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Ladies and gentlemen, welcome to
the Business Brew. 

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I'm your host, Bill Brewster. 
As always, this episode features

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the thoughts of me, so if you're
not tuned in for that, feel free

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to tune out. 
But you got a little bit of a 

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look behind what's going on with
the show. 

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So my thoughts on the market, 
which I don't know, I, I don't 

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have any great ones. 
There's a hell of a Ripper of a 

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rally. 
The S&P continues to win. 

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It's just a relentless beast. 
I don't know why anyone would 

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ever stop allocating to it until
it doesn't work. 

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And even then, I think people as
a society are going to give it 

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some leeway. 
And at the end of the day, it 

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deserves some. 
I don't know. 

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I mean, Mario Gabelli's been 
bitching about this for a long, 

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long time. 
And he's right. 

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And I, and I guess you just kind
of embrace it. 

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But I don't understand how the 
tax arbitrage and ETF land 

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exists. 
I mean, I get it, but I really 

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don't get it. 
It seems to me that if you were 

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to sell a security and a mutual 
fund and you got to pay tax, I 

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don't understand why an ETF 
doesn't do the same thing. 

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I know structure matters a lot, 
but it's one of those things in 

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life that seems to me we could 
generate a decent amount more 

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tax revenue by closing that 
loophole. 

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I don't know that that's good 
for the workers. 

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I mean, it's kind of nice for 
the average person to have 

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finally some tax loophole and 
it's one that's fairly easy to 

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exploit. 
So that's nice. 

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But I guess that's neither here 
nor there. 

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Just a commentary on what an 
incredible vehicle that that is 

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as an investment offering, one 
of the good sort of financial 

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interventions of Wall Street 
right there. 

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So anyway, about the POD, I 
somewhat apologize for not 

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recording and being as regular. 
On the other hand, I don't know,

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I I didn't communicate what was 
going on in part because I 

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didn't have Internet or power 
and I was boiling water. 

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The hurricane Milton sent some 
serious devastation my way and I

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was without power for two weeks.
And I have never seen damage 

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like that in my entire life. 
It pales in comparison to what 

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some people are going through, 
especially the people in the 

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mountains of North Carolina. 
And I do not want to make 

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something about me when it's not
about me because most of my 

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possessions and everything were 
OK. 

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I had pretty minor damage. 
However, I have 100% lost my 

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neighborhood and there's just 
construction debris everywhere. 

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Still can't really walk the dog 
on certain streets 'cause 

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there's glass everywhere. 
It's sad and it's hard to wake 

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up and see it and live in it. 
And DeSantis gave a speech where

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he was talking about the 
importance of getting it cleaned

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up. 
And I think as, as a town, we're

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working on it, but it's got a 
long way to go. 

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And man, is it grading. 
Thankfully, you know, I mean, I,

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I can't imagine what some people
like in, in somewhere like 

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Sarasota are going through where
it's just been storm after 

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storm. 
And now there's another one that

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may or may not hit like it's 
going to hit, but it may or may 

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not be Sarasota. 
I don't know. 

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It's going to be interesting to 
see whether or not Florida re 

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prices. 
I can definitely see an argument

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either way. 
But it's kind of like, I mean, I

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don't know that I should say 
this, but I'm just going to say 

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it's kind of like dating like a 
hot person that cheats on you. 

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You don't like that it cheats on
you or but they're hot. 

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So you stick around. 
And sometimes if they want to go

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to expensive dinners, you take 
them out And that's how it is. 

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But in this analogy, insurance 
is the expensive dinner and you 

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don't get schools for your tax 
dollars. 

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So well, you do, but not, you 
know, they're, they're doing 

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some things down here that are 
trying to push people to make 

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their own decisions. 
You get a tax credit in a lot of

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places so that you can use that 
money to send your your kids to 

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a separate school. 
So anyway, it's going to be 

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interesting to see how far that 
evolves and what climate change,

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whatever the heck that means, 
may or may not do to it. 

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I do think it's kind of 
interesting the mentality of 

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people that have been here for a
long time seems to mostly be 

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this is a one off. 
I haven't seen it before. 

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I'm not too worried as somebody 
who is experiencing the damage. 

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And I guess just to put some, 
you know, basically at Milton 

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had a ton of tornadoes, and one 
of them hit my neighborhood. 

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So I got to experience that. 
That was kind of wild. 

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The sound of the tornado, that 
there's a whistle. 

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Some people say it's like a 
train. 

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I guess it's kind of like a 
train. 

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I don't know that it was like a 
train, but I'm certain it was 

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something different than I'd 
ever heard before. 

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That shit was Cray. 
Yeah. 

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I don't know. 
A lot of, I think a lot of 

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people are either in denial 
about the fact that this could 

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be more frequent, or I, as 
someone who just got hit, is 

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overestimating the probability 
of it recurring. 

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And the truth is probably 
somewhere in between those two 

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thoughts. 
But that's what I think is going

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on. 
Oh, I, I said on the Twitter 

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machine, and I believe this to 
be the case, that the business 

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brew has to die in order for me 
to live. 

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I think it's a little bit 
dramatic for me to say it that 

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way, but I am going to probably 
rebrand the show. 

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I like the album art when it 
came out. 

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It's getting a little stale. 
The show description doesn't 

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feel authentic to me. 
You followed me for any amount 

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of time. 
There are two things that I care

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very much about. 
One is my integrity, and the 

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other is feeling like I am being
truthful to myself and my 

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listeners and my product. 
And the product feels stale. 

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I feel like I have somehow 
allowed myself to take a back 

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seat, and in some ways I think 
that's a very good thing. 

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I don't think anybody wants to 
hear as much of me, myself 

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included, as you heard in the 
very beginning of the show. 

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But there's something to be done
here where the show could be a 

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little bit more entertaining. 
And I also think that there's 

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only so much that can be said 
about markets. 

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And I've had this nagging 
thought that I want to do 

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something a little bit wider. 
I'm not going to go into 

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politics because I don't really 
care about that. 

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And frankly, I don't want the 
heat for it and I don't have 

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anything we're saying. 
So that's enough of a reason 

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right there. 
But as it pertains to issues 

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that I think men my age go 
through and whether that's 

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parental, you know, parenting, 
whether it's aging parents, 

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whether it's, you know, just 
trying to make a life with a 

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family, work and one's 
relationship with money. 

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Like I think those are topics 
that I kind of would rather hear

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rather than like, you know, 
what's your next best idea and 

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what not. 
And I've always enjoyed the 

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shows where people kind of open 
up to me more than I've enjoyed 

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the shows of a little bit more 
of a pitch, for lack of a better

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term. 
But, you know, it's a industry 

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that doesn't tend to. 
Well, I don't know that that's 

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the right way to say what I want
to say. 

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But I guess I can understand why
people want to be protected with

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their careers. 
And I think maybe it requires 

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broadening the net to have the 
conversations that I want. 

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So I would expect that. 
And that's most of what I got. 

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I guess one story that I don't 
know why I'm thinking of telling

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this, but a lot of people that 
listen that I have talked to 

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seem to be at the age where 
they're starting to have 

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children. 
Shout out to my man Alex Morris 

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is the most prominent example of
my life currently. 

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I hope the baby is doing well. 
But I remember I was sitting 

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with my wife. 
Well, I, I was standing in the 

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closet. 
She was standing outside. 

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At least that's how I remember 
it. 

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And she was eight months 
pregnant. 

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We had a pretty good life and we
didn't have any kids yet. 

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And she said, is this a mistake?
And I looked at her and I said, 

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it might be. 
And I, I can tell you right now 

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that telling a woman that's 
eight months pregnant that you 

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might have made a mistake by 
having a child with her is not 

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the best recipe for going to bed
quickly without an argument. 

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And to be fair, she had every 
right to be a little bit angry. 

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But the problem with me is if 
you ask me a question, more 

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often than not, you're going to 
get exactly what I think. 

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And the nice part of that is I 
don't have to remember lies. 

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But the bad side of that is it 
gets me in some uncomfortable 

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situations at times. 
So anyway, don't do that, folks.

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The other thing is if you're a 
young man, well, I don't know, 

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you know, whatever, if, if 
you're a new father, my 

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experience has been or was that 
I didn't feel connected to my 

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baby immediately. 
And more than that, the baby 

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and, and my wife were very 
connected. 

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And it was one of the hardest 
times, I think for our marriage 

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and for me as a person. 
And I'd encourage you if you're 

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in sort of that those early 
months or whatever months and it

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feels a little dark, you know, 
understand that it's temporary. 

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The bad news is 2 years old and 
three years old is coming. 

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But eventually it all gets 
pretty fun, at least in my 

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experience. 
And I actually like the two and 

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three-year olds, but they are a 
pain in the ass at times. 

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Anyway, I'm kind of rambling at 
this point, but I was in Saint 

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Louis and thank you to Chris 
Bloomstrom for hosting. 

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I was on the fence about going. 
I had flagged football 

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obligations and then I had a lot
of stuff with my community to 

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continue to clean up. 
And my wife said why don't you 

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get out of the house because I 
think you could use it for your 

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attitude and just general life 
enjoyment. 

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And it was fun. 
It was nice to see that group. 

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Number of interesting pitches. 
I guess if I were to, if I were 

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to prioritize any, you open up 
the binder here, share some 

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knowledge. 
Now my idea of prioritizing is 

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probably going to make all of 
these terrible ideas, but Disney

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kind of moved a little bit. 
But Louisiana Pacific's got an 

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interesting story. 
Think the valuation is not what 

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it once was. 
Tidewater I think is interesting

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capital cycle theory. 
I'm a mess up, Bola Ray, but you

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got to prepare yourself if 
you're going to go down that 

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hill. 
CBS Group PLC was also very 

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interesting to me. 
So those would be some, if I was

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looking for a research project, 
maybe I'd do that. 

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Any ones that I have not 
mentioned, I'm, I'm not saying 

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that they were not a good pitch 
or anything of the manner. 

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I just don't necessarily 
understand them quite as well as

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I think I might understand those
other ones. 

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So that's my tidbit. 
Outside of that, I think I'm 

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going to stop talking. 
I hope you have a good day and I

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just wanted to communicate with 
you. 

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I got a couple of recordings 
coming up, so they will be in 

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the hopper and out soon. 
All right, thank you for your 

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time and we'll chat. 
OK, bye.