The Mother of All Bubbles (EP.389)
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Today's animal spirits is brought you by public band. I have a confession to make over the last couple of years, like so many other five americans, with interest rates at levels that we hadn't seen in forever, not in my investing career, I accumulate in more cash than than the others SE would have.

You are the cash in the sidelines right now.

But now, but now, do I just take all my cash on the vesting into the stock market? I mean, i've been investing the stock market, of course, my whole career. I want to maybe get some yield like in some yields and bonds if you don't mean, no, i'm gone with this.

Yes, I think a lot of that cash is going to move in the bonds. So at public that com, they have a bn account and they invest in individual bonds, corporate high eal bonds. You can like log in of six percent higher right now is individual bank. So you actually do luck in the rates.

For the record, i'm a stock guy, but I need to dry pattern, right? I want to be able to be aggressive even when we get a healthy correction.

Yeah so you can go to public dot com check out their band account, six percent held their higher lock IT in because we don't know these bonuses are going to be .

here forever locked up yeah .

brought to by public, brought to by public investing member finer and S I P C as of nine, twenty six, twenty four, the average annual, the worst across the in six percent. The world not in investment recommendation. All investing involves risk. Visit public that camels h disclosures, slash bn dash account for more info.

Welcomes to animal spirits a shell about markets, life and investing, join Michael bada and then carlson as they talk about what they're reading, writing and watching. All opinions expressed by Michael and ben are solely their own opinion and do not reflect the opinion of red house wealth management. This podcast is for informational purposes only and should not be relied upon for any investment decisions clients of ritt holds wealth management maintain positions in the security disgust in this podcast. Walk the animal experience with Michael band.

then walk back. A ten .

people come .

back .

in vacations and ten, you ve got a lot of ten. I don't really ten that you know, I hand over the summer when i've got concept exposure to the sun, but I can't just go to tropical place .

in my never before .

I was in the summer. You get back from the people, make a joke about you, not.

you know, people. There is something you just a little little color.

It's got my vae winter .

shape go .

on and that's one of the depression .

by winter is like your completion matches the snow I have more travel for.

Well, i've also got to something of a teaser myself and the and the address to public. I drop a reference online, if you will look IT up. You lock you up from wedding questions.

Rob and I listen to the wedding pressure is we watch ables on on on the drive this weekend. Wow, that was one capsule. I'll i'll get to IT later in the show.

He was twenty eight or twenty eighteen when they did that show, and I was very, very interesting. Listen to IT now to tell you where the environment was when they first and we'll get to that later. okay? Ah any time I make IT an announcement ment for rattle wealth managment potential employee, I say how's keeping I don't know what else to call IT. It's some of the time housekeeping .

announcement like morning announcements that sure.

i've said this before and i'll say again with the twice, we have a booming office and southern california, los Angeles, little south, los s Angels to be exactly specific and they need help. Now here's the trust. They need an incredible advisor to help them grow their business. This person needs to be amazing what this person doesn't need a book of business which is open a prerequisite for, for moving. If you are this person and you're an incredible advisor and you love the Operations part of IT, I don't mean Operations open account trade, the first support, just a lot of the a lot of the support that that the bleed advice we need.

We need help someone who's organized.

yes, yes.

And we've had a lot of luck finding employees through anal spirits, words .

essentially like a junior linked in.

We put out there, I don't know.

but our best employees have all come from animal spirits not to break. So if you think that you reach out to us.

okay, financial times has a peace called the mother of all bubbles. I feel like we've had at least one of these articles since twenty thirteen, twenty six month or so I looked back at for some reason when I saw this article, I look back in twenty fifteen was actually zero hedge piece that Robert chron said, everything's all revalued everything, housing bonds, stacks. Where is the origin .

of the everything bubble that people were throwing around?

I mean, that's need thousand hts yet it's played in a decade. So but this I thought this piece was interesting. Set aside the the title for a second.

So the whole the whole thing here is just how much money, like we've talked about, the U. S. Economy, markets being the end view of the world, the rest of the world. And part of that envy is now flows and everything is flowing.

India, so they say, noted by the faith of in the strength, the of financial markets in their capacity to keep up performing olive economies, global investors are committing more capital of single country than ever before modern history. As a result, the U. S. Are constantly seventy percent of the leading global stock index, up thirty percent and ninety eighties. And the the dollar, by some measure, trades a higher value than at any time since to develop the ban and fix exchange rates fifty years ago.

May I this person is saying, and by the way, this person, they wrote another bombastic article that we discussed the years ago. I just came. Member, which one IT was?

okay. Do you mentioned that? Yeah so this isn't their first radio here.

Yeah anyway, conveniently choose in in the one thousand nine hundred eighties, which I believe was a trough in U.

S. Market cap. True following the yeah .

that that's true following the seventies? yes. So so it's like were seventy percent for thirty percent of what if you started at the nineties when where about where we are today? How about that?

true. This is to the U. S. Now attracts more than seventy percent of the flows into the thirteen trillion dollar golmard for private investment.

Conclude agreed credit. I'd just you listening to the share amounts of money pouring here. That part is interesting too, though. I mean, there's just there literally is no other country region that comes anywhere close to us.

Yeah, now I didn't read the article because I think I understand what this person is trying to say, and I don't entirely disagree with the message that I think that he's saying, which is that everybody is all in on the united states and there are potential opportunities elsewhere. Is that is that the till they are?

Yeah, it's just a control and take off. If if everyone is is excited about the U. S, then this can't later. This can't possibly be a good thing. You have to take the other side of this OK.

So I have your concern person. So look at this chart that we had chart can make for us showing the relative returns of other regions of the world. So we look at emerge markets international, developed china, japan in europe.

And we have met annualize these, the differences. So on a one year, three year, five or ten or fifteen and twenty years, the us. Has not performing every market and every time frame.

Except japan has not performed us over the last three years. And I believe this is the judge for dollar. So for the point of view of A U.

S. investor. And yeah, U. S. Stocks have beat the crap out of all these countries for a long time now.

We've look at charts historically of like U. S. Minders, international rolling various time frames. And there's always been mean reversion. But that doesn't mean that IT has that IT has a mean revert, right? Like we've been we've been waiting as as global investors for a long time for for this to to change. And now the dangers, of course, like I was now the time to dump your international stocks right now when everybody is so pessimistic. So it's it's hard this no, the promise.

this is the the magnet de of the performance has been worse in the past of japan outperform the us in the rest of the world in the seventies and eighties by much larger amount. But the the amount of time that this this cycle has lasted, I think .

that's the thing that we have seen before.

It's a time it's the U.

S. Has ordered. So so jake, quote sky, this we doing that? I don't know. I can not pick over a blue sky. 我 tweet the article and said he did like the the a posh spice David back， what's your real name? I'm a drunk.

Bank her name. Dvr a duck. I like, I like.

So SHE saying the U. S. Market is in the bubble of, is in the bubble of the ages.

And dave beaton says, being honest. And he says, I am being honest. What people want to brazil comparing that dave becking, then SHE says european industrials with the U.

S. tech. And David beus, thank you, created the j. That's a great meme. And I think you can't talk about to check point. You can talk about the differences of of districts when the composition .

of the Marks are .

so different. Now obviously something .

is parks is .

what makes investing, if we can see the future, is like, has all of the U. S. Exceptionalism and premium multiple that have been earned, by the way, is all that bacon to the pie here? And is not the time to pretend. And and you know we don't know .

that the impossible when they answer. So I had targeted create one for me, and i've since something like this before, but I want you to see market cap waiting on a global basis. This is just using the equity, which is all control index, and then the GDP waiting by country.

So the U. S. Is sixty five percent of the aqui global stock market, but we only make up twenty six percent of GDP waiting around the globe. And the big .

has had one more.

What's that?

Corporate profits? U. S. Corporate profits for .

the fact the most, the world.

pretty, pretty close. Market, market waiting.

The funny thing is though, if you look at some of these other countries, germany, france, india, britain, canada, japan, their GDP and their market capitals are pretty similar there in the same ballpark. The only other one that really stands out here, china makes up seventeen percent of GDP, but they make up just two point four percent of of of the market capital. Again.

a discount that y've earned, like global investors are not done.

So the funny thing to me here is that we seem to have just taken china's share of G, D, P, and translated in the market cap, and everything else is kind of close. So I guess that the one take he would be like is this makes no sense. How could the U. S.

be? Sixty five percent of the global stock market, but twenty six percent of G, D. P.

And then the, then you other line, what's the simpson thing? Say the line. Say the line.

This time the economy. Okay, you've seen the me. The government was not the economy. And in the S N P.

Five hundred and those big companies, those are not the economy, right? right? That's the whole point. We've talked about this before that the the year amount of revenues and profits that come from smaller companies, it's it's a much bigger than you think. So you can't really make that kind of comparison and say like this, this has gotten come back into baLance because IT doesn't and IT never really has. I guess for the U S.

yeah something has to give oh yeah.

no doesn't IT is kind of mind buying the sort of U. S. Caption, alison here because this is the kind of thing in in ten or fifteen years where you look back in either way, however, this outcome happens.

There's a fork in the road, one with the us. Under performance or the U. S, L. performs. It's gonna look very obvious in hindi either.

I can look obvious on. I said.

do you think if the U. S. Continue out perform, it'll be have, of course, were all performing. We have the best companies, the most profits, the most exceptional ism. We create .

the most out of this. I won't say that because it's not obvious me today.

I mean, just looking at all these pieces and then the other side of IT would be, of course, it's oba. They did you see all this stuff that the cover indicators of the U. S.

Dnb the world and all this up okay so again there there are reasons for this though um joy paul tana at accede as I did say that his subject very good he talks like america's productivity boom now look at the productivity growth. In the U S. Where is the rest of the world? It's just we're off the charts and no one even comes close to touching us.

And this is going back to the mid two thousand tens in its only getting our leaders only grown in the twenty twenty. This is I think this is the big one. This is the if you want to talk about like american exceptionalism.

In one chart, he he shows america's business boom. The business applications we've talked about, I just took off in the twenty twenty. I just think this is the risk taking thing is something that we have that most other countries do not have.

yes. So you can make the argument that are structural. And then somebody could say to me, anytime you use that word, it's probably, you know, anytime use the word is a structural thing, then that's already been back to the pie, and everybody knows that. And therefore, I like I get you, you could spend in your self circles. So I felt the guy, the guy in a practice, pride, right?

The word thing about this is, I remember, I think I right when I got at a college, remember when you first read your first like a dot book, because I never read in a like in college high school, because I was an idiot and is so funny. My daughter reads all the time on my oldest daughter, and she's probably read more books than I by age ten and then I had by age twenty one. Um I never read anything.

I didn't started reading to every college, but I read the world as flap at Thomas freeman and read at a college. And I thought I am the smartest man of life because i've read a book. But you, the thesis of that book was, I like the falls, the brilliant wall in globalization and other stuff, flattened the competition in the world. And you've thought that thesis would have played, made this whole thing much different. Why is this the case if if the globalization in the internet and information technology makes IT easier than never for anyone to do anything and start a .

job in community because it's cultural, we support risk taking.

I I I guess that's the only answer. I but is knowing that back then, I would be surprising to say this is the outcome.

Okay, here's another one. Dare Thompson on blue guy? This really is remarkable.

He showing a two charts from Jason fermin. Labor productivity and not farming business of the euro area. A europe's productivity growth has collapsed to basically zero.

At the same time, the continents politics is going away from immigration. Quote, europe's just a museum is becoming an insult. Museum of membership growth and new exhibits.

shots fired, are going to do a counter of her and tell me, do a blue sky post here like thing.

you know yeah no, here's here's an interesting chart. I think of some john ott, as a bloomberg IT shows until the election, U. S.

And european bank stocks moved, intend them. There's a december twenty twenty three until the election. And then as soon as the election happened, hush, they want to complete directions.

I guess I understand why us banks did that because the deregulation stuff. Why did european banks also sell .

off because investors were selling europe .

backs and thing I you're really right. It's a positioning .

thing um alright speaking a positioning the constant wondering of where the .

way this is. Another element of this is the top right. This added to the list of the fifteen years of this is the tab moments.

What this conversation.

yes, everything, every conversation is. This is the tab. I was looking back for some reason, the youtube about realm sent in all the animal spirit, its video and IT was one and IT was like twelve months ago and IT was the the ben calls in tap because I think IT was Michael santoli told josh that he's think bends spiking the foobar way a lot, way too much lately on his podcast and I think we call that the bank crosson top and still yeah but how .

but how is this topic? I think what we're saying that we don't know that the U. S. Have for the second continue no.

I am saying a lot of these stories just just shopping in the face of the rest of the world saying the U. S. Look at how great we are yeah .

but it's something this not the first time one we've had this conversation like there's been multiple go rounds of these over the years.

Yeah there.

So okay beli, uh, etf just set a monthly flow record in november with one hundred and fifty five billion, a shocking number given there was only two twenty one business days in a month at seven point three billion dolla day, about triple the norm, triple thanks to the trump up year day four thousand nine hundred and eight three billion headed to atrocity for the first time ever likely by once they just wall now probably a lot of this is is crypt a so um but even nevertheless I just continue to like marvel where this money is coming from. Yes, every time we say this, we got a lot of emails about like different theories and it's the answer is not one thing of course right? Like this we hear from its .

overseas investors.

it's mutual fund the research overseas oh just is so much and just wow. So I one one of .

the themes .

continues to be there's just a lot of money in the world and he needs find a home yes.

everywhere I Jason's wag has been doing wonderful work in the last year. So just pulling things to light of of shady practices and he has this this story from last week that is is really sad. And IT talks about these people who what was a fun was a funk called yield.

What was IT max?

You'd max. Just one of these companies was promising a guaranteed return of fifty. So ah you'll love fifteen to five percent return. No no losses at all.

And this one guy took his seven hundred and sixty thousand dollars retirement fund and his wife is like, I don't know, this is not only six years old and he talked his wife about IT, and he said, I can't handle the world till stock market anymore. This guys, to give place, to give me a guaranteed fifty percent, took all this money out of us. Four one k every single cent rolled IT over.

And now all the sudden stuff s up coming in. There's no income anymore, this place with some sort of ponzi scheme, and it's gone, he says, with the promise of this is from White, with the promise of such high income and a guarantee against law, says grand IT sounds like like a perfect solution, which is just a tail is old is time, unfortunately. But here's my question to you. So i've said this in the past that the best selling point, especially for retirees and people .

who are conservative .

investors, is yield. When you say the best you you need sale, you can make anything is what? In ten percent, in two percent?

In last week, I had a handy man in the house doing some things that i'm not capable of doing, like screwing a light bob, for example. And he saw my charts on the screen. And, uh, he's been up before.

So he knows that I work in money or whatever and he's like, help me ask you a question, where would you like invest fifty thousand dollars and I said, like, well, like you, what are you looking for? What's your worst tolerance? Would you look for nothing too risky, you know, maybe some income.

So I explained to him, and like, are, well, the risk free rate is four point two percent ish, right? That's like what you can get from the government for ten years. And so anything, if you look for income, anything above four percent has to have a level of risk.

Six percent is is more risky than government. Seven, eight is more risk, e IT said. So if I said him, hey, there's a product that, you know, one percent principal protective, whatever whatever done, two seconds. yeah.

But funny that not I got too much potential on this is like a well because he's like, you know something not too resky like maybe something come and I know that you can get four point two percent or whatever he goes. What about tesla? Um so per conversation but .

my question is this, so how many private credit fund scales are been seen years ahead? Because these things are pic in kind of black box and don't worry, what's in there knowingly knows. I think the scams in that space, there's gonna be a lot of them of just yield promise, don't reach private illiquid stuff, don't worry about IT. There's going to be scans there for sure.

I'm not just be very, very clear. This is not in a sin bucket like separate conversation today. Speak in a private credit black rock announce that they're buying hp, which is a private credit company.

Think they have one hundred fifty billion and management lot a lot of money. So in the past in the past year, black rick has bought prequel global infrastructure partners. And now this company, black crock, is making a huge push into private markets.

And here's a quote from the washing journal from the CFO. Combining public and private credit is the future fixed income and and there's no reason to not believe what blackrock says it's going to do. It's doing IT. So that is to be another interesting wrinkle over the next coming years in the fixed income. Others private credit getting into being coming with public.

the fact that black rock our own half of the homes. But a joke. I you an email, i've got email people like crack to pass. I I told her the one I got was someone asked me to change a headline of my blog like, no.

I is black stones that I don't have. Of course, that is a joke to so logan moto me does all the the work swatting away the the non truth showers about this.

What like to take two percent or something? One percent?

yeah.

It's very, very low at the terms of institutional investors own homes.

the out of individual investors at own homes, right? Like divorced institutional stuff.

yes, the individual renters or individual landor's on more homes, single family homes and institutions. A jeff protect morning star member less. We have talked about the leverage mania. There's a new place called the one and one funds. I don't know who who is running this, just a new fund company, but it's it's the curry half steam returns deck and so it's bitcoin ef nash and ease S P N bitcoin S P N ef S N P N nas deck S P N vx. And is this is using options to add levers to a portfolio.

You can have .

a different d like this. D terrible, actually kind make sense if you understand.

You understand the key word, if you understand. I think these are perfectly viable products.

Yes, I say think these are kind of interesting, but but you know that the ones that are that just go psycho and go way above this are gonna get more assets. The reasonable ones aren't going to get a lot of asset um right? So you saw this thing about the iron post yesterday.

What have people explained to made the next luck?

I don't know if I was a mean or the unity know said he was a crypt. Al scm, master ating as a bank, rubbed IT. So there was a tweet saying, this is at and run from twitter as we're back, can we talk and a socks and everyone's gone h and runs back. This is a sign of the times and IT was, I don't know, for a memor of joe Chris scam.

Well before, it's just a little bit of color because I saw jack jack french when tweet about that this morning. This is from sure where news. The college company had owned the invite tradeMarks at june twenty twenty one, allowing IT illegally some merchandise with the one logo.

And that trademark is not own. Bigos is new. And one CoOperation. For those curious, the college company also owns one other trademark birds aren't real already into a ency conspiring theory that birds are actually government agents. So I am stand like what's going on here?

What's going on here? I don't know if I was a crypto scam though, or something. My whole thinking is that the twenty twenty is kind of morphed into the decade, especially for Young people of like financial meal ism. And if this was a crypto steam thing, the the whole all the meme coin stuff like I guess that comes with the territory. But I think of the one he make .

you explain why why your senses a cripp to scan.

I didn't like I said I didn't the community note for twitter says that the cypher scan master ating is bank up the and um and I just think the one positive net benefit of all the craziness that's gone to the Marks than twenty twenty years that we've got more people involved in the markets.

And I think people of up their risk taking money, money also have their own my death of equity thing, but they want to nothing to do with the risk on the griffin al crisis. And genie is like, no, give us as much rise as possible. And but with that comes like, I feel like this, like nyalong m of the me stocks and the the meme coins and the ship coins and all the stuff. And I feel like that that is the dawn, that is a double the store where it's like just like stuff doesn't matter. Let's invest in the funny thing that part is the thing is kind of depressing.

Yeah IT is. But like every other previous generation, they they learn like like we all did one through our sanative is early on but I do they like getting more people interested in investing. You like just the concept of the even if it's not like the right path way to start um is is unbounded a good thing but this maybe another um another side effect of this is C, F A candidates going lower like why would a Young person look, try to figure, do fundamental analysis like deep work when you could just buy shit can make money yeah .

so makes a cardy tag is on this and IT shows A C, F exams taken per year in the huge drop up in twenty twenty, obviously. But IT came back a little bit and now its way lower than IT was in the late two thousand tens. And IT doesn't really be coming back.

And they the financial gives some reasons for this. They say the pandemic is part of IT. I guess all of the test were taken in china and and the shut downs there, still that down. So does not as much growth emerging markets.

I not to the society of the institute of me, but nia charter holders, but I could does him a bit antiquated in today's world though a little bit.

Yes, i'm sure that that's part of IT.

Like when we were coming up, like backing or sexy, right? Like being investing backwards called. Now of course, I couldn't be in investing back because I get .

to caa choice going to the queen college.

Didn't know I I was in even there was, there was never happen if we want to be alright.

No, well, me, me, I did. I didn't have the category. Yg.

people don't wants the first banker.

I'm sure they still a lot of people from that. But yeah, I for tech as much more sexy. I think.

of course you're right, but like it's just not as cool as IT used to be.

No, no, no. But I am surprised that because more portable in one to get the reasons they give us that just the rise of past of investing in tf, you don't really need the full of management. feels.

The funny thing to me is a lot of people do through shade on the C. F. A.

And for me, IT helped in my career. Help me get jobs, whether IT helps me become a Better investor or that's another story. But IT helped get jobs by taking IT.

And I think I did help me all in my career is funny though, because people always talk down in the C, F, A. But you know, the person who started the C F. A was whose .

idea was was a ping.

Pang ham was the one who was his idea that got the cfa ruling.

Can I I don't know if ever told the story on the air. I even know if I ever to told you the story then um in two thousand ten and two thousand and ten a friend of mine that love is mutual and bother I think about this is the day you know what is going to what do we say is going to die .

with bombers? Why you tell you underwear, you know, with the blue in the yellow stripe, I.

I.

I did a whole ball posson. Here's .

another thing shoshones. I literally used to wear suit every day because I thought everybody else, and I got my shoe shine because I was an impressible Young idiot. And that's so what I saw people doing that's going away, right? But you ever get your show shine?

Ah maybe once, but yeah I don't think so.

Go get your shine box anyway. Okay, so so my friend love math. Mitral got a job as a whole seller at I can go, and he got my job in a you.

And I was sAiling through a dude. I was, I I spot two people was doing great, personally, was shining through, making jokes, showing interest, developing report. And then I get to the higher manager, and i'll never forget that I went to his office mahagonny greece back here.

The whole thing, exactly what you picture for a long island branch manager to look like. And I think this is for an internal al sale. And pretty, yes, of course I was because you don't have an internal, is an internal whole celebrities tion.

And we're talking, we're talking he looked out of my resume and goes see if a candidate that's not what this job is, he's a guy. Wait this, you know, this is like sales position, right? This is not an analyst position. This, no, no, no, no turn off i'm always doing I I get a show stop now, separate now um and I didn't get the job and i'm like i'll never know i'm I don't know eighty five percent shore that had I not had that on my resume the job is mind.

We don't want people who know about markets on this job.

OK. Yeah, this is not, this is not the crew pet for cfa. But isn't that wild? Like what a, what a four in the .

type moment I I applied for an analyst job at a bank right of the college and IT was analyst and name ony. He was also a sales job and and they asked me, I got you interested about a number person I want, you know and now, now, now we call this analysts, but really this is a sales role.

Yeah, no, i'm a markets guy.

Yeah.

I spend last week, a couple days ago, we were getting a little bit worried about the fact that everybody's pretty excited. The wall of worries nowhere to be found, right? We like having a walk worry.

I don't this a world worry purse. But I did stick out to me. Dk tweed, A A I I bears are out over balls for the first sence late April. The curious now usually don't see a bare Spike in a ball market like this. Very unusual.

No fans to A I, I people. I don't talk to them. The past, I ve read articles from the past, is this survey useless .

more I don't, well, look at the best.

are always like, well, say you say useful.

I don't know that it's effort again. No, thanks. I don't think the point of that is be useful. Just hate. This is what IT is. I don't think that anybody is ever like made money trading this consistently, but it's no it's just interesting .

that's all I didn't think this is a good fear and reed gay gieve .

anymore oh no IT is IT is because I am pretty sure that the bare the bar Spike and I cover at twenty twenty two is bottom .

oh OK but just funny now that is spiking now it's a different way to be clear.

No near thirty percent.

no near what IT was at the bottom.

But nevertheless, it's just there's more bear's bulls in the sort market.

Take IT. Okay, right all over is back rebuilding a .

brick by brick. Um it's back. Okay, black friday, you black friday got then I .

buy a bunch of stuff online. I I got a bunch of packages waiting for. Go back. Many do you bet? How many t shirts do you buy?

Okay, no t shirts. Because when you're wearing, I didn't buy any t shirts. I did buy a lot of the same type of long sleep t shirt, if you will. Like I just a plain, long safe shirt. I can help, but there are so many sales and they know where to get you.

They get you right is true. You know, the thing to do now is to you go in and you put something back in your car, you go, i'm going to leave and then they send you email, hey, we say you put in your card here's .

an extra fifteen percent .

off per yeah you do look at the numbers and you go, oh, everything, sixty percent off we were walking. We want to the movies of that I can talk about later. And then walking to the mall, my daughter wanted like a Christmas sweaters, her to something.

And one of the stories said, like fifty percent of everything in huge letters and then in really tiny blows had exclusions apply. And I thought, you know what? It's not everything i'm going to talk to. Manager.

I saw, I saw a reagon bone. They got me. I said eighty percent off and I like nothing.

I always off, but just what? They got me in the door. Shame always get you.

okay. So adobe .

analytics consumer spent a record six point one billion dollars online on thanksgiving, up eight point eight percent year of year. Adobe analytics expect consumers spend the record ten point eight billion dollars online for black friday, up nine point nine percent of a year. And suber monday will will remain the year's biggest shopping day, driving a record thirteen point two billion dollars and spend up six percent year over year. Somebody, I saw somebody tweet a video of, like black friday member back in the day, people would line up at best buy at five in the morning.

My wife and her parents used to get up and go like four thirty the morning to places while I was still slipping in. This is something our kids will never know about, something like people waiting every day. I had my, for some reason I didn't had.

I always had my phone puked in an apple car player, and I didn't for some reason that the radio came on and the song came out, and my song goes, who seven? He goes, what song goes? Just put on this other song I like and I said, I can at the radio play phone and radio and he said, and he goes, what's the radio and i'd explain what IT is well, they play music and the D. J.

Came on and after talking, is that who is this? And I did try to explain what the radio and his minus blogs like. I don't get IT, yeah, why would, why would you listen to this when you just pick the song you want? All I said that when in the past you listen, but you have to listen for an hour to get the song you like. They might play IT maybe .

bother with the black friday shopping thing was the was the one of one of the seeds and thanksgiving a very fine hall film that you will never say anyway. Um I was I was showing kobe eclipse on youtube of old best wall games. He was asking about the hornets for some reason.

So never back in the day before hd IT was, you couldn't see anything. no. And he goes, what he say, oh, he says, what do they look called glee? I can't see anybody's numbers. He called the glitch. And like, this is what TV used to be like.

We do not different. We do not need different.

Anyway, alright, lot of spending, lot of spending from G.

D P. Now we're looking at three point two percent real growth in in G, D, P. For this court, according to the model, is this economy just won't slow down. I I don't know. I mean, every I was talking about this year, the day we were on dirt thomson's podcast playing english at in a january twenty twenty three and he was like, right now i'm putting on the spot recession or no recession this year and I was, we all kind like, you know, going to my head i'm going to say, no, everyone, how strong the economy been since then. Everyone felt we are sold into session back then.

not us. It's amazing.

All right. Tour slack charts of the week he shows seven, three million people are receiving social security benefits right now. And he shows total federal spending IT.

It's like another seven trying dollars, such security, about one point four, one point five train of that recall IT. Twenty percent of the total. I guess I know people want to make the government efficient and cut spending. I think if they ever decide to touch this, they'll be the biggest mistake we can ever make. This the ways you can make social curate more efficient and raise the age for Young people getting out or something or change, but like trying to take security way for people, I think, would be the biggest mistake they could make. So many people rely on this as their only retirement.

Yeah, this is really theory. I don't think it's on the table. I talked about social security.

I don't know. I hope that we got .

an email talking about inflation and how IT was obvious that we get IT with the steamy checks and some um what's the point of this oh the basically like what is happening now that in five years will painfully obvious sto look back on it's always it's always a good like mental exercise. Yes, he was saying that .

a lot of the stuff we ve been talking about this regret t minimization and they are talking about their friends with this.

But like thinks that seem obvious now with the benefit of hide site, like looking forward, what we would be like we were so dumb. Like how we think that was a thing.

I feel like no matter what happens though, the hindsight always kicks him so quickly. In the recency of, of course, that happened.

We did recently bias right there down the cause your recency basis with the election. Everybody thinks that behind the passes, obviously. But I don't think that that's like something that we do that often with. I don't I don't pretend that. I don't pretend that the past was obvious.

That's not my thing. okay? So the thing that seems obvious now is that everything is great, right? The markets are rocking. Crypto can't go down.

Exactly obvious stuff now that in a few years ago, of course, the economy couldn't possibly keep going up forever like this. The stock market couldn't possibly keep going up forever. That would be the thing people would go out. Yes, there like IT could keep this going like this.

That wouldn't be.

That's the simple one, right? That something thus range of the economy. I think the time of thing is that ever really was a thing. I don't think the markets are discuss that .

at all right now. You um I don't know like I know we spoken a lot about how we've in a cycle ball market, which we have. But like I think we lose out of the fact that we just had we just have to buy their market.

Just twenty twenty two was I called that one of the worst years years ever for markets and coming .

some tax and bonds and IT lasted at less. Is when when did markets peak? Like whatever late late mid twenty twenty one, we had a tweet bear market and I was pretty severe, like google got cut in head. So let's not forget, let's not act like I didn't happen.

How about this as a hypothesis, not predict.

Ss are yeah i'm crossed.

Is that okay?

No, I just body like what I .

feel .

like yeah like you stretch your trend ahead.

Interest rates, I I think being at at long term average levels, four or five, six percent rates, I think people can look back on this in fibers ago. Oh, man, we should lack those in. I I don't think that.

I don't think that's sustainable. Higher, higher interest rates like this. How's that cent percent margate rates? Five percent Bonnie's twill percent private credit?

I don't think this stuff is sustainable. I don't see how the economy continue to rock higher with rates like this. I think rates have to come down if we want things to keep progressing.

not Better. Really quick on uncrippled up. Sorry, there were you get my head.

Like the one guy.

Guy.

people tell us, keep time on crip about one guide and I can't shake.

I can't shake. Um going to the airport next week, I mentioned I seem next week i'll be something, anything aren't somebody wait. If sailor sold, he would go down as having place one of the best trades of all time, fourteen point nine billion dollars so far.

That's how much she's up on this trade to put them in prospect. If you are some of the biggest and history, john posin Better get some prime mortgage pawson's hedged fund earned approximate four billion dollars by sharing in some prime mortgage is in financial crisis. George sr.

us. When t, when he, short of the british pound profit at one billion dollars. Know you have to just a reflation, but whatever, Jessie live in more made around one hundred million dollars shorts in one hundred thousand and nine, that's equivalent over one point four billion dollars today. Uh, so again, sailors, i've about fifteen billion.

Okay, I hate to split hair here, but you can make this comparison. Sailor used his publicly traded company to raise money. He didn't raise money from investors that make a place a bet.

He you could say, like the greatest investment of all time is apple buying back shares for the past ten years because they made, you know, so you can make this compares. And i'm sorry, that is not a trade. IT is a trade, but he's using at the baLance sheet a publicly traded company. That's a different o okay.

okay, fair and off. But nevertheless.

it's a good trade, but you can prepare to these other trades. These other trades were like those were legitimate ddf one trades. This was a publicly traded company that is doing IT with.

you're right, you're right. So not apples to apples.

but he doesn't he he says here.

i'm not selling.

yes.

so he's not about selling. So we were hypos like what could potentially stop this. And, uh, so we've got mara, a company. What what is maris mara black coin mining company?

Have no idea. I never heard of.

never hold these announcers is seven hundred million dollars vate offering of interest free convertible seat. Your notes doing two thousand thirty one process will be used, require more bitcoin. So if a lot of other companies do this and they get the same advantage Michael sale does, maybe the premium on microstrip will shrunk and maybe IT will start to go to other companies. And there, the third company that start to do so possible still not .

be the interesting thing if bitcoin didn't really crash um but microstrip gy searching down yeah the possibility possible okay, from our own nick majuli of dollars data, he had three predictions for the next ten years and I all about one that was interesting. He says U. S.

Residents under perform inflation and he shows this graft show that i've used in the past two that basically shows for the first, I don't know, for a hundred years or so, an an inflation justice basis, housing Prices basically went nowhere. One one hundred to two thousand housing practicin inflation just based on north. Since two thousand, they taken off like a rocket ship. Yeah, nix says basically, it's reason too much too quickly as result to think that over negative inflation is just to change the next ten years.

I want to get out of that. Me too. Yeah, I don't know about this, although i'm not sure I much. How about this? I'm like i'm .

not sure it's a .

terrible predict.

I don't know. I don't know what stops this train.

It's close. I would say like this is sort of a toss up like I decide would be like plus one ten, minus one 1 that type thing or minus one 1 each no.

I don't think so. I I mean A A lot of IT depends on what inflation is.

But well that to me that the thing is like what inflation you going to be because I still I don't think that house Prices are going down. I I am making this up. I think they'll go up you two to three percent a year for the next decade. So the question what's inflation is going to be.

yes, but things of inflation is higher. That's good for the housing market.

Typically good higher inflation .

is Better for housing market because that IT costs more to build a home, home at cost replacement costs higher in in higher inflation. Environs housing Prices actually Better .

for people that own home.

yes. As what I mean for housing crisis, yes. alright. Torsen slake also had his U S market u housing market like I he have ten facts that have summarized everything like a hundred page um but some of these are interesting.

So many age of all homebuyers are now forty nine years old, often thirty one and one hundred eighty one. And to me, that's all baby bomas, right? That's just you have a huge demographic.

I controlled the back then and IT controls that now they predict their model predicts housing Prices increase ten point eight percent in the coming year. I would be pretty good start to big inflation. I'd see forty percent of homes don't have a mortgage recd high household equity, seventy three percent of housing values.

That's how high equity is. Thirty six percent of americans are record high. Say they would rent if they are going to move. So they wouldn't they wouldn't buy more than half farm workers out, see to have an industry below four percent. And let's see.

So they say and that like there's there's just so much more demand and supply, yes.

be my basic thesis for why housing Prices will probably be Better, the inflation because I don't think in the next ten years were .

billion of homes to meet the demand yeah that s the yes.

okay, well, street journal article, they have an article saying that people are now buying houses before they get married. So people who are moving together, I think that the number was seventy five percent of people move in together before getting married. And guessing that number was way.

way higher than I was back, seems like a big mistake.

Oh yeah, I think so too. So they say, uh, let's see, five hundred, fifty, five thousand unmarried couples that they had bought her home in the previous year, according to senda, that is up forty six percent from ten years ago. So way more people are doing this.

Unmarried couples count, amount count for eleven percent of all home sales. And that steadily increased in the past two decades, even while marriage rates have fAllen. And they should.

The start here of this, this is just, this is hazard. This will not end well on IT, right? Well.

the thing that up, do you think? Because like, what if they don't get married? The how annoying and ugly set to split?

Yes, if if you break up. So I don't know who whose name you put IT in, how that works? Do you start fighting over? I put twenty five thousand years into this house you didn't in for break up, are already ugly enough as IT is. But I understand people do this though people say, hi, we're going to get married in two years when things make more sense and around a school or whatever but we wanna buy house now because why wait anymore? Yeah um yes but .

yes I I okay.

So my sister sent this to me, ah she's my sister. My unger sister is going through and taking off the old old pictures that were printed out, keeping we step to do that. You bring a roll film in and they would develop before you like three days .

like to go pick IT up.

And she's taking all those photos my parents have and digitizing them and SHE. Everyone announced to tell me when he sent me this one. I must have been, I don't know, five years old there or something. Doing the .

carpet is incredible.

so that this is my house. Yes, that I live in for, I don't know, ten years. And look at the carpet, houses were so disgusting in the thousand nine hundred eighties.

Yeah, sure can imagine anyone right now moving into a house from the eighties, especially Young people who grow up in H. G. T. V houses were just I mean even like the fifties and sixties, sometimes house like if you watch um the graduate, like some of those houses I will live in today, like those were sleep, they are cool looking. Houses of the seventies and eighties are just disgusting speaking .

in of seventies and eighties did did you watch the t rock documenting .

I but I A big rock yet rock die on my boat first.

Who's not? Yeah, a lot of fun. So you like, yeah was great.

okay. And I .

didn't know a lot about the error and the the stories behind that.

I know the muc of here's here's how the .

dock opens and what of the lives that that tickled me.

It's not that IT doesn't rock that made me life.

There's trying to like to describe the it's just said it's not a rockin role.

right? But it's it's catchy, right for it's fun music.

It's bn muc that's where IT is okay, there was an outgoing to watch journal by buncha why everyone is now watching podcast on youtube and you and I were a little bit late to convert our although he feels early now I get in hindside. We were a little bit late to convert our podcast into A A video because we were thinking.

every we are that wrong. Who wants this?

We a bunch of people ask a say.

why do you guys put the whole part we are showing? I think we did video clips back in the day, and then bunch, you will said, put IT on, put the whole thing. I need to said.

no one to what we said. No one wanna watch that. The resources to do IT right, like, but bought up.

And anyway, so so they show the U S. Share of weekly podcast listeners and kind of wild spotify um grund flat line. Apple is going down and youtube is now ahead of all of them.

I did not realize that apple has apple shares fall on a spotify because spotify, apple were basically nothing .

neck and member over ast, like overcast, sort to stop work can make a licence. I dropped IT this year. Youtube pest. The competition that became the most popular service for pocket in the us.

For thirty one percent of the pocket, listeners say, is not the plan to use most one hundred fifty million people in the U. S. Now watch youtube on their tvs every month in the final stretch of this campaign presently, like Donald trump appeared on, more than doesn't show us.

I collectively drew more than one hundred million views on youtube, Daniel x said. He's S A see of spotify. If you said five years ago that people would want to watch people talking in and sitting in front of the micron, I say probably not um oh speaking up by the way, work animal spirits and I have to be our videos polifin done.

did a on and show me and it's really cool.

cool so I I was watching the mark agrees and joe open video, did you. Did you watch that? We want to get that. But um but I love I love the option. It's not like I like sitting holding my phone watching IT.

but like it's kind concurrently, you have the pad cast going and then there's the video to on your phone yeah and if .

you want to check on the video, you can want to check in, you can. So I so our podcast is going up Normal times once day once in more d at eight. And I think our videos good to be up. So you if you want to wait or whatever, you have the option. Now what does time is the going up up?

So the video goes .

up later today, wednesday, venting and don't actually know. Dunk, get in here. I have a bone pick with you. Duncan, what time is our video going up in photo? Hy, it'll be around like .

five thirty to six thirty. That depends on the way of the episode, some way you guys are going like and our twenty minutes other weeks, fifty five, you know.

oh, well done. And you you kick the hornets in this. Over the weekend on slack, duncan was saying that what new york city years or new yorkers are so a lead and I said, you know, I wanted to find you. You know, I want to quote you, what did you actually say you I .

we're joking about how a new yorker can be a man of the people could yes.

yes, yes, defend you take.

but IT just, I mean, a male, the people with someone in touch with the the common man and the common person. And IT doesn't feel like the average new yorker. And so you're saying the .

most popular city or one of the most populated cities in the united states cannot know what it's like to be .

the example I was giving you guys that I feel like to be a man of the people. You have to actually care about the people around you. And I gave you some examples of you, where do yorkers.

the byline effect, just so ever come to the defense? So saying that new york, that new york kers are rude on the streets, in which case I would agree with you.

I agree not that I I was giving examples of of people being in occam things like that. No one stepping in and coming to to the defense of their they're fellow you know, like I was very hurt by their statements about the everyday man. I didn't say, well, islanders.

kay, very not all right. Well, well, thank you. Thank you for agree to disagree, I can thank you.

Ah OK this right? Yor new york p new york Walkers. yeah. Not the not the most polite bunch.

Yes, seven million people. You're bound to run some bad apples.

yeah. Anyway, just you back to the podcast stuff for a decade, pocket or something. You listen what you are doing, something gells drive and working out and learning the dish washers. That's that's why I do most my listening. That was a passive experience. Now when entire generation has been conditioned to think of podcast as something they can actively watch any time on any kind of screen, a phonic computer TV, which might sound not to you but to Young people that just sounds Normal.

And yeah, it's we talk with the demographic breakdown of how people consume things and Young people. Youtube is there thing when I have I got a new T V last year and it's a google T V. It's interface.

And I pull up, it'll have a streaming channels and all the options and movies. And then there is a youtube thing, and they will giving youtube recommendations. And to your point, I think that people are watching youtube even on T V.

Yes, yes. Is that most people .

who watch you to watch her .

on A T V B IT. He list this since the pandemic video podcast have been grown fascinate audio in spotify, and the number of uses watching video podcast increased eighty eight percent of the past year.

Wow.

would never.

ever have got. No, that is crazy.

I so you have, you have more vacation thought .

to us a few file thoughts. Uh, so people are very anti tipping in the united states now because they just be barred with IT right the button, everything everything people hate. Now it's become a thing where people actively hate IT.

Tipping is fun at all inclusive resort because everything is already paid with a psychological thing. It's mental accounting. But we can.

We went with a involved for cash to tip people. And I am jim Carrying in dum dummer. There you go.

There you o IT was fun because they're paying anything else. So you don't mind tipping. And the people there, like the service is so good.

I just love the minion. People are so good. Um I talk about how great the lazy river was. Someone sent us this saying next time you're in the houston, said the maria market downtown and at a lazy river in the shape of texas, that sounds kind of awesome. It's not just a lazy vers in the shape of something number.

We were in houston and I ordered us for Margaret, the guy that's right.

and you have have to talk them be going to give us the great sea by the water for you. So I mentioned the lazy of being amazing. There's a great way to rule in IT.

So we going around and then there is a flotilla of like twenty people on a familiar union and you know people like all the attach together, you know the tubbs, you know people are serious drinkers when they like get a new drink every time they get around the lazy river. But they also drink out of the most like they have, they bring their own cops to drink out of, I just the cops, you know, give you bring own temperature controlled cup. You a serious drinker.

Yeah, you're not missing around. yeah. And one of them throw up in the lazy river event, had to evacuate. How likely that these are older people? And just a little over served.

You showed me a picture. What IT was black, pretty shirt is, is that N, S, F, W. I came .

over and IT was a big rock and IT was a dad. We on a snowing big.

so we took a trip to .

a small thing where we went out to the ocean.

I got fig ah, that things are great. IT was fun because my.

you know, your kids always want them to do certain things and they're going to be their own people. But the one of thing I want from my kids was I wanted them to be adventure. My kids are very careful and sometimes hard, like control the kind that sometimes, but they're very adventurous.

They like one of the things that I would like, roller courses, always ready to me, that I always love to go on excursions. We go on trips, and so they got in theyve, never sarcy before. We we're sarkin in their sharks and stingrays in the water, like we saw these nurse sharks that we could swim with.

And my kids did IT right away. So that was kind of cool. But the thing is, over, like ten, I M circling. And then we're on the the books ruse portion for the next two hours. And you know, I haven't drinks during the day for the whole trip, and it's kind like I need to take IT easy, you know. But the music playing in the the dominican people have the best random of ever, any nation on earth.

I think next dancing and as I can know, what a few of a coca local of a few drinks, I I don't know, eight drinks before a little and the my right vacations like that, like a wedding. Everyone is having fun. Yeah, right? Everyone's in a good mood.

Everyone is drinking, having fun, smiles on the face just divides or a acute that's my kind of vacation there and also we you get your home one. We made the joke because on our way back, our first flight got delayed. For whatever reason we are flying to shall IT and we the the time because we had to do the, uh, go through customs on way back and then catch a flight.

And IT was tight. We are like a half hour to go through customs. Your bags recheck your bags go security again. Get your gate way to run to the airport. The first time I first time I parents, my kids awfully .

kind of.

you know, think it's kind of exiling like, are we aren't? Are we? Are we? I was run.

And when I had my my backpack on and my daughter's backpack on, and so I got backpacks ever, and I run to the sky with the backpack, he goes, hey bro, what's up? I say, hey, man, we're onna miss the flight. Are you got IT go head is cool.

Oh, one more so we did lot of swing in the ocean like son loves the body board riding on the wave. And the waves are pretty big there. You could tell me the most scientific reason, or the simplest reason for why the tides exist, why tides go up and go down into me.

It's always gonna magic. Yeah, I IT makes. Can you imagine being someone before we where information and seeing the fact that the ocean goes up and goes down like what sort of gods do they think did this in the past year?

Don't you know know it's the moon .

in the gravity yeah seems .

like gic about magic okay um our own bill sweet our CFO my content said confirming my first flight out or bus Mandate and bill is sharing a chart from the new year times that shows the percentage of firm of light excuse me, arriving ninety minutes later more and IT starts out relatively law at five amazon, two point two person of flights and you know goes up. The later you go, the more likely you are to be delayed. And there's an interesting part.

the article. So bill saying he's an early flag guy for this reason.

So listen to this ban. This is some shot. The average flight today from Kennedy airport to L. I is slower than IT was in one thousand ninety five.

And every considerable way, plains face longer delays, leave in the gate, take more time taxing before taking off, and spend more time in the air. But here's here's some ship part. okay? They're gaming the system band.

They're gaming the system. Why do today's flights arrive more earlier than often? Even other slower airlines have extended their scheduled flight derated even more than the fights of lengths and actual duration. The average scheduled flight from jeff katale santals has increased twenty three minutes since one thousand and eighty five.

I noticed that they always go, hey, we arrived early. If you look every flight now.

this I like do on purpose, moving the they're telling you that the flight could be three hours when they know.

then more than two hours and forty two minutes yeah because on our flight back we thought relate capping goes, you know I going to take like a shortcut here to get the winds and it's like, no.

you're net yeah you're like, so there's a chart that chose the percent of flights arriving at least two hours late and it's terribles IT. It's an autumn high. why? Why should I be this way? I shouldn't. I shouldn't.

I know this way. I feel like every time I go to the airport, I wonder how we do this every single day. How are millions of flights around the world taking off and going? Like how is this not a totally screw up all the time.

new, all time worked at the airport this week, three points, zero, eight, seven million people see that.

To me, that's a wonder. That is that that is anything that that IT all works as well that does okay.

Um we're going very late so we're gna save my story about my I got ta know ada, I can't .

believe IT OK.

They had me. They had me by the, you know what, I had no choice. And i'm very angry. I'm not man, i'm i'm angry.

So how much how much money did you lose? Any other one?

I'll tell the full story next week. I feel my blood pressure arising as as I I .

have a quick story. Then before I left, I noticed I had a metal protrusions sticking out of my tire, and I thought, I should I go? My is the day before we look on a trip.

And I pulled out with empyrean, and immediately air tire goes flat. So shoot, I get to deal. Like, get back. Have you ever .

changed a tiger in your life course? Many of the people do.

Can you? You know you're doing this is for some of ever, i've doesn't in the pass help people like I help the friend in high school. I've never had to flat her to change myself.

I did IT. I thank god for youtube because I got that up. I got all the log nuts off yeah. And then the first stock not moving IT on, hidden with a mild kick in IT nothing.

And I got to youtube and IT says, take the spare tire and wake the top of your tire because it's is a stuck on there. Oh, tired on tired and tired on tired. And I immediately came off.

So thank god for youtube. Did IT bell tire fixed IT for free back on there? right? recommendations.

We were both at the movies this weekend, I think. So I went on sunday. We try, we always buy tickets early before we get there, you know.

And wicked sold out literally all four theatres and grand apps. nothing. I mean, there might even one or two seats, but we have five with nothing for us.

Of course, moana sold out all across the city, so we had to see the red one with iraq. And Chris Evans, terrible, terrible, very bad. My kids enjoyed IT, but I I don't know who that movies for really.

It's not a holiday class. Like like I watch Christan movies because of the family element. IT was trying to be look as over the top action movie. My son loved IT .

but that's my topic.

Really, really bad movie that's like, uh, streaming is crazy because big name stars to show up on T V shows and movies.

I don't know where you don't member so we were flipped through you the day my kids wanted to watch a holiday movie and there was a been Stellar movie on hou brand new called nutcrackers never heard of IT just came out and gotto say was like IT was stuff has been done before IT was the parents die and there's four crazy kids and the unclutter come taken over as a Foster parent and he's the big city guy, but they live in the rural area. It's been done before gotto say he was actually pretty good. Okay, not a bad at home movie.

What's greedy people and .

and I watch greedy people on the airplane. What is of Joseph gordon love IT and it's the guy from yesterday and the girl from yesterday that beetles movie IT was the two leads in APP. And it's just one of these accidental death.

There's money involved as a hit man. It's like five different stories coming together. Oh, kind of interesting. Not really well done. And then the ending was a very dark, not without expecting. So like the kind of you would only watch on an airplane, you should only only point IT was decent, but I kind of trailed off at the end. But airplane movie.

okay, by the way, we spoke about this recently. You and I about dead poor for wolverine, and I just have no interest. I mind me to what? Oh, an airplane. I just don't care.

I told to understand that he was entertaining to me, but it's not necessary.

Yeah, okay, so where do we want to start? Um, oh, the other questions were watched. Les, okay, when did this happen? So I listen to this with Robin on the car on the website, and August two thousand and eighteen.

Now if you were one back to twenty eighteen, this is really a trip down memory land. Not that two thousand eight was that long ago, but for the first hour I think I was built. Chris and sean, we're talking about how inappropriate the movie was and there was a lot of throat clearing about first, all the promise, of course, right? I think about what the movie was .

actually just I wouldn't like .

today yeah and then there was just a lot like know jokes. And the only part of joke was your gay.

I guess I don't really watch all movies and even think that .

because course don't no of course don't because it's it's a comedy and you know it's not it's to make a left not to be taken that serious. Ly right. But rob was like, why? why? Why are they doing this? And because I was out of the me too movement.

okay, that make sense.

right? And I was just like, I was so weird to listen to is the .

kind of movie that probably would .

never get made today. No, of course I wouldn't. But none of those our company movies we've got to made, like, you know, how know your gay that hold part from forty old virgin?

That would never happen, right? All of that stuff would never be made today. Nothing you should be made. But like at the time, of course we didn't think about but anyway, so interesting .

listen to them .

and hit so much time .

on why IT was .

really, really huh anyway um what else I don't .

I don't really like really litigating the past.

of course not for a movie.

for a company specially for a .

movie yeah yeah so speaking of just things that just pop up on the stream where they look go thought every year of the movie called .

father figures, right?

And at times you saw IT.

I think i've seen the top for ana russia now.

So was its top ten. A nefarious lot of left allots me.

So we spoke good. We spoke last week .

about when is the appropriate to recommend something before you finished IT with the booker movie and forty five minutes. And so I think got a decent hand on the movie. I don't know how it's going to end as pigging not going to end gray.

Who cares, ladies usually tale of .

the yeah whatever who is guess multiple left out laws mean, in fact there was one left at law. Rab was found the sleep so you to find the movie of.

okay.

yeah, for the fingers are so, anyway, so I someone want to to and look at the short of access, look at that Spike in pg at the box office. Big year for family friendly movies. P, G, rated films made up one third thick cells of domestic box.

That was the problem with the red one. I was P, G, thirteen, who was a lot of swear. And it's like, should they leave for kids OK?

So we've already got laid some way to skip all this. But like there was a really great article, I think i've, ben, come in the washing journal about how moana became a sensation and IT was not a IT did not do months to numbers of the box office. But of course, that became a huge IT on netflix.

X first, by the way, I was a network first because disney plus was not a thing interesting. So IT was a number one movie on disney plus, number one streaming, moving, I should say, in twenty, twenty one, twenty two and twenty three. So mulatto, I took my kids to see that there was a line for moona to IT. There's a line for wicked like you ban, I got sold out everywhere. So the only my local theatre.

there's no sign seats. It's a blast from the past.

Yes, mowana to was supposed to be a straight to disney plus type of thing. And and IT shows, I thought the quality and movie was got was really not great like at all, and the music stunk. And the part the reason why moana.

so the first one is because .

the music is incredible in limbo. Maranda was not part of the second one. My kids love that. Obviously everybody, all the kids seem to love, which is, you know.

I guess like kids, kids have the worst taste. They like everything. But when is less time? A kid didn't like a movie.

true.

right? Kids like everything.

But but now I was really disapointment as IT is really sure. Hold on, i'll take IT because the movie is doing Megan numbers as is wicked and glad dator seems to be doing well. So movies are back in .

time for movies. The time later was packed.

OK are you talking? Sorry for making you to the long at IT, although do you take ambridge with some your .

comments so this on purpose .

then welcome back. You look great. You've got you ve got some life, some color back in your skin. It's not going last. Okay, where do people find us and spare to the compound?

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