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Okay, finally, there's a lot of 
news this week. 

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I wanted to wait until the end 
of the week to record an episode

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because I know there's going to 
be all this news. 

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But here we are. 
The first item is at Apple 

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crushed their earnings 
expectations. 

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Tim. 
Apple did it again? 

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They crushed expectations. 
This was exciting for me in 

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particular because I have a huge
amount of my portfolio in apple.

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I've been talking about the 
stock. 

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I've been saying that I think 
it's undervalued even at a 

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market cap of one point seven 
trillion dollars. 

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I still think the company is 
undervalued. 

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So that's hard for a lot of But 
a grasp, how can a company worth

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that much money be undervalued? 
I'll be talking more about Apple

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later. 
We also have news that they're 

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going to be doing a four-to-one 
stock split. 

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So I'll go over that. 
Give my thoughts on it. 

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We have some less positive news,
but I still think it's okay. 

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We have news that u.s. 
GDP plunge 33 percent and the 

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second quarter. 
So as an economy gross domestic 

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product is is the metric that we
use to say. 

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Hey, this is how much economic 
activity? 

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The country has that went down 
about 33. % not the best news 

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but we did be expectations. 
It was 35% and it went down 33 

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percent. 
So this isn't great news, but it

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was largely factored in already.
The second quarter was going to 

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be bad. 
We should see a strong Rebound 

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in the third quarter. 
So we'll look at that. 

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And then we have what I'm most 
excited to talk about which was 

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this house Judiciary Committee 
hearing the four biggest CEOs in

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the country. 
We got Jeff Bezos. 

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Tim Cook Mark, Zuckerberg and 
Sundar pichai going before 

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Congress. 
Answer their questions about 

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antitrust. 
Congress is trying to paint the 

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picture that these companies are
monopolies that they don't have 

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competition and that they need 
to be scaled down. 

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They need to be broken up and 
then you have stiff regulations 

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on them. 
They're trying to say, we have a

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tremendous amount of 
competition. 

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There's a whole great world out 
there. 

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There's Chinese companies that 
compete with us and there's lots

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of companies within the u.s. 
It competes with us. 

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Now, of course, Congress did 
what they do, best it, the 

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typical thing. 
What Congress does is none of 

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them really have employed. 
D. 

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None of them have ran companies 
and what they're going to do is 

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explain to Jeff Bezos, how he 
should run his company and how 

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to create wealth. 
You're going to see people that 

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are lawyers that their best 
skill is arguing amongst each 

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other. 
You're going to see them. 

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Lecture people like Jeff Bezos 
and Mark Zuckerberg on creating 

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jobs and creating wealth and 
competing and that's what 

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Congress does. 
So this is a clear dichotomy 

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with this hearing you see the 
difference between the biggest 

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Business Leaders in the world. 
Politicians. 

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And what becomes clear is that 
these politicians Congress? 

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They have no clue of what 
they're even expected to 

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regulate. 
They don't know how these 

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companies make money, how they 
grow and expand, and what their 

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risks are. 
They don't know what their 

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competition is. 
And that becomes very clear. 

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So you're seeing a body of 
government, all of Congress that

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has no clue on the thing that 
they're supposed to regulate. 

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And you can see that very 
clearly in these clips. 

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So we're going to take a deep 
dive into this. 

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We're also going to, of course, 
do a portfolio update and get to

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questions and emails as well. 
So this should be a pretty fun 

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episode. 
So, let's first jump into this 

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hearing. 
This is the chairman over the 

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committee. 
He's the one that's going to 

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give an introduction to why 
they're meeting with the CEOs. 

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And basically he's laying out 
the case that these companies 

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are too big, too restrictive 
that they need to be regulated 

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by the government. 
Now, this is what I think is one

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of the most significant risks to
these big companies. 

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If you're an investor in Google,
or Apple or Facebook, or Amazon,

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one of the biggest risks to your
investment is government. 

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Intervention is government. 
Elation. 

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So if he launches really 
effective attacks into these 

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companies, it could be 
devastating. 

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If Congress can get people on 
their side that these companies 

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need to be regulated. 
That could be a significant risk

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to your investment. 
So I'll go ahead and watch and 

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play this clip. 
And keep in mind when you're 

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watching this or anybody from 
Congress, like the chairman 

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here. 
He's a lawyer which is over half

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of Congress. 
He has worked in government 

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about 25 years. 
Basically, his entire adult 

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life. 
He's never started a company. 

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Never employed any Buddy, but 
he's going to make a breakdown 

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of how bad these companies are. 
So let's go ahead and hear this 

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from the chairman as Gatekeepers
in the digital economy. 

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These platforms. 
Enjoy the power to pick winners 

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and losers to shake down small 
businesses and enrich 

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themselves. 
While choking off competitors, 

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their ability to dictate terms, 
call the shots up and entire 

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sectors, and Inspire fear 
represent the powers of a 

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private government. 
Our Founders would not bow 

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before King, nor should we bow 
before the emperor? 

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Is the online economy already? 
He's referring to these 

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companies as the emperor's and 
kings of our time and that we 

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shouldn't pal to him. 
So creating some visual there. 

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I think it's effective. 
But let's go ahead and 

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transition a Jeff Bezos. 
This opening statement from Jeff

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Bezos is pretty epic. 
It is an awesome opening 

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statement. 
I don't know how he could have 

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done this better. 
This was incredible considering 

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this is his first time in front 
of Congress, but the way that he

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humanizes himself reminds people
that he's just a person that 

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started a A really big company 
and the way that he lays out the

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Journey of Amazon was pretty 
incredible. 

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So, let's go ahead and listen to
it. 

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I was born into great wealth, 
not monetary wealth, but it said

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the wealth of a loving family, a
family that fostered, my 

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curiosity and encouraged me to 
dream. 

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Big, my mom Jackie had me when 
she was a 17 year old high 

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school student in Albuquerque. 
Being pregnant in high school 

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was not popular. 
The school tried to kick her 

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out, but she was allowed to 
finish after my grandfather. 

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Negotiated terms with the 
principal. 

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She couldn't have a locker. 
No, extracurriculars. 

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And couldn't walk across the 
stage to get her diploma. 

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She graduated and was determined
to continue her education. 

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So she enrolled in night school,
bring me her infant son to class

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with her throughout. 
My dad's name is Miguel. 

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He adopted me when I was four. 
He was 16 when he came to U.s. 

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From Cuba by himself shortly. 
After Castro took over. 

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My dad didn't speak English and 
he did not have an easy path. 

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What he did have was grit and 
determination. 

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He received a scholarship to 
college and Albuquerque, which 

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is where he met my mom together.
With my grandparents. 

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He's hard-working resourceful 
and loving people made me who I 

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am. 
I walked away from a study job 

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on Wall Street, and to a shallow
garage to found Amazon fully. 

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Standing that it might not work.
It feels like just yesterday. 

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I was driving the packages to 
the post office myself dreaming 

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that one day. 
We might afford a forklift. 

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Customer Obsession has driven 
our success and I take it as an 

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Article of Faith. 
The customers, notice, when you 

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do the right thing, you earn 
trust slowly over time by doing 

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hard things. 
Well, delivering on time 

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offering everyday, low prices, 
making promises and keeping them

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and making principal decisions, 
even when they are unpopular. 

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And our approach is working 
eighty percent of Americans have

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a favorable. 
Favorable impression of Amazon 

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overall, who do Americans trust?
More than Amazon, to do the 

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right thing, only, their 
doctors, and the military. 

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The retail Market we participate
in is extraordinarily large and 

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competitive. 
Amazon accounts for less than 1%

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of the twenty. 
Five trillion dollar Global 

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retail market and less than four
percent of us retail. 

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There's room and retail for 
multiple winners. 

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We compete against large 
established players like Target 

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Costco. 
Kroger. 

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And of course, Walmart a company
more than twice Amazon size 20 

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years ago. 
We made the decision to invite 

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other sellers. 
Selling our store to share the 

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scene valuable real estate. 
We spend billions to build 

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market and maintain. 
We believe that combining the 

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strengths of Amazon store with 
the vast selection of products 

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offered by Third parties would 
be a better experience for 

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customers and the growing pie of
Revenue and profits would be big

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enough for all. 
We were betting that it was not 

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a zero-sum game. 
Fortunately, we were right 

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there. 
Now, 1.7 million small and 

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medium-sized businesses selling 
on Amazon. 

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The trust customers put in US 
everyday, has allowed Amazon to 

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create more jobs in the United 
States over the past decade than

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any other company. 
Hundreds of thousands of jobs 

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across 42 States. 
Amazon employees, make a minimum

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of $15 an hour more than double,
the federal minimum wage, and we

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offer the best benefits benefits
that include comprehensive. 

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Health insurance, 401, k 
retirement and parental leave, 

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which includes 20 weeks of paid 
maternity leave. 

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We're than any place on Earth 
entrepreneurial companies, start

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grow, and Thrive here in the US.
We nurture entrepreneurs and 

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startups with stable rule of 
law, the finest University 

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system in the world, the freedom
of democracy and a deeply 

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accepted culture of risk. 
Taking of course, this, great 

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nation of ours is far from 
perfect, even as remember 

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Congressman, John, Lewis and 
honor his legacy. 

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We're in the middle of a 
much-needed, race, Reckoning. 

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We also face the challenges of 
climate change and income 

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inequality, and we're stumbling 
through the crisis of a global 

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pandemic. 
Still with all of our faults and

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problems. 
The rest of the world would love

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even the tiniest. 
Sip of The Elixir we have here 

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in the u.s. 
Immigrants. 

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Like my dad, see what a treasure
this country is, they have 

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perspective and often can see it
even more clearly, than those of

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us who were lucky enough to be 
born. 

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Here. 
It is still A14 this country. 

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And even in the face of today's 
humbling challenges. 

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I have never been more 
optimistic about our future. 

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I appreciate the opportunity to 
appear before you today. 

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I'm very happy to take your 
questions. 

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I can't be the only one that 
listen to this live and thought 

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to myself, I should just buy 
Amazon stock. 

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I should throw my whole life 
savings into Amazon. 

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And as long as that guy is the 
CEO. 

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It's going to continue to do. 
Well as long as Jeff Bezos is 

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the CEO of Amazon. 
It's going to be a successful 

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company. 
This guy made this company not 

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by mistake. 
He didn't stumble into creating 

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Amazon. 
The reason it's so big and so 

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successful is because of Jeff 
Bezos. 

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That's the reason to Amazon has 
done so well, so it's opening 

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statement. 
I thought was very effective. 

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I think anybody listening to 
this live, is going to have a 

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more favorable view of Amazon. 
So I don't think Congress really

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did themselves any favors by 
having this hearing next up. 

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We have Tim Cook. 
He did a little bit more of a 

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sales pitch in his opening 
statement. 

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He's trying to sell Apple a 
little He doesn't talk as much 

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about his background, but that 
makes sense when he's not the 

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founder of the company like Jeff
Bezos, but let's go ahead and 

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listen to just a bit of his 
opening statement. 

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My name is Tim Cook. 
I've been Apple CEO since 2011 

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and a proud employee of this 
uniquely American company since 

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1998. 
At Apple. 

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We make ourselves a promise and 
our customers, the promise. 

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It's a promise that will only 
build things that make us proud.

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Loud and Steve put it. 
We only make things that we 

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recommend to our family and 
friends. 

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You can try to Define this 
difference in a lot of ways. 

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You can call it the seamless 
integration of hardware and 

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software. 
You can call it Simplicity of 

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design or a great ecosystem. 
All of those things are true. 

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But if you want to put it simply
products, like iPhone just for 

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when customers consistently give
iPhone a 99 percent satisfaction

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rating. 
That's the message, they're 

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sending about the user 
experience. 

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I love that all these companies 
mentioned their user 

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satisfaction rating because 
Congress currently has an 

235
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approval rating of 18%. 
So Congress is criticizing these

236
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companies. 
When Apple has a 99% 

237
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satisfaction rating, Congress is
currently sitting at 18%, But we

238
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also know that customers have a 
lot of choices and there are 

239
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products, a fierce competition 
companies like Samsung LG 

240
00:12:20,000 --> 00:12:22,100
Huawei. 
Google had built successful 

241
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businesses with different 
approaches. 

242
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We okay with that. 
Our goal is the best, not the 

243
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most. 
In fact, we don't have a 

244
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dominant share in any Market or 
in any product category where we

245
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do business. 
What does motivate us is that 

246
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Timeless drive to build new 
things that we're proud to show 

247
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our users. 
We focus relentlessly on those 

248
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Innovations on deepening core 
principles like privacy and 

249
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security. 
And I'm creating new features. 

250
00:12:53,300 --> 00:12:54,400
Now. 
I want to pause it here because 

251
00:12:54,400 --> 00:12:56,200
he's about to talk about the App
Store. 

252
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This is the focus point of the 
criticism. 

253
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For Apple. 
Basically, the critics for Apple

254
00:13:01,400 --> 00:13:03,300
say that the App Store is a 
monopoly. 

255
00:13:03,300 --> 00:13:06,500
The Apple has this massive App 
Store and for developers to make

256
00:13:06,500 --> 00:13:09,500
money on the App Store. 
They have to give 30% of the 

257
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take to Apple. 
That's the commission 30%. 

258
00:13:12,400 --> 00:13:15,100
So that's the focus of the 
criticism. 

259
00:13:15,300 --> 00:13:17,000
Tim. 
Cook is trying to explain how 

260
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that's not a monopoly, and 
that's actually a pretty decent 

261
00:13:20,300 --> 00:13:21,800
feet. 
When you compare it to any other

262
00:13:21,800 --> 00:13:26,400
type of similar store in 2008, 
we introduced a new feature of 

263
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the iPhone called the App Store 
launched with 500 apps. 

264
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Which seemed like a lot at the 
time, the App Store provided a 

265
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safe. 
And trusted way for users to get

266
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more out of their phone. 
We knew the distribution options

267
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for software developers at the 
time. 

268
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Didn't work. 
Well, brick, and mortar stores 

269
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charge, High fees, and had 
limited reach, physical media, 

270
00:13:48,700 --> 00:13:53,000
like CDs had to be shipped. 
We're hard to update from the 

271
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beginning. 
The App Store was a 

272
00:13:54,800 --> 00:13:59,400
revolutionary alternative app 
store, developers set, prices 

273
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for their abs and never pay for 
shelf space. 

274
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We provide every developer with 
cutting-edge tools, like 

275
00:14:06,100 --> 00:14:11,700
compilers programming languages 
and more than 150,000 Essential 

276
00:14:11,700 --> 00:14:14,500
Software, building blocks called
apis. 

277
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The App Store, guidelines, 
ensure a high-quality reliable 

278
00:14:18,800 --> 00:14:23,200
and secure user experience. 
They are transparent and applied

279
00:14:23,200 --> 00:14:27,700
equally to every developer for 
the vast majority of apps 

280
00:14:27,700 --> 00:14:30,100
developers, keep 100% of the 
money. 

281
00:14:30,100 --> 00:14:33,400
They made. 
The only apps that are subject 

282
00:14:33,400 --> 00:14:36,100
to a commission. 
Are those where the developer 

283
00:14:36,100 --> 00:14:39,800
acquires a customer on an Apple 
device, and where the features, 

284
00:14:39,800 --> 00:14:42,600
our services would be 
experienced and consumed on an 

285
00:14:42,600 --> 00:14:46,400
Apple device. 
In the App Stores more than 10 

286
00:14:46,400 --> 00:14:48,500
year history. 
We had never raised the 

287
00:14:48,500 --> 00:14:50,700
commission or added a single 
fee. 

288
00:14:51,200 --> 00:14:54,400
In fact, we've reduced it for 
subscriptions and Exempted 

289
00:14:54,400 --> 00:14:59,100
additional categories of apps. 
I'm here today because scrutiny 

290
00:14:59,100 --> 00:15:02,800
is reasonable and appropriate. 
We approach this process with 

291
00:15:02,800 --> 00:15:07,700
respect and humility, but we 
make no concession on the facts.

292
00:15:08,100 --> 00:15:13,900
What began as 500 ABS is now 
more than 1.7 million only 60. 

293
00:15:14,100 --> 00:15:17,800
With your Apple software. 
If apple is a gatekeeper. 

294
00:15:17,900 --> 00:15:20,300
What we've done is open the gate
wider. 

295
00:15:20,700 --> 00:15:24,900
We want to get every app we can 
on the store, not keep them all.

296
00:15:25,500 --> 00:15:27,500
So, there's this pitch. 
He's trying to get ahead of this

297
00:15:27,500 --> 00:15:30,100
saying that the app store has 
allowed more businesses to 

298
00:15:30,100 --> 00:15:31,700
flourish. 
Look how many more apps are on 

299
00:15:31,700 --> 00:15:32,700
it. 
Look how many people are making 

300
00:15:32,700 --> 00:15:35,700
money on the App Store. 
This is basically what, what all

301
00:15:35,700 --> 00:15:38,400
of them said, what Sundar pichai
of Google and what, Mark, 

302
00:15:38,400 --> 00:15:41,500
Zuckerberg said a Facebook that 
these companies are expanding 

303
00:15:41,500 --> 00:15:44,700
growth allowing businesses to 
grow and they Have a lot of 

304
00:15:44,700 --> 00:15:46,600
competition. 
That's what they're trying to 

305
00:15:46,800 --> 00:15:48,300
sell Congress. 
Is that they have a lot of 

306
00:15:48,300 --> 00:15:50,500
competition. 
They really don't need these 

307
00:15:50,700 --> 00:15:53,400
harsh regulations. 
So let's jump into the part 

308
00:15:53,400 --> 00:15:56,900
where they actually receive some
real critical questions about 

309
00:15:56,900 --> 00:15:59,000
their previous business 
practices. 

310
00:15:59,500 --> 00:16:01,800
This first big criticism that 
was launched at Jeff. 

311
00:16:01,800 --> 00:16:05,100
Bezos was about diapers.com. 
If you're not aware, we've 

312
00:16:05,100 --> 00:16:06,400
talked about this on the 
channel. 

313
00:16:06,600 --> 00:16:10,000
Diapers.com was a website that's
old diapers, Amazon wanted to 

314
00:16:10,008 --> 00:16:12,700
get into that space because 
diapers is a huge market and 

315
00:16:12,700 --> 00:16:15,600
online space. 
And they went direct competitive

316
00:16:15,600 --> 00:16:18,200
head-to-head battle with each 
other Amazon. 

317
00:16:18,300 --> 00:16:21,500
The way that they dealt with 
diapers.com, is they undercut 

318
00:16:21,500 --> 00:16:24,000
them with price to the point 
where they're taking substantial

319
00:16:24,000 --> 00:16:26,100
losses for every single diaper 
being sold. 

320
00:16:26,300 --> 00:16:29,100
They lost hundreds of millions 
of dollars in the process of 

321
00:16:29,100 --> 00:16:32,500
competing with diapers.com. 
But what that did was show 

322
00:16:32,500 --> 00:16:36,800
diapers.com, the Amazon can lose
money for as long as possible. 

323
00:16:36,900 --> 00:16:40,600
They can lose money longer than 
diapers.com, can survive and so 

324
00:16:40,600 --> 00:16:43,500
diapers.com. 
Conceded defeat they sold off 

325
00:16:43,500 --> 00:16:45,900
to. 
On Amazon invested some money in

326
00:16:45,900 --> 00:16:47,800
them. 
And eventually diapers.com was 

327
00:16:47,800 --> 00:16:49,800
just shut down. 
The project was closed. 

328
00:16:49,800 --> 00:16:53,100
So this is where Jeff Bezos gets
asked about that event 

329
00:16:53,100 --> 00:16:56,400
happening. 
So you said that Amazon focuses 

330
00:16:56,400 --> 00:16:59,800
excessively on customers. 
So how would customers 

331
00:16:59,800 --> 00:17:02,500
especially Single Moms new 
Families? 

332
00:17:02,700 --> 00:17:07,300
How would they benefit when the 
prices were driven up by the 

333
00:17:07,300 --> 00:17:09,400
fact that you eliminated your 
main competitor? 

334
00:17:10,700 --> 00:17:12,900
Well, I don't agree with great 
respect. 

335
00:17:12,900 --> 00:17:16,099
I don't agree with the premise 
at the same time. 

336
00:17:16,200 --> 00:17:18,200
You should recognize him 
context. 

337
00:17:18,400 --> 00:17:21,900
Diapers is a very large product 
category. 

338
00:17:22,000 --> 00:17:25,400
Sold in many many places not 
just it is not aligned. 

339
00:17:26,900 --> 00:17:31,900
We do have evidence that doors 
and throw and Kroger and Walmart

340
00:17:31,900 --> 00:17:34,500
is this is what happens a lot 
is. 

341
00:17:34,600 --> 00:17:37,700
They get interrupted over and 
over again when they're trying 

342
00:17:37,700 --> 00:17:40,300
to answer the question. 
They were just asked this is And

343
00:17:40,300 --> 00:17:42,000
it's completely obnoxious with 
Congress. 

344
00:17:42,200 --> 00:17:45,000
Is they will ask a question, a 
very loaded question with a 

345
00:17:45,000 --> 00:17:48,900
loaded premise, that CEOs, or 
whoever's, there is starting to 

346
00:17:48,900 --> 00:17:50,800
answer the question. 
They don't like the answer, 

347
00:17:50,800 --> 00:17:53,100
because it actually explains the
context of it. 

348
00:17:53,100 --> 00:17:55,700
And so, they talked right over 
them as they're answering it. 

349
00:17:55,900 --> 00:17:58,300
This drives me nuts, but this is
how Congress works. 

350
00:17:58,500 --> 00:18:01,400
And another thing she says is 
that Amazon drove up the prices 

351
00:18:01,400 --> 00:18:03,500
of diapers. 
She says that without any 

352
00:18:03,500 --> 00:18:07,100
evidence whatsoever, Amazon 
can't drive up the prices of 

353
00:18:07,100 --> 00:18:09,900
diapers, if they charged a lot 
for diapers. 

354
00:18:10,100 --> 00:18:13,300
People would go to Costco. 
Amazon is in direct competition 

355
00:18:13,300 --> 00:18:15,300
with Costco. 
And because of Costco's 

356
00:18:15,300 --> 00:18:17,800
warehouse model that the bulk 
sizes. 

357
00:18:17,800 --> 00:18:20,700
They sell everything in, they 
can sell things for extremely 

358
00:18:20,700 --> 00:18:22,500
cheap. 
Diapers, is their biggest 

359
00:18:22,500 --> 00:18:25,800
product sold in Costco. 
If Amazon tried to gouge people 

360
00:18:25,800 --> 00:18:28,400
on the prices of diapers. 
They would make a trip to Costco

361
00:18:28,400 --> 00:18:31,800
and buy it for much cheaper. 
So, Amazon has not driven up the

362
00:18:31,800 --> 00:18:34,500
prices of diapers. 
She shows, no evidence of that, 

363
00:18:34,600 --> 00:18:35,800
but that's what she's saying 
here. 

364
00:18:36,100 --> 00:18:39,600
It certainly is some something 
that has a really hard impact 

365
00:18:39,600 --> 00:18:40,900
on. 
Going to, and I'm really 

366
00:18:40,900 --> 00:18:44,600
concerned that pricing might 
have been driven up here by this

367
00:18:44,600 --> 00:18:47,100
tactic and I yield back. 
So to clarify. 

368
00:18:47,100 --> 00:18:50,300
She's really concerned about 
Amazon driving up, the prices of

369
00:18:50,300 --> 00:18:52,300
products. 
When Amazon is known to be one 

370
00:18:52,300 --> 00:18:54,300
of the cheapest places to buy 
anything. 

371
00:18:54,900 --> 00:18:58,300
This is the dichotomy here. 
She has no evidence to say the 

372
00:18:58,300 --> 00:19:02,400
Amazon has resulted in a net 
increase in diaper prices. 

373
00:19:02,600 --> 00:19:05,200
I don't think that's true at all
because, like I said, Costco 

374
00:19:05,200 --> 00:19:08,200
would bring the price down like 
crazy or Walmart or the many 

375
00:19:08,200 --> 00:19:10,000
other competitors. 
That's what Jeff Bezos. 

376
00:19:10,100 --> 00:19:12,500
Has tried to bring up, but 
she'll say she's very concerned 

377
00:19:12,500 --> 00:19:13,900
about that, without any 
evidence. 

378
00:19:14,400 --> 00:19:15,900
Next. 
Let's move on to Zuckerberg 

379
00:19:15,900 --> 00:19:17,800
here. 
This is one of the most baffling

380
00:19:17,800 --> 00:19:21,700
exchanges of this entire hearing
was Mark Zuckerberg being asked 

381
00:19:21,700 --> 00:19:25,200
by one of these congresswoman 
about their competition. 

382
00:19:25,200 --> 00:19:28,800
With other companies, she acts 
as though companies can't 

383
00:19:28,800 --> 00:19:31,100
compete with each other. 
Otherwise, they're doing some 

384
00:19:31,100 --> 00:19:33,500
type of wrongdoing. 
Otherwise, it's some type of 

385
00:19:33,700 --> 00:19:36,700
malevolent Behavior. 
Look at the malfeasance of 

386
00:19:36,700 --> 00:19:39,700
Facebook trying to compete in an
open competitive. 

387
00:19:40,500 --> 00:19:42,500
Let's go ahead and listen to 
some of this questioning. 

388
00:19:42,800 --> 00:19:46,400
It's just incredible how 
detached these politicians are 

389
00:19:46,400 --> 00:19:49,900
from how business Works. 
Did you ever use this very 

390
00:19:49,900 --> 00:19:53,800
similar Facebook Camera product 
to threaten Instagrams founder? 

391
00:19:53,800 --> 00:19:57,700
Kevin Systrom. 
Congresswoman. 

392
00:19:57,700 --> 00:19:59,500
I'm not sure what you would mean
by threatened. 

393
00:19:59,500 --> 00:20:03,600
I think it was public that we 
were building a camera app at 

394
00:20:03,600 --> 00:20:06,800
the time that was a 
well-documented thing. 

395
00:20:07,300 --> 00:20:09,100
He says that we're building a 
camera app. 

396
00:20:09,100 --> 00:20:11,900
This is something that Facebook 
was already doing and she's 

397
00:20:11,900 --> 00:20:14,600
going to act like he was 
threatening other companies by 

398
00:20:14,600 --> 00:20:17,000
explaining to them that they're 
going to be competing in the 

399
00:20:17,000 --> 00:20:18,700
same field that these other 
companies are. 

400
00:20:18,700 --> 00:20:21,300
So hear her explain this. 
It's just incredible. 

401
00:20:21,600 --> 00:20:24,100
Let me tell you that. 
Mr. In a chat. 

402
00:20:24,100 --> 00:20:26,200
You told Mr. Size trim that 
Facebook was quote. 

403
00:20:26,400 --> 00:20:28,300
Developing our own photos 
strategy. 

404
00:20:28,600 --> 00:20:31,700
So how we engage now will also 
determine how much we're 

405
00:20:31,700 --> 00:20:34,800
Partners versus competitors down
the line Instagrams. 

406
00:20:34,800 --> 00:20:36,300
Founder seemed to think that was
a threat. 

407
00:20:36,300 --> 00:20:40,500
He confided confided in an 
investor at the time that he 

408
00:20:40,500 --> 00:20:43,800
feared you would go. 
He would that you would go into 

409
00:20:43,800 --> 00:20:48,000
quote, destroy mode if he didn't
sell Instagram to you. 

410
00:20:48,000 --> 00:20:51,700
So let's just recap, Facebook 
cloned, a popular product 

411
00:20:51,700 --> 00:20:54,100
approach the company, you 
identified as a competitive 

412
00:20:54,100 --> 00:20:56,200
threat and told them that if 
they didn't lie. 

413
00:20:56,300 --> 00:20:58,900
Let you buy them up. 
There would be consequences. 

414
00:20:59,300 --> 00:21:01,600
Yes congresswoman. 
That's exactly what they did. 

415
00:21:01,600 --> 00:21:04,400
That's how business Works. 
What does she think business is 

416
00:21:04,600 --> 00:21:06,900
you build products, you compete 
with other companies. 

417
00:21:07,000 --> 00:21:09,500
You tell them, you're either 
going to buy them or you're 

418
00:21:09,500 --> 00:21:12,200
going to compete with them. 
What does she think happens in 

419
00:21:12,200 --> 00:21:14,900
the business World mergers and 
Acquisitions is a huge part of 

420
00:21:14,900 --> 00:21:17,300
business growth. 
A some companies get paid as 

421
00:21:17,300 --> 00:21:18,800
they sell to other bigger 
companies. 

422
00:21:19,100 --> 00:21:22,300
A lot of plays of tech companies
is to sell the bigger tech 

423
00:21:22,300 --> 00:21:24,600
companies. 
That's a lot of business, plans 

424
00:21:24,600 --> 00:21:27,400
of companies. 
She has no Clue how business 

425
00:21:27,400 --> 00:21:29,700
Works. 
She's acting like Facebook is 

426
00:21:29,700 --> 00:21:33,600
doing a great Evil by building a
product and competing with other

427
00:21:33,600 --> 00:21:35,800
companies that have similar 
products. 

428
00:21:36,200 --> 00:21:38,900
There's nothing malevolent about
that. 

429
00:21:38,900 --> 00:21:41,800
There's no wrongdoing. 
This is how business Works. 

430
00:21:42,000 --> 00:21:43,500
What does she want Facebook to 
do? 

431
00:21:43,600 --> 00:21:45,900
Go do Instagram. 
You're building a camera app. 

432
00:21:45,900 --> 00:21:47,700
Well, I guess we'll just step to
the side. 

433
00:21:47,900 --> 00:21:50,400
We won't enter that field. 
You already have that covered. 

434
00:21:50,900 --> 00:21:55,100
Is that how business works? 
Like she talking about here Mark

435
00:21:55,100 --> 00:21:57,200
Zuckerberg does? 
Is fantastic here. 

436
00:21:57,200 --> 00:21:59,300
He's actually really good in 
front of Congress for the people

437
00:21:59,300 --> 00:22:02,400
that make fun of them that he's 
a nerdy programmer, or whatever.

438
00:22:02,400 --> 00:22:05,100
He's actually great in front of 
Congress files. 

439
00:22:05,100 --> 00:22:07,500
In front of them. 
I would want to blow up at every

440
00:22:07,508 --> 00:22:09,900
question. 
I'd want to freak out at every 

441
00:22:09,900 --> 00:22:12,100
single question here because 
they don't even know what 

442
00:22:12,100 --> 00:22:14,400
they're talking about. 
But here he goes and he tries to

443
00:22:14,408 --> 00:22:17,100
explain that. 
This isn't really the context 

444
00:22:17,100 --> 00:22:18,900
and that this is how normal 
business Works. 

445
00:22:19,000 --> 00:22:21,000
Congresswoman. 
I want over respectfully 

446
00:22:21,000 --> 00:22:22,500
disagree with the 
characterization. 

447
00:22:22,500 --> 00:22:25,800
I think it was, it was clear 
that this was a space that we 

448
00:22:25,800 --> 00:22:28,800
were going to Compete in one way
or another? 

449
00:22:28,800 --> 00:22:31,300
I don't do those conversations 
as a threatened. 

450
00:22:31,300 --> 00:22:35,600
Anyway, I just I'm just using 
the documents and the testimony 

451
00:22:35,600 --> 00:22:37,700
that the committee has collected
from others. 

452
00:22:38,400 --> 00:22:40,800
Now, of course, Zuckerberg tries
to explain the context. 

453
00:22:40,800 --> 00:22:43,800
He tries to say that really 
isn't how it happened. 

454
00:22:44,100 --> 00:22:47,100
But as per usual, he's 
interrupted talked over by 

455
00:22:47,100 --> 00:22:48,200
Congress. 
That's what they do. 

456
00:22:48,200 --> 00:22:50,400
Best is they don't want to 
actually listen to anything. 

457
00:22:50,400 --> 00:22:52,400
These people want to say they 
don't want to listen to anybody.

458
00:22:52,400 --> 00:22:55,000
They're talking to they just 
want to hear themselves talk. 

459
00:22:55,000 --> 00:22:56,700
So she talks, right? 
Over him. 

460
00:22:56,900 --> 00:22:59,900
And then, this is how she goes 
on to characterize Facebook. 

461
00:23:00,000 --> 00:23:01,900
Listen to how she talks about 
this company. 

462
00:23:02,000 --> 00:23:06,200
Facebook is a case study in my 
opinion, in Monopoly power 

463
00:23:06,200 --> 00:23:10,400
because your company harvests 
and monetizes our data and then 

464
00:23:10,400 --> 00:23:14,600
your company uses that data to 
spy on competitors and to copy 

465
00:23:14,600 --> 00:23:18,600
acquire and kill Rivals. 
They use their advantage to copy

466
00:23:18,600 --> 00:23:24,600
a choir and kill Rivals, copy 
acquire and kill Instagram was 

467
00:23:24,600 --> 00:23:28,100
purchased for a billion dollars.
That's killing someone if that's

468
00:23:28,100 --> 00:23:31,000
killing Rivals. 
I want to be killed because if 

469
00:23:31,000 --> 00:23:34,100
they pay me a billion dollars to
buy my app and then they grow 

470
00:23:34,100 --> 00:23:37,100
into something much bigger and I
have the legacy of starting that

471
00:23:37,100 --> 00:23:39,400
plus I'm a billionaire that 
sounds like a pretty good 

472
00:23:39,400 --> 00:23:43,000
situation to be in. 
It's not like Instagram was this

473
00:23:43,000 --> 00:23:45,600
little project that Facebook 
just crushed. 

474
00:23:45,600 --> 00:23:47,600
They purchased it. 
They purchased it. 

475
00:23:47,600 --> 00:23:50,300
And then they invested a lot of 
time and resources in it. 

476
00:23:50,500 --> 00:23:53,800
They had the smarts and the 
people to make it successful. 

477
00:23:53,900 --> 00:23:56,300
So now, Instagram is 100 times 
bigger butt. 

478
00:23:56,500 --> 00:23:59,600
They didn't kill Instagram. 
They made it much bigger and 

479
00:23:59,600 --> 00:24:02,400
they paid the original founders 
of it a billion dollars. 

480
00:24:02,700 --> 00:24:04,900
Now, this theme continues on 
with Mark Zuckerberg. 

481
00:24:04,900 --> 00:24:06,900
He gets asked more questions. 
They're trying to paint 

482
00:24:06,900 --> 00:24:09,200
Facebook. 
Is this big Unstoppable 

483
00:24:09,200 --> 00:24:11,300
Monopoly. 
So, here's their attempt at 

484
00:24:11,300 --> 00:24:14,900
doing this mr. 
Zuckerberg, in 2004, when you 

485
00:24:14,900 --> 00:24:18,000
had launched Facebook, it's fair
to say, I think you'd agree with

486
00:24:18,000 --> 00:24:20,100
me that you had quite a few 
competitors. 

487
00:24:20,200 --> 00:24:25,700
You agree with that. 
Congressman yes, my space 

488
00:24:25,800 --> 00:24:27,900
Friendster Google's or cut. 
Mixi. 

489
00:24:27,900 --> 00:24:31,500
Cyworld Yahoo! 
360, aol's Bebo. 

490
00:24:31,500 --> 00:24:35,200
They were all competitors 
Congressman. 

491
00:24:35,200 --> 00:24:37,000
Those are some of the 
competitors, the time. 

492
00:24:37,000 --> 00:24:38,900
And it's only gotten a lot more 
competitive sense. 

493
00:24:39,200 --> 00:24:41,900
Well, let's talk about that 
because I 2012 mr. 

494
00:24:41,900 --> 00:24:43,600
Zuckerberg. 
None of those companies that I 

495
00:24:43,600 --> 00:24:46,600
just identified existed and 
boom. 

496
00:24:46,600 --> 00:24:49,100
He's got your Zuckerberg, all 
those companies. 

497
00:24:49,100 --> 00:24:51,900
When you started Facebook, none 
of them exist anymore. 

498
00:24:52,100 --> 00:24:55,300
You destroyed all of them. 
You're a monopoly, of course, 

499
00:24:55,300 --> 00:24:58,900
the congressman fails to mention
that Tick-Tock was the second 

500
00:24:58,900 --> 00:25:01,100
most downloaded app in the US. 
And 2019. 

501
00:25:01,400 --> 00:25:03,700
It is one of the biggest social 
media apps. 

502
00:25:03,700 --> 00:25:07,000
Now, it's a Chinese firm that 
came in here with a direct 

503
00:25:07,000 --> 00:25:10,300
competitor to Facebook and their
saturating, the US market with 

504
00:25:10,300 --> 00:25:12,700
their app that is direct 
competition. 

505
00:25:12,700 --> 00:25:14,200
That's happening right now. 
Today. 

506
00:25:14,300 --> 00:25:16,000
Tick-Tock is one of the hottest 
apps. 

507
00:25:16,400 --> 00:25:19,200
He doesn't mention that when 
instead he mentions companies 

508
00:25:19,200 --> 00:25:22,800
like AOL that are gone. 
There are no Anger here, and 

509
00:25:22,800 --> 00:25:25,300
he's trying to say that Facebook
is a monopoly because they don't

510
00:25:25,300 --> 00:25:27,900
exist anymore. 
He asked Zuckerberg if he agrees

511
00:25:27,900 --> 00:25:31,600
that Facebook is a monopoly 
Facebook, in my view, I think 

512
00:25:31,600 --> 00:25:34,800
was in a monopoly by then. 
I wonder whether you would agree

513
00:25:34,800 --> 00:25:35,800
with that. 
I take it. 

514
00:25:35,800 --> 00:25:38,100
You don't cover some that's 
correct. 

515
00:25:38,100 --> 00:25:42,900
I don't we Face a lot of 
competitors and every part of 

516
00:25:42,908 --> 00:25:47,600
what we do from connecting with 
friends privately to connecting 

517
00:25:47,600 --> 00:25:49,500
with people and communities to 
connect him with all your 

518
00:25:49,500 --> 00:25:53,200
friends at once to connecting 
with All kinds of user generated

519
00:25:53,200 --> 00:25:56,100
content. 
And I would bet that that you 

520
00:25:56,100 --> 00:26:00,000
were most people here have 
multiple apps for each of those.

521
00:26:00,000 --> 00:26:02,100
On your phones here. 
Mr. Zuckerberg looks. 

522
00:26:02,200 --> 00:26:03,200
Now here it is. 
Again. 

523
00:26:03,500 --> 00:26:06,000
Zuckerberg gets asked about 
normal business practices 

524
00:26:06,000 --> 00:26:09,700
basically just competing as a 
business and it's talked about 

525
00:26:09,700 --> 00:26:12,800
as if it's evil. 
Would you agree with me that 

526
00:26:12,800 --> 00:26:18,100
Facebook its strategy since that
time to essentially protect what

527
00:26:18,100 --> 00:26:20,200
I described as a monopoly, but I
obviously what you would 

528
00:26:20,200 --> 00:26:23,200
describe as Market power. 
Our that Facebook has been 

529
00:26:23,200 --> 00:26:26,200
engaged in purchasing 
competition in some cases, 

530
00:26:26,200 --> 00:26:29,100
replicating competition. 
And in some cases, eliminating 

531
00:26:29,100 --> 00:26:30,700
the competition. 
Would you agree? 

532
00:26:30,700 --> 00:26:34,700
Mark Zuckerberg that you use any
of these tactics that you buy 

533
00:26:34,800 --> 00:26:37,400
other companies, something 
called, mergers and 

534
00:26:37,400 --> 00:26:40,100
Acquisitions. 
Would you agree that you compete

535
00:26:40,100 --> 00:26:44,100
with other companies by making 
similar products that you expand

536
00:26:44,100 --> 00:26:46,900
your product line. 
He's acting like this is somehow

537
00:26:46,900 --> 00:26:50,000
bad that Mark Zuckerberg is 
making concessions by admitting 

538
00:26:50,200 --> 00:26:52,800
that as a business leader, he 
competes with Their businesses. 

539
00:26:53,200 --> 00:26:56,100
I know it's hard for Congress to
grasp this because they don't 

540
00:26:56,100 --> 00:26:58,500
have to compete. 
They just have money pouring in 

541
00:26:58,500 --> 00:27:00,400
from taxpayers. 
So they're not competing with 

542
00:27:00,400 --> 00:27:02,400
anybody. 
They just get a paycheck 

543
00:27:02,400 --> 00:27:05,800
regardless of what happens in 
the world, but other businesses 

544
00:27:05,800 --> 00:27:08,300
actually do have to compete to 
survive. 

545
00:27:08,600 --> 00:27:12,500
If Facebook did not buy 
Instagram, if Facebook didn't do

546
00:27:12,500 --> 00:27:15,400
mergers and Acquisitions, if 
they didn't create new products 

547
00:27:15,400 --> 00:27:17,400
that were similar to other 
Trends and things that we're 

548
00:27:17,400 --> 00:27:20,500
going on, they would go out of 
business, but somehow he talks 

549
00:27:20,500 --> 00:27:22,200
about this like, it's some how 
bad Dad. 

550
00:27:22,300 --> 00:27:24,600
Now this next Parts, a little 
bit revealing because he takes 

551
00:27:24,600 --> 00:27:28,700
what's clearly a joke in an 
email and tries to insist that 

552
00:27:28,700 --> 00:27:30,400
Mark, Zuckerberg was being 
serious. 

553
00:27:31,000 --> 00:27:33,800
Facebook also tried to buy other
competitive startups. 

554
00:27:33,900 --> 00:27:37,200
In fact, as chairman a blur 
noted, you did tell one of 

555
00:27:37,200 --> 00:27:41,200
Facebook, senior engineers in 
2012 that you can quote, likely 

556
00:27:41,200 --> 00:27:45,100
by just by any competitive start
up, but, it'll be a while before

557
00:27:45,100 --> 00:27:47,400
we can by Google. 
Do you recall writing that 

558
00:27:47,400 --> 00:27:50,400
email? 
Congressman, I don't 

559
00:27:50,400 --> 00:27:52,500
specifically but it sounds like 
a joke. 

560
00:27:53,300 --> 00:27:55,700
Clearly. 
This was a joke in 2012. 

561
00:27:55,800 --> 00:27:58,900
When Facebook purchased 
Instagram, Google is about four 

562
00:27:58,900 --> 00:28:02,000
times, the size of Facebook. 
It was more likely that Google 

563
00:28:02,000 --> 00:28:04,100
could have purchased Facebook 
during that time. 

564
00:28:04,300 --> 00:28:07,500
So obviously he was just making 
a tongue-in-cheek joke here, but

565
00:28:07,500 --> 00:28:10,300
the congressman insists that 
this was serious. 

566
00:28:10,400 --> 00:28:13,200
He says it wasn't a joke. 
I don't think he's a joke that, 

567
00:28:13,200 --> 00:28:16,500
you know, as I review the email,
it was in regards to having just

568
00:28:16,500 --> 00:28:20,200
closed the Instagrams. 
And the response from this 

569
00:28:20,200 --> 00:28:23,100
individual is engineer to, you 
was quote. 

570
00:28:23,100 --> 00:28:27,100
Well played your response was. 
Thanks one reason. 

571
00:28:27,100 --> 00:28:29,800
People underestimate. 
The importance of watching 

572
00:28:29,800 --> 00:28:33,500
Google is that we can likely 
always just buy any competitive 

573
00:28:33,500 --> 00:28:36,600
startups, but it'll be a while 
before we can buy Google. 

574
00:28:36,700 --> 00:28:39,200
He insists saying that the 
Instagram sale is kind of 

575
00:28:39,200 --> 00:28:42,300
evidence that he's not joking. 
Instagram was purchased for a 

576
00:28:42,300 --> 00:28:45,700
billion dollars at that time. 
Google was worth about 210 

577
00:28:45,700 --> 00:28:47,700
billion dollars. 
A little bit of difference in 

578
00:28:47,700 --> 00:28:50,000
size there. 
R next day, attack Facebook, and

579
00:28:50,000 --> 00:28:53,700
Google based off the fact that 
the market changes with news and

580
00:28:53,700 --> 00:28:56,000
that there's less local 
journalism. 

581
00:28:56,000 --> 00:29:01,100
Now, Facebook and Google have 
Gravely. 

582
00:29:01,100 --> 00:29:04,000
Threatened journalism in the 
United States reporters. 

583
00:29:04,000 --> 00:29:06,900
Have been fired, local 
newspapers have been shut down. 

584
00:29:07,200 --> 00:29:08,900
And now we hear the Google and 
Facebook. 

585
00:29:08,900 --> 00:29:12,300
I'm making money over what news 
the America, they let the 

586
00:29:12,308 --> 00:29:15,500
American people see. 
It actually seems like he's just

587
00:29:15,500 --> 00:29:18,200
upset that Facebook and Google 
have changed the way. 

588
00:29:18,300 --> 00:29:21,200
People consume media that people
don't read their local 

589
00:29:21,200 --> 00:29:23,500
newspaper, quite as much because
they can get a lot of news 

590
00:29:23,500 --> 00:29:25,800
locally on apps like Facebook 
and Google. 

591
00:29:26,700 --> 00:29:29,300
This is just a general complaint
with changes in the market 

592
00:29:29,300 --> 00:29:33,000
space, is he also going to 
complain that the the automobile

593
00:29:33,000 --> 00:29:34,900
got rid of the horse. 
And buggy as a mode of 

594
00:29:34,900 --> 00:29:37,900
transportation that it's 
destroying jobs that the horse 

595
00:29:37,900 --> 00:29:40,000
and buggy. 
And the people that operate that

596
00:29:40,000 --> 00:29:41,800
are gone. 
Is he going to complain that 

597
00:29:41,800 --> 00:29:42,500
Tesla? 
CEO. 

598
00:29:42,500 --> 00:29:46,100
Elon Musk is getting rid of jobs
at Ford and other competitors 

599
00:29:46,100 --> 00:29:48,200
that have moved along to 
electric vehicles as fast. 

600
00:29:48,300 --> 00:29:51,600
You look at Ford stock Tesla's 
bad for the economy. 

601
00:29:51,600 --> 00:29:54,200
It's getting rid of job. 
In other lagging companies. 

602
00:29:54,400 --> 00:29:56,500
A lot of this is just 
accusations and complaints about

603
00:29:56,500 --> 00:29:57,800
normal business. 
Now. 

604
00:29:57,800 --> 00:30:00,000
This next question was a little 
bit more controversial. 

605
00:30:00,100 --> 00:30:02,500
One of the congressman asked to 
all four of them. 

606
00:30:02,800 --> 00:30:05,100
Do. 
They believe that China Stills 

607
00:30:05,100 --> 00:30:08,300
intellectual property from the 
US, does a Chinese government 

608
00:30:08,300 --> 00:30:11,300
still intellectual property from
American firms? 

609
00:30:11,700 --> 00:30:16,700
I don't know of specific cases 
where we have been stolen from 

610
00:30:17,500 --> 00:30:21,200
by the So, you don't believe 
that the Chinese government 

611
00:30:21,200 --> 00:30:22,800
stealing technology from us 
companies. 

612
00:30:22,800 --> 00:30:24,400
Are you just saying that not 
from yours? 

613
00:30:25,800 --> 00:30:31,000
I'm saying I know of no case 
hours where it occurred, which 

614
00:30:31,000 --> 00:30:33,300
is I can only speak to 
first-hand knowledge. 

615
00:30:34,600 --> 00:30:38,300
Mr. Petri, you believe that the 
Chinese government steals 

616
00:30:38,300 --> 00:30:40,000
technology from United States 
companies. 

617
00:30:41,400 --> 00:30:45,700
Congressman, I have no 
first-hand knowledge of any 

618
00:30:46,300 --> 00:30:50,600
information, stolen from Google,
both of them, kind of sidestep 

619
00:30:50,600 --> 00:30:53,100
that question. 
They do a little Dodge there. 

620
00:30:53,100 --> 00:30:55,300
They don't really answer it. 
They say, we don't know of it 

621
00:30:55,300 --> 00:30:57,800
happening with our company that 
really wasn't the question 

622
00:30:57,800 --> 00:31:00,700
asked, what they asked was? 
Do you believe that China is 

623
00:31:00,700 --> 00:31:02,800
stealing data from American 
companies? 

624
00:31:03,100 --> 00:31:07,200
It's obvious why Tim Cook isn't 
answering this because they do 

625
00:31:07,200 --> 00:31:08,700
all their Manufacturing in 
China. 

626
00:31:08,800 --> 00:31:10,200
They have close relationships 
are. 

627
00:31:10,400 --> 00:31:12,300
It's a really Port market for 
Apple. 

628
00:31:12,700 --> 00:31:15,600
So, Tim Cook does kind of 
sidestep the question and Sundar

629
00:31:15,600 --> 00:31:18,200
pichai does the same thing, but 
listen to the answer that Mark 

630
00:31:18,200 --> 00:31:21,100
Zuckerberg gives Congressman. 
I think it's well, documented 

631
00:31:21,100 --> 00:31:23,800
that the Chinese government 
steals technology from American 

632
00:31:23,800 --> 00:31:25,200
companies. 
Thank you. 

633
00:31:25,900 --> 00:31:26,600
Sure. 
They do. 

634
00:31:26,700 --> 00:31:29,000
It's well documented and Mark 
Zuckerberg. 

635
00:31:29,000 --> 00:31:31,800
He really doesn't have, I think 
close ties with China. 

636
00:31:31,800 --> 00:31:34,100
There's no reason why he has to 
tiptoe around. 

637
00:31:34,100 --> 00:31:37,400
This question. 
Facebook is blocked in China. 

638
00:31:37,500 --> 00:31:39,900
They block pretty much every 
aspect of their company from 

639
00:31:39,900 --> 00:31:43,300
even being Operational there so 
he has no reason to tiptoe 

640
00:31:43,300 --> 00:31:45,200
around the question. 
Don't another question. 

641
00:31:45,200 --> 00:31:48,800
Jeff Bezos gets asked about 
counterfeit products on Amazon. 

642
00:31:49,000 --> 00:31:51,000
This is a huge problem that 
Amazon faces. 

643
00:31:51,400 --> 00:31:55,300
They try to make it out like 
Jeff Bezos likes counterfeits 

644
00:31:55,300 --> 00:31:59,100
because he profits off of it. 
So here's this dialogue between 

645
00:31:59,100 --> 00:32:02,500
the two of them, but I can tell 
you is that the we have a 

646
00:32:02,500 --> 00:32:05,700
counterfeit crimes unit. 
We attempt to prosecute 

647
00:32:05,700 --> 00:32:10,300
counterfeiters. 
I would encourage this body to 

648
00:32:10,500 --> 00:32:11,800
pass. 
After penalties for 

649
00:32:11,800 --> 00:32:15,200
counterfeiters and to increase 
law enforcement resources to go 

650
00:32:15,200 --> 00:32:18,900
after counterfeiters joke comes 
the artists make money off of 

651
00:32:18,900 --> 00:32:21,800
counterfeit, Goods being sold on
your platform. 

652
00:32:21,800 --> 00:32:25,600
Isn't that correct? 
If it does in my view sir, it 

653
00:32:25,600 --> 00:32:27,500
would only be in the short term 
we met. 

654
00:32:27,500 --> 00:32:30,100
We don't may, I would much 
rather lose a sale to lose a 

655
00:32:30,108 --> 00:32:31,600
customer. 
Counterfeiters. 

656
00:32:31,600 --> 00:32:34,100
Do not help Amazon, not on their
long-term growth. 

657
00:32:34,300 --> 00:32:36,800
And this is a problem that 
Amazon is having to deal with 

658
00:32:36,800 --> 00:32:38,600
themselves because of the lack 
of support. 

659
00:32:38,600 --> 00:32:41,200
The government is giving so 
Congress saying, NG you're 

660
00:32:41,200 --> 00:32:45,200
benefiting from counterfeiters 
is not correct and when Jeff 

661
00:32:45,200 --> 00:32:47,400
Bezos brings up. 
Hey, we need some help with 

662
00:32:47,400 --> 00:32:49,200
this. 
Could you actually give us more 

663
00:32:49,200 --> 00:32:51,700
resources to deal with the 
problems of these crimes? 

664
00:32:51,700 --> 00:32:54,100
These counterfeits? 
They just glossed right over 

665
00:32:54,100 --> 00:32:56,100
that they don't have to do 
anything on their end. 

666
00:32:56,300 --> 00:32:59,200
Actually passing legislation 
that would help protect against 

667
00:32:59,200 --> 00:33:02,500
counterfeiters, but they're fine
blaming Jeff Bezos for profiting

668
00:33:02,500 --> 00:33:06,300
off of these counterfeit sales. 
As this hearing went on the 

669
00:33:06,300 --> 00:33:09,200
lines of questioning just got 
worse and lazier. 

670
00:33:09,200 --> 00:33:10,700
Here's the last one that I'll 
share. 

671
00:33:10,900 --> 00:33:14,000
I think it's summarizes the 
quality of the questions. 

672
00:33:14,500 --> 00:33:18,200
So Basil's are are stolen goods 
sold on Amazon. 

673
00:33:20,500 --> 00:33:24,400
Congresswoman not to my 
knowledge, although you know 

674
00:33:24,400 --> 00:33:28,500
this bird more, they're more 
than a million Sellers and so 

675
00:33:28,500 --> 00:33:30,900
I'm sure that there have been 
stolen goods. 

676
00:33:31,000 --> 00:33:33,400
Really? 
No really mr. 

677
00:33:33,400 --> 00:33:34,100
Big. 
Sorry. 

678
00:33:34,500 --> 00:33:37,700
There's not you don't believe 
that there is a surprise as me. 

679
00:33:37,800 --> 00:33:40,100
No, I said with over a million 
sellers. 

680
00:33:40,100 --> 00:33:44,300
I'm sure that it has happened. 
But certainly, I don't think 

681
00:33:44,300 --> 00:33:46,100
it's a large part of what we're 
selling. 

682
00:33:46,100 --> 00:33:47,800
Okay, so, mr. 
Basil's basically, then you're 

683
00:33:47,800 --> 00:33:51,600
saying, yes. 
I guess so. 

684
00:33:52,300 --> 00:33:54,300
Okay, congresswoman. 
You got me? 

685
00:33:54,500 --> 00:33:57,500
Good question. 
I can see that maybe out of the 

686
00:33:57,500 --> 00:34:00,900
million sellers on our platform.
Some of them might have sold 

687
00:34:00,900 --> 00:34:03,800
stolen goods. 
Like that's some big gotcha 

688
00:34:03,800 --> 00:34:06,100
answer. 
What kind of questions are 

689
00:34:06,100 --> 00:34:07,500
these? 
You have the four biggest 

690
00:34:07,500 --> 00:34:09,699
Business Leaders in the world 
sitting in front of you. 

691
00:34:09,900 --> 00:34:13,600
Tim Cook, Jeff Bezos, Mark 
Zuckerberg Sundar pichai, you 

692
00:34:13,600 --> 00:34:16,100
can ask them anything in. 
This is your line of questioning

693
00:34:16,500 --> 00:34:19,100
cheap, gotcha questions, that 
don't reveal anything 

694
00:34:19,100 --> 00:34:21,800
insightful. 
Unfortunately, that's what most 

695
00:34:21,800 --> 00:34:24,199
of this hearing was were 
questions like this. 

696
00:34:24,199 --> 00:34:27,900
Just got your moments trying to 
get their their attacks out on 

697
00:34:27,900 --> 00:34:29,699
these big companies. 
All of it. 

698
00:34:29,699 --> 00:34:33,000
Has to do with politics, going 
against these big dominating 

699
00:34:33,000 --> 00:34:35,800
companies so that they can say 
to their constituents that they 

700
00:34:35,800 --> 00:34:38,600
stood up to Jeff Bezos, but I 
think it's sad to waste 

701
00:34:38,600 --> 00:34:40,800
opportunities like this to wrap.
This up. 

702
00:34:40,800 --> 00:34:44,199
Of course, the chairman gives 
his concluding remarks that this

703
00:34:44,199 --> 00:34:46,500
hearing made it all clear. 
That these four companies are 

704
00:34:46,500 --> 00:34:48,800
monopolies is hearing has made 
one fact. 

705
00:34:48,800 --> 00:34:51,300
Clear to me. 
These companies as they exist 

706
00:34:51,300 --> 00:34:55,300
today have Monopoly power. 
He says this meeting that their 

707
00:34:55,300 --> 00:34:58,900
hat made clear to him that these
companies are monopolies, but 

708
00:34:58,900 --> 00:35:01,100
he's reading this closing 
statement from a stack of 

709
00:35:01,100 --> 00:35:03,600
papers. 
Did he actually prepare that 

710
00:35:03,600 --> 00:35:05,700
during the meeting? 
Did he go and type that out 

711
00:35:05,700 --> 00:35:08,800
during this meeting? 
I think he probably type this 

712
00:35:08,800 --> 00:35:11,200
concluding remark out last 
night. 

713
00:35:11,300 --> 00:35:13,600
He probably did it before the 
meeting even started. 

714
00:35:13,700 --> 00:35:16,400
But Harry is reading from a 
stack of papers saying that this

715
00:35:16,600 --> 00:35:18,700
this meeting makes clear to him.
That these companies are 

716
00:35:18,700 --> 00:35:22,100
monopolies, so There you have it
from the very open-minded 

717
00:35:22,100 --> 00:35:24,200
Congress. 
Now the big question from all of

718
00:35:24,200 --> 00:35:27,500
this is is Congress really going
to come forward with some huge 

719
00:35:27,500 --> 00:35:30,700
antitrust action and do 
something like break up 

720
00:35:30,700 --> 00:35:34,800
Instagram and Facebook or put in
really punitive measures against

721
00:35:34,800 --> 00:35:37,600
these companies. 
I don't believe so and I don't 

722
00:35:37,600 --> 00:35:39,500
think it's because these 
companies are lobbying and 

723
00:35:39,500 --> 00:35:42,900
paying off the politicians. 
I think it's because Congress 

724
00:35:42,900 --> 00:35:46,200
really doesn't understand what 
they're dealing with and they 

725
00:35:46,200 --> 00:35:48,500
know that if they screw anything
up, they could cause a 

726
00:35:48,500 --> 00:35:51,200
tremendous amount of damage to 
the These are four of the 

727
00:35:51,200 --> 00:35:53,400
biggest companies in the US 
competing with the rest of the 

728
00:35:53,400 --> 00:35:55,900
world. 
And if they mess with them too 

729
00:35:55,900 --> 00:35:57,700
much, they mess with their 
business models. 

730
00:35:58,100 --> 00:36:01,500
They might inhibit their ability
to compete and also destroy a 

731
00:36:01,508 --> 00:36:04,400
lot of jobs in the US and not 
really help competition that 

732
00:36:04,400 --> 00:36:07,000
much as well. 
So, basically, they're messing 

733
00:36:07,000 --> 00:36:09,700
with something that they don't 
fully understand that if they 

734
00:36:09,700 --> 00:36:12,100
get it wrong, could have 
extremely adverse consequences. 

735
00:36:12,400 --> 00:36:14,900
So, I think that they will tread
very lightly with antitrust 

736
00:36:14,900 --> 00:36:16,700
measures. 
Okay. 

737
00:36:16,700 --> 00:36:18,600
Now, moving on, from that. 
Let's get to the big news. 

738
00:36:18,800 --> 00:36:21,700
Apple stock head. 
As for all-time highs after 

739
00:36:21,700 --> 00:36:24,000
crushing wall Street's 
expectations. 

740
00:36:24,400 --> 00:36:27,800
This was a really big beat. 
If we look at the numbers on 

741
00:36:27,800 --> 00:36:30,900
Revenue, they beat on earnings 
per share on iPhone Revenue, 

742
00:36:31,000 --> 00:36:33,400
Service, revenue and 
accessories. 

743
00:36:33,400 --> 00:36:35,800
I think, out of all of these, 
the service revenue is the most 

744
00:36:35,800 --> 00:36:37,300
important. 
The fact that they're on track 

745
00:36:37,300 --> 00:36:39,900
with service Revenue, I think is
really important but let's go 

746
00:36:39,900 --> 00:36:42,600
through the numbers real quick. 
Apple said that they earn fifty 

747
00:36:42,600 --> 00:36:46,100
nine point, seven billion versus
50 2.3 billion. 

748
00:36:46,200 --> 00:36:49,800
That is their overall Revenue 
earnings per share 2.58. 

749
00:36:50,200 --> 00:36:53,500
Versus 2.07. 
IPhone Revenue was twenty six 

750
00:36:53,500 --> 00:36:57,600
point four two billion service 
Revenue. 13.2 billion versus 

751
00:36:57,600 --> 00:37:01,600
thirteen, Point 1, billion and 
accessories 6.5 billion versus 

752
00:37:01,600 --> 00:37:04,200
6.1. 
They crushed it in every single 

753
00:37:04,200 --> 00:37:06,500
category. 
I was excited about this for a 

754
00:37:06,500 --> 00:37:09,400
couple different reasons. 
One of them was that I recently 

755
00:37:09,400 --> 00:37:12,400
purchased about 50 shares of 
Apple sigh made significant 

756
00:37:12,400 --> 00:37:15,400
purchases in this company. 
Many people criticize me for 

757
00:37:15,400 --> 00:37:17,700
these purchases for a variety of
different reasons. 

758
00:37:17,700 --> 00:37:19,800
Basically, saying that I'm 
buying the company at all-time 

759
00:37:19,800 --> 00:37:21,900
highs. 
Sighs that, it's fomo, all these

760
00:37:21,900 --> 00:37:25,000
different things, but I looked 
at the company I compared it to 

761
00:37:25,000 --> 00:37:26,500
other companies. 
For instance. 

762
00:37:26,700 --> 00:37:29,500
Apple has about a 30 PE ratio 
right now. 

763
00:37:29,700 --> 00:37:31,400
It's trading at a 30 times 
multiple. 

764
00:37:31,600 --> 00:37:33,000
It might be a little bit higher 
right now. 

765
00:37:33,300 --> 00:37:36,000
But at the time that I purchased
it, it was trading at around a 

766
00:37:36,000 --> 00:37:40,000
27, multiple Costco. 
For instance, has above 30, 

767
00:37:40,000 --> 00:37:42,500
multiple. 
Nike has above 30, multiple, 

768
00:37:42,800 --> 00:37:45,600
Facebook, and Microsoft and all 
these companies have a higher 

769
00:37:45,600 --> 00:37:47,900
multiple than Apple and I don't 
think that that's really 

770
00:37:47,900 --> 00:37:49,900
Justified. 
I think apple is growing really.

771
00:37:50,000 --> 00:37:52,700
Deadly as a business and has a 
very significant boat. 

772
00:37:52,700 --> 00:37:55,300
So that's part of the reason 
that I purchased it is I think 

773
00:37:55,300 --> 00:37:57,300
in general terms, the company's 
undervalued. 

774
00:37:57,400 --> 00:38:00,100
And I think that it has really 
high quality products that 

775
00:38:00,100 --> 00:38:02,500
brings a lot of brand loyalty. 
So, I was excited that they had 

776
00:38:02,500 --> 00:38:04,900
a strong earnings report. 
I can't control what direction 

777
00:38:04,900 --> 00:38:07,500
the market goes. 
But the market has gone crazy 

778
00:38:07,500 --> 00:38:11,700
with this stock. 
It's up 8.3%, and one day, if I 

779
00:38:11,700 --> 00:38:14,700
go to my holding of Apple, that 
market is generally down right 

780
00:38:14,700 --> 00:38:16,100
now. 
In fact, if I go to the one day 

781
00:38:16,100 --> 00:38:19,800
view here, you can see my 
portfolio every single sector. 

782
00:38:19,900 --> 00:38:23,400
Is in the red except for Tech 
and that is mostly because of 

783
00:38:23,400 --> 00:38:24,700
one company. 
Apple. 

784
00:38:24,800 --> 00:38:27,900
I'm up, fifteen hundred dollars.
Just today on this holding a 

785
00:38:27,900 --> 00:38:30,400
point to three percent as it 
stands right now. 

786
00:38:30,400 --> 00:38:33,900
So this has been a pretty good 
company to hold. 

787
00:38:34,300 --> 00:38:36,400
They do pay a dividend. 
They grow it over time. 

788
00:38:36,900 --> 00:38:39,400
They do, share BuyBacks. 
They do everything, Apple's, a 

789
00:38:39,400 --> 00:38:41,600
Growth Company. 
It's a value company. 

790
00:38:41,600 --> 00:38:43,900
If it's into a lot of different 
categories, but I don't think 

791
00:38:43,900 --> 00:38:45,800
apple is a company. 
You should be excluding from 

792
00:38:45,800 --> 00:38:48,800
your portfolio along with other.
Good companies, MasterCard, 

793
00:38:48,800 --> 00:38:52,200
Microsoft, and Visa. 
Overall, my portfolio has a 

794
00:38:52,200 --> 00:38:54,900
significantly higher yield than 
the market overall. 

795
00:38:54,900 --> 00:38:56,700
I continue to grow a stream of 
cash flow. 

796
00:38:56,700 --> 00:38:58,700
So I'm focusing on those 
companies. 

797
00:38:59,100 --> 00:39:01,100
But if there's really good 
growth potential and other 

798
00:39:01,100 --> 00:39:03,500
companies like apple. 
I still think that it's worth 

799
00:39:03,500 --> 00:39:05,600
purchasing now, there's other 
news as well. 

800
00:39:05,900 --> 00:39:09,000
Apple is announcing a 
four-to-one stock split. 

801
00:39:09,000 --> 00:39:11,100
This is something that they've 
done frequently over time. 

802
00:39:11,500 --> 00:39:14,100
And I think that this is for a 
good reason, if we look at 

803
00:39:14,100 --> 00:39:18,400
Apple's share price. 
It is $417 a share, it continues

804
00:39:18,400 --> 00:39:19,900
to go up every hour. 
It. 

805
00:39:20,100 --> 00:39:23,100
Like, but it's $417 a share 
right now. 

806
00:39:23,600 --> 00:39:25,900
When they do a, four-to-one 
stock split, that means that 

807
00:39:26,000 --> 00:39:29,300
every share based on today's 
price would be around, you know,

808
00:39:29,300 --> 00:39:33,200
a little over $100 like $104. 
So if we look at share splits a 

809
00:39:33,200 --> 00:39:35,200
lot of people are confused of 
what this means. 

810
00:39:35,400 --> 00:39:38,500
Does this mean you get 4 times a
dividends know, the dividend 

811
00:39:38,500 --> 00:39:41,200
stays the same, the dividend 
will be split just like the 

812
00:39:41,200 --> 00:39:43,800
sheer. 
So instead of Ash are paying x 

813
00:39:43,800 --> 00:39:47,100
amount that will be x amount 
divided by 4 in the end. 

814
00:39:47,100 --> 00:39:50,800
The company will have the exact 
same yield so Sure, splits is 

815
00:39:50,800 --> 00:39:53,300
mostly a cosmetic thing. 
The biggest functional 

816
00:39:53,300 --> 00:39:56,700
difference is the ability for 
people to purchase small amount 

817
00:39:56,700 --> 00:39:59,100
of quantities of Apple. 
If they don't have fractional 

818
00:39:59,100 --> 00:40:01,100
shares on M1 and many other 
Brokers. 

819
00:40:01,100 --> 00:40:03,400
We are benefiting from having 
fractional shares. 

820
00:40:03,600 --> 00:40:06,400
I put in the dollar amount. 
I want to buy apple and M1 just 

821
00:40:06,400 --> 00:40:08,300
buys that amount. 
So I don't have an exact share 

822
00:40:08,300 --> 00:40:10,900
count, my sure counts like forty
nine and a half or something 

823
00:40:10,900 --> 00:40:13,200
like that. 
So I can buy fractional shares, 

824
00:40:13,400 --> 00:40:16,300
but some people are limited to 
buying the whole share and I 

825
00:40:16,300 --> 00:40:18,100
think that that's what they're 
trying to address here. 

826
00:40:18,100 --> 00:40:19,900
They're making it more available
for retail investors. 

827
00:40:20,100 --> 00:40:23,400
Esther small-time investors that
don't have fractional shares to 

828
00:40:23,400 --> 00:40:25,900
pick up a little bit of Apple. 
They want to buy two shares. 

829
00:40:25,900 --> 00:40:27,900
They can buy it. 
I also think there's another 

830
00:40:27,900 --> 00:40:29,700
pretty big benefit to stock 
splits. 

831
00:40:29,800 --> 00:40:33,100
And that is that it makes it a 
little bit psychologically 

832
00:40:33,100 --> 00:40:35,100
easier to purchase shares in 
these companies. 

833
00:40:35,400 --> 00:40:38,100
If you look at this and you're 
just a retail investor and 

834
00:40:38,100 --> 00:40:41,000
you're looking at Apple and you 
see the prices $419. 

835
00:40:41,000 --> 00:40:43,700
Now, for one chair, you think 
that's a lot of money. 

836
00:40:44,000 --> 00:40:47,100
Then you look at Amazon and a 
share of Amazon is three 

837
00:40:47,100 --> 00:40:49,800
thousand one hundred and seventy
dollars for one. 

838
00:40:50,000 --> 00:40:52,000
Share. 
So as a retail investor, you 

839
00:40:52,000 --> 00:40:54,700
think, is it really worth buying
Amazon? 

840
00:40:54,900 --> 00:40:56,700
One. 
Share of it for over three 

841
00:40:56,700 --> 00:40:58,700
grand. 
Is that really worth it? 

842
00:40:59,100 --> 00:41:01,500
It's really a tough pill to 
swallow for investors. 

843
00:41:01,700 --> 00:41:04,100
So I think it makes it a little 
bit easier for investors to 

844
00:41:04,100 --> 00:41:07,100
purchase the shares when they're
at smaller prices, even though 

845
00:41:07,100 --> 00:41:10,400
right now apple is a bigger 
company than Amazon. 

846
00:41:10,700 --> 00:41:14,000
It's a more expensive company to
buy than Amazon, but the share 

847
00:41:14,000 --> 00:41:17,000
price being smaller has a 
psychological effect of making 

848
00:41:17,000 --> 00:41:19,200
it easier to dollar cost average
into this company. 

849
00:41:19,400 --> 00:41:22,500
I think that's The Reason by 
investors do well on ETFs is 

850
00:41:22,508 --> 00:41:26,100
because it's a level of 
obfuscation you by the ETF like 

851
00:41:26,100 --> 00:41:29,600
the S&P 500 for 200 bucks. 
And really, what it's doing is 

852
00:41:29,600 --> 00:41:32,700
buying shares of Amazon for 
three thousand dollars, but you 

853
00:41:32,700 --> 00:41:35,100
don't have to see your money 
being used directly that way. 

854
00:41:35,100 --> 00:41:37,300
So, when I look at this, I think
the stock split will also help 

855
00:41:37,300 --> 00:41:40,300
investors retail investors. 
Pick up a few shares of Apple 

856
00:41:40,300 --> 00:41:43,300
when they might have otherwise 
not now, I know another question

857
00:41:43,300 --> 00:41:45,200
I'm going to get asked is 
Joseph. 

858
00:41:45,200 --> 00:41:48,200
Should I buy Apple now? 
Should I buy it now? 

859
00:41:48,200 --> 00:41:49,800
After this? 
Recent Spike? 

860
00:41:50,000 --> 00:41:51,700
Or did I miss the window of 
opportunity? 

861
00:41:51,800 --> 00:41:54,100
I didn't buy it a month ago. 
I didn't buy it two months ago. 

862
00:41:54,300 --> 00:41:55,600
And now it's spiked up like 
crazy. 

863
00:41:55,600 --> 00:41:59,700
It's up almost 10% just today. 
Should I buy into this company? 

864
00:42:00,500 --> 00:42:03,100
This is a tough question, but I 
think it's actually pretty 

865
00:42:03,100 --> 00:42:06,900
simple Apple's trading at a 33 
PE ratio. 

866
00:42:07,200 --> 00:42:10,100
It has a market cap of over 1.8 
trillion dollars. 

867
00:42:10,100 --> 00:42:12,400
Currently. 
I have said repeatedly that I 

868
00:42:12,408 --> 00:42:16,200
think Apple will easily surpass 
a two trillion dollar market 

869
00:42:16,200 --> 00:42:18,000
cap. 
I just think it will get there 

870
00:42:18,300 --> 00:42:19,800
eventually. 
It's just a matter of time. 

871
00:42:20,000 --> 00:42:22,200
So I think that you still can 
buy it right now. 

872
00:42:22,400 --> 00:42:24,800
It's historically more expensive
than it's ever been. 

873
00:42:25,300 --> 00:42:28,000
But this is a company that 
continues to grow and innovate 

874
00:42:28,000 --> 00:42:30,600
and make really good products 
and they're expanding into 

875
00:42:30,600 --> 00:42:32,600
different services. 
So I think they have a lot of 

876
00:42:32,600 --> 00:42:36,000
growth potential ahead of them. 
But the bigger point is the 

877
00:42:36,000 --> 00:42:37,300
reason that I originally 
purchased. 

878
00:42:37,300 --> 00:42:40,300
This company was, the PE Ratio 
was about 27. 

879
00:42:40,700 --> 00:42:45,100
And basically every other 
company around Apple had a much 

880
00:42:45,100 --> 00:42:48,700
higher PE ratio, and I thought, 
why is this company have such a 

881
00:42:48,707 --> 00:42:50,900
low P/E ratio? 
Paired to the rest of them. 

882
00:42:51,000 --> 00:42:53,300
And the reason why that I looked
up was that people said, well, 

883
00:42:53,300 --> 00:42:56,000
apples a hardware company. 
They're just one bad phone away 

884
00:42:56,000 --> 00:42:59,700
from having some huge dip and I 
didn't really agree with that. 

885
00:42:59,800 --> 00:43:02,800
I thought the Apple is, is a 
whole ecosystem of products. 

886
00:43:02,800 --> 00:43:05,800
It has incredible brand loyalty.
I think that the people that are

887
00:43:05,800 --> 00:43:08,200
fans of Apple, they're going to 
buy their products. 

888
00:43:08,200 --> 00:43:10,000
Their can expect them to be 
good, but they're going to buy 

889
00:43:10,000 --> 00:43:11,600
their products every time they 
come out. 

890
00:43:11,600 --> 00:43:16,400
So I think the apple is being 
treated like some clunky 

891
00:43:16,400 --> 00:43:19,600
hardware company. 
When in reality, they are a very

892
00:43:19,600 --> 00:43:22,400
polished. 
List ecosystem of products, to 

893
00:43:22,400 --> 00:43:24,500
iterate through improvements 
over time. 

894
00:43:24,700 --> 00:43:26,900
The iPhone really doesn't have 
to change that much. 

895
00:43:27,000 --> 00:43:29,900
It just gets better and better 
every single version with small 

896
00:43:29,900 --> 00:43:32,500
improvements and that's enough 
to keep people buying that 

897
00:43:32,500 --> 00:43:35,200
product over and over again. 
So I think that they have an 

898
00:43:35,200 --> 00:43:38,500
extremely loyal customer base as
long as Apple makes good 

899
00:43:38,500 --> 00:43:41,600
products that loyal customer 
base, will buy those products. 

900
00:43:42,000 --> 00:43:43,900
I'm one of them. 
I'm going to continue buying 

901
00:43:43,900 --> 00:43:46,300
Apple products until I don't 
like him anymore. 

902
00:43:46,500 --> 00:43:48,900
And as soon as I don't like the 
product, I'm going to sell the 

903
00:43:48,900 --> 00:43:51,100
company. 
So that's where my conviction 

904
00:43:51,100 --> 00:43:53,500
with this company comes in. 
It's partly because I really 

905
00:43:53,500 --> 00:43:56,900
just like the products that they
make if that changes I'm going 

906
00:43:56,900 --> 00:43:59,000
to be selling out of the stock 
because if I don't like the 

907
00:43:59,000 --> 00:44:02,000
products that they're making I'm
assuming other people like me 

908
00:44:02,000 --> 00:44:03,100
aren't going to like them as 
well. 

909
00:44:03,100 --> 00:44:05,400
So that's part of the reason 
that I purchased it. 

910
00:44:05,800 --> 00:44:08,900
If you don't have that level of 
conviction with the company, I 

911
00:44:08,900 --> 00:44:11,500
don't think you should buy it at
this price because if it does 

912
00:44:11,500 --> 00:44:14,400
have some ten or twenty percent 
dip, you might end up selling 

913
00:44:14,400 --> 00:44:16,700
out instead of buying more of 
it, if this would have went the 

914
00:44:16,700 --> 00:44:19,800
other direction and apple would 
have had some poor earnings. 

915
00:44:20,000 --> 00:44:23,400
Port, they missed a couple 
metrics and all the analysts had

916
00:44:23,400 --> 00:44:26,200
really bearish views on them. 
All of a sudden, I wouldn't have

917
00:44:26,200 --> 00:44:28,700
been concerned. 
I would not be concerned about 

918
00:44:28,700 --> 00:44:31,400
this company until I don't like 
their products. 

919
00:44:31,700 --> 00:44:34,100
That's how I'm treating most of 
this investment. 

920
00:44:34,200 --> 00:44:36,700
So if you're considering making 
apple, a big part of your 

921
00:44:36,700 --> 00:44:39,800
portfolio, you should look at 
whether or not you think that 

922
00:44:39,800 --> 00:44:43,100
they're going to continue to 
make market-leading devices. 

923
00:44:43,100 --> 00:44:46,200
What are the best devices with 
the best software if you think 

924
00:44:46,200 --> 00:44:49,700
the company can continue doing 
that into the future, I think 

925
00:44:49,700 --> 00:44:52,200
the Answer is yes, you should 
make this part of your portfolio

926
00:44:52,400 --> 00:44:54,700
just realize that there's going 
to be dips in between. 

927
00:44:55,000 --> 00:44:57,900
If you're going to sell out when
the stock comes down 10 or 20%, 

928
00:44:57,900 --> 00:45:00,700
Then don't buy it today, because
there's going to be times when 

929
00:45:00,900 --> 00:45:04,000
big hedge, funds, shift things 
around, or they take profits, or

930
00:45:04,000 --> 00:45:06,500
do whatever an apple come back 
down for a while. 

931
00:45:06,600 --> 00:45:09,100
But as far as I'm concerned, if 
they keep making an improving 

932
00:45:09,100 --> 00:45:12,300
their products like they have 
been, I'm really not concerned 

933
00:45:12,300 --> 00:45:14,300
about this company. 
This is one of the least 

934
00:45:14,300 --> 00:45:16,200
stressful companies in my 
portfolio. 

935
00:45:16,300 --> 00:45:19,800
I have next to no stress. 
Buying Apple just II. 

936
00:45:20,100 --> 00:45:22,900
I don't worry about it, their 
earnings reports great. 

937
00:45:22,900 --> 00:45:25,100
It's good news, but I wouldn't 
have sold this company. 

938
00:45:25,100 --> 00:45:27,700
If they had a bad earnings. 
Now as far as a general 

939
00:45:27,700 --> 00:45:30,500
portfolio update, we've almost 
reached four thousand dollars in

940
00:45:30,500 --> 00:45:32,300
earn dividends. 
That's a good amount of earn 

941
00:45:32,300 --> 00:45:34,000
dividends. 
The market gains are at two 

942
00:45:34,000 --> 00:45:36,600
thousand dollars. 
Now finally, we're getting both 

943
00:45:36,600 --> 00:45:38,600
sides of it. 
We're having a market gains and 

944
00:45:38,600 --> 00:45:42,000
we're having dividends or 
enjoying valuations going up. 

945
00:45:42,000 --> 00:45:43,700
And we're enjoying a constant 
stream of income. 

946
00:45:44,100 --> 00:45:47,300
This has been an evolving 
process coronavirus is 

947
00:45:47,300 --> 00:45:49,600
highlighted that some companies 
are more susceptible. 

948
00:45:49,900 --> 00:45:51,400
Oh, that this type of event than
others. 

949
00:45:51,500 --> 00:45:54,400
The cloud companies and tech 
companies have not been affected

950
00:45:54,400 --> 00:45:57,300
as much by the coronavirus so 
you can see this Illustrated 

951
00:45:57,300 --> 00:46:00,000
through out my profile. 
In fact, if I go to the one day 

952
00:46:00,000 --> 00:46:02,200
view hair, you see it 
Illustrated right here. 

953
00:46:02,400 --> 00:46:03,700
Tech is in the green by quite a 
bit. 

954
00:46:04,100 --> 00:46:07,900
Every single other sector real 
estate, consumer health care, 

955
00:46:07,900 --> 00:46:10,900
Finance, utilities. 
All of them are in the red, and 

956
00:46:10,900 --> 00:46:13,500
this is what most of this year 
has been value. 

957
00:46:13,500 --> 00:46:16,700
Companies have been getting 
crushed tech companies have been

958
00:46:16,700 --> 00:46:18,700
doing well. 
Now, I don't think this is going

959
00:46:18,700 --> 00:46:21,300
to be the case forever. 
That real estate will recover. 

960
00:46:21,500 --> 00:46:23,200
I think these consumer companies
will do. 

961
00:46:23,200 --> 00:46:25,400
Well. 
Healthcare is obviously growing 

962
00:46:25,800 --> 00:46:28,600
industry finances as well. 
So I think there's going to be 

963
00:46:28,600 --> 00:46:30,600
eventual growth with these other
sectors. 

964
00:46:31,000 --> 00:46:34,300
But right now, I would be 
careful how much money you put 

965
00:46:34,300 --> 00:46:36,900
into real estate and how much 
money you put into Industrials. 

966
00:46:37,200 --> 00:46:40,200
These sectors are being damaged,
pretty heavily. 

967
00:46:40,500 --> 00:46:43,600
The sectors that I've tried to 
focus on is growing Tech, 

968
00:46:43,800 --> 00:46:46,200
growing consumer, health care 
and finance. 

969
00:46:46,400 --> 00:46:48,500
These are the ones that I've 
been focusing on the most. 

970
00:46:48,800 --> 00:46:50,500
I've been growing Finance 
because I think there's going to

971
00:46:50,508 --> 00:46:53,100
be a lot of innovation there in 
the fintech space. 

972
00:46:53,100 --> 00:46:56,200
I've been buying MasterCard and 
Visa as well as a lot of JP 

973
00:46:56,200 --> 00:46:57,900
Morgan. 
I've been buying different 

974
00:46:57,900 --> 00:47:00,500
healthcare companies and there's
some consumer companies that 

975
00:47:00,500 --> 00:47:02,700
have been buying so that's most 
of the purchases. 

976
00:47:02,700 --> 00:47:04,400
I've been doing. 
I'm going to continue to make 

977
00:47:04,400 --> 00:47:08,300
purchases of Bank of America, of
JPMorgan a Visa and MasterCard 

978
00:47:08,300 --> 00:47:10,700
because I think that those 
companies are going to do really

979
00:47:10,700 --> 00:47:13,300
well over the next year. 
Now, if I go on I filter by the 

980
00:47:13,300 --> 00:47:16,900
one month you here, I've earned 
300 dollars in dividends and 

981
00:47:16,900 --> 00:47:18,900
thirty five hundred dollars in 
market gains. 

982
00:47:19,000 --> 00:47:21,000
It's about 30. 
Eight hundred dollars in the 

983
00:47:21,000 --> 00:47:24,000
past 30 days. 
It's been a good month that has 

984
00:47:24,000 --> 00:47:26,700
been a really good month. 
So this shows you how quickly 

985
00:47:26,700 --> 00:47:28,700
things can change just a short 
time ago. 

986
00:47:28,700 --> 00:47:32,600
This portfolio is in the red by 
quite a bit but repositioning it

987
00:47:32,600 --> 00:47:35,800
and moving into some companies 
moving out of some companies and

988
00:47:35,800 --> 00:47:38,500
continuing with the strategy I 
think has put this in a good 

989
00:47:38,500 --> 00:47:41,700
position for the future. 
So I have an updated link of 

990
00:47:41,700 --> 00:47:43,300
this portfolio in the 
description if you want to. 

991
00:47:43,308 --> 00:47:45,900
Look at all the Holdings, I have
what companies I've dropped and 

992
00:47:45,900 --> 00:47:48,600
which ones I've added new, 
they're all in the description 

993
00:47:48,600 --> 00:47:50,400
in that. 
Link that says My main 

994
00:47:50,400 --> 00:47:51,700
portfolio. 
Okay. 

995
00:47:51,700 --> 00:47:54,300
Let's move on to some emails. 
Joseph at Joseph Carlson 

996
00:47:54,300 --> 00:47:57,400
show.com is the email address. 
You can write in any of your 

997
00:47:57,400 --> 00:48:00,300
questions, criticisms, anything 
you want to talk about and we'll

998
00:48:00,300 --> 00:48:02,600
discuss it here on the show. 
The first one's from Jason. 

999
00:48:02,600 --> 00:48:05,300
He says, Joseph, I seen all of 
your videos and think you're 

1000
00:48:05,300 --> 00:48:07,500
doing a great job, following 
your information. 

1001
00:48:07,700 --> 00:48:10,400
I have a sizable investment in 
various individual dividend 

1002
00:48:10,400 --> 00:48:13,400
growth stocks in one of your 
newest videos, you decided to 

1003
00:48:13,400 --> 00:48:17,200
move towards your growth stocks 
such as Apple Microsoft and less

1004
00:48:17,200 --> 00:48:19,700
towards other sectors. 
I know you have a few van. 

1005
00:48:19,900 --> 00:48:23,600
Our DTS in your auth are a what 
do you think of the Vanguard 

1006
00:48:23,600 --> 00:48:28,300
ETFs V ug + V? 
GT to capture the apples. 

1007
00:48:28,300 --> 00:48:30,700
Microsoft's excetera? 
Yeah. 

1008
00:48:30,700 --> 00:48:31,900
That's a good question. 
Jason. 

1009
00:48:32,100 --> 00:48:34,800
If you look at the bottom of my 
portfolio, if you look at the 

1010
00:48:34,800 --> 00:48:38,200
link in the bottom, it said one 
line that I've had there since 

1011
00:48:38,200 --> 00:48:41,500
day, one of creating my 
portfolio that it's a defensive 

1012
00:48:41,500 --> 00:48:44,000
portfolio focused around 
creating a stream of passive 

1013
00:48:44,000 --> 00:48:45,800
income. 
Its defensive. 

1014
00:48:45,800 --> 00:48:48,800
That's something that I've been 
trying to focus on what I found 

1015
00:48:48,800 --> 00:48:52,100
is that Coronavirus Has 
highlighted the Achilles heel to

1016
00:48:52,100 --> 00:48:55,100
this type of strategy. 
The, the type of companies that 

1017
00:48:55,100 --> 00:48:59,000
have been really punished. 
During this specific 

1018
00:48:59,000 --> 00:49:02,500
environment, have not been the 
high-flying tech stocks. 

1019
00:49:02,700 --> 00:49:04,600
They haven't been punished, the 
companies that have been 

1020
00:49:04,600 --> 00:49:07,400
punished have been, the more 
conservative value stocks like 

1021
00:49:07,400 --> 00:49:10,000
the ones that most dividend 
growth investors invest in. 

1022
00:49:10,300 --> 00:49:13,500
So with the goal of making my 
portfolio defensive. 

1023
00:49:13,600 --> 00:49:15,100
I don't want to have an Achilles
heel. 

1024
00:49:15,200 --> 00:49:17,400
I don't want to have anything 
that can do substantial damage 

1025
00:49:17,400 --> 00:49:19,700
to my portfolio. 
And so, all I'm trying to do. 

1026
00:49:19,900 --> 00:49:22,800
Is make it a more well-rounded 
more defensive portfolio. 

1027
00:49:22,800 --> 00:49:26,700
So that has been the main goal 
in this transition is to try to 

1028
00:49:26,700 --> 00:49:29,700
balance that the different type 
of value stocks as well as 

1029
00:49:29,700 --> 00:49:32,200
having stocks that are more 
growth-oriented. 

1030
00:49:32,400 --> 00:49:35,700
But more importantly, their 
stocks that are less affected by

1031
00:49:35,800 --> 00:49:37,600
the coronavirus. 
They're less affected by this 

1032
00:49:37,600 --> 00:49:39,700
term. 
This type of environment that 

1033
00:49:39,700 --> 00:49:42,500
happens to be tech stocks. 
And the reason that tech stocks 

1034
00:49:42,500 --> 00:49:44,900
are less affected is because 
they don't have a lot of capital

1035
00:49:44,900 --> 00:49:46,800
expenditures. 
They don't have to have millions

1036
00:49:46,800 --> 00:49:50,400
of employees and lots of retail 
locations there in the Cloud. 

1037
00:49:50,400 --> 00:49:53,600
And so they continue to operate.
Even if things are close down, 

1038
00:49:53,900 --> 00:49:56,300
the government closed down 
States, all the tech stocks 

1039
00:49:56,300 --> 00:49:58,700
continue to do. 
Well, in fact, more of the focus

1040
00:49:58,700 --> 00:50:01,100
moves towards them. 
The longer things are closed 

1041
00:50:01,100 --> 00:50:03,300
down, and I'm going to continue 
doing episodes. 

1042
00:50:03,300 --> 00:50:06,600
One of them I have planned, is 
basically to show that I think 

1043
00:50:06,600 --> 00:50:08,300
that things are going to stay 
shut down for a little bit 

1044
00:50:08,300 --> 00:50:09,900
longer than I originally 
anticipated. 

1045
00:50:09,900 --> 00:50:13,200
So, when I'm looking at the 
current environment right now, 

1046
00:50:13,500 --> 00:50:16,800
I'm seeing the coronavirus, not 
really seem like it's going 

1047
00:50:16,800 --> 00:50:19,800
anywhere too fast. 
It continues to go up in the US.

1048
00:50:20,300 --> 00:50:23,600
Everybody seems to be wearing 
masks right now and it's still 

1049
00:50:23,600 --> 00:50:25,900
around. 
So this has been a bit of a 

1050
00:50:25,908 --> 00:50:31,000
dynamic shift that viewing this 
historically, the growth stocks 

1051
00:50:31,000 --> 00:50:32,700
seemed like the more risky 
stocks. 

1052
00:50:32,700 --> 00:50:34,500
That's what growth stocks are 
there more risky than more 

1053
00:50:34,500 --> 00:50:37,500
volatile. 
Their risk, your Holdings, but 

1054
00:50:37,500 --> 00:50:41,100
coronavirus has kind of swap 
things to now value stocks seem 

1055
00:50:41,100 --> 00:50:44,400
more risky buying and companies 
like Delta Airlines is the risky

1056
00:50:44,400 --> 00:50:48,100
bet buying an AMC, Theaters. 
That's a risky bet buying in 

1057
00:50:48,100 --> 00:50:50,700
real estate right now. 
That's a Risk, right there. 

1058
00:50:50,800 --> 00:50:52,900
Buying growth stocks, like apple
and Amazon. 

1059
00:50:53,100 --> 00:50:54,800
That's kind of the safe bet 
right now. 

1060
00:50:54,900 --> 00:50:58,900
So I don't feel like I'm 
increasing risk in my portfolio.

1061
00:50:59,200 --> 00:51:01,600
What I think I'm doing is 
actually decreasing risk. 

1062
00:51:01,700 --> 00:51:04,000
I think I'm trying to balance 
the portfolio out. 

1063
00:51:04,100 --> 00:51:06,200
I think it will actually reduce 
risk in the portfolio. 

1064
00:51:06,300 --> 00:51:07,900
So that's the primary goal 
behind it. 

1065
00:51:08,200 --> 00:51:12,100
Now you bring up these Vanguard 
ETFs, I think vug is really good

1066
00:51:12,200 --> 00:51:14,700
side like that ETF a lot. 
If you look through the Holdings

1067
00:51:14,700 --> 00:51:17,100
of it, it has a really solid 
Holdings. 

1068
00:51:17,400 --> 00:51:21,700
I don't know vgt as well. 
But I do like vug a lot. 

1069
00:51:21,800 --> 00:51:25,600
I also like just as a general 
growth ETF one that's mentioned 

1070
00:51:25,600 --> 00:51:28,900
a lot on our Discord as s py g. 
That's SP. 

1071
00:51:28,900 --> 00:51:31,200
YG. 
You can check out that ATF as 

1072
00:51:31,200 --> 00:51:33,100
well. 
If you're looking at extremely 

1073
00:51:33,100 --> 00:51:36,000
high quality growth companies. 
So I would check that one out as

1074
00:51:36,000 --> 00:51:38,200
well. 
Emile says, my name is Emil. 

1075
00:51:38,200 --> 00:51:40,700
I'm coming all the way from 
Belgian with a question. 

1076
00:51:41,000 --> 00:51:44,200
I'm a second year Bachelor 
student in business engineering 

1077
00:51:44,200 --> 00:51:47,100
economics, at the University of 
Ghent. 

1078
00:51:47,700 --> 00:51:49,700
What books did you read on 
finance? 

1079
00:51:49,900 --> 00:51:53,200
Testing, what are your sources 
to get new interesting titles? 

1080
00:51:53,600 --> 00:51:55,100
There's a lot of good books on 
investing. 

1081
00:51:55,400 --> 00:51:57,500
I think the best one is from 
Peter Lynch. 

1082
00:51:57,600 --> 00:51:59,200
I've read the intelligent 
investor. 

1083
00:51:59,400 --> 00:52:01,200
I've read books from Warren 
Buffett. 

1084
00:52:01,300 --> 00:52:02,800
I've read books from Howard 
marks. 

1085
00:52:03,100 --> 00:52:06,200
I think the best book on 
investing is from Peter Lynch 

1086
00:52:06,400 --> 00:52:08,600
beating. 
The street is a fantastic book. 

1087
00:52:08,600 --> 00:52:11,200
His advice I think is second to 
none. 

1088
00:52:11,300 --> 00:52:13,600
He has such good advice for 
everyday investors. 

1089
00:52:14,000 --> 00:52:17,200
He basically says to invest in 
things that, you know, and 

1090
00:52:17,200 --> 00:52:20,200
understand, don't invest in 
companies that you Don't know 

1091
00:52:20,200 --> 00:52:22,500
how they're making money and you
really don't understand them. 

1092
00:52:22,700 --> 00:52:25,600
Don't put your money with them. 
Put your money in companies that

1093
00:52:25,600 --> 00:52:28,300
you really understand, you 
really like, how they make 

1094
00:52:28,300 --> 00:52:29,700
money, the products that they 
sell. 

1095
00:52:29,900 --> 00:52:31,700
And they have a really good 
story. 

1096
00:52:32,000 --> 00:52:34,300
He's all about story of the 
investment. 

1097
00:52:34,500 --> 00:52:36,500
If the company has a great 
story, if it's growing and 

1098
00:52:36,500 --> 00:52:39,300
expanding is going to be a lot 
bigger in five years than it is.

1099
00:52:39,300 --> 00:52:40,800
Today. 
That's probably a good 

1100
00:52:40,800 --> 00:52:43,400
investment. 
So that's been his primary 

1101
00:52:43,400 --> 00:52:46,700
advice and that's really how he 
ran his fund. 

1102
00:52:46,700 --> 00:52:48,300
The Magellan fund did really 
well. 

1103
00:52:48,500 --> 00:52:52,200
He was one of the Arzo Fidelity.
He's the one that made Fidelity 

1104
00:52:52,200 --> 00:52:55,700
what it is today. 
So, Peter Lynch was this 

1105
00:52:55,900 --> 00:52:58,900
Rockstar investor. 
He was one of the best investors

1106
00:52:58,900 --> 00:53:02,600
of history, and his strategy was
basically to look for companies 

1107
00:53:02,600 --> 00:53:05,100
that have a great story that he 
really likes the products. 

1108
00:53:05,100 --> 00:53:07,800
They sell one of his best 
investments was Dunkin Donuts. 

1109
00:53:08,200 --> 00:53:10,600
He went to a Dunkin Donut. 
He thought this is a long line 

1110
00:53:10,600 --> 00:53:12,800
for a donut place. 
What type of donuts are these? 

1111
00:53:13,400 --> 00:53:15,700
And he got one, and he thought, 
this is a great doughnut and it 

1112
00:53:15,700 --> 00:53:18,100
came off an assembly line Dunkin
Donuts. 

1113
00:53:18,300 --> 00:53:19,600
How many of these locations are 
there? 

1114
00:53:19,800 --> 00:53:21,300
R. 
So we started to do research. 

1115
00:53:21,300 --> 00:53:24,200
He saw that they were expanding 
rapidly and then he went to new 

1116
00:53:24,200 --> 00:53:27,500
locations and saw that the new 
locations were packed. 

1117
00:53:27,700 --> 00:53:29,700
And after that, he decided I 
love the doughnuts. 

1118
00:53:29,800 --> 00:53:32,500
Everybody loves he sings, 
they're expanding like crazy. 

1119
00:53:32,700 --> 00:53:35,700
I need to buy this company, so 
he bought that company. 

1120
00:53:35,800 --> 00:53:38,100
That had a 10 times return on 
it. 

1121
00:53:38,200 --> 00:53:41,500
He made 10 times as original 
investment on it, with Dunkin 

1122
00:53:41,500 --> 00:53:44,300
Donuts. 
That's why he believes and 

1123
00:53:44,300 --> 00:53:46,800
buying what, you know, what you 
think, has a good story. 

1124
00:53:46,800 --> 00:53:49,600
So I think that's really good 
advice, of course. 

1125
00:53:49,800 --> 00:53:52,600
Is other good books on investing
from Warren Buffett, the 

1126
00:53:52,600 --> 00:53:54,200
intelligent investor, I think is
good. 

1127
00:53:54,400 --> 00:53:57,900
It's a little bit more of a dry 
read and then I think on the 

1128
00:53:57,900 --> 00:53:59,700
subject of investing there's 
lots of good books. 

1129
00:53:59,700 --> 00:54:01,800
You can read about the ride of a
lifetime. 

1130
00:54:01,800 --> 00:54:04,400
If you want to read about Bob 
Iger, lots of books that I read 

1131
00:54:04,400 --> 00:54:07,500
outside of investing 
specifically, but just in 

1132
00:54:07,500 --> 00:54:11,400
general business, like bad blood
from John Kerry, you it's about 

1133
00:54:11,500 --> 00:54:15,000
Elizabeth Holmes and theranos 
and the big scam that happened 

1134
00:54:15,000 --> 00:54:17,400
with that. 
So I like reading about all this

1135
00:54:17,400 --> 00:54:20,800
stuff, but I think Peter Lynch 
really has The most applicable 

1136
00:54:21,100 --> 00:54:24,100
and easy-to-implement advice for
retail investors. 

1137
00:54:24,200 --> 00:54:26,600
And then the question. 
What are your sources to get new

1138
00:54:26,600 --> 00:54:30,000
interesting titles, I think of 
the titles myself. 

1139
00:54:30,000 --> 00:54:32,700
So I don't have any sources to 
get the titles for videos. 

1140
00:54:32,700 --> 00:54:34,000
If that's what you're talking 
about. 

1141
00:54:34,000 --> 00:54:37,200
Most of what I talk about is, 
just whatever is going on. 

1142
00:54:37,200 --> 00:54:39,600
Whatever is on my mind. 
So that will continue to be the 

1143
00:54:39,600 --> 00:54:42,900
episodes are basically what my 
thoughts are on current events 

1144
00:54:42,900 --> 00:54:45,600
and what I'm doing with my 
investments and all of that. 

1145
00:54:46,100 --> 00:54:47,600
Okay. 
Well, I think I covered some of 

1146
00:54:47,607 --> 00:54:49,200
the news, there's a lot more to 
go over. 

1147
00:54:49,500 --> 00:54:52,600
I An episode plan where I'm 
going to give a little bit of an

1148
00:54:52,600 --> 00:54:55,300
economic update. 
Now that we have some economic 

1149
00:54:55,300 --> 00:54:59,300
news, so not as uplifting of an 
episode, but we need to talk 

1150
00:54:59,300 --> 00:55:01,100
about the economy. 
So I'm going to be doing that in

1151
00:55:01,100 --> 00:55:04,100
the next episode. 
So I appreciate everybody for 

1152
00:55:04,100 --> 00:55:06,400
listening. 
Thank you for all the support. 

1153
00:55:06,400 --> 00:55:09,100
If you haven't like, half of 
you, listening are not 

1154
00:55:09,100 --> 00:55:10,600
subscribed. 
So it does help me out. 

1155
00:55:10,600 --> 00:55:12,900
When you hit the Subscribe 
button, it's free to do. 

1156
00:55:13,200 --> 00:55:15,800
I appreciate everybody that does
that and shares the channel and 

1157
00:55:15,800 --> 00:55:17,000
I'll talk to you guys next time.