --> 00:07:21,520 time throughout human history. In fact, today is the best time 155 00:07:21,520 --> 00:07:24,960 in existence to be an investor. And there's a number of reasons 156 00:07:24,960 --> 00:07:27,080 why. One of them is that the the way 157 00:07:27,080 --> 00:07:29,920 that we used to create wealth. Think about it, 50 years ago, 158 00:07:30,240 --> 00:07:33,480 just the boomer generation, the way that you are limited in 159 00:07:33,480 --> 00:07:36,480 creating wealth was primarily through buying real estate. 160 00:07:37,000 --> 00:07:39,640 In most cases it was buying a home, you could get a mortgage 161 00:07:39,640 --> 00:07:42,400 and homes were affordable. So that was one thing that they 162 00:07:42,400 --> 00:07:46,160 had that we don't have now. Homes are unaffordable. 50 years 163 00:07:46,160 --> 00:07:49,520 ago, homes were affordable. That's a big win because land 164 00:07:49,520 --> 00:07:52,400 and homes are very valuable over time, especially if you're in a 165 00:07:52,400 --> 00:07:55,320 high population area that has a growing population and low 166 00:07:55,320 --> 00:07:57,440 crime. You'll have land go up like 167 00:07:57,440 --> 00:07:59,600 crazy when you have that circumstance. 168 00:08:00,200 --> 00:08:02,800 But while that was a benefit, there is many negatives and 169 00:08:02,800 --> 00:08:05,400 drawbacks that they had to deal with during those time periods. 170 00:08:06,000 --> 00:08:09,560 For one, owning the land is difficult to do. 171 00:08:09,920 --> 00:08:12,440 It's not global. People from different countries, 172 00:08:12,440 --> 00:08:15,360 people from different states can't always buy land in the 173 00:08:15,360 --> 00:08:17,920 best places. It's very geographically 174 00:08:17,920 --> 00:08:20,400 limited. Unless you happen to live in 175 00:08:20,400 --> 00:08:23,000 those specific places where buying land was a great deal, 176 00:08:23,840 --> 00:08:25,920 you were just left out of it. There wasn't that much of an 177 00:08:25,920 --> 00:08:29,040 opportunity. The other option was to invest 178 00:08:29,040 --> 00:08:32,039 in stocks. Now, thinking about it now, 179 00:08:32,039 --> 00:08:33,760 investing in stocks is very easy. 180 00:08:34,039 --> 00:08:37,039 But 50 years ago, investing in stocks was an entirely different 181 00:08:37,039 --> 00:08:39,679 ball game. Free trades were not a thing. 182 00:08:39,840 --> 00:08:42,600 Trades were expensive. Going back far enough, it cost 183 00:08:42,600 --> 00:08:47,280 up to $150.00 to execute a trade, and that was $150.00 back 184 00:08:47,280 --> 00:08:50,520 then, which would be even more expensive because of inflation. 185 00:08:51,120 --> 00:08:54,320 So buying individual stocks had a high barrier to entry. 186 00:08:54,520 --> 00:08:56,760 Every single trade had fees associated with it. 187 00:08:56,840 --> 00:08:58,880 Every single one. On top of that, there wasn't 188 00:08:58,880 --> 00:09:00,800 really ETFs. Those didn't exist. 189 00:09:00,800 --> 00:09:02,520 They weren't popularized at that point. 190 00:09:02,840 --> 00:09:05,880 The thing that people invested in were mutual funds, Mutual 191 00:09:05,880 --> 00:09:07,760 funds that had high expense ratios. 192 00:09:08,040 --> 00:09:11,200 In most cases, the mutual funds had 2% fees associated with 193 00:09:11,200 --> 00:09:13,600 them. So your only investment at the 194 00:09:13,600 --> 00:09:17,000 time was either to buy individual stocks with $150.00 195 00:09:17,000 --> 00:09:21,000 trades or mutual funds with 2% fees or even mutual funds that 196 00:09:21,000 --> 00:09:24,840 had those fees plus the trading fees, overall making it very 197 00:09:24,840 --> 00:09:27,640 difficult. And on top of that, there was 198 00:09:27,640 --> 00:09:31,720 also a lack of education. People did not know enough about 199 00:09:31,720 --> 00:09:33,800 the stock market 30 to 50 years ago. 200 00:09:34,040 --> 00:09:35,840 And I know this because my dad talks about it. 201 00:09:35,880 --> 00:09:37,520 My dad is 40 years older than me. 202 00:09:37,880 --> 00:09:40,720 During his career, he talks about how when he grew up, there 203 00:09:40,720 --> 00:09:44,680 was no YouTube, there was no online education freely 204 00:09:44,680 --> 00:09:46,560 available about learning about stocks. 205 00:09:47,120 --> 00:09:49,160 He had no concept of what stocks were. 206 00:09:49,440 --> 00:09:52,800 In his mind, they were just highly risky ticker symbols that 207 00:09:52,800 --> 00:09:55,040 nobody could figure out, that you really didn't know what was 208 00:09:55,040 --> 00:09:57,960 going on. They're basically just akin to 209 00:09:57,960 --> 00:09:59,560 gambling. That's all it was. 210 00:09:59,560 --> 00:10:01,480 You're gambling if you're putting your money in the stock 211 00:10:01,480 --> 00:10:03,440 market. And there wasn't a lot of 212 00:10:03,760 --> 00:10:07,680 education material, content, videos, podcast to be able to 213 00:10:07,680 --> 00:10:10,120 explain how stocks work or what they did. 214 00:10:10,640 --> 00:10:13,120 There also wasn't that many freely available or cheap 215 00:10:13,120 --> 00:10:16,600 websites like qualtrim.com that could make it so you could learn 216 00:10:16,600 --> 00:10:19,160 about a company after a couple minutes, that you could look 217 00:10:19,160 --> 00:10:21,640 closely at the financials, that you could see the company's 218 00:10:21,640 --> 00:10:24,880 history visually illustrated. The lack of education made it 219 00:10:24,880 --> 00:10:27,360 incredibly difficult for investors to actually understand 220 00:10:27,360 --> 00:10:30,240 the stock market. Only very few of them did at the 221 00:10:30,240 --> 00:10:32,440 time. Now we live in a time that's 222 00:10:32,440 --> 00:10:35,280 much better. First of all, we no longer have 223 00:10:35,280 --> 00:10:39,120 to deal with mutual funds. Now we have ETFs with 0 fees, 224 00:10:39,560 --> 00:10:43,200 they're essentially 0. Some of them have .08% but it's 225 00:10:43,200 --> 00:10:45,960 de minimis, it's non impactful to your future. 226 00:10:46,200 --> 00:10:49,960 So you can go ahead and buy any ETF at any point and when you 227 00:10:49,960 --> 00:10:52,040 buy it you also have no trading fees. 228 00:10:52,400 --> 00:10:55,760 Most standard brokerages now, in fact globally, the majority of 229 00:10:55,760 --> 00:10:58,040 them do not charge fees for trades. 230 00:10:58,480 --> 00:11:01,480 You can go in and buy these companies at any point with 0 231 00:11:01,480 --> 00:11:03,760 trading fees. They found out different ways to 232 00:11:03,760 --> 00:11:06,000 monetize, but it does not cost you money. 233 00:11:06,080 --> 00:11:09,160 And that is why today, I believe we are at the best point 234 00:11:09,200 --> 00:11:12,320 throughout human history to be an investor and we have the most 235 00:11:12,320 --> 00:11:15,920 opportunities to generate wealth on an ongoing basis with the 236 00:11:15,920 --> 00:11:18,960 least amount of work required than we've ever had before. 237 00:11:19,400 --> 00:11:21,520 And I believe there's a lot of things that play into this. 238 00:11:22,000 --> 00:11:25,560 First of all, the stock market or the public equity market is 239 00:11:25,560 --> 00:11:28,320 by far the best wealth generation machine ever created 240 00:11:28,320 --> 00:11:30,080 by human history. It just is. 241 00:11:30,360 --> 00:11:33,520 We have the tool, the vehicle to generate wealth that's better 242 00:11:33,520 --> 00:11:35,720 than anything else. It's better than real estate. 243 00:11:35,720 --> 00:11:37,680 It's better than buying land. It's better than all these 244 00:11:37,680 --> 00:11:40,680 different various investments, buying fine painting or signs, 245 00:11:40,880 --> 00:11:45,160 whatever that may be, having a public equity market where you 246 00:11:45,160 --> 00:11:48,840 can buy compounding machines, the best companies in the world 247 00:11:48,840 --> 00:11:52,000 that generate cash on an ongoing basis on a predictable and 248 00:11:52,000 --> 00:11:54,480 growing manner. These are world class companies 249 00:11:54,720 --> 00:11:57,480 that have public oversight. They have audits on a quarterly 250 00:11:57,480 --> 00:11:59,400 basis. They are regulated. 251 00:11:59,760 --> 00:12:03,360 This is the best opportunity that we have and it's very good. 252 00:12:03,360 --> 00:12:06,480 We also live in a time period where we have multiple massive 253 00:12:06,480 --> 00:12:08,920 points of innovation. We've already gone through the 254 00:12:08,920 --> 00:12:10,800 Internet boom, but that's still playing out. 255 00:12:10,800 --> 00:12:13,280 The Internet is still a massive opportunity to generate wealth, 256 00:12:13,640 --> 00:12:16,840 but then you layer upon that Internet, now we have artificial 257 00:12:16,840 --> 00:12:19,960 intelligence, LLMS, we have tools creating massive amounts 258 00:12:19,960 --> 00:12:22,360 of efficiencies. Then on top of that, you're 259 00:12:22,360 --> 00:12:24,400 going to have robotics as the next wave. 260 00:12:24,440 --> 00:12:27,760 We have a compounding effect of long term catalyst driving this 261 00:12:27,760 --> 00:12:31,000 market higher, making it so that the publicly traded companies, 262 00:12:31,000 --> 00:12:34,080 the vehicles in which we can invest can generate higher 263 00:12:34,080 --> 00:12:36,800 margins, better earnings and faster revenue growth. 264 00:12:37,400 --> 00:12:39,960 And on top of that they also grow with inflation. 265 00:12:40,400 --> 00:12:43,080 So we have the best investment vehicles in the world that 266 00:12:43,080 --> 00:12:46,560 should continue to grow for the next 5 to 10 years at a massive 267 00:12:46,560 --> 00:12:48,080 rate. We even have another point that 268 00:12:48,080 --> 00:12:49,800 you could add in, which is taxes. 269 00:12:50,280 --> 00:12:52,720 Right now, the economy is geared towards growth. 270 00:12:52,760 --> 00:12:56,120 It's geared towards business friendly regulations and taxes 271 00:12:56,360 --> 00:12:59,160 that will spur earnings growth, will spur revenue growth over 272 00:12:59,160 --> 00:13:00,800 time. It'll make it so companies can 273 00:13:00,800 --> 00:13:03,960 do more share buybacks, they can invest more, they can build out 274 00:13:03,960 --> 00:13:07,080 more infrastructure like a lot of them are doing and grow their 275 00:13:07,080 --> 00:13:09,600 earnings, returning it back to the shareholder. 276 00:13:10,120 --> 00:13:13,600 Every single thing that we look at is extremely advantageous for 277 00:13:13,600 --> 00:13:17,520 the time period that we live in. We have an opportunity here to 278 00:13:17,520 --> 00:13:20,600 either complain about things and again, many of those complaints 279 00:13:20,600 --> 00:13:24,440 are valid home prices. You know, the job market goes 280 00:13:24,440 --> 00:13:26,680 through periods where it's really good and really stronger, 281 00:13:26,840 --> 00:13:28,960 a little bit weaker, it's a bit weaker today. 282 00:13:29,800 --> 00:13:32,200 We could complain about those, which again, those are valid 283 00:13:32,200 --> 00:13:34,920 complaints, or we could look at the opportunity today. 284 00:13:35,440 --> 00:13:38,440 If you're able to hold down a job, which I hope you are at 285 00:13:38,440 --> 00:13:41,600 some point, if you're able to hold down a job, you should look 286 00:13:41,600 --> 00:13:45,200 at today as the best opportunity in your lifetime to invest. 287 00:13:45,680 --> 00:13:49,640 You should be looking for every opportunity to save some cash 288 00:13:49,640 --> 00:13:52,760 and put it in the stock market. Invest in the best companies in 289 00:13:52,760 --> 00:13:56,440 the world, build half your portfolios and ETF, build it in 290 00:13:56,440 --> 00:14:00,040 the S&P 500 or whatever cheap fund that you want, and then the 291 00:14:00,040 --> 00:14:03,800 other half, pick a portfolio of concentrated positions and high 292 00:14:03,800 --> 00:14:07,280 quality compounding machines, asset light businesses with 293 00:14:07,280 --> 00:14:10,680 incredibly predictable earnings with secular growth trends. 294 00:14:11,080 --> 00:14:12,800 Buy a portfolio of these companies. 295 00:14:13,080 --> 00:14:15,080 In most cases, you're going to make a lot of money. 296 00:14:15,120 --> 00:14:17,400 We can see this across my portfolios. 297 00:14:17,840 --> 00:14:20,000 You can look at My Portfolio, and one of them here is the 298 00:14:20,000 --> 00:14:24,600 passive income portfolio. It's now a $914,000 portfolio, 299 00:14:25,040 --> 00:14:29,040 351,000 of that being gains. What I've done with My Portfolio 300 00:14:29,040 --> 00:14:31,360 is I've simply invested in companies that I believe have 301 00:14:31,360 --> 00:14:33,080 characteristics that are very strong. 302 00:14:33,400 --> 00:14:35,400 They're companies that have really good economics. 303 00:14:35,400 --> 00:14:39,000 They're super profitable. They're very also steady and 304 00:14:39,000 --> 00:14:40,960 predictable. And they're companies that I 305 00:14:40,960 --> 00:14:43,480 believe have very wide moats. They're difficult to compete 306 00:14:43,480 --> 00:14:45,560 with. And in Qualtrim, I can easily 307 00:14:45,560 --> 00:14:48,440 identify these companies. So I build concentrated 308 00:14:48,440 --> 00:14:50,720 positions in them and then I just wait. 309 00:14:51,320 --> 00:14:53,840 Patience and time is a big part of investing in the stock 310 00:14:53,840 --> 00:14:56,320 market. But you'd also have patience if 311 00:14:56,320 --> 00:14:59,400 you invested in real estate. You wouldn't expect to have a 312 00:14:59,400 --> 00:15:02,280 significant return in real estate after only three months 313 00:15:02,280 --> 00:15:04,440 of owning it or six months of owning it. 314 00:15:04,680 --> 00:15:07,560 You would buy a piece of real estate or rental property to 315 00:15:07,560 --> 00:15:09,120 make money for the next 10 years. 316 00:15:09,480 --> 00:15:11,280 And that's the way that I look at my positions. 317 00:15:11,520 --> 00:15:15,320 When I look across My Portfolio, the majority of companies and 318 00:15:15,320 --> 00:15:16,960 investments have done incredibly well. 319 00:15:17,360 --> 00:15:20,080 Most of them have made significant gains because again, 320 00:15:20,440 --> 00:15:23,240 I've kept to a very simple philosophy, investing in 321 00:15:23,240 --> 00:15:24,880 incredibly high quality companies. 322 00:15:25,360 --> 00:15:27,360 Some of them, however, still don't work out. 323 00:15:27,680 --> 00:15:31,480 Out of the 15 or so companies that I own today, around two to 324 00:15:31,480 --> 00:15:34,520 three of them have been subpar. And that's normal. 325 00:15:34,680 --> 00:15:37,280 That's how investing works. Even if you were to invest in 326 00:15:37,280 --> 00:15:40,640 the S&P 500 index, not every company does well. 327 00:15:41,040 --> 00:15:44,080 Most of them do OK. A a lot of them make gains, but 328 00:15:44,080 --> 00:15:47,040 your gains are primarily driven by a smaller number of companies 329 00:15:47,040 --> 00:15:49,560 within your portfolio. I've been fortunate with a lot 330 00:15:49,560 --> 00:15:51,400 of big winners in this portfolio. 331 00:15:51,400 --> 00:15:54,320 You don't have to reinvent the wheel or invest in something 332 00:15:54,360 --> 00:15:56,920 super unique. I've invested in many of what I 333 00:15:56,920 --> 00:15:59,960 consider to be the best companies in the world, Amazon, 334 00:15:59,960 --> 00:16:03,720 Netflix, Google, Microsoft, and S&P Global. 335 00:16:04,160 --> 00:16:06,560 The one company today that's struggling is Duolingo. 336 00:16:06,920 --> 00:16:09,240 We don't know how this is going to turn out, so the story is a 337 00:16:09,240 --> 00:16:11,880 little bit untold, but the fundamentals still remain very 338 00:16:11,880 --> 00:16:13,440 strong. Even with Duolingo. 339 00:16:13,440 --> 00:16:16,800 This portfolio is up $65,000 year to date. 340 00:16:16,840 --> 00:16:19,720 Those gains and that money will continue to compound even more. 341 00:16:20,000 --> 00:16:23,720 My goal is to virtually double the value of these portfolios 342 00:16:23,760 --> 00:16:26,280 every five years. So in another five years I'd 343 00:16:26,280 --> 00:16:28,440 like this one to be roughly $900,000. 344 00:16:28,440 --> 00:16:31,720 By the end of five years I'd like this one to be almost 345 00:16:31,720 --> 00:16:33,880 $2,000,000. And to accomplish that, my goal 346 00:16:33,880 --> 00:16:38,280 is to at an intrinsic return of 15% per year, a 15% return per 347 00:16:38,280 --> 00:16:40,440 year gives you about a double every five years. 348 00:16:40,440 --> 00:16:42,720 So while we look at our portfolios, whatever stage of 349 00:16:42,720 --> 00:16:45,120 growth you're in, however long you've been investing, even if 350 00:16:45,120 --> 00:16:49,720 your portfolio's $5000 or $10,000 or $10 million, the 351 00:16:49,720 --> 00:16:52,800 message should be the same as you're scrolling through your 352 00:16:52,800 --> 00:16:55,920 feeds, as you're going through the Instagram Reels or the 353 00:16:55,920 --> 00:16:59,600 TikTok or the Twitter, whatever it may be, you should look at 354 00:16:59,600 --> 00:17:02,400 the news and understand that it's going to always be tilted 355 00:17:02,400 --> 00:17:04,119 to the negative. There's always gonna be 356 00:17:04,119 --> 00:17:06,280 something to complain about. There's always something around 357 00:17:06,280 --> 00:17:07,760 the corner that looks really bad. 358 00:17:08,079 --> 00:17:10,319 And that's the nature of humans. It's just a game that we're 359 00:17:10,319 --> 00:17:12,599 never gonna fix. It's, it's the way everything's 360 00:17:12,599 --> 00:17:14,800 going to be. But don't be fooled by it. 361 00:17:15,359 --> 00:17:20,040 Today is the best day to invest. Wealth creation is incredibly 362 00:17:20,200 --> 00:17:23,880 possible and probable if you take the steps to do it, if you 363 00:17:23,880 --> 00:17:26,079 take responsibility to do it yourself. 364 00:17:26,560 --> 00:17:28,960 Don't wait for anybody else. Don't wait for permission from 365 00:17:28,960 --> 00:17:30,800 someone else to do it. Just start. 366 00:17:31,080 --> 00:17:33,600 Start today. Put money in your portfolios, 367 00:17:33,600 --> 00:17:37,800 invest in quality companies at reasonable valuations, invest in 368 00:17:37,800 --> 00:17:40,840 ETFs, invest in high quality companies, whatever it may be, 369 00:17:41,040 --> 00:17:43,400 But get things going. And if you already have it 370 00:17:43,400 --> 00:17:46,520 going, put on the gas. Every single day we have the 371 00:17:46,520 --> 00:17:50,680 opportunity to log into our brokerage and to buy shares of 372 00:17:50,680 --> 00:17:54,400 the best companies in the world, ran by the best founders in the 373 00:17:54,400 --> 00:17:57,160 world. People like Mark Zuckerberg with 374 00:17:57,160 --> 00:18:02,240 Meta stock selling off today, we have Uber with Dara leading this 375 00:18:02,240 --> 00:18:05,200 massive network. We have Sundar Pichai with 376 00:18:05,200 --> 00:18:07,120 Google, which is still at a a good deal. 377 00:18:07,360 --> 00:18:09,840 We have so many great opportunities every single day 378 00:18:10,080 --> 00:18:12,240 to create wealth and get further ahead in life. 379 00:18:12,240 --> 00:18:15,200 So it's time to get invested, align yourself with these great 380 00:18:15,200 --> 00:18:17,600 founders, with these great executives that are growing 381 00:18:17,600 --> 00:18:20,960 wealth for their shareholders. Get invested, stay invested. 382 00:18:21,200 --> 00:18:24,080 Don't listen to the naysayers. If the stock market drops, it's 383 00:18:24,080 --> 00:18:26,520 a buying opportunity, not a time to panic. 384 00:18:26,520 --> 00:18:28,200 Now let's go to move on to some news. 385 00:18:28,360 --> 00:18:30,560 We have here the first news of the day, which is a story from 386 00:18:30,560 --> 00:18:32,920 the Wall Street Journal that says Visa and MasterCard reached 387 00:18:32,920 --> 00:18:35,240 settlement with merchants to lower fees. 388 00:18:35,600 --> 00:18:37,840 Now, if we look at how Visa and MasterCard are reacting, we can 389 00:18:37,840 --> 00:18:39,040 just take a look at the stock here. 390 00:18:39,800 --> 00:18:41,280 We'll bring it up here on Qualtrim. 391 00:18:41,280 --> 00:18:45,040 We have Visa right here. Visa's in the red, while the 392 00:18:45,040 --> 00:18:46,400 rest of the market's in the green. 393 00:18:46,400 --> 00:18:49,200 Visa's in the red. We have MasterCard here. 394 00:18:49,200 --> 00:18:52,360 We'll take a look at that. Mastercard's also in the red. 395 00:18:52,880 --> 00:18:56,080 And then we have AXP, which is American Express. 396 00:18:56,480 --> 00:18:58,240 American Express is also in the red. 397 00:18:58,760 --> 00:19:01,720 So with the rest of the market going up, with people getting 398 00:19:01,720 --> 00:19:04,800 excited about the government shutdown potentially stopping, 399 00:19:05,160 --> 00:19:07,400 we have the market going up. But all of these companies are 400 00:19:07,400 --> 00:19:10,200 in the red. This is because when you first 401 00:19:10,200 --> 00:19:13,480 look at this news story, it's difficult to interpret it other 402 00:19:13,480 --> 00:19:16,520 than negative news. But this is positive news. 403 00:19:16,800 --> 00:19:18,720 First of all, the Wall Street Journal says that under the 404 00:19:18,720 --> 00:19:21,840 agreement, the payment companies will lower credit card 405 00:19:21,840 --> 00:19:26,000 interchange fees or fees that stores paid to swipe cards by an 406 00:19:26,000 --> 00:19:29,760 average of .1%. So right there we have the first 407 00:19:30,120 --> 00:19:32,520 actual point of data from this change. 408 00:19:32,680 --> 00:19:35,000 They settled with the merchants to lower fees. 409 00:19:35,160 --> 00:19:37,520 How could that be good for Visa and MasterCard? 410 00:19:37,680 --> 00:19:41,200 These interchange fees do not go back to Visa and MasterCard. 411 00:19:41,320 --> 00:19:44,320 They go directly to the banks, so the banks are actually the 412 00:19:44,320 --> 00:19:47,440 loser in this situation. The merchants are the winner and 413 00:19:47,440 --> 00:19:50,200 Visa MasterCard dodge a bullet. They don't really get hit by 414 00:19:50,200 --> 00:19:52,120 this at all. They weren't making this money 415 00:19:52,120 --> 00:19:53,840 that was mostly directed towards the bank. 416 00:19:53,840 --> 00:19:55,960 So they're not really losing out on any money here. 417 00:19:56,520 --> 00:19:57,960 Then we look at the next part of the story. 418 00:19:58,280 --> 00:20:01,320 Merchants will also have more surcharge options as well as be 419 00:20:01,320 --> 00:20:04,280 able to decide which categories of US credit cards they will 420 00:20:04,280 --> 00:20:06,240 accept. Now this seems a little dicey. 421 00:20:06,400 --> 00:20:09,240 They basically agreed to say, hey merchants, you now have more 422 00:20:09,240 --> 00:20:11,600 control over which type of cards you can accept. 423 00:20:11,840 --> 00:20:14,440 For example, you could accept only debit cards because they 424 00:20:14,440 --> 00:20:16,240 have a lower fee. And you can say I'm not going to 425 00:20:16,240 --> 00:20:19,360 accept this type of Visa card or I'm going to accept a Visa and 426 00:20:19,360 --> 00:20:22,400 MasterCard, but I'm not going to accept American Express or any 427 00:20:22,400 --> 00:20:24,960 of the the cards that have the really high fees associated with 428 00:20:24,960 --> 00:20:26,440 them. Now merchants have total. 429 00:20:26,600 --> 00:20:29,680 Flexibility and control. And while it may feel good that 430 00:20:29,680 --> 00:20:33,440 they have control, they really don't have much control here and 431 00:20:33,440 --> 00:20:34,960 they really don't have a lot of options. 432 00:20:35,520 --> 00:20:39,520 Almost every single merchant invariably will accept the 433 00:20:39,520 --> 00:20:41,840 higher end cars even if they have higher fees. 434 00:20:42,120 --> 00:20:44,520 And the reason why is it makes business sense. 435 00:20:44,840 --> 00:20:47,200 It makes business sense to such an extent that it's not even a 436 00:20:47,200 --> 00:20:49,960 really debatable subject. For example, if you were to 437 00:20:49,960 --> 00:20:53,600 break down which type of customer pays with debit and 438 00:20:53,680 --> 00:20:57,080 which type of customer pays with credit, you can almost put them 439 00:20:57,080 --> 00:20:59,160 in two different buckets. And the people that pay with 440 00:20:59,160 --> 00:21:01,560 credit make more money. They are a higher income 441 00:21:01,560 --> 00:21:04,200 consumer. They have higher salary jobs, 442 00:21:04,440 --> 00:21:06,720 they have more stability in their work and they're higher 443 00:21:06,720 --> 00:21:09,560 spenders. So if you were to say I want to 444 00:21:09,560 --> 00:21:12,400 save on processing fees and I only want to accept the debit 445 00:21:12,400 --> 00:21:15,120 cards or these lower fee cards and I don't want to accept 446 00:21:15,120 --> 00:21:19,120 credit cards as a business, you would be saying all the wealthy 447 00:21:19,120 --> 00:21:23,000 people, all the people that have stability jobs, high salaries 448 00:21:23,080 --> 00:21:25,760 and consume a lot. I don't want your business. 449 00:21:26,240 --> 00:21:29,120 I just want the lower end consumer, the consumer that has 450 00:21:29,120 --> 00:21:31,040 less stability and less spending power. 451 00:21:31,360 --> 00:21:33,360 That would be the decision the business is making. 452 00:21:33,360 --> 00:21:35,920 Also, this type of thing where you only accept a certain 453 00:21:35,920 --> 00:21:39,120 segment of cards is also going to frustrate your shoppers. 454 00:21:39,480 --> 00:21:42,080 Imagine a different scenario where shopper comes into a 455 00:21:42,080 --> 00:21:45,240 grocery store or retail location, they fill their entire 456 00:21:45,240 --> 00:21:47,920 cart with merchandise they go to check out. 457 00:21:48,240 --> 00:21:51,480 But then you say that you don't accept credit cards and they and 458 00:21:51,480 --> 00:21:54,960 they look at their cart just full of $100 worth of stuff and 459 00:21:54,960 --> 00:21:57,240 they go, OK, I guess I'm just going to have to put this stuff 460 00:21:57,240 --> 00:21:59,640 back on the shelf. What do you think that business 461 00:21:59,640 --> 00:22:03,040 owner would immediately do after seeing a customer put all that 462 00:22:03,040 --> 00:22:06,400 merchandise back on the shelf because you're not accepting a 463 00:22:06,400 --> 00:22:09,240 payment method that is widely available elsewhere? 464 00:22:09,280 --> 00:22:11,920 These type of changes cause enormous frustration to the 465 00:22:11,920 --> 00:22:14,360 consumer. It adds friction on the point of 466 00:22:14,360 --> 00:22:17,000 sale, which is the last place that you want to add friction. 467 00:22:17,000 --> 00:22:20,600 No retailers going to tell their best shoppers to take a hike. 468 00:22:20,960 --> 00:22:23,680 The high spend consumers, the ones with the most money that 469 00:22:23,680 --> 00:22:26,320 they don't want their business. And if they do, that's going to 470 00:22:26,320 --> 00:22:29,120 be at their own detriment. The third reason why American 471 00:22:29,120 --> 00:22:31,800 Express, MasterCard and Visa should actually be in the green 472 00:22:31,800 --> 00:22:35,840 after this news, not in the red, is because not only did they not 473 00:22:35,840 --> 00:22:38,880 lose in this case, they're not going to be hurt by it, but it's 474 00:22:38,880 --> 00:22:41,200 also uncertainty that's now taken off the table. 475 00:22:41,440 --> 00:22:43,800 They finally settled an agreement and that agreement 476 00:22:43,800 --> 00:22:45,640 could have gone much worse than this. 477 00:22:45,920 --> 00:22:47,760 There could have been outcomes that actually damage these 478 00:22:47,760 --> 00:22:51,480 companies, but the implemented solution here, the remedy really 479 00:22:51,480 --> 00:22:54,040 won't affect these companies. So I believe American Express, 480 00:22:54,040 --> 00:22:57,000 Visa, MasterCard should be in the green after this news, not 481 00:22:57,000 --> 00:22:58,600 in the red. Now moving on, we also get to 482 00:22:58,600 --> 00:23:01,920 news that Trump is once again floating around an idea of 483 00:23:01,920 --> 00:23:07,000 giving $2000 to most Americans a dividend of at least $2000 a 484 00:23:07,000 --> 00:23:09,680 person, not including high income people. 485 00:23:10,240 --> 00:23:13,040 Out of the group that will benefit the most from a $2000 486 00:23:13,040 --> 00:23:16,600 per person stimulus, the group that's not given the stimulus 487 00:23:16,600 --> 00:23:18,440 will be the one that benefits the most. 488 00:23:18,760 --> 00:23:20,800 They'll be the biggest gainers from the stimulus. 489 00:23:21,080 --> 00:23:23,560 So even though it specifically says not including high income 490 00:23:23,560 --> 00:23:26,760 people, those are the people that own assets and own stocks. 491 00:23:27,040 --> 00:23:29,680 They're going to be the ones that make the most money from a 492 00:23:29,680 --> 00:23:32,120 $2000 stimulus. And the reasons behind this is 493 00:23:32,120 --> 00:23:34,760 rather simple. When people are given without 494 00:23:34,760 --> 00:23:38,520 any work or any effort, a $2000 deposit into their checking 495 00:23:38,520 --> 00:23:40,600 account, it doesn't stay there for long. 496 00:23:41,000 --> 00:23:44,200 It will inevitably get spent on either goods or services. 497 00:23:44,680 --> 00:23:47,960 People eat at restaurants, people go on vacation, people 498 00:23:47,960 --> 00:23:49,440 buy products. They'll sign up for Netflix 499 00:23:49,440 --> 00:23:52,400 subscriptions or YouTube TV. They'll maybe buy YouTube 500 00:23:52,400 --> 00:23:54,080 Premium. There's all different things 501 00:23:54,080 --> 00:23:55,480 that people do when they're given money. 502 00:23:55,800 --> 00:23:58,640 A lot of it is just spending it at different stores, retail 503 00:23:58,640 --> 00:24:02,920 locations, goods and services that work its way back into the 504 00:24:02,920 --> 00:24:07,040 stock market almost immediately. A huge portion of this money, 505 00:24:07,120 --> 00:24:10,400 potentially 10s if not hundreds of billions of dollars, would be 506 00:24:10,400 --> 00:24:13,800 given to people and then within months work its way into the 507 00:24:13,800 --> 00:24:17,760 earnings results of companies. The net income, all that money 508 00:24:17,760 --> 00:24:20,880 would be absorbed and soaked back into the economy, back into 509 00:24:20,880 --> 00:24:23,920 companies, and then back into shareholders pockets within an 510 00:24:23,920 --> 00:24:25,520 order of months. And that's the same type of 511 00:24:25,520 --> 00:24:28,680 dynamic we saw with the COVID stimulus checks. 512 00:24:29,280 --> 00:24:31,640 At first it seemed like they're just given as necessity. 513 00:24:31,920 --> 00:24:35,200 But of course, when any broad range stimulus is given, many 514 00:24:35,200 --> 00:24:37,480 people use it to spend on goods and services they wouldn't 515 00:24:37,480 --> 00:24:40,320 otherwise buy, boosting companies earnings to record 516 00:24:40,320 --> 00:24:42,240 highs. So this is another thing that I 517 00:24:42,240 --> 00:24:43,680 believe will benefit the stock market. 518 00:24:43,880 --> 00:24:46,480 Another way this will benefit the stock market is even if 519 00:24:46,480 --> 00:24:49,800 these people take the $2000 and choose to invest, they'll buy 520 00:24:49,800 --> 00:24:52,240 many of the stocks that shareholders already own, 521 00:24:52,280 --> 00:24:55,560 further bumping up the price. We saw the same thing again 522 00:24:55,560 --> 00:24:57,080 during COVID. Many people look at their 523 00:24:57,080 --> 00:25:00,240 stimulus check as an opportunity to buy more stocks to bump up 524 00:25:00,240 --> 00:25:04,040 their portfolio, which always works in the favor of existing 525 00:25:04,080 --> 00:25:06,920 investors, ones that already have their stakes where these 526 00:25:06,920 --> 00:25:08,920 new buyers are buying at higher prices. 527 00:25:09,080 --> 00:25:12,520 If this does happen, the people that already own stocks, the 528 00:25:12,520 --> 00:25:15,640 people that already have portfolios will be the biggest 529 00:25:15,640 --> 00:25:18,480 beneficiaries of it by far. Now moving on, we get to some 530 00:25:18,480 --> 00:25:22,240 news that Gene Munster went on the CNBC and he has a a rare 531 00:25:22,240 --> 00:25:24,680 call here, or at least one that I don't see a lot of people 532 00:25:24,680 --> 00:25:26,800 making. There's not that many people in 533 00:25:26,800 --> 00:25:30,240 my feeds or around my circle of, of the people that I communicate 534 00:25:30,240 --> 00:25:33,160 with that are going out on a limb and saying that Apple's the 535 00:25:33,160 --> 00:25:35,760 Best Buy now. That was something that I was 536 00:25:35,760 --> 00:25:38,120 doing a couple years ago, a few years ago. 537 00:25:38,120 --> 00:25:39,840 Apple is at a much lower valuation. 538 00:25:40,640 --> 00:25:43,640 They're growing a lot faster. I thought Apple is a fantastic 539 00:25:43,640 --> 00:25:46,680 company and it was previously one of the biggest positions in 540 00:25:46,680 --> 00:25:49,600 My Portfolio. But now I've largely trimmed out 541 00:25:49,600 --> 00:25:52,560 of my Apple position. I don't hold much of it anymore 542 00:25:52,920 --> 00:25:55,240 because it trades at a high valuation and the growth has 543 00:25:55,240 --> 00:25:58,080 been a little bit subpar. But here we have Gene Munster as 544 00:25:58,080 --> 00:26:01,680 someone that continues to pound the table for Apple. 545 00:26:01,720 --> 00:26:04,560 He's so bullish on this company. Let's go ahead and hear him out 546 00:26:04,560 --> 00:26:07,640 of why he thinks this is the Best Buy over the next six 547 00:26:07,640 --> 00:26:10,000 months. This I think is going to be the 548 00:26:10,120 --> 00:26:13,160 the top performing Mag 7 for the next three months. 549 00:26:13,160 --> 00:26:17,400 It's it's a total sleeper here, but effectively the bar is low 550 00:26:17,400 --> 00:26:19,400 for AI. There's no question about that. 551 00:26:19,640 --> 00:26:23,240 If you look at the cadence of what's going on with the iPhone, 552 00:26:23,440 --> 00:26:26,120 the numbers still need to come up for fiscal 26. 553 00:26:26,360 --> 00:26:29,640 And most importantly is what's going to happen probably in 554 00:26:29,640 --> 00:26:31,960 March, April time frame with this new Siri. 555 00:26:32,600 --> 00:26:36,040 If Apple makes good and they have a history of making good on 556 00:26:36,040 --> 00:26:39,480 high quality products, if they make good on what they have very 557 00:26:39,480 --> 00:26:41,960 clearly described about their vision of the next series, 558 00:26:41,960 --> 00:26:45,680 something that is AI powered and personal and contextual. 559 00:26:45,880 --> 00:26:48,520 If they deliver that, I think that that's going to expand the 560 00:26:48,520 --> 00:26:50,320 multiple. And so I'm in the camp. 561 00:26:50,320 --> 00:26:53,920 There's a solid 20% upside to Apple shares over the next three 562 00:26:53,920 --> 00:26:56,240 to six months. So there's his case for Apple, 563 00:26:56,280 --> 00:26:59,080 if they truly make good on their promises and they deliver an AI 564 00:26:59,080 --> 00:27:02,280 phone and AI products, they're going to expand the multiple. 565 00:27:02,320 --> 00:27:05,440 Now, when I look at Apple today, this is a company that I love. 566 00:27:05,480 --> 00:27:08,240 Again, I've I've had this one as a huge holding in My Portfolio. 567 00:27:08,240 --> 00:27:09,520 I've made a lot of gains with Apple. 568 00:27:10,200 --> 00:27:13,000 It's one that I don't really hold right now because there's a 569 00:27:13,000 --> 00:27:14,640 couple things that I think Gene is leaving out. 570 00:27:14,960 --> 00:27:16,680 First of all, expanding the multiple. 571 00:27:16,720 --> 00:27:19,560 Right now it has a 33 forward multiple. 572 00:27:20,120 --> 00:27:25,040 So having the thesis be reliant on multiple expansion, it means 573 00:27:25,040 --> 00:27:28,680 that you believe it's going to go to a 35A36 multiple. 574 00:27:28,920 --> 00:27:31,480 You're hoping that it's going to go to the mid to high 30s Ford 575 00:27:31,480 --> 00:27:34,120 PE ratio. That's quite the multiple 576 00:27:34,120 --> 00:27:35,840 expansion. When we look at Apple, we also 577 00:27:35,840 --> 00:27:38,280 have a company where the revenue has stayed mostly flat for the 578 00:27:38,280 --> 00:27:41,600 past couple of years. It's grown 4 or 5% / a 579 00:27:41,600 --> 00:27:44,720 three-year period. I believe out of the Max 7, the 580 00:27:44,720 --> 00:27:47,760 two stocks that will do the best over the next three months is 581 00:27:47,760 --> 00:27:50,640 going to be Google and Amazon. Those companies I think are 582 00:27:50,640 --> 00:27:52,680 better positioned. They have better multiples to 583 00:27:52,680 --> 00:27:56,280 grow into and they have far better revenue growth and 584 00:27:56,280 --> 00:27:57,880 earnings per share growth potential. 585 00:27:58,040 --> 00:27:59,920 Now, another stock we could look at is Meta. 586 00:27:59,920 --> 00:28:03,240 This is one that Dan Ives has frequently talked about here. 587 00:28:03,240 --> 00:28:06,480 He's on CNBC saying that this is a table pounder. 588 00:28:06,480 --> 00:28:08,760 Let's go ahead and listen to Dan Ives thoughts on meta. 589 00:28:09,120 --> 00:28:12,200 I think Meta is a bit of an outlier just because, you know, 590 00:28:12,240 --> 00:28:14,960 obviously how dramatically more they're going to spend on CapEx 591 00:28:14,960 --> 00:28:16,960 and what happened to numbers going to next year. 592 00:28:17,240 --> 00:28:21,480 But in my opinion, Meta is a table pounder here and I think 593 00:28:21,480 --> 00:28:26,760 below 600 because it's my view they're transforming this 594 00:28:26,760 --> 00:28:30,200 business over the coming years. Zuckerberg right now, wartime 595 00:28:30,200 --> 00:28:33,760 Ceoi get, you know, fretting about everything that's 596 00:28:33,760 --> 00:28:36,400 happening here, but this is an AI arms race. 597 00:28:36,640 --> 00:28:40,600 But I continue to view it as you want to see them spend because 598 00:28:40,600 --> 00:28:43,160 you're talking about the the earnings growth over the coming 599 00:28:43,160 --> 00:28:45,320 years is going to be massive. That's why they're spent. 600 00:28:45,320 --> 00:28:48,800 The markets not pricing in massive EPS growth for Meta over 601 00:28:48,800 --> 00:28:52,200 the next couple of years. In fact, next year 2026 Wall 602 00:28:52,200 --> 00:28:54,120 Street estimates are that Meta is going to grow earnings 603 00:28:54,120 --> 00:28:57,880 between 12 to 14%, which would be a huge deceleration. 604 00:28:58,120 --> 00:29:00,080 So that's part of the reason the stock is going down as they're 605 00:29:00,080 --> 00:29:04,080 pricing in less growth, more expenses, more amortizing, all 606 00:29:04,080 --> 00:29:07,600 this CapEx spend and a CapEx spend that's less predictable 607 00:29:07,600 --> 00:29:11,000 than Google Cloud, Azure or AWS because Meta is a bit more of a 608 00:29:11,000 --> 00:29:12,080 long shot. I agree. 609 00:29:12,080 --> 00:29:15,080 Right now Meta is at a buy. I think the company is at an 610 00:29:15,080 --> 00:29:16,920 attractive price. I think Meta is going to have 611 00:29:16,920 --> 00:29:19,760 some issues and short term losses with their CapEx spend, 612 00:29:20,080 --> 00:29:21,960 but that demand is going to be filled over time. 613 00:29:22,080 --> 00:29:23,800 Now moving on, we get to another interview. 614 00:29:23,800 --> 00:29:26,760 This time it's from Mark Mahaney, where he's asked about 615 00:29:27,280 --> 00:29:30,320 Uber, he's asked about Duolingo, he's asked about these companies 616 00:29:30,320 --> 00:29:32,680 where the stock price is dropping like a rock. 617 00:29:32,680 --> 00:29:35,480 It's going down because investors aren't happy about the 618 00:29:35,480 --> 00:29:38,680 investments that they're making. For example, DoorDash just 619 00:29:38,680 --> 00:29:40,680 dropped because they announced they're making significant 620 00:29:40,680 --> 00:29:43,040 investments in a VS. They're trying to build out more 621 00:29:43,040 --> 00:29:46,400 autonomous driving delivery. They're trying to invest in that 622 00:29:46,400 --> 00:29:48,760 part of the company because DoorDash believes that's where 623 00:29:48,760 --> 00:29:50,840 things are headed and they want to be in front of it. 624 00:29:51,000 --> 00:29:53,080 Duolingo investors had very similar concerns. 625 00:29:53,080 --> 00:29:55,680 The stock has sold down ever since their earnings after the 626 00:29:55,680 --> 00:29:58,120 company basically said that they're focusing less on 627 00:29:58,120 --> 00:30:01,240 immediate profits and revenue growth than they are the global 628 00:30:01,240 --> 00:30:03,880 opportunity of a education platform. 629 00:30:04,080 --> 00:30:07,240 They're focusing on teaching quality, the content quality, as 630 00:30:07,240 --> 00:30:10,520 well as keeping people engaged and growing the users over short 631 00:30:10,520 --> 00:30:12,960 term conversions. From the free tear to the paid 632 00:30:12,960 --> 00:30:15,920 tear, both of these have caused these stocks to go down, and 633 00:30:15,920 --> 00:30:17,160 here's Mark Mahaney's take on it. 634 00:30:17,240 --> 00:30:19,560 You know, I, I, I'd spend it another way or similar to what 635 00:30:19,560 --> 00:30:23,280 you just did, John. Investors don't like investment 636 00:30:23,280 --> 00:30:26,160 cycles. So I think that's the case with 637 00:30:26,160 --> 00:30:30,680 Meta, Dash, Duolingo, Uber. I think there's a few other 638 00:30:30,680 --> 00:30:33,120 names in there too, maybe Pinterest, you know, all those 639 00:30:33,120 --> 00:30:35,960 companies that went into it out of this earnings cycle and sort 640 00:30:35,960 --> 00:30:40,120 of negatively surprised the market by saying we really want 641 00:30:40,120 --> 00:30:43,920 to lean into investments first. And I think DoorDash is, you 642 00:30:43,920 --> 00:30:46,200 know, to me, it's kind of like you just can't be that 643 00:30:46,200 --> 00:30:48,080 surprised. They just closed the deal with 644 00:30:48,080 --> 00:30:50,320 Deliveroo. They bought the asset to invest 645 00:30:50,320 --> 00:30:53,720 in, to regrow it, and yet the market didn't like it and sold 646 00:30:53,720 --> 00:30:56,160 off the stock aggressively. The good news though, on. 647 00:30:56,360 --> 00:30:59,080 So that's that to me is kind of the common theme here. 648 00:30:59,200 --> 00:31:02,320 The good news is investors, yeah, you don't want to buy a 649 00:31:02,320 --> 00:31:04,800 stock before they announce the investment cycle. 650 00:31:04,800 --> 00:31:07,440 But if you believe that it's a good investment cycle, this is 651 00:31:07,440 --> 00:31:09,520 your clearing event. This is your chance to get in on 652 00:31:09,520 --> 00:31:11,080 a stock. The DoorDash hasn't been one of 653 00:31:11,080 --> 00:31:13,640 my top long since it's been a long for us, hasn't been a top 654 00:31:13,640 --> 00:31:14,760 long. But you know, it's something I 655 00:31:14,760 --> 00:31:17,120 got to seriously consider. Now you've got the bad news out 656 00:31:17,120 --> 00:31:19,480 of the way and what's happened, You know, there's been some 657 00:31:19,880 --> 00:31:22,000 reports about the consumer flagging. 658 00:31:22,160 --> 00:31:23,600 You're not seeing it from DoorDash. 659 00:31:23,800 --> 00:31:26,120 You're not seeing and by the way, in the travel names either 660 00:31:26,120 --> 00:31:29,040 Airbnb, I mean the demand was better than expected and 661 00:31:29,040 --> 00:31:31,840 intrinsically strong across all the travel names that I look at 662 00:31:32,040 --> 00:31:34,280 and for DoorDash too. So I like DoorDash here. 663 00:31:34,280 --> 00:31:36,760 I understand the investment cycle risk, but guess what? 664 00:31:36,760 --> 00:31:39,400 That's behind us now. So he feels that there's a 665 00:31:39,440 --> 00:31:41,920 reason all these companies are going down, whether it's Meta, 666 00:31:41,920 --> 00:31:45,840 Duolingo, DoorDash or Uber, all of them announced increase 667 00:31:45,840 --> 00:31:48,160 investments into the future growth of their business. 668 00:31:48,600 --> 00:31:50,720 Those investments, of course, slow down near term 669 00:31:50,720 --> 00:31:54,000 profitability growth. When investors hear that, they 670 00:31:54,000 --> 00:31:56,280 run for the exits. They don't want companies that 671 00:31:56,280 --> 00:31:58,560 are pouring money into investments that may or may work 672 00:31:58,560 --> 00:32:00,840 out in the future. They want companies leaning into 673 00:32:00,840 --> 00:32:03,280 profits today. So investors are leaving these 674 00:32:03,280 --> 00:32:05,000 companies. They're going into different 675 00:32:05,000 --> 00:32:07,080 holdings. But he says that this is a 676 00:32:07,080 --> 00:32:09,440 clearing event. It's a way for you to get into 677 00:32:09,440 --> 00:32:11,760 these stocks or if you're already in them, to increase 678 00:32:11,760 --> 00:32:15,240 your positions at better prices. That is because there's one big 679 00:32:15,240 --> 00:32:18,080 concern already being priced into the companies today. 680 00:32:18,520 --> 00:32:19,760 They already know about the investments. 681 00:32:19,760 --> 00:32:21,120 They already know about this cycle. 682 00:32:21,360 --> 00:32:24,160 Now is the time to buy. In the past, when this has 683 00:32:24,160 --> 00:32:26,240 happened, when companies have said that they're going to 684 00:32:26,240 --> 00:32:29,400 invest a lot, that's like what happened to Amazon in 2022. 685 00:32:29,720 --> 00:32:34,360 All throughout 2022 and 2023 and 2024, Amazon stock price just 686 00:32:34,360 --> 00:32:37,560 went up over and over again because the investment cycle 687 00:32:37,560 --> 00:32:40,480 worked its way through. If you don't buy in during the 688 00:32:40,480 --> 00:32:42,960 investment cycle, during these opportunities that the market 689 00:32:42,960 --> 00:32:44,720 hands you, you may miss out on it. 690 00:32:44,840 --> 00:32:46,520 Now moving on, we get to our fail of the week. 691 00:32:46,520 --> 00:32:49,520 We start things off with a fail of the week early on a Monday 692 00:32:49,920 --> 00:32:53,000 and we have here a group of people, they're gathered around 693 00:32:53,000 --> 00:32:56,640 here, an HR executive, so that's the the head of HR of the 694 00:32:56,640 --> 00:32:58,120 company. Then you have all these 695 00:32:58,120 --> 00:33:01,360 employees gathered around. One of them is filming them 696 00:33:01,360 --> 00:33:03,440 while a couple others are berating them. 697 00:33:03,440 --> 00:33:04,800 Let's go ahead and just take a look here. 698 00:33:05,640 --> 00:33:08,120 Congregate. Look how Skygate I'm. 699 00:33:08,920 --> 00:33:10,680 Sorry, what's your definition of congregate? 700 00:33:11,640 --> 00:33:14,240 So everyone you know, we'd appreciate if you would, you 701 00:33:14,360 --> 00:33:16,000 would go back to the workplace where. 702 00:33:16,000 --> 00:33:18,320 You're Is there a place that you would be able to speak to us? 703 00:33:18,520 --> 00:33:20,440 Not today. We have other things going on. 704 00:33:20,560 --> 00:33:22,120 Do you think we're not worth speaking to Sam? 705 00:33:22,400 --> 00:33:25,000 Does your words not mine but. They might be your beliefs. 706 00:33:25,320 --> 00:33:27,520 They're not my beliefs. OK, so you do think we're worth 707 00:33:27,520 --> 00:33:28,840 speaking, Sam? Everyone should. 708 00:33:29,160 --> 00:33:32,760 OK, so right off the bat, we already have a lot of hostility 709 00:33:32,760 --> 00:33:34,760 in this video, if you didn't catch that. 710 00:33:34,760 --> 00:33:38,520 This employee that's talking to the HR person says something at 711 00:33:38,520 --> 00:33:40,080 the very beginning, which is totally reasonable. 712 00:33:40,800 --> 00:33:43,080 He says he wants them to go back to their workplace. 713 00:33:43,480 --> 00:33:46,520 And this employee here asks, well, do you have time to talk 714 00:33:46,520 --> 00:33:48,960 with us? Totally reasonable that that's 715 00:33:48,960 --> 00:33:51,160 the right there. That was something completely 716 00:33:51,160 --> 00:33:54,040 fine appropriate to say, but then it's what immediately 717 00:33:54,040 --> 00:33:56,720 followed after that where it went into hostility. 718 00:33:56,720 --> 00:33:58,560 We. Go back to the workplace where 719 00:33:58,600 --> 00:34:00,000 you're. Is there a place that you would 720 00:34:00,040 --> 00:34:01,760 be able to speak to us? Not today. 721 00:34:01,800 --> 00:34:03,920 We have other things going on. Do you think we're not worth 722 00:34:03,920 --> 00:34:06,800 speaking to Sam? Do you think we're not worth 723 00:34:06,800 --> 00:34:10,719 speaking to Sam? These are the loaded questions. 724 00:34:10,960 --> 00:34:14,239 Right after that first sentence, which was reasonable, he gave an 725 00:34:14,239 --> 00:34:16,800 answer saying not today. Instead of following up and 726 00:34:16,800 --> 00:34:20,000 saying can we schedule a time, a time set in stone where you can 727 00:34:20,000 --> 00:34:22,560 speak to us? Instead of saying that this 728 00:34:22,560 --> 00:34:26,480 employee says, are we not worth speaking to Sam? 729 00:34:27,120 --> 00:34:30,239 Just a loaded hostile question right at the beginning. 730 00:34:30,800 --> 00:34:33,679 Says your words, not mine, but. But this answer is great. 731 00:34:33,880 --> 00:34:37,320 Those are your words, not mine. Just throwing it right back to 732 00:34:37,320 --> 00:34:39,639 the employee saying, look, I'm not buying into your loaded 733 00:34:39,639 --> 00:34:41,600 question. You're saying that that doesn't 734 00:34:41,600 --> 00:34:44,000 reflect how I feel. And then this employee pushes 735 00:34:44,000 --> 00:34:45,760 back even harder, becoming more hostile. 736 00:34:45,760 --> 00:34:47,120 They. Might be your beliefs. 737 00:34:47,520 --> 00:34:50,639 They're not my beliefs. Those might be your beliefs, 738 00:34:51,159 --> 00:34:52,639 saying it might be your beliefs now. 739 00:34:52,639 --> 00:34:55,080 Now the employee's reading the mind of the HR person. 740 00:34:55,719 --> 00:34:58,160 Oh, even though you say that those are my words, not yours, 741 00:34:58,560 --> 00:35:00,240 I'm going to just say that those are your beliefs. 742 00:35:00,240 --> 00:35:02,560 I know what you believe. Can you imagine if the HR person 743 00:35:02,560 --> 00:35:05,040 did that? Started asking loaded questions 744 00:35:05,040 --> 00:35:08,320 and inferring people's beliefs. OK, So you do think we're we're 745 00:35:08,320 --> 00:35:10,400 sticking this out? Everyone should go back to your 746 00:35:10,400 --> 00:35:11,640 workplace. I work. 747 00:35:11,640 --> 00:35:13,760 I work here. You dismissed us and said talk 748 00:35:13,760 --> 00:35:15,480 to us. You told us that we had to come 749 00:35:15,480 --> 00:35:17,320 work in person here four days a week. 750 00:35:17,320 --> 00:35:19,280 This is our work here. Like our hot microdeo, which is 751 00:35:19,680 --> 00:35:20,880 my father. Yeah. 752 00:35:20,880 --> 00:35:22,560 Are you running away from us? No, I'm doing. 753 00:35:23,520 --> 00:35:26,720 So then the employees are told, can you, can you please go back 754 00:35:26,720 --> 00:35:29,840 to your work areas? And then they say, I work here, 755 00:35:30,400 --> 00:35:31,760 I work here. Well, you don't work in the 756 00:35:31,760 --> 00:35:33,400 hallway. That's not what they, that's not 757 00:35:33,400 --> 00:35:35,040 what he means. You're not working in that 758 00:35:35,040 --> 00:35:37,200 hallway surrounding someone's desk. 759 00:35:37,480 --> 00:35:39,880 Obviously he means to get back to your desks and do what you're 760 00:35:40,160 --> 00:35:43,040 getting paid to do voluntarily. You're showing up to work to get 761 00:35:43,040 --> 00:35:45,320 paid to do something, go to your desks and work. 762 00:35:46,200 --> 00:35:48,640 And then instead of doing that, well, some of them do, granted, 763 00:35:48,640 --> 00:35:51,080 a number of them do, they're like, OK, this is over, I'm 764 00:35:51,080 --> 00:35:53,160 going to go back. But then a handful of them 765 00:35:53,160 --> 00:35:55,920 choose to get out the cameras. You have multiple cameras there. 766 00:35:55,920 --> 00:35:57,360 There's another one here on screen. 767 00:35:57,720 --> 00:36:00,920 They get out the cameras and follow the guy down the hallway, 768 00:36:00,920 --> 00:36:04,920 filming him in a private workplace, which if you're ever 769 00:36:04,920 --> 00:36:08,000 following someone around filming them, that right there is just 770 00:36:08,000 --> 00:36:10,600 one of the most obnoxious things you could ever do to a person. 771 00:36:10,600 --> 00:36:13,120 Following around and filming someone that doesn't want to be 772 00:36:13,120 --> 00:36:17,200 filmed is not only just wrong, but it's incredibly obnoxious. 773 00:36:17,680 --> 00:36:20,320 You're almost always the bad guy if you do that. 774 00:36:20,520 --> 00:36:30,440 If. You could just go this way, you 775 00:36:30,440 --> 00:36:32,600 guys, will you come this way with us? 776 00:36:33,240 --> 00:36:34,480 No, no. I'm in a meeting. 777 00:36:34,600 --> 00:36:35,080 I'm. Working. 778 00:36:35,360 --> 00:36:36,400 OK. Well, we have some quick 779 00:36:36,400 --> 00:36:37,480 questions. You answer them. 780 00:36:37,480 --> 00:36:38,680 I'd be happy to go back to our desks. 781 00:36:38,880 --> 00:36:40,480 All right. We thank you. 782 00:36:41,240 --> 00:36:42,680 Thank you. You don't want to answer any 783 00:36:42,680 --> 00:36:45,080 questions. I've directed you back to your. 784 00:36:45,080 --> 00:36:49,040 Workplace. Is that is that a good answer, 785 00:36:49,080 --> 00:36:50,440 guys? Absolutely not. 786 00:36:50,440 --> 00:36:51,880 Come on, Stan. Really good answer, Stan. 787 00:36:53,200 --> 00:36:55,760 Stan, these are here. Our colleagues, we're concerned 788 00:36:55,800 --> 00:36:59,120 about our company. You're disengaging with the 789 00:36:59,360 --> 00:37:01,600 employees who work here. Did you like the OFD and vote 790 00:37:01,600 --> 00:37:05,280 these political agents? What are you going to do to? 791 00:37:06,880 --> 00:37:08,680 Stand up. Now these employees are upset 792 00:37:08,680 --> 00:37:11,560 because there's layoffs at the company and that is unfortunate. 793 00:37:11,560 --> 00:37:13,880 I sympathize with that. I want everybody to be working 794 00:37:13,880 --> 00:37:17,080 and making a lot of money, but this is not the way to respond 795 00:37:17,080 --> 00:37:19,960 to layoffs and it's not a way to get ahead in life and get higher 796 00:37:19,960 --> 00:37:21,760 pay and better jobs and better treatment. 797 00:37:22,240 --> 00:37:24,640 The way to do that, If you really want to twist the wrists 798 00:37:24,640 --> 00:37:28,000 of your manager, if you really want to hold them to task, just 799 00:37:28,000 --> 00:37:30,240 interview for different positions at different 800 00:37:30,240 --> 00:37:33,040 companies. Get offer letters that are more 801 00:37:33,040 --> 00:37:34,200 than what you're currently making. 802 00:37:34,520 --> 00:37:38,000 Send those offer letters to your boss and say that you would like 803 00:37:38,000 --> 00:37:40,240 them to reconsider their salary here because you have 804 00:37:40,240 --> 00:37:42,040 opportunities where you're going to be making more money. 805 00:37:42,240 --> 00:37:44,400 In almost every case, they'll want to keep the employee the 806 00:37:44,480 --> 00:37:47,640 other companies value more. If those other companies that 807 00:37:47,640 --> 00:37:50,200 are competitors are saying they'll pay this much, this 808 00:37:50,200 --> 00:37:53,320 company will bump up their pay. I've done it many times with my 809 00:37:53,320 --> 00:37:55,280 own job. You interview for other 810 00:37:55,280 --> 00:37:58,240 positions, you get job offers, and you leverage them for higher 811 00:37:58,240 --> 00:38:00,040 pay. The company's not willing to pay 812 00:38:00,040 --> 00:38:01,840 you more. You simply bounce. 813 00:38:02,240 --> 00:38:03,840 You need to have no loyalty to companies. 814 00:38:03,840 --> 00:38:05,400 You don't need to like them. You don't need to care about 815 00:38:05,400 --> 00:38:07,440 them. You can bounce, but in the 816 00:38:07,440 --> 00:38:11,160 process, you should always, always end on a good note. 817 00:38:11,440 --> 00:38:13,520 Never burn bridges in the workplace. 818 00:38:13,680 --> 00:38:16,560 Jobs aren't unlimited, and most people, when they're hiring 819 00:38:16,560 --> 00:38:18,200 employees, have very long memories. 820 00:38:18,440 --> 00:38:20,920 They'll remember working with you, they'll remember if you 821 00:38:20,920 --> 00:38:24,280 burned a bridge, and you may run into them in the future because 822 00:38:24,280 --> 00:38:26,640 you're all working in the same industry, typically in the same 823 00:38:26,640 --> 00:38:28,360 location. Out of all the people that just 824 00:38:28,360 --> 00:38:31,240 actually harmed, it harmed these four employees the most. 825 00:38:31,520 --> 00:38:34,520 For that reason, it is the fail of the week that's going to be 826 00:38:34,520 --> 00:38:36,720 for this episode. Hope you enjoyed seeing the next 827 00:38:36,720 --> 00:38:36,880 one.