Ladies and gentlemen, welcome to the Business Brew.
I'm your host, Bill Brewster. As always, this episode features
the thoughts of me, so if you're not tuned in for that, feel free
to tune out. But you got a little bit of a
look behind what's going on with the show.
So my thoughts on the market, which I don't know, I, I don't
have any great ones. There's a hell of a Ripper of a
rally. The S&P continues to win.
It's just a relentless beast. I don't know why anyone would
ever stop allocating to it until it doesn't work.
And even then, I think people as a society are going to give it
some leeway. And at the end of the day, it
deserves some. I don't know.
I mean, Mario Gabelli's been bitching about this for a long,
long time. And he's right.
And I, and I guess you just kind of embrace it.
But I don't understand how the tax arbitrage and ETF land
exists. I mean, I get it, but I really
don't get it. It seems to me that if you were
to sell a security and a mutual fund and you got to pay tax, I
don't understand why an ETF doesn't do the same thing.
I know structure matters a lot, but it's one of those things in
life that seems to me we could generate a decent amount more
tax revenue by closing that loophole.
I don't know that that's good for the workers.
I mean, it's kind of nice for the average person to have
finally some tax loophole and it's one that's fairly easy to
exploit. So that's nice.
But I guess that's neither here nor there.
Just a commentary on what an incredible vehicle that that is
as an investment offering, one of the good sort of financial
interventions of Wall Street right there.
So anyway, about the POD, I somewhat apologize for not
recording and being as regular. On the other hand, I don't know,
I I didn't communicate what was going on in part because I
didn't have Internet or power and I was boiling water.
The hurricane Milton sent some serious devastation my way and I
was without power for two weeks. And I have never seen damage
like that in my entire life. It pales in comparison to what
some people are going through, especially the people in the
mountains of North Carolina. And I do not want to make
something about me when it's not about me because most of my
possessions and everything were OK.
I had pretty minor damage. However, I have 100% lost my
neighborhood and there's just construction debris everywhere.
Still can't really walk the dog on certain streets 'cause
there's glass everywhere. It's sad and it's hard to wake
up and see it and live in it. And DeSantis gave a speech where
he was talking about the importance of getting it cleaned
up. And I think as, as a town, we're
working on it, but it's got a long way to go.
And man, is it grading. Thankfully, you know, I mean, I,
I can't imagine what some people like in, in somewhere like
Sarasota are going through where it's just been storm after
storm. And now there's another one that
may or may not hit like it's going to hit, but it may or may
not be Sarasota. I don't know.
It's going to be interesting to see whether or not Florida re
prices. I can definitely see an argument
either way. But it's kind of like, I mean, I
don't know that I should say this, but I'm just going to say
it's kind of like dating like a hot person that cheats on you.
You don't like that it cheats on you or but they're hot.
So you stick around. And sometimes if they want to go
to expensive dinners, you take them out And that's how it is.
But in this analogy, insurance is the expensive dinner and you
don't get schools for your tax dollars.
So well, you do, but not, you know, they're, they're doing
some things down here that are trying to push people to make
their own decisions. You get a tax credit in a lot of
places so that you can use that money to send your your kids to
a separate school. So anyway, it's going to be
interesting to see how far that evolves and what climate change,
whatever the heck that means, may or may not do to it.
I do think it's kind of interesting the mentality of
people that have been here for a long time seems to mostly be
this is a one off. I haven't seen it before.
I'm not too worried as somebody who is experiencing the damage.
And I guess just to put some, you know, basically at Milton
had a ton of tornadoes, and one of them hit my neighborhood.
So I got to experience that. That was kind of wild.
The sound of the tornado, that there's a whistle.
Some people say it's like a train.
I guess it's kind of like a train.
I don't know that it was like a train, but I'm certain it was
something different than I'd ever heard before.
That shit was Cray. Yeah.
I don't know. A lot of, I think a lot of
people are either in denial about the fact that this could
be more frequent, or I, as someone who just got hit, is
overestimating the probability of it recurring.
And the truth is probably somewhere in between those two
thoughts. But that's what I think is going
on. Oh, I, I said on the Twitter
machine, and I believe this to be the case, that the business
brew has to die in order for me to live.
I think it's a little bit dramatic for me to say it that
way, but I am going to probably rebrand the show.
I like the album art when it came out.
It's getting a little stale. The show description doesn't
feel authentic to me. You followed me for any amount
of time. There are two things that I care
very much about. One is my integrity, and the
other is feeling like I am being truthful to myself and my
listeners and my product. And the product feels stale.
I feel like I have somehow allowed myself to take a back
seat, and in some ways I think that's a very good thing.
I don't think anybody wants to hear as much of me, myself
included, as you heard in the very beginning of the show.
But there's something to be done here where the show could be a
little bit more entertaining. And I also think that there's
only so much that can be said about markets.
And I've had this nagging thought that I want to do
something a little bit wider. I'm not going to go into
politics because I don't really care about that.
And frankly, I don't want the heat for it and I don't have
anything we're saying. So that's enough of a reason
right there. But as it pertains to issues
that I think men my age go through and whether that's
parental, you know, parenting, whether it's aging parents,
whether it's, you know, just trying to make a life with a
family, work and one's relationship with money.
Like I think those are topics that I kind of would rather hear
rather than like, you know, what's your next best idea and
what not. And I've always enjoyed the
shows where people kind of open up to me more than I've enjoyed
the shows of a little bit more of a pitch, for lack of a better
term. But, you know, it's a industry
that doesn't tend to. Well, I don't know that that's
the right way to say what I want to say.
But I guess I can understand why people want to be protected with
their careers. And I think maybe it requires
broadening the net to have the conversations that I want.
So I would expect that. And that's most of what I got.
I guess one story that I don't know why I'm thinking of telling
this, but a lot of people that listen that I have talked to
seem to be at the age where they're starting to have
children. Shout out to my man Alex Morris
is the most prominent example of my life currently.
I hope the baby is doing well. But I remember I was sitting
with my wife. Well, I, I was standing in the
closet. She was standing outside.
At least that's how I remember it.
And she was eight months pregnant.
We had a pretty good life and we didn't have any kids yet.
And she said, is this a mistake? And I looked at her and I said,
it might be. And I, I can tell you right now
that telling a woman that's eight months pregnant that you
might have made a mistake by having a child with her is not
the best recipe for going to bed quickly without an argument.
And to be fair, she had every right to be a little bit angry.
But the problem with me is if you ask me a question, more
often than not, you're going to get exactly what I think.
And the nice part of that is I don't have to remember lies.
But the bad side of that is it gets me in some uncomfortable
situations at times. So anyway, don't do that, folks.
The other thing is if you're a young man, well, I don't know,
you know, whatever, if, if you're a new father, my
experience has been or was that I didn't feel connected to my
baby immediately. And more than that, the baby
and, and my wife were very connected.
And it was one of the hardest times, I think for our marriage
and for me as a person. And I'd encourage you if you're
in sort of that those early months or whatever months and it
feels a little dark, you know, understand that it's temporary.
The bad news is 2 years old and three years old is coming.
But eventually it all gets pretty fun, at least in my
experience. And I actually like the two and
three-year olds, but they are a pain in the ass at times.
Anyway, I'm kind of rambling at this point, but I was in Saint
Louis and thank you to Chris Bloomstrom for hosting.
I was on the fence about going. I had flagged football
obligations and then I had a lot of stuff with my community to
continue to clean up. And my wife said why don't you
get out of the house because I think you could use it for your
attitude and just general life enjoyment.
And it was fun. It was nice to see that group.
Number of interesting pitches. I guess if I were to, if I were
to prioritize any, you open up the binder here, share some
knowledge. Now my idea of prioritizing is
probably going to make all of these terrible ideas, but Disney
kind of moved a little bit. But Louisiana Pacific's got an
interesting story. Think the valuation is not what
it once was. Tidewater I think is interesting
capital cycle theory. I'm a mess up, Bola Ray, but you
got to prepare yourself if you're going to go down that
hill. CBS Group PLC was also very
interesting to me. So those would be some, if I was
looking for a research project, maybe I'd do that.
Any ones that I have not mentioned, I'm, I'm not saying
that they were not a good pitch or anything of the manner.
I just don't necessarily understand them quite as well as
I think I might understand those other ones.
So that's my tidbit. Outside of that, I think I'm
going to stop talking. I hope you have a good day and I
just wanted to communicate with you.
I got a couple of recordings coming up, so they will be in
the hopper and out soon. All right, thank you for your
time and we'll chat. OK, bye.