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Full Show 11-7-17

Nov 7, 2017|

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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 sick leave your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with Barry Armstrong and sharks done us. The price of oil. Is controlled by the same people who attacked us on nine elevenths Saudi Arabia is going public next year. And in my opinion they will stop at nothing to raise the price of oil in anticipation. Of their 2018. Initial public offering hi everybody it's Berrian truck with you here on a Tuesday morning. And I guess basically what we're learning chuck is that Saudi Arabia is claiming that what Lebanon has declared war on them. Effectively that that is the the statement that they are making Lebanon is pretty much saying the exact same thing back to. Saudi Arabia want the same time neither one is actually doing anything right now so it's kind of well you did something I don't like but. I'm not doing anything at the moment. Though obviously this is something that you know could. They don't really flare up pretty quickly. If either side started taking any kind of offensive action here. Money in you look it over the last 2030 years that some of the worst that have fought bin fought between for instance Iran and Iraq. They give more people die and that workshop and died in the civil war here in the United States back in the country. Yeah effectively mean you you or your proxy wars going on all over the Middle East at this point I mean what's going on down in Yemen right now where you pretty much half Iran and Saudi Arabia fighting there and and then you have those seem to countries effectively fighting side by side in Syria. And then yeah pretty much going attic in eleven and is well I mean it's. It is a complete mess over there at the moment. Well it is NIC you know I only bring this up because you know you look at the price were the world seeing it at the pump greatly you know eat gasoline prices are now approaching three dollars a gallon to 53 gallon as well were up two on the the national average now. You know that would you seeing regionally. Up to fifty as 269 yesterday. That I I think folksy I would suggest you prepare for three dollar gasoline. In three dollar heating unit this that time a year chucked him but he start to top off their tanks in anticipation of a cold winter. Energy costs have gone up somewhat during the last thirty days that if this trend continues and if you hear continue to have. War mongering talk and the Middle East I think we should anticipate that oil prices are gonna go higher. But degree mean oil prices in the last two months have gone from the mid forties now up to the high fifties effectively. On west Texas intermediate you've gone from 46 up to 57 so. That's substantial movement a short period of time. A lot of it is due to what we're seeing going on in the Middle East right now they have been you know some supply shortages as well here and there. As far as production not quite meeting expectations. But largely the last couple weeks has all been. Moving based on getting out of the Middle East. In what what's been going on energy stocks when you look at your Exxon Mobil's your British Petroleum. What are we seeing there. Been very positive warm OK at least for the ones that are pure play. As far is more exploration and production base something like a BP okay. Has moved very positively over the last couple weeks you BP trades about 4150 today if you go back three months to the beginning of rock and mid August 34. Okay that's about 2.5 30% over that time. ExxonMobil. Which is more of a diversified play because you have the exploration production they're finding is Wellesley natural gas arm. Has moved as much okay ExxonMobil is gone from the mid seventies. Up to the mid eighties only up about 10% so it it really depends on the specific play that you're looking for. In the refiners at the same time have benefited a little bit just because of the bottlenecks that happened because the workings okay. So a company like Valero was gone from 64 to 81 they've benefited from what they've seen as far as. Increased competition for refining to pass. Yes you know the ache. You know you look at the pricing of oil we were what in the thirties earlier this year hype I don't hide thirties and I know we just went under forty for brief third time that. That's quite a bit of volatility. Well does that mean oil is is is always a volatile commodity in the the problem is people as a health often say. They tend to make long term decisions based on where the price of oil is that day here that month. And oftentimes they end up being completely wrong okay it's you know you can go back to. You know the middle of 2012. Okay are 2013. In oil sitting there you know close to a hundred dollars a barrel. And everyone saying gee why don't wanna be buying you know any suvs at this point because you know oil so high. Well it's on the price comes down was ever won in America start doing. They start buying suvs well I can tell you and look we're seeing it right now we set this when the price of oil went down to 27 in February of sixteen we said. Be careful here the price is not going to stay where it is. And sure enough what happened everyone started running out to buy suvs trucks do chuck and trucks and now the price of gas coming up and all you hear from all these people is. On so expensive to fill my tank when you knucklehead I told. Do. A you know what it is a lot of guys have been by and in the truck that need them. You know he eat you if you're working in construction you have to have a truck in it's part of part of what you need for your for your trade. No no doubt on that front I just look at all the people who like it's so reminiscent of back in the early two thousands when ever wanna be buying the homers and everyone's saying. Well yeah it gets it miles an hour and a everywhere it's. It in you're seeing it again now not so much that the pick up trucks that you know the guys in the trades need and understand it but. I can't tell you how many people IC by Honda pilots which look they're great cars okay there's no doubt about it but the Honda Pilot. Gets you know twenty miles a gallon compared to you know you can get a cross over even that gets you close a third. And being good syrupy it's brilliant 35 in exactly and so people just piled into these bigger vehicles you know. You look at lake. The Toyota way they have like the highlanders I think they're up there mid size when or runner that thing gets when he won the four runner gets I think like eighteen miles a gallon. And instead look deacons got a rep for the gets like thirty. So generally. My conspiracy theory about Saudi Arabia set that aside. What would you see an end which should we anticipate for oil prices during the next 1218 months. It depends how badly this thing those in Saudi Arabia. Okay. With we talked about the all the rests in Saudi Arabia. I think what's going on internally there is going to have a huge impact on their external behavior simply because when you look at the arrests that have happened okay. The single biggest one that's out there. Is the arrest of prince Al we've been too long now okay. He's someone who very much an adopted a number of western valleys and starting to push in that direction big investor in western companies and so forth. And generally a little bit reform minded and if indeed you do see that side of the royal family being pretty much pushed out at this point I think it raises some real questions as to whether or not there is going to be greater conflict. In that region simply because. Of who wins of taking power there. And if that does happen I think you're gonna see prices continue to rise. Very quickly we want to touch on tax overhaul headlines story in the Wall Street Journal. Broke last night at 640 Richard Rubin. A house committee began considering a bill on Monday that would reduce taxes by one point four trillion dollars over ten years but disagreements. Over key pieces of the measure could force Republicans to make changes and slowed down plants. To pass it by year's end you've always maintained no tax reform it's done and what seventeen truck. Now I don't think so and I think it's because even you know with in the house you're seeing cracks that have formed. But then all this and you go to the senate and remember the senate putting together a bill that they're going to unveil probably the next couple weeks. And eventually you have to get to a unified bill that is ratified by both the house and the senate and so. You know in order to do that. What is able to get through the house isn't necessarily what's able to get through the senate and we saw this with the attempted Health Care Reform where you. We remember that we had a bill that passed the house couldn't get through the senate in in three different variations of that bill couldn't get through the senate either and so. I wouldn't be surprised if at least initially. You see the same kind of issues and getting something. Through both. You know both parts congress do I think you can eventually get to the point. Where you get something done I do. But I don't know if you get it done in the next you know here we are now we've got 54 days left in the year and we know that not all of them are days were congress is in session. I that's a tight time line that's what I said. Do you think perhaps they do just corporate and do it next year end and push off personal tax reform until a later date I've always said the corporate tax reform is easier and cleaner but the downside as you've mentioned an awful lot is it's not as popular. And in particular. With a president who was elected with a populist base to give money. Back to the individuals the people were working the middle class or make it 40506070000. A year. It's a tough sell your only gonna do the corporate side and and that's I think the challenge of their gonna run into. Well see you've got to house Republicans. Lining up the gates that tax reform in the where they located there in new York New Jersey and California. You know these. Blue state Republicans they're they're gonna have a tough time voting for mr. All the high tech series the other thing you see in a couple of Republicans Mike Lee in Marco Rubio both coming out saying look we want the child tax credit to be bigger because right now. It's not big enough to help failed was that are offset by the loss of the personal exemption for those kids. And he's right up straight. And in the meantime the national day continues to rise of early when he went trillions. Yeah we we continue to just knew tick up you know slowly but step slowly but steadily rapidly but steadily before. And at this point. You know the national debt that we have here in the US and pulling up the most recent numbers 20000000000471. Million a 164667000. And changed so what's my share that how much to Ohio personally owe you you've got to you've got a big bill Baer let me tell you you 52000 you've got a big Billy I mean look it. My granddaughters of 52000 my kids each oath to agree although this month granddaughters to work if you know if they're all grown up and work. There's slack and when we come back where it talked about MBA programs. You know this is a conversations. I've had with my adult kids and you probably had your kids should Google. And get an NBA league in in the old days in general twenty years ago it was given you'd go to school you go to college. And you'd work in the public's act private sector of birds three to five years in. You take your G Mets need go to grad school that's just kind of what you did if you want to work in the business world and you want to they BP's CEO or CFO. I'm not sure that's the same today so chuck will be talking to Chelsea G from the Wall Street Journal about. MBA programs should you or shouldn't choose that is next from 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 our break here we Berrian jog on the financial exchange radio network. Don't miss the party of the season it's the fifteenth annual Rodman celebration for kids and it takes place at the seaport world trade center on Saturday December 2 starting at 6 PM enjoyed tastings from seven via Boston's best chefs a Blue Man Group performance silent and live auctions followed by dancing with the world premiere band funds raised support Greater Boston organizations that work to brighten the lives of at risk kids during the holiday season for tickets and more information go to run and for kids dot org that's Rodman for kids dot org. 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This segment of the financial exchanges brought to you by liter bag. If you are small business in need of a low poll Interbank right now. And take advantage of their great offer. And for your own up to 50000 dollars leader bank is a preferred SBA lender so they can make decisions in the house and get in answer within two weeks. Call today 8776917900. Or visit them online leader bank dot com. LCD from the Wall Street Journal joins us now to take a look at MBA programs and why some schools are rethinking whether or not they want to offer them Kelsey thanks for coming on. Kelsey can you talk a little bit about the the landscape out there. Four of these MBA programs. In some of the problems that schools are happen. Yeah sure. It's an interesting dynamic right now and I'd be schooled market. There's shrinking number you'd overall where. Willing did leave the job market for two years. Ninety confirmed for one year to pursue a decrease full time. And I want to have an MBA or special attention program. That really act and Q either shelf there earning potential for that period of time. And that's what we're he adds support shrink as the school's. I'm racing to offer alternatives to the MBA so like commencement assigned massacre and developed an increasingly flexible options. You know part time weekend programs on CQ you know. In out and spread out over a longer period of time that's where a lot of the growth we're seeing is coming from and but what what that is doing overall is creating a landscape where businesses after the all our diversified much like businesses. An and spreading out their cost of perhaps a broader portfolio and that's paying a lot of pressure on the one Plaxico scramble for all that that be okay. What are the big reasons why you're seeing less people heading into those programs. So part of it is just economic. The job market is stronger and character 262728. You're thinking about your neck and act like it's your career. If more opportunities in the job market today to get ahead. Match and you know part of it is just. A lot of in front of people that age. In terms of where they wanted to it could in the next juncture of their career. Don't require the MBA in the same way that. You know when financial services and he campaigned and consulting firm as the beast of prized career. You know bold stroke for young people EMB it was a bit of gatekeeper and expand. I'm not really change. What are the things that I have hypothesized. That. Ian in higher education as you see this shaking out the top tier schools are still gonna be able to draw students and in command. The dollars that they require you to go there but it's going to be the ones that are tier two below that struggle is that what we're seeing in this case is well. Yeah I definitely. Last year and it totally shocking. And they link stick percent of all programs received almost 60% of all applications. That it. And clearly a flight to quality going on where. As folks are thinking about their MBA or an appeal I can get in Q Harvard or Stanford you know boo. Or our you know like I'm like you know top top program and I am good. But at. Anywhere else peculiar fulltime MBA program is a big risk here. That particularly a problem for how large gate well. Because even you know bull like constable business it's just strong. Yeah MBA program. They don't have that same financial where with all that this will let you know large endowment. But also you know private schools have the ability to raise tuition break it all kinds of levers that. You know lower tier and largely public schools don't have available to them now. How the shake out is due to. Just overall attitudes I guess I guess just overall shifts in the way we view higher education since the financial crisis a lot of people. Obviously came out with a significant amount of student loan debt during that time. And I wonder how much is caused by people simply not wanting to take on more debt for an additional two years of school. Yeah I mean that they're really really great point I mean the risk calculation as becoming significantly different you know match. Before the financial crisis and being me you know 100000 dollars. Her peculiar you know MBA program. It seemed like you know perhaps. I'd better back. And now I mean there's so many alternatives in addition to the price tag being. You know a sticky point for a lot of people. If you can you know per view. You know. Whether it did degree or certificate program on line for three I mean they're just so many alternatives today that it that existed didn't you at ten years ago. What you actually learn ad business school I have a couple friends who went to some of these programs. And they seemed more like glorified networking events that I estimate was right it was pretty much hey we've got drinks on Tuesday Thursday Friday will be what do you go to class. Yeah you have. I mean I think Adam the amount of investment that didn't put in what actually learned in the craft you're very school by school. It kind of GAAP combined and it that you don't want to over invested in an academic business school. I'm because an hour really is just the huge component of what they get out of the program. But I mean class they're pretty record I mean you learn everything from like. I can't dig at the corporate finance and that would be good for any business journalist frankly or anyone else at any entrant into the bid dancing. And management positions and their companies. But all increasingly we're staying focused on like analytic. Yeah K I think that will be increasingly around and literally every single industry kind forward. Contact technology in the pot and but it means like on your job. Berger will Kelsey thank you very much for the time we appreciated today. Yeah thanks so much appreciated obsolete that is Kelsey GE from the Wall Street Journal where would you recommends. It's going to MBA programs they sat from like the top you know Harvard and bill. Would you recommend an MBA to anyone. Worked at they worry could see it making sense is if let's say you went to college he got a liberal arts undergraduate degree. Yup you're actually going into account consulting. Then it might make sense to go and get an MBA with an accounting and then ended the suspect aspect. But generally speaking that young people the millennial leave my kids they that I talked to. You know two of them thought about going to grad school once still might. That Europe and here because here's a real question as to whether or not it has value is it's very yeah are you going to. Get that leverage and if you're go to big hedge fund or private equity firm. You know the etiquette the route as you go to private equity firm for a year to being go to grad school than you go to work for hedge fund and millions but we'll see you. He would we come back we're talk about. What companies have a lot of cash overseas it will give you full market update all button more from the financial exchange radio and. Life goes on FaceBook and follow us 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 ticked hassle out of rent today with zero and leader banks all mine rent collection tool he went 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 to receive regularly on the same day every month tenants pay nothing in the first six months or free for all landlords visit WWW dug see rent dot net to learn more or call 7816418691. Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43%. 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To 900 or email BBO at leader bank dot com for more information member FDIC equal housing lender. Time now for mostly watch a look at the market's performance so far today but I don't Berrian jug right here on the financial exchange radio network. You know the stock market's rally during the last twelve months has been largely based on anticipated. Business deregulation. But even more importantly it's been based on tax reform. And I've compiled a list. With that for help our friends in the business insider. As to the companies that have the most amount of cash overseas. In week lean fit they gleaned this information from their annual report. Quite astounding jock on companies that you think of news. American. Companies like Pepsi are yet Pepsi is keeping it 94%. Of their cash overseas. Yep Pepsi as well as the number of other companies will start from the top of the list with apple west 246. Billion dollars overseas else about 91% of their overall total. Microsoft will. Let's go back out greatly in their they've got 246. Billion dollars of cash in profits right is that a fair statement a lot of that monies their profit yes it's absolutely yup so. The end the bulk of their phones that they seller here in the United States right. Yes more Alessio. Well how I guess if if their if it more than 50% of their bulbs are sold in the United States Howard 94% of their profits overseas. Well the way they do it is they conveniently have subsidiaries located in other countries and pretty much what they do is they assigned intellectual property to those other countries and then from there they're able to say oh even though we sold this phone here are the property is licensed in a different country and so actually we after remit those profits there so it's actually be a prophet in a different country because that's where the IP. Is located at this point. Rice donated their regular guys that sounds like the bootable. You know he would prefer. For a guy like me right now I and I pay my taxes every year and I pay my Massachusetts taxes every year and when I lived in New York a pavement New York City taxes and and here's apple with with more cash more more cash than most companies of close to being a trillion dollar company. I look at that is a heck let's tax it. It's not division for the simple purpose and everything they've set up is completely legal. Late that's if if you wanna say it's unfair to the little guy not a percent but what they've done. Is was originally used by companies that pretty much had actually been set up that way we're look maybe you were an Irish company and he said look our IP is based here and we're Gannett. Effectively but that's crap Caminiti apple is not an Irish company who is is founded in California Steve Jobs and 100%. Agree with you. But I do I go through this list. Great Microsoft 96%. Now they are global company unity in the but alphabet. You know they they've got 57 billion overseas have been you know he and I know the the if you if you taxed all this money. It's not going to you know make him big dent in the dead but sort of again it is an awful lot of money that has not been taxed where his. Every penny I make I pay taxes on it every penny that the truck driver to the doctor lawyer that they pay taxes but it it almost smells. As if you know Pepsi and Pfizer they've got better tax attorneys then Perry does are Stockard listen and as a consequence it out and earn ten. Acts well they do but the question is how much of the corporation paying tax to begin and I would make the argument that it should be less than they do today because all the corporate tax dollars is it dis incentivized as people to foreign corporations you want to allow for the most wealth possible to be created in the way to do that. If you make it is simply is easy for people start businesses as possible and one of the ways you do that is by lowering corporate taxes and so from my view. Look I don't care whether the wealth has taxed on the corporate side on the personal side and state taxes sales. What ever OK but we want to figure out what generates the most wealth possible. And then work from there to say now that we generated that well then we can start figuring out what tax rate should be for people but. Regis made the argument for no corporate taxes which is which is a legitimate argument I would it shouldn't be corporate tax that the downside to bouquets if you have no corporate tax at all. Is that corporations that factually turn it in effect turning to tax havens by themselves because then they can say look we're just never gonna distribute profits all this money just builds up in companies. Which doesn't make sense either so there's a balance that we have to strike. And I do think that the 20% rate it's being talked about in this new round of tax reform. I think that's in the right ballpark that fifteen to 25% range is where I think it should be. In when you get there you say okay now all of a sudden you don't end up with apple stashing a quarter trillion dollars overseas now they're saying hey look. We can afford to pay this in the US because it's on the same playing field it's a level playing field. And that's why we're trying to do business. Will build this Republican plan of 10% repatriation will bring in I don't think it brings back the fun. If on if its on the CEO or got 54 billion overseas. Why am I gonna give the government five billion. I don't bring back so the other half this equation is what happens with the treatment of corporate debt. For tax purposes right now if you have debt that your company issues okay you're able to effectively right off the interest that's paid on that debt. Okay if that right off goes away in a becomes cheaper for you to pay the tax on profits. In bring money back as opposed to issuing debt in the US and then you see that money come back. That's that's what I think the intention is. Is to say look. We don't want you to simply. Issue bonds in the US and keep the rest your money elsewhere we want you to bring that money back use it here in stop incentivizing needed to run a corporate debt for no reason other than financial engineer. All right so. The number one company was apple followed by Microsoft alphabet Cisco Systems or cold General Electric who knew I didn't think they had any money left to develop it. Amgen was on the list Qualcomm Gilead Sciences Coca-Cola Intel Omer Amazon Pfizer. Pepsi Procter & Gamble and Johnson Johnson all with bill literally folks billions of dollars of cash parked overseas yup. It next Tuesday at a week from today and chuck and I will be at Bertans grilled financial exchanges going on the road we're gonna do Roche will be Bertans grill. In Middlesex in Burlington masters it's on the Middlesex comments. And will be talking about the stock market. And you know I have a theory. That stock prices are over inflated and you might look at that you know I'll share with you. Or statistical. Analysis and I'll share with you'd be evidence that we. That tells us. That stocks are overpriced now what you choose to do with that information is entirely empty you would trade on terrific if you don't that's fine too. But I'll share with you in the date is next Tuesday it's the fourteenth of November the location is at Bertans grow in Burlington Massachusetts. If you want to join us and give your phone numbers he might wanna raise them if you wanna join us the phone number is 800. 393. Forward 001. It's free you have to pay for it. We're gonna get there right around 10 o'clock and we're gonna do our show from ten until noon. Then we'll have lunch together and then I will share with you my theory as to why I think stocks are overpriced today. And why you need to be concerned about that why you need to be incorporating that to your investment decisions. And you if you wanna join us this is the last they will be mentioning it. It's Bertans girl the phone number is 800. 3934. Zeros or one B a wonderful lunch served its free of charge that's 800. 3934001. 21 century fox has been holding talks to sell most of that company to Walt is why would they do that. This is a fascinating. I'll look at how these two companies are moving in different directions so what 21 century Fox's talking about doing. Is selling off there what they call their Entertainment Properties that means anything their movie studios. Their content creation arms for TV channels things along those lines. What they want to keep okay. Is they want to keep their news channels of Fox News fox boost business. As well as their sports contracts of the NFL on fox and things along those lines. They wanna sell the entertainment division to Disney which Disney talk about the content that Disney's entertainment division is producing. And it is a cash cow for the now the acquisition of Lucas films of Star Wars marvel studios. It is something where they are going to be a juggernaut on that side. But Disney. Ironically enough is having trouble in this very spot the fox doesn't want to sell these days having trouble with their networks now okay. Disney is seeing dropping subscriber revenue from ESPN they're seeing increased rights fees to those sports and so what's interesting here. Is 21 century fox is pretty much coming and saying look. We can't get to scale on the movie and entertainment side of things we need to sell that off before that ice cube melts. We want to invest in our sports and R&R and that content creation arm that movie are right now. Is everything that's generating revenue for us. Their focus there this is actually kind of a match made in heaven it's in their strange bedfellows but yes it is it is a match made in heaven in terms of what they wanna do. And it would help his knee with tears streaming channel that they wanted to create because it would give them much larger library. I've I think this is the rare deal that benefits both companies. So this is it at Disney is looking at this. Maybe I'm looking five years out but I I'm thinking they're doing this in large part to compete with Netflix. Yeah and very I was gonna say I don't know if view this is related or not over the past month or so. Both Disney and fox programming like effects have started to slowly pull away. They're TV shows from Netflix you know. I I never understood why they gave them to them in the first place it it it seemed. You're feeding your competitor and I know Turkey is maintained that they need the cash it in the EU you know. By giving I don't know blacklist is show I see on Netflix I say to myself why would you do you're you're you're giving. You're putting guns that you putting bullets in your bigger your competitors gun. Doing and it never made sense and I know the cat but it just. It seemed like you know these companies ABC CBS. Fox. What are really they are largely responsible for the success. Of Netflix. Yeah I mean I think. They certainly were part of the early success I think the biggest thing the last five to seven years there's been Netflix original programming but you can make it very good argument. There with out the content in the early years that they got from these companies that they wouldn't have gone to where they are today. Yet I mean Netflix is a drug or would they spent seven billion dollars on content I think it's twelve. Yes it any update every someone. It mean that makes it very difficult for anybody to compete even if Disney does this merger with box in even with their large library. What is Netflix creating something like 67 the series a year. It might even be higher than that and they're closing in on a hundred I think and in doing movies they're giving it Netflix is just the column. You know it is Netflix larger than Disney bike market cap it. No I I don't think so Netflix right now has about an 85 billion dollar market cap. Disney I believe is still around to a hundred yeah 157 so still about two thirds the size. But it's it's closing the gap I'll tell you that. Well and you looked at Disney right in the troubles there having with the ESPN because they're still hemorrhaging what do these hemorrhaging to 300000. Viewers quarter. I think it's more the latest estimate I saw was that in the month of October I think they were losing 151000 a day. Which is about 450000. Just for the month. We you know cord cutting is becomes so. Common. Dad you're almost looked at it. It'd disparaging view yet cable T. Pellets and as a Hotmail email address. The UROL oil well yeah it's it's early gentler take all seriousness the art I was at a football party. And you know people were laughing at the people who were paying cable. It is Korea so it's it's gotten to that point where you are ridicule because you advocate TV when you win you still have cable and you have multiple TVs. You are literally spending money that you don't need to because you you you can have the exact same programming. For a fraction of the cost. Up next we'll be joined by Nina mishra from Zacks were going to be talking about Microsoft Microsoft as one of those companies where they cannot fairly. They're also one of those companies have a ton of cash sitting overseas we'll talk about that next from the financial exchange radio network. Trump's administration hasn't passed any significant legislation yet but tax reform is front and center pass me in here. Keep it here with Barry in chart for the latest on the president's agenda and how the markets are reacting and this is the financial exchange radio that. Work 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 -- 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 -- 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 -- dot com right now its leader bank dot com -- -- a step ahead. Are you financial advisor who lacks 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 work hard but now it's time to find a successor -- -- advisor 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 or one that's 803934001. Or visit us online at Armstrong advisory group. Dot com securities are for two 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. Hi everybody it's very Armstrong and potluck ski from the law firm crushing in dole and we're talking today. About estate and asset protection strategies. That can help reduce or eliminate your estate taxes. Todd is it true that a married couple living in New England with two million dollars and assets pays eight voluntary gift tax. A 100000. Dollars in the government they don't have trusts in place I'd certainly can't be certainly depends on what state and to be you know I'll let him say only if if if you if you have assets and you can't each state has their own exemption. You know like the federal exemption amount is 5490000. Dollars you can pass that amount. And state tax free to anybody you'll. In any state. But and a lot of people say oh we have that kind of you know but. What you forget about is the states. State tax system they have their own system. And each state has their own exemption. Which can range from you know a million dollars to 201000005. Is around here 2.5 million you know and then some states don't have any. State tax the only one in New England doesn't have one news New Hampshire that's correct New Hampshire is the only one in the in New England that doesn't have a separate state the state tax. And so the goal is by doing basic estate planning and using trusts you can double whatever that's data exemption amount is thereby hopefully eliminating. Voluntary estate taxes. Up to whatever that exemption amount is double. Request your copy of Todd brand new guy it's called reducing and eliminating the state taxes. You can call and receive guide the poll number 8668485699. Or visit his website it legal exchange showed dot com net. Legal exchange showed dot com or call tool free. 8668485699. The financial exchange with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten days is the financial exchange radio network. Joining us now on the line it's Nina mishra from Zacks here and talk about Microsoft's. Give thanks for coming on. Mean it. This is a company that you know obviously if you owned it for pretty much 2000 through 2012. The company didn't move around a whole lot but since not in Adele took over in 2014. It seems like they've been hitting on all cylinders. Do you still think there's room to run here. Yes I was the the company has been kind of leave anything yet so those assets in the bailout took over a dimension three years. And they invested. In big cloud computing business as Asia and number eight pick me and about just being off now. And that was the mean season but I would go vote with the main reason by big duplicate much better than expected that the police simply. In fact they're loud and got protective services have been knew those 90% to. Even though. And that. EW. Amazon that's services is that you get and that these picked out and just active so that the peace. But Microsoft and shares have seen high he would go to. Ben Eager EW this forum at these aid to advocate their collective that there is equaling an epic be impacted via. Another season to be positive on that stock is that there are also investing a lot. And hi go to it and found naked artificial intelligence. In fact they have made to eighteen acquisitions. And EIB. Over the past two QB unit. As recently they announced a partnership that Amazon bad bad. Poised to then like to an assistant to court and I haven't communicated that Amazon. And next time. And create you know more. Unique strengths that would benefit. They have their customized the ban meaning go to community and that's fine I think that. Opted continue to grow up. Even though it is not about taking them but sent it to date and you know I need. What are the potential downsides for the stock. Prevention announced that it competition and that doubt they'd vote. And good than not and cannot be beat that beat them so it down and as your go to. But I also wanted to mention about Dick cash position that you have but to. These have about one ticket seat billion in cash and most of which is pocked wrist or with these. You know this happened being advocate that it hasn't he done both of them. Going a bit of it and to consistent piece since then and if you see any tax support to package and on a day. Then that stock is going to benefit a lot. And of course they beat these technologies. You know go down and not be viewed as Nazis. You know the kind of cool with that he had seen the patent that began in the past few months back at him in any positive on the. Very good Nina thank you very much for joining us we appreciate it. Thank you. That is Nina mishra from Zacks talking about Microsoft the ticker on them is MS FT one of the things that you mentioned that. What people are familiar with is. That they are now one of the fastest growing cloud computing providers behind Amazon. And even pick up an awful lot of market share there too good his business to them to get into it's got fat margins a lot of interest there and that's something that they've been able to do very well over the last couple years. Well in their in every business in America you know you can't run that one could argue he cannot run the business today. And not have my course. Pretty much be up you you can do what other operating system is there for it if you're corporation I don't care where the year run an. Gas station. Technology company restaurant day it's all Microsoft did it seeds difficult to find. Alternatives that are easily accepted and that people are familiar with no doubt that. That's been my experience. They yeah up next we're going to be talking about Taylor Swift you know she's releasing this new apple cult reputation. What you know what's going on with how that album will be released at sonus one of the stories that will be covering. In the next hour along with the death of the automobile dealer is it possible. That more coming up from the financial exchange written. 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 are gays 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 803934001. 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. 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Subject to credit approval leader bank a step ahead there are many benefits to early estate planning among them keeping your assets out of probate and protecting them from the nursing home. But did you know but you also might be able to eliminate your estate taxes every week on the legal exchange time musty educates his listeners by telling them how to protect their assets -- -- is an expert in elder -- taxation and a partner with Cushing and Dolan is a brand new guy doubles show you how to increase your beneficiaries inheritance by decreasing your state taxes and in some cases eliminate those taxes let's -- leads an experienced team at Cushing and -- which has been helping families like yours with their state claiming for more than thirty years call right now to get -- new guide called asset protection strategies at 8668485699. That's 8668485699. Lead time the team at Cushing in -- help your family the way they've helped so many others -- 668485699. 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A step ahead 2017 has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful of a correction I want you to be ready for one -- this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to in order to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Take the necessary steps to protect your interest regardless of market performance call my office right now and get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio let's work to keep it -- 803934001. We can download -- right now and Armstrong advisory group dot. Tom securities offered to 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 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 for additional 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 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 leader bank is offering in east savings account providing free online banking with a 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 that 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. 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 that's leader bank dot com leader bank a step ahead. This is the financial exchange with Barry Armstrong and show itself and you're exclusive look at business and financial news affecting your day your city your. World and stay informed and up today about the economic and market trends plus get breaking business news and every day. And now the financial exchange with the Barry Armstrong and chuck son. The stock market seems to be stabilizing. While still in record territory. The one. Commodity that seems to keep the defying gravity would be that of oil. What are we see for oil price today. Oil it is in the stable place today down about twenty cents at 5714. But that's after rally eleven dollars in the last two months. Close to 25%. All in that time so oil has been on a very new. I hesitate to say slow and steady it's it's been rather rapid but it's happened quietly. Behind the scenes this rise from. The high forties in early September now to where we sit today at 57 on west Texas intermediate 64 dollars a barrel on. The Brent crude match. You know now that you know in in gold girl would use tree coal. Gold right now I think we're down a little yes there about 127 the 1270. Sex. Art anyway that's where we stand. Big question about music and check your very passionate about. Musicians and their ability to earn compensation. Just work that they do. Taylor Swift who is arguably the I see. In the top five female musicians tossed three. Gorilla who'd do who do my job beyoncé Adele and her that's it I put it bill first. The Who it would but nick humanize. Thought that I. Don't know the though those talks are laughing W I I kept my my feelings and she's awful sorry go on about lowered. That's she's kind of fallen out she's gotten out of that same level these are fill stadiums like those three do. Well anyway Taylor Swift to argue one of the top three. I stand corrected and it's certainly not number one but anyway she's coming out an album it'll be released on Friday. And Britain and chuck is I understand it she has not failed to live but he has got to releases. Yet there is there's a lot of intrigue as to what she's going to do here previous album on 1989 that was released three years ago. Is she effectively took a stance against some of the big streaming players Spotify and apple. An initially withheld her album from those streaming services saying. That they were not platforms by which artist could be properly compensated for the work they did. And back that's true the average near a small artist who winds up on those platforms. Makes next enough. Okay it really has hurt artist's ability. To make a living just formed is that the actual selling of their music the only way they typically are able to do so now is from touring which always has been the bulk. Of their income but now it's it's even more so and so. The question here is with streaming services. Really a lot more mature now than what they were back in 2014. The other question is no. Is this album going to come out on the streaming services right away and no one really notes. No no one has any information from her. What and that's what makes you curious 81 would think that she would be you know preannounce the chance then and I think that's got a lot of people by surprise and Lou we'll see but I guess she's a big enough star were she can play this game. He is not an end to lugged it don't think for one minute that this is an intentional. That she that she is keeping people in the dark it it ability gets people think about would you and I be talking about this album if it wasn't for this. Bill but he I I think sixteen year old girls for a world. They what but the fact is I wouldn't even thought of it whereas now when this album comes out on Friday I'm going to be sit there and saying. Maybe maybe I'll give it a listen maybe argument to try and I wouldn't have previous. So wonder she'll just say hey it's only available on CD. She's got the guts to do that she's got the clout one clarify Amazon has a new poll there. That's an interesting option because you look in and you do wonder you know Amazon's been being you know. Quiet about the effect they have Amazon music and everything it's not something that's right your face but if all of a sudden if that's the only place you can stream around oval. Holiday season coming off. Cute kitten the holy crap opened some Black Friday deals on top of that and I didn't move. Imagine the increased in membership right and it would you want if you're Amazon. You like happens sixty Euro members you have sixteen. And and the other thing that is the cross over appeal where you say hey now that you're on our platform by the way you're all the other things that you get. Amazon prime streaming you get you know free to date. Think about what that dollars in terms of late that the ability what what it was on can do if they learn how to cross promote this stuff properly. There's so much opportunity for the and they had everything that everybody else custody vacancy. You wouldn't wouldn't apple be. Have this conversation yes but apple doesn't have the same overall strategy today Amazon cause you know Apple's not in the business of retail. Apple's in the business of we want you to buy devices and then buy things on those devices neo apps and so. Amazon it's a look now that you've got this album here all the other ones that we haven't by the way. Here's this whole world of retail that opens up to you. In this whole it's. That there is a it's it's dangerous what they've become now because it's too reason to buy things right it's too easy. They speaking of easy. Are we looking at the demise of auto dealerships are auto dealership so you'd think about the auto miles community which you live it. They are gonna go away. And there's a theory. It's maintained by Adam Jonas he's an analyst at auto sales Morgan stands so understated. What an auto analyst is at Morgan State. Is a guy. Undoubtedly went to the best schools. Has very high grades. Has his MBA from from one of the pedigree schools. If you study the automobile industry while employed. By. The by Morgan Stanley. And he expects that the 101000. Automobile dealers in the United States will consolidate. Into ten. Make it. Fleet managers in other words all auto dealerships of this actually is very logical when you think about it because we're gonna go towards autonomous cars rates we won't. Cars potentially. It would out of this thing is all of these dealerships are basically went become service jobs report on those vehicles. I can see it clear path that. It it it certainly has that potential. I think the big question that I have is how quickly do we A adopted autonomous cars. And beyond that how quickly do we then adopt the fact that there than the minds of that we don't need to own okay. Because those are things those are two dramatic change and in that and they're two different changes that the idea of getting into an autonomous vehicle. OK that's one lead to make. The fact that hey you're not gonna own this car we know that bowl o'neals in general don't have a huge problem with that. But there's going to be a much slower shift what do you think you look at people in their thirties 40s60s. And on the you know it. They'll be dead. The the the my generation is going to be the one that decides this is yours but the the averaged eight the I was fascinated by this. The average sales price for an automobile. Dealership including the property and goodwill he. Reached seventeen million dollars last year these things are does that seem lower Heidi hi. It delegate votes over the you know I just think about some of the dealerships that I drive by. You know it's maybe that are six acres of land ten acres of land but it's usually on major thoroughfares right. Yup. And and to think that there worth that kind of money. And I defy old it's essentially because you've seen a lot of Warren Buffett is rolling up auto dealerships all over the country he's yeah he's here he's consolidating yup. So he must be anticipating. That this is going to be a really profitable business because that's only by traders cashed house. And the wit Adam is saying from Morgan Stanley's that all of these. Dealerships are still going to be there. But they are going to be. Hubs where. You know these cars come in and after their 5000 miles. But driving autonomously. Computer driving them they're gonna come in get new tires in an oil change her new battery yearly you know whatever needs to be done. Because there'll be nobody driving the car and the idea of Karl ownership pack. Most of the people I know that live in big cities they don't want double car and and I would Lofton yelled car. I I would much prefer to rent a car that day and to own a car. I think beyond simply the consolidation. I think you may see if thinning out also you might not need as many simply because absolutely the other thing that changed as a result of this transition is many of these vehicles. Are going to be going electric and the service requirements for those are significantly lowers well and we know that dealers right now. They make a lot of the revenue on the surface okay. And so I look at this nice say and this is just some numbers that I have so this is for Edmonds the average number of new vehicle sailors per dealership in 2014. It was 921. Okay so that works out to effectively if you look at that value of seventeen million per dealer about 181000 dollars a vehicle sold per year that's the value that you putting on that. I don't know if you're gonna be able to duplicate that the service needs are lower and you don't need to sell these. It's you know a lot of you. How does the revenue sharing work if you say OK do we simply get a percentage of like every mile driven from me notes and kind of you know still per mile service like. It's this is going to completely up and the dealership model as far as how they get revenue and we're the compensation comes from. One think about the natural resource allocation you know we have about 300 million vehicles in the United States that are on the road these are registered vehicles they. Ill that 300 million numbers probably gonna go from 300 million down to. Fifty million the most. You know because you'll need as many cars because win. Your car isn't being used jock it be driving somebody else or. That the question that I have is and wanting us talking with a a friend of mine who works for a company that is doing some work on the periphery of this. In one of the things as you mentioned is that. Even though most of our cars are dormant for most of near the day might not I 95 for 9599%. The problem is that we all tend to need our cars at the same time. And so that and so that's something. That yet you can reduce the number somewhat but it might just be look we we have to change you know we're not gonna be able to get rid of all of them just because. We all need our cars at 7 AM. It's not just change it cost structure. He's if you want it 7 AM at the dollar if you wanted to at 7:15 AM it's 99 cents at 830 and adjusted by car crossed the exact. If if if it. Just further evidence. That it's coming in and meet your changes to transportation sector agreed are upon us yet it coming up. Talk about changes CVS. Will be offering. Next day and seen day prescription drug delivery just seems like you are talking about this a few weeks ago. CBS is up on deck next from 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. Troy seventeen has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful correction I want you be ready for one. Hi this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to in order to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Ticket necessary steps to protect your interest regardless of market performance call my office right now going get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio let's work to keep it whole 803934001. We can download dad right now and Armstrong advisory group dot com. Security's effort to securities America incorporated members Jenrette SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. 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 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 advisors incorporated burials are represented their arms or 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'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 leader bank is offering in east savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there is 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 doc can't 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 -- leader bank dot com leader bank a step ahead. That's a legal exchange showed dot com. The financial exchanges live on FaceBook and YouTube watch Barry and chuck discuss the issues of the day and see which one smiles the most. Is it financial exchange radio network. The financial exchanges live across New England every day if he can't hear us live from ten to news. Download the I heart radio app on your phone or tablet and follows when you're able. Just search the financial exchange and you can hear individual segments or. Poll shows whenever you want them. You know it was probably ten years ago when I said. That Wal-Mart had a big problem is they were losing market cheered him as a nobody really cared because you know at Wal-Mart was the 900 pound gorilla had 99% of the retail business and they didn't worry about Amazon will now CBS. I worry that CBS is a dollar early date that a day late and a dollar short they are now going to be offering. Next day delivery of prescription drugs which is not good enough. And in saint in some cases they'll be offering same day delivery of prescription drugs. First of all right I guess my question here chuck news. Logistically. Can they accomplish this task and what are the advantages that CBS might have over Amazon who clearly he's getting into this business. Well I don't think they're late to get into this business and all no one else is doing right now. So well yet be late to something that no one's doing well here's here's why I think generally. This is something. It's a service that mothers have wanted for years if you talk to any. Mother who's been raising kids the last thirty years one of the big problems you go to the doctor and they say your kids got an ear infection. And now you have to go from the doctor's office to the drug store pick up the prescription into the tear it yup. What would be pretty darn nice to. Is he could take your kid get the ear infection and use say it and the doctor says oh you need to mocks a Solon. And pulled it to wait three when he yet hole. As opposed to having to drive an extra five miles to lose it with a sick kid and maybe it slows. That car. They try to take care of this it and and not to mention senior citizens who in the winter have to go and go to their local CBS to pick up the drug prescriptions. This would be. This is something that CBS should in my opinion rolled out. Ten years ago now the around to the only reason they get around to it is because Amazon's covenant a plane there at their park. What was the being proactive I mean this is completely different from the Wal-Mart situation. What like Wal-Mart didn't do anything until M final round for fifteen years so I don't view this is to them being late like no one does same day prescriptions. They the I don't know how you can be upset with them for doing it now. The reason I'm upset with them for doing now is it that thousands of story that restoring my town for twenty years and if it's a surface that would have been well appreciated by young families and senior citizens alike for the last one year old course the only reason they're doing now is Amazon's light a fire under their. We have that's how competition works like you'd you don't do something just for the sake of doing it. But lately how to get rocket scientist to figure out that the service was neat so what platform would you have used. They like how are not CBS hasn't. And they could have had a OK so do is have a driver with the blue CVS pharmacy vehicle's front. Driving around town drop off first prescriptions went to delivery apps take off. About two I was and you know like ten years ago impossible to first app was released in 2008 so can be too it can be ten years ago you'd never out tonight. Nine years so delivery apps but okay when he talked but you food colors and growth hopes the world. They rose to prominence in 201450. So you've had two to three years where these have been a real thing in when he talked about delivering prescriptions. Is a lot more risk there the way delivering a chicken par. OK so right I don't I don't know if this is necessarily that you know I don't see a whole lot of reason to be upset with CBS because. This is something it's not easy to do with it was. Why is it ready doing it wise at Walter like. No one else is OK well what I will be. But you can't get mad at someone for doing it first my my appointees. That. Until November of 217. For them to figure out why it cheap delivery would be kind of nice why escalated strikes if it took Amazon for years to figure out that when the Internet was around that they were gonna deliver books. Thank. These things don't just happen like instantly it it takes time to develop the processes and so forth and so would I have liked to see it to three years ago of course I would but. I'm not get it you know not someone for still being first to the party. Ask your clients if this is a service they would like to pat last I wanna pony but I don't see any of those. There's no ponies I got no ponies. A nutritionists. This is very important write this stuff. Nutritionist. As revealed too simple tricks. For 140 week. Holidays where the stem cell Tony. No no that's what this this one's interest and write down what you plan on eating before your meals. So is is that those that I've ever I don't know take off I don't rightly isn't half the fun like shown of the saint Leo it's good I'm gonna have an extra scoop. Actually. Used in the calories on the general I think so you know it it it affects mine line is it definitely guilt me into not doing some things. That there's no doubt about it. Sylvia that possibly can be useful but I. I can't see VO pausing just a write down what I'm going to eat before like one slice of bread three bites of eight Indian lake. I am gonna psychotic and think about it it's a little anti human death I'd like to calorie like a lot of women do the next morning. The next one I do agree with starchy meal with the super salad so that you you don't get as full on the the main meal and so forth so you know that's doesn't work for me. They act I I just saw I I eat too much of both accounts. I still have my extra serving of pasta. I chickens harmed in the night. The biggest thing is just cutting away from ma I fell one of the biggest ways that I can help myself is not eating all the bread before the meal like that put the bread out on the table now you know you walk in and they got lake rules somewhere near like a deal have six of those around Ricardo route if he route ninety. Well that's true and they had these well we spreads whether it's Waterloo all the oil predicting or something it's like it's. You don't need he would hurt the waiters is. You know people not to let you know go bad note can eat right the right you know what bureau at the break no no. When we come back we're going to be talking about Avis it's funny. Eight Avis and budget used to be competitors in theory if your remember now they're combined company Hertz there's deal. This is a business that car rental business has gone through just trauma during the last five years or talk about Avis and what they're doing with their company. When we come back financial exchange written. The financial exchange is alive on FaceBook so make sure to like your page and watch 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 buy your gold locally it just makes sense of 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 not guaranteed by the bank and may go down in value leader bank. A step ahead 2017 has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful correction I want you to be ready for one hi this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to an -- to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Take the necessary steps to protect your interest regardless of market performance call my office right now going get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio let's work to keep it call 803934001. We can download dad right now Armstrong advisory group dot. Tom securities are for two securities America incorporated member finreg SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated 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 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 suffered securities America incorporated member of an SIPC and advisory service is up with the securities America advisors incorporated Barry arms are represented if Armstrong advisory group and securities America companies are. Unaffiliated this is a special announcement for all landlords chasing down only rent payments and making trips to the bank to deposit checks take hassle out of rent today with zero liter banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit WWW. Dogs he ran dot net to learn more -- -- rent your payments breach unit to receive regularly on the same day every month tenants pay nothing in the first six months or three coral landlords visit WWW -- Z -- dot meant to learn more or call 7816 or 18691. Hi everybody is very Armstrong and potluck ski from the law firm Cushing in dole and we're talking today. About that state and asset protection strategies. That can help reduce or eliminate your state taxes. But is it true that a married couple living in new wing and with two million dollars in assets pays eight voluntary. Gift tax. A 100000. Dollars for the government if they don't have trusts in place I'd certainly can't be certainly depends on which state happens to be live in you know I'll like this a jail if if if you if you have assets and you can't each state has their own exemption. And you know like the federal exemption amount is 5490000. Dollars you can pass that amount. And state tax free to anybody you want. In any state. But a lot of people say oh we don't have that kind of you know but. What you forget about is the states. A state tax system rate they have their own system. And each state has their own exemption. Which can range from you know a million dollars to 201000005. Is around here 2.5 million you know and then some states don't have any. State tax the only one in New England doesn't have one news New Hampshire that's correct New Hampshire the only one in the in New England that doesn't have a separate state the state tax. And so the goal is by doing basic estate planning and using trusts you can double whatever that's data exemption amount is thereby hopefully eliminating. Voluntary estate taxes. Up to whatever that exemption amount is double. Request your copy of Todd brand new guide it's called reducing and eliminating the state taxes. You can call and receive the guide the poll number 8668485699. Or visit his website it legal exchange showed dot com net. Legal exchange showed dot com or call tool free. 8668485699. Markets are odd time. But questions remain about whether or correction is coming. We've got you covered every day with a what's not and what's not from Mike Armstrong. Mornings at 1030 only on the financial exchange radio network. Experts are considered to be. Value traps and several years ago. Our firm was looking at buying some stocks we do the influx of cash and remember going into an investment committee meeting and we're looking at buying some of these car rental agencies. While some of a gun we didn't make that investment because there's this little company called leopard we didn't know if they might be disruptive to that business. Paul Eekhout shocked this businesses transformed. It over immense over the last two seniors. It hasn't Avis Budget reported earnings yesterday that showed a little bit of growth and rapid growth and revenue about 4% from a year ago. But most of that happening overseas and in fact it's not strong enough to offset. The problems that they're facing domestically at this point and Avis Budget stock over the last couple years. Governing worth close to seventy dollars a share down to around 35 at one point this year was down around twenty. And these companies I think you're gonna continue to have problems and I wouldn't be surprised. You know if you see further consolidation in the rental car space as their needs to be thinning of the herd given the new reality with the ride sharing companies. I wonder if that would actually you know pinnacle full circle here with a super sixty billion. In their ballpark yeah somewhere unless liquidate his and her answer this one budget it and if SP were Avis Budget is worth three billion. You mean what do you market by them for a drop in the bucket rate and have locations where they could. You know with cars and entering LC need at every airport in the country. What what do you think the upside is form if they do that. And it just the ability to service the vehicles. A place for those vehicles to go until there there plane has landed. You know we all lose all the inner workings at those drivers need you know the B 82 they can turn those. Those facilities in two drivers lounges you know well logs for them the way that because of the business is dead right which is that if if accused. Is the car rental business about the same as the newspaper business. On a show I just don't see any I don't see any upside it's. It certainly is a business that needs to continue to thin out just because the demand isn't there for all of the inventory that they have. And that's why I'm not sure if if a company like who would buy them because. You're buying a lot of facets that you don't need because it's it's an awful lot of space that you don't need these airports and so forth. But he also have to assume the dead of the company. And you know it says twelve billion dollars in debt. Outstanding. And that will be that the tougher part for me if I'm trying to acquire than sit there saying why do I want to acquire that Delhi what are what are my getting their. And so I value there you've you've got a company that's worth supposedly three billion that owes twelve billion. Yes we enterprise value of you know fifteen billion but you scenarios in OK why why would I assume this in an industry that is in grow. Early no nobody if they ever wanted to refinance that debt that Scalia. And it's always give it won't be pretty form. If there are many benefits to early state. Planning among them you'd be keeping your assets at probate in protecting them from the nursing home but did you know that you might also be able to limiting your state taxes. Every week on the legal exchanged pot but ski educates his listeners by telling them. How to protect their assets what's key is an expert in elder law in taxation he's also partner with Cushing and dole. He's a brand new guide for the month of November that show you how to increase your beneficiaries in her tense. By decreasing your state taxes and in some cases eliminating those taxes altogether. What's he leads an experienced team pushing mental and which has been helping families like cures with their state planning for more than thirty years called right now and get talks new guide asset protection strategies. By calling 8668485699. That's toll free 866. 8485699. Let taught in the team Cushing and dole and help your family. The weight they've helped so many others call 8668485699. That's 8668485699. Or you can download the guide right now on this allied did it. Go to legal exchange showed dot com legal exchange showed dot com to get the guide right now. There I want I want to talk a little bit just about a story that's kind of breaking as as we speaking right now blue apron is down about 16%. In trading. There's CEO came out earlier this morning at about maybe. One was probably ten or 1015. And said that their new fulfillment center in New Jersey was acting as a drag on profits. And so. Blue apron today down 16% they're trading at three dollars and 24 cents the moment. So they're almost done EU looks at a very cooked role ploy pool in the real yup I investors got burned on this one. It is is there any is there any like wait to see them I'm trying to think of a logical partner. That says global by the pieces and by the customer list that might have some guy who it's company were a 106600. Million 600. 600 million mean look if if you're looking if they get cheap enough and I don't know if they're there yet. It's something where Amazon might take a look and say hey this is something nice that we compare with the whole foods new purchase we just made. What about grew a person. Yet that that could be interesting actually I don't know how big is rob what's the market cap there actually they're they're actually a market cap to the other market caps about five billion dollars robot is profitable. That's not a bad synergy right there actually. Oh they bit the problem news. Any anybody who think about buying them is probably just like predator rate they're just hanging around waiting for them to go down the dream. At at this point yeah I mean this is a stock that remember they were some post IPO somewhere around fourteen dollars a share they couldn't get that through their underwriters. They IPO detain. And they're now almost down 70% since then. You know this reminds me a lot of the dot com you guys to remember this but then ease late ninety's use saw. For every blue apron is if they have today their 400. In the late nineties we know we could be talks about tomorrow snap reports after the bell today. Though it would they trade. They're 1525. Right now it's their off pro mod their hi this year's 2940 force there about 50% down from that high as well. And you snap Chad is the company that CEO Evan Spiegel when he was being interviewed few months back said he wasn't worried about FaceBook as competitor. Opens. Butts but that would actually be here for I don't know who could be good dance partner. Maybe Twitter tour at this point they're too Microsoft they're still eighteen billion dollar mark can only expect that yeah it's it's steep so and and keep my eighteen billion. In in market cap there early on pace do ran six or 700 million in revenues. Yeah. The mall business you know we'll do the story quickly because we have a guest coming up but. We got to look at an annual report for shopping mall and I was looking at these numbers. Revenues for CPL this is the publicly traded real estate investor interest revenues dropped 11%. Funds from operations fell seven point 1%. Operating income is down occupancy rates get this. Arctic occupancy rates dropped to 93 point 1%. And now they're down to 91 point 191. Point six having this is a terrible does she talk about bad business is to be and try being in the shopping mall business. And you mentioned a lot of stats the one that stood out to me most average gross rent per square foot. Fell by thirteen point 7%. Year over year and in that just says that look were discounted by 10% in we have to go further to get people to even come in to fill the occupancy for what we have so. You know we've we've talked for awhile you know about the shake out in malls. We we we originally kind of laughed at people and they say thirty to 40% of balls may have to close that that could be accurate now thank. It's like it could be more and and the ones that survive jock are going to be entertainments yes you know that they're going to be movie theaters. He'll be afterschool programs that will be bingo hall I don't know. They're not going to be shopping malls the agony it's not going to be placed trees oak. Let's go to the on your phone it's going to be application files yup I tend to agree and I. You know I hadn't thought of the bingo hall idea but I'm actually kind of an order that I'd I'd go some port somewhere to play bingo what Europe boxing club whatever. Big questioning go boxing. Bingo boxing lately bingo and you go to the box or. Should regulators blocked CVS. From buying it that's a legitimate question trucks can be interviewing. BJ. That there. Immediately rather any more on rate. BJ's from The Economist Magazine which is great. And they'll be talking about whether or not regulators should prevent CBS from buying it never thought about it. That's our next topic from the financial exchange radio network. The financial exchange with Barry and chuck is liable on FaceBook and YouTube every morning beginning at ten days is that financial exchange radio network there are many benefits to early estate planning among them keeping your assets out of probate and protecting them from the nursing home. But did you know but you also might be able to eliminate your estate taxes every week on the legal exchange time months do you educates his listeners by telling them how to protect their assets let's do is an expert in elder Lun taxation and a partner with Cushing and Dolan is a brand new guy that will show you how to increase your beneficiaries inheritance by decreasing your state taxes and in some cases eliminate those taxes let's give leads an experienced team at Cushing in doling which has been helping families like yours with their state planning for more than thirty years call right now to get times new guide called asset protection strategies at 8668485699. That's 8668485699. Let Todd Mitt team at Cushing in Dolan help your family the way they've helped so many others colleague 668485699. Or you can download the guide right now from our website legal exchange showed Don come. That's legal exchange showed Don can. 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 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 803934001. That's 803934. Zeros or one or visit us online at Armstrong. Advisory group dot com securities offered to securities America incorporated members and 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 very Armstrong 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 leader bank is offering in east savings account providing free online banking when he one point 15%. Annual percentage yield this is an online product only and there is no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice and don't -- logon to leader bank dot com get all the information about this great offer and sign up today before 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 online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. Security suffered through securities America and members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Vote on our daily poll question and financial extreme show dot com while you're there fire of the media player and watch the show while you work. This case the financial exchange radio network. The rumored deal between CBS and Aetna still nothing more than rumors but that can't stop us from speculating about it. Is joining us now is Vijay Baptist warrant from the economist. You talk about the regulatory approach that may be taken here and whether or not regulators should block the deal Vijay thanks for coming on. Vijay let's talk a little bit about. First why regulators might consider blocking this type deal what obstacles would there be that they could put up as an argument to why they should block. Sure I think it. Consumer wealth today is the right test or. Regulators and you see in industry after industry in the US. Become much more concentrated in the last fifteen years. It's not just the big tech giants as well and that it. Are quite concentrated that. We can look across telecommunications. And of course we've seen in health care. In the insurers. Get more concentrated. In Boston we've seen hospital chains are expanding nonchalant. An antitrust authorities have acted to prevent for example partners healthcare. Acquired in large suburban hospital Boston. And we've seen at that and demand that the tried to merge these health insurance. What blocked and so we seen Walgreens tried to buy Rite Aid and there was into introspection and met that. Scaled back that deal so this is an area that the authorities are each incidents. But are you think this deal is a little bit different. We're we're easy being different. It's different in for two reasons. When you look at. What economists call horizontal mergers meaning in the same industry. Well greens and radiator in the same business that both arms in. It now and in command that we are not there. Health insurers they're competitors and competitors get into bed. It generally reduces competition is bad for consumers because it gives them more market share more pricing power. With the case of this steel that's rumored between CBS. Which is a pharmacy benefits manager and and pharmacist at the retail level. And that which is their health insurance company. It's called a vertical merger because it's going up the supply chain. So a bit and actually expand market power. For example at the retail level if they don't get any extra pharmacies as a result of this deal with the coast through. And a lot of economic theory and evidence says vertical mergers can actually improve. Outcomes for consumers it can be better in terms of creating value or. Competition. And ultimately passing through some of the savings to be changed. And that was going to be one of my questions to you one of the the companies that I tend to cite an awful lot when we're talking about the health care health insurance industry. Is Kaiser Permanente outing California which is very much a vertically integrated company from anything from hospitals to insurance to pharmacy and so forth. But that's only on one state level in this case this is something that potentially as impact on multiple states would that be a potential difference there. Well I'd keep chipping on the important point and that is. Vertical integration you're absolutely right Kaiser Permanente is a good example of a vertically integrated health care provider from insurance to. Doctors to pharmacy they have their own pharmacy benefits management practice as well as retail pharmacies and there are multiple states actually is not only California what they are big in California is on the number of states the biggest help. Which in America. A couple of other examples of vertically integrated providers out west. Intermountain guys in here Mayo Clinic in the but it turns out and so there are some isolated examples and America but by and large article assisted. It's integrated and that's not that has not been good for consumers for patients to be paid very high prices in America. And we don't get very good outcomes it's surprisingly compared to other advanced economies. Even though we pay almost 18% of GDP on health care and so a lot of the evidence shows. Groups like concert which are integrated basically you. Particularly the incentives within the system for people to take profits. Without creating something valuable like their health outcomes and that's the that's why it's rated systems. And they had better. Outcomes both for patience and the terms of economic efficiency I think that's the possibility that could be that would exceed your September trip but they a couple of important Abydos. We have to make sure that the new company if that merger goes through doesn't misspeak shape. For example. It's not what this day it's patients must only. Pick up their drug which he yes and then they check that the prices at EPS increased co payments obviously that's not good for any of us. So the antitrust authorities have to be vigilant to make sure that kind of blocking and customers doesn't happen but the second thing is yet to make sure that there's and exit to competition in the marketplace right in here. There is great news because it looks like Amazon. Is about to add to the pharmacy market we can talk about that. One course that I have just it's related to competition so you you mention the fact that you wanted to prevent that there that in theory. The regulators would want to prevent Aetna from only allowing their patients to go to CVS. What about the opposite what if thought other you know health insurers want to get their products into CVS what's to stop CBS from saying. They were gonna charge you more because you know you're not the old the ensure that we have internal. Now there's a difference between forcing patients or consumers. Think it must go only. But in this case to CDS and saying if you pick up your description at EDS. You get a discount it says your club pays lower okay then to keep your -- to go anywhere you like but you might have article eight for example I think the authorities would probably look. More favorably and that kind of arrangement then I am in kind of explicit. In a monopoly. And now it if he'd been merged company were to refused to carry products from certain companies I think that that would also give call cost risk and sort of concern right. You know that they're both well pests in the market based repeat it here. And I think that especially because we do you have competition. The company would not have a dominant share in the pharmacy chain. And as I mentioned Amazon app has already got licenses it is reported. Perhaps it doesn't speaks with the right into the pharmacy market. Let me know historically whenever element of acres of market. It would even endure years of losses in order to provide. What processor consumers. And industries is running scared frankly that's one of their motivations were this deal is due create. A stronger. Entity that can be prepared for the arrival that up. Or goodwill Vijay thank you very much of the time and all the information here we really appreciate it. Great to be written thank you. That is BJ about this warrant from the economist talking about the potential merger between CBS and at no. And whether or not the could be blocked on regulatory concerns. British never been as at least in my memory never Bennett disruptive company like Amazon. Ever before they meaty you can barely go through our new stack without mentioning him. Yeah try to think like that affected people on on a day to day basis obviously what Microsoft in the eighty's and ninety's blew up a couple big you know mainframe computing companies but that'd more of course Texas Instruments to it spent digital weighing computers digital equipment digital equipment was huge tech right. Then in Wang and we both of them pretty much got. Real by Microsoft in the advent of PCs. But on a consumer level on trying to think like. In the last hundred years what has had that kind of impact. On. And integrate it like it's a good time to be consumer advocates kept inflation. You know because it's so easy to shop now look for markets right yup he is it easier now than it's ever socialist is. Very curious time actors that door to thank you'll for tuning in to the financial exchange today and he had a great time and hope you enjoyed the program. Trucks ought to as my co host Tucker so look what people believe the Helm doing all of our show research today and mean the only in very Armstrong we'll see you tomorrow. From the financial exchange rated.