Oct 30, 2017|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day you're simply your world. Stay informed and up today about economic and market trends plus get breaking business news and every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. Judgment day is here for all men aboard as well it's. One of his associates and they're on the financial exchange we're gonna try to do is dig into the that potential financial ramifications. Of the indictment. Of Paul metaphor the former campaign chief of the of the trumped campaign. Tucked not a Mike Armstrong Tucker Sylvia and obviously what we go through the legal ramifications of this forever. I don't understand all of them and I'm not and try to pretend to wood on what I'm curious about Mike. Is. You know this is kind of where the rubber starts meeting the road as far as. You know you're starting to see potentially people associated with the trump administration implicated. In some pretty shady dealings here and I'm curious. If this is the kind of thing that starts to weigh on the market a market that really hasn't moved in a downward direction in close to a year. Yeah and really not an all there this morning you're not seeing so much of an impact you know I think. Where investors really concerned about this leading to. You know really really serious stuff the whole trip administration. I think you see a little bit more action and we're seeing on the downside Dow down about point 15% the S&P about the same. If a part of it to his. Pretty much the drug administration's clean house since the since the campaign right there's very few people that were involved. In the campaign they're now still involved with the administration's I think there's some insulation there from that regard. Looking at this. And you know you start to go through and I don't know if you read through the indictment in any. In any way to about thirty pages long and I went through it a little bit earlier today just I was curious just what it would it set in there. Yeah there's the headlines sound bad you know Q conspiracy against the United States and so forth you rate through in the laundry list of what they actually have in detail there. And there are like five or six pages of financial transactions. That that pretty clearly show what was going on so I think with manna for. You know it certainly seems like where there's smoke there is fire in this case I think the big question is. And when what investors are probably looking ads is there another shoe to drop its. Is that he said. Markets are really moving a whole lot on this new ark and markets are shrugging this off saying okay someone associated with the campaign was only with them for you know three to four months. Not likely gonna have an impact here but the question is if someone who did stay on longer ends up being implicated does that have an impact the. I mean I I think that's that's where the details come out here is what do they charge him with and what's her testimony does he give. Against some other administration officials that's what we will have to do latency here. You know it's is not our place to speculate as to whether or not anything else went on but to this point on what we have seen so far with man afford being indicted today. Not really a whole lot of movement in the markets. Based on this his business partner Rick gates also charged gates not really mentioned in any direct association with the trump campaign. And the other thing that is notable about this. These charges stem all the way back to 2006. Yeah okay so it's not that this was something that necessarily started when manna fort. Went to the trump campaign Dickinson shady dealings for ten years. Yeah and you keep in mind the reason that the term administration fired this shouldn't come all that surprising. There were reports that he received more than twelve million dollars in undisclosed payments from I think Victor yeah coach. The Ukrainian president and pro Russian politician like that was public information at the time and so. Vision guilt I think a lot more details to come out but he him none of this is terribly surprising at this point which I think is also contributing to lack of market action. On and what you see if you read through the indictment. The indictment is the is pretty skating at the identified over 75 million dollars. In money flowing through one illegal corporations in effect effectively shell companies. In order to launder money if us administration and this can begin with her and and airports like here's thing metaphor to big time guy he had been around can't glee. Beat campaigns for. Old while prior to this it's not like he was. You know someone who was new to the business and just kinda getting in metaphor if you go down the list of what he did in politics now pull up right now just that we can kinda. Go through it all and end in just understand what he did he's not someone who was you kind of new to all of this this is someone. Who was an advisor to George east HW bush back in 88 to Bob Dole in 960. He had spent an awful lot of time with mainstream candidates it's not like this is some guy. Who was you know small time and got pulled in this is someone who was you know working on big time campaigns for the last thirty years. And and here being indicted. On says some pretty significant charges. Let's talk a little bit about us news that came out late yesterday. Puerto Rico the governor canceling a 300 million dollar contract. We have. Effectively a two person Furman Montana. White fish energy holdings that you draw an awful lot of scrutiny over the last couple days. Yes I mean the scrutiny came from the fact that a it was a two person company with almost no history of doing it successfully doing this sort of work. And June there was some sort of connection to the trump administration have their own. Hadn't been any significant reports yet as to how they got this contract wide qualified for it. But the more reporting that came out about it the more and more people were looking at things and what he's gone on your right. There are over charges are charging a lot higher than average rates for the work that they were doing and. But they did did they weren't gonna allow it get this terms of the contract didn't allow any auditing of the work and of how much money than me and so I think a lot of people said okay this is a no bid contract you're not letting us look at the financials. What's going on here this when topic the last we hear about this when he there. I would imagine that's the case so. White fears losing that contract here. And you know female even come out on Friday and said look we don't understand how this deal was negotiated and how they ended up with that so you know went when the delete group in charge of kinda putting things back together saying. We don't know what happened here. It's not the best science so white dished out on that deal and and you know we deported to bed for now as far as being an active concerned but I would imagine there's going to be some continued investigation into. How it happened how how they got there in the first yeah notepad and it just bad for Puerto Rico rain they've already got three under fit that. Fifty workers you know tons of heavy equipment on the island already and now they have to go find another contract and dated out and in get this work started it just. Right everything that this island touches seems to be just such a disaster recent. Last night storms came through the New England region I'll tell you I was shocked I walk around 1230 years so. And undated did you review here like the storm last night I. Today like the stories you hear it. Aria yeah we lost power to you lost power Oreo Mike did you I denied this we are up war from like 130 to two just trying to get a generator gone pretty much. It was it this might have been one of allowed a storms that I've heard out while his column it was I mean I woke up around 1230 was probably up until around and a 115 or so. And just hearing that the howling just the sheets of rain slamming against the side of the house. Fortunately we didn't lose power over 300000 people lost power threat New England several school system because of the storm. All kinds of schools canceled today to. Our schools canceled anyway Tucker. Yeah I'm pretty sure that's that you was closed today and now we did we get our power just about half an hour ago knows that Britons believe Whelan disclose I don't know about some other towns. And gas flights I was on a flight back to Boston that got delayed by about two hours so readjust. Creating all sorts Abbott in the northeast. OK at Rhode island's New Hampshire. This does take its over to our poll question of the day which is over at financial exchange show dot com. Are you one of the 300000 who lost power last night in in saying this right now I realized that some of the people who lost power probably can't can't end to a poll. You get to mobile phones so that's just something to consider but. Head over to financial exchange showed dot com and let us know if you're one of the 300000 lost power last night I know that obviously Tucker did I'm sure. I've noted other listeners did as well right now looks like a ton of people that's like 80% of people respondents saying they did that was a big storm. Big storm it did you was it. I was up too early to see any damage around my house just it was too dark but I'm planning on Google later on today did you know do you have any trees or anything down on the year you. I know my buddy down in the Plimpton has tree narrowly missed his house came out of the ground huge tree missed his house. But that allows Trevor work today like 4:50 in the morning that you know there was trucks in the all the road ahead there's closed down to one lane pretty macho. Yeah Lotta damage I thought. Road closures all over the place having morial driving chamber to shut down it reignited wells it was shut down for flouting. With or destroyed in the mess with. With the storm like that I'm almost surprised that there are more people without power and you know it does speak to sell the war with the utilities do with. You trimming back some vegetation from lines are they don't go down during storms like this now but obviously 300000 people without power. Just the masters study at tech's out of the six or nine says I live in Belmont New Hampshire. And we got hit hard in the lakes region no one almost no one has power there yep it's up apparently New Hampshire now one act by this. They just got absolutely whacked by it let's take a break and when we come back. Jacob bungee from the Wall Street Journal is gonna be joining us in Jacobs going to be talking about how. The average farm the average family form. He's huge today what it's doing to the agriculture industry that's coming up right after this break on the financial exchange radio network. Even without health care or tax reform all three major indices remain near record highs get the latest info on the sectors that are winning and those that aren't. Break here we have Berrian just on the financial exchange radio network. And he spent the last thirty year forty years building your financial planning business. He worked hard and your clients rely on you but what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do every Don about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we are looking to build our business through acquisition. We are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients and all six New England states and have offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com security's effort to -- America incorporated member and as a BC and advisory service as a securities America advisors incorporated Barry arms are represented their arms or an advisory group the securities America companies are unaffiliated. Hi this is very are strong and I've told you for years about my relationship with leader bank I'd been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out liter bank is offering in east savings account providing free online banking when he one point 15%. Annual percentage yield this is an on line product only and there is no minimum balance required so log on to leader bank dot com and sign up today this rate may change without notice and don't Dele log -- to leader bank dot com get all the information about this great offer and sign up today be for the rates change yet. Free online banking with leader banks in new. 15%. Annual percentage yield and no minimum balance and remember this product is only available on line so logon to leader bank dot com right now its leader bank dot com leader bank step ahead. Hi everybody it's Barry Armstrong and Jake two Lian we're talking about a program called Z rent. Now this is specifically. Designed for those of you who are landlords and you used to collect your checks with paper checks are gosh maybe still do. Will Z rent allows you to collect checks electronically. Jail is hoping he could spend a little bit time explaining how easy grip works and why it's a big advantage for landlords. Absolutely buried so we we develops he rained two out of me Holdren you out because right now. You know with the landlord when you're getting rain checks. Low it's unpredictable. Missing on below the rate. 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They could sign up and become part zebra yup you your if you have a community bank that wants to be a member have them call us and haven't signed up and the Serbs would then be free free. All right if you wanna learn more about this he rent. Go to Z rent dot net him a call if you wanted to 8776917900. If your bank doesn't operate they can sign up for zero it. Go to zero rent dot net or call them told free. 8776917900. Security suffered through securities America into member finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. The financial exchanges all over New England go to financial exchange showed dot com and search for the station closest view this as the financial exchange radio network. The video of the family farm has been something that's almost. Key to the the development of America over its history. But joining us now is Jacob bungee from the Wall Street Journal talking about how family forms of changed over the last couple decades and what it's meant to the industry Jacob thanks for coming on. There. Jacque we're doing well can you talk a little bit just first about the shift that we have seen as far as the number of these massive forms. That have sprung up over the last couple decades. You have all of the the scientists. The US citizens arm and and we kind of decisions. In terms here. Recovers or governors or has sort of farms produce and corn and soybeans and and we that sort of thing it's been steadily ticking higher. And so this has to do a good number I think this is there's sort of some financial incentives for producing these tryouts. The system doing things like advances in machinery. Advances soon in top techno. Biology director the advent gee you know crops for instance which has made treating we'd be here. And so what we have now here the last few years certainly if series back to back. Record size crops we've had crop prices really pushed down all that supply has come onto the market. Adding financial pressures for farmers small sizes. And since the question out there is extent to which this is going to exacerbated. This cycle that we've seen over the last couple of decades as we we talked about airwaves with a large farms growing larger and larger. In terms of how big these farms have gotten like how much are we talking in terms of sales how big are they now. Well there's some then arrange a farm. Must check some by the USDA. Going back here decades and so what. The largest bracket. Includes farms it's well. Produce more than a million dollars in annual sales per year and so if you take this across all agricultural operations. This Ian grain farms livestock dairy and so on. Doe's arms some produce more than a million dollars every year in and revenue are only about 4% of the total but it took fume. Cut it in terms of how much of the agricultural groups. Other countries that they produces wines are being about two thirds of all the the products each year. Let's look at this in a couple different ways first what does that end of doing to competition how hard is it for smaller farms to get into the. Well this goes back to this cycle that we talk about him immunity in the the very large farms continue to get larger. And out of the smaller ones. You know that are used in some cases able to maintain. In other cases they get swallowed up there and some necessity with a number of things is one of them is just very. Plainly that the average age. The US farmer. It is getting older and older patents that's partly to do with the fact that more of the younger generations so please select farming families Serb moving. Through their way. They're moving to cities and so as time goes by. People in charge of running a farm some cases parents or grandparents who wind up passing it down to. They're children when they either retire limit that children may live in town they may live in the city a long ways away and spent my hand once or getting. Rented to another farmer. And so often is the case at the very largest arms. Deep pockets to pay. Higher rates to around that land or in some cancers that are reputation may be such that their. Known for making regular payments and taking care of the land and that sort of thing and so they can make it really difficult if you're. Smaller farmer or somebody who's just starting out starter kit or equipment or that way without. Employment at these large farms are they still employing the same number of people that smaller farms wart or did they move more towards technological solutions and push people out of the industry. Well over time. The advances we can't let a few minutes ago on sensors. Equipment and absences. Biotech crops and things like this this is live farmers sort of overall sizes and two more. With less. Manpower basically. But the very largest arms. An additional advantage in the sense that they are able through the economies of scale and just being very big that they're able to. The best rates on supplies and they're able to sometimes negotiate better prices for their crops they wind up having more money left over to invest in new technology which can no further. Say of labor and retire care about things like. Using airplanes or satellites serve or drones in some cases to go out in the scarier crops and see if there's a patch mistrial if there's a sprinkler system's not working where. You know ordinarily might have to have somebody drive around and spent part of their day. And respectively sorts thanks. When we talk about anti trust legislation and it in antitrust. That that type of structure. We're typically not looking at something like the farming industry because it's still relatively diversified despite these huge farms. It is there's some kind of push though to try to break these up at all. Well I think it'd that is still in desperate to affect them you know large size sand and so the U. You know large percentage output. Smaller and over arms are present is still fairly fragmented and distributed. And since some cases so is some large farming operations ten or towards more diversity in the sense that they might have a large. You know grain farming operation and some may also invest in mice. Two out of whether we're commodity markets cycles and that way about it. You know you you mentioned anti trust and and concentration of economic power band as we've talked to some of these larger farmers and interest and point comes up them and this is in the sense of some of the mergers that we see game marks the very large agricultural companies and we've seen less and seed in pesticide producers some of the process down on DuPont's. Merging together. Payers in the process of closing a deal to acquire Monsanto we've seen some debate fertilizer companies combine. And the point has been made on the part of some obvious farmers' debts that they themselves need to to get bigger and at a mass scale in order to compete and and kind of keep the very big suppliers honestly is that that you figure themselves. Or goodwill Jacob thank you very much for the time we appreciated today and thanks for all the research and business. That's Jacob bungee from the Wall Street Journal notes we we hear about the changes that happen Ian. The in the farming industry. I think we're a little bit insulated from it here in New England just which has Garcia were we're no one of the major forming centers I mean even where you go into places in New England that you have. You know significant amounts of farms used some of the parts of Connecticut that do western mass Vermont New Hampshire even the parts of those states that do have significant farmland. If there's still tiny. Fraction of what we see in the rest of the country yeah I think you make an inch in point about employment I'd be interest to see what's. You know the different services and products suppliers to those arms out there and leader like John year or seed supplier the next features that interaction changes as well as food prices have one this impacts some interesting op board statistics in the last sixty years since 1950. Forming employment has dropped by 80%. Production has risen by 300%. Just mine and that's that's same with a lot of industries we're taking a break when we come back we've got Wall Street watch right here on the financial exchange radio network. Like there's something. I was on Twitter. Show breaking business news is always first right here on the financial exchange radio network. This is a special announcement for all landlords chasing down only rent payments and making trips to the bank to deposit checks take a hassle out of rent day with zero and leader banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 7816418691. 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That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies -- leader bank as they're banking partner or call 8776917. To 900 or email BBO at leader bank dot com for more information member FDIC equal housing -- And now for the street watch a look at the market's performance so far today the victim Marian jog right here on the financial exchange radio network. Time for Wall Street watch looking at the biggest stories going on in the market today and Michael start first with app. Gas has some initial good news for apple bit of mixed overall the good news here is that the the orders for the iPhone ten the iPhone acts are coming in very very strong it looks like there's been a shortage of supply. Which comes that downside there is that there could be a big short supply which may now be great for the firm and their PR. That's at apple eyes up nearly five dollars on this news all time highs 3% right now it's trading at 16793. Based on the news. Apple market cap now 867. Billion dollars. Talk a little bit about GM GM's been on a nice run over the last couple months here. But down about two and a half percent to what's going on they are so GM I believe is a close to 30% year to date and Goldman over the weekend or this morning released a I downgrade on their stocks and they believe the stock is significantly overvalued they're giving it 20% potential downsides are obviously are racing. The gains that they've had this year. It's based on that stock is down about a buck and a quarter award nearly two and two and three quarters percent on that that analyst rating from Goldman Sachs. Very good that is Wall Street watching let's move on now to what I guess what we can call the Fed watch Donald Trump. Likely to name the next chair of the Federal Reserve this week. In the Wall Street Journal. Is citing two sources saying that Jerome Powell is now in the lead despite about a week ago. Stanford at an economist John Taylor being in the. Yeah I saw census statistics on this that's. How was priced in with about a 77%. Likelihood that you'd be the next fed chair person. Going back to their policies Powell more dovish he's currently one of the Fed chair governors. Pretty much aligns with yellen on most policies. And so likely. Good news if you want rates to continue to stay low whereas Taylor who is as you mentioned the Yale economist you want to basically just an equation in place that says okay if these factors are. Hit than in straights move if they're not and they do not. But. His equation would have led to interest rates about 1% higher than they are today based on the current factors that are out there. Yet taken a look the other Federal Reserve by the way is scheduled to meet this week they're gonna be releasing meeting minutes. On Wednesday of this week the schedule me one more time in December this year and they're expected to walk hike in December not expecting any movement. At the November 1 meeting but then you start to go out you start the furthest that I can see out right now is September of 28 team. And looking out there the expectation. For about two more hikes by then with three by the end. Of next year so what that does is let's say the Jerome Powell ends up being the next fed chair. They're projecting right now up three hikes next year takes up 2%. So that is the latest on what we are seeing in the in the race for the Fed chair. And it just as a stupid question that Powell's is no stupid questions talker that Powell's policies are lined with yelling why make change at all. Optics yeah just pure politics optics and that's making it changed to make a change rate as air politics it's scenery he'd. It during the campaign he railed against the island pretty extensively and you know she's appointed by Democrat and he's shaken things up he's he's got a he's got a point somebody new. There yeah yeah it's your optics on it that there's not a whole lot of difference between the two of them. You know it's you're going to get largely a continuation of the same kind of how would be the first Fed Chairman and three decades more than three decades that Ph.D. in economics. And others who yelled would also be the first one in that same time spent not serve two terms there. So very interesting to see there the start of that drug makers a little bit it has not been a good earnings season. Ford truck makers how come in huge. Seen a few misses here and there on just a lot of their clinical trials just it seemed somewhat random here it doesn't seem like there's been one over lying policy that's really led to this it just seems like. A lot of these companies have been missing. On. A number of their trials which has led to necessary had Merck reporting that they sold off by 6% on Friday after earnings. Is Celgene. Which was one of the best performers sold off by nearly 20% on Thursday and more on Friday street scene just a number of these guys really struggling recently I don't think it's. You've been talking a lot about that Amazon deal the end pharmaceuticals I don't think it's that. But clearly the sector's been struck a little bit recently. So this it seems to be more related to future drugs and sales of current is is that what I'm what I'm gathering there Dan you've got some patents running out two's that's that's certainly impacting things as these as. A lot of these league league drugs that are. Coming out there are forward to it just to be replicated. Folks wanna talk a little bit about the latest guide from Cushing and dole and it is titled. Designing the perfect irrevocable trust and it's put together by Cushing Dolan. 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Once again the legal exchange show dot com in the article is designing the perfect. Irrevocable trust. Article from the Wall Street Journal today says why can't wire markets rising everywhere. The answer investors can't stop buying every dip we haven't seen a 3% dip now in a single day for markets in what like. 250 trading days the guys ballpark our hand it to him Korea it's been a very long time since we've seen any significant drop in market we haven't had a 10% decline. In the market since February 2016 so we're now closing in none kinda weigh almost twenty months there. And what people often forget is that corrections happen on a regular basis we remember the big ones remember you know 1987 and we remember 2001 remember 2008. Lot of people don't remember 2011 where the market was down 25% they don't remember the beginning of 2016 where was down 18%. But those those kinds of corrections tend to happen every eighteen to 2.4 months. And they can be helped because they can kind of weed out bad ideas in the market and help keep things from getting I guess over grown to continue the metaphor. We haven't seen that recently how cult. If we haven't seen a lot of that I think there's a multitude of factors one you know everyone is now. Into this glossy area let's just wait until we buy on the dip I think the other big piece here is. There's still a lot of money in you know guarantee Dutch investments cash CDs. As well as you know a bond investments and investors and is looking at a saying you know I've got this money in the sideline may be it's in the US treasury bond fund or maybe it's in the CD. It's just not doing it informing money I never got back into the never never never got back gonna market it's sitting on the sidelines it's meteor earning one or 2% and percent if I see any sort of opportunity I wanna get that money to work because I see with the stock market's doing and it's just rallying rallying rallying so. If I see any opportunity to by amateur in there which is led to these really shallow shallow dips and when they do dip they come right back very quickly. Now obviously in the short term that has the effective giving market stability but in the long run I look at that SA won't. It's like most things it's gonna sound cliche but by the dip works until DOS. Okay because eventually you get to a point in and why why you see dips in markets okay. Remember markets are what people are willing to pay for a do it at any period of time and so when you see a significant dip. It is a loss of confidence that the value was going to be there and if people are gonna continue to pay for that good. In the future and so with stocks pay if stock prices go down 10%. Part of the reason is because investors sit there and they say I don't think anyone's gonna come in to buy what I'm selling down the road if if I eighty and I need to unload my shares now. So when panics happen it's when everyone at the same time says. We don't think buyers are going to be there for our shares down eight all unload and maps that we haven't seen even that the smallest little hint of volatility in like a year. Down we really haven't we haven't really seen it in and you've been with some big news stories to re elect. North Korea north and agree we saw almost no volatility whatsoever I think the markets were down by may be 1% in when you think if you terrorist attacks that we've had this year he had Vegas UN. What was it down. Trying to arm action on those two years ago now but it's you know you have these things that continue to pop up. And this market has been so resilient to this address and I again at two big factors that I see there a really low interest rates are where else do you go with the money. But it. You do have some pretty good earnings rate don't want right this office knowledge we've got this aren't really nice sandy thought we got this really has stock market and no earnings to back it up. Companies are doing well. Earnings it has been a very very good earnings season to this point and that does give a little. Little credence at least the idea that hey maybe the war on stocks is a little bit higher than it was 36 months ago which is not saying that you know stock should stay where they are forever but hey. Maybe there's a little bit higher floor than we had. A little while ago. Let's take a break and when we come back and do stock talk Alex Brian from Morningstar is gonna join us right here on the financial exchange radio network. Trump's administration hasn't passed any significant legislation yet but tax reform is front and center asked me in here. Keep it here with Barry and chuck for the latest on the president's agenda and how the markets are reacting and this is the financial exchange radio network. Retirement it's something we all think about and all of us look forward to it after many years of hard work are you ready for mentally perhaps but there's much more planning required if you wanna rest easy in your later years hi this is very are strong and this month my firm the Armstrong advisory group is offering -- brand new guy called retirement readiness unit you'll find information that can help educate you on what steps to take to enjoy a safe and prosperous retirement such as how much money you'll need to maintain your standard of living and don't forget about health care costs and tax considerations it's all in this brand new guide which includes your own retirement readiness checklist you can get the guide by going to our web site Armstrong advisory group dot com that's Armstrong advisory group dot com learned today so you can plan for tomorrow download the guide right now at Armstrong advisory group. Dot com securities offered to securities America incorporated members Jenrette SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43% to financial advisors are over the age 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you worked hard but now it's time to find a successor the -- drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI AA is and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which they've become accustomed if you're interested in talking with us please call me at 803934. Zeros or one that's 803934001. Or visit us online at Armstrong. Advisory group dot com securities offered to securities America incorporated members and SIPC and advisory services offered to securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Everybody it's very are strong and I'm joined today by estate planning attorney Todd lot ski from the law firm of Cushing and dole and it worked talking about drafting tips. For your Medicaid income trusts. Todd you know I keep reading almost on a weekly basis about stories worse states are challenging. Durable global trusts and Medicaid applications what's up with the increased scrutiny on these trusts. Yeah the problem is that you know many more and more people maybe are trying to draft him more more lawyers are trying to get into the field that that may be our race. That's the safest way to say it and and they're putting paragraphs and it it just caused problems if you if you wanna put it in English because a crack in the ice and allows them to reach in and you know grab those assets from the trust and it's that that paragraph that causes the problem and so they're starting to realize that rather just put states are. States are saying you know we're gonna we're gonna take a closer look at every one of these trusts and see if there's a way that we can find a crack and that it's well makes sense now. Whipped eight would have been. What's the result if you lose if you go to a fair hearing you lose what happens while if you were to lose that the assets basically the assets in the trust that you might have told your clients are going to be protected from the nursing home. Are no longer protected they would be considered accountable that's. And exposed to the cost of nursing home care so it's a big deal it is a big if you lose it's all about drafting Mary it's all about making sure war. You put the right paragraphs in the trust. Folks if you have a Medicaid income trust you may want to have it reviewed to make sure that your assets are in fact protected. He can reach out Cushing handled by calling them at 8668485699. If you want to copy. Of the October guide it's about Medicaid income trusts. Most of you choose to download the guide from their website which is legal exchange showed dot com. Legal exchange showed dot com. For your copy of Medicaid income trusts. The financial exchange with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten and this is the financial exchange radio network. This segment of the financial exchange is brought to you in part by leader bank. It's not too late to get a great rate on a whole mortgage leader bank has some of the most competitive rates around so call 877. 6917900. Or visit leader bank dot com. For more information and it's now time for stock to. We are joined by Alex Brian from morningstar's me talking to us about the iShares edge MSCI USA momentum factory Tia. Short knives and TUM thanks coming on Alex. It so tell me exactly what is the what does that mean to jury some momentum factor and things are looking at stocks that have really performed well over the last few years what what is it buying these stocks based on. Yeah that's right of this but basically targets was strong risk just performance over the most recent seven and thirteen months between the most recent one. And it's just there's based on this observation that recent performance since two persist in the short term so stocks as. Recently outperformed all content that you need to outperform in the short term. There's a couple explanations or as a effect it's been well documented in most markets that academic research support that but the world a better explanation is that investors all but react to new permissions so. We think about that a lot of investors may anchor their investment because there establish you with the firm so back because. Prices to adjust morsel we've been they should view permission as it comes out. You also have a lot of investors out there at that are reluctant to so losers. So lots under the stock goes down they may. All bought that stock in hopes of breaking even. And on May be quicker oh so winners to lock in gains that can also cause prices to adjust forcefully than they should. To new information. As a comes to the market so powerful it was a pretty pervasive effect but missed on I think captures their costs which way. So it's it's really trying to and I guess take advantage of just the psychology of US investors rather than looking at affirms fundamentals are priced earnings are cancerous and well this is how the averages investor kind of tends to react their friend tells them that they relate. Loved Apple Stock and it's been great for the last few years so they tend to buy it regardless of the financials. Exactly so this is based on investor buys is behavioral biases that make calls and to act in an irrational manner. Also it's not looking at fundamentals which is based on the idea that investors are making these court the mistake in not reacting as quickly issued two new permissions as the comes the market. Now we should point out this fund hasn't been in existence for all that long it only goes back what the last three or four years that's been open. Yet that's threats to this one launched in April 2013. But doesn't have a ball long record. Well who's been around it has done pretty well. Beating its current benchmark but just a part three percentage points not I want them just. Set the record straight on this list this fund in moments of more broadly. Just work really well we're in the market distracting when there's low volts Selena markets and the going one direction that's when this type strategy will do well and that's certainly an environment that we had a good last three years. But treason which moments and we'll likely struggle. Our periods in weigh in on the market direction reverses so they give a treat like 20082009. When you have. You know but the shape turning in the market that's when this type stretch and have some more problems because. To be on the south ways. Exactly exactly and the markets and it. Goes from. Really strong up which when he reformists that portrait orbits tend to have a hard time. With those lips because types of stocks that you complete well in a rising market are also not the same that's not that will do well in a downturn but. You know the response focused on risk just moments hopeful that a little bit. But it's not amnesty it's still an apple but the trouble is the market has a sharp reversal. Yes or perhaps not a core equity holding to represent the entire portfolio but an inch and placed to add some different holdings. Yeah that's right and actually if if you Courtney uses as to have a satellite that holding I would recommend carrying this with a value oriented strategy because moment and system worked well went belly doesn't. And vice Versa so. This can really complement value. That the strategy but he wall. And you mentioned expense has been pretty good on this fun you know they are a threat. Yeah it's a fifteen basis points so that's fifteen dollars every 101000 dollars they investments. Probably it is. More than cheaper moment on out there on the market. Yeah I'd imagine so organizers tents put together some pretty. Low cost products actual lack Alex thanks for joining us and bring us to our attention now the fund is the iShares. Edge MSCI USA momentum factor ATF the ticker symbol and TU and thanks a lot of walks. It's it's an interesting strategy that iShares puts forth there it's. You know again it is going to. I I think you know have some. Clearly it's clearly not going to be the most stable fund necessarily. Apps like if you are someone who's you know sitting there saying look I've got a long time horizon here I'm willing to take some bigger swings. In the short term. It can end up working out pretty well where if that's the case I'm wrong yet and the longer I mean you take a look like you're this year's momentum type of you know you you've got its in the stocks that are having the forwards their top 32% this that's pretty pretty substantial. When did when did this ETF start so it's only got three years of track record okay so it's got a real me fourteen. Turnovers unfortunately are way up thirteen is when it started here so. What's interesting so if you compare to the S&P 500 and you take a look at it over since its inception which may third of 2013 yeah. It has significantly outperformed the S&P. Over that time but you don't you take a look at some of these years where hey the moment and plays didn't necessarily pan out late last year as an example if I go and isolate 2016 which immunity right now. So 2016 was not a big year from one of war momentum stocks yes and but over from January 22 of sixteen to January 5 the seventeen the S&P 500 returned about 20%. This ET apple returned about thirteen yeah. So it it is you don't report to hold it for a long time I could see out of playoffs during those upward trajectory but it could definitely be defected. Definitely imagine being difficult and a real rough market yeah be you can certainly have some challenges if the market goes down. Let's circle back to our poll question of the day this is up right now at financial exchange show dot com so head over and vote in our poll question of the day if you haven't yet. And our poll question are you one of the 300000. Who lost power last night where we see a talker. It's yes 75% of her blisters so far as saying yes and I'm in that group as well obviously 25% percent note. And you actually just confirm that Mya my wife's family a New Hampshire is still without power today vote. Lake in here in the election. The poll shock of the poll. It's very important they vote. Let me see I don't wanna be too demanding and some of trying to put demand it and I'm trying to kind of hide my true nature to them still so it is as long as I cannot be too pushy or anything like that. I'll I'll see what I can do but no promises. The head over to financial exchange show dot com and vote are you one of the 300000 people who lost power last night. Not I did not like to now but doctor did and my wife's family up in the seacoast New Hampshire certainly did. As well. That is all the time that we have for this hour of the show we appreciate you listening. Make sure has always had over the financial exchange showed dot com all the news and info about the show. And for Tucker Silva Michael Armstrong and chuck is not a we'll get over due later on the financial exchange radio network. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Workers at leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams for additional information call 8776917. To 900 that's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender stimulus number 449250. Subject to credit approval leader bank a step ahead and he spent the last thirty or forty years building your financial planning business. He worked hard and your clients rely on your. But what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do have you done about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we are looking to build our business through acquisition. We are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients in all six New England states and have offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to securities America incorporated member and SIPC and advisory service is offered for securities America by. Eight to retirement planning it's really important that you do this before you retire. Talk about two things that are critical aspects of retirement. And that would be Social Security first and secondly Medicare it's your Medicare supplement programs in your Medicare part B program. You know let's talk a little bit about Social Security everyone knows that you've been paying in these programs really for most your lives if you've been working. But there are a lot of questions about when you should take Social Security in the first thing that you need to understand. Is a concept called full retirement age and that age differs depending on when you were born as an example if you were born in 1942. You're forced firemen age 65 years and ten months you're born in 57 it's 66 years in six months so you have to understand this as well as how your Social Security amount changes based on how long you wait. Right the other thing that you should do is take a look at our guide me again at stake in the guide for retirement readiness exclusively available from Armstrong advisory group. But as it relates to Medicare. Each state we've listed on the in the guide each state and the web site that you go to for each state to calculate your Medicare program in which what's best for you yet differs depending on the different states and you really need to be cognizant of this when you're building your retirement plan. Well the folks again. Just to reiterate this guide is available exclusively from our strong advisory group it's called an investor's guide to retirement readiness. You can receive the guide by going to our web site Armstrong advisory group dot com only available online Armstrong advisory group. Dot com. Go now Armstrong advisory group dot com. Securities offered to securities America incorporated members Jenrette SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 down silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader -- call and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back a step ahead. Planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from probate and in order to make sure that your process goes as smoothly as possible you need to deal with an expert Todd let's give you a partner with the law firm of Cushing in Dolan and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust in keep your assets safe this month and has written a brand new guide called designing the perfect income only irrevocable trust. And it you'll learn about strategies to undertake what preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed does come legally exchange show dot com. Your dream home is within reach with a Jumbo mortgage a loan from leader bank they're Jumbo loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by a leader bank's local underwriting and processing teams traditional cost information call 8776917900. That's 8776917900. Or visit leader bank dot com member FDIC equal housing lender and MLS number 44950. Subject current approval leader bank a step ahead. Hi this is very Armstrong and I've told you for years about my relationship with leader bank -- been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in -- savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there's no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice that don't delay log -- to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new. 15%. Annual percentage -- and no minimum balance and remember this product is only available online so logon to leader bank dot com right now -- leader bank dot com -- -- a step ahead. This is the financial exchange with Barry Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day it's. And now the financial exchange with the Barry Armstrong and chuck saga. After a big day for the NASDAQ last Friday markets are largely. Pretty quiet today as we start off the week here just before Halloween. Tucked out of Mike Armstrong and Tucker Silva in studio. Dow jones' off about nineteen points right now that the S&P is off to NASDAQ still in positive territory about sixteen. But overall to pretty quiet day when you look at the markets in the act. Yeah in the aggregate fairly quiet even on the individual basis there aren't any. You know we don't have ams on moving up 10% today few few moves here and there. The smaller companies that's not nothing substantially moving the markets so for a. Are you surprised the market is this quiet with extra campaign chair Paul Mann of port being charged with conspiracy against the United States as well lies. Extra advisor George pop adopt a list has pled guilty. To lying to FBI agents you know. Initially I was I guess when you've read about it though with Mann of forty note. It'd been pretty well forecasts gray days they raided his home. Q how does telegraph we kinda Wright was coming they told them when there is only Payton and her return is filed against. So when you think about it okay was pretty well forecast we knew that this is going to be coming at some point. If it had been somebody else I think of our severe acting like different. Other news coming out overnight I knew so much more what happened. We can be stored here. Big storm here and doing it over 300000 people without power in the state of Massachusetts. Tens of thousands in New Hampshire and across northern New England as well. And I know our our producer Tucker actually lost power have you gotten it back at home now never got to Dekker on 930. You see your back you power back home back and run and I know while my wife's family up Ian. New Hampshire on the seacoast is still without power right now they are still. Not these they still don't have power restored there and we beginning Texan as well. From a number of places like from west bird. Saying that he lost power as gas generators and it got power there in west for at least the is that generator but still out a little bit. Finally got him back in place yeah I think everyone get over to my explain part of it like scary he's got the catering to go and everything's ready ago. Five await seeing almost all of rate it is out right now. Ninths of anything box burgers out as well the moment nights and Nate Londonderry powers out right now so. Across the board we continue to CEO power outages right now and this takes us over to our poll question that day in what is apple question Tucker are you one of the 300. Thousand plus I assume who lost power last night during the storm and now. So far the results. 71% saying yes they did lose power in 20% saying no they did not so an awful lot of people with out powered head over to financial exchange showed dot com. To vote in that poll. Let's talk a little bit Amazon like we've been talking about the for the last couple days at a bank a quarter last week. And the stocks surged on Friday on that new stock up an additional 1% today. But the article from CNBC talk about. How well Amazon is poking around on pharmacies. They may be more interested in medical devices. Yeah you know I feel like everyone's just completely theorizing on this at this point it is you know complete guess where Amazon's again in two in this medical field if at all. They have registered in now on the website and is on RX dot com. But specifically they're looking at one of the patent license is that they filed the state of Nevada. Saying that they didn't select a controlled substances as a type of product they might be handling and such in not handling controlled substances. Doesn't sound like you're getting pharmaceuticals it is you know is 70% of a lot of the drugs that we end up using in this country atlases controlled substance. It is is there any possibility they just had an error and didn't check the right box and I was thinking as well as the price filled out what fifty of these different forms across the country. Today maybe just not jackets. Probably nine in blames on volley has these quite a jacket on the idea that to me is in its a good enough period think that they might not get in the pharmaceutical sector in one small checkbox on one form and now it would be inching they went to medical devices that to me. Seems like teenagers step for them you know if there already producing it if you want to just start getting into the basics like syringes and that seems like it be less of a barrier to entry then getting into compound. Singles Tucker I do want to use this stuff for tomorrow for our poll question actually it was a do you will. What would you consider buying prescription drugs on line. Aka just recycling Amazon are on just don't outage I'm just curious just because it's not something I have any experience with in no I'm not the target for this is I'm not a heavy prescription drug. I'm here. But I know that there are obviously people that are on BO 1235678. Prescriptions. And I'm just curious how many people use online pharmacies I never. I'm in I don't see why not right if I had to take him monthly prescription that would one stop at the CDS a month and if someone that you know you can't get a full. Thirty days yet to get a refill that are pretty frequently I would want that just dropped offered at the door. Yeah I just. I've I've never used an on line forms so I don't know and it's something where. I'm not sure how I feel about it because on one level I IE. I like to look someone in the guy and knows them getting what I'm supposed to be I think after all these pills looks like it's like this one is like you know with the number ten on it's like oh is that tenders at the tee like I can't tell half the time in honestly risk of theft increases. Regularly. And Amazon I forget that I let him in your front door. Now idioms and you know an uncle to this crap if it's QB QB of not for me that's that's the slogan Amazon Tina for me Elliot. 2 AM Boston Beer is trying to up boost sales Boston Beer maker of Sam Adams which is now the largest US owned brewery. In the country a threat and Boston Beer what what are they trying to do to get sales. There trying to get. More beer in cans and bottles they think that's the way to reduce so don't. Not not supposed to be okay greatly. In general. Yeah we've got to the public remember it was like five or six years ago when Budweiser came out of the was Budweiser with the Kansas Hadley people's names on the and there and co equal those of Budweiser attitudes that. I thought they did I know collected but then you know it was like ball Liza was like oh we've got our throwback him in the mellow likes that we original bottles we. We have don't down beer consuming for the masses at this point to where all the people care about. Is what what it's sold in now what it actually tastes debts are. Yeah I remember every year on July. I think it is Budweiser does the American flag can what that boost sales like 30% if you see the commercial yes. It's like throw back grenades phone yeah you know this small grenade bottles like you know the cores like bank records banquet bottles and journalist integrity in the coming out votes. I'm look at I'm trying to pitches and only jealous that you learned topple off in. So easily wonderfully this now I'm looking periodically but Marge has come out with the holiday. A holiday I don't think it's just. We just improve the product or we gotten so far past that that is like. This is what it is a network or on the register big number like this is so I mean. So it was a Boston Beer is going to but it can't get that horse after Kansas I think. You know they've resisted doing because they you know they argue that it kind of gives up on quality about it for at their stuff on bottles scenes last year but. There's a lot of venues you know that you can't bring bottles into their trying to appeal to more and more people put their stuff and cans. I think Boston mir's face are real issues they're not some small Mike Berger anymore and that's where everyone wants to go for their beer there. A good reliable beer that's and you know a lot of markets outstanding beer but you know they're they're getting so big and that they are not able to keep pace at the same growth that they've seen since there really starred in. Did last most recent quarter they've they've bead on earnings but they disappointed for the bad pretty badly on revenues zone. It just it strikes me as. Window dress pandering yet it's. They Boston Beer got to where it got too because they put a good product on the table at a good price then. And times of changed people's taste of adapted and they haven't done to try to that the played out the hand. I mean I've all fully admit it I I've bought beer because it was a cool man and and a like instead beer. But I still bought it has a chance. Did you buy it again because. I've ordered again because I like the taste of beer opener. Anything yet Esther you know I view dressing Buchanan makes him by at the first time then that looks and then that's very and you ought to also. Cost cutting. I can't achieve reduce them bottles yet they are cheaper to do it in again that but I I just. I want companies to look at the product and say we're not doing a good enough job there is make no mistake if they work. They wouldn't be in this position. You know it's it's look if if if the product was still there. They wouldn't be in this position. They still have I still drink Sam Adams when he at times certainly times where I go out it's a professor and a dog the October fest there there seasonal or some of the best around I think her. Blocked. I feel that they kind of missed the boat on some of the smaller craft years things. And it's it's a little stuff they can do they have so much capacity than if one ever caught on their product of their own success and they just. They've gotten bigger now and they've missed out fuse our trendy Adams the other big take away from that articles that their looks like the coming out and I PA which is really really popular which is big for them is that they're here it's always been a little bit lack. I've never had one of therapeutic and all they have the dead at the rebel IP all that's necessary yet that was okay well which is like very average it just it never quite got to where he needed to get to. And I'd look at Sam Adams and say look if if you came out with something that you just just had you know that caught people's attention because the flavor and taste. If so which capacity to produce that they could just you know make a killing on right away so I like the fact they're Golan in that direction the canned. OK I get the marketing aspect of it but shall we shall we. Let's take a break right now and we're gonna continue to talk about what brewers are doing to try to group gain sales in this case we're gonna talk about a brewer. That is making a play for mayoral wanna beverages that's coming operate after the break on the financial exchange radio network. Markets continue to fluctuate but we've got you covered get your daily update on what's hot and what's not from Mike Armstrong every morning at 1030 only on the financial exchange radio network. Are you financial advisor who lacks the formal succession plan you're not alone according to investment news 43%. To financial advisors are over the age of 55 and many -- no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you worked hard but now it's time to find a successor the arms drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI AA and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which they have become accustomed if you're interested in talking with us please call me at 803934. Zeros -- one that's 803934001. Or visit us online at Armstrong. Advisory group dot com securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. If you're in the market for a small business loan you need to call leader bank if you were small business looking to expand or improve your infrastructure you need to take advantage of this great deal from leader bank. For a limited time your business can get an SBA loan of three point 99 annual percentage rate with no closing costs on loans of up to 150000. Dollar and ad rate is locked for four years in a democratic rating of 700 and give you an answer within ten days of receiving your completed application. This is the number you need to call 8776917900. That's 8776917900. Take advantage of this great offer from leader bank a four year fixed rate loan of three point 99 annual percentage rate with no closing costs on loans of up to 150000. Dollar and you'll hear from them within ten days of receiving your application 8776917900. All right now 8776917900. Member FDIC. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're. Close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. Securities are pretty securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Hi this is Barry Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking with me one point 15%. Annual percentage yield this is an online product only and there is no minimum balance require a logon to leader bank dot com and sign up today this rate may change without notice and don't Dele log on to leader bank dot com get all the information about this great offer and sign up to date before the rates change. Free online banking with leader bank's new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank step ahead. The financial exchanges live on FaceBook and YouTube watch Barry and Joseph discuss the issues of the day and see which one smiles at the most. Is who's the financial exchange radio network. Just when you thought there weren't enough ways to consume marijuana. If that's the thing. Constellation Brands trying to break new ground there taking. 9% stake in canopy growth corporation. Which is a Canadian marijuana company. And store with a grower to develop and market candidates infused beverage yeah. There's still a fairly small company but canopy growth is next the largest publicly traded marrow on company out there. And like you said they are working on yep producing marijuana. Beverages. You rather than focusing on the alcohol content. Name it THC entity in these temperatures. This isn't going to be legal in the US anytime soon is it. Any time soon especially when you have a company like Constellation Brands involved in it it's not like they can just cater to each state they're gonna say. I would imagine anyway there and take the conservative approach and say until it is federally illegal we're not gonna market this here in the United States does. That's when you get that's when they get real issues that I think date this constellation corona. That is yes you and Ager do corona you know trying to break federal law. There's a lot of country can do this and you'll probably feel the doing candidate by between nineteen I mean what if he just started in Denver CO Archos. Thank you because you're still breaking federal law. Got a new stadium DN of yeah that big Kelly like that would be like if you're gonna be at Denver based company come and just sell marijuana in Denver than you have a lot less risk than if you are. A company that's operating throughout the world and trying to do stuff in one state that's gets messy. So how long do we have until he can walk into liquor store and buy corona high. If he's like that's the name for Corona Extra correlate corona corona high. You know I like it did an epic of a sixer of corona high on the on the way out you know lake. I I would imagine 36 dollars or six or let itself though is it's a bad combination to write. And I'll find likeness. It's just it just doesn't seem what you wanna combine those things them. Yeah and I have I guess have lots of good questions like OK if it takes you. Four or five drinks take you get to to get pretty pretty drop by drinking a beer does it take years for five today get. Yeah her. Lot of measure I missed one a measurement like how much of the delayed fuse is there like I could see someone being laid off at one of these silly plot and I have three more because of not feeling anything right and the next thing you know there's sit there like talking about aliens and stuff now that's true you know it I just I. How fast changing world. I mean and how about like that you know if you're driving like you have two Beers at the bar or something you get the current wave more balanced now toilet superiors. As it will lose CC yeah there are so amber is out there already had not seen any of these in in the markets that I've heard of these already that. They're using flavor of marijuana without actually putting any THC and the Beers you can consume a beer today that the flavor of Merrill water now while I don't drink marijuana. It's ever been a did that it's that they are offered. Higher flavored beer for the first time I hit OK you can doable why would you want to a similar hops. It's a similar plan to guessing it's pretty similar to hops and I was in my assumption. And I dreary drama. A map and a tough tough time. Yeah I do what they're thinking it is just to and I look like I I don't know what you're trying to there chocolate flavored Beers there clear beard it's just one more flavor now streak they do at this point GE's board was apparently kept in the dark about the the shadow play that used to follow Jeff Immelt yeah you know I thought this is just going to be a dead story we mentioned on the show I think a week or two ago this is the story where Jeff Immelt was taken planes all of the world and not only was taken private jet but he would have another jet. Follow him in case there is an issue with the first. Particularly you do this to a higher risk areas if you're traveling to risk your part of the world door. He did it going up to Alaska just concerned about parts performing that part of the part of the world. But yet it until the board about it and the Borges found had an advantage in their thoughts are happy. Ortiz is one of the things if if the companies performing well in in the stock continues to grow when they're growing sales. Lucky it if you put up good numbers. You could take all the planes you want you you can have a fleet of five the following. But when things aren't going well. And the company is trying to sell off assets to try to get leaner and you're not sure where the growth there is gonna come from. Can tap multiple planes but I and I guess that's part of my issue here is the company wasn't performing well right exactly forever looking at you know from. 09 to today it's barely moved. It's it's you know hey you'd take a look at just ten year and it's just it hasn't been a pretty picture and yours just being very wasteful and yeah. Not a good story that might be more on how to jump over Q was a story that idea so on CNBC just a little while ago actually. The headline is UBS slashes Tesla profit estimates predicting more model three problems. And sued UBS this is according to the UBS analyst Colin laying it. It in says quote. Not only does the model three missed undermine the credibility of future model three targets. But it increases near term risks we believe the market should not ignore the fundamental challenges that persist with regards. Tests as a model three profitability. Stationery stores and solar business and the eventual need. To raise cash so. UPS coming out and saying look. What we're seeing pro model three production. Is potentially indicative of some longer problems that they're gonna faced intense stock is down about 15% off its peak. He has gonna say it's shed you know forty bucks just in the last few weeks here as you know concerns continue to mount. I think that he if he's if he's corrected the sales is correct that the model threes going to have further issues before year end. I I too am concerned about the stock today you know we talk about momentum stocks are talking about that before and if there's ever momentous August certainly test it. While I did I I get concerned at these levels. You are musk has been pretty outspoken about his desire to get to 500000. Model threes a year. Even let's let's strip out the the technical aspect of doing so 'cause it's clear that they're not gonna be on target to do this by the end of next week we know that at this like. Anyone who's pretending that they're going to get there. It is whistling past the graveyard the question. Do you think there's actually demand. For 500000 of those vehicles in a year and here's why ask. If you take a look at the bestselling. Passenger. Sedan this year. It's the Honda Civic okay. The Honda Civic through September. To about 284000. Sales so it's on pace this year to do about 36370000. Sales that's the best selling sedan. In the United States. Are they can be able to do 500000. I I I think there'd be a demand for I don't know what the difference. Is but I I see a complete category difference between the Honda Civic the trader Cameron and the Tesla model theory I think they're just. Appealing to different consumers. And at 35000 dollar price point. I know this final blow into the model three bit 35000 dollar price point yeah I think there's demand for what makes it get to 500000 is that that's saying this is gonna perform I don't I don't think they can get to 500000 Oca. But I think the demand is there for 500000. You still think they can. By virtue of production and I don't think in effigy is a deal to get there easy you think that the bottlenecks could be on the production side not to and I think about it to me in the production side and I think by the time Tesla gets. Up and running and then there's more competition and advancement. We're gonna take a break when we come back we're talking about tax reform the tax bill is due out on Wednesday. We'll let you know what's coming up right here on the financial exchange radio network. The financial exchanges of live on FaceBook so make sure to like your page and watched the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buyer gold locally it just makes sense. Give leader banker called and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back a step ahead. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're. Close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. Juries are for two securities America incorporated member finreg SIPC and advisory services are there securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from pro ready to. And in order to make sure that your process goes as smoothly as possible he need to deal with an expert Todd let's giddy up partner with the law firm of Cushing in Dolan and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust and keep your assets safe this month and has written a brand new guide called designing the perfect income only irrevocable trust. And you'll learn about strategies to undertake while preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal extreme showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guy that's legal exchange showed Dutch come. Legal exchange show dot com. 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And then of course there are some reports in ancient and electric stuff but going back to your question a Condo association's a lot of Condo associations have been using human as well. Because the Condo payments that kind of the shirt delivering market seemed so they've been signing up and there's a version of the rent for condos. I'll be darned well sounds like yeah something that you need to learn more about folks visit zebra dot net to learn more that's a website address or call them at 8776917900. Toll free 8776917900. Why collect your rent or your Condo fees with paper checks. It with the modern age go to he rent dot net or call them toll free 8776917900. Markets are out. But questions remain about whether or correction is coming. We've got you covered every day with what's not and what's not from Mike Armstrong. Mornings at 1030 only on the financial exchange radio network. Chuck Todd and Mike Armstrong here Barry Armstrong of the day. And Mike were expected to get the eight. More detail tax bill from congress on Wednesday. Still an uncertain as to what we're going to be getting in there and the road from on that point. Yeah today it is gonna be of their opens to be a short road from that point drink at the release on November 1. They're hoping to have in approved bill on Trump's desk January 1. It's gonna be really tough road to get there and there's a lot of stuff to still be worked out and I'm I'm pretty excited to see the details on Wednesday and there's going to be. A lot of news that comes out but you know already ahead of this. A lot of irony organizations are really sharpening their critiques and being pretty vocal about it we're gonna critiques of rehearing what it would be the biggest criticisms of the the plans it's been talked about today so the two that come to mind for me won the national association of homebuilders has come out against this bill that. Association. Arm. The includes 130000 a 130000 people that employ nine million individuals. And they have come out at a cancer because of the basically. So there arguing against that says well you know I didn't people can be of the take this introduction anymore therefore they're not gonna focus as much on you know buying a home and having more so. Any HB dominant against that. So let's let's talk about this a little bit is it you don't agree with the argument it's it's it's lithium it's something that I find interest in the the idea of the home interest. The mortgage interest deduction now okay. You take out interest on a loan for mortgage mocha. And you're able to deduct that up to a million dollars is the the threshold you have that you're able to deduct. Is it a good thing that we have that deduction. It is a good thing there were encouraging people to. Buy homes that they mortgages. Probably not and in effect are we really subsidizing people would bigger mortgages yup it's. Regressive move because effectively what happens is a feared a higher tax bracket and you end up paying more interest. You end up Jennifer Monica there is if you're someone who's responsible and doesn't take out a big mortgage. You're being penalized if you're you're not able to take that deduction so. I think logically. The way that they're doing this one of just doubling the standard deduction is going to simplify the way we file taxes and yet does phase out this for a lot of a lot of filers I don't think that's bad thing but this is the issue you're gonna have. Is all of these special interest groups are gonna come out and they're knocking argue the facts they're just gonna come out and say. This is bad for homebuilders this is bad for real estate agents. And you're gonna have this come out across the board the other big one is going to be the state and local tax deductions and one half as a big here in the north and ask is a huge one here in the northeast you forget about the the mortgage interest deduction if you in New Hampshire can no longer deduct your property taxes against your federal taxes or if you and Massachusetts can no longer deduct that five point 1% state income tax that you pay. Yeah that is going to be beat big change we're talking right. Now about the the ideal tax plans being presented. By. House Republicans. Is there back a plan something small. Yes you know I think I think they need to be prepared for back up plan you know there's just too many smashed in in the house I think they won't have that they're in Asia but in the senate you know you've got 52. Yet 52% majority and so if you lose a few of these people slim margin it's a very slim margin you have Bob worker Tennessee were read the deficit get Susan Collins of mean Odyssey answered about all the salt stuff as well as him being tilted towards higher earners. Rand Paul at Hollywood goes far enough for him. And then obviously McCain and Jeff flake or just kind of wild cards at this point they might get angry about the process of how quickly they push this thing through. So yeah I mean I think there could be some sort of middle ground. Fallback plan where they just say okay we know we need to get the corporate tax stepped on some neighbors and push that through. And maybe work on individual stuff later but it's still do we we don't have. Any clear details on a lot of these issues those supposed to come out Wednesday yeah that's when it Wednesday were going to be and then heavy heavy news is we pick through this plan and trying to figure out who the winners are the losers are. Wednesday what we what what I want sequence there let's let's talk about what we want to see on Wednesday. I wanna see where the brackets fall okay how why is that 10% bracket but what about the fifteenth where do these brackets end up falling because if if yours if you see situation we're almost at the 10% bracket becomes a whole lot bigger instead of going to you know 101000 dollars goes up to thirty. It is this is a big shift all the sound so I wanna see where the tax brackets I want to specifically see. What deductions capped what deduction you got and if there any new ones okay we're talking about trying to simplify the tax code. They gonna try to get anything in there that's a new deduction that we don't have today wrecked it is that deduction a good idea and you know there's things that we've talked about. You know do we want to have bigger childcare deductions childcare credits and things like that is something like that going to make it into the bill so anything new. Coming in there those are kind of the three big things don't Wear the brackets are what you're doing on deductions and if there's anything new that's coming. What any big deductions that you think I mean the big ones for me are low one person that is what that child tax credit to go up further. The salt deductions state local taxes and am more well the presidential run is kind of irrelevant as we know they're likely be doubling the standard deductions that was kind of doesn't deal 41 K one under secure. Once they do with the charitable deductions there's been talk about phasing that out at some point so I'm curious to see what happens on all of these deductions. I do wanna take a moment and talk deal little bit about leader bank right now under the various told you about them for years and about his relationship with leader bank. He's been doing business with him for years. They're always coming up with three deals and I've got another one now that he surely worth your time to check out leader is offering. And with a one point 15%. Annual percentage yield its online product only in no minimum balance is required so log on the leader bank dot com. In sign up today the rate may change without notice so don't delay. Log on to leader bank dot com get all the information about this great offer. So today before the rates changed get free online banking with leader banks knew he savings account. There's a one point 15% APY in no minimum balance. Remember this product is only available online so log on to leader bank dot com right now that's leader bank dot com. Leader bank a step ahead member FDIC. No minimum balance. These may reduce earnings rate subject to change without notice in May change after an account is opened. Let's talk a little bit more about that 41 K deduction okay. How what did the potential caps that are being tossed around we had one lowering the cap to 2400 another raising it to 20000. How would these affect different people savings well. There is already they've somebody's already pushed out some information about who actually is contributing to 41 K plans the broken up both by agent by income I wanna focus on the by income amounts in this was to meet the most interest so. If you are making between ten and 25000 dollars a year. 38%. Of those workers are currently contributing more than 2400 bucks. So that's good am yeah that's right they announced 125 grand and you're still putting. New remote. Oddly more than a third of them are putting money into the Torre and the 401K plan over that amount. Actually drops of your making between 25 and 50000 dollars a year I think that you know kind of has to do with where the and while just middle plastics and verses you know getting a lot of subsidies for housing to sort that out. More than half of employees in the threshold. Above 50000 would be impacted and 87% of people who earn more than 100000 dollars would be impacted by the staff. So a big significant share end you know less significant share across income brackets you know we had this isn't just something that impacts those 100000 dollars. A year workers. And what's interesting is. It would largely affect older workers more than younger wives okay. The older workers workers aged 55 to 64 on average contribute about 7200 dollar easier to their 41 K. 25 to 3040 year old people only contribute about 3100. Yeah you know I mean with a lot of fifty year olds who. Don't have a lot of money saved up in their 401K plan because they've you know they haven't been able disabled and raising their kids have been putting them through college sorting them out with college and I hit that time frame in this it while I'm I'm semi 41 K now every year to the higher. If suddenly you've been playing that game and all of a sudden now you can't get that's deduction while you're in your peak earnings years. They're still be a tool story you know he ought to do a Roth instead of the traditional but. If that. Changes. Without some sort of phase out you know if they just do this and say okay tomorrow the new limit is 2400 box that will be a very serious impact in the short term to a lot of sabres. Wanna talk a little bit about this story about bosses. Ian in in Boston in the story the title is more than 10% of city school buses are late despite MIT's help. It is it true. Is that just what was asked ever driven in Boston at I 8 in the morning I tries not how Smart that I'm Smart I try not to what I wanna go do something like that it ruined my day Nigeria. And DIA the they're just facing consistent issue here where it's just impossible to get around this idiot this points and a school bus is no different you sit in the same traffic everyone's. And we we talked about the the duck boat operators. There and change their change their course because they just can't get to all the different sites that want to show people is finally back so question that I have but I haven't been on school bus along time that your. And I don't have children so I don't know if if there's bad weather they don't move the bus schedule up today. I don't think so now I don't the tan. Just throw it throws off to me things stopped communicating out imagine it can't get those people schedule so there's nothing you can do like when we have bad went whenever it rains I automatically know. It's gonna take twenty to 30% longer at a minimum to get were on gold sometimes fifty to 60%. Yeah. I can leave earlier to get where I'm gold but the boss can't. Now I don't thinks I mean you've got these contractor drivers out there it's gonna you haven't really tough time moving up schedules and that's the tough part with anything related to. The public rated drama the school system you can't change schedules very easily but they need to do something because all these kids are getting to school you know 45 minutes late and missing out on a good portion of their day I don't bear solution would be sent flying drone bosses then. Yes that's terrible I think so too but let's take a break right now Bridget Carey from CNET is gonna join us on the back end. With everything you need to know about the iPhone X deliveries are happening this week. Tucker's the iPhone apps whatever. IPhone axe we'll be back right here from the financial axed. Angel radio network. The financial exchange with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten and this is the financial exchange radio network many of you who've listened to Todd -- you for years on the legal exchange radio program are probably -- near retirement age and if you're one of his core listeners you know always an expert in elder law and estate planning if you been thinking about starting the estate planning process or are just under way. You want your trust documents to be prepared properly so that your acids are protected from the nursing home. It takes five years to secure that protection and you need to make sure that you aren't wasting your time in your money and legal documents that don't work. This month Todd has written a brand new guide called designing the perfect income only irrevocable trust they contained the specific language that must be included in your trust in order to protect your assets from probate this guide is available exclusively. By visiting our website legal exchange showed dot com that's right the only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed dot com. Retirement it's something we all think about and all of us look forward to it after many years of hard work but are you ready for mentally perhaps but there's much more planning required if you wanna rest easy in your later years hi this is -- are strong and this month my firm the Armstrong advisory group is offering a brand new guide called retirement readiness unit you'll find information they can help educate you on what steps to take to enjoy a safe and prosperous retirement such as how much money you'll need to maintain your standard of living and don't forget about health care costs and tax considerations it's all in this brand new guide which includes your own retirement readiness checklist you can get the guide by going to our web site Armstrong advisory group dot com that's Armstrong advisory group dot com learned today so you can plan for tomorrow download the guide right now at Armstrong advisory group. Dot com securities are for two securities America incorporated member finreg SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are. Unaffiliated hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking -- -- one point 15%. Annual percentage yield this is an online product only and there's no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice and don't delay logon to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. Many landlords are suggesting that tenants and a Percy rent upon the execution of their release and why wouldn't you wanna do that once it's set up you never have to make another change during the lease period zero and there's a free service if you have an account with leader bank and if not it'll simply cost you a small monthly three call leader bank right now and 8776917900. That's 8776917900. Or go to Z rent dot com for more information member FDIC. Security suffered through securities America in member finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representatives Armstrong advisory group in the securities America companies are unaffiliated. To vote on our daily poll question had financial exchange showed John come out while you're there fire of the media player and watch the show while you work. This case the financial exchange radio network. If you're on the go he can still keep up the financial exchange on the I heart radio app. You know when your phone or tablet just search the financial exchange and you can hear individual segments are full shows can't listen live we've got to cover art radio. Joining us now to talk about the newest latest and greatest iPhone is Bridget Carey from CNET Bridget thanks for coming down. Hey could be years and that. I didn't time the people who really want that and I are definitely last and he can eat it. It's certainly has it seems like there's been lines in and back quarters just about everywhere. On in this we're talking about I I always wanna call the iPhone X because they put. Yet the X in there and historically what apple does that lake with a west acts they want you to call at that but this case it's the iPhone ten. What what are we seeing as far as backwards. Well. We went and the pre orders begin online on Friday at around. You know like. Really early in the morning. Like 3 o'clock eastern. It. But basically the first shipment ever entered into Atlanta to be among the first in the soda and for a lot of the carrier's. So right now if you wanna buy one had at the time looks like that literary. It's gonna be like mid December. And if people need to have in their hands at spreading when it comes. I wouldn't have to wait in line and not just that and look like that there is short supply in general you might that considered getting a model. In your first ticket you just have to habits have been at that moment you know come back. And what are the final numbers in terms of cost for the iPhone ten. Well. It around a thousand dollars. As Internet content. And there is it more expensive. Model with more memory like 268. Model was more memory I've actually met. That is what people might have to be eating at. You know they understand line in the owed him that does cheaper quote unquote the odd thousand silence about active or Covert. Having babies but is at thirteen. Hundred dollars her third front have more memory on. Looking at the the feature list in the iPhone ten let's start first just with. Completely new features what stands out. With this phone as far as new features. Well it but you know what apple hoping for having been to the line be completely different like encourage people to upgrade you have no. You have no home button on the bottom. No no fingerprint scanner truck market now marquee feature is facial recognition in them on the top so. Oh. Apple like if they all street on the front that really on the very top of it is a little. Black bars at that not screens and that's where it speech recognition cameras are all packed in the act on the planet reasons and if you read a lot of report. Obliterated by people's. It'd that it's. In short supply because it's not exactly is he keeping technique. But apparently you'll be able to just. Point the phone to your face that second table on box though. We'll have to see or the people who you know the first to get a cup cricket if there's any issues with that I think. Nick out of a lot of friends say they're looking hundreds and sometimes because that they're different and they won and we see that how that's gonna work because were. For years now many iPhone users are used to just unlocking the phone with their fingerprint. How much of an improvement is the iPhone ten over the iPhone eight that was just released as well it. Does it make sense for people to spend the extra cash. I never think something make them do but it just fork over money and what if are apt to be part of like that cutting edge. Because it. Hendrick around here now that apple or stand. You are Guinean. A different experience the better camera on the back at it team. With the a couple of extra features. Here overall in public and noted a lot different mountain on the iPhone that are out there can be your spirit may be amended. A lot FaceBook and checking him reality light that they can have a different it's really about the their ability to Obama and make the payments that they eat is is the big thing at them and talk about an offer wireless start. Up. Oh we got about a minute left Bridget how does this stack up against the new flagship phones from Google the pixel two and pixel to excel. Well cookbook at the bad press recently so there they are larger at pixel to act out. Has a lot of screen problems including one other models we had that we're testing over at CNET. He had the burn an issue if you don't of the burn in it it's like you know when you have TDs but like the on the institute long an can have a go to that image that remains. That's good happening cute some of these phone that they were having my ghost images of like the navigation bar on the top and bottom. And that has also been. It you could see for yourself to catch turn to blew a little bit but Alan you pointed certain angle compared to other and click on the Google. And not having depressed when it comes to that model. And I think and race span. How hectic the ban on or it to its rare people jumped ship completely in front and right back to iPhone or vice Versa. But right now I don't think apple has Google as a big. Competition out there right now because they have been doing so good on their big launch. Are good Bridget thank you for the time it'll gets over the soon. Bridge of care from CNET talk about the iPhone tenor iPhone X or whatever you wanna call it. He is the only thing that concerns that thing. If that face or facial recognition does not work as well as a thumbprint people are going to be. Going to be bad no matter yeah. You know if you work perfectly sums they ought to good they get it. Then again I'm not buying obstacle in my success and I'll be happy I'm sticking with my six markets down about a quarter percent right now it's all the time that we've got for the day. We back tomorrow on the financial exchange radio network.