Charles Payne: How To Be An Unbreakable Investor
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Well, welcome to the Jason in the House podcast. I'm Jason Chaffetz. Thank you so much for joining us, giving us a little bit of your time. I hope you have fun and enjoy this. We're going to talk a little bit about the news because there's a few things happening. We're going to talk about the stupid because there's always somebody doing something stupid somewhere.

And then we're going to get together actually with Charles Payne. Charles, such a good guy. You know him from making money on Fox Business. You've seen him on Fox News talking about all things financial. And I previously did a podcast with Charles Payne. We learned more about his life and grown up an amazing personal journey and story together.

But now he's got a new book out. It's called The Unbreakable Investor. Unbreakable Investor. And you can go to unbreakableinvestor.com or just listen to the podcast. You're going to get a good sense of this. But for those of you that like to invest or want to start to invest...

Um, he's got some really good insight and been wildly successful in helping lots of clients and himself and everything else too. So, and you know what, he's just an all around good guy. There's always something to learn and have to learn from Charles, but you can also have a lot of fun with Charles. So we're going to get together with Charles Payne here in just a few minutes, but I did want to touch on it just a little.

A couple things in the news. We were all saddened by the passing of Matthew Perry, and not to belabor that too much. He was a man who had a lot of challenges. Wild success. He was a great tennis player, went on, got this incredible spot on Friends, one of the most popular shows.

sitcoms, comedies in the history of television, really. And those friends getting together on that show really helped shape America. And it was the show everybody was watching all the time. I think there were like 52 million people watched the concluding episode. And it's still on. You turn the channel at late at night, it's still on and probably will be throughout my lifetime.

But Matthew Perry was going through some things that I think a lot of other people were going through. And, you know, we all have challenges in life. They can be financial. They can be an accident. They can be a health issue that suddenly pops up out of nowhere.

And there are a lot of addictions out there and people who get themselves in a bad spot. I guess he had had some sort of injury back in like 1997 or so. I don't know the full story. I know he's written a book about this. But here's the point I want to talk about. One is there is a way to get help and get better. And don't think that you're alone out there.

But the newsy part to me is I just saw that the Boston mayor, her name is Michelle Wu. She might have finally turned the corner because a lot of these cities, mostly run by Democrats. I think if we were being fair and objective, I don't think that's being too sensationalist.

have been very tolerant of the kinds of drug addiction, homeless-tied issues. They've allowed them to fester and made it easier for people to continue on with this lifestyle. And, you know, I think what's interesting is to watch what happens in Boston because it seems like they finally got fed up with it. They have what's called the methadone mile program.

Where supposedly, and we'll see how it plays out, the mayor is actually going to push back a little bit. And she is going to allow law enforcement to help clear out these encampments. And be able to say, no, you know, you really can't just continue to live here in a tent on the sidewalk in front of this business in perpetuity. Now, we'll see how it goes.

But I think it does also highlight this issue that so much of our crime is tied to drugs. It's tied to drug addictions, people trying to feed their drug addictions. We haven't necessarily cracked the code on this. I get frustrated about the open borders issue.

the readily available supply of illicit drugs that comes across our border some of it deadly the fentanyl but everything you can think of in terms of drugs and cocaine and and fentanyl and all that free flowing across our border that fills the supply i think you have to tackle the supply but we as a country i also think we have to tackle the demand there's alcohol abuse and alcohol addiction

There is drug addiction, which is like a whole nother level of addiction. I don't think making everything more readily available is necessarily the solution. Now, there can be a viable debate and there should be about medical marijuana, these types of issues, people that are dealing with the cancer and drug treatments or, you know, have a debilitating disease that there are other ways to deal with it.

I know that the psychedelic drugs have a connotation of the 60s, which is, you know, if you get past the surface of it, there are people that are dealing with PTSD and in a very controlled situation, not something you use every day, but in a very controlled situation, that that might be helpful. I think that's worth exploring.

But I think we as a country still need to spend a lot of time thinking, working, and addressing the addiction issues that are in this country. But what I've seen in Portland and in Boston and a lot of these major cities, New York City, it's disgusting. And it's not helpful. It's making the country worse, not better.

And it's not just freedom. It is absolutely devastating to a population, and we have got to address it. That's kind of my soapbox for today, but it's highlighted by the passing of Matthew Perry, who was a great comedian by all accounts and sad that he lost his life so early and that he really fought this. And I did think it was interesting that he had an interview recently where he said,

I want to be known more for helping people overcome and deal with their addictions than I do wanting to be a famous actor. And that's a tall order because he was a very famous actor and a great comedian. And the other thing I wanted to mention, with all the weightiness out there, you know, we record these podcasts days before they actually get published.

I don't know what the conclusion of this is going to be, but I think the World Series will still be going on, or maybe it just concluded. But by the time you get to listen to this. But, you know, I think it's important in our country to take time to just step back a little bit.

Do something that has nothing to do with politics. You know, I love politics. Make a living talking about politics, engaging in politics, writing books. You know, I had to book the puppeteers out. I got this podcast. I go on Fox. I go speak in person. I do all these things. But, you know, it's also important.

With all the weightiness and all the heaviness that is politics and all the contention that comes with it, it's good sometimes to just step away and do something else. World Series for me, I really like it. I really enjoy it. I don't watch baseball week in and week out. I don't sit there on a couch on a Saturday or go out to a game every weekend. But I do like baseball in person. But the World Series on television?

It's really fun. And, you know, Diamondbacks, Texas Rangers, two great teams, all the drama of it.

I like wildlife photography. I like golf. I like doing all kinds of different things. My wife and I like to go on, we walk quite a bit and it's just a good way to get out, breathe fresh air and recharge your batteries. I have a Polaris. I have a side-by-side, my wife and I. It's a six-seater. It's a big one. So it's a Polaris Ranger 1000. Oh, I love this thing. Get the family on it. Get some friends. Go up in the mountains. Just

Just tool around town. Clear your head. And I guess that's the message today is clear your head every once in a while because you know what? Life's got a lot of challenges, but it's also got a lot of good things. So do those good things. I think that's a good message. All right. Now it's time to bring on the stupid because, you know, there's a whole other level where there's always somebody doing something stupid somewhere. Somehow, someway, New Jersey makes this list more and more confusing.

Time and time again. I hope you saw this story because not only do you have Senator Menendez who's fighting these bribery charges and all kinds of other charges, and we won't get into that, but now you have the governor of New Jersey, Phil Murphy. This is the headline from Fox News. New Jersey Governor Phil Murphy used thousands in taxpayer funds to party at Taylor Swift concerts, stadium events, according to a report. This is absurd.

These people in public office, in this case, the governor of New Jersey, how he thinks he says he's going to ask this Democratic Party to reimburse taxpayers after he used $12,000 in state funds at a Taylor Swift concert and other stadium events.

Governor, what are you doing? First of all, the idea that you've got some slush fund with the party to just take care of your partying at these fun events is ridiculous. But the idea that you tried, if somebody didn't actually call you out on it, you try to use $12,000 in taxpayer money at the Taylor Swift concert and other events. Come on.

I mean, Governor Christie got in trouble for this and had to reimburse $82,000 spent at MetLife Stadium. But here's the list, according to Fox News.

Public records show Murphy's office spent $936 on food and drinks at Taylor Swift in 2018, $2,095 at the USA versus Brazil soccer game, $2,068 at a Jets-Patriots game, $1,400 roughly at the Hot 97's Summer Jam,

Another $2,856 at the U.S. versus Mexico game. And Jets versus Cowboys, nearly $2,500. Governor, guess what?

you can use your own personal funds. Now, if you raise money in a campaign, you're having a campaign event, doing something like that, but do it by the book. Don't tell me you don't know this. And if you're the governor of New Jersey and you don't understand that you can't get the taxpayers to pay for this, well, that's just downright stupid. So that's bringing on the stupid. All right, time to move on.

Really excited to have Charles. Charles is going to walk in here in a moment and we're going to have this nice discussion. We're going to talk about his book, Unbreakable Investor. You go to unbreakableinvestor.com. You can learn more about it. He's got another good book that's already out, Unstoppable Prosperity. That was a good book. But look forward to chatting with Charles here in just a moment. So we're thrilled to have Charles Payne.

In the house. I'm Jason in the house. But we got Charles Payne in the house. You got a great book out. I haven't read it, but I flipped through it. And I'm always worried that I'm not doing the best, right, smartest stuff with my money. And so I'm fascinated to kind of pick your brain. But before we get to the book and dive in deep into that,

You're always so happy. Why are you so happy all the time? You know what? I don't know. I am a rose colored glasses kind of guy, you know, but I mean, I have a tremendous amount of anxieties, a tremendous amount of frustrations, a tremendous amount of whatever, you know, but overall, I think I've always felt pretty confident that things are going to be okay. Not necessarily that they're ordained to be okay. You know, I think you have to put a lot of effort into it, but

You know, it's just the journey of life has been it's been hard, but it's been rewarding. So I just I just feel pretty good about it. And it's sort of like when people do my show.

They say, you're the only guy like I play music before my show. Oh, yeah. Yeah. Good music. Yeah, exactly. You know, there's music and I've been in a lot of shows. Some of it's not so good. Your music is really good. I mean, I'm pumping up in the studio, you know, we're getting everyone going. And I just so I just I just try to keep a positive attitude because it's so important. It really is. You know, things are thrown at us. I think.

in life in general, but even maybe more so these days, only because of the outside influences that seem to, if they don't directly hit you, they're going to hit someone in your family, then they're going to ask you about it. You know, someone's going to be on social media, someone's going to be there. We live in a very, unfortunately, world that's becoming more complex in some ways and unnecessarily, you know, tying itself up in knots. And so I try to stay above that particular fray.

So you're a busy guy. You got a lot going on. You got your own TV show and then you decide, okay, unbreakable investor. I'm going to get, I'm going to write another book. Like how do you, it is a lot. I also have my own business, which I've had for over 30 years. And, um, you know, one of the things that, one of the things that, uh, it's my mission, Jason in life is to, to help people help themselves.

I really do believe we're blessed to be born in the greatest country in the world. And what's really amazing about it is a significant chunk of people born in this country don't know that. Yeah, they really don't. You know, you look at statistics like people from foreign countries, how many businesses they've started in this country, you know, just people who know.

How great we have it. When they get here, they embrace it. People born in the midst of it have been told, eh, it's not much. And they don't realize. And that includes investing. It's democratized. Anyone can do it. Listen, obviously efforts have been in place for hundreds of years, a couple hundred years, to sort of dissuade us from doing it ourselves. Although we're always encouraged to put our money into something, but let the experts handle it.

And, you know, it's always interesting because the experts always seem to get a bigger house every other year while you're still sitting in the same house that you bought. Like, what the heck is going on? I'm digging the experts, but golly, can we get some of that action? And one thing I've seen is over the last 25 years, but even more so recently, right at the onset of the pandemic,

is a greater determination by people to have a better sense of knowledge of everything and a better grasp of their own future. I think something happened when the government locked us down, when the government told us what we couldn't do. We couldn't go to work. We couldn't do this. And if you look at business startups, now it started right before the pandemic. We started to see a spike in entrepreneurship. We ran out of preservative jars.

Like people wanted to learn how to preserve their own food. Arts and crafts went through the roof. People started saying, you know what? I'm going to buy a car. I'm going to buy a house because we were being told. And the hip thing was, remember the sharing economy? Right. So there'd be one house on the block and everyone would have an app and see when they can use it. That kind of thing. Right. So we were being pushed away from having any assets.

We were being dissuaded from having any assets. You remember a long time ago when President Bush talked about the ownership society. Well, the establishment went nuts. They went nuts over that. The idea of people having control of their own future, particularly financial future, that's dangerous for the establishment. But they lost control.

They lost control of people. And that's something that's still flowing through this nation, this sort of need to have a greater control of your life.

that someone can't flip a switch and dictate the outcome of your life. And people kind of had an epiphany that this is what's been happening for a while, and that includes the stock market. Unfortunately, what's happened is we had a big run, then it's been followed by a pullback, and it's been choppy this year. But invariably, a lot of people who got in felt good, felt easy, didn't have to know much, made money initially, lost it. I've seen it all.

I've been helping individual investors since 19 – I started on Wall Street in 1986, but that was on the analytical side as a broker a year later. So I've been watching this for a long time. I was around for Black Monday when the market lost over 20% of its value in one day. I just – I was in the business a year.

I just built my book. It was my dream. And all of a sudden, I thought it was all over. I really did. I said, gosh, you know, this is what I wanted to pull myself out of poverty to take care of my family. And it's all over. Down 22% in one day. We can never recover. And of course we did. And so that was my first hard lesson. I'm glad it happened early, even though it was scary at the time.

I mean, are we going to have another Black Monday? There'll be another Black Monday. I don't know when. They're going to come periodically. That's why I wrote the book, Unbreakable Investor, because there will be times when you... I've got a vision of what that means, but what does that mean to you? Unbreakable. It means that we can be hurt, we can bend, we can have nicks, we can take losses, but we don't want to break. We don't want to give up. We don't want to shrug our shoulders and either slump away from the market completely or...

Give it to someone else that promises us very paltry low returns. And by the way, that's a huge thing. This so-called passive investing. It's amazing. I mean, it's a juggernaut. And it sort of goes against who we are, right? I mean, we just, okay, I worked so hard for this money. I got a chunk of it and I just hand it to someone. And I got to tell you, the brokers themselves know a lot less than they did in the past. Their job is one thing, A-U-M.

assets under management. Their job is to get you to write a check and they give it to someone else. They don't even know what's going on with the money. And someone else at the firm will do something or they'll put it in something. And it's just, it's just so nuts to me. So, you know, we always kind of get taught the principle of, okay, you got to be diversified. What does that mean to you? Like when you say diversified, is that a combination of real estate and

What does it mean? Well, there's a big diversification, which could be asset classes. And I do think you should have different asset classes. Certainly things like hard assets. Real estate is phenomenal. You got to have some real estate. I don't mean you have to go. It's hard for a young person who's just starting to, you know, I mean, the price of housing right now, the mortgage rates, it's crazy for a young person who's doing pretty well right out of college, maybe.

It's still really tough to get into their first home. It is. It is. It was a lot tougher in 1980, though. People made 18% mortgages, right? So this is a lifetime journey.

This is a lifetime endeavor. So we're not necessarily saying, you know, you're going to do all of this in one day, but you need to spend every single day. You should try to learn something new every day, no matter what. And I'm not talking stock market, but just in general, as you build toward your ultimate goal. Now, your 401k has changed through the years, right? I mean, are you a huge fan of the 401k? I'm not. I'm not. I read that. And so explain that to me.

First, I just feel like you just used the word diversification. I think most of these 401k plans have very limited options for the people who use them.

And, you know, maybe some of these firms want limited legal liability or whatever. And so, you know, they'll give you a smattering of funds. Aren't they just buying mutual funds? Right, right. And these funds all have these names, like the New Horizon Fund and the Frontier Fund. They've got to have an employee who just sits around naming. Right, right. But then if you ever look at what they own. I used to do portfolio reviews until it got too much. And I put new subscribers to my service.

And I look at their funds, whatever, whatever they had. And just if you look at 10 mutual funds in an average portfolio and the top 10 holding, so of a potential 50 stocks, invariably it would always come down to like 14 stocks, 15 stocks. They had the same stocks, just a different name. Remember again, though, what the game is, AUM. So if you put a big chunk into First Horizon, how do I get more money from you?

tried a new moon one, you know? So, so listen, it's, it's, and, and, and I think people are starting to see that too. You know, some of the promises that were made 25 years ago just aren't coming to fruition. If you look at how the number of millionaires, you know, 401k millionaires, it's, it's in the hundreds of thousands. It should be in a hundred, tens of millions by now. And part of it is low expectations. And I always tell people, if you,

Pay attention to the stock market during earnings season. And when banks report their earnings, invariably those stocks are going to go up and down based on one critical component, how much money they made trading the stock market. Now, they'll tell you to settle for 7% and be happy.

Oh, my goodness. If they ever made just 7%, the stock's going to crash. They're making 10, 20, 30, 40%. So they're making this kind of money for themselves. But they're asking you, hey, don't worry about it. Just put it in. Gets a solid 8% a year. And then, you know, you'll get these things. Well, history proves that individuals lose money and they try to do it themselves. And this is true with an asterisk.

If you go on this and you buy one stock, give it a shot, and it hurts something to water, cool it, or buy some, and it goes down and you sell it, then yeah, you're that part of that statistic. But if you build and manage your own portfolio, you're committed to learning, you should not be part of that statistic.

And so it's really, that's what it boils down to is that people. So what are you looking for? I mean. Here's what you're looking for. You want to own great companies. Just think about it as you, forget about the stock market. The stock market is like the mall. When you go to the mall, you don't go to every single store. There's certain places you go where you appreciate the quality and the service. So the market itself is just the mall where they sell these different ownership. Think about companies that you want to own. You've walked out of a business.

or somewhere, you love the product service so much that you knew, A, you're going to come back, and B, you're going to tell your friends about it. So think about this for a moment. You're taking your hard-earned money, and you're putting it in this, and you become an unpaid spokesperson. Shouldn't you be part owner?

Yeah. So that's the premise we begin with. You know, it's so true because I don't know why it took me so long, but finally my brother and I kind of came around the corner and said, you know, why don't we buy stuff that we actually like and use? Because if we like and use it, chances are other people like and use it. Right. Right. See, my only problem is that I'm just, I'm always late. Like, like I never know the hip stuff until it's almost not hip. So we began with the premise of buying what you know, which is the sort of what they call the Peter Lynch kind of approach.

And then from there, you make a series of companies. I would love to own this company. And then there's a series of steps that you take to make sure that it's still growing, that it's still taking market share, that they're still profitable, that they're still executing. But profitability was not the goal with the tech sector. I mean, the valuation of some of these tech stocks are still just crazy high. Ultimately, that's the goal. The first thing, though, is you have to build something that can dominate. Right. And...

And, you know, listen, and that whole thing changed just in the last 20 years. Amazon, I think, probably was the key because when Jeff Bezos really turned this whole thing upside down when he started the company, because he would take all of the money on the top line of the income statement, the revenue, and put it back in.

So it never made it to the bottom, right? So they weren't profitable. But if you read the income statement and you saw how rapidly they were growing the top line, and instead of bringing the money down to give it to shareholders, they were reinvesting it for dominance, then that's why the stock worked out. And then ultimately, once you position yourself where you have what they call a moat around your company, like in other words, no one can touch you. Right.

Then the money comes in like crazy. It's true with Amazon. It's true with Amazon. We are big contributors. I don't know why I did call Amazon once and say, why don't you guys just put a distribution center in my house? Just to save us both a lot of time. Yeah.

It's like just set up in one of the rooms. Put one of their robots over here. Put a distribution center here. Bring a couple of guys. They can work because you're here every day. You might as well station a man here, you know? It's so true. It's so true. Well, he had the vision of where commerce was going. He had the vision, but he also, what he did, the execution that he did is really phenomenal. It's one for the books. He did not bend to Wall Street.

In the beginning, Wall Street was like, you got to make money. I remember it was $100 stock. I went to 85. People were like, listen, what you just said, they're not profitable. He was building something to dominate. He wasn't about books. Right, right. He was building something to dominate. And since then, you've had other companies that have fallen along. But you've also had a lot of companies that have said, yeah, I'm doing the same thing as Bezos. No, they weren't. They're not. So you have to understand there's the story, which is going to be sexy.

And then you have to make sure that the underlying fundamentals match the story. Okay, so let's just take a person who has access. Maybe they work for a company and there's a 401k. I mean, it's got a little bit of a match to it, so that's enticing. Or maybe you're self-employed and you can either do a self-directed 401k or

What advice do you give those types of people who don't have gobs of money to invest? Well, first of all, gobs of money should never dictate how you invest. That's another mistake people make. And they hurt themselves. A lot of times they'll say, well, I don't have a lot of money, so I'll take a shot.

I don't have a lot of money, so I'll buy a cheap stock, something like $5 a share. I've always said almost every single stock under $10 a share is overvalued. Really? Yeah. Yeah. I mean, so that's not how you determine valuation. That's just through your experience. Yeah, exactly. We equate the share price to the value. Right. Like, oh, man, it's only a buck. It used to be $100. Guess what? Red flag, red flag, red flag. Yeah.

So never let how much you have dictate what you're going to do because invariably it's going to make you take greater risk and have less interest, less involvement. This, again, is a lifelong endeavor. So what you have now is just the beginning, the first step. You'll get more later. You'll add more later. You'll get more later. You'll add more later. This is an investment. This is not a one-shot deal.

So think of it that way. This is just the first step. Yeah, if you don't want to do the work, then by all means, 401K. And I'm not talking about this dominating your life. I think it probably is less work than people who do fantasy football, to be honest with you. You know what I mean? That's true, though. Maybe one weekend you don't binge watch something. It's just...

But what I love and what I've been able to do is to get people to love it, to love it. Because for me, when I'm interested in a stock, Jason, I go and the first thing I do is look at the history.

And that in of itself, it's a movie, especially if it's a 50-year-old company or a 100-year-old company. It's a movie. It's like, wow. Last year, no, just like how they start, right? We always talk about the American dream. These are examples of it. These are proxies for it. Last year for my dividend service, I looked into a company called Iron Mountain. So Iron Mountain started upstate New York in a mountainous area.

They were growing mushrooms up there. Some real rich millionaire bought a bunch of land. Believe it or not, mushrooms were a big deal at one point. They're back. They're back. Really? I mean, I'm talking huge. And then all of a sudden they fell out of favor. You know, like everyone was eating mushrooms and then one day they weren't. I think they're smoking them now.

I don't know. Not that I can tell you. Smoking and chewing, right? Yeah. So then they have these, you know, so the mountains weren't doing too good, right? The war comes around, World War II. And, you know, all these immigrants are coming into America through New York, lower New York, and a banker down in lower Manhattan. He's dealing with a lot of folks, particularly Jews.

They don't have any paperwork, and all the paperwork has been taken from them. They have no way of proving who they are, proving what they own. And he's saying to himself, we've got to find a way to make sure people can always have their documentation safe. Bingo. Those empty mountains. Started buying them and putting documentation up there. That's how Iron Mountain became the company it is. So when I hear stories like that, or the story of Movado, a guy in Cuba,

working in a cigar factory, little kid, 17, 18 years old, you know,

His boss says, hey, if you could find me an American clock, anything American, especially back then, I want you to. He went out, he found one, and he got it for the guy, whatever it was. He says, hey, get me two more. Then he says, can I have an extra buck? He didn't ask for any profit the first time. He asked, can I get some money? The guy said, okay. Hence a capitalist was born. And so a couple years later,

Castro rises up. And initially he loved Castro, like everyone there, you know, at the time. But he started to see just the stuff that was happening immediately, immediately. You know, he saw his true colors immediately. So he rounded up his family. He was trying to get out. And, you know, they were caught. But it just so turned out the police captain was a childhood friend. And he let him through. But he took the love for watches and came to America and started a watch company. I mean, it's just... And so...

And I find that a lot of times these companies that have these amazing, beautiful stories, Ruth Chris Steakhouse. So Ruth was married. Her husband died, didn't leave her a lot of money. She tried to make ends meet initially by being a seamstress. You know, she'd do things, sew things. But it wasn't really clicking, right? And the money was whittling down. Yeah, how much she could make. She's flipping through the newspaper and she's in the classifieds. Restaurant for sale, Chris's Restaurant.

She never owned a business, never owned a restaurant, took the cash, I think 500 bucks and bought it. Ruth Chris. Put her name in front of Chris, Ruth Chris, and the rest is history. Made a great product. So I love that part of it. And then just keeping up with it. It can be so much fun. Everything we talk about, everything in America...

is reflected in the stock market. Everything, everything is reflected somewhere in the stock market. So it could be fun in that sense. And it's also great when you have a greater grasp on what's going on. So the Unbreakable Investor, there are a lot of financial books out there. I mean, there's a lot of them, right? They have whole sections of bookstores and libraries on just this topic.

Somebody's going through and they want to pick one and they pick yours up. What's different or what are you going to learn from Unbreakable Investors? I think the most important thing will be the idea that the emotional part of it is what I'm really focused on a lot, the emotional part of investing, because that's the breakable part. And I try to focus on

What we're trying to achieve is as people like again, it's not a get-rich-quick book I mean, there's lots of charts and graphs and you know, I mean you're gonna teach people at the end of every chapter There's an exam It's optional. I'm not gonna come the house and make sure you took it But there's an exam at the end of every chapter, but I begin the book with Sort of an homage to my grandparents and and it's it's so crazy because when I was a kid I

You know, we used to go visit my grandparents in Alabama. I, you know, we grew up, we were growing up in army bases. You know, we were okay, right? And I'm looking at my grandfather and he's got one pair of shoes and they're turned up at the toe. Right. And, you know, he's eating his food with his hands. And I'm thinking he's like, you know. And only as I became a man did I realize how elegant and beautiful he was. And more importantly, how courageous they were. So...

There was always this thing in our family, like how they bought the farm, right? You know, I never knew. I heard some things here and there. And finally, I caught up with a cousin who had the contract. And when I read the contract, Jason, I cried for two days. They gave up everything. They worked their ass off for years. So they had a couple of pigs, a couple of horses. They had some farm equipment. They gave it all up for 51 acres. Hmm.

You know, 1951, a black family in Alabama with their own farm that creates, makes you a target anyway. And then it's tough. They had, you know, I would go visit in the seventies. They had no electricity, no running water.

And I look at my grandmother like she was the original X-Men, right? She'd pick up those hot embers from one part of the oven and stove and put it on another. I'm just like, what the hell? And they raised 12 kids, grandkids, and it was self-sufficient. And I look at them as taking the family arc a little bit off the ground, right?

but taking it in the right direction. For me, this book is for you, the people out there who want to do the same, just to keep nudging it higher, keep nudging it higher for the next, for the next generation. And so I, and then I've got some things in there that are pretty interesting in the sense that I've got a chapter in the federal reserve because unfortunately they've become so powerful. Yeah. You know, Congress really, I, I just, I just don't know why. And they keep giving them more power.

You know, there's only central bank in the world with a dual mandate. It's inflation and jobs, which in 1977 Congress essentially gave that role, which was their job, to the Federal Reserve. Now they have a lot more jobs. And one day it's going to be politicized. People are going to be shocked. One day the Federal Reserve is going to be used to implement strategies that are not capitalist, that go against the grain of America. I've got a chapter on Warren Buffett, because if you're going to follow someone,

I call him the original diamond hands and his story about how he bought Coca-Cola when nobody else wanted it, which was the basis for his fortune. Later on, he bought Apple, which and I included the Apple partner because I have a lot of people say, well, I'm this. I should have invested when I was younger. Buffett bought Apple when he was 85 and six years, not six, seven years later.

He made 600%. Wow. So, so anyone, you know, so there's no, don't stop yourself, right? I've got a chapter on the roaring 2020s. I've done a lot of research on the 1920s and I think we could have a replay of that, but we need the right person because the roaring twenties were phenomenal. Right. Uh, we saw didn't end up that way though. No, no. And that doesn't have to be the same ending, you know? Um,

And again, I mean, some people would take a great nine years for a bad one or two. But going into the 1920s, we were coming out, we had the Spanish flu. Yeah. Just like COVID. Right. Was that 1917, I think it was? Right. A couple of years. But it went on for a while. Yeah. A couple of years into the 1920s. We were just getting out of World War I, sort of like the war on terror. Right. Same sort of thing. We had a massive recession. Yeah. A massive recession. Yeah.

We had a president who loved high taxes. I mean, just loved high taxes. We just implemented the tax system, and I think it started at like 6% or 7%. It was already at 35%. So all of these similarities coming into the 1920s. The key, though, we elected a pro-business president. Mm-hmm.

Then we had another president take his place after he passed away unexpectedly, Coolidge, the business of America's business. And he also embraced technology. He was the first president to use the wireless, which, of course, is a radio. We saw the adoption. We saw the car go from rich people only to regular folks. No decade had a greater expansion of life expectancy.

Really? Yeah, none. Interesting. None. All of those things are set up right now. All of those things are set up. You know what's even so funny? Speaking of cars, so in 1900, there were three types of automobiles. And at the top of the list for market share was the steam engine, the Stanley Steamer. They had about 40%, 45%. Number two was the electric vehicle. Yeah. And that number three was the internal combustion engine. Yeah.

But you know what? As we went into the 1920s, mid-19, like 1915, the Model T came out, $600. The electric vehicles were $2,000.

And let me tell you, initially, no one wanted it. That's why it had low market share. It smelled bad. The gasoline smelled bad. They were harder to operate. And they just shunned. But then we started to build out these roads. And all of a sudden, you can go two or three states away and visit grandma. Yeah, the infrastructure was there. Right. We started building that out. Find the gas station. And then it was $600 for a Model T versus $2,000 for an EV. Yeah. And so by 19, I think 1931, the last EV company went out of business, Detroit Electric Vehicle. Out. Out.

It's so funny. We're living that all over again, too. So except this time they're determined to make us take them. Right. The key is going to be the right person in the White House, someone who believes in the American dream, who believes that all we need to do is provide an opportunistic backdrop for people to grab themselves by the bootstraps. I think this is a decade where our life expectancy can turn up. Now, we've gone down a lot in the last few years.

A lot of that's the drug epidemic. Also, though, there's a certain amount of sadness, suicides and things like that. So this is not just an economic story, right? We need the ethos. We need the sort of tone in this country to become more optimistic so that people aren't killing themselves. More optimistic so people aren't shooting themselves with meth all day or smoking crack. We need to change that. And so it would be great if we had someone like a Coolidge.

who was president. To me, that's the only linchpin that's missing. All the money is in place for, there's all kinds of things, med tech, ag tech, farm tech. There's going to be, we're going to eat different over the next 10 years. We're going to look better. We're going to feel better. I mean, everyone's on Ozempic already, right? This could be an amazing decade. Now, from an investing point of view, that's phenomenal, but it's also dangerous.

Because not every company that says they're an AI company is going to do well. I mean, that just seems the magic. I'll just throw AI on it and then, you know, not everybody's going to be NVIDIA. It's just like, come on. It's so ill-defined at this point. Well, it's just like the dot-com era, you know. You put a dot-com on something, you know. If you put a dot-com on the back of your name in 99, the stock went up. It might double the next day. So...

So there's going to be a tremendous amount of opportunity, opportunities that people will never see again, probably in their lifetime. And I want them to be able to take advantage of it. So you're going to have to know more than a sexy story. Okay, it's sexy, but is it real? And that's why you need a book like Unbreakable Investor. You're listening to Jason in the House. We'll be back with more of my conversation with Charles Payne right after this.

How bullish are you on real estate?

I'm bullish on real estate. I'm bullish on land. You know, I mean, I think people should really start thinking about owning land, not, you know, the flip houses, you know, buying land out in Wyoming, buying land. You know, I just think owning land. Remember, again, my grandparents. Right. They sold everything. I was talking to my aunt recently, and she would tell me that my grandfather, he

He had to get old tools and refurbish them and go into the woods and find the wood and craft wood for handles because they gave up everything. And when the crop wasn't coming in, he'd go, he'd find an old car and chop up the metal and drive it to Birmingham and sell it. Whatever he had to do, whatever he had to do. So, no, I like, I think people should own things. I think they should own land. I think they should own gold. I think your money should be working for you.

You know, I just, stock market has been my vehicle that I have the most expertise in. It's, you know, you can buy or sell whenever you want.

You can know what these companies are or what they do. You get a quarterly report like a report card. So it's manageable. It's manageable. The only thing that's hard to manage are your emotions and things that you can't control. Sometimes the market goes down because of anxieties that have nothing to do with the fundamentals or the Federal Reserve is hiking interest rates.

Does that make XYZ less of the dominant force in its own industry? The real wealth is made, the real home runs are made when great stocks, great company stocks go down. That's when the Warren Buffetts buy Coca-Cola. That's when the real wealth is made, when you have an opportunity to buy these great stocks on sale. Shifting gears just slightly, though.

You concerned about this generation? I mean, I'm concerned about when I say this generation, the younger generation that's coming up. They're living in such a different world. And I'm sure every generation, I'm getting older. You know, I'm sure every generation's, oh, that younger generation, they're crazy. They're nuts. They're not, you know, they're on the wrong path. But I look at this younger generation. I don't see the work ethic. I don't see the...

understanding the value of a dollar, there's just this immediate gratification. The work ethic, I really worry about it as a whole. The work ethic is really awful. It's really, really awful. And

I always joke that this generation, they want to get a gold watch on the first day of work, not last. That's exactly right. In the past, okay, you worked for the company 30 years, Bobby, we're going to miss you. And here, here's a gold watch. They expect to walk in. Jimmy's here, folks. Gather around. Where's my office? Give Jimmy an office and here's your gold watch, Jimmy. You don't know a damn thing, but take that corner office and run with it, my man. Oh, you mean tomorrow off? No problem. Four days a week? Yeah.

Wait, you want to get paid for doing 20 hours a week? Oh, man, I've had people come work for me and like in the first week they had to take a day off. No, it's so-and-so. And the things, they had to take it off. We're like, no, no, you can't. No. We're not taking days off for your boy's party. Like, you know, your boyfriend this. No, we don't do that. It's their second soccer game. I just, because I look at it and I just think, come on.

Come on. I mean, and I hear the businesses like restaurants and you know, others are like, we can't hire anybody. No, that's the number one problem. Finding, finding there's two things because it's interesting when they say we were having trouble finding skills, workers with skills. They're not just talking about the, uh, the fundamental skills of, of doing the job right now. One of the number one skills is getting someone to show up on time every day. That's a skill that's considered a skill. And I am worried, uh,

The only thing I will say is I feel like the group behind them is giving me a little bit of hope. They're just seeming to be a little bit more business oriented. Now, I think they're unrealistic. In other words, you don't hang up a shingle and make a million dollars the next day. You're not a TikTok influencer or a Kim Kardashian influencer.

But I do sense a greater entrepreneurial vein. They do want to have their own business. They are encouraged to start their own businesses and things like that. That's great. And I think some will get in there and be discouraged, just like people get in the stock market and discouraged. But there are going to be some who get in there and realize it's hard, but stick with it. And I think enough of those folks can carry on the American tradition. And I always talk about Tocqueville when he came here.

He came specifically to study our prison system, but he spent... He was going to come, I guess, for a few months, stay for a few years. And when he went back, he writes a couple of books, but it was just how...

all these Americans thought they could be anything like they, you know, like how arrogant are they? You know, if you, if you're born a cobbler, you're, you're a cobbler. You know, if you're an aristocrat, you're an aristocrat. I mean, there are classes and nobody shifts classes. And, and so that part I'm excited about is that I do see where these young folks do believe now they have the wrong thought process on how to get there.

And some of that means that some of them will drop out, but I think enough of them can stay in place that they can carry the baton. That's encouraging. I guess you're right. The idea that showing up on time is like, wow, you're impressive, Johnny. You showed up on time all week. Well, after the quiet quitting phenomenon started to fade, now you have this thing. What is it called? Something Monday? Meandering Monday or something. It's...

and it's, it's, it's this whole thing about, I can imagine what Fox would feel like if you just said, yeah, I'll start my show. You know, when I get to 15, that, that 15 minute, put something in there, put a cartoon in there. The, the, you'll log, put something in there. You know, I'll be there when I get there. Um, uh, again, though, it's, um, this word, the leadership part though, comes in, right. That, um,

We haven't had a president in a long time really say, hey. I would say a president, but enough of a continuation of people. There's always maybe you get one person who's good, but then another person says, no, everyone's a victim and this country owes you. We need a successive string of folks to keep reminding us how great we are and that all we have to do is add elbow grease to keep this thing going because it's not ordained.

We have some serious issues. You know, we talk about the $33 trillion in debt, trillion dollars a year. That servicing yields are so high. So, again, that's how you get – that's how come you can't afford a house because, you know, the same down payment gets you half a house that it would have gotten you three years ago. And all of this comes from the government trying to do too much. And so when people say to the government, no, thank you.

you know, just kind of move out the way. And, you know, and maybe some of these things will come down, maybe yields will come down and interest rates will come down and opportunities will go up. Charles Payne, the Unbreakable Investor. Congratulations on the new book. Thank you. This is, I'm excited. People just have to go to unbreakableinvestor.com to get a free copy. You got to pay for shipping, but the book will be free. Yeah. Okay. So unbreakableinvestor.com.

And then they just put in their address. You're going to ship it out to them. And that's it. That's it. And I feel great about the book. I really, really, really do. Again, I've been working with individual investors for over three decades. I know every mistake they make every single one. This is not an academic book.

It's a real book designed to get real people involved. No, I got to flip through it. It's more interactive almost. And so congratulations. Thanks a lot, man. Appreciate it. Always good to chat with you. I love that. You're just perpetually happy, and I love it. It's contagious. It's very contagious. Thanks a lot. And I hope everybody gets to go on your show at some point and be there at the beginning because the music gets you going. Today we're going to rock some Lenny Kravitz. There you go. Thanks, Charles. Thanks, man.

You're listening to Jason in the House. We'll be right back. See, Charles Payne is just, he's just a flat out good guy. He's just a good guy. And I love chatting with him. I could chat with him for hours. Perpetually happy, always jovial.

Super wicked smart. The guy goes and does his homework. He actually does his homework. That's so important. I hope you like this podcast. I hope you can rate it. I hope you can subscribe to it. Make sure and rate it. That would be really helpful. And I'll see you next time.

And you can go over to foxnewspodcast.com. My colleagues here at Fox have lots of other good podcasts. I also want to remind people that you can listen ad-free with a Fox News Podcast Plus subscription on Apple Podcasts. And Amazon Prime members can listen to this show ad-free on the Amazon Music app.

Appreciate it. Join us again next week. We'll have another exciting guest. Thanks for joining us on Jason in the House. I'm Jason Javits. Thanks for joining us. The Fox News Rundown, a contrast of perspectives you won't hear anywhere else. Your daily dose of news twice a day. Featuring insight from top newsmakers, reporters and Fox News contributors. Listen and subscribe now by going to FoxNewsPodcast.com.