Nov 28, 2017|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is the financial exchange with the very Armstrong and chokes. You're exclusive look at business and financial news affecting your day you're simply to a world. Stay informed and today about economic and market trends plus give breaking business news every day can. And now the financial exchange with the Barry Armstrong and shocks. As a country we are. Rose year over attacks based on the services. We received from our federal government. And now we're gonna talk about where we stand as a relates to the GOP tax plan hi everybody it's very and shark with you and they never thought. Truck endeavor just taken minutes and looked at your federal tax return and said to me on I paid this much in federal taxes paid 30000 dollars in federal tax would I get back. In exchange for my federal tax. I try not to think about it. I most crazy most that money isn't stain in Massachusetts most of it is going to world states in order to fund their programs that is what we see. By being in the northeast is that our federal tax dollars. Oftentimes are sent to other states in order to fund programs that they can afford to run themselves because we're rich state we are. It's it's the nature of the beast we are very well off compared to the rest of the country. We when we say we we should reference the six New England states because I think three of the New England states are Payer states in three or debtor states. Whose but. Regardless we pay an awful lot of money. In federal income tax. And I'm always looked at that and said okay we'll would. You know he used you have to have your military support but you know like your federal income taxes and pay for the Department of Education needs that's a local. Issue. He's wean them away whoa your property taxes are what pays for your school system. The papers school system that don't pay for the the the oversee in the standards and so forth but if you look at where. The spending comes from effectively. Federal spending is coming from. Northeast states if you look at the other states that are out there in terms of and this is a metric that this is from Walt Hobbits called the states by return on taxpayer investments are based on how much money you actually put in federally vs how much you receive for the states that have the greatest return. South Carolina nor. Florida Louisiana. Alabama Mississippi New Mexico Kentucky West Virginia can tell going down the list the states have the lowest okay returned. And let's start let's make sure people understand this is that nobody ever talks about this. But this is money it's that you're paying in federal income tax talk about your federal income tax dollars. So the states he just mentioned are states. That would we call them welfare states are debtor state yes or South Carolina received seven dollars and 87 cents from Washington for every dollar it citizens pay in federal tax okay and that is by far the the most in the country North Dakota which is second receives about five dollars and twenty cents for every dollar that they pay in okay. On the other hand to take a look at the New England states and I'm gonna start up from the bottom to so that I can dig through them Massachusetts. Wheeler receive back about 97 cents on the dollar. From every dollar that we pay out now. If you go through New Hampshire New Hampshire actually received a dollar and 2% thought there every dollar that they pay outright Connecticut. Receives about a dollar twenty but Massachusetts in particular pays out more right then it takes in and the reason why you that's the case is because. We there's an awful lot of business that happens here wears you look at these rural states and we simply don't happening and so we are net payers in Massachusetts where as. South Carolina North Dakota and Indiana and so on down the line and it receivers that. Where we stand in terms of getting tax reform done unity the the idea I didn't and I will tell you as a student of this tax reform bill not a fan today is it it hurts those have you. Living in New England who own a hole. Quite frankly if you own a home in your paying property taxes of 5101520000. Dollars a year which is not uncommon. Well you're gonna get hurt by the tax reform bill that's sitting in the century. Yeah this this bill where it stands right now there are a number of senators that have either said. No I'm not voting Ford in its current form or that they have questions about that count is now. Depending on the source that you look at between nine and 119 is what I believe him to be the current situation as far as senators who either said no or. That they have questions. To our firm knows at this point and then their seven that continue to have some questions right now who would have to firm no to firm nos are on Johnson and not corporate but what's his name Steve Danes from North Dakota. About ten Arizona didn't worker come out this morning said he wouldn't vote for worker said the he has some questions still here he is not a firm no at this point and so with 52. Members in the senate and Republicans can only afford to defections if they don't get any Democrat votes which they're not going to write so you have opt to defections that you can have. In order to get this bill through the senate. More importantly though here's the thing. Two of the members of comments that they can't vote for right now well. Are on the committee that is trying to get this to the full senate so easily blaming get out this week they might not even get a pass committee this week now. I still think they get it passed committee because I think it would be a battle if they don't and I think they'll probably make some changes in order to get a pass committee. But here's the thing in here here's where I'm hung up on this right now so it's that you get this through committee in you have to make some changes in order to do that. And then you have to make some additional changes to get it through the senate. All of a sudden you're sitting there and that building gets through the senate. Has to be the one that gets through perhaps because we've seen before that the house has passed bills the senate is unable to pass whatever gets through the senate. They're gonna have to take conference and that's pretty much gonna have to be the bill and I don't know the senate bill can get through the house because the senate bill. Includes no provisions for deducting state and local tax break. I think that is going to be one of the biggest sticking points and getting a bill done. When it's all said and done. What about Susan Collins from Maine it's holding her Susan Collins has some questions about whether or not the repeal of the individual mandate should be included in this bill if you remember back to this summer when we are going through. The whole charade with health care in trying to repeal. Obamacare. This was one of the the big things that kind of held her up was saying hey look I don't have a replacement and makes sense for the state of Maine. As a result I'm not gonna vote from us and so you know with all of these different factions that you're trying to balance in and such a thin majority in the senate. There's not a lot of room for error and there's not all it's this is you are trying to thread the smallest needle. Possible this point it's. It's it's not a long shot I don't think McCain's if it's a tough putt for them to get this done. What are the odds makers suggesting. In terms of getting through by Christmas does that is our poll question today. Will we get tax reform accomplished by Christmas I right now it looks doubtful the the projections that I'm seeing right now or between 35 and 40%. And so indeed much higher not about a long shot but it's something where hey we've we've got some work to do in order to get a bill that is passable I think I think that's the big thing is what is going to be able to be passed. And here here's the problem that I come to them. Is what. What what is eventually passed doesn't make it big enough difference native and some people of you come out and said look I don't think this this is making a big enough difference corporate came out today and said look I'm Victor cutting individual rates nearly enough right. So. I think it's it's a tough putt to continue to. Move this the rule. I think it's doable it's gonna take some hard work can take several walking away feeling like they lost him. But it eat it is doable and I wonder if the if they changed course after the new year and just say well we're in laughter corporate reform. Because it's the personal side seems to peaceful down the personal sides the sticking point courtside. The two side like you can fix that and a week you you could do right now and I think there's appetite to do that either way it's just it's such. A bad walked. Because as people say why didn't get a there's nothing for me it's easy campaign against you know that's that's the big thing it's I think corporate tax reform it's worthy of being done but it's easy to campaign against because you sit there and your publicist you say you cut taxes for companies not for people. Big day of cyber sales yesterday. Six point 59 billion dollars the largest on line solemn. For US shopping day ever I'd be biased thing. In the united but did you I wanted all my Christmas shopping yesterday we just how much did you spend so much to contribute yeah. From probably like. Buck 52. On somewhere in the arrangement is for a bunch of people yeah we'll get there. That is cold I guess they thought Johnson Jersey donated chips and a chocolate for Barry there. But. Would did you do it all on Amazon or Ian mostly on Amazon actually bought office Dick's Sporting Goods and god only knows one emblem to. Colonials index yet in that who's a 25% off yesterday it's one step before going out of business I'll hit an emirate. But yet a majority was on him yeah. Today I wonder what percentage of that six point five billion in as they were expected to get around three billion. That's amazing three billion dollars and one. Date or is just remarkable. And you if you ever question as to whether or not the economy's strong just look at how shopping is going this Christmas it's going to be good year. I think so yeah let's see cure ago and trying to deal by the way. This this is rather amazing so humble looking at found an article from CNBC from 2015 to just two years ago and you know what Cyber Monday revenues were. Two years ago on 2015. Missed a four and a half 1000003 billion why we've gone from three to six point six in two years. Tough tough time you work in and a mall. Everything you need to know there may two balls more attractive animal come back now I don't think I would I don't know would you. Really if they made a more attractive and convenient to park yeah. You would ever albeit at a parking at the mall you with Mel what do you make it more convenient to park. More parking spaces in their park that's a more convened I don't suspect is just an example which has I don't awful spearhead honesty you'd ever go back. At this point no no it is I I wouldn't go back. Analysts are better prices lot better if his it's a thing that's I don't know why they haven't that's the tipping point that on line is getting too. Online retail is getting to the point where they can charge more then because people like the convenience Gaffney the yeah for years it was always we have to give the rules price Amazon's getting to the point where they people it's especially guy like me. But they let. I'd pay an extra 510 dollar fed item and I didn't have to drive to the Natick mall on and on in here's the thing let's say you have to drive to the mall and it's you know ten miles each way if you factor in your caustic gas and where and I are down in time and everything in it still probably cheaper and yeah that's true. But it stores are just like hey if he picked this up in store for an additional 20% off then I may be inclined to do so. Why worry years usually get the market wrong a lot people try to time the stock sale now you know markets to hide mark it's too low. I know how to time the market well it talked about why that's usually the wrong approach that's next from the financial exchange rated network. Trump's administration hasn't passed any significant legislation yet but tax reform is front and center. In. Keep it here with Barry and chuck for the latest on the president's agenda and how the markets are reacting and this is the financial exchange radio network. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's own line rent collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks mostly in their dues local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. 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If you bank in one of the participating banks he ran is all we re. Those participating banks current leader being installed. Via at that any bank could sign up right now to keep you at a bank in Vermont Connecticut. They could sign up and become part zebra yup you you're if you have a community bank that wants to be a member haven't Collison and sign up and the Serbs let me refer. All right if you wanna learn more about easy rent. Go to zero rent dot net him a call you wanted to 87769179. Euros Euro. If you're bank doesn't operate that can sign up for zero it. Go to zero rent dot net or call them total freak. 8776917900. Security suffered through securities America any member finreg SIPC. Advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Get the most comprehensive weekly economic update from CNBC senior contributor for Larry Kudlow every Friday at 1045. Only here on the financial exchange radio network. If you're on the go you can still keep up with the financial exchange on the I heart radio out. Available on both your phone and tablet just search the financial exchange sneaking your individual segments. Or poll shows if you can't listen live we've got you covered on the I heart radio. Joining us now to talk about what timing the market doesn't work out well for most folks dispenser Jacob from the Wall Street Journal Spencer thanks for coming all thoughts. Spencer can you whoa what a little bit of the other pieces that you detail in in your article. Well I mean. It really it at any time. You know whether times are good or bad but especially with time's been good for a long time. Like now you know we several years almost a decade now. In two and global market you start to get this sort of is that the top questions and you know really can you could look at any point in time you have to. Is is that properly near the top distance sign the sign of the apocalypse if you have. A lot of people who make a living. Basically making very bullish or very bearish prognostications and they frequently. Don't work out they generally do not because the top. It only comes once or twice in a decade in terms of the big market reversal. You're you're getting some of those now and but there's there's some really famous examples you know where you know had you. Reacted had you that they had some money to invest in not a vast that it. Had you pulled out of the market completely. It would have been very very costly if you look at the Alan Greenspan back in December 1996 during that in the slot with a rational exuberance. Stocks were expensive but they got much more expensive you would've basically doubled your money sitting in the S&P 500 the next three years. And you would double that if you take your money out. Blocked there there are some worrying sign I haven't had that right about now. Well and then I think the the point that. Most people tend to focus on is while there are worrying signs right now about valuations and so forth. If you are a long term investor if you miss some of those good days by pulling out of the market you hurt yourself for the long run. You absolutely well if you look at the for example you know going back to 1920 X optical look at. The the ten best days. In market history had you missed it just us and best days. Ten days and days that of those thousands and thousands of days is over ninety you would like you to cut your your total return and in more than more than half. And those bad days tend to actually come during pretty bad times on out of those ten days work. In a period when they notified the kind of given to date on the calendar you knew anything about market history you would of thought it was a terrible time to be in the market. So you you were really you know shooting yourself in the foot you know by trying to times stocks are in a period. Well let me just get that straight just to make sure that I'm clear on it if I had been invested for the last nine years and missed ten best days in the market my return would have been cut in half. By more than half gap exactly palm. And it it's that and and that the time that those ten days came word like. September and October 2008. After the 1987 stock market crash. You know. Recovery from not let them via that that the good days to come during batons. They come during the times that people are most likely to be to be cautious and that's one reason that individual investors do so much what Portland in the market is that. This sort of that the fight or flight response that we have in terms of trying to. To be to protect domestic. Really sabotage is until the mark market timing generally I would I would say is that is it terrible idea. And it's because we're very batted at judging the times to be out of the market. I would point out though that. You know that there there are times when people are you know you can look around you and you could see signs of of exuberance. That perhaps is the time to be taking more risk than usual maps that on the other hand is something you also should not be used to have a well defined sense. All of how much rescue you want to take in terms of at what share your money should be in risky assets. This is the time this is one of those classic times what people are. Extending themselves because as that you're missing out and that that also was a mistake it's less costly mistake and that try to tie the market but it it also was a mistake and there are some some clear danger signs today. Well and in isn't part of the problem also on the other side of the equation once you're out of the market. We see it all the time where people don't know when to get back in and they're hesitant to do in the continue to miss out on games. That's right yeah it's an actual human response right you sort of you know the market. Was that they have 181000 is that this property no way of them I'm cutting my stock exposure getting out completely. What you feel like a fool can be back in the 23000 you just missed by a thousand points right I mean. You know you're you you know but if you if you gonna wait for to get back that W may be waiting forever you know saved to the market may never get back 181000. And as so there's this sort of anchor that you have in your mind this mental anchor that's that's weighing you down where you. You see the price which you got out and work the opposite way to where you. You purchase of stock or make an investment. That's that you buy XYZ incorporated a hundred dollars and it goes down to eighty dollars you know you're you're seeing signs that it's not a great investment. You're you have to hundred dollar anchor undermine rather than you know just realize you lost that you probably should realize. You you hope for to get back there but it's an arbitrary number in your head it means nothing you know the question is is it worth eighty dollars anymore about it it. It's it is in or it's you know not not a good company here you have suspicions. So Canadians take the tax laws don't you know don't don't worry about a hundred that's you know that's. That just is where you got in the market doesn't know that you know you've got in the air the mark doesn't care that you got in there and so yet that is what it is going to be kind of mental traps that we get into really hurt us on you know. Is when times are good at what times are bad. Very good Spencer thank you very much of the time we appreciate it. I Spencer Jacob from the Wall Street Journal talked about the perils of market timing but gives you better appreciation for the strategy of buying and holes. You know by quality companies and hold onto her things well and in one thing that I always like to point out when discussing this topic. Vanguard who is the again the be all and all of passive index investing. Came out of paper that year and a half ago and talking about the value that an advisor adds to a portfolio via. About one point 5% years what they called behavioral coaching which is pretty much don't do dumb stuff when the market goes up and down NN's top one thing if it's not hard when the markets going up it's really hard. When the market's going to stay invested because all you hear the doom and gloom reports the big thing that I always try to relate when when talking to people about that. When your home prices down you don't say gee we have to get out here and you say hey we have this for a reason it's still worth it because providing the same value to us you know selling your house just because the markets down you don't do the same thing with stocks that when we come back we're to talk about just how much NFL sales of merchandise have fallen. That more from the financial exchange radian. Life goes on FaceBook and follow us on Twitter. Show breaking business news is always first right here on the financial exchange radio network. 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To 900 or email BBO at leader bank dot com for more information member FDIC equal housing lender. And now for the street watch a look at the market's performance so far today the act of Marion jog right here on the financial exchange radio network. Michael Armstrong is here for Wall Street won't talk about the biggest stories moving markets today. Mike let's start with Buffalo Wild Wings we talked about this a little bit last week what's the update. Yes or the initial bid for about the leveling from rural capital which also owns Arby's was 150 dollar share. They have meted out that it 257. Dollars per share which values buffalo wild things that 2.4 billion dollar company which would that outpaced Cheesecake Factory as well is that the owner Applebee's and I pop restaurants. DineEquity back three times so. Pretty expensive valuations Buffalo Wild Wings stock is up about six and a half percent on the news. Thor Industries one of the biggest producers of RVs and also owners of one of the best names out of any company out there. Up 10% today how come. They've beat earnings. Big cat suit the company that owns you know RBs like air stream crossroads dutchman keystone across several others they earned 243 this year this quarter which is well above estimates about it before they beat on revenue is as well. And as you mentioned the stock up about 10% on the news thirteen dollar 67 cents nearly you have to ask you just don't share. About 50% for the year thank you very much Mike we appreciate it. Mike Armstrong with Wall Street watch store industries up 50% so far year to date ya go let's go back to Buffalo Wild Wings at that that's an idea. I'm very questionable. Acquisition in my estimation yeah I have ever wonder about this one you know Buffalo Wild Wings Tucker what's your view on an eye view them as. A place and if it were the only option and I needed a place to go like to watch and out of town game or something I'd go to but that's about it. Yeah it's something now I've only been to once. But I drive by and all the time which is something like kind of a last ditch effort I'd go there would they build their a lot of their facilities are next to a stadium when I was in Phoenix last week. There's a Buffalo Wild Wings right next to the hockey rink yet. And and it was it was packed both before and after the game but I wonder how it's doing. You know on Tuesday night when there's no game definitely in that 12100 locations no. They're to big Ed just the might experience in and I judge's ears base it on beer may be your beer selection and environment I basic food. The food. You know scale of one to ten I'd give me 45 as you say for now the guys there was nothing special it's it's. Very average there are better places that have come along lately I don't know if they have you ever been to a Jake in Joe's. The F sure digging Joseph think those nice job pretty good death you know they did do pretty good job as a rule I don't like chains. How many chicken Joe's artists on any only like fifteen to twenty out there aka. Yeah obviously it's it much smaller but that made I think they've done you know really good job. May not even be that mean that might only be ten or so I think the early in New England right. But I the I just find you know place like that does a better job better food. And yet Jagan Joe's it's a local New England company there's only. Only five in action and realize that but you know they do a better job than what you get out of a out awful while. Things the NFL has a problem. The I was looking at this article talker dug up the games are miserable. You know it's hard for us to understand this what's going on in the NFL because we live in New England we tend to be patriot fans I think it's easy to understand style while. You know easily you know patriots games have been pouring. If you still watch. I didn't watch this weekend he didn't know Tucker died. I watched it but I wasn't like firmly attentive to America's it was the gulf and seen the games are bat well. The products bad there's controversy with the whole national and the building here president's treatment between about the NFL every morning and you know it's taken. They've got some real issues and and Mark Cuban called this five years ago he said they're gonna get fat and happy that you think they can do anything they're gonna lose their customers. Exactly what's happening now. Well at any rate date the you've got some of the people in the way you know that there trump struggling. Is that people that are selling the companies that are selling their merchandise the licensees. They're saying if sales are down 20%. You know things about a year baseball cap your Jersey towels all the coffee mugs offset a sales of that stuff are off 20% that's a remarkable decline. I mean I can't remember the last time I bought a patriot. Apparel item. I can remember when are you got people walking into the stores saying if you continue to sell. Patriots gear I will not shopping yours to. That's up like what is blessed and hurts and my department also was a thing people woken up. That's the overpriced or else grossly per edit jerseys are ridiculous but it's always been over priced in is overpriced when he years it has been but I think just with with everything that's gone on with the league this year I think people voted and said. Or not has been a hundred dollars on T shirt clinging to be talking about old by the way the Thanksgiving games from this past week awful each game the ratings were eleven to 12% lower than Fleischer terrible games which are in the ratings haven't looked at a few weeks what are the ratings year to date. I think we're down eight. Ballpark it's time percent on the session lows last year to twelve. Yes you guys you have to have brought in two years they they they have a real problem breeze and the they're not addressing what they should probably rehire. Roger Goodell and given fifteen year if you really want to review wouldn't you wouldn't hire Packard Dell and changer image. Changing image but they've already the majority committed to hiring him back today is 59 years that it's it's still up in the air. They haven't finalized if you really wanna change your image you guys don't credit when I told you last week that good Eller that Jerry Jones would back down we did that we did and it swung matured attribution. All right time for retreat you mean you're listening. To play golf with but what you do when your vacations golf. Do wanna talk a little bit about does he rate which is an on line rent collection tool for landlords from leader bank it is a great service for landlords. That allows you to collect tenant's rent payments electronically at Z rent dot net without the need to collect checks most landlords that I know they use local neighborhood banks to do their business and now. A collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you Orlando or in interest in having your bank acquired zero technology. Michael does he rank team at 8776917900. That's 877. 6917900. Or visit Z ram dot net. Stopped chasing down late payments and running to the bank to make you deposits get your banked at zero at its list of offerings visit www. Zebra dot net. Or call 87769179. Is yours. How much is your house worth. When your house is worth as much as somebody's willing to pay for right you might think well my house is or 700000. We'll know we will on the radio check for 700000. Annually are free get a 600000. Same goes to. Makes sense that your house is only worth 600000 dollars well over. Had previously been saying where are companies were sixty billion dollars fact of matter is. They need to sell some shares and they're only willing to give it a forty billion dollar valuation. Yes Softbank group which is coming in trying to buy up to 14% of Hoover's saying look. We need take about a 30% discount in order to make this happen in this we talked about yesterday I said look I don't think Hoover's valuation is higher than fifty billion right now self banks agreeing they're saying look we are willing to buy this company. Or part of it and work 48 billion dollars. We're back and evaluate any higher and you know there's not even sure they're gonna make that offer. Of the forty noted that they haven't finalized it yet it's it probably has a lot has a lot of people that are in it wanna get out it would move their money. I don't blame him I mean I I look at Coopers business and what they have is. They have a group of users thing that are not profitable for. The only way that those users are going to become profitable is if they end up with automated cart technology get rid of the drive and who to date by the 24000 cars from ball. So you get 24000 cars come from Volvo with driver this technology with driver was technology the next couple later this who power tech technology limo. Don't know it might be ball was on technology. What I don't think so. We can look it up. I think the win I think the Volvo cars or using way more technology which is ironic presume version lawsuit with win. Let's see it looks like they don't have all the dot com to get the information at this point takes a little while but it mean. The my life. Thinking. Is that this valuation for who Burke and now they're saying the IPOs not come until 2019. So who's who act knows when they. And I don't see anything about win though looks like it is coming from. July from Volvo well we'll do now. Wells Fargo bankers chasing bonuses overcharged. Hundreds of clients to us as. This is just more news on the this one particular bank B wonder if Wells Fargo was doing it how many others don't. I think a lot of them do I think a lot of them do and it is the problem with wells part that I continue to have is the oversight was still lacking for so long on the get on the retail side yeah. You don't expect to see it this this you almost expect you almost expected business clients to be overcharging. But like the retail one really bothered me just because the sun has money. Not his analogy it narrower charging institutions and Koran as much is just that a guess at their bonuses this doesn't have the same impact near this you're cases on the retail side where people those phony accounts opened up and all of a sudden they couldn't get a home equity line and needed in order to buy a house or something like that theory but you know this one look there's no doubt that this is some shady behavior. I just think this happens all the place. Americans aren't stupid. We're just lazy. Did you know that tiger we're not to another stupid now lead the week every year we eat we administer these standardized tests laziness is the mother of invention. And our kids are you know Gary hasn't been too because were lazy. Do very poorly. We are our kids. The base the you'd we do these standardized tests that we compare entity and Chinese kids South Korean kids the year kids in our kids look like bills. Turns out markets just lack motivation if you bribe our children. They'll do very well on the test. Yet this is this is not good what they did is they didn't experiment last year that took a group of massachusetts' tenth great smooth and a portion of them got a little bit surprised the beginning of a math test the up money in exchange for correct answers. And the students who were offered money left fewer questions blanking and answered more questions correctly. Compared to students who were not offered a reward what this suggests to me is that we have done a terrible job raising her children well. And they did for decades the big it is before the same years they did the same thing with 84 and did so I don't think the only bribe the American kids he brought the foreign kids and there was no difference in their performing is for kids see that they don't respond abroad and Americans. We were Weaver went we we do not see the intrinsic value in doing anything we only care about money we want to get paid to do. Mean we it's it's it's really not good we're we're value oriented it's not our our children if the if you want our children to work hard you have to compensate it's not good. Tracy ready from Zacks joins us next to share to stocks and that's that's next from the financial exchange rated network. The financial exchanges all over New England go to financial exchange showed dotcom and search for the station closest to you this is the financial exchange radio network. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online -- collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and see rent dot net without the need to collect checks mostly in the produce local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank acquired does he ran technology tell them the cold as he ran team at 781 at 6418691. That's 7816418691. Or visit Z Rand dot net stopped chasing down late payments and running to the bank to make your deposits did your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net. 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 the -- -- 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 -- 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 Cobb securities are pretty securities America incorporated member SpinRite 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 is very Armstrong and potluck ski from the law firm cushy 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 England with two million dollars and assets pays a voluntary. Gift tax. A 100000. Dollars for the government if they don't have trusts in place I'd certainly candidate certainly depends on what state and to be living in you know I'll let us say jail 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 be 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 phone number 8668485699. Or visit his website it legal exchange showed dot com net. Legal exchange showed dot com or call poll free. 8668485699. The financial exchange for Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten and this is the financial exchange radio network. Talk for stock talk here on the financial exchange Tracy ran it from Zacks joins us and Tracy Dexter coming on. Sharon Pratt and treasure got a couple big RV manufacturers that we're talking about today Thor Industries and Winnebago Industries why are we highlighting the use. Well floor just reported its first quarter fiscal results. And it was a record again to both of these companies are seeing just record earnings. They killed everything across the board because. The baby boomers are retiring it's the largest generation but at least until the millennial. And everybody and it is actually turning out to be true that they would retire. They would ease some of the there are now record high tax returns. Do you buy an RV and drive around the country so they're doing that but surprisingly. The generation Mac Angela heeled buyers are buying those tolerable that attaching it to the back of the TV host and their buying clothes which are more affordable. And they're taking those into the national park and all that and added. Really driving this industry on top of the baby boomers retire and he kind of have basically a perfect storm for the industry it's like. The bad it's the golden scenario basically. So you're being in a record sales there actually increasing margins because they're able to raise prices on summer. More popular items they're bad this horseback ride in the quarter was up about 70%. A stent to read half billion dollars. They don't see this trend changing at least in the 28 teen and especially if the economy is strong we want to buy these other kind of fun item. Which is what ovals and RVs far. So everyone's buying these right now. What is the potential downside is if there is an economic downturn of the market takes adept. Well definitely eat either one of those but especially the economic downturn and in both of these companies. Really struggled in the Great Recession and indeed they almost went under in and the Great Recession and another thing to maybe watch out for is actually a tightening label market helps their customers be able to abide. But they're having a lot of trouble finding labor further manufacturing. Facilities and other tried to increase production by it. The unemployment rate in the counties where both of these companies are actually headquartered. Is under two and a half percent now so they've been able to go out that in northern Indiana. They've been going out and other counties in Indiana but even unemployment rate is slowed but they have talked about inflationary pressures from. Having to pay higher wages to as I came to. It people that work and build RVs that that is a danger to watch and maybe some commodity inflation. For their raw materials as well like some of the medals they've talked about that that there's been some pressures there as well. But and Billy V either a big pullback in the stock market or are. You know something's happening with the unemployment rate really spiking. That tide should be good for these guys. Do these companies have any kind of international presence or our RVs pretty much an American thing only. There an American thing. Or at least North America. You know that Canadians will buy some key obviously and he's seen some of them heading down to Mexico and that kind of thing by it. An American phenomenon of you know wanting to just take into the open roads and live in Atlanta these things. Yeah its but it. Denigrate it and for that as of when the economy heats up like at and now we are seeing the perfect storm because the millennial. And the generation accidentally like those two ovals and they're trying to you know they're going to kind of any news lifestyle. Choices there. They have you wouldn't you wouldn't there I think that the younger generation had a one advertising. Good Tracy thank you very much for the time. Tracy reject from Zacks talk about the war industries with the ticker THO. And Winnebago with ticker at WG. Oh. You know word you see a lot of these who's in New Zealand. That right now that's the way that a lot of people will tour New Zealand. And they'll rent one of these RBs. In on the south violent. Okay and you take it in you there's a ferry that takes to the north island and that's a great way to see the see the country. Stan and an inordinate number of people would have done and another popular confident I and a bunch of friends were after college to they bought an old used one and drove around for about three or four months before they started work death I've never spent a ton of time and I haven't either not either idea. It might worms sleeping to have a foundation. An old fashioned Della came here. Sales of newly built homes rose during the month of October for the second consecutive month driven by demand. From guys like Q for entry level home. Yeah a new home sales now up eight point 9%. In the first ten months of the year compared to the same period last year this is really good folks this is it is news it's it's good news that you are seeing a little bit more supply coming on to the market here in the people are buying these homes. We still are under supplying the market with new homes right now until I do think. That still is one of the things that I'd like to see is a little bit more construction happening. You just not seeing that the entry level homes being built right now. Because all of them are affordable through a lot of moms are aren't aren't competitive pro are profitable for home built. Look the builders are taking deposits. And they're selling the whole houses even before they. You know they have done a whole it's the the demand. Is tremendous in the appetite is tremendous. It's funny you know after the crisis of 2008. Banks would finance apartment buildings it would finance Condo developments but the banks were not willing to finance individual houses now. The demand is is it is amazing. And yet the dish doesn't still seem to be enough supply order for its workers that bank and get to workers got to pay the labor more well. And that's that's good for the guys that are. Obviously in the hammer. Hey the market is open and it's up. The Dow is up 82 points 23663. Oils down ten cents a barrel at 5801 in the nasdaq's up seven points it's chuck. Very and Tucker from the financial exchange rated network. 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 of 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 Armstrong advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both are hiatus 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 803934001. 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 America companies are unaffiliated. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Workers at leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. 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But did you know but you also might be able to eliminate your estate taxes every week on the legal exchange talk amongst you educates his listeners by telling them how to protect their assets let's -- is an expert in elder Lun 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 give leads an experienced team at Cushing and Dolan which has been helping families like yours with their state planning for more than thirty years call right now to get time to 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 Khalid 668485699. Or you can download the guide right now from our website legally latest guide from the Armstrong advisory group the seven signs of a stock market correction. Mike what are the concerns that people have out there right now is that geopolitical situation can you talk a little bit about whether or not this is something people should be concerned about. Well I mean. Always be concerned about it especially you know it it seems that we've got rising tensions going on in North Korea I don't like forcing out of Russian China but the important thing to just keeping your back your mind. Is we always have big geopolitical tensions whether you know whether it be the gulf war over the war in Iraq and generally speaking the market is pretty resilient that doesn't mean that it won't reacts to some unexpected events. But don't you know don't base your entire investment thesis just on what's going on geopolitical scenario with these situations. The important thing isn't necessarily to react after they happen but to be prepared in advance absolutely and so you know as that goes. Make sure you reviewing the objectives of or of your portfolio you know is this a retirement portfolio that you know can be using for twenty years. Well so you really shouldn't care about the day to day geopolitical events go on but hey if you use in this portfolio to may be. Fund your kids' college or buy your next home in the next three years and yet you need to have a much different philosophy and much different investment. Objective than if you're looking at a twenty year investment time horizon. Folks the guy is titled the seven signs of a stock market correction it is available for free from the Armstrong advisory group. And all you have to do is call 800. 3934001. To get your free guide or visit our strong advisory group dot com and you can download. 803934001. Or available for free at Armstrong advisory group dot com. 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 American companies are unaffiliated. 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 we just make sense of leader bank a call and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back. A step ahead 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 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. Take 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 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. 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This is the financial exchange with Barry Armstrong and show Oksana. You're exclusive look at business and financial news affecting your day your city your world. Stay informed and today about economic and market trends plus get breaking business news. And the financial exchange with Barry Armstrong and shocks. Not a day goes by where I don't wonder why the stock market rally continues but a lot of it. Is based on business deregulation. Improved trade relations. And tax reform hi everybody it's Berrian truck with you here on Tuesday morning and you know it's this market rally is really quite remarkable what we've seen in the last twelve months. Is quite remarkable especially given we haven't had any tax reform. And I'm not sure gonna get. You take a look at the S&P 500 and the BS and 52% year to date up sixteen point 55 from so obviously bad you know pretty strong growth over that time. It in really with remarkably low volatility we've got a couple cases where maybe for a day or two you had some some very small volatility spikes. But other than that you it's been quiet it is being in just a slow and steady move up and and here we sit today with the S&P at 2610. In the NASDAQ or I'm sorry the now at 23666. Well do you our poll question is you know do you think we'll get tax. A tax plan through congress before Christmas. Two thirds of you saying no we don't think that wasn't that matches the betting odds. Does it does. We do you think we get in the first quarter. I've always said Q1 of always in February is when you get it I still think that is the case. And but here's the thing once you get into next year Eads it's always tough to do things during a mid terms. You've got that election coming up in eight months then and you sit there saying gee in my rilya vote on this right now. It's it's tough to do something during their mid term your campaign start and soon it's. You know that you're risking your jobs says the year to get things done is is that first year in that that's when you have Carson I ordered today what you need to do it and you know this this is kind of the the scenario that I think some atmosphere where you sit here and say gee we don't have any momentum there's nothing that's moving. What is going to get done and and in this regard margins as the market feels differently. You know if the stock market continues to rally said the news of the economy strong lake again tax reform is kind of the icing on the Keaton. You don't do you tax reform to keep the economy moving and you'll be great to have avenue give that extra boost offer would put anyone who says the economy's not strong right now and isn't looking at the data I mean that it is really do it if you get tax reform. Target tyrant treats him. Likely get him where do I necessarily a bad thing if you look at. You know savings rates you're looking at a noted that the ten year treasury. 232. That's still. Yes I'm very much of her return to hold type or money for seniors know that I mean look there are some concerns I go out about nine to twelve months and I do have some concerns about this economy in its sustainability so what tax reform does is it potentially kicks those down a little bit further and says OK we might have a couple years left in the cycle. But what interest rates are telling you right now. Is that maybe there's another year to year and a half left in this cycle eaten but without any extra juice you might kind stall out. We sure righty you wonder how employers can continue to grow whether haven't difficulty. Finding workers got spent more. Very tough spend more you know we've we've totally wage growth forever right and it's been along time coming and employers. Are very resistant to raising wages does and they say hey once we raise them we can't bring him back down. And as we get a jobs were the sporadic do we get on a it was insurer for acting notes due to the following Friday is they won't have time to get the data don't yet because yeah thirtieth has on thirst yeah it'll be it'll be the following what is I forgot that the that the turns on Thursday. You know housing is growing and when you drive around not just New England but around the country. Where you tend to see the bulk of housing construction. Is in the major cities you go to the suburbs. Arnold but where you lift truck and talker but where I live very little. New construction early Doocy. In in the in my neighborhood news you'll see an old house knocked down. And then a new one put on put out there but I don't see much in the way of somebody buying fifty acres of land and and putting in you know I. Undertones part of it I think is towns have been a very defensive of their property and yet in recent years and so I think part of it. Is there has been to approve new large development and they don't wanna flood the market and devalue. Their current top property holders. I think that's a little short sighted in some case just because you know. In general you want to continue to grow that town you want to continue to have a neo become. A center of business in a place where people want to live now and eventually to get to the point where you don't have enough inventory people move on people move on and know can afford to buy those houses then that'll sit new apple and home prices anyways you know so. I look at it and it is a concern and I am starting to see more millennial starting to make that move out to the suburbs. I don't know if they'll get to the same level that their parents did in hand but. I know that you're going to see more moving out that way over the next five or six years. A lot of still dispute trying to figure out how to they get to the point where they can afford to excellent. Ownership rates are wage gap and devious that you folks if you look at people beat the injury each group to. Tracker. Chart Tucker yeah. In 5017 years ago in the year 2040%. Of people in the ages 25 to 34 hole. Almost 41 person Oca. Today that number in in the most recent data from 2015 numbers gone from 40%. Down to 30%. That's remarkable decline. Even above that age 35 to forty four's got 67 down 58%. That is that they can't all be especially the older group that can all be. Economic that's got to be. Sure so so the choice you know again I don't think you ever get back to 6869%. Homeownership I think you probably get back to 6465. And kind of sit there it is I think that's where probably should be now. You know it's just just like not everyone should be normal they're now right now are we pretty close as it were about 64 now. We're we're. Close to the level homeownership with the then then yes the question well what are prices and once you reach 63 point nine yes or rate. Panel in NetSuite and in outlook. The long term historical average when he looked at the seventies and eighties. Was right around 64 and a half percent down nearly it was elect in the seventies you didn't have. As many two income families today. We have a lot more working women. They had back in Atkinson but I don't know that incentivized as homeownership. Point does I don't visit as a lot of people might not want to own a home but that's the thing you have to remember you do tend to forget that there's an awful lot of people we talked about yesterday all the boomers who are moving in and renting them they don't want to own homes anymore it's funny people in their twenties who say look I don't wanna be tied down I wanna have flexibility and because of that I think the majority of people in their thirties and forties. Probably will continue to them but there's yeah there's big chunks convict either end of the spectrum that are never going to the parent. Amid a dearth of workers New Hampshire is tapping recovering drug. Acts for jobs they actually had a job fair in Portsmouth, New Hampshire. And it was for people that were in recovery or recovery in New Hampshire has one heck as does best choose it's. But here for has one heck of a problem with the OOP unity abuse and drug addiction. Yet the estimates are that there are up two off 151000 recovery hope you addicts that are out of the workforce just in the state of new testament eight think about it. 151000 people dead. He'll work because of the trip. And and mark and part of it is by getting people back into the workforce eight it it gives them neo sense of responsibility in something that they can do some busy it keeps them away from situations that can cause them harm by. I have a good friend productive you feel good about yourself because. Eagle it wide just worked a twelve hour shift tonight and I got a lot done a good friend who does addiction counseling for people ended up in prison as a result of their addiction. And the number one thing that he says is that those people are incredibly nervous to leave because all the Sonoma have all this time on their hands in the fall back into bad habits he's in one of the biggest things. That recovering addicts are advised to do. Get rid of your own old cellphone number get rid of all your contacts and weird because otherwise someone text you and says hey. Now he EU wanna come over. And all of a sudden you're right back in the same place so it's you know by by getting into regular routine I think it's one of the best things that you can do in order to keep people. Away from getting back to that cycle. The action but you know the rate of an unemployment in New Hampshire rating like two point 7% to all. Well it sort of lowest in the country unsustainably low you can't have a an unemployment really. When you get down below 4%. Down you're in that danger zone. New Hampshire's unemployment rate is two point 7%. And that's why in this is that the encouragement of the governor the that's why. There are reaching out to these people it it it it feels to voice its right. Yet that recovering addict who hopefully can make that person. A productive member of society and and you get him off of social welfare for. It does come with risks for employers obviously he knows he's heard these are higher risk employees and so employers that are taking the Mon do have to put you know programs in place to saying you know what are we need to provide you with nor to make sure you don't fall back in because. If someone does fall back into addiction rate it puts the employer in a tough tough situation to say now I've got to pick up that slack now you've got to fill that role so. Well and what is the speed with they mess up on some machinery would need to write something with a customer UK's there's a lot of liability associated. When you when you're down that road to hate coming up where are we talking about. Advertisements. For mutual funds that may have been misrepresentations. That's our next topic we will be joined by Kirsten grind from the Wall Street Journal. To talk about that very topic from the financial exchange radio network. Even without health care or tax reform the markets are surging get the latest info on the sectors that are winning and those that aren't right here with the Berrian chuck 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 seventy a 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 Rodman for kids dot org that's Rodman for kids start lower. 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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 throughout acquisition we are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients and all six New England states and 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 and SIPC and advisory service is a securities America advisors incorporated Barry -- -- represented their -- -- an advisory -- the securities -- companies -- 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 -- 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 log on 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 online so logon to leader bank dot com right now that's leader bank dot com leader bank a step ahead. To vote on our daily poll question. Had financial exchange showed dot com while you're there fire of the media player and watch the show while you work. This is the financial exchange radio network. Kirsten grind from the Wall Street Journal joins us now to talk about how Selma mutual fund ads are misrepresenting. The Morningstar ratings and a lot of us are familiar with Kirsten thanks for coming on. Thank crowd. Absolutely can you talk a little bit first about. The ratings that Morningstar gives and what they are intended to provide. Definitely so. Morningstar is the premiere ratings system for all mutual fund their trillions of dollars in investment and the one that everyone knows is their star rating stands so it's much like Yelp or. Or Netflix previously or Amazon. Where a five star rating is about trading you can get and so. All the different companies that run in the neutral mind. You know loved to have a five star rating because that the best way to advertised to investors and investors pour money into fights star rated. And in these ratings take into account anything from performance to fees that they've they've factor in the the totality of a fund's broad objective. They do now they are actually entirely based on past performance. Or we wrote a previous article examining how. If star ratings are basically next ease because everyone thinks they're going to tell you whether or not you're getting into a really good mutual we're not going to perform well in the future. But actually they almost never do what on about sort of a separate issue but there entirely based on past performance. So in this article what type of miss marketing are we seeing mutual fund companies undertake. Sure that the biggest one is hat. They're advertising hi sir our ratings for their find is even after it's been months since about fund has gotten a lower star rating. Built for example you might open your parent or or click on any sort of online newspaper and it will play. Five star mutual fund not Columbia and in fact it up front had been downgraded to a three star like months earlier. How much of that is intentional verses just gaps in the advertising system I know that we work sometimes with different media entities and sometimes your ads running for three years ago you've tried to get rid of that just. Certainly Derek out. But I have to say we found a really pervasive trend of this happening. And the problem being taught it's really not being policed and all till morning starts Powell is supposed to be looking at all these the head of time. And made big basically don't they don't have time for wryly and then. He's been or on the regulatory body is also commit to be looking into that by of course they're also slammed. But really Nolan kind of paying attention to. We know how many instances of this occur in a typical year. You know we don't and it's typical year we looked at about three dozen examples and found about eight or nine examples of next east of the ratings. Are there any companies in particular the tend to be the worst offenders. You know all fund company is. On the typically used to star rating as their means former advertising if you look at any fund company out dust like the first thing you're going to see is how many stars they're fun. So I mean it really. All fine companies have used and Summers. Is there any data that indicates. How fund flows follow. The ratings on a fund and some of these advertisers like is there any sense how big is the incentive for a fund company. To misrepresent these ratings. They intend to dispute still we crunched a lot of data when we looked at the star ratings in general and all the money flows as perfectly cast or in five rated fun and really an even after performances dropped which is the interesting thing. So it's completely following the rating not the actual performance of the fund. And then we looked at fund had very low ratings like one or two star ratings. Those funds actually ended up performing at are amazingly banner reading but it didn't matter because investors only looked at the rating and put money in the higher ratings on. Here's an that you walked into this on the exchange traded fund side of things as well or just in mutual funds for this. No we we actually only did mutual funds for this because Morningstar only recently started on their Sar rating system for each yeah. OK so just mutual funds. Yeah ask and you know what the biggest problems with the star rating system in general is really that it is like. The only system for rating neutral on. On there is no real competitor to Morningstar it's really not only system not people look at and it's just buried. You Eric Snow and police thing really any aspect of it at all. As more or start charge for their ratings. They charge company is a licensing and feature Robert tight the rating yet. And and companies also properly pay Morningstar a lot of money charities or other Qaeda services. So that's obviously something of a conflict there. And there's no one else who's doing this type of work so there's there's no one kind of watching the chicken coup. No there's really I mean. They they long have I achieved or where monopoly that I mean many others have is about word to describe them I mean they've had god. Placed on the market for like three decades basically. Very interesting look here's to thank you very much for the info we we appreciating great work on putting this together. Absolutely that is pierce to grind from the Wall Street Journal talking about the the Morningstar fund ratings in their use and advertise. It's going EC. Money flowing into mutual funds at a much slower pace is still an awful lot of money invested in what I'm curious about is on the ETF side cures to mention that. Maurice Starr only recently began rating ETFs yeah. I feel like ETF investors tend to be more cognizant of things like fees and so forth and making decisions more on that I wonder if it would have the same impact on that side. You know if the ratings were you know marketed in the same way by just wondering like NE TF. The girl are they al-Qaeda the same that there's so many new ones that are out with you know Smart beta this and you've got you know this healthcare index verse this once of their slightly different. On an innate I wonder a little bit about that how things work on that ETF side but look at it as as Kuester said. On the mutual fund side of things there's a clear link between the rating that you advertise in the amount of one post the great write it because people. And there's no one watching that used to be money magazine and think they're in business anymore. I don't know Tucker do you I think there element that they are now things neither Bob I CNN money and folded in. Evaporated that's what made me wonder about why money magazine is still around deaths as deaths in the martial him. When they are still around. They're obviously under that CNN Time Warner actually know they're under timing timing of the nod in with the rest of Time Warner's mediums and other part of the Coke. Enterprise they will be yeah absolutely. Along with. While I realize some of these properties that are going to be on there and Sports Illustrated travel and leisure food and wine fortune people. In style life GOLF Magazine southern living essence real simple and Entertainment Weekly slighted they've got Max. It. People just don't read that stuff anymore maybe they bought shutter. Hole with a pay equipment two billion maybe if you think it's more profitable closed down direct competition. Will be the first time that's happened nobody it seems like an awfully steep price to patients and indeed it is two billion is that there's definitely valuable pieces there mean fortune is worth the tone Sports Illustrated as much as they're hemorrhaging you know subscribers right now there's there's still a lot of money there I subscribe to. Known as the last time Florida sports those endured their demographic young singled out young guys that the demographics older. Yeah I mean I whenever we rational or we don't get masks are as. Like I used the edges prescribed any magazine Tucker I don't know Sports Illustrated he's the timing is to get fortune you know I do have junk mail us it is on need more now. That that is that it did the truth you you get so much especially this time a year all. Its latest stop in the garage it's sort of five pounds a day it's like what the heck he's trying to do you killed the entire forest are not buying your craft won't need pillows welcome to the suburbs it's the worst I egged it probably happens the city's two that I. Mailboxes social smalley here that much in on the city half Romano got stolen anyways so. The Dow's up 84 points nasdaq's up twelve and when we come back will be talked ago Biogen. The financial exchanges of live on FaceBook so make sure 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 baker Colin learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader 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 -- 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. X 803934001. Take necessary steps to protect your interest regardless of market perform its 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 call 803934001. We can download got right now Armstrong advisory group dot. Tom securities are for two securities America incorporated members in 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. Every dot about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we're looking to build our business through acquisition. We are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients in all six New England states and have offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities -- to securities America incorporated member and SIPC and advisory service is a securities America advisors incorporated burials are represented Armstrong advisory group in the securities America companies are. On affiliated. This is a special announcement for a landlords chasing down only rent payments and making trips to the bank to deposit checks take hassle out of Wednesday with zero leader banks all mine -- collection tool zero automatically deducts tendons went and deposited into your account visit WWW -- he ran dot net to learn more would you rent your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or three coral landlords visit WWW Doug Z ram dot meant to learn more or call 7816 or 18691. Hi everybody it's very Armstrong and plot what's key from the law firm Cushing in dole and we're talking today. About state and asset protection strategies. That can help reduce or limit New York State taxes. Todd is it true that a married couple living in new wing and with two million dollars and assets pays a voluntary gift tax. A 100000. Dollars in the government that trusts in place I'd certainly can't be certainly depends on what state and to be you know I'll like assailant 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 and a lot of people say oh we have that kind of you know but. What you forget about is the states. A 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 estate tax. And so the goal is by doing basic estate planning and using trusts you can double whatever that data exemption amount is. Thereby hopefully eliminating. Voluntary estate taxes. Up to whatever that exemption amount is double. Request your copy of pods brand new guide it's called reducing and eliminating the state taxes. You can call and received guide the poll number 8668485699. Or visit his website it legal exchange showed dot com net. Legal exchange showed dot com or call people free 866. 8485699. We Health Care Reform seemingly dead for 2017. Trump the set to push hard for tax reform Barry and chuck have the latest on how any changes might affect your portfolio for your financial strategy only here on the financial exchange radio network. Biogen making a little bit and use yesterday entering into eight deals with Alkermes. As a relates to a multiple sclerosis drug. The other signing a deal with alchemy is to laugh. Try to market a drug in the late stage clinical trials that is used to treat relapsing forms. Not of MS and so this is a drug is called AL KS 8700. And so Biogen is going to be receiving an exclusive worldwide license to market this medicine. Nine they're gonna pay Alkermes they've royalty. Dead slides on various scales depending on how how good sales are budgets and pay half the drug development costs for this year beginning with a 28 million dollar upfront payment. And next you begin to pay all of the development costs. For this drug. So Baigent clearly saying hey we think there's something here that you know is of value to us and we wanna have a license. For me it's a blockbuster. National Grid. Which is a dominant utility company in Rhode Island is seeking increases in distribution rates that would raise you work. Price for electricity folks by 6%. And natural gas bills would go by 5% late next year. Yet this is a proposal filed in Rhode Island with the state public utilities commission. On this will be the first hike in based distribution rates in five years by National Grid boom who supplies about 492000. Customers with electricity in 267000. Customers. With natural gas these new rates would end up raising about an extra 72 million dollars a year for National Grid. And so this is what they are proposing at this pick at this point on their distribution. Again they haven't raised distribution costs in the last five years they have have raised. You know generation costs of this is in separate from that. And the politicians get up in arms over this energy and Armando. He can't do that but the fact of the matter is. If only you look at our infrastructure. And you have to maintain it's not cheap. Getting investment hasn't been their largely right a lot of cases across the country it's it's a look it's either pay now or pay later and later in the northeast mean tape you don't do the work up front you can have power lines down in the winter league and have power outages and things like that. Next couple weeks ago we had people without power for an extended period yeah up New Hampshire people for being a week ended empower it. You don't deal with this folks in our nose didn't nobody likes a rate increase from the power company but the fact of the matter is he eagle let them. Improve the grid you're gonna have to try live and without electricity for weaker to yup not a lot of fun to know him as you know it's it is not good. Auto executives. Have met with Mike Pence on NAFTA concerns. You know the automobile industry is very concerned that the United States will walk away from the negotiations on NAFTA. And that would just thought you'd you'd create huge monkey wrench in in terms of how we how that industry works. Yet the auto makers are concerned about notes proposals that would change how is the content could be produced for these vehicles and effectively they're concerned about a provision that would require vehicles that 50% US content. In order qualify for duty free imports into the United States Don suits a big change from what is currently being done. And so this would have a major impact on auto makers who have moved facilities to Mexico particular. Is right now and Ford exactly is right now it's not US production at need to have just North American great within NAFTA and so few make this shift here. It would have a major impact on auto makers. And you know probably. You'd you'd all seal a bunch these jobs come back into the US but the result will be higher cost. Who's gonna work that you don't have the workers you can't work that you can't find the workers now. It we're going to find him if you win the unemployment for what do we get 3739. Well again it's it's the cost as well it's if all of a sudden forecast raised prices 10% odds already expensive vehicles who's that who's gonna be able to bond hearing. Now I I suspect you'll see NAFTA talks conclude in I don't know some time Q1. And was not a whole lot of movement and I think it will be much agree at all. I tend to agree there. Quick quick note on behalf of Armstrong advisory group we are giving away eight guide. Ten the seven signs of a stock market correction to guys only available for another three days right now so make sure that you get this guy IDs three. To what to get it to you there is no cost the details of the big things that you need to look for if you think that we may be. On the verge of a stock market correction anything from over extended bull markets. Over valuations in the market those factors are all considered. And covered inside this guy and all you have to do minority get guide. Please call 800. 393. 4001. Or go to Armstrong advisory group dot com again 80393. 4001. Or go to Armstrong advisory group dot com. The guide is titled the seven signs of a stock market correction in again is available to you free of charge at 800. 3934001. Or 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. So who's the hot brand now isn't under armour is if indeed this is did Nike I think is still like you are truck. The despicable autograph the last couple years. You know it's Nike is still the 800 pound gorilla in the room they still the biggest market share they still have you know the biggest names that are bailed on their stable. But indeed this is made up ground under armour seem to be kinda getting there but they overextended themselves a little bit that they come whale that their eyes trained to have you talked yeah affiliate there Brent Scottsdale I feel like a little bit. Yep I I think they'll probably bounce back does Tom Brady. Dip dip this go Tom bradys have occurred error like this they got or degrees out there. And and the bounce back eventually but that was a stock that I think you just got ahead of itself from. But Nike here getting downgraded due to lower growth inside the US. And so concerned just that in the US. Because of the changing retail environment. Even the nineties adapting by starting to sell director Amazon and so forth some concerns there's simply not going to be able to meet the expectations. Analysts have placed on the company. And so shares getting downgrade the stock down about half a percent today. On this news year to date it's still up about 16% so it's still perform better. And under armour as an example. But it's off right now about 10% from the highs set in 2050. When will Social Security be reduced you're collecting Social Security now assists assume you're seven years old and you're getting a Social Security check for 2000 dollars a month. Win is that check going to be reduced when will the government run out of money to pay you your Social Security retirement check forget about those of you who haven't collected yet. What about those of you who are collecting that's our next topic from the financial exchange or you know work. The financial exchanges line on FaceBook and YouTube watch Berrian chug discuss the issues of the day and see which one smiles the most. Is who's the financial exchange radio network if you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online -- collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks most landlords used local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank acquired does he ran technology tell them the cold as he ran team at 781 at 6418691. That's 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to adherence to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net. 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 worked hard but now it's time to find a successor the arms drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI AA and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which -- become accustomed if you're interested in talking with us please call me at 803934. Zeros or one that's 803934. Zeros or one or visit us online at Armstrong. Advisory group dot cops 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. Hi this is very are strong 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 -- 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 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 its leader bank dot com leader bank a step ahead. Security suffered two securities America and members finreg SIPC. Advisory services arbiters securities America advisors think Gary Armstrong represented at Armstrong advisory group in the securities America companies are unaffiliated. They say video ipad's ten pounds. But don't tell Barry in charge the financial exchanges alive every day on FaceBook and YouTube. This is the financial exchange radio network. This segment of the financial exchanges brought to you in part by a leader bank. It's not too late to get a great rate on a home mortgage and leader bank has some of the most competitive rates around. Call 8776917900. Or. Visit leader bank dot com for more information. Leader banks and equal housing lender member FDIC and analyst number 449250. For number of years. Have been warning listeners about the problems faced by Social Security the retirement system and the disability system. The problem is now upon us and it's gonna get ugly fast. It yet it it it certainly isn't where we stand right now. Is that Ian either 2033 year 2034 depending on you know whose numbers are more accurate so either fifteen or sixteen years from now. You can see payouts slashed by 23%. Because the trust fund will only have enough to make those remaining payments won't have enough to continue to pay what what people been accustomed to so let's just assume your getting it checked today for 2000 dollars a month. At 23% reduction means it's gonna go down in the 15100 range yet the the average. Decreased on a per American basis would be about 6000 dollars a year. So it's it's a significant shift and look this is not a hard problem to fix that okay. It requires some solutions that are gonna make every one unhappy home but it's not a hard problem to fix you really it's all said and done. You can you cut benefits a little bit. You raise taxes a little bit you broaden the base maybe get rid of the caps on the aware Social Security is taxed. The eight titan some eligibility criteria. You know you do things like that in your able. Not to do this with no problem it's it's not hard to do business it just requires us to make some some choices that are going to be unpopular and here's the thing if you don't make the choices. The cuts happen in anyways like. Doing nothing does not. Avoid the problem. He it's it's important that again accomplished because 60%. Of retired Americans. Rely on Social Security for at least half of their monthly income. Yes it's a mean it is the only income for 60% it's the only conference that about 30% of people nets that's. The air in tough shape if they don't two if they don't get to help. And it's again it's it's not hard to deal with when it's all certainly you know but it's very unpopular. It's it's also was a point 3% cut right bid that they used it the guys that are in office now won't be an office in 31. And so they don't care. It's they don't get what did they if you look at your congressman your senator needs of the people that have to change though the rules to it to fix the problem. They're not in the office that. Senior so so here's what you can do if you want so I just there's a great website actually it's called Social Security reformer that lets you kind of build your own fix for Social Security. Here's a minus ten. Tax all wages for Social Security so get rid of the the cap on what's taxed for social secured and the I don't like that. And we don't like it but if you do that you know how much I'm not voting for that you don't separatist so here's the thing right now Social Security wages are capped at a little 127000. Dollars so once you make over that. People don't Social Security tax Tom Brady will not likely already might not but do you know how much of the deficit that makes up how much 76%. OK and if you just tax all wage for Social Security you cover 76%. Of the deficit but DF today and also increase their benefit. Right no why would you do that because I'm paid more industrial and your Social Security it is a security. And benefit it's it's it's designed to raise my taxes by seven and a half person I did I don't like that pumps our here. Know what's gonna be happy with this I understand that write that down to the other thing I'm not voting for trucks plans of the other thing I'll do that and anger everyone yourself included I'm gonna raise the retirement age from 6760. Animal I'm sorry here that were all gonna be old someday soon it's gonna affect me as well. So I again told me when I started I can retire at 65 and you change the 67 I went. I'd like unable to break my promise to you Mary I'm going to raise it to 68 I'm gonna break my promise what does that promising ST promises that's that covers 13% of the deaths. It was the first 176. And OK so we get to 89% to. And the last thing I'm gonna do is instead of giving you a 23% cut your benefit and gonna cut by 2%. You're stinker I I'm I'm like worst there's nothing that he mentioned that I would vote right is that I was covered the entire. Deficit for the Social Security right I don't buy I will vote for. I know that you won't but I hope that someone will NATO like it's it's not hard to cover like. All you have to do are these little adjustments around the edges I didn't even make any changes to cost of living I didn't make any changes to revenue growth. I didn't increase anyone's taxes below 127000. So European we have middle class family. I'm not bump in pay taxes. Almost not running for office by nine. So like I can do all this with no repercussions to us or somebody's gonna have to do something at some point but knowing our politicians they'll leave it till 2032 and the problems we could fix this twenty years followed with so reasonable minimal changes very little pain and also like. Here's the raw and the closer we get. You know the worst it's gonna get in you and I both know it's not gonna get dealt with until the day before these changes are needed Reagan dealt with it. And Clinton hill right to. He'd be there of those the last two times getting modifications had a a text from five weight saying hey what if we it would if we have tougher SS DI criterion so often so few debts a different program if if but if you did tighten that well it covers about 9% of the gaps that's a small piece in the broad scheme is yup it's about 9% if you were to tighten SS DI eligibility criteria and and so if you were to require disabled workers to have worked for the past six years ago you change you over the maximum out the beneficiaries can earn you increase the ages that you BO required for. If you did all of that it accounts for about 9% of the overall deficits of the biggest things that you can do for the big one you mentioned it is just. And capping the wage amount subject always to payroll Oxley what they eat you hear people open arms of that mental rich powerful people also have a this tablet instead of doing it for all the mortified to subject 90% of wages to payroll tax the top 10% is still clean. Night yelling that even they ate egg I didn't like anything's. Nothing they are doing the caddie and that's why nothing gets done on Social Security. That's for that's right. Airlines are gonna raked in 57. Billion dollars in passenger fees if I sign that remark because I don't pay these fees that are different I don't either in this is that when we talk about passenger fees. We're talking about fees that are collected from sources other than ticket cost or anything baggage the baggage the sea change fees re booking fees. All of these different fees at a says 57 billion dollars today it's Wednesday. I had to rebook something tied to come back in the early from a trip that cost to us like 150 bucks a ticket is who's the wife and I traveling. Now and then shipped. Extra things you know I've paid a few. I try to avoid them the other thing you're seeing now is the rollout of these basic economy fares I don't know if you've seen though yeah out and the based economy once the ones where you don't get a seat before and you just get assigned when you get to the gate and so you don't have any choice in where you sit. And and so they're doing this pretty much to. Make that economy seat a little bit more expensive there. One they'll save you one aisle seat Ian pay tax bluntly worm and pretty to be at the front of the play as a young inclusive from a plane could get off. What's what's interesting is that the other 57 billion dollars they've collected in fees this year and used triple the amount of the revenue they collected just seven years ago now so they keep in the ticket prices low that they're gonna get it up on but if you want an actual seat instead of being strapped to the wing. Now I gotta pay up for that now that put in the cargo hold. Oil prices are chasing sixty dollars per barrel after a year of surging demand now here's a shocker the International Energy Agency got the demand estimates wrong issue. I'll tell you what this is going to be there is wrong we're gonna come down to the wire on this one because you would say that we're gonna get to sixty dollar oil before the end of the year now. The highest we've gotten on the west Texas intermediate. This year so far as being 5950. Now so we've gotten close. But I haven't gotten there yet told you Saudi Arabia will do anything. In it we've gone in the last four months now or five months in Sussex 21 so since June 21. We've gone from 42 dollars a barrel to 57 so it's about a 40% increase that we've seen now. How much money do you need to see each day. To become a millionaire by the time you're 65 wouldn't it be nice to be a millionaire well. My suggestion to use star yup yup he started aged twenty and saved two dollars a day in and now granted this is this is using a 12% annualized return so that might be lost that that's a little steep there. But if you want to have a million dollars by age 65. To two dollars today starting at age twenty cut. If you wait until age 25 because of the 357. From. But if you really like you say you cannot start until forty yet you twenty bucks a if you don't start until fifty ID 73 still doesn't sound like a law you know at age forty that's only 600 bucks a month. Say thank you thank you for one cape. Yeah but who's keep in mind there's a lot of people who don't have any savings of for them to be able to save you twenty bucks today too big chunk you know especially. You'll get you know people who were you know making close to minimum wage it's it's a challenge for them to put that much in the lot of people live for today and they just they they do you think about what they might need tomorrow. The Dow speaking about tomorrow the Dow was up 123. Points right now. S&P 500 is up twelve crude oil's trading at 5793. And worst signing off for today it's talk herself chuck is audit and meet Barry Armstrong from the financial exchange Reagan.